Bannon's War Room - Episode 5322： China's Oil Crisis; UAE Credit Swaps Undercutting American Dollar

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going to

00:00:10.240 medieval on these people here's not got a free shot all these networks lying about the people

00:00:16.800 the people have had a belly full of it i know you don't like hearing that i know you try to do

00:00:20.960 everything in the world to stop that but you're not going to stop it it's going to happen and

00:00:24.240 And where do people like that go to share the big line?

00:00:27.600 MAGA Media.

00:00:28.940 I wish in my soul, I wish that any of these people had a conscience.

00:00:34.360 Ask yourself, what is my task and what is my purpose?

00:00:38.140 If that answer is to save my country, this country will be saved.

00:00:44.340 War Room. Here's your host, Stephen K. Vann.

00:00:51.320 Thursday, 23 April, year of World War, 2026.

00:00:54.240 Sam Faddis is with us, a career in the Central Intelligence Agency, and particularly overseas, and working in some pretty bad neighborhoods.

00:01:03.760 How long were you in the Middle East, Sam, roughly?

00:01:07.680 20 years.

00:01:10.440 And the Persians were a particular focus of yours, were they not, sir? 0.92

00:01:16.580 Absolutely. I've been face-to-face with all these guys, including the IRGC, many times.

00:01:21.960 and you weren't in langley doing white papers right you were one of these um by the looks of

00:01:28.160 you sam and the well-lived-in body you've got i take it you were actually in the field with these

00:01:33.220 folks the only place that really scared me steve was headquarters nothing makes sense there so 0.58

00:01:38.420 as soon as i arrived i get on a plane and get the hell out send me anywhere you want

00:01:42.400 get me out of dc by the way sam wrote i think one of the two or three best books ever on the

00:01:49.160 central intelligence agency after he left sam um like this beauty as president trump would call him

00:01:56.100 of this beauty that's now you know on the front page of the new york post new york times everywhere

00:02:00.320 that he's kind of the guy in charge or they think he may be the guy in charge or at least he's the

00:02:05.620 one that's kind of told the speaker of the republic or whatever to say hey dude you don't

00:02:09.640 have any i don't know why you're flying islamabad you really don't have authorities i've been saying

00:02:13.680 We've got to find the people that not just can agree to a deal in a room, can actually execute a deal.

00:02:20.560 Because I think we're heading to the place, and Nina, Trita Parsi said this two weeks ago on the show, as much grief as that brother gets.

00:02:30.320 And look, he's obviously very, let's say this, very close to those folks, at least the opposition internally in the country, as they say, that, hey, you're probably not going to end up with signed pieces of paper.

00:02:42.460 You're probably going to go there.

00:02:44.300 But this beauty, I just want to go back and just make sure everybody knows,

00:02:47.620 this guy in Argentina, it's got to be what feels like eight or ten years ago.

00:02:53.840 I think they blew up a synagogue, and when you say a Jewish center, 0.99

00:02:57.040 I think it was a thing for kids, right? 0.55

00:02:59.260 There were a lot of young people and children involved.

00:03:01.780 I mean, this guy, the thing in Argentina shocked everybody

00:03:05.200 because you had all these rumors of Hezbollahs all over the world,

00:03:07.780 but you really hadn't seen it, and then you saw it down in Argentina,

00:03:11.020 And it was out of nowhere and completely, you know, incredibly savage because this guy's a savage, right?

00:03:18.400 This is not a guy you want to sit down and have a have a dinner with.

00:03:22.260 Now, look, he was right. They they blew up a huge number of people in Argentina, men, women, children.

00:03:30.560 And this is what the Quds Force and Hezbollah do. And this guy ran the Quds Force. 0.88

00:03:35.140 So the Quds Force's charter is to work with, you know, what we sometimes call proxies. 0.91

00:03:40.000 terrorist groups that the Iranians train and fund and equip. That was his frigging job before he 0.99

00:03:47.220 became charged, was put in charge of the whole IRGC. So this guy is a huge terrorist. I mean, 1.00

00:03:53.240 this guy is exactly the kind of guy that Soleimani was before we killed him. Okay. This is one of

00:04:01.020 the world's greatest terrorists. He's now effectively in charge of Iran. So that's who 1.00

00:04:08.040 you're talking to and who people are still thinking is going to behave like some rational

00:04:15.980 guy in a western context that's not who you're talking to but but but this happens when you have

00:04:21.640 a strategic bombing campaign and these guys got hammered the magnificent of our air force of the

00:04:28.820 u.s air force the um the the naval uh the navy air wings i don't know the carriers

00:04:38.180 the missiles we hit everything was i mean these guys so it's logical and i heard they took down

00:04:43.460 the revolutionary guard down to like the brigade level these guys got pounded when we lit it up

00:04:49.540 but you're going to be left this is the kind of thing you're gonna be left with you're gonna be

00:04:52.260 We're left with disparate groups vying for power and a lot of bad hombres, a lot of bad

00:04:58.860 hombres that think, hey, look, maybe I can seize power here. 0.58

00:05:02.160 I wouldn't mind being the kind of next Shah of Iran.

00:05:04.900 The Shah of Iran is a pretty powerful gig.

00:05:06.840 It's been around for, I don't know, a couple of thousand years. 0.98

00:05:11.100 Alexander the Great dealt with them.

00:05:12.960 Right.

00:05:13.420 So it's not a bad gig.

00:05:14.560 And if you're some guy that's been some terrorist down in the organization, you look around,

00:05:19.020 a lot of people are dead.

00:05:19.960 It's totally disorganized.

00:05:21.140 and who can come in and play hardball against the Americans.

00:05:25.000 I mean, isn't that the internal logic?

00:05:28.100 Is there a logic where they say, how do we compromise with the Americans?

00:05:33.140 How do we actually make a deal to make the region better 0.95

00:05:36.840 and to make sure that our proxies are not lighting up Israel

00:05:40.440 or we're not going after the Arabs who we think are lower down the food chain,

00:05:45.820 on the evolutionary food chain than we are? 0.69

00:05:49.040 This is my point.

00:05:49.900 There are not a lot of statesmen that survive in this organization, sir.

00:05:55.760 Right. Look, if these guys are going to come to the table at this point with somebody like Vahidi running,

00:05:59.840 it's going to be, from their standpoint, what they're looking for is,

00:06:03.500 okay, let's have a strategic pause, catch our breath, and continue the fight on the other side.

00:06:09.500 And look, I would love to see these guys go away in their entirety.

00:06:12.940 I'm all about let's have a free, liberal, democratic Iran. That would be wonderful.

00:06:18.040 Realistically, at this point, I think you ought to take regime change off your list of objectives, right?

00:06:25.740 That's, I don't, unless we are prepared to do things like invade Iran with ground troops, which to me is unthinkable,

00:06:33.500 then you need to forget about that and you need to start figuring out, out of the rest of the list of objectives,

00:06:39.440 what is absolutely critical to us.

00:06:42.000 People talk about taking the enriched uranium and shutting down the nuclear program.

00:06:45.480 that mountain will be big enough to climb that's uh you know that's not a small thing people talk

00:06:53.320 about that as if it's achievable that is not in the bag by any stretch of the imagination at this

00:06:58.680 point what about the straight i mean you've got it you've got a a gangster mentality a a uh a pirate

00:07:08.620 mentality down there on those cliffs overlooking it and now they say hey man we're getting two

00:07:14.000 million a barrel of two million of a vessel maybe we can do better we got the United States Navy's

00:07:19.960 blocked everything on the outside but we've also got the throttle here uh what is it going to take

00:07:26.300 to to get their attention you have to have another military come along for a couple so can you do it

00:07:32.440 just through telling the Chinese principle to principle say let's get these guys out of the

00:07:36.140 way and Trump and Xi can you do it principle to principle or are you inevitably inevitably

00:07:42.520 going to have to go back and give them a wake-up call that we're still here and we can still lay

00:07:48.200 waste to anything we want to lay waste to i think you're 100 going to have to go back to hitting

00:07:55.040 them but i also i i view it this way you got closing the straights blockading them great

00:08:00.980 first step i'm all about that you got to keep turning the screws on these guys they're using

00:08:05.160 small boats and going out and intercepting tankers now and firing at them with rpgs and ak's okay

00:08:10.600 I would give them a 24-hour notice. 0.61

00:08:13.120 Every small boat put into sea from Iran from this point on is considered to be a combatant.

00:08:18.860 So you've got about 24 hours to absorb that. 0.99

00:08:21.800 And after that, since that's the way you're fighting, we're going to take out every small boat we see putting to sea. 0.99

00:08:29.440 The Chinese are pumping huge quantities of material into Iran via Tajikistan. 0.98

00:08:35.640 I mean, trade between Iran and Tajikistan has increased year on year 4,000 percent in

00:08:40.820 the first quarter. 1.00

00:08:42.240 Tajiks don't make a damn thing that the Iranians want. 1.00

00:08:44.880 That's all transshipment. 1.00

00:08:45.880 It's Chinese stuff for their drones and missiles. 0.95

00:08:48.400 They send it to Tajikistan, they change the manifest, it goes into Iran.

00:08:52.640 Somebody needs to be sitting down like the ambassador and the chief of station in Tajikistan 0.99

00:08:56.980 with the Tajiks and saying, there's a line on the ground, you got to get on one side 1.00

00:09:00.900 or the other. 0.99

00:09:01.900 You're either with the Iranians or with the most powerful nation on earth. 0.93

00:09:04.860 and you're going to feel the consequences. 1.00

00:09:06.960 We're going to turn the screws on you.

00:09:08.820 I mean, you have to methodically go down this

00:09:11.000 and just keep shutting doors and increasing the pressure on these guys.

00:09:16.320 The Iran air started commercial.

00:09:17.880 Hang on, but the big door we got to shut, 1.00

00:09:21.480 because Tajikistan is just a throughway from the CCP. 1.00

00:09:26.820 I mean, at some point in time, you got, here's the thing,

00:09:28.900 you got Victor Davis Hanson and Mark Thiessen,

00:09:31.420 all these people that were 1 million percent wrong in Iraq.

00:09:34.860 Yes. And now they're revving up. They're revving up and are getting revved up that we actually need regime change and you need and you need unconditional surrender.

00:09:45.820 Victor Davis Hansen put some video out. Think on the Daily Signal. And his last alternative was unconditional surrender.

00:09:52.200 they're still dangling that out there. If we if we want to get if we want to get to the source

00:09:59.280 of who's keeping them alive with material, right, coming through on the land route and giving them

00:10:06.220 cash for every every tanker they can get out. And I'm still confused. Are we letting some of

00:10:11.740 their tankers out to get to the CCP? Because there ain't no meeting in May big enough to let 0.78

00:10:17.080 the CCP get any oil and the mullahs get any cash if you want to stop the continuation of this. So

00:10:23.560 at some point in time, do we have to turn this into a great power exercise between the United

00:10:29.820 States and the Chinese Communist Party and tell Xi, hey, look, we don't want to be here forever.

00:10:35.280 You don't want us here forever. We need you to back off so we can get an arrangement

00:10:40.180 right in the persian gulf uh that ourselves and our allies can live with sir yeah 100 i would 1.00

00:10:47.860 cancel the president's trip to china and i'd start turning the screws on the chinese you guys are 0.99

00:10:54.020 sending look we we're sent they sent freighter this last ship that we the container ship that 0.95

00:11:00.340 we fired on and put a shot through the engine room the other day okay it's loaded with sodium 0.69

00:11:04.500 perchlorate, right, which is what the Iranians use to make solid rocket fuel. And all the stuff 0.99

00:11:10.140 that's coming in from Tajikistan that is Chinese is all the guts and the electronics to build more 1.00

00:11:15.560 missiles and drones. So the Chinese are helping the Iranians kill American soldiers, sailors, 1.00

00:11:21.460 airmen, and Marines, and have wounded hundreds of them. Somebody needs to be having that 1.00

00:11:25.860 conversation with the Chinese straight up and saying this, no, we're not looking the other way. 1.00

00:11:31.160 we're not pretending like this hasn't happened and making a list of consequences for the Chinese 0.85

00:11:36.360 and absolutely pressuring them. We're not going to stand by and let you help the Iranians kill 0.99

00:11:44.120 Americans and torch the Persian Gulf and pretend like we don't see it. That's not acceptable. 1.00

00:11:50.900 Do you think that, do you think, and I'd love you to hold over. I'm going to get Malpass,

00:11:55.500 former head of the World Bank, and Eric Bolling is going to be on here. We're going to talk about

00:11:59.240 the financial and economic situation, the reality of oil, of commodities, and also

00:12:04.860 Scott Besson's testimony yesterday, where he tried to put a little more refinement about this is in

00:12:10.600 defense of the dollar, not bailing out one of these Emiratis, the UAE.

00:12:19.720 Would you think it'd be better, Sam, that Trump actually goes and gets in a room with Xi and does

00:12:25.620 this, or you're saying there should be actions taken by the CCP that we force now? You've got

00:12:30.680 to stop shipping arms and other material through Tajikistan, and we don't want to see we're going

00:12:37.120 to cut off any type of oil coming out and any kind of monetization of that oil. Do you think those

00:12:43.500 are steps that have to be taken beforehand, or would you be open if something could be sorted

00:12:48.160 out to meet in Beijing? Do you think that sends the wrong signal? Well, I get it that Trump likes

00:12:55.120 negotiate these kind of things face to face and you know that's he's he's been doing this for a 1.00

00:13:00.080 long time my take don't go don't go don't go to the china you know that's not the way the chinese 0.98

00:13:06.000 are wired they will interpret it in my opinion as you you know some version of you coming to kowtow 0.74

00:13:11.680 to them i would say the trip is off you're not talking to the big guy you're talking to me

00:13:17.040 and he's not happy with you and until you take some steps to in the right direction he's not

00:13:23.520 coming here and where you're not going to see him. I think that sends the right that sets the right

00:13:29.200 tone. Sam can you hang around for a minute? I want to get a mouth pass and I want to get bowling

00:13:35.200 into this conversation something we've been talking about a lot here. There's a whole economic war and

00:13:39.600 financial war part of this that quite frankly I think is probably more important than the kinetic

00:13:46.160 part of this um and you should play these things out to their max before you go kinetic but hey

00:13:53.960 we are where we are and now we got to figure out how we uh how we extract ourselves with victory

00:14:00.840 and get back to focus on hemispheric defense and all the problems here with the sovereignty of the

00:14:06.280 united states of america like the southern poverty law center and stealing delegates stealing

00:14:12.760 Congressional seat center in the Commonwealth of Virginia.

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00:14:23.740 RickardsWarRoom.com.

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00:14:41.740 Of how the elites of the world are thinking

00:14:43.840 It's based upon predictive analytics

00:14:45.660 Remember to defeat them

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00:14:51.860 Go to RickardsWarRoom.com

00:14:55.760 Right now

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00:14:57.260 Go there

00:14:57.700 Check it out

00:14:58.460 Short break

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00:15:19.280 That's why central banks are buying gold at record levels.

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00:16:25.500 Here's your host, Stephen K. Bannon.

00:16:30.320 Rickards also throws in the free book, Money GPT.

00:16:35.480 And in the book, I think chapter four talks about the some of these issues with Anthropic and the Defense Department, this kind of autonomous targeting.

00:16:43.960 He uses, I think, the nuclear the nuclear escalatory ladder in that.

00:16:48.260 But it's very enlightening. So you get a free book thrown in that you don't want to miss.

00:16:52.460 And Rickard is just an extraordinary guy. Eric, you've got a couple of stories, data points you want to get.

00:16:58.900 But then we're going to bring in Malpast.

00:17:00.620 We're going to play this Scott Besant at the hearing yesterday because the War Room Posse audience,

00:17:06.840 although a lot of blue-collar folks, middle-class folks, many of whom did not go to college,

00:17:11.820 is the smartest audience in the world, media.

00:17:16.180 The reason is we continue to take on the toughest topics, give them information,

00:17:21.600 and they figure it out, use their agency.

00:17:24.460 What do you got for it?

00:17:25.080 First of all, I just want to make sure, Bowling, you've done your workout, so you're ready.

00:17:28.320 You know, every day I talk to Eric late at night, early in the morning about getting him on the show and all the information because he's a information maniac.

00:17:35.820 But we got to work around. We got to work around his work. Are you good? Did we get to work?

00:17:40.500 I'm good, Steve. It just clears the head, makes me puts me in the right place for the for the war room. 0.51

00:17:45.540 Because let me tell you something about what you just said before that war room audience being the most informed.

00:17:50.660 They're the most informed because of what we're going to talk about in just a second with the best in comment, because we you and I had that discussion the day before.

00:17:58.320 Besant testified on the Hill yesterday, on Tuesday.

00:18:01.140 But very quickly, the EIA, which is the Energy Information Agency, which tracks the levels

00:18:06.440 of draw on crude oil and gasoline and distillate, which is basically diesel fuel in America

00:18:12.520 week to week, showed a very large 4.5 million draw in crude oil, 5 million draw in gasoline,

00:18:18.720 and a 4 million draw in diesel, essentially diesel.

00:18:21.620 They used it for other things as well.

00:18:23.420 But it was a surprise.

00:18:24.500 So a lot of the people who poll and talk to various producers and refiners didn't think

00:18:30.900 there was going to be a draw at all.

00:18:32.460 So this is a surprise, puts a bid underneath the oil market.

00:18:37.680 I literally just got off the phone before this with one of the biggest refiners in the

00:18:41.820 world, Lucas Oil, probably seen a gas station or two.

00:18:46.400 And he told me something interesting.

00:18:47.640 He says, I don't think we're all buying aggressively on the refiner side because they need the

00:18:53.320 oil.

00:18:54.320 worried about down the road, not right now.

00:18:57.020 He said, demand isn't really there right now, but we are fearful of not being able to get

00:19:02.940 enough crude oil for June, July, and et cetera.

00:19:06.200 I'll tell you very quickly, that makes a lot of sense.

00:19:08.900 If you look at the crude oil market going forward, right now, prices are $94 a barrel

00:19:16.480 right now.

00:19:17.480 But if you go to the end of the year, December, it's 77.

00:19:20.380 If you go a year from now, it's 72.

00:19:23.120 So the feeling among the smartest players in the room, oil, is that it will eventually

00:19:28.620 make its way south, and just no one knows exactly when.

00:19:33.720 Last point, China demand is, he told me, China demand is way down, way down, which is telling

00:19:39.440 me the blockade is working, Steve.

00:19:41.400 Because if the blockade is working, that means the China economy is A, probably shrinking,

00:19:47.800 and B, they're probably conserving their use of fuel.

00:19:51.100 And there's a huge, huge undercurrent of positivity to that.

00:19:54.700 China wants to be the global winner, leader in AI, takes a lot of energy.

00:19:59.860 One of the biggest draws, one of the biggest issues for any AI program is energy.

00:20:05.400 How do you provide energy?

00:20:07.000 So if we're starving them of their energy, then we're starving them of the ability, number

00:20:12.620 one, their economy to grow, but number two, more importantly, we will take the lead in

00:20:16.860 AI further and further because we have ample oil.

00:20:20.140 So blockade works for several different reasons.

00:20:24.160 Now, we can talk about the U.S. currency swaps.

00:20:27.820 But they could be drawing down, we now know for intelligence reports coming out,

00:20:33.760 we totally, I guess, underestimated how much their strategic patrolling reserve,

00:20:40.960 they're like 3x what we were, right, at the top.

00:20:45.220 They've been waiting for this to happen, have they not?

00:20:50.140 Yeah, no, they prepared, and we allegedly prepared.

00:20:53.640 I have a big issue with drawing down the SPR.

00:20:55.780 Our SPR tops out at about 715 million barrels.

00:21:01.180 The Chinese SPR, Strategic Petrolling Reserve, tops out at 1.2 billion barrels,

00:21:07.360 and we use a hell of a lot more oil than they do.

00:21:09.760 So, in fact, for years I've been saying we should get our SPR over a billion barrels,

00:21:15.080 But not only did we not do that, we also are drawing it down at a time we don't need to be doing that.

00:21:22.020 Presidents do it.

00:21:22.780 Now, I would be perfectly honest with you.

00:21:24.520 Trump has done it a couple of times as well.

00:21:26.280 Clinton did it.

00:21:28.180 Biden did it when we didn't need to do it.

00:21:30.060 But they do it to ease some sort of, I guess, perception of a higher oil and gasoline prices because it's all geared towards gasoline.

00:21:37.240 I think it's a mistake.

00:21:38.120 I think we need to keep that for an SPR, which China is literally experiencing right now.

00:21:43.660 They have an emergency oil situation right now.

00:21:46.380 Let them draw that down. 0.93

00:21:48.120 Let them hold the blockade.

00:21:49.560 Don't make a deal.

00:21:50.880 I agree with Faddis.

00:21:51.820 Don't go to China.

00:21:53.340 Let them, they're going to be sucking wind fairly soon because of the blockade.

00:22:00.080 What, also the media is now catching up what we talked about weeks ago,

00:22:04.600 that diesel here may be more important than gasoline.

00:22:08.260 Talk to me about diesel.

00:22:10.200 Diesel prices are up more than gas. The gasoline prices are about $1.05 higher than

00:22:15.960 a year ago. Diesel prices are about $1.30 higher. Jet fuel is 40%, sometimes 50% higher than a year

00:22:23.800 ago. So you're going to start seeing surcharges on airline tickets. The whole point is the higher

00:22:28.280 the price for any of these fuels, because diesel is what we use to truck product east to west in

00:22:34.440 in the country. Even trains use diesel fuel. So diesel is a very important economic indicator.

00:22:40.440 Diesel fuel prices up 20, 25 percent, 30 percent are going to be a real drain on the economy at

00:22:46.080 some point. But what you're telling me, when you look at the structure of the market,

00:22:52.660 the smartest guys in the room think that the prices are going to drop and drop

00:22:58.100 pretty precipitously in the out months, correct?

00:23:02.600 So they think there's going to be a,

00:23:03.960 the smart money thinks there's going to be

00:23:08.120 a resolution to all this, correct?

00:23:11.920 Yeah, I will tell you,

00:23:13.600 talking to that refiner a couple of, like an hour ago,

00:23:16.660 he believes it's going to be a resolution.

00:23:19.700 He believes oil will retreat,

00:23:21.040 but he just literally said,

00:23:22.360 we're buying aggressively

00:23:23.540 because we're worried about June right now.

00:23:25.900 And we're not even into May yet.

00:23:29.100 Hang on for one second.

00:23:30.120 Let's play.

00:23:30.460 I want to play. 1.00

00:23:30.980 I got you and Malpass.

00:23:31.800 Let's play this, Scott Besant, about this potential bailout of UAE.

00:23:38.260 Let's go and play a testimony yesterday.

00:23:39.760 I understand that the UAE is looking for a swap line.

00:23:49.400 The war in Iran has already cost us dearly.

00:23:53.240 In my view, it's been a huge mistake, made us less safe and a lot worse off.

00:24:02.000 In addition to lives lost, we're talking about over a billion dollars a day in taxpayer money.

00:24:08.760 We're talking about higher gas prices, higher prices overall.

00:24:14.020 And now we understand that the UAE is asking you to provide them a swap line through the Exchange Stabilization Fund.

00:24:25.800 Mr. Secretary, can you talk about this request and whether or not you expect to support it?

00:24:33.940 Senator, I would dispute much of what you early said and any linkages to this swap line.

00:24:40.200 Many of our Gulf allies have requested swap lines.

00:24:44.020 You would have just read about the UAE, and swap lines, whether it's from the Federal Reserve or the Treasury, are to maintain order in the dollar funding markets and to prevent the sale of the U.S. assets in a disorderly way.

00:25:08.200 So the swap line would both benefit the UAE and the U.S.

00:25:14.420 And as I said, numerous other countries, including some of our Asian allies, have also requested them.

00:25:22.100 Bowling called this the other day.

00:25:25.880 May I, Steve, can I jump in here?

00:25:28.020 Yeah, sure.

00:25:28.600 So you and I texted Monday morning and this Wall Street Journal article just come out that the UAE and they called it a bailout, looking for a bailout.

00:25:36.440 And let's be honest, we lit them up for it.

00:25:39.200 We were talking about how Dubai is the Las Vegas for the rich fat cats around the world.

00:25:44.100 And you and I both said, that's insane.

00:25:47.000 But Steve, I got off, and I read into what UAE was asking for.

00:25:51.560 I did some homework on it.

00:25:53.900 And they weren't.

00:25:54.900 They weren't asking for a grant or a loan.

00:25:56.840 They were simply asking for access, almost like greasing the wheel to the transaction,

00:26:02.080 the currency transaction.

00:26:03.200 We would basically buy their currency and give them US dollars at almost no loss to

00:26:09.440 us.

00:26:10.440 It's the fair value of both of the currencies.

00:26:12.320 They just wanted it, as Besant pointed out, they wanted the mechanism to be more smooth.

00:26:19.020 And then we came back on Tuesday, Steve, on Tuesday, and we said, look, this is the smartest

00:26:24.380 move we can make.

00:26:25.380 It won't cost the United States a lot of money.

00:26:27.420 We're not going to drain any treasury, not giving a loan or a grant.

00:26:30.640 We're just providing them liquidity with the U.S. dollar.

00:26:33.800 And I would say, yes, guys, you know what, Saudi Arabia, you want it too?

00:26:37.180 Oman, you want it too?

00:26:38.300 Any ally in the region, as long as you stay with the U.S. dollar to trade the petrodollar.

00:26:44.140 It's a brilliant strategy, actually.

00:26:48.240 You're going to bail out that little airline too, right?

00:26:51.360 No, Bowling, hang on, hang on.

00:26:52.980 I got it, I got it, I got it.

00:26:54.720 Scott Besson dropped a bunch of bombshells on that one.

00:26:58.100 first off you notice the little the little he couldn't quite get it out when he said the orderly

00:27:04.260 the orderly uh you know the orderly amount of what they don't want let's talk we're gonna get

00:27:09.480 we're gonna take a short commercial break now more than ever folks why did we start this six years ago

00:27:14.780 the end of the dollar empire because of mornings like this morning when uh the folks in charge have

00:27:22.980 to make big fundamental decisions on defending the u.s dollar defending the the empire right and

00:27:30.680 and my point to this is that it just we are where we are we can finance this entire thing because

00:27:38.100 people need dollars and what they're saying is that hey we may we're gonna have to dump your

00:27:43.080 treasuries to get dollars maybe you don't want that the orderly versus disorderly the former

00:27:49.220 head of the world bank and eric bowling one in the trenches one in the clouds we're going to talk

00:27:57.140 about all this because it's quite important and it's quite important for us as a nation and

00:28:01.060 particularly the working class and middle class people in these in this audience fully understand

00:28:06.500 exactly what is going on we're going to make it all clear for you enter the dollar empire birch

00:28:11.540 gold.com promo code bannon you get all free installments gluing the eighth is just out but

00:28:16.900 to talk to Philip Patrick and the team and do it today. David Malpass, Eric Bolling, and Sam

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00:29:30.400 Strategic intelligence based upon predictive analytics.

00:29:34.120 It's what chairman and CEO throughout the world read, and you should too.

00:29:39.440 Here's your host, Stephen K. Mann.

00:29:43.340 Okay, David Malpass, define what the issue is here, because Scott defined it much differently than the New York Times reported.

00:29:51.940 It sounded like a total overall bailout when they reported it, or the Wall Street Journal.

00:29:57.480 It's quite different.

00:29:57.980 Explain exactly what's happening and why you're supportive of Scott Besson, Secretary of Treasury, getting on top of this, sir.

00:30:04.980 Hi, Steve.

00:30:06.140 We're at war.

00:30:07.200 We have to use all our tools.

00:30:08.740 We're at war with the IRGC and with tyranny.

00:30:11.160 And we have tools, economic tools and finance tools, and we should use them. 0.89

00:30:16.100 I was happy to see them cut off Iraq from getting the currency. 0.73

00:30:20.600 The $100 bills had been flying into Iraq, and they were squishy on their position with Iran. 0.92

00:30:30.120 So we've got to use the tools.

00:30:32.100 In this case, you know I'm against bailouts in general, but UAE is part of the dollar system.

00:30:39.500 They've been pegged to the dollar.

00:30:40.940 Their currency is one-to-one with the dollar since 1997, Saudi Arabia since 1986. 0.97

00:30:49.220 So we need to be pressuring China. 0.94

00:30:52.800 But look, when China went into Hong Kong, the Hong Kong is pegged to the dollar since 0.70

00:30:58.220 1983, and China knew to leave it alone.

00:31:02.180 They've left that peg in place because it's so valuable.

00:31:05.660 So as we look at UAE, they're an ally of the United States.

00:31:11.660 They basically are connected to the U.S. dollar.

00:31:15.980 So we should do whatever it takes to protect that, and I think we will.

00:31:20.780 It's like Europe in 2011 when Greece was threatening Europe and saying, we're going to pull out of the euro.

00:31:27.880 And Draghi stepped in and said, the ECB, the European Central Bank, will do whatever it takes to protect the euro.

00:31:36.160 We've got to do that, defend the dollar with our friends, and we should be doing that.

00:31:43.260 So Scott alluded to disorderly market in assets.

00:31:51.500 Is he implying that if we don't give these credit lines, and he said other nations had approached us.

00:31:57.880 So I guess Qatar, Qatar, the Saudis, he said even some Asian nations.

00:32:05.000 When he goes back, it's not that Scott's threatening us, but is the reality these guys are coming to us and saying, hey, we're going to have to dump U.S. treasuries because we need dollars?

00:32:14.360 Is that what they're talking about?

00:32:15.680 Is that the fear that you could have a major disruption in the bond market at the exact same time we're in the middle of a war?

00:32:21.900 And, oh, by the way, we have $39 trillion in debt and $2 trillion deficit every year that Scott's got to refinance a third of that.

00:32:31.080 Is that what this is really about?

00:32:33.780 Maybe.

00:32:34.400 I don't know the inside of the Treasury discussion.

00:32:36.960 But remember, in the Asia crisis, the markets attacked Hong Kong.

00:32:41.540 And what that meant is they were going to have to sell their dollar assets to protect their Hong Kong dollar.

00:32:47.680 And that was an unstable period of world finance.

00:32:53.520 So this is, I don't think we're at risk of that now, but I think it's good to get in front of it. 0.97

00:33:00.940 I think we should be putting more pressure on China. 0.95

00:33:03.620 I mentioned the pressure they're putting on Iraq. 0.92

00:33:06.540 You've been mentioning Tajikistan. 0.52

00:33:08.480 And so there's lots of things we can do with China to really put pressure on them, more pressure to stop supporting tyranny and the IRGC. 0.60

00:33:20.380 There's no reason to support those. 0.54

00:33:21.240 Yeah, but I don't even care about tyranny.

00:33:23.220 I don't even care about tyranny right now.

00:33:24.540 Here's what I care about.

00:33:25.920 This is a great power struggle.

00:33:28.040 The Chinese Communist Party, in back of everything they're doing with the BRICS nations, they ultimately want to get – they would rather their currency at some point in time, obviously not now,

00:33:37.900 to be the reserve currency and not the U.S. dollar.

00:33:41.440 They're the ones in back of the BRICS.

00:34:01.600 China uses the BRICS bank, and they also use the AIIB.

00:34:05.840 Those are both based in China.

00:34:07.900 They're based in Beijing and Shanghai, and they get the same treatment in the global system. 0.91

00:34:13.880 So I think we can put pressure on those.

00:34:16.440 There's no reason those institutions have to have preferred credit or treatment.

00:34:20.460 We can also be pressuring China more and speaking up in the South China Sea and in the Arctic where they're pressuring us with assets.

00:34:30.040 I'm not so worried about the dollar losing stature.

00:34:32.680 I would like to see the dollar used with great increase in international transactions and in

00:34:40.700 local transactions around the world. That would be very good for the United States. I think,

00:34:46.620 as a microcosm, think how good it was for France to be part of the euro, because they could

00:34:51.940 associate with Germany, which had a stable currency. And so we can do that around the world

00:34:58.320 and get lots of advantage for the United States. 0.82

00:35:03.380 And this swap line with UAE could be part of that. 0.80

00:35:06.480 I think it's right for the U.S. to say we're going to defend the dollar and protect our friends. 0.91

00:35:12.800 I'll make one difference, Steve, from the Senator Van Hollen you had on before.

00:35:21.100 He was saying, why do you want to do bailouts?

00:35:24.360 Remember, the biggest bailout of a currency was the Mexican currency in 1994-95, where Clinton and the Treasury used the Exchange Stabilization Fund to do that after poverty had already settled in on Mexico.

00:35:40.720 So I think it's good we're getting ahead of it this time.

00:35:44.400 So, David, I'm going to jump in here because Steve is having some issues with the technical side.

00:35:49.700 So I'm going to jump in for just a minute until he's back.

00:35:52.040 So let's talk a little bit about the global dollar, the de-dollarization, so to speak, of the dollar, which we know China and Russia are actively, actively undermining daily, weekly, monthly.

00:36:06.960 In fact, they're transacting a lot of their trade between the two countries, something to the tune of 90% in yuan and rubles.

00:36:14.780 And it's a slow chip away.

00:36:17.120 This feels to me like they're maybe using the opportunity, this opportunity to make a bigger play for that, you know, de-dollarization across the board, which should cost dearly, Americans dearly, rising interest rates to combat the inflation.

00:36:32.240 So is this not, you know, it's not a drain on Treasury.

00:36:36.960 Is this not an opportunity to lock in the oil exporting countries, or at least our allies, to stay on the dollar, which would likely keep us on the dollar, at least for the near term future?

00:36:49.580 That's right.

00:36:50.360 Show our friends that we have their back.

00:36:52.340 And if they're using the dollar, we're going to help that process along.

00:36:56.660 And China definitely is trying to extend itself.

00:36:59.760 You know, they've gotten the yuan as part of the IMF currency, or the script that comes out of the IMF, the SDRs.

00:37:09.880 And so they're trying to expand that opening.

00:37:14.860 In Africa, what they're doing is getting countries to swap their debt from dollars into yuan.

00:37:20.400 And the U.S. is allowing that through its management of China's Belt and Road debt, the international debt that China keeps putting out.

00:37:34.180 China's been very successful in itself defending that through globalism.

00:37:39.400 So I think we need to make this strong distinction between a swap line in UAE, which defends the dollar, versus globalism, which often is being used to undercut the dollar and support China.

00:37:52.980 Indeed, indeed, I totally agree with that.

00:37:55.200 So let's switch.

00:37:56.280 By the way, BRICS countries account for something like 42% of global GDP.

00:38:01.440 So they have some weight, they have size, they have scale to undermine the dollar if they really, really wanted to.

00:38:10.380 But not in, they don't have that percentage of transactions.

00:38:14.240 So I think we should have the metric.

00:38:16.260 What we should be trying to do is have global transactions around the world, all through Africa, executed in dollars or dollar stable coins.

00:38:28.400 And that would be good for the countries.

00:38:30.040 If Argentina would get rid of the Argentine peso, they'd be as rich as Europeans.

00:38:37.880 That's not saying so much right now.

00:38:39.800 You know, Europe's per capita GDP has gone way down relative to ours in the U.S., but

00:38:45.680 countries could latch on to that. 0.98

00:38:48.320 Nigeria would be able to grow like China if they got rid of the Naira, but the international 0.97

00:38:54.280 system keeps protecting them. 1.00

00:38:56.640 And China, of course, wants that.

00:38:58.960 They want these unstable currencies around the world so they can swoop in with the yuan, but they're also encouraging this climate spending.

00:39:07.500 You know, the World Bank is still lending to China. 0.66

00:39:10.380 I tried to stop it, tried hard to stop it, still lending to China and spending a lot on climate spending, which is right in China's wheelhouse. 0.58

00:39:20.280 So we've got these problems. 0.57

00:39:21.620 They've got to be identified and really pushed back on right now.

00:39:26.000 We may be getting Steve back.

00:39:27.760 One more quick thought.

00:39:28.960 I told Steve earlier, I spoke with a major refiner, U.S. global refiner, and he said the Chinese demand for the pull, global state pull on the global oil market was way down from China, which tells me it's probably a slowing of their economy or they're conserving or they have some national program to conserve.

00:39:47.740 But it's also draining their SPR, which I going forward, I think any country that drains their SPR, developed country or developing country that drains their SPR is at major risk.

00:39:57.840 So your thoughts on the blockade working in almost a secondary positive effect from the blockade?

00:40:04.060 Eric and Steve, so I'm not as wild about strategic reserves because you draw them down so fast.

00:40:11.200 The run rate is what counts.

00:40:13.340 And in that way, China's under real pressure.

00:40:16.320 They were getting this discount on the oil that they were getting from Russia and from Iran.

00:40:20.840 That's gone.

00:40:21.760 And they're also seeing higher prices.

00:40:23.600 And their country is an importer of energy, big importer, different from the U.S. 0.91

00:40:29.580 So this higher price of oil really is putting pressure on China, which is good.

00:40:35.040 And they're feeling it in their slowdown.

00:40:37.360 So I think now is the time to really put a lot of pressure on China through these other things that I mentioned.

00:40:42.700 The U.S. has a lot of tools that could be pushing back on China and simultaneously defending the dollar.

00:40:51.280 I think one more point. We have to move extra fast on the supply chains in the U.S. to diversify away from China. We're still dependent on a lot of products. And we have to have the labor markets really be more robust. 0.88

00:41:06.300 I think there's a lot we can do to train, to allow kids in the U.S., in junior high, to be educated in mathematics.

00:41:15.180 They're up against the teachers that, you know, want to do a lot of DEI. 0.91

00:41:21.120 That can be switched, and we can have kids actually coming out of junior high, high school, and junior colleges that can compete with the Chinese. 0.96

00:41:29.220 We've got to put a double court press on that. 0.99

00:41:32.460 David, we've got to bounce real quickly.

00:41:34.480 We talked earlier, Sam Faddis said that given the situation right now, President Trump should not go to Beijing.

00:41:41.340 I think it's March 13th and 14th.

00:41:43.760 Would you think right now with everything you just said that President Trump should go and get in a room with Xi and try to figure this out mano a mano?

00:41:52.300 I count a lot on the president and his negotiations.

00:41:55.520 So he should do what he wants.

00:41:57.020 But what I think we should do also is lay out right now all the pressure points and leverage that we can do with China to push them in our direction and get them stopped supporting the IRGC.

00:42:10.740 David, where do people get you on social media?

00:42:12.940 How do they follow your thinking on this?

00:42:15.240 So on X, I'm at David R. Malpass, at David R. Malpass.

00:42:21.420 And great.

00:42:22.800 And plus, I come on the band in the war room.

00:42:24.880 thank you sir appreciate you uh eric bowling i'm glad you had your workout you had to take

00:42:31.680 over the show there for a technical problem thank you so much where do people get you dave

00:42:36.840 where they get you on social media very quickly i'll just tell you i think the blockade trump

00:42:42.180 should slow walk any negotiation the blockade is working especially against our greatest adversary 0.72

00:42:47.120 the ccp uh follow me wherever at eric bowling on social media but he right here the war room 0.99

00:42:53.060 Because, like I said, Steve, you're telling people what's going to happen next, not what happened yesterday. 1.00

00:42:57.560 It sounded like a broken record, but that's why they are the most informed audience in all of news.

00:43:02.580 So just real quickly, you think slow walk in negotiation now with anybody because the blockade's working make them feel more pressure?

00:43:10.140 Yeah, especially China. 0.93

00:43:11.400 They're sucking wind. 0.93

00:43:12.720 That trader telling me Chinese demand for oil and products is down tells me every single thing I need to know, this is the way to take China down.

00:43:20.420 Eric Bolling thank you so much I'll see you this afternoon hopefully I'll be organized enough we do

00:43:26.040 a do a handoff the reason we don't do handoffs I'm still putting together the five o'clock show

00:43:31.140 Eric Bolling precedes us at four short break Sam Faddis on the other side

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00:46:34.600 You heard Malpass and bowling on the financial and economic side.

00:46:39.580 Are you still there saying, hey, look, I don't think we go to I don't think President Trump goes to get in a room. 0.82

00:46:44.240 We got to put the screws down the Chinese Communist Party even more to get this thing sorted in the Persian Gulf, sir. 0.76

00:46:51.340 Yeah, 100 percent. Look, if the blockade works and these guys come to the table tomorrow, awesome. 0.86

00:46:56.340 I don't think you take those steps and then wait, and then when it doesn't work, start thinking about what to do next.

00:47:05.020 Do it all right now.

00:47:07.400 You know, just turn the screws in every respect. 0.98

00:47:10.140 And when you've got the Chinese actually helping these guys build things that are killing Americans in the middle of a war, 1.00

00:47:19.260 I think that needs to be a really big thing. 0.99

00:47:23.280 Like, the president's not coming, guys.

00:47:25.280 and we're busy making a list of all all the ways we are going to respond and it is going to be 0.66

00:47:30.840 awesome so you need to get your act together and you're also saying put Tajikistan and anybody

00:47:37.700 else that's working with them on this land route on notice we know what you're doing and we're not 1.00

00:47:42.380 going to tolerate it yeah that's right Tajiks pick a side and by the way Tajikistan doesn't 0.98

00:47:47.900 have an a an actual land border with Iran so all that stuff from Tajikistan is transiting other

00:47:54.560 countries. So those same conversations ought to be having in every one of, in every one of those

00:47:59.880 countries. And look, you were talking about strikes. Okay. That stuff is moving into Iran

00:48:04.840 on a road over bridges. There is physical infrastructure there that also ought to just

00:48:13.000 be taken out. All of this ought to be happening simultaneously. This is not happening, guys.

00:48:18.940 We're not playing. We're not watching you do this. We're not thinking about responding.

00:48:24.560 We're doing this on all levels right now.

00:48:26.980 Knock it off.

00:48:28.720 Action, action, action.

00:48:29.980 Sam, where do people go get AND Magazine on your Substack and your social media, sir?

00:48:35.840 Substack, AND Magazine.substack.com.

00:48:39.060 A-N-D Magazine.substack.com.

00:48:42.420 Thank you, sir.

00:48:43.580 Appreciate you.

00:48:45.460 Mike Lindell, running for governor, but you still come here every day to talk to us about deals.

00:48:50.840 That's what the Warren Posse wants to hear.

00:48:52.400 What kind of deal you got for us?

00:48:54.560 Yeah, and I have some great deals, but I want to tell you first, you guys, you have MikeLindellGov.com.

00:49:00.520 Right now, we're doing a big push for the GOP endorsement in about a month, and it's been going great.

00:49:06.620 We're doing events all over Minnesota, and we just did four this last week.

00:49:12.040 You guys can go there to MikeLindellGov.com and check out all the news articles being done.

00:49:17.380 We're still polling number one with the Republicans, and it's going great.

00:49:21.620 But you're right, Steve.

00:49:23.220 I wanted to get on here.

00:49:24.560 The big thing is, you guys, my pillow moved to a new factory.

00:49:29.280 We did the impossible.

00:49:30.760 They wouldn't renew the lease, so we had to move within eight weeks.

00:49:34.220 We had all these semis full of products.

00:49:36.540 We're closing out.

00:49:37.800 I just checked today, you guys, and we've got flannel sheets left, sandals, pajamas,

00:49:44.140 basically all clothing.

00:49:45.760 Our whole line of clothing we're closing out.

00:49:47.520 couch pillows shams mattress protectors hats scarves all the winter apparel we're closing all

00:49:53.980 that out too but the big one you guys have hit is the is the slippers 29.98 most of the stuff on

00:50:00.520 these last couple semis are 80 off just like these slippers the most comfortable slippers you'll ever

00:50:07.280 own ever wear and you get a free bottle of um of leather spray besides free shipping on your

00:50:13.440 entire order it's coming to the end of these like i said it's a little over a semi left and uh this

00:50:18.740 is a war room exclusive with free shipping so go to mypillow.com forward slash war room and there

00:50:25.520 you're gonna see all the 80 off items and remember we've even got sheets we got percale sheets i guess

00:50:31.540 they were found on the truck we're closing off our line of percale sheets you guys all got on those

00:50:36.140 before, as low as $29.88. And then we have, we're keeping the MyPillow pillows on sale for $14.98

00:50:44.920 exclusive for the War Room Posse. If you've never had a MyPillow before, now's the time.

00:50:50.000 Free shipping right to your front door. And then the made in the USA mattresses,

00:50:54.820 mattress toppers for your great, for your body needs great sleep too. I keep my employees going

00:51:00.560 with these great items and they're big ticket items high high money to ship but we're the

00:51:06.800 shipping's on us right to your front door and then you go it could call 800-873-1062

00:51:14.720 800-873-1062 you guys my operators standing by they all speak english they've been with me for

00:51:22.920 over a decade most of them and we were like one big family at my pillow you guys have gotten us

00:51:28.360 through gotten us through the storm by having our back and now we have your back let's empty that

00:51:34.080 semi this week those semi trucks and uh and get you guys the best specials ever with promo code

00:51:39.220 war room mike one of the uh one is the uh is i take it the state convention is that where you're

00:51:44.500 talking about get the endorsement from the republic party is that what you're working towards

00:51:47.860 yeah that's what i'm working on we've got uh we've done we're doing about seven events a week

00:51:53.440 and we just did a little town of wasica minnesota the other night and they said no one's ever

00:51:58.260 even bother to come to our town i want to get all inclusive and we've been doing these round

00:52:02.960 tables and events i've been getting the word out of what i'm going to do to say to secure

00:52:08.060 minnesota and what a great thing was yesterday if you all seen on lindale tv ilan omar trying to

00:52:13.760 avoid all the fraud that's been going on in minnesota steve thanks for playing that clip

00:52:17.940 that's helping me right away with the governor run because we need change in minnesota we need

00:52:22.540 to get rid of the fraud uh allison uh steinberg was on she's fantastic what's the first thing for

00:52:28.180 you go we got 30 seconds what's the first thing you're going to do as governor of minnesota sir

00:52:32.540 first aid ban sharia law bring back our minnesota flag and get the satanic statue out of the capital

00:52:39.640 that waltz put in there all three of those so you guys check out mike lindale gov.com i need your

00:52:45.740 help today i'm 18 hours a day i'm putting in this for you guys it'll be the best money ever spent

00:52:51.080 on a campaign love you brother see this afternoon charlie kirk show is next post so after that we're

00:52:57.260 back here with Bowling at Five. Do you owe back taxes or you haven't filed your taxes in years?

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00:54:38.840 Network USA let me repeat 800-958-1000 tell them Bannon sent you don't let the IRS be the first

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00:54:52.120 You move.

Bannon's War Room - April 23, 2026

Episode 5322： China's Oil Crisis; UAE Credit Swaps Undercutting American Dollar

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