Bannon's War Room - Episode 5385： World Economy Shaken; Senate Defies President Trump

00:00:00.000 Just put Texas in play if Paxson, in fact, wins.

00:00:05.580 But let's take it a step further, because, you know, people always say to me,

00:00:08.800 Joe, you're playing not seven-dimensional layered chess.

00:00:12.040 You're like 9 or 10 or 11.

00:00:13.700 Let's take it beyond that.

00:00:15.360 Not only do they put Texas in play and give Tallarico a shot to make it competitive

00:00:20.500 by putting up that runaway beer truck right there that you're looking at.

00:00:25.200 I put that runaway beer truck up and wanting him to win the Senate if he beats Cornyn and he most likely will beat Cornyn with Trump's endorsement in Texas.

00:00:39.020 You now have millions and millions of dollars that would have been spent elsewhere being spent to try to save a seat that Cornyn could have probably won, two, three, four points.

00:00:51.360 But not only that, look what Bill Cassidy did yesterday.

00:00:55.200 he he voted with murkowski and others uh on on the war powers resolution so now you're going to

00:01:03.900 have him you're likely going to have john cornyn you're likely going to have other tom killis

00:01:10.840 you're likely going to have other senators thank you senator bill casney such courage such courage

00:01:16.160 i wish you would have shown it for rfk jr but anyway you know what i'm a southern baptist we

00:01:20.500 We take converts and we can get them, even if it's the 15th version, just as I am.

00:01:24.820 You're welcome into the family.

00:01:26.980 Thank you. God bless you.

00:01:28.400 And now go and sin no more.

00:01:29.760 But here we are.

00:01:31.440 Think about it.

00:01:32.040 You're going to have three, four, five senators that are on their way out, John,

00:01:36.580 that are going to pretty much stop a great deal of what Donald Trump does because they're unchained.

00:01:44.080 these generic ballot tests and them getting the news that it's likely they're going to have to

00:01:51.500 throw millions and millions of dollars into a Texas race with Ken Paxson that they wouldn't

00:01:56.760 if John Cornyn won. Yeah, well, the problem with being in a vice, Joe, is even when you know you're

00:02:04.000 in a vice, you're in a vice. It means you have a hard time getting out of it. You know, and who

00:02:09.360 knows look maybe maybe this slush fund uh will end up compensating jim comey and letitia james

00:02:14.300 and then they can say listen we were serious about this anti-weaponization thing but otherwise

00:02:19.700 and you know maybe they'll refer to the ballroom as a jobs creating program there's a lot of

00:02:23.100 construction there absent all of that these are as you've mentioned really big problems for

00:02:28.240 republicans and they know this all right they are saying this in very subtle careful ways which

00:02:33.260 actually is a big deal when you look at how you know congress has been functioning

00:02:37.760 in this second Trump presidency.

00:02:41.040 But as I reported for the dispatch in a story that posted earlier this week,

00:02:46.520 Trump's power in Republican primaries is such that when the first order of business

00:02:52.320 to keep your job is winning re-nomination, you don't feel,

00:02:56.660 and it's kind of true that there's not much you can do.

00:02:58.660 And for instance, I talked to one Republican strategist who told me

00:03:02.260 that when they test issues for candidates in Republican primaries

00:03:06.040 to see what's going to move them ahead,

00:03:08.260 Various standard conservative issues will move you up by 20 points.

00:03:13.520 The Trump endorsement, if you test it, if this candidate had the Trump endorsement,

00:03:17.060 this candidate has a Trump endorsement, that moves you up by 50 points.

00:03:21.500 There is no single better way to win a Republican nomination or to avoid defeat

00:03:26.740 than to say that the president is on your side.

00:03:30.060 And so that's where these guys find themselves.

00:03:33.560 I will say one thing about Texas because I can't help myself.

00:03:36.360 And as I said last week, I'm just going to be wrong one day.

00:03:39.480 I've been covering Texas for two decades.

00:03:42.000 It's the big red whale.

00:03:43.440 And it's really hard for Democrats to flip.

00:03:46.340 Do not do not expect if they're being honest and if they're going to stick to this, don't

00:03:52.680 expect party and party affiliated organizations to spend a dime there.

00:03:58.100 What they're telling me is that Trump has plenty of money.

00:04:01.480 All of his groups, you've got about three hundred and fifty to four hundred million

00:04:05.880 dollars depending on how you count it and since he has the money and since as one republican

00:04:11.020 insider told me you broke it you bought it they're going to say this is your project we have more

00:04:18.040 important more pressing needs in north carolina and maine and everywhere else but it is going to

00:04:25.560 be tough for talarico even with uh even with paxton who i like to say is carrying around a

00:04:31.140 10-piece luggage set of scandal just because of the lean there.

00:04:35.920 But it is now in play.

00:04:39.560 I wouldn't say Tallarico's favored, but this thing is in play, and it cannot be ignored.

00:04:44.820 Joe, you know, one can't predict the future, but if you look at what Tom Tillis has done,

00:04:49.040 that should be a reasonable indication of what Bill Cassidy and John Cornyn may now do,

00:04:56.120 both of whom, frankly, have been, you know, constrained severely over the course of the last year and a half

00:05:05.140 by their fear of precisely this thing that has now happened to them, happening to them.

00:05:11.200 Neither one of them is MAGA in their heart.

00:05:14.720 Both of them have, in the past, the distant past, but the past, you know, maybe four, five, six years ago,

00:05:20.560 been willing to go against the president on matters of importance,

00:05:23.000 But they have basically put themselves under wraps, put their principles under wraps, put any instinct they had towards independence or moderation under wraps in order to try to get Donald Trump to be on their side in the primaries.

00:05:34.640 Instead of being on their side, the primaries, he turned against them, has now turned against John Cornyn.

00:05:39.220 And I think, Joe, in the end, you know, that race of all the things that Trump has exhibited this kind of power in the over the past few weeks from Indiana to Louisiana, now the Thomas Massey seat where he's flexing his muscle, improving to people.

00:05:53.000 that he still continues to have this vice-like grip over the Republican Party, and he does.

00:05:58.840 But the biggest story of the day yesterday is the possibility that Donald Trump has just,

00:06:03.240 if not given away, has certainly made the Texas Senate seat competitive in a way that it would

00:06:09.880 have been competitive probably even if Cornyn had won the race. But if Ken Paxton wins the primary,

00:06:14.560 Texas is not just in play, but there's an argument that James Tallarico is the favorite there.

00:06:18.020 That could be ballgame for the United States Senate, given what we're seeing in terms of the

00:06:22.720 national polling and the number of Senate seats now that were supposed to be safe that are now

00:06:26.960 in play where Democrats feel pretty strong. This could be like that. That's the big news of

00:06:30.800 yesterday on the political front is that Paxton endorsement. I'm right now at 99 percent in Israel.

00:06:37.040 I could run for prime minister. So maybe after I do this, I'll go to Israel, run for prime minister.

00:06:43.140 I had a poll this morning. I'm 99 percent. So that's good.

00:06:46.820 Wednesday, 20 May, the year of our Lord, 2026.

00:06:51.920 Just when things are going, I know President Trump on the tarmac right there.

00:06:55.180 We got a couple more terms to go here.

00:06:58.800 Don't get ahead of the program.

00:07:02.080 Welcome.

00:07:02.840 We're going to have to juggle today.

00:07:04.200 There's a hearing in the House Judiciary Committee with many of the people you see here on War Room all the time

00:07:09.660 about the Southern Poverty Law Center.

00:07:11.340 Tyler O'Neill from the Daily Signal, the guy that wrote the great book,

00:07:15.440 is doing this amazing reporting.

00:07:16.880 He's going to testify.

00:07:18.080 Our own Dr. Carol Swain will testify.

00:07:21.320 She knows Southern Poverty Law Center

00:07:22.840 has been on it for years,

00:07:24.900 if not decades,

00:07:26.120 and many others.

00:07:29.220 Tony Perkins is going to testify to many people.

00:07:31.420 We're going to dip in and out of that

00:07:32.780 as the morning progresses

00:07:34.360 and we'll have a highlight reel.

00:07:35.840 Also, the President of the United States,

00:07:37.040 the reason it was at Andrews Air Force Base.

00:07:39.920 I don't like that joint base, Andrews.

00:07:41.500 Andrews Air Force Base,

00:07:43.220 President Trump is going to the Coast Guard Academy.

00:07:45.440 he's going to give the commencement address approximately 11 o'clock.

00:07:50.080 We're obviously going to cut to that.

00:07:52.400 Caroline Wren.

00:07:54.280 I just want to make sure we frame this, the reason we play these cold opens.

00:07:57.800 But on this one, the lazy reporting.

00:08:00.520 First off, Caroline Wren, a hat tip to you.

00:08:04.100 You were on yesterday, and all the work you had done,

00:08:07.560 and you came up and worked with Ken Pax on this amazing construct,

00:08:11.900 which is going to go down as one of the boldest bets ever in American political history,

00:08:18.060 where a guy bets his entire career, knowing the guy across him is a total phony, right?

00:08:23.920 But bets his whole career when you came up with this idea of, you know,

00:08:28.480 Ken Paxton would drop out if Cornyn committed to get the Save America Act passed.

00:08:36.680 It was just genius, strategically just incredible.

00:08:40.180 But you were on the show yesterday.

00:08:41.580 We're talking about, Cornyn's actually saying it's not going to, you know, the ship had

00:08:44.720 sailed.

00:08:45.620 We were actually quite excited about the fact that it looked like it was not going to be

00:08:49.280 an endorsement.

00:08:49.940 And then President Trump, as soon as you leave, we cut to basically President Trump outside

00:08:54.880 the ballroom.

00:08:55.480 And he did this for the fact that he picked up the Hill newspaper in the morning in the

00:08:59.440 first three stories or all the United States Senate just telling President Trump, no, we're

00:09:04.180 not going to do the ballroom.

00:09:05.460 We're not going to do the weaponization.

00:09:07.120 We're not going to do Save America.

00:09:08.300 We're not going to put it to a must pass a bill. Tough luck. We're the Senate. You know, we have to have institutional prerogatives. And after the hour, which is magnificent, he just is just classic Trump riffing. He just drops a bomb. Yeah, you know, I'm going back in at 1230. I'm going to announce an endorsement in the Texas race. Talk to me what your last 24 hours have been like, man.

00:09:29.700 Yeah, well, as soon as President Trump announced that he was going to be endorsing in the race, I immediately thought, you know, I was thinking to myself, like, it's going to be Paxton. There's no way. Over the last 72 hours, like, the only people that were lobbying for a Cornyn endorsement were other GOP senators.

00:09:48.080 And in the last 72 hours, the GOP senators had come out against President Trump on several things.

00:09:53.380 They told him, we're not passing the Save America Act.

00:09:55.920 We're not going to nuke the filibuster.

00:09:57.660 We're not going to fund your ballroom. 0.89

00:09:59.220 The weaponization fund's a bad idea.

00:10:01.200 And we're not going to fire the parliamentarian.

00:10:03.380 Even yesterday morning, I think around like 10.30 or 11, Thune was asked about the weaponization fund.

00:10:10.460 And he attacked President Trump and said, this is a bad idea.

00:10:13.140 where if you're Thune, the smarter thing to say, you should have said, you know, that's a decision

00:10:17.040 for the executive branch. I'm focused on the legislative, you know, legislative agenda and

00:10:21.460 getting this passed and easy out for you. Instead, he went out of his way to attack Trump. And that's

00:10:25.780 why, you know what, Trump, I think just said, screw you guys. Like I've asked you for several 0.99

00:10:29.920 things over the last, you know, even week, months, you haven't gotten any of it done. And now every

00:10:34.700 story, you know, it's seen today is how, oh, the Senate Republicans are going to obstruct President

00:10:39.700 Trump's midterm agenda now because they're angry at him. I'm like, okay, what are they going to do?

00:10:43.980 Not pass the Save America Act? Not do recess appointments? Not nuke the filibuster? Not

00:10:48.120 fund the ballroom? Not fire the parliamentarian? Because spoiler alert, they've already done that.

00:10:52.400 So I don't really know the agenda that they are now going to block that they weren't already

00:10:57.100 blocking. Isn't it time now? I mean, look, Dune continues to whine to President Trump. I don't

00:11:03.640 have 60 votes. I don't have 51 votes. Isn't it time? We do have 27 votes. Isn't it time? We've

00:11:10.880 got to make a decision now. We can't wait and let this linger. The Senate is treating President

00:11:16.360 Trump as a lame duck. And now that they're going to have Cassidy and Cornyn and some of these other

00:11:20.780 retreads that are not going anywhere, you're going to see how bad, you're going to see their true 1.00

00:11:24.540 colors are really going to come out. Isn't it time to forcefully make some changes in the leadership

00:11:29.980 in the senate otherwise it's just going to drag through the summer here's my fear is that you're

00:11:35.880 going to have places like georgia you know ossoff is is going to win there by three or four points

00:11:40.980 they got another they got a runoff right now with kemp's guy this kemp did this is all kemp doing it

00:11:45.680 with the duly guy who seems like a good football coach but he's not ready for prime time as you

00:11:50.800 said you got ossoff you're going to have an issue in ohio north carolina we're all you're going to

00:11:55.360 you know, crushed there. The Senate is giving away the Senate, not President Trump, but we can

00:12:02.060 save the Senate as we've saved the House with redistricting, at least giving us a shot to make

00:12:07.560 that final argument, you know, between now and Election Day and hopefully hold the House by one

00:12:13.140 or two seats. Don't we have to do, don't we have to make dramatic changes and make it today,

00:12:18.900 this weekend in the Senate? Well, to save the Senate and pass President Trump's agenda,

00:12:24.560 you need to nuke the filibuster, period, and stop. And that saves the midterms, too. They can

00:12:28.840 actually pass President Trump's agenda. They can pass the agenda that the American people voted

00:12:33.000 overwhelmingly for President Trump to go and do. And it is being obstructed by this ridiculous 0.97

00:12:39.040 60-vote threshold that is not in the Constitution. It is a ridiculous rule. The Democrats have said 0.93

00:12:45.020 they're going to blow it up. And it is Republicans who are obstructing that agenda and hurting the

00:12:49.320 midterms. And the problem is, if you remember, the person who ran against Thune for majority

00:12:55.200 leader was John Cornyn. And I know people always tell me, well, Caroline, Rick Scott ran too. Well,

00:12:59.860 Rick Scott got third place in that. And I love Rick Scott, would love to see him as majority

00:13:04.320 leader. But Rick Scott has openly said that we need to nuke the filibuster. And there are enough

00:13:08.580 Republican senators that are just obsessed with preserving this institution of which the Democrats

00:13:15.220 across the aisle are not planning to preserve. So I just I don't know how Rick Scott would get

00:13:20.660 the votes. I think the vote for majority leader like purely comes down to preserving this

00:13:25.000 filibuster, unfortunately, in this caucus. And so I don't I don't know who you would replace Thune

00:13:29.920 with. But Thune, I think it's definitely I thought he did a pretty good job in the first year. He was

00:13:35.260 much more passive and deferential to President Trump and his agenda than certainly Mitch McConnell

00:13:40.300 was. And then all of a sudden over the past few months, I've just watched Thune continuously just

00:13:45.720 poke at President Trump over silly things, things that you can privately fight with him about if

00:13:50.160 you disagree with it. But to run to the press and run to your friends at, you know, Jake Sherman

00:13:55.260 and others and just trash the leader of our party and President Trump is not what a good leader of

00:14:01.440 the Senate should do. And so I just I don't understand what it is that he's doing or why.

00:14:06.500 and so does he maybe need to be replaced sure but i i don't know who you replace him with who would

00:14:11.620 be better at this point but it's but they it'll come out here's thing is that the reason that

00:14:18.440 they played ball in the first year is they needed the big beautiful bill passed in the ndaa the

00:14:23.100 defense contractors you know run the deal up there the defense industry um and uh and you had to get

00:14:29.380 the big beautiful bill that's where he played ball as soon as it was over all of a sudden you saw the

00:14:33.080 McConnell-esque. It's not that we, the filibuster made sense until the radical Democrats have said

00:14:39.580 they're going to pack the court, they're going to make D.C. a state, Puerto Rico a state. They've

00:14:43.240 said this is what they're going to do the very first days. That's why you've got to go on offense.

00:14:47.660 Anyway, Caroline, stick around. Short commercial break. We're in the war room. We're going to go 0.98

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00:16:21.480 Here's your host, Stephen K. Band.

00:16:51.480 fiat currency, that would be the United States dollar. And artificial intelligence. Wow. I think

00:16:58.480 you can't sleep now. He's also got the chain of command, artificial intelligence for letting off

00:17:03.480 a nuclear weapon. I think it's chapter four. Make sure you read that before you go to bed.

00:17:08.080 Rickardswarroom.com, you get strategic, excuse me, Rickardswarroom.com. Go there. It's the

00:17:13.880 landing page. You get access to strategic intelligence, which is based upon predictive

00:17:19.220 analytics reason jim is a legendary figure on wall street and records we're going to get him

00:17:24.840 on thursday or friday check it out caroline run i want to go back to the laziness of uh the you

00:17:32.160 know morning joe just phones it in right the um oh you know this is going to be and i think they

00:17:39.940 call him a runaway beer truck they call that they call right they referred to paxton so which i

00:17:46.240 don't even get the analogy but um they're sitting there saying it's going to cost 300 million

00:17:51.300 dollars first off the senate leadership fund and and these big talkers that giving all these

00:17:56.860 anonymous quotes yeah trump's going to have to do it he broke it he's going to fix it put your 0.94

00:18:00.740 freaking name on it president trump's going to do what he's going to do he's going to tell you guys 0.94

00:18:04.780 what to do and you're going to snap to attention and do it all this big talk on these anonymous

00:18:09.720 quotes is sickening this is how gutless the senator all the stories yesterday nobody put

00:18:14.600 their name on anything. They're big talkers when they're anonymous, okay? Oh, yeah, Trump broke it.

00:18:20.160 He's going to fix it. Hey, President Trump's going to do what he's going to do, right? The powerful

00:18:24.820 do what they want and the weak suffer what they must. So that's the Senate right now. That's where

00:18:30.840 we got to get serious about these guys. Cornyn would have been the worst candidate because 10% 0.96

00:18:36.000 of the grassroots know this guy's a phony, know this guy hates Trump, know this guy hates MAGA,

00:18:41.740 know this guy's been open border know this guy's been pro-islamic invasion on and on and on and

00:18:47.920 they weren't showing up to vote for him so he was the guy that had the highest probability

00:18:51.200 but now it's all the grassroots fault the mega movement's fault your thoughts about that ma'am

00:18:56.320 yeah i mean just ask senator colin allred or senator beto o'rourke about how winnable texas

00:19:02.560 is and the problem the thing about the people like maureen joe they just talk in these echo

00:19:07.180 chambers, right? They call their friends within the media, their political consultants they claim

00:19:12.100 to talk to are Chris Christie or like, you know, Karl Rove and these others that are absolutely,

00:19:18.020 they haven't stepped foot in Texas. They have no clue where the Texas base is. So I just don't

00:19:22.160 take them seriously at all. And again, the last time a Democrat won statewide in Texas was 1994.

00:19:28.760 The last time they elected a Democrat senator in Texas was 1988. So almost four decades that

00:19:35.140 this hasn't happened and so paxton has won twice statewide and he is absolutely electable he is

00:19:42.080 going to win and this money argument money cuts both ways because if if the democrats choose to

00:19:48.360 go spend in texas which i doubt that they will they have they have done that big red whale you

00:19:53.600 know chased that before wasted hundreds of millions on all red and better o'rourke they have to go

00:19:59.040 spend that is money and let's say they do let's say they decide to go down that road and think

00:20:02.660 they can beat paxton and go spend hundreds of millions in texas that is money that they are

00:20:06.700 not spending in north carolina or maine or michigan or georgia so the argument republicans are making 0.88

00:20:13.440 oh now we're gonna have to go spend more is dumb because that means the democrats have to go spend

00:20:17.860 more additionally with the slf money i mean you republicans already wasted 150 million dollars on 0.91

00:20:24.660 cornyn and the way that money works is money follows incumbents and we all see these polls 0.82

00:20:30.320 are ridiculous. They're always ridiculous. They show races like Texas, Ohio being tight up until 0.98

00:20:35.680 the three weeks before when all of a sudden, you know, the Republican runs away with it because

00:20:39.840 that's how these pollsters make money. The Democrats fund way more phony polls. They always

00:20:44.720 show that. Every poll I'd seen was showing, you know, Corden and Paxton tied with Tallarico,

00:20:49.360 which is ridiculous. But what I'm saying here is that if an incumbent is tied, then the incumbent

00:20:54.700 can call John Thune and say, you need to spend more money here. And so with Paxton, they're not

00:20:59.840 going to spend more money there and freeze up more money for other races when you have a

00:21:03.740 non-incumbent. And I think money only matters up until a certain point. And so I am certain that

00:21:10.000 Ken Paxton is going to win this general election and this, you know, ridiculous game that the

00:21:15.320 anonymous D.C. consultants who have not stepped foot in Texas, or frankly, they haven't stepped

00:21:19.960 any foot anywhere outside of Nantucket, the Hamptons and Washington, D.C. I don't really

00:21:24.780 care what their anonymous quote is. If I want to go to South Carolina, the great job you have done

00:21:31.280 there. Now the House, Jordan Pace was on last night, I guess the third reading in the House,

00:21:36.080 but that's pro forma. So the House is going to pass it. I understand it's only majority now,

00:21:40.500 not two thirds for the Senate, but they've got all kinds of games they can play. Where do we

00:21:44.340 stand in the Senate? I've seen on Twitter, people going up with totally red maps in South Carolina.

00:21:50.580 This is just not any district. This is James Clyburn. He's the head gangster, right? This is not Benny Thompson or Cohen. They're important. But this is the main man. This is the guy that made Joe Biden. This is the guy that made Joe Biden the Democratic nominee to allow them to steal the 2020 election.

00:22:07.000 ma'am yeah well the house passed the redistricting bill late last night in south carolina uh and a

00:22:12.940 surprise to no one not a single democrat voted yes despite uh them spending the last two weeks

00:22:18.660 telling the media how excited they were for this map because they would gain seats and i kept calling

00:22:22.980 them out saying oh if you're so excited then i then i guess that the democrats are going to vote

00:22:26.600 yes of course they all voted no and you know shame on these republican consultants who were

00:22:31.720 echoing those talking points. It was, of course, a bluff. So now the bill has been sent over to

00:22:37.500 the Senate. The Senate Judiciary Committee will take this up at 2 p.m. today. President Alexander,

00:22:42.960 the president of the South Carolina Senate, called the full Senate back at noon tomorrow,

00:22:47.240 which tells me that he expects the Judiciary Committee to vote on it today, tonight,

00:22:51.340 and to send it to the floor for final passage. So things are looking good right now with this

00:22:55.540 bill in South Carolina. There are procedural games that could be played to try and delay

00:23:01.320 and run out the clock.

00:23:02.300 So far, we haven't seen them.

00:23:03.380 So I remain very optimistic and hopeful

00:23:05.140 that we are going to get an additional seat

00:23:08.060 and we will have to say goodbye to Jim Clyburn

00:23:10.780 and his notorious fish fry

00:23:13.380 in which he would just extort presidential candidates

00:23:16.100 in the Democratic Party every two years

00:23:18.200 to pay off his family and consultants.

00:23:20.340 So that's a big loss for the state.

00:23:23.840 James, we hardly knew you.

00:23:25.680 Georgia, of course, yesterday they played the games.

00:23:29.200 Roethlisberger and these guys played the games.

00:23:30.700 you couldn't have any observers in the bunker. But the results down there, I think the people

00:23:35.580 of Georgia spoke pretty loudly, particularly about Raffensperger and his crew, ma'am.

00:23:40.540 Well, Brad Raffensperger came in a distant third place last night, which was amazing. That was my

00:23:46.340 personal favorite loss last night. I look forward to him becoming the bulwark contributor, and I'm

00:23:51.980 sure he'll be a frequent guest on Morning Joe with his excellent analysis of where the MAGA

00:23:57.620 primary voters are but you know president trump with 37 and 0 in endorsements last night it is

00:24:02.900 just epic to watch what he is doing and just the hand that he could still play over this republican

00:24:08.020 uh a republican base and it's very important for his legacy that we get in real MAGA elected

00:24:15.220 officials and uh people who can carry the torch and move forward and so that was why beatings

00:24:22.020 like that were so poetic and beautiful i want to put something on your i mean you and i've talked

00:24:27.060 about on the audience i put it on the radar but i really want to make sure people focus on this

00:24:31.100 this situation with kemp in this establishment which i think is embarrassing to the great state

00:24:36.540 of georgia which is one of our greatest states with great patriots um this whole thing of getting

00:24:41.720 dually in the race and dragging this thing out now more money spent on a runoff i'm telling you

00:24:47.180 ossoff if ossoff wins georgia and right now i think ossoff could win by two or three points

00:24:52.380 because then you got the same problem georgia you got in you've got in north carolina you've

00:24:56.360 got a problem with the MAGA base being fired up to get this done. If Ossoff wins, Caroline,

00:25:03.560 I think he goes to the top of the heap even more than Newsom for the Democratic nomination,

00:25:09.700 potentially in 2028. Your thoughts? Yes, I think he's a leading contender. Ossoff is,

00:25:15.260 I think he's a pretty strong candidate. He is very good at delivering the Democrat talking

00:25:20.620 points and messaging. He's kind of good on the podcast scene and that. So he's a tricky candidate

00:25:25.400 to be but i think he will shoot to the top in uh the 2028 primaries for the democratic party

00:25:30.160 um now in georgia you know i don't know what's gonna happen to georgia because what happens with

00:25:34.940 people like the rapidsburgers and even kemp if they don't get their candidate we've seen what

00:25:39.680 they do they've struck the manga candidate and so they'll instruct their people to either vote

00:25:44.280 for ossoff or you know not turn out and this is like they accuse us or president trump of not

00:25:49.400 being team players no it is them who do that and so that is what my fear is here in georgia i think

00:25:54.840 that president trump has shown whoever he endorses wins like i i expect that president trump's

00:26:00.000 endorsed candidates uh in georgia are going to win but now the problem is will kemp and others you

00:26:06.380 know work against those candidates and tell their people to stay home and uh that that is how ossoff

00:26:12.340 can pull off a victory oh yeah no no president yeah we could fire up the base then there's no

00:26:17.520 doubt it's just confusion right now and dragging this thing out uh but ossoff has to my point is

00:26:22.860 you have to defeat asav now he i think would be the most competitive because he's obviously a

00:26:28.640 radical democrat but he puts on and particularly he's winning a southern state it's not like some

00:26:33.320 guy coming from california right uh and and he he handles himself very well with this so he comes

00:26:39.940 across to southerners he comes across to people as not the you know the radical that he is that's

00:26:45.200 why he's got to be defeated in the senate race it's very important for georgia to come together

00:26:48.860 around this uh come together around collins and get serious about this because duly no shot that

00:26:53.560 duly's gonna he's that's not that it doesn't have the skill set uh caroline where do people follow

00:26:57.920 you you're you're on fire and your twitter feed is bomber command so where do we go it is at

00:27:04.040 caroline wren on x true social and getter thank you ma'am magnificent work sean spicer alex de

00:27:12.280 grass want to thank everybody that's been up on twitter for this for the redistricting fights and

00:27:15.840 everything with um with ken paxton and the team we're going to have glenn story hopefully in the

00:27:21.120 show like i said we're going to have to really do some juggling this morning we've got capital

00:27:25.380 markets and the bond market to talk about the impact on your life what to start thinking about

00:27:29.700 30-year treasury the 10-year treasury got to focus also jamie raskin we're going to go back

00:27:37.300 to capitol hill or i guess go to capitol hill jamie raskin is in a total throwdown defense

00:27:43.680 of one of the merchants of hate,

00:27:47.880 one of the biggest hate groups in this country,

00:27:50.060 the Southern Poverty Law Center.

00:27:52.340 Your favorite, Jamie Raskin.

00:27:54.940 Philip Patrick's going to join us.

00:27:56.060 Birch Gold, here's a quick and dirty

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00:29:45.980 Here's your host, Stephen K. Bannon.

00:29:50.820 A couple other things they have not put out.

00:29:52.460 They did not sign the executive order last night on AI.

00:29:55.240 I think the reason is they're mulling over the push we're making on mandatory.

00:29:59.780 It has to be mandatory testing, and you need some sort of regulatory apparatus,

00:30:03.520 at least some basic modicum of that to test these models.

00:30:09.540 Also, NSA, the Puzzle Palace at Fort Meade needs to be involved here,

00:30:16.560 not the Commerce Department.

00:30:17.740 It's not a commerce situation.

00:30:19.160 It's an intelligence and national security issue.

00:30:24.120 NSA under Tulsi Gabbard, they need to be involved.

00:30:26.960 It needs to be mandatory.

00:30:28.380 It can't be a volunteer.

00:30:29.100 You can't depend on these guys for anything on a volunteer.

00:30:31.000 and there has to be some approval process sorry not sorry so i think people are chewing on that

00:30:39.040 also the i think the vaticans come out they're putting a cyclical uh on the 25th i believe

00:30:44.340 that's on ai ben harnwell we're gonna get all over that we're gonna go to rask in a moment um

00:30:49.500 the mises institute uh philipatric as you know are hard money guys they are libertarians probably

00:30:56.520 one of the top intellectual centers for that was a doug casey he put out a tweet last night and i

00:31:02.160 would like denver to put it up and grace and mo and elizabeth to push out i want all the war and

00:31:08.600 posse members to to read this because here we're in a situation and president trump is talking

00:31:13.700 about various alternatives to the persian gulf war um he has said now he's going to end this

00:31:21.840 thing very quickly that i think was the latest statement of course guys going back and forth

00:31:25.320 you got the arabs involved now because it's their neighborhood um but because of the spending because

00:31:31.740 the war and other issues philip patrick the bond market is in kind of a mini meltdown now it's very

00:31:38.200 orderly but people are just dumping treasury and say hey i want i got to be paid more i got to be

00:31:43.380 paid more for 10 year you're gonna if i'm a if i'll give you money for 10 years i need i need

00:31:48.640 you need to pay me more 30 years the same and 30 years are going to affect the mortgages and now

00:31:53.040 you get the worst highest rate since 2007 and remember folks that was the predicate that had

00:32:00.000 the financial crisis in 2008 that 30 year the 10 year and everybody's going to feel this everybody's

00:32:05.360 going to feel this it's it's actually worse than inflation because everybody's going to feel it if

00:32:11.380 you've got a credit card if you have a uh a student loan um you have a car loan you're going to feel

00:32:17.540 it immediately uh philip patrick walk me through what doug casey's saying and our concern here

00:32:23.160 and this gets back to also the dollar has become because anytime you have a geopolitical incident

00:32:29.300 like a war there is a flight to quality and a flight to safety to the u.s dollar naturally

00:32:34.520 that's what's being the prime reserve currency is all about however it's not and we keep saying

00:32:40.040 it's not just measuring the US dollar against other fiat currencies, right? It is about looking

00:32:48.260 at it against kind of hard assets, whether that hard assets or real estate, gold. I don't consider

00:32:54.540 crypto a hard asset, but they throw that in also. And that's the, because that is what the trade

00:33:00.760 off is going to be. And people have to get ahead of this because right now, I think the biggest

00:33:05.500 ticking time bomb for the trump administration and its continued success because it's already

00:33:10.860 put their economic plan off at least six months we had this thing rolling as you remember in

00:33:17.440 january and february march you started to see the green shoots of the supply side tax cut

00:33:21.880 of the tariffs of the investment here and now we're a little off track your thoughts are about

00:33:27.920 doug casey with doug casey because what he's essentially saying we're teeing up because all

00:33:33.500 these all these countries are highly leveraged everybody's you know all the uh legislatures over

00:33:40.260 there have been passing these uh bills that they don't have the tax revenue to and the

00:33:46.140 administrations in these countries have allowed it or put forward in the legislation i guess have

00:33:50.620 allowed it that you have 300 trillion dollars of debt that's everywhere that's everything everything

00:33:55.500 you added up and we're heading towards what i call the world's largest margin call you can see

00:34:01.620 it. On top of that, and this is why we've been on artificial intelligence for five freaking years,

00:34:07.640 six years with Joe Allen. We just arrived to this. This is one of the reasons I think we're

00:34:11.940 one of the leaders in this movement, is that the business model of the United States of America

00:34:16.740 right now and its companies is a highly leveraged bet on artificial intelligence driving massive

00:34:25.120 productivity gains, which we haven't seen. We know it's going to drive massive layoffs. We haven't

00:34:29.620 seen really where it's going to drive productivity gains at all. So we have a bet on top of a bet,

00:34:35.320 which is already this margin call that's coming. Philip Patrick, the floor is yours, sir.

00:34:40.800 Yeah, I mean, first of all, this is probably the most important topic we could talk about. This is

00:34:45.980 something that I discuss with customers every single day. The reality is when you run a debt

00:34:51.860 based financial system, the cost of credit becomes the most important thing in the world. And I'm

00:34:58.500 glad we're talking about 10 and 30-year treasury rates. People day-to-day think this is sort of a

00:35:05.200 Wall Street abstraction that doesn't affect our day-to-day lives. But as you rightly point out,

00:35:11.420 these are the benchmarks for the entire debt and lending market, mortgages, business loans,

00:35:16.900 credit cards, corporate borrowings, all of this, they're indexed to the 10 and 30-year federal

00:35:22.780 yields. So when we see, you know, the cost of living explode, even, you know, sorry, the cost

00:35:28.900 of financing explode, even 60 basis points from 4% to 4.6 or 4.7, essentially, this is the cost

00:35:37.220 of money itself rising across the entire economy. Now, today, the reason this is happening, I think,

00:35:43.960 is fairly straightforward. We're seeing oil prices that are elevated because of what's happening in

00:35:49.480 the Straits of Hormuz. So inflation fears globally now are back and lenders are demanding more

00:35:56.640 compensation to loan governments money, right? At the end of the day, if I'm loaning a government

00:36:01.500 money for 30 years, inflation is going to depend or is going to dictate what I'm looking for in

00:36:07.780 terms of yield. And this is creating a trap now for Washington, right? The federal government,

00:36:13.480 as we've discussed many times has roughly 39 trillion dollars in debt and we're having to

00:36:19.600 borrow now daily right we've got to roll over old debt constantly that requires foreign creditors

00:36:27.320 pension funds banks and investors to keep coming and making those loans but the more we borrow

00:36:33.780 the riskier those loans start to look higher risk means higher borrowing costs which leads into

00:36:40.380 inflation. And it essentially becomes this self-enforced negative feedback loop, if you

00:36:46.560 want. And it requires investors demanding higher and higher yields. Debt service payments, as we

00:36:53.720 know, are already crippling. It was $1.2 trillion last year alone. And this money is unproductive,

00:37:01.060 right? It doesn't build new roads. It doesn't go to border security or to rebuilding American 0.60

00:37:06.460 industry, it goes to interest payments. And that's it. And that's kind of the catch-22. And it's

00:37:12.840 exactly why we've seen President Trump screaming at Powell to lower rates for months now, right?

00:37:20.920 Because if the Fed does nothing, we're going to see borrowing costs keep rising. We have to

00:37:27.260 remember something important. And this is things people forget. Interest rates on the debt are not

00:37:33.460 dictated by the Fed, right? They're dictated by supply and demand. And when we start to view

00:37:38.780 to look like a riskier investment, investors around the world start demanding higher interest.

00:37:45.700 And the big concern is this, right? We know how this ultimately ends up. The Fed have a secret

00:37:52.020 weapon, which is quantitative easing. They can just print dollars out of thin air,

00:37:56.980 use those printed dollars to buy federal debt and essentially fund the government directly,

00:38:01.900 which floods the financial system with dollar liquidity they're going to call it stability

00:38:07.400 and it is for wall street and for the top 10 percent of americans that own assets because

00:38:12.960 what happens is when they flood the the system with cheap money everything goes up home prices

00:38:19.540 financial assets as well and then it's food cost and and energy so the problem is it's for you know

00:38:27.320 hard-working Americans that rely on a paycheck, they start to see the value of their savings

00:38:33.140 erode. And we've been here before, right? We saw it with Nixon in the 70s when he put pressure on

00:38:39.980 Arthur Burns to lower interest rates as we were heading into an inflationary climate. And it led

00:38:45.460 to essentially a lost decade, the stagflationary climate of the 1970s. So this is a very, very

00:38:53.040 tough situation that we're in and people need to be watching the bond markets longer term

00:38:58.320 this highlights things that we've been talking about as well right weaponization the reason

00:39:04.420 hang on sorry i just want to make sure i want to reiterate to the audience particularly maybe

00:39:09.220 people just joined us recently is that the 10-year that's what the market people are prepared to lend

00:39:15.900 the u.s government money for 10 years at this rate risk-free because it's the full faith and

00:39:21.740 credit of the United States is, you know, you're going to get paid off. You and the audience ain't

00:39:27.580 risk-free. That's why when the 10-year goes to 4.5 or 4.6, heading to 5, your life starts to change.

00:39:36.940 Why? Because your credit card, your student loan, your home loan, your automobile loan,

00:39:43.800 everything that you do in your life except for your mortgage is based off of that 10-year.

00:39:49.960 That's why you're going to get a double whammy now of inflation and now higher interest rates.

00:39:55.180 And I just want to go back to President Trump, the economic nationalism of Trump in the first term, in the late summer, early fall, and up to the Christmas period of 2019 after the Chinese Communist Party had ripped up what we call the Lighthizer deal. 0.75

00:40:13.780 Two years of negotiations that would have solved all of Peter Navarro's, Lighthizer Navarro, the seven deadly sins of the Chinese Communist Party's state capitalism model, which is not sustainable unless the West finances it, which we're doing.

00:40:28.900 President Trump had a – the inflation was 1.4%.

00:40:33.900 The 10-year Treasury, folks, was 1.7%.

00:40:38.080 1.7%.

00:40:39.960 And you had real wages.

00:40:42.980 You had this was the biggest, as Steve Cortez says, it is probably in the history of the country, the best of workers have ever had it with with very low inflation and raises wages rising.

00:40:55.840 Right. And employment, you know, getting down to full employment.

00:40:58.680 We were on a roll. It's one of the reasons we got hit with a bioweapon with our new strategic ally in Asia, the Chinese Communist Party. 0.97

00:41:06.580 but they um and so president trump has done this before predicated upon full spectrum energy 0.84

00:41:14.160 energy dominance full spectrum energy dominance as a predicate we've done this before we got to

00:41:21.840 be blunt this did come off rail because besant they had a much harder thing to do this time

00:41:26.660 because as bad as the economy was under obama it was nothing compared to what joe biden had

00:41:32.200 handed President Trump, particularly with his massive spending. What Besson and Trump were

00:41:37.120 able to pull off in that first 15 months is not just heroic, it's kind of a miracle.

00:41:44.120 And let's just be blunt, we ain't there right now. And now you got on the horizon,

00:41:49.700 you got a gathering storm, a gathering financial storm. And the whole world now

00:41:55.280 is on this kind of precipice financially to have this margin call where you're going to have an

00:42:00.360 explosion of rates. That's why the situation in the Persian Gulf needs to get sorted out,

00:42:05.740 Philip Patrick. Yeah, I could not agree with that more. I mean, look at what President Trump

00:42:11.940 handed Biden and look at the damage that was done in four years. It wasn't just the massive

00:42:17.280 spending, colossal spending that he handed President Trump. It was also global trust that

00:42:23.140 had been broken through asset seizures and everything else. Listen, we built trust over

00:42:28.980 centuries, and it was decimated in the space of four years. If President Trump had taken over

00:42:35.320 rightfully in 2020, I think his economic policies would have had a much easier time.

00:42:41.240 What he's inherited is an absolute disaster, not only a colossal debt pile, but a world that's

00:42:47.120 running away from that debt. So Besson's having to deal with borrowing costs skyrocketing at the

00:42:52.280 same time. It's an impossible situation that they've been handed. And as you rightly point

00:42:56.780 out it isn't specific to the united states this is a debt problem across the entire western world

00:43:02.560 we have 320 yeah hang on for one second i'm holding the break we have 300 trillion dollars

00:43:07.420 we add it all up that's why i'm worried about this what i call the world's biggest

00:43:10.780 margin call and uh it could be bad and you have to be prepared for it that's why i look at all

00:43:17.840 your options including uh physical gold the reason we give you so much information burst

00:43:24.080 goal inundates you with information, you've got to become more sophisticated. You're going to have

00:43:27.880 to do some work. We know you're prepared to do it. You're the war room posse, but this is going

00:43:33.480 to take some work on your side and some thinking through what exactly is going on. See what you see

00:43:40.520 today in the war room. If you're 65 or already on Medicare, listen up folks and grab a pen,

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00:45:14.960 call 845 war room do it today here's your host stephen k bann okay jimmy we're asking we got

00:45:24.520 some fireworks on the southern poverty law center hearing at the judiciary committee we're going to

00:45:28.260 get into that president trump is getting ready to arrive at the uh united states coast guard academy

00:45:33.500 to give the commencement address we're gonna go there uh we are juggling balls and doing time

00:45:38.920 management philip patrick your thoughts on all this sir look i think this is a crazy climate

00:45:47.080 like i said for me people understanding these issues in the bond market debt deficit inflation

00:45:54.700 how that all ties together is going to be the most important thing moving forward because i

00:45:59.420 think if people understand those problems it's going to give them a good understanding of how

00:46:05.380 to navigate the current climate. What I would say to everybody, though, is this. What we're

00:46:11.100 seeing in this climate is very savvy investors coming in and positioning themselves. I would

00:46:18.100 encourage everybody else to follow suit. In times like this, it's tough to determine what's

00:46:23.840 happening. There's a ton of volatility. We saw precious metals prices come down. And I think

00:46:28.900 it's caused a lot of people to sort of pause and see what's happening. For the savvy investor,

00:46:34.560 this is an opportunity to buy on the dip. The fundamentals for precious metals,

00:46:39.860 they're not changing. In fact, they're strengthening every single day. Every time we

00:46:44.580 write a new version or a new piece to the end of the dollar empire, it transpires and it comes true.

00:46:55.880 The concern that I have for people is a lot of people want to jump into something when they see

00:47:01.280 prices moving up. But it's at times like this that we can really capitalize on the dips and position

00:47:07.900 ourselves. Nothing has changed in terms of the fundamentals longer term. So I would tell everybody

00:47:14.620 to sort of look beyond the noise, focus on those longer term fundamentals and use times like this

00:47:21.460 to educate yourself and ultimately to position yourself because the smart guys are coming in

00:47:26.640 in their droves in this climate yes central banks are still buying in fact more central banks are

00:47:31.660 adding to this and buying at record rates of course some central banks are having to cash out a little

00:47:35.460 bit to pay because they ain't got any the oil they can't monetize um philip this is why now

00:47:43.340 folks it's to immerse yourself in all this it's all free and it's no obligation you got the shorter

00:47:49.400 guide about the in the age of trump but the end of the dollar empire particularly installment and

00:47:54.140 it's all free no obligation you've got the installment eight which you just put up about

00:47:59.020 two months ago 60 days ago that's aging very well i'm very proud of that the whole thing is and plus

00:48:03.840 you got the section on debt just dive into it because at the end of the day you're gonna have

00:48:08.060 to come to your own judgment right and that's why the people at birch gold i think do the best job

00:48:12.360 put the most information out or prepared to uh walk you through it now what i do like is what

00:48:18.120 you guys have done about first-time investors up till May 29th. Walk me through for qualifying

00:48:25.200 purchases up to a $10,000 rebate if you haven't bought before. How do people find out more about

00:48:32.100 that? The definition for you guys of what's a qualifying purchase? Essentially, we're trying

00:48:39.320 to incentivize people to take the step in the current climate. I don't think this should be

00:48:44.280 the reason that people jump in. There are many, many, many reasons to buy precious metals, but

00:48:50.220 I think this is just an extra incentive. So as you rightly point out, we're offering

00:48:54.400 up to $10,000 in free metals for qualifying purchases. That would be for a million dollar

00:49:01.780 transaction, which is a very large transaction. Essentially, we're offering 1% in free metals,

00:49:08.040 and we'll scale that down regardless. So for $100,000, that's $1,000 in free metals.

00:49:14.280 we'll scale it all the way down so we're trying to incentivize people to take the step today

00:49:19.880 for the reason that i mentioned i think climates like this are tough to navigate there's a lot of

00:49:24.520 volatility a lot of uncertainty but i think there's a lot of opportunity in positioning so

00:49:30.120 that's something we have for for war room viewers and we're here and ready to honor it but like i

00:49:35.640 said and i want to stress this that is not a reason to buy gold it is a cherry on top yeah

00:49:41.960 Yeah. The reason to buy gold, it's got to be your own decision. That's why go get the information.

00:49:47.640 We focused on the U.S. dollar and the Bretton Woods system, what, five or six years ago,

00:49:52.560 because we understood, we could tell what Biden was going to do. It's pretty evident what these

00:49:58.000 guys are going to do, this illegitimate regime, and they did it. And the results are exactly what

00:50:02.900 we said. And, you know, it was a cold shot. Now we're in another crisis or heading towards a

00:50:08.980 crisis because of this war in the Middle East. And President Trump is working nonstop to figure

00:50:15.520 out how to come to a successful conclusion of that. Philip Patrick, thank you so much. One more

00:50:20.660 time, when people go to birchgold.com slash Bannon, how do they get to you?

00:50:29.040 So birchgold.com slash Bannon, get the information, read through, digest it. And if they want to

00:50:35.440 learn more they'll have access directly to people like me they'll have contact information and i'll

00:50:40.880 be here to guide everybody through so birchgold.com forward slash bannon start with the information

00:50:46.960 and we'll be here waiting if and when they need us thank you brother appreciate you thank you

00:50:53.720 you check it out today putin's over in um putin's over in beijing let's say this there's a very

00:51:02.700 different vibe on this meeting in uh last weekend when the uh when um when our uh team was over

00:51:10.740 there president trump was very complimentary tried to reach out and give the olive branch

00:51:16.580 what he got was the facilities trap that you're the declining power we're the rising power and

00:51:21.900 history shows if we can keep you from screwing up right and getting too aggressive there'll be peace

00:51:28.080 and prosperity in the world but if you want to defend your under your indefensible position

00:51:33.280 as being the uh dominant power a catastrophic conflict will develop and this is according to

00:51:41.240 the henry kissinger and dr graham uh allison uh at uh at harvard um and with uh putin they're over

00:51:52.140 there right now it's like a bro fest the russians in fact they had a russian delegate at one of

00:51:57.960 these people on there, like we sent over a big delegation, their delegation called it the spirit

00:52:02.120 of Beijing, the spirit of Beijing. And somebody said, well, hold on, wasn't there a spirit of

00:52:06.820 Anchorage like a while ago? He said, no, no, no, it was never a spirit of Anchorage, a spirit of

00:52:09.700 Beijing. For a whole host of reasons of which we try to fight, the deep state and the ruling class

00:52:17.800 in this country and in Western Europe, you know, forced us in the first administration not to try

00:52:24.500 to work through and figure out how to have a rapprochement with the Russians. What did you

00:52:29.540 get from that? Victoria Nuland in this crowd, you got the Ukraine war. When he says asset seizures 0.99

00:52:34.960 and this concern about the United States, it all came out of the Ukraine war, the seizing of the

00:52:40.600 assets of the Russian people. We are in a fix now. President Trump's going to address the United

00:52:47.040 States Coast Guard Academy for their commencement address here shortly. We're also going to go to

00:52:53.180 Capitol Hill, Jamie Raskin, up in arms about the hate group, the railhead of hate in this country,

00:53:00.220 the Southern Poverty Law Center. We're going to cover it all and give you details after a short

00:53:06.360 commercial break during the war room on a Wednesday in May. Short break, back in a moment.

00:53:18.780 Everyone's focused on how the conflict in the Middle East is raising oil prices,

00:53:22.280 but there's another grim reality to this contention.

00:53:26.940 Oil isn't the only resource being constrained.

00:53:29.340 About one-third of global fertilizer trade happens through this region.

00:53:34.300 And with spring planting season on top of us,

00:53:36.680 American farmers are sounding the alarm,

00:53:39.000 with some saying they can't afford to plant their fields.

00:53:42.080 When one piece of the supply chain gets hit this hard,

00:53:45.340 you know what comes next, higher fruit prices, reduced availability,

00:53:50.100 maybe even panic buying.

00:53:51.420 That's why having an emergency food supply at home makes so much sense.

00:53:56.700 And that's where our friends at MyPatriotSupply come in right now at preparewithbannon.com.

00:54:03.380 That is preparewithbannon.com.

00:54:05.580 We've set up an entire just site for the War Room Posse.

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00:54:13.120 That's all one word, preparewithbannon.com.

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00:54:18.520 They'll include a free mega protein upgrade, an incredible $200 bonus you don't want to miss.

00:54:26.060 It's a simple way to protect your family from whatever comes next.

00:54:31.640 Go to preparewithbannon.com.

00:54:33.540 That is preparewithbannon.com to get your emergency food supply today.

00:54:38.400 That's preparewithbannon.com.

00:54:41.160 Do it today.

00:54:42.400 Go check it out.

Bannon's War Room - May 20, 2026

Episode 5385： World Economy Shaken; Senate Defies President Trump

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