Bannon's War Room - Episode 5431： Game Day In South Carolina; Low IQ Approach To Interest Rates

00:00:00.000 Immediately upon signing, which could be in two or three days.

00:00:02.740 Did you ask her not to hit back?

00:00:05.300 No, I said do what's right, but I want you to stop as quickly as you can.

00:00:11.320 Because they have to stop. 1.00

00:00:12.800 It's had to do with Lebanon, and it has to stop. 1.00

00:00:16.360 We want to get it finished.

00:00:18.400 I don't know why the President of the United States feels the need to keep going to left-wing reporters

00:00:23.160 and talking about confidential conversations he has with the Prime Minister of Israel.

00:00:31.960 And I don't know why he keeps bashing the Prime Minister of Israel.

00:00:35.740 He's trying to protect his country and his own people.

00:00:39.680 Just a few weeks ago, their fighter jets were fighting right alongside ours.

00:00:45.300 The Mossad was working with the CIA.

00:00:50.240 And, of course, the Prime Minister was working with the President.

00:00:53.160 in what was a spectacular military operation.

00:00:58.540 I know the president is deeply desperate for a deal.

00:01:02.240 The Iranians know he's deeply desperate for a deal.

00:01:04.940 The whole world knows he's deeply desperate for a deal. Got it.

00:01:09.700 But the problem is the state of Israel is in the neighborhood.

00:01:14.280 And when Hezbollah is shooting thousands of missiles into the state of Israel

00:01:18.460 and tens of thousands of drones

00:01:20.980 since the ceasefire nine weeks ago on April 8th.

00:01:25.360 And Israel's told it can only fight a defensive war

00:01:27.720 and Israel's told to stay away from Beirut

00:01:29.660 even though the head of the snake is right outside of Beirut.

00:01:34.720 And even after signing a so-called peace deal

00:01:38.560 with the Lebanese government,

00:01:39.900 which is a government that wants peace with Israel

00:01:42.420 but has nothing to do with Hezbollah

00:01:44.020 and cannot control Hezbollah.

00:01:46.620 And then when they fight, 0.75

00:01:48.460 to push Hezbollah back, because they've now had to depopulate the northern part of the country. 0.56

00:01:53.660 It's a tiny country. 0.98

00:01:55.520 I want you to think of New Jersey, and the top 20, 25 percent of New Jersey has to be pushed back.

00:02:00.920 Hundreds of thousands of people depopulated.

00:02:03.820 And then they're told they can only fight so much to stop it. 0.96

00:02:06.840 The hypocrisy of our country that wouldn't put up with it in the treatment of that country is ridiculous. 0.89

00:02:14.380 In fact, we don't ask any other country to do that. 0.92

00:02:18.180 None.

00:02:21.880 So why the constant beating up of Netanyahu?

00:02:24.760 He wants to defeat the regime in Iran.

00:02:27.340 We do not.

00:02:29.300 We've decided not.

00:02:31.200 We've decided at least for now, maybe next week it'll change.

00:02:35.380 We're not going to use our military to enforce anything except if they take action against us. 0.70

00:02:41.560 So obviously if you're the Israelis and they're firing weapons into your country and you want to take action, 0.95

00:02:48.180 We would do exactly the same thing, would we not? 1.00

00:02:51.080 Even more.

00:02:53.420 So Ranz figured this out. 0.99

00:02:56.280 So they fired 11 ballistic missiles into Israel. 0.94

00:03:00.320 Ballistic missiles that can blow a city block off the face of the earth.

00:03:04.200 The size of school buses.

00:03:06.020 Each one carries 2,000 pounds.

00:03:09.920 So Israel prepares to fight back and they get a call telling them they shouldn't.

00:03:15.140 But if they do, to be very limited about it. 0.85

00:03:18.180 so they go in and they hammer the hell out of them.

00:03:23.660 And they want to finish the job, but they're pulled back by us.

00:03:26.960 They're told, no, you come back.

00:03:28.360 You want to be alone?

00:03:29.840 You want to be the only ones?

00:03:32.580 We didn't do anything, anything much to support their effort.

00:03:37.380 In fact, there was an announcement from the White House last night

00:03:40.080 saying we had nothing to do with this.

00:03:42.320 Our military is not involved, and I commented.

00:03:45.540 Well, that's nothing to be proud of.

00:03:47.240 But they were fighting alongside of us when we asked them to join us in our efforts.

00:03:54.780 Word overnight that a U.S. Apache helicopter went down somewhere in the Strait of Hormuz off the coast of Oman.

00:04:01.900 We don't know the exact location, nor do we know the cause of what brought this helicopter down.

00:04:07.120 We do know the two people inside, the pilots and the passengers, everyone doing okay.

00:04:10.880 This is what the Apache looks like.

00:04:12.260 When you hear that, what are the range of possibilities for what might have happened?

00:04:17.240 It could be mechanical, of course. Secondly, could be enemy action. The Iranians could have

00:04:26.600 gotten in some kind of a drone in close to it. Thirdly, it could be pilot error. Those are the

00:04:35.580 three key ones that you think about. I think just stepping back, John, we ought to kind of

00:04:40.960 reflect on the fact that we've now had 50,000, 60,000 U.S. servicemen and women forward deployed

00:04:50.380 for months and months. And, you know, we were just talking about draining the strategic

00:04:56.900 petroleum reserve. We are draining military readiness by keeping all these people on station

00:05:04.220 for this length of time now this is the department of defense a highly capable organization but

00:05:11.700 not inexhaustible so it's a good wake up when something like this happens how perilous this

00:05:20.760 is for our troops and how this could without question become longer and longer if we don't

00:05:28.120 get to a deal. Of course, Iran sees all this. Tyrus on Fox on The Five. I've only talked

00:05:36.980 to him once, I think, for a book interview, Mr. Producer. We've had him on. Very nice

00:05:42.860 man. Actually, really sharp. And about an hour ago on Fox The Five, he said this. Cut

00:05:54.520 21 go ron is they're counting us to be like the america they've had dealt with the decades

00:06:00.760 they're looking at how afghanistan well maybe when america leaves they'll leave us tanks and

00:06:04.660 helicopters too we just have to wait this out i think a lot of in america it's easy for us to say

00:06:10.100 oh there's what's going on over there is but the people who live in israel this is their front yards

00:06:14.260 and their backyard and they see and it's hard to hold it against them and their government against

00:06:19.540 something like they can finally end this. Iran's best friend in this whole situation is President

00:06:25.560 Trump, because he's the only one, because this is saying, hey, we're going to come to the table, 0.70

00:06:28.740 and Iran shoots at a ship. Okay, cool. We'll just blow up the guys who did it, but we're still

00:06:32.900 willing to be at the table. If President Trump said, you know what, Israel and a lot of the 0.91

00:06:37.760 Kuwaits and a lot of the places that Iran fired at, he said, you know what, you guys handle it, 0.97

00:06:41.560 there would be no more Iran. It would be completely, Iran's best friend in this situation

00:06:45.880 is the United States, because they're the only one who can say to Israel right now, 0.90

00:06:50.700 it's like, hey, stop firing. And that's a lot to ask a country after, forget just October 7th,

00:06:56.820 forget the national worldwide campaign against them. This type of stuff we've seen here in

00:07:03.000 America and our college campus all around the world. So I sympathize with Israel's need to

00:07:07.540 want to be safe and free. And for us, we sit on the other side of the ocean going, well,

00:07:11.520 this needs to stop so iran if you have any brains left in what did you call him again the gay ayatollah 0.98

00:07:18.020 you know uh you know maybe it's time to put on those dance shoes and and go out and uh serenade 0.98

00:07:23.900 and call the president and get it done because if the president walks away from this it's not 0.69

00:07:28.540 going to be like afghanistan right israel's coming and hell's coming with him yeah it would be a very

00:07:33.480 different end yeah so when the president did an interview on television in israeli maybe an hour

00:07:39.500 two ago and it's pretty rough on the prime minister there who's up for election in october

00:07:45.340 so it's very unhelpful to him and they'll be sorry about any of these other candidates

00:07:50.620 who are elected i can trust you on that one trust me on that um and he said is if israel

00:07:59.820 you know basically if they don't do what i tell them to do 0.99

00:08:03.660 they're going to be left alone fighting iran they will whip iran's ass 1.00

00:08:09.500 and they want to destroy that regime. 0.99

00:08:13.000 And they will fund, finally give arms to the people in Iran.

00:08:17.260 They won't give a damn what Turkey and Erdogan has to say about it. 0.67

00:08:23.800 The lifeline will be whatever deal we come up with,

00:08:26.460 because that deal, after the president leaves, will not be enforceable.

00:08:31.260 It just won't.

00:08:34.000 It just won't.

00:08:35.140 so Axios and this guy

00:08:37.560 Barak Ravid, Barak Ravid

00:08:39.680 is an Israeli 1.00

00:08:40.440 who worked for two of the worst 1.00

00:08:43.940 publications in

00:08:45.760 Israel, couldn't hold his jobs there

00:08:47.360 goes to Axios

00:08:49.180 and this is the guy that receives the leaks

00:08:51.380 I guess from the Oval Office or people around

00:08:53.580 the President and who the President

00:08:55.460 talks to all the time to put that information

00:08:57.660 out

00:08:58.040 and

00:09:00.900 you'll notice that Netanyahu hasn't

00:09:03.540 gone to the press about any of the conversations moreover i'm not aware that conversations our

00:09:09.820 president has with any other head of state winds up being discussed in the media i really have

00:09:13.940 not seen it but i've seen these things before these efforts these campaigns to diminish to

00:09:19.620 reduce and i don't think netanyahu is going to be pushed into submission he can't the stakes are way

00:09:28.560 too high for exactly the reasons tyrus said tyrus is right and a lot of you have been calling here

00:09:34.440 saying exactly the same thing and online putting aside the bots and the jew haters and the rest

00:09:39.400 a lot of people are saying the same thing this is not helping us

00:09:43.120 this is the primal scream of a dying regime pray for our enemies because we're going medieval on

00:09:54.580 people here's not got a free shot all these networks lying about the people

00:10:00.580 the people have had a belly full of it I know you don't like hearing that I know

00:10:04.120 you try to do everything the world to stop that but you're not gonna stop it

00:10:06.580 it's going to happen and where do people like that go to share the big line

00:10:10.780 mega media I wish in my soul I wish that any of these people had a conscience

00:10:17.380 ask yourself what is my task and what is my purpose if that answer is to save my

00:10:24.200 country, this country will be saved. War Room. Here's your host, Stephen K. Bannon.

00:10:35.500 It's Tuesday, 9 June, year of our Lord, 2026. We're going to South Carolina momentarily,

00:10:40.060 where there's kind of a, I guess a proxy vote about all this. You heard Tel Aviv,

00:10:45.560 Mark Levin. Now, comms director for Netanyahu, as we told you, always was Israel first right there,

00:10:51.300 But we're the only group that lets Mark Levin have his say, and then you can wait and measure it. 0.96

00:10:58.620 Right there, the strategic divergence of the two nations are pretty evident, and I'm all for if Israel wants to take the fight to them, take the torch to them, God bless you, go for it. 0.58

00:11:10.820 But we're not going to be involved at all. 0.82

00:11:13.880 So I think President Trump is very smartly trying to figure this out and not getting a lot of help from America's greatest ally.

00:11:20.860 David Zier, you're in South Carolina today.

00:11:23.760 Lindsey Graham struggling.

00:11:25.760 He's got to get a 50% plus one vote to not have a runoff.

00:11:30.840 Mark Lynch is going to join us in a second.

00:11:32.980 Talk to me about where things stand today.

00:11:35.120 You're down there.

00:11:40.600 Lost Zier?

00:11:41.860 Okay, we'll get him back up.

00:11:43.360 Is Mark there?

00:11:44.340 Can I get Mark up right now?

00:11:45.400 Mark, can you hear us?

00:11:48.140 Yes, I can hear you.

00:11:50.180 Yeah, we'll go back to zero in a minute.

00:11:51.580 Give us your assessment.

00:11:52.920 It's game day today in South Carolina.

00:11:55.540 You run a heck of a race.

00:11:56.520 I think the last poll I showed was Lindsey at like 46, 47.

00:12:00.680 You were at 36, 37.

00:12:02.220 Are you going to keep Lindsey Graham under 50% plus one vote?

00:12:07.900 Yes. 0.99

00:12:08.660 The people of South Carolina have an awesome choice,

00:12:11.260 and America's watching and they've been asking for years, how can South Carolina continue to have

00:12:17.080 this traitor representing you? So we're going to show America that we've made some

00:12:21.820 wise decisions and we won't be fooled again. And today it's happening.

00:12:29.020 When you use the term traitor, that's a pretty loaded term. What do you mean by that? Can you

00:12:33.820 put some flesh on that so people can understand what you mean when you're calling a sitting

00:12:39.520 United States Senator a traitor, sir? Yeah, let's give it some meat. Let's get some real facts here.

00:12:45.780 And one of the facts are, you know, Lindsey, USAID has allowed $122 million to support NGOs

00:12:53.820 working directly with Hamas and Al Qaeda. I think that's treason when you're supporting the enemies

00:13:01.120 of our nation that are taking us down. In the fourth quarter, in the first quarter of 26,

00:13:07.480 As the budget chair of the committee, he allocated another $5.67 billion twice each time to support illegal aliens in this country. 0.91

00:13:19.320 He's been part of the Gang of Eight, allowing all these illegal terrorists to walk in here.

00:13:24.700 And we have over 22 million unvetted illegal aliens in our country. 0.57

00:13:29.760 and he spearheaded the Afghan Adjustment Act, Steve, that allowed 180,000 Afghan refugees to

00:13:38.900 come into our country, and that's how Sarah Beckstrom died. That Afghan refugee shot two 0.94

00:13:45.900 of our National Guardsmen in D.C., and Sarah died. It's horrible. There's blood on his hands 0.96

00:13:52.160 with these treasonous activities, and we've got to get him gone.

00:13:55.420 mark can you hang on one second we're gonna take a short commercial break i'm gonna come right back

00:14:00.280 to you and uh the question i will ask you can chew on is that a lot of this has been known

00:14:06.200 for a while and the great folks in south carolina kind of the one of the railheads of the maga

00:14:13.480 movement on the republican side have continued to send lindsey graham back what has changed

00:14:18.000 the earth is moving under our feet tectonic plate shifts what does it all mean what does

00:14:24.600 it mean in the Gamecocks stay today? What's it going to mean for America's future? We're starting 0.98

00:14:30.420 in South Carolina, but we're covering California, all of it, and the economy. We're going to the

00:14:35.900 White House next, Dr. Peter Navarro, and then Dr. Jeffrey Tucker, also on America's economy,

00:14:43.120 what it means for you and the nation. Short commercial break. We're going to return in

00:14:47.300 the war room to South Carolina. Maybe we'll get even David Zier up and work out the technical

00:14:52.760 issues. Be back in a moment. For the first time since World War II, our national debt held by

00:15:03.560 the public has exceeded GDP. America, this is a wake-up call. Our sins of the past, reckless

00:15:11.360 government spending have finally caught up to us. So what's next? Higher inflation, higher prices,

00:15:17.620 higher cost of living expenses, and higher interest payments on the national debt.

00:15:23.020 Every dollar Washington spends on interest is a dollar it has to tax, borrow, or print.

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00:15:39.600 That is physical gold.

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00:15:45.860 Text the word Bannon, B-A-N-N-O-N, to the number 989898, and Birch Gold will send you a free info kit on converting an existing IRA or 401k into a tax-sheltered IRA in physical gold.

00:16:01.500 You don't pull the ripcord on your parachute once you've already hit the ground.

00:16:06.020 Don't wait for economic turbulence to diversify.

00:16:10.060 Text Bannon to the number 989898.

00:16:13.300 Again, text Bannon to 989898.

00:16:16.720 Own some gold and own it from Birchgold.

00:16:21.240 War Room.

00:16:22.180 Here's your host, Stephen K. Bannon.

00:16:26.280 So Mark Lynch, you know, Lindsey Graham, even from when he was a congressman and then a senator, he really hasn't changed.

00:16:32.240 He's been doing this for decades.

00:16:34.420 Why is for the first time he's under a real threat, right?

00:16:38.720 They're taking out negative ads on you.

00:16:40.400 I mean, he's scared.

00:16:41.260 What happened that you could scare him, sir?

00:16:45.360 Well, we're just straight up coming straight at him and stopping evil and standing with God on our side.

00:16:52.060 And we will put God back first in D.C. and we'll get rid of somebody who said, what are the reasons he's a traitor?

00:16:59.080 How about, you know, the Russian collusion hoax when he tried to have Trump put in prison in General Flynn and all these people?

00:17:05.360 And I heard Peter Navarro during the break.

00:17:08.300 I saw him at a faith conference when we all prayed for Trump.

00:17:13.360 2,000 pastors came to a Franklin Graham event, and Peter Navarro said,

00:17:17.780 I've gone to prison for two years, so you don't have to, and we've got to stop this.

00:17:22.620 And it takes somebody like me that has faith, that's not scared of any man,

00:17:26.900 that'll hold the line, and we'll put America back on the offensive where it belongs

00:17:31.940 and get these traitors out of our government.

00:17:36.160 Mark, it's game day down in South Carolina.

00:17:38.100 Where do people go on your site if they need to figure out where to vote or how they can help?

00:17:42.480 Where do they go?

00:17:44.320 Well, I hope they'll just leave this show, your great show, Steve, and they'll have their decision made.

00:17:49.340 And they can just go straight to the ballot box and check Mark Lynch.

00:17:52.840 And we'll get a true conservative back in the Senate seat to represent South Carolinians and get America happy again that we, as great a state as we are, and everybody's moving here. 0.50

00:18:04.020 and Mandami sending about 350,000 refugees out of New York. They're coming here. So slow down.

00:18:11.080 We got to catch our infrastructure up, but you can go to lynchforsenate.com and read a little

00:18:16.800 more about our platform. You know, Lindsey attacks us. He spent over $27 million in lies. He's scared 0.96

00:18:25.160 to death and desperate people do desperate things. And I know a lot of people can read between those

00:18:30.460 lines and they see Mark Lynch must be the guy because all the focus, all the negative, horrible 0.97

00:18:36.460 trash talk is against him. And that's for a reason, because Lindsey's trying to retain his power

00:18:42.980 and handle all the trillions of dollars of corruption he's had his hands on way too long.

00:18:49.540 Enough's enough, like the Who song, famous song the Who wrote, we won't be fooled again.

00:18:55.860 And South Carolina's had enough, and Lindsey's going down today.

00:19:01.900 Please don't allow particularly a tremendous, lovely city like Charleston 1.00

00:19:07.100 to be overrun by Yankees. 1.00

00:19:08.640 You've got to take charge of that. 1.00

00:19:10.320 You can't have the New Yorkers come down there. 1.00

00:19:12.000 Yes, sir. 1.00

00:19:12.420 A couple of three are okay, but you can't have them come down in grunches.

00:19:15.720 That will ruin Charleston, and Charleston's so special.

00:19:20.460 Thank you, sir.

00:19:21.240 Appreciate you.

00:19:21.960 Good luck today.

00:19:22.840 We'll follow.

00:19:23.360 We'll be back this afternoon.

00:19:24.040 Appreciate you.

00:19:25.480 God bless you, Steve.

00:19:26.720 Thank you.

00:19:28.000 Thank you, sir.

00:19:29.920 David Zier, speaking of New Yorkers down in South Carolina,

00:19:33.300 don't move there, Zier. 1.00

00:19:35.140 We don't want any more Yankees down in South Carolina. 1.00

00:19:38.020 Talk to me, Zier. 1.00

00:19:38.980 What are your thoughts?

00:19:40.200 What do you see?

00:19:43.260 Yeah, I think Mark makes a great point that South Carolina is booming right now.

00:19:47.980 Ten fastest growing economy manufacturing jobs here in Greenville.

00:19:51.320 Michelin's here.

00:19:52.060 You've got Boeing and BMW and everything, and it's growing.

00:19:54.240 and the infrastructure can't keep up? And will the taxes go up? And the big story on the ground

00:19:58.640 today here is the early voting. It's two and a half times the voting that took place in a

00:20:03.540 presidential year in 2024 across the ground. Now, what does that mean? Will that help Mark

00:20:08.500 Lynch? Will that help Pam Evitt or Alan Wilson, right? The referendum on the Trump endorsement

00:20:14.500 here. And it's going to be really important. I asked Pam Evitt a little while ago, you know,

00:20:19.420 if that boded well for her. She seemed confident that it did. But there's a dead heat in the

00:20:24.420 Trafalgar early voting poll at 19% for Alan Wilson and 19% for Pan Ebbett, a statistical

00:20:31.580 dead heat in that early voting polling. So we're going to have to follow that really closely

00:20:36.400 throughout the day. And, you know, Alan Wilson was another Trumper for a while back in John 0.73

00:20:42.020 Kasich and other people. And he wasn't there when I was on the ground in January 28, 2023

00:20:46.380 at the Columbia State House when Trump declared his re-election campaign.

00:20:50.820 But Governor McMaster was there, and so was Pam Evitt.

00:20:54.220 I got to speak to both of them last night.

00:20:56.500 They were confident that they were going to win this.

00:20:58.740 And the big news for Mark Lynch is, right, if Lindsey Graham doesn't get 50 percent,

00:21:03.160 or neither of them get 50 percent today, there's a runoff in two weeks.

00:21:07.540 And even though Mark Lynch is polling down about double digits,

00:21:10.960 can he make up that ground in two weeks?

00:21:13.040 And we'll see. We'll find out tonight.

00:21:15.280 Well, first off, I'm so glad you're down there.

00:21:19.900 The governor's race, I guess the governor's race is going to go to a runoff.

00:21:22.500 I don't see any of the candidates right now unless there's a miracle getting to 50 percent because there's so many.

00:21:27.860 I think there's four or five at least qualified candidates are all somewhere in double digits.

00:21:32.260 But on the Senate race, if Lindsey is below 50 percent, that will send shockwaves through Washington because Lindsey is Mr.

00:21:39.920 National Security and kind of the he and Tom Cotton are the head neocons.

00:21:44.060 I think that was particularly in a state like South Carolina, which, as you know, is all about military service, all about patriotism.

00:21:50.980 I think it'll be a big shock. And that's why you're right.

00:21:54.720 The gap that Mark Lynch would have to close in a runoff. But just to get to a runoff, I think would be pretty historic.

00:21:59.740 And this is why Lindsay's been running around for all these negative ads.

00:22:02.760 Where are you going to spend the day, David Zier? Where are you going to be watching?

00:22:07.760 We're going to be throughout the state. I reached out to other candidates. I'm waiting to hear from some.

00:22:12.180 I may go to different polling stations. We may make it as far east as Columbia if we have time.

00:22:18.760 Maybe we can catch up with Mark Lynch. I'm not sure.

00:22:21.580 But tonight we'll be at Pam Evitt's watch party here in Greenville, South Carolina.

00:22:28.220 And, you know, I just wanted to add that Mark Lynch is a local businessman, made his name in the appliance business.

00:22:34.620 So he does have local attraction here.

00:22:37.040 And I'll never forget the Pickens rally a couple of years ago where Lindsey Graham, I heard the loudest booing, and that's his home ground.

00:22:44.580 You know, 70,000 people can burn shot a town of 4,000 people.

00:22:48.140 And he really got booed.

00:22:49.440 But listen, I guess in the end, the Trump endorsement and other things could propel him to his fifth Senate primary or Senate race victory.

00:22:59.340 So we'll follow it closely for you, Steve.

00:23:01.080 Pretty amazing.

00:23:01.980 You're in God's country tonight, Greenville.

00:23:04.120 What great people there.

00:23:05.180 Love those guys.

00:23:05.920 Just amazing.

00:23:06.800 amazing part of the country. I'll tell you God's country. The, uh, thank you, David's David Zier,

00:23:12.500 uh, social media. Where do people get you? Uh, at Dave Zier on Twitter and, uh, David Zier on

00:23:19.980 everything else. Thank you, Steve. Thank you, brother. Dr. Peter Navarro joins us from the,

00:23:25.960 now Peter, I'm going to get this right. You're, uh, you're from Washington DC and Miami, right?

00:23:32.120 You, you were, you were, I think born in Washington, but you were raised in Miami.

00:23:35.600 You spent your time. Your dad was a musician. You spent your time between D.C. and Miami.

00:23:41.120 Is that correct as a young fellow? Hard no.

00:23:46.100 Born in Cambridge, Massachusetts, left there and grew up early years, very close to Donald Trump's Mar-a-Lago.

00:23:56.640 Used to ride my bike past there back when Palm Beach was more of a backwater.

00:24:01.040 We were like the servant class, by the way, high school here in D.C.

00:24:08.060 In D.C.

00:24:08.740 And, you know, you've been reading too much Wikipedia because they never get anything.

00:24:14.040 No.

00:24:15.660 But I don't know where the hell you're going with this.

00:24:19.220 What I want to know, because hang on, hang on.

00:24:21.840 We're going to get to manufacturing.

00:24:23.120 But hang on.

00:24:23.720 I want to talk about the internal dynamics of the country.

00:24:27.940 I see this all over the place.

00:24:29.360 In South Carolina, this primary.

00:24:31.040 The South is where people are moving to the South and Southwest even more than in the Sunbelt days, I think, of the 60s and 70s.

00:24:39.060 You really have a migration from these northern states like Massachusetts and New York and Illinois down to the South.

00:24:45.320 And this is why South Carolina is booming. 0.66

00:24:48.980 And I just say as a Southerner, a proud Southerner, we don't want Yankees to mess up Southern culture.

00:24:57.000 So Peter Navarro, I knew you were a Yankee.

00:24:59.500 That's what I was going to get on, even though I don't consider Palm Beach.

00:25:03.300 Palm Beach is not the South.

00:25:05.340 I grew up south of the Mason-Dixon line.

00:25:10.900 And a funny story, every time I moved a little more north, 0.98

00:25:14.900 everybody thought I was stupid because I had a southern accent. 0.96

00:25:18.300 Gradually, it went away. 0.97

00:25:20.320 I remember going to the high school here, Steve.

00:25:22.760 This was hilarious.

00:25:23.680 I walk into the guidance counselor, and he hears me talking,

00:25:27.060 And he goes, well, I think you should go into the vocational ed thing.

00:25:30.700 We're going to start you off in shop.

00:25:33.300 True story.

00:25:35.520 And that was the first time I ever told somebody to stick something where the sun don't shine.

00:25:40.660 And I think I was like, I don't know, 15.

00:25:43.280 That's great.

00:25:44.500 I remember at the place that you got your Ph.D., I was across the river.

00:25:50.580 I was in the trade school. 0.99

00:25:51.960 But if you have a southern accent at Harvard, they think you're dumb as a box of rocks, right? 1.00

00:25:57.780 Then they give the South the stink eye. 0.99

00:26:01.200 Okay, I've got a great clip, but I'll play that on the other side.

00:26:05.720 Talk to me about you got a piece up that just popped on the great RealClear markets about manufacturing a trade.

00:26:12.820 What caused you to put it up momentarily right before we came on?

00:26:16.300 Well, Steve, what I've been doing is every time a macro indicator comes out, I post.

00:26:25.200 And often it goes up in real clear markets.

00:26:27.400 That's kind of my bread and butter.

00:26:28.680 That's what I did.

00:26:29.300 I've written books about this stuff back in the day when I was a macro guy.

00:26:32.980 But this trade thing is really interesting because we've been pursuing a tariff policy

00:26:39.260 which brings things, jobs onshore.

00:26:42.800 We've been doing a tax policy where we're 100% expensing for manufacturing investment here.

00:26:49.680 This trade deficit report was just off the charts.

00:26:54.240 We had the highest level of exports in absolute terms ever.

00:27:01.100 And why is that?

00:27:02.140 Because of our tariff policy and our ability to renegotiate trade deals.

00:27:07.480 So Jameson Greer, the USTR, Scott Besson at Treasury, Howard Lutnick at Commerce.

00:27:12.460 This trio with Donald John Trump as the boss is orchestrating the on-shoring of jobs.

00:27:19.940 And this trade report says it.

00:27:22.620 Plus, we had the highest petroleum exports surplus in history, which is remarkable.

00:27:30.980 And the whole thing shows that manufacturing is rebounding well.

00:27:35.140 So let me do your job for you.

00:27:36.540 At the other end of the break, I'll be right back with the Admiral Stephen K. Bannon.

00:27:43.060 He will be grilling me about my childhood, and we might get to some economics.

00:27:49.460 We're going to let you host the show.

00:27:51.980 You haven't lost your—you're right in the groove, man.

00:27:54.400 You're right in the groove.

00:27:55.400 Hey, who hosted the show when you were in prison?

00:27:57.740 I know it.

00:27:58.420 I know it.

00:27:59.160 I know it.

00:27:59.400 That's quickly to forget.

00:28:00.680 No, you're right in the groove.

00:28:01.920 I thought the White House, I thought the second tour in the White House has taken all your kind of media savvy way.

00:28:09.120 Anyway, we're going to take a short commercial break.

00:28:11.820 Dr. Navarro, I'm going to ask him a question.

00:28:13.680 The Democrats used to all be for tariffs and working class people, but you don't see that anymore.

00:28:18.100 Don't answer the question why.

00:28:19.760 The American health care system is broken.

00:28:22.620 And for most Americans, nothing changes.

00:28:25.280 There's still delays, denials, high cost insurance roadblocks.

00:28:28.640 So when I find people doing things differently, I talk about it.

00:28:34.380 All Family Pharmacy is not your typical big chain pharmacy.

00:28:38.420 This is an independent family-owned pharmacy that gives you access to over 400 medications delivered straight to your door.

00:28:46.360 They've got ivermectin, antibiotics, antivirals, NAD+, even your daily maintenance medications, and so much more.

00:28:55.600 If you already have a prescription, your doctor can send it directly.

00:29:00.320 If you don't, their doctors handle it.

00:29:02.920 As long as there is a medical necessity, they'll take care of you.

00:29:07.460 And I'll tell you this, the feedback from people listening to this show and watching

00:29:10.620 has been incredibly strong.

00:29:13.320 People are using it.

00:29:14.400 It's working for them, and they're sticking with it.

00:29:16.940 That's because it cuts out the delays, the middlemen, and all the usual nonsense.

00:29:21.520 This is about being ready before you need it.

00:29:26.540 Go to allfamilypharmacy.com.

00:29:28.660 That's all one word, allfamilypharmacy.com slash Bannon,

00:29:32.680 and use code Bannon10 to save 10%.

00:29:35.800 The health care system is broken.

00:29:38.700 Your pharmacy doesn't have to be.

00:29:42.120 War Room.

00:29:43.240 Here's your host, Stephen K. Bannon.

00:29:46.940 Okay.

00:29:47.420 Okay, Birch Gold, take your phone and text Bannon, 989898.

00:29:51.700 A special, we've got a special offer for America's 250th.

00:29:56.860 A one-ounce silver round with qualifying purchase ends July 10th.

00:30:04.460 Text Bannon, 989898.

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00:30:08.880 Find out what the silver is and how much the ounce.

00:30:12.560 So go check it out.

00:30:13.540 Get it free with a qualifying purchase.

00:30:16.120 but go check it out from philip patrick and the team also we've got a new installment coming in

00:30:20.820 on birch gold here momentarily into the dollar empire i'll update you all on that uh peter navarra

00:30:26.980 peter in the old days or not too recently even the turn of the century democrats would

00:30:33.100 applaud someone who was using tariffs to bring drive manufacturing high value-added manufacturing

00:30:40.100 jobs back to the united states that would be filled by working class americans but the

00:30:45.920 Democratic Party, every time these numbers come out, like today, and what you're going to talk

00:30:49.440 to us about this article, they are going after President Trump viciously. I don't, that confuses

00:30:55.140 me. Why is that happening? Why are they against working class people getting high value manufacturing

00:31:01.960 jobs because President Trump's tariffs are doing their intended purpose, sir?

00:31:07.100 let's do this really quietly steve i don't want the people at cnn or ms now to hear this

00:31:17.600 but the tariffs protecting american workers bringing our jobs back they're wildly popular

00:31:24.940 particularly in the battleground states but don't tell cnn and ms now they think

00:31:30.500 that tariffs cause inflation.

00:31:33.780 They don't.

00:31:34.720 Okay, but keep it quiet.

00:31:36.420 All they do is create jobs and revenues

00:31:39.680 that reduce our debt, our interest on the debt,

00:31:43.760 put us in a more stable position.

00:31:45.560 And I'm telling you, Steve,

00:31:47.940 this vision of the tariff wall

00:31:50.200 coupled with the big, beautiful bill,

00:31:52.300 100% expensive for manufacturing,

00:31:55.900 I mean, today's report is just one of a series.

00:31:59.020 It's just working.

00:32:00.500 absolutely beautiful and you got Donald Trump as as the commander-in-chief the strategist

00:32:06.800 you got Greer over at USTR doing an amazing job Lutnick on the 232s and Scott Besson behind me

00:32:15.000 at Treasury and it's like it's like better than even we thought it would be but it's working

00:32:22.460 perfectly just don't tell Marnie Joe because because like of all people he should know better

00:32:29.800 right? He's the one who used to pretend he had a blue collar, right?

00:32:33.800 Populist, yes.

00:32:34.800 But the Democratic Party, look, they lost their way in the 60s, right? They just went

00:32:39.460 full globalist. You know, Clinton's the guy, people forget this, Clinton's the guy who

00:32:44.420 did the double tap on American workers, NAFTA. He's the guy to push NAFTA through in the

00:32:50.680 mid-90s. And he's the guy that pimped China into the World Trade Organization in 2001. 0.86

00:32:57.560 did he know he was killing hillary's chances of being president when he was doing that 0.95

00:33:02.040 oh karma's a bitch um steve i do want to talk about because i know time on the war room is 0.96

00:33:09.340 precious uh the feds meeting next week uh to discuss whether or not they're going to raise 0.97

00:33:16.200 interest rates the wall street journal the wall street hang on the wall street journal financial

00:33:21.700 times tell me they got to raise interest rates you're saying you're you're saying that's not

00:33:25.080 going to happen or it shouldn't happen? So this is low IQ, totally ignorant of history. So the 0.98

00:33:34.040 Friday, the jobs report comes out. It's strong. We're showing some inflation. And the immediate

00:33:41.720 thing is all these talking heads, even on the financial news networks, are like, ooh, inflation,

00:33:46.480 that means you're going to raise rates. Well, the history of this is clear. Here's the mantra.

00:33:52.260 Do not, under any circumstances, raise interest rates into the teeth of a supply-side shock.

00:33:59.780 Do not raise interest rates into the teeth of an oil price shock.

00:34:04.640 History tells us that's the correct view of things.

00:34:09.340 And I'll give you two examples.

00:34:11.180 In the 90s, Greenspan, the maestro, faced a similar kind of crisis when we had war in the Middle East.

00:34:19.900 Oil prices spiking.

00:34:21.360 Did he raise interest rates?

00:34:23.540 No, he did not.

00:34:25.000 He held firm.

00:34:26.340 But the best one is Bernanke in 2006.

00:34:29.860 Deja vu all over again, Steve. 0.81

00:34:32.080 Iran is going absolutely ballistic, refusing to stand down on its nuclear weapons. 0.80

00:34:38.480 This was 96.

00:34:39.960 We had Ahmadinejad, the president of Iran, literally saying Israel should be wiped off

00:34:46.300 the face of the earth.

00:34:47.540 We had Iranian gunboats taking down a British ship in the Strait of Hormuz, imprisoning 18 sailors.

00:34:57.280 Oil prices were spiking.

00:34:59.160 Bernanke took one look at that chessboard and said,

00:35:02.100 I'm not raising interest rates because inflation is going up, because oil prices are going up.

00:35:08.560 I'm doing just the opposite.

00:35:10.380 And the reason, Steve, analytically, is that supply side shocks effectively do the work of any interest rate hikes in the sense that the difference between a demand pull inflation where Biden's spending way too much money, too much money chasing too few goods, driving inflation up, you raise rates and inflation comes down, things calm down.

00:35:38.420 With a supply shock, it's stagflationary.

00:35:42.360 You not only get higher inflation, but you get lower growth.

00:35:45.740 So you don't pile on with a rate hike. 1.00

00:35:48.780 It's stupid. 0.98

00:35:50.020 And I heard every cable news person, even on the financial news networks, talk about the need for raising rates because inflation was going up. 1.00

00:36:02.480 Peter, but Dr. Navarro, Dr. Navarro.

00:36:04.860 That's just dead wrong.

00:36:05.420 Hang on, hang on, hang on, hang on.

00:36:06.980 Thank you.

00:36:07.120 Hang on.

00:36:08.100 You've got the logic.

00:36:09.460 We understand the supply side shock of this.

00:36:12.360 While you don't do it, here's the problem.

00:36:15.920 You've got Powell still over there.

00:36:18.340 Powell's going to be, this is like being in Saigon in 1968.

00:36:22.620 You wait till next week when they have the meeting and you see the leaks are going to come out.

00:36:28.160 And you're going to say that President Trump is putting pressure on him not to raise rates.

00:36:31.000 And they should be raising rates and go through all the analytics.

00:36:33.620 The problem you've got is that Powell's not gone.

00:36:37.520 Right. Power is not gone. And his his incompetence and his poison against MAGA, against President Trump and against America First, you're going to see in all its glory.

00:36:48.080 Yeah, it's worse than that. And I was on Great Maria Bartiromo this morning on her on her show.

00:36:56.580 I made this point. There's seven people on the Fed board that vote on rate policy.

00:37:03.760 three of them are biden appointees who want to screw the president

00:37:09.760 one of them is powell four out of seven last time i looked as a majority powell has remained there

00:37:17.280 the first chair to remain on the board since i don't know like the 1980s it's just not done

00:37:24.600 it's bad form and the concern as you raise it steve is that powell is going to try to be the

00:37:30.700 shadow chair, recruit his Biden people, and try to stuff policy down Kevin Walsh's throat

00:37:37.020 that's just dead-ass wrong, like every mistake a policy has ever made.

00:37:40.740 I've got to keep you here a couple more minutes because now you've hit pay dirt.

00:37:45.720 I want to hit rewind.

00:37:46.700 I think it's after the war.

00:37:48.720 I don't think it's the 1980s.

00:37:50.060 You've had a chair stick around.

00:37:51.780 Talk to me about why this—

00:37:53.480 I'm on overtime now, okay?

00:37:55.380 I know you've got to go, but just explain to the people one more time

00:37:58.380 the structural, massive structural problem that President Trump now has with the Biden infestation

00:38:05.620 and the globalist infestation over the Federal Reserve, sir?

00:38:10.460 Yeah. So three of the people who will vote on interest rate policy at the meeting

00:38:20.900 are Biden appointees who have all along expressed support for things like raising interest rates

00:38:28.760 who all along with Powell refused to cut them over the last year when cutting was the appropriate

00:38:36.620 thing to do. Four out of seven. So what happened when Worsh took over is Powell, contrary to

00:38:47.000 tradition and grace decided he would stay on that move Stephen Mirren off the board Mirren I love

00:38:55.740 that guy he is like he's like perfect he's like the perfect guy to have on there but he's off

00:39:00.960 because Powell's taken his place so that's subtraction by addition with Powell and so

00:39:08.260 look it's it's the Fed chair is not is not a dictator he's got got to do politics and he's

00:39:15.660 doing politics with people who hate Trump more than they love the country, and it's complicated 1.00

00:39:21.200 by their idiots. 1.00

00:39:22.560 I mean, Powell, he is the worst chair, the worst chair, no economics training, the worst 1.00

00:39:28.860 chair in modern history, full stop.

00:39:31.540 The only one who competes with him is Arthur Burns during the Nixon money years, which

00:39:37.180 did the stagflation of the 70s.

00:39:38.740 But Powell's even worse, because he raised race too soon and Trump won.

00:39:43.900 He didn't raise them soon enough when Biden was in, and now he didn't lower them soon enough in this term.

00:39:51.260 We made all these arguments for Kevin Horsch back when Mnuchin swore that Powell was the right guy.

00:39:57.880 Okay, we had to live through this.

00:39:59.700 By the way, Stephen Marin is the chairman of the Council of Economic Advisors.

00:40:02.840 That's Steve Mnuchin's poly.

00:40:03.460 Jay Powell is Steve Mnuchin's poly.

00:40:05.780 You can print that there in Twittersphere.

00:40:09.760 We're pushing this article out.

00:40:11.260 Where do people go to get it?

00:40:12.260 What's your social media?

00:40:13.120 Where do you get all your content, Dr. Peter Navarro?

00:40:17.500 Yeah, so peternavarro.com will get you to the X, the Getter, the Truth Social, and all of the op-eds.

00:40:26.920 You should follow Real Clear Markets.

00:40:29.000 It's really good for financial literacy.

00:40:32.000 And as big reports come out, like this one, I post regularly on there.

00:40:38.160 the piece on Powell

00:40:40.360 in the Hill

00:40:42.800 last week, but PeterDeVar.com

00:40:44.520 and

00:40:44.740 I always love being on the war room.

00:40:48.040 This is a big day. By the way, there is a candidate

00:40:50.740 and here's a question

00:40:52.220 for your audience. I'll leave you with this

00:40:54.580 and you don't have to answer it.

00:40:56.200 Who's on the ballot in South Carolina

00:40:58.700 that voted to put Steve Bannon

00:41:00.880 in jail?

00:41:02.200 No, don't even go there. Stop.

00:41:05.040 That's all

00:41:05.680 That's all years ago.

00:41:08.680 That's water under the bow.

00:41:10.260 Yeah, well, well, well.

00:41:11.880 One thing I've got to ask you before you go.

00:41:13.780 I have a better company than you do.

00:41:14.700 No, no, you're just one of those old guys that can't get those vendettas.

00:41:17.700 I just let it pass unless you're in business.

00:41:19.360 I'm Italian. You're Irish.

00:41:20.860 Exactly. Hang on. 1.00

00:41:22.280 You took it away and I file it away.

00:41:25.740 John Tamney.

00:41:28.100 Oh, that's good.

00:41:28.440 My good friend John Tamney over the editor of Real Club Marks.

00:41:33.340 People should go there.

00:41:34.100 RealClearPolitics, Markets, History, the guys over at RealClear have got it.

00:41:38.080 It's all free.

00:41:38.820 Just go. 1.00

00:41:39.740 Tamney is getting crazier and crazier every day. 0.86

00:41:43.320 He's getting more libertarian. 0.63

00:41:44.960 He's like he's he's the Cato Institute on steroids.

00:41:48.380 Do you agree?

00:41:51.240 I have nothing but great things to say about Mr. Tamney.

00:41:57.140 Your editor.

00:41:58.220 John Tamney is great.

00:41:59.720 It's just that nobody can be further from the economics of Dr.

00:42:03.280 Peter Navar and Stephen K. Bannon, then John Tamney. That's why it's so shocking. He publishes

00:42:08.520 you all the time. Hey, Green Brides is to the top. What can I say? But Steve, I'm here to serve 0.78

00:42:17.580 the war room. And look, between now and November, the war room is going to be the most important

00:42:23.960 political engine in this country. And we need to mobilize the base. We need to get out,

00:42:30.600 expose the frauds out there and hold on to the House and Senate.

00:42:36.720 It's going to be a tough one, but we can do it if the truth will out.

00:42:40.780 And this war room is where the truth gets out.

00:42:45.640 And it's the policies of President Trump, you, Scott Besson, Jameson Greer, that team.

00:42:52.080 We've made a bet, and you see the green sprouts coming in.

00:42:54.660 So we've got to make sure people get their word.

00:42:56.140 Dr. Navarro, thank you so much for taking time away.

00:42:58.260 I know you've got a meeting to go to.

00:42:59.660 Admiral.

00:43:00.600 Live from the White House.

00:43:01.860 Thank you, sir.

00:43:02.380 Appreciate you.

00:43:04.900 Dr. Jeffrey Tucker is going to be, we're going to go through break and bring him.

00:43:08.680 He's got a piece up today that's been linked to.

00:43:14.360 It's kind of going viral right now.

00:43:16.780 Zero Hedge has it, and Zero Hedge was some of the smartest guys around.

00:43:21.180 From Brownstone Institute, Dr. Jeffrey Tucker on the other side.

00:43:30.600 Spread the word all through Hong Kong

00:43:33.760 We will fight till they're all gone

00:43:36.480 We rejoice when there's no more 0.64

00:43:38.740 Let's take down the CCP

00:43:40.740 Everyone's focused on how the conflict in the Middle East is raising oil prices,

00:43:45.880 but there's another grim reality to this contention.

00:43:50.340 Oil isn't the only resource being constrained.

00:43:52.580 About one-third of global fertilizer trade happens through this region.

00:43:57.740 And with spring planting season on top of us,

00:43:59.960 american farmers are sounding the alarm with some saying they can't afford to plant their fields

00:44:04.920 when one piece of the supply chain gets hit this hard you know what comes next higher food prices

00:44:11.500 reduced availability maybe even panic buying that's why having an emergency food supply

00:44:17.160 at home makes so much sense and that's where our friends at my patriot supply come in right now

00:44:24.180 at preparewithbannon.com. That is preparewithbannon.com. We've set up an entire

00:44:30.020 just site for the war room posse. You go to preparewithbannon.com. That's all one word,

00:44:37.840 preparewithbannon.com. You get a three-month emergency food supply. They'll include a free

00:44:43.520 mega protein upgrade, an incredible $200 bonus you don't want to miss. It's a simple way to

00:44:50.660 protect your family from whatever comes next go to prepare with bannon.com that is prepare

00:44:58.020 with bannon.com to get your emergency food supply today that's prepare with bannon.com

00:45:04.180 do it today go check it out here's your host stephen k bann

00:45:10.240 okay uh it's denver we could put up it's a i guess a disturbing article on the economy and

00:45:20.660 economics, coming from the Chinese Communist Party's bioweapon attack on President Trump.

00:45:28.600 Remember in 2019, everything was coming together in this late summer, early fall, and Christmas 0.77

00:45:34.240 holidays. We were converging on all the policies of President Trump, low interest rates, low

00:45:39.820 inflation, blue-collar wages, head of white-collar wages, non-college graduates, head of college

00:45:45.140 graduate everything kind of moving in and he'd taken a trillion dollars the head of the federal

00:45:50.180 reserve took a trade and did quantitative tightening for almost a trillion dollars that's

00:45:54.040 the headwinds he was going it wasn't it was the opposite of lords of easy money so this thing was

00:45:59.280 hitting on all cylinders and then come 2020 you saw what happened and now there's some brutal

00:46:06.160 mathematics about this dr jeffrey tucker so this article is linked up on zero hedge i'm giving you

00:46:11.960 we're putting the copy out from brownstone dr tucker walk us through this what did what did

00:46:17.240 your research uh find sir well i have to credit tom elliott who's an american who's a businessman

00:46:25.400 working in spain right now he's founder of grabian he just as a side product project nights and

00:46:30.600 weekends did something i've always wanted to see somebody do which is to strip out the eight

00:46:38.920 gigantic changes that the bureau of labor statistics has made to cpi since 1986 that

00:46:45.880 have systematically under-reported uh the price indices that affect the value of the dollar as

00:46:53.720 insofar as goods and services are concerned strip out all the nonsense the hedonic adjustments the

00:47:00.040 crazy uh way they handle uh rent uh the adjustments on medical spending all all the stuff and just

00:47:08.840 give us the straight up numbers he used artificial intelligence to to do this construct he provides

00:47:14.800 all the data and the website is realityindex.co i was astonished because he gave us numbers from

00:47:21.200 1980 up to the present and and they show much more extreme levels of devaluation since those days

00:47:29.680 so i i was so thrilled to see this that i took it a step further and zeroed in

00:47:37.220 On the most recent history where we've experienced such a dramatic devaluation, the BLS says it's 26% since 2020.

00:47:46.840 What I found using Tom Elliott's numbers is that actually it was a 50% devaluation, which is shocking, meaning if you want to just translate to what that means in your real life, it means that prices have doubled since what you knew in 2019.

00:48:04.860 Hang on.

00:48:05.400 I want to put this in nomenclature that I already understand.

00:48:09.920 You're saying that what Elliott's gone back and done,

00:48:12.620 taking out all the noise of these changes that happen all the time,

00:48:16.200 and the bureaucrats put the changes in to distort reality.

00:48:20.860 You're saying that purchasing power of the dollar has dropped 50%.

00:48:27.280 The actual purchasing power for real goods and services has dropped 50%?

00:48:32.340 Since 2019, yes.

00:48:33.840 2019 2020 we had negligible inflation as you said in 2019 and that it really hit us after the fed

00:48:40.840 got busy and and pumped in a total of 7.5 trillion dollars between the beginning of the lockdown set

00:48:48.940 up until very recently and that's had a massive effect on devaluation i i couldn't believe the

00:48:54.560 numbers at first like you just have to kind of absorb it and say okay a 50 devaluation since

00:49:01.320 those days, this far exceeds anything that BLS is reporting. That means a cumulative

00:49:10.700 price inflation rate of 100%, meaning that everything has doubled since those days.

00:49:19.020 Now, you say that, it sounds extreme, but then reflect on your experience at the grocery store,

00:49:26.120 out buying a car, shopping for houses, transportation costs and everything.

00:49:31.620 It actually fits with reality.

00:49:34.640 When I started doing this number, I couldn't believe it.

00:49:37.900 But then I realized, you know, this actually is, that's sort of what I know.

00:49:43.240 I mean, this is right.

00:49:45.060 And the reason I wanted to report it is that it feels like an end to the gaslighting in a way.

00:49:49.980 I mean, you said they're terrifying numbers.

00:49:51.980 in a sense, I feel a sense of relief. Yeah, that's right. But let's just tease out some

00:49:59.060 more implications. One is for your household income or your personal income. If you were

00:50:04.300 making $100,000 in 2019 and feeling kind of rich, and we used to talk about six-figure incomes as

00:50:10.060 being a privilege, well, that's now $50,000, okay? Just to put it in concrete terms.

00:50:16.720 And I took it one step further, Steve, and I began to, I bumped those numbers up against

00:50:23.180 the output, and that's GDP.

00:50:26.400 This is important to do because we don't want just the nominal GDP, we want the real

00:50:32.080 GDP.

00:50:32.740 And the government gives us real GDP.

00:50:35.080 They use what's called a GDP deflator, and that is the measure by which we find out if

00:50:40.560 we've been in recession or not, where we are in the business cycle.

00:50:43.960 So it really matters what measure of inflation you're using to correct your output numbers.

00:50:51.400 So let's use the realityindex.co numbers against conventional output numbers as reported by the statisticians at the Commerce Department.

00:51:03.540 And what do you end up with?

00:51:04.780 What you find is that only briefly three times since 2020 has output bumped up against above zero.

00:51:17.520 So just briefly, and then it fell back again.

00:51:19.860 In a technical sense, we never have really left recession since those days in real terms.

00:51:27.480 So that was the second part of my article.

00:51:29.700 And that's shocking, but it also, again, fits with intuition.

00:51:33.420 I was so alarmed by these numbers that before I reported them, first of all, I ran them by Tom

00:51:40.860 Elliott. He goes, genius. If I had had the time, I would have done this extra step too, and maybe

00:51:46.920 I'll get the time eventually. That's what he told me. Okay, fine. So I ran them by a high official

00:51:55.660 in the Trump administration. I said, look, you know, a person who's well-trained in economics

00:52:01.720 and is prepared to evaluate things with objectivity

00:52:08.220 from the point of view of a very high-end level of credibility.

00:52:12.140 And I said, what do you think?

00:52:13.040 And he said, this all checks out.

00:52:16.320 Every bit of it, he showed his work, you've shown your work,

00:52:19.520 and it fits with everything I know.

00:52:21.160 It fits with everything everybody kind of knows.

00:52:23.060 So I think you need to go with this.

00:52:25.680 Dr. Tucker, hang on for one second.

00:52:27.280 I just want to hold you through a commercial break.

00:52:30.320 Cleena Mitchell is going to join us about Los Angeles.

00:52:32.900 Mike Davis is going to join us about the Justice Department.

00:52:35.600 Dr. Stephen Hatfield about the screw worm down in Texas and now Mexico.

00:52:41.320 End of the Dollar Empire, birchgold.com slash Bannon.

00:52:45.960 Go get it today.

00:52:47.020 Seven free installments, all free, no obligation online there.

00:52:51.620 If you go to Birch Gold, excuse me, put eight up.

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00:52:56.840 Eight when you go online.

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Bannon's War Room - June 09, 2026

Episode 5431： Game Day In South Carolina; Low IQ Approach To Interest Rates

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