Bannon's War Room - Episode 5461： Keir Starmer Steps Down As Populism Rises In London

00:00:00.000 I will remain in post as Prime Minister until the contest is complete and I will do everything I can to ensure an orderly handover of power.

00:00:11.780 I will also give my successor my full and unequivocal support, knowing that they will inherit a Britain that is far stronger and fairer than the one I inherited two years ago,

00:00:24.180 better prepared for the challenges ahead and better able to ensure the Labour Party secures

00:00:30.000 a second term in office. That was Keir Starmer this morning in London as he announced his

00:00:38.140 resignation as Britain's Prime Minister. Members of Starmer's own Labour Party had been calling

00:00:44.300 for new leadership for months, with speculation over his resignation growing last week after the

00:00:50.540 mayor of greater manchester andy burnham won a special election for parliament burnham is

00:00:56.560 reportedly eyeing the top job and what will be britain's seventh prime minister in a decade he's

00:01:04.840 scheduled to be sworn into the house of commons today and to speak with starmer this week katie

00:01:10.680 even though there have been calls for this for months what's the reaction to the resignation

00:01:14.520 everybody could see this coming over the course of the last few days i have spoken to one british

00:01:21.360 official who said to me we can't just think that by changing the person at the top we can change

00:01:26.460 the fundamental problems that britain has and now the joke is in the uk we're trying to be italy

00:01:31.360 and that was the country that was constantly changing leadership and britain was meant to be

00:01:37.120 known for stability that certainly doesn't look to be the case and whether andy burnham can make

00:01:43.120 a better bet of the British economy than Keir Starmer did just by being more charismatic.

00:01:47.960 I think most people would say that remains to be seen.

00:01:50.740 Did see Keir Starmer this morning coming out here outside of 10 Downing Street to announce

00:01:54.600 he was stepping down as prime minister and as leader of the Labour Party.

00:01:58.180 I will say he was quite emotional.

00:01:59.900 You know, he was saying how everything he's done, he's done out of love for his country.

00:02:03.360 He thanked his wife, his children.

00:02:05.480 He said he would support whoever the next leader is, but that he doesn't feel he is

00:02:09.660 the best person to lead Labour into the next election. Now, you guys mentioned it, but this

00:02:15.020 all comes after that special election was held in Makerfield. The former mayor of Greater Manchester,

00:02:19.920 Andy Burnham, was running in that and had suggested that if he won, he would mount a formal

00:02:24.220 leadership challenge. He did win. And so Starmer getting out ahead of that and stepping down. I

00:02:29.380 will say moments ago, we did hear from Burnham that he would be running as the next leader of

00:02:33.760 the Labour Party. And this morning, we've been seeing prominent Labour officials coming out to

00:02:37.880 throw their support behind Burnham. So he could very well be the next prime minister. But we'll

00:02:41.620 have to wait and see how that plays out. Starmer, for his part, you know, won in a landslide in

00:02:46.120 2024. But as you guys mentioned, there had been growing calls for him to step down in recent

00:02:50.240 weeks and months. There was frustration that Labour was losing support to the Green Party,

00:02:55.420 to the anti-immigration reform party as well. Voters frustrated with the economy, with the

00:03:00.180 rising cost of living. But also, you know, we can't ignore the Epstein scandal. And we've

00:03:03.860 talked about it repeatedly, but Starmer was responsible for appointing Peter Mandelson as

00:03:08.860 British ambassador to the U.S. at a time when it was known that Mandelson had closed ties to

00:03:13.540 Epstein, and so there had been calls for him to step down back then as well. He survived that,

00:03:17.480 but clearly the frustration kept mounting. And we'll see if we get more reaction from world

00:03:22.400 leaders. We heard from the Australian prime minister this morning saying Starmer can be

00:03:25.680 proud of what he's accomplished. We, of course, heard from President Trump over the weekend

00:03:29.400 saying that Starmer would step down.

00:03:31.500 So unclear if Trump had been given a heads up

00:03:34.320 or if that was just speculation on his part.

00:03:36.460 He said that Starmer had failed

00:03:37.760 on things like immigration and energy.

00:03:40.180 We know that there had been no love lost there

00:03:42.760 between Trump and Starmer.

00:03:44.600 Trump frustrated with Starmer

00:03:45.900 for not getting involved in Iran.

00:03:48.760 So we'll see if we get additional reaction

00:03:50.360 from President Trump as the day goes on.

00:03:52.900 On May the 7th in the Midlands, Yorkshire,

00:03:55.840 all the north of England,

00:03:56.680 reform scored absolutely stunning victories in areas that Labour had dominated for the best part

00:04:03.320 of 100 years. The sheer scale of our victory against Labour made it inevitable that this

00:04:09.460 Prime Minister could not survive. And because of that, Burnham steps forward and wins, quite

00:04:14.620 convincingly, the Makerfield by-election, ironically with the same message that we had

00:04:19.520 in the local elections. Ours was vote reform, get Starmer out. His was vote Burnham, get Starmer out.

00:04:27.680 Unbelievably, we're about to have our sixth prime minister in seven years.

00:04:33.540 I remember growing up thinking Italy was totally ungovernable

00:04:37.100 as they went through a new prime minister every year,

00:04:39.520 and yet that's where we are here.

00:04:41.900 Why is it all happening, and why did we get that big number of votes

00:04:45.020 in the north of England?

00:04:46.380 Well, 10 years ago, on the 23rd of June 2016, we voted Brexit.

00:04:51.980 Much of our political establishment has never accepted the result.

00:04:56.680 And even those that reluctantly did, namely the Conservative Party, refused to implement

00:05:01.800 what voters demanded, namely lower levels of immigration and more freedom for our sole

00:05:07.640 traders and small businesses. They were just two of the benefits we could have taken having got back 0.98

00:05:13.240 self-governance. Under Starmer, the Labour Party has moved much closer back to the European Union.

00:05:20.120 And if Mr Burnham wins, they'll go closer still, which means Labour voters and the Labour Party

00:05:26.520 are completely divided on this issue.

00:05:29.800 But the bigger point today is that of a mandate,

00:05:33.400 is that of legitimacy.

00:05:35.760 I've no idea whether there'll be a contest or a coronation,

00:05:39.720 but what I do know is the British public

00:05:41.720 have simply had enough of political parties

00:05:45.060 chopping and changing their leaders at will.

00:05:48.460 We vote for somebody in a general election

00:05:50.980 to be our prime minister.

00:05:52.720 We expect them to serve their term.

00:05:55.400 And barring ill health or exceptional circumstances, what is going on here, frankly, is reminiscent of a banana republic that has totally devalued the very process of general elections and democracy.

00:06:09.820 I demand, we at Reform demand, a general election.

00:06:15.260 After all, when the Conservatives were chopping and changing Prime Ministers, Labour kept saying there should be a general election.

00:06:22.700 On that point, the Conservative Party say there's no need for a general election because they're part, frankly, of the Uniparty.

00:06:31.700 It's as if the whole thing is a game.

00:06:35.420 Labour did not actually carry out their mandate of 24, did a whole number of things, a whole number of things,

00:06:42.080 whether it was the tax on family farms, the giving away of the Chagos Islands and much else that wasn't in the manifesto.

00:06:49.200 If it is Mr. Burnham, he didn't even stand at the last general election.

00:06:54.120 Britain is broken.

00:06:55.820 Six prime ministers in seven years should convince you of that fact.

00:07:00.540 We are ready for a general election, and I suspect many of you, too, are ready for a general election.

00:07:07.060 The thought we're going to go through, weeks, maybe months, of paralysis in a country whose debt is rising faster than any country in the world, apart from Botswana.

00:07:17.120 where the boats continue to come across the English Channel every day.

00:07:21.400 The whole thing is not acceptable.

00:07:24.340 Let's have a general election.

00:07:26.780 Let's get a government with a clear democratic mandate.

00:07:30.900 Monday, 22 June, in the year of our Lord, 2026,

00:07:35.340 on the eve of the 10-year anniversary of Brexit,

00:07:40.680 we're going to bring in Ben Harnwell.

00:07:41.840 By the way, Raheem is over in London right now,

00:07:45.080 working with Nigel on this team.

00:07:46.460 You heard our colleague, Nigel Farage, calling for a general election, not this kind of shift the deck chairs on the Titanic of the Marxist jihadist labor party.

00:07:57.300 Ben Harnwell, a lot of reasons here. 0.94

00:07:59.340 Their economy is in the tank.

00:08:01.660 Per capita GDP, I think, is less than Mississippi, the 50th state for GDP per capita in the nation.

00:08:10.240 Outside of London, it's essentially a third world country.

00:08:14.100 Inside of London, it's not much better in certain areas of it.

00:08:17.140 Immigration, the reason Nigel won Brexit 10 years ago was not about the laws in Brussels.

00:08:27.380 That was part of it, right?

00:08:28.600 That was Boris Johnson's pitch as the official Brexit campaign.

00:08:33.320 But Nigel, who lost the funding for the official, did the unofficial and drove people to want to get their country back and their sovereignty back on this issue of immigration and migration.

00:08:43.400 in remigration it's now reared its head where do we stand is and we're going to talk about

00:08:48.800 italy in a moment uh is the united kingdom a banana republic sir yeah pretty much um

00:08:57.800 but it's certainly on the way to being one and that's what really happens when you have jealousy

00:09:03.740 and bitterness at people's success as the prevailing philosophy of your government and

00:09:08.960 That's exactly what we've seen under the Keir Starmer government, not so much because of Keir Starmer himself, but because of Rachel Reeves, the Chancellor who's been Chancellor of the Exchequer, what we call Treasury Minister, Treasury Secretary, what Americans would call that.

00:09:24.620 They've been absolutely appalling.

00:09:27.100 I want so many things to bounce off what both the cold open, Steve, and what you also just said.

00:09:32.080 I am one of these people who voted Brexit specifically because of the sovereignty issues,

00:09:38.960 the idea that Britain, the history of Britain, the constitutional architecture dictated that

00:09:45.420 we ourselves via Parliament determined our own destiny.

00:09:49.500 And it was really, it was like a very ill-fitting saddle for us, for the UK being in the European

00:09:54.580 Union and having the laws of the European Union override British national, that, that 0.93

00:10:01.940 that there's a lot of people that that that concept was never acceptable to the immigration

00:10:08.160 issue as you point out I think is one that's not not only is it not going away it's the principal

00:10:14.680 reason I think that Nigel Farage did so well in the local government elections across the country

00:10:20.900 that he's just alluding to in May last month including in this very constituency of Makerfield

00:10:27.400 where Andy Burnham just got in with quite a substantial convincing majority.

00:10:32.260 So many things to say.

00:10:34.240 Let me just respond off what Nigel Farage said about calling for a general election.

00:10:42.360 There's something that he didn't say there, but it's implicit in what he said.

00:10:45.860 And I think this is the trend of dynamics moving forward.

00:10:48.440 He pointed out that Kemi Badenow, the leader of the Tory party,

00:10:52.160 has said that there is no need for a general election.

00:10:54.860 And constitutionally, that's absolutely true. But that's not why she's making that argument. She's making that argument because if anybody is terrified of Reform UK and Nigel Farage in the next general election, it's not so much Andy Burnham, who's the presumed incoming Prime Minister.

00:11:15.220 It's the Tory party, because that is the trend, that is the lesson that I have drawn from, in the space of a month, one result going in one way at the local government elections, and the month later at this national parliamentary election, a very different result in the same territory.

00:11:35.400 It's that people are sick to death of performative politicians.

00:11:41.520 They hated Keir Starmer. They hate the British Conservative Party.

00:11:45.560 Nigel Farage is something refreshing and different and authentic.

00:11:50.940 But when I say refreshing, different and authentic, I think a lot of people, especially in the industrial north, will also ascribe those attributes also to Andy Burnham.

00:12:02.400 burnham so the the threat i would suggest for the british establishment isn't so much in the

00:12:08.360 labor party they've got a good charismatic but but but hang on hang on slow down slow down slow

00:12:14.860 down the reason we started with this today is uh i want to connect some dots here the problem with

00:12:21.260 burnham and burnham's an upbeat guy he's you know the charismatic uh he'll be happy in his job not

00:12:28.480 tower like sir keir right uh he's got the kind of upbeat personality of nigel farage

00:12:34.500 um but the problem is the same problem the uh bernie sanders and the phony populist here the

00:12:41.100 mondamis they're they're not really populist nationalists because they're globalists burnham

00:12:46.880 can't the central beating heart of labor is to continue to flood the zone with foreigners i

00:12:53.300 think you've i think you've added 13 since the tories came to party and the tories are terrible 0.95

00:12:57.440 Don't get me wrong, but labor is five times worse, is to flood the zone with foreigners. 1.00

00:13:03.960 I think you've added in a nation of 80 million people, you've added 13 million foreigners. 1.00

00:13:08.220 This is why Nigel's issue is to unite the right.

00:13:11.880 He's got the Tommy Robinson more, what I would say, lad vote, right, which is actually, you know, and Nigel just came to do the remigration last summer. 0.56

00:13:24.320 He was pretty adamant about not touching that until, I think, forced to.

00:13:28.960 Your thoughts on that?

00:13:31.280 Look, I know we've got a break coming up, but I would push back slightly on this.

00:13:36.380 As I say, it's the same territory that's forced to separate.

00:13:42.860 When Ben says, I know we've got a break coming up, that's a message to Steve.

00:13:47.480 Let's talk about this in break.

00:13:49.960 We can show a unified front on the way out.

00:13:52.860 Hang on for a second, Ben.

00:13:53.840 I'm going to let you still get all the runway you need.

00:13:55.800 I know you and I don't agree with this.

00:13:58.100 Hey, more importantly, Nigel Farage and I don't agree on this either.

00:14:02.480 Nigel's pretty adamant.

00:14:03.540 Anyway, we're packed this morning.

00:14:06.580 A lot going on with D&I, Director of National Intelligence.

00:14:10.920 Brother Pulte's over there.

00:14:12.600 They're trying to dig him out.

00:14:14.280 I think a lot of explosive information's about to come out. 0.94

00:14:17.580 We got this quote-unquote deal, which I think now we're bound and determined to give the Persians $6 billion of cash money on pallets. 0.95

00:14:27.860 Maybe somebody can be talked out of that at the last second. 0.97

00:14:31.360 We're going to go through all of that.

00:14:32.540 Dr. Fauci, Miranda Devine did an amazing piece in the New York Post on the crimes of Fauci and why they're not being prosecuted.

00:14:39.080 But it speaks to a deeper issue.

00:14:40.460 the CCP, whether it's in data centers, which now the tech bros are all saying they're all

00:14:46.320 anti-CCP when it comes to their tech centers. Of course, they're the guys funding them nonstop.

00:14:52.320 We're going to get into all of it. Plus, Alan Greenspan dead at 100. David Malpass will be

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00:16:44.520 Okay, for full disclosure, I just told Ben during the break, Ben, say what you're going to say.

00:16:54.140 I know you don't agree with me. That's the fun of this show, and Nigel definitely doesn't agree

00:16:58.400 with me uh jim rick is also going to join us uh and jim's got a slightly different take on i i do

00:17:03.680 on the negotiations that's fine that's we provide the war and posse different a platform to hear

00:17:09.720 different voices different analysis and that's why you guys are such a strong political power

00:17:14.340 on the eve of the 10th anniversary this was about england getting its sovereignty back that's why

00:17:21.060 nigel farage if he was never become prime minister never do anything else in his life he'll be known

00:17:25.320 in British history as the man that single-handedly worked for 20 years, labored in the vineyards.

00:17:31.020 I would go to these things with Raheem would hook me up and go to with Nigel, I think in 2012,

00:17:36.880 2013, 2014, there would be 50 people in a room, 25 people in a room. He was like tea party

00:17:42.840 meetings. And Nigel was preaching the gospel of immigration and getting there and getting

00:17:48.460 your sovereignty back. That's still to me, when you look through everything, because you're not

00:17:52.520 going to change this is why it's brexit was inextricably linked to trump's victory in 2016

00:17:59.880 who said that stephen k bannon we had a whole team over it for months working on the brexit

00:18:06.220 situation with breitbart london run by wait for it rahim kassam who reported to me um and i said

00:18:13.320 that day that hey this shows you more than any that there's a tectonic plate shift in the way

00:18:19.580 working class people think and this is going to lead to a trump victory over hillary clinton i

00:18:25.140 think back in june after the primaries over i don't know trump was down six eight points got

00:18:29.420 down as low as i think 10 12 points when they had the situation with the muslim uh couple after the

00:18:35.220 democratic um uh convention and then stephen k bannon was hired as uh ceo um and bob's your uncle

00:18:44.220 the um so walk me through it what what is the issues today i think it ties directly to the

00:18:49.160 states because we're not we're not getting down and focusing on how these things are

00:18:54.220 inextricably linked particularly the deal in persia with the invasion we have here and we

00:18:59.000 have an invasion in this country we've got 20 million and we're not doing mass deportation

00:19:03.340 so we have 20 million illegal alien invaders here on from biden's watch but vino says we've got 0.90

00:19:09.100 another you know 50 or 60 or 70 or 80 million here on previous watches plus we got six to 10

00:19:15.360 million minimum here, I think, illegally, that are legal immigration. The British establishment

00:19:22.160 refuses not just to address it, they want it to continue. This is why the Tory party,

00:19:28.160 the home of the awfully awfullys, is absolutely in free fall. And the leader of the party doesn't

00:19:34.240 want a general election today because they would be swept in to the dustbin of history. And it's

00:19:39.220 quite ironic in the 250th year of our declaration of independence when we declared war we declared

00:19:47.580 war on the british empire and the crown uh because that's what it was declaration of independence was

00:19:52.700 a war document that started a what seven eight year you could actually say all the way to 1815

00:19:58.460 war against the british empire uh ben uh this to me is pretty uh cataclysmic because the labor

00:20:05.380 Party came in with a massive victory to thwart everything the Tories had done. Yet the central

00:20:11.080 issue of immigration, migration, and the country being overrun by invaders is still the central

00:20:17.900 ticking time bomb in the United Kingdom, sir. Well, let me give you my reading of this then,

00:20:24.220 Steve, and the importance of the switcheroo that the governing party has just performed,

00:20:29.680 or is in the process of performing, and to ask ourselves why they have done this,

00:20:34.660 because Keir Starmer did get a very good result

00:20:38.420 and I think it was July 20, 24,

00:20:40.960 two years ago at the last general election.

00:20:42.520 And it's this, because had they not have done this,

00:20:45.720 the writing was on the wall already three years

00:20:49.180 yet distant from the next general election

00:20:51.960 that not only were the Labour Party going to lose,

00:20:54.380 but that, and I would put money on this,

00:20:57.140 Nigel Farage would have been the prime minister

00:20:59.280 on the following day after the next general election.

00:21:01.680 And that's why the Labour Party, anticipating that, seeing the momentum have pulled the switcher as it is, I would suspect that the day after the next general election, Nigel Farage is going to be the leader of the opposition.

00:21:18.580 But here's the thing. And this is why politics is so interesting, because, you know, why do we find politics interesting?

00:21:26.080 It's not so much when political leaders do well or do what they're supposed to do.

00:21:30.700 It's more the enjoyment of watching, I don't know, the own goals, the missed opportunities, the unforced errors.

00:21:40.900 What I mean by that is that it is now Andy Burnham's to lose.

00:21:47.740 OK, he's got a huge spread of goodwill for him in the country right now.

00:21:53.560 and it comes back to the issue that you've just been talking about immigration which is not an

00:21:57.960 issue that's going away let us see whether he is prepared to repeat the same disastrous mistakes

00:22:05.080 as keir starmer hang on hang on this is like the democrat whoa whoa whoa this is like the

00:22:10.240 democratic party you're living in la la land these parties are united in the fact they're globalists

00:22:15.340 and they want they want to they want to destroy the central cultures they can talk all the working

00:22:19.980 class they want. They want to destroy the central underlying culture that does it. This is why

00:22:25.100 Mondami and these guys are open borders guys. Look at Mondami every day. Mondami is a Marxist

00:22:29.620 shihadist, the party that is the labor party. Labor right now, we couldn't even use the airfields

00:22:35.320 that we helped finance in England because he needed, Starmer needed six hours so that it was 0.90

00:22:41.620 his 50 Muslim, the 50 Muslim members of parliament would not throw him out of office then. That was

00:22:49.200 this threat. You can put a guy like Burnham in front, and he's going to be a much better salesman.

00:22:55.140 He's got energy. He's got the gift of gab. He's got charisma. He connects with people. All the

00:23:00.360 things Starmer, and quite frankly, the last three or four stiffs they had in the Tory party,

00:23:06.320 didn't do. So he comes across much more populace, but the center beating heart of it is the same

00:23:10.740 problem with the Democratic Party here. They can put Ossoff or Newsom or put any kind of,

00:23:15.060 you know more pleasant face on this thing the bottom line is they want the destruction of

00:23:20.160 america as it is and has been for the 250 years that it's been a constitutional republic am i am

00:23:26.020 i am i off on that sir

00:23:28.660 if nothing changes your conclusion is absolutely spot on if nothing changes if they can if they

00:23:38.200 if they are going to continue if they haven't correctly understood and done the calculation

00:23:42.660 at this point why

00:23:44.180 Sakhir Stalin

00:23:46.260 was forced to resign

00:23:48.700 and they

00:23:50.120 have not been able to

00:23:52.600 intuit the reasons of why

00:23:54.360 it is necessary for them to perform

00:23:56.600 the switcheroo, then exactly what you're saying

00:23:58.620 is going to cause, proceed

00:24:00.760 logically

00:24:01.540 as effects from that cause

00:24:04.120 I don't know whether that's the

00:24:06.560 case, I'm going to

00:24:08.580 be watching this

00:24:09.820 but the people of make failed themselves hang on hang on having just voted i just want to make sure

00:24:16.340 i want to make sure i understand this because now you're confusing me um parliament as it exists

00:24:23.700 commons as it exists even a lot of lords they put the people in there he may give some happy talk

00:24:29.820 right but they not simply think they're winning they know they're winning even with brexit

00:24:35.400 and the reason is you're right you brought in 13 million 13 million migrants in the last couple

00:24:44.460 of years and a nation that had what 70 million people at the time 80 million people they're

00:24:49.100 going to that that is their ticket this is what los angeles los angeles and new york and chicago

00:24:55.760 and seattle and portland are no different than what's happening in london this is why we went

00:25:00.400 to texas because london has fallen that mentality that mentality has to break these constitutional

00:25:08.020 republic has to break although you're a constitutional monarchy it has to break the

00:25:12.100 christian west the way they break the christian west is doing this this is one of the problems

00:25:16.240 i've got with whatever this deal we're talking about we're funding our enemies in this deal

00:25:21.360 because what happens in tehran is inextricably linked to what's happening uh north of dallas

00:25:26.800 texas with these huge mosques being built the one of the leading uh drivers of this are the

00:25:33.580 pakistanis who were using as intermediaries or the or the qataris who were using as intermediaries

00:25:38.580 they are not friends of this constitutional republic and that's why in england burnham is a

00:25:45.100 much more uh accessible personality but the core driving focus why would they change their winning

00:25:52.560 Why would they?

00:25:53.020 They got Nigel, and even Nigel doesn't want to go there until last summer.

00:25:57.400 You know this is something.

00:25:58.700 Nigel's not been a remigration guy.

00:26:01.060 Unless you do remigration, it's over.

00:26:04.280 It's just over. 1.00

00:26:06.040 You're not going to do it.

00:26:07.020 This is why the Tommy Robinson and the street lads that continue to build up momentum and power,

00:26:14.340 and that's one of the reasons they've got this guy, Lowe, who I don't think is a good guy,

00:26:17.920 started this other party, is putting pressure on.

00:26:20.480 They understand the beating heart of the problem.

00:26:22.960 It's not simply to get political power in commons.

00:26:26.000 It's to get to the heart of the matter, which Nigel did in Brexit.

00:26:30.380 But the British elites did not let him take all the things Nigel talked about in Brexit when we won 10 years ago.

00:26:37.300 They were never implemented, not just the business part of it, but more importantly, the migration part.

00:26:43.940 Under Boris Johnson, these phony Tories got worse, sir.

00:26:46.500 okay so you mentioned just now the actual issue here which was brexit okay that is the litmus test

00:26:56.380 to see whether your reading of this is correct or not because up until a month ago andy burnham

00:27:01.280 as mayor of greater manchester one of our great industrial cities up in the north of england he

00:27:06.960 his official position was to go back into um uh to take the uk back into um into the european union

00:27:14.460 If he walks away from that now, and his most recent statements have been to walk that back, that indicates perhaps he will lead a different type of government from the House of Commons.

00:27:30.420 because this is it if he if instead he pushes on that there'll be no nothing in the country more

00:27:36.380 to deflate the balloon of the goodwill that is behind him right now and push all of that support

00:27:42.260 very firmly back into the direction nigel farage and reform it's the brexit okay his talk on that

00:27:51.720 is just purely perfunctory he's a bit of all those guys but by definition they have to get

00:27:56.980 united back with their globalist partners and Europe. Hang on a second, Ben. I haven't finished

00:28:03.320 beating up on you yet. Ben's going to say we're going to do more England. Rickard's going to join

00:28:07.880 us. Malpass is going to join us. We're going to talk about Greenspan, what he meant for the country,

00:28:11.860 what we're living through because of Greenspan. We're going to talk about the deal. We've got

00:28:17.980 so much going on. We are packed on a Monday morning. Birchgold, take your phone out. Text

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00:30:07.720 Here's your host, Stephen K. Bannon.

00:30:12.980 Ben, there's been some, the folks in the FT are giving their warnings.

00:30:18.380 Why do you say that's important about Burnham?

00:30:21.100 Well, you know, I think Denver might be popping up something on the screen as we talk about the Guardian.

00:30:25.960 And this is the fear that the British media have been putting out about Andy Burnham before he won the by-election,

00:30:34.380 that an incoming Burnham prime ministership would not be good for the UK

00:30:39.100 because of the jittery nervousness that the bond markets are having.

00:30:43.760 This is the narrative, right, in response to that possibility.

00:30:48.320 The point I'm saying this, Steve, is that you know

00:30:51.340 that the British establishment is fearful of an outsider.

00:30:54.800 No, you know that a political establishment in any country

00:30:59.060 is fearful about an outsider that they don't think

00:31:02.800 they're going to be able to control.

00:31:04.380 when they start playing the jittery bond market card.

00:31:07.660 And I'm just putting that out there.

00:31:09.620 I don't know if I would necessarily,

00:31:11.880 I wouldn't put Andy Burnham in the same category

00:31:16.580 of this succession of Daleks that the UK has produced.

00:31:21.760 I don't, you know, I have absolutely no idea

00:31:24.260 whether he's going to pivot now and betray his base and the people.

00:31:28.260 And then that would force, obviously, the momentum towards reform.

00:31:32.240 We'll wait and see.

00:31:32.860 But when I see the UK media playing that card, you know, we can't have Andy Burnham because the bond markets don't like it.

00:31:39.140 It's going to be a rerun of Liz's trust.

00:31:41.340 You know that they are confronting something that they don't.

00:31:43.780 Well, that may also be the sense that he got a little wobbly on Brexit a month ago because he knew this day was coming.

00:31:50.400 And now, of course, the bond market is there when you reunite.

00:31:53.480 OK, I'm going to let you go to your corner and get your cut man working on you.

00:31:57.220 You stick around, sir.

00:31:59.900 we're getting more to this and and our favorite maloney took took a beating from trump over the

00:32:06.120 weekend we'll get to all that italian why it's important to the united states um jim rickards

00:32:11.300 got you in malpass first off give me your thoughts 100 uh 100 years old uh greenspan passed away

00:32:18.200 this morning alan greenspan in the uh uh as the most powerful central banker i think maybe in

00:32:25.400 history, at least in the 20th and the latter part of the 20th and early 21st century?

00:32:29.820 Your thoughts, sir?

00:32:31.940 Yeah, I think it's a fair description of Greenspan.

00:32:34.380 I always kind of liked him.

00:32:36.080 He's, you know, met him much or twice, you know, highly intelligent, kind of knew what

00:32:40.060 he was doing.

00:32:40.520 But he was amazingly candid about what I would call the irrelevance of the Fed.

00:32:46.860 Now, he's, you know, the maestro, greatest central banker, probably right.

00:32:51.520 You know, the world hangs on every word that comes out of the Fed.

00:32:54.660 But Greenspan said decades ago that we, at the Fed, we really don't know what money is anymore.

00:33:01.560 They have M1, M2, M0, M3, et cetera.

00:33:05.620 They have four definitions inside the Fed, not to mention today.

00:33:09.600 But didn't, I got Harnwell and Ricketts, two of my favorite people.

00:33:14.280 I got to go at them on a morning.

00:33:15.860 But he's the author.

00:33:17.320 I did Generation Zero and the Central Beating Heart, a Generation Zero film I made that's still relevant today if you watched it.

00:33:24.260 Made it, what, 15 years ago, 16 years ago, about the 08.

00:33:27.680 The Greenspan put, he basically helped turn Wall Street into a casino because the traders realized that they could, the traders realized he would bail them out with rate cuts, right, and expansion of money supply, sir?

00:33:40.660 Yeah, well, I negotiated the bailout of long-term capital management in 1998.

00:33:44.360 We were hours away from shutting every market in the world.

00:33:47.800 And Greenspan didn't cut interest rates because he could see the bailout coming.

00:33:51.820 as soon as the bailout got done, $4 billion, all cash, no due diligence. We were up for five days,

00:33:58.580 practically no sleep to get it done. But as soon as it was done, he cut interest rates.

00:34:03.340 And then actually, the panic continued. It wasn't over. With the new $4 billion,

00:34:08.520 we started losing. We lost another $500 million in the first couple of days. That was after

00:34:12.520 Wall Street took over the balance sheet. And Greenspan had an emergency meeting and cut them

00:34:17.320 again. And at that point, the fire was out, and it just took a year to unwind. My point is, yeah,

00:34:22.160 Greenspan put was real, but that's carried over into the Bernanke put, the Yellen put,

00:34:26.480 the Powell put. We'll see how Kevin Worshaw feels about it. But yeah, one of my theses is that

00:34:33.800 every crisis gets bigger. The Fed bails them out. I mean, just look at Silicon Valley Bank. That was

00:34:38.380 2023. It wasn't that long ago. But there will come a time when the crisis is bigger than the Fed.

00:34:45.580 And I think we're getting close to that point.

00:34:47.320 So it's sort of a dead end.

00:34:48.780 Might have been better just to let things fall apart at some point.

00:34:52.220 The highly leveraged bet on AI.

00:34:54.160 Hang on for one second, Jim.

00:34:56.200 I'm going to come right back to you to talk about this deal and what it all means.

00:35:00.140 Malpass, you've had to live through this.

00:35:02.340 Your thoughts on Alan Greenspan, sir?

00:35:05.520 Hi, Steve.

00:35:06.420 Well, I was there in 87 when the transition came from Volcker.

00:35:09.900 So one thing that strikes me is just how much change has come at the Fed.

00:35:14.120 And a lot of it is just plain growth. The Fed extended itself into regulatory policy. Now it has a huge balance sheet. It changed over the years the way it sets interest rates.

00:35:26.020 So one lesson, I think, from where we are today is that there was a huge amount of judgment that Greenspan put into setting the interest rates.

00:35:37.240 He also had really good timing.

00:35:39.420 For example, the maestro, that book you just mentioned, came out just before the crash of the dot com.

00:35:45.480 So they were calling him the maestro.

00:35:47.800 And then the whole Nasdaq bubble really crashed deeply just after that.

00:35:53.220 So good timing.

00:35:54.180 He left before the 08 financial crisis.

00:35:58.460 He left in 07, but maybe allowed some of the groundwork to set up.

00:36:03.520 So my bottom line on this is he's renowned and should be for good judgment through five

00:36:11.860 terms, long terms, but didn't leave us with a foundation for the Fed of sound money.

00:36:20.100 how did we get we're in the 250th anniversary of our constitutional republic the way the framers

00:36:26.820 you know the revolutionary generation then the framers came in right afterwards how did we get

00:36:32.340 into a situation malpass that's not foreseen in the constitution or even their concept in fact it

00:36:38.860 was a anti-concept of how a central bank in a supreme court because remember people sit there

00:36:45.940 and we do it we're outside the supreme court we're waiting for these we're waiting for these

00:36:50.020 rulings of the Supreme Court with this kind of judicial supremacy we've given. The same thing

00:36:54.740 with the Central Bank. Now, it's not quite as bad, although we cover it nonstop, talk about it

00:37:01.900 nonstop, as in Greenspan. Greenspan, it was an obsession. I mean, it was like the British

00:37:07.040 Chancellor of the Exchequer leaving with the red box, right? Wall Street and particularly CNBC and

00:37:14.100 the other, you know, nascent television business channels were obsessed with this. How do we get

00:37:20.460 into a situation where a central banker and the chief justice of the Supreme Court became more

00:37:25.980 powerful than the legislative branch, both houses of Congress, and even the executive branch,

00:37:31.100 the presidency, sir? That's a great question. You know, the president carries or his staff

00:37:37.300 carries the football, which has the nuclear codes in, and Greenspan carried his briefcase, which

00:37:42.500 carried the data that ran the world because he was looking at freight car loadings, you know,

00:37:49.400 how much the real economy was growing, and then using his judgment on how to set interest rates.

00:37:56.780 So how did we get there? I think in the Constitution, for one, the whole world had

00:38:02.180 always been on a hard money standard, either gold or silver or shells on the beach. And that

00:38:11.080 they didn't really think in terms of there being a central bank of the United States.

00:38:16.360 One other thing from those days, they didn't have any concept that they were creating a

00:38:21.600 government that could borrow trillions of dollars, or now we're at $40 trillion. So they were hopeful

00:38:28.020 of borrowing $1 million. And so they didn't put in a size of government limit. So that allowed

00:38:36.920 all of this growth of government. We still have no boundaries on size of government or size of

00:38:43.420 the Federal Reserve. So I think that's one of the legacies of Greenspan is he made it popular and

00:38:50.280 he popularized it to the point where it's grown way beyond its ability to do its mission. So we

00:38:58.240 have to look at these task forces that they're setting out on now and think about whether those

00:39:06.200 can accomplish really sweeping changes that are needed in economics to make this work better.

00:39:13.660 You know, I've laid out those changes that we need to have a sound money foundation for

00:39:18.720 monetary policy.

00:39:19.860 That was the way it was in the Constitution, and we've lost that over the years, and now

00:39:26.380 we have the dollar flowing wildly over a few times.

00:39:29.760 What do you mean, walk people through, how is that hardwired into the Constitution?

00:39:36.200 In the Constitution, they said it was Congress that sets the weights, the value of weights and

00:39:42.740 measures. That's a provision, Article 1, Section 8. And so that literally meant that Congress would

00:39:51.360 regulate what a piece of eight was that was a part of a Spanish silver coin. And that would

00:39:59.120 give you a foundation for value for farmers and for people doing trade. And England, of course,

00:40:06.680 you know, during the war, just choked off the U.S. by not the colonies, by not allowing them

00:40:16.080 to have enough real money. So those problems are still with us today. We, you know, the gold

00:40:23.360 standard extended all the way to 1971, and then has never really been replaced with a concept.

00:40:29.720 How do you run trillions, hundreds of trillions of dollars of transactions without having some

00:40:36.940 kind of framework for whether you want it to be stable? China does it differently. They actually

00:40:43.460 have an official policy of a strong and stable yuan, and that has allowed them to expand their

00:40:50.020 use of their currency radically, which I think is dangerous to us. Yes, this is the end of the

00:40:58.140 dollar empire. They lead the BRICS nations. But one of the reasons they can do that is they have

00:41:03.000 no social safety net, right? In China, it's devil catch the hindmost. So they have huge 0.90

00:41:08.980 military spending, but they don't have any social spending. David Baupass.

00:41:14.020 That's true. But I really want to say it depends also on what your government says at once.

00:41:19.540 So in their case, they, for four leaders, have said explicitly that they want the yuan to be

00:41:26.660 stable so that people will use it. And that was, you know, embedded really in the constitution,

00:41:33.080 that concept. So as we look now, Greenspan started out as a sound money guy. He used to write books

00:41:40.060 about the importance of sound money. But then as Fed chairman, he allowed different models to be

00:41:45.800 used. So that's where we stand today. And I think it's a productive moment in history right now

00:41:51.720 to say, what do we want a central bank to do with relationship to the money?

00:41:58.840 That's what everybody cares about around the world.

00:42:01.180 Since the Fed is supposed to be, quote unquote, independent, how do the people,

00:42:06.600 how does the MAGA movement, how does the president even get into the ear of Kevin Warsh to say we

00:42:12.400 need these fundamental changes? Does this have to come through Senate Banking Committee? I mean,

00:42:15.800 Are there places on the Hill that could do this?

00:42:18.680 Or is this something you just got to get washed, have a cup of coffee and say, hey, here's what we're thinking?

00:42:24.260 Congress hasn't been very effective with commissions.

00:42:27.280 You know, Greenspan did one in 1982 that raised the retirement age and taxes on Social Security.

00:42:34.460 And so it was a success.

00:42:36.140 It called a success at that moment.

00:42:38.580 But since then, not many have worked.

00:42:40.700 So we've got the Fed totally tangled up with fiscal policy.

00:42:44.040 So I'm not sure Congress is a very good arbiter of this. The Constitution is clear that there's supposed to be stability in this. And so I think the Fed needs to read the words price stability and realize that that means money has to be stable.

00:43:01.900 You can't get price stability without stability of the value of money.

00:43:07.480 So if they do that, that's all they have to do.

00:43:10.360 That would be a giant change in the academic economics and would lead in the right direction.

00:43:19.380 David, where do people go?

00:43:20.300 You're writing for the Wall Street Journal all the time on the editorial page, op-ed page.

00:43:23.600 Where do people go, sir?

00:43:25.340 Thanks.

00:43:25.860 David, our mail pass on Zoom.

00:43:29.200 Fantastic.

00:43:30.000 Appreciate you, sir.

00:43:31.900 even malpass putting up great content over at the wall street journal some of the best stuff on their

00:43:37.180 uh op-ed page of course the other stuff they put up we don't agree with a lot end of the dollar

00:43:42.860 empire that conversation right there this reason six years ago we started putting out free installments

00:43:48.860 birchgold.com slash bannon end of the dollar empire explains it all to you from the beginning

00:43:54.940 of this republic up to the current time talk to philip patrick and the team about what it all

00:44:00.860 means for your financial stability. Short commercial break. Do you owe back taxes or

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00:45:49.480 and tell them bannon sent you don't let the irs be the first to act take advantage of first mover

00:45:56.920 advantage you move war room here's your host stephen k bann

00:46:03.200 tonight at uh tonight in the evening show we are going to discuss uh obama's library not

00:46:11.280 the architecture design and all that we may touch on that but there's a big problem there

00:46:16.580 with access to certain papers that should have public access to.

00:46:21.500 And the big question is why don't we, like other presidential libraries,

00:46:25.700 not that Obama and his crew be hiding anything, far, far be it from that.

00:46:30.480 Jim Rickards, your thoughts right there on Greenspan and fiat currency,

00:46:35.200 the purchase price of the dollar is dropped.

00:46:38.040 We've had this great analysis about devaluation since Biden came into office

00:46:42.680 with massive spending, 50%, but I think it's decreased 90% plus since we went off the gold

00:46:49.360 standard. Your thoughts, sir? Yeah, I agree with what David Malpass said. I'll just drop two quick

00:46:55.400 footnotes, Steve. From 1836 to 1913, the United States did not have a central bank, period. It

00:47:01.460 didn't have one. It was one of the greatest periods of innovation, technology, expansion,

00:47:06.100 um rising living standards indoor plumbing etc in the history of the world and we had no central

00:47:13.360 banks so if anyone says you need a central bank history says otherwise number two you asked where

00:47:18.460 did the fed come from how did we get that not in the constitution that's right uh the short answer

00:47:23.400 is it was the panic of 1907 now that was a um typical bank run type of thing but it was much

00:47:29.600 worse that was solved by pierpont morgan and what he did he got all the top bankers in a room he

00:47:34.640 Locked him in his library, actually.

00:47:35.820 He said, you're not leaving until you come up with a deal.

00:47:37.700 But he sent Benjamin Strong out to look at the books of all the major banks.

00:47:41.780 And they did triage.

00:47:43.040 They said, certain banks are actually fine.

00:47:44.560 There's a panic going on, but these banks are fine.

00:47:46.580 Other banks were solvent but illiquid, meaning the balance sheet was OK, but they were running

00:47:51.500 out of cash.

00:47:52.400 And there was a third category who were insolvent.

00:47:54.500 They were just gondlers.

00:47:55.460 And what Morgan said was, OK, the healthy banks will lend to the illiquid banks because

00:48:00.440 they just need cash.

00:48:01.700 The insolvent ones are going to fail.

00:48:03.240 End of story.

00:48:03.840 And that's what they did.

00:48:05.040 And it worked.

00:48:05.880 The problem was, in the immediate aftermath of that, the Morgan interest, the Rockefeller

00:48:09.960 interest, and other, basically, the people around the country, said, Pierpont's not going

00:48:17.340 to live forever.

00:48:18.060 And what happens when this happens again?

00:48:19.760 We need a lender of last resort.

00:48:22.120 And that's what the Fed was designed to do.

00:48:24.000 But a lender of last resort is not a bad idea.

00:48:27.320 And that's how the Fed was set up.

00:48:28.820 But it has, let's say any bureaucracy, it has morphed into something unrecognizable.

00:48:34.600 Humphrey Hawkins Act of, I think it was 1977, maybe 79, said the Fed had to deal with unemployment in addition to price stability.

00:48:42.700 Those two are not correlated.

00:48:44.320 The two tests are inconsistent.

00:48:46.520 They've added bank regulation, bank holding company.

00:48:48.680 They turned Morgan Stanley and Goldman Sachs into banks.

00:48:51.220 So now the Fed is a very powerful regulatory institution.

00:48:55.200 Hang on, hang on, hang on, slow, slow down, slow down.

00:48:57.980 But they turned Goldman Sachs and J.P. Moore, they turned them into Morgan Stanley.

00:49:05.140 They turned investment banks into bank holding companies, a stroke of a pen, to save them from collapse in the 2008 crisis.

00:49:11.040 The biggest scam.

00:49:11.980 This audience took it in the shorts.

00:49:14.540 The partners at Goldman Sachs and at Morgan Stanley, the elites, the elites on Wall Street, were bailed out by the Fed with a one line from Hank Paulson.

00:49:22.980 It says, I'm now a bank holding company.

00:49:24.740 I can borrow at the Fed window for essentially zero.

00:49:27.980 lend it to my high net worth clients for, I don't know, 300 basis, you know, three or 4%,

00:49:33.140 and I keep the spread. That saved those banks from the natural bankruptcy they should have gone

00:49:38.600 through, given what they did to drive the financial crisis, correct? This is the problem

00:49:43.440 with the Fed. Arbitrarily, Chris Leonard, his book, which I always recommend, The Lords of

00:49:49.200 Easy Money, during the financial crisis, because the minutes of the Fed are kept in high security

00:49:55.360 for 10 years you can't see him once he was released he went back through the minutes

00:49:59.740 and it's outrageous what the fed did the fed essentially bailed out the elites of this

00:50:04.840 country the elite financial institutions the law firms they kind of everybody associated with the

00:50:09.720 financial collapse on the shoulders of the working class of this nation sir that's that's exactly

00:50:15.500 right and i was general counsel of a bank holding company we did applications uh i had we we were

00:50:21.440 owned by a Japanese bank, the firm I worked for at the time. We had applications. If the Fed didn't

00:50:26.500 like what you were trying to do, or you thought they were going too fast or whatever, they were

00:50:30.560 supposed to do these things in 45 days. They took two years, two years on one of my applications.

00:50:35.340 They converted Morgan Stanley and Goldman Sachs in two days. It was a couple of phone calls.

00:50:39.440 So they can do what they want when they feel like it. And you're right. Now they've got their

00:50:43.560 finger in every pie, so to speak. They're pretty much incompetent, by the way. The Fed staff has 0.98

00:50:49.500 It's the worst forecasting record I can think of.

00:50:51.880 The so-called dots are a joke.

00:50:53.080 I think Walsh will get rid of them.

00:50:54.460 I mean, Walsh is a breath of pressure.

00:50:56.040 OK, so you made this should be one of the predicates for the future of MAGA going forward and more nationalism.

00:51:02.720 You just made the statement from 1836 when Andrew Jackson took down the Bank of the United States and 1913 had the greatest run.

00:51:11.840 Now, it coincided with the Industrial Revolution coming to the United States with the greatest run of a prosperity of any folks in the world, in American citizens in this country, with not just no central bank, I mean political parties that were absolutely dead set on any investment bank.

00:51:29.200 Even in the panic of 1873 after the Civil War, it came up again and they beat it down.

00:51:35.140 Why don't we go?

00:51:36.220 Why do we even need a Fed?

00:51:37.520 Why are we not taking a part?

00:51:38.860 First off, if we audited it, it would be over in a second because you'd see all the scams they were running.

00:51:44.360 But why do we allow the Fed, and not just that, the New York Fed, which is the biggest trading desk in the world and basically controls markets, sir?

00:51:52.840 That's right.

00:51:53.520 And how do we build a transcontinental railroad?

00:51:55.500 How did Edison wire the country for electricity?

00:51:58.160 How did Bell invent the telephone?

00:51:59.640 How did we do all that without the Fed?

00:52:00.880 Well, we did it because we're Americans.

00:52:03.240 And by the way, Krugman likes to, Paul Krugman likes to point to the panelists, and you mentioned some of them.

00:52:08.320 And there were panics, 1873, 1893, et cetera, when there was no Fed.

00:52:14.100 They said, well, that's why we need a Fed.

00:52:15.160 I'm sorry.

00:52:15.820 We've had a lot of panics with the Fed.

00:52:18.100 In 1987, Dow Jones crashed 22% in one day.

00:52:21.500 That would be like 10,000 points or 15,000 points by today's standards.

00:52:26.360 In 2001, dot-com crashed.

00:52:27.880 NASDAQ crashed 80%.

00:52:29.160 2008, Bear Stearns said, we know Lehman, we know what happened.

00:52:32.380 So the answer is there's no correlation. 0.95

00:52:34.560 Panics happen.

00:52:35.600 They're going to keep happening.

00:52:36.660 It's human nature.

00:52:37.380 but the fed has nothing to do with it so that's not a reason not to get rid of the fed knows we

00:52:42.840 should get rid of the fed in my view well i think actually they exacerbate i would make the case

00:52:48.620 that the casino mentality and nothing could be looked at the more of the casino mentality

00:52:53.260 than the space spacex public offer i think the average purchaser i think was official as of this

00:53:00.160 morning with a bell run. The average purchaser of SpaceX was underwater, right? This thing was a

00:53:08.140 scam put together by Goldman Sachs. Like I said, when I was at Goldman Sachs, if you had had

00:53:12.620 anything to do with that prospectus and came up to the partners back then, it was joint and

00:53:16.660 several liability on underwraiths and they were an equity house, they wouldn't let you go to your

00:53:22.340 desk and clean it out. You would have just been walked out of the building. What in the hell are

00:53:26.820 You're doing it.

00:53:27.280 Who is this guy, Elon Musk?

00:53:28.620 No, we're not doing this.

00:53:30.060 We may do a deal, but we're not going to do it at this valuation,

00:53:33.440 and we're not going to do it under these terms.

00:53:35.120 Anyway, Rick, let's hang on.

00:53:36.080 We've got to talk about deals.

00:53:38.460 We're going to get to that.

00:53:39.280 Sam Faddis is also going to join us.

00:53:41.520 Things we have to do with the Chinese Communist Party. 0.99

00:53:43.900 Number one is hold Fauci accountable for the bioweapon. 0.99

00:53:49.640 Brandon Devine's got a great piece.

00:53:50.940 Sam Faddis here, former CIA, to break it all down for us.

00:53:54.200 The second hour of the War Room is upon us.

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Bannon's War Room - June 22, 2026

Episode 5461： Keir Starmer Steps Down As Populism Rises In London

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