00:00:08.440At the time, much of the world still lived under the post-Cold War order,
00:00:12.660globalized, opened, and governed by shared rules.
00:00:15.860When Brexit's Leave campaign promised to take back control,
00:00:20.260for millions that slogan answered a growing unease
00:00:23.260about where that open world was headed.
00:00:25.840They wanted tighter borders and to reclaim an eroding sense of national sovereignty.
00:00:32.420In addition, Brexit's leading advocates saw another opportunity to remake Britain as Singapore on Thames.
00:00:40.040This was a vision of a buccaneering, deregulated, low-tax competitor right on Europe's doorstep,
00:00:46.280which would strike great trade deals with the wider world and in particular with the United States.
00:00:52.260But a decade on, that order has come apart.
00:00:55.840The U.S. elected Donald Trump just months after the referendum.
00:01:00.660Brexit supporters who cheered his victory as vindication found an uncertain world of trade barriers and a weaker transatlantic alliance.
00:01:10.240Even Singapore, Britain's supposed model, has warned that this new era would be very hostile for punchy economies built on openness to global trade.
00:01:19.720And in any case, Britain never built that nimble Singaporean-style economy.
00:01:24.980Boris Johnson governed as a big spender
00:01:27.120who briefly pushed the country to its highest tax burden
00:02:50.520less likely to have a college degree, and driven above all by cultural anxiety over issues like0.52
00:02:57.200immigration and race. The lesson of the past decade is that there are no clean exits and
00:03:03.460no clean returns either. As Martin Wolf of the FT argues, a reversal of Brexit would be unrealistic
00:03:10.320and, he argues, unnecessary. He advocates for a third way, modeled on Switzerland.
00:03:16.400It would not involve EU membership, but rather a patchwork of treaties to align closely with
00:03:22.760the bloc on trade, education, science and security. This is far from perfect. Britain would become a
00:03:30.100rule taker in Europe rather than a rule maker. But with the promised rewards of going it alone
00:03:36.420still nowhere to be seen, it may be a move worth making.
00:03:40.520You guys start a war that nobody can save you on this earth. Nobody. You can join force with America. You can join force with NATO. You can join force with the whole Germany. And nobody is going to save you guys.
00:03:55.140trust me nobody gonna save you guys they can put you on the middle of these with
00:04:01.400RPG AK-47 they surround you more than 200 billion soldiers and you are on the middle
00:05:36.600But Brexit, through Boris Johnson and trust the entire crowd, the central reason that the British voted for Brexit was not simply the rules and regulations coming out of Brussels.
00:05:53.480Nigel Farage ran the unofficial campaign.
00:05:55.760What you did is you had kind of a bake-off to see who would get money from the government to run the pro-Brexit and anti-Brexit campaign.
00:06:03.500I mean, Boris Johnson won that, and his was all about these regulations and governance from Brussels and Davos, all that, which was very important and struck a chord with the British people.0.98
00:06:13.080But the central issue was unchecked immigration, that to get your sovereignty back, you had to actually define who was a citizen and who was not, and you couldn't continue to allow all of these non-citizens to come in and flood the country.0.98
00:06:30.720I think, I believe, under the Tory rule, at least from Boris Johnson off of Brexit, I still think there's like 8 or 9 million, 13 million overall for what the Tories did.0.99
00:06:43.020But I believe it's 8, 9, 10 million of that have come since Brexit.
00:06:50.120That's the last valedictorian we had right there was telling you it doesn't matter.
00:06:55.600It doesn't matter if you close your borders, doesn't matter if you do, if you limit migration, doesn't matter if you start.
00:07:00.720re-migration, which we call mass deportations, that the battle's already lost, the war's already0.73
00:07:08.200lost because you've already allowed too many of the valedictorians into the country? Why is0.83
00:07:15.240Nigel Farage sit there and they trash Brexit? Brexit has not been implemented, but put it in
00:07:20.060historical context. We are, what, 11 days away, and we're going to have a big run-up here on
00:07:26.200War Room and Real America's Voice for the commemoration and celebration around the 250th
00:07:32.300signing of the Declaration of Independence. But the signing of the Declaration of Independence,
00:07:37.020we declared we were independent. We had to fight for that. Then you had a very long
00:07:42.580war of independence, of which we won because we wouldn't quit. Then you had the building of the
00:07:49.340nation, the constitutional conveyor. We tried it with the Articles of Confederation. It didn't work.
00:07:56.200So we then had the Constitutional Convention, had the Constitution, jammed it home, tried to build as a nation.
00:08:04.440The British relentlessly, relentlessly didn't believe that they had really lost the American colonies.
00:08:14.220The War of 1812, and I say, and Rahim Kassam supports me on this, the revolution in that period didn't end until the early days of January in 1815.
00:08:24.960when General Jackson and kind of a ragtag army was put together down in New Orleans
00:08:31.660and it gave a massive defeat to part of Wellington's,
00:08:36.540best part of Wellington's army from the peninsula campaign against Napoleon.
00:08:42.860A army that I might add defeated Napoleon, I believe, in June of that year.
00:08:49.460So we had a long time to implement our Brexit.
00:12:26.800Why is President Trump going up to Capitol Hill to talk to the to the senators for this
00:12:32.240conference the senate the republican conference that say hey we've got to do this so we're not
00:12:36.620going to have a country in addition you've got all these massive issues massive issues right now
00:12:42.720before us on artificial intelligence and they're getting more and more dangerous
00:12:46.060every day and the stakes are getting higher on the economy every day
00:12:51.220now as you see you know we don't tell you what stocks to pick and what stocks to stay away from
00:12:57.060But I haven't seen the opening market this morning, but the world's biggest IPO has lost, I think, 20% in value in the last, I don't know, 30 hours as it comes unraveling.
00:13:10.840Stock markets down on tech sectors, they now realize, guess what?
00:13:15.060SpaceX comes back and says, hey, I think I need $80 billion worth of debt.
00:13:19.380I'm going to do it in sequences of $20 billion in tranches.
00:13:23.860I believe that came as a surprise somewhat, particularly to some of the retail investors that got it in at the end.
00:13:33.880And the reason is the established order wants to implement the highly leveraged bet as a country and with these companies, the highly leveraged bet on artificial intelligence.
00:13:43.860intelligence that's given a concentration of power, this kind of techno-feudalism that is
00:13:50.760rapidly replacing the constitutional republic set up by a revolutionary generation that declared
00:13:59.400war on the British crown and the British East India Company 250 years ago. Brexit has not been
00:14:07.400implemented, you know, has not been implemented because the established order in the city of
00:14:12.480London and the British ruling class did not want it and still don't want it. The MAGA nationalist
00:14:20.520populist agenda has not been implemented in the United States fully because they fought President
00:14:26.040Trump every step of the way. And don't think that these House members and Senate members,
00:14:32.700as soon as President Trump's gone, don't say, oh, my gosh, we really got to implement this
00:14:37.200program now they're waiting for him to go and in fact the senate right now is trying to show him
00:14:43.120the door okay short commercial break we're gonna break all of this down including new updates about
00:14:49.080the chinese communist party and the threats to the united states of america all next in the war room
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00:17:47.580if Grace and Moe and Elizabeth can push this out,
00:17:52.160I think it's very important to read in,
00:17:54.180brexit was a predicate to president trump's win in 2016 remember tonight the victory is
00:18:02.260clear tomorrow was the celebration uh as i said over and over again on the radio show at the time
00:18:07.860this will lead to this shows you there's a tectonic plate shift and
00:18:11.800donald trump's gonna you know at that time they had not had the convention um
00:18:17.220crews and these guys are still trying to fight a rear guard action even president trump getting
00:18:21.900the nomination although he clearly won in the primaries but i said he won that and also um
00:18:28.500he will win uh in the fall against hillary clinton and he did um but you see put it in put it in
00:18:36.660perspective of the plan that has not been implemented he's been held up by the republican
00:18:43.500party still the republican party and i say if they've got an answer let's see that let's see
00:18:48.060the answer. They're controlled opposition right now. You ask why the country is in such terrible
00:18:52.580shape, horrible shape. We were so close to losing the country back then when President Trump stepped
00:18:58.580in. It's because the Republican Party had been controlled opposition to the big government,
00:19:07.020progressive Democrats. It wasn't a fight. It was a pillow fight. And the financial situation,
00:19:12.360I think, is getting worse and worse and worse. Let's get bowling in here. We're going to talk
00:19:15.680So the president came out this morning, if we can get that true social, he put some more details on what they're negotiating, which I think is necessary because people need to understand the – we have a very strong economic warfare structure in place.
00:19:54.860Now, I understand they have given them a license for August to start selling oil.
00:20:00.560Now, supposedly the 60-day period's over and we have a signed deal.
00:20:06.420Until it's a signed deal and it's implemented, no way would I ever take those off.
00:20:09.960Once you start taking those off, the architecture of that, particularly with partners like France and the United Kingdom, who will backdoor you in a New York second, you have to be very careful about that.
00:20:21.860But they have the money that we have, the $100 billion in various financial institutions around the world, $50 billion, let's say, controlled or quasi-controlled by the United States, $24 billion definitely controlled.
00:20:34.520The $6 billion, which, you know, over the weekend we were going crazy.
00:20:38.900You can't send pallets of cash to them.
00:20:40.280It is going to – it looks like now if it happens into an escrow account only to buy U.S. foodstuffs to – but I don't understand the logic of feeding a starving population.
00:20:52.760The more they starve, the more they're going to overthrow the theocracy.
00:20:57.440I understand that's a – you know, gosh, that's a cruel thing to say, Steve.
00:21:00.760Look, did you look at Japan in World War II?
00:21:04.120Did you look at Germany in World War II after what they did to the world?0.99
00:22:19.540I'll just tell you, Steve, that's not a record.
00:22:21.940We were transiting 21 million barrels a day on average through the strait.
00:22:27.120I watched these tanker traffics to the vessel traffics, uh, numbers that get posted.
00:22:32.020The highest it's gotten to that I've seen is 54.
00:22:35.300We saw 54 vessels remember in and out that's total.
00:22:39.600So at the peak, when, when things were moving, 21 million barrels were moving through there a day.
00:22:45.800There's about 140, 150 vessels per day moving through there, 75 in 75 out.
00:22:50.860So it's probably he's being told a number that he's – it may be that since they started this conflict, absolutely, but the number can't be a record.
00:23:02.360I don't want to split hairs here, but the oil market cares about every single barrel that's being actually transited or ones that are talked about.
00:23:09.900Reuters said Trump said it, and that's where everyone's saying, oh, there must be 19 million barrels that flow through, and that must be a record.
00:23:15.800None of those are true. Trump did say it, but that's number one, I'm confirmed about the 19. The number 219 doesn't come close to a record. Who cares? A lot of people do care about that. Otherwise, oil, I think, would be even lower. I think they're taking a breath. The traders are taking a breath right now. And you're seeing a major, major meltdown in the technology stocks, mostly through the AI-driven stocks that really kind of –
00:23:41.800But hang on, before we get to that, I want to go back.
00:24:01.360That's still nowhere near the 140, 150 that would take, or 75, let's say half of them, 75 coming out.
00:24:08.580You're two-thirds of what a normal day was.
00:24:10.780isn't the issue uh to that um not so much even related to navy escorts or destroyer escorts
00:24:18.180but really the insurance market and what's going to happen here i think you're the one that told
00:24:23.100me the war risk premium mary's cortez the war risk premium on insurance vessels still very high
00:24:29.340yeah so we don't it's really who come who drops oil and comes back right we gotta who makes the
00:24:36.340return trip empty to fill up again? That's going to be where the rubber meets the road?
00:24:43.060Yeah, it was 800% normal. Most of the time throughout the whole conflict, it dropped to
00:24:49.280150% the day President Trump announced that it's all clear in the Strait of Hormuz. It's back up
00:24:55.320to about 390% of normal. So the worst premiums and the insurance premiums are still substantially
00:25:01.160higher. It doesn't mean it's not going to go away. It doesn't mean that oil won't eventually
00:25:05.480come out of the straight, but I think the important part here is, what are the Iranians0.94
00:25:09.520going to do, Steve? This whole thing is predicated on the Iranians holding their end of the bargain.0.86
00:25:13.260They've never done it. I've been doing this for 40 years following geopolitical0.94
00:25:17.720oil and movements and promises. They've lied
00:25:21.180consistently. In the 80s, they lied, and Israel had to come and wipe them out.0.72
00:25:25.600Under Barack Obama, they promised to allow our inspectors to come in and see their nuclear
00:25:29.280sites. Everything they were doing with their nuclear facilities, they lied. They shut us
00:25:33.300out they didn't even care they'd even shut us out as for the 300 billion dollars that they're going
00:25:38.880to get or we're going to hold it up or it's going to be an escrow the iranians already said that's
00:25:42.960not part of the deal they've already discounted that as part of the deal so there's a lot of
00:25:47.860question marks about what's going on i think i'll be honest with you i've known trump a long time
00:25:51.300as have you and you know him better than i do but i think he just wants to be in his rearview mirror
00:25:56.060and he wants to portray a picture of of a win it may be a win i don't know i i would i would say
00:26:01.480I think China is going to come out smelling like a rose. And so is Iran. So what portray it as a win?
00:26:07.080Because you got to get to the midterms early on, Steve, on this program, I was saying we need to get this thing done.
00:26:13.260Day five, day 10, not day 114. I said, we need to finish this because it's going to butt up against the midterms.
00:26:19.340And to a person, people who are on with me, the audience, oh, bowling, this is bigger than the midterms.
00:26:25.380Well, it's not. The midterms are going to, if we don't hold at least the Senate, we're going to spend two years just talking about the Trump impeachments.
00:26:35.240What are we going to get done here? America needs lower prices. We need to drill more oil.
00:26:40.220We need a House and a Senate to allow Trump to drill oil because that's where not only energy independence.
00:26:46.560But hang on, but that's not contingent.
00:26:50.980Look, as you know, I hated how we got into this war.
00:26:54.140But getting out of it, I'm not in love with this deal
00:26:56.620because I think it finances a group of bad guys
00:26:59.620who are never going to live up to it.1.00
00:27:00.880So I would just soon pull the chocks, keep the fleet out there,1.00
00:27:03.420keep their cash, keep all the architecture1.00
00:27:06.400to bring them to the knees that we have.
00:27:08.520And let Scott Besson go mess with their currency.
00:27:10.620They're such tough guys, and they can come in
00:27:12.420and not shake JD's hand or turn their back.0.99
00:27:15.100From all this kind of nonsense people looking at, you know, on social media, it's all crap.0.99
00:27:23.460President Trump admits what brought them to their knees was our economic leverage under no circumstances.
00:27:28.160And there's no piece of paper that can convince me that they will ever agree to anything and live up to it.0.98
00:27:34.420But at the same time, you've got to cut loose Israel.0.95
00:27:37.940This whole thing about Lebanon and getting us more involved and stabilizing the region, we don't – the region is not going to be stabilized.0.96
00:28:42.140Everyone's focused on how the conflict in the Middle East is raising oil prices, but there's another grim reality to this contention.
00:28:50.080Oil isn't the only resource being constrained. About one-third of global fertilizer trade happens through this region.
00:28:57.860And with spring planting season on top of us, American farmers are sounding the alarm, with some saying they can't afford to plant their fields.
00:29:05.040when one piece of the supply chain gets hit this hard you know what comes next higher food prices
00:29:11.640reduced availability maybe even panic buying that's why having an emergency food supply
00:29:17.300at home makes so much sense and that's where our friends at my patriot supply come in right now
00:29:24.320at preparewithbannon.com that is preparewithbannon.com we've set up an entire just site
00:29:31.080for the war room posse. You go to preparewithbannon.com. That's all one word,
00:29:37.680preparewithbannon.com. You get a three-month emergency food supply. They'll include a free
00:29:43.660mega protein upgrade, an incredible $200 bonus you don't want to miss. It's a simple way to
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00:31:45.600That's why it was the renowned equity house.
00:31:48.120this thing this perspective for spacex you would have been fired on the spot if you were making a
00:31:55.140presentation to the management committee you'd have been fired on the spot and you would have
00:31:59.300been walked out of the building for presenting that it is an abomination and a disgrace so when
00:32:04.620people sit there and tell about maga and oh maga wants to destroy these institutions and maga wants
00:32:09.420take out the central bank of maga because just like in the run-up to 2008 the fiduciary the
00:32:17.260The institutions in our country that should be fiduciaries, the elite institutions that hire from the elite schools in this nation, and people get benefit for being at the McKinsey's of the world and the Goldman Sachs's of the world and the Sullivan and Cromwell's of the world, all those great institutions, those are the folks.
00:32:38.180I won't say they live in the Hamptons anymore because that's the hedge funds and private equity guys.
00:32:42.720But you live a charmed life in this society because that comes to responsibility by being a fiduciary.
00:32:51.520When I talked to you and Philip about that, they were coming to you guys because you've invested earlier in a high-not-worth investor to fill out the round of which then they were going to go to retail investors.
00:33:03.000And folks, just remember, Wall Street's always giving the best deals to the retail investors.
00:33:10.220Eric Bolling, your thoughts about this entire thing, particularly as this offering starts to unravel?
00:33:16.100Yeah, Steve, we were, Philip and I were talking about, I was offered the stock, you know, look, it came out at $165 a share.
00:33:25.160Leading up to it, I've never seen hype like that in a stock, in an equity, never, ever, ever.
00:33:30.140And every time it's overhyped like that, it's usually some sort of bust.
00:33:47.280Tell our audience that are civilians in this area what that means and why that is such an extraordinary event when it happens.
00:33:54.060Well, so breaking your IPOs, what they do is they try prior to an IPO, companies private, they want to go public and they want to find the right price that creates enough demand to keep the price up, but not so much that it's so high it gets slammed down after an IPO.
00:34:09.900So they find a kind of a Goldilocks price for the stock.
00:36:48.140You've got to see if they're hitting their business plan,
00:36:49.760If the use of proceeds, the money they raised in the IPO is being put to use, you know, a couple of quarters go by, a year goes by, then they're put into what, if they achieve their goals, they're put into kind of these index funds.
00:37:01.320And putting them in the index funds means that certain money managers have to buy the, or certain funds or something, you've got to buy the index.
00:37:08.480Here they set it up, I think right away, they qualify.
00:37:11.400So a lot of you folks out there in your pension funds, you're owners of this baby, you're owners of this baby already, and they did that, and they waived the rules on that so they would have more support for the stock, that people would come in and be forced to buy it.
00:37:54.200But here they've moved heaven and earth, moved heaven and earth to make sure they get this stock out and get the public, get the retail investor.
00:38:03.300Which nobody's ever looking for the retail investor.
00:38:05.300So this is why we on the show a couple of weeks ago, President Trump signed an executive order that finally you're going to get access to if you want to X amount of your 401ks or IRAs can be put into private equity funds that are kind of qualified, et cetera.
00:38:19.720But it gives the little guy the first chance to get a take if he's willing to take some risks and get a piece of what the Goldman Sachs clients, you know, high net worth individuals get every day.
00:38:32.180But my problem with this IPO is that every financial, every fiduciary institution around kowtowed to Elon Musk, right, because he wanted it done this way, and they all kowtowed to him.
00:38:47.040I'm not saying this is going to trigger a 2000 type 8 financial crisis yet, but this is the same thing that happened in the run-up to 2008.
00:38:55.960All the Ivy League guys, all the accounting firms, the commercial banks, the big real estate guys, all the investment banks, everybody looked the other – regulatory agencies, everybody looked the other way to make as much money as they possibly can.
00:39:11.800And right now, we have to face a quite unpleasant fact.
00:39:15.340As a country and as the business entity inside that nation, we are making a – as I said over and over again, what is my mantra?
00:39:24.940This is a highly leveraged bet on massive productivity increases in artificial intelligence without concomitant mass layoffs of people or just lack of hiring.
00:39:37.180That is a hard fact of what's happening.
00:39:40.760You can see it in this first of the big IPOs and many more are coming, Anthropic, OpenAI, et cetera.
00:39:48.640Right. Yeah. The problem with SpaceX is it's more than just an AI conglomerate. They're talking about mining planets, mining in outer space, data centers in outer space. It's very esoteric. It's not real yet. It's not tangible.
00:40:05.240I'll tell you one more thing too, Steve. They gave a bunch of people a ton of stock like me and Philip, if he took the stuff, the original ones, the original ones were 135. The others were 165. And those are locked up. Those are locked up. They could be locked up for up to 108, half a year. So anything can happen. And you're right. As soon as they opened it up, they had already been approved to go into these index funds.
00:40:27.500So there's massive buying from the index funds because they needed to keep SpaceX as one of the stocks in the fund because their mandate is to have high capitalization stocks.
00:40:41.800What's going to happen now that the index funds don't need to buy anymore and all the people who've got these shares at 135, 165, 195 are allowed to sell?
00:41:52.280Well, if Tesla owners think they're going to get into SpaceX at a price, they'll buy Tesla to backdoor it into SpaceX, and the whole thing will be better.
00:41:59.820But honestly, Tesla's the only thing that's making money of all of them.
00:42:03.720SpaceX, the rocket company, is amazing.
00:42:07.340They're doing things that NASA could never do, but they're still losing money doing it.
00:43:12.180We talk about all the things that men like to do.
00:43:14.320And it's really male dominated the edge that's on YouTube.
00:43:17.180but thank you for that. Fantastic. I know it's exploding. So thank you, sir. Appreciate you
00:43:21.800coming on in the morning, Eric. Thank you, Steve. Chapter is going to join us later in the show,
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00:49:53.300These founders have a different way of looking at the world, and it pays off big time.
00:49:58.420Cortez, bond market and equity market.
00:50:00.700So before I go back to the – because my concern is the lack – we're seeing again the same symptoms we had in the run-up to 2008, which is these fiduciaries kind of looking the other way.
00:50:13.820But how's the bond market doing, particularly with – obviously, out of Hormuz, there's more oil flowing.
00:50:20.400It looks like some progress is being made if you believe that the Iranians will live up to their end of the bargain, although the fighting is still intense in Lebanon.0.68
00:50:28.820I think it's going to get more intense, and I think it's going to get intense in Syria0.73