Bannon's War Room - Episode 5526： Inflation Drops As Mainstream Tries To Spin

00:00:00.000 Viewed the data that came out this morning on CPI, and it was it was positive relative

00:00:06.480 expectations. I'm not for cherry picking. I'm not going to show up here and say mission

00:00:11.840 accomplished. And what I'd say is there's plenty of work to do.

00:00:17.760 All right. That was Federal Reserve Chairman Kevin Warsh testifying yesterday before the

00:00:22.940 House Financial Services Committee. His comments coming after the release of a better than

00:00:27.640 expected inflation report. Let's bring in former Treasury official and Morning Joe economic analyst

00:00:33.600 Steve Ratner, who has charts on yesterday's inflation data and oil prices. And there's a

00:00:39.960 lot to cover. Yeah, Steve, really quickly before you get into all of this, Kevin Warsh was a deficit

00:00:45.680 hawk in previous incarnations. Then when President Trump wanted him to come on board, he started

00:00:53.780 sounding more like a dove. But is there reason to believe right now that sort of that hawk that

00:01:00.620 he's always been, a man who understands that the last thing you want is inflation kind of

00:01:06.360 getting out of the barn door? Is that who he is again? Yeah, I think so, Joe. I think he was very

00:01:14.280 clear in his testimony. And I've been I've been talking to some other Fed officials who say the

00:01:19.220 same thing, which is that basically the Fed remains completely committed to getting back to

00:01:24.380 2% inflation, which is not nearly where we are at the moment. And that is going to mean higher

00:01:29.320 interest rates, probably not at their meeting in July, but later this year. That's what the

00:01:33.900 market is now expecting. It's flipped from before the war. We thought interest rates were going to

00:01:38.080 keep coming down. Now we think they're going to go up a bit in the course of this year. And the

00:01:43.100 Fed remains committed to 2 percent. So, yes, I agree with you. All right. Let's go to your charts.

00:01:49.220 The first one looking at inflation and how it's impacting workers, Steve.

00:01:54.100 Right. So here's the point. We did get a somewhat better than expected inflation reading,

00:01:59.100 as the chairman said yesterday. But to Joe's point, inflation is still running three and a half

00:02:04.620 percent above where it was last year, obviously largely because of oil prices and the war. But

00:02:10.260 nonetheless, that's where it is. The only the other piece of good news in the number was that

00:02:16.040 wages are also up three and a half percent. So essentially, for the first time since the war

00:02:21.060 started, consumers are not losing more ground, but they do remain underwater, so to speak,

00:02:27.200 relative to where they were before the war in terms of purchasing power. Now, obviously,

00:02:31.520 not all consumers are the same. We have obviously people at higher and lower incomes.

00:02:36.260 And so the effect of this is different. And so here's a little data point to show you how it works kind of in the real world.

00:02:42.640 This is a study by the New York Fed on gasoline purchases.

00:02:46.160 And what it shows is that for higher, lower and middle income people, gasoline purchases have been fairly tight and constant until you had the Iran war started.

00:02:56.180 And then there's been a divergence here where high income Americans have maintained their roughly their level of gas purchases.

00:03:04.060 They've essentially absorbed the higher prices, whereas middle and lower income families have had to cut back on their gas purchases.

00:03:11.060 They've had to carpool more, take public transit or otherwise simply just not use their car quite as much.

00:03:16.480 So an average, but but definitely different impacts.

00:03:19.940 this is the primal scream of a dying regime pray for our enemies because we're going to

00:03:30.080 medieval on these people here's not got a free shot all these networks lying about the people

00:03:36.660 the people had a belly full of it i know you don't like hearing that i know you try to do

00:03:40.820 everything in the world to stop that but you're not going to stop it it's going to happen and

00:03:44.180 Where do people like that go to share the big line?

00:03:47.460 MAGA Media.

00:03:48.360 I wish in my soul, I wish that any of these people had a conscience.

00:03:54.260 Ask yourself, what is my task and what is my purpose?

00:03:57.980 If that answer is to save my country, this country will be saved.

00:04:04.400 War Room.

00:04:05.200 Here's your host, Stephen K. Banham.

00:04:07.660 it's saturday 18 july year of our lord 2026 welcome to the saturday edition of the war

00:04:19.720 as you know my favorite show of the week um we can take a catch our breath from the grind of the um

00:04:26.820 of uh the daily news although we've had some monumental monumental um uh news this week

00:04:35.360 We haven't had time to go through the economy, the economic news,

00:04:39.420 and particularly direction of where it's headed.

00:04:41.200 You just heard Morning Joe there.

00:04:43.420 They're on WASH, but it used to be a deficit hawk.

00:04:47.420 You know, we have to face a very unpleasant reality,

00:04:50.860 but that's one of the reasons for the war room is to face unpleasant realities,

00:04:54.080 and that is the balance sheet of the United States.

00:04:58.860 Right now we have a balance sheet that has exploded.

00:05:01.000 Now, President Trump had this under control, and then pandemic, I think we had three. And if we could pull that from my getter, I have a chart up there of just deficits we've run. I think the $3.1 trillion, because the massive drop in aggregate demand during the Chinese-induced pandemic, and we've got to start talking about reparations from the Chinese to make us whole there.

00:05:27.080 After that, the deficits have never come down. 0.57

00:05:29.920 This year, we've run a deficit through the first nine months, and this is the Treasury and the Federal Reserve's number, $1.4 trillion.

00:05:36.760 I think we're on path to do $2 trillion.

00:05:39.620 I called this last fiscal year.

00:05:41.340 And why did I say that was going to happen?

00:05:42.680 Because we had a CR.

00:05:44.740 You're really not addressing the spending because the Congress does not want, through the appropriations process, get their arms around.

00:05:52.520 The reason McCarthy got turfed out is he cut a deal on the debt ceiling with Biden that took off any limits on the debt ceiling during Biden's illegitimate regime.

00:06:01.360 That's not what you do with the illegitimate regime.

00:06:03.460 You put the screws on them and tighten them down.

00:06:06.780 The Republican Party embraced Biden as a legitimate winner because they want to be rid of Trump, just like they want to be rid of Trump now.

00:06:15.300 And you see this through these phony confirmation hearings, and you see this in what's happening with the intelligence apparatus.

00:06:24.420 But it doesn't get us away from the ultimate reality check.

00:06:27.460 We are just burning through money.

00:06:30.100 We don't have money anymore.

00:06:31.360 And for the Defense Department, I love Pete, I love General Cain, all these guys, but it's just not acceptable to come back and say, hey, look, we need a $350 billion reconciliation, and half of that's going to be to the military.

00:06:43.100 and the other half will have to throw to social programs to get this through.

00:06:47.240 Somebody's got to be a rational thinker here.

00:06:50.160 So I've asked Philip Patrick, come on, Philip,

00:06:53.200 and we had some good news this week on inflation,

00:06:55.580 although it's not near the 2% target.

00:06:57.980 But just as you see it, particularly vis-a-vis gold as a physical asset,

00:07:03.780 just the overall mindset, because right now,

00:07:07.240 I just don't see anybody putting a break.

00:07:09.620 Every time Russ Vaux tries to go up with a rescissions package,

00:07:12.300 He stored it. Now, I think he got a $10 billion package put forward the other day on some social spending of the Democrats.

00:07:19.880 But that when you're spending seven and a half trillion dollars, I mean, the basic math is we're spending seven and a half trillion.

00:07:26.380 We're bringing in five and a half trillion. And I've told everybody, if you're out there and think President Trump wants to do away with the income tax, he does in the long term.

00:07:36.940 That's aspirational. But right now he's given Scott Besson a mandate. Get every penny everybody owes because we need to we need to close the gap between the five and a half and the seven and a half.

00:07:47.500 Your thoughts, sir. I mean, that's an understatement.

00:07:52.960 Debt and deficit is the biggest problem that we're facing here in the United States.

00:07:57.040 An administration that, you know, really focused on getting a grip on it couldn't do it.

00:08:02.840 And I think it shows you the problem now is structural and sovereign debt's not simply an American problem.

00:08:08.920 This is a problem now throughout the entire developed world.

00:08:12.660 I mean, the economy is still growing globally, but it's not growing quickly enough to outrun the promises that governments have made around the globe.

00:08:20.720 The IMF predicts, and this is frightening, 3% global economic growth this year.

00:08:26.460 But at the same time, public debt now has risen to nearly 94% of the entire world economy.

00:08:33.420 The IMF expects within three years that'll hit 100%, which means world governments are

00:08:39.000 going to soon owe as much as the entire global economy produces in 12 months.

00:08:44.100 And the worst part of all, and I think this is directly related to our position in the

00:08:48.620 United States, these deficits are no longer sort of temporary emergency measures, right?

00:08:54.140 The governments around the world and the US government as well, we're borrowing during recessions, we're borrowing during recoveries, we're borrowing for entitlements, as you pointed out earlier, defense spending, all of it, and a large portion now, worst of all, is going to interest on the debt.

00:09:10.040 Here in America, as you pointed out before, the CBO expects a $1.9, almost $2 trillion deficit this year.

00:09:18.060 That's about 5.8% of GDP.

00:09:21.060 Historically, that level of spending is associated with wars or very deep recessions.

00:09:27.560 And today, it's becoming sort of ordinary government finance.

00:09:31.040 And like I said at the beginning, this isn't just an American problem, but we are certainly leading the way.

00:09:37.000 Europe is loosening fiscal policy to finance defense and infrastructure as well. But we have

00:09:43.140 our own problems at home. And like I said, we're leading the way. The problem is the solution to

00:09:48.180 this longer term, right? There's only a handful of options. You mentioned one earlier, which is

00:09:52.980 raising taxes. I don't think there's the political will to do it. And ultimately, tax rates would

00:09:58.340 have to go to an obscene level to get a handle on deficit. There's spending cuts, which are proving

00:10:04.900 politically problematic. There's default, which is not viable for us here in the United States,

00:10:10.600 or there's perhaps the most likely option, which is to allow inflation and financial repression

00:10:17.000 to ultimately reduce the value of the debt longer term. Any one of those things politically is

00:10:24.260 extremely painful. My fear is it's going to be the latter, which is financial repression.

00:10:30.100 And what that does ultimately is punish savers and benefits borrowers.

00:10:38.040 So it's a very problematic position we're in.

00:10:41.180 And if the administration cannot get a handle on deficit spending, which, like I said, is proving increasingly difficult, we are going to see long-term devaluation of the dollar.

00:10:51.380 We are going to see inflation being persistent longer term.

00:10:55.220 And ultimately, I think we're going to see higher gold prices as a result.

00:10:58.440 Well, there's two things. Number one, the study's done. You and I did every month or at least every quarter during the illegitimate Biden regime, we would do about the rolling devaluation or the drop in purchasing price.

00:11:16.360 I think we came up in that time at 22 percent. Jeffrey Tucker and others, in fact, I think that the founder of Gravian or one of these video services has sold his business, retired in Spain.

00:11:30.280 He went back and did even more original analysis that shows the true purchasing power dropped by 50 percent.

00:11:37.520 I want to get to that in the next segment because I want to talk about the drop in purchasing power.

00:11:40.860 But you mentioned deficits. One of the most respected economists, I think he's at Harvard, Kenneth Rogoff, wrote this book a few years ago called This Time It's Different. And he went through 800 years of financial history.

00:11:57.680 The last 800 years across 66 countries and every time where it hasn't tied directly to a cataclysmic conflict like World War II, which is quickly reversed because of explosive growth that happens at the end of that war.

00:12:16.520 And that's only a few times that every time just in a essentially regular economy, you go above 100 percent of total debt to GDP that you never reverse.

00:12:31.460 In fact, it always ends in some sort of financial crisis.

00:12:35.260 Can you give me a couple? I mean, Rogoff, this book, it's so scary.

00:12:39.540 Your palms are sweating about a third of the way through it because he just relentless and boom and giving you the stats.

00:12:45.880 And he's telling you that, hey, this is almost a law of nature.

00:12:51.040 This is as close to the to finance having a natural law like the second law of thermodynamics, because we always talk.

00:12:58.040 It's not the second law of thermodynamics. You can cut spending.

00:13:01.040 But he says when you cross 100 percent, it's almost it's virtually no return, sir.

00:13:09.540 It's absolutely correct. And you're right. It's simple mathematics. When debt to GDP exceeds 100%,

00:13:15.860 GDP, economic growth slows. The more you owe, ultimately, the less you make. And it's a trap.

00:13:22.520 And you're right. It is absolutely frightening. The worst thing about it is that governments

00:13:27.020 throughout history just make the same mistakes over and over again. And it's ultimately why

00:13:33.480 monetary systems typically fail and typically return to gold. It's happened dozens and dozens

00:13:39.680 of times in history. So yeah, it's inexcusable given our knowledge of the past.

00:13:48.740 Let's take a, by the way, Birch Gold, we're going to talk to you about how you get to Philip

00:13:52.160 and the team. One of the ways, the simplest way is always take your phone and just text

00:13:56.420 Bannon at 989898. They put you directly in touch with Philip and his team and you get access

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00:14:08.260 There's no charge for any of this, and there's no obligation.

00:14:12.180 In fact, we've argued for the last couple of years,

00:14:14.360 and it's turned out to be the right argument

00:14:15.660 when we first partnered with Birch Gold back in 2021,

00:14:18.900 is let's get the most sophisticated.

00:14:21.960 Let's take people who know very little about this.

00:14:24.920 Let's teach them about capital markets.

00:14:28.300 Let's teach them about Bretton Woods.

00:14:29.800 Let's teach them about why the dollar is the backbone of the global financial system.

00:14:35.240 Let's talk about what happens when you have the decrease in the purchasing power of the dollar.

00:14:39.480 What does it mean? What does it mean for your country? What does it mean for your community?

00:14:42.920 What does it mean for you? Individual consumer and a citizen. And this is why we have the smartest

00:14:48.920 audience out there and you have the biggest political impact. Okay, short commercial break.

00:14:53.960 Philip Pash from the other side.

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00:16:50.440 You move

00:16:52.900 War Room. Here's your host, Stephen K. Vann.

00:16:58.000 There's also this controversy about public and non-public debt and all that.

00:17:02.300 You know, I think I just look at total debt the way I think you must look at is total debt and then to the economy.

00:17:12.660 And it starts to suppress growth because one of the theories, remember the theory of the case we had at the beginning is we were going to grow faster than we were adding.

00:17:21.420 And we were doing that. Of course, things like this war, when you start to have these type of things like these wars, that's an opportunity cost. That's going to impact growth. And now we're not growing at that pace. And the debt is increasing. And like I said, we had one point, with everything else that's gone on, Philip, we had $1.4 trillion in the first nine months with projections.

00:17:50.500 And as we said at the beginning of the fiscal year, in late September last year and the 1st of October, I said, look, I think it's going to be $2 trillion because we're close to it.

00:18:01.760 And the reason is we're still working on CRs.

00:18:05.020 We have not passed original spending.

00:18:08.020 We haven't passed really appropriations since President Trump's been around.

00:18:11.500 We're still dealing with, and you're going to get a CR, folks.

00:18:15.040 Take your number two pencil out and write that down.

00:18:16.700 You're going to get a CR because they haven't done the hard work on the appropriation side and had those fights and Congress hasn't had the stones to sit there and go, hey, we have to have these cuts.

00:18:27.420 The Democrats just want to spend and spend and spend.

00:18:29.720 And the Republicans, particularly these hawks, and I'm a national security guy.

00:18:35.900 Hell, I served eight years as a naval officer or seven, seven and a half, eight years as a naval officer to in defense of my country to be able to say, I believe in all this, but I don't believe of what is happening now because it's just too much.

00:18:53.240 And we have to get a reality check.

00:18:54.640 We're heading to a financial crisis.

00:18:56.040 I also want to put it in to historical perspective.

00:19:01.240 We, as you know, every day we have tried to have a hit on revolution, talking to this great book that goes through the American Revolution.

00:19:12.160 As you remember that clip we play from The Madness of King George, there's a scene where William Pitt the Younger, who has now become the prime minister of the United Kingdom.

00:19:24.320 particularly towards the end of the revolutionary war he uh he he one of the reasons he became

00:19:32.400 prime minister is the one of the reasons the war even started is that the books were not balanced

00:19:38.340 they had taken on so much debt fighting the french in the hundred year war and then the

00:19:42.300 the seven year war what we call the french and indian war that they had to figure out some way

00:19:46.860 to pay for it they just couldn't sell bonds they couldn't keep borrowing from the same people they're

00:19:50.700 borrowing for. The British people were highly taxed. There were going to be more taxed. They

00:19:54.180 had to tax the colonies in all these different ways. And that led to the beginning of the

00:19:58.140 revolution. The French, the only reason we won the revolution is the French stepped in 1.00

00:20:02.640 because of their hatred, geopolitically, their hatred of the British. And they stepped in and

00:20:08.060 they lent us money, really just kind of had to sign for it. They lent us money. When it came time

00:20:12.520 for them to, and the guys of Versailles never paid attention to the books. When it came time

00:20:18.120 They had a problem shortly thereafter in the mid-1780s when they had a problem.

00:20:25.500 They then called everybody together because they had to start taxing the churches and they had to start taxing the people more.

00:20:31.480 And that led to the French Revolution spun out of control.

00:20:34.340 My point, world history is driven.

00:20:39.020 What was the rise of Hitler?

00:20:41.080 The rise of Hitler was, oh, the Weimar Republic balance sheet imploded, and they had hyperinflation

00:20:48.500 where people were bringing wheelbarrows full of, was it Deutschmarks at the time, to buy

00:20:53.340 a loaf of bread. 0.65

00:20:54.100 It spun out of control that when somebody came, just like Mussolini offered good order

00:20:59.280 and discipline, when somebody came that could offer order, they said, hey, look, we'll overlook

00:21:04.100 this guy's shortcomings to see what he's got to offer.

00:21:07.640 So these types of situations start very early, that traditional politicians have a very tough time of getting their arms around them, but eventually the physics of money hits you.

00:21:23.080 And when the physics of money hits you, at that time, you're in a crisis, and it gets very tough to turn.

00:21:30.500 I have said on this show many, many times, and one of the reasons I'm so proud that we're partnering with Birch Gold,

00:21:37.160 to allow you to learn this yourself, because you have to learn it yourself,

00:21:42.540 that the world right now has about $300 trillion in debt, all debt,

00:21:48.420 from everything you can possibly count all the way up to sovereign debt.

00:21:53.080 And on top of that, we have a highly leveraged bet as a nation on artificial intelligence and the potential productivity increases of artificial intelligence without mass layoffs.

00:22:06.860 That's the implied bet of what we're doing in corporate America on top of what the government's already done with debt.

00:22:13.280 We are going to have the world is heading towards the world's biggest margin call.

00:22:19.740 Right. And when it has the world's biggest margin call, Katie barred the door, because the bastion of stability in the system from the Second World War that was set up.

00:22:33.960 Was a dollar empire, was based upon the stability of the U.S. dollar.

00:22:39.900 And what did that base that stability upon? The full faith and credit of the United States.

00:22:45.120 And what is the full faith and credit of the United States?

00:22:47.420 It's not the SEC.

00:22:48.520 It's not the Security Exchange Commission.

00:22:50.420 It's not the Treasury Department.

00:22:52.020 It's not the Federal Reserve.

00:22:53.720 It's not the House of Representatives or the Senate.

00:22:56.860 The executive branch is not the Office of the President. 1.00

00:22:59.440 It is the grundoons.

00:23:01.320 It is the working men and women in the United States of America.

00:23:04.800 You are the full faith and credit.

00:23:06.280 The whole world has checked you out.

00:23:08.560 The world's an efficient market.

00:23:09.740 And they've said since the cataclysm in the middle of the 20th century, they left 200 million people dead and the whole world shattered that, hey, these people are good people.

00:23:20.880 They came in this fight when they didn't have to come in this fight.

00:23:24.020 You know, they took the fight to Europe.

00:23:25.640 They supplied all the arms and material.

00:23:28.000 Their soldiers, sailors and airmen had beyond courage and bravery.

00:23:33.240 They stuck in and they were in fights they didn't have to be in to get stability.

00:23:37.480 These people are good and decent people. And yes, the entire system will be based upon their currency because the credit of the world is essentially on their shoulders. Is that not where we stand, Philip Patrick? And now we're teetering over a potential abyss of a $300 trillion margin call globally, sir?

00:23:57.420 it's it's unavoidable and i think any student of history as you pointed out masterfully understands

00:24:04.660 at this point it's it's almost inevitable the trump administration as we discussed many times

00:24:10.940 had an almost impossible task heading into to to you know uh into the new administration

00:24:18.060 biden had left them with such a colossal amount of debt huge spending obligations and and ultimately

00:24:25.760 a world that started to distrust our policies and ultimately our debt and our currency.

00:24:32.180 It made the job very difficult. Fixing it through growth was always going to be a tough task. And I

00:24:38.060 think the administration took many steps forward in doing that. However, as you mentioned, spending

00:24:45.160 increased as well. Defense spending, tax revenues obviously reduced a little bit with tax cuts,

00:24:50.520 which ultimately will pay dividends. But until we can get a handle on debt and deficit,

00:24:57.100 we've got a massive problem in front of us. And if you rightly point out, when empires in the past

00:25:03.640 have gotten themselves into the position we are today, they haven't managed to get out of it. So

00:25:09.100 it's a very, very tough position. It isn't just domestically here. This is a global problem.

00:25:15.960 But given that we are the global reserve currency, the lion's share of global transactions,

00:25:22.460 the bulk of the world's assets sit here, we as a country have the most to lose.

00:25:27.960 We've talked about end of the dollar empire.

00:25:31.200 And obviously, we're not hoping for it.

00:25:33.280 We're hoping to prevent it.

00:25:35.140 But all of this ties together.

00:25:38.160 At the end of the day, if the United States is running $2 trillion annual deficits and

00:25:42.560 printing money to meet those deficits, it puts our reserve currency position under threat. As you

00:25:49.220 mentioned, it's the full faith and credit, but it's also stability and accessibility, right? That has

00:25:55.760 been key for our position to maintain as global reserve currency. And as long as you're printing

00:26:00.620 $2 trillion annual deficits, and you have previous administration seizing assets, those two things

00:26:07.100 are now out the window, couple that with consistent structural deficits. And I think

00:26:12.460 we're heading very fast down a path that we don't want to be heading down.

00:26:20.480 I also want to talk, so you got President Trump, and they're trying to do it. He tried to do it

00:26:25.260 because he had this huge burden when he came in. But the alternative to him, and maybe do part of

00:26:30.820 this after this break, and I want to then talk about how people work with you guys to learn more,

00:26:35.920 Because an informed consumer here, an informed investor, is the best investor for physical gold right now.

00:26:44.120 The alternative to President Trump is not reasoned austerity or just monetary logic.

00:26:55.420 The alternative is, if you look at the Democratic socialists who have all the energy, you know, the Tea Party on the left or the populist left.

00:27:03.740 If you actually look at their economic policies, if you actually look at what they are proposing from spending, they are – they literally want to bring the system down because they have no controls whatsoever.

00:27:19.100 What they're talking about in New York City is absolutely incredible – it's just crazy.

00:27:23.180 What they're talking about in the rest of the country is absurd.

00:27:27.040 on a national level. They are not simply open borders and not simply this transgender ideology 0.92

00:27:34.780 on everything culturally and everything that they're dealing with. Are they the most radical?

00:27:39.460 If you actually look at their economic plan and if you look at their financial plan on top of that,

00:27:44.700 they're the most radical at all. In fact, if you had to pick what would absolutely tilt the system

00:27:50.600 into flying over the abyss it would be as bad as Biden and these people were right for four years

00:27:57.940 which were out of control remember the seven and a half trillion dollars we said at the time if you

00:28:01.720 pass this stuff you're going to kick off massive inflation um these people even more radical okay

00:28:07.720 we're gonna take a short break we got Philip Patrick he's going to tell you how you can work

00:28:11.420 with the guys of Birch Gold who also pine on these Marxist jihadist democratic associates uh Birch

00:28:17.600 gold take your phone out and text bannon b-a-n-n-o-n and 9-8-9-8-9-8 you get access right

00:28:23.840 there you get access to philip or you can go to birchgold.com slash bannon and get uh the um end

00:28:31.380 of the dollar empire all the installments there's a physical copy you can get backboarded on that

00:28:35.940 but all seven that are in the physical copy are online free plus an eighth and we're working on

00:28:43.220 a ninth right now. All of it for you. Short break. Philip Patrick on the other side.

00:28:51.520 Everyone's focused on how the conflict in the Middle East is raising oil prices,

00:28:55.240 but there's another grim reality to this contention. Oil isn't the only resource being

00:29:01.480 constrained. About one third of global fertilizer trade happens through this region. And with spring

00:29:07.680 planting season on top of us, American farmers are sounding the alarm with some saying they

00:29:12.780 can't afford to plant their fields when one piece of the supply chain gets hit this hard you know

00:29:18.460 what comes next higher food prices reduced availability maybe even panic buying that's

00:29:24.500 why having an emergency food supply at home makes so much sense and that's where our friends at my

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00:30:11.020 That's preparewithbannon.com.

00:30:13.940 Do it today.

00:30:15.240 Go check it out.

00:30:16.400 Too many ideas.

00:30:17.700 Not like you, Mr. Bitt.

00:30:18.700 You don't have ideas.

00:30:21.780 Well, you have one very big idea, balancing the books.

00:30:25.820 And a very good idea it is to have, too.

00:30:27.980 And what?

00:30:28.400 The best.

00:30:29.420 And one with which I absolutely agree.

00:30:32.520 As I agree with you, Mr. Bitt, on everything.

00:30:36.260 About from the place we mustn't mention, the colonists.

00:30:45.260 They're now called the United States, sir.

00:30:49.260 Are they? Goodness me.

00:30:53.260 The United States.

00:30:57.260 Well, I haven't mentioned them.

00:30:59.260 What is this? America, I suppose.

00:31:01.260 No, sir.

00:31:03.260 Let me have it. Thank you.

00:31:06.720 They lost at the time it was India and North America and they lost the United

00:31:12.680 States in a revolution caused by a bunch of ministers coming up with a plan to

00:31:18.180 say, Hey, look, we got this debt problem. We can't possibly pay it down.

00:31:23.300 We can't possibly pay the bondholders. Our people are taxed enough,

00:31:26.560 maybe on the margin,

00:31:27.960 but we have all kinds of opportunities in the colonies to make those guys pay

00:31:32.820 for what had benefited them, the victory in the French Union War. Remember, these are the winners.

00:31:37.980 These are the people that won. And what did it do? It caused them to make decisions that lost

00:31:45.400 in the United States. You've got to go back. You look at the arguments in Parliament at the time.

00:31:50.060 They were as intense as any argument you heard of the Vietnam War. There were people at each

00:31:54.340 other's throat saying, hey, look, what are we doing here? We're going to lose. We're going to

00:31:57.720 lose this fabulous, and it drove King George, although he had issues, it triggered the madness. 1.00

00:32:05.940 Let me remind you on the French. The French won, having gotten their asses kicked by the British 0.99

00:32:12.480 for decades, and if driven out of North America and Canada, they actually won because they backed 0.98

00:32:21.260 the right side in the revolution. They won. You know what it led to? It led to them all getting

00:32:26.840 their heads cut off when these things happen look at the weimar republic look at the weimar 1.00

00:32:36.880 republic look at what they bought into for the madness there look at the italian people look 0.72

00:32:41.620 what they bought into to mussolini look what they bought into hitler look what they bought into 0.67

00:32:46.500 because in a time of financial crisis it starts going so intensely that you had very brilliant

00:32:55.780 people around the british crown you had incredibly smart people around the throne right some finance

00:33:03.700 people came in there you had smart people in germany look what happened revolutions wars all

00:33:10.440 of it why the common denominator is finance philip patrick thoughts yeah i mean i couldn't agree with

00:33:20.200 that more. Human beings are capable of such incredible good and such evil and nothing can

00:33:28.720 sort of lead to the latter more so than hunger and economic pain, right? People think that

00:33:34.740 politics and economics are separate things, but they are so intrinsically tied. And I couldn't

00:33:40.780 agree more. I'm getting very concerned about the direction that this country is heading. And as

00:33:46.040 you mentioned before, this isn't a Trump thing, right? Trump is, I think, slowing at this point

00:33:51.220 what looks like inevitable decline. The previous guys didn't have a clue what was going on and

00:33:58.020 were spending like drunken sailors. But I think the new breed is far more dangerous. And I think 0.98

00:34:04.100 they have an understanding of what's happening, but I just don't think they care. I think they're

00:34:08.900 so politically motivated that they don't care about this country. It's the Bolsheviks. I forgot 0.96

00:34:15.000 to mention the Russian revolution about the war and how they're paying for the war. This is how

00:34:18.980 the Bolsheviks, when economic times get very hard because of a balance sheet that's out of control 0.96

00:34:25.480 and measures have to be put in, that's when you had these voices come up and you saw what the 0.61

00:34:29.460 Bolsheviks, that's exactly what you're seeing in New York. The affordability issue, which is just

00:34:34.300 basically inflation and concomitantly the drop in purchasing power of the dollar. This is what

00:34:40.580 we're here to teach you. So that when you look at New York City, it's not like, wow, I don't

00:34:45.600 understand it. When you look at the American Revolution, you can kind of understand the

00:34:49.660 context. When you look at the French Revolution, you can kind of understand the context of the

00:34:53.580 rise of Hitler or World War II or the Great Depression. We're trying to make sure that you

00:34:58.300 have a frame of reference. So there's just not all random things happening. Why? Not so that

00:35:04.720 you're a historian so that in your own daily life, when you're hit with all this random stuff and you

00:35:10.940 sit there, go hang over a second, I think I kind of understand what's going on. And that's what

00:35:16.340 we've done with the end of the dollar empire. We don't want the dollar empire to end. I do think

00:35:20.500 there should be a national conversation about that because by being the prime reserve currency,

00:35:25.040 there are tremendous benefits, but there are also obligations, right? You're seeing part of that

00:35:30.260 in the Persian Gulf right now, but the petrodollar. Philip, how do people get to know you guys better

00:35:36.620 and how they work with you? Because you've just been a great partner in explaining this to people

00:35:41.460 over the years. I meet people all the time. When we go to conferences, come up to me and say,

00:35:45.220 look, I put my money in gold at $1,100 when Philip first started coming on. But they all say, look,

00:35:52.420 I've learned so much, all the free information. You guys see you coming on on a regular basis a

00:35:57.400 couple of times a week. It's really done a great benefit. But how do you work with people? How do

00:36:02.760 they contact you? And what's the easiest way for them to work with your team?

00:36:07.180 It's very simple. First of all, I think you touched on a very important point that people

00:36:11.380 today and your audience certainly are, but they need to be more educated. But you pointed out

00:36:17.880 sort of the Mandani situation in New York. They're taking a real problem, but people need to 1.00

00:36:23.440 understand the economics of their solutions are nonsensical. So I think being as informed as

00:36:29.620 possible, as we tried to do and I tried to do, given the opportunity on your show, is so, so

00:36:35.780 important. So very simple. It's birchgold.com forward slash Bannon, or they can text Bannon

00:36:42.700 to 989898. And that's going to get them access to a litany of free information, right? We've got

00:36:49.280 end of the dollar empire reports. We've got a bunch of free installments there. We've got

00:36:55.060 reports on how and why to buy gold under a Trump administration. That really ties into

00:37:00.340 what's happening in the economy today. So again, birchgold.com forward slash Bannon.

00:37:06.260 If they are intrigued by what they read and want to learn more, then they can contact us. They're

00:37:12.000 going to have access to myself and a lot of people like me that are there to answer questions,

00:37:16.900 guide them through, and just make sure that people are informed and comfortable.

00:37:20.720 So birchgold.com forward slash Bannon.

00:37:23.920 Just get the information and go from there.

00:37:27.320 Brother, thank you so much.

00:37:28.600 And thank you for taking time on your Saturday to do this with us.

00:37:31.160 I appreciate you.

00:37:32.360 Thank you, Steve.

00:37:33.380 It's my honor.

00:37:34.140 Philip Patrick.

00:37:36.420 Terry Schilling.

00:37:38.240 Do I have Schilling?

00:37:39.220 I have my man Schilling.

00:37:40.600 So, Terry, during the week, particularly this week, the last couple of weeks,

00:37:43.600 the trial of the evidentiary trial of Charlie Kirk, and then rolling right into the intensity

00:37:49.240 of the confirmation hearings and particularly the revelations that have been put out about

00:37:54.200 elections and foreign interference, all that.

00:37:57.500 I want to make sure that we still get to the main issues that are the signals that are

00:38:02.420 driving things, the debt being won.

00:38:05.400 One aspect is that, and this ties in with Mark William Mullins, everything that happened

00:38:09.820 on what Biden did and the invasion and the stolen election, all of it.

00:38:15.180 But I want to put up your response to this article or this guy that one of the core

00:38:21.520 aspects of the Trump revolution is that the centerpiece of this revolution, not simply

00:38:28.560 culturally or in a societal basis, but also economically, the unit of economics in a MAGA

00:38:38.600 in this populist nationalist outlook is not the nation. We are economic nationalists and that's

00:38:46.160 highly important, but it's predicated upon a building block. And that building block

00:38:51.280 is the American family. And we can't lose sight of that. There's many aspects that I'm going to

00:38:58.260 get into about the onslaught, but one of the simple facts we're talking about is that the

00:39:02.880 family unit itself, how do we actually nurture it and grow it? And so I don't know if you call

00:39:09.840 these natalist policies or these policies just to make sure we have robust, good families that can

00:39:15.580 then enjoy the fruits of a free economy and become the building block of that has been under

00:39:21.400 assault, right? As they're trying to go to the railhead of what the solution is, and if they

00:39:27.360 feel as they can stop that, they can stop everything else. So that as a kind of framing,

00:39:33.580 at least the way in my own simple mic mind, I look at it. Walk me through what happened this

00:39:38.780 week and why you've been trying to, why we've been trying to get you on, sir.

00:39:42.380 Well, thanks so much, Steve. So there was an article written by a dear friend,

00:39:46.580 longtime friend. I first met him when I first came to this town, John Tamney,

00:39:50.440 and he was basically calling anyone concerned with the collapse in family formation and birth rates

00:39:56.960 bedwetters. That's not his door. That's what I'm using for it. But he basically says that

00:40:03.160 we're freaking out about nothing, that all of this stuff is going to solve itself itself,

00:40:07.860 which is just frankly preposterous. He talks about how technology and artificial intelligence

00:40:14.920 and how expanded supply chains will address all of the problems that we are going to suffer from

00:40:21.200 having fewer and fewer people here. It's just not true, Steve. The reality is that you can

00:40:28.740 have a strong economy, you can have high tech, you can have all of these things, but those are

00:40:34.760 the what's. The real driver for our economy is the why. And the why is largely and almost

00:40:42.820 infinitely the family. The reason that most young men start getting real jobs and real careers and

00:40:50.200 working very hard is because they have a wife and they have children that they need to support.

00:40:54.560 They have a home. We get bigger homes. We get bigger cars. We do these things to serve our

00:40:59.620 families because our families are where we derive love. And I think, Steve, that this is the

00:41:04.700 big picture that is aspirational, that is compelling, that's missing from every conservative

00:41:10.820 wonk in Washington, D.C. They have the data. They have the stats. They have how this economic policy

00:41:17.060 will impact these industries and these areas, but they don't have the compelling interests.

00:41:22.260 No one just wakes up and says, I'm going to start a revolutionary business that changes the world.

00:41:27.260 They kind of fall into that, and they do it because they're trying to provide for their family. 0.99

00:41:32.360 So, Steve, I don't know how we get out of this, and I will draw a distinction between the natalists

00:41:37.340 and the pro-family leaders. We want families. The natalists will throw anything at the wall.

00:41:43.160 The natalists will invent artificial wombs. 0.77

00:41:47.260 They will advance IVF. 0.96

00:41:48.800 It's anything to solve the birth rate crisis.

00:41:51.780 But the family-centered people, the people that want to grow our country and revive the American family, we're much more centered on God being the creator.

00:42:00.460 God being the one that determines who lives and who dies and who is born and who is conceived.

00:42:05.420 And I think it's very beautiful.

00:42:07.200 It's important.

00:42:08.140 Human beings are very bad at knowing how many people should be in the world, at knowing who

00:42:13.080 should be in the world. There are lots of dystopian novels that have been written about 0.93

00:42:17.220 men trying to make these calls, and they all turn into dystopias. But Steve, I just want to hit on

00:42:22.860 something because this AI fight, this high tech, all of this stuff, what it really is geared towards

00:42:29.580 is it's making all of us subjects, not just subjects, but slaves. They're going to eliminate

00:42:34.440 all of our jobs. They're going to eliminate all of the needs that we have. But what are we going

00:42:40.720 to do? They're telling us that we're going to get universal basic income, that we won't have to

00:42:44.700 worry about things. How long until our masters, who are the ones in charge of AI and in charge

00:42:50.560 of all the robotics, how long until they get tired of it? And how long will they put up with a bunch

00:42:55.380 of people with tons of time on their hands? I think what is missing so much from the economic

00:43:00.780 debates in this country is the why. The why is your family. The why is your wife. The why is

00:43:06.120 your children. And if you don't have those things, you're not going to produce as much. And you're

00:43:10.660 not going to be as passionate about producing those things because you don't have a why.

00:43:14.940 If your why is just yourself, which is typically what happens when you don't have a family,

00:43:21.060 you're going to have a bad time. You're not going to be as motivated. You're not going to reach as

00:43:25.620 high as you can. You're not going to be feeling that hot fire under your ass, making sure that 1.00

00:43:32.900 you're going the extra mile. I want you to stick with me. I'm going to come back. There's three 1.00

00:43:37.040 basic elements we have to do. One is with John Tamney, who's a friend and a great guy, but what

00:43:42.680 his thinking kind of represents, and in the conservative movement. The second is this whole

00:43:46.840 concept of the natalist versus the pro-family. And the third is this aspect of artificial

00:43:51.720 intelligence. Terry Schilling, who is not just a thinker and thinking through all this, he's at

00:44:00.900 the absolute front line of combating it and building something quite positive in its stead.

00:44:08.160 Short commercial break. Back in the room in a moment.

00:44:09.780 we rejoice when there's no more let's take down the ccb listen up patriots president trump is 0.93

00:44:18.060 dropping a 100 trillion dollar bomb on the globalist jerome powell's term has come to a 0.81

00:44:25.040 close and he's installing a real america first fed chair who will according to jim records

00:44:31.420 slash rates and supercharge our re-industrialization this is what one man is calling trump's gift

00:44:38.800 on America's 250th anniversary, unleashing a historic supercycle

00:44:43.660 in American mining, rare earths, uranium, and gold.

00:44:48.080 The same forces that turned $5,000 into over a million in less than five years

00:44:52.520 during China's booms are hitting here now.

00:44:56.040 Jim Rickards, the former CIA, Pentagon, and White House advisor,

00:45:00.400 has the battle plan.

00:45:01.480 The gold royalty stock that could skyrocket in the next few years 0.97

00:45:05.620 and the Iranian power for AI. 0.99

00:45:10.360 Don't miss this.

00:45:11.560 Go to RickardsWarRoom.com now for a risk-free trial

00:45:14.600 of Rickards Strategic Intelligence.

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00:45:25.960 This is your shot, patriots.

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00:45:29.780 Make sure you participate.

00:45:30.900 Once again, RickardsWarRoom.com for your risk-free 90-day trial.

00:45:36.960 Do it and do it today.

00:45:39.040 War Room. Here's your host, Stephen K. Vance.

00:45:43.620 Okay, first I want to go back to Tammy.

00:45:45.340 John Tammy is one of the smartest men in D.C.

00:45:48.680 He runs RealClearMarkets.

00:45:51.320 And I can't speak highly enough.

00:45:52.700 When we talk about going to news sites and going to, you know,

00:45:55.860 Citizens Free Press with Citizen Kane,

00:45:57.600 You got Hoft over at Gateway Pundit.

00:46:01.820 You got Bullitt, Breitbart.

00:46:03.180 You got all these great sites, Raheem's, National Pulse.

00:46:07.320 It's incredible.

00:46:08.340 We are so blessed by having such a Sean Davis in the team of the Federalists.

00:46:11.840 I could go on and on and on.

00:46:13.080 Daily Signal, Rob Bluey and his team.

00:46:16.520 There's 20 great sites that provide great news.

00:46:19.660 And the RealClear team, whether it's RealClear Investigations, RealClear Politics,

00:46:24.820 which is their flagship and their other flagship is real clear markets he's the editor real clear

00:46:29.760 markets now and um you know i i helped me in fact i think we published the uh helped get published

00:46:37.800 that last book he did he is a hardcore cato institute libertarian kind of almost anarcho

00:46:45.600 libertarian when it comes to economics and culture and society

00:46:50.080 Tammany and I can say, and I consider him a friend and a colleague, we don't agree on anything.

00:46:58.120 We're at a point now we don't agree on anything, nothing. So when I saw this, I got it right to 0.98

00:47:02.480 Terry to go, this guy's insane. You got to respond. And you did a great 0.86

00:47:07.680 tweet thread. But more importantly, is that John Tammany is a leading edge thinker for a big part

00:47:18.140 and huge part of the conservative movement.

00:47:21.660 And that is our people that are, number one, detest the populist nationalists,

00:47:26.580 but even more than detest the populist nationalists,

00:47:28.500 I think they detest that part of the populist nationalists,

00:47:31.200 which is the pro-family, they consider this just archaic thinking.

00:47:36.380 And that's why I believe that even when we're in power,

00:47:41.600 we have a very tough time pulling together a policy agenda.

00:47:45.960 The left, I don't believe, has that.

00:47:48.220 They're much more in unison. 0.98

00:47:49.640 They fall in line around the radical transgender ideology, virtually because they run like 1.00

00:47:56.360 Stalinists. 1.00

00:47:57.460 You're either with it or you're out.

00:47:59.940 And then during elections, they all come out there and go, yes, we don't agree with men 0.98

00:48:03.020 and women's sports, but of course they buy into it. 1.00

00:48:05.220 On the right, we don't have that. 1.00

00:48:07.300 So talk to me first.

00:48:08.360 Give me a couple of minutes on that, on what your struggle is against that kind of mindset.

00:48:12.640 And I would tell you this. I think it's actually a bigger mindset within conservative economic thinking than populist nationalism and or far more than the pro-family as a as a as an economic unit.

00:48:28.460 Terry Schilling. Steve, that couldn't be more true. Our biggest enemies in reforming the

00:48:35.900 American economy to be more centered on the American family is not leftist. Well, it is

00:48:41.260 leftist for other reasons. It's the right. It's the conservatives. They hear these things and

00:48:47.460 they brand it as if, you know, it's unfair for single and unmarried people to subsidize the

00:48:54.520 lives and families of others. They didn't make that choice to get married and have children.

00:48:59.860 Why should they have to subsidize it? The reality is, Steve, for the vast majority of American

00:49:04.240 history, we had a pro-family tax code. We had a pro-family economy that benefited and actually

00:49:10.240 recognized the sacrifices that families make so that they can produce the next generation of

00:49:15.980 American citizens. But in the 60s and 70s, there was a huge shift. You had the rise of radical

00:49:21.500 feminism, which said that the family, literally Betty Friedan said that the family is a comfortable

00:49:26.540 concentration camp. And then you had the population control people like Paul Ehrlich, who worked 1.00

00:49:31.840 around the clock and around the globe to institute anti-family economic policies, as well as anti-family

00:49:39.700 cultural policies. Nixon was actually the first president to move forward with changing the tax

00:49:46.980 code to level the playing field. Families had a beneficial tax code in the 60s and 70s. He wanted

00:49:54.760 to change it so that single people had the same benefits. So once you start treating single and 0.90

00:49:59.780 never married and the childless equally with those that are actually sacrificing and building a

00:50:04.540 future and putting their money, I mean, Steve, you know as well as I do, these kids are expensive.

00:50:09.280 It's a sacrifice we gladly take up, but it's also a calling from God. I didn't choose how

00:50:15.720 many kids I had. I'm Catholic. I don't do that. My wife and I just are in love and we take whatever

00:50:20.800 kids God gives us. We are providing the next generation of American citizens. And I think

00:50:25.500 that it's a struggle for the Tammany types. And again, I think you said exactly right. 0.56

00:50:30.140 Tammany is a brilliant man. He's very smart. He's on the edge. I mean, he's always on the cutting

00:50:35.200 front of things. And that's why it was actually a little bit surprising to see him oppose us and

00:50:39.800 think we shouldn't need to do anything. We have to save the American family. It is the why for

00:50:44.680 why our economy is working at all. But I think the bigger point that I was making is that family

00:50:50.760 fills a serious gap in our country. And as the family has declined in America since the 1970s,

00:50:56.880 all the way up until today, we've been filling it more and more with leisure, with drugs,

00:51:03.020 with counseling, with therapy. Americans have never been more depressed, more mentally ill,

00:51:07.600 more afflictions and less driven. And it's because our marriages are through the floor.

00:51:13.580 Our average age of first marriage is into the 30s now.

00:51:16.660 The birth rates are through the floor.

00:51:18.200 We don't have a why.

00:51:19.940 And these problems are going to keep getting worse.

00:51:22.500 We're going to keep prescribing young men powerful painkilling drugs.

00:51:26.140 We're going to keep getting them addicted.

00:51:27.720 We're going to keep having fentanyl deaths because they don't have a why.

00:51:30.960 The why is why we get clean.

00:51:32.800 It's why my dad got clean.

00:51:34.080 I've been talking about this a lot, Steve.

00:51:36.000 My dad was literally an alcoholic and a recovering crack addict.

00:51:39.560 And he got cleaned when it was clear that it wasn't compatible with our family.

00:51:44.160 When my mom filed for divorce, they saved their marriage, went on to have six more children.

00:51:48.520 The family is the why.

00:51:50.300 And I can't, you know, Steve, it's like, how do these economist types in D.C.

00:51:55.160 calculate the impact that holding your child for the first time will have on you?

00:52:00.740 How do they calculate the impact on the GDP from when you kiss your baby girl for the first time?

00:52:07.780 Right?

00:52:07.920 These things are immeasurable.

00:52:09.560 And they matter much more than the GDP.

00:52:11.620 They're actually why so many men like myself and like you go to work every day.

00:52:15.860 It's to provide for our families, to get grandkids so that we can have life's worth living.

00:52:21.080 If you don't have a family, we're all part of a family, by the way.

00:52:23.780 You don't have to have your own children right away.

00:52:25.620 But you have to have a why.

00:52:27.180 You have to have a motivation.

00:52:28.780 And so I just, I feel bad for the people that can only think in terms of dollars.

00:52:33.020 You know, Cardinal Seurat is a great African cardinal in the Catholic Church.

00:52:38.500 He said that the point of life is not to manage your bank account.

00:52:42.680 It is to love your family and to serve others.

00:52:45.320 It's so beautiful, and that's what we should be striving for.

00:52:48.880 Hang on for one second.

00:52:49.920 I just want to hold you for a minute.

00:52:51.300 I want to talk about the family formation and artificial intelligence.

00:52:54.780 Terry Schilling's with us.

00:52:56.180 One Nation, the massive hit on the Billboard charts.

00:53:01.620 Steve Gruber and his team are going to take us out.

00:53:05.040 Michael Pack, the great filmmaker, is going to join us in our second hour.

00:53:08.500 Another God, may we always be, the home of the brave, and the land of the free, for every battle of love was lost, God bless America, seas of shining sea, one nation of the God, we're united strong and free.

00:53:37.740 Most Americans are forced to spend too much money on health care and getting too little in return.

00:53:43.720 If you're one of the millions frustrated by traditional health insurance, I want to tell you about America's health share.

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00:54:11.440 America's HealthShare reduces your healthcare costs

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00:54:40.040 You can completely scrap your current insurance or use America's health care

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00:54:55.520 Right now, new members get their first month free with promo code Bannon.

00:55:00.560 It's time to make America healthy.

00:55:03.400 Join the community of patriots taking back control of their health care.

00:55:07.120 That's freedomforhealth.org slash Bannon.

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00:55:14.220 Make sure you go check it out.

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00:55:18.980 You will not regret it.

Bannon's War Room - July 18, 2026

Episode 5526： Inflation Drops As Mainstream Tries To Spin

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