Bannon's War Room - Episode 5558： Inflation Continues To Impact Americans; WarRoom Called The Pandemic In 2020

00:00:00.000 in your Fed chair. Now, despite President Trump pressuring the Fed to lower interest rates,

00:00:04.260 investors continue to predict the Federal Reserve will keep rates steady. That's because

00:00:08.240 inflation remains persistently high. It's impacted by oil and gas prices from the ongoing war in

00:00:14.580 Iran. But as always, there are all these cross currents that make predicting things very, very

00:00:20.580 difficult. And I must say, if the president would stop threatening tariffs and stop putting new

00:00:28.020 tariffs on other countries, that would also help bring down rates, but he will not do it.

00:00:32.640 He made clear that getting inflation back down to 2% was the Fed's highest priority. And that's

00:00:37.820 part of why this meeting will be particularly interesting. Now, look, the people don't

00:00:42.160 necessarily pay attention every day to the Fed, but the Fed is incredibly important. And what it

00:00:46.500 does with monetary policy represents probably at least half of what makes our economy do well

00:00:51.900 or not so well. But what's happened in the last few months is quite interesting. Some of it has

00:00:56.520 to do with war. Some of it has to do, of course, with the war. But you can see that if you go back

00:01:00.800 to the beginning of the year, the Fed and its 12 committee members were expecting rates to continue

00:01:05.860 to come down, down, down, down. And they were pricing in three rate cuts, i.e. three quarters

00:01:10.960 of a percentage point of rate cuts to take the federal funds rate down below 3% for the first

00:01:16.620 time in a very good while. But since the war, that has flipped around. And now people expect

00:01:23.760 rates, in fact, to go up. And indeed, people think, well, as you said in your lead in,

00:01:28.920 probably rates will stay unchanged. The market has gone from a 10 percent possibility of a rate

00:01:34.140 increase to a 30 percent possibility of a rate increase. And as interesting as what the Fed does

00:01:40.080 will be what it says. What worse is it is press conference, what the votes are. Traditionally,

00:01:44.460 the Fed operates in a very kind of nonpartisan way. But you do get the sense. And that will be

00:01:50.360 very interesting. But then the Fed expects continued rate increases and not to see rates

00:01:54.880 start to go down until the middle of 2027 at the earliest and be above 4% when you get out here to

00:02:03.620 the beginning of 2028. What has obviously also created a lot of inflation is the war. And so

00:02:08.400 you can see that inflation was actually sort of drifting down. And then you had the war and the

00:02:14.960 tariffs. And you can see inflation spiking up here. Inflation has now been above the 2% target

00:02:20.240 for more than five years. The Fed, back at the beginning of the year, predicted that inflation

00:02:27.120 would come down to its 2% target, not for a good while, but it would get down there. Then the war

00:02:31.940 started. It said it's going to take longer. Now, as the war drags on, it says it's going to take

00:02:37.000 even longer. So even when you get out to 2029, thanks to the war, thanks to tariffs, inflation

00:02:43.000 is not now projected to be down to 2%. And that's why the Fed is talking about rate increases.

00:02:47.940 Yeah, and Steve, with all that as the backdrop, let's turn to your next chart, which is on the higher cost of borrowing.

00:02:53.840 Yeah, so the Federal Reserve only controls short-term interest rates, like what you get on money market funds and things like that.

00:03:01.720 Long-term interest rates are a function of inflation, largely.

00:03:05.520 And so you can see here that the 30-year Treasury, our longest out-of-the-TREASURY bond, is now up to 5%.

00:03:12.980 It is above 5% for the first time in quite a good while, except for one little blip here.

00:03:19.140 And so that has helped mortgage rates stay up at 6.58%.

00:03:23.620 You can see that.

00:03:24.620 This spread is pretty narrow.

00:03:25.960 You can imagine mortgage rates going even higher.

00:03:28.880 But the other thing to worry about is when you adjust Treasury rates for inflation,

00:03:33.300 what has been happening is that Treasury rates have gone up, up, up, adjusted for inflation.

00:03:38.680 And that's a sign that the bond market is quite worried about the state of federal finances, the state of federal finances, in large part because of debts and borrowing.

00:03:48.980 So here's what the federal government borrows every year.

00:03:51.860 You can obviously see go way back when it was borrowing a tiny amount of money.

00:03:55.180 You can see what's been happening.

00:03:56.880 What several administrations have done is borrow for shorter and shorter periods of time because it's cheaper and it helps make the deficit look smaller.

00:04:04.760 But now that bill is coming home to roost.

00:04:06.920 The government is going to have to borrow $8.3 trillion, with a T, dollars this year.

00:04:12.540 And that is obviously a huge amount of money relative to anything it's borrowed in the past.

00:04:17.500 Why does it have to borrow all that money?

00:04:19.260 Because, of course, of what I said about the term of treasuries, but also because of the deficit.

00:04:24.860 So Trump, of course, promised to cut the deficit.

00:04:27.340 But in fact, it's going up.

00:04:28.660 It's going to go from $1.8 to $1.9 trillion this year.

00:04:31.720 It's going to stay there.

00:04:32.840 and then according to the Congressional Budget Office, it's going to continue to climb to $2.5

00:04:38.240 trillion. This is the highest deficit as a percentage of GDP that we see outside of a

00:04:44.720 recession or a COVID type of crisis. This is an extraordinary level of deficit to be running

00:04:50.460 in a reasonably healthy, low unemployment economy.

00:04:54.820 Okay, it's Friday, 31 July in the year of our Lord, 2026. Thank you. And I want to get

00:05:01.420 philip patrick up here today um philip patrick thank you for joining us thank you there was

00:05:09.840 some truth in that and some truthiness in that look um with president with the biden regime

00:05:18.660 and we've had you know philip patrick was a contributor here for years with a guy named

00:05:25.460 scott besan we'd have scott on and then a couple days later we'd have navarro on and then a

00:05:31.320 A couple of days later, we had Philip Patrick on and we had Russ vote on.

00:05:34.560 You may remember some of these names are cabinet officials or or senior advisors, senior administrators in the administration right now.

00:05:45.260 You know, Peter being the most senior of the 12 assistants to the president, which are equivalent like a major general in the army.

00:05:52.180 Navarro is there. And we talked about the Biden situation when they had when we had the drop in aggregate demand.

00:06:00.240 of during covid that had to be bridged president trump did that bridge in the summer of 2020

00:06:06.960 that got us through it what happened after biden the election was stolen the first thing they did

00:06:12.900 with the support of many senate republicans was passed this american recovery act or whatever

00:06:18.880 that added another multi-trillion dollar i think it's up to seven trillion dollars of spending

00:06:24.480 and philip as you said you said man this is going to explode inflation as we said and navara said

00:06:30.220 We were mocked and ridiculed by all these professionals and said, oh, no, they don't know what they're doing.

00:06:35.040 Of course, it lit inflation and it crushed the purchasing power of the dollar, which we now know because the analysis done by Jeffrey Tucker and others wasn't really a drop of 22 to 25 percent of purchasing power of the dollar in the Biden years, but a 50 percent drop in the purchasing power of the dollar when you really calculate correctly.

00:06:55.040 Then President Trump gets elected.

00:06:57.400 Philip Patrick, Scott Besson goes from contributor at the War Room to secretary of the Treasury.

00:07:01.820 Russ Vogt goes from contributor at the War Room to the head of OMB.

00:07:05.340 Peter Navarro goes as a co-host and contributor at the War Room to being the senior assistant to the president on all things tariffs and trade.

00:07:15.980 And those three had a plan, and that plan was growth.

00:07:19.660 We're going to have growth.

00:07:20.520 You saw in the spring of this year, in fact, I'm going to pick a random date, February 26th or 27th, a day before the war, where we had the green sprouts coming up of real economic growth, true economic growth that was going to outrun kind of the embedded inflation that was already there from the Biden years.

00:07:40.840 Because once it's embedded, it's very tough to root it out.

00:07:44.740 It's almost impossible to root it.

00:07:46.460 You can, but it's very tough.

00:07:48.100 One way you do this is just to outgrow it.

00:07:49.980 You saw that.

00:07:50.960 Then the war came and everything changed.

00:07:53.720 Just give me your assessment of what Steve Ratner.

00:07:55.600 Remember, Steve Ratner was going to be Secretary of Treasury one time under Biden.

00:07:59.460 And it was definitely going to be Secretary of Treasury and Hillary Clinton before he beat her in 2016.

00:08:03.580 Your thoughts of what he laid out.

00:08:05.640 What does it mean for the U.S. dollar, sir?

00:08:08.660 Look, there's a lot of truth to what you just played. And the reality is, we're seeing it

00:08:13.780 play out in front of us. The 30-year Treasury yield now has spiked to the highest level since

00:08:19.860 2007. And it's very clear why. At the end of the day, when people invest or lend money to

00:08:26.500 the federal government for 30 years, it reflects several risks. There's an inflation risk, there's

00:08:32.420 expected future short-term rates, and there's something called term premium, which is essentially

00:08:37.380 the extra compensation that investors demand for locking up money for a period of, let's say,

00:08:42.760 three decades. What I think was so important about what's happened this week is the shape

00:08:48.220 of the reaction to the Federal Reserve. Shorter-term yields have initially declined,

00:08:53.220 while the 30-year yield surged. Basically, what that means is investors have reduced expectations

00:09:00.080 for immediate Fed action, but have demanded more compensation for long-run risks. This is where

00:09:06.260 the stuff that you're talking about, unbridled spending and inability to control it, play

00:09:11.940 out.

00:09:12.400 This is a concept we've discussed many times before.

00:09:15.580 The Federal Reserve can control the short end of the yield, but longer-term rates are

00:09:19.960 dictated by investors.

00:09:23.420 They're driven by supply and demand.

00:09:25.700 And just look at demand for our debt, right?

00:09:28.320 We talked about this late last year.

00:09:30.900 Gold surpassed federal debt as the number one central bank reserve asset.

00:09:35.460 Why?

00:09:35.720 Because gold is certainty, not certainty in terms of price per se, but certainty in terms

00:09:41.440 of access and utility.

00:09:44.160 Compare that now to federal debt.

00:09:47.040 And consider the risks that people take on when they're making a 30-year loan to a country

00:09:51.880 running a 40% annual deficit, right?

00:09:55.640 Inflation and devaluation of currency at that point start to become a certainty.

00:10:00.700 So what happens is lenders demand a risk premium.

00:10:03.920 It is a very simple risk-reward calculation, right?

00:10:08.140 It's like people with a low credit rating have to pay more for mortgages or a car loan.

00:10:12.760 Well, countries with a spending problem, they have to pay more to convince lenders to lend

00:10:18.140 them money.

00:10:18.740 And I thought it was very interesting listening to Kevin Walsh speak, because he all but admitted

00:10:24.300 this, right?

00:10:25.040 His rationale, ultimately, to keep rates unchanged was that lenders were doing a lot of the Fed's

00:10:30.600 tightening work for them, right?

00:10:32.400 Technically, it's true. Higher long-term rates restrain things like mortgages, borrowing, and

00:10:38.020 investments, so they tighten demand. But there's a really important distinction here. Rates rising

00:10:44.200 because the Fed are credibly controlling inflation is one thing. Rates rising because investors are

00:10:50.240 less confident in the Fed. And our fiscal position is a whole other ballgame. And I think the message

00:10:56.660 from the long bond was not necessarily that inflation is going to explode shorter term,

00:11:00.900 But it was that 30 years of uncertainty have become a lot more expensive.

00:11:05.820 And more concerningly, long-term federal debt is no longer being priced as a risk-free asset.

00:11:11.700 And the things that we've talked about over the last four years is exactly why we're in

00:11:16.440 the position we're in.

00:11:17.560 I've said before, the damage that Biden did in a four-year period, it wasn't just amassing

00:11:22.740 debt, it was also destroying credibility.

00:11:25.520 And I think that's, to some respects, tied one of Trump's hands behind his back.

00:11:30.500 So it's a tough situation.

00:11:36.860 Let's get back to when you talk about the 30-year treasury.

00:11:41.380 Here's the dilemma that we have.

00:11:44.700 Let me explain it, then you take it from there.

00:11:47.380 Or maybe I'm not explaining it correctly, but this is going to impact everybody across the board.

00:11:55.800 And I think, along with this mass invasion of the country, actually puts the Republic and our inability to deal with it as a great power, which we're not right now, which is not, puts in jeopardy the entire project of the American Republic, which were in the 250th year of its birth.

00:12:17.540 The eight point.

00:12:19.580 You basically have a very simple math problem.

00:12:22.700 We take in about five and a half trillion dollars a year of all sources, tariffs, taxes, corporate taxes, about five and a half trillion dollars of cash kind of comes into the system.

00:12:35.740 Roughly seven and a half trillion goes out every year.

00:12:40.480 And we have an inability to deal with the political consequences of cutting spending.

00:12:46.220 Why do I say that? Because we haven't cut spending since we're still dealing off the Biden Pelosi.

00:12:51.760 I think the fiscal year of 21 budget, those numbers.

00:12:55.000 So it's seven and a half, that $2 trillion.

00:12:56.920 So Steve Bannon is not a genius every year when he sits up here in the big fight at the end of the fiscal year and says, hey, guess what?

00:13:04.180 We're going to have a $1.5 to $2 trillion deficit this year.

00:13:08.080 And guess what?

00:13:09.120 Every year it comes in, we've got about a $1.5 to $2 trillion deficit.

00:13:12.500 That gets added on top of the face amount of the nation's debt of roughly $40 trillion.

00:13:19.380 That doesn't even take into account some of the other liabilities, which the net present value on the dollar, when you look at it, could be over $100 trillion, just the face amount which you have to deal with.

00:13:31.800 The financing of that and refinancing, the $8.4 trillion that Scott Besant, former contributor here at the War Room, has to refinance in the Treasury this year is $8.4 trillion.

00:13:42.880 He's got to offer people up money that makes that enticing.

00:13:47.060 And guess what? That's why the 10 year treasury is exploding. That's where the 30 year treasury is exploding because people are just sitting there going, I need to be paid more because I'm getting a little jiggy about the direction of this thing. Right. And we have a fundamental we have a fundamental problem with the business model of this nation.

00:14:05.060 And right now, this business model of this nation is a highly leveraged bet as a country at $40 trillion, running $2 trillion deficits with a corporate, highly leveraged corporate bet, barring like crazy, on artificial intelligence and massive productivity increases without concomitant mass layoffs in tech.

00:14:27.580 And note to self, that bet ain't playing out.

00:14:32.500 What does that mean for you?

00:14:34.640 What does it mean for the dollar?

00:14:36.440 What does it mean for the future of this nation?

00:14:38.400 All next.

00:14:39.220 Philip Patrick from Birch Gold will stick around.

00:14:42.840 Short commercial break.

00:14:43.680 Birch Gold, take your phone out right now.

00:14:45.620 Text Bannon, B-A-N-N-O-N, to get the ultimate guide for investing in gold and precious metals in the age of Trump.

00:14:53.700 Do it today.

00:14:54.380 Talk to Philip Patrick.

00:14:59.360 You don't wait until your house is on fire to install a smoke detector.

00:15:03.320 and you don't wait until the wind and rain hammer your windows

00:15:07.100 and the power goes out to prepare for a hurricane.

00:15:11.220 And you don't reach for your seatbelt after the impact

00:15:14.820 because after the crash, the hurricane, or the house fire, it's too late.

00:15:19.760 Similarly, you don't wait until the dollar goes to zero before you buy gold.

00:15:24.200 It's too late then.

00:15:25.620 Diversify with precious metals and diversify now

00:15:28.920 because you never know what will threaten your savings next.

00:15:32.700 persistent inflation a weakening dollar unexpected financial disruptions you don't know what's coming

00:15:38.780 but you can take preventative steps and you can take them today do that right now by requesting

00:15:44.280 a free information kit on gold from my friends at birch gold group just text my name bannon b-a-n-n-o-n

00:15:52.000 to the number 989898 there is no cost and no obligation just straightforward information on

00:15:58.420 how you can diversify your savings, even an IRA or 401k with gold.

00:16:04.000 I trust Birch Gold. You should trust them, too.

00:16:07.840 Text Bannon at 989898. Take action and do it today.

00:16:12.760 War Room. Here's your host, Stephen K. Vance.

00:16:19.740 Philip, punch a hole in my logic.

00:16:24.080 Because right now, we're like spinning on a wheel.

00:16:27.420 and we're going to get into

00:16:30.220 we're going to do a CR. They're already talking about a government

00:16:32.300 shutdown. What is

00:16:33.840 a problem with shutting down the government

00:16:36.460 when clearly we can't

00:16:38.400 afford the system

00:16:40.300 we have? The logic

00:16:42.220 is let's shut it down and let's force a crisis

00:16:44.500 and start to restructure things, really restructure

00:16:46.640 it. Not these kind of marginal

00:16:48.540 which we're just doing right now.

00:16:50.520 The status quo

00:16:51.600 take your number two pencil and write this down.

00:16:55.280 The status quo

00:16:56.460 is not sustainable anymore. It's not. We can't sustain it. We have to do a series of parlor

00:17:03.640 tricks. One is that since we're the prime reserve currency, and I would argue that part of the

00:17:09.240 reason that the Middle East war is so big is because part of that is to defend the dollar

00:17:14.780 as the prime reserve currency. I think you have to face the brutal reality of that.

00:17:20.000 And this is why I talk to people. There's huge obligations if you have the prime reserve

00:17:23.660 currency. Of course, if you pulled the plug in the United States right now, if you pulled the

00:17:28.620 plug in us being the prime reserve currency, we would have an economic collapse. Why? Because we

00:17:33.020 couldn't finance this mass amount of debt. Why? Because right now, people got to buy it, although

00:17:37.780 they charge us more, because they need dollars and because we control the system. So we can jam

00:17:42.520 them. If you're Brazil or Argentina or France or England, like England, the reason they're in the 0.91

00:17:47.580 jam, the pound ain't the prime reserve currency anymore. So you can't jam them like in the old

00:17:52.380 days. Philip Patrick, how do we get off the hamster wheel, sir? How we get off the hamster

00:17:59.440 wheel is a very tough question to answer. But what you're saying is absolutely correct. Doing

00:18:05.440 what we've been doing, running $2 trillion annual deficit is absolutely unsustainable. And the world

00:18:11.740 is screaming that at us now. Look at what's happening with treasury yields. It becomes

00:18:18.580 very unsustainable. We're spending, we're bringing five and a half trillion, we're spending

00:18:23.300 seven and a half trillion. The annual interest payments on the debt now are about 23% of our

00:18:30.020 total revenue. Well, every five months, we're adding another trillion dollars. The world is

00:18:35.060 commanding higher interest to loan us the money. If we carry on at this pace within a decade,

00:18:40.780 interest payments on the debt will take up 50% of our total revenue. And it's over at that point.

00:18:46.800 The reality is we are at a crossroads. What got us here will not get us any further. So, as a nation, we need to start embracing austerity, right? That means lower spending, fewer services, and so on. And we have to decide whether we're willing to sacrifice the dollar's long-term purchasing power. I say we need rapid change, and we need to do it now.

00:19:08.540 look at how difficult it is for Trump to grow the economy when 25% of our revenue is just going to

00:19:14.620 debt service. And I would argue Biden caused a massive problem, right? He destroyed our

00:19:22.600 credibility, which has a large part to play in borrowing rate shooting up. And he added $8

00:19:28.440 trillion to the national debt in a four-year period. It was completely wasteful spending.

00:19:33.600 So if we do not do an about turn, get Congress in order, get spending in order, we're going to be at the point of no return if we're not there already.

00:19:44.280 It's that simple.

00:19:46.160 Can you – and by the way, $7.5 trillion – let me give you a bad newsflash.

00:19:50.120 The $7.5 trillion does include the sidebar goodies they come up with, like the cost of this war.

00:19:56.360 Number one, this is why I keep arguing, banging on the table. 0.93

00:19:58.940 We need Saudi's money. 0.90

00:20:00.400 We need UAE. 0.81

00:20:01.140 We need Qatar. 1.00

00:20:01.440 All these wealthy monarchies, these corrupt Islamist monarchies in the Middle East, and maybe UAE is not that, but there's still a monarchy there. 1.00

00:20:13.020 They've got to start stroking checks. 1.00

00:20:16.120 Israel's got to stroke a check. 0.97

00:20:17.480 Money can't go to them. 0.94

00:20:18.440 They've got to come back to us because the deficits I just told you don't include the little excursion we're doing in Iran. 0.94

00:20:26.660 That's a whole different sidebar.

00:20:28.700 The spending on a defense, a department of war, is not sustainable.

00:20:34.500 If you're going to be the world's cop, which you shouldn't be,

00:20:37.040 but if you're going to be the world's cop, people that you're protecting on their beat

00:20:40.740 have got to be putting a little something in the till for the effort.

00:20:43.140 They're not.

00:20:44.020 It's not sustainable.

00:20:46.340 Philip.

00:20:47.780 And by the way, the BRICS nations are not illogical.

00:20:51.080 Of course, many of the BRICS nations, like the CCP's in back of it in Brazil,

00:20:54.740 Lula, are the enemies of the United States. 0.69

00:20:57.180 But the Stanford MBAs and Harvard MBAs of those nations that work the HB12C do the math and say, hey, look, the elites in the United States are running a con here on us, and somehow we've got to be charging more for their money.

00:21:10.980 We have the resources. 0.58

00:21:12.820 They have this thing called the greenback.

00:21:14.680 We've got to be charging more or we've got to get off and do our own – somehow do a whole basket of currencies, right?

00:21:19.500 It's not – although a lot of them hate us and want to destroy us, the underlying logic of what they're talking about ain't that far off of being wrong, is it, sir?

00:21:28.840 Not at all.

00:21:29.880 So two things you said there.

00:21:31.200 One, an increase in defense spending at the levels they're touting is an absurdity.

00:21:35.440 To push it to $1.5 trillion would be an absolute disaster.

00:21:39.540 My concern is they took Ferguson's law too literally and are trying to raise defense spending above interest payments.

00:21:46.660 That's not the premise.

00:21:48.280 Secondly, what you're saying is absolutely correct. 1.00

00:21:50.960 The Chinese frighten me, as I believe they do you as well, the CCP, I should say, specifically. 0.99

00:21:57.560 But it's not irrational, right? 0.99

00:21:59.480 Even me as an investor, loaning money to the United States government, if I know we're

00:22:04.960 printing $2 trillion a year in new money and paying me back in devalued currency, I'm going

00:22:11.000 to demand a risk premium for it.

00:22:13.360 It's a very rational response to our fiscal situation.

00:22:16.620 So I couldn't agree more, Steve.

00:22:19.900 So where do people – I want to make sure people get access to you, particularly we're coming off the ninth free installment shortly on the end of the dollar empire.

00:22:28.180 We've done the end of the dollar empire for, I guess, the last five or six years.

00:22:30.960 Gold was about $1,100 an ounce.

00:22:34.600 It went up to, I think, high as $55 or $52.

00:22:37.040 It's now around $4,000, it's more north of there.

00:22:39.700 Well, I want people to understand there's a logic to this.

00:22:42.900 You've got to understand aspects of capital markets.

00:22:45.060 You also have to understand the relationship to fiat currency.

00:22:50.980 And I think one of the things it does, it talks about the history of the country and the populist nature of kind of monetary policy in the 19th century.

00:22:58.020 The great founders of our nation understood this was going to be a problem, right?

00:23:03.080 The Andrew Jacksons of the world knew this was going to be a problem.

00:23:05.920 Hamilton knew it was going to be a problem.

00:23:07.360 This is not shocking anybody.

00:23:09.220 So I want people to go to the end of the dollar empire because we go through all of it.

00:23:14.140 But particularly, give me a minute on if you go back and look at every chart we've got, a lot of bad things happened to us financially after Nixon decided over a hot weekend in August in 1973, I think it was, to take us off the gold standard.

00:23:28.840 What bad things have happened to us as far as our currency since then, sir?

00:23:33.080 I mean, we've seen significant devaluation of our currency, and that's what happens when you remove a pegging to currency.

00:23:40.200 see. We've seen the middle class get decimated since the 1970s. And it's in this that we

00:23:45.900 understand why. That's why the end of the dollar empire series was so close to your heart, but

00:23:51.320 mine as well. It's a real explanation of how we went from there to the, well, really from the

00:23:57.360 30s until the position we're in today. And any student of history will understand that it repeats

00:24:03.760 itself. And I think there are some very valuable lessons to learn from the past, which explain a

00:24:09.260 about the situation we're in today. But the topic that we've discussed today and what's happening

00:24:13.900 globally with debt and borrowing rates, that's very important for people to understand. And I

00:24:19.740 think in understanding that, you understand quite how important commodities in general,

00:24:25.020 and gold and silver specifically will be in the climate moving forward. So very simple for your

00:24:31.180 viewers, as everybody knows, just get the information. It's birchgold.com forward slash

00:24:36.540 spannon or they can text spannon to 989898 get access to a ton of free information uh learn

00:24:44.440 read and if they want to learn more we'll be here to help them and guide them through

00:24:48.360 you know we first started talking to the birch guys about if we were going to work together

00:24:53.200 philip and i both had a appreciation for king dollar but also understand the catastrophe

00:24:59.660 if king dollar ain't underpinning the system and it's not underpinning the system because

00:25:05.700 of so much devaluation, you're going to have a problem. This is what I keep warning people about

00:25:10.960 is that the leverage bet that the country has on artificial intelligence, but also

00:25:14.960 just globally. We're about to get, we have $300 trillion roughly, if you add everything up,

00:25:20.860 all of it, it's roughly $300 trillion. We're about to have the world's largest margin call.

00:25:26.300 When that happens, who knows what's on the other side, but it ain't going to be healthy.

00:25:33.200 If you're a working class or middle class person in the United States of America, it is not going to be to your financial health.

00:25:41.300 Let's say that just like in the 2008 financial crisis, a whole and when the tie goes out, a whole lot of people's bathing suits are going to come off with it.

00:25:49.720 You're going to see some pretty ugly bodies out there, maybe bodies that should have been up to the neck and water.

00:25:55.920 Philip Patrick, your closing thoughts here, sir.

00:25:58.360 And thank you for coming in. I had to do this at the end of the week because it's just so we're just missing the point so much.

00:26:04.280 This spending is going to destroy us.

00:26:07.380 Scott said we don't have a revenue problem. We've got a spending problem.

00:26:10.100 Then we've got to step up and we need to show leadership to step up.

00:26:13.640 You've got to make some hard calls. None of this. All the easy choices are decades ago.

00:26:18.220 We don't have an easy choice in front of us. I'm not saying this is painless.

00:26:21.220 All of it has pain. OK, all of it is going to be hard.

00:26:25.280 All of it's going to be tough.

00:26:27.040 That's why the tough people here got to step up to the plate and say, we're going to lead

00:26:30.060 the nation through this.

00:26:31.460 Philip, where do people go?

00:26:32.460 One last time.

00:26:34.040 Yeah, very simple.

00:26:35.180 Birchgold.com forward slash Bannon or text Bannon to 989898.

00:26:40.740 Get access to a ton of free information.

00:26:44.800 Thank you, brother.

00:26:45.600 Appreciate you doing this.

00:26:46.680 Make sure everybody goes to the Birchgold.

00:26:48.420 It'd be great for this weekend to get the end of the dollar empire to go through it.

00:26:52.400 If you've got questions, get back to Philip Patrian's team.

00:26:55.060 They got their brochure in investing in gold and precious metals, the age of Trump, all of this.

00:26:58.500 They got tons of information on their site.

00:27:00.680 All free and no obligation.

00:27:02.260 Remember that.

00:27:02.880 All free and no obligation.

00:27:05.240 So check it out.

00:27:05.960 Birch gold.

00:27:07.540 Nothing could be better for your financial health than to start to immerse yourself and to go up the learning curve.

00:27:12.940 Remember, it's upon you.

00:27:13.960 And once you understand this, things become clearer on government policy of your nation, your community, all of it.

00:27:20.060 Okay.

00:27:20.960 Very proud to announce we're going to have Dr. Yan with us. 0.84

00:27:24.480 For those who have been with the show for many years, Dr. Yan left China and the Chinese Communist Party to come to the United States and tell us about the reality of the bioweapon that was brewed up in these Chinese military labs like Wuhan put her life at risk to do it. 0.72

00:27:43.580 A true hero and patriot, Dr. Yan is with us next in the war room. 0.86

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00:29:42.020 bannon okay welcome back uh home title i can't remember sure every dream you've ever had

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00:30:52.380 it out, particularly with cyber AI, all of it. Dr. Jan joins us now. Doctor, just for the show

00:30:59.920 has grown exponentially since the days you were a regular. I just want to make sure people

00:31:04.420 understand we just had Fauci on. This thing is now exploding all over the globe as a massive

00:31:10.080 issue, particularly here in the United States. You had a very critical role in all of this

00:31:16.600 back in 2020 you were the first kind of real truth teller to come and expose what the chinese

00:31:22.600 communist parties was doing we've got a tweet up for yours recently from last night i think i'm

00:31:27.340 gonna get into but just go back and give people your your credentials your bona fides and how you

00:31:32.920 got into the story in the first place thank you for having me back sir so i would like to remind

00:31:39.380 our audience that back to 2020 January, because my supervisor, Dr. Liopong of WHO at the University

00:31:49.160 of Hong Kong, sent me the secret job to look into what happened in Wuhan. Actually, specifically,

00:31:55.780 it was back to 31st December 2019. That's why I get a lot of information gathering from my friends

00:32:05.340 who work in the hospital, in the labs, in the military, whatever.

00:32:09.260 And because my former lab at the University of Hong Kong

00:32:12.340 is the number one coronavirus lab in the world,

00:32:16.120 so I get to know a lot.

00:32:18.220 And I start to reveal the truth

00:32:20.040 because I realized Chinese government was covering it up 0.90

00:32:23.420 and misleading the world.

00:32:25.140 I start to reveal it since January 19, 2020,

00:32:29.120 via media on YouTube,

00:32:30.880 the Chinese anti-CCP YouTube channel based in the U.S.

00:32:35.340 And after that, the things I start to review all get verified.

00:32:40.620 And one of the most important thing I revealed back to January 2020 actually led to the travel ban posted by President Trump at the end of January 2020.

00:32:52.240 And sir, you know that because Mr. Luda met you on 23rd, January 2020 and gave you the information I revealed.

00:33:00.420 And you pass it to Dr. Navarro and then President Trump.

00:33:04.000 Now we can see from Fauci's time.

00:33:07.080 Hang on a second.

00:33:07.960 I just want to make sure.

00:33:09.600 Go back to the 31 December.

00:33:11.320 I want to make sure people, and we've got two segments here,

00:33:13.660 and I'm looking forward to having you back on too.

00:33:16.360 You were at the Hong Kong University at the time,

00:33:20.740 and the section you worked in was considered at the vanguard of this type of research.

00:33:26.480 But talk about 31 December, a friend of yours, I think it was,

00:33:29.920 The relationship you had in actually in the Chinese government, they reached out to you, correct?

00:33:35.940 You actually had communicate in the ending days of December before any of this kind of broke into the public domain in mid-January when because I was with, you know, Miles and others where they said we're up there to kick off our Chinese New Year celebration and broadcast, which I've been doing for years with the team.

00:33:56.760 And they said, oh, well, we're canceling. It's not going to happen tomorrow.

00:34:00.340 And I go, what do you mean it's not going to happen?

00:34:01.900 They said, well, Chinese New Year's canceled.

00:34:05.040 There's not going to be this huge mass migration in mainland China.

00:34:08.620 And I go, well, how many years, how many times has it been canceled?

00:34:11.500 They go, it's never in history because something horrible has happened with this pandemic.

00:34:15.660 You knew about that in advance.

00:34:17.480 You weren't actually talking to people at the end of December.

00:34:20.720 Tell us about those conversations.

00:34:22.860 Because we are the WHO reference lab.

00:34:25.500 It's our responsibility to find out what happened in this area, including mainland China.

00:34:32.060 And Liu Peng warned me that, keep silence.

00:34:34.860 If not, you will go across the Red Line and no one can save you.

00:34:38.300 And I went back to reach to my friends, not only in Wuhan, but all over the Chinese hospitals, labs.

00:34:46.100 Yes, as you remember, one of my friends worked in China, in the CDC in Beijing.

00:34:51.740 And that is a person also handled the coronavirus samples from Wuhan.

00:34:57.280 So briefly, I'm the first person outside China who knows that, outside mainland China,

00:35:04.120 and who knows what happened there.

00:35:06.260 Because at that time, everything is totally suppressed.

00:35:10.440 Everyone was warned to keep silence.

00:35:13.300 And what we know is back to December, middle December 2019,

00:35:18.420 In Wuhan Institute of Virology, they get the sequence from the patient in Wuhan, and the patient's number was highly downplayed, and the doctors are not allowed to talk about the outbreak happened in Wuhan.

00:35:33.740 It's definitely not only started from even December 2019.

00:35:38.280 It should be weeks before December 2019.

00:35:41.180 This virus already circulating in the community. 0.89

00:35:43.920 And more importantly, Wuhan lab has the sequence back to middle December from patient, but Chinese government asked them to suppress all the things. 0.74

00:35:55.000 They don't allow them to review it.

00:35:57.060 And also they delay everything and they tell everyone no person to person transmission.

00:36:03.220 So no human-to-human transmission, you know, at that time, even until middle January 2020, when Chinese government, the Vice President Liu He came to U.S. to sign the soybean deal with President Trump, they were still cheating you.

00:36:21.380 They said nothing big deal. And altogether, what I found from my friends in China CDC, including how people silence about the truth, I learned from the doctors, I learned from the lab staff in China, and I learned from my military friends related to this kind of work.

00:36:40.580 I gather the truth. That is, based on the scientific truth, based on the sequence gene of the virus, the virus come from military, come from the, including Wuhan lab, because that is part of CCP's military civil fusion network.

00:36:57.180 And that was not an accident.

00:37:01.000 This is a fact that we need always to emphasize because it was not an accident, not the sloppy work in the lab.

00:37:10.040 It was released intentionally. 0.88

00:37:12.800 And at that time, Chinese government are busy with anything to misleading the world. 0.90

00:37:18.940 And also, I figured out the real backbone. 0.97

00:37:21.860 It's like the fingerprint of the criminal son. 0.91

00:37:24.800 The real backbone of the virus is the People's Liberation Army discovered a uniquely owned bad coronavirus they found from East China in 2017 to 2018. 0.89

00:37:39.780 They named it as JC-45 and the JXC-21. 0.50

00:37:43.960 So everything changed based on this live virus.

00:37:47.040 And I have presented the evidence in the three-year reports.

00:37:50.640 And we have seen that based on the ODNI declassified documents recently, and also the released the documents by Rand Paul and other people in the U.S. government.

00:38:03.240 You're saying what Tulsi Gabbard, hang on, you're saying what Tulsi Gabbard released.

00:38:08.260 Hang on for one second, I just want to go back in time.

00:38:11.560 You're saying even though the contact came to you in late December, you were convinced pretty quickly that something had happened even earlier.

00:38:20.640 Now you're saying, you're also saying, hey, this is a bioweapon.

00:38:26.000 There's no doubt that this is a bioweapon.

00:38:28.560 And your belief is that even the excuse that it accidentally leaked out of the Wuhan lab, you're not buying.

00:38:36.740 You're saying that something happened in 2019.

00:38:39.100 Go back to 2019.

00:38:41.020 How early do you think this was released?

00:38:43.720 And do you believe that release was on purpose to basically cause harm, ma'am?

00:38:49.240 yes of course let me briefly answer your question sir yes first from the beginning i tell people

00:38:55.840 this was not accident and i'm the virologist working in the biosafety level three lab in the

00:39:02.880 who reference lab i worked on coronavirus after the outbreak so i can tell you based on all my

00:39:10.300 understanding and my experience and my knowledge of chinese communist party this was not accident

00:39:16.200 You can't say an accident happened and caused people's death in Wuhan and caused the whole world damage, but still the chairman, the dictator Xi Jinping, is celebrating the trophy.

00:39:28.220 They're telling you, oh, this is a pandemic, makes the East rises and the West falls.

00:39:33.720 And especially this was designated from the lab, from the military, by stealing the technology, taxpayers' money from the United States, and leverage the corrupted pro-CCP, pro-communism campaign all over the world to cause harm and targeting especially CCP's top enemy, the United States.

00:39:57.720 And actually, we also have evidence later from our top sources in Chinese Central Military Committee in Beijing near Xi Jinping.

00:40:09.340 We later also found these different sources to verify the virus was released intentionally in the community back, I mean, back to September 2019 at that time to conduct a community trial using humans.

00:40:30.680 And you can find that is a military civil fusion exercise conducted in Wuhan International Airport.

00:40:39.780 And the scenario is one person carrying an unknown novel coronavirus disease to China,

00:40:47.560 but later the symptoms get controlled, get treated and things under their control.

00:40:54.080 So that was the exercise several months before the outbreak happened in the international airport in China, in Wuhan, under People's Liberation Army, and with Xi Jinping's approval.

00:41:08.420 And also after that, CCP believed they thought they can control the virus.

00:41:13.900 So that's why they held the military sports meeting at the end of October.

00:41:20.540 And even Xi Jinping came to the opening ceremony.

00:41:24.120 And after that, somehow, you see the virus spread in the community.

00:41:30.820 And we need to ask them, what did they do in the military sports meeting?

00:41:35.020 What else they have done since they falsely believed they could control the virus

00:41:39.720 and they could just use it to target their enemies? 0.69

00:41:43.460 And of course, we know that even though it got outbreak in China, 0.83

00:41:47.600 They still welcome the result because when 23rd January, three days after I reviewed these secrets through the media, Xi Jinping's regime mocked on Wuhan, but let the infected people, innocent people to carry it all over the world, spread it all over the world. 0.90

00:42:09.340 And thank God, I mean, President Trump got our information in time, and that's why he fight against the Fauci and all the other experts, as you also told me and other sources also revealed that President Trump launched a travel ban against Chinese citizens at the end of January that highly delayed the speed of the pandemic go to the United States. 0.92

00:42:36.340 Hang on. Let's take a short commercial break. We're going to come back with Dr. Yan in a moment.

00:42:40.980 This timeline is very, very, very important. It shows the lies of Tony Fauci.

00:42:45.960 It also shows the Chinese Communist Party as the existential threat to the United States. 0.95

00:42:51.820 Like I said, HomeTitleLock.com. This special is not going to last forever. 0.88

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00:43:18.080 Short commercial break.

00:43:19.100 Dr. Young, the other side.

00:43:30.740 As President Trump continues to fight for this great country,

00:43:41.820 one of his most important actions could soon impact the wealth of millions of hardworking Americans like you.

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00:44:47.740 war room here's your host stephen k van dr i've only got a few minutes here and i'm gonna have

00:44:54.520 you back on but i just want to make sure i get clear for the audience so they can understand

00:44:57.920 this um was fauci in the wuhan lab and his um his uh bringing in talking about gain of function

00:45:06.860 is it your knowledge that the wuhan lab was actually in in other military uh bio labs because

00:45:15.620 you're the first one i think that broke on the show years ago that there was something like

00:45:19.880 15 of these labs around uh around china and i think five of them are at the same level of wuhan

00:45:28.320 is it was fauci's involvement in the found and him getting gain of function was that central to

00:45:35.400 the pla being able to create these bioweapons or what they did in 2019 was really before the

00:45:41.880 help they were getting from Fauci? So the first thing is Fauci lies. And we see it from his diary 0.62

00:45:48.080 and his hearings yesterday. And I've been told everyone that since 2020. But Fauci's role is

00:45:55.580 play as a bridge or as a key factor in the United States to prevent Americans realize the truth.

00:46:04.260 That's very important. And when we talk about the CCP PLA side, they have their own secrets too.

00:46:11.880 And when we talk about it, people will know that Fauci gives this knowledge to China, not only Fauci involved, but also there are a lot of people pro-communist China inside the U.S., everywhere.

00:46:28.560 So that's why China and the U.S., since they get the diplomatic relationship back to Kissinger's period, China can basically get everything from U.S. 0.57

00:46:39.600 You open the door to China, and talking about the bioweapon, these technologies, first, we know Chinese government needs everything from U.S. 0.81

00:46:50.320 They need your nuclear weapon technology. 0.89

00:46:53.760 That's why they store it and get their nuclear power.

00:46:56.820 They need your AI technology.

00:46:58.880 That's why they ask you to make everything transparent.

00:47:03.100 They need all this kind of scientific technology.

00:47:06.820 That's why they can weaponize everything for unrestricted weapon.

00:47:11.360 So Fauci's role played in the biosecurity and biodefense level.

00:47:16.420 He definitely didn't do what he should do.

00:47:19.740 And he lied to you. 0.78

00:47:20.900 That's why you suffered from this novel, non-traditional, unrestricted bioweapon from China.

00:47:28.260 But people's liberation are even without Fauci. 0.85

00:47:32.320 Hang on one second.

00:47:33.480 I just want to go back.

00:47:34.620 You're saying, so I get this timeline.

00:47:36.260 we're gonna have you back on in september of 2019 you're saying they actually did in an airport

00:47:42.980 an exercise to see if the the virus itself could go out then later the military games because a lot

00:47:50.760 of people confuse it that military games happen in the summer you're saying the military games

00:47:55.260 aspect of that where they decided to spread it to the athletes occurred in october that's where

00:48:01.320 you're saying when you when when chinese communist party government officials who really didn't know

00:48:06.180 about it, made contact with you in late December, you said, hey, this thing was going, it was pretty

00:48:11.380 evident it had been going on for months and months and months before people thought it broke out in

00:48:16.580 Wuhan, basically in mid-January. Is that basically the correct timeline? It won't go so far back to

00:48:24.100 2019. I believe the virus actually got out of control, spread in the community in Wuhan. In fact,

00:48:32.180 innocent people should be 1.00

00:48:34.020 started from around

00:48:36.120 the military sports meeting

00:48:38.040 because previously in the

00:48:40.320 Tianhe airport excise

00:48:42.140 they have done very strict

00:48:44.100 control and they did

00:48:45.900 a small scale trial and they thought

00:48:48.280 it's under the control but

00:48:50.160 they misjudged

00:48:52.040 the transmissibility

00:48:54.440 of the virus

00:48:55.640 and then later I

00:48:58.140 believe when they again bring it

00:49:00.100 out of the lab target

00:49:01.920 what they won

00:49:03.680 and around the military

00:49:06.000 sports meeting that period.

00:49:08.060 Actually, we do have the sources

00:49:09.960 told us that they believe it

00:49:11.760 is used to target

00:49:13.740 the sports meeting athletes

00:49:15.580 from overseas.

00:49:17.340 But I just want 1.00

00:49:19.700 to make sure that people here don't get

00:49:21.960 confused in the narrative and then we

00:49:23.880 got to bounce, but I'll have you back on.

00:49:25.980 It's just a lie that this

00:49:27.940 somehow inadvertently came out of

00:49:29.700 of good scientists working on vaccines that this kind of came out of Wuhan.

00:49:34.160 You're saying that months before, this is a very specific targeting

00:49:37.920 by the People's Liberation Army and the Chinese Communist Party

00:49:40.920 to actually make sure that this weaponized virus would get out. 0.60

00:49:45.500 Is that what I'm hearing?

00:49:47.380 Yes, and our sources in the military also later confirmed to us

00:49:51.440 that they know that CCP conducts human trials using their weaponized passage in China,

00:49:57.540 not only in Wuhan, also somewhere else.

00:50:00.300 For example, at the end of 2021,

00:50:02.880 they launched the hemorrhagic fever virus exercise in Xi'an,

00:50:06.980 another huge city to try the efficiency and the treatment.

00:50:13.200 Dr. Yan, where do people go on social media?

00:50:16.060 And you've got a show.

00:50:17.020 I want to make sure people get access to the show

00:50:18.940 and that they get your social media.

00:50:21.380 Where do they go, man?

00:50:23.500 I'm on Twitter.

00:50:24.400 Dr. Limang Yan with Blue Label.

00:50:26.620 And also, I host my weekly podcast, America Out Loud, the voice of Dr. Yan.

00:50:33.600 And I have daily Chinese live stream media on the Dr. Yan Talks on YouTube.

00:50:41.740 Dr. Yan, look forward to having you back.

00:50:43.520 I want to get down.

00:50:44.660 We got to get people back in the mode of thinking about what really happened here and understand this,

00:50:49.180 because right now there's still a state visit with Xi coming to the United States at the end of September.

00:50:54.660 I don't get it at all.

00:50:55.660 If you combine what Bill Gertz is reporting, what John Solomon is reporting, what Dr.

00:51:00.060 Yan's reporting, and I want everybody to go to her Twitter feed because she makes in no

00:51:04.480 uncertain terms, this is a bioweapon. 0.74

00:51:07.040 You know, the Chinese Communist Party is not a pure competitor.

00:51:10.440 They're not a strategic partner.

00:51:12.140 They can't be an ally.

00:51:13.220 They're the existential threat to the United States and folks in the United States.

00:51:18.280 Once again, Birch Gold, I want to thank Birch Gold for sponsoring us in a times of turbulence.

00:51:24.780 and folks, I can only

00:51:26.900 say I think it's going to get more turbulent. You're in a

00:51:28.840 fourth turning, so it's going to get more turbulent.

00:51:31.440 Make sure you go check out

00:51:32.580 with Philip Patrick and the team. I want to thank

00:51:34.560 Philip for all his support

00:51:36.100 of the show, both coming in as

00:51:38.760 a sponsor for Birch Gold, but particularly

00:51:40.640 his coming in and explaining

00:51:42.200 amazingly these

00:51:44.600 massive deaths that we're running up and what's going to happen

00:51:46.780 to the purchase power of the dollar. 1.00

00:51:49.560 Got to make sure the Bricks Nation 1.00

00:51:50.820 is not sitting there telling us what's going on.

00:51:52.500 So take your phone at Bannon, B-A-N-N-O-N, 989898.

00:51:57.480 You get the ultimate guy for investing in gold and precious metals.

00:52:00.620 Also, you get access to the end of the dollar empire.

00:52:04.860 So go check it out right here.

00:52:06.060 The bound copy.

00:52:07.000 You can put your name on the list for this.

00:52:08.660 We're way behind on that because they sold out immediately.

00:52:11.560 But you get all the free installments if you go down.

00:52:14.460 And with interest rates exploding because of the free market of buying government bonds.

00:52:20.060 This is not even about the Fed.

00:52:22.500 So go check it out. Birchgold.com. I want to thank them. Philip Patrick and the team.

00:52:27.340 Ben Harnwell up next. I'm back. The show tomorrow morning going to be explosive.

00:52:33.720 You don't want to miss it. My favorite show of the week.

00:52:36.320 Saturday morning, 10 a.m. Eastern Daylight Time. Ben Harnwell from Rome next in the war room.

00:52:41.420 if you're 65 or already on medicare listen up folks and grab a pen maybe even a number two

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00:53:04.040 the insurance companies and their lackeys in the washington swamp have built a medicare system

00:53:09.660 design to confuse you and rip you off. Rising premiums, denied claims, fine print nobody but

00:53:17.280 a lobbyist understands. Millions of American seniors are paying too much and getting too

00:53:22.360 little. And worst of all, most don't even know it. Hey, that could be you. That's why if you're

00:53:28.820 already on Medicare or will be soon, you need to talk to our friends at Chapter. They have a team

00:53:35.300 of advisors trained to serve American seniors, not the insurance companies. In under 20 minutes,

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00:53:47.060 They have all the data on every plan. It's totally free. There's no pressure, no BS,

00:53:53.860 just straightforward, honest help from fellow patriots. So don't wait. Call 845-WAR-ROOM right

00:53:59.340 now. That's 845 War Room. Tell them Bannon sent you. Now listen, in the first couple of days of

00:54:05.600 the launch of this company with the Warren Posse, Posse members saved tens and up to hundreds of

00:54:11.660 thousands collectively of dollars in these fees. Go check it out today. That's chapter. Call 845

00:54:17.860 War Room. Do it today.

Bannon's War Room - August 01, 2026

Episode 5558： Inflation Continues To Impact Americans; WarRoom Called The Pandemic In 2020

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