Bannon's War Room - August 04, 2026


Episode 5566： One On One With treasury Secretary Scott Bessent


Episode Stats


Length

57 minutes

Words per minute

156.52

Word count

9,038

Sentence count

461


Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 It seems to you that the underlying problem was shelter or with services or with wages.
00:00:08.660 Are there signs that maybe the good numbers we just saw on the past reports, will that continue even though oil is back up and give Chair Walsh some leeway in September?
00:00:22.240 Well, again, I don't think that Chair Walsh or indeed the overall FOMC.
00:00:28.240 You've got to remember, Joe, when they raise rates here, if they raise rates, they're looking at long and variable lead time.
00:00:37.920 So they've got to be thinking, what's going on 9, 12, 18 months out?
00:00:43.680 And I do think that there are a lot of things going on there.
00:00:47.360 You know, we're seeing shelter, owner's equivalent rent, rents come down.
00:00:53.640 And that's where core inflation is.
00:00:56.320 And the media doesn't want to report it. But President Trump has done it again, same as he did in his first term.
00:01:06.940 In the president's first term, hourly workers did better than supervisory workers.
00:01:12.000 And now what we're seeing now is the bottom quartile of wage earners have had year over year, 5.5 percent wage gains.
00:01:23.740 And that's three times more than the top quartile.
00:01:27.760 So, look, this inflation and this affordability crisis that the Biden era got us, you know, this big increase in our step function increase in price levels.
00:01:42.340 There are two ways to combat that.
00:01:44.000 There's you can slow the inflation, which I do believe the core inflation is slowing.
00:01:48.880 But for working Americans, real wage gains. And, you know, we can see that the bottom 25 percent of workers had a 2 percent wage gain.
00:02:00.800 And with everything that we're seeing in the media, it's difficult to discern.
00:02:06.340 But we think that the American people will be feeling that over time.
00:02:10.820 And they're also feeling the benefits of the working families tax cuts.
00:02:14.740 I also oversee the IRS and 44 percent of American households had one of the president's signature policies, no tax on tips, no tax on overtime, reduced taxes for seniors on Social Security and deductibility of auto loans.
00:02:31.320 So we are starting to see. I got sick of hearing about this K-shaped economy.
00:02:37.660 I can say here definitively the K-shaped economy is over and we're seeing more of a C economy where the lower end of wage earners are finally calling it back, just like they did in President Trump's first term.
00:02:50.840 tuesday 4 august year of alert 2026 nothing short of a star turn this morning by our former
00:03:00.260 contributor the secretary of treasury scott besant on squat box 35 minutes without commercial break
00:03:06.700 we won't get that long but we're going to have it without commercial break also um secretary
00:03:12.160 besant here's i just want to make sure the audience understands this i want to go back in
00:03:16.860 time you were an advisor to president trump before the campaign then on the campaign then
00:03:21.940 you were selected secretary treasury you and president trump have had an idea from the
00:03:26.420 beginning to get back to the to everything that converged together in the fall and christmas of
00:03:33.360 2019 you talk about that a lot can you walk us through the original plan including the supply
00:03:38.400 side tax cut everything you guys were focused on how is that working through today particularly
00:03:44.860 I think we're seeing a lot of green sprouts in the economy, and it's kind of worked its way,
00:03:50.660 at least so far, through the excursion we've had in the Middle East, sir.
00:03:55.360 Steve, good to be back here on War Room. I miss you, miss the posse.
00:04:03.240 I was great during the campaign when I was a little freer to speak, but that's a great question
00:04:09.320 you ask, and what we're seeing in President Trump's second term is back to the future.
00:04:16.620 Because in President Trump's first term, you were there, you were part of it.
00:04:22.760 And then by January 2020, we had an amazingly strong economy.
00:04:29.780 President Trump was probably up 8% in the popular polls nationally, which for an incumbent
00:04:37.000 president that was out of the park, then COVID came. And what we've been trying to do is get
00:04:43.920 back to that status. And I think we've done it in an even more powerful way here because
00:04:51.020 the working families tax cut signed last July 4th, not only had the corporate side,
00:04:59.920 it's more of a barbell on this side. So on the corporate side, full expensing for equipment,
00:05:07.720 for factories, for ag structures, and then for working people on the individual side,
00:05:17.980 no tax and tips, no tax and overtime, no tax and social security, a deductibility of interest on
00:05:23.480 auto loans for American-made cars, and both of those have been very popular this year.
00:05:29.780 So despite the rise in energy prices, we saw very large tax refunds. And so I think that those
00:05:41.880 have been a very good bridge here. And as I said on the show this morning, President Trump's done
00:05:47.920 it again, because in his first term, hourly workers did better than supervisory workers.
00:05:56.540 The bottom 50% of households had a bigger increase in net worth than the top 10%.
00:06:01.320 And what we've seen over the past year is the bottom 25% of wage earners, their wages
00:06:07.620 are up 5.5%, inflation's up 3.5%.
00:06:11.960 And I think we're going to see that coming back down.
00:06:15.020 And that 5.5 percent is 3x what the top 25 percent of earners have had.
00:06:24.600 You also said at the time you've always been someone that's supply side to focus on growth.
00:06:29.240 You said, look, the problems we've got, the deficits, the problems we have with all the embedded inflation from the Biden years, we're going to have to grow our way out of this.
00:06:38.100 This was the whole structure of the tax cuts.
00:06:40.380 It was also the forcing function of the tariffs to bring manufacturing jobs back here.
00:06:45.320 Also, the part of the supply side to bring capital back and have companies invest over here.
00:06:51.100 Do you think you're hitting the growth targets that you wanted?
00:06:54.780 And if not, what has to be done on that to basically make sure wages keep in front of – wage increases keep in front of inflation and that we keep the deficits?
00:07:05.160 I think it was under 6 percent was your – the target was 6.
00:07:08.380 You want to take it down to 3.
00:07:09.700 Do you feel you're accomplishing that with the growth we have now?
00:07:13.800 Look, I think we were growing at probably 4% before the president made the decision to go into Iran.
00:07:24.580 And I think we can easily get back to three for the year.
00:07:30.140 And we're seeing across all parts of the economy that things are very strong.
00:07:36.460 And we're seeing small business formation.
00:07:40.600 We're seeing large companies pick up hiring and expansion.
00:07:46.080 So I think we may see a drop in the unemployment rate.
00:07:50.160 And I think that manufacturing is back.
00:07:56.080 A couple of my friends on the Democratic side, when I go in for my hearings, well, you promised
00:08:02.520 It's the manufacturing revival, and you can't have, look, I can snap my fingers and trade
00:08:09.700 in the yen, but I can't snap my fingers and build a factory.
00:08:13.940 What I can do is make the conditions for factory construction in the US, the best possible
00:08:20.000 place in the world.
00:08:21.220 We can have tax certainty, regulatory certainty, and energy certainty, and the trade certainty
00:08:29.340 with the tariffs, and we are seeing factories come back.
00:08:34.800 You initially see construction jobs that turn into good-paying factory jobs.
00:08:40.940 That's exactly what we're seeing.
00:08:43.520 If you look in the data, it's under structures or nonresidential construction is off the
00:08:50.480 chart.
00:08:51.480 Steve, to your point, the other thing that's happening is this deregulatory agenda that
00:08:59.160 I did not realize before I came into government, the US had made the decision to deindustrialize.
00:09:06.000 We often make fun, you do it, we do it a lot on the right for what Europeans, specifically
00:09:13.600 the Germans who are manufacturing powerhouse, made the decision to deindustrialize, a lot
00:09:19.800 of it through energy policy, through these ridiculous green policies.
00:09:26.400 We made the decision decades ago to deindustrialize.
00:09:30.580 And a lot of that was through environmental policy.
00:09:34.000 When I talk to factories who want to come back, they say, like, the EPA drove us out.
00:09:41.160 What can you do for us?
00:09:42.320 And Lee Zeldin, the president calls him rookie of the year in the cabinet for everything
00:09:49.140 he's doing.
00:09:50.140 He's going as quickly as he can.
00:09:52.420 No, it's pretty extraordinary.
00:09:55.660 Do you think the tariff situation, which is central, and I tell people if you don't understand President Trump's theory of tariffs, you don't understand Trumponomics, do you think given what the courts have done, some of the pressure even coming from Capitol Hill, do you feel comfortable now that we're set into a – I just saw we did a courts transaction the other day on tariffs, very focused on India.
00:10:20.460 Do you feel comfortable that the tariff regulatory apparatus that we have right now is something that will stick and it won't be ripped away?
00:10:30.960 Yeah, look, IEPA, the International Emergency Economic Powers Act, was worth trying, and it gave the president instant negotiating leverage, which, of course, you know better than anyone he likes.
00:10:44.760 And I think we were able to strike the deals there.
00:10:47.820 It's unfortunate that the Supreme Court, in what I thought was a flawed decision, said
00:10:54.820 that it struck down the IEPA tariffs, but we immediately fell back into what's called
00:11:00.560 Section 122.
00:11:02.000 That's a 10% global tariff.
00:11:04.280 And then since then, USTR Ambassador Jameson Greer has been conducting what are called
00:11:10.540 Section 301 studies.
00:11:12.420 And one of the studies has just happened.
00:11:18.960 It's the use of forced labor.
00:11:21.220 There's another one coming on overcapacity.
00:11:24.340 So basically, the one for the use of forced labor put about a 12.5% global tariff.
00:11:31.460 And my strong inclination, he's going to have to complete the study and it'll have to be
00:11:36.780 put in place is that the overcapacity tariffs will enable us, if successful, to get back
00:11:46.100 to the exact tariff wall that we had.
00:11:50.800 And if that happens, the Section 301 tariffs are very durable.
00:11:55.360 They've had more than 5,000 legal challenges since President Trump's first term and have
00:12:01.120 been successfully defended against them.
00:12:04.240 And Steve, to be clear, one of the things that happened here, we've got the re-industrialization
00:12:11.520 of the US, but here at the US Treasury, I had $168 billion of tariff revenues that we're
00:12:20.040 going to have to refund.
00:12:21.520 When the Democrats scream, oh, the refund should go back to the American people, well,
00:12:25.900 the American people had it.
00:12:27.360 It was in the US Treasury and it was paying down the debt.
00:12:29.960 And the other thing, too, is that I said that these lawsuits that the Democrats are doing
00:12:36.960 are corporate welfare, and it turned out they were, that they wanted to refund the money
00:12:43.220 to the corporations.
00:12:44.780 So now the corporations have it.
00:12:46.480 Some of them are using it to reduce prices.
00:12:49.020 Some of them are using it for hiring, but a lot of them are taking the end of profits.
00:12:53.280 And to be clear, too, when I get these House or Senate members screaming, who pays the tariffs?
00:13:02.520 Well, we sent $3 billion of tariff money back to Japan.
00:13:10.560 The IEPA was what we did first to get leverage and jump in.
00:13:14.480 Obviously, when the court came back and disagreed with that, the 301s, though, these studies will actually lay in,
00:13:21.400 and particularly the excess capacity or overcapacity is very much one of the issues with China and their state-owned industries.
00:13:29.560 But the 301s, will you think give us a floor of 12.5%, 20%, whatever that is, that those will be the permanent tariff wall around the United States?
00:13:39.600 Yes. So the way for viewers to think about it is there are specific deals country by country, and that's what we negotiated last year.
00:13:51.000 And President Trump, it could be 15% for the EU, 15% with Japan, but then they commit to
00:13:59.960 invest $550 billion into the US, 19% for Vietnam.
00:14:08.860 But on top of those tariffs are also industry-specific tariffs, so for autos, for steel, for aluminum.
00:14:18.220 So, you know, that a lot of those tariffs get stacked. So, for instance, when we take the tariffs from President Trump's first term, plus the 20 percent that they have now, we get to about 45, 48 percent tariff on China.
00:14:36.640 amazing uh can you put to bed also you've been dealing with us now for over a year
00:14:43.580 uh when i've cut on msnbc and they have these people yammering about oh the inflations or the
00:14:49.080 tariffs are causing inflation can we put that to bed right now because i don't think there's any
00:14:53.480 data out there supports that sir uh look that you know i again uh everyone says to me oh you
00:15:02.120 You take either the journalist or the Democrats to the woodshed and I said, I like being fact-based.
00:15:09.800 Steve, as you know, and as you said, there are no facts that show that.
00:15:14.060 What we've seen over the past year is in the US, the inflation has been service-related
00:15:21.160 and goods inflation is at zero.
00:15:24.180 So you don't import your personal trainer.
00:15:29.900 You don't import the babysitter.
00:15:32.540 You don't import medical – you don't import your doctor.
00:15:38.560 So that's what's been driving inflation.
00:15:45.100 I just want to make sure if we go to the next topic is that the deindustrialization was done by the same elites in the same party that were at the time supposed to represent working class people, right?
00:15:56.380 This is one of the reasons the factories left, the high-value-added jobs left, the type of jobs that you can support a family on, all left and went to other places with less environmental controls, less labor laws, all of that.
00:16:08.940 But that was done by a party that sat there and lied to working-class people.
00:16:13.060 I think it's one of the frustrations with working-class people today is that they've been lied to so long by the elites in this country, and particularly the Democratic Party.
00:16:21.720 And you saw it after you got into Treasury, correct?
00:16:24.300 Well, look, I saw it growing up.
00:16:26.600 I saw the textile industry in South Carolina get gutted.
00:16:32.040 And it was funny.
00:16:33.260 I went to right before what the Senate calls the voterama for the working class families tax cuts, or the president likes to call it the one big beautiful bill.
00:16:44.260 There were cuts on green subsidies, especially for the subsidy on EVs that just went to high-income people.
00:16:56.760 And Senator Moreno, who's a firecracker and very funny, stood up and said, look, I'm not bragging.
00:17:05.180 I used to be a luxury car dealer.
00:17:07.320 And the two-thirds of my clients were people who ran these environmental scams.
00:17:12.380 They would come in, and they were buying very expensive luxury cars, and they're laughing at all of us.
00:17:18.960 And these people were laughing all the way to the bank.
00:17:21.660 How did Al Gore get a billion dollars?
00:17:26.320 You've got the big, beautiful bill, which gave the supply-side tax cut.
00:17:31.040 You're on the path, once again, President Trump, because it's undergirded by energy, full-spectrum energy dominance.
00:17:36.760 You're working the deregulation, the regulatory environment, particularly over at EPA, with Zeldin, of course, across the board.
00:17:44.540 We've got a tariff and a plan now with 301s for tariffs to be in place.
00:17:49.260 All the elements are coming together.
00:17:51.540 What other action?
00:17:52.400 Understand you've got to work that every day.
00:17:54.040 You've got to work the problem every day.
00:17:55.500 When you look at the overall kind of battlefield and what you and President Trump have tried to do to get Trumponomics to work like it did in 2019, what else in your mind is left to do?
00:18:06.000 Well, we got to get to the other side of the Iran conflict, and I think we're getting there.
00:18:12.500 We've seen oil come trundling back down, and we will get to the other side of that.
00:18:20.560 And then, Steve, at a point, we just got to let it cook.
00:18:23.520 We just got to let it cook.
00:18:25.600 I think that the economy has great momentum.
00:18:32.220 In my old job, we weren't particularly good at doing detailed analysis, non-farm payrolls
00:18:39.420 today are going to be this, the PCE is going to be that, but we took our cues from inside
00:18:45.460 the stock market.
00:18:47.080 Inside the stock market, everyone likes to talk about AI and the AI bubble, but small
00:18:53.320 cap stocks are doing very well.
00:18:55.580 Bank stocks are doing very well.
00:18:58.240 I think that that's going to go down as one of the great victories for President Trump
00:19:03.840 in this administration is the financial de-reg and for the banking system getting small and
00:19:11.480 community banks back to lending.
00:19:13.420 I spend a lot of time with these bankers.
00:19:15.480 I'm going to see them out in Arizona either tomorrow or Thursday.
00:19:23.220 We saw after the financial crisis, banks became, they used to say, too big to fail while the
00:19:32.880 small banks became too small to succeed.
00:19:36.400 We lost more than 50% of the small and community banks since the GFC.
00:19:43.720 We've got them well capitalized.
00:19:46.860 We've got a great controller, the OCC, Jonathan Gould, and he is tailoring bank regulations.
00:19:54.060 It's no longer one-size-fits-all.
00:19:56.700 Bank America has one set of procedures, a $300 million, $500 million community bank in
00:20:04.980 small-town America shouldn't have the same regulations, they don't have the same risk,
00:20:11.800 and they know their customers, they know their community.
00:20:15.020 They give a majority of the small business loans in America, the ag loans, the small
00:20:21.920 commercial real estate loans.
00:20:23.820 So we've really tried to have a Main Street revival.
00:20:28.580 And part of that is going to be the small community and medium-sized banks and paying
00:20:34.060 attention to them again.
00:20:36.060 When President Trump, as he always does, was asking when you were being considered
00:20:41.720 for Treasury Secretary, and it was pretty consistent, people saying, hey, Scott Besson's
00:20:46.440 a safe pair of hands, understands global capital markets, particularly knows finance ministers
00:20:51.260 all over because he's done this for 20, 30, 40 years. Talk about your experience, particularly
00:20:57.000 like the crisis in the late 1990s. How does that inform your activities when people are talking
00:21:01.980 about this situation with Japan and supporting the yen and how that plays back to support for
00:21:09.780 the issuance of Treasury notes, bonds, and securities, sir?
00:21:16.000 Yeah, look, Steve, the only thing good about being 63 and still standing is, well, look at Social Security in 14, or actually, the 12 and a half months.
00:21:27.980 But the other good thing is you've seen a lot, and for now, I can still remember it.
00:21:33.080 And I remember the Asian financial crisis in the mid-90s like it was yesterday.
00:21:38.520 And one of the things that triggered it was a very weak Japanese yen that then kind of caused a tsunami.
00:21:50.120 The weak yen, then Thailand couldn't compete, Indonesia, Malaysia, and now it would be Korea.
00:22:00.140 So I remember, I don't know, one of the Democrats and I were going back and forth,
00:22:05.880 or maybe, well, same thing,
00:22:08.400 but maybe it was somebody on one of the Sunday morning shows
00:22:10.740 said, well, you're invoking IEPA, what's the emergency?
00:22:14.760 And I said, the emergency is stopping an emergency.
00:22:18.840 And so that's kind of my motto in the markets and in life.
00:22:24.260 Let's not, we don't have to get to the crisis.
00:22:27.500 Let's remediate it early.
00:22:30.180 And that's what we're trying to do here
00:22:31.720 with our partners in Japan.
00:22:33.080 you had hoped to you know three percent a target on the deficit was your hope but there we had
00:22:40.440 tons of potential waste fraud and abuse that we thought we could get out of the system right
00:22:45.840 away however capitol hill we're still paying for a lot of that the other was tariffs were going to
00:22:50.820 generate a billion dollars or more we're on the path of that then the courts interceded so a lot
00:22:55.580 of that money is getting returned now with the deficits you've gotten how do you as treasury
00:23:01.440 Secretary handle roughly a $40 trillion debt, $9 trillion or so has to be refinanced every year,
00:23:07.660 and we still have these $2 trillion deficits. When you look out over the horizon and see this
00:23:15.120 continuing, how is Treasury going to handle that? Well, Steve, we actually, one thing we didn't get
00:23:21.600 any credit for at all was the deficit calendar year, not fiscal year.
00:23:28.720 Calendar year 2024 was about 6.7%, 6.8% of GDP, highest it ever been when we weren't
00:23:35.920 at war, weren't in a recession.
00:23:38.420 And we got it down to 2025, about 5.5%.
00:23:43.720 And so we were on the slope downward toward my something with a three in front of it by
00:23:50.180 the end of the president's term, obviously, with the military spending for the Iran conflict
00:23:59.500 and then the president upsized the military spending for the redo of the military, because
00:24:06.820 I think that he, Secretary Hanks, were shocked when they got in, in terms of the neglect
00:24:12.980 that had gone on during the Biden administration.
00:24:15.820 If we put just the one-time increase in the military to the side, I do think that we can
00:24:23.420 continue on this path.
00:24:25.480 And this year, aside from the military spending, we will either be flat on the deficit or
00:24:34.000 slightly up.
00:24:36.140 And I'm not that bothered, or I'm not as bothered by it because a lot of the, or one of the
00:24:44.860 reasons we're not making progress on the deficit is the full expensing for equipment, factories,
00:24:52.360 and ag structures, that that is creating more productive capacity. So you are, you know, I call
00:24:59.780 it, you're pulling back the rubber band and creating this productive capacity that's going
00:25:05.540 to give us more sustainable tax revenues over the future. So, you know, you're taking a hit on
00:25:13.840 current tax revenue to build productive capacity to have more tax revenue.
00:25:19.080 Yeah, then you also create a whole bunch of jobs.
00:25:22.100 So it's really win-win, and you just postpone.
00:25:26.500 So if 26 is flat to slightly up, this isn't wasteful social spending.
00:25:32.940 This isn't giving Stacey Abrams $2 billion when she's never had more than $300 in her
00:25:40.420 bank account.
00:25:41.020 um so you know this this is real productive capacity in the u.s is that's what creates
00:25:47.600 national wealth and um that gets us in great shape for 27 28 i notice i've seen the secretary
00:25:56.660 of treasury your your billet in a lot more of these documents on ai since supposedly they had a
00:26:02.060 you had a meeting you and the chair of the federal reserve had a meeting with jamie diamond some of
00:26:05.900 the other money center banks during i guess the week of the imf and the summer four conference
00:26:10.620 they talked about some of the concerns they have with some of these ai models and maybe can be
00:26:14.780 disruptive to money center banks one of my concerns is that this whole entire ai business model we
00:26:21.520 have we have a kind of a highly leveraged bet because we're highly leveraged in the u.s highly
00:26:25.140 leveraged bet on a highly leveraged bet does that concern you the leverage of these ai companies and
00:26:31.340 the capex and what's the return on capex are they going to be able to pay for this or do you do you
00:26:36.460 go to sleep at night comfortable with that? Because once again, you're a pretty safe pair of
00:26:40.820 hands. Yeah. So the way I look at it, and I lived through the 90s, and that actually created a lot
00:26:52.600 of productive capacity in terms of a lot of the office equipment had been around for a long time
00:26:59.680 and the local area networks.
00:27:02.860 People started integrating those in the internet, obviously.
00:27:07.880 That stock market was extremely speculative.
00:27:11.520 What we're seeing here is the so-called hyperscalers, but really Microsoft, Amazon, Google, Meta,
00:27:21.360 to some extent Oracle, who are spending this money, they have incredible cash flow.
00:27:28.480 Look, I'm going to leave it to them to decide whether they're going to get a return on that.
00:27:33.360 I think they know better than I do.
00:27:35.500 This isn't pets.com or whatever, foodwagon.com kind of thing.
00:27:44.760 These are serious companies, people who built serious wealth.
00:27:48.860 And these Google guys, I imagine they probably got 90-something percent of their net worth
00:27:57.420 still in their companies.
00:27:58.820 Mark Zuckerberg, same way.
00:28:00.740 So I sleep better being on the same side with them.
00:28:07.820 And I also think that we are leading the AI race, and it's very important to stay ahead.
00:28:15.480 And the president asked me to, when we were at the G7 in France, the president asked me
00:28:20.380 to give a few words to the world leaders.
00:28:23.620 And one of them said, well, what do you think the biggest danger from AI is?
00:28:27.000 And I think one of them, I think they thought I was going to say, well, some kind of harm
00:28:32.620 to young people or something to the financial system.
00:28:36.480 And I said, look, the biggest single danger is that China gets ahead.
00:28:42.360 Because I deal with these folks every day, Steve, you have a long history.
00:28:48.400 And the reason that they are willing to have a discussion on AI with us is because we do
00:28:54.080 have the lead.
00:28:55.080 And I think we will stay ahead because their models, their AI models are formed by distilling,
00:29:03.860 which really means stealing.
00:29:06.980 And so you can't really ever, if someone's looking over my shoulder and copying my homework,
00:29:14.940 they can't do better than I do.
00:29:17.340 And if they don't get all the homework, then they're behind me.
00:29:21.680 But I think this is going to be transformative.
00:29:25.860 And the good thing for Main Street, which is what I think about a lot, is I think we're
00:29:31.480 going to see small business formation.
00:29:33.780 We're already seeing it.
00:29:34.780 I have the honor of running the IRS until we get a commissioner in and we can see.
00:29:41.160 Mr. Secretary, can you hang on just for one second and take a short commercial break?
00:29:46.560 We'll return to the Treasury Department, Secretary of Treasury next.
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00:32:40.600 War Room. Here's your host, Stephen K. Bannon.
00:32:43.900 the secretary is good enough to give us uh 30 minutes right now for the market close
00:32:52.760 good on you uh his uh twitter he had to bounce his twitter treasury secretary scott besant
00:32:59.080 at sex scott besant can we put that up denver sex scott besant on twitter that's sec scott
00:33:07.760 Besant. I want to thank the Secretary for
00:33:11.420 spending time with us. Obviously, what he said, I thought was very
00:33:18.060 interesting. We want to get ahead of emergencies. That's why they're doing what they're doing in
00:33:25.760 Japan. And Scott has been on Wall Street since 84 and really been kind of a major force or one of
00:33:31.280 the people working with some of the most important people in the world starting in the late 80s,
00:33:36.200 early 90s he was there for the entire tie bot we've talked about yesterday the tie bot crisis
00:33:41.800 that led into the collapse of long-term capital management what you don't have is contagion
00:33:47.120 like with this um ai hedge fund run by a 24 year old whiz kid that got leveraged up 400 percent
00:33:55.540 and uh and then collapsed overnight and then you had the japanese situation markets are on fire
00:34:02.780 today. And Scott Besson, you know, has got got a plan and the plan is working and they're sticking
00:34:09.080 to it. He says, you got to give it a little time to gestate. Of course, we've had the excursion
00:34:13.980 and he's upfront about how the excursion is kind of taking them off track. But they're going to
00:34:19.460 stick to the plan. The five part plan they had of deregulation, you know, tax supply side tax cuts,
00:34:26.360 full-spectrum energy dominance, deregulation, and, of course, tariffs.
00:34:32.320 Now they have a tariff wall.
00:34:34.220 Take your phone at Bannon, 989898, Birch Gold.
00:34:37.200 You get all access to how do you invest in gold and precious metals in the age of Trump.
00:34:41.560 Most importantly, get to talk to Philip Patrick and the team.
00:34:44.840 That's what you need to do.
00:34:45.740 Now more than ever, a still-pointed turning world in a time of turbulence.
00:34:49.800 as scott said you know take the emergency and get ahead of the crisis deal with the emergency
00:34:58.560 and get ahead of the crisis very powerful want to thank secretary treasury besant we missing
00:35:04.000 good to have him back on here natalie g winners natalie your sub stack ma'am when you get those
00:35:12.160 to me my head blows up every time it's so blatant and so egregious your investigative reporting
00:35:19.740 so great. But then I asked myself, I go, why is it just Natalie G. Winters that does this all the
00:35:26.200 time? This information, you got to dig for it. You got to work for it. But it is out there. Can you
00:35:30.640 tell us the latest and particularly how this ties into what the president and Bill Pulte and John
00:35:37.140 Solomon are doing and the Democrats' absolute assurance that just because there's 278,000
00:35:45.540 foreign nationals and illegal aliens on four states voter rolls registered to vote it doesn't
00:35:52.900 mean nothing to see here ma'am well it's always an honor to be in the war room but especially
00:35:58.520 after secretary scott besant is on um we have two stories that i think converge quite nicely
00:36:04.960 with what president trump talked about in his obviously historic speech one has to do with the
00:36:09.780 non-citizen voting and the other has to do with basically all the way to the highest levels this
00:36:14.660 time when it comes to the United States government, not just journalists and propagandists, but
00:36:19.380 being directly in bed and having financial ties to the Chinese Communist Party, particularly
00:36:24.040 their espionage fronts and propaganda apparatus. But to start with what is just an absolute
00:36:29.700 bombshell, I know there's been a lot of discussion about the 6,600 or so non-citizen registered
00:36:36.060 voters in New Jersey. And there's been so much discussion, even senators and the governor
00:36:41.220 there have weighed in saying oh my gosh how could this happen um but really a glaring i think error
00:36:46.820 from the get-go here that warrants further investigation and frankly the canceling of
00:36:51.120 contracts is that the actual company that is responsible for verifying the identities of
00:36:58.300 voters there so right interfacing between the dmv the motor voter stuff um is a company called
00:37:03.800 edemia people may have seen the logo it's the same company that runs tsa pre-check they actually run
00:37:10.240 a lot of the CBP's biometric entry-exit stuff. They have extensive contracts with the Department
00:37:15.900 of Defense. Except one glaring thing here, Steve. It's a foreign company. It's a foreign company.
00:37:22.920 It's headquartered in France. There's nothing American about it. Why a foreign company is
00:37:28.060 allowed to have any influence, let alone deciding- Hold it. Hold it. Hang on. Hang on. Hang on. Hang
00:37:33.340 on go through that punch list what do they run tsa pre-check cbp biometric entry exit mission
00:37:42.400 and tons of dod identity identity verification programs and a host of other federal contracts
00:37:48.980 like that is their business hang on hang on you're telling me the department of war the
00:37:53.100 department of wars verification id verification program is run by a foreign entity that can't
00:37:59.280 come on, it can't be. That's too good. Well, considering you have Chinese engineers at
00:38:04.100 Microsoft running their combatant programs, it's not that far off. But yes, and they run the same
00:38:09.840 program that led to this New Jersey mishap, will be euphemistic. They run the same tech in 36
00:38:15.700 other states. So again, to emphasize, I know this is like, it's not necessarily a buried lead
00:38:21.820 because it's so obvious, but it's a foreign company that is literally deciding who gets to
00:38:27.940 vote. And now all of a sudden, conveniently, is making mistakes allowing non-citizens to vote.
00:38:34.200 But where this gets even more interesting is that the private equity fund behind it
00:38:40.260 is a firm called Advent International. They're based in Boston. But the company that actually
00:38:45.520 runs this, like the people who are doing the dirty work, the tech stuff, they are foreigners.
00:38:50.320 They're foreign nationals, probably French, realistically, probably Indian. But this firm
00:38:54.980 since the 90s has invested billions of dollars in china they have a massive portfolio there
00:39:01.600 so much so that they even work alongside they partnered with a firm called boyu capital which
00:39:08.540 was actually co-founded by a grandson of the former chinese president and communist party leader
00:39:14.580 jang zemin so just to run that through one more time the company that is responsible for registering
00:39:21.300 non-citizens to vote in New Jersey, is a foreign company whose private equity backer is literally
00:39:28.100 doing business with relatives of former leaders of the Chinese Communist Party.
00:39:33.920 No, I mean the most senior of the leaders of the CCP. And Edvin's had a reputation
00:39:40.060 for decades of being one of the initial investors, private equity investors,
00:39:45.100 into Chinese companies in the Chinese mainland, which, as you know, makes you business partners
00:39:51.820 with the CCP, ma'am. Well, and I would also add, too, you know, I'm sure MS Now is already prepping
00:39:58.180 their, you know, conspiracy theory attacks on this new, unfound, baseless thing. But when you take
00:40:03.720 this into consideration, right, with Article 7 of China's national intelligence law, where
00:40:07.820 essentially any business over there is a dormant state-owned enterprise, can be requisitioned by
00:40:13.560 the state to achieve anything that the Chinese Communist Party deems of interest to their
00:40:18.080 national security, let alone their regulations and just the chokehold that they have over
00:40:24.180 these American companies, the market greed and lust alone, but just the regulations that
00:40:29.180 they have on these companies.
00:40:30.640 This is obviously a glaring national security threat.
00:40:33.080 Even if it were the UK running this, there should be no foreign involvement, let alone
00:40:37.000 who's deciding who's to run elections.
00:40:38.760 But the bigger thing here is that they're running so many federal contracts all the
00:40:42.660 up to DOD identification. You're in the process of becoming an expert on Department of War
00:40:51.440 procurement. Let me ask you, do they even have, I'm kind of shocked, particularly when I was in
00:40:57.680 the Pentagon, I'm shocked that they even had the ability to contract some of these contracts to
00:41:06.620 foreign entities. Is that because this is all based on low bid? Are they under some sort of
00:41:12.120 regulatory restrictions that they're forced to use a foreign contractor for something so sensitive?
00:41:19.240 Or is this just simply that they think they can do a better job? And so I thought we had all these
00:41:24.540 restrictions on Buy American. I know we have Buy American as far as products go, but services also
00:41:31.220 in some of these services that they provide to the Department of War. Does the Department of War
00:41:36.340 have flexibility on this? Are they forced to do this? And if they have flexibility, why are they
00:41:40.980 choosing foreign companies. Well, I think this links quite nicely to the other story, which
00:41:47.060 you're going to see how people all the way up to the levels, including former chairman of the
00:41:51.020 Joint Chiefs of Staff, are literally working with these Chinese Communist Party influence groups.
00:41:55.660 You wonder why we keep getting into all these kinetic conflicts where we're draining our,
00:41:59.180 you know, weapons and stockpiles, our munitions and ammo, basically giving the PRC just even more
00:42:05.580 of an advantage if anything were to go down in and around Taiwan. Steve, it's dependent kind of
00:42:10.880 per what they're actually sourcing with the contract. Stuff that is directly involved with
00:42:15.640 American troops, what they're doing on the ground, are supposed to be done completely here in the
00:42:20.120 United States. There's the physical side where it gets hard. For example, there are just like
00:42:24.580 no companies that produce steel in America anymore. It's pretty crazy when you look at
00:42:29.360 what the country used to do with regard to manufacturing. So there are some elements,
00:42:33.140 obviously, you've seen a whole movement of re-industrialization kicking up, but it's quite
00:42:37.200 difficult to source certain components from the United States, the rare earths, all that stuff.
00:42:41.760 But there are loopholes where sometimes if there are certain contracts, you can outsource it
00:42:46.760 to foreigners, which is absolutely mind boggling. Obviously, a lot of it is the, you know,
00:42:51.520 weird offshoring to India. But as we saw not too long ago, the Pentagon did swoop in when there
00:42:56.220 was a contract that was given to Microsoft, where it turned out that Chinese nationals were doing
00:43:01.380 the work on it. Might I also add Microsoft, the same company that literally created Windows China
00:43:06.500 government edition, which the Chinese Communist Party literally administers their country from
00:43:11.900 that technological backing. So Steve, even if we're not inviting these people in to directly
00:43:16.360 run these contracts, the IP theft, we've basically given them the keys to the kingdom, right, by
00:43:21.180 doing all these joint ventures and collaborations. It's all basically just a euphemistic excuse to
00:43:26.160 steal IP so they can do stuff like this, but we're, I guess, dumb enough to invite them in
00:43:29.980 to run it. We'll probably run into the next break if we have time, but obviously people
00:43:34.440 remember the story that I broke, what was it last week, talking about how that one group,
00:43:38.960 QSEF, was paying these journalists for favorable coverage about China. They were taking them on
00:43:44.400 trips overseas, and you could see after they came back, they were shilling Chinese propaganda,
00:43:49.120 plain and simple. Well, this same group, but in conjunction with a group called CAIFC,
00:43:54.460 that's the China Association for International Friendly Contact, which is even more explicitly
00:43:59.440 part of China's military apparatus. It's part of basically the PLA's political warfare department.
00:44:05.180 They do joint, you know, espionage and intel collecting, but also from a military standpoint,
00:44:10.260 getting people to push info ops on the American people. And they were running basically the same
00:44:16.060 exact program, not just with idiot schmuck journalists, but with former chairmen of the
00:44:21.800 Joint Chiefs of Staff, vice chairmen, former COCOM commanders, commanders of, you know,
00:44:26.640 Pacific Command, Chief of Naval Operations, I have the name, we can read it after the break,
00:44:31.640 but they were basically taking these people over as a program called the SONIA Dialogue,
00:44:35.940 the SONIA Initiative. It started in 2008. They were meeting with the highest levels in American
00:44:41.520 government too. You have pictures of them with Hillary Clinton. A lot of the people who were
00:44:45.960 involved, so again, these are not like military commentators. These are people who literally ran
00:44:52.580 the theaters of war that the chinese communist party wants to understand what our you know koa
00:44:59.020 course of action is were anything to break out these are the people who are literally interacting
00:45:03.280 with a spy front that has been caught up in the same schemes where they are literally buying this
00:45:08.140 information off of people and these people literally later go to jail um but this is
00:45:12.360 something that like i was saying has gone on for nearly two decades um they've even gotten up to
00:45:17.340 the u.s naval academy we've had some of the leaders of the cmc up and around there talking
00:45:21.820 with people but Steve it's important there's two parts to the story one is the public facing stuff
00:45:26.700 right where they do the mill-to-mill exchanges and it's all happy which I would argue there's
00:45:30.460 no such thing as happy collaboration with the Chinese but then there's the darker secret side
00:45:34.640 to this which is that these names weren't published and these are people including
00:45:38.780 former vice chairmen of the joint chief of staff Admiral Bill Owens will make him famous
00:45:43.220 who literally became a consultant for Huawei after participating in this helped try to bid
00:45:49.260 for contracts and help them gain a foothold in america to get their product here literally was
00:45:54.880 writing op-eds called america must start treating china as a friend that's your former vice chairman
00:46:01.060 of the joint chiefs of staff and there are about two dozen people who are all a part of this the
00:46:05.980 highest levels of the u.s military hang on we're gonna get down in in names and now that you get
00:46:11.620 my head blowing up again plus i want to give the the group's name uh you know the the the joint
00:46:17.160 society for happy efforts they always put it in some sort of like it's always like some sort of
00:46:22.500 hello kitty you know group which are undermining and committing treason against the usa money you
00:46:29.120 know they gotta keep it happy hello kitty okay uh natalie on the other side short break
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00:48:22.440 War Room.
00:48:23.360 Here's your host, Stephen K. Bannon.
00:48:27.740 Over at the White House right now, I think they're wrestling with the executive order.
00:48:31.460 They're working on executive orders about artificial intelligence.
00:48:34.760 Next hour, I'm going to spend the entire hour with Tristan Harris, one of the leaders of the pro-human movement.
00:48:43.140 I'm going to talk about a new film that's coming out, but part of this movement to make sure that we have total accountability on artificial intelligence, every aspect of it.
00:48:51.760 A fascinating individual.
00:48:53.440 Met him through Joe Allen and all the great work that Joe Allen is doing.
00:48:58.680 So stick around.
00:48:59.500 The next hour is going to be pretty and I guarantee it's going to be pretty intense.
00:49:04.760 Remember, Scott Besson said, hey, deal with the emergency to get ahead or avoid the crisis, end of the dollar empire, understand what we're talking about, why gold has been a hedge against fiat currency for thousands of years, why it's important today, why it's important to understand gold and where it sits in global capital markets, birchgold.com slash Bannon, end of the dollar empire.
00:49:29.940 Everything Birch gives you is totally free.
00:49:32.780 All the information, all the end of the dollar empire, all of its portfolios they hand out to think through how do you invest in gold and precious metals today, no obligation, totally free.
00:49:49.000 Birchgold.com slash Bannon, end of the dollar empire, or just simply Bannon at 989898.
00:49:56.100 The key thing is to get to Philip Patrick and his team,
00:49:58.640 and Philip is going to join us a little later in the week.
00:50:01.160 And once again, I want to thank Secretary Besson
00:50:03.040 for spending 30 minutes with here on the afternoon.
00:50:05.820 After markets close, which is always a quite busy time
00:50:08.800 for the Treasury Secretary.
00:50:11.780 Natalie, it's outrageous the journalists did it,
00:50:14.660 and of course none of them denied it.
00:50:16.140 They all tried to spin it well,
00:50:17.500 just trying to find out more about a fascinating culture.
00:50:20.380 none of them uh fessed up to the fact that they're uh they're uh useful idiots to a murderous regime
00:50:28.640 but what is most disturbing is when people in uniform do it they've taken an oath to uphold
00:50:35.540 the constitution and they understand the existential threat that is the chinese communist
00:50:39.740 party go ahead once you once you give us a few names man let's make a few people famous
00:50:44.540 yes quick caveat steve these names were not ever publicized right these are from brochures
00:50:52.100 chinese language brochures buried in pages that we were never supposed to find that i will say
00:50:56.660 steve after we've made q stuff really famous now their website doesn't really work anymore it's
00:51:01.040 interesting how that works but um in this case here are the people that we want to make famous
00:51:05.940 that's general peter pace the former chairman of the joint chiefs of staff admiral william owens
00:51:11.560 the former vice chairman of the Joint Chiefs of Staff, General John Abizade, former commander of
00:51:16.280 U.S. CENTCOM, General Raymond Odierno, former Army Chief of Staff, Admiral Jonathan Greenert,
00:51:22.040 former Chief of Naval Operations, Admiral Timothy Keating, former commander of U.S. Pacific Command,
00:51:27.980 General Ronald Fogelman, former Air Force Chief of Staff, General Dennis Reamer, former Army Chief
00:51:33.680 of Staff, Admiral Joseph Brewer, former commander of U.S. Pacific Command, General John Keene. Yes,
00:51:39.400 that's jackie of fox news so take that former vice chief of staff of the army general walter
00:51:44.760 sharp former commander of u.s forces korea general charles jacobie former commander of u.s northern
00:51:50.480 command this is a you you you are you are literally going through a who's who of some of the most
00:51:56.960 respected military both navy uh army marine corps and i think some air force uh once again just give
00:52:05.500 the audience what have these folks done and of course they haven't advertised it's all in Chinese
00:52:09.760 language what have they done to compromise the security of the United States of America
00:52:14.760 they have worked hand in glove forming a secret back channel that makes Mark Milley look like
00:52:21.260 child's play with a group the CAIFC and QSEF that's the pay-for-play chirp group CAIFC is
00:52:28.000 literally a political warfare branch of the People's Liberation Army that plays according
00:52:32.220 to the US government dual rules of intelligence collection and conducting propaganda and perception
00:52:37.080 management campaigns. After meeting with the PRC, obviously they had these back channels.
00:52:42.120 God knows what they shared with the Chinese Communist Party. Some people explicitly ended
00:52:46.680 up on their payroll lobbying for Chinese Communist Party owned companies, shilling them in the press.
00:52:52.000 But these are people who for years have met secretly with Chinese Communist Party, the highest
00:52:56.580 levels of their military officials. Steve, I don't want to hear it from these people that it was about,
00:53:01.400 oh, mutual understanding, because you know what, where the United States stands right now when it
00:53:06.560 comes to our military footing against the Chinese Communist Party is pretty abysmal. You see, these
00:53:11.440 are all the same voices that push for us to get into these kinetic combats, combats God knows where
00:53:16.520 abroad, deplete our weapons, deplete our stockpiles, give the Chinese Communist Party a leg up. These
00:53:21.460 are the people who say, oh, nothing's going to happen in Taiwan. We'll just automatically have
00:53:24.900 military supremacy. And these are the same type of people, Steve. You see it every few months.
00:53:29.020 There's always an indictment about someone who's working for some federal agency or the military, and they're selling over documents. Sometimes it's people who are literally just accessed via LinkedIn, a simple DM. They get a couple thousand bucks. It's abysmal, the prices these people will sell out for. And they hate President Trump. None of these people.
00:53:47.160 Steve, you want to understand why there's been such a quiet when it comes to the media about
00:53:50.820 Chinese influence in our elections? You think any of these people are going to comment on that?
00:53:56.220 No way. They're in on the take and they make so much money from these weird shady firms.
00:54:01.680 Their spouses end up on the payroll. They all start these shady consulting firms helping Chinese
00:54:06.640 businesses gain a foothold in the United States. It's absolutely disgusting and there's absolutely
00:54:12.360 no justification for it. The Chinese Communist Party, the way they do their intel collection,
00:54:17.460 the way they work with espionage and propaganda, you cannot sit in a room with them without being
00:54:22.360 compromised, full stop, end of sentence, end of story. And these people who spent their entire
00:54:28.260 careers learning how political warfare works by the Chinese Communist Party, it is literally like
00:54:34.080 they are sitting there, Steve, like prostitutes begging for cash from the Chinese Communist Party
00:54:40.460 saying, hey, what do you want to know about what our plan is in some theater of warfare?
00:54:44.780 Oh, let me guess, probably around Taiwan.
00:54:46.860 It's disgusting.
00:54:48.300 They helped connect them to government officials,
00:54:50.280 and they're literally talking about mill-to-mill exchanges with the Chinese Communist Party.
00:54:55.260 Here's the difference.
00:54:55.980 In one room, on one side, you have Chinese spies.
00:54:59.360 On the other side, you have greedy, lustful for capital,
00:55:03.500 and trying to feel important former American generals
00:55:06.040 who just want to sell out, sabotage the United States of America
00:55:11.060 for some consulting fees for Huawei.
00:55:13.660 That's not a fair match.
00:55:14.900 Obviously, it's mismatched motives, and it's absolutely disgusting.
00:55:18.920 These people need to be shamed into oblivion because this is useless.
00:55:24.540 It's gross.
00:55:25.680 We need more than that.
00:55:27.240 Where do they go for your Substack and social media, ma'am?
00:55:29.600 This is a hot one.
00:55:30.440 You've got to go to nataliegwinters.substack.com, read the names,
00:55:34.260 and Twitter, Natalie G. Winters.
00:55:35.740 Thank you, Steve, for having me.
00:55:36.860 I appreciate it.
00:55:37.640 Okay.
00:55:38.080 We will have a long conversation after the show about your security.
00:55:42.040 Natalie Winters going into deeply uncharted waters.
00:55:46.120 You are amazing.
00:55:47.640 Thank you, Natalie.
00:55:48.400 We'll make sure this gets pushed out.
00:55:51.120 You thought Wall Street and the corporations and the tech bros that, and we're going to
00:55:55.460 talk about this next, about this whole thing, about if you're against data centers or if
00:55:59.940 Do you want to actually think through AI and have a few, you know, mandatory controls on it?
00:56:06.640 Are you pushing the CCP's agenda?
00:56:08.800 Far from it.
00:56:10.160 We're going to talk to an expert next, Tristan Harris.
00:56:13.060 Short commercial break.
00:56:14.100 We will be back in the warm in just a moment.
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