00:00:00.000Now to the war with Iran. State media is reporting this morning that Iran will now allow Iraqi oil
00:00:06.120tankers to travel through the Strait of Hormuz. The number of boats moving through the critical
00:00:11.720waterway increased by 27 percent this past week. That's according to CNN analysis of information
00:00:17.620from a UK marine trade agency. But shipping levels are still at just 20 percent of the
00:00:24.340pre-war average. Meanwhile, China is rejecting President Trump's so-called economic D-Day
00:00:29.640threat against Iran and is vowing now to economically punish countries who do business
00:00:36.140with Tehran. China says it's not the solution. Secretary of State Marco Rubio is working on
00:00:42.740diplomacy with Oman after the president threatened to bomb the country over its negotiations with
00:00:49.260Iran. Seems to be a deal that's been struck between Baghdad and Tehran to allow Iranian oil
00:00:56.000tankers to pass through the strait and then deliver their oil. It's obviously going to be
00:01:00.480a huge economic benefit to Iran and supplies that are needed also to Iraq. It appears to be a deal0.98
00:01:08.920made between the chief negotiator in the Iran talks, Mohammed Ghalibaf, and the speaker of the
00:01:14.840Iranian parliament between him and his counterpart in Baghdad. What I think interestingly for context
00:01:22.100though here is that is obviously an economic benefit to Iran. But we are talking now about
00:01:28.680an economic D-Day, which the president announced earlier this week, that is likely to include
00:01:34.660sweeping sanctions on Iran and the Iranian economy. We're hearing now via Reuters that
00:01:42.900Scott Besson, the Treasury Secretary, is likely to give a press conference on Monday around 2 p.m.
00:01:49.040Eastern time. We're hearing that may well be the announcement of the sanctions or perhaps a timetable.
00:01:54.200Details are not quite clear. And as you rightly said, these sanctions are now being criticized by China,
00:02:02.680a huge ally of Iran who have said that they do not fit the interests of any party.
00:02:09.860And Iran, for their part, too, Abbas Aragshi, the Iranian foreign minister, has said that any economic sanctions would be a doubling down, failed policy, and that the U.S. is facing surging interest costs.
00:02:23.600All of that is obviously true when it comes to interest costs.
00:02:27.860We've seen now that a gallon is now trading at a dollar higher than it was this time last year.
00:02:35.880But I think, Victor, in the context of all of this, we need to remember that economic sanctions are not guaranteed to work.
00:02:44.140The Iranian economy has been functioning and serving its 90 million populace for many years under heavy economic sanctions.
00:02:52.440So the question remains, what will these new ones, this D-Day, really deliver both to the U.S. and on the Iranian people?0.90
00:02:59.960Did you direct Secretary Betten to intervene in the bond market?0.57
00:03:21.480We have many types of intervention. That's one.
00:03:24.140The ultimate intervention is our military. And if we have to use that, we will. Yeah.
00:03:29.220Will there be a sustained, comprehensive schedule of these sanctions to follow the bellicosity from the White House about this economic D-Day?
00:03:41.500The conservative editorial board at The Wall Street Journal doesn't seem convinced.
00:03:46.140After six months of war with Iran, President Trump has a credibility problem.
00:03:50.860His blustering threats alternating with claims of imminent peace and victory are doubted by friends and foe.
00:03:57.620By now, the world will have to see it to believe it.
00:04:01.740Really, whether the tremendous economic consequences the president's promising,
00:04:07.800that kind of starts and ends with what they do with China.
00:04:11.660Outline that decision that's happening.
00:04:15.540Well, Victor, good to be with you.0.92
00:04:17.720A few things that I think are moving here, and you identified the most important one, which is China.
00:04:23.920Xi Jinping comes to Washington in just a month.
00:04:27.620It's his first trip in more than a decade.
00:04:31.000And the president wants this to be a very successful trip, building on his own trip in May to Beijing.
00:04:39.440If that trip begins with secondary sanctions on the Chinese economy, because they are the single largest purchaser of Iranian oil, they're going to have a problem.
00:04:52.180And I think the first question is, can the president enforce these new sanctions, whatever they look like, in a way that does not undermine the most important relationship he's got with the world's, between the world's largest and second largest economy?
00:05:09.200I think the second problem he's got, and I think the Wall Street Journal editorial you quoted from there, Victor, gets at this, is that the president now has turned economic sanction timing on its head.
00:05:23.740Usually you start with diplomacy, you ratchet up economic sanctions in order to reinforce that diplomacy, and you've got the ultimate threat that you might go to war if you felt that your interests so required it.
00:05:38.200he's now in the position where he's already gone to war it hasn't worked and so the iranians have
00:05:45.780every reason to try to sort of drag this out through the midterms and make the pain as high
00:05:52.480as they can for the united states and for the president saturday 22 august in the year of our
00:06:00.640lord 2026 our favorite show of the week um we're going to start with a very special guest so two
00:06:07.080things going on in the world of economics and power and capital markets all that you have the
00:06:13.840now proposed unrestricted economic warfare of uh the warlord over treasury scott beset
00:06:22.820that is going to be addressed as we said the last couple days and supposedly at a press conference
00:06:28.540sometime reuters reporting 2 p.m eastern daylight time sometime on tuesday of which he's going to
00:06:34.100walk through economic d-day also two weeks basically i think from today or yesterday
00:06:42.960you're going to have fiscal consolidation a report by russ vote and scott besant to the president
00:06:50.220about both i guess they're talking about revenue enhancements and spending cuts a plan to
00:06:58.220calm down the bond market and show that we're not going to be on a perpetual two trillion dollar a
00:07:03.480year deficit has to be refinanced because the bond market is uh is not responding to the
00:07:11.280intervention uh scott had this somewhat but remember the bond market's massive and a couple
00:07:16.480of billion dollars saying hey we're gonna buy we're gonna do this in september i don't think
00:07:22.380is going to uh is going to work over the long run the the problem we've got is that we have
00:07:27.480too big of deficits we have too much spending too little revenue uh and you can't have 40 trillion
00:07:33.680in debt and keep adding two trillion a year when you have to refinance because a lot of it's
00:07:37.800short you have to refinance one third of it um and it just doesn't work crowds out capital
00:07:44.800interest rates are exploding as we said the world is getting ready for it has 300 trillion dollars
00:07:50.800in debt roughly everywhere getting ready for the world's largest margin call the united states the
00:07:56.560business model of our country is a highly leveraged bet on top of a highly leveraged
00:08:01.460bet on artificial intelligence at the hyperscaler or AI level, the corporate level, on massive
00:08:10.780productivity increases, which gives you economic growth without the concomitant massive layoff
00:08:17.380of STEM workers. So I've asked to join us this morning, kick things off. A gentleman that's
00:08:22.720really taken this seriously since i first met him in fact i think of all the conservative sites
00:08:27.820which are terrific and do a great job his uh maniacal focus on debt deficit spending you know
00:08:35.420interest rates capital markets has been one of the things that sets set aside um citizens free
00:08:41.700press kane joins us uh kane just your let's talk about the process and the path i'm gonna get to
00:08:48.040some of the history of how you get involved here in a moment um but you've got scott besant coming
00:08:53.440out with unrestricted economic warfare on monday an announcement obviously that that's different
00:08:59.240than what we've done to date that will include massive secondary sanctions for quote-unquote
00:09:03.500our native our nato allies uh also china um it has to be that all dealing with oil uh the trading
00:09:12.560of oil the support for uh for iran there'll be i'm sure discussion about currency because he broke
00:09:18.280he brought their currency to the knees in january also banks our other allies especially uae in
00:09:25.160dubai um have been the money laundering center for the persian um the persian mullahs now that
00:09:32.740they have a military junta in charge there's still the money laundering of that put in perspective
00:09:38.160And what we got, we got two weeks from that, we're going to have fiscal consolidation, fiscal consolidation by Russ Vogt and Scott Besson is going to be spending cuts, all that.
00:09:47.400Your your your thoughts that now we've pivoted to what makes the world work cash money, brother.
00:09:53.900Yeah, it's about time, man. I can't. This is dangerous of you, by the way, to have me on the show.
00:09:58.760You never know what I'm going to say about the debt and deficit. You're right, dude.
00:10:03.020It's the only reason. I mean, I'm not going to say it's the only reason I launched Citizen Free Press,
00:10:07.320But it's the only issue I've ever cared about in politics. I got radicalized on the national debt. You talk about how it took us 200 years to get to $1 trillion. I got radicalized right when we were at about $2 trillion. So that's well over 30-some years ago. No, hell, it's like 38 years ago. And that's the only issue because it's the only existential issue.
00:10:29.900You've tried to make the point to people, look, we have the world's reserve currency, which sort of protects us from a total bond vigilante blow up.
00:10:37.240But the point is, you know, the day is getting closer. And let me ask, you know, before I go too much further, would you have ever thought, brother, that we could make it to 40 trillion on the national debt and 1.2 trillion a year in interest without the bond blow up already having happened?
00:10:57.700Like I tried to see this ahead of time, again, going back 30 years ago and 20 years ago in 10 and imagining, you know, when the sort of tipping point, the point of no return.
00:11:08.880And I did not think we would make it all the way to 40 trillion and 1.2 trillion in interest before people are paying attention.
00:11:17.360Well, Bank of America just put out the report.
00:11:21.940They're assuming it could be 50 trillion in three years.
00:11:24.520I think this goes back to this discussion.
00:11:29.160They brought up this thing from J.D. from a couple of years ago about having a discussion about being the prime reserve currency.
00:11:35.360And we've always said, hey, maybe we have to eventually have a national debate about whether you want to be the prime reserve currency or not because it comes with tremendous benefits.
00:11:45.460But it also has obligations, like in the Persian Gulf with the petrodollar.
00:11:51.120The reason we've made it and you haven't had an explosion, although that's starting, is that the world up till now has needed dollars, right?
00:12:01.560Now that you're devaluing those dollars and the purchasing price of the dollar is dropping so precipitously, the BRICS nation started at saying, hey, maybe we got to come up with some alternative because the elites in the United States,
00:12:16.680You know, the foreign devils in the United States are devaluing this, and we look at this, and we're giving them physical assets like copper and tin and oil, and they're giving us a greenback that gets devalued.
00:12:30.120This is my point about the Los Angeles Lakers.0.98
00:12:32.860It didn't go – the Lakers did not increase intrinsically in value $2 billion in a year before the insurance guy got forced to sell it.
00:12:42.120It's the dropping of the purchasing power.
00:12:46.000kane your thoughts on that before we go to break yeah well so you know when you talk about reserve
00:12:52.540currency you know what saved us for the last 20 years is what's the freaking alternative
00:12:57.660there was a while i remember i was in grad school at at pepperdine and they were talking about the
00:13:02.760euro it was right after the eu got put together and they thought that that currency could maybe
00:13:06.720but it obviously it hasn't they were filled with deficits and that you know the entire continent's
00:13:11.580joke and the world would never accept, you know. So in other words, and the Chinese yuan hasn't
00:13:17.340come through. So there hasn't been an alternative to the dollar. And there still really isn't.
00:13:21.400You talk about the BRICS. Obviously, that's been the most serious attempt at trying to create a
00:13:26.080gold-backed currency or some other alternative currency. And there have been various contracts
00:13:30.300between Iran and different countries in the Middle East that have been settled in
00:13:33.620currencies other than the dollar. But for the most part, the dollar is still, what, 63% of
00:13:39.200all global settlements and that's that stayed pretty much the same it's getting i'm watching
00:13:43.900the clock i know i know i got a couple minutes so before i get into this and we talk about this
00:13:48.400fiscal you know the fiscal consolidation let's remind people okay yes trump has had two trillion
00:13:54.460deficits but there's a reason and let's not forget that democrats will spend us into oblivion they0.98
00:14:00.280believe in this aoc and these idiots believe in this concept called mmt modern monetary theory0.87
00:14:05.900They literally believe that because of this sort of global reserve currency stuff, that the deficits could be unlimited and the Fed could monetize an unlimited amount of our debt.0.98
00:14:17.120I don't want to get too much into the Fed monetization.
00:14:19.940Hang on. Hang on. This hang on. This this is all great.
00:14:24.280We're going to take a short break. Kane is with us. Modern monetary theory.
00:14:27.720They're saying, hey, unlimited deficits, run it up.
00:14:30.360And if it gets too high, you just raise taxes to accommodate it.
00:14:35.900The reason you need to be the prime reserve currency now, if we took it away or if we dropped it, I don't know if we could drop it, we beat Argentina.
00:14:44.220You couldn't finance the $40 trillion.
00:14:46.740You couldn't finance the one-third and you have to refinance.
00:14:49.780Interest rates would explode, ladies and gentlemen.
00:14:54.240We kind of stuck with it, so we got to see it through.
00:14:57.080Maybe on the other side, we can have a national debate.
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00:32:27.080And you tell the department to figure out how to make their budget work at 10% lower.
00:32:32.200Get it to 6.5, and then wait for revenues to creep up.
00:32:36.480Now, on the revenue side, I like the tariffs.
00:32:39.220Not only does it bring manufacturing home, provide an incentive to bring manufacturing home, it also raises revenue, and it didn't really boost inflation.
00:32:46.240So I like the revenue enhancements, but it's really going to have to come from spending cuts.
00:32:51.820And then we all know the big budget items.
00:32:54.320Look, I love, you know, I understand a strong defense, and I love, you know, I love what Pete Hegseth is doing.
00:33:00.140but we can't afford $1.5 trillion, Mr. President. We can't even afford $1 trillion. I'd work that
00:33:05.060sucker back to $800 billion, tell them to figure out how to save money. Social Security, Medicare,0.98
00:33:12.940Medicaid, Medicaid is the program that's really freaking exploded sort of in the last five to 10
00:33:18.860years. Look, like I said, everybody gets a cutback. You make the cabinet chiefs figure out
00:33:25.160how to do it you asked me about sort of like leading this effort dude i would get fired i
00:33:30.440could never lead it because there aren't enough cuts i know hang on look i understand one of the
00:33:35.020things hang on hang on hang on slow down slow down if beset would ask you to come over and be
00:33:42.800his comms person just on the fiscal consolidation he's going to do and the economic warfare or if
00:33:49.780the white house if jason miller's over there now he said hey kane come over like i am for a couple
00:33:54.380of months and be in charge of the spokesman for fiscal consolidation for vote in Besson.
00:34:23.620you know i can tame it and and and come up with a coherent message but i'd get fired
00:34:28.580you know they'd fire me because they'd be like oh kane went off script again
00:34:32.580you know he's he's too radical for us look i understand besan's point you we went through
00:34:38.120this with the big beautiful bill he's saying you can't cut government spending too quickly
00:34:42.420because of its effect on gdp and they're trying to get the deficit down to three percent of gdp
00:34:48.120and i and that's a great number and i understand that and i do agree you but look we should have
00:34:52.860been having three, you know, 150 billion in year one, 150 billion more cuts and spending in year
00:34:58.580two, 150 in year three, 150 in year four, or something like that. And that isn't really
00:35:03.500happening. As we know, Doge didn't come through with their side of the leisure. And then the
00:35:08.020economy hasn't really grown. And we got into this war and whatever. You talk about all this
00:35:12.200stuff every day. But look, I'm just rambling at this point. I'm glad to have this opportunity.
00:35:16.440Yeah. Every time vote went up with a rescission package or impoundment,
00:35:21.480the senate threw up all over it this is why the senate has a tough time getting re-elected anyway
00:35:25.740kane where do they go you're on point on this where do they go for citizens free press and your
00:35:30.960uh and your coordinates on your social media yeah it's citizenfreepress.com i'm there like
00:35:37.420whatever seven or eight in the morning until past midnight all the new headlines at the top you can
00:35:42.580read the pain inside my my freaking head the suffering that i go through about this the
00:35:47.820america's margin call that's coming which is the most by the way you know that's the greatest
00:35:52.980you love this phraseology of fiscal consolidation you know the american margin call is really what's
00:35:58.820coming so i appreciate this opportunity keep fighting brother and keep inspiring all of us
00:36:03.520let's get this on thank you kane appreciate you brother citizens free press kane does the best
00:36:10.940job for everybody there's so many great sites out there he does the best job on the fiscal part of
00:36:14.940But Sobik joins us. Jack, I got so much to get into. I'm going to talk about Butler. We got Maloney. We're going to talk about global politics. But Scott Besson's coming out with a plan on unrestricted economic warfare, economic D-Day on Monday.
00:36:31.020One of the central parts of that is going to be the Chinese Communist Party and their ally Pakistan in Iran.
00:36:38.360What do you anticipate? How is that going to play?
00:36:40.500Because secondary sanctions can work if you get the countries that are really dealing with the Iranians and the Persians0.95
00:36:47.340and rearming them, buying their oil, getting them cash money.0.98
00:36:52.400Xi has already said, they already came out yesterday and said, no, no, no, no, this is going to upset the global balance.
00:36:57.800Well, Steve, this is what we've been saying since day number one. We talked about Operation Economic Fury, that the Trump administration has so many tools at its disposal.
00:37:10.260And Steve, let's let's talk about the Chinese Communist Party going back to what we learned about COVID recently, to what we learned about the lives of the Chinese Communist Party, to what we learned about the 2020 election.
00:37:23.060President Trump, of course, giving that incredible primetime hearing that he did, that address with Bill the Bulldog, Pulte, and everyone else with him with the declassification of what China did in 2020.
00:37:36.340So the obvious response is, where is the repercussions when it comes to China?
00:37:43.200And yes, I understand that Xi Jinping is going to be coming in a month, but you know what?
00:37:46.860That's exactly when you want to play hardball because he's still on his way.
00:37:51.460And then if he's going to refuse, is he going to back out of the meeting?
00:37:56.960But this has always been the best way to put pressure on the Iranian regime.0.93
00:38:01.740If the president, if President Trump, the administration have determined this to be a national security threat, if they are not playing ball with the MOU, if they're shooting our ships or the shooting civilian vessels, sending drones, sending rockets, whatever it may be, then you go after the suppliers.0.88
00:38:16.660You go to the upstream or I should say the the the the customers, you go after the financiers.0.54
00:38:23.640And it's always been the Chinese Communist Party propping them up.
00:38:45.140It's not just the Lao Bai Jing of China. It's the Lao Bai Jing of the United States. Vance was up there in Ohio yesterday at the steel mill. The steel mill his grandfather worked in. That's exactly the type of thing that we're talking about here. The manufacturing base of this country and the administration, the infrastructure of this country has been hollowed out. Why? Because all the investment went to Shanghai and Shenzhen and Chongqing.
00:39:08.500where's your money right it's like the end of uh uh it's wonderful life where's your money0.98
00:39:12.180your money's sitting over there in the three gorges damn0.62
00:39:15.260if she comes over you like you said you've got the you've got the there's a lot to talk about0.96
00:39:23.000you got the pandemic is he bringing a 10 trillion dollar check or gonna wire the money
00:39:27.820you got the pandemic well 10 minimum what we have to get back 10 minimum 10 minimum
00:39:34.740reparations for that you got the fentanyl deaths which now i guess are a hundred thousand you've
00:39:41.240got the stolen 2020 election and still they're all in the uh they're all in the the the systems
00:39:48.080here this is one of the reasons that they're trying to drive the democratic socialists to
00:39:52.040victory and now you got unrestricted economic warfare we're going to go and hit them as the
00:39:57.100with their ally persia so there's a lot to talk about and if she brings a checkbook write some
00:40:02.480checks if i if i may i'll even i'll even throw one out we still need an answer for all of the
00:40:09.300psychological operations they're running on tiktok and i'm sorry i know that we had this this big
00:40:14.420thing where they're changing the the algorithm and it's going to be uh the united states hasn't
00:40:19.520worked it hasn't worked and you see it over and over and the stuff they're putting up there is
00:40:24.180meant to divide americans and drive americans crazy it's just as bad as it ever was and honestly
00:40:29.500I would I would I would go so far as to say is tick tock is worse now than it was prior to 2024.
00:40:38.060Hold it. You're saying because one of the aspects of their unrestricted warfare is economic warfare, political warfare, cultural warfare, but also psychological warfare.
00:40:47.820So a version specific is what I thought, Jeff. Yes. I thought Jeff. Yes. Owned it. So it was all cleaned up, sir.
00:40:54.760Look, it might be passing through this new U.S. holding company, but the algorithm is as divisive and is and divisive as ever to Americans.
00:41:04.980It pushes socialist narratives more than ever. It pushes cultural Marxist narratives more than ever.
00:41:10.140It pushes toxic feminism more than ever. And you also see various other narratives against specifically, I'm going to say it, U.S. technologies and others that China, we know, has been directly targeting.
00:41:22.700And when you sit there and you connect the dots and you say, who would benefit from America being divided? Who would benefit from the racial strife, the gender strife, and going after various technologies in the United States? Oh, that's right, the Chinese Communist Party, the people who built TikTok.
00:41:37.560jack talk to me i want to get in here i've got a bunch i got to jam in but one we're going to do0.82
00:41:45.980a new update on your book on humans i don't know if we have the cover of the new one or if you've
00:41:51.200released that yet but talk to me about what you're going to do here and calling out and look i don't0.51
00:41:55.560like calling dsa socialists because they're not socialists they're marxist jihadists give me the0.81
00:42:00.360update on the book socialism is a tool and steve look there's been so much unhuman activity in the0.86
00:42:07.240last two years that we were forced to put out this update and you see on the cover we've directly
00:42:12.140depicted uh the new york city skyline the statue of liberty where of course the place the face has
00:42:18.780been replaced with uh the eponymous skull of the original jack did you do jack very very very
00:42:26.620subtle very subtle cover that you must have done that did you do that or jack jack it's a very
00:43:34.620Anyone can go get it because this explains not only what's happening, but also how we crush it.
00:43:39.700And in fact, Steve, we even lay out Charlie Kirk's plan to crush socialism.
00:43:47.700On the 25th anniversary, which is a disgrace, this happening in New York City and New York City haven't fallen, at least for now, on the 25th anniversary of the attack of 9-11.
00:48:04.020Stormsummit.us, stormsummit.us to register for the event and get your group rate discount hotel rooms that all will expire on the 25th of August for those rates.
00:48:15.560They can also contact me at matt at unauthorized.one.
00:48:21.600But every point of contact there, Steve, at stormsummit.us to get a hold of me or the team.
00:48:28.560Matt Mech, thank you and the coalition.
00:48:30.400this is going to be a barn burner war room is going to be up there so more details to come
00:48:36.680make sure you go and find out about your tickets today posobic um economic unrestricted economic
00:48:44.100warfare starts on monday we've got a report coming back about how we get our arms around
00:48:49.320uh the spending coming in from from best and vote people should understand what kane said
00:48:55.480well they tried to push the euro as the prime reserve currency didn't work they tried to push
00:48:59.700push the chinese currency didn't work here's why it didn't work the currency ain't backed by the
00:49:05.340federal reserve or the sec or the treasury it's backed by the full faith and credit of the people
00:49:11.720of the united states that would be the mega base you're the full faith and credit of this country
00:49:18.080and you're decent people and the world's capital markets understand that the american if people
00:49:23.580american people put up federal reserve notes or put out bonds at six and a half they're going to
00:49:27.900eventually buying you know they're eventually gonna the money it's money good you're the full
00:49:32.380faith and credit in butler the other day sir in this dogfight of elections we got coming up
00:49:37.840maga did not show up the trump base did not show up we got smoked in a in in butler where president
00:49:44.300trump's got almost got assassinated and is as strong a maga country as you've got cliff maloney
00:49:50.060has been up on twitter going crazy about this i got barris coming in later this morning what do
00:49:55.740you got to say in your beloved commonwealth of pennsylvania is the full faith and credit of the
00:50:00.680folks in this country saying i don't know man i i let that let that let the socialists take over
00:50:06.240let the marxist jihadists take over sir well steve i'll put it this way i'll say you know0.59
00:50:11.920they were going oh oh they flipped a house special in in in western pa and they said yeah i don't0.66
00:50:17.320like that that's a big problem that's trump country what's going i said that's butler i
00:50:20.700said wait butler you mean you mean butler where the miracle and butler happened not that butler
00:50:25.100And they said, yeah, I said, wait, what districts was it? They said the 12th. I said the 12th district, the 12th district flipped the 12th district used to be represented by Daryl Metcalf and Daryl Metcalf, by the way, Steve, no offense, but he's a guy that would make you look like the Easter bunny.
00:50:43.480OK, this is a guy who is as hardcore as they come.
00:50:48.920I mean, just denounced by the SPLC, denounced by every single organization you can think of out there, denounced by all the, you know, stood up for same sex marriage, went after everything, went after everything you're not supposed to touch.