Bannon's War Room - September 01, 2026


Episode 5632： Trade War With Canada; What OIs Happening With The Japanese Market


Episode Stats


Length

54 minutes

Words per minute

160.48

Word count

8,784

Sentence count

416

Harmful content

Misogyny

1

sentences flagged

Toxicity

26

sentences flagged

Hate speech

29

sentences flagged


Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 seem like a guy who's going to ever meet a war he doesn't like. 0.74
00:00:04.600 Well, look, I agree. We're in a bizarre situation. The war is at a dead logon. We have 750-some-odd
00:00:13.320 troops killed or wounded. The fleet, thank God for the United States Navy, still has huge offensive
00:00:20.860 and defensive capabilities, but its logistics have been cut off from our bases, which also
00:00:26.920 affects the Air Force and the Army, inside the Persian Gulf, who we can no longer use.
00:00:32.360 So it looks as if the fleet, two carrier battle groups, 20-some-odd warships,
00:00:37.340 is being sustained 2,400 miles away from Diego Garcia and 4,500 miles to the Philippines.
00:00:46.240 So we're in a real desperate situation here.
00:00:49.220 We have expended a considerable number of our THAAD and Patriot missiles,
00:00:56.040 as well as the Navy's offensive missile, the Tomahawk.
00:01:00.600 So I think in the longer run, in the coming months, the six months,
00:01:05.640 we simply cannot continue to sustain this war as it's being thought.
00:01:10.880 He has engaged our United States Postal Service to do his dirty bidding.
00:01:16.680 I'd like to share with you from the New York Times the story of Ricky Hatch,
00:01:22.680 A Republican election official in Utah, a state that relies almost exclusively on mail voting, said he had noticed a nationwide increase of election officials encouraging voters to mail their ballots early because of postal service slowdowns.
00:01:39.880 Quote, we've definitely morphed over time from going from, hey, get your ballot in before the deadline to mail your ballot at least a week early if you want to have it counted, Mr. Hatch said.
00:01:52.200 Now, he added, the advice is even more cautious. Quote, better yet, use a drop box.
00:02:00.020 That's what this has come down to, my friend, where this government, the Postal Service, this is like the Postal Service equation, equivalent of shrink flation.
00:02:08.600 Right. It used to be like you said, get the ballot in, you know, a couple of days in advance.
00:02:12.580 Then it was a week. Now they start talking about two weeks and saying, you know, two weeks may not be enough.
00:02:17.560 Look, the Postal Service, as you point out, has capitulated to Donald Trump.
00:02:22.520 This Postal Master General is doing his bidding there.
00:02:25.960 You know, they've changed a bunch of rules that have been less obvious to people.
00:02:29.500 And now they are, of course, implementing this unconstitutional power grab, this executive order by saying, oh, yeah, we're going to we're going to issue a new rule about towering mail-in ballots.
00:02:40.640 And maybe we won't deliver them at all unless the states submit lists of names in advance and they follow our ballot envelope requirements.
00:02:51.520 And, you know, to do so, to do so, they say, well, there's no there's no problem here because we've done this for other things.
00:02:57.900 And when they list the examples, cremated remains and fake bombs, that's what they analogize these ballots to.
00:03:05.580 Right. Only an authoritarian like Donald Trump could have a postal service say we need to regulate mail in ballots the same way we regulate cremated remains and fake explosives.
00:03:20.100 Talk about what's happening with the trade war in Canada right now and the pushback from Prime Minister Carney.
00:03:25.460 He's been a vocal critic of Trump when he's had to be and standing up for his country, I think, is the way he would look at it.
00:03:31.260 But this trade war, in your view, when we heard Scott Bessett belittling Canada interviews yesterday, saying, what are they going to do?
00:03:38.540 We're 13 times bigger than them. Bring a couple of toy submarines from the mall in Edmonton.
00:03:43.060 And that kind of rhetoric from the secretary of the Treasury and obviously from President Trump himself.
00:03:49.080 Again, question is, what is the objective here?
00:03:52.260 What do they think is going to come of a trade war with Canada?
00:03:55.540 The president has been and the rhetoric you're describing from Scott Bessent is basically Donald Trump's own rhetoric, to your point.
00:04:02.360 It's not something I think we would have heard Scott Bessent say two years ago on his own.
00:04:05.360 But the president's been frustrated about aspects of the USMCA, his own trade deal, and what he was hoping would lead to greater specifically auto manufacturing in the US after, you know, he carved out all kinds of exemptions.
00:04:21.600 that has not happened. And so that is part of what has been this brewing fight. But again,
00:04:25.900 it gets back to your question about Iran. What's the strategy? This is not a strategy.
00:04:30.980 Most people would not want to launch a trade war, let alone with our neighbor,
00:04:35.380 two months before the midterms. This is just, you know, becoming more economic pain,
00:04:40.960 particularly for border states where there are serious Senate contests. So what's the
00:04:47.080 What's the point here? It is it is another fight to have.
00:04:51.080 Vaughn, the general brings up a few things, but he points to Asia and Donald Trump's in the White House.
00:04:55.740 We have nothing else in mind, which means it doesn't matter if these these troops and weaponry are in the Middle East.
00:05:01.320 We've got nothing else in mind. And he said no one would touch us because we're so strong.
00:05:05.380 I mean, I we're we have troops in Asia for a reason because there are actual threats, including from North Korea and including from China.
00:05:12.420 We're hoping that they're on the same page as President Trump about this, but we don't know that.
00:05:16.540 The president of the United States, about the same time that he was announcing the slashing of U.S.-South Korea joint military exercises,
00:05:24.380 the president of the United States was revealing or suggesting classified material that North Korea was in possession of 53 nuclear missiles.
00:05:32.820 That was the same time that he announced the cutting down of those joint military exercises.
00:05:37.000 And this calls into question, though, the extent to which the U.S. would be willing to defend Taiwan,
00:05:41.460 This is something that this White House is not committed to if China were to move forward with an attempted incursion.
00:05:47.480 But I think that this calls into question the imperialist foreign policy that we have seen the president of the United States deploy in the extent to which some actions of other countries could be potentially justified.
00:06:02.900 based off of the president of the United States, just days before the Iran war beginning,
00:06:08.100 making clear through his cabinet that they would not be controlling or owning Venezuelan oil
00:06:15.460 reserves, but instead were simply working as an intermediary to help Venezuelan oil hit the
00:06:21.960 marketplace in order to benefit Venezuela. Then fast forward to where we find ourselves today,
00:06:26.220 the White House directly announcing the U.S. government taking an equity stake in the company
00:06:31.700 that would be taking control of these oil reserves.
00:06:34.480 And so all of this, these are tied together here
00:06:37.080 because as Energy Secretary Chris Wright
00:06:40.740 called it to me earlier this year,
00:06:42.780 he said it's a quote,
00:06:43.820 out of the box foreign policy deployed by Donald Trump.
00:06:46.660 Well, that's coming to fruition in ways that are
00:06:50.680 in so many ways difficult to not only comprehend,
00:06:54.320 but difficult for this Pentagon to adjust to in real time.
00:06:57.800 tuesday 1 september year of our lord 2026 geopolitics capital markets uh politics
00:07:07.120 culture immigration all of it this morning in the war room um two big events number one we'll get
00:07:16.340 to this the uh global capital markets the global bond markets are reacting to the i guess we're on
00:07:25.580 the eve of the world's largest margin call big moves in the japanese bond market eric bowling
00:07:31.360 is going to join us plus uh i don't think people fully appreciate this venezuela deal the the scale
00:07:37.900 of it and duration of it uh and how that changes uh geoeconomically uh our issues with the middle
00:07:45.760 east we'll get to all that also this afternoon i think the house is going to try to pass acr and
00:07:52.140 just get out of town and they may not be back until after the holidays this the bond market
00:07:58.280 and a lot of this response is dealing with with the cr because the cr will essentially here's the
00:08:04.660 process just so all the boys and girls understand what they're doing they're going to have a cr
00:08:10.680 like the senate cr they're going to pass it get out of town we will not have a debate on
00:08:17.840 the nation's spending we will not shut down the government because of no money at the midnight
00:08:23.100 on the 30th september of this month that's the first day 30 days from now i guess 29 days from
00:08:29.300 now um and they'll kick the can down the road till december 11th when we'll do an omnibus
00:08:36.040 or a year-long cr that's coming and guess what it will bake in a two trillion dollar deficit
00:08:42.440 now they'll say the mass say well it's really a one trillion dollar deficit but as we always call
00:08:47.380 I say, no, it's really going to be over two, and it's always over two.
00:08:51.840 And that is what's continuing to put the pressure, not the only pressure,
00:08:56.040 because the global capital markets look at that and say, man, I'm not so sure that's sustainable.
00:09:03.680 And, of course, in Central Asia right now, you've got the Shanghai Cooperation Organization.
00:09:12.440 i think it's called the sco and they are uh meeting um and and discussing alternatives
00:09:19.780 an alternative military pact but most importantly economically coming together with their own trade
00:09:24.980 deals and as importantly getting off king dollar as we told you this is kind of the preamble to
00:09:32.640 this bricks meeting they're going to have dr peter navarre joins us by phone dr navarre i want to
00:09:38.280 getting candid in a second but i might remind you sir that the shanghai cooperation organization
00:09:45.780 seo should be emblazoned into your soul because it was after the shanghai cooperation organization
00:09:55.340 meeting in may of 2019 that li he came back to you as the messenger boy from wanshi sean
00:10:08.060 and Xi and tore up the Lighthizer Navarro trade deal that you guys had worked on day and night
00:10:16.580 for two years that took away, to quote Dr. Peter Navarro, the seven deadly sins of the Chinese
00:10:23.780 economy. Now you got them seven years later and they think they're sitting in the Katberg seat 1.00
00:10:28.700 as we're dragged into a Middle East war and they think that they believe they're winning on the
00:10:34.480 terror front so i want to talk about that first and then tie that into canada because people are
00:10:40.580 all the media is saying you guys have no strategy in canada this is just you're throwing your toys
00:10:45.420 out of the pram uh you know you're upset because you don't like carny personally dr navarro the
00:10:52.120 shanghai cooperation organization and how it all ties into canada and the trade war with canada that
00:10:58.620 we're currently undertaking, sir? Well, let's start with China and Shanghai. Basically,
00:11:05.800 China and Russia, Iran, the bad guys essentially for years now have had a strategy to get off the
00:11:14.460 dollar to avoid U.S. sanctions. So they continue to push that through as much as they can.
00:11:22.560 uh china is using uh its own currency as a trading thing to set up deals um and that that's
00:11:31.060 going to continue but the dollar is still the predominant currency sanctions are still
00:11:36.300 um effective hang on one second hang on i want to i want to tie it i want to tie that together
00:11:42.560 because they're looking at uh when you talk about the the dollar is the currency that
00:11:48.860 that you use for international trade and finance but they look at it and they look at the economic
00:11:56.000 war that now bestens the warlord in in persia and they see that the one of the big elements of that
00:12:03.580 is is sanctions and secondary sanctions and if you're on the u.s dollar if you're in the dollar
00:12:08.740 system the foreign devils have us correct and so they're seeing the economic war and they're even
00:12:16.120 they're working overtime not only do we not want to kowtow to donald trump but uh and and and give 0.68
00:12:22.160 the americans the benefit of the doubt in using their currency but if we want to stop economic
00:12:27.140 war against us particularly in secondary sanctions coming to china and coming to chinese banks we
00:12:33.560 better figure out a way to get off the dollar correct correct but easier said than done because
00:12:40.000 nobody trusts the Chinese currency. That's a big problem. It's prone to currency manipulation,
00:12:46.100 and it just doesn't have the heft. The sanctions, the secondary sanctions that Scott Besson
00:12:54.140 has raised now would be very, very effective against the Chinese companies that are basically 0.98
00:13:02.980 helping Iran sustain their terrorist economy. And that push is moving towards shove at some point. 0.88
00:13:12.920 But those sanctions would be very effective. And the fact that we haven't used them as testimony
00:13:18.160 to that fact. And so that's basically the state of play there. The bigger issue now, of course,
00:13:26.100 You've got people's heads on fire about, obviously, the long bond hitting highs.
00:13:38.000 I think a guy named Steve Bannon is talking about a margin call.
00:13:42.140 My hair's on fire.
00:13:45.640 I rolled you out of the rack at 6 o'clock this morning to talk about the Japanese long bond.
00:13:50.720 Of course it's on fire.
00:13:52.280 Should it not be on fire?
00:13:54.260 Let's sort things out here.
00:13:56.100 Okay. Yes, Bannon and Navarro totally agree that this federal government spending way too much money. CRs rather than fiscal responsibility are king. And there's no end in that in sight as we're moving into a November election. These people on Capitol Hill just don't have the discipline to do that.
00:14:19.560 So we take that, unfortunately, for now, as a given.
00:14:23.900 If I could wave a wand, I'd put Russ Boat in charge of the whole federal government budget, get Congress out of the way, and life would be good.
00:14:32.140 Okay.
00:14:33.240 Hang on, we're talking about this after the break.
00:14:35.280 We've got your new book.
00:14:37.200 We've got a big article that you're challenging, I guess, the chairman of the Federal Reserve, given his speech that we covered live here, from Jackson Hole on Friday.
00:14:48.160 We're going to talk about Canadian trade.
00:14:50.220 Eric Bolling is going to join us about the Venezuelan deal.
00:14:52.880 President Trump cut and his thoughts on the bond market.
00:14:56.520 All next, only in the war room.
00:14:59.380 You don't wait until your house is on fire to install a smoke detector.
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00:15:10.680 And you don't reach for your seatbelt after the impact, because after the crash, the hurricane, or the house fire, it's too late.
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00:16:13.420 Here's your host, Stephen K. Bannon.
00:16:18.320 Eric Bowling is going to join us in a second.
00:16:20.120 Navarro is here.
00:16:20.960 Peter, I've got so much to go through with you in the Canada trade, all that,
00:16:24.320 but I want to get to let's talk bonds, interest rates, and your article in the time
00:16:28.820 because I've only got Bowling for a limited amount of time,
00:16:31.840 and i want to get him in this conversation because i want the two smartest guys i know
00:16:35.900 to opine here so let's go to your washington times piece and and take it with what's happened
00:16:42.900 in the bond market since uh uh his discussion warsh's discussion on friday as we said
00:16:50.520 right after we heard that it was quite hawkish he kind of pretended to be a dove
00:16:56.620 to get the job right but it's a quite hawkish uh talks so so you came out with a piece correct me
00:17:05.420 if i'm wrong but you're saying hey bro you can't raise rates in the teeth of this because it's an
00:17:11.820 oil shock and it'll absolutely decimate the economy is that your basic theory your case
00:17:17.080 new washington times piece yes and i've seen him as a wall street guy he's not he's not a main
00:17:25.220 Street guy. He's not a MAGA guy. The whole thrust of his rhetoric has been controlling inflation
00:17:33.500 and kind of not looking at the other part of the dual mandate, which is the job market and
00:17:40.280 importantly to you and I, real wages. Now, the mistake here, Steve, this is where
00:17:45.960 reasonable people can differ. If you believe that bond yields are flying off the handle
00:17:52.340 solely because of the fiscal irresponsibility that we've shown, then you would be more inclined
00:18:00.540 to raise rates to slow all of that down. But the fact of the matter is, if you look at the jump
00:18:08.160 in bond yields over the last three or four months, it's primarily driven by the oil price shock.
00:18:18.040 And the lesson of Bernanke, the lesson of Greenspan, Steve, is that you do never, you never raise interest rates into the teeth of an energy price shop.
00:18:29.500 The reason why Fed shares raise rates to control inflation is to slow the economy down, to basically induce a recession and get deflation going.
00:18:41.240 You don't have to do that when a supply shock, an oil price shock, does the work for you.
00:18:48.720 And so the risk is raising interest rates when you have something driven primarily by an oil price shock is you make things worse very quickly and you wind up in the 70s stagflation scenario.
00:19:03.480 And for the life of me, I can't figure out why the cable news diaspora is not talking more about that.
00:19:11.240 Everybody seems to think rate hikes are the way to do it. 1.00
00:19:14.700 It's stupid. 1.00
00:19:16.020 It's ahistorical, Steve. 1.00
00:19:17.680 Hang on.
00:19:18.020 It's just economics.
00:19:19.320 You're saying the $4 gasoline and the $6 diesel or the $5 diesel is the cap on the economy down.
00:19:32.640 And the 7% mortgage.
00:19:34.860 What the F more do you have to do, okay?
00:19:38.000 it's like and and and by the way this ain't me talking this is ben bernanke talking in 07 08
00:19:45.540 when that we had the same problem this is greenspan talking back when it was iran doing the
00:19:53.360 same friggin scenario like disrupting oil in the strait of hormuz and threatening nuclear weapons
00:20:00.520 i mean i doesn't i don't any of these people read anymore well they go to friggin chat gpt and get 1.00
00:20:07.720 their talking points for the morning it's freaking stupid and it pisses me off and i'm like i want 1.00
00:20:13.520 every one of these idiots to say just repeat after me don't raise interest rates into the teeth of 1.00
00:20:20.020 an oil price shot period rinse repeat and maybe i'd get steve bannon to santa because he hadn't 1.00
00:20:26.100 been santa yet either but it's you know one side of the river and the other what can i tell you
00:20:30.580 brother then let's go make some money no no no no hang on for a second because i think you're
00:20:38.140 on to something let me bring bowling in bowling you're a trader first off the long bond hang on
00:20:43.960 hang on for a second hang on i'm gonna come back to you the talk to me about eric before you get
00:20:50.680 to peter's thesis talk to me about overnight what's happening in japan because folks here's
00:20:55.520 let me just keep it simple if rates keep increasing on their long bonds they're going to start puking
00:21:00.440 up u.s treasuries to return those to cash and they ain't going to buy any more unless they're
00:21:06.680 very highly priced so our fiscal situation is only going to get worse and poly pockets this
00:21:12.840 afternoon is going to rubber stamp a cr so we're not going to have the forcing function of midnight
00:21:18.680 or 30th we're not going to have any national conversation about spending we're still going
00:21:23.560 to work off biden and pelosi's last years of their numbers and we're going to have another
00:21:29.440 a two trillion dollar deficit eric bowling your thoughts japan is is an issue i mean we we we kind
00:21:36.640 of you know the the the carry trade we played around with that about a month ago look listen
00:21:41.580 i i get what peter's saying and i don't disagree anything about what peter's saying with the
00:21:46.160 exception of unfortunately we're not in an oil price shock right now we're in a bump i mean you
00:21:52.580 want to talk about an oil price shock we're still at 88 a barrel in west texas intermediate if there
00:21:57.840 was any sort of legitimate disruption in Hormuz and or anything other major disruption, you'd see
00:22:04.620 120, 150. That's a real oil price shock. We've been above 3% inflation for 65 months. Kevin
00:22:12.640 Warsh himself at Jackson Hole said, my sole function right now is to keep my eye on inflation,
00:22:17.920 make sure it doesn't get out of control. I'm not suggesting a big rate hike. I'm suggesting
00:22:22.560 signal to the market that you're not okay with running three plus percent inflation and this is
00:22:28.160 not and it's not just on a four dollar gallon of gasoline you know a 30-year mortgage is pushing
00:22:33.680 seven percent right now people can't afford it steve you yourself and very rightly point out
00:22:39.160 that the 10 year the rate on the 10 years is where you live your life it's what you're paying
00:22:44.020 your credit card bills at etc and that that just hit four and three quarters almost five percent
00:22:49.120 So something needs to be done to kind of ease us off the junk, so to speak.
00:22:56.080 And the junk is a lot of borrowing, a lot of spending.
00:22:59.460 It just has to. 0.95
00:23:01.460 I'm absolutely pro-Trump.
00:23:02.940 I love what they're doing.
00:23:04.160 By the way, this oil deal, you want to talk about relieving any sort of price shock for disruption in acquisitioning oil?
00:23:15.180 We got 65 billion barrels of reserves at our fingertips over the next couple of years if we can figure out a way to drill it, get it out of the ground, and get it into our refineries and into our military.
00:23:25.800 That's phenomenal.
00:23:27.000 So I don't think this is just an oil price shock.
00:23:29.800 Sure, oil is the biggest driver of inflation right now.
00:23:32.940 But I think this is very different than when the 70s oil shock or any other oil shock where we're actually worried about future barrels.
00:23:43.040 We don't really have a problem if Hormuz closed down.
00:23:46.480 We have a vast majority of our production, and now we've just brought Venezuela online.
00:23:51.960 We're good with oil prices.
00:23:54.560 Prices are inching up because people are paying it, not because they have to pay $408 or $560 a diesel gallon.
00:24:00.860 They're doing it because they can, and they can because prices are rising.
00:24:06.460 What do you mean they can?
00:24:07.860 I mean, people, they can, but this is why consumer confidence is dropping.
00:24:11.180 I mean, they can, but they're not doing other things.
00:24:15.180 It's not like they're willingly doing this.
00:24:17.900 They don't have a choice.
00:24:18.660 It hasn't stopped them from driving.
00:24:20.460 You remember when gasoline hit $5 a gallon?
00:24:24.180 Every single time it hits $4.50, $5.00, people change their behavior.
00:24:28.920 They stop going on trips.
00:24:30.060 They stop driving on holiday weekends.
00:24:32.180 It hasn't happened.
00:24:33.140 We're breaking mileage records holiday after holiday.
00:24:37.240 We'll probably break another mileage record this coming Labor Day weekend for driving.
00:24:41.180 u.s miles driven we're not it's not changing our behavior which tells me people aren't as
00:24:47.520 ticked off about high prices as they could be because it hasn't really affected them now when
00:24:52.180 they start changing their behavior then they're going to really be pissed off and that's honestly
00:24:57.320 if you don't think they're going to change their behavior you don't think they're going to change
00:25:01.940 their behavior in no you don't think they're in change your behavior in november when they vote
00:25:06.720 yes they're gonna say hey you guys brought you guys brought higher gas price yes yes the left
00:25:12.220 is going to use it let me go let me go back behavior on voting not their not their spending
00:25:15.600 behavior let me let me go back to something about trump and and strategy that the venezuela deal
00:25:22.840 blows me away the 65 billion but it's also the length of i mean it's the duration of it it's a
00:25:27.780 hundred year deal uh we're essentially in there but that doesn't even include fracking you know
00:25:34.160 pmex's uh uh all all the oil there was taken out so inefficiently the fracking in the gulf of
00:25:40.880 america plus guiana which is supposed to have a bigger bigger oil reserves than saudi arabia
00:25:47.800 does this now finally lock it in that we don't need the persian gulf that's a european and asian
00:25:52.780 problem and they should deal with it sir i think it is and steve we've been talking about this
00:25:57.680 since this thing started that that would should be the goal of this administration to become
00:26:01.960 fully independent. Actually, I thought we'd go one step further when we become the global swing
00:26:07.140 producer for energy. If we have access to 75 billion barrels of reserves in Venezuela, let
00:26:13.120 alone fracking in Venezuela, and it's got some fracking coming online, not only Paymex, but
00:26:16.880 Pavesda, we can do this. We can be the global leader and decider of prices globally. And that's
00:26:24.300 where you have real, real power. That's where the president of the United States becomes the real
00:26:28.760 czar of economies around the world when you're the one who dictates the price of oil. It's just
00:26:34.240 incredibly close to our fingertips. The only issue with this deal, and I read through it,
00:26:40.180 I ran through this thing. The question is, if Dulce Rodriguez isn't the president of Venezuela,
00:26:47.300 does it hold water? Is it an international law, legally binding entity that would survive
00:26:55.440 any sort of you know changeover in leadership and what type of changeover in leadership would
00:27:01.200 it have to take to have it survive it's going to be massive if we can if we can lock this thing in
00:27:06.660 hey hey i think i think isn't the guy that she she replaced isn't he at mdc in brooklyn right now
00:27:15.120 i think for any leader down there they're going hey deal's fine just give us you know give us our
00:27:19.980 carried interest in this thing hang on for a second we're gonna have uh navarra respond also
00:27:25.400 the canadian trade deal everything about the economy that's going to tee up what's going to
00:27:30.880 happen in november and beyond birch gold right now get the end of the dollar empire birchgold.com
00:27:38.140 promo code excuse me slash war room or excuse me slash bannon let me get this right birchgold.com
00:27:46.880 slash banning the end of the dollar empire we don't want it to end without a national debate 0.84
00:27:53.420 but right now we can't have it in if we had it in like the chinese want our enemies want we would 0.84
00:28:00.240 be argentina because you can't finance two trillion dollar deficits if you're not the
00:28:06.760 prime reserve currency short break peter navarro next you know just a few years ago if you told
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00:29:32.860 kit today that's prepare with bannon.com do it and do it today here's your host stephen k bannon
00:29:42.520 peter uh warsh ran for this job he was on cnbc all the time i mean he was a dove
00:29:53.300 that's not what i heard at jackson hole and people got to understand uh if he raises rates
00:29:59.500 in september which the wall street guys like bowling are saying he has to do um what are
00:30:06.060 your thoughts how does this not just for the midterms but for the overall economy what happens
00:30:11.460 well first of all i recommend everybody in the war room to look at the washington times piece
00:30:17.660 uh online it's in the print edition uh today it basically talks about the arc of kevin warwick
00:30:25.920 He's always been an inflation hawk, Steve.
00:30:28.960 That was his signature when he was on the Fed, not his chair, but on the board.
00:30:34.640 That speech was totally about inflation and nothing about employment except saying that, oh, no, everything's fine, right?
00:30:47.720 He did praise the Trump again.
00:30:49.060 I'll tell you this. If he raises rates before the election, it's first of all stupid because, as I tell you, you do not raise rates into an energy price shock full stop because the mortgage rates, the higher mortgage rates are doing the work, the higher gas prices are doing the work, whatever. 0.98
00:31:08.640 You just don't do that. You're begging for a recession. 0.99
00:31:10.760 But the second thing is, if he does that, that will be the biggest betrayal of Donald
00:31:16.480 John Trump since Jerome Powell, and arguably worse, because worse, it got about 25 IQ points
00:31:24.480 on Jerome Powell, and he should know better.
00:31:27.260 He needs to see the chessboard, Steve.
00:31:29.380 I'm not seeing him seeing the chessboard.
00:31:32.340 I'm not seeing anybody out there in Wall Street land understanding history here.
00:31:39.480 So this is a very perilous time. Eric mentioned the PCE and how Wors did a very good job showing for 65 months it's been elevated. That's true. But it's also true that the core has been steadily coming down under Trumpnomics. And that's another reason why you don't raise raise.
00:32:03.960 So, uh, as the boss says, Steve, let's see what happens.
00:32:08.080 But, but boy, I'm telling you, if we get a September or October surprise out of Kevin
00:32:15.020 Warsh before the November election, um, man, I don't want to be, I don't want to be in
00:32:22.040 the West Wing that day.
00:32:24.560 Hang on, hang on for a second.
00:32:26.720 Uh, bowling, the Japanese talk to me about people are saying what's happened in the last 0.98
00:32:31.280 48 hours in japan is historic uh with the pricing of their uh long bonds what's happening there 0.98
00:32:37.340 are we risking right now the japanese because they're kind of the go-to guy in selling our
00:32:42.920 debt are we risking a busted treasury auction uh because japan's not prepared they're they're
00:32:50.780 puking up u.s treasuries to get to cash right now they don't want any more they figure they
00:32:56.040 they've got enough u.s treasury i think they got a trade 1.2 trillion are you concerned about that
00:33:00.920 as a bond trader? Well, the two things you said there, will they puke treasuries, which would
00:33:08.800 mean sell our treasuries? I don't think they're going to do that. Do they not show up? The two
00:33:13.260 factions of Japanese who are buying our treasuries, there's the feds, the government, and also the 0.99
00:33:18.880 independent insurers and some of the other, you know, people exposed. They're buying, you know, 0.97
00:33:23.800 they had been buying, their interest rates were effectively, you know, zero. Now, all of a sudden,
00:33:29.060 they pop up to 3%. So they're doing 3% there. And the game was, play around with your own currency
00:33:35.840 at 0% rates, costs you nothing, and sell it at 4%, 3%, 4%, 5% over here in the US.
00:33:42.940 That game, that arbitrage is all of a sudden close to almost nothing. So do they stop buying?
00:33:49.020 Maybe. Maybe they slow down their buying. And then what effect is that going to have? That's
00:33:53.800 going to be another upward pressure. You stop buying the treasury, upward pressure on the rate
00:33:58.400 yields, upward pressure on yields. None of it looks good. My point is none of it right now
00:34:03.380 is healthy going forward. I don't mean to be a panicking or a doomsday. I think Trump is doing
00:34:09.980 great things. I honestly think his oil deal may be the salvation, but it's going to take a long
00:34:15.680 time. Those barrels aren't produced today. So when and if we do start to produce some of those
00:34:21.260 barrels, I think that'll put a lot of easing of the inflation pressure on our balloons. Remember,
00:34:26.880 But isn't Capitol Hill – but what they're going to do to – what Polly Pockets is going to do this afternoon, they're going to pass a CR.
00:34:35.560 They're not going to use the 30th of September as a forcing function to have a national debate about spending.
00:34:40.740 You're going to signal to the Chinese and the Indians over there at the Shanghai group that are trying to get off the dollar.
00:34:48.600 You're going to signal to the global capital markets that we're not serious about cutting spending.
00:34:54.620 In fact, here's what's going to happen.
00:34:55.820 I said this six months ago. You're going to get a CR. Wait, you're going to get a CR, you know, right before the August break or right when they get back.
00:35:03.100 And the CR is going to kick it down to right before Christmas. And they're going to use the holidays.
00:35:07.140 They got to get out of town to go spend Christmas with mama. They're going to get you an omnibus with all this crap and a lame duck's going to be dumped in there. 0.99
00:35:15.880 And you're going to have over a two trillion dollar deficit next year. 0.93
00:35:18.900 Aren't we signaling to the world that we're not serious about even addressing, starting to address cuts in federal spending so that we, because it's not sustainable to continue to have $2 trillion deficits every year.
00:35:32.280 We're adding a trillion dollars to the national debt between 100 days and five months.
00:35:37.440 So talk to me about what's this afternoon with Polly Pockets.
00:35:40.420 What's that represent?
00:35:41.940 100% what you've said and 100% what we've been saying.
00:35:45.260 And I think the analogy we used to use, or I've used on the show, is I spent, I'm old enough to remember spending several last minute, will we shut down the government, or will we get some sort of last second deal, and I'd have to wait until midnight on whatever it was, New Year's Eve, whatever it was, on air, on Fox, knowing very well at the last second there's going to be some deal that cuts them, it gives them another three months or six months, whatever it was.
00:36:10.680 It's the same thing.
00:36:11.500 No one's serious about cutting spending.
00:36:12.960 It's all BS.
00:36:13.860 It's absolutely BS.
00:36:14.840 And I assume when you say they want to get home to spend time with mom, I assume that means their real wives, not their girlfriends in D.C.
00:36:24.360 Eric Bolling, I know you've got to bounce.
00:36:26.100 Where do we go to get all your content, sir?
00:36:29.300 You come to Real America's Voice at 4 o'clock or any time I'm on with Band in the War.
00:36:33.600 And by the way, we did a road show on Friday with Governor DeSantis for the full hour.
00:36:38.020 Every human being that walked around that packed place, it was a massive place.
00:36:42.720 We opened more and more seats three times, wanted Bannon, wanted Bannon Bowling to do some back and forth.
00:36:48.960 They really like it, Steve.
00:36:50.340 So you're very popular out in the heartland, in the homeland, in conservative bastions like Floribama.
00:36:59.020 The free state of Floribama.
00:37:01.500 Thank you, Eric.
00:37:02.200 Appreciate you.
00:37:02.900 And we'll get that set up to take a road tour.
00:37:06.120 Thank you, sir.
00:37:09.180 We do it with you, Peter Navarro, but you're locked in the White House.
00:37:12.020 let's go i want to talk uh briefly in this segment and we got i want to talk about in the
00:37:15.900 next segment your book uh you are getting lamb blasted lambasted every second of every day on
00:37:23.020 cnbc on msnbc on cnn you and president trump because you're the you're the trade czar that
00:37:29.060 you guys have picked a fight with carney just because you don't like him politically can you
00:37:34.300 walk through i think maga understands canada are not the innocent victims that they're playing
00:37:39.660 themselves, right? Walk through exactly what this trade war is about and why it's necessary, sir.
00:37:46.560 First of all, it's got nothing to do with animus towards Carney. Carney basically has a political
00:37:52.860 playbook, Steve, that says he can rule if he bashes Trump. And Doug Ford, his, I don't know,
00:38:02.980 call him sidekick, does the same thing. So you get these two clowns up north of the border bashing 0.97
00:38:10.440 Trump. Every time they go up in the polls, their economy goes down. Now, historically, let me take 0.98
00:38:16.580 you back on a time machine. 1987, that's when the first free trade agreement negotiations began
00:38:24.500 with Canada. And the tragedy of our negotiations with Canada, Steve, is that their negotiators
00:38:31.780 have always out-negotiated the United States of America, except during Trump's time. They are
00:38:39.700 arrogant sons of bitches who think they're smarter than us. And the way they have negotiated trade 1.00
00:38:46.380 deals with us has allowed them to screw us. They screw us on dairy. They screw us on lumber.
00:38:54.040 They screw us on automobiles. They screw us on steel. They screw us on aluminum.
00:39:00.820 And a lot of the screwing the Canadians do to the Americans is with the help of the Chinese Communist Party. 0.71
00:39:07.520 And what started this current round was a 338 action by Jameson Greer, where he proved beyond any shadow of a doubt that the Canadians are discriminating against us with their triple digit dairy tariffs, with their out of control auto market manipulation. 0.69
00:39:33.980 Steve, the Japanese, Germans, Koreans, and especially the Chinese get treated better
00:39:40.440 than we do when it comes to trading with the Canadians. So when you ask us why President
00:39:48.160 Trump is taking this action, it's simply to stop Canada's unfair trade practices. And by the way,
00:39:57.200 we are not happy with the fact that Canada trying to play us against China is basically playing a 1.00
00:40:07.380 stupid game because China is going to eat them alive. That's the state of play. And the rest of 1.00
00:40:13.480 it on TV right now is the usual BS where they're just trying to blow up Trump in advance of an
00:40:20.020 election. The media does not, they salute no American flag, Steve. Any rational look at our
00:40:29.240 trade relationship with Canada says that we should be doing exactly what we should be doing
00:40:34.920 with the support of all of the American people. And we don't have that. Instead, we got the
00:40:41.000 Morning Joes and the Steve Leismans and everyone in between basically on a legacy media that's 95%
00:40:49.040 against trump spewing a bunch of bs and you know my job is to get out there and tell it like it is
00:40:57.600 and hope the message punches through i want to talk about this message first off before i go to
00:41:04.720 the message just give me a line or two what is president trump and yours objective in this trade
00:41:12.020 war right now with canada what is the objective what what are you what are you guys trying to
00:41:16.660 achieve in this? And Canada's discriminatory terrorist and non-tariff barriers so that our
00:41:25.760 dairy farmers, our steel workers, our auto workers, our lumberjacks can all have more job
00:41:36.220 opportunities at higher wages. That's all we're looking for. I'm telling you, Steve, if you go
00:41:42.420 back. Look, I don't even know if you know this, Bannon. I have more experience than anybody in
00:41:48.520 the West Wing right now negotiating with the Canadians because I was the guy with Wilbur Ross
00:41:54.680 the day after the election that Steve Bannon helped the boss win in 2016, who was assigned
00:42:00.860 to negotiate with the Canadians until Lighthizer would eventually become USTR. I know these sons
00:42:07.780 of bitches right the canadian people as nice as they are and i love them dearly okay are not well 0.99
00:42:15.580 represented either by the trade negotiators or by no doug ford no and mark carney okay those people 1.00
00:42:24.700 are doing the canadian people a tremendous disservice they're gangsters they're gangsters
00:42:31.300 They're very much like the CCP. 0.98
00:42:33.380 They're gangsters. 0.99
00:42:33.780 We got totally out-negotiated in NAFTA by the Canadians. 1.00
00:42:39.560 100%. 1.00
00:42:39.960 Hang on for one second.
00:42:41.240 Hang on for one second.
00:42:42.220 I've got to hold you.
00:42:42.780 I've got the Fauci book, but I also want to talk to you about messaging that we need to do on tariffs.
00:42:49.220 The tariffs, the mainstream media, oh, then cloning inflation, inflation, nothing can be further from the truth.
00:42:54.140 You're starting to have surpluses.
00:42:57.140 The tariff story is a story of victory.
00:42:59.540 Even with the courts getting involved in President Trump, the center-beating heart of President Trump's economic plan is deregulation, lower taxes, and, wait for it, tariffs.
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00:45:12.740 pull the file for $49 and then file your return for $300. Do not miss this special offer. Take
00:45:19.520 advantage of it today war room here's your host stephen k man okay dr navar we're gonna get to
00:45:28.740 falchi in a second in your new book about falchi rotting in prison but i gotta address one more
00:45:34.320 time the and this is why i say before president trump and his or particularly his political team
00:45:39.720 gives out these endorsements i always ask i says has anybody asked these guys where they stand on
00:45:45.280 trump's tariffs because believe me the standard stock neoliberal republican does not support
00:45:53.240 president trump's they may mouth it but they'll flip on these tariffs in a new york second
00:45:57.060 once president trump if president trump ever leaves the scene so it is a unbroken record of
00:46:03.820 success on any aspect you look at it and this is what's driving a manufacturing renaissance it's
00:46:11.640 Yes, it's the tax cuts and the big, beautiful bill, but it's the forcing function of the tariffs, and they haven't caused inflation, and the courts have tried to gum up the works.
00:46:21.000 So I don't understand – we got Peter Navarro, and you're in the middle of this, but I don't know why we don't have a full-court press, a whole-of-government approach here on walking the American people through the anti-Wall Street, anti-globalist corporations,
00:46:39.200 because this is where nationalism this is where the rubber meets the road if you're for the tariffs
00:46:44.420 you're a nationalist if you're not for the tariffs you're a globalist full stop i don't want to hear
00:46:49.300 any happy talk okay because this is what's building back american manufacturing power
00:46:55.980 to make us a hegemon again dr peter navarre your thoughts team the trump tariffs are really
00:47:04.120 at the heart of the greatest manufacturing boom that we are and are going to experience
00:47:11.580 since World War II. It's just amazing to watch the money come in from offshore that needs to
00:47:23.120 be here in order to avoid the tariffs. We're seeing it in the data. This is what bothers me.
00:47:29.200 It's like the data is right in front of everybody.
00:47:32.560 Going back to 2018, we've seen zero inflation from tariffs, full stop, zero.
00:47:40.760 And I've got like quotes from every single person out there in the legacy media back
00:47:46.500 in 2018, 2019, who was going to cause inflation?
00:47:49.960 It doesn't. 0.99
00:47:50.640 They're a bunch of liars, but they keep saying the same damn thing. 0.99
00:47:54.400 The ISM Manufacturing Index has been on a tear for the last six months. 0.99
00:47:59.200 And tariffs work.
00:48:00.460 And look, I'm working on that great transshipment scam.
00:48:03.320 Like we're getting a lot of money from China, but it's been able to use nefarious ways to kind of skirt around and ship stuff now to Vietnam and Thailand and Mexico and Canada.
00:48:15.980 I'm cracking down on that.
00:48:18.400 And I, this operation I'm wanting with CBP and their great organization.
00:48:26.180 We're going to bring in like $40 to $50 billion additional dollars a year, Steve.
00:48:32.280 You know how much that buys in terms of our budget?
00:48:37.600 So look, and the one thing, Steve, the only way you're going to get the rhinos on Capitol Hill, and I think they've had the epiphany, if they get rid of tariffs, the whole fiscal position in this country collapses. 0.56
00:48:50.200 because it's literally hundreds and hundreds and hundreds of billions of dollars.
00:48:56.220 I disagree with you.
00:48:59.220 You can watch Fox Business, CNBC, Bloomberg.
00:49:01.640 It's nothing but because they're globalists.
00:49:03.760 They're not nationalists.
00:49:05.740 This is a nationalist economic strategy, and this is why I say
00:49:08.700 with all of Trump's faults, with all of Trump's faults,
00:49:14.080 if he didn't have Trump, you wouldn't have a country.
00:49:16.860 He saved the country, and this is one of the central beating parts
00:49:19.980 of it and to me we're not driving this home enough because i think there's a lot of people
00:49:24.740 in the administration that just don't believe it this is why i asked before anytime you endorse
00:49:29.260 somebody put them in a room sit them in a chair and give them a struggle session on tariffs because
00:49:35.000 tariffs is the beating heart of the trump economic plan we i know you got to bounce you got work to
00:49:40.600 do talk to me about doing struggle sessions that's a scary talk struggles every one of these guys
00:49:48.740 because all of them are going to flip on you on the terrace.
00:49:51.160 What are you talking about?
00:49:52.080 Here's the struggle session I'm doing.
00:49:55.640 Here's the struggle session I'm doing.
00:49:57.400 It's called Why Fauci Must Rot in Prison.
00:50:01.540 I want everybody in the war room to go to Amazon right now
00:50:06.020 and buy this book with my personal guarantee.
00:50:10.180 If you don't like this, and it's the best thing I've ever written 0.85
00:50:14.080 because it uncovers that little SOBs, 1.00
00:50:17.000 just all the harm he did to us why Fauci must rot in prison I'll give you your money back 1.00
00:50:23.560 I just go get that book because this is a revelation right I got my diary matched against
00:50:32.080 his diary he's got 1100 pages that Bobby Kennedy was able to dig off a private HHS server in the
00:50:41.020 government and and here's the contradiction steve it's like all the crap he was telling us
00:50:48.320 masks lockdowns vaccines boosters it's like myocarditis it's like lab origin versus nature 0.95
00:50:57.880 everything okay okay we're doing hang on we're doing this for a reason we're doing hold it
00:51:03.920 there's a method to our madness here this is a war room book with our partners the sky horse
00:51:08.320 navarre is going back on his own time and doing this uh grinding through and we're doing this
00:51:13.180 for a reason because if you think the deep state in the intel community and law enforcement and 0.86
00:51:18.380 national security is deep it's maybe even deeper with this medical uh crap and the big pharma and 0.91
00:51:26.540 that's what that's what fauci and collins represent a part of this government that you
00:51:33.160 couldn't get them out with a trenching tool and that's why peter navarre has put up the very subtle
00:51:37.300 title fauci rot in prison this is a reason this this book is going to lay out a case against
00:51:43.760 fauci but against the system you're going to see that's the system that's rotten and the reason is
00:51:49.700 you got guys like fauci in there where do they get it dr navarro i'll let you go back to work
00:51:54.080 you know who else i've uncovered in this john brennan ring a bell ring a bell whoa he was part
00:52:01.840 at that. I'm telling you, Steve, this book
00:52:03.860 is on fire. You're connecting dots.
00:52:05.240 You're connecting dots. 0.56
00:52:07.420 Amazon, go there, pre-order
00:52:09.460 it, and the
00:52:11.360 foreword is
00:52:12.380 by Stephen K. Bannon, by the
00:52:15.320 way, and we're going to
00:52:17.380 light this up, and by the way, mark your calendar,
00:52:19.420 October 13th, we're doing it
00:52:21.320 all day on RAV,
00:52:24.060 basically
00:52:24.600 dedicated to exposing
00:52:27.020 Fauci and bringing back everybody
00:52:29.420 that was part of that expose
00:52:31.220 Back in the day, you know, Malone and Reeves, everybody, Hatfield.
00:52:35.960 I love it.
00:52:36.580 Get the gang back together.
00:52:37.880 All day.
00:52:38.400 Oh, my God.
00:52:39.580 Why Fauci must rot in prison?
00:52:43.080 Dr. Navarro, real quickly, where do people get your content on tariffs, all your articles, etc.?
00:52:48.080 We've got 30 seconds.
00:52:50.200 PeterNavarro.com.
00:52:51.860 PeterNavarro.com.
00:52:52.880 That'll take you to the Substack, X, Getter, Truth, Instagram, Facebook.
00:53:00.400 Go get them.
00:53:01.000 And I'm getting stuff out right here on Real Clear Markets and Washington Times.
00:53:05.860 We thank them.
00:53:07.500 The Examiner, The Hill, and you can get all at PeterNavarro.com.
00:53:12.980 Go back to work.
00:53:15.340 Get a lot of work to do.
00:53:16.760 Thank you, sir.
00:53:18.280 Short break.
00:53:19.420 Back in a moment.
00:53:21.180 Feels like our country finally has momentum again,
00:53:23.980 with our leaders fighting to restore common sense in America first.
00:53:29.580 But we've seen this before.
00:53:30.700 conservatives get comfortable and the left starts taking background inch by inch we cannot let that
00:53:36.680 happen in these midterms america needs every one of us in the fight and a big part of that means
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