Bannon's War Room - WarRoom Battleground EP 247： Wag The Dog With China; Higher Unemployment Helps No One

00:00:00.000 this is what you're fighting for i mean every day you're out there what they're doing is blowing

00:00:12.900 people off if you continue to look the other way and shut up then the oppressors the

00:00:19.900 authoritarians get total control and total power because this is just like in arizona this is just

00:00:25.800 like in georgia it's another element that backs them into a quarter and shows their lies and

00:00:30.560 misrepresentations is why this audience is going to have to get engaged as we've told you this is

00:00:34.820 the fight all this nonsense all this spin they can't handle the truth war room battleground here's

00:00:41.880 your host stephen k bannon china in the last 24 hours has been ratcheting up its rhetoric against

00:00:48.600 the u.s as there is growing u.s concern about the possibility that beijing is at least considering

00:00:54.440 arming russia in the war in ukraine today china's new foreign minister said that the u.s and china

00:01:00.500 are hurtling towards quote confrontation and conflict unless washington changes course and

00:01:06.540 this is china's president xi in a very rare statement blamed washington for the deteriorating

00:01:12.240 relations monday saying the u.s is trying to contain china that is a cold war buzzword according

00:01:18.460 to state media saying western countries led by the united states have implemented all around

00:01:23.200 containment encirclement and suppression of china which has brought unprecedented severe challenges

00:01:28.880 to our country's development according to china's official news agency joining me now jeremy bash former

00:01:34.460 chief of staff at the pentagon and the cia so first i want to untangle what's happening with the u.s

00:01:40.420 and china and then get to um in ukraine and whether that city is worth the casualties you know that

00:01:49.020 ukraine is suffering to try to hold it but these are very unusual statements by president xi

00:01:54.080 why now and why so confrontational well at the end of 2022 andrea in the beginning of 2023

00:02:00.740 china was on sort of a charm offensive they realized that their zero covet policy had utterly failed 0.84

00:02:06.900 they realized their growth was only about three percent which is for china a recession and they were

00:02:12.140 reaching out to the west they actually believed that their integration into the global economy

00:02:16.280 required better relations with washington but china was trying to have its cake and eat it too 0.76

00:02:21.660 and they were talking openly about arming the russians in their fight against ukraine and that's

00:02:27.100 when secretary blinken went to the munich security conference and called his chinese counterpart out on

00:02:32.740 this and the united states publicly described some of this information it was collecting and this has

00:02:37.280 u.s policymakers very worried right now in ukraine it's a frozen conflict if china gets involved

00:02:43.260 on behalf of russia that could materially help moscow and the united states is putting maximum pressure on

00:02:48.700 china not to do that what about the china balloon did that add to it was that an embarrassment yeah i

00:02:55.460 think my my view of that is that probably xi jinping wasn't tracking the exact whereabouts of the balloon

00:03:00.940 but certainly that has inflamed tensions because we've grown concerned over many years about chinese

00:03:07.700 surveillance capabilities both their cyber attacks their use of social media platforms like tiktok

00:03:13.100 and other platforms to collect data on americans and this balloon surveillance was yet another

00:03:17.760 manifestation of chinese efforts to surveil the united states and collect intelligence on our

00:03:22.500 military kevin mccarthy the speaker of course had campaigned saying that he would go to taiwan as

00:03:28.720 speaker pelosi did to the annoyance aggravation of course of the white house and state department

00:03:34.100 well now he's not going according to all reports out of taipei the taiwanese president is coming here

00:03:41.600 and will meet in california that's kind of dodging a real irritant or will it be an irritant just to

00:03:47.920 have her on u.s soil yeah and i think what's happening is we're getting some signals from taipei

00:03:52.040 both the the house speaker is getting some signals as well as the executive branch is learning what the

00:03:58.260 the taiwanese really want to see unfold in the context of u.s taiwan relations one of the things

00:04:03.780 that's very important though is that we're going to continue to arm taiwan and provide it with

00:04:07.920 important capabilities that it can use to become a porcupine as they say in military parlance which

00:04:13.080 has basically become a very difficult animal to swallow so that china cannot create the military 1.00

00:04:18.200 capability to invade taiwan by 2027 which is what xi jinping has said he potentially wants his military

00:04:24.280 to be prepared to do and there was real concern that the the military reactions from china to a visit

00:04:30.440 by the speaker would be even worse than the flying missiles you know which they did over over taiwan

00:04:37.440 last time around let's talk about ukraine and is that really worth the ukraine you know standing to

00:04:44.700 fight zelinski has now confirmed again that they're going to stand and fight yeah it's the modern day

00:04:48.980 steleningrad i mean it's it's been totally decimated the the population has been evacuated so

00:04:54.500 it no longer really has strategic value but it has powerful symbolic value andrea because the

00:05:00.800 ukrainians don't want to see that russian flag hoisted over a city the city of bakhmut and here

00:05:06.380 is where there's been not just block to block street to street fighting there's been a hand-to-hand

00:05:10.420 combat this has been the toughest fighting of the war and the ukrainians to their unbelievable credit

00:05:15.800 have held tough they have fought not just the regular russian forces but the wagner group irregular

00:05:21.820 forces and they have been able to really hold the russians at bay there to win do they need f-16s or

00:05:27.720 some sort of air power drones something i think eventually we are going to have to provide them

00:05:32.560 air power in some form or fashion whether it's unmanned systems like mq-9 reapers or f-16s or some

00:05:40.500 other capabilities to give them standoff air power so they can strike russian targets as they advance on

00:05:46.400 ukrainian elements and we're now training for the first time two ukrainian pilots on the f-16s here

00:05:53.160 in the states yeah i think we're getting ready andrea to evaluate their capabilities and figure out

00:05:58.080 exactly what the right formation would be but i think eventually the biden administration is going to go

00:06:02.960 there it's tuesday 7 march in the year of early 2023 that is the madness you have to deal with

00:06:11.400 if you're america first or uh maga because think about it everything with the chinese communist 0.97

00:06:17.940 party and what's happened over the last 48 to 72 hours is the chinese government from xi to his

00:06:25.360 foreign minister i mean they could not have been more blunt that if the u.s does not back off this

00:06:32.020 quote-unquote confrontation is does not back off the indo-pacific strategy is does not back off

00:06:37.000 this what they call containment or strangling china uh that were based on the path to a kinetic war

00:06:43.400 um but right there you see the administration or the administration adjacent individuals

00:06:50.560 everything with china's behavior that's bad is not all the infiltration they've done not what 0.78

00:06:55.560 they've done to disrupt american society not what they've done in influence peddling with the

00:07:00.440 uniparty here in the uh in the united states but it's all about ukraine it's all about their beloved

00:07:05.820 ukraine oh well you know xi has uh has mentioned that you know he may send arms to russia and tony

00:07:13.080 blinken chewed out the foreign minister at the g20 conference it's all about ukraine uh first off 0.95

00:07:19.040 it's not all about ukraine the chinese have been in a partnership like the molotov ribbon uh uh trough

00:07:25.320 um uh pact of 1939 which was the the nazi soviet pact their their partnership that led to the

00:07:34.200 led to the invasion of poland and really the kickoff to the i guess the formal part of the kinetic war

00:07:40.140 in western europe in world war ii uh that they've had they have the no limits partnership that they

00:07:46.340 announced last year at the olympics when putin went over there for so long the chinese have been 1.00

00:07:51.340 underwriting this financially the chinese have been giving them non-lethal military aid there's tons of

00:07:57.940 intelligence out there the chinese are now reinforcing them with ammunition uh so the

00:08:02.560 chinese are their active partner and now but everything related to how the third world war the

00:08:09.200 unrestricted remember my favorite the unrestricted warfare of the chinese communist party that they've 1.00

00:08:15.860 been against the west since the unrestricted warfare they've been against the west since the late 1990s

00:08:21.880 and have really stolen the march on us everything gets wrapped up in the ukraine it's all the ukraine the 0.65

00:08:25.640 ukraine the ukraine the thing out of the ukraine today and here you have the madness of this

00:08:31.360 regime that's running things here in the united states you got to send f-16s you need you know

00:08:36.480 you need combat air support uh we're going to do combined arms because this spring they're going to

00:08:42.280 pivot uh and they're going to go drive south and take back crimea it's this type of insanity that

00:08:48.320 you hear all all the time where in bakmut uh which is quote-unquote strategic or maybe not so

00:08:54.740 strategic or crossroads or maybe not so crossroads in eastern ukraine has been shelled in you know

00:09:00.740 he called it stalingrad it's maybe not that scale but it's a difference in degree not in kind they're

00:09:07.260 shelling it uh to uh you know out of his existence i think there's under 5 000 i think there's 2 500

00:09:13.260 civilians there in a town that was 70 000 they've either fled or been killed in the shelling

00:09:18.380 and right now it's become very symbolic we can report today that zelinski has said and his

00:09:23.060 his top military advisors and generals have said that they're sending reinforcements into bakmut

00:09:28.940 to hold it because it's it's of symbolic value the russians it's being reported and we can tell

00:09:36.600 from intelligence people we're talking to are running out of the shells they're shelling so much

00:09:42.680 that they're running out and they got to be reinforced not just with personnel but uh with

00:09:48.340 with more material particularly shells to keep the shelling up from their artillery so bakmut is is is

00:09:54.760 stood is very symbolic where the west once again just triples down we're going to give them unlimited

00:10:01.160 uh weapons unlimited arms there's all this conversation now about f-16s uh boris johnson saying

00:10:07.600 they ought to send the royal air force over there uh you just heard right there talking about

00:10:12.680 the the biggest drones that we have not the small drones going around but i mean the the platforms

00:10:17.420 that are the drones that go around they can actually fire missiles off of it and keep in uh in in in in

00:10:23.260 continue to come back and be rearmed so it is um you know this thing is doubling and tripling down

00:10:29.560 here on the chinese side finally you got the chinese companies we're doing what we need to do which is

00:10:35.400 cut and this is investors saying i don't know if i'll get my money out right here is china companies

00:10:40.760 switch to zurich for raising cash after the u.s and uk turned sour and right there is that we've

00:10:46.360 cut them we started cutting them off from ipos that is not a geostrategic effort as we at the

00:10:51.960 committee of the present danger have been saying that you need to cut off china of all access to

00:10:56.160 capital that is because investors are getting very afraid that now with everything heating up about

00:11:01.540 taiwan the taiwan straights the south china sea that it could be it could be a bad place get your

00:11:07.140 money back here in the cover of the financial times they talk about mccarthy's and this is look

00:11:12.340 if the chinese think this is a major blank you see right there the headline mccarthy is going to meet

00:11:16.960 the president taiwan but it's in a stopover layover she has which is an old trick they pull she's going 0.61

00:11:23.000 to lay over in california he's going to meet her in california he's not going to go to taiwan

00:11:26.740 i think that's a big mistake i think now more than ever not sure we just reinforce the taiwanese

00:11:32.640 but we have to send a message to the ccp that you're not going to push us around that we are 0.96

00:11:38.820 going to defend taiwan we're going to defend against an air or naval blockade so um the latest on this

00:11:45.820 third world war could not be more grim one of the things that people should also understand is that

00:11:51.660 it's a leak today in the new york times a completely ludicrous story and the ludicrous story was that

00:11:57.160 a ukrainian affiliated um paramilitary group or some some uh group entity related to ukraine

00:12:07.880 intelligence are actually the people that that blew up the nordstrom 2 pipeline well first of all that's

00:12:13.280 true and they had not told us they committed an act of war on one of our allies germany that wasn't

00:12:18.960 just russia to cut off the gas coming from russia but the entire structure of german industry it's

00:12:24.160 structured on cheap and plentiful natural gas from russia and they've gone through tremendous

00:12:28.240 perturbations to get off that uh si hirsch did a story a couple of weeks ago now it was one

00:12:34.500 um unconfirmed uh source or source that would did not want to go public that laid out the whole thing

00:12:42.180 how it was military intelligence it was cia it was dia it was navy seals it was american commandos and

00:12:48.760 paramilitary now we're hearing that it's the new york times are bringing oh intelligence source telling

00:12:53.580 them that it is ukrainian related well ukrainian related is the cia it's impossible for the

00:13:00.280 ukrainians to have done that if they did that they committed an act of war against probably our closest 0.95

00:13:05.860 ally or our most important ally on uh the continent which is uh germany and the one that we've had it's

00:13:12.320 been so recalcitrant to actually rearm and to make sure that they can meet their two percent of gdp

00:13:17.900 commitments for nato and really start if they're going to be a player in the ukraine war step up and be a

00:13:22.600 player right now uh you've got to i think got to bring them uh kicking and screaming uh to do

00:13:27.940 anything um but that story that you see in this third world war this has started to converge and

00:13:34.280 conflate and still the biden administration on any confrontation of the ccp everything is is a a uh

00:13:41.460 um something to it's below anything that happens in ukraine in fact they're maddest with the chinese 1.00

00:13:50.420 not about the infiltration not about the chinese uh military uh uh you know what they've sent over

00:13:56.260 taiwan the spy aircraft you saw andrea mitchris he goes well what about the spy you know he talks

00:14:02.340 about the ukraine she goes what about the spy oh yeah yeah you know he says that's yeah that's

00:14:06.140 important too we shouldn't forget that it's nothing about the direct confrontation of the ccp with us 0.97

00:14:12.660 which they're pushing us around all over from from from micronesia to the caribbean to latin america

00:14:19.760 obviously to the situation with the the full partnership uh with the russians but everything's

00:14:25.620 everything's a uh a subsidy to um to uh to ukraine it's always about ukraine now oh now the chinese

00:14:33.140 are talking to the russians and they're thinking to be in partners if they send weapons that they're

00:14:37.260 really across the line it is this obsession with ukraine which is that ukraine has nothing to do

00:14:43.420 with the vital national security interests of this nation and it is absolutely an obscenity

00:14:47.880 that we're saying that level of money uh material we're paying for their their their pensions we're

00:14:53.420 paying for their health care we're paying for their entire government it's a war on the eurasian 0.96

00:14:58.380 landmass between two slavic entities been fighting for 5 000 years and they'll fight for 5 000 years in 0.74

00:15:04.120 the future at best this is a european war and we should be out of our last european war we were there 0.82

00:15:09.380 for world war one we were there for world war two we were the deciding factor both of those we were

00:15:14.580 you know in it for the cold war deciding factor there three times from 1914 to 1989 all that money

00:15:21.300 all that treasure all of that american manpower uh it's over we're not a european power we don't

00:15:27.440 want to be a european power so it is absolutely unsatisfactory and i gotta tell you this uh over

00:15:33.680 the next couple weeks the um republicans have got to force have got to force biden to come forward

00:15:41.440 under the war powers act of the war powers resolution that lays out his strategy because

00:15:44.960 right now you've got zelinski saying well i'm going to take crimea biden saying well uh what we support

00:15:50.680 uh unlimited time and unlimited money resources um ukraine you've got zelinski's got this big war

00:15:57.660 plan i want to take her back all of our territory the russians and that means all of eastern speaking 0.99

00:16:01.460 ukraine that means crimea which the russians have told you is a russian territory now and they'll fight

00:16:05.980 to the death there including the tactical nuclear weapons zelinski also says that i need reparations

00:16:11.460 it could be a trillion dollars or more to rebuild the country's been shattered in this one year of

00:16:15.920 fighting and then he says we gotta have war crime trials so the that these are war criminals and

00:16:20.960 garland went over this weekend you know kamala harris took the munich security conference she says

00:16:25.720 we formally determined we have formally determined formally we the united states are formally determined

00:16:31.440 have you seen a formal determination of that have you seen any evidence of that i'm not saying it

00:16:36.020 doesn't exist i just know that in world war ii we got the fighting done first and then we said hey

00:16:41.800 there looks like some stuff here that was not correct let's look at oh these are war crimes let's have 0.67

00:16:45.740 war crime tribunals crimes against humanity then people are hanging it's totally different now and

00:16:51.140 garland goes over this weekend instead of garland uh being in east um palestine ohio instead of him

00:16:57.700 being there right to prosecute uh um uh norfolk southern and to prosecute the epa director and and

00:17:04.660 and josh shapiro's guys and maybe josh shapiro and mike dewine and all this for criminal negligence

00:17:09.640 on the uh on the um on the controlled uh release in the control control slash out of control burn he's in

00:17:17.080 ukraine janet yellen was in ukraine last week and you want to see how out of control this let's go

00:17:22.660 and play i want to play so we have the geopolitical military part of it of world war three out of

00:17:27.440 control and now i'm going to make sure you fully understand and embrace how out of control the

00:17:33.780 economic situation is let's go ahead and play i think it's the hearing we have i think it's the

00:17:38.000 hearing we have today uh it's pal the response let's let's have that and i'll have some commentary

00:17:43.060 well and when congress borrows money to spend even more that stimulates the economy even more does it

00:17:52.820 not at the margin yeah okay

00:17:56.120 if congress reduced

00:18:01.000 the rate of growth in its spending

00:18:05.040 and reduced the rate of growth in its debt accumulation

00:18:11.100 this is this is more this has been

00:18:13.100 the second it would make your job easier in reducing inflation would it not

00:18:19.240 uh... it'd be the things i don't think fiscal policy right now is a big factor driving

00:18:25.580 inflation at this moment uh... but it's absolutely essential that we do uh... slow the pace of growth

00:18:31.580 particularly for the areas of the

00:18:33.740 all right let's try to unpack this then i'm not trying to trick you

00:18:37.660 you're raising interest rates you're raising interest rates to slow the economy are you not

00:18:43.360 yes to cool the economy off

00:18:45.820 um... and one of the ways you measure your success

00:18:50.040 other than

00:18:51.220 fluctuation in gross domestic product is the unemployment rate

00:18:55.560 is it not

00:18:57.200 yes one of the measures

00:18:58.580 okay

00:18:59.500 so in effect this i'm not being critical

00:19:02.040 when you're slowing the economy you're trying to put people out of work that's your job is it not

00:19:06.740 not really we're trying to we're trying to restore price stability

00:19:10.700 no you're trying you're trying to raise not wages you're trying to raise the unemployment rate

00:19:15.160 there are a lot of that me i know you don't like the phrase so let me strike it

00:19:20.460 you're trying to raise the unemployment rate are you not

00:19:23.160 no we're not trying to raise it we're trying to realign supply and demand which could happen through

00:19:28.400 a bunch of channels like for example

00:19:30.160 uh... you know just job openings

00:19:32.040 all right let me put it another way okay

00:19:34.220 the economist did a did a wonderful study

00:19:38.300 they looked at at ten disinflationary periods

00:19:44.960 in america going all the way back to the 1950s

00:19:48.460 disinflation is what you're trying to do

00:19:51.080 it's a slowing

00:19:51.960 in the rate

00:19:53.620 of inflation

00:19:54.720 am i right

00:19:56.060 yes

00:19:56.600 in other words

00:19:57.900 prices don't go down

00:19:59.300 they just don't go up as fast

00:20:00.840 deflation is when prices actually go down

00:20:04.860 you're trying to achieve disinflation

00:20:06.940 are you not

00:20:07.440 yes we are

00:20:08.260 okay

00:20:08.520 based on history in the ten times

00:20:11.640 that we got inflation down

00:20:14.180 disinflation since the 1950s

00:20:16.680 in order to reduce

00:20:19.860 inflation by two percent

00:20:22.300 unemployment had to go up three point six percent

00:20:26.380 now that's history

00:20:27.600 is it not

00:20:28.320 i don't have the numbers in front of me

00:20:30.800 but yes the standard has been that there have been recessions and downturns

00:20:34.980 okay fed has tried to reduce inflation now right now the the current inflation rate six point four percent and the current unemployment rate is three point four percent now if history is right i'm not asking you to to to again blame anybody but if history is right unless you get some help in order to get inflation down from six point four percent to let's say four point four percent and the unemployment rate is going to rise to seven percent based on history

00:21:03.980 that's what the record would say

00:21:04.980 that's what the record would say okay and to get inflation down to two point two percent based on history

00:21:10.980 based on history

00:21:12.060 an immutable fact

00:21:15.220 unemployment would have to go to ten point six percent

00:21:19.360 would it not

00:21:20.980 no i wouldn't i wouldn't

00:21:23.080 that's what the record

00:21:23.800 that's what the history shows

00:21:25.160 yeah i don't think that kind of a number is

00:21:27.980 is it all in play

00:21:29.600 i mean i know you're reluctant to admit it

00:21:31.660 and you don't want to get in the middle of a

00:21:33.500 policy

00:21:34.440 uh dispute

00:21:36.140 but i think it's undeniable

00:21:39.240 it's undeniable

00:21:41.040 that the only way we're going to get this sticky inflation down is to attack it on the monetary side which you're doing

00:21:48.320 and on the fiscal side which means congress has got to reduce the rate of growth of spending

00:21:54.280 and reduce reduce the rate of growth of death accumulation

00:21:58.100 now

00:21:59.080 i get that

00:22:01.160 you don't want to get in the middle of that fight

00:22:03.480 but the more we help

00:22:05.980 on the fiscal side

00:22:08.420 the fewer people you're going to have to put out of work

00:22:11.460 isn't that a fact

00:22:12.780 please answer

00:22:15.540 it could work out that way

00:22:16.500 sir

00:22:17.340 it could work out that way

00:22:18.660 yes sir

00:22:19.180 thank you

00:22:19.700 thank you senator reed

00:22:21.060 okay we're going to go to a lot more of this

00:22:24.360 by the way can i play

00:22:25.520 can can memphis just take that from

00:22:28.420 the top i want to play that again

00:22:30.600 i want to reemphasize too

00:22:31.940 and i'll tell you when to stop so keep my mic on

00:22:33.980 but this this shows you the confusion of pal

00:22:37.100 in exactly what the problem is here

00:22:40.080 and remember this

00:22:41.060 slow the rate of growth

00:22:42.860 of spending

00:22:44.320 we don't need to slow the rate of growth of spending

00:22:46.860 we need absolute

00:22:47.980 in absolute numbers

00:22:50.000 strong

00:22:51.040 determined

00:22:52.140 cuts in spending

00:22:53.560 dramatic cuts in both social spending and defense spending

00:22:56.500 or we're done

00:22:57.560 but let me play the um

00:22:59.180 i want to play the beginning of that

00:23:01.260 to show you how far

00:23:02.700 how confused

00:23:03.480 brother pal is here

00:23:04.880 go and play it

00:23:05.520 well and when congress borrows money

00:23:08.340 to spend even more

00:23:10.940 that stimulates the economy even more

00:23:14.260 does it not

00:23:14.900 at the margin yeah

00:23:16.440 okay

00:23:17.900 if congress reduced

00:23:22.800 the rate of growth in its spending

00:23:26.780 and reduced the rate of growth

00:23:30.740 in its debt accumulation

00:23:32.880 this is this is more

00:23:34.300 this has been

00:23:34.900 the second

00:23:36.520 it would make your job easier

00:23:38.840 in reducing inflation

00:23:40.340 would it not

00:23:41.040 I don't think fiscal policy right now

00:23:46.240 is a big factor driving inflation at this moment

00:23:48.840 but it's absolutely essential

00:23:50.620 that we do

00:23:51.860 slow the pace of growth

00:23:53.580 particularly for

00:23:54.400 the areas of the

00:23:55.460 let's try to unpack this then

00:23:57.460 I'm not trying to trick you

00:23:58.740 stop stop stop stop stop

00:23:59.940 stop right there

00:24:00.660 stop right there

00:24:01.340 he's just dead wrong

00:24:03.660 we have these massive deficits

00:24:06.500 that we're running

00:24:08.080 and as we told you

00:24:09.060 it was going to be a three and a half dollars

00:24:10.360 it's a three and four

00:24:11.200 and those congressional budget offices

00:24:13.900 it's going to be

00:24:15.080 two trillion dollars

00:24:16.680 that is a Keynesian stimulus

00:24:19.220 this is one of the things

00:24:21.320 this fiscal domination

00:24:22.680 this ability to have these

00:24:24.320 to pass

00:24:25.340 these massive deficits

00:24:27.020 and then have the federal reserve

00:24:28.320 just punch a button

00:24:29.320 and finance it

00:24:31.080 right

00:24:31.920 by just creating

00:24:33.520 money

00:24:34.640 in the way of these

00:24:36.360 treasury securities

00:24:38.160 right

00:24:38.560 these kind of phony securities

00:24:39.840 that

00:24:40.640 are on the balance sheet

00:24:42.900 of the Fed

00:24:43.380 is

00:24:44.740 one of the biggest

00:24:46.500 single drivers

00:24:47.580 of inflation

00:24:48.180 you have to

00:24:48.820 and this concept

00:24:49.860 you're hearing

00:24:50.540 for the audience

00:24:51.620 understand

00:24:52.180 this slowing

00:24:52.880 the rate of growth

00:24:54.120 is not what we're talking about

00:24:55.860 that's the old

00:24:57.060 Washington swamp game

00:24:58.520 of how you get to

00:24:59.960 1.5 trillion dollar deficits

00:25:02.060 annually

00:25:02.660 and 32 trillion dollars

00:25:04.500 in debt

00:25:05.120 you must

00:25:06.220 you must

00:25:06.240 dramatically

00:25:07.100 take

00:25:07.640 cuts

00:25:08.260 absolute

00:25:08.940 number cuts

00:25:09.920 cuts

00:25:10.640 in federal spending

00:25:12.000 it's also

00:25:12.480 it also is a reverse

00:25:14.000 Keynesian stimulus

00:25:14.840 you can't have these

00:25:15.600 massive

00:25:16.120 Keynesian

00:25:17.300 stimuluses

00:25:17.960 that you're having

00:25:19.100 every year

00:25:19.500 you pass these

00:25:20.200 these unfunded

00:25:23.280 these unfunded

00:25:24.200 deficits

00:25:24.680 in these

00:25:25.280 massive federal spending

00:25:26.980 that's what needs

00:25:28.000 to be cut

00:25:28.520 Powell is very

00:25:29.420 confused here

00:25:30.080 let's take a short

00:25:31.040 commercial break

00:25:31.620 we're going to come

00:25:31.960 a lot more

00:25:32.660 into the numbers

00:25:33.280 a lot more

00:25:33.720 to the politics

00:25:34.400 at all

00:25:34.800 maybe even go to

00:25:36.000 England

00:25:36.220 if we have time

00:25:36.980 short commercial break

00:25:37.860 back in a moment

00:26:03.280 company

00:26:04.020 Bo grade

00:26:05.080 I got five

00:26:05.520 to the top

00:26:12.560 a lot more

00:26:13.300 well

00:26:13.860 I got some

00:26:15.960 mathematics

00:26:16.620 andidis

00:26:16.700 one

00:26:17.600 big

00:26:18.580 to the bottom

00:26:18.880 it's big

00:26:20.660 to the bottom

00:26:21.200 about

00:26:21.880 uten

00:26:22.880 to the top

00:26:24.340 there

00:26:25.220 and

00:26:26.000 maybe

00:26:26.120 not

00:26:27.560 go to

00:26:27.960 the top

00:26:28.100 here

00:26:28.960 look

00:26:30.100 We'll be right back.

00:27:00.080 Qualifying purchases from Birch Gold Group now through March 31st, they'll ship a free safe directly to your door.

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00:27:20.120 Here's the deal.

00:27:21.180 The Fed keeps raising rates because it's the only tool they have to keep inflation under control.

00:27:25.520 And guess what?

00:27:26.420 It's not working.

00:27:27.680 You can't spend your way out of inflation.

00:27:30.540 You've seen the impact on the stock market.

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00:27:34.880 Hedge inflation by owning gold.

00:27:36.680 Let me repeat that.

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00:29:47.220 Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.

00:29:56.180 As I mentioned, the latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.

00:30:07.040 If the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes.

00:30:15.380 Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time.

00:30:22.640 Our overarching focus is using our tools to bring inflation back down to our 2% goal and to keep longer-term inflation expectations well anchored.

00:30:32.200 Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run.

00:30:39.460 The historical record cautions strongly against prematurely loosening policy.

00:30:46.100 We will stay the course until the job is done.

00:30:48.840 We are taking the only measures we have to bring inflation down.

00:30:53.360 And putting 2 million people out of work is just part of the cost, and they just have to bear it?

00:30:58.760 Will working people be better off if we just walk away from our jobs and inflation remains 5%, 6%?

00:31:06.000 Let me ask you about what happens if you do this.

00:31:09.200 Since the end of World War II, there have been 12 times in which the unemployment rate has increased by one percentage point within one year.

00:31:18.860 Exactly what you're aiming to do right now.

00:31:21.340 How many of those times did the U.S. economy avoid falling into a recession?

00:31:27.460 You know, it's not as black and white as very, very...

00:31:33.460 Just looking at the numbers, it actually is pretty black and white.

00:31:35.660 Yeah, no, no, Alan Berliner's written a book on this and...

00:31:37.460 There have been 12 times that we've seen a one-point increase in the unemployment rate in a year.

00:31:44.620 That's exactly what your Fed report has put out as the projection and the plan based on how you're going to keep raising these interest rates.

00:31:52.520 How many times did the economy fail to fall into a recession after doing that out of 12 times?

00:31:58.880 I think the number is zero.

00:31:59.920 I think the number is zero.

00:32:01.400 That's exactly right.

00:32:05.220 I got to play...

00:32:06.520 I may have to play that again because she had him. 0.87

00:32:09.320 Look, here's the thing that she doesn't get into, and this gets to immigration. 0.99

00:32:13.000 Remember, they've talked about this forever.

00:32:15.500 However, they said how they were...

00:32:17.860 The biggest problem they had, which is a lie, it's a misunderstanding of the problem.

00:32:23.040 They said that the biggest problem they have is the rising wages of the working class, particularly African Americans and Hispanics, right?

00:32:32.140 And that's why they need immigration. 0.98

00:32:34.280 They need mass immigration to solve that. 0.99

00:32:36.740 It's one of the reasons that Biden...

00:32:39.240 Just one reason why Biden is having this invasion of the southern border.

00:32:43.260 In the last report, as Peter Navarro and Cortez and Brad have broken down for you, they actually are proud of they have one million illegal aliens now in the workforce, right? 0.99

00:32:53.460 Our new arrivals, right?

00:32:55.120 Essentially illegal aliens into the workforce. 0.98

00:32:57.860 That's one of the reasons I'm hoping to cap wage increases.

00:33:03.620 They're only 22 months in a row that they've had negative...

00:33:06.900 The inflation is running greater than wage increases.

00:33:10.780 But Elizabeth Warren cuts to the heart of it in their policy, what they're trying to do now, they're trying to increase...

00:33:17.480 They say, oh, no, what we need to do is increase unemployment.

00:33:21.280 That unemployment is, according to their math, there's going to be too many people.

00:33:24.480 And she correctly points out that every time you've done that within a year to increase one percentage point of unemployment,

00:33:32.480 then in all 12 times, you eventually went to recession.

00:33:35.500 Look, this still gets back to the core problem is you've got a government that spends way too much money, money that we can't afford.

00:33:46.300 We don't have the ability to finance it.

00:33:48.760 And you've got a Federal Reserve that heretofore accommodates that.

00:33:54.700 That's why we're in this jam.

00:33:56.100 You've printed too much money, and this is one of the reasons you've got the inflation.

00:33:58.760 And you can't wring that out of the system.

00:34:01.360 They're trying to wring it out.

00:34:02.780 But right there at the beginning of that segment was the bad news for investors.

00:34:09.800 That's why Dow Jones Industrials are off almost 600 points today, I think 570 points.

00:34:13.900 It was a bloodbath today.

00:34:15.560 And I think the Dow is down now for the year.

00:34:18.720 It's a bloodbath today because he gave you old-time religion there right at the beginning, kind of gave it to you with both barrels.

00:34:24.880 We're going to have to do it quicker, we're going to have to do it higher, and we're having a tough time of bringing inflation out of the system.

00:34:32.040 Because we're so far gone, this goes back to Biden, and this goes back to Mitch McConnell, and they're the ones with this American recovery plan, which we said on the show at the time was going to be inflationary.

00:34:42.280 We said on the time that if you do this, that aggregate demand is back up.

00:34:47.300 You're not at the depths that you were in the pandemic.

00:34:52.200 Aggregate demand is back.

00:34:53.220 The supply chain is not totally worked out as problems, but you don't need to pass, I don't know, $1.9 trillion.

00:34:59.600 You don't need to put – remember, people are sitting on this cash forever.

00:35:02.720 This is one of the reasons they had a tough time getting people back going to work.

00:35:06.040 Just this week, they cut the SNAP, the food stamp program.

00:35:10.360 So you're seeing – and McCarthy and these guys, they're still, you know, dancing around what this budget is going to look like, what the appropriation is going to look like.

00:35:19.080 And you've got to start to have dramatic cuts.

00:35:21.400 You just cannot go back to this game, I'm going to slow the rate of growth.

00:35:25.720 No, you cannot slow the rate of growth.

00:35:27.940 You must have absolute cuts.

00:35:29.900 You must have significant cuts in social welfare.

00:35:32.720 You must have significant cuts in defense.

00:35:34.880 And you have Russ Vogt.

00:35:35.960 He's finally laid out $2 trillion over 10 years on cuts to Medicaid.

00:35:43.860 And his is – the rest of it is a lot of just cut out what he calls the woken weaponization of the administrative state, of the federal government against you to get to the rest of it.

00:35:52.120 Matt Gaetz is talking about very strict work requirements.

00:35:54.960 We'll cut out another trillion dollars over 10 years.

00:35:57.900 Then you start to get – you know, you've got to get, I think, the $9 or $10 trillion, $11 trillion in cuts just to get to a balanced budget.

00:36:05.700 And this is because right now, because the entire structure of our interest rate was built on zero or negative interest rates when all this money was starting to be accumulated.

00:36:15.080 Now and today, it went over – the entire structure of our interest rates are all over 4%.

00:36:21.900 First time in living memory, I think it's been over 4%.

00:36:24.460 You've got an inverted yield curve, and it's getting worse.

00:36:27.120 It's why the bond market is rejecting the business plan of Congress and the Biden regime.

00:36:33.940 It's not going to wash.

00:36:35.620 You can't come through.

00:36:36.340 And all you hear is this kind of namby-pamby talking on the sides.

00:36:39.420 We have to have an adult conversation.

00:36:41.900 You're going to have to have – you can't let – CIS says at the end of the Biden regime term, 12 to 14, 15 million illegal aliens will be in the country.

00:36:54.360 Already 6 to 8 million here now.

00:36:57.120 All being picked up by some sort of federal program or out in the workforce driving down wages for the American people.

00:37:03.500 And that means what?

00:37:04.520 You're going to have to have Medicaid for people.

00:37:06.040 You're going to have to have more SNAP and food stamps for people because people – their jobs aren't paying enough.

00:37:10.640 Why?

00:37:10.980 Because you're sitting there bringing in illegal alien labor. 0.89

00:37:14.940 This is a – you know, if you think of the crimes of this government, you think of what they did on J6 and how they withheld that information and that footage and fought like hell, never have it released because they understood it, cut against their lies and their misrepresentations and their narrative.

00:37:30.620 Then you see what they're doing on the economy.

00:37:33.040 You're seeing what they're doing geopolitically.

00:37:34.960 There has never been a worse administration.

00:37:39.000 This rivals the Bush junta as far as how horrible they're doing, what they've done to this country. 0.92

00:37:45.220 And I think it goes back to the time of Buchanan before the Civil War for total incompetence.

00:37:50.760 Let me – so the economics, and I got to tell you, Powell, we've told you Powell was eventually going to have to come before the American people and speak the truth.

00:37:59.760 And today he spoke the truth.

00:38:01.860 He said, we haven't gotten control of this.

00:38:04.760 We're going to have to have a more – quicker and more intense rate hikes to try to wring this inflation out.

00:38:14.140 And there's going to be some collateral damage.

00:38:16.240 And Elizabeth Warren called him out.

00:38:17.340 That's principally going to be an unemployment.

00:38:20.420 And it's going to be tough.

00:38:21.740 And you're not going to have a soft landing.

00:38:22.900 Any fantasy about soft landings out the window.

00:38:25.740 Powell, because he finally spoke straight talk today, finally, which we said he should have done months and months and months ago.

00:38:32.540 Finally, Powell did that.

00:38:36.040 In addition, you have people like Elizabeth Warren, others that are very focused on what could be the collateral damage, and it could be substantial.

00:38:41.440 But the bottom line, no soft landing.

00:38:44.560 Get ready to strap in.

00:38:45.520 And for you people, and particularly for young people living on credit cards, what he told you today, you think your life is bad now, you have no money.

00:38:52.960 If you're in college, you have no money to go out and hang out, go get beers, go get food on the outside.

00:38:58.160 Hey, it's only going to get dramatically worse.

00:39:01.100 And now that they lied to you about your student debt being written off, your student debt is not only going to be written off.

00:39:05.860 If it's a variable rate, you're going to get crushed.

00:39:08.660 If you've got a variable rate mortgage, if you've got variable rate credit cards, which all the credit cards are, if you've got variable rate anything, get ready for heavy rolls.

00:39:16.260 The American people are going to get overwhelmed here by a tsunami of increased interest rates, and particularly the American people as far as the economy goes.

00:39:24.920 Remember, because of the increasing rate of financing the government debt, it's like we have a second mortgage out on your home.

00:39:31.220 I think the average family has now government debt, $250,000.

00:39:37.400 It's like a second mortgage out on your home.

00:39:39.720 And you're going to have to pay with higher costs everywhere, but they're also going to try to get you taxes, fees, all of it.

00:39:46.840 So economic, the two converging factors, the crisis, what I said on Friday, the crisis in capital markets in the economy and the crisis geopolitically and militarily are converging.

00:40:01.640 And you saw that today from China and the Ukraine to the capital markets.

00:40:05.280 They're converging and conflating as they converge.

00:40:08.240 And now you're going to live in the law of unintended consequences, and things are going to spin out of control, and you're going to be less of a master of your own fate unless you step in there.

00:40:16.100 And this is where I'm saying, hey, even if you hate Donald Trump, he gave you four years of peace and prosperity.

00:40:21.340 And you don't need all the job training.

00:40:23.960 You see when that got you with Biden, all his experience in Washington, blinking these guys, you see where this has gotten you.

00:40:29.660 A complete catastrophe.

00:40:31.900 Okay, let's go ahead and play.

00:40:32.860 We had some very perceptive political commentary on TV.

00:40:38.600 I want to make sure this is played, and then I will opine to it.

00:40:42.700 I got to ask you this.

00:40:43.800 The other question that hits me is there seems to be a fundamental bind that Republicans running in 2024 are going to face.

00:40:52.380 They have to say one way or another how they stand on the legitimacy of the 2020 election.

00:40:57.820 If you come forward and say the 2020 election is legitimate and Joe Biden got elected, you automatically lose the MAGA crowd.

00:41:04.380 If you come forward and say the 2020 election was not legitimate, then you're acknowledging that Donald Trump should have been president.

00:41:10.060 So how do you justify running against the guy?

00:41:12.700 How are Republicans, how is Nikki Haley, DeSantis, or anybody else, how are they going to run and answer that question?

00:41:19.180 Well, Jason, I think the issue is the point you brought up at the beginning of the segment.

00:41:25.940 Republicans, if they want to win the nomination, if they want to defeat Donald Trump, they're going to have to confront Donald Trump eventually.

00:41:34.700 You're not going to beat this guy by being nice to him.

00:41:37.620 You're not going to beat him by agreeing with him.

00:41:39.520 So the only path to winning the Republican primary contest in 2024 is to take on Donald Trump head-to-head and to defeat him.

00:41:49.120 We'll see if any of these candidates actually have the courage to do that.

00:41:53.340 I think Ron DeSantis might.

00:41:54.720 I think DeSantis has an ego that can compete in size with Donald Trump, and that might drive him to actually confront Trump and go toe-to-toe with him.

00:42:03.640 But for now, all these people being cautious and trying to dance around Donald Trump, I mean, that's fine.

00:42:09.740 They'll stay in the race.

00:42:10.640 They'll get some attention.

00:42:11.700 They'll be on the debate stage.

00:42:13.040 But I don't know if they're going to be able to win.

00:42:15.020 And the guy who got a pardon from Trump, who ran his 2016 campaign, and they've been on and off too, but Steve Bannon, also in a sign that this seems to be somewhat orchestrated, went publicly after Murdoch to back Trump.

00:42:30.920 Okay, Murdoch, here's the way it's going to be, brother.

00:42:33.640 You've disrespected Donald J. Trump long enough.

00:42:37.860 He hasn't been on Fox News since he announced for presidency.

00:42:42.560 Remember, Murdoch, you've deemed Trump's not going to be president.

00:42:48.500 Well, we've deemed that you're not going to have a network because we're going to fight you every step of the way.

00:42:54.900 The Murdochs immediately have to start covering President Trump.

00:43:00.600 Pretty striking to see this all spill out there.

00:43:05.480 I mean, you could have skipped some of CPAC, but those moments right there we wanted to show you because it's all out in the open.

00:43:10.740 On the one hand, it shows the stakes of this thing and that this really is a channel to the Republican primary base at a time where Fox is under pressure to change while it's being exposed for being even worse than people thought.

00:43:21.880 On the other hand, the question I'm about to take to my next guest is, how weak of a former presidential campaign are you, the former president running, when your top people are out here publicly begging for one interview on Fox News?

00:43:38.720 Josh Marshall joins me, founder and editor of Talking Points Memo and a shrewd analyst.

00:43:43.520 I put that question and all the above to you, sir.

00:43:45.920 You know, the one thing that occurs to me is, you know, we're all familiar with the HBO show Succession, which is a romantic clef about the Murdoch family and Fox News and so forth.

00:43:59.800 And so many of the things that you've been talking about over the last few minutes, each few of them is like an episode of Succession.

00:44:09.880 The, you know, the Zoom call, the banning back and forth.

00:44:14.320 It's like these two old men. 0.99

00:44:16.600 I mean, Rupert Murdoch is, I think, over 90.

00:44:18.740 He's quite old.

00:44:20.080 But 91, you know, just the back and forth.

00:44:24.320 And, you know, one thing that comes out is this is what happens when you're a corrupt news organization, right?

00:44:31.680 There are one of the benefits of being a real news organization is that you keep basically on track by needing to cover the news, right?

00:44:40.520 You're not in fights with the presidential candidate who you run or runs you or something like that or trying to get, you know, all this kind of stuff.

00:44:53.780 There's, as you said earlier, there are lots of problems with, you know, the big corporate news organizations.

00:45:02.480 But this is something that generally keeps them on track is that you always know that you are supposed to report at least what you think is the truth at the moment, right?

00:45:13.720 And that can change.

00:45:14.480 You can be wrong.

00:45:15.620 No one's perfect.

00:45:16.380 But that's the big thing that jumps out to me.

00:45:21.240 One thing I want to mention, you know, this has been, as you mentioned, Murdoch has been back and forth on Trump for a while.

00:45:30.160 They started off at the very beginning, back in 2015, treating him as a joke.

00:45:35.240 He kind of went to war with Fox.

00:45:38.160 Fox did with him.

00:45:39.240 But as soon as Trump was the guy, they got on board.

00:45:43.760 And I don't think there's any question that is what is going to happen again.

00:45:49.400 And, you know, another part of this you have...

00:45:52.080 Let me build on your point and then you finish.

00:45:53.760 That's why we're seeing this so early, because they know they either stop Trump in this primary early or a former president who's also Donald Trump becomes the nominee and then they're stuck with him in the general.

00:46:08.320 And they're stuck with what everyone would gird to be a January 6th sequel with more training.

00:46:14.720 I'm not trying to be alarmist, but Rupert Murdoch is not dumb and he understands exactly what they're up against.

00:46:21.040 And so we're flushing out earlier a fight that might have normally come later.

00:46:26.020 So that builds on, I think, the point you were making.

00:46:28.300 I'll let you let you.

00:46:30.860 This is one of the most important and perceptive between Ari Melbert and Jason Johnson.

00:46:36.760 Jason Johnson being a thinker professor at Morgan State, very perceptive analyst of conservative and right wing politics.

00:46:45.720 This is that Ken Griffin, Mitch McConnell donors, Rupert Murdoch kind of Maginot line that is, has, and remember, they have taken a blood oath that Trump will not return to the White House.

00:47:04.480 In the depositions, Murdoch says we're going to turn Trump into a non-person after January 6th, after he would leave the White House on the 20th, we're going to turn him into a non-person.

00:47:16.460 They are bound and determined to stop Trump's return to the White House.

00:47:20.880 Now, if they can do that in a primary with the instrumentality of a Ron DeSantis, they will do that.

00:47:28.100 If it's not Ron DeSantis, then they'll look to Tim Scott or to Glenn Youngkin or to Nikki Haley or Mike Pompeo or somebody that pops up after that.

00:47:39.000 And if they can't defeat him, they hope to mortally damage him so that he can then lose to a, what they consider a centrist.

00:47:49.980 Because remember, they don't really care about the social issues at all.

00:47:52.620 In fact, they hate the life issue.

00:47:54.780 They hate it.

00:47:55.840 They would like that go away.

00:47:56.780 These are not, these are not even, these people are not evangelical Christians.

00:48:01.200 Trust me.

00:48:01.560 They're not traditional Catholics.

00:48:03.000 That's not what we're dealing with here.

00:48:04.560 We're dealing with secular, humanist, globalist people that are all about money and power and material, the material world.

00:48:15.440 This is not a, this group is not, they don't care about spiritual warfare because they're not spiritual.

00:48:21.800 They could care less.

00:48:22.860 This is the material squad, right?

00:48:27.420 And they will take the, they will take the, they will take the side of the Democrats.

00:48:31.440 And then I want to make, and this is what I'm telling people every day.

00:48:34.560 When Trump does win the primary and Trump does win the presidency in 24, and when Trump returns to the White House, they will fight you every day that you're there.

00:48:43.140 They're going to be as negative on you as they are in source to the degree that they can't come in and get some, you know, some deals on, on don't take, don't take away our tax breaks on carried interest or do some deregulation in my industry.

00:48:56.380 They'll suck up to Trump like they did the first time.

00:48:58.180 But this is the battle. 0.97

00:48:59.980 And Jason Johnson lays it out.

00:49:02.220 If you don't believe the election was stolen in 2020, you're not going to be the nominee in 24.

00:49:07.000 You're not going to be the nominee.

00:49:07.920 The vast majority, I think 70-some percent of the Republican Party believes that.

00:49:12.560 And MAGA, it's 99%.

00:49:14.540 And you can't win a primary without MAGA.

00:49:17.540 So number one, you have to commit to the fact that it was stolen.

00:49:19.680 Number one, and if by definition you think it was stolen, it was stolen from Trump, why are you running against Trump?

00:49:26.460 Trump obviously is the aggrieved party, is technically, he's actually the real president, had it stolen, and therefore deserves to return, particularly when he gave you four years of peace and prosperity.

00:49:39.340 That's what's before us today.

00:49:40.720 That's the fight.

00:49:41.540 So don't, when people run around, yo, you got Tim Scott, you got Nikki Haley, it's just all, it's all, that's all noise.

00:49:46.860 That's all interchangeable nonsense, right?

00:49:50.140 And that's how they're going to make the delivery.

00:49:51.340 Okay.

00:49:52.600 Tomorrow, I kind of like these second hours where I get to break down these bigger stories and kind of give you some context and some of our thinking here.

00:49:59.780 I think we're going to continue this.

00:50:03.280 Tomorrow morning at 10, today's shows were just absolutely on fire, and we're on top of, I think, in the middle of what is important in the country, what's important in the world right now.

00:50:11.980 We're going to be back here at 10 a.m. tomorrow morning.

00:50:14.560 We will be on fire.

00:50:15.580 It'll be lit, so make sure you don't miss an episode.

00:50:18.020 Tell your friends, if you miss it, go get our podcast, download the podcast, give us a review on the podcast, push it out, get your friends to sign up for the podcast, all of it.

00:50:27.240 It's the way you can share the world.

00:50:28.780 Okay, we'll see you tomorrow morning, 10 a.m., back in the world.

00:50:31.300 We'll see you tomorrow morning, 10 a.m., back in the world.

00:50:45.580 War Room Posse. 0.99

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00:52:10.000 Heart disease builds over time.

00:52:11.980 Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our heart.

00:52:16.500 A healthy heart is key to being energetic as we get older.

00:52:21.840 It is never too early to take care of your heart.

00:52:25.980 You see, heart disease sneaks up on us.

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Bannon's War Room - March 08, 2023

WarRoom Battleground EP 247： Wag The Dog With China; Higher Unemployment Helps No One

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