WarRoom Battleground EP 364： GDP Falls As Elites Extract Wealth From America
Episode Stats
Summary
In this episode, we have a special guest on the show today, Sen. Daniel Kuchuk, who is up for re-election in just 3 short years. We talk about his campaign, the economy, the jobs numbers, and much more.
Transcript
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this is what you're fighting for i mean every day you're out there what they're doing is blowing
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people off if you continue to look the other way and shut up then the oppressors the authoritarians
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get total control and total power because this is just like in arizona this is just like in
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georgia it's another element that backs them into a quarter and shows their lies and
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misrepresentations is why this audience is going to have to get engaged as we've told you this is
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the fight all this nonsense all this spin they can't handle the truth war room battleground here's
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your host stephen k bannon okay senator you're up for election in three short years what are your
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thoughts on i'm sorry i had a hard time hearing you that's okay what are your thoughts on running
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for re-election in 2026 what am i talking about what running for re-election in 2026
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did you hear the question senator running for re-election in 2026
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all right i'm sorry you all we're going to need a minute
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um what efforts is daniel cameron going to have to make on the campaign trail to win kentuckians
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senator daniel cameron do you have a comment on daniel cameron
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well i think the government price is going to be very close
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uh far and away the best candidate we could have nominated
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it changes the government increasingly republicans in fact the government is going to become a
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michael good morning 177 000 adp the private payroll company estimating that private payrolls in the
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it gets an estimate of 200 000 and actually a bit weaker than the estimate because as you remember
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adp is only doing the private sector uh there's an estimate that uh government jobs uh on friday will show
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a stronger uh number here so this is the lowest number since march 2023 with goods doing 23 000
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services 154 000 there's that non-farm payroll estimate of 170 000 which is government and private
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sector as for the size of the business small business coming down a bit it had been quite
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strong at 18 000 median business at 79 000 and large businesses reversing a decline over the past
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several months now up 83 000 so the job growth was spread across business size and then several
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sectors chiming in here education health services a tricky time for measuring this with back to school
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and not back to school and coming back in august 52 000 trade transportation utilities up 45 000
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leisure and hospitality which had been doing in the triple digits essentially there uh over 100 very
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often now just up 30 000 let me in here baby they've reached some kind of equal okay welcome to the uh
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welcome to the afternoon show or the early evening show i want to thank natalie for five o'clock it's
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wednesday 30 august year of earlier 2023 i know she covered i but i want to do two things i want to
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break out that was the uh the freeze moment another freeze by uh mitch mcconnell and i think actually
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if you see the whole tape is actually worse than that um and then i had to get into kind of the
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way the corporate media presents all these job numbers so we got a lot going on i got ej and tony
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here i've needed some times because we had to get down into the kind of the substance of what's
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happening in georgia we got a big special uh on saturday we're working on on texas on this
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impeachment it's kind of the same fight whether it's at the federal level at the georgia level at the
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texas level of the trump populist movement the nationalist movement versus the globalist uh
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rhino establishment uh this is all coming under a framework of a massive shift in not just geopolitics
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but geoeconomics and that how that's playing into the united states and what we're doing to exacerbate
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the biden regime i'm going to bring in ej and tony one of the smartest guys i know a numbers guy
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works with steve moore and his prosperity group works over at the the uh heritage group we're doing
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such great work um ej first off i gotta ask you i want to bifurcate this i know you don't get into
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politics but just so much of when people come back the week after uh labor day or really they're coming
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back to washington the week of the 12th there's gonna be a firestorm and everything's about
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everything's about the uh a potential government shutdown the budget the the spending the house
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is driving this we understand but the senate is going to be a critical part of this i mean the
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senate at the end of the day has to make a deal with the house and now we're talking about government
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shutdown and and quite frankly the senate's involvement particularly these 19 what i call
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the collaboration is that have worked with uh schumer and have worked with biden to pass this stuff just
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give me your thoughts of how do we go into this when mitch mcconnell and this is whether you're
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a mitch mcconnell supporter or mitch mcconnell you don't like it's clearly something and look he's i
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don't know 87 years old it's he can't help this this is obviously uh a a physical a situation that's
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overtaking him but what are your thoughts just the practicality of how are you going to herd cats in the
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senate and actually trying to take a hard line here on this spending when you have a uh a minority
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leader that is in this type of shape sir well thank you steve for having me and first i just want to
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say you know our thoughts and prayers go out to mitch mcconnell and his family because it's very clear
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he's not well uh and my fear is that in these episodes he might be having minor strokes in fact
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and you're absolutely right that that does not put you in a very strong negotiating position and
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the people on the right have been saying the exact same thing about the left when it comes to joe biden
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he clearly is infirm and has been for quite some time and so by the same token his negotiating skills
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cannot by any means be up to snuff at all and so we very likely are going to have to rely on
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conservatives in the house and not the senate in order to actually get any kind of fiscal reforms
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through at least this time around with the appropriations bills okay we're going to get
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into all that in a second because i know our audience uh they understand that they're the head
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of the creditors committee here and they're a central uh player in this drama but i want to go and i
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really want to thank my team for for for watching the cnbc this morning on the jobs and and and to have
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that clip on we could play for another couple minutes but here's the substance i want to get to with
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you these numbers come out and you i think have done the best analytics on this these numbers come
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out and they always look a lot rose they just they don't feel right and then they go back and they
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have all types of uh adjustments if you go to zero hedge they basically eviscerate it all the time
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is have has the u.s government gotten to be like the ccp which i say with the chinese communist party
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data is propaganda right you this is one of the reasons the financial meltdown they're having
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right now you you can't even get your head hands your head around what actually the numbers are
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is the u.s government in the labor department because we saw these numbers today i'd like you
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to comment on that but they always go back and they have massive readjustments later that you see
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now they're getting it on gdp they're pulling gdp down but they're also changing the labor numbers
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what are we to take from these numbers that come out today about the labor market
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well steve you're absolutely right these revisions are becoming a serious uh cause of concern here and
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it's not the fact that the numbers are being resigned revised that that's a normal part of the statistical
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process and even if you occasionally have large upward or downward revisions again that's perfectly normal
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it happens uh but when things are constantly being uh revised downward and by very large margins much
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more than normal when this becomes a pattern all of a sudden you get to a point where statistically it
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becomes impossible to have these kinds of statistical abnormalities one after another after another and
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so it definitely seems like there's something going on here behind the seams there is something wrong
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with the models being used whether it's the bureau of labor statistics or the bureau of economic
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analysis the census bureau you name it you can throw another three letters together and probably get
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another government agency that's clearly having problems with their estimates and unfortunately
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the initial estimate is what gets all of the headlines but no one wants to talk about the fact
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at least no one in the administration or the mainstream media wants to talk about the fact that
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every single months of jobs data has been revised downward several by abnormally large measures and then we also
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had a very large downward benchmark revision uh just a week or two ago and what that did between that
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and the previous revisions essentially took away a quarter of the job gains that we thought we had this year
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now on to the the gdp that you mentioned that came out this morning it turns out that most of the private
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economy actually grew much less than we thought the one thing that grew more was government of course
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so looking at something like business uh inventories for example business inventories didn't even grow at
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all last quarter they actually shrunk i want to go back to these revisions because something's not right
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here they're they're they're the books are being cooked somehow this just can't because you know what
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you've written is that it's not what every now and again and you can even have a big swing and that's
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just the way statistics works this is literally going back for every month there's a consistent
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and mainly the revisions are on a downward side so clearly you know after a while you just got to
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realize it's it's not a bug it's a feature and the feature is somehow either what should be these
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independent agencies or independent parts of the labor department somehow they're trying to put
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forward a narrative that they understand the initial number come at that so everybody's focused on
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get the media attention when you do the revisions everybody the caravans kind of moved on do you
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believe that the government is cooking the books here on a consistent basis to mislead not just the
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american people but the financial markets on actually the strength of the american economy in its labor market
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sir you know steve at first i really dismissed that theory because there were a lot of very logical
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explanations for why these different figures were being overshot and a lot of that had to do
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with baseline effects in other words coming out of the pandemic so many of our statistical models
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frankly just weren't very useful anymore but all of those things should at least now be taken into
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account and the fact that we are still continuing to have these blockbuster numbers that again are
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consistently revised down that is now making me call into question the independence of many of these
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agencies and many of these so-called statisticians
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if this if we were a company and we were reporting to take the government as a reporting company with all
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the strictures and requirements of a public reporting
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am i incorrect in saying that they would be subject to potential shareholder suits
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for consistent misleading financial information sir
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well again steve under normal times you would have revisions like we've seen but they would be
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going both up and down so it wouldn't be consistently overshooting but you're absolutely right if you
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were a private business and you consistently misled investors with earning estimates which you were
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never able to meet and you always had misses quarter after quarter and year after year absolutely people
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would begin raising concerns and not just your investors but the regulators would begin raising
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concerns too the problem is now it's the regulators that are that are at issue so who's regulating them
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you who watches the watchman you've actually nailed it if you if the government according to these
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around these statistics this was a reporting company the sec and he went back month after month and
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revised it down always in one direction and quite frankly the numbers originally were pretty dramatic
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so people are all elated and obviously buying stock and making decisions off that but you had revisions later
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there were all the same direction consistently down you would open to massive shareholder first off you'd have
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a visit the following day from the sec they would be all over you uh being a publicly traded
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security right your auditors would be on notice um there would be huge actions and i just want to make
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sure the audience understands this there's something not right here this is not the normal course of
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business ej gave you the very even hand the reason he's been doing the analysis every month and publishing
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these articles but he hasn't been screaming you know fire in the theater because naturally sometimes you
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have swings both ways but that's not what this is this is a pattern of misreporting and it's
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misreporting to build a narrative that the economy is okay the other part to get back to the gdp
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uh realignment we had today or the reassessment had day that gdp happens to be lower and i don't need
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to tell anybody in this audience that because your lived experience shows you this economy is not
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robust this economy is not functioning the only thing that's coming in better and look what steve
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leesman right there leesman said for for cnbc we got to wait for the government number you know the
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government number has been pretty strong what what it what it what it eg ej just tell you about the
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about the gdp it's the government part what does that get back to that gets back to the mccarthy
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approved spending orgy of the biden regime this is all inextricably linked back together is now and
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you're i'm gonna get to your article in a second about the inflation ej but is that what we have the
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only thing they got going for him is the ability to keep spending money to try to keep the the uh carcass
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of this economy uh at least fogging a mirror sir steve i think so i i think the government handouts
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are the only thing keeping uh not only the government expenditures alive but also the
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government transfers and what that's doing is it's goosing the uh the consumption expenditure numbers
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which is basically just how much you and i are spending every quarter so because the government
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is still handing out so much money to people and money that they already did hand out is still being
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spent that's helping to keep some of these number up numbers elevated but it can't last forever and
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you know one of the key drivers of economic growth going forward is private investment which has
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literally just flatlined since biden took office in other words we're not going to be able to sustain
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current economic output with these investment levels and so unless something changes there's no way
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you can avoid a recession here that's just what the numbers tell us walk me through that slow down and
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walk me through that again that that that about the recession as you see the numbers right now
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so right now if you look at how much private investment is actually going uh into this economy
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you know and that can that can cover a whole lot of different things such as machines in a factory for
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example it's things that are going to help us produce more in the future so that we can consume
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more well those numbers have essentially flatlined since biden took office they've been up slightly
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they've been down slightly but today they're right where they were when he became president and so the
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economy is not capable in the long run of supporting the current amount of output and the current amount
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of consumption in other words we're literally just not going to be able to buy as much today
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uh as we excuse me in the future as we do today consumption is going to have to come down because
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we simply just aren't making enough to sustain what we have today so one of the one of the um
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issues let me lay this out for the for the audience for the posse one of the things you're going to hear
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they're going to try to put a shiny toy in front of you to say oh we can't you know you can't force
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biden's hand to shut down the government because then we're not going to be able to do the
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investigations that's obviously a lie okay and we can pretty easily see through that the tissues of
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that lie the other thing that's going on behind the scenes a lot of the wall street guys ej are
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saying no no no no no no this economy is on the verge of imploding and if the republicans try to force
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the hands of biden uh then we'll get blamed because they'll sit there all the government shutdown
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brought it down uh the government shutdown brought it down first off do you believe the underlying
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thesis do you believe in your math that you look at that you see a major contraction in the uh in
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the american economy in the u.s economy uh in the next couple of months we are looking at a contraction
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absolutely in the future it's just a question of when now initially uh when i started this year
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running the numbers it looked like it was going to begin by the fall but what we've seen with a lot
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of these economic indicators is that they are still pointing to a recession just slightly further
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into the future so right now the latest numbers indicate that a recession would probably begin
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around december the yield curve is a very good example of this while the yield curve does invert
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which means that it switches from the position it's normally in uh it does that before a recession
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however it usually returns back to normal or at least begins returning to normal before the
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recession actually begins that process hasn't begun yet which indicates a recession is going to be
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at least several months away but you steve you simply cannot spend borrow and print trillions upon
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trillions of dollars and not expect negative consequences and and we are staring down the
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barrel of those negative consequences right now okay even even at two percent which is adjusted when i think
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from two point four to two zero to two even although technically that may not be a recession that is
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not a robust economy economy is not growing at least three percent or above four percent is not a robust
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growing economy that's just kind of traipse along and we are risking right now having the lost decades
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what what do you believe i mean do we even have the capacity given what bricks did and given this
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de-dollarization movement do we even have the flexibility to continue to just deal with we
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have now structurally a 1.5 to 2 trillion dollar annual deficit and what i mean by that for the
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audience is total revenues of all taxes capital gains taxes personal income taxes corporate taxes all
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fees all revenues tariffs all cash coming into the federal government versus all cash outlays to the
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the federal government the difference is between roughly five trillion dollars coming in seven
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trillion dollars going out so we have roughly 1.5 to two trillion dollars in perpetuity right now
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unless there's some dramatic changes made is that given what the bricks said last week that hey we're
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going to start the de-dollarization program given what modi did with uh muhammad ben zayed in the uav to
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cross this massive one million barrels of oil for rupees given the inclination of the
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global south that controls the resources do you believe we have the capacity to continue on an
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annual basis in perpetuity at a train and a half to two trillion dollars of annual deficit sir
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no no not at all steve this is going to end very very poorly if we do not reverse course very soon
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and you know unfortunately i wish i could give you whatever the magical uh date was or the magical
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number was but that has proven to be different for different countries at different periods of time
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around the world so i can't say once we hit for example a certain percent of gdp that that's our
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point of of no return we simply just don't know where that is but that's all the more reason why
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we need to move so urgently to address what you rightly pointed out our structural problems
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in the federal budget because we don't know where that point of no return is and we don't know how close
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we are to falling off that fiscal cliff what we do know is that we're headed in the wrong direction
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so when we come back from the holidays we have a um
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an ill um minority leader mitch mcconnell obviously he's not the same guy he used to be
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no fault of his own this is it's his medical condition right now in this town is a town of
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hard-nosed vipers right so you have someone that's in a very serious medical condition
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you have kevin mccarthy that is talking about happy talk that i just need a a two-month cr we
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just need to keep going and i need to keep the impeachment going if you shut down this
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if you know if you force the government to shut down i can't do the impeachment we're behind the
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scenes he's saying i need a cr to march i see a continued resolution to march and what would be
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if we had a continued resolution of march at the same spending levels they got baked in because
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that's what he wants how catastrophic do you think that would be ej it's definitely going to take us
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closer to the brink i don't think people realize that the united states doesn't actually pay off
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any of its debt it simply rolls it over it'd be like if you max out a credit card and then
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instead of paying that card off you just get a new credit card and transfer the balance
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from the old card to the new one but when you do that the debt is no longer subject subjected to the
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old interest rate it's now at the new interest rate on that new card and that's what's happening
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with our debt right now so we are rolling over debt that's at one two three percent and we're rolling
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it over at twice those rates so it's causing the deficit to literally go up exponentially and as a
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consequence of that we are seeing the deficit we are seeing the debt just absolutely explode the
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federal budget truly is collapsing in real time if you look at the the monthly report from the fiscal
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service there are only two line items that are larger than interest on the debt if i remember
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correctly it's the social security administration and the department of health and human services
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that's it so that gives you some perspective as to just how much we are paying out on interest alone
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and it's only getting worse and every single month that goes by every single month that mccarthy
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gives us just another cr makes the problem that much worse because going back to that credit card
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example imagine if every month when those financing charges come in you simply just roll that over to
00:24:15.460
onto another card so you're not even paying for the interest you're simply letting the balance grow
00:24:20.820
and grow for a family that's the path to insolvency why do we think it's any different for the nation at large
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okay uh we're going to take a break um ej's going to stay with us he's got an amazing piece in the
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washington time about biden economics and biden inflation this all gets back to how it is impacting
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american citizens but i also want you to understand that the entire apparatus is on your shoulders
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the entire apparatus is on your shoulders and the pressure you're going to come on in the days we said
00:24:52.580
because you can see right now if you back if you back the government spending part out of the math
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it's this thing's horrific and that's why the political class is afraid the media will blame
00:25:04.580
them if they force biden's hand to shut down his own regime this is why we have to be forced
00:25:10.580
multiple eyes to get the reality we are hurtling over a cliff into a financial abyss and it doesn't need to
00:25:17.460
be that way one reason i want everybody here you got we got the peter navarro macro course i think
00:25:22.820
it's 10 bucks if you want to take that we've also go to birchgold.com slash bannon i want everybody
00:25:28.500
to get the end of the dollar empire it's broken out in three sections we've done the debt trap the
00:25:33.860
politics of money um we've got a pricey on the road to durban everything about the bricks why that's
00:25:39.860
important i'm about to come out with quite frankly working with philip patrick and the birch team
00:25:45.460
in about mid-september the fourth installment that will blow your head up it'll go back over
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time and actually trace productivity trace value creation for the american people you'll start to
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be able to see the answers of why the elites in this country are extracting all the wealth for
00:26:00.660
themselves and you're left holding the debt bag and having to pay off all these obligations or at
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least now the interest on the obligation can't even get to the face amount firstgold.com
00:26:11.540
slash bannon and make sure you ask philip patrick's team this is the question i gotta ask
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him why is the federal reserve spending all their time on a central bank digital currency
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when all the other central banks in the in the global south which have all the resources
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and are kind of tired of their purchasing power going down 17 percent every year why they're buying
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gold at record rates just ask that question when you get the answer i think you'll be able to
00:26:34.580
sit through and think through your current financial situation in an entirely different light
00:26:38.980
birchgold.com slash bannon okay we're gonna take a short break e.j and tony the numbers man
00:26:45.940
going to talk to you about your lived experience in the age of bidenomics
00:26:50.740
and its inflation back in the warm in just a moment
00:26:58.740
as central banks and countries like china india australia begin transitioning to a digital currency the
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federal reserve has been contemplating the same for the united states of america with a digital
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currency the government could track every single purchase you make officials could even prohibit
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you from purchasing certain products or even easily freeze or seize part or all of your money
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these are some of the reasons concerned americans reach out to birch gold group they want to have
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a physical asset that's independent from the u.s dollar gold held tax sheltered in a retirement
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account remember gold held in your tax sheltered retirement account learn if gold is right for you
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text bannon b-a-n-n-o-n to nine eight nine eight nine eight that's bannon
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know we have been all over the supply chain issue with china and medications and the uh active
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pharmaceutical ingredients china has a stranglehold on us where there's a way to break that jace
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medical i got an emergency medication kit from them the fda just declared a global shortage of
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okay one of the reasons we do this remember there's never been a working class or middle
00:32:19.220
class audience has been kind of weaponized in this area of understanding capital markets and
00:32:23.140
economy that's why i think about none of the shows play it none of the shows do it the reason they
00:32:28.100
don't do it one it may be beyond their comprehension but number two the real reason is from the channels
00:32:33.940
and networks they don't want you to understand this they want you chasing shiny toys think about the hill
00:32:39.540
newspaper this morning the lead story was like you were reading the script from war room a week ago
00:32:46.100
talked about the house coming back talked about who the the house freedom caucuses other pagers
00:32:50.260
going to stand up and they said they've heard enough of it and they and they echoed ej and tony
00:32:55.060
you know uh ralph norman and others just saying they go hey i've looked at the math
00:32:59.780
and unless somebody can explain a different set of mathematics to me
00:33:03.620
then this has to stop and we have to be adults that's that's what governing is about is making tough
00:33:08.500
calls we're gonna have to make some tough calls in order to have the american people on your side
00:33:12.580
you're gonna have to have the you're gonna have to treat them with some respect what we do in the
00:33:16.580
show we treat you with respect because we give a lot of tough information this is not
00:33:20.660
easy entertainment we know it's not we give you a lot of hard information and and force you
00:33:26.420
to grapple with it and work you work through it yourself that's the only way you become
00:33:31.060
the only way you understand anything is you got to work through it yourself
00:33:33.780
in any sport remember any sports about reps you got to do it over and over and over again
00:33:39.220
same thing here there's a lot of foreign concepts that's where we try to explain nomenclature first
00:33:43.460
so you understand okay what are the words what are these concepts what the words mean
00:33:46.820
then we talk about the statics and dynamics of process how do things proceed what is the process and
00:33:51.860
what are what are the things that are static in that what are the things that are
00:33:55.380
are are dynamic in that and so that then you can get a mental map only when you have a mental map
00:34:02.340
do you become awakened to that topic it's like when you're a little kid riding a bike
00:34:07.460
that's what we do here that's the reason birch gold has been such a great partner and i really
00:34:12.100
appreciate that and we really want you to read these uh installments we put out and grapple with
00:34:17.300
it uh and eventually we're going to figure out how to do some q a here so we can go back and forth
00:34:21.140
i was so proud uh last night on the q a on transhumanism i said i felt i felt like i didn't need to be
00:34:27.940
there the things were so great i was going to ask him the questions and then we just had grace read
00:34:32.260
the questions and the reason is i said last night i felt like i was in a student commons in mit
00:34:37.380
that's how good the questions i saw the question some of the questions popped up the grace gave me
00:34:40.500
beforehand i go man these are amazing let's just answer these that's this audience whatever topic it
00:34:46.820
is and we give you big topics tough topics but that's what birchgold.com check it out and ask those
00:34:53.940
questions why are central banks and countries with huge resources why are they going back
00:34:59.380
and want as much gold as possible right now where the united states federal reserve is focused on a
00:35:03.620
central bank digital currency and you heard and you heard basically pal the other day said essentially
00:35:09.620
said the game's up my interpretation the game's up ej walk me through this article in the washington
00:35:16.500
times that that you've put up this analysis if memphis can put it up by ej talks i want to make sure
00:35:21.620
people get it and the washington times is such a great epic times washington times are very blessed
00:35:27.940
with these really great uh great papers washington examiner so it's a conservative movement in the
00:35:32.340
mega movement and maybe not all these things are total mega epoch times is but the washington times
00:35:37.940
puts up a lot of great stuff ej walk me through this because this is going to hit people in their own
00:35:43.060
lived experience certainly steve you know one of the things we've we've seen over the last year
00:35:48.900
has been that for most of that year inflation rates have actually been coming down that's not
00:35:53.220
to say prices are coming down it just means that prices are going up at a slower pace than they were
00:35:58.100
before when they were at 40 year highs and of course the biden administration has been incredibly
00:36:02.420
quick to take credit for that uh but what we're finding is that inflation was never trending back down
00:36:08.340
towards two percent it has been trending towards three percent we've reached that and we're not going
00:36:12.820
any lower in fact now inflation is re-accelerating and going higher and a key reason for that is the
00:36:18.740
fact that the government simply will not stop spending borrowing and also now printing more money
00:36:26.260
and this is one of the terrible consequences of the deal that mccarthy struck where they not only
00:36:32.580
raised but just flat out suspended the debt ceiling and gave the treasury a green light to go on a one
00:36:38.580
trillion dollar borrowing spree over the the time period of just a few months frankly and so now
00:36:44.580
what we are seeing is prices going up again at a faster pace uh the rate of inflation increased in
00:36:51.140
july it's going to increase again for the month of august and i will be more than happy to come on and
00:36:56.500
apologize that i was wrong if that doesn't happen but i'm very very confident that we're going to see
00:37:01.780
inflation go up again for the month of august and so if you start looking at how much is this
00:37:07.780
really affecting me personally how much is this affecting the average american you know it's
00:37:13.060
very easy to see that inflation is actually taking more wealth from you than income taxes are for the
00:37:20.580
average american worker he paid less than four dollars an hour as an example uh he paid less than four
00:37:26.820
dollars an hour in federal income taxes but he paid more than four dollars an hour about four dollars and
00:37:33.060
60 cents an hour uh in in the inflation tax in other words that's how much his earnings were robbed
00:37:40.580
of purchasing power on an hourly basis so when you look at how much is inflation impacting the average
00:37:46.820
american today it has literally doubled the effective impact of federal income taxes that's how much
00:37:57.700
well but do the math if average um if the average uh if you work two thousand hours a year
00:38:07.380
right and the inflation actually so it's eight dollars and sixty cents if you combine them both
00:38:13.860
because the taxes aren't going anywhere they're not going to get lower they can't lower taxes anybody
00:38:18.660
that sits on the state says i'm a lower taxes uh hello we have a 1.5 to two trillion dollar deficit right
00:38:24.740
now so show me show me how we're going to cut taxes until you dramatically cut spending but right there
00:38:32.180
it's eight dollars sixty cents per hour for the american people that's what almost sixteen thousand
00:38:37.140
if you take a two thousand hour that's sixteen thousand dollars a year both in taxes uh in taxes
00:38:43.620
in uh in uh in inflation out of your pocket how can the average american handle that this is my
00:38:50.500
point steve they can't the spending the spending the spending is not a benefit to you the spending
00:38:59.060
is not a benefit to you there's certain things that are certain aspects that are but not at this level
00:39:05.060
not the seven trillion dollar remember what mccarthy approved was six point eight trillion dollars
00:39:09.940
for two years with a baked in four trillion dollar deficit on that we have to finance which is
00:39:17.540
going to be much higher ej your thoughts and observations steve you're you're spot on the
00:39:23.860
average american simply cannot afford this this is crushing american families right now you know if
00:39:29.860
you look at it the actual amount that people have lost from inflation that exceeds what many
00:39:35.540
households take home for an entire month it's as if you lost an entire month's pay right now as
00:39:42.020
compared to january of 2021 and and that's just an average if you're one of the poor people who are
00:39:47.940
who are trying to buy a home right now i mean my goodness go back to january of 2021 when biden took office
00:39:54.340
the median uh a monthly home excuse me the the monthly payment for a median priced home was about
00:40:01.380
nine hundred and eighty dollars a month today it's over two thousand it's going to cost you an extra
00:40:07.860
thirteen thousand dollars a year for the same house the middle class cannot afford that it is
00:40:15.380
no wonder that things like consumer sentiment consumer expectations consumer confidence these numbers
00:40:26.020
before i leave you uh in great analysis you know richard stearns in charge of the uh the budget the
00:40:31.940
he's the head of the budget uh project over at heritage we had richard on last week and richard
00:40:38.900
says hey when you cut out all the the content in the in the in the back and forth he thinks the cuts
00:40:44.180
they're talking about are really 12 billion dollars that's from richard stearn now i would actually give
00:40:49.940
him the benefit of the doubt and say maybe it is the hundred billion they're talking about but ej
00:40:55.540
that's both of those are irrelevant numbers is your theory the case similar to mine unless there's
00:41:04.500
major structural changes to the spending we're gonna have to have some hard fights on that
00:41:10.020
that this thing is now officially out of control because now you've got a systemic problem where
00:41:15.460
structurally you've got a crowding out of other capital because you're just raising you're having to raise
00:41:21.700
so much money you're having to raise a trade and a half to two trillion every year at higher interest
00:41:26.500
rates the part the point that ej made earlier in the last segment let's say hey you're rolling over
00:41:31.780
particularly start rolling over some of this federal debt a lot of that was back that's coming up was
00:41:36.020
back in the days of zero interest rates or one percent interest rates everything now is going to be
00:41:40.100
much much higher and you're going to have the interest expense is going to be even greater than the
00:41:44.340
out of control uh department of defense budget so if you have to make a start here would you recommend
00:41:53.620
that this has to happen on this fiscal year between before midnight on 30 september that we have to have
00:41:59.300
that confrontation now steve i i think so you know you really hit the nail on the head there
00:42:05.380
this is a completely uh unsustainable path and the the more we put off this fight the more we kick this
00:42:11.860
can down the road the worse the ultimate confrontation is going to be we are already
00:42:17.140
seeing the federal reserve take completely just extraordinary measures to try to transfer the cost
00:42:23.940
of capital away from the government and on to the private sector and that can only last so long as the
00:42:30.100
private sector can shoulder that much of a burden but what we are seeing as economic growth slows down
00:42:35.860
is that the private sector is increasingly unable to shoulder that that transfer of the cost of
00:42:41.460
capital and so eventually the federal reserve is effectively going to have to take so much wealth
00:42:47.940
from the private economy to finance these deficits that the whole thing is just going to implode and
00:42:53.620
and again that is why it is so imperative that we start today to fix this mess it is only going to get worse
00:43:02.260
by the way the reset of of the gdp we talked about earlier from 2.4 down to 2 was because of
00:43:07.140
quote-unquote higher interest rates is that your point about uh the fed shifting that to the private
00:43:13.140
sector is do their interest rates are there other mechanisms that they're using or is it just they're
00:43:17.940
using the blunt force instrument of interest rates right now well what they're doing steve you're
00:43:23.060
absolutely right they're using that blunt force instrument of interest rates but only on the private
00:43:27.220
sector they are meanwhile subsidizing the interest rate paid by the public sector paid by the government
00:43:33.140
so effectively what they're doing is artificially increasing interest rates when you or i have to
00:43:38.340
borrow when a business has to borrow but they are artificially depressing the rates for the government to
00:43:43.860
try to keep down those borrowing costs at the treasury and even with those monetary uh manipulations
00:43:50.100
the interest on the debt has still exploded you can only imagine what it would be if the free market
00:43:55.460
were allowed to dictate those interest rates walk through some of the meant manipulations they're doing on the
00:44:02.100
government side because i want people fully understand the big picture here of how how it's a rigged game
00:44:08.740
certainly you know one of the the chief things that they're doing right now is they are effectively
00:44:13.140
paying uh banks hedge funds even insurance companies lots of different large financial institutions
00:44:18.820
that have very big cash balances they are paying them money that is just being created out of thin air
00:44:25.140
to keep those cash balances liquid and to not do anything with them don't lend these out to people don't
00:44:31.220
lend them out to businesses and what that effectively does is keep that money sterilized but where did
00:44:36.660
all that money come from in the first place it was originally created for the treasury to spend and
00:44:42.340
after it was spent by the treasury it now needs to be essentially kept in a lock box so that it can't get
00:44:48.020
into the banking system and can't multiply and that does effectively keep down inflation it is a very
00:44:54.420
effective tool the problem is that it at the same time starves the private market for capital because
00:45:00.340
you now have some five trillion dollars that the private market does not have access to and so you
00:45:07.620
are again keeping all of that hands out of individuals out of businesses who might use it for productive
00:45:13.860
outputs and instead you have given it to the government to spend where it has largely been wasted
00:45:18.980
real quickly we got about a minute uh before i gotta let you bounce ej uh uh last week in durban
00:45:27.300
they added iran they added uae they added saudi arabia they ended it by having uae to cross a trade
00:45:33.380
of a million barrels of oil in rupees they said their number one focus out there is de-dollarization first
00:45:38.900
new basket of currencies backed by gold second how concerned are you now given our financial situation
00:45:46.020
of the dollars of prime reserve currency with what even the beginning baby steps of the bricks
00:45:51.860
well i i'm extremely concerned because these things never happen suddenly at first they always
00:45:56.980
begin with it as you just said baby steps but it's that old line how did you go bankrupt slowly at first
00:46:04.260
and then suddenly so we need to be concerned we need to be getting our financial house in order and you
00:46:10.100
know if we look at some of our biggest enemies around the globe what has china been doing for example
00:46:14.660
they've been dumping us debt not buying it they are getting ready for the eventual default
00:46:19.860
of the united states and they are also getting ready probably for military conquest and they don't
00:46:25.300
want the united states to be able uh to forfeit or excuse me to to default on any debt that is
00:46:30.740
specifically owned by the ccp and so by selling that debt now they have essentially uh immunized
00:46:37.140
themselves from both of those problems ej how do people get you social media website to get all your
00:46:44.820
writings all your analysis all your thoughts best place to find me is on twitter or x or whatever
00:46:50.340
we're calling it these days it's at real ej and tony
00:46:53.620
ej thank you very much appreciate it thank you for having me ej says something very perceptive at the
00:47:01.460
end there you know the chinese right now are on a precipice given this a trillion dollar bailout they
00:47:06.820
need immediately on their commercial real estate market um they are beginning they're the driving
00:47:12.580
force in back of the bricks right to try to get off the u.s dollar they want do not want to be beholden to
00:47:16.900
us and everything right now looks like to drive nationalist fervor they're going to look to do a military
00:47:22.020
strike uh in uh in um in taiwan if they don't win the presidency there with uh terry guo we'll talk
00:47:28.980
more about that in the next couple of days we're geopolitically in the most sensitive place i think
00:47:33.620
we've this country's ever been in its history against an existential threat that is uh the imperial
00:47:40.580
japan and nazi germany combined and doubled combined and doubled one of the things is the they will use
00:47:47.860
every strategic opportunity they have rosemary gibson warn us about this in the early days of
00:47:52.180
the pandemic that would be the um their their grip on generic drugs and 100 control of uh of
00:48:00.500
pharmaceutical ingredients active pharmaceutical ingredients api including like vitamin c all of it
00:48:06.580
to get around that go to jace medical today dr roland in the team and check out what they've got
00:48:12.500
they've taken rosemary gibson's idea and they've turned it into actually a business and a service
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for you it's a telemedicine uh operation so there's a lot of rules you kind of kind of check out but you
00:48:23.700
need to go to their site talk to their consultants look at it all but do it today don't let yourself
00:48:28.820
get rolled up in the strategic envelopment of the united states of america by the chinese communist party
00:48:34.820
okay uh we got a lot to go by the way i think it's a great day for into we had it today we did a reprise
00:48:41.380
of billy joe shaver and um get thee behind me satan which is just an incredible song we're gonna play
00:48:48.580
its entirety tomorrow morning we'll be back at 10 o'clock we're gonna be firing off the football
00:48:54.020
we got four hours of the uh war room tomorrow and friday then we got some specials we got an amazing
00:48:59.700
special on the uh trial of ken paxton what's happening in texas is just as important to the entire
00:49:07.620
nation the impeachment of an attorney general as what's happening to president trump in georgia with
00:49:14.100
kemp and we're going to show you the connective tissue of how to think about them both also make
00:49:18.660
sure that you're not in the grips of cyber criminals home title lock dot com go check out
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home title lock dot com make sure you're not exposed to some of the worst elements in the world people that
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want to rip you off billy joe shaver get thee behind me satan to take us out see you back here tomorrow morning at 10 a.m
00:49:39.620
of the lord jesus christ i looked into the mirror and i couldn't see myself the demons that were in me
00:49:53.860
had turned me wrong side out i knew inside my soul i was a headed straight for hell but i couldn't
00:50:04.100
for my life figure how to help myself and i said get thee behind me sit for i command it in the name
00:50:16.580
of the lord jesus christ of nazareth yeah get thee behind me sit for i command it in the name of the lord jesus christ
00:50:34.100
the moon the moon the moon and stars were hidden the moon and stars were hidden by the shroud that clouded
00:50:38.900
round i could see my loved ones weeping as they lowered me in the ground no words were spoken over me
00:50:49.540
i almost thought i died then i knew i wasn't dead i had been buried alive and i said get thee behind me sit for
00:51:02.900
for i command it in the name of the lord jesus christ i couldn't see my hand in front of my face
00:51:28.660
i knew that i knew that i was buried in the deepest darkest place
00:51:34.500
i knew that i was buried in the deepest darkest place
00:51:34.900
the deeds i had done put me in this awful place
00:51:41.140
then i failed to stir inside me and the smoke came across my face
00:51:47.140
and i said get thee behind me sit for i command it in the name of the lord jesus christ
00:51:59.140
of nazareth yeah get thee behind me sit for i command it in the name of the lord jesus christ
00:52:11.140
i command it in the name of the lord jesus christ
00:52:23.140
i command it in the name of the lord jesus christ
00:52:35.140
i command it in the name of the lord jesus christ
00:52:37.140
i command it in the name of the lord jesus christ
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