Bannon's War Room - WarRoom Battleground EP 364： GDP Falls As Elites Extract Wealth From America

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

00:00:16.420 people off if you continue to look the other way and shut up then the oppressors the authoritarians

00:00:24.180 get total control and total power because this is just like in arizona this is just like in

00:00:29.660 georgia it's another element that backs them into a quarter and shows their lies and 0.99

00:00:34.080 misrepresentations is why this audience is going to have to get engaged as we've told you this is

00:00:38.360 the fight all this nonsense all this spin they can't handle the truth war room battleground here's

00:00:45.400 your host stephen k bannon okay senator you're up for election in three short years what are your

00:00:52.260 thoughts on i'm sorry i had a hard time hearing you that's okay what are your thoughts on running

00:00:58.900 for re-election in 2026 what am i talking about what running for re-election in 2026

00:01:04.320 did you hear the question senator running for re-election in 2026

00:01:16.260 all right i'm sorry you all we're going to need a minute

00:01:22.440 okay

00:01:25.860 okay

00:01:39.860 somebody else have a question please speak up

00:01:45.860 um what efforts is daniel cameron going to have to make on the campaign trail to win kentuckians

00:01:51.280 over in development

00:01:52.160 senator daniel cameron do you have a comment on daniel cameron

00:01:58.680 well i think the government price is going to be very close

00:02:02.600 uh far and away the best candidate we could have nominated

00:02:10.020 and uh

00:02:12.020 it changes the government increasingly republicans in fact the government is going to become a

00:02:18.520 right left

00:02:19.100 so i'm optimistic that daniel will be

00:02:24.260 michael good morning 177 000 adp the private payroll company estimating that private payrolls in the

00:02:50.540 u.s in the month of august rose by 177 000

00:02:54.340 it gets an estimate of 200 000 and actually a bit weaker than the estimate because as you remember

00:02:58.720 adp is only doing the private sector uh there's an estimate that uh government jobs uh on friday will show

00:03:05.580 a stronger uh number here so this is the lowest number since march 2023 with goods doing 23 000

00:03:12.100 services 154 000 there's that non-farm payroll estimate of 170 000 which is government and private

00:03:18.700 sector as for the size of the business small business coming down a bit it had been quite

00:03:23.560 strong at 18 000 median business at 79 000 and large businesses reversing a decline over the past

00:03:29.260 several months now up 83 000 so the job growth was spread across business size and then several

00:03:36.240 sectors chiming in here education health services a tricky time for measuring this with back to school

00:03:41.740 and not back to school and coming back in august 52 000 trade transportation utilities up 45 000

00:03:47.400 leisure and hospitality which had been doing in the triple digits essentially there uh over 100 very

00:03:53.320 often now just up 30 000 let me in here baby they've reached some kind of equal okay welcome to the uh

00:03:59.280 welcome to the afternoon show or the early evening show i want to thank natalie for five o'clock it's

00:04:04.700 wednesday 30 august year of earlier 2023 i know she covered i but i want to do two things i want to

00:04:10.340 break out that was the uh the freeze moment another freeze by uh mitch mcconnell and i think actually

00:04:15.960 if you see the whole tape is actually worse than that um and then i had to get into kind of the

00:04:21.920 way the corporate media presents all these job numbers so we got a lot going on i got ej and tony

00:04:26.960 here i've needed some times because we had to get down into the kind of the substance of what's

00:04:32.680 happening in georgia we got a big special uh on saturday we're working on on texas on this

00:04:39.960 impeachment it's kind of the same fight whether it's at the federal level at the georgia level at the

00:04:44.420 texas level of the trump populist movement the nationalist movement versus the globalist uh

00:04:51.760 rhino establishment uh this is all coming under a framework of a massive shift in not just geopolitics

00:05:01.260 but geoeconomics and that how that's playing into the united states and what we're doing to exacerbate

00:05:07.100 the biden regime i'm going to bring in ej and tony one of the smartest guys i know a numbers guy

00:05:11.560 works with steve moore and his prosperity group works over at the the uh heritage group we're doing

00:05:17.180 such great work um ej first off i gotta ask you i want to bifurcate this i know you don't get into

00:05:24.740 politics but just so much of when people come back the week after uh labor day or really they're coming

00:05:33.280 back to washington the week of the 12th there's gonna be a firestorm and everything's about

00:05:38.120 everything's about the uh a potential government shutdown the budget the the spending the house

00:05:45.760 is driving this we understand but the senate is going to be a critical part of this i mean the

00:05:50.080 senate at the end of the day has to make a deal with the house and now we're talking about government

00:05:54.500 shutdown and and quite frankly the senate's involvement particularly these 19 what i call

00:06:02.500 the collaboration is that have worked with uh schumer and have worked with biden to pass this stuff just

00:06:07.360 give me your thoughts of how do we go into this when mitch mcconnell and this is whether you're

00:06:12.300 a mitch mcconnell supporter or mitch mcconnell you don't like it's clearly something and look he's i

00:06:18.000 don't know 87 years old it's he can't help this this is obviously uh a a physical a situation that's

00:06:26.360 overtaking him but what are your thoughts just the practicality of how are you going to herd cats in the

00:06:31.280 senate and actually trying to take a hard line here on this spending when you have a uh a minority

00:06:39.700 leader that is in this type of shape sir well thank you steve for having me and first i just want to

00:06:46.340 say you know our thoughts and prayers go out to mitch mcconnell and his family because it's very clear

00:06:50.980 he's not well uh and my fear is that in these episodes he might be having minor strokes in fact

00:06:56.600 and you're absolutely right that that does not put you in a very strong negotiating position and

00:07:02.680 the people on the right have been saying the exact same thing about the left when it comes to joe biden

00:07:07.800 he clearly is infirm and has been for quite some time and so by the same token his negotiating skills

00:07:15.160 cannot by any means be up to snuff at all and so we very likely are going to have to rely on

00:07:21.240 conservatives in the house and not the senate in order to actually get any kind of fiscal reforms

00:07:26.360 through at least this time around with the appropriations bills okay we're going to get

00:07:32.600 into all that in a second because i know our audience uh they understand that they're the head

00:07:37.200 of the creditors committee here and they're a central uh player in this drama but i want to go and i

00:07:43.020 really want to thank my team for for for watching the cnbc this morning on the jobs and and and to have

00:07:48.620 that clip on we could play for another couple minutes but here's the substance i want to get to with

00:07:53.480 you these numbers come out and you i think have done the best analytics on this these numbers come

00:08:00.240 out and they always look a lot rose they just they don't feel right and then they go back and they

00:08:05.680 have all types of uh adjustments if you go to zero hedge they basically eviscerate it all the time

00:08:10.900 is have has the u.s government gotten to be like the ccp which i say with the chinese communist party 0.79

00:08:17.120 data is propaganda right you this is one of the reasons the financial meltdown they're having

00:08:22.680 right now you you can't even get your head hands your head around what actually the numbers are

00:08:28.120 is the u.s government in the labor department because we saw these numbers today i'd like you

00:08:32.100 to comment on that but they always go back and they have massive readjustments later that you see

00:08:37.900 now they're getting it on gdp they're pulling gdp down but they're also changing the labor numbers

00:08:43.000 what are we to take from these numbers that come out today about the labor market

00:08:47.240 well steve you're absolutely right these revisions are becoming a serious uh cause of concern here and

00:08:53.940 it's not the fact that the numbers are being resigned revised that that's a normal part of the statistical

00:08:58.700 process and even if you occasionally have large upward or downward revisions again that's perfectly normal

00:09:04.260 it happens uh but when things are constantly being uh revised downward and by very large margins much

00:09:11.840 more than normal when this becomes a pattern all of a sudden you get to a point where statistically it

00:09:17.280 becomes impossible to have these kinds of statistical abnormalities one after another after another and

00:09:23.340 so it definitely seems like there's something going on here behind the seams there is something wrong

00:09:28.700 with the models being used whether it's the bureau of labor statistics or the bureau of economic

00:09:33.380 analysis the census bureau you name it you can throw another three letters together and probably get

00:09:38.200 another government agency that's clearly having problems with their estimates and unfortunately

00:09:43.860 the initial estimate is what gets all of the headlines but no one wants to talk about the fact

00:09:49.420 at least no one in the administration or the mainstream media wants to talk about the fact that

00:09:53.840 every single months of jobs data has been revised downward several by abnormally large measures and then we also

00:10:02.100 had a very large downward benchmark revision uh just a week or two ago and what that did between that

00:10:08.820 and the previous revisions essentially took away a quarter of the job gains that we thought we had this year

00:10:15.900 now on to the the gdp that you mentioned that came out this morning it turns out that most of the private

00:10:22.100 economy actually grew much less than we thought the one thing that grew more was government of course

00:10:27.860 so looking at something like business uh inventories for example business inventories didn't even grow at

00:10:33.600 all last quarter they actually shrunk i want to go back to these revisions because something's not right

00:10:42.060 here they're they're they're the books are being cooked somehow this just can't because you know what

00:10:47.560 you've written is that it's not what every now and again and you can even have a big swing and that's

00:10:54.700 just the way statistics works this is literally going back for every month there's a consistent

00:11:01.300 and mainly the revisions are on a downward side so clearly you know after a while you just got to

00:11:07.420 realize it's it's not a bug it's a feature and the feature is somehow either what should be these

00:11:14.060 independent agencies or independent parts of the labor department somehow they're trying to put

00:11:18.900 forward a narrative that they understand the initial number come at that so everybody's focused on

00:11:23.360 get the media attention when you do the revisions everybody the caravans kind of moved on do you

00:11:28.520 believe that the government is cooking the books here on a consistent basis to mislead not just the

00:11:35.800 american people but the financial markets on actually the strength of the american economy in its labor market

00:11:41.120 sir you know steve at first i really dismissed that theory because there were a lot of very logical

00:11:47.520 explanations for why these different figures were being overshot and a lot of that had to do

00:11:52.860 with baseline effects in other words coming out of the pandemic so many of our statistical models

00:11:58.520 frankly just weren't very useful anymore but all of those things should at least now be taken into

00:12:04.860 account and the fact that we are still continuing to have these blockbuster numbers that again are

00:12:11.180 consistently revised down that is now making me call into question the independence of many of these

00:12:17.720 agencies and many of these so-called statisticians

00:12:20.660 if this if we were a company and we were reporting to take the government as a reporting company with all

00:12:29.380 the strictures and requirements of a public reporting

00:12:32.200 am i incorrect in saying that they would be subject to potential shareholder suits

00:12:39.220 for consistent misleading financial information sir

00:12:43.240 well again steve under normal times you would have revisions like we've seen but they would be

00:12:49.900 going both up and down so it wouldn't be consistently overshooting but you're absolutely right if you

00:12:56.280 were a private business and you consistently misled investors with earning estimates which you were

00:13:02.400 never able to meet and you always had misses quarter after quarter and year after year absolutely people

00:13:09.120 would begin raising concerns and not just your investors but the regulators would begin raising

00:13:13.780 concerns too the problem is now it's the regulators that are that are at issue so who's regulating them

00:13:20.280 you who watches the watchman you've actually nailed it if you if the government according to these

00:13:26.760 around these statistics this was a reporting company the sec and he went back month after month and

00:13:35.040 revised it down always in one direction and quite frankly the numbers originally were pretty dramatic

00:13:40.240 so people are all elated and obviously buying stock and making decisions off that but you had revisions later

00:13:46.740 there were all the same direction consistently down you would open to massive shareholder first off you'd have

00:13:53.840 a visit the following day from the sec they would be all over you uh being a publicly traded

00:14:00.040 security right your auditors would be on notice um there would be huge actions and i just want to make

00:14:06.780 sure the audience understands this there's something not right here this is not the normal course of

00:14:11.860 business ej gave you the very even hand the reason he's been doing the analysis every month and publishing

00:14:17.060 these articles but he hasn't been screaming you know fire in the theater because naturally sometimes you

00:14:23.140 have swings both ways but that's not what this is this is a pattern of misreporting and it's

00:14:29.800 misreporting to build a narrative that the economy is okay the other part to get back to the gdp

00:14:35.620 uh realignment we had today or the reassessment had day that gdp happens to be lower and i don't need

00:14:41.660 to tell anybody in this audience that because your lived experience shows you this economy is not

00:14:46.540 robust this economy is not functioning the only thing that's coming in better and look what steve

00:14:53.180 leesman right there leesman said for for cnbc we got to wait for the government number you know the

00:14:58.380 government number has been pretty strong what what it what it what it eg ej just tell you about the

00:15:03.860 about the gdp it's the government part what does that get back to that gets back to the mccarthy

00:15:09.640 approved spending orgy of the biden regime this is all inextricably linked back together is now and

00:15:16.840 you're i'm gonna get to your article in a second about the inflation ej but is that what we have the

00:15:21.640 only thing they got going for him is the ability to keep spending money to try to keep the the uh carcass 0.82

00:15:28.120 of this economy uh at least fogging a mirror sir steve i think so i i think the government handouts

00:15:36.440 are the only thing keeping uh not only the government expenditures alive but also the

00:15:41.480 government transfers and what that's doing is it's goosing the uh the consumption expenditure numbers

00:15:46.920 which is basically just how much you and i are spending every quarter so because the government

00:15:51.520 is still handing out so much money to people and money that they already did hand out is still being

00:15:56.700 spent that's helping to keep some of these number up numbers elevated but it can't last forever and

00:16:01.640 you know one of the key drivers of economic growth going forward is private investment which has

00:16:07.580 literally just flatlined since biden took office in other words we're not going to be able to sustain

00:16:13.580 current economic output with these investment levels and so unless something changes there's no way

00:16:20.060 you can avoid a recession here that's just what the numbers tell us walk me through that slow down and

00:16:26.740 walk me through that again that that that about the recession as you see the numbers right now

00:16:32.340 so right now if you look at how much private investment is actually going uh into this economy

00:16:39.660 you know and that can that can cover a whole lot of different things such as machines in a factory for

00:16:44.260 example it's things that are going to help us produce more in the future so that we can consume

00:16:50.100 more well those numbers have essentially flatlined since biden took office they've been up slightly

00:16:55.620 they've been down slightly but today they're right where they were when he became president and so the

00:17:00.900 economy is not capable in the long run of supporting the current amount of output and the current amount

00:17:07.700 of consumption in other words we're literally just not going to be able to buy as much today

00:17:12.180 uh as we excuse me in the future as we do today consumption is going to have to come down because

00:17:19.060 we simply just aren't making enough to sustain what we have today so one of the one of the um

00:17:29.300 issues let me lay this out for the for the audience for the posse one of the things you're going to hear

00:17:33.780 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

00:17:38.900 biden's hand to shut down the government because then we're not going to be able to do the

00:17:42.420 investigations that's obviously a lie okay and we can pretty easily see through that the tissues of

00:17:48.260 that lie the other thing that's going on behind the scenes a lot of the wall street guys ej are

00:17:52.820 saying no no no no no no this economy is on the verge of imploding and if the republicans try to force

00:17:59.860 the hands of biden uh then we'll get blamed because they'll sit there all the government shutdown

00:18:04.500 brought it down uh the government shutdown brought it down first off do you believe the underlying

00:18:09.620 thesis do you believe in your math that you look at that you see a major contraction in the uh in

00:18:15.940 the american economy in the u.s economy uh in the next couple of months we are looking at a contraction

00:18:22.900 absolutely in the future it's just a question of when now initially uh when i started this year

00:18:28.260 running the numbers it looked like it was going to begin by the fall but what we've seen with a lot

00:18:33.540 of these economic indicators is that they are still pointing to a recession just slightly further

00:18:38.740 into the future so right now the latest numbers indicate that a recession would probably begin

00:18:44.180 around december the yield curve is a very good example of this while the yield curve does invert

00:18:49.780 which means that it switches from the position it's normally in uh it does that before a recession

00:18:55.860 however it usually returns back to normal or at least begins returning to normal before the

00:19:01.460 recession actually begins that process hasn't begun yet which indicates a recession is going to be

00:19:07.380 at least several months away but you steve you simply cannot spend borrow and print trillions upon

00:19:14.420 trillions of dollars and not expect negative consequences and and we are staring down the

00:19:19.700 barrel of those negative consequences right now okay even even at two percent which is adjusted when i think

00:19:27.220 from two point four to two zero to two even although technically that may not be a recession that is

00:19:33.780 not a robust economy economy is not growing at least three percent or above four percent is not a robust

00:19:40.100 growing economy that's just kind of traipse along and we are risking right now having the lost decades

00:19:46.180 what what do you believe i mean do we even have the capacity given what bricks did and given this

00:19:52.740 de-dollarization movement do we even have the flexibility to continue to just deal with we

00:19:58.900 have now structurally a 1.5 to 2 trillion dollar annual deficit and what i mean by that for the

00:20:05.780 audience is total revenues of all taxes capital gains taxes personal income taxes corporate taxes all

00:20:11.860 fees all revenues tariffs all cash coming into the federal government versus all cash outlays to the

00:20:18.660 the federal government the difference is between roughly five trillion dollars coming in seven

00:20:22.980 trillion dollars going out so we have roughly 1.5 to two trillion dollars in perpetuity right now

00:20:29.780 unless there's some dramatic changes made is that given what the bricks said last week that hey we're

00:20:36.420 going to start the de-dollarization program given what modi did with uh muhammad ben zayed in the uav to

00:20:42.580 cross this massive one million barrels of oil for rupees given the inclination of the

00:20:48.340 global south that controls the resources do you believe we have the capacity to continue on an

00:20:54.500 annual basis in perpetuity at a train and a half to two trillion dollars of annual deficit sir

00:21:01.620 no no not at all steve this is going to end very very poorly if we do not reverse course very soon

00:21:08.340 and you know unfortunately i wish i could give you whatever the magical uh date was or the magical

00:21:13.940 number was but that has proven to be different for different countries at different periods of time

00:21:18.660 around the world so i can't say once we hit for example a certain percent of gdp that that's our

00:21:23.940 point of of no return we simply just don't know where that is but that's all the more reason why

00:21:28.580 we need to move so urgently to address what you rightly pointed out our structural problems

00:21:34.580 in the federal budget because we don't know where that point of no return is and we don't know how close

00:21:39.700 we are to falling off that fiscal cliff what we do know is that we're headed in the wrong direction

00:21:47.540 is now um

00:21:51.300 so when we come back from the holidays we have a um

00:21:57.140 an ill um minority leader mitch mcconnell obviously he's not the same guy he used to be

00:22:04.420 no fault of his own this is it's his medical condition right now in this town is a town of

00:22:11.700 hard-nosed vipers right so you have someone that's in a very serious medical condition

00:22:16.500 you have kevin mccarthy that is talking about happy talk that i just need a a two-month cr we

00:22:22.180 just need to keep going and i need to keep the impeachment going if you shut down this

00:22:26.500 if you know if you force the government to shut down i can't do the impeachment we're behind the

00:22:31.220 scenes he's saying i need a cr to march i see a continued resolution to march and what would be

00:22:37.780 if we had a continued resolution of march at the same spending levels they got baked in because

00:22:42.260 that's what he wants how catastrophic do you think that would be ej it's definitely going to take us

00:22:49.380 closer to the brink i don't think people realize that the united states doesn't actually pay off

00:22:55.540 any of its debt it simply rolls it over it'd be like if you max out a credit card and then

00:23:00.820 instead of paying that card off you just get a new credit card and transfer the balance

00:23:05.460 from the old card to the new one but when you do that the debt is no longer subject subjected to the

00:23:11.860 old interest rate it's now at the new interest rate on that new card and that's what's happening

00:23:16.660 with our debt right now so we are rolling over debt that's at one two three percent and we're rolling

00:23:23.700 it over at twice those rates so it's causing the deficit to literally go up exponentially and as a

00:23:30.340 consequence of that we are seeing the deficit we are seeing the debt just absolutely explode the

00:23:36.180 federal budget truly is collapsing in real time if you look at the the monthly report from the fiscal

00:23:42.020 service there are only two line items that are larger than interest on the debt if i remember

00:23:48.020 correctly it's the social security administration and the department of health and human services

00:23:52.420 that's it so that gives you some perspective as to just how much we are paying out on interest alone

00:23:58.500 and it's only getting worse and every single month that goes by every single month that mccarthy

00:24:03.540 gives us just another cr makes the problem that much worse because going back to that credit card

00:24:09.300 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

00:24:28.500 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

00:24:34.820 washington time about biden economics and biden inflation this all gets back to how it is impacting

00:24:42.020 american citizens but i also want you to understand that the entire apparatus is on your shoulders

00:24:47.620 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

00:24:57.780 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

00:25:51.620 time and actually trace productivity trace value creation for the american people you'll start to

00:25:56.820 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

00:26:06.260 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

00:26:14.980 him why is the federal reserve spending all their time on a central bank digital currency

00:26:19.620 when all the other central banks in the in the global south which have all the resources

00:26:24.100 and are kind of tired of their purchasing power going down 17 percent every year why they're buying

00:26:29.300 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

00:27:05.140 federal reserve has been contemplating the same for the united states of america with a digital

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00:30:17.860 slash bannon code steve50 or call 941-955-1020 take action use your agency do it for war room veterans you

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00:32:00.580 war room battleground with stephen k bannon

00:32:13.060 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

00:37:54.420 biden's hidden tax here has taken from people

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

00:40:21.780 are all near historic lows

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 0.99

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 0.92

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

00:48:17.380 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

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00:49:31.140 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 0.89

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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

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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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Bannon's War Room - August 30, 2023

WarRoom Battleground EP 364： GDP Falls As Elites Extract Wealth From America

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