Bannon's War Room - WarRoom Battleground EP 398： Our Economy Is Built Upon Artificial Interest Rates

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

00:00:20.480 people off if you continue to look the other way and shut up then the oppressors the authoritarians

00:00:28.240 get total control and total power because this is just like in arizona this is just like in georgia

00:00:34.000 it's another element that backs them into a quarter and shows their lies and misrepresentations

00:00:39.040 that's why this audience is going to have to get engaged as we've told you this is the fight

00:00:43.360 all this nonsense all this spin they can't handle the truth war room battleground here's your host

00:00:50.080 stephen k bannon okay welcome uh we're here to kind of summarize economically and financially

00:00:57.120 what's happening today behind the politics so you understand what's the real play is also to uh

00:01:04.000 kind of do a pre-game on this uh on this insult to the nation that's going to happen at eight

00:01:08.800 o'clock when the biden regime comes forward and puts puts up a hundred billion dollar supplemental

00:01:14.480 to try to jam down your throat so i'll bring in ej and tony ej

00:01:18.800 the two big articles i want to go through today with you is one the the the wall street journal's

00:01:23.520 capitulation to uh you in the war room analytical group uh basically saying okay i understand what

00:01:30.640 ej's been talking about now for a couple of months and uh they're correct we were wrong

00:01:36.000 and we ought to talk about but one i want to go i don't know if you saw this today but i know you're

00:01:39.280 very familiar with this this new for the audience we're trying to give you inside baseball here a

00:01:43.840 theoretical number grips wall street a theoretical number grips wall street and they're talking about

00:01:50.480 this new concept called a term premium a term premium and i want to this uh articles by sam goldfarb

00:01:59.760 over the journal investors and federal reserve officials scrambling to make sense of surging treasury

00:02:06.560 yields have a new obsession a number that exists only in theory known as the term premium the number is

00:02:14.880 typically defined as the component of treasury yields that reflect everything other than an

00:02:20.720 investor's baseline expectations for short-term interest rates set by the federal reserve that

00:02:27.600 means all other this is this term premium this is something else that goes into driving interest rates

00:02:34.800 costs up so ej let's let's hit rewind you warned uh america through this show that this is going to

00:02:42.960 quickly spin out of control and the central reason to spin out of control is the refinancing of i don't

00:02:48.320 know the six or eight trillion dollars of the 33 that has to be refinanced this year at essentially 500

00:02:54.800 basis point higher refinancing charges walk us through the wall street journal today threw in the towel

00:03:01.200 they said the the the uh the government uh the government treasury bubble has burst uh and now they're

00:03:07.920 coming up with theoretical numbers they can't figure out why they can't sell the bonds they can't nobody can

00:03:12.720 figure out no no real savvy person the bond market wants to buy a bond they think is gonna be selling

00:03:17.280 at a big discount shortly what is this mess are we now having is it is this the beginning of the real

00:03:22.720 debt crisis of the united states of america i i think so steve i think we are in those initial stages

00:03:29.520 and if you're one of the many bad actors around the world like china for example who for many years was

00:03:34.960 the largest buyer of united states debt in the entire world now they're doing the exact opposite they're

00:03:40.240 selling off all of their united states debt and in just a few years they will have no treasury debt

00:03:46.800 at all they have seen this coming long before so many of the of the talking heads and so-called

00:03:52.160 experts including some of the people at the wall street journal frankly and so what we are seeing

00:03:56.800 today is simply a complete mismatch between the supply of treasuries and the demand where do each of

00:04:03.840 those come from well the supply is essentially just how much the u.s treasury is trying to borrow right

00:04:09.440 now and as they borrow more they need to issue more treasury bills treasury bonds and treasury notes

00:04:15.840 and then where does the the demand come from it's essentially those who are savers and have money

00:04:22.400 and are looking to lend it to the government which traditionally you always thought of as a risk-free

00:04:27.680 return because there's no way that the united states government was ever going to default but what the

00:04:32.240 last two and a half years have reminded us steve is that they can default just maybe not explicitly

00:04:38.960 they will default implicitly through the hidden tax of inflation which right now has caused not only the

00:04:46.720 dollar to be worth less and so the returns you're getting on those bonds for example are not worth what

00:04:52.000 you thought they were going to be even if the number of dollars is the same but now with higher interest

00:04:56.800 rates you are effectively stuck with many of the bonds that you bought you can't sell them

00:05:01.840 because if you do you will have to sell them for a massive loss as just an example many of the

00:05:06.320 treasury bonds which were purchased in 2020 today would sell for about half of their face value in

00:05:12.880 other words you've lost 50 percent on that investment so between the inflation and the rising interest

00:05:19.040 rates people have been reminded that there is a tremendous amount of risk in united states treasuries they

00:05:24.480 are not risk-free as has been believed for so many years and as a consequence investors want to be

00:05:30.720 compensated for that risk how do you compensate an investor for risk by offering them a higher yield

00:05:36.400 aka higher interest rate which is why as we've talked about so many times we are seeing these u.s

00:05:42.400 treasuries i don't care if it's if it's a short-term bill or a long-term bond and everything in between

00:05:48.080 you're looking at about a five percent interest rate or higher on that debt that is absolutely destroying

00:05:54.800 a united states treasury market that for the last two decades has been structured around interest

00:06:00.480 rates near zero and so now as those rates are as that debt is being re uh is being rolled over

00:06:07.040 at higher rates it works just like a family who has let's say racked up a bunch of credit card debt

00:06:12.720 and now that credit card debt although it was previously at let's say a promotional zero percent

00:06:17.120 interest rate they're now trying to get a new card so they can roll over that balance and not have to pay it

00:06:22.800 off except the new card doesn't have that zero percent introductory apr anymore instead you're

00:06:28.560 looking at 20 or 25 and now you are getting hit not only with massive massive principal payments

00:06:35.760 trying to repay all that debt but now you're getting hit with incredibly large interest charges

00:06:41.040 as well and that's where the u.s treasury finds itself today

00:06:44.720 okay um 10 years at five first time that's happened i think since 2007 uh all these other

00:06:55.360 short-term rates are the highest they've been since the turn of the century 20 some years 30 year

00:06:59.280 mortgage today at eight um if you're going to buy a 400 000 house which is not a super expensive house

00:07:06.480 today if you're going to buy a 400 000 house with a 20 deposit you've increased your monthly payment a

00:07:12.800 thousand bucks per month a thousand bucks per month more than when donald trump was president

00:07:19.120 so i want that part of bidenomics to sink in when we talk about the problems and everybody in the

00:07:25.200 audience you should particularly if you had some of these um money market funds or these funds that

00:07:32.240 people thought they were risk-free and just clipping coupons you better talk to your portfolio manager and

00:07:36.960 say hey oh by the way what's the mark to market on the on the basket of bonds that you have in there

00:07:43.440 and if they go if they give you the hubba hubba hubba hubba hubba hubba hubba then that's when you

00:07:48.800 should do some further due diligence why do we say that correct me if i'm wrong uh brother uh antoni

00:07:56.960 but didn't the bank of america just announced because people have been all over these big banks

00:08:02.160 about what the situation is of their balance sheet did they not they just disclosed two days ago

00:08:08.080 that they have 136 billion dollars of unrealized government security losses in their bond portfolio

00:08:15.840 do you believe that that is that is endemic to banks throughout the country sir absolutely steven not

00:08:22.720 only is it endemic throughout banks across the country it's it's even at the federal reserve the fed has

00:08:28.320 over a trillion dollars of unrealized losses sitting on its balance sheet right now now fortunately the

00:08:35.600 fed very very rarely ever sells its holdings what it does is it just rolls them off in other words it

00:08:41.760 allows these things to mature and then it doesn't replace them but if they do actually have to start

00:08:47.200 selling some of these things it will be at unprecedented losses but the other thing that was very interesting

00:08:52.880 in bank of america's statement is the fact that they said they do not anticipate having to take

00:08:58.240 any losses uh on this on this portfolio which means that they anticipate being able to hold till maturity

00:09:06.000 all of those bad assets because that's when they will finally get paid now that means that they

00:09:11.920 either number one which is very unlikely are not going to have any kind of liquidity crunch or number

00:09:17.600 two they are expecting the federal reserve to extend the bank term funding program essentially

00:09:24.160 indefinitely what that what that program was it was started back in march during the banking crisis

00:09:29.680 or at least when the banking crisis first reared its head we're still in a banking crisis but that

00:09:34.480 program was started to essentially allow banks particularly regional banks to offload many of these bad

00:09:41.120 assets onto the feds balance sheet and then the fed would hold those until maturity but the problem is

00:09:48.720 that those loans only last for a year so all of these regional banks that got into trouble in march

00:09:54.480 are going to have those loans come due this coming march and april and so we're going to be right back

00:10:00.800 in that scenario of this massive liquidity drain at the regional banks we are by no means out of the woods here steve

00:10:07.760 a long way from out of the woods um talk to me about the the wall street journal article they

00:10:16.560 finally admitted that you're having an implosion now with 10 year and remember for folks out there

00:10:21.200 in the audience as we teach you micro macroeconomics the 10-year treasury sets basically the economic

00:10:27.360 terms of your life because everything's taken that's kind of considered the benchmark when that gets above

00:10:32.640 five in the journal article today said there's not going to be any solution for this for a long time

00:10:39.520 to come so people have to understand as we've told you you're now in a different environment

00:10:44.240 a different uh we're paying for the bailouts of 2008 finally the um the butcher bills coming due

00:10:52.480 and that's where you're seeing blood all over the street um walk me through you're the first guy

00:10:58.400 really to come out publicly and start talking about this refinancing of the six to eight trillion dollars

00:11:02.960 how bad is this going to get and and how can it's a tee up for how can biden you saw what the the

00:11:08.800 republicans are trying to do on capitol hill they're trying to put mc henry and the appropriators

00:11:13.200 essentially in charge to get the to to go through and get a another two trillion dollar plus in deficit

00:11:20.480 spending bill done some ominous bill done before the holidays how can all this madness is fiscal

00:11:26.320 irresponsibility continue oh it can't steve it's going to end one way or another it's either going

00:11:32.720 to end because those in washington will finally grow a spine and will reign in government or it's

00:11:38.640 going to end because markets will simply wash their hands clean of the situation and say the risk is not

00:11:44.560 worth it we want nothing to do with it at that point who's left to buy u.s treasuries china's selling

00:11:49.840 them uh the russians have already sold them off the bank of of japan their central bank has also been

00:11:56.160 switching from u.s treasuries to japanese treasuries in order to try to buoy their economy

00:12:01.520 and so everyone's selling them pretty soon the public is going to be selling them as well and the

00:12:06.000 fed has been selling them albeit at a slow pace and they'll be the only buyer left they will have to

00:12:11.600 switch from selling to buying which will be highly highly inflationary and you know to put the rates

00:12:17.840 in perspective where we are today the wall street journal was was basically freaking out when rates

00:12:23.280 were approaching four percent under trump's term we forget that the fed was actually tightening

00:12:28.720 for basically the first three years of the trump economy which is really miraculous when you think

00:12:33.680 about the the gains that we had under that economy and the fact that that all happened despite

00:12:39.920 jerome powell really tightening up credit during those years but that being said there's no reason why we

00:12:46.240 can't go to eight percent on the tenure very soon given how fast the treasury is is borrowing money

00:12:54.000 because of how fast congress and the white house are spending it and as you said those two trillion

00:12:58.880 dollar deficits are poised to continue which means that tenure can march much higher very quickly and

00:13:05.520 and to your point the reason why the tenure is is such a benchmark is because investors look at that as

00:13:12.080 lasting throughout the business cycle in any 10 year period you typically have a period of expansion and

00:13:18.080 contraction and the the two periods in between as well where you shift from contraction to expansion

00:13:23.840 and then also from expansion to contraction so it essentially encompasses that whole business cycle

00:13:29.680 and therefore it is a good average of what investors are going to face in the future and again the fact

00:13:36.000 that people are no longer accepting treasuries at two or three percent but are demanding five percent and

00:13:41.520 higher is indicative of how confident they feel about the united states government which is to say not very much at all

00:13:50.880 folks it's not just for the bond market remember in the 10-year treasury if you're an entrepreneur

00:13:56.400 if you're trying to raise angel round capital if you're trying to raise venture capital early stage capital

00:14:02.000 private equity the 10-year treasury is is put in as the risk-free rate in the capital asset pricing model

00:14:09.040 so everything's based off that you get it at 10 percent the returns people are looking for are

00:14:14.240 astronomical that means you will own less and less of your business as you seek outside financing

00:14:19.600 also i'm going to throw it out there if the 10 given the structure of the u.s economy if the 10-year treasury

00:14:26.240 rapidly goes to 10 percent uh from uh from from where it is today or you said eight percent eight

00:14:32.320 percent from where it is today a 300 basis point uh uh increase and you said it could happen fairly

00:14:39.040 rapidly uh 25 percent of the firms in this country will be bankrupt because most of their loans are based

00:14:47.520 upon are based upon this and they will ratchet up mortgages will ratchet up you'll have personal

00:14:52.480 bankruptcies you'll have you'll have people wiped out of their equity in their homes you will have

00:14:57.360 a bankruptcies all over the place because our economy as we've said before is predicated and built upon

00:15:04.960 this uh artificially low interest rates for decades and decades and decades and then when

00:15:11.920 buying came in the massive federal spending exploded these interest rates and now uh and now you're

00:15:18.400 at the receiving end of this and there's no end in sight i mean do you see the wall street journal

00:15:23.120 said that today they said given current economic conditions there's no end in sight do you agree with

00:15:29.600 that uh ej very much so steve we need to remember this entire uh series of frankly calamitous events

00:15:38.720 have all been driven by excessive government spending which which has led to the borrowing which led to

00:15:44.320 the printing of money which then led to the inflation which led to the rising interest rates which led to

00:15:48.880 the banking crisis and now contraction of credit throughout the consumer economy you're right that

00:15:54.480 this is not simply a matter of bond yields it's it's interest rates on all kinds of borrowed money

00:15:59.920 whether it's credit cards credit cards or mortgages student loans to auto loans everything in between

00:16:05.440 and because we are not only a consumer uh driven economy but a credit can a credit driven economy or at

00:16:12.000 least credit based economy this is going to have disastrous results it is already the impact is

00:16:17.600 already being felt and it's going to continue to trickle down throughout the economy i wish i had

00:16:23.520 better news for for the war room i genuinely do but i just don't see how things can possibly improve

00:16:30.320 when all of the the negative inputs that got us here are continuing no but this is why the audience i

00:16:38.320 mean this is why this audience is the leader in the country of kind of the sanity movement i call

00:16:43.840 them the the the still point in the turning world or or the stability of the country because the

00:16:48.720 political class i mean look at what happened today uh jim jordan who and by the way jordan had already

00:16:54.800 said he wanted to do a cr he wanted to do you know he's heading towards an ominous phil he was not

00:16:59.200 great on spending we told people once we push jordan across the line we'll probably be fighting

00:17:03.120 immediately with him from the right flank on on on spending he was not perfect but this new uh

00:17:11.440 regardless of what the details are and how it gets executed the patrick mc henry alternative is just to

00:17:17.920 let the appropriators they were outraged one of the things they were outraged of jordan of is that he

00:17:22.560 jordan focused on that ridiculous one percent cut if you don't get a budget done in time which is

00:17:28.320 absolutely nothing compared to what we're talking about and the and they said absolutely no way the

00:17:34.320 appropriators want to allocate the money uh that's given to them and they don't want to talk about

00:17:39.280 any cuts the the the lobbyists the corporatists are all over them the fat cats that they deal with

00:17:45.040 their pay masters say absolutely under no certain and particularly things like armed services that's

00:17:50.000 why tonight here later tonight biden's going to look the nation in the eye with a 800 what 850 billion

00:17:57.280 defense budget which has been kind of approved it hasn't been authorized in the senate because they

00:18:02.080 want to add more to it but they certainly didn't get the pushback it should have gotten in the house

00:18:07.760 ej he's going to look the nation in the eye tonight and say we have to put 100 billion dollars

00:18:12.800 essentially for ukraine 60 to 80 bina that's going to grow ukraine he's got a couple of goodies for

00:18:18.960 taiwan and israel so that he can cover this package this is a ukraine war package is the political

00:18:24.960 class on capitol hill and in this biden regime so out of control that unless they're stopped by this

00:18:31.280 audience they will lead the country to uh to economic ruin steve that's my fear because we are certainly

00:18:38.800 on that path right now if you ask what is our trajectory like today it is precisely towards

00:18:44.720 economic ruin as you just said you cannot continue to spend borrow and print trillions upon trillions of

00:18:51.520 dollars ad infinitum and not expect it is going to end in anything other than chaos and destruction

00:19:00.240 what about what what what would be your response or what do you say to people on capitol hill that

00:19:04.800 look to your advice should be the response to biden's pitch tonight for a hundred billion dollars

00:19:10.640 to go essentially to ukraine with a couple of sweeteners thrown in so they can they can cover

00:19:15.280 themselves politically to israel to taiwan and to the quote unquote southern border well it simply

00:19:22.720 doesn't make any sense when you're broke and your neighbor asks you for money for you to go out and

00:19:27.920 get a loan so that you can give a loan essentially to your neighbor even an outright gift whatever the

00:19:32.400 case may be if your neighbor needs that money then your neighbor needs to go out and get it it would be

00:19:37.840 totally different if if we had a balanced budget if we had a surplus and we had all this extra cash

00:19:42.480 lying around but that's just not the case so how does it make sense for us to borrow money to then

00:19:48.240 transfer it to another country the other country should simply go out and borrow it and cut out the

00:19:53.040 middleman quite frankly um tell us give us what is important that you're looking at one last thing

00:20:01.760 before i get there i got to go to the treasury email the treasury is supposed to uh report their accounts

00:20:09.040 for the fiscal year particularly the cash accounts so that we can see it well how many business days

00:20:13.760 after september 30th five business days is it uh ej i i i want to say it's eight i i have to double

00:20:20.240 check but i i believe it's eight business days eight business days and so last sunday night you went

00:20:27.280 to treasury over the weekend you went to treasury and said hey we're way past eight business days when is

00:20:33.280 this going to happen and they actually responded to you sunday evening correct they did at about 7 30 i

00:20:39.840 think in the evening and i'm just amazed what what uh government bureaucrat is actually responding to

00:20:46.160 emails at that time of of that day a guy that's at the treasury cooking the books because when did they

00:20:54.480 tell you ej that those accounts are going to be delivered uh so the the press conference is tentatively

00:21:03.040 scheduled for this friday so we will see if they can actually uh make that due date or if we're going

00:21:09.520 to see another delay but omb and treasury are are supposedly going to present their findings uh this friday

00:21:16.960 and and ej we have said for a while that one of the issues here that you're going to have a two

00:21:25.040 trillion dollar deficit is that the five trillion dollars of of taxes fees all of it didn't happen

00:21:31.600 because of slowing economy and particularly in capital gains you're going to see four and a half

00:21:35.920 there's going to be a an air pocket and that air pocket is going to is going to add to the the

00:21:40.480 deficit to get them closer to two trillion dollars is that still your belief

00:21:43.360 yes steve i unfortunately i think because of the slowing economy we are really going to see

00:21:50.720 a lot of revenue misses we've already seen revenue come down in a very big way you know

00:21:56.160 just a couple of years ago we were setting record highs for for tax revenue and it doesn't

00:22:01.760 matter how you measured it even if you adjusted for inflation you could do it as a percentage of

00:22:06.240 income as a percentage of gdp by virtually any metric you could think of those revenues to the

00:22:11.840 government were hitting and breaking record highs and today they're starting to come down which is

00:22:17.280 not uncommon in a very inflationary environment and when you have anemic or no economic growth

00:22:26.640 so um if it if it's over a trade and a half dollars and closer to two trillion

00:22:32.960 that looks like particularly what they've done with mchenry and what they're trying to do on capitol hill

00:22:36.880 unless something radically changes because there's no they're projecting what one and a half two

00:22:42.560 percent growth for the economy how do we avoid looking at two trade we're going to look at two

00:22:48.400 trillion dollar per year deficits for the foreseeable future how is that possibly even in any rational

00:22:55.760 world going to be financed brother oh steve it's not it can't be financed it can only be inflated away

00:23:02.720 and and so that's the big fear right now you know especially among investors is that whatever they

00:23:08.720 have in u.s treasury holdings is not going to be worth anything by the time they finally get paid

00:23:14.080 especially if you're a bondholder because those terms are between 20 and 30 years so imagine how

00:23:20.000 much of your dollar is going to be gone in 20 to 30 years when just in the last two and a half years

00:23:25.840 it's lost 17 and so no one wants to buy those treasuries and the treasury therefore is having

00:23:32.400 to offer higher and higher rates as we said earlier in order to actually sell these things there's just

00:23:37.920 too much risk right now this is this is what we describe as a rolling default so don't look at all

00:23:44.640 the cnn and msnbc that say oh these these uh these uh maga people they're terrible they're gonna make

00:23:50.560 his default on the debt no because they didn't follow your advice this audience advice we're

00:23:55.360 we're doing a rolling default and this is why the bricks nation has said hey we've had a belly

00:23:59.760 full of this we're not going to maybe maga has to take it as citizens of the united states but we

00:24:04.800 don't and we're going to get you know we're going to figure out how to start with de-dollarization

00:24:10.160 and figure out how to bundle these securities at some time so we're not crushed because we see

00:24:14.800 exactly what the elites in the united states are doing ej your analysis all of it where they get it

00:24:20.400 on social media where they go to get your writings best place to find me all the analysis all the

00:24:25.680 writings i post everything on twitter the handle is at real ej and tony okay overnight um overnight

00:24:34.480 uh we're gonna i'll be putting up on getter after biden's uh address to the nation about the press

00:24:40.400 conference tomorrow we'll try to get ej uh back on we're gonna actually be on location tomorrow uh but

00:24:45.440 we're gonna with cash will be with us we're gonna try to get ej on this is very big finally the

00:24:50.240 treasury responds the treasury department responds to ej on tony's email hey show me the accounts you

00:24:56.880 know they've been working away non-stop doing doing the student debt they're looking for anything they

00:25:01.360 possibly can do to play around with those accounts ej that's why it's taking them so long it wasn't

00:25:06.240 accounting it was the it was the optics they were worried about well they saved about 300 billion

00:25:12.720 dollars right off the top by moving the student loan money around so we'll we'll see what else happens if

00:25:17.600 anything but we'll give them a real accounting okay ej thank you so much appreciate it thank you for

00:25:23.920 having me um 5 000 years of turbulence in human history it's um turbulence sometimes is is worse

00:25:34.400 sometimes less we're getting into a phase of being worse the global capital markets are rejecting the

00:25:40.800 business model of the united states of america under joe biden we know that independent voters have in the

00:25:45.920 the seven swing states 65 14 disapprove of his handling of the economy and disapprove hate the

00:25:53.200 concept in the phrase bidenomics 65 14 of voters in those states that includes democrats the rest of the

00:26:01.040 world also can't stand it can't take it that's why the global south is working together to understand

00:26:08.480 all this go to birchgold.com bannon make sure you get the end of the dollar empire you were there for

00:26:15.200 it look what happened to the united kingdom after the pound stopped being the prime reserve currency

00:26:20.640 not good things it's never recovered that's why as as as great as england has been as an ally

00:26:28.400 and as a partner in the 20th century in the 21st century they've been demolished as a world's economy

00:26:34.640 part of that was losing the prime reserve currency it's going to happen to us unless we have a radical

00:26:41.040 change unless this audience unless they listen to this audience so make sure you go check it out

00:26:47.520 today and also find out from philip patrick and the team ask them ask them point blank hey give me some

00:26:53.840 pointers here how can i make this part of my portfolio to use this as a hedge against bad times those bad

00:27:00.960 times are coming short commercial break we'll be back in a moment

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00:28:33.840 they're on the path to make it so it'll be nice to have some gold to fall back on it's only worked for

00:28:41.120 5 000 years of mankind's history let birch gold work for you bannon 98 98 98 text it right now

00:28:51.440 question who protects the troops who protect us well we will imagine you're serving halfway around the

00:29:00.720 world and you learn the title to your home that legal document that proves it's actually yours has been

00:29:06.640 forged and it's not in your name anymore but we can't let that happen and we won't let it happen

00:29:13.600 home title theft is a clear and present danger for all homeowners and that's why i trust home title lock

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00:29:41.920 their most valuable asset we all need to protect the title to our homes i'll share updates but for now

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00:30:02.480 dot com slash bannon code bannon home title lock dot com slash bannon code bannon do this for the

00:30:10.480 troops do it today use your agency there's a lot to be nervous about out there open social media or turn

00:30:17.600 on the news and all you see is crime and societal decay a lot of people just run out and buy a gun and then

00:30:24.400 it sits in a safe there's ever an emergency they're not going to be prepared and run the risk of hurting

00:30:31.520 themselves or others there's no way around it you need to train and you need to train often

00:30:38.960 unfortunately it's time consuming to go to the range assuming there's even one nearby and ammo prices

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00:31:32.000 offer code bannon i target pro.com action action action

00:31:40.480 war room battleground with stephen k bannon

00:31:43.200 okay um biden is going to address the nation tonight i want to talk about everything that's

00:31:54.320 going on and don't stop calling or visiting or going to a town hall or emailing your local

00:32:02.880 representative remember the house is like the house of commons they're supposed to be the closest to the

00:32:06.880 people in fact the founder said that was where the everything was going to kind of simmer it was always

00:32:11.040 going to run a little hot because they're up for election every two years what is going on here

00:32:17.200 is quite simple simple this audience and you have been right from the beginning what do i mean by that

00:32:23.920 we were the first to say look the spending's out of control it's got to be stopped and the way to stop

00:32:28.640 it is in the house of representatives and they have fought back that's what all this fight has been

00:32:32.880 particularly since they won and took control of the house starting in january

00:32:35.840 you've been on the right side of every one of these decisions if they had just listened to this

00:32:42.880 audience and they just listened to the voice of the people they never would have signed

00:32:47.600 that to your debt deal and now that is what's blown them up when you cut back through all of it

00:32:53.760 in the economy right now it is it is if you remember where ej says something very wise there

00:33:00.880 we're not a consumer driven economy we're a credit based economy because all the consumer spending

00:33:08.720 all the businesses everything is predicated upon the availability of credit and particularly over the

00:33:14.240 last you know since the financial crisis of 2008 a credit environment that's been close to zero interest

00:33:21.760 rates one of the the heroism of donald trump that they never talk about he took a trillion dollars

00:33:27.600 of liquidity out of the market by quantitative tightening at the federal reserve at the same

00:33:33.040 time delivered three percent growth that miracle people would kill for today because it just it just

00:33:38.800 doesn't exist and it's not going to exist for a while the carnage you saw in the united states

00:33:45.200 back in the 70s that was ended by paul volcker and ronald reagan which was a miracle they they did it

00:33:50.640 by the way at the same time that they were tangling with the persians who had taken hostages in 1979

00:33:56.240 right after the iranian revolution turn it over to these radical moolahs

00:34:02.960 what you what one thing to keep in mind and to keep in mind always is that we're a very different

00:34:08.880 country today than we were then and let's not even talk about the cultural values everything like that

00:34:13.040 we don't have the same balance sheet we're now 33 trade in debt it's actually more debt than that

00:34:18.080 but with the exploding interest rates we're going to be able to barely make the interest payment

00:34:21.840 i've got some people now working on the interest itself their theory of the case is that this

00:34:27.600 coming year they keep talking about where it goes over a trillion dollars of actually interest

00:34:30.960 payments even the journal said it was going to take place in 25 the year that trump comes back in

00:34:35.280 office the interest payments would be a trillion i've got some guys who are quite smart hedge fund

00:34:40.160 guys that are working through the structure of the 33 trade they're going to make the argument

00:34:43.920 that this year that would be this year this fiscal year in in the federal government that means before

00:34:51.600 september 30th of next year it's going to be over a trillion dollars over trillion dollars means folks

00:34:57.920 what you can't pay for that we've we've had the good times because you just you don't have to make any

00:35:02.240 tough decisions the tough decisions on discretionary spending are going to have to be brutal and then

00:35:09.760 you're going to have to get into the mandatory programs but that's got later the political class

00:35:13.360 has to show that they can handle the discretionary side first before you even talk about anything

00:35:17.440 else there will be no political will to do it katherine o'neill was in the in fact katherine i think

00:35:25.680 i believe you're the only person 16 campaign early on uh over at state in the white house 20 campaign

00:35:34.320 you you're you're you're like the five tool baseball player do you have the longest uh the longest track

00:35:40.800 record or among two or three other people have the longest track record with president trump i'm

00:35:45.760 definitely one of them steve and thanks so much for having me back on as you see i'm i'm live from our

00:35:54.720 um and it's great to be here with the crew i don't know if you can see behind me um there's a hanging

00:36:00.720 piece of meat behind me are you are you and are you and i was going to explain that katherine are you

00:36:07.760 is this a set from a rocky movie are you going to start punching the carcash right there

00:36:13.200 if you want me to steve i'll do it

00:36:17.680 so tell us you're an entrepreneur now we had you on when you're doing the beta site test

00:36:22.320 for the products we sold out in five minutes uh a lot's happened since then in fact katherine

00:36:27.520 went over and did a great gatsby-esque wedding in italy that i think half my staff tried to go

00:36:33.920 to tried to attend and they might have been caught up in other things but it's a big change you got a

00:36:37.920 baby you're married uh uh you got a big cowboy out there in wyoming tell me about the company you're

00:36:44.400 ready to roll now i want to know everything the process what you guys have come up with because

00:36:48.720 you're originally you're you're one of the emerging trump entrepreneurs walk us through what you got

00:36:53.360 absolutely so like i said steve i'm live from our meat packing facility which is the final step

00:37:00.400 or final process in the whole company so we do cow cow calf operation all the way until chopping the

00:37:08.400 meat up like you see now um and so what i wanted to do is build a vertically integrated company so we

00:37:16.240 would be um we wouldn't be vulnerable to market instability and supply chain issues as as we've

00:37:23.280 seen for the past you know four years since biden has been in office um thanks to secretary pete um

00:37:32.160 so i am immune to any sort of instability in the market um and also for your viewers your viewers will

00:37:39.840 know that when they buy beef from us they know where it's coming from um because there are a lot of

00:37:46.160 these companies out there that are not as honest about where their meat is coming from a lot of it

00:37:51.840 is coming from out of the country in fact a lot of it is coming from brazil new zealand and um so i

00:37:58.960 want your viewers to know that when you buy beef from us you're buying wyoming beef and you're seeing it

00:38:04.720 right here live um and it's high quality and we don't use antibiotics or hormones um so this is the

00:38:15.520 company that i've been building for the past three years and and we're doing really well thanks to

00:38:19.440 you steve and um i'm very appreciative for you having me on and and uh giving me the opportunity

00:38:26.080 to show all this katherine katherine you've always had an entrepreneurial streak and people should know

00:38:31.680 katherine at both the white house and the state department was a real killer for for the trump agenda

00:38:36.640 particularly in religious freedom and other issues in the state department that she was fighting for

00:38:41.040 every day because she she can see what the mess is of uh what uh what the biden regime has done

00:38:46.800 walk us through when when you got to wyoming because you guys the families had a history out there when

00:38:50.640 you got to wyoming why would what attracted you to to the beef industry what attracted you to say hey i

00:38:57.680 think this is a need in the marketplace that needs to be filled and i think i can do it what was

00:39:03.200 absolutely so my family's been in ranching for a hundred years not only here in wyoming but also in

00:39:09.040 arkansas and florida and in during covid especially in big cities like dc and new york we saw um that

00:39:17.520 grocery stores were not able to supply meat to their customers and that was a huge eye-opener to me um and

00:39:24.640 i started looking into the problem and realizing that our meat packing industry is very concentrated

00:39:31.600 into three or four companies and it was not stable um so we're very susceptible to another um supply

00:39:38.640 chain interruption like we were during covid so that's why i decided that instead of staying in dc and

00:39:45.600 dealing with swamp monsters all the time uh no offense to those people that leave live in dc but uh

00:39:53.440 i wanted to be out here and build a company that actually had a true impact on our nation uh by securing the

00:40:01.280 food supply chain and obviously we're just getting started we're a small company but we have big plans and

00:40:07.840 we're doing really well so far no i tell you the feedback the feedback we got from the from the

00:40:14.000 beta site test i think you saw in five minutes the feedback we got from the uh from our audience was

00:40:19.680 overwhelming and as you know because you're very close to certain members of our production team the

00:40:24.400 crack production team who are very persnickety about uh about what goes in their their bodies or temples

00:40:31.040 or what goes in you got rave reviews tell me about that because as you know i have people very close to me

00:40:35.680 that are maniacs about food right it's got to be done in a certain way what is it about your beef

00:40:42.080 that makes it different what what is it about you had the whole opportunity to look at the whole

00:40:46.320 industry what is it about your beef that different and why is that a perfect fit for the war room

00:40:51.600 audience absolutely well like i mentioned before steam we do not use hormones or antibiotics and no mrna

00:41:00.320 vaccines um so that sets us apart from i would say 90 of the market out there if you go to buy

00:41:07.120 buy beef in a store it's more than likely have it more than likely has one of those three things that

00:41:13.680 i just mentioned so we never use any of those things we also grow everything that we feed our

00:41:19.360 animals so they graze uh for a majority of their life and then we finish them on high quality um

00:41:26.160 be a feed regimen that we create ourselves so everything about the process we control so

00:41:32.480 there's not one aspect of the process that is unknown um we care for the animals we look over them

00:41:40.800 so we want to make sure that they are treated well too uh because that's a huge part of of uh of this

00:41:48.560 industry as well as is when you're you're doing this in mass numbers the animals are not treated as well

00:41:55.200 as they probably should be um so we take very good care of them we feed them well um we have a very

00:42:01.600 high marbling rate um very high uh flavor so there are lots i mean i could go on for hours i don't know

00:42:08.800 how many nitty-gritty details you want but um it's we have some of the best feats in the in the country i

00:42:14.960 would say no the audience loved the the first test okay so now how can people what we try to do here

00:42:21.840 look we're building an alternative economy and helping entrepreneurs that's where you see all

00:42:27.920 these folks that come on here are all patriots that believe in your values and right now you have a

00:42:32.880 whole generation of young people that are out there building what we call the patriot economy or the

00:42:37.840 alternative economy um that you're so you're not giving your money to people that hate you and what

00:42:44.160 the requirement we make sure that their products are also best in class where do people go to find

00:42:50.560 out more about this where can they go to order where can they go to find out more if they have

00:42:54.160 questions how do they get totally immersed in and what you guys are trying to accomplish out there

00:42:59.520 and then and how they order absolutely steve so to order you go to www.merryweatherfarms.com

00:43:09.760 and you can see all of our products online we also have a very active social media page because a huge

00:43:16.480 part of this company for us is educating the consumer um so we have a lot of uh different videos

00:43:23.040 of each aspect of the company we're actually collecting footage today um to to um make sure that

00:43:30.720 everyone knows about the processing side of things so uh we want to make sure that everyone knows how

00:43:36.960 important and how complex this industry is and i know earlier you mentioned on your segment before

00:43:42.720 the stability of the country this is the stability of the country right here these hard-working guys

00:43:48.560 are here every day day in day out making sure that you guys can eat high quality steak

00:43:55.920 where uh once again by the way what's the social media page where are they going to get to social

00:43:59.680 media it's at meriweather farms m-e-r-i-w-e-p-h-e-r farms

00:44:07.680 and that's where people if they want to put in an order yep yes they put an order they go there

00:44:16.240 yes well you can go to our website and then what about you go ahead go ahead no go ahead

00:44:24.000 www.merryweatherfarms.com and my handle on social media is kath p o'neill

00:44:32.880 katherine used to come in a little hot on social media every now and again in the in the old days

00:44:40.800 i don't now that you're an entrepreneur now that you got a baby a husband and your entrepreneur you

00:44:44.720 know it may it may have tapped down a bit but for a while she was part of that crew that part of that

00:44:50.000 young trump crew that got a little a little of people's faces all the time oh and one more thing

00:44:55.520 uh steve um we we will be offering a discount code even if you have purchased that from us before

00:45:03.360 you can still use the discount code which is war room 10 and it's 10 off your order which is really

00:45:11.280 great and we've priced everything really reasonably if you go to other sites that offer uh box these

00:45:17.360 programs we are very competitive and it's not lower than a lot of them um because we want to make

00:45:22.320 sure that everyone can access this high quality product so war room 10 is the amazing

00:45:29.840 war room 10. uh katherine uh it's been uh great to see this uh develop and watch you over the years

00:45:35.280 you're a true fighter and have been a major part of uh of this young part of the trump movement so

00:45:40.880 it's great to see you guys launching the company couldn't be more excited thanks so much steve thanks for

00:45:46.160 having me back we'll see you next time thanks thanks girl uh this is what the patriot economy

00:45:53.520 is about the patriot economy is about young you can be any age but entrepreneurs launching their

00:46:00.560 endeavors we're big believers in entrepreneurial capitalism we're not believers in finance

00:46:05.200 capitalism finance capitalism which is essentially a uh a cover for crony capitalism is what's led our

00:46:12.480 nation into this dead end and it started it's been going on for decades but you could see in 2008 the

00:46:18.880 mass came off as they bailed themselves out you didn't get a bailout it's only gotten worse that's

00:46:24.400 where this fiasco on capitol hill and i do and i know it's gonna be tough i think and we're gonna have

00:46:30.960 it up on getter tonight uh to watch biden's uh address to the nation you heard that i think the network's

00:46:36.640 gonna give him like 10 minutes they they told him to keep it tight but this is going to be an in-your-face pitch

00:46:41.840 for a hundred billion dollars to basically go immediately overseas now yesterday he gave a

00:46:49.680 hundred million dollars and in the grand scheme of things oh it's a hundred million a hundred

00:46:52.880 million dollars a lot of money a lot of money they gave a hundred million dollars to the palestinians

00:46:58.640 just this kind of chump change right there without giving a penny to the people in east palestine

00:47:05.520 ohio and the reason is they think u.s citizens are just to be used and abused they they think let's

00:47:11.440 be blunt you're just nothing but trash right you're you're supposed to work your fingers to the

00:47:16.640 bone pay your taxes put your money away and save it so in private equity accounts or in in in

00:47:23.120 retirement accounts the the wall street guys like larry fink and c schwartzman can send the jobs use

00:47:28.560 that private equity and in the in the pension fund money to send your jobs overseas or sequoia capital

00:47:34.160 take it and and fund give the chinese communist party the most advanced technology we have that can

00:47:39.760 come back and be used against working class kids young men and women uh is serving in the pacific

00:47:46.800 fleet or serving in the army serving the marine corps air force and they make huge profits off

00:47:52.640 it and they funnel that profits back in part of it a taste back into the democratic party the republican

00:47:57.840 party to keep the scam going that's the system we have that's the system that you have risen up

00:48:03.840 against and they're not happy and they're going to do everything to defeat you

00:48:08.800 but we have wins we have many wins one of the big wins we have is the beginning of this patriot

00:48:12.560 economy that's why we're so proud to have these companies come on here of these entrepreneurs that

00:48:16.640 support your values they don't hate you they support you the team over at public square this is what

00:48:24.080 michael seaford you know a guy was in silicon valley and had a belly full of it and built this app that is

00:48:29.520 basically this marketplace where you're if you're an entrepreneur if you're out there and you think you've got a

00:48:32.960 product or service that you want to get out to people you can you can launch it for free you

00:48:38.160 can listen for free on uh on uh on public square you go to public sq.com 70 000 i think entrepreneur

00:48:44.720 companies have done it these are people support your value and if you're a consumer say hey look

00:48:49.360 i gotta live in the real real world i can't i'm not a charity i can't be doing favors people but i do

00:48:54.480 want access to compare and contrast companies of patriots out there like uh like meriwether farmers like

00:49:02.320 katherine o'neill i'll give it a shot i'll take a look i'll immerse myself in information

00:49:07.200 and that's what public sq allows you to do you get a free account and then go check it out

00:49:11.600 and if it makes sense then you can make a rational decision as a uh as an informed consumer

00:49:18.720 this patriot economy is a real thing companies are starting up and some of these companies are

00:49:22.880 enormously successful with your support and we've heard back from people of of how they they love the

00:49:28.320 products or services now it has to be as good or better than what's offered out there in the uh

00:49:34.880 i don't want to call it the secular economy but let's say the i hate the patriot economy

00:49:39.120 or the indifference to the american republic economy so go check it out today and of course

00:49:45.120 uh make sure you check out birch gold i want everybody to get up to speed on exactly how we

00:49:49.280 got into the situation the debt trap that we wrote it came out before the death ceiling fight

00:49:53.600 uh reads like it ripped from the headlines of the wall street journal i'm very proud of the fact

00:50:00.320 that not only have we been ahead of this we have been dead spot on and this financial crisis from

00:50:05.360 the beginning and we were mocked and ridiculed about a lot of people by a lot of people and now you see

00:50:10.640 the rise of the global south and this situation israel can only be looked at the overall macro picture

00:50:17.360 can only be looked at when you look at it in the in the context of the rise of the global south

00:50:23.280 against the united states of america and the judeo-christian west led by the chinese communist

00:50:27.680 party the persians the turks oh yes let's throw the kgb in there

00:50:34.480 but you have to understand the economics of it that's why tonight on getter we'll be streaming live

00:50:38.880 i want everybody in the chat room we want to hear your want to hear what you have to say he's going to

00:50:42.720 look you in the eye in the financial crisis we have with his appropriators these people are out

00:50:47.760 of control a true trillion dollar deficit in this past fiscal year and in september 30th and they lied

00:50:53.520 to you when they cut the deal in april at the time they should have known this we knew it we laid it

00:50:59.280 out there and now tomorrow this press guy was all going to come clear and tonight he's going to look

00:51:03.680 you in the eye and he's going to ask basically for 60 to 80 billion dollars for ukraine for zelinski and

00:51:08.800 those crooks over there over our dead body but that fight will start immediately after this so

00:51:15.040 make sure tonight at uh at uh eight you check in we'll be up on getter live and of course we're

00:51:20.960 going to be back here tomorrow the next day we're going to be on location we're going to have a lot

00:51:24.960 of fascinating guests we're going to be keep our hand right on the pulse of what's happening on

00:51:28.160 capitol hill and of course in the geopolitical fight at the beginning of the third world war i think

00:51:33.840 i think that we started preaching that i think that aged well okay uh eight o'clock tonight up on

00:51:40.640 getter uh 10 o'clock tomorrow morning eastern daylight time we'll be back the shows tomorrow

00:51:45.280 gonna be incredible and then saturday will be incredible i'm actually gonna be giving a speech

00:51:49.920 i'll get a clip of that speech and make sure it gets up everybody sees it until then want to thank

00:51:53.920 everybody want to thank our sponsors particularly the great team that does want to thank mike lindell and

00:51:58.960 the team over at lindell tv and the great team in memphis that helps us put on the uh the six

00:52:04.640 o'clock show we'll see you tomorrow morning at 10 a.m live be up on getter tonight

00:52:28.960 for war room veterans you know we have been all over this supply chain issue with china and

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Bannon's War Room - October 20, 2023

WarRoom Battleground EP 398： Our Economy Is Built Upon Artificial Interest Rates

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