Bannon's War Room - July 29, 2025


WarRoom Battleground EP 817： Suspicion Of Central Banks： A Review With Judy Shelton

Topics
end of the dollar empire central bank independence Rio reset
Hosted by
Steve Bannon
Mentioned
Judy Shelton Trump Alexander Hamilton Thomas Jefferson Scott Besson John Adams Alan Greenspan Steve Delano Getter Dave Philip Patrick Strategic Intelligence John Connolly Chair Powell Jim Rickards Paul Volcker Russ Vogt Tom Wolfe Bretton Christine Lagarde Mitch McConnell and 22 more
Episode 4663： Trump Meets With EU Leaders; Bringing Giuliani Era Law And Order To England Episode 4671： Making America Healthy Again; Chinese Surveillance In America

Episode Stats


Length

53 minutes

Words per minute

155.95

Word count

8,311

Sentence count

585

Harmful content

Misogyny

5

sentences flagged

Hate speech

3

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Judy Shelton's Saturday interview with President Trump is a must-listen. She is a force to be reckoned with. She has a unique perspective on how to deal with the current economic and political realities, and a unique approach to dealing with them. It's no surprise that she has been a long-time supporter of the Trump administration and has been one of the most influential voices in the pro-Trump faction of the Republican Party. She's also a fierce critic of the Federal Reserve, and has long been an advocate of the idea that the Fed should be replaced with a more independent, less interventionist central bank.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 This is the primal scream of a dying regime.
00:00:07.000 Pray for our enemies,
00:00:09.000 because we're going medieval on these people.
00:00:12.000 I got a free shot at all these networks lying about the people.
00:00:17.000 The people have had a belly full of it.
00:00:19.000 I know you don't like hearing that.
00:00:20.000 I know you try to do everything in the world to stop that,
00:00:22.000 but you're not going to stop it.
00:00:23.000 It's going to happen.
00:00:24.000 And where do people like that go to share the big lie?
00:00:27.000 MAGA Media.
00:00:29.000 I wish in my soul,
00:00:31.000 I wish that any of these people had a conscience.
00:00:34.000 Ask yourself, what is my task and what is my purpose?
00:00:38.000 If that answer is to save my country,
00:00:41.000 this country will be saved.
00:00:44.000 War Room.
00:00:45.000 Here's your host, Stephen K. Bannon.
00:00:51.000 Tuesday, 29 July in the year of our Lord, 2025.
00:00:56.000 So here's what we're going to do.
00:00:59.000 I've had such overwhelming demand for the Judy Shelton interview to be played during the week
00:01:05.000 and in one of the evenings.
00:01:06.000 We're going to do this.
00:01:07.000 I'm going to break it down.
00:01:08.000 So what I'm going to do, I'm going to do interstitial programming.
00:01:11.000 We're going to play some of the interview and I'm going to come back and try to contextualize it since it happened on Saturday.
00:01:18.000 Although she talked about kind of eternal truths about all this.
00:01:23.000 Also, we have in here, if you remember, much to her surprise, I think pleasant surprise, we also found the clip from John Adams.
00:01:32.000 And if you haven't seen John Adams, the series of HBO, I strongly recommend you to get a DVD.
00:01:38.000 If you don't have a DVD player, you know, order it, get it up digitally online and watch it with the family.
00:01:45.000 It is a it's quite frankly a masterpiece.
00:01:48.000 And of course, it's written with a certain slant on it as everything is, but it's really a masterpiece.
00:01:54.000 And we play a great segment of that in the next block with Jefferson and Hamilton kind of going at it on the fight that still continues today.
00:02:04.000 I want to thank our team at Birch Gold, of course, Philip Patrick and the team.
00:02:09.000 We think it's very important now more than ever that you understand a currency, that you understand America's role as the prime reserve currency.
00:02:18.000 I'm very proud over the last couple of years in being, I think, last four years or longer of being with associated with Birch Gold where we've done this series called the end of the dollar empire.
00:02:28.000 You heard Judy and a lot of people were so blown away by Judy.
00:02:31.000 And when I tell them, hey, go get the end of the dollar empire, that's kind of a primer in what she's talking about.
00:02:36.000 And she speaks with so clearly her thinking so clear, the way she articulates this, the ideas are so clear.
00:02:42.000 I think that's why she she kind of stands out in today's about commentators and observers and people that do analytics is one of the reasons President Trump picked her in the first term.
00:02:53.000 And of course, she was defeated in the United States Senate of Mitch McConnell.
00:02:57.000 I don't think she would be defeated today. I'm a huge advocate of Judy getting involved, involved in all this.
00:03:03.000 Make sure you go to Birch Gold dot com promo code abandoned.
00:03:08.000 You get the end of the dollar empire. We've got seven free installments for you.
00:03:12.000 We're working on installment number eight and we're also working on installment number nine.
00:03:17.000 We think so much came out of Rio, particularly on the de-dollarization effort that you need to understand.
00:03:22.000 Remember, I keep saying this over and over again. It's not the daily price of gold.
00:03:26.000 Of course, it's had a historic run up the last year.
00:03:30.000 If you've been with us for four years, you've and you've gotten involved early on, you understand a real run it's had.
00:03:36.000 And in fact, before the stock market started breaking these all time records here recently, historically through the 21st century, I think it's got the best returns.
00:03:44.000 Anyway, we're going to go back. This is the interview I just did on Saturday with Judy Shelton.
00:03:49.000 Let's go ahead and hit the opening. Judy, you know, the president. 1.00
00:03:53.000 We've got some clips we want to show you a little later, but the president went to the Federal Reserve on the same day.
00:03:57.000 Scott Besson, the secretary of treasury, say, hey, look, this is just not about a new chairman.
00:04:02.000 We need a fundamental review, strategic review of exactly what we're doing here as a central bank.
00:04:07.000 What what what is what's their mandate? What's the plan?
00:04:10.000 What are they helping us or hurting us?
00:04:12.000 I think you've been and I would say the most prominent of the critics of the Federal Reserve.
00:04:18.000 Can you walk us through your thoughts about what Scott Besson with the secretary of treasury saying?
00:04:23.000 Because the media, as they always do, you know, they've got to focus on palace intrigue.
00:04:28.000 So it's this person, that person. But you've argued for a while we have a much deeper and systemic problem with our central bank.
00:04:35.000 Ma'am, the floor is yours. Your observations about where we stand with this central bank right now.
00:04:41.000 Well, first, Steve, let me just say how honored I am that you invited me.
00:04:47.000 I'm so glad to be with you this morning.
00:04:50.000 As far as the Federal Reserve, boy, do I welcome this.
00:04:54.000 They really needed a comeuppance for too long.
00:04:59.000 The Fed has been accumulating power and prominence in financial markets.
00:05:06.000 It's entirely too political itself.
00:05:09.000 And I think that the chair, Jerome Powell, was setting himself up as some kind of an emperor who was going to sit in judgment.
00:05:20.000 And yes, an elected president could come in and put forward their supply side program of lower taxes and less regulation and smarter trade policy, better energy policy.
00:05:32.000 And the Fed would just sit there in judgment and decide if it would allow those things.
00:05:38.000 And it really came to a head when Chair Powell made that that speech at the Economic Club in Chicago.
00:05:45.000 And I think he bought the farm when he did that because finally the disconnect between the world of central banking and all the Americans who voted for President Trump and want those policy changes, who want an economy that's growing, who want an emphasis on the private sector, the real economy.
00:06:07.000 And they just said, no, wait a minute, he's talking about tariff caused inflation as if as if that's a done deal.
00:06:16.000 And it's time to to call the Fed out on it.
00:06:21.000 It can no longer just say, oh, then you're threatening the sanctity of central bank independence or markets might get royal.
00:06:28.000 I'm telling you, we're going to see the central bankers double down because when when Chair Powell goes to Europe and and he gets toasted by Christine Lagarde, the head of the European Central Bank.
00:06:42.000 And and he gets a standing ovation as she says, oh, yes, we all hope to be as brave as he is in resisting.
00:06:50.000 I presume she means being fired.
00:06:53.000 I mean, no one got fired when we hit nine percent inflation, the highest in 40 years.
00:06:59.000 And yet the Fed talks about transparency and accountability.
00:07:04.000 But it's kind of cheap grace because in the end, the Fed just keeps perpetuating its its own power.
00:07:13.000 It has wrong models, wrong mechanisms.
00:07:16.000 It needs an entirely new construct.
00:07:18.000 I welcome when Treasury Secretary Scott Besson said we need fundamental reform.
00:07:24.000 It matters a lot more than whether the Fed reduces 25 basis points in July versus September.
00:07:30.000 And even the the building renovation project.
00:07:33.000 That's just that's just the thread that we can now pull to unravel all of the problems at the Fed running at an operating loss since September 2022.
00:07:44.000 Over nine hundred billion in unrealized capital losses on its own portfolio.
00:07:50.000 And for me, the worst, the Fed paying interest on reserve balances, which means it doesn't engage in open market operations to set monetary policy.
00:08:00.000 It dictates the interest rate in a free market economy.
00:08:04.000 It it fixes the interest rate, the price of loanable capital.
00:08:10.000 And it does it by paying banks not to make loans and not to put their money in Treasury securities, which would bring down those rates, which do affect the real economy.
00:08:21.000 So I'm happy I'll be meeting with Republican senators next week at their steering committee meeting.
00:08:27.000 You have a number of senators who are finally willing to exercise, I think, their constitutionally mandated oversight responsibility.
00:08:35.000 Section one, Article eight, they're supposed to regulate the money. 0.97
00:08:39.000 OK, welcome back.
00:08:41.000 And she's pretty extraordinary, isn't she?
00:08:43.000 I think the reason we got such a tremendous feedback from from the Saturday interview was the fact that people hadn't heard her voice.
00:08:53.000 She's been on the boardroom before.
00:08:54.000 But particularly today and particularly what we're talking about last week, this is the Fed.
00:08:58.000 This was going over to the Federal Reserve itself.
00:09:01.000 It's only the third time in the history of this country that a sitting president has ever been to the Federal Reserve.
00:09:06.000 It said FDR was one at the what the Eccles building was inaugurated, opened up.
00:09:12.000 He went some magnificent space, classic space, you know, a boat arts.
00:09:18.000 And and then I think Jerry Ford had a buddy that was a governor.
00:09:23.000 He went over for lunch or something.
00:09:25.000 But President Trump went over and that was an inspection tour.
00:09:27.000 It's quite extraordinary.
00:09:28.000 What you're going to see next.
00:09:30.000 And this gets to the issue that we have before us today.
00:09:33.000 HBO, the John Adams film.
00:09:37.000 I think it's 10 hours or something.
00:09:39.000 Had an Englishman.
00:09:42.000 Steve Delane that played Jefferson.
00:09:46.000 And really, I think he steals the movie.
00:09:49.000 But you have this the very first cabinet meeting.
00:09:53.000 And you've got with General Washington.
00:09:56.000 And interesting, John Adams is his VP.
00:09:59.000 And John Adams didn't sit in the cabinet meeting.
00:10:02.000 There was a many reasons for that.
00:10:03.000 Number one, they didn't really know what a vice president was.
00:10:06.000 Number two, President Washington wasn't that close to John Adams.
00:10:10.000 And John Adams is a little bit of an instigator.
00:10:12.000 Oh, here he tries to be a peacemaker.
00:10:14.000 And he knew he had enough to handle because he had selected both Hamilton to be his second minister of finance or secretary of the Treasury.
00:10:22.000 And Jefferson to be secretary of state.
00:10:24.000 Jefferson had been in revolutionary France and had just come back for the first cabinet meeting.
00:10:29.000 And they and they went at it right off the bat.
00:10:32.000 And what is about this about this central tension that's still in the country today between being a manual and Hamilton.
00:10:40.000 These guys saw the fact that the United States could be a continental empire and a massive manufacturing superpower.
00:10:47.000 Remember, this is in what, 1792, you know, this is the 18th century.
00:10:54.000 This is the genius of Hamilton in his vision looking down range.
00:10:58.000 This is why if you read the report on manufacturers, I say it's right up there with the Declaration of Independence as a sophisticated look of how you develop a nation.
00:11:07.000 You know, Jefferson's was about the freedom of man and liberty and really a declaration of war, most of a declaration of war against the the British crown.
00:11:17.000 The reports of manufacture came out later was about how you actually take a country that's really just agriculture in some trading in some ports and turn it into an industrial superpower.
00:11:29.000 That's the vision Alexander Hamilton and the practicality put it through.
00:11:34.000 But they were at each other's throats. And what did it get about?
00:11:37.000 It got about debt, deficits, currency.
00:11:41.000 You remember these topics from today?
00:11:43.000 It's from the beginning of the country.
00:11:45.000 And you see the two sides of how they played it out.
00:11:48.000 And Judy Shelton has a magnificent analysis.
00:11:50.000 In fact, she just talked about that right as we were coming into the break.
00:11:54.000 My crack team were able to pull this.
00:11:56.000 And of course, she was delighted.
00:11:57.000 And so you get to see this issue at the at the very start of the revolution.
00:12:02.000 I really want to thank once again Birch Gold.
00:12:05.000 And this is why we make the end of the dollar empire.
00:12:08.000 It's now taught in college courses, because as these professors are saying in finance, it gives accessibility to their students.
00:12:15.000 It's written like a textbook, much more accessible.
00:12:18.000 Why? We want to take a middle class and a working class audience and it kind of explain how the system works, particularly capital markets, the economy and the economy.
00:12:26.000 And the interactions between and currency and why being the prime reserve currency has been so important for America's rise.
00:12:34.000 But it comes with a number of responsibilities and obligations.
00:12:39.000 Right now we're in the middle of a huge fight where you have the BRICS nations led by Russia and China that are trying to get off.
00:12:48.000 They think that the dollar we've weaponized the dollar and it's used against them.
00:12:52.000 Also, they got a issue with, hey, they're running such huge debts that they're devaluing their dollar all the time.
00:12:58.000 We don't want to take payment in fiat currencies is going to be depreciated over time.
00:13:03.000 This is why gold more than ever. This is why these central banks are buying gold at record rates.
00:13:07.000 You have to understand all this one to understand politics today, but also to understand your community, your family's finances and you personally.
00:13:16.000 Remember, we never talk about the price of gold and getting the price of gold.
00:13:19.000 It's had a tremendous run up because it's not about the price of gold.
00:13:22.000 It's about learning about it. How about it?
00:13:26.000 Birchgold.com slash Bannon ended the dollar empire.
00:13:29.000 Here we go with the second block.
00:13:31.000 Judy Shelton, Thomas Jefferson and Alexander Hamilton.
00:13:34.000 I must find Philadelphia much change.
00:13:39.000 There was more change than I could have imagined, Mr. Hamilton.
00:13:43.000 Not the city itself. All cities swallow everything in their way.
00:13:47.000 That's no surprise to me. That's why I abhor them.
00:13:50.000 But I've been, as you know, in revolutionary France, where the streets are filled with the songs of liberty and brotherhood and the overthrow of ancient tyrannies of Europe.
00:14:01.000 And to return from there to this, our cradle of revolution and find the dinner table chatter is all of money and banks and authority is an unwelcome surprise.
00:14:15.000 Unwelcome, perhaps, but necessary.
00:14:20.000 I must admit, Mr. Hamilton, I'm a little uncertain as to the purpose of the Treasury Department.
00:14:28.000 No doubt its function will reveal itself to me in good time.
00:14:32.000 The future prosperity of this nation rests chiefly in trade.
00:14:38.000 Trade depends, among other things, on the willingness of other nations to lend us money.
00:14:43.000 And how would you propose to establish international credit?
00:14:47.000 Our first step would be to incur a national debt.
00:14:51.000 The greater the debt, the greater the credit.
00:14:53.000 And to that end, I have recommended to the President that Congress adopt all the debts incurred by the individual states during the war through a national bank.
00:15:05.000 The idea being that if the states owe Congress money, then other nations will feel more inclined to lend it to us.
00:15:13.000 If the states are indebted to a central authority, it increases the power of the central government.
00:15:21.000 Exactly. The greater the government's responsibility, the greater its authority.
00:15:27.000 The moneyed interest in this country is all in the north, so the wealth and power would inevitably be concentrated there in the federal government, to the expense of the south.
00:15:42.000 If that is the case, it is unavoidable if the union is to be preserved.
00:15:49.000 I fear our revolution will have been in vain if a Virginia farmer is to be held in hock to a New York stock jobber, who in turn is in hock to a London banker.
00:16:00.000 The opportunities for avarice and corruption would certainly prove irresistible.
00:16:08.000 Well, there you have it. As I have heard said, men were angels and no government would be necessary.
00:16:15.000 Right there you see, and that is from the classic John Adams on HBO, and I strongly recommend if you have not watched that and watched it with the family, you do it right there at the very beginning of the country.
00:16:26.000 That is, ladies and gentlemen, the very first cabinet meeting of General Washington, President Washington, his very first cabinet meeting with Jefferson, newly returned from France, and Alexander Hamilton.
00:16:38.000 And what is the argument at the very first cabinet meeting, the very first topic? Money, debt, central banking, all of it.
00:16:47.000 Judy Shelton, so the beginning of our republic, ma'am, this has been a central issue. It's not taught, right?
00:16:53.000 They don't want you to know about this, but this went all the way through Andrew Jackson, all the way through, in fact, the great 1836 to, I think, 1911, 1913.
00:17:03.000 It was one of the greatest periods of growth in world history. We did it without a central bank. Your assessment of this, ma'am?
00:17:10.000 Steve, that conversation you just aired is so riveting, and it shows that from the beginning, there was this slippery slope between wanting to preserve the founding principles of a nation that believed it was capable of self-government, and that it would achieve this by empowering individuals economically.
00:17:36.240 They would have freedom to plan their own lives. They were deemed capable.
00:17:41.240 In the Constitution, in Article I, Section 8, when Congress was granted the authority to regulate the money, it's in the same sentence as the one that gives Congress the power to establish the official standard of weights and measures, because money was meant to be a measure, an honest measure.
00:18:04.680 And so this tension between Alexander Hamilton, who wanted to convince President Washington that the United States needed to be a big player and issue debt and gain credit and become part of that international system for purposes of trade.
00:18:23.340 There are some valid arguments there.
00:18:25.340 And taking on the debt of the individual colonies, which were now newly independent states, but beneath the protection of the United States of America as a nation on its own, Jefferson had written notes on the establishment of a money unit for the United States.
00:18:46.400 And what Jefferson had emphasized is money, we have to have money that people could take straight up, and it shouldn't be a sophisticated thing.
00:18:56.500 It should make sense to the people who carry out their everyday transactions.
00:19:01.120 He said it should be easy to understand, it should be familiar, and it should give confidence, and it will help unite these earlier colonies into their own country.
00:19:12.620 So Jefferson was highly suspicious of central banks because he thought, if you approve that, and you issue debt, and you're putting that burden, adding that to the yoke on members of the public, how are you so different from these other tyrannies dominated by a king?
00:19:33.100 And both gentlemen, both of these great men in U.S. history, wrote lengthy essays to try to convince Washington.
00:19:43.520 Washington was very reluctant to agree to establish a bank.
00:19:48.480 But in the end, I think for these pragmatic purposes of gaining entry into what was then the international trading system and being seen as a legitimate authority and a new nation, he acquiesced.
00:20:05.100 But as you say, later in the 1800s, when we issued greenbacks and during the Civil War, and the idea was the government would just have these IOUs with no connection to gold reserves or backing of any kind, but they had to be accepted as legal tender.
00:20:24.320 That prevailed during the war, and right after the war, the very man who had approved that as a Treasury official became the head of the Supreme Court, and he said that what he had done was unconstitutional.
00:20:40.020 He ruled that that was a violation of really these same founding principles that are in the Constitution.
00:20:46.680 So this tension goes on, and I'm so pleased, it was so gratifying to see President Trump looking very natural in a hard hat for construction, really confronting, and I think bringing down to size this chairman of the Fed.
00:21:07.460 And the message there for me was that when you have a change of leadership, and I think he's hitting on all cylinders, remarkably, in all these foreign policy areas, on the border, he's doing so much, challenging a corrupt DOJ.
00:21:25.260 But on this big question, what is the appropriate role of a central bank in a free market economy?
00:21:31.780 And you hear all the invocation of the dual mandate, but really, that's the way the Fed protects itself.
00:21:41.640 I would put the next Fed chairman should be someone who puts the Constitution ahead of the Federal Reserve Reform Act of 1977.
00:21:52.360 And I might also point out that the Humphrey Hawkins Act of 1978, contrary to what people say about establishing central bank independence, says in it several times what we need.
00:22:07.900 And I'm quoting, this is legislative language, is improved coordination among the president, the Congress, and the board of governors of the Federal Reserve.
00:22:18.020 And it was meant to help use an all-of-government approach to achieve national economic priorities, one of which was a better trade balance.
00:22:30.240 So I just think the Fed has gone off the rails and kind of believes its own press clippings when, in fact, it is not serving the public and it is not carrying out the function.
00:22:43.620 I mean, even the dual mandate, stable prices, that was meant to mean zero inflation.
00:22:50.540 Again, read the legislation, zero inflation.
00:22:54.480 The Fed, in 1996, when Alan Greenspan was the chair, discussed what it meant to deliver stable prices.
00:23:02.540 And Greenspan thought it meant zero inflation.
00:23:05.140 What else could it mean?
00:23:06.200 But he was talked out of that by Janet Yellen, who was on the Federal Open Market Committee at the Federal Reserve.
00:23:13.420 And she thought, let's have perpetual low inflation, basically because through Keynesian principles, that's how you fool wage earners.
00:23:23.280 If the economy takes a downturn, and let's say normally that meant companies did 1% less business and you would maybe cut wages 1%, she said, oh, no, no.
00:23:35.940 If you have inflation at, say, 2% or 3%, you can actually give them a raise and they won't realize that in real terms they've lost purchasing power.
00:23:45.160 And that has been the Fed's policy to deliberately debase the dollar, even at 2% a year.
00:23:52.760 They would pat themselves on the back to get down to 2%.
00:23:55.680 But think of that, over a decade, losing 20% of your purchasing power.
00:24:00.360 I just think I'm amazed the American people have put up with it, and I'm delighted that I think we're now starting to confront the Fed about these longstanding policies that have not served the aims or been consistent with the principles of America.
00:24:18.580 Isn't she amazing? 1.00
00:24:20.160 I mean, absolutely amazing.
00:24:21.400 And I really want to thank her.
00:24:22.660 We're going to have her on a lot more often.
00:24:25.200 And remember, you know, Navarro and Russ Vogt and Scott Besson, just really so proud of who's come on the show and how they've taken to the audience and the audience has taken to them.
00:24:36.020 Of course, guys like Mike Benz, Philip Patrick from Birch Gold.
00:24:39.920 I always want to thank the Birch Gold team makes all this possible.
00:24:42.900 And, of course, you guys have jumped into the Birch Gold situation and have told us time and again, we want to learn more.
00:24:48.940 We want to know more.
00:24:50.660 That's the whole purpose of this.
00:24:52.160 That's the whole purpose of the show.
00:24:53.640 Jim Rickards, he came on as a contributor a couple of years ago, Strategic Intelligence, actually set up a web page.
00:24:59.700 What we try to do is give you access to information that you can't get anywhere else.
00:25:04.300 You go to RickardsWarRoom.com.
00:25:06.640 Strategic Intelligence is the newsletter.
00:25:09.720 The reason I love it, this audience of working class and middle class folks, you get access to something that the C-suites, 0.86
00:25:16.240 that's a fancy Harvard Business School term for the guys that are chairman of the boards or the CEOs or people running these organizations.
00:25:25.000 You get the same access to information that you get.
00:25:28.060 Make sure you go to RickardsWarRoom.com today to get Strategic Intelligence.
00:25:33.040 And Jim kicks in a book, Money, GPT, about currency and artificial intelligence.
00:25:38.600 I came to Jim's writings over a decade ago, I think 15 years ago, with his currency wars.
00:25:44.200 It's pretty amazing.
00:25:45.240 And we're so proud to have Jim on.
00:25:46.600 He was on this morning.
00:25:47.500 He, of course, walked through everything on geopolitics, intelligence, national security, and capital markets and economics.
00:25:53.340 As President Trump runs the table on these trade deals.
00:25:59.560 Now it's time to get, you know, maybe go do an audit of Fort Knox.
00:26:05.360 I'm all in for that.
00:26:06.340 You like that idea?
00:26:07.700 I think Jim Rickards likes it.
00:26:08.900 He keeps talking about it.
00:26:09.820 Got to get Scott Besson.
00:26:10.880 Let's just go.
00:26:11.600 Maybe not have an audit.
00:26:12.580 Let's just go and take a clipboard and make sure we just check.
00:26:15.900 Got all the gold there.
00:26:18.420 We're going to continue on.
00:26:19.720 We'll take a short commercial break.
00:26:20.800 Johnny Connell, take us out.
00:26:23.740 We're going to come back and continue on with Judy Shelton.
00:26:26.600 Make sure you take your phone out.
00:26:27.920 Bannon.
00:26:28.480 Text Bannon at 989-898.
00:26:30.480 Get the ultimate guide.
00:26:33.040 This guide is free.
00:26:35.060 For investing in gold and precious metals in the age of Trump.
00:26:39.020 Now more than ever.
00:26:40.540 We're teaching you how to fish.
00:26:41.820 We ain't giving you a fish.
00:26:43.820 Here in the war room.
00:26:44.820 Short commercial break.
00:26:45.700 Johnny Connell takes us out.
00:26:46.740 Back in a moment.
00:26:47.240 This July, there is a global summit of BRICS nations in Rio de Janeiro.
00:27:05.880 The block of emerging superpowers, including China, Russia, India, and Persia, are meeting
00:27:11.980 with the goal of displacing the United States dollar as the global currency.
00:27:16.620 They're calling this the Rio reset.
00:27:19.520 As BRICS nations push forward with their plans, global demand for U.S. dollars will decrease, 0.57
00:27:24.840 bringing down the value of the dollar in your savings.
00:27:27.600 While this transition won't not happen overnight, but trust me, it's going to start in Rio.
00:27:34.480 The Rio reset in July marks a pivotal moment when BRICS objectives move decisively from a
00:27:40.680 theoretical possibility towards an inevitable reality.
00:27:46.220 Learn if diversifying your savings into gold is right for you.
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00:27:55.420 metals.
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00:28:08.840 let Birch Gold arm you with a free, no-obligation info kit on owning gold before July.
00:28:14.680 And the Rio reset.
00:28:17.220 Text Bannon, B-A-N-N-O-N, to 989898.
00:28:21.620 Do it today.
00:28:22.880 That's the Rio reset.
00:28:24.120 Text Bannon at 989898 and do it today.
00:28:28.760 There's a lot of talk about government debt, but after four years of inflation, the real
00:28:32.960 crisis is personal debt.
00:28:35.660 Seriously, you're working harder than ever and you're still drowning in credit card debt
00:28:40.200 and overdue bills.
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00:29:46.820 According to the Department of Energy, blackouts could increase by 10,000% over the next few years.
00:29:52.080 It's because of massive energy demand from artificial intelligence data centers.
00:29:56.940 We talk about that all the time here in the War Room.
00:29:59.840 And we have a fragile power grid.
00:30:01.860 It just cannot keep up with that demand.
00:30:04.100 I don't know about you, but I don't like the idea of being without power, even for a day.
00:30:08.420 That's why I got the Grid Doctor 3300 from my patron supply.
00:30:13.260 It's a powerful solar generator that runs refrigerators, AC units, medical devices, power tools,
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00:30:46.740 And grab the Christmas in July bundle before it's gone.
00:30:50.440 Blackouts are coming.
00:30:52.260 Go to mypatriotsupply.com slash Bannon and get prepared today.
00:30:56.500 Hello, America's Voice family.
00:30:59.060 Are you on Getter yet?
00:31:00.420 No.
00:31:00.920 What are you waiting for?
00:31:02.140 It's free.
00:31:02.880 It's uncensored.
00:31:03.920 And it's where all the biggest voices in conservative media are speaking out.
00:31:08.460 Download the Getter app right now.
00:31:10.280 It's totally free.
00:31:10.980 It's where I put up exclusively all of my content 24 hours a day.
00:31:14.760 You want to know what Steve Bannon's thinking?
00:31:16.520 Go to Getter.
00:31:17.140 That's right.
00:31:17.900 You can follow all of your favorites.
00:31:19.680 Steve Bannon.
00:31:20.420 Charlie Kirk.
00:31:21.100 Jack Posobin.
00:31:21.980 And so many more.
00:31:23.560 Download the Getter app now.
00:31:24.920 Sign up for free and be part of the movement.
00:31:27.460 It is now time to really go through the Federal Reserve and take it apart and look at it and
00:31:33.280 find out what its strategy is, what's actually happening, what are the control mechanisms.
00:31:38.900 And I think we've got to get back to the very basics, what its purpose is and do we need it.
00:31:43.940 Judy mentioned just, you know, in passing, a $900 billion loss, unrealized loss on their
00:31:51.340 balance sheet right now, almost a trillion dollars.
00:31:55.900 Judy, we're on the, you know, we just had the AI action plan.
00:32:00.120 We've got artificial intelligence.
00:32:02.580 We've got, we just beat back a central bank digital currency.
00:32:05.100 This audience with MTG and a handful of others made sure that we had an independent vote
00:32:12.340 passed so we wouldn't go to a central bank digital currency because they were about to
00:32:15.760 pass that up on Capitol Hill.
00:32:17.900 So we're on the age of, we're on the eve of a revolution that will be the greatest industrial
00:32:24.580 revolution, at least to date, with artificial intelligence and the convergence of quantum
00:32:30.680 computing and regenerative robotics and artificial general intelligence, Chris, for all that,
00:32:35.580 the singularity is within sight, right?
00:32:38.900 You, as we said in, when I was in federal prison, you can see the door.
00:32:43.760 Why is Judy Shelton then, why are you not just a complete throwback to Jefferson and Hamilton 1.00
00:32:51.040 and horse and buggy?
00:32:52.480 You continue to hammer the Fed and the space of core.
00:32:56.420 You talk about gold, gold bonds.
00:32:58.200 You want an audit.
00:32:58.940 Don't you come from the horse and buggy era in that really it's passed you by, what they're
00:33:07.300 talking about today with the digitization of money and artificial intelligence and all
00:33:11.360 that and everything we talk about is really about this barbaric metal that really harkens
00:33:16.240 back to the dark ages of mankind, ma'am?
00:33:19.220 I think that talking about the role of gold in anchoring an international level monetary playing
00:33:29.100 field is a very forward-looking, even sophisticated approach.
00:33:34.440 I might note that Secretary Besant said that he was probably best labeled a gold bug during
00:33:41.140 his currency trading days.
00:33:43.800 And it's funny, I even, I was preparing and looking at some notes.
00:33:49.860 I actually have an email from Alan Greenspan.
00:33:53.900 This was from July 2019.
00:33:57.180 I've had a great collegial relationship with him since 1990.
00:34:02.760 He'd read my book on the coming Soviet crash and he had just come back from the Soviet Union
00:34:08.340 and he wanted me to come to D.C. to talk about it.
00:34:10.700 So then I met pretty regularly with him.
00:34:13.160 But when I was a newly named nominee for the Federal Reserve Board by President Trump, there
00:34:21.180 was just a brutal column about me in the Washington Post.
00:34:27.440 So I sent it to Alan.
00:34:29.200 I emailed it.
00:34:30.060 And I started out by saying, I'm noting a certain almost hysterical antagonism toward
00:34:35.580 the gold standard these days.
00:34:37.860 And then said, sound familiar?
00:34:39.580 That was the opening sentence of the paper that Alan Greenspan wrote called Gold and Economic
00:34:46.360 Freedom, a radical paper.
00:34:49.840 And he wrote that for Ayn Rand's compendium, Capitalism, the Unknown Ideal.
00:34:54.660 And he emailed right back, dear Judy, interesting times.
00:35:00.940 If gold is such a worthless metal, then why does the U.S. government and all other major
00:35:05.900 governments hold so much of it in storage?
00:35:09.640 Unquote.
00:35:10.600 Best, Alan.
00:35:12.680 So I've also known Paul Volcker since 1994, right up until he passed away.
00:35:21.300 We would always be together at the International Monetary Conference chaired by Robert Mundell.
00:35:29.320 And I co-chaired it the last few years of Mundell's life.
00:35:32.660 He was the Nobel economics laureate who was really the intellectual godfather under President
00:35:39.080 Reagan for supply side economics.
00:35:41.300 And he believed a stable dollar was just vital to assuring prosperity.
00:35:47.900 You needed the proper foundation for market forces to work, for supply and demand to deliver
00:35:57.040 optimal economic performance because the money itself conveyed accurate price signals.
00:36:04.640 And it functioned as a store of value.
00:36:07.640 So I've grown a very thick skin.
00:36:12.040 And people who criticize gold are not the ones in the arena.
00:36:16.120 Paul Volcker always talked about the role of gold as the anchor for the Bretton Woods
00:36:21.180 system.
00:36:22.060 He wrote in his book, Changing Fortunes, he always thought it was embarrassing that the
00:36:27.400 U.S. walked away from the gold convertibility obligation.
00:36:31.640 And he was sure we were going to just restore the system but at a higher valuation for gold.
00:36:38.320 So when I see people who have been in the arena and served for many, many years as the head
00:36:44.880 of the most important central bank in the world, like Greenspan, like Volcker, and then to have
00:36:50.720 such a good relationship with Mundell, who his supply side approach is now being replicated
00:36:57.200 and I think improved and made substantially stronger due to the bold leadership of President Trump.
00:37:04.000 I can laugh off people who think they think it's better, a better system to listen to the nuanced
00:37:13.720 statement of 12 officials on the voting committee that defines, that dictates the rate of interest
00:37:22.340 and they meet eight times a year to decide the cost of loanable capital.
00:37:27.980 I mean, that's barbaric.
00:37:29.260 To me, that violates the norms of democratic governance.
00:37:33.900 So I would rather have, I think I would go with the thinking, not just of central banks,
00:37:39.320 which have been buying up gold like crazy, but all the people buying it at Costco.
00:37:44.200 I trust that aggregate wisdom much more than the rather insulated world of central bankers
00:37:50.860 who think they can control the money supply.
00:37:53.500 You brought up all of this, these evolving electronic payment platforms.
00:38:00.760 How can you control the money supply with stable coins coming on?
00:38:04.920 There's unlimited potential for stable coins to serve as money.
00:38:09.300 You have the explosion of private credit.
00:38:12.900 The whole rationale for a Federal Reserve system was to prevent banking panics.
00:38:19.160 Well, now more than 50 percent of the loans to small and medium-sized businesses are coming
00:38:25.120 from non-bank institutions, private credit.
00:38:28.840 How is the Fed examining that?
00:38:32.020 There's a regulatory arbitrage going on where the big banks just play footsie with the Fed.
00:38:37.720 They collect hefty interest rates for letting their money sit in cash balances at the Federal
00:38:44.140 Reserve.
00:38:44.600 And then on the side, and we just heard Jamie Dimon talking about this, he says,
00:38:49.120 I think it's dangerous as can be, but we want in on it.
00:38:52.280 So J.P. Morgan is now saying we're going to get into this private credit business big time.
00:38:58.200 Those loans are not under the immediate regulatory oversight of the Federal Reserve.
00:39:04.180 And another very interesting movement, the growing number of states, including Florida and Texas,
00:39:12.860 in the last two months have signed legislation to allow citizens to use gold and silver through
00:39:21.020 debit cards and mobile applications as legal tender for everyday transactions.
00:39:26.640 And it was no mistake.
00:39:28.000 I mean, Greg Abbott, the governor of Texas, when he signed the legislation less than a
00:39:33.740 month ago, he said this is to restore constitutional money.
00:39:39.100 And when Governor DeSantis signed it for Florida just a month before that, he said this is to
00:39:44.040 restore economic freedom.
00:39:46.140 So you have an alternative to a dollar that is being deliberately debased.
00:39:50.480 I think this should be sending a signal to Washington.
00:39:54.280 And I think it is, and I think our members of Congress are picking up on it, that the spell
00:40:00.940 has been broken.
00:40:02.380 When the Fed allowed inflation to get to the point that it did, when the Fed's model predicted
00:40:08.880 doom and gloom, and that didn't happen, when people started to realize that the way you
00:40:16.300 fight inflation is by increasing output, increasing supply, not by trying to suppress demand and curtail
00:40:23.920 growth, what the Fed does, when government is overspending and engaged in classic stimulus
00:40:29.420 deficit spending, and then the Fed becomes a disciplinarian and says, well, we'll run up
00:40:34.600 interest rates to prevent inflation.
00:40:37.320 All they're doing is empowering government at the expense of the private sector, because
00:40:42.280 government has to pay whatever the interest rate is decreed through treasury auctions.
00:40:47.080 But for entrepreneurs, for small business people who really need access to capital, when you
00:40:54.760 set artificially high interest rates, which is what the Fed means when it says, yes, it's
00:40:59.580 restrictive, they mean it's restricting the amount of real growth that it is permitting,
00:41:05.880 because these people are now having to go elsewhere.
00:41:08.260 And because high cost of capital is a real barrier to people in the real economy, that's why it
00:41:16.340 makes no sense to have fiscal policy working at odds with monetary policy to the benefit
00:41:24.440 of empowering big government.
00:41:27.780 Are the BRICS totally wrong?
00:41:30.840 I mean, geopolitically, it's becoming anti-Western.
00:41:33.880 But when they talk about the deterioration of the dollar, and they're looking to do bilateral
00:41:39.880 agreements that are backed in gold, and they're talking about some sort of gold-backed currency,
00:41:45.880 and they deem their central banks to go buy gold at record rates, they understand something
00:41:52.960 about the deterioration of the dollar, correct?
00:41:56.120 They have their reasons.
00:41:58.020 Of course, we don't want that to happen.
00:41:59.860 I like that President Trump put it out there, that don't do that.
00:42:07.040 It's hard for them, because we have the deepest financial markets.
00:42:11.440 We have a lot going for us.
00:42:13.040 The U.S. has a legacy of having been the anchor country for the Bretton Woods system, which not
00:42:19.540 only delivered productive growth all over the world, and you had fixed exchange rates, which
00:42:25.540 meant trade was carried out on the basis of a unified money system, just like we had when Adam
00:42:32.920 Smith wrote The Wealth of Nations.
00:42:34.840 You can't talk about comparative advantage if currency manipulation is obscuring the price
00:42:43.500 signals and slanting to the advantage of countries that depreciate their currencies.
00:42:48.580 So, with the BRICS countries, they want to avoid sanctions.
00:42:52.480 They understand that the U.S. dollar is subject to what we're calling the inability, the fiscal
00:43:02.020 insustainability of our path, which we keep saying we're going to deal with in the long
00:43:08.700 run.
00:43:09.000 Well, I'm waiting for day one of the long run and trying to get down to a balanced budget.
00:43:13.820 You need sound finances to go with sound money.
00:43:17.300 But this is why I say the United States could just leap ahead, and it would be fairly simple
00:43:23.880 if you had your Treasury Secretary, and I say I think Scott Bessent would be amenable to
00:43:29.820 this because he is a student of monetary history, even a professor of monetary history.
00:43:35.640 The Treasury could issue a go back.
00:43:38.040 Hang on, we've got to go to a break.
00:43:40.140 I want to give the punchline on the other side.
00:43:42.360 Judy Shelton's with us.
00:43:43.820 The author of Good is Gold.
00:43:45.380 It's now out.
00:43:46.220 You can get it at Amazon.
00:43:47.140 We're going to get all her coordinates here in a second.
00:43:49.860 Judy, go ahead and finish what you were saying about Scott Bessent.
00:43:54.160 I think as Treasury Secretary, he could authorize, with President Trump's approval, I believe
00:44:00.880 he would love the idea.
00:44:02.440 He could authorize the issuance next year on July 4th, 2026, of a 50-year Treasury bond convertible
00:44:14.100 into gold at maturity at the option of the bond holder.
00:44:18.760 I think this would be something like a TIPS bond, Treasury Inflation Protected Security.
00:44:25.380 It can just be an offering put out there for investors.
00:44:28.640 I think the demand would be phenomenal.
00:44:32.460 I think this might involve verifying a walk through Fort Knox.
00:44:37.780 I think the gold is there, but let's make sure there are no encumbrances.
00:44:40.780 The 261 million ounces the U.S. owns, we carry it at a book value of $11 billion.
00:44:47.800 It's worth closer to a trillion.
00:44:49.800 You could take a windfall profit if you collateralize that gold.
00:44:55.460 Our family jewels, we're in a family emergency.
00:44:59.280 You pledge those as specific collateral for these bonds.
00:45:02.840 And I think that starts to establish the lodestar.
00:45:07.020 And what I think that we need to do, and what I would say to the Treasury Secretary and to
00:45:13.440 members of Congress, particularly the Senate, who are looking at the Fed, the Fed is potentially
00:45:18.480 facing an existential crisis.
00:45:20.080 When you have people like a constitutionalist, Senator Mike Lee, calling for end the Fed, and
00:45:26.280 Senator Rand Paul calling for an audit of the Fed.
00:45:28.840 I think the next Fed chair should be concentrating on eliminating the Fed's mechanism of paying
00:45:37.880 interest on reserve balances.
00:45:39.880 It's paying 4.4% on $3.4 trillion, sitting in cash.
00:45:44.540 40% of the hundreds of billions it's paying is going to foreign-owned banks.
00:45:50.760 I think that's outrageous.
00:45:53.120 And the Fed should instead go back to the Paul Boker way of open market operations, which
00:45:58.520 means it should be shrinking its portfolio and selling off some of its own Treasuries.
00:46:03.280 And I think as banks got off of that approach of just passively collecting money from the
00:46:10.040 Fed, they would put that money into the Treasury instruments and bring down those interest rates,
00:46:16.440 which really would matter to the real economy.
00:46:19.460 And then my third piece of advice is have Treasury work with the Fed to issue that 50-year
00:46:25.180 bond, because if you compare the rate of return on a bond that's convertible into gold, a dollar
00:46:31.280 denominated in dollars as good as gold, and compare what the U.S. has to pay for that interest
00:46:38.260 rate relative to fiat money, which denominates normal Treasury securities, that could come
00:46:45.200 to serve not just as an information tool to the Fed about the aggregate expectations of the
00:46:50.460 future purchasing power of the dollar relative to gold, which is a good surrogate for commodities
00:46:56.340 and the real economy.
00:46:58.720 It could become a price rule in the future.
00:47:02.520 Instead of just having wholly discretionary authority of the 12 people who decide the rate
00:47:08.620 of capital, maybe if there's a huge discrepancy, a big gap in the interest return on dollar-denominated
00:47:16.380 instruments where it's as good as gold compared to fiat money, that would be a signal that
00:47:21.620 the Fed had to take certain actions.
00:47:23.780 The people who worry most about Federal Reserve independence are the ones most resistant to
00:47:29.880 any kind of a rule.
00:47:31.780 And I think that's very telling.
00:47:34.100 So those would be my recommendations.
00:47:37.260 Judy, where do people get your writings?
00:47:39.000 Where do they get the new book, Good as a Gold?
00:47:40.560 And where do they get all your writings, social media, all of it, ma'am?
00:47:43.840 Well, thanks for asking, Amazon, good as gold, how to unleash the power of sound money.
00:47:51.060 And it details my approach, which is that we know central planning doesn't work.
00:47:56.720 So why do we have that at our central bank?
00:47:59.760 And then it gets into the very specifics of the proposal I just outlined.
00:48:04.660 And you can follow me on X at Judy Schell.
00:48:08.720 Judy, thank you for taking an hour on a Saturday morning in July, in late July, to inform our
00:48:16.280 audience.
00:48:16.720 I'm telling you, people loved it.
00:48:17.800 And we'll make sure we get you back on here and talk about all these developments as we
00:48:22.140 push forward for a restructuring of the Federal Reserve, ma'am.
00:48:26.000 It was fun to be with you, Steve.
00:48:27.680 Thank you for inviting me.
00:48:29.860 Thank you, ma'am.
00:48:30.540 Wow.
00:48:33.860 This is what they don't want working class people and middle class to understand. 0.98
00:48:37.420 They don't want you to understand, really, money, currency, the way the system works.
00:48:43.460 If you're going to make changes to the system, you have to understand the system and how it
00:48:47.420 works.
00:48:48.160 So then you can take it apart.
00:48:50.520 President Trump, and this is why this huge fight you've had for years and years and years
00:48:56.020 to return President Trump to the Oval Office is so important because you bring in people
00:49:03.680 like Russ Vogt, you bring in people like Dr. Peter Navarro, you bring in people like
00:49:08.920 Scott Besant, right?
00:49:10.800 These people that are taking a fundamental and serious look at the system and how to either
00:49:18.620 take it apart and rebuild it so it maximizes freedom for the American people and the benefit
00:49:24.280 of American citizens.
00:49:27.020 And what Judy said right there, we'll get more into that in the days and weeks ahead
00:49:30.440 about paying interest on these bank reserves, particularly 50% of it going to foreign banks.
00:49:36.140 The rot inside the system is amazing.
00:49:38.980 But the resistance to change, and this is one of the things that's so we have to stick
00:49:42.520 the landing on what Tulsi Gabbard has put before us.
00:49:45.860 We're going to get more into that in the second hour, which is so vitally, vitally important.
00:49:50.220 Do you agree with me that maybe, I don't know, let's put her on the short list for Federal
00:49:55.360 Reserve chair.
00:49:56.060 I'm serious about this.
00:49:58.520 She's a rock star. 0.98
00:50:00.800 And she speaks truth and she speaks truth to power.
00:50:04.060 And you heard about her book, Good as Gold.
00:50:06.900 I want to thank the Birch Gold team.
00:50:08.520 Like I said, now maybe more than ever, you want to find out about this.
00:50:12.960 Birchgold.com slash Bannon, the end of the dollar empire.
00:50:16.980 We're not certainly rooting for the end of the empire.
00:50:19.360 We're warning people that if you continue on this path, the BRICS, I mean, we were the
00:50:23.780 called shot, said the BRICS are going to stand up eventually.
00:50:26.520 We said this years ago.
00:50:28.040 Why are they doing that?
00:50:29.500 Because we're devaluing the dollar all the time.
00:50:32.140 President Trump, he ain't having it.
00:50:34.000 He said, hey, point blank, you join the BRICS, you're going to pay 10% premium on your tariffs.
00:50:40.280 And he already put a 50% on Brazil.
00:50:43.460 And I believe in that.
00:50:44.800 You got 30% for Bolsonaro and 20% for leading the BRICS effort.
00:50:51.160 Anyway, Birchgold.com slash Bannon, end of the dollar empire.
00:50:54.100 Go check out Dave Philip Patrick, of course, and the team.
00:50:57.440 No better, I think it's no better time to have the right stuff, the magnificent, off a
00:51:03.120 classic book by Tom Wolfe, who was born and raised in the same neighborhood I was in
00:51:08.940 Richmond, Virginia, one of the great authors, remember all the great books he wrote, Tom
00:51:16.200 Wolfe, the great novelist, Philip Kaufman's the director of a classic, and Conte is the
00:51:21.560 composer of this magnificent score.
00:51:23.700 This weekend, maybe you'll watch the right stuff with the kids.
00:51:27.500 We're back at 10 a.m.
00:51:28.880 Eastern Daylight Time tomorrow morning.
00:51:31.060 It's going to be on fire.
00:51:32.680 The President of the United States is back in town.
00:51:35.000 We'll be back with him in the war room.
00:51:38.600 See you then.
00:51:57.360 You missed the IRS tax deadline.
00:52:00.700 You think it's just going to go away?
00:52:02.160 Well, think again.
00:52:03.940 The IRS doesn't mess around, and they're applying pressure like we haven't seen in years.
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