Bannon's War Room - WarRoom Battleground EP 837： Remembering The Fall Of Kabul; The Risk AI Is Impending On American Jobs

00:00:00.000 state's marine corps sergeant joani rosario picardo was part of the marines female engagement

00:00:06.240 team she was a native of lawrence massachusetts a 2014 graduate of lawrence high school and

00:00:12.640 attended bridgewater state university she was full of light armed with valor and bravery

00:00:18.320 who at the young age of 18 decided to raise her hand to serve her country as a member of

00:00:22.480 the united states marine corps corporal umberto sanchez united states marine corps was a native of

00:00:31.280 logan sport indiana 2017 graduate of logan sport high school he bravely answered the call to serve

00:00:37.360 his nation he was honored to be putting on the marine uniform and serve his country

00:00:43.280 staff sergeant ryan nos u.s army motivated young man who loved his country from knoxville tennessee

00:00:50.400 he joined the army shortly after graduating high school he was part of the eighth psyops group and

00:00:57.200 was looking forward to moving to dc upon his return home staff sergeant darren taylor hoover united states

00:01:06.720 marine corps known as taylor former high school football player from midville utah he spent his

00:01:12.560 entire adult life as a marine for the last 11 years his father said his son did what he loved was leading

00:01:18.880 his men and his men and was with them to the end he loved the united states and proved it by his service

00:01:25.520 sergeant nicole gee united states marine corps she was a marines marine loved helping people and she did it

00:01:33.520 until the end she's a native of sacramento california lance corporal dylan marala united states marine corps

00:01:43.920 from rancho cucamonga graduate of los osos high school had only been in afghanistan two weeks planned to study

00:01:50.720 engineering in college after his military service his mom said he was kind loving and giving to every

00:01:58.800 single person he gave he would give anything for anybody

00:02:05.360 lance corporal kareem nikawi graduated from norco high school in 2019

00:02:13.920 he loved what he was doing he always wanted to be a marine david lee espinosa united states marine corps laredo texas

00:02:26.400 graduated from linden b johnson high school grew up in rio bravo

00:02:33.280 corporal hunter lopez united states marine corps from riverside california

00:02:38.480 california his parents are riverside turist deputies captain herman lopez and deputy alicia lopez

00:02:46.000 he was a brave and selfless soldier who answered the call of duty

00:02:54.880 riley mccullum united states marine corps graduated in 2019 from jackson hole high school

00:03:01.760 he became a marine in 2020 he had always dreamed about being a marine and he was on his first

00:03:26.720 first deployment corporal dagan william tyler page graduated from miller south high school

00:03:34.800 in omaha nebraska joined the marines in 2019 he loved the brotherhood of the marines his parents

00:03:42.240 said he was a genuinely happy guy that you could always count on

00:03:46.080 and navy corps from berlin heights ohio graduated in 2017 from edison high school he was excited about

00:04:02.000 the opportunities the navy would offer him and planned on making the navy a career

00:04:07.040 this is the primal scream of a dying regime pray for our enemies because we're going to medieval on

00:04:18.080 these people here's not got a free shot all these networks lying about the people the people have had

00:04:24.800 a belly full of it i know you don't like hearing that i know you try to do everything in the world

00:04:28.720 to stop that but you're not going to stop it it's going to happen and where do people like that go

00:04:32.880 to share the big line mega media i wish in my soul i wish that any of these people had a conscience

00:04:41.680 ask yourself what is my task and what is my purpose if that answer is to save my country

00:04:48.560 this country will be saved war room here's your host stephen k ban 0.85

00:04:54.960 all right everyone uh welcome to the war room this in from the department of defense honors fallen

00:05:07.600 heroes on the fourth anniversary of the abbey gate attack i think you all recognize that voice

00:05:14.320 on this day of remembrance i hope you will all take a pause uh bow your head say a prayer to god in in

00:05:22.080 thankfulness uh to the great souls the 13 souls we lost uh their physical lives down here but they

00:05:29.760 served their country with honor and so we're very thankful to them and to the pain their families

00:05:34.800 have gone through uh we hold them uh in in our memory today and so uh mo bannon uh no no better person

00:05:43.040 to uh help us in this day of remembrance uh mo uh give us your uh your comments on this on this day

00:05:50.240 thank you dave for having me and like you said we should remember the 13 souls lost

00:05:55.920 you know back four years ago it was a botched withdrawal and these 13 were murdered at abbey gate

00:06:03.040 and there were at least 20 to 28 wounded at on that day four years ago and they have to live with the

00:06:12.240 injuries they sustained every day for the rest of their lives and those 13 service members families

00:06:18.320 have to live with the loss of that service member and not being able to have grandchildren or spend

00:06:26.720 the rest of their lives with their children and their lives were cut so short a lot of those service

00:06:31.840 members were 20 21 years old some even 19 and and they lost out on their future and i know that president

00:06:40.320 trump is doing his part in holding the people for that those 13 murders accountable you know in march

00:06:49.840 he arrested the isis k member known as jafar that was responsible for the planning of these attacks

00:06:58.320 however why four years later have general milley and general austin not been held accountable for their

00:07:07.360 parts and what happened this was a botched withdrawal and i know a lot of people say you know we were

00:07:13.920 there 20 years we could have gotten out sooner and there were four different presidents that could

00:07:18.560 have gotten us out but it came down to joe biden and he did the withdrawal in the worst manner possible

00:07:27.120 i was part of the withdrawal out of iraq and it wasn't perfect but we had no souls lost during that

00:07:33.840 withdrawal out of iraq and it is absolutely disgusting that those responsible for what

00:07:42.960 happened have not been held accountable four years later yeah mo well we were chatting a bit about that

00:07:52.000 before you came on and say a little bit more about that you're on an important board up there now

00:07:58.960 uh with the military uh president trump we we see there's a lot of turnover going uh on in dod under

00:08:06.720 hegseth and others state department uh you know it's too bad that the sharks raised rise to the top in

00:08:15.040 these bureaucracies how how we let that happen uh but it was all too familiar uh do you get a sense

00:08:22.240 so we're turning the ship around uh and that we got good ethical people uh that are there are patriots that

00:08:28.000 care about these troops uh and and the you know so we don't lose uh trump really seems to emphasize

00:08:35.200 that in all of his talks on the war he hates seeing the lost uh young men and women on the battlefield

00:08:41.120 and uh i buy it and so like is there uh room for optimism and hope that we got better people coming

00:08:47.600 in now i think so dave i think that we are turning the ship around i think president trump is doing a

00:08:53.360 good job however i think that he needs to hold i think he needs to bring general mark milley and

00:08:59.200 general lloyd austin back on active duty and court martial them and hold them accountable for what

00:09:04.640 happened on august 26 2021 i think that with hegseth the secretary of defense we were doing a great job

00:09:13.520 in turning things around i think that he is focused on war fighting and not what the last administration

00:09:20.160 was focused on gender theory pronoun training we're actually focusing on getting back to what we

00:09:27.040 should be focused on god forbid we get into another war um but i think that we are starting to turn the

00:09:35.120 ship around i think it's going to take time but i think that president trump needs to hold those people

00:09:40.560 accountable for what happened in 2021 because i get withdrawing from afghanistan what bothers me to my

00:09:50.000 core is the way it was done those 13 service members should still be here today those 28 that were

00:09:56.960 wounded should still have all of their limbs should not having not have to be dealing with wounds

00:10:03.600 physical and invisible for the rest of their lives we shouldn't also have service members committing

00:10:09.120 suicide every day because of what they went through that is not okay we need to show these families

00:10:16.000 that lost service members that we are holding the people responsible accountable and i i think that

00:10:23.680 when president trump does that then we will fully turn the ship around and i also want to address

00:10:30.240 president trump does do a good job of honoring those service members lost joe biden did not when they

00:10:36.240 had their dignified transfers when their remains came off the aircraft in the the cases that they were

00:10:44.160 transferred in to the funeral homes they joe biden looked at his watch every time a service member

00:10:51.760 came off the plane that is completely disrespectful they deserve better from their commander in chief

00:10:57.040 so i think that once those leaders all of them that were responsible for this botched withdrawal

00:11:02.320 are held accountable we will fully be turned have turned the ship around

00:11:06.000 yeah very well said uh moe bannon and steve bannon uh have been doing the call if we don't get

00:11:14.160 accountability across the board not only here at abbey gate but with russia gate uh and the coup d'etat

00:11:20.800 looks like the 2020 uh election evidence is coming in by the day as well uh the cia the fbi uh we'll lose

00:11:28.400 our country right we will lose this country if we do not hold these people accountable because it will

00:11:34.400 happen all again in in short order uh and everybody will know there are new rules of the game but uh

00:11:40.320 right now we're winning we're on the offense uh thanks to you and and your dad and uh so moe

00:11:46.480 thanks for being on today and god bless you and thanks or for bringing your voice uh to bear for the

00:11:52.080 families uh and the pain and these great patriots who gave everything for their country god bless you

00:11:57.920 thank you moe thank you for having me on dave and like you said take a little time today to remember

00:12:03.600 those 13 lost in the those service members families i've had the honor of getting to know

00:12:08.880 a few of their families over the last four years so please think about their families today as well

00:12:15.200 oh man you got it thank you moe see you soon all right folks so we're going to artificial

00:12:22.000 intelligence uh a little bit different take on things today we've got sam hammond coming on uh

00:12:28.960 he's expert on ai in the china race and so sam uh welcome on the show and uh why don't you just tee

00:12:36.400 us up uh everybody knows about the uh you know the economic competition and later in the show i'm going

00:12:42.240 to go into a little bit uh the war between uh the race to uh get the alliance right a rapprochement

00:12:48.800 with russia hopefully of some sort india uh is leaning over to the china camp a little bit right

00:12:55.760 now so all this matters what what are the real trade-offs that are most important that you see

00:13:01.680 uh it appears china has us has some leverage on the on the rare earth and all that and so when it 0.91

00:13:08.480 comes to the ai and the chips uh are we making the right choices going forward and what's it look like

00:13:16.560 in the next few years no thanks for having me on dave yeah so with ai i mean the race is on um

00:13:24.000 you know this this year so far data center build us has comprised two percent or two two quarters of

00:13:30.560 us gdp uh we've been spending more on data centers this year than we have on all consumer spending

00:13:36.480 so you can see the infrastructure build out is underway and this is because ultimately these ai systems

00:13:42.080 require only a handful of inputs they require the data the training data they require the energy and

00:13:47.600 they require the hardware these data centers these chips and on data and energy china has us beat or

00:13:53.520 or at least a parity right so they added 400 gigawatts of energy to their grid last year ours is flat

00:13:58.640 lined you know the trump administration is making valiant efforts to try to break that gridlock and put

00:14:02.960 more energy on the grid but fundamentally our advantage comes down these chips and the question is who

00:14:07.600 gets them right because these systems are going to get increasingly powerful over the coming years

00:14:12.160 and every chip that we export to china or abroad is essentially exporting a labor it's exporting a

00:14:17.840 future genius that we could use in our own country yeah very good uh when it comes to this uh

00:14:24.880 tech race also uh on the show you know there's kind of mega world and then there's the tech bros

00:14:31.200 uh and as an economist i i do not like monopolies and it appears we got about you know the magnificent

00:14:38.480 seven monopolies at a minimum and there's big everything in the air right now right there's big

00:14:44.080 government uh big health care big banking big federal reserve big green energy big tech as an economist

00:14:52.960 uh how do you tell us what you're seeing in your crystal ball uh can can we have a uh detente and

00:15:00.880 a peace between the mega and the tech bros is there a is there a way of having a conservative

00:15:06.640 uh ai race with china that serves the american worker

00:15:12.240 i i hope so i mean there's different pieces of this you know if you think about how google got so

00:15:16.640 big it did it by monopolizing ad revenue and sucking up all the revenue that they're going to

00:15:20.720 small newspapers and so on and so forth and i i do worry that ai uh especially you know artificial

00:15:26.800 general intelligence this thing that the companies are all racing towards essentially an ai system

00:15:30.720 that could do anything a human can do you know once you've crossed that threshold you become the

00:15:34.960 everything company and suck up a whole cross-section of the of the us economy and we need to watch out

00:15:40.000 for that kind of power concentration risk but by the same token the first country that gets to that

00:15:45.280 point could also have an equally you know geopolitical uh scale advantage and this is where i think some

00:15:51.360 of the lessons of mega have not fully penetrated with the tech community you know we saw during

00:15:57.360 the inauguration all the leading big tech founders uh in the rotunda with trump you know there was one

00:16:03.840 notable exception namely jensen wong the ceo of nvidia the company that has a 90 plus monopoly on

00:16:09.760 the production design of these chips uh he was in beijing and he was in beijing several more times this year

00:16:15.840 um he was recently interviewed in beijing and said you know uh i am chinese and then i became american chinese

00:16:23.520 and so he's really been playing both sides of the uh the race in this context um and there's also some

00:16:29.760 risk that china may have leverage over the company um you know in their most recent 10k which is an sec

00:16:35.280 disclosure they they note that uh if they comply with us export controls in other words if they

00:16:41.440 follow the law and not sell china these most advanced chips that they could be subject to 0.56

00:16:45.680 retaliation by the chinese government right very good sam uh tell me this one economics is you know

00:16:53.040 often called the dismal science uh for a good reason back during the dot-com uh probably the most

00:17:00.800 famous uh economist on productivity bob gordon out at northwestern university right not not a mega guy

00:17:08.000 but everyone around him you know these cell phones were going to transform productivity and make

00:17:12.160 us all better workers uh and he he famously or robert solo or a couple of guys said uh they said

00:17:20.160 don't you don't you see uh technology everywhere and he said yeah i see it everywhere except in the data

00:17:26.400 and so this week at mit paper came out uh and it said you know 95 percent of firms have not embedded

00:17:35.680 generative ai yet uh into their firm uh behavior you know everyday uh business activities uh what do you

00:17:44.720 you know what do you i i think ai is way more promising so i'm not a i'm not a luddite uh but at the

00:17:51.600 same time it was it's a pretty fascinating paper outcome what's your take on that sam yeah it's very

00:17:59.680 early right so these systems sort of yeah cross reliability thresholds and and before then sort

00:18:04.880 of like self-driving until self-driving was is safer than humans but you know 100x safer than humans we're

00:18:09.600 not going to get autonomous cars on all the roads um and similar in a lot of these other contexts you

00:18:14.480 know but what i worry about is you know we've got over a trillion dollars of capex going out into these

00:18:19.360 data centers you mentioned the mag 7 it's it's really these six or seven companies are driving all the

00:18:24.160 stock market returns over the last year or so uh yeah we're balancing a huge part of the economy on

00:18:29.360 these systems and so there has to be a payoff at some point you know what i i kind of worry about

00:18:34.240 from an economic point of view is once you've crossed over into this threshold of systems that are

00:18:39.360 superior than humans in every possible way that includes superior in the ability to design better ai

00:18:46.000 systems and you could get this feedback loop where the company that is even a few months in the lead

00:18:51.520 ends up pulling ahead from the rest um and sort of like the like my google example or like the amazon

00:18:56.320 warehouse effect it becomes the everything thing the everything company um and then we got a real

00:19:01.120 problem on our hands uh you know i think the the goal should not just be a pro worker uh agenda for ai

00:19:08.160 but also one that distributes power you know distributes it to not just workers but also smaller

00:19:12.800 businesses uh little tech right right so the other other players have a have a have a stake in this

00:19:18.480 you mean federalism and the free market system what what a novel idea that's it's good you're in

00:19:25.120 with adam smith and the greats i think we got a mini cold open for you sam uh denver why don't you

00:19:31.120 roll that and we'll react for a minute okay uh first of all i'm chinese and then i became an american chinese

00:19:39.520 and i happen to be in semiconductors

00:19:46.240 no no no it's a crane he's working doing his job and and um and i'm in the air

00:19:54.240 sam why don't you give us your reaction to that and give us some closing comments on where we stand

00:19:59.360 with all this yeah you know that was jensen wong ceo of nvidia um you know a decade ago nvidia was known

00:20:07.520 for building the best computer chips for playing video games right and when you're playing video

00:20:11.520 games you know uh everything you know the world's your oyster do whatever you want um but now these

00:20:17.680 chips have become you're functionally dual use right the the same chips are being powered for your your

00:20:22.880 chatbot for your ai therapist are also being used to surveil my christian minorities in china to build

00:20:30.080 their uh their the stuff that they export to autocracies around the world um to power their 0.92

00:20:36.800 autonomous weapons systems and he has yet to get to with the program uh you know you saw him there

00:20:42.160 say i am chinese and then i became american chinese not chinese american mind you uh i think i think that

00:20:47.520 was quite intentional um and it really says something about the the dual loyalties or at least the lack of

00:20:53.840 american patriotism that some of these globalized tech companies have yet to incorporate

00:20:58.800 yeah sam uh thanks for being with us we got brad thayer coming up next and we're going to get in

00:21:06.240 into that relationship on these shared values and you know i saw you uh mason grad and i got a bunch of

00:21:13.520 libertarian friends and i i as bannon will tell you i have chicago libertarian tendencies uh but this china

00:21:21.280 thing the idea that you can trade with a communist totalitarian system that doesn't use the price system

00:21:28.160 right i mean it's it's hard i i know it's trade yeah but it ain't free trade and so uh i'll get you

00:21:36.000 back next uh on that one and uh thanks for being with us sam great job thank you you bet you bet all

00:21:43.520 right hey folks i'm gonna give some thanks to uh our one of our great sponsors birch gold uh is the

00:21:51.680 continued divide between trump and the federal reserve putting us behind the curve again can the fed take the

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00:22:39.280 text bannon to the number 98 98 98 again text bannon to 98 98 98 consider diversifying a portion of your

00:22:48.960 savings into gold that way if the fed can't stay ahead of the curve for the country at least you

00:22:54.560 can stay ahead for yourself and uh so special thanks uh birch gold great team over there they support uh

00:23:01.120 steve in the show and so please support them all right folks so we got bradley thayer coming up but

00:23:07.040 we got a few minutes left in this uh in this block uh bradley uh and so uh brad are you there

00:23:14.720 there there he is hey brad why don't you uh you just heard the a ai and the china piece uh and

00:23:22.240 there's interesting news you know last few weeks uh india you know feels aggrieved over the tariffs

00:23:28.720 uh and uh they're making noise they're they don't want to acknowledge the the tough love part right

00:23:34.320 they got a trade deficit problem uh they have a tariff a non-tariff barrier problem uh with us uh

00:23:42.160 they've got an oil problem subsidizing russia with us and they say we're you know we're not

00:23:47.920 being good friends and whatever and then if you're that way to us we're going to go with china 1.00

00:23:53.600 and so what catch us up on this and uh you know russia what what's going on there you know steve's

00:23:59.680 always calling for a rapprochement we don't we don't trust putin uh but it's much better to have

00:24:04.880 them on our side than on china's side so get us up to speed bradley and thanks for being with us

00:24:09.200 no dave great to join you and and thanks uh to steve in the earlier show and then for you having

00:24:15.120 moan to remember uh the 13 gold star families and those who are lost and um uh the uh withdrawal um

00:24:23.440 by disastrous withdrawal from afghanistan happy to uh dave um there's uh really if you have if you

00:24:32.160 recognize there's a kind of a triangular relationship going on between russia india and china uh with the

00:24:38.480 united states playing if you will the meta role obviously because the u.s is still the dominant

00:24:44.400 power uh in international politics and that we have the most military power uh in international

00:24:51.760 politics and that's the coin of the realm uh when we're looking at that so a couple of points uh to

00:24:58.240 begin dave uh first uh tomorrow august 27th tariffs are going to be imposed on india uh there are some

00:25:06.560 important exceptions to those tariffs but they're basically going to be 25 percent to 50 percent

00:25:11.600 tariffs on indian exports into the u.s that's going to hurt the indian economy greatly um and about one

00:25:19.040 fifth almost one fifth of indian exports go to the u.s so you can see the there's going to be a blow

00:25:24.880 uh that the indians uh are going to uh incur and so that has upset modi uh with uh the u.s but i i think

00:25:35.120 that's just a hiccup uh in the relationship dave and and i'll explain why even though there's been

00:25:42.320 secondly a relaxation intentions between um china and india there are still really deep profound problems

00:25:51.760 uh an intense security competition between china and india and that's not going away anytime soon

00:25:59.120 so india still uh wants to have a good security relationship with the united states uh despite

00:26:08.400 uh the tariffs issue and that's because china is a major threat the major military threat uh to india 1.00

00:26:18.160 and we want to keep in mind that china also backs pakistan and pakistan and india if you remember

00:26:25.040 dave in april and may of this year had a clash a pretty sharp clash which president trump de-escalated

00:26:32.240 uh which had he not it might have escalated into a conventional war or heaven forbid

00:26:38.000 uh a nuclear exchange between those countries so china is the threat uh to india directly as well as 0.51

00:26:45.040 to its proxy uh pakistan bradley let me stop you right there we're going to come back to you uh

00:26:51.360 great analysis those last points were very significant uh stay tuned for bradley thayer in the war room

00:27:01.120 this july there is a global summit of brics nations in rio de janeiro the block of emerging superpowers

00:27:07.840 including china russia india and persia are meeting with the goal of displacing the united states dollar

00:27:14.880 as the global currency they're calling this the rio reset as brics nations push forward with their 0.99

00:27:21.600 plans global demand for u.s dollars will decrease bringing down the value of the dollar in your

00:27:26.960 savings while this transition won't not happen overnight but trust me it's going to start in rio

00:27:34.240 the rio reset in july marks a pivotal moment when brics objectives move decisively from a theoretical

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00:31:45.120 mind of steven k bannon and brat economics is out there as well on getter uh we want to thank

00:31:51.120 another one of our uh great friends uh what if you had the brightest mind in the war room delivering

00:31:56.240 critical financial research every month war room listeners know jim records as our wise man a former

00:32:03.280 cia pentagon and white house advisor with unmatched grasp of geopolitics and capital markets jim predicted

00:32:11.440 trump's electoral college victory exactly 3 12 to 226 now he's issuing a dire warning about a moment

00:32:18.000 that could define trump's presidency and your financial future his latest book money gpt exposes

00:32:24.880 how ai is setting the stage for financial chaos bank runs at lightning speed algorithm driven crashes

00:32:32.240 and even threats to national security right now war room members get a free copy of money gpt when they

00:32:39.840 sign up for strategic intelligence jim's flagship financial newsletter time's running out go to

00:32:46.160 recordswarroom.com now and claim your free book that's recordswarroom.com please support jim uh he

00:32:54.880 does a great job on the war room and uh we're always indebted to have him i'm going to go through a few

00:32:59.760 charts real quick uh none of these are going to be perfect uh but they're going to lay a foundation i'm

00:33:04.800 going to get to a story coming up from zero hedge uh europe's new war economy from green collapse to

00:33:12.640 military keynesianism and uh bradley thayer's coming right up uh after these charts uh big i i wanted to

00:33:19.760 show these because they they uh have something to say about china's economy too right uh the european

00:33:27.280 economies as you'll see in these charts are very slow growing uh you know you can lie with a statistics

00:33:33.120 lie and charts lie i tried to be very fair uh in the next few charts just to give an overview uh but

00:33:40.000 roughly speaking this keynesianism uh you know it's uh it's a solution for every economic crisis

00:33:47.760 uh the condensed version would go something like this nearly every recession stems from a demand

00:33:54.080 shortfall by consumers the state's job therefore is to create artificial credit to fill this demand gap

00:34:01.360 uh think of the u.s in 08 lower interest rates print credit so the fairy tale goes the economy takes

00:34:08.160 off in reality what remains is a mountain of state debt a swelling bureaucracy distorted financial markets

00:34:14.400 and declining productivity and that's what i want to highlight in these next few uh charts uh the demand

00:34:22.160 side of keynesianism versus the uh supply side uh of the of the war room and president trump uh so uh you

00:34:30.880 know here's uk economy forecasts uh for 2023 and 2024 you're up at the top uk is uh forecast to shrink

00:34:40.080 in 2023 german growth anemic uh russia uh middling there stronger than the euros italy small growth france low

00:34:50.880 growth the u.s a bit better uh canada okay there uh and china growing uh and that's uh i'm going to

00:34:58.400 get with thayer on this next chart uh denver just uh real quick uh you know here's india up at the

00:35:04.320 top the oecd those are the rich countries economic growth gdp forecast for 2024 india indonesia

00:35:10.800 china turkey yet and then down at the bottom you see again the the europeans france italy japan uk

00:35:18.320 isa germany with zero growth they've made all the wrong decisions they went green they went all green

00:35:25.040 and the polling data in germany the people are still happy two-thirds of germans still saying

00:35:29.040 we're happy with this green stuff and the germans are known for uh human reason and rationality and

00:35:35.360 how they let that happen i i have no idea and now they're going to go from that green economy to a

00:35:40.880 war economy and so uh the u.s we got to be very careful too uh in our interpretation of what's

00:35:47.360 going on with our economy uh president trump is doing everything right the tariffs he's realigning

00:35:52.880 geopolitics he's getting capital investment on the supply side which causes economic growth

00:35:58.960 but that takes a year year and a half so we're very much still in a biden economy uh we're living off

00:36:05.200 his lag and let me show you what that looks like that next chart denver uh you know this is from bob

00:36:10.800 gordon i mentioned he's the the guru on uh long-run uh productivity uh here's one of his charts shows

00:36:17.680 the last 70 years looked at the far left labor productivity growth uh is in the dark green and then

00:36:23.920 real hourly wages uh go right along with it with a productivity right so you want to know why wages are

00:36:30.160 down it's because productivity's down so it used to be four or five six percent and then in the middle

00:36:35.440 of the chart you know 20 30 years ago is at three or four percent and now we're at two percent the long

00:36:40.960 run term is two percent and trump's got to dig our way out of that trend uh the next chart uh denver

00:36:47.600 i'm just putting all this up this is out there brad economics on getter but that last number on the

00:36:53.120 far right 1.7 percent is the forecast uh from our our government statistics uh long-run you know

00:37:01.360 macroeconomic models for the next 30 years uh and this wasn't you know one off from a biden uh you

00:37:07.760 know report or whatever this has been the long-range forecast uh zooming in at two percent and uh so we

00:37:14.640 have a lot uh a lot of work to get out of that mess uh that's been left by the keynesian economists

00:37:21.200 uh who run the the federal reserve and our u.s government last couple charts uh denver next one

00:37:27.040 uh why are we in this position uh you just heard an economist on ai and uh the debt right there's

00:37:36.960 our debt position 37 trillion and we're adding another 20 trillion if you listen to cbo over the

00:37:42.740 next 10 years so we'll be at about 60 trillion uh that's wasted resources president trump as a business

00:37:49.600 guy is horrified by wasting resources we have a seven trillion dollar government budget two trillion

00:37:57.760 dollars of that are deficit financed we're ripping off the kids we're spending their money on green

00:38:03.440 stuff and the kids are going to have to pay it back and so the debt is a major uh cause of

00:38:10.160 inefficiency low productivity we got to shove that back into the private sector uh last chart or two uh

00:38:17.360 denver uh that i just showed since 18 all the net new jobs went to foreign-born workers trump has

00:38:23.840 already turned that around on a dime so that's some good news uh coming at you last chart i think denver

00:38:30.240 might have one more i just want to go to bradley thayer now uh and ask him for his uh you know crystal

00:38:37.280 ball on china china is very similar to europe right they they have a demographic problem they've got a a a

00:38:45.360 a resource allocation problem with ghost cities but boy are they they're smart they're clever they

00:38:52.480 can move uh money they steal from their workers and shove it into capital they have military bases all

00:39:00.160 over the world uh billions and billions of billions and i i don't think that can last for too much longer

00:39:06.880 but uh bradley a lot hinges on our answer to that question uh how productive do you think the chinese

00:39:14.480 economy still is they're saying five percent growth still uh i don't buy it uh but what what's your

00:39:21.200 analysis showing well dave when you when the chinese talk about their own economy they're communists 0.99

00:39:27.680 right so they're going to lie uh and you want to remember the mary mccarthy rule when she dismissed 0.98

00:39:33.120 lillian hellman's right every word that she wrote was a lie including and and the right so every word 1.00

00:39:39.520 that the chinese say about their economy is a lie including and and the um you want to keep in mind 0.98

00:39:46.080 that we're talking about these numbers uh they're going to be manufactured and that that the chinese

00:39:52.400 being ruled by a communist party of course are doing their utmost to inflate them and to convey to

00:39:59.120 the world as well as to the chinese people that everything is okay when in fact everything is not okay 1.00

00:40:04.320 okay and it's not okay because structurally they're ruled by a communist uh party uh so communists have

00:40:12.880 never been able to effectively run an economy anywhere just reverse they run it into the ground

00:40:19.040 we always want to keep that in mind in addition there are other profound problems that they have in

00:40:24.720 their real estate market uh they have still profound uh corruption they have profound uh problems in their

00:40:31.920 banking uh obviously in finance and then of course in exports as well so uh the chinese are in an

00:40:39.360 the prc is in economic doldrums and they're not getting out of it anytime soon so next week

00:40:45.440 when modi for example is going to be in china for the shanghai cooperation organization meeting

00:40:52.000 very important summit uh putin will be there as well uh xi jinping is going to do his utmost

00:40:58.480 uh to hype uh the relationship uh the relationship that he has with india and the relationship that

00:41:04.240 he has with uh russia and the rest of the world but in fact that's grossly inflated and particularly

00:41:11.280 with modi right who um again as we were talking about earlier has the profound problems uh security

00:41:19.520 problems and intense security competition with uh the people's republic uh of china the greatest threat to

00:41:26.880 new delhi is uh beijing and xi jinping's rule and modi knows that when he pays his first visit in seven

00:41:34.080 years uh to um uh to the uh prc um and it's still fresh in indian minds the clashes that they had in 20

00:41:43.920 and 21 the border clashes uh between the prc uh and india so the chinese economies and the doldrums

00:41:52.320 uh xi jinping does not have an answer to it all right so uh much depends of course on what president

00:41:58.800 trump chooses to do with uh the tariffs uh that he might impose uh on china greater levels of tariffs

00:42:06.640 of course um and so we'll have to see with respect uh to that but uh there's no no escape really for

00:42:14.640 uh the uh the chinese economy at the same time that doesn't keep them from spending money on defense

00:42:19.920 right they've announced this year they're further increasing defense funding defense spending and

00:42:25.440 we've seen tremendous growth what leader for uh leaders of uh strategic command have termed

00:42:32.320 breathtaking expansions in their nuclear uh capabilities as well as their conventional

00:42:38.640 capabilities as well as their aggression in the south china sea against the philippines

00:42:43.600 uh that we're witnessing uh almost on a daily basis uh so it's uh the regime is in trouble and uh

00:42:52.880 that um uh obviously um is a cause of great concern in taiwan among our allies in japan and

00:42:59.840 the philippines and of course for the trump administration yeah i was gonna ask you about

00:43:05.920 that the you know the chinese and the uh the south china sea they draw these dashes around what they 1.00

00:43:12.160 say is their own uh right to the waterway and it's basically all of it there there's no buffer it's

00:43:18.320 supposed to be 200 miles off the coast or whatever there's no buffer for japan or for the philippines

00:43:24.480 or any of the neighboring countries they have no rights to the waterway at all given the chinese 1.00

00:43:28.320 lines that they've drawn uh and then you know the the chinese are building up a fairly significant blue 0.96

00:43:34.480 water navy uh there's news clips of them driving our you know our boats or our allied boats you know

00:43:41.200 off with water cannon uh that are just shocking uh and then they have the equivalent of aircraft

00:43:47.520 carriers on all those islands in the middle of the south china sea where they're making claims

00:43:53.120 and the tens of billions i i don't know where they're that's what the problem is i cannot figure

00:43:58.880 it out because that it looks like the belt and road it has taken a hit uh but they are still

00:44:05.600 embedding billions throughout africa and and and strategic uh you know friendships with other

00:44:11.680 countries uh they're not friendly their tone is never friendly it's just strategic uh but you know

00:44:17.520 what's your best guess as to are they running do you see the belt and road initiative losing steam can

00:44:25.040 you see that in a relative sense uh from your analysis yeah it already has i i think that we want to

00:44:32.880 keep in mind when we're thinking about communist china we want to keep in mind that xi jinping has 0.96

00:44:38.160 priorities his priority is first his own survival and his continuation of his uh rule secondly the

00:44:44.480 rule of the party uh has to continue uh that's absolutely essential and then thirdly there are going

00:44:51.200 to be maybe desirable goals like the continued uh that there's uh the military has to be of course uh

00:44:58.400 supported uh and uh the security services have to be supported and we move beyond that there are going

00:45:04.480 to be desirable uh goals perhaps uh like prosperity or resources that they can devote to other countries

00:45:13.680 but the belt and road initiative of course is dependent upon not only the economic element day but also

00:45:20.400 the strategic elements so the belt and road initiative advances china's the prc strategic goals as well

00:45:27.600 as of course their economic uh uh partially but the economic is definitely secondary to the idea of

00:45:34.320 gaining influence in countries around the world from africa to polynesia uh for example europe uh south

00:45:42.560 america uh etc but nothing is going to stop their aggression right i think we want to keep that in mind

00:45:49.600 that we're dealing with this hyper aggressive state and as long as xi jinping is in control of it and the 0.52

00:45:55.760 party is in control we're going to see that next week they're going to have a major military parade

00:46:02.320 on september 3rd um the day after the 80th uh anniversary of the end of world war ii and that

00:46:09.760 military parade is significant for a couple of reasons first it's an important signal right about china's

00:46:16.960 the prc's military capabilities right what the prc has and what it's developing and that's a warning to

00:46:24.080 the u.s taiwan the philippines and india uh as well the parade also is there to shore up his rule right

00:46:32.720 to show that uh he's in charge xi jinping is in charge of this uh major military force uh and um

00:46:40.960 it's to to convey to the uh chinese people that the party is still is in control and xi jinping 0.99

00:46:48.480 despite a bunch of rumors is still in control uh of um the uh uh the prc so next week is going

00:46:56.240 to be a very important week dave uh with respect to first the shanghai cooperation organization

00:47:01.680 meeting then the 80th anniversary of the end of world war ii uh you know the the surrender document

00:47:09.040 signed on the deck of the missouri and then of course xi jinping's military parade which is a

00:47:14.720 political weapon right he's using that to convey a message uh to the rest of the world and to uh the

00:47:21.040 chinese people so a very important week um from uh uh the standpoint of geopolitics it's important to

00:47:29.440 note also finally dave that modi will not be at that parade but vladimir putin will be uh at uh the

00:47:37.360 the uh the military parade in beijing next week yeah let me uh let me uh i was using this article

00:47:45.680 from zero hedge just outstanding article everyone ought to look it up yeah europe's new war economy

00:47:51.360 from green collapse to military keynesianism when i linked it to the growth the growth stats of europe

00:47:57.840 are all down in the in the doldrums as you're saying uh where i would think china's would be as well 0.50

00:48:03.600 and then they they conclude uh the article having failed with the green deal europe's politicians are

00:48:09.280 now trying a new pseudo economy a debt-fueled military industrial complex according to a study

00:48:15.920 by ernst and young germany's dax companies cut 30 000 jobs the first half of 25 except for defense

00:48:22.240 contractors which went up by about 17 percent uh the eu's plan by 2035 the eu europe european plan by 2035

00:48:32.400 half of european defense goods uh from artillery cyber defense precision munitions will be produced

00:48:38.080 within their block creating 6 60 000 jobs uh but of course there's no sector that produces further

00:48:45.680 away from the real consumer demand than the arms industry right and this is what i don't get about

00:48:51.440 china either it's so distorted right this the the i'll close with their uh this is keynesian pseudo

00:48:58.560 economics in its most extreme form buying time with debt and i'm bringing this up as a warning

00:49:05.120 shout to united states here too right buying time with debt while starving the private capital markets 0.98

00:49:11.360 on this uh defense strategy now so they're going from the green to defense uh and this uh

00:49:18.240 uk and france are making more war noises than anybody over there but they're going broke doing it

00:49:24.640 and uh so what how do you read it going forward bradley over the next few years how does this play out

00:49:31.360 with us russia europe china india well we're going to see of course uh dave is going to be much more

00:49:40.800 security competition uh in uh that relationship but president trump is doing his utmost to ensure

00:49:48.080 that uh the focus um the major security concern that the u.s has is uh the chinese communist party

00:49:56.000 right xi jinping's rule of the ccp and in the people's republic of china so president trump is doing

00:50:02.400 his utmost to end the war in ukraine which is uh absolutely essential so that you can have a greatly 0.83

00:50:08.480 improved relationship with russia with a greatly improved relationship in russia you then can enlist to a

00:50:16.720 a degree russian help uh in dealing with um the threat uh from the prc that's giving the prc a

00:50:24.560 northern flank right so we always want the prc to have a multiple war front problem multiple uh um uh

00:50:31.520 fronts uh that they have to address uh because their relationship with russia has been very good

00:50:38.240 during the war with russia's war with ukraine uh that front has disappeared president trump wants to

00:50:44.720 reinstore that and to ensure that the u.s and russia working together uh within certainly boundaries um

00:50:53.680 putin is a wily fellow of course we want to always recognize that and russia will probably never be an

00:50:59.200 ally of the u.s again but it may be a great partner uh in dealing with our mutual threat and that is um the

00:51:08.480 prc so there's hope obviously for much improved relationship with russia and then with india as

00:51:15.200 well similarly threatened uh by the prc and the hiccup of the um tariffs are going to be attenuated uh

00:51:24.320 dave you know markets adjust right so uh the market will adjust uh and india and the u.s can get over

00:51:32.720 uh the trouble of uh the tariffs uh to deal with the mutual threat uh that they face so there can be

00:51:40.640 there's the great potential that president trump can achieve uh and i think will achieve of a great

00:51:46.400 security relation greatly improved security relationship with russia of course india already

00:51:51.920 is a partner in the quad yeah uh and that relationship will continue and deepen and then

00:51:57.920 other allies that we have like japan uh for example in the philippines bradley thayer thank you so much

00:52:04.000 bradley putting out a clinic today in the war room uh everybody spread the good word what if he had the

00:52:09.760 brightest mind in the war room delivering critical financial research every month steve bannon here

00:52:16.240 war room listeners know jim rickards i love this guy he's our wise man a former cia pentagon and white

00:52:22.320 house advisor with an unmatched grasp of geopolitics and capital markets jim predicted

00:52:27.760 trump's electoral college victory exactly 312 to 226 down to the actual number itself

00:52:36.480 now he's issuing a dire warning about april 11th a moment that could define trump's presidency

00:52:42.320 in your financial future his latest book money gpt exposes how ai is setting the stage for financial

00:52:49.360 chaos bank runs at lightning speeds algorithm driven crashes and even threats to national security

00:52:55.680 right now war room members get a free copy of money gpt when they sign up for strategic

00:53:01.360 intelligence this is jim's flagship financial newsletter strategic intelligence i read it

00:53:08.160 you should read it time is running out go to rickardswarroom.com that's all one word rickards

00:53:13.360 war room rickards with an s go now and claim your free book that's rickardswarroom.com do it today

Bannon's War Room - August 26, 2025

WarRoom Battleground EP 837： Remembering The Fall Of Kabul; The Risk AI Is Impending On American Jobs

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