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Feb. 17, 2022 - Bannon's War Room
48:52
Episode 1,647 - The Collateral Damage of Biden’s Inflation: The American PeopleEpisode 1,647 - The Collateral Damage of Biden’s Inflation: The American People
Participants
Main voices
s
steve bannon
19:02
s
steve cortes
11:54
Appearances
k
kari lake
03:28
p
phillip patrick
03:30
Clips
a
alexandria ocasio-cortez
00:18
m
mike lindell
00:08
| Copy link to current segment

Speaker Time Text
alexandria ocasio-cortez
For the inclusion of undocumented people in relief packages, stimulus checks, FEMA assistance, and we've actually helped Huge amounts of undocumented families in our district get federal relief that many others were trying to lock them out of.
steve cortes
Patriots, American citizens massively disapprove of the way we are managing immigration to this country.
Brand new polling out from Gallup shows that overall 58% of Americans say that they disapprove of the current levels of immigration to this country, including legal migration.
Among Republicans, that number is 87%.
Now, let's look at the illegal side.
According to the Wall Street Journal, 1.9 million illegal migrants broke and entered into the United States There is a tsunami of trespassers who are bull rushing our border.
But despite that fact, the reality and the consequences of Biden's open borders policies, he has also neutered ice.
Let's look at deportation figures.
In the year 2020, when Donald Trump was still president, 185,000 people deported, illegal migrants deported, by ICE.
In 2021, under Biden, only 55,000.
That's a decline of 70%.
Now, if you care about the sovereignty of our country, if you believe that we have a right and an obligation to control our borders and to protect the economic and national security of the United States, then we must elect America First candidates.
steve bannon
Okay, American First Candidates.
By the way, we're going to have Mike Lindell join us about what's going on with the Patriots up in Canada, his support.
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Okay, Cortez, we're going to get to Carrie Lake here in a minute.
She's running for governor down there at a frontline border state.
Steve, you saw Morning Joey play this thing.
They're like saying COVID, crime, cost of living.
But they're hiding behind the ticking time bomb is immigration for them.
The American people are disgusted, and particularly Hispanic Americans are becoming more and more disgusted every day.
Steve Cortez.
steve cortes
Correct.
No, that's exactly right.
Listen, I like that Joe's using alliteration, but it's not the three C's that he mentioned.
It's inflation and immigration.
It is the two I's.
And I'm encouraging all the deplorables out there to make sure you focus on that in choosing your candidates.
Regarding the data, again, this isn't just my opinion.
The polling certainly reflects this.
By the way, also within that poll that I mentioned, that Gallup poll that I mentioned during my Chalk Talk, even among Democrats, I mean, this is fascinating, Steve.
Among Democrats, the percentage of Democrats ...who want to increase legal immigration.
For the last two years, for 2019 and 2020, that number was 28%.
Roughly a third of Democrats actually want more.
In 2021, with the Biden border crisis, that number got cut in half.
So even among self-identified Democrats, even among liberals, they are tiring of this absolute border chaos.
And Steve, open borders and porous borders are never a good idea for the United States, but they are a miserable idea at a time like this, at a time Of anxiety out there, of economic stress, of very understandable economic anxiety right now because of inflation.
So the two issues, by the way, in my view, are intertwined, inflation and immigration.
At a time of falling real wages, meaning American workers are getting poorer by the month, 11 months in a row of falling real wages, your pay adjusted by inflation.
The worst case scenario is to then import millions of low-skilled Illegal workers to compete against American citizens, many of whom happen to be brown and black American citizens, but to compete against them in the labor market.
And the polling is starting to reflect this reality.
It's a disaster not just for our country, but it's also a disaster politically for Joe Biden and its opportunity for the America First agenda.
And this is what I point out on my new article that I put out today, Steve.
It's not enough for us to just advocate stopping illegal migration.
I think that is a default base case scenario.
I think we need to go further than that.
It is time for the United States to take a pause.
It is time for a moratorium on legal migration.
It is time for us to suspend work visas right now.
In your place, in your city of Washington, D.C., there are 17 Republican senators Who are lobbying the White House for more H-2B visas, for more foreigners to replace American workers.
It's time for America First candidates to say enough.
We're going to secure the border, stop illegal migration, and it's time for us to totally rethink legal migration, and it's time for a timeout on even legal immigration.
steve bannon
Amen, brother.
Hang on, Steve.
unidentified
Hang on.
steve bannon
You talk about political opportunity.
We're running a Carrie Lake.
She's running a Republican primary to be the next governor of the great state of Arizona, their frontline state.
She's made immigration and stopping immigration at the top of her agenda.
Carrie Lake, what are you going to do about this as governor of Arizona, ma'am?
kari lake
Well, I just was at an event two nights ago talking to a woman who came here legally from Mexico.
And she's appalled by what she's seeing.
I see this every day.
Obviously, we have a lot of people who are immigrants here in Arizona.
I haven't met one who likes what they're seeing at the border, especially people who came here legally, did it the right way, and watching people, as Steve said, bum-rushing the border right now.
We're going to stop it, and I've talked about my border plan with you.
It's called Defend Arizona, and it is about getting our sovereignty back.
We are going to empower our Arizona National Guard to stop people, arrest them and send them back across the border.
It's outrageous that we're sitting there allowing people to walk across at this time.
And we're gonna take a page from the Israelis playbook with the Hamas tunnels.
We'll start blowing those drug tunnels up when they're coming across, bringing drugs in and shooting down these drones.
We're just sitting here helpless and I don't know why our governor is not doing more.
We need to take a very offensive stance at the border and stop what's happening because the government has dropped the ball.
steve bannon
Here's what I don't understand.
You've got Hispanics, and we've got a pretty good feel for Arizona here.
We've got a lot of relationships there and involvement in Arizona.
The Hispanic community, the Hispanic American community, is starting to come more to the America First agenda.
And I know in your campaign, you're really doing a big outreach to Hispanics.
That's what I don't get.
And this is what you have to explain to people, particularly the working class and the lower middle class out there in all these states, particularly Arizona.
Bernovich just comes out with, I think, a tightly argued and, quite frankly, brilliant opinion in Arizona about your sovereignty and about what you can do.
Ducey goes on Fox and says, well, I've got to strike my strike force, my border strike force.
It's all this happy talk.
No, it's like you're in some weird movie, right?
Tell us, just explain to us exactly what's going on.
What does Bernovich's opinion mean as Attorney General?
And what will you do about it different than what Ducey's talking about?
kari lake
His opinion actually means everything.
We needed to hear that because, you know, the big part of my border plan, we're calling what's happening at our border an invasion, and it in fact is.
I think I told you when I was on here a couple of appearances before that we try to put our op-ed in the Arizona Republic and they wanted us to take the word invasion out.
That is a very important term to implement our border policy.
Ducey needs to start an interstate compact with other states, get other states involved, Use their resources to help secure our border.
He's kind of pussyfooting around this whole thing, which isn't really shocking.
We need to take a strong stance.
We need to start building the wall immediately.
Take the materials that the federal government have abandoned on the border.
We paid for those materials.
Start finishing President Trump's wall and take a tough stance.
But, you know, he likes to throw a few tough words out and then he never follows up.
What's good is the border strike force.
If we're still allowing people to pour in.
I hear there's another group coming this way.
We've been given warning about it.
Now go down there, put the guard on the border, and push the people back.
Don't allow them to come over.
We're full.
We're at full capacity here.
We need to start turning people away, sending them back across the border.
steve bannon
Carrie, before, I want you to get to, by the way, it's 30,000.
Todd Benson is going to be back on.
He's broken this amazing article about what's happening down there, another caravan heading up.
This time, kind of supported by the Mexican government.
We're going to get to all the details of that later.
Carrie, I want to say something just generally.
I've now gotten, every other day, I get a A video or something of Carrie Lake beating up on some liberal reporter, progressive reporter trying to take you on.
I got news to the world's media from Australia, anywhere.
Look, as Cortez says in boxing, we're going to give you a standing eight count.
You cannot take on Carrie Lake.
Every other day I'm getting, poor guy in Australia, I mean, just beating him up, just going on offense.
So, Carrie, how do people get to your campaign?
How do they find out more about you?
How do they get to these videos of you just blowing up these left-wing media people?
You're actually schooling them on how to give an interview.
It's quite amazing.
How do people get to it?
kari lake
It's funny.
It's funny because I think they show up going, alright, we're going to get her.
And when Australia's 60 Minutes showed up, it didn't go very well for them.
But you know, this whole corrupt media is global.
It's not just here in America.
And we've seen the video out of Australia wondering, how did these people agree to be locked down?
Why did they ever give up their weapons?
Why did they melt down their guns?
And it's because the media has been pushing propaganda for so long.
The poor people of Australia are really in a bad spot.
You can find them on Rumble.
You know what Rumble is?
It's the Conservatives' YouTube.
I'm about to get kicked off of YouTube, so I'm putting everything on Rumble.
And it's at Kari Lake.
K-A-R-I-L-A-K-E.
Or you can go to my website.
KariLake.com.
steve bannon
Kari, thank you very much.
And everybody, go check it out.
She's got a lot of details about her campaign and what she stands for.
Kari Lake, thank you very much for coming on.
kari lake
Thank you, Steve.
And congratulations on your podcast being number one.
That's fantastic.
steve bannon
Thank you, ma'am.
It's because of the guests and the topics.
Very easy.
I just sit here and play traffic cop.
kari lake
You're covering what the people need to hear, right?
And the media won't cover it.
We need Steve Bannon.
steve bannon
It's pretty, it's a pretty easy job.
I just get the, I pick the, we get, get the topics and then turn it over to the guests and they roll with it.
So we got it, like I said, easy job, but there are people that's a lot of, a lot of demand out there for real information.
kari lake
Truly is.
Thank you, Steve.
steve bannon
Thank you, ma'am.
Cortez, let me come back with Cortez.
Cortez, you've been at this for years.
You've been hammering away.
It's one of the reasons you're one of the first Wall Street guys to come to the Trump campaign and to come to the Trump movement.
You see Carrie Lake down there.
And I want to get back to this right track, wrong track, and particularly Hispanic Americans are not fools.
They are rational people.
They're voting in the interest of their families, themselves, their communities, and their country, the United States of America.
Steve Cortez.
steve cortes
No, that's exactly correct.
And that's true of working-class people of every race and every ethnicity.
And Hispanics, by definition, are primarily a working-class people.
And we see in the polling, for example, to get specific on data and evidence, we see on the polling from The Economist and YouGov, the percentage of Hispanics who say that they strongly approve of Joe Biden is only 11%.
That's even worse than the overall number, which is still terrible.
16% of overall Americans say they strongly approve of Joe Biden.
It's only 11%.
For Hispanic Americans.
29% of Hispanic Americans strongly disapprove.
So he's almost 3 to 1 upside down.
And listen, again, I think the reason for them, the reason for working class people, it's inflation and immigration.
Those two issues are intertwined.
And I want to make this point too, by the way, because Todd Bensman was talking about the January numbers, which are now starting to leak.
They should officially be out, by the way.
We're in the second half of February.
It's ridiculous that we're not getting transparency on this information.
But according to Fox News, Bill Malugan, who does a good job of covering this, he says the number is going to come in at 153,000 illegal crossings in January.
Now, that may be slightly down, but Steve, note from previous months, but nobody should take any solace in that because January is normally a down month.
So for an apples-to-apples comparison?
We have to look at previous Januaries.
It is double the previous January, and I think this is the most telling statistic.
Compared to January of 2020, which was still a normal month, the CCP virus was out there and percolating, but very few people knew about it.
You did.
The War Room crowd did.
But the economy, migration patterns, nothing was affected at that point yet by the virus.
This 153,000 number is literally quadruple the number of January 2020 when Donald Trump was in charge.
It was 36,000 illegal encounters in that month.
So it has literally gotten four times as bad, which shows us the consequences of terrible policies.
It also shows us, sadly, the consequences of a stolen election.
And that is the reality.
And I'm so glad, by the way, that Carrie Lake, somebody who has Just enormous media skills, a whole lot of guts, and a lot of principles.
She's saying, we can't wait for the federal government to solve this.
We are going to solve this in the state of Arizona.
And she's being specific about how she'll do it as governor.
I wish we saw that kind of response out of the governor of Texas.
We don't right now, unfortunately.
But I think we're going to get it out of Governor Carrie Lake when she becomes governor in Arizona.
steve bannon
I've got to tell you, Texas has got to get a wake-up down there.
It's just all happy talk by the guy.
It's just happy talk.
Total happy talk.
You're going to see that in Ben Burkham's special starting from La Jolla, Texas on Saturday night, 7 o'clock.
Okay, Cortez, the mainstream media, Politico is finally catching up with the War Room.
I'm going to have Philip Patrick, Steve Cortez, we're going to talk about the Fed, inflation, what is to come in your life and the nation's life, all next in the War Room.
unidentified
The epidemic is a demon and we cannot let this demon hide.
War Room.
Pandemic.
with Stephen K Bannon. The epidemic is a demon and we cannot let this demon hide.
War Room. Pandemic. Here's your host Stephen K Bannon.
steve bannon
Okay we were just talking about Texas and what's going on down there in the All of it we had Kerry Lake on.
Make sure you go to Life22 and this is going to have Dr. Malone, Dr. McCullough, it's going to have Marjorie Taylor Greene, Louie Gohmert, a whole host of folks, 24th to 26th in Irving, Texas.
It's up on our website, but you can go to Life22.
You're not going to want to miss this.
There's going to be workshops on how to take action, action, action.
A great group of speakers.
We're going to be doing some live hits from there.
It's going to be incredible, so we'll make sure everybody gets access to us next week in Irving, Texas.
And that was at the Dallas Metroplex area, Life 22.
You got the wild child, Marjorie Taylor Greene.
She's going to be on the show tomorrow, by the way.
And we got the armor-piercing show, Mike Lindell coming up.
MyPillow.com, promo code WORM.
Okay.
One of the reasons all the hedge funds in the world watch this show, not that they're not interested in what the deplorables think they are, but we do a pretty good set of market calls here about geopolitics, politics, underlying economics, what's going to affect it.
The mainstream media is now catching up with what we've been talking about now for a while about this.
Stagflation was called on the show on the afternoon of the 20th of January 2021 by Steve Cortez and Dr. Peter Navarro.
It all came to pass.
But now we're heading into uncharted territory.
And we told you the Fed does not have easy solutions of what, as Steve Cortez says, and write this down in your notebook right now, a created crisis.
This is a created financial and economic crisis.
Created.
If they had just stayed in his basement like he stole the election and take the baton from Trump, even after the inferno of 2020 and the CCP virus, Things would have been fine.
They're not fine.
And right now they're in a panic mode.
I got Philip Patrick from Birch Gold, but I gotta start with Cortez.
Cortez, Politico today says what we've been talking about, they caught up with it, hey, these guys are jammed on the spending side and at the Fed side, they don't have easy choices, and they're talking about collateral damage.
That's in the headline of the story, collateral damage.
Steve Cortez, where do we stand and what is Politico trying to signal?
Because that's the White House trying to get ahead of this.
steve cortes
Well, I think they're trying to essentially lower expectations for the American people.
It's not going to work for them, of course, politically, but they are right in this regard that they're cornered economically right now.
They are cornered.
And when I say they, I mean the Fed, as well as the Biden administration and Nancy Pelosi and Chuck Schumer, because what they have done Self-created, self-inflicted, what they have done leaves no good options at this point, because inflation is absolutely out of control.
And again, not my opinion.
That's what the data tell us.
9.7% producer price increases released this week, just a tick off of the all-time highs.
Producer prices very quickly become consumer prices.
And by the way, what's even worse than that awful headline number is the rate of change.
In other words, there's an acceleration in the acceleration, all right?
And that matters a lot.
To use a visual, it's as if the economy right now, in terms of inflation scenario, it's as if the economy is a runaway truck that is going downhill, but Joe Biden and Chuck and Nancy are hopping into that runaway truck and they're pressing the gas.
They want to pass Build Back Better.
They want to make real wages go even lower by importing more workers into the United States.
So the situation is bad.
The situation is worsening.
And there are no easy answers at this point, particularly for the Fed.
Again, self-inflicted.
Nobody should feel sorry or shed a tear for the Fed.
But here's the reality for our economy, unfortunately.
Things are likely to get worse before they get better.
And what's the solution, though?
We can't just, you know, bemoan the darkness.
What's the solution?
America First candidates, I think, need to rebuff Biden on three fronts.
The first is energy.
His war on American energy was catastrophic and it was inflation-inducing.
Number two, we need to remove all vaccine mandates upon the workplace.
Those were also massively inflationary.
And then number three, and this is the most important, perhaps, is stop the spending and borrowing.
We simply must do this.
The American people, so far, have weathered this storm largely only through borrowing on credit cards, Steve, as we talked about previously on the show.
That's a really dangerous scenario with rising rates.
This is a crisis in the making.
We're heading to recession.
steve bannon
And by the way, leave those massive bills aside.
Continue resolution.
The appropriations for this year, which we're halfway through, the Senate's coming back this afternoon.
They're going to kick the can down the road to March.
We will man the ramparts.
No Republicans can vote for this.
This is insanity.
It's going to be a $1.5 trillion annual deficit.
Annual.
This year.
Annual.
With another $800 billion national defense thing where these deadbeats in Europe don't pick up the freight yet.
They want American combat troops and American money in the Russian-speaking provinces of eastern Ukraine.
Think about that for a second.
One other thing I want to say.
I'm going to go to Philip Patrick right now and get his assessment.
They're beating up, and I'm glad too many of these guys are putting a halt.
Jamie Raskin's wife, she's a crook.
Jamie Raskin's a crook.
They're crooks and they were caught out being crooks about this, about not disclosing the financial relations they had.
They're putting her on hold because, let's go back to energy, she's also a radical like Jamie Raskin and Jamie Raskin's old man who was a commie, right?
They're radicals that she wants to get the Fed, like the Fed right now should just be inflation.
Full unemployment was another thing tacked on, now she wants it in part of climate change.
My point.
Raskin's wife is a grundoon.
I believe right now they should not confirm Powell.
I think Powell is proven.
Biden's nominee for another term.
Real quickly, Cortez.
Powell and his confirmation before I go to Philip Patrick.
I believe the Republicans said they go, we cannot confirm this guy.
He doesn't know what he's doing.
This is absurd of what we allowed to happen.
His missed call.
When I got Peter Navarro and Steve Cortez on doing their data, and they got one one-hundredth of the data and information that Powell has, and they're saying back in March of last year, March of last year, that this is systemic, it is permanent, and it's going to be awful, and they're saying it's transitory, and we're on this show fighting them, and now, oh, and that's not a small miss.
That's not a small miss.
That's a massive miss.
He should not be confirmed.
Steve Cortes.
steve cortes
Listen, I would say this.
I think Powell is the Tony Fauci of monetary policy.
I think he has destroyed whatever credibility that the Fed once had.
Just as Fauci did that to public health authorities in the United States, Powell is now doing that.
Yellen helped too.
Is doing that to monetary authority in the United States.
The Fed was once a trusted and revered institution.
When we last faced this kind of inflationary crisis, we had Paul Volcker, who I don't agree with on a whole lot of fiscal policy, don't agree with a lot of politics.
But when it comes to monetary policy, he was a giant and he was willing to do the hard things and withstand the political fallout.
Powell is the exact opposite.
He is a coward who only wants to protect the institutional power of the Fed.
He lied through his teeth to the American people repeatedly, telling us that this was transitory.
When the people know better, he is the Fauci of monetary policy.
steve bannon
Whoa, whoa, whoa, whoa, whoa.
You say this is a mystery, this is not incompetence?
You believe he lied to us?
steve cortes
I do believe that.
Yeah, listen, I'm far more cynical on the Fed than most.
You know, I don't think it's incompetence.
I don't think it's just a miss.
I think it was a purely cynical ploy, particularly on the part of Powell, because he needed to get reappointed.
So he needed to echo the party line from the White House, which is that, oh, this is just transitory.
Don't worry.
This is going away.
No, it's not going away.
It's systemic.
And in fact, it's getting worse.
I believe he knew that.
I believe he lied to the American people.
I believe he wanted to get reappointed, and he wanted to protect the institutional power of the Fed.
He's not very interested in regular folks on Main Street and their prosperity.
steve bannon
By the way, as we sit here today, there's been no increase in interest rates.
Zero.
Some chat.
And they're still, correct me if I'm wrong, we're still juicing the system.
Quantitative easing is still going on.
This is insanity.
This is insanity.
Don't let them sit up there in front of the cameras and talk about they care about the American people.
They're throwing napalm on a burning dumpster fire that's out of control.
Phillip Patrick or Birch Gold.
First off, do you agree with Steve Cortez?
Philip Patrick of Birchgold, do you believe that Powell looked the American people in the eye, had the data, and lied about the inflation numbers from last year that now have this inferno raging?
Philip Patrick.
phillip patrick
I absolutely, absolutely do.
Listen, this is basic economics.
Powell knew exactly what the situation was, but as Steve said, this was a guy that was looking to sort of to come back in. That was the priority. And I think not only did Powell lie to the American people, but I think Biden did as well. Right. Don't forget, as the Fed were painting inflation as transitory, Biden was trying to push through massive spending plans. And what was he saying?
These are going to lower inflation. These aren't going to cost anything. I think this was done by design. I think this is a manmade crisis. I think we put ourselves in this position and it's a very, very tough situation to deal with. The political article about the collateral damage, give us your assessment of not just the article, but the alternatives they have and who is going to be in your mind, Philip Patrick or Birchgold, who or what is going to be the
steve bannon
collateral damage of this created crisis?
phillip patrick
Listen, it's the American people that are going to suffer.
But the crisis is certainly created, right?
And now we have inflation as the big priority for the Federal Reserve.
As Steve said, it's the rate of increase that's so concerning, right?
Official inflation now at 7.5%.
It was a 50 basis point jump from the last numbers.
PPI up to 9.7%, which is a leading indicator of rising street level of inflation.
But here's the thing.
We're stuck now between the rock and a hard place, right?
If the government want to address the inflationary issues, which it appears that they do appears, they're going to have to raise interest rates, right?
The markets are now predicting aggressive action from the Fed.
Initially, they were thinking for interest rate hikes.
Now they're thinking seven or eight could be to 2% increase in the federal funds rate between now and the end of the year.
If that happens, that kills the stock market.
It kills the housing market, both of which have been propped up by low interest rates and massive spending, right?
But here's the problem.
I'm not sure a 2% increase is enough to crush this level of inflation.
We mentioned Paul Volcker a moment ago.
Last time inflation was this high, 1982.
Federal funds rate back then closer to 15 percent, right?
And it was effective in crushing inflation, and it ultimately led to economic prosperity.
It was short term pain for longer term gain.
We cannot get interest rates anywhere near that level today because we're over 30 trillion dollars of debt.
So we're stuck in a very tough situation.
And I think these meager moves aren't going to work.
steve bannon
Phillip, hang on a second.
Cortez, please hang on.
We're going to continue this after the break.
We've got Mike Lindell about what's going on in Canada.
We have Aaron Duffy, a prominent writer, about mask on kids.
unidentified
All next in The War Room.
War Room.
Pandemic.
With Stephen K. Banham.
The epidemic is a demon and we cannot let this demon hide.
War Room.
Pandemic.
Here's your host, Stephen K. Bannon.
steve bannon
You know, I got myself so worked up in this last couple of segments that I'm reaching for my KJV.
Remember, we've partnered with Lee Greenwood and his team over there.
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Lee Greenwood, so brave.
Remember, he got canceled.
He got canceled by his publisher.
That's why he's going this independent route.
We fully support it.
Remember, Seb Gorka was on the other day, had this brilliant article.
Thomas, just to show you the insanity that's going on, because they've had this thing about this, the guy for the nuclear thing, I don't know if he's transgender, whatever he is, and these other people running around, and that's something important.
But that, a little bit to me, is noise to a degree.
Signal is National Defense University that is the place where field grade officers become, have to go to become generals, and all the generals go to.
Thomas Piketty.
The creator of this book called Capital out of France, he's the author of Modern Monetary Theory.
That's what Wall Street, and it's not just Democrats, that's what the whole apparatus has grabbed onto.
That essentially money doesn't matter anymore, deficits don't matter.
In fact, you can run these massive deficits that don't matter until all of a sudden you go into a recession and then maybe you've got to start raising interest rates and then taxes.
This is a half-baked theory that the apparatus works on right now.
And this is why we're heading into an inferno.
An inferno.
And what Philip Patrick and Steve Cortez and Dr. Peter Norris have laid out for the last year on this show is two things.
Number one, the structure of the financial side of our economy is not structured to take highest interest rates.
We've been sucking on the easy money from, you know, Christopher Leonard's book, brilliant book, Lords of Easy Money.
The apparatus and the elites have been living off this and the whole structure of it is not ready to have increasing interest rates.
You're going to see the perturbations and the collateral damage is going to be you, the American people.
Remember, because you're paying for it.
That's what these deficits are.
It's a scam!
The full faith and credit of the United States of America is not Goldman Sachs, not Morgan Stanley, not First Boston, not JPMorgan, and not the elites that run it.
And it ain't the Oracle of Omaha.
It's not George Soros.
It's you, the American people.
The firemen, the cops, the teachers, the nurses.
Those of you that coach Little League and support our churches, you're the full faith and credit of the United States.
This is all on your shoulders and you're about to get hit by a blowtorch.
And everyone is lying to you.
Lying to you.
Starting with the Republican Party that's now going to have this bipartisan, we're coming together to get this budget, this appropriations bill, it's got another massive increase to defense spending, and look, I was a serving naval officer, my daughter went to West Point, where as pro-defense you can get, this is madness.
This is insanity.
And Thomas Piketty, the radical communist author of this theory, is at National Defense University, and worse than that, he's lecturing on how we got a kowtow to the Chinese Communist Party.
That's where we are as a nation, and we're not going to stand for it.
We're standing in the breach, and we're beating it.
But, I'm telling you, there is going to be an accountability time that those that did this to the American people are going to be held accountable.
Phillip Patrick, I want your call right now.
What's the leading indicator this audience and the hedge fund guys that watch it on the recession?
What's your indicator you say, hey, we're going from stagflation into a darker area, sir?
phillip patrick
Look, I think we're seeing it.
Consumer confidence for me is a big one.
People now are starting to wake up, realize what's happening.
Remember, markets are largely speculative.
When people start to lose face, when people stop spending, that's when it starts to snowball.
And it's happening.
Adjusted retail sales plummeted 18.5% from December to January.
We're feeling it.
And look at what the markets are doing.
Volatility.
We're seeing it.
NASDAQ down.
Dow down.
It's starting.
steve bannon
How do people get to you, Philip Patrick?
And I really appreciate the people at Birchgold taking time and making you available so that you can talk to people, correspond with them.
Your Getter accounts on fire, but how do people get to you directly and where do they follow on Getter and Twitter?
phillip patrick
Of course.
So, to get great information on precious metals in the markets, birchgold.com slash Bannon.
To reach me directly, it's at Philip Patrick on Getter.
steve bannon
Thank you, brother.
Okay, Cortez, same thing.
You were the first guy to call Stagflation, you and Navarro.
What should people be looking for as your first call when recession's coming?
steve cortes
Sure.
I think, unfortunately, inflation does loom, and to me, crude oil is the key to watch.
Crude oil touches $100, which I fear is going to happen very, very soon.
Could happen in coming days or weeks.
To me, that will be the clearest metric that we are headed into recession and that this inflation is not going to, in any way, self-regulate or self-correct.
If we look at crude oil, by the way, right now it's at $91.
It's been as high as $95 this week alone.
If we look at it in context, it's always important to look at context.
Where was it when Joe Biden prevailed illegitimately on November 3rd of 2020?
This current contract we're trading now, it was at $41.
So we had an America that was energy abundant, an America that was energy independent, and even beyond that, that was actually energy dominant.
Biden declared war on American energy on the one front and then on the other front engaged in absolutely exorbitant borrowing and spending that sent inflation soaring and the demand for almost any physical good in the world to insatiable levels.
And that combination has led to an explosion in energy prices.
It's terrible for the American consumer.
By the way, to Philip Patrick's point, when he talks about consumer confidence, another metric to watch there.
When we look at retail stocks, the XRT is the ticker.
For an ETF, the most liquid ETF, exchange-traded fund that trades all of the retailers together.
So it jumbles all of them into one stock.
It's the XRT.
That is down hard today, down a percent right now as we speak.
But more importantly, it is down almost 25% from its November highs.
So it rallied extremely well into Thanksgiving, into the holiday shopping season, and it has plunged ever since.
It is officially in bear market territory, which is defined by Wall Street as being down more than 20% from the peak. Retail stocks in America right now, retailers are down more than 20 percent from the peak of just weeks ago.
They are in a bear market reflecting this incredible pessimism because of inflation and a large part of that inflation being measured by crude oil.
steve bannon
Steve, how do people follow you on Getter and Twitter and get to your chalk talks? Yes, please follow me on the Getter.
steve cortes
I'm just at Steve.
Very simple.
And then over on Twitter, I'm at Cortez Steve.
unidentified
Cortez with an S. Steve, thank you very much.
steve bannon
I want to go now to Mike Lindell.
Mike, you've got this involvement in Canada.
They're blowing you up.
I've got to ask you first, live on the show the other day, you got debanked, right?
Our audience wants to know.
Give us an update on that.
You're not going to shut down My Story.
You're not going to shut down the network, the Christian Network, the Mike Lindell Recovery Network.
Tell us what's happening with the banking situation.
unidentified
Yeah, it's we've got we've moved up.
We've moved stuff over to a bank that wants us and we've actually now that that would be our third bank that we're using and I had a backup plan.
So anyone out there worried Frank speech is going to keep going on the Lindale Recovery Network Lindale TV.
We're going to keep moving forward and it was kind of ironic Steve.
They say if you give anything to the people in Canada, you get debanked.
Well, I've already got it made, right?
steve bannon
Well, no, but I want to go.
Christy Friedland came out and talked about financing domestic terrorism up there.
And the justice manager last night said, if you're pro-Trump and giving resource supporting, you're in trouble.
Watch out.
What are you financing?
Are you supporting or financing domestic terrorism in our great ally to the North, Canada, Mike Lindell?
unidentified
Absolutely not.
We're trying to get pillows for them and Bible pillows for the kids.
I've just got some reports here out of Canada.
They're comparing the Freedom Convoy donations to terrorist financing.
There's there's mysteriously a couple banks closed up there.
I want to tell everybody I'll give you an update.
We called this morning to get the truck across and they mysteriously it says due to unforeseen circumstances.
We are not we are not giving out any more permits.
Now our permit was all we scheduled for this morning to get across.
Now we got to divert the trucks to another location out by New York.
But we're going to get them across, Tom.
And by the way, everybody, I'm not dropping pillows with little helicopters in the air with little parachutes.
steve bannon
Let's go back to, because the Daily Beast stories are absurd, but let's go back to these permits.
What do you mean they pulled your permits?
You had permits, you had, what, visas to go across?
What did they actually pull and what are you guys doing as a workaround?
unidentified
We had, they didn't pull it.
It was an extra permit you had to get, and we hadn't had to get them before, and they expedited ours.
They were really good on the phone the last few days.
They normally take five days.
They expedited.
We were getting it this morning, and when my trucker called this morning, he said it was a recording.
It's the first time he got a recording.
Due to unforeseen circumstances, we are not taking any calls.
We will not be moving forward with any permits at this time.
So I don't know if we're still waiting to see if we got ours, but we're going to Plan C and we're moving trucks further east.
steve bannon
We're going to get them across in pieces.
unidentified
We're going to get them across in pieces.
steve bannon
I just want people to know, you've got a commitment.
You've got a facility up in Canada.
You have Canadian workers.
Mike Lindell's not some Johnny-come-lately.
He's not out there stirring trouble.
You've got a vested interest in what's going on up there because you have a plant, you have employees, you have a facility.
Is that correct?
unidentified
That's correct.
Yeah, we have a facility up in Canada about an hour and a half out of Ottawa, but we don't have enough supplies there to give the truckers because of They cancelled this in Canada when they did MyPillow in the United States.
The shopping channel up there and all the rotten box stores, the Bed Bath & Beyond.
But we're, you know, and so we were bringing them from my Minnesota plant and we worked very hard to make all these by employees.
And we're going to get them up there, Steve.
We got a bunch of truckers have gotten involved now.
We're going to take them over in different groups and smaller, smaller lots, smaller Smaller size lot so maybe three four thousand at a time Mike we've got a minute here.
steve bannon
I want to talk about Lindell TV your show because this is what they're trying to shut down That's why they pulled the bank lines on you You got a minute walk through people how they get to you how they watch your show and why are they so nervous about this?
Why all of a sudden Lindell's got his own TV deal and and they're in panic Mike Lindell Well, well, they want to take away our voice everybody.
unidentified
That's if you take away a voice, if you don't know it, it's over.
And they've been trying to do this since January 7th to the world, to everyone else in the world, since January 7th of 2021.
We have Lyndell TV, it's 24 seven on French Beach.
And my show is every night at 7 p.m. Eastern time.
And we do just like you do, Steve.
We just keep reporting what's going on.
The positives, everybody.
There are so many positive things going on out there.
mike lindell
Those truckers in Canada, all the stuff that's manifesting too, we're gonna be able to go into Canada now and these mandates are getting pulled down.
unidentified
Hopefully that's the start of something around the world where we can get our freedoms back.
Because if we lose our voice, we lose it all.
If they cancel our voice, we lose it all.
steve bannon
Amen, brother.
We broke news today, too.
Mike Lindell's not going to drop him in by drones.
The pillow's in by drones.
Mike Lindell, patriot and hero.
Thanks for joining us here in the War Room.
unidentified
Thanks, Steve.
Mike Lindell, Daily Beast.
steve bannon
You've got to understand when Mike Lindell's got that tongue in the cheek.
Okay, short commercial break.
Aaron Duffy, the writer about mask, about a New Yorker that's just about had a belly full of it.
Okay, next in the war room.
unidentified
Right to the end, just watch and see.
It's all started, everything's begun.
And you are over.
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steve bannon
Make sure MyPillow.com, Promo Code War Room, check that out.
Make sure Life 22, I want to get that site up.
There's going to be really a kind of a workshop for folks, not just great speakers like Marjorie Taylor Greene, but Dr. Malone and Dr. McCullough talking about all the issues related to vaccines, masks, all of it.
Okay, that's going to be Life 22 in Irving, Texas next week.
We're going to have the great Joe Mobley on.
I ran out of time.
We're going to have Joe on tonight.
Governor Yunkin signed this massive bill about masks.
We're going to find out what the reality is, as the Commonwealth of Virginia was the leading thing we worked with this audience on in the fall of this year, or in the fall of last year, to have that resounding victory in the Commonwealth of Virginia.
Also, you should know, in San Francisco, on the Board of Education, they're tossing people off with like 70, 30 votes.
Progressives because of this issue people have had a belly full of it very special guest Aaron Duffy She's a if this is the first time in war room history.
We've had someone on with a chick lit author author of Bond girl But she's got a fire-breathing You know, this mask situation isn't new.
Obviously, you've been hearing about it for a long time.
unidentified
you to walk through. You're a New Yorker. Folks in New York, of all political persuasions, are having a belly full of these mandates, and particularly the mask mandates about kids in school. Erin Duffy, take it away. Yeah, thanks for having me, Steve. You know, this mask situation isn't new. Obviously, you've been hearing about it for a long time. You saw what happened in other states and with everybody finally having enough of the kids basically being left behind
when everybody else is allowed to go back to their regular lives.
Earlier this week, New York State had a vote on the Senate and they voted unanimously along party lines to keep the kids in masks.
What that means for someone like me and for all of the other Women, moms, parents, sane people that I know who live where I'm in Westchester County, just north of New York.
If you line up a hundred people from one side to the other, the most, you know, Bernie Sanders loving liberal to the most staunch Trump supporter, you will not get anybody at this point who thinks that keeping the kids masked when the rest of us are able to go back to regular life is a good idea.
How is it possible to have a vote where there's a Democrat who's supposedly representing this portion of New York who can say, maybe the time has come for this to end.
Greenwich, Connecticut just voted unanimously.
Their kids are done with masks.
I can hit Greenwich, Connecticut with a rock.
My kid can't go anywhere without having to cover his face while all of the adults are able to run around and go to concerts and go to restaurants and go, you know, anywhere they want.
And not have to do it.
It just seems to be, at this stage of the game, slightly terrifying that we have not been able to get to a point where people are comfortable with saying, you know what, we can send the kids to school in their, you know, socially distant classrooms where most of them are sitting behind plexiglass windows with 16 kids and let them breathe for seven hours a day.
I mean, this is really a radical thought at this point.
steve bannon
So, Aaron, what is the issue?
Is it the teachers unions are so strong?
I mean, you're right.
If you put up 100 people across the spectrum, 96, 98 would say, no way, take the mask off the kids.
Greenwich, Connecticut, which is no bastion of Trumpism, unanimous, gone.
San Francisco, they're throwing school board progressive, super progressive school board members off in landslide defeats because of this issue.
Why is New York State, are they kowtowing to the teachers union?
And what's the teachers union afraid of?
unidentified
I mean, from everyone that I've spoken to, and I'll speak for myself, I think the teachers unions have way too much power than they should, especially in this state.
I don't know how much of this would be happening if we didn't have an unelected governor who happened to come by her seat as a result of obviously other things that happened.
I don't know if she's trying to shore up support for herself.
But dealing with this governor and this administration, it sort of feels like, you know, a bad relationship that you have when you're younger, where you feel like if you just keep giving them what they want, and if you just, if you're good enough, and if you say all the right things and do all the right things, eventually they'll love you back.
And they've continued to just so far.
steve bannon
The parents in like the Commonwealth of Virginia, one of the things we're huge in is supporting parents to take over these school boards.
What are the parents at the grassroots level, as you see it right now, going to do about this top-down approach from Albany?
What action is going to be taken?
unidentified
I think, I mean, you're going to see a lot of people who are going to start to get involved in the school boards, but from where I am specifically, This isn't really the school board's call.
We've gotten emails and messages from our district head, from the head of the school district, from the archdiocese of New York.
All of them saying, hey, we hear you.
We know what's going on here.
We understand that you're upset, but we are all beholden to the state.
And until the state changes anything, there's nothing we can do.
We have tried sending our kids into school without masks.
They come home with masks.
And I will say this also, nothing sets my hair on fire faster Then people who sit around and say, ah, it's not that big a deal.
It's not that big a deal.
The kids don't even mind.
It's not even necessarily only about the schools, because what people fail to realize is, especially for the younger kids, you know, they don't have much of a social life where they're going out to restaurants and bars at night.
So their school and then their after school activities call it gymnastics, ballet, basketball, you know, insert whatever young kids do after school.
I sent them to basketball practice.
I have two seven year old twins in first grade.
I sent them to basketball practice this week.
They're supposed to be able to go without masks because the mask mandate indoor has been dropped by the governor.
Well, they came home with masks.
When I called and asked about it, they responded that, well, they're following the schools.
So, there's no place for them to go until the school changes its rules.
steve bannon
Eric, we've got to bounce.
We've got to hard out.
Real quickly, 15 seconds.
What's your social media?
How do people follow you?
How do they get to you?
unidentified
I'm on Instagram at Aaron Duffy Books.
That's the best way to get me.
steve bannon
Okay, her op-ed is now up in the War Room.
Thank you very much.
I'm telling you, this revolt is going from the most liberal bastions of Greenwich, Connecticut and New York all the way to Baghdad by the Bay, San Francisco.
Five o'clock tonight, we're going to drill down more and more explosive information.
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