May 19, 2022 - Bannon's War Room
48:54
Participants
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| Speaker | Time | Text |
|---|---|---|
|
unidentified
|
P for 2022. | |
| What's my outlook? | ||
| Right, first of all, to me we have the strongest economy perhaps I have ever seen. | ||
| The list grows and grows and grows. | ||
| And if the economy would just be able to catch its breath, then I think that things could be a little bit better. | ||
| But otherwise, I think the people are going to say, and there's some notes out today, get me out of the market. | ||
| There's just a lot of a bunch of notes today saying that the individual is fleeing Yeah. | ||
| Well, and you have some of these targets. | ||
| Deutsche cuts their year-end target. | ||
| HSBC cuts their year-end target. | ||
| Goldman says the recession would take you to 33.6. | ||
| All went into what we're seeing, not just yesterday, but expect to see today as well. | ||
|
unidentified
|
Yeah, it's a dramatic turn in the consumer, William Meeker. | |
| Good morning, everybody. | ||
| I mean, inflation is just out of control on so many levels. | ||
| And by the way, you did the baby formula story, powerful stuff. | ||
| Those costs, if you can find it, are also going up. | ||
| The cost to manufacture, deliver, transport everything just continues to rise. | ||
| And it's really in many ways, guys, just an energy story. | ||
| I mean, we talk about oil and gas and the energy transition. | ||
| The price of diesel fuel at certain gas stations around the New York City area is $7 per gallon. | ||
| That is the rough equivalent of $300 per barrel oil. | ||
| Now, oil itself is at about $110 per barrel. | ||
| I know that's the New York area, but there are very real fears of shortages of diesel fuel, jet fuel, and even gasoline this summer. | ||
| That is driving up the price of everything, and when you factor in Making something, shipping something, driving something to the store. | ||
| It's going to be incredibly inflationary and the consumer has really slowed down and that just absolutely crushed the stock market. | ||
| Not just yesterday, but really all year. | ||
| It's one of the fastest turns in consumer sentiment I have seen in 25 years. | ||
| I'm trying to think of what exactly control the United States government has. | ||
| I guess the Fed chair probably has options here to try and stem the tide of inflation, but we're looking at rising interest rates, aren't we? | ||
| How does that help? | ||
| But ultimately, I still see a lot of Americans getting locked out of this economy, not having homes, not being able to afford anything as the government tries to fix the problem. | ||
|
unidentified
|
The problem is, and I think you nailed it, Mika, is that the only solution is to bring the economy to a halt, is to maybe force a recession. | |
| I know that sounds ridiculous as a, quote, solution, but we learned in the late 1970s that when inflation is out of control and unemployment is pretty much maxed out, pretty much anybody who wants a job can get one. | ||
| The only way to slow inflation is to slow down the entire economy, and that's basically what the Fed chair yesterday said that they were willing to do. | ||
| So the double whammy is that, and sort of the sad paradox of this, is that as inflation rages, the only way to slow it down, well, there's two ways. | ||
| Demand destruction, people to simply say, you know what? | ||
| I'm not flying. | ||
| I can't deal. | ||
| Or you raise interest rates, which means, to your point, If you have credit card debt, which has gone up 21% year over year, if you want to buy a home, if you've got any kind of loan, and it's not fixed forever, the rates on those are also going up, so you've got inflation already on everything, and now inflation on your debt. | ||
| It's going to be a tough combo. | ||
| Okay, welcome. | ||
| It is 19 May, Year of the Lord 2022. | ||
| By the way, I think yesterday, I caught myself looking at my, I might have said 17 May all day yesterday. | ||
| I'm going to check, my team's going to check it out. | ||
| But no, yesterday was the 18th, today's the 19th. | ||
| Well, you're in the War Room. | ||
| I got some great, it's packed today. | ||
| Of course, if you've been following the War Room, today is no surprise. | ||
| Everything's going on. | ||
| So remember, in the middle of chaos, What you have to do is be the still point in a turning world. | ||
| Okay? | ||
| So we're on the bridge. | ||
| And on the bridge, you never lose your head. | ||
| Just kind of stay. | ||
| We see all the stuff going around. | ||
| It's the fog of war. | ||
| Just, we're going to stay focused. | ||
| But, we've been telling you, this day's coming. | ||
| And more days like it. | ||
| Bloomberg today, Michael Bloomberg, and look, you know, Bloomberg made his fortune by the information he has on the bond desk, right? | ||
| He was the information provider, understood the power of information. | ||
| And now he's got a TV network, which I actually love because it's a trader's network, globally, all night long. | ||
| Cut it on midnight, you're in Hong Kong or Singapore. | ||
| His news site's actually very good. | ||
| He's very slanted politically, but they have really good analysts. | ||
| Bloomberg headlines, and I know I just got it to Denver, they just put it up. | ||
| The age of scarcity begins with $1.6 trillion hit to world economy, about the unraveling that we're going through. | ||
| Can Denver play? | ||
| I've just got to play the voice of Mourning Mika. | ||
| You see the fear? | ||
| They're so arrogant and they're telling you what to do and you're their betters and you know. | ||
| They know better, and they're gonna have disinformation, and you're just, breathe through your mouth, you're deplorables, you're ultra-MAGA, you're white supremacists, you're white nationalists, you're this, you're all the African Americans who get on here, you're just Uncle Tom's, you're just Trump playing a game, so that you can, you know, you can suck up to the Trump movement, or the Hispanics, you know, just over and over and over again. | ||
| So it warms the cockles of my heart! | ||
| To look at her and hear the tremble in her voice, the fear, the fear of what you have brought on. | ||
| Doesn't the Fed, can't they do something? | ||
| Can't we just shatter the glass and get it? | ||
| No, you can't, ma'am. | ||
| The convergence of everything you have done as a mouthpiece for these elites. | ||
| It's all coming together and converging and probably the hardest, most difficult economic crisis in the history of this nation. | ||
| Worse than the panic of what? | ||
|
unidentified
|
1873. | |
| Worse than the panic in the late 19th century. | ||
| Worse than the panic of 1906 that caused the Federal Reserve. | ||
| Worse than the Great Depression and the collapse in 1929 and into the 1930s which led To the continuation of World War I, which we refer to as World War II. | ||
| No, ma'am. | ||
| Let's play that again. | ||
| You've got to just hear her voice, and if you're on TV and you see the screen, just please look at her. | ||
| This is big-shot, tough-talking Morning Mika that every morning with Joe, her sidekick, Alabama Joe, is telling you, you know, you're bad, you're evil, you're white supremacist, you're nothing, you're the backbone of this nation, okay? | ||
| You're the backbone of this nation. | ||
| You're what made this country. | ||
| And look at her right now, that little tremor. | ||
| Isn't it anybody can help? | ||
| Can't the Fed do something? | ||
| Don't they have a tool? | ||
| Let's play it. | ||
| I'm trying to think of what exactly control the United States government has. | ||
| I guess the Fed chair probably has options here to try and stem the tide of inflation, but we're looking at rising interest rates, aren't we? | ||
| How does that help? | ||
| But ultimately, I still see a lot of Americans getting locked out of this economy, not having homes, not being able to afford anything as the government tries to fix the problem. | ||
| Stop it right there. | ||
| I can't hold it. | ||
| The government got us into this problem. | ||
| You've supported the elites. | ||
| You've pumped up the balance sheet of the Federal Reserve. | ||
| Don't you understand? | ||
| Where's Alabama Joe? | ||
| Didn't he explain anything about the economy? | ||
| The people that you're the running dog for and your show's the running dog for, all you big talkers on Morning Joe and MSNBC and the New York Times, you brought us here. | ||
| You brought us in this path of destruction that's going to wipe out a generation of wealth. | ||
| And any person under 40 years old, That votes for these people, you deserve what you get. | ||
| If you want more of it, if you want to be nothing but a Russian serf, if you don't want to own anything and just on the treadmill and now your credit's going to go explode so you can barely meet ends meet, you're not going to own anything. | ||
| Hey, but unlike what the World Economic Forum says, you ain't going to be happy about it, okay? | ||
| If you want to continue to do that, and continue to do that, and continue to do that, then keep voting for it. | ||
| It's a democracy. | ||
| It's a free country. | ||
| It's a free country. | ||
| Go check the facts out. | ||
| Okay? | ||
| If you want to vote for it, vote for your own destruction! | ||
| But we got a better way, and I've got Dave Bratt, I've got Dave Walsh, we've got some hitters in here. | ||
| Bratt, put it in perspective. | ||
| Steve Cortez is out today on the Hussings up in Illinois, fighting a good fight for MAGA. | ||
| Peter Navarro is in the engine room, grinding away, doing statistics. | ||
| I brought Bratt in, out of the bullpen. | ||
| Dave Bratt, thank you very much. | ||
| Give us your assessment. | ||
| Yeah, great to be here. | ||
| Yeah, not only all the bullets are used, right? | ||
| The Fed, all the Fed bullets, all the federal government debt bullets. | ||
| We're at war. | ||
| They're open. | ||
| They've done every cheap trick to try and extend deficiencies, trade with China, on and on and on. | ||
| We've done all the wrong things for 40 years. | ||
| Now it's all come and due. | ||
| And so not only are we going to have a financial crisis and a recession and hopefully It's a moderate. | ||
| It's not going to be mild. | ||
| It's moderate. | ||
| After that, all the economic evidence that we, you know, the show brings you every day, right? | ||
| Productivity's been going down and is at a new equilibrium low, with zero productivity virtually across the world, not just here, except for China. | ||
| But even they're cracking up. | ||
| And so after the financial crisis, all signs are that we're going to have a prolonged period, decades. | ||
| It's going to take us decades to dig out of this mess. | ||
| That has been constructed by the elites to make them billionaires and oligarchs. | ||
| They're running the whole world right now, and it's time for the American people to just say no. | ||
| And the Congress needs a plan. | ||
| I wish they would announce some strategy to get an economy back, a real economy back. | ||
| The first thing they could do, I'm going to give you a number, ladies and gentlemen, because today in the United States Senate they're going to vote on this. | ||
| The number is 202-224-3121. | ||
| All you have to do is call the Senate's office, call their local offices too, call the offices and tell them, if you vote for this, if you bail out these Ukrainian oligarchs, okay, and Switzerland and Germany and Italy and France and the United Kingdom, all the wealth over there. | ||
| Remember, everybody in this audience, we got kicked out of every decent country in the world and we ended up in the United States of America. | ||
| Hey, so be it. | ||
| The guys that kicked your grandparents and great-grandparents and everybody out, they're there and they're still wealthy and you, the great-grandchildren and great-great-grandchildren of the people that got the heave-ho, you're bailing them out again. | ||
| So I want to ask you today, how's your 401k? | ||
| Right? | ||
| How's it when you go to the supermarket? | ||
| Are you buying a half gallon of milk for the kids instead of a gallon? | ||
| Right now you've got a government, here's the plan, the Biden administration, either going to kill them in the womb, going to murder them in the womb, you're going to starve them as infants with no formula, or you're going to put the parents in poverty so when they have to go to Walmart, the CEO says the number one way we can tell we've got a problem is instead of selling gallons of milk, we're selling half gallons of milk. | ||
| That difference between that half gallon and that gallon is what we're depriving the future generations of this country. | ||
| How many generations have been built on American dairy products, American milk? | ||
| Right? | ||
| And they're not getting, they're cutting back. | ||
| Not because they freely choose it, because they're forced to, Mika. | ||
| These people that have been forced into the economy, you and your oligarchs you represent, forced them out. | ||
| You've taken it all for yourself and left nothing for them. | ||
| So don't give me the big crocodile tears when this happens. | ||
| You people disgust me. | ||
| And now you've brought nothing but economic carnage onto the American people that's going to take us decades and decades and decades To work through. | ||
|
unidentified
|
202-224-3121. | |
| Tell Mitch McConnell and his guys, today, they're about to give $40 billion. | ||
| Okay? | ||
| $40 billion for just five months. | ||
| On September 30th, the money runs out. | ||
| They're gonna come back for more. | ||
| They've already given $16 billion. | ||
| Where's the bailout for the young moms? | ||
| You understand the pressure on the young moms on these formulas? | ||
| Where's the bailout for the young moms? | ||
| Right? | ||
| Where's the bailout for the parents so they can buy the other half gallon of milk? | ||
| Where is it? | ||
|
unidentified
|
No. | |
| You know where it's going? | ||
| To bail out the third most corrupt nation on Earth and the oligarchs that are just as wealthy as the Russian oligarchs. | ||
| You know how much money the oligarchs in Ukraine are putting into this deal? | ||
| Zero. | ||
| You know how much the wealthy in Switzerland are putting into this deal? | ||
| Zero. | ||
| You know how much George Clooney's neighbors up in Northern Italy, one of the most beautiful places on Earth, they're putting into this deal? | ||
| Zero. | ||
| You know how much they're putting into France? | ||
| Zero. | ||
| In Germany? | ||
| Zero. | ||
|
unidentified
|
In England? | |
| Zero. | ||
| In Norway? | ||
| Zero. | ||
| They're putting in zero. | ||
| This nation's on fire economically. | ||
| Nothing but carnage. | ||
| And they're reprogramming the pumps to go to ten bucks. | ||
| Just ask yourself, what is my life like right now? | ||
| What does my future look like? | ||
| What is my pension? | ||
| You're bailing out the Ukrainian pensions. | ||
| $40 million is going to bail Ukraine out. | ||
| How's your pension? | ||
| Anybody under 40, how's your pension doing today? | ||
| I'll tell you how it's doing. | ||
| You don't have a pension. | ||
| Okay? | ||
| You've got Social Security, which you're never going to get. | ||
| You don't have a pension. | ||
| But you're bailing out today Ukrainian pensions. | ||
| Ukrainian pensions. | ||
| I have no problem with bailing out the oligarchs. | ||
| As long as it's the oligarchs and the Europeans that are doing it! | ||
| If they're going to give $40 billion, let them give their first $40. | ||
| They come back and we'll have a conversation. | ||
| The answer's still no. | ||
| How much money's gone to the southern border? | ||
| How much money's gone to the young moms in America that can't get formula for their children? | ||
| They're up all night worrying or running around to 15 different Walmarts and trying to get it. | ||
| How much is going to the families that are going to Walmart and they're going to Dollar General to get that extra half gallon of milk? | ||
| Where's their bailout? | ||
| It's just like 2008. | ||
| There ain't any bailout for you. | ||
| They're bailing out their buddies. | ||
| They're bailing out Raytheon. | ||
| This is the Coke. | ||
| Raytheon, think bailout. | ||
| Okay? | ||
| And it stinks to high heaven. | ||
| And it's time you got off your haunches and you tell people we're not going to take it anymore. | ||
| Dave Brat, sorry for taking your time. | ||
| You can stick with me, though. | ||
| We're going to extend. | ||
| No, moral philosopher. | ||
| Keep it going. | ||
| It's awesome. | ||
| Okay, short commercial break. | ||
| We got Dave Brat. | ||
| The Dean of the School of Business at Liberty University, and he's turned, man, he's turned that Liberty Business School on fire. | ||
| Also, Dave Walsh, a former senior energy executive, is kind of our go-to guy. | ||
| He's been ahead of this the entire time. | ||
| He said this day was coming. | ||
| Short commercial break. | ||
| As Bloomberg says, on Thursday, the 19th of May 2020, the age of scarcity begins. | ||
|
unidentified
|
be back in a moment isn't you don't have enough digits Shh. | |
| Yeah, Washington State's bracing for some big numbers. | ||
| Washington State's going to get to $10. | ||
| They're reprogramming the pumps for $10. | ||
| Jimbo Kramer right there with the pom-poms up. | ||
| We always start, we'd like to go to Jimbo Kramer because 60 days ago he told us it was the greatest economy in his life. | ||
| Okay, greatest economy, his life. | ||
| Hope that great economy is working for everybody. | ||
| Before I go to Dave Walsh, Brett, I want to talk about this Bloomberg. | ||
| Bloomberg said the age of scarcity. | ||
| We should be living in an age of abundance. | ||
| We're not living in an age of abundance. | ||
| We're going to live in an age of scarcity. | ||
| In the United States of America, you have no baby formula on the shelves. | ||
| If you order one of the F-100 pickup trucks, It takes you a year because there's no chips. | ||
| I talk to guys on building stuff. | ||
| It's a six months to eight months. | ||
| Everything's backed up. | ||
| How did this happen? | ||
| The Bloomberg part starts it. | ||
| We can put this up by Brad Talks. | ||
| You're the Dean of the Business School at Liberty. | ||
| You're the economist that beat Eric Cantor. | ||
| You were one of the smartest guys up here. | ||
| We didn't need more economists. | ||
| We needed more country lawyers. | ||
| We needed more Joe Scarboroughs. | ||
| We had too many Dave Brats. | ||
| That's why Dave Brats is now the Dean of the Business School. | ||
| Talk to me about The Age of Scarcity Begins. | ||
| Yeah, well, it's a great title, and it's scary. | ||
| It's haunting. | ||
| If you think about it, you know what's coming, right? | ||
| We've been saying productivity's been going down for 50 years. | ||
| Total factor productivity, which makes capital and all the other inputs work better, is zero because of our national calculus. | ||
| We've sent entire industries abroad. | ||
| We don't follow basic lessons of diversification. | ||
| And Bloomberg, the article, China appears regularly, almost every other paragraph. | ||
| And we made all the wrong calculations there. | ||
| So it's not trade itself, right? | ||
| Part of it is just getting the basic facts in our head. | ||
| Exports and imports in the United States are about 15% each, just roughly. | ||
| They vary, but around that number. | ||
| And that's our total trade in the country is about 15%. | ||
| And then of that, China's 15-20% of that number. | ||
| So it doesn't drive and dominate our economy unless you go off the rails and start doing everything stupid, which we've been doing. | ||
| Our CEOs... Except for the fact it's taken all high value added manufacturing virtually. | ||
| Right. | ||
| It's been shipped to China. | ||
| So your entire manufacturing base is there. | ||
| Right. | ||
| So although it may be a smaller percentage, it's all the high value added jobs. | ||
| Service jobs, you're going to find out here. | ||
| The guy up here on Mika said, oh well the economy's at full, hey, and by the way, Lloyd Blankfein comes out the other day and says the number one way to combat inflation is to allow mass immigration, right, because we drive wages down. | ||
| But go ahead, but the problem is you've got the manufacturing base is gone, and the high value added jobs are gone, and the service jobs are going to go away as soon as these hits on Wall Street start coming. | ||
| And the hedge funds start imploding and blowing out of these positions. | ||
| Because that's the next one you've got, these leveraged hedge funds. | ||
| You're going to start to see the mass unemployment. | ||
| And that's right on the money. | ||
| And how did that happen? | ||
| The CEOs have all been, everybody knows, quarterly profit-earnings driven. | ||
| So they've made all the short-run shortcuts, taken every possibility, right? | ||
| They have enriched themselves and their firms and their shareholders. | ||
| Because the incentive structure's there. | ||
| The options and the stock buybacks. | ||
| People say, well, the stock market's so high, all the tax cuts didn't go into capital equipment like we should have forced them to do. | ||
| I know all the libertarians say, you can't force them to do a thing. | ||
| You don't think so? | ||
| Instead of stock buybacks. | ||
| And they've sold out the country, literally. | ||
| The great people in this country, all the way up, always took into account the institutions that are essential for economic growth in the first place. | ||
| Adams and everybody. | ||
| You know, this country is impossible without a moral people, right? | ||
| It is that simple. | ||
| You have to have a basically moral people. | ||
| Now we've got a bunch of crooks at the highest level, right? | ||
| And the oligarchs are driving everything. | ||
| They own them and the intelligence agencies. | ||
| Are we currently on Infowars? | ||
| right now and so when when Mika says you're locked out of the economy... Are we currently on Ifill Wars? I'm going to introduce my guest Darren Beattie. | ||
| He's correct right I mean and that that the the moral dimension I have fun with you with the moral philosopher piece but it's serious and moral people have a hard time some of them with President Trump as president running the world There's only one person that could have gone head-to-head with the CIA, the FBI corruption, the corruption at the Injustice Department, the Justice Department putting housewives in handcuffs. | ||
| Domestic terrorists. | ||
| paying their bill, getting it back on track. | ||
| NATO. | ||
| And just every, it's the State Department, right, and our generals go in woke. | ||
| Obama comes in, fires the patriotic guys. | ||
| This is all just well-known, established news that no one knows. | ||
| But those are the institutions which have been just decimated. | ||
| And the CEOs and the trade deals that have been cut enrich them and harm the American people. | ||
| And you made the important point, right? | ||
| We got stuck with cheap service, non-value-added stuff. | ||
| The manufacturing has to come back and we need to incentivize our economy once again on behalf of the American family. | ||
| I'm going to stop picking on Mika and I'm going to go, I'm going to take her things. | ||
| What are the tools? | ||
| Just do the calculations. | ||
| I'm going to bring Walsh on because the underpinnings is clearly energy. | ||
| And this shows you what Greta Thunberg and all these green kids walking around with the green New Deal and the green this. | ||
| They're a big part of the problem that jammed you into this. | ||
| Okay, a big part of the problem, Jan, and Walt's going to walk you through why it's all redonkulous, right? | ||
| If you're going to do a transition, you've got to get serious about it, not the way they're talking about it. | ||
| This is what's driving, the Russians are shelling Ukraine, and the Western European consumers are paying for it, and they're not going to stop. | ||
| And they're not going to stop for the simple reason that their economic structure is based upon that. | ||
| The economic structure of our country, one of the differences of the 80s, we are structured on Zero interest rates. | ||
| No inflation, zero interest rates. | ||
| This has happened over our institutions over 40 or 50 years. | ||
| You just can't, like Volcker and those guys, you just can't come in and jack interest rates up to 22%, which was the height they were. | ||
|
unidentified
|
22%! | |
| Remember this lady? | ||
| 22% interest rates back in 1982, I think they peaked. | ||
|
unidentified
|
1982. | |
| Paul Volcker walked in, Tamika, when your father was National Security Advisor. | ||
| I know your dad passed away, and by the way, I'm actually a big fan of her dad's. | ||
| I wish her dad had had a chance to teach her more. | ||
| When your father was National Security Advisor, Volcker came in and raised the federal funds rate 500 basis points, 5% in an afternoon. | ||
| Right now it brought the end of the Carter administration because it kicked into that recession that came all the way through Reagan. | ||
| Do the calculation. | ||
| Right today, when she's talking about the tools, the Fed funds rate is that we raise it for the highest move in 22 years to 50 basis points, right? | ||
| 50 basis points? | ||
| That's 0.5%. | ||
| That's what the government lends to the banks. | ||
| What should that number really be? | ||
| Yeah, so that number, as of a month ago, should have been 7%, right? | ||
| Federal funds rate, right? | ||
| And then add a few above that for your car loans, and then add a few more points for your home mortgage loan, and then add another 10 on top of that. | ||
| For a second mortgage, credit cards and all that. | ||
| All the deplorables, the young deplorables out there, you're never being the high teens. | ||
| That's right. | ||
| And so what happened there, right, is we've levered up the country with zero percent interest rates for a decade, like you said. | ||
| On top of that, the family's levered up. | ||
| We're all worshiping our kids and everybody gets a trophy all the time now. | ||
| And we all got to look fancy and we've been living beyond our means. | ||
| The personal savings rate's a disaster. | ||
| China's savings rate's 40 percent. | ||
| When you've got a forced aggregate savings rate of 40 percent, you can do a lot of capital investment, infrastructure, all the things we're not doing. | ||
| And so when Mika says you're locked out, part of that's true. | ||
| The elites have structured a bad deal for you, but you still got skin in the game with how you treat your kids, your savings, how you educate, how you stay in the job market. | ||
| Everybody, right? | ||
| Don't give up your pay benefit. | ||
| We got a hard, hard decade or two. | ||
| That's what I'm telling people. | ||
| Unemployment is 3%. | ||
| Hey, just wait for it. | ||
| Remember, you're seeing companies taking Cisco last night and now they're going to miss earnings massively. | ||
| Stock hit 18%. | ||
| The reason the stock market has things is to raise equity capital. | ||
| Once they can't do that, Things start to change. | ||
| They gotta start cutting, okay? | ||
| And they always start, revenues start dropping, they gotta start cutting. | ||
| And here's who gets cut. | ||
| You. | ||
| And particularly the people under 40. | ||
| You're the first ones to go, or I guess nowadays, actually the ones over 50 are the first ones to go. | ||
| Let's bring in, I wanna bring in Dave Walsh for a second. | ||
| So, that's shocking. | ||
| You said it's seven. | ||
| Now, I have actually seen guys that have done the calculation and said, hey, Brat's math is good, but I'm gonna tweak it. | ||
| And some people are saying the Fed funds rate right today should be 10 or 11%. | ||
| Ladies and gentlemen, that means interest rates in the twenties to choke this inflation out. | ||
| This thing's been building for so long. | ||
| And remember, they keep pumping up, pumping cash into the system. | ||
| They're going to start panicking now because they see what's going to happen. | ||
| And this is my point about in politics. | ||
| You need authenticity. | ||
| You need to be a fight. | ||
| But this this one quality that is the ability to take political pain. | ||
| And that's moral courage. | ||
| Paul Volcker had it. | ||
| OK. | ||
| Ronald Reagan had it. | ||
| John Roberts doesn't have it. | ||
| You see these people right now, they don't have it. | ||
| Mitch McConnell obviously doesn't have it. | ||
| He's a crook. | ||
| But, right now, leaders are going to have to be able to come to the American people with a plan. | ||
| And a plan that puts them first. | ||
| Puts American citizens first. | ||
| Not the oligarchs. | ||
| Not Wall Street. | ||
| Not the woke corporations. | ||
| Puts the American people first. | ||
| Particularly the American worker first. | ||
| Okay? | ||
| And the American family first. | ||
| No more half gallons. | ||
| No more, no formula. | ||
| Okay? | ||
| Put you first. | ||
| And that plan, even in putting you first, everybody's going to have to take it. | ||
| There's going to be some hits. | ||
| That's not going to be pleasant. | ||
| Okay? | ||
| If anybody's telling you it's going to be okay and I've got a magic solution, the only magic solution they've got is the magic money machine over at the Federal Reserve. | ||
| They can keep printing. | ||
| We can keep doing that. | ||
| And I will get you a couple of history books to read about the Weimar Republic, okay? | ||
| We can keep doing that. | ||
| And once this inflation gets to a certain point, it's going to start, it's going to pop. | ||
| And that's when hyperinflation gets in, okay? | ||
| And once hyperinflation gets in, all bets are off. | ||
| An ordered society, even like Germany, okay? | ||
| Ordered society like Germany, they turn in looking for people for all kinds of solutions. | ||
| I know Dave's coming in, I just want to give a footnote. | ||
| And the scariest thing is, the American people are good and trusting, and the scariest thing is, I think our Senate would vote for the same Federal Reserve Board that we have right now. | ||
| If they all come up, they'll get voted in, confirmed, all in. | ||
| that by the way they're having conversations because listen all these senators are having conversations right now with their donors on wall street and they're saying you guys can't go to the microphone and talk all this trash about biden what we need to do is keep uh we need to we need to increase the balance sheet of the federal reserve we need to keep infusing cash into the system because we got to keep these things prop because otherwise if it all comes down okay we just had a reset on the clock Yeah. | ||
| Okay, terrific. | ||
| I'll yell and scream at the break. | ||
| God, it was just on the roll. | ||
| I had such a great thing, I thought I had three minutes. | ||
| Short commercial break. | ||
| Dave Walsh, Dave Brat, Steve Bannon, back in a moment. | ||
|
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War Room. | |
| Pandemic. | ||
| With Stephen K. Banham. | ||
|
unidentified
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The epidemic is a demon and we cannot let this demon hide. | |
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Banham. | ||
| Okay, we have the two-gun approach here. | ||
| You've got to get a great night's sleep, and trust me, nights like last night with the Asian markets open, a couple hours of sleep, but man, I am on fire. | ||
| Two reasons. | ||
| One, the products of MyPillow. | ||
| They're amazing. | ||
| Go today. | ||
| These are my favorites. | ||
| I think it's $139 down to $49 is the slippers. | ||
| This sale's not going to last forever. | ||
| Yesterday, you guys were hitting them, right? | ||
| You've got to get them while they're in stock. | ||
| Go to MyPillow.com. | ||
| You've got to put in a promo code, War Room. | ||
| The annual slipper sale is there. | ||
| These things are like walking on clouds. | ||
| Okay? | ||
| You will love them. | ||
| So go. | ||
| I think $139 to $49. | ||
| You'll love it. | ||
| Go hit it right now. | ||
| Of course, you got to buy one, get one free. | ||
| And all the big categories on sheets and pillows and towels. | ||
| And of course, the biblical pillow and biblical blanket for the kids and grandkids. | ||
| In addition, Warpath Coffee. | ||
| I get jacked up every morning on Warpath Coffee. | ||
| The Mariner's Blend is the best dark roast ever made. | ||
| We got a morning blend also called Black Powder. | ||
| It's got kick to it. | ||
| Go to warpath.coffee, put in promo code WORM, you get 10% off. | ||
| But man, you ought to see all the things people are saying. | ||
| We're going to start putting them back up. | ||
| OK, I'm going to bring in Dave Walsh here. | ||
| By the way, Brother Brat and I, here's a date to put in your calendar. | ||
| Just write this down in your little aide memoir I know people keep. | ||
| 9 May 2022. | ||
|
unidentified
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9 May 2022. | |
| 2022 9 May 2022 that was the day the Andy Warhol painting quote-unquote of Marilyn Monroe sold for 195 195 million dollars Let me repeat that. | ||
| That, I believe, is going to be peak asset inflation. | ||
| Here's what you've got going on. | ||
| You have asset deflation, you have runaway price inflation, runaway cost inflation, at the same time, a massive supply chain problem. | ||
| You're going to start to see the drop, as Cisco told you, The drop in aggregate demand. | ||
| This is with a Federal Reserve that's out of bullets. | ||
| Remember, we're not the country we were in 1970s, 1980s. | ||
| We're not an accredited nation. | ||
| We're a massive debtor nation. | ||
| Okay? | ||
| We don't have a massive manufacturing base. | ||
| No, we ship that all over to China. | ||
| And quite frankly, I'm not so sure we still have the steely resolve That we had back then. | ||
| But we're going to find that out. | ||
| That is all to be tested. | ||
| I know the deplorables have the steely resolve. | ||
| I know MAGA has a steely resolve. | ||
| We're going to find out if the rest of the nation has it. | ||
| Let me go to Dave Walsh. | ||
| Dave, you've preached the gospel that the underpinnings of all this is energy and these are self-inflicted, these are unforced errors and self-inflicted wounds. | ||
| Dave Walsh. | ||
| I wanted to build on Dave's comments on my corporate pal's complicity and the messaging on energy and the reality of it. | ||
| Go back about 90 days ago to Brian Moynihan, Chairman of Bank of America, on an interview with Maria, indicates that, hey, we're going to begin, Bank of America, we're going to begin to curtail lending. | ||
| to oil and gas production, curtail lending, ration lending to those who explore for oil and gas, downstream production of it, we're going to curtail lending to those folks in that kind of business, entering again the pole vault contest of let's see who can jump the highest to meet the newest ESG standards and reporting standards of the SEC. | ||
| Now, without digressing into the fact that the SEC is largely influenced, if not managed by the money center banks to begin with, vis-a-vis Bobby Kennedy's commentary on the health organizations. | ||
| Now, with that said, where was Moynihan's staff telling him that natural gas is behind three of the four major fertilizer groups, chemical groups, in the world? | ||
| Nitrogen and ammonia production consistently buttressed and caused by natural gas as the primary element of producing those fertilizers. | ||
| Those fertilizers have grown 800% in their use since 1960 across the world, while world population has grown from 3 billion in 1960 to 7.1 billion now. | ||
| So, at the core of the food supply chain growth in the world, facilitating the growth in population, are nitrogen, ammonia, potash, and urea. | ||
| But three of those being natural gas supplied products. | ||
| Did his staff tell him that? | ||
| So, as we suppress the production of oil and gas, guess what we're doing? | ||
| We're ruining the food supply chain. | ||
| This hasn't visited us yet, by the way. | ||
| The planting season has just kind of ended in South Dakota, Iowa, take representative farming regions of the country. | ||
| Harvest will occur, of course, in mid-September. | ||
| That's when we'll see fertilizer shortages come to visit in terms of a harvest that occurs later this year. | ||
| The planting season that was probably somewhat affected by the boost in prices of these items. | ||
| And to give an example, this happened before this war in the Ukraine. | ||
| Last year, nitrogen phosphate advanced from 580 a ton in January to 1,120 a ton by December, two months before the invasion. | ||
| Same in the case of urea, it was 230 a ton January 1st, but 650 a ton tripled the price By December of 2021 already because of the spike in gas prices that we pointed out a couple days ago on the show. | ||
| So this is really not related entirely at all to this war-induced shortage. | ||
| It's a fact of life. | ||
| But going back to truth-telling and appropriate messaging by corporate leadership. | ||
| Fossil fuels comprise 79% of the feedstock of all fuel for transportation and power generation in this country. 79%. | ||
| The rest of the world, about 88%. | ||
| Fossil fuel driven, transportation, electric power generation. | ||
| With hydro, nuclear, small, tiny slice of renewables being the rest. | ||
| So the ideation of getting off of this, like immediately, and transitioning, like within 5 or 10 years, to wind and solar, it's not even a practical reality. | ||
| And one more thing on that, for example, the battery storage that Would back up the heavy intermittency of solar and wind. | ||
| The primary feedstock of that is lithium-ion. | ||
| We don't want to mine lithium-ion in the U.S. | ||
| Of course, another issue comes from China, Afghanistan, Sub-Saharan Africa. | ||
| The price of lithium batteries have advanced from $135 about a year ago, now to, according to a Bloomberg survey, $250. | ||
| to $400 for the lithium feedstock in batteries for EVs and for utility scale storage which is totally necessary to make any sense of solar and wind so we have the cost of that has now escalated to six to seven times the cost | ||
| of conventional power generation using gas if we compound the cost of solar for example with the necessary storage to make it equal the power output density of combined cycle gas. | ||
| So we've got the essential need of corporate leadership to get involved in some truth telling if utilities, munis, co-ops to rate payers of here's the true cost of electricity, here's the sources of it. | ||
| And as we get more and more, if you will, hooked on technology that really is not ready for prime time and causes grid instability because of irrational... It's a fantasy! | ||
| It's a fantasy! | ||
| And the media, and they all got woke, and it's all fantasy time. | ||
| You look at Larry Fink on the CSG, and they're all sitting there, morning Mika, you want to know why it's dialed out? | ||
| Because you've been out there mouthing inanities. | ||
| Right? | ||
| I want to go really to this potential for famine caused by the energy situation globally. | ||
| Look in Sri Lanka. | ||
| People in Sri Lanka, the houses they're burning down are from the war heroes that got them off the, what is it, the Tamil Tigers? | ||
| These are the generals and field officers that saved the country from rebellion. | ||
| And the people today are burning their houses to the ground, throwing their cars into the river, into the sea. | ||
| It is absolute chaos. | ||
| No gasoline. | ||
| You're seeing... | ||
| As Dave Walsh said the other day, and we talked about it, what you're seeing is an implosion of a complex system, okay? | ||
| Once that complex system, which is an ordered event by mutual free decision-making, once that starts, isn't there anything the government can do? | ||
| No, the government got us into this mess by backing the oligarchs. | ||
| Once that complex system, Dave Walsh, starts to unwind, that's the unraveling, sir. | ||
| No, the fundamental dependence of the global food chain now on oil and gas to produce nitrogen, urea, ammonia to fertilize. | ||
| Again, 800% growth in those substances in fertilization that allow billions of people to be fed. | ||
| ...are left out of the whole discourse by folks like Moynihan. | ||
| I'll give him credit. | ||
| A few weeks ago, in another interview, Maria challenged him again on, hey, what about these types of regulations on ESG? | ||
| He backs off now with, oh, well, you know, I have a huge staff of folks that deal with regulators. | ||
| They know what they're doing. | ||
| They'll deal with these various government regulations. | ||
| So somebody got to him, somebody got to him, on the fact that oil and gas actually provide the food chain for the world also, not just transporting it, but Larry, thinking these guys don't want to be, we're going to connect dots and make sure that the responsibility of folks throughout the world is starving to death. | ||
| In the United States, the Walmart CEO is telling you they're buying half gallons from gallons. | ||
| That's an indication that the American kid, they're cutting back on American children. | ||
| If you think they're cutting back on American children, what do you think is happening in Sub-Saharan Africa? | ||
| What do you think is happening in Latin America? | ||
| What do you think is going to happen in South Asia? | ||
| What do you think is going to happen? | ||
| Because Greta Thunberg and these Greens kind of danced around in the streets and they were so intimidated. | ||
| There's a problem with the Republican establishment. | ||
| They call you racist, they call you native, you go wet yourself. | ||
| You're not a racist, you're not a native. | ||
| It's time to stand up. | ||
| Let me get Brad in here because he's got a punch, Dave. | ||
|
unidentified
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Hang on. | |
| No, I just wanted to go off on the moral philosophy again. | ||
| Everything – all the terminology we're using here is moral. | ||
| The Greens have come up with an alternative moral philosophy that sounds good. | ||
| It's a promise. | ||
| It's a utopia. | ||
| It's a fantasy. | ||
| It's not going to come to pass. | ||
| And the ESG piece in the US is the equivalent of the social credit score in China with 5G. | ||
| They are forcing their moral philosophy, which is a nothing burger, right? | ||
| Straight out of Karl Marx's Atheist, it's about power. | ||
| Marx rejected all moral philosophy in God. | ||
| In our tradition, there's one God. | ||
| It's the first commandment. | ||
| I am God, you shall have no other, period. | ||
| That moral philosophy served us well. | ||
| So when we start talking about children, mass starvation, Death coming our way. | ||
| Those are, you know, that's beyond economic arguments. | ||
| We're not talking about some efficiency structure. | ||
| This is our concern and care for human beings, and that's why I bugged Steve on the moral philosophy, but he's a prophet screaming because he loves people, right? | ||
| If we don't do this, we're being neglectful. | ||
| We're allowing the institutions to burn, right? | ||
| So it's our job as Americans to step up to the plate What do you see? | ||
| We've got about a minute. | ||
| philosophy and the pieces that have to be in place to take care of human beings created in the image of God. What do you see? We've got about a minute. What's your sense of where people should start to look of the leading indicators of this getting worse? Well just the the age of scarcity that Bloomberg piece but you can go look up the data right? | ||
| If you want the receipts on that, just go to the World Bank Economic Development Report at the end of that book. | ||
| They got every economic variable, social variable, caloric intake. | ||
| For the poorest of the poor in the world. | ||
| I just had the governor from South Sudan. | ||
| The average income there is $370 a year per person. | ||
| People don't realize what Brad does as a missionary. | ||
| You're bringing the mission of capitalism to the Christian nation. | ||
|
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600 million Christians in Africa. | |
| Just Sub-Saharan Africa, right? | ||
| Sub-Saharan Africa. | ||
| There's 600 million practicing Christians in Sub-Saharan Africa. | ||
| And you're trying to bring the gospel of capitalism, of how capitalism can help And they're better Christians than the U.S. | ||
|
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is. | |
| Amen. | ||
| Right? | ||
| They have economic opportunities. | ||
| Persecuted church. | ||
|
unidentified
|
Yep. | |
| And so we're helping to drive a little capital their way. | ||
|
unidentified
|
Are you up on social media yet? | |
| No. | ||
| Third floor, come visit. | ||
| Say hi. | ||
| Bring your kids. | ||
| I love them. | ||
| Dean Bratt. | ||
| Dean Bratt, thank you so much for dropping by. | ||
| You've got a big afternoon. | ||
| Dave Walsh is going to stick with us. | ||
| We've got Chris Hoare. | ||
| We're going to talk about communications here in a second. | ||
| We've got the big rally out today. | ||
| There's a huge rally. | ||
| It's very important. | ||
| The Children's Health Defense has come up with a brilliant idea. | ||
| They're taking the fight right to Facebook, to Facebook's headquarters, like the Bastille. | ||
| We don't want the same outcome, metaphorically. | ||
| But they're all Bobby Kennedy Jr., Naomi Wolf, all of them. | ||
| By the way, they didn't start as Trump fans, but they're quickly becoming ultra-MAGA. | ||
| They're out there today. | ||
| We're going to talk about that. | ||
| We've got a lot going on in the second half. | ||
| Dave Walsh is going to stick around. | ||
| Brad, thank you so much. | ||
| Back in a moment. God bless. | ||
|
unidentified
|
We rejoice when there's no more. Let's take down the CCP! | |
| Tech monitors us. Sensors us. Deplatforms us. | ||
| Conservatives have been helpless to do anything about it, until now. | ||
| Join Getter, the social media platform that supports free speech and opposes cancel culture. | ||
| On Getter, you can express your political beliefs without fear of Silicon Valley liberals coming after you. | ||
| Getter is led by former Trump advisor and War Room co-host Jason Miller, who saw what Big Tech did to President Trump and decided to fight back. | ||
| Getter is the fastest growing social media platform in history with millions of users, including prominent conservatives like Mike Pompeo, Steve Cortez, and Steve Bannon. | ||
| Join Getter. | ||
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| And unlike the Silicon Valley oligarchs, Getter will never sell your data. | ||
| Send a message today. | ||
| Join Getter. | ||
| It's time to cancel, cancel culture. | ||
| She acknowledged the impact on the equity markets from the Fed's rate hike. | ||
| She even sounded a little sympathetic, but she did not sound like a Fed official ready to reverse course based on the sell-off so far. | ||
| This is a time of uncertainty. | ||
| It's been a rough week in the equity markets. | ||
| And I think the combination of the uncertainty going on in the world, the fact that the Fed is beginning a rate hike regime, causes investors to try to figure out where do they settle on how valuations might come out. So I think in some respects not surprising that you see this volatility. On the other hand, not to be dismissed to watch and see what signals it's offering for tightening financial conditions, which we are beginning, which we've been seeing for a while. | ||
| Here's a signal, Cass and Anarchy. | ||
| Okay, ladies and gentlemen, you're in the worm. | ||
| Let's mark the date. | ||
| What's the date today? | ||
| The 19th of May? | ||
| The 19th of May. | ||
| Just up, the headline on the Hill newspaper, one of the most important and powerful papers around. | ||
| It's the one that specializes just in what's happening in Capitol Hill. | ||
| And hey, they're not pro-Trump. | ||
| Okay, let me just say, they're not pro-Trump. | ||
| Headline lead story. | ||
| Speculation over whether Biden will run again heats up right there. | ||
| We're going to put it up. | ||
| Let's get it. | ||
| Captain Bannon and our great production team in Denver in here. | ||
| Let's let's let's pull that up and put it up. | ||
| It's the speculation. | ||
| They're cutting that guy loose. | ||
| He's totally you got a lame duck like he's already been late, but now it's like a lame dead duck. | ||
| Because this thing's out of control and they realize his approval, you know, Barris did this poll in Georgia. | ||
| Because remember, the lesson here is when you look at these polls, go to the crosstabs and always get what the independents or non-affiliated voters are, not Democrats or Republicans, or they combine because they blend it because the Democrats are still, although a lot of them are coming our way, it's still so partisan and we're so partisan, right? | ||
| The approval of Biden by Republicans is like, you know, 0.4% or something ridiculous. | ||
| Not ridiculous, but I mean, the number is so high as to offset everything else. | ||
| That's why you've got to look at the independents. | ||
| Barris just came out of the field on a poll down there on the Purdue and all the races down there, and he was testing overall. | ||
| Biden's approval, according to Richard Barris, I think it's a very good poll story, in the state of Georgia, his right track rancher, his approval by independent voters, 5.6%. | ||
| Which is kind of inside the margin, close to the margin error being, it could be zero. | ||
| Could be zero. | ||
| It could be zero. | ||
| We told you this was going to happen. | ||
| Now in the Hill newspaper, the speculation heats up. | ||
| They've got a political crisis in the Democratic Party. | ||
| You're seeing the end of the Democratic Party. | ||
| You are. | ||
| It's a national political institution. | ||
| You're going to run them out of the school boards. | ||
| You're going to run them out of the election boards. | ||
| You're going to win all the state legislatures. | ||
| It's time to bring it to an end. | ||
| Shatter it into, you know, like the Green Party in Germany. | ||
| You're going to have the squad doing their squad stuff, right? | ||
| And yammering on doing the squad stuff. | ||
| And then you have the neoliberal, neocon, The people control things. | ||
| There'll be a group, Cheney on one side, Hillary on the other, and everybody in between. | ||
| And then you'll have MAGA. | ||
| Right, it'll be called the Republican Party, but I got an article today, everybody says, the question is about Trump and the Republican Party, what's his relationship, and Joe Trippi, one of the smartest Democratic, they asked Trippi, the Democratic strategist, really smart guy, and they say, Trippi, what's Trump's relationship to the Republican Party? | ||
| What's his relationship to the Republican Party? | ||
| He goes, he owns it, okay, as he does. | ||
| I want to go now to, I've got Dave Walsh we're going to get to in a moment. | ||
| I'm asking Dave to stay over, we've got to pack next hour. | ||
| I've got to bring in Chris Hoare from the Satellite Phone Store. | ||
| And the reason is, in an age of shortages, we did this webinar the other day that's going to be up tomorrow. | ||
| It was packed, sold out free for War Room listeners, but it sold out early given the technology we had. | ||
| But I even said there, the phone is backed up forever and I want everybody to get a phone because you're going to need these satellite phones. | ||
| But you came up with a solution on an app that can help you out until the phone gets there. | ||
| But now the app, the Bivy, is running out too. | ||
| So Chris, tell people, I want to tell people about the Bivy, what it does for them, why they need it, and how they get it. | ||
|
unidentified
|
Well Steve, the Bivy is a device that communicates with the Iridium satellite network and it enables your cell phone To send and receive text messages regardless of whether or not you even have a cell phone chip in there. | |
| So the Bivy device, just a small device about the size of a pack of smokes, it connects to the Iridium satellites and then it Bluetooth's across to your phone with a free app so you can use them Android or iPhone and it allows you to send unlimited text messages in and out from anywhere to anywhere for just $69.95 a month and you can get it at sat123.com or give us a call at 941-841-0844 But we are running out of those, Steve, and that's like everything else. | ||
| The supply chain issues are kicking in no matter what we do. | ||
| We are hoping to maybe have some satellite phones in at the beginning of June, but we just don't know. | ||
| We can't rely on that. | ||
| When people go, and I'm going to give the number, I actually hold through, I've got a 90 second break here to start the second hour. | ||
| But I want to make sure people, when they either go to the website or you call, you can, because a lot of this technology is very confusing for people, right? | ||
| They don't know, they hear this, they hear that. | ||
| You do have people that can walk them through it, right? | ||
| They can walk them through what exactly you get, why exactly it's needed, wherever you are, whatever part of the world. | ||
| So you do have live operators that can take those calls, or the website, it's self-explanatory on the website. | ||
|
unidentified
|
Yeah, we do have videos on the website, Steve. | |
| We have operators standing by around the clock, and the Bivi device is very simple to use. | ||
| You download a free app onto your iPhone or Android phone, and then a Bluetooth connects to your Bivi, and you're off and running. | ||
| But if you have any trouble with that, we do have videos on the site, sat123.com, or you can give us a call, 941-841-0844. | ||
| Our guys will be happy to walk you through it and get set up and make sure that you are connected. | ||
| This is about the only thing that is uncensored these days. | ||
| Yeah. | ||
| Captain Bannon, I want to make sure that we get it up on the Skyron and into all the chat rooms and back so I can say that number slower when we get back. | ||
| Real quickly, we had this blowout webinar. | ||
| Planning for playing purposes, when's the next one? | ||
| You think it'll be a couple weeks? | ||
|
unidentified
|
I think about two weeks, Steve. | |
| And yeah, we look forward to putting the one from last week out tomorrow. | ||
| So we're very excited about that. | ||
| And thanks very much for taking the time. | ||
| We really enjoyed it. | ||
| So everybody, thanks. | ||
| Chris, for everybody who didn't get it, we're going to put it up tomorrow and push it out everywhere because it was, you know, I did Q&A, gave some of my thoughts of what's going on, particularly on communications. | ||
| I think it's well worth your time, but it's all free. | ||
| We'll make sure you get it. | ||
| Chris Hoare, Satellite Phone Store, thanks brother. | ||
| I want to get that number so I can say it a little more slowly after we get back. | ||
| Dave Walsh is going to hang with us. |
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