July 22, 2022 - Bannon's War Room
48:40
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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From a legal strategy perspective, is this about trying to get through this and get to an appeal? | |
| Yeah, so actually Steve Bannon was outside the courthouse just a little while ago and was talking about how he still wants to testify. | ||
| I believe we have some video of that now. | ||
| Of any person in the Trump administration, Stephen K. Bannon has testified, what, 30 hours in front of the Mueller Commission? | ||
| I think 20 hours in front of Schiff in the House Intelligence Committee? | ||
| In the SCIF? | ||
| And then in front of the Senate Intelligence, I think over 50 hours of testimony, every time the exact same way. | ||
| Executive privilege, a lawyer was engaged, they worked it out, and every time, every single time, more than anybody else in the Trump administration, and quite frankly, even McGahn and Reince Oswald's guys, aggregate, Stephen K. Bannon testified. | ||
| If you are an indicted Trump aide going on trial, but you have a podcast, who fills in for you when you're gone? | ||
| I know it may seem like a smaller news question, but we do have the answer with Steve Bannon in court for a trial where prosecutors arrested today. | ||
| The person filling in for him is the other indicted Trump aide awaiting trial, former White House advisor Peter Navarro. | ||
| Who is facing a trial for the same type of charges. | ||
| Hiding evidence, defying the committee. | ||
| But he is out there filling in for his co-indictee, if you will, and also attacking the committee. | ||
| Peter K. Navarro sitting in for Stephen K. Bannon today. | ||
| What this kangaroo committee is doing In their investigation is handing out unlawful subpoenas. | ||
| Seven of the nine members, Democrats, essentially participated in a coup d'etat. | ||
|
unidentified
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They put Peter Navarro in leg irons for simply doing his constitutional duty. | |
| Now they want to put Peter in prison for standing up for Donald Trump. | ||
| Please go to Amazon right now and order Taking Back Trump's America to help fund Peter's legal defense. | ||
| Taking Back Trump's America provides a critical MAGA blueprint to put Trump back in the White House in 2024. | ||
| Buy Taking Back Trump's America on Amazon today. | ||
| If they can put Peter Navarro in prison, they can come for all of us. | ||
| Hey Ari Melba, Peter Navarro in again. | ||
| Hey, just throw me on your show anytime. | ||
| But just to set the record clear, long before the subpoenas were flying, and as I document in the civil suit I filed on May 31, 2020, I was calling into question the political motives and legitimacy of the unselect committee. | ||
| And what do you want us to do, Ari? | ||
| Just shut up now that we're being prosecuted? | ||
| Is that what you really want, Ari? | ||
| I don't think so. | ||
| You're a journalist. | ||
| You want to speak your mind. | ||
| And I think it's important for the American people in a thriving democracy, which we're trying to have, just be in here for Stephen K. Bannon. | ||
| Here I am. | ||
| And what we do here, Ari, on The War Room, is serious, serious journalism. | ||
| Often way ahead of the curve, and I'm going to demonstrate that once again, Ari, and I hope you'll quote me as I talk to the great Doc Malone here today as we comment on the The tragic comedy otherwise known as Joe Biden's infection with COVID. | ||
| Yeah, it's nothing to laugh about at one level. | ||
| He's the president of the United States. | ||
| But as you'll see in this cold open, everybody inside that White House and healthcare bureaucracy does nothing but lie to the American people in a way that endangers lives. | ||
| And Doc Malone, early on in a series of three op-eds in the Washington Times, which had the courage to print them when Twitter and Facebook were shutting everybody down for any criticism of the vaccine. | ||
| We predicted. | ||
| We predicted. | ||
| That the universal vaccination forced of the American people would lead to vaccine-resistant mutations that would boomerang back on people who had not one vaccine, not two, but two and three boosters. | ||
| And that's what we got with none other than Joe Biden. | ||
| So as the intro to bringing in Doc Malone, Denver, hit us now with the pack of lies in this package. | ||
|
unidentified
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You're okay. | |
| You're not going to get COVID if you have these vaccinations. | ||
| Yeah. | ||
| We know that rebound COVID cases have been a concern in some individuals who take paxlovid. | ||
| Are there any precautions you can take to try and prevent that? | ||
| And how concerned are you that that could potentially hinder his return to the office? | ||
| It's a great question. | ||
| So let me tell you what we know about rebounds. | ||
| We've looked at the clinical data on this because if you look at Twitter, it feels like everybody has rebound. | ||
| But it turns out there's actually clinical data if you look at major health systems that have given out packs of it to tens of thousands of people. | ||
| Rebound rates are around 5%. | ||
| Some studies it says maybe 7-8%, some that say it's 2%, but it's in the single digits. | ||
| So it happens, it's not that frequent. | ||
| But here's the key point about rebound, which is when people have rebound, they don't end up in the hospital. | ||
| They don't end up particularly sick. | ||
| An interesting course that I think is becoming more and more typical, the more clinical experience we get. | ||
| I turned positive about two weeks ago with very minimal symptoms. | ||
| When they increased, given my age, I went on Paxlivid for five days. | ||
| And I felt really quite well, just a bit of rhinorrhea and fatigue. | ||
| And after I finished the five days of Paxlivid, I reverted to negative on an antigen test for three days in a row. | ||
| And then on the fourth day, just to be absolutely certain, I tested myself again, and I reverted back to positive by the antigen test. | ||
| So it was sort of what people are referring to as a Paxlivid rebound. | ||
| And then over the next day or so, I started to feel really poorly. | ||
| Oh, man. | ||
| OK, so Biden lies. | ||
| You can't get COVID if you take the vaccine. | ||
| That second hack in the White House briefing room looks America in the eye and says, well, if you have the Pax Lovitt rebound, you're not going to get really sick. | ||
| And then Fauci contradicts him with his own Pax Lovitt rebound. | ||
|
unidentified
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Where, oh, he felt horrible. | |
| You know, shouting fraud is alive and well here in the war room today, but too many people's lives Hydroxychloroquine, there was no rebound with hydroxy. | ||
| It took care of things. | ||
| Anyway, I want to bring in Doc Malone right now. | ||
| As I said earlier, Doc and I wrote three op-eds in the Washington Times which laid out the case that forced universal vaccinations would create mutants and cause trouble. | ||
| Doc, you saw the cold open, you saw the news. | ||
| What's your top line take on this? | ||
| The government lies almost continuously about everything that has anything to do with COVID. | ||
| They can't help themselves. | ||
| They lie and they lie and they lie. | ||
| And I think most of us have caught them at enough times now. | ||
| And those, you know, the War Room viewers, The War Room Posse has seen this happen, has seen this whole story play out from the get-go, and Peter is kindly referring to the Washington Times op-eds that we put together, that the Washington Times was attacked by Facebook. | ||
| Everything we said has come to pass, but those that have been watching The War Room, remember that Peter and I first spoke about this Together with Steve even earlier, weeks before that. | ||
| This is nothing new. | ||
| And the other thing about this now, fast forward to the present, Science Magazine review recently clearly, explicitly states, Pax Lovin is a problem. | ||
| I'll just get into this in a moment. | ||
| The virus is mutating to escape Pax Lovit. | ||
| There's multiple pathways that it's doing it by. | ||
| This protease inhibitor should be reserved just as Peter and I said about the vaccines. | ||
| It should be focused only on those that are at high risk. | ||
| How do we know this? | ||
| Not only because of the mutations and the escape mutants from Pax Lovit now, not just the vaccine, but Pfizer itself We should not be giving this drug to Tony Fauci. | ||
| We should not be giving it to the average person. | ||
| Tony had this rebound and even worse disease and he was breeding in doing that. | ||
| the trial because it didn't work in people of average risk. | ||
| We should not be giving this drug to Tony Fauci. | ||
| We should not be giving it to the average person. | ||
| Tony had this rebound and even worse disease and he was breeding in doing that. | ||
| He was breeding viral escape mutants to this protease inhibitor. | ||
| He should have known better. | ||
| It has plagued the entire AIDS field from the get-go. | ||
| This same exact problem. | ||
| Again, they just don't learn. | ||
| They won't back down. | ||
| They won't admit defeat. | ||
| They just dig deeper and deeper and deeper. | ||
| And I gotta say it again. | ||
| Somebody has got to go over there and teach those idiots the first rule of holds. | ||
| Which is, when you're in one, stop digging. | ||
| Because they keep digging deeper and deeper. | ||
| They will not admit that their arrogance, their willingness to suspend normal scientific review, to take input from third parties, has resulted in massive, unnecessary loss of death due to what we now know was Deborah Birx parroting the propaganda This is worse than the Bay of Pigs. | ||
| This is the worst case of U.S. | ||
| mandates on us, imposing Remdesivir because of her aid, pushing it to her. | ||
| What we have learned over the last two weeks I find stunning. | ||
| And we are in a situation in which we have the worst case of groupthink. | ||
| This is worse than the Bay of Pigs. | ||
| This is the worst case of U.S. government groupthink I think there's ever been. | ||
| It's profound. | ||
| Let me ask you a quick question here. | ||
| Your hypothesis is that these people simply want to ignore the evidence, they won't learn. | ||
| And in some sense, they're just innocent fools in that regard. | ||
| There's blood certainly on their hands, but it's like, yeah, they're just not smart enough to learn. | ||
| But let's remember, and I go back to the hydroxy debate, Paxlivid is a Pfizer drug. | ||
| The company making the most out of the vaccine is Pfizer. | ||
| And it was Pfizer who helped kill, for example, therapeutics like hydroxychloroquine, like ivermectin, like a whole slew of therapeutics. | ||
| Could it simply be the alternative hypothesis that there's just too much money at stake and all these people are making a bunch of money? | ||
| I mean, all the mainstream media makes a bunch of money from Pfizer's commercials, Fauci, He's got that stock or somehow gets money. | ||
| Facebook does. | ||
| We got about a minute before break and we'll come back. | ||
| But what wax eloquent on the profit motive here and how much money is really at stake weighed against the lives of the American people? | ||
| The vaccines are the most profitable product in the history of modern medicine. | ||
| Clearly, Pfizer has a long history of being a criminal organization. | ||
| The case can be made that that's a feature, not a bug in this context. | ||
| Fauci is making, he will retire next year or the year after with a pension, annual pension payout that is greater than the salary of the President of the United States. | ||
| His wife makes more currently than the Vice President of the United States. | ||
| They get money kickbacks through the Bayh-Dole Act for the patents that they hold, that he I think you're right. | ||
| Which patents from whom? | ||
| The corruption is profound. | ||
| The money is actually pretty significant. | ||
| But Peter, I'm not convinced that this is about money. | ||
| I think you're right. | ||
| This is an attack on the United States by the CCP. | ||
| And whether or not Deborah Birx was aware of it, she functionally acted as a intelligence operative of the CCP in repeating their... | ||
| We're going to start with that when we come back in the B block. | ||
| We are in the War Room. | ||
| I'm Peter Canavaro for Stephen K. Band and this is the most popular podcast in politics in the world. | ||
| We'll be right back with the great Doc Malone. | ||
|
unidentified
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Hey, you're not gonna, you're not gonna get COVID if you have these vaccinations. | |
| Yeah. | ||
| We know that rebound COVID cases have been a concern in some individuals who take Paxilovit. | ||
| Are there any precautions you can take to try and prevent that? | ||
| And how concerned are you that that could potentially hinder his return to the office? | ||
| It's a great question. | ||
| So let me tell you what we know about rebounds. | ||
| So we've looked at the clinical data on this because if you look at Twitter, it feels like everybody has rebound. | ||
| But it turns out there's actually clinical data if you look at major health systems that have given out packs of it to tens of thousands of people. | ||
| Rebound rates are around 5%. | ||
| Some studies it says maybe 7-8%, some that say it's 2%, but it's in the single digits. | ||
| So it happens, it's not that frequent. | ||
| But here's the key point about rebound, which is when people have rebound, they don't end up in the hospital. | ||
| They don't end up particularly sick. | ||
| An interesting course that I think is becoming more and more typical, the more clinical experience we get. | ||
| I turned positive about two weeks ago with very minimal symptoms. | ||
| When they increased, given my age, I went on Paxlivid for five days. | ||
| And I felt really quite well, just a bit of rhinorrhea and fatigue. | ||
| And after I finished the five days of Paxlivid, I reverted to negative on an antigen test for three days in a row. | ||
| And then on the fourth day, just to be absolutely certain, I tested myself again, and I reverted back to positive by the antigen test. | ||
| So it was sort of what people are referring to as a Paxlivid rebound. | ||
| And then over the next day or so, I started to feel really poorly. | ||
| Oh man, this is gonna be my favorite three-pack of clips ever on the COVID issue. | ||
| And you kind of wonder, look, if this were like Donald Trump first, where he says, Okay, get vaccinated. | ||
| You can't get COVID. | ||
| And then you had, like, our COVID czar come on in the Trump White House instead of this guy, Ashish Jha, say, well, you won't get particularly sick with a Pax Lovitt rebound. | ||
| And then you had the Foucher back there, but not Foucher because he walks on water, say, well, I took the Pax Lovitt And boy, did I feel bad. | ||
| You know, three straight lies in a row underscores just how dangerous These people are just how dangerous these people are. | ||
| So I want to go back to Doc Malone. | ||
| We got a lot to talk about, but I want you, Doc, to focus first on the treatment of Joe Biden. | ||
| If you were in the White House and Biden had gotten COVID, What would you have been concerned about giving them PaxLavid versus monoclonal antibodies versus, God forbid, hydroxychloroquine, which works. | ||
| And are you concerned that this PaxLavid could have some side effects other than creating dangerous mutants that could interfere with the cognitive function already impaired in Joe Biden? | ||
| Doc Malone. | ||
| I have not reviewed the cognitive adverse events associated with Faxlobin. | ||
| It does have subrenal toxicities which of course can influence brain function if you start having problems with your kidneys. | ||
| The big problem here is the fact that the gentleman who appears by all measures in any objective observer to be well on the progression towards various forms of organic brain syndrome, potentially with an ALS component, the You're talking about Biden, to be clear. | ||
| But the virus itself is likely to further exacerbate any central nervous system problems that he has. | ||
| The virus has been associated, the infection, with an increase in belligerent behavior. | ||
| It has been associated with a variety of problems which Mr. Biden seems to already suffer from, including narcolepsy, falling asleep. | ||
| Difficult paying attention. | ||
| Problem that seems to plague him. | ||
| I think that there is a reasonable risk that a already cognitively compromised POTUS may have further exacerbation by this infection. | ||
| The Pax Lovid, as I mentioned, is... The thing about this, Peter, is They don't like me to talk about it. | ||
| I used to sit on the ACTIV committee, which is this NIH-like entity that was set up using money that the pharma and Bill Gates pumped into NIH to run these trials. | ||
| I remember well when the trials for this particular drug were being run and when they were being interpreted. | ||
| We knew at the time that this drug had significant problems and that the data We're already outdated at the time there was authorization because they were based on earlier variants, not on the currently circulating variants, many of which already have mutations that confer some degree of resistance. | ||
| This is a known problematic drug. | ||
| It was pushed out far too prematurely, and it was expedited, has been deployed all over the United States, should at worst, at best, be reserved for only Those at highest risk. | ||
| The clinical data from Pfizer shows that it is not effective in patients that are of average risk. | ||
| And yet, just like what was done with remdesivir and the vaccines, the government has chosen to promote this Pfizer product for which Pfizer is making, of course, enormous profits on also at the risk of our entire population and | ||
| Having individuals like Tony take this drug, people that are at moderate risk, puts the elderly at further risk, those that might need it most, because we will evolve escapements just like we've done with the vaccine. | ||
| Back when I was the Defense Production Act Policy Coordinator in the middle of the pandemic, we had, I don't know, 70 million doses of hydroxychloroquine on our hands to possibly use as a therapeutic. | ||
| I studied just how it was supposed to work and what hydroxychloroquine did, it's a malaria drug that's It's been proven safe except for people with certain heart ailments for over 50 years. | ||
| It basically did two things. | ||
| It raised the alkalinity of the cells and thereby killed the virus. | ||
| So it reduced its replication or eradicated it. | ||
| And it also had this blocking effect in which it made it very difficult for this spike protein to latch onto a cell and penetrate the cell. | ||
| So mechanically, it was very straightforward and chemically, it was not something that could particularly hurt you. | ||
| How does Paxlovid work? | ||
| What is the mechanism there and why is it possibly the wrong drug or dangerous? | ||
| Because you did study this. | ||
| It is a protease inhibitor against one of the two key proteases. | ||
| You may recall back in the day when I was helping lead a team for a defense reduction agency, we focused, I basically directed the team to focus on repurposed drugs for one of the two main protease inhibitors and the papain-like protease. | ||
| And that's what led to my discovery of famadidine as an active agent. | ||
| That, of course, was also trashed by the press and the Associated Press and now has been validated in multiple clinical trials as having some effectiveness. | ||
| The mPro has always, the main protease, has always been the primary focus of pharmaceutical developers seeking to develop a product that would inhibit coronavirus replication. | ||
| It has a number of features that lends itself to that, but the problem is This is inside baseball, sorry. | ||
| It's a serine protease, and we have many, many serine proteases. | ||
| So the challenge is building one that's sufficiently specific and isn't going to have problems with other pathways. | ||
| The problem with protease inhibitors is that it's easy for viruses in general to evolve to escape them, particularly in patients that are chronically infected, like with AIDS, and in those that have been immunocompromised by too many inoculations with these products, these vaccine-like products, that are driving this phenomena called immune imprinting. | ||
| So what we've done is create this situation where people are getting repeated infection, chronic infection, whether they're immunosuppressed or they're multiply jabbed. | ||
| These are the ones that are going to evolve to escape mutants. | ||
| And it is relatively easy for any of these viruses To escape any of these protease inhibitors. | ||
| And it's already having with this one. | ||
| So we're basically by using this as a single drug, overusing it, we're once again throwing away one of the weapons that we have for no good reason. | ||
| Just because Tony felt bad or felt like he had to have a drug, that was not a reason to use it. | ||
| He should have had monoclonal antibodies. | ||
| He probably would have recovered just fine. | ||
| He's a healthy, spry young guy at his 81 years, but he's in pretty good shape. | ||
| And there's a high probability that he would have just handled this fine. | ||
| All of this logic, oh, if, you know, like Gavin Newsom, well, thank heavens I had that vaccine, or Justin Trudeau. | ||
| I mean, the list goes on and on. | ||
| If there's proof that there's a God, it's all of the people that have been pushing the machine that have gotten infected. | ||
| But it's all the same thing. | ||
| Thank God I took the vaccine. | ||
| Chuck on that, Ari Melber. | ||
| This is what we do. | ||
| By the way, this is what we do on The War Room, Ari Melber. | ||
| This is serious, serious analysis that speaks right to the heart of the healthy American people. | ||
| Dr. Malone, you are forever on point. | ||
| I think the rule here is that the cheaper the drug to possibly treat something, the less likely it will be used, like formididine. | ||
| Doc, give them your social media coordinates, and we always appreciate having you on The War Room. | ||
| You've got 20 seconds with the last word in your coordinates. | ||
| Well, like I said the other day, I'm not on Twitter because I had enough of monkeys throwing feces at each other when I was a young researcher. | ||
|
unidentified
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Getter is my preferred platform. | |
| RWMaloneMD. | ||
| Please, the substack. | ||
| rwmalonemp.substack.com. | ||
| We put him out daily, and we put a lot of work into him. | ||
|
unidentified
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All right, my brother. | |
| I didn't realize you were good at comedy. | ||
| Comedy's hard, but you did good today. | ||
| Peter Navarro, out. | ||
|
unidentified
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They put Peter Navarro in leg irons for simply doing his constitutional duty. | |
| Now they want to put Peter in prison for standing up for Donald Trump. | ||
| Please go to Amazon right now and order Taking Back Trump's America to help fund Peter's legal defense. | ||
| Taking Back Trump's America provides a critical MAGA blueprint to put Trump back in the White House in 2024. | ||
| Buy Taking Back Trump's America on Amazon today. | ||
| If they can put Peter Navarro in prison, they can come for all of us. | ||
| The European Central Bank out with its latest interest rate decision. | ||
| Steven Leisman joins us now. | ||
|
unidentified
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Just a couple days before, they had done a lot of signaling in the June meeting that it would be 25, and then they got a hotter-than-expected inflation report, and here they are doing 50. | |
| It is 50. | ||
| Thank you very much in the back room there. | ||
| Peter K. Navarro in for Stephen K. Bannon. | ||
| We are here in the War Room. | ||
| And what I want to do here, what we affectionately call the C Block, that's the bottom of our first block, is to do what we often do here in the War Room, which is to take a deep dive on the economy so that we all as deplorables and posse have a better understanding of the serious economic conditions that are evolving. | ||
| around us. | ||
| You may ask yourself, wherever you are in this country listening to this, why do I care? | ||
| Why am I interested in whether the European Central Bank raises interest rates And I'm here to provide that answer because we are, for better and often worse, in an interconnected global economy and an interconnected international financial and currency system. | ||
| And what happens in Europe or China or Brazil doesn't stay there. | ||
| It will come onto our shores. | ||
| So the first thing I'll tell you is that the European Central Bank raising their interest rates for the first time in 11 years, and I'll parse that for a minute, first time in 11 years, they've raised interest rates. | ||
| They unexpectedly raised them by 50 basis points. | ||
| A BIP, that's like 50 basis points is a half of a percentage point. | ||
| And the first thing you have to observe is that ECB, the European Central Bank, which represents about 19 countries in Europe in this international financial system, has not, right off the bat, been anywhere near as aggressive as the United States. | ||
| Because the United States has already raised interest rates far higher than a mere 50 basis points. | ||
| Here's the teaching point. | ||
| Here's why you should want to listen to this and care about this. | ||
| The value of the U.S. | ||
| dollars that are sitting in your wallet or in your 401k or in the bank is tied to other currencies around the world. | ||
| So, for example, If the dollar strengthens relative to the euro, meaning that it takes more euros to buy a dollar, okay, if the dollar strengthens relative to the euro, that's good news in one sense. | ||
| It means that you have more purchasing power to buy imports from the European Union. | ||
| So that's good in that sense. | ||
| But what that also does when the dollar gets stronger relative to the euro or relative to the Chinese yuan or relative to the Japanese yen, it means that production is relatively more in those countries, and we have fewer jobs and production here. | ||
| So think about it. | ||
| Let me say that again. | ||
| Stronger dollar, more purchasing power for you buying imports, but then you buy more imports. | ||
| And if you buy a car or you buy food or whatever it is you buy from Europe, for example, you're not buying here in the US. | ||
| So A strong dollar was never something that either I or President Trump thought was a particularly good thing in the White House. | ||
| And when I say we preferred a weaker dollar, not a stronger dollar, I'm not saying that we wanted a fragile dollar, okay? | ||
| I don't want to say that we wanted a dollar that would fall apart or wasn't credit worthy. | ||
| It was just a value term because a weaker dollar would help reduce our trade deficit. | ||
| Our goods, they'd buy more of our goods, we'd buy less of theirs. | ||
| That would help build more production. | ||
| Here, our trade deficit would go down, and that's where the other shoe drops here. | ||
| Yes, a strong dollar raises purchasing power and makes imports cheaper, may help control inflation a little bit. | ||
| But over time, the increase in the trade deficit is a direct reduction in the GDP growth rate. | ||
| I mean, if we didn't have a trade deficit, we'd be growing anywhere from A point to a point and a half or more higher than we actually are. | ||
| That's the difference, for example, during the Trump administration between a 2% rate of growth and a 3% or 3.5% rate of growth. | ||
| That's a huge difference. | ||
| So let's go back now to the European Union's decision to raise interest rates belatedly Long after the U.S. | ||
| started raising interest rates. | ||
| When the U.S. | ||
| started raising interest rates, that started strengthening the dollar. | ||
| Why? | ||
| Because with higher interest rates relative to other countries around the world, foreign capital floods into U.S. | ||
| financial markets to buy dollar-denominated securities and thereby earn the relatively higher interest. | ||
| Right? | ||
| So, what's been happening is, as the Federal Reserve has led the world in raising interest rates, our dollar has been getting stronger, our trade deficit has been going up, and our GDP growth rate and economy have been getting weaker. | ||
| And again, if I were in the White House with Donald Trump, we'd be sitting in the Oval Office and I'd say, boss, call those son of a bitches in Europe and get them to match our rate hikes. | ||
| Because if they don't do that, they're going to take advantage of us in the international trade arena. | ||
| And by the way, they should have raised them long ago because they got an inflation problem, just like we do here in the US. | ||
| There's a game that's played. | ||
| It's a game of chicken by central banks around the world. | ||
| It's like when conditions require interest rates to go up to deal with inflationary problems. | ||
| There's always a one or two countries or more who want to let everybody else go first so that they can benefit from a weaker currency and grow faster than everybody else. | ||
| And so that's the kind of game that we're playing right now. | ||
| And unfortunately, it's a game that no matter how it's played, we're going to lose, which is the kind of the second war room teaching point today, which is to say, we are not in a world of a Keynesian | ||
| inflationary spike from pure demand side issues, nor are we in a pure Keynesian recessionary world where it's a cyclical downturn. | ||
| What we are in is in, as Steve has talked about, as Steve Cortez has talked about, as I warned about earlier probably than anybody, We're in a stagflationary economy. | ||
| I warned about this back in the White House, September of 2020. | ||
| I wrote a memo to Meadows and the president about this. | ||
| It does appear that memo is published in the new book, Taking Back Trump's America. | ||
| And what I said was, and it was a prescient forecast, if I might humbly say that, what I said then was the pandemic has created structural problems of a significant magnitude, not just in this economy, but around the world. | ||
| that are going to create what's called supply shocks at the same time that we're going to risk overreacting on the demand side with possible pork barrel spending under the guise of lifting the economy in the middle of the pandemic. | ||
| And we're going to wind up with the 1970s style scenario of stagflation. | ||
| What is it? | ||
| It's simultaneous recession and inflation. | ||
| And the problem we face now, and the Biden White House needs to understand it, The European Central Bank needs to understand it. | ||
| Everybody in between needs to understand it. | ||
| You can't solve the stagflationary problem with Keynesian tools. | ||
| Now, what are the Keynesian tools? | ||
| There's only two kinds, right? | ||
| It's fiscal policy, which is tax policy and spending policy, right? | ||
| If you want to stimulate or get out of recession, you spend more or cut taxes. | ||
| Monetary policy, Is the other Keynesian tool, if you want to stimulate out of a recession, you cut interest rates, you want to control inflation, you raise them. | ||
| Do you see the obvious problem here? | ||
| If we're not in a Keynesian world, but rather we're in a structural downturn caused by cost push types of pressures from the pandemic, dislocations in the labor market, coupled with policy Catastrophic failures, for example, in the energy sector with Biden basically taking this country from Trump's energy independence to fist bumping and begging the Saudis for more oil. | ||
| You can't use these Keynesian tools. | ||
| If you try to rely on the Federal Reserve in the U.S. | ||
| or the European Central Bank in Europe for controlling inflation, And you start raising interest, as the ECB did today, and as the Federal Reserve has been doing, yes, you will choke off. | ||
| You will begin to choke off growth from that. | ||
| Right? | ||
| Yeah, that'll work. | ||
| But what did I just tell you? | ||
| If you're choking off growth, Then over here, what are you doing to the stag part of the stagflation equation? | ||
| You are creating more recessionary problems. | ||
| The answer is structural. | ||
| Structural. | ||
| And when we come back from the break, I'm going to talk a little bit about how in the Trump administration, we managed to create a very sustained, no inflation, | ||
| Prosperous environment with rising real wages and GDP growth, real GDP growth, adjusted for inflation, that consistently beat the benchmarks and forecasts by the usual suspects who lived in a Keynesian world and did not understand the power of Trumpian economics. | ||
| Peter K. Navarro in for Stephen K. Bannon here in the War Room. | ||
| We'll be right back. | ||
|
unidentified
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It's all started, everything's begun, and you are over Cause we're taking down the CTB From the world all through Hong Kong We will fight till they're all gone We rejoice when there's no more Let's take down the CTV The other has arrived The new social media taking on big tech, protecting free speech, and cancelling cancel culture. | |
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| They put Peter Navarro in leg irons for simply doing his constitutional duty. | ||
| Now they want to put Peter in prison for standing up for Donald Trump. | ||
| Please go to Amazon right now and order Taking Back Trump's America to help fund Peter's legal defense. | ||
| Taking Back Trump's America provides a critical MAGA blueprint to put Trump back in the White House in 2024. | ||
| Buy Taking Back Trump's America on Amazon today. | ||
| If they can put Peter Navarro in prison, they can come for all of us. | ||
| Peter K. Navarro in for Stephen K. Bannon. | ||
| In the last segment, we had an extended discussion of the interconnectedness of monetary policy across the central banks of the world, based on the news hook that the European Central Bank had raised their interest rates by 50 basis points, a half a percentage point. | ||
| And I explained in that segment how when interest rates are raised by a central bank, say the Federal Reserve here in the US or the ECB, the European Central Bank in Europe, that will strengthen The value of that currency in that home country. | ||
| And so the ECB, when the European Central Bank raises rates, it's good for you in the short run because it allows you to buy cheaper imports from Europe because the dollar will strengthen relative to the euro. | ||
| But it's really bad for you over time because The stronger dollar leads to a higher trade deficit, which reduces our growth and implicitly the production on domestic soil of goods. | ||
| And I explained how we are in a stagflationary environment where simultaneous recession and inflation is a condition, which is very uncommon, which we haven't seen since the 1970s. | ||
| But structurally, we have found ourselves in because of a combination of the structural dynamics of the pandemic itself, coupled with the very, very bad policy choices of Joe Biden and the Biden regime and the | ||
| The people who control both houses of Congress now, the House and the Senate, who have pushed forward these woke policies that have simultaneously ended the strategic dominance of the United States at the same time that they've thrown far too much money at pork barrel initiatives that have simply been a match to the tinder of the inflation that has | ||
| been building in this economy and my punchline to all of this is the essence of Trumpian economics is based on MAGA principles. | ||
| And I dive deep into this in the Taking Back Trump's America book, because it's important for deplorable candidates and Trump candidates going into the 2022 election to understand this, as well as Trump himself when we Go forward in 2024 under the banner of Trumpism to understand what differentiates Donald Trump and why he was the best president in modern history on the economy. | ||
| And it's all about structural change, not Keynesian stimulus. | ||
| And what I mean by that is that when we came in to the White House in 2017, we had a clear plan to build the economy. | ||
| Some of that structural approach was dead in with the rhino world, tax cuts, deregulation, even strategic energy dominance. | ||
| But what differentiated Trump Was what I call in the Taking Back Trump's America book, the iron triangle of MAGA, which was an end analyst wars, securing our Southern border and most of all, fair trade, not just free trade. | ||
| And what we need to do if we're going to control these stagflationary forces, we need to get back to that Trump future, embrace MAGA economic policies. | ||
| We'll talk more about this as the week goes on. | ||
| I want to spend, just give Oscar at the border, Ben, Ben at the border, just a quick minute. | ||
| 2 30 and we're out of this but yeah take a minute and a half and uh and and what are you seeing down there today? | ||
|
unidentified
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Well I was out all night uh we're back in Yuma down here we've been traveling across the border and basically the border is wide open we no longer have a border the cartels are controlling it in places like this you have massive groups coming across at night and down the road we were at a place called San Luis All last night and we had group after group climbing the wall, running in. | |
| We were actually chasing them, trying to help Border Patrol catch them because Border Patrol doesn't have the resources to deal with it because they're dealing with the millions of people that are coming across in places like Yuma and Del Rio, Eagle Pass and those places. | ||
| It's completely out of control, but the worst part, talking to ranchers down here and some of the folks down here, is They're telling me they believe this is the plan, and this is what we believe based on the evidence. | ||
| This is not failed policy by Joe Biden. | ||
| This is the policy of Joe Biden and the open borders left. | ||
| Is there anything that can be done now other than getting the Democrats the hell out of office and getting Republicans and Trump back in? | ||
| I mean, this is crazy stuff. | ||
| This is crazy stuff. | ||
| Go ahead. | ||
|
unidentified
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Every governor in the country needs to enact an invasion policy. | |
| They need to use the Constitution. | ||
| The Constitution is very clear. | ||
| In the event of an invasion, the states have not just the obligation but the duty to secure their own state. | ||
| We're actually in Arizona. | ||
| We're going to the Trump rally tomorrow. | ||
| And Terry Lake, running for governor, says she will do that on the first day. | ||
| But we need every governor in America to do the same thing. | ||
| Declare the invasion so that these guys, Border Patrol, can do their job. | ||
| All right, we lost Ben, but that was perfect because we're out of here. | ||
| It's Peter K. Navarro in for Stephen K. Bannon. | ||
| You are in the War Room. | ||
| This is where we speak truth to power. | ||
| This is where we are consistently, consistently ahead of the curve. | ||
| We show that today with our interview with Doc Malone. | ||
| And we'll see you again this week. | ||
| You take care. | ||
| We are the War Room. |
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