July 29, 2022 - Bannon's War Room
48:46
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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The virus has now killed more than 100 people in China and new cases have been confirmed around the world. | |
| You don't want to frighten the American public. | ||
| France and South Korea have also got evacuation plans. | ||
| But you need to prepare for and assume. | ||
| Broadly warning Americans to avoid all non-essential travel to China. | ||
| This is going to be a real serious problem. | ||
| France, Australia, Canada, the US, Singapore, Cambodia, Vietnam, the list goes on. | ||
| Health officials are investigating more than 100 possible cases in the US. | ||
| Germany, a man has contracted the virus. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| Japan, where a bus driver contracted the virus. | ||
| Coronavirus has killed more than 100 people there and infected more than 4,500. | ||
| We have to prepare for the worst, always. | ||
| Because if you don't, then the worst happens. | ||
|
unidentified
|
War Room. | |
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, welcome. | ||
| It's Friday, 29 July, the year of the Lord 2022. | ||
| Tomorrow, we're going to do our 100 in a wake up. | ||
| 100 days is a Sunday from the most important midterm. | ||
| I know people say the most important election, but as far as midterms goes, I think since 1862 in the Civil War, this is by far the most important because this is where we shut down. | ||
| The illegitimate Biden regime. | ||
| I've got Steve Cortez, Ben Harden, and Dave Braddock in the first hour. | ||
| We've got a lot of economic news, a lot of geopolitics, a lot of things affecting your life. | ||
| Also going to try to slide in Naomi Wolf here. | ||
| She's at an airport. | ||
| Big story about they're finally breaking this CDC, the news on the CDC. | ||
| Big tech, oligarchs, collusion to shut down all the information about the CCP virus, therapeutics, vaccines, all of it. | ||
| That's all coming to light now. | ||
| And don't forget, big tech with their backs against the wall. | ||
| You got Mike Davis on one hand, you know, hammering these guys on this on this tech breakup. | ||
| You've got the worm on the other, you know, hammering these guys. | ||
| You've got other people hammering them non-stop. | ||
| They're going to go all in. | ||
| They're going to go all in to save the Biden regime on November 8th. | ||
| I don't think you've heard the last of Big Tech. | ||
| Okay, I've got Cortez. | ||
| I've got a cold open for that, but I want to go. | ||
| She is traveling. | ||
| Dr. Naomi Wolf. | ||
| Naomi, explain to the audience this Daily Caller, and if the guys in Denver, the team in Denver, Could get up on the screen. | ||
| A Great Daily Caller story that now exposes the collusion between the big tech oligarchs and CDC to suppress voices. | ||
| I think you're prominently named Naomi Wolf. | ||
| Tell us what's up with this. | ||
|
unidentified
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Yeah, it's shocking. | |
| I'm curious. | ||
| Indeed, America First, which I gather is Stephen Miller's organization, initiated a lawsuit with Discovery that resulted in 268 pages | ||
| That's the amount that my lawyers have sent me of internal communications from the CDC to various big tech companies, including Twitter and Facebook, to identify American citizens using their First Amendment rights to have conversations | ||
| And indeed, a completely, you know, laudably investigative tweet of mine is among the tweets that were sent by the CDC to, illegally, to these big tech platforms that then resulted in my being deplatformed, and not only deplatformed, but chronologically disresulted. | ||
| I don't yet have the discovery to show, you know, how the dots connected internally, but Immediately, or very soon thereafter, Twitter's spokesperson went to all these major news outlets with tweets of mine that had been immediately deleted by me because they were badly phrased, or tweets taken out of context, and a rash of legacy media ran stories calling me crazy. | ||
| And, you know, I was multiply de-platformed, and literally what I was doing in that tweet, which everyone can see, which the CDC used my tax dollars To, you know, single me out as an American citizen speaking freely in my country. | ||
| What I was doing there was simply saying hundreds of women are reporting clotting or bleeding events after vaccination needs more verification. | ||
| But, you know, these are reports. | ||
| And the last thing I'm going to say about this is that this is sorry for the background noise, but this is a massive | ||
| Crime against the women of the United States of America, because the Centers for Disease Control, which is tasked with keeping us healthy, conspired with for-profit industries to silence a reporter doing basic journalism that then resulted in exactly what I was warning about or beginning to acquire documentation of, | ||
| Which is, a year later, the NIH and other independent science organizations have multiply confirmed that women's average men's fees have extended average by one day a month, and that there's massive, massive dysregulation of women's menstrual cycles post-vaccination, resulting now also... Again, we're just finding out the science now, but it's so predictable. | ||
| Around the world, there's also a rise in miscarriages and spontaneous abortions. | ||
| So it's a massive crime, and I'm absolutely furious in taking legal action. | ||
| Well, perfect. | ||
| And it shows you how important your voice has been from the beginning. | ||
| Naomi, I know you've got to bounce from plane. | ||
| How do people get you to follow breaking developments on this story on your social media and your platform, ma'am? | ||
|
unidentified
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Yeah, come to dailycrowd.io. | |
| I'll be writing all of this up on Substack. | ||
| And I'm speaking to Jim Ostrowski later today and asking him to represent me to file both, you know, civil charges and criminal charges against Rochelle Walensky, because this is bodily harm to American women as a class. | ||
| So people, you know, come to Daily Cloud. | ||
| And the story of this deplatforming, I told it in my book, The Bodies of Others. | ||
| So now it's in the news that the receipts are in. | ||
| I just want to make sure I heard you. | ||
| You're going to push, you're going to get your lawyer, you're going to push for going to prosecutors and trying to get criminal charges filed against you? | ||
| Absolutely. | ||
| going to push you and get your lawyer you're going to push for going to prosecutors and trying to get criminal charges filed against absolutely absolutely thousands and thousands of women have been bodily harmed by this agency actively concealing information from them that could protect their health and safety It's a massive crime, a physical crime against the bodies of American women, against their fertility, against their ability to reproduce. | ||
| It's bodily harm. | ||
| I'm not a lawyer, so I don't know exactly what crime it is, but, you know, to me it appears that it is a massive crime and I will file criminal charges if they can be filed, as well as civil. | ||
| The bodies of others go to Amazon right now, or All Seasons Press, their website, or Amazon, and get it. | ||
| Very powerful. | ||
| Naomi, thank you very much. | ||
| We'll talk later in the day. | ||
| Dr. Naomi. | ||
|
unidentified
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Thank you. | |
| Blockbuster story on Daily Caller. | ||
| And I just want to give the audience, you know, your... | ||
| The intelligence services, hedge funds, the SORUS apparatus, they all watch the show because they know we drive the narrative because we put the smartest and best people out there. | ||
| We provide a platform and we're not backing down in any area. | ||
| So this does not surprise me. | ||
| But make sure that when you're watching or listening to it, a lot of people that are not our allies are also watching and listening to it. | ||
| Let me go to Steve Cortez. | ||
| We're 100 days out. | ||
| You've seen this blockbuster news of Daily Caller, and I want to make sure we get this up and particularly go to the link to the actual lawsuit itself, because there you can see the discovery of CDC. | ||
| This doesn't surprise you, Brother Cortez. | ||
| You've been at the forefront. | ||
| In fact, we're on Mike Davis on later, breaking news in the situation the grand jury in the indictment on the guy that flew back to kill to assassinate Kavanaugh's wife. | ||
| It turns out he has confessed to or said that he wanted to kill three justices because he wanted to permanently change the makeup of the court. We've told you this. We said, hey, they're going to try to assassinate Supreme Court justices. | ||
| That doesn't come from us. Now that comes from him. We're going to Mike Davis on. Mike Davis is leading this effort to try to break a big tech and at least the beginning of it with this bill that's out there. Of course, they keep pushing that thing off as they drop the dime on us on on this on the inflation control bill, which is another five, one, four or five hundred billion dollars of spending. | ||
| But let's go to the tech oligarchs and what this CDC and the tech oligarchs collusion to suppress the voices that came out about the vaccines, about the mask, about the whole whole fiasco. | ||
| Steve Cortez. | ||
| You know, big tech too often acts like big brother in America, and what we increasingly see is actual fascism. | ||
| And what I mean by that is the government is working in concert with hand-selected mega-corporations to enforce its will, and oftentimes to get those companies to do things that the government itself is not allowed to do because of constitutional protections. | ||
| Like the suppression of free speech. | ||
| So when big tech acts in the place of the government, it is every bit as tyrannical. | ||
| The effect is every bit as awful for the American people. | ||
| And we saw this in two key ways, right? | ||
| Number one was regarding the virus and simply suppressing information and trying to force people into a compulsory vaccination that many of them did not want and in fact did not need. | ||
| And then the second aspect being, of course, suppressing information about the presidential election and completely rigging the election. | ||
| And yes, I used that word. | ||
| It was a rigged election. | ||
| And there were several aspects to that rigging, but a key part of it was big tech and big media working hand in glove to completely suppress and censor the most explosive story of the entire presidential season, of the entire campaign, the laptop from hell. | ||
| So big tech is a clear and present danger to the liberties of America, to our prosperity, even to our very physical health. | ||
| As we see in this case. | ||
| And Steve, it's no longer time to skirt around the edges or to tinker around the edges with big tech and say, oh, well, we should revise or reform Section 230. | ||
| No, we need to go way further than that, Steve. | ||
| We need to channel Teddy Roosevelt, one of the greatest Republicans of all time. | ||
| And we need trust busting. | ||
| And we need to absolutely break up and regulate these companies because they have effectively cornered the digital public square in modern America. | ||
| And the effects are terrible and consequential for our country. | ||
| By the way, so don't think Big Tech and Big Media are going to back off. | ||
| They know in 100 days, if we win the kind of majorities we believe they're there for us to win, it's game over for them. | ||
| Can Denver play? | ||
| Let's play the cold open. | ||
| You're going to see how hard they're spinning right now, and then I'm going to talk to you about the financial times of London. | ||
| Let's go ahead and play the cold open. | ||
|
unidentified
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Question. | |
| Does this play out, and how does it play out in November? | ||
| It's impossible to know, right? | ||
| I mean, yes, they could pass something. | ||
| There could be a swell of optimism. | ||
| But at the same time, we could get inflation numbers that are horrific. | ||
| People who normally vote may feel like this doesn't impact them enough to get them to the polls. | ||
| I spent the week actually talking to people about their current economic lot, just because I wanted to know how they observed all these big numbers that were coming in, whether it was GDP or inflation. | ||
| And the truth of the matter is that a lot of people just aren't paying as close attention As we do. | ||
| And what they pay attention to, I know this is a little bit of a cliche, but what they really do pay attention to is the price of the gallon of milk and whether they need to buy two because it's on sale and it's cheaper. | ||
| And so, you know, yes, I think this does give Biden, if it were to pass, a lot of momentum. | ||
| He would have a credible case to make that he's had one of the most consequential first terms in office in recent memory, if all goes according to plan. | ||
| But I don't know if that's enough to change historical tides or the sense of doom that has kind of come over this country in despair about the state of the economy itself. | ||
| The sense of doom. | ||
| They're saying right now that he's miraculously pulling off the best first term. | ||
| Brother Cortez, I know you're a Wall Street Journal guy. | ||
| I'm an FT guy, right? | ||
| So that's why we're a good pair. | ||
| I don't want to go and say the FT's a little classier and Wall Street's just a little more working man, Wall Street. | ||
| But hey, it's a difference between investment banking and the trading desk. | ||
| There's a guy in the pits and a guy on 85 block. | ||
| You're big-timing me a little bit there, Steve. | ||
| That's your Harvard coming out. | ||
| Two quarters of shrinking output push U.S. | ||
| into, wait for it, Cortez, quote, technical recession. | ||
| Brother, how hard is the business media and all of them now, particularly who's had these two spending bills dropped on us overnight, trying to salvage the Biden regime? | ||
| You know, as I mentioned, this level of spinning, their heads spinning around, it reminds me of the girl in The Exorcist, literally. | ||
| Look, you properly previewed this week on Monday's show when you laid it out and said this is going to be a week full of data that is going to set the stage for this upcoming election, and indeed it has been, and all of the data, including today, Has been absolutely miserable, Steve. | ||
| And we did get the confirmation of what everyday Americans already know, which is that we are in a recession and that we are in a very deep recession. | ||
| Not a shallow one. | ||
| This is an intense recession right now because it's an inflationary recession. | ||
| Normally, one of the saving graces of a recession is at least things get cheaper in your life. | ||
| So economic output declines, but at least the necessities of life get cheaper. | ||
| So there's some silver lining, typically. | ||
| That is not the case at all in this recession, and that's why real wages continue to crash, and we got some terrible news out today yet again. | ||
| The PCE... Hang on, hold on. | ||
| We got 30 seconds, and I'm going to hold everybody on the edge of their seats. | ||
| Cortez is coming in with the numbers. | ||
| He's coming in with the math. | ||
| He's coming in with the receipts. | ||
| What does Steve Cortez say? | ||
| One of the great quotes. | ||
| Price is truth. | ||
|
unidentified
|
All next in the War Room. | |
| The epidemic is a demon and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| We rejoice when there's no more, let's take down the CTD! | ||
| War Room Pandemic with Stephen K. Bannon. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| War Room Pandemic. Here's your host, Stephen K. Bannon. | ||
| You can't get my pillow in big box. | ||
| They pulled it because of Mike Lindell's belief in his country, in his political views, which is, hey, he's out there to get rid of all the machines in the country, turn us into France as far as, you know, paper ballots and hand counts. | ||
| They didn't like it. | ||
| The corporate swells in Bentonville, you know, pulled him out. | ||
| So if you're going to get the products, you got to go to mypillow.com, promo code war room. | ||
| Go check it out today. | ||
| We got the pills at $19.88. | ||
| Got the sheet $39. | ||
| Buy one, get one free. | ||
| It's all over. | ||
| It's just tons of sales. | ||
| Interesting products. | ||
| Go check it out, the armor-piercing shell that is Mike Lindell. | ||
| We're gonna be talking tomorrow. | ||
| Mike's gonna join us. | ||
| We've got a ton of folks, Arizona, all the politics are going on. | ||
| Big Tuesday's coming up, and we're gonna be all over it with economics, geopolitics, have all ties together. | ||
| A hundred days and a wake-up is tomorrow on The War Room, 10 o'clock until noon. | ||
| Mike's gonna join us, talk about the summit they're having out in Springfield, Missouri, on the third weekend in August. | ||
| We'll talk all about that. | ||
| Uh, Steve Cortez, brother, Cortez, by the way, CPAC, go to conservative.org. | ||
| Check out the CPAC room doing a bunch of special broadcasting from there. | ||
| So go check it out right now. | ||
| Uh, slash war room. | ||
| You get into some of the special events. | ||
| Uh, Cortez, uh, the floor is yours. | ||
| I know you've done a bunch of other analysis. | ||
| You got other, uh, numbers to talk to us about just an overview. | ||
| With all the spin they've put up in the happy talk, you know, inflation control bill, which is another massive Keynesian stimulus package, and a payoff for... This is a tell that the Senate... Managing those guys know they're going to lose the Senate. | ||
| So they're paying off their donors and their lobbyists. | ||
| Give us your sense of today's... We're on Friday. | ||
| It's the end of the week. | ||
| You and I kicked the show off Monday morning talking about this, that what a big week it was going to be leading up to this. | ||
| Walk us through today's numbers and your overall assessment, Brother Cortez. | ||
| Sure. | ||
| No, listen, a huge week, and the numbers were absolutely miserable. | ||
| They were worse than even I expected, and I went into it, as you know, very pessimistically. | ||
| These numbers are even worse. | ||
| This economy is absolutely crashing into a ditch. | ||
| That is the reality. | ||
| And no amount of spin, no amount of narrative is going to change the facts, so let's look at the data and the evidence. | ||
| The newest data, the newest numbers we got out today, the PCE, which is the Personal Consumption Expenditure Index. | ||
| This is an inflation read and it is preferred by the Fed. | ||
| They believe it's a better capture of inflation than CPI for some technical reasons that aren't, honestly, all that important. | ||
| But what is important is PCE today hit yet another 40-year record high. | ||
| Now, we're showing a chart there because I want to put this in context. | ||
| I think it's important for people, for those who are watching the show, not just listening, to actually see it, to visually see this explosion And what it coincided with, which is Joe Biden taking office. | ||
| So the chart that I show there goes back to the beginning of Donald Trump's term. | ||
| And during all of Donald Trump's term, we had contained, predictable, low, stable inflation. | ||
| Even in 2019, as the economy was absolutely soaring, as pay increases for workers were making historic highs, we still had contained inflation. | ||
| That means real wages were galloping higher. | ||
| We now have the exact opposite. | ||
| Real wages are crashing. | ||
| And I think as that chart shows, This is an absolute systemic crisis. | ||
| It's not transitory. | ||
| It's not a transition. | ||
| It is a systemic crisis. | ||
| And so much of this inflation, Steve, and this is really important, is very sticky. | ||
| There are aspects of it that are volatile and that can change dramatically. | ||
| Things like crude oil, natural gas, those are starting to rise again pretty significantly. | ||
| But, thankfully, the consumer did get a little bit of a break off of all-time highs on things like gasoline. | ||
| But there are also very sticky aspects. | ||
| And what I mean is prices that do not change quickly, that are not volatile, that are unlikely to come down at all, things like rents. | ||
| So we have rents in America right now. | ||
| Again, let's talk numbers. | ||
| For the first time ever, the average rent in America for an apartment is over $2,000 per month. | ||
| And the annual clip right now, for those who have to re-sign, is 14% increases. | ||
| Steve, nobody can handle that. | ||
| Nobody's making a 14% increase at their job. | ||
| Their pay is not going up anywhere close to 14%, and yet their rent is. | ||
| And that's why we see all of these consumer-facing names, Walmart being the most significant one because it's the biggest, but these consumer-facing names are absolutely floundering. | ||
| They are missing their numbers. | ||
| They are gapping down. | ||
| in their stock prices and know intrinsically that w You can't spin somebody t their bank account. | ||
| They k bills. | ||
| They know the anxi right now. | ||
| Consumer confi has been measured since t University of Michigan, at an all time low. | ||
| and know the anxiety that they're facing right now. | ||
| Consumer confidence, which again, has been measured since the 1950s by the University of Michigan, consumer confidence at an all time low. | ||
| It has never been worse than it is right now. | ||
| So no honest person can look at this collection of data, whether it's small business optimism tanking, personal confidence, consumer confidence, and then inflation data like this at multi-decade highs. | ||
| No honest person can look at that and say, you know what? | ||
| I don't think we're in a recession. | ||
| Or it's just a transition. | ||
| That is ridiculous double speak. | ||
| It's Orwellian. | ||
| We reject it. | ||
| And thankfully, as I said, you don't really need to work very hard to convince the American people of the economic quagmire that we're in, because they all know it. | ||
| I've mentioned this before too, Steve. | ||
| I've been campaigning all over this country trying to get the best America First candidates elected, patriotic populace, not just Republican in name only. | ||
| And as I meet hundreds and perhaps even thousands of people, all of whom watch the War Room, by the way, the very first thing they mention to me, and they say it with real angst. | ||
| The very first thing they say is inflation. | ||
| They can't afford the things they need in their life. | ||
| Forget about the luxuries. | ||
| They can't afford the things they need. | ||
| They're worried for their children. | ||
| They're worried about paying bills. | ||
| Their credit card debt is mounting. | ||
| This is a dire situation and it is a created crisis by Joe Biden, with help from the complicit, collaborative Republicans like Mitch McConnell. | ||
| When you talk about uncreating the crisis, Here's what is, it's not confusing, but it's fascinating to watch and it's only going to exacerbate the problem. | ||
| You have so many conflicting policy prescriptions that are actually being actuated as we speak. | ||
| You have the Fed that is increasing interest rates 75 base points. | ||
| So that's going to make it, that's going to flow to your credit card, your mortgages, the cost of doing business for everybody, that's going to get passed along. | ||
| At the same time, they refuse to touch the nine and a half trillion dollars on the balance sheet at the Fed. | ||
| The tightening, the tightening is off. | ||
| So they're keeping the liquidity out there. | ||
| Also, they come in with these massive Keynesian Stimulus packages, they call it every different thing in the world. | ||
| But, you know, between, I think, the $300 billion for the chips deal, which only $50 or $80 billion go to the chips, you got, I don't know, $250, $300 billion that, you got Manchin talking about, and it's tough to calculate, I think it's $400 or $500 million, and they say they're going to have these taxes, it's going to be net, but that stuff never gets implemented. | ||
| That's just all on paper. | ||
| And then you see inside the administration, they're doing executive orders all the time to try to push cash out too. | ||
| How do you, and they refuse to, when they say transition, when they say transition is stable, that is a code word for this transition to their green, sustainable economy. | ||
| And they refuse to actually get to the heart of the energy issue. | ||
| In fact, they're doing things on the energy issue that only exacerbate this. | ||
| See, Cortez, Brother Cortez and this dog's breakfast. | ||
| And I think, quite frankly, and I take pride in this, because I had some people talking at the Financial Times the other day. | ||
| I think we're the only people that are looking at this holistically and saying, hey, what they're doing now is not going to solve this. | ||
| It's really throwing gasoline or kerosene right now in the fire. | ||
| Do you agree with that assessment? | ||
| No, absolutely. | ||
| The current actions from Washington D.C. | ||
| are greatly exacerbating the existing created crisis. | ||
| Greatly exacerbating, rather than trying to fix it. | ||
| And, you know, you mentioned energy. | ||
| I think we unfortunately have to come to this realization that our political opponents here, it's not just that they're wrong, Steve, about energy. | ||
| It's that they don't care that it's harming the United States. | ||
| In other words, they are prioritizing their green agenda. | ||
| They are following the dictates of a snotty teenager from Sweden rather than caring about the economic reality of working-class Americans. | ||
| This country, thank goodness, was born by the grace of the Almighty. | ||
| This country has oceans of energy under our feet. | ||
| Oceans of energy that we can harness and have predictable, stable, affordable, plentiful energy. | ||
| We had it under Donald Trump. | ||
| We still can. | ||
| It's not just that the left gets it wrong on a policy prescription here, Steve. | ||
| It's that they want to inflict this pain. | ||
| Because they want to force a transition, right? | ||
| Which is their new favorite word. | ||
| The leftists, they love transitioning in all kinds of ways. | ||
| Including, apparently, in the economy. | ||
| And it's transition to servitude. | ||
| It is transition to poverty and to dependency upon foreign sources, upon the government. | ||
| That's the transition. | ||
| So we need to be realistic and I hate to be that cynical. | ||
| Americans by nature are optimistic people and want to believe that even their political opponents have good motives. | ||
| Steve, that's just not the case right now in 2022 America. | ||
| We need to realize what time it is in this country, the kind of existential fight for this republic that we are engaged in right now because our republic is increasingly devolving into an oligarchy. | ||
| And if we don't arrest that trend right now, if we don't stop it right now, it will soon be too late. | ||
| That's why these 22 elections and 24 elections are so unbelievably consequential. | ||
| And we cannot have our lives dictated by a group of oligarchs and a group of radical leftists who have joined in an unholy alliance to punish the American people in many ways, but particularly punish us economically. | ||
| You know, and again, I made this point yesterday, and I think it's so important for the American people. | ||
| You know, we are born Americans. | ||
| We're born for greatness in everything, including in the economy. | ||
| This has been the most prosperous nation in the history of the world. | ||
| That grand inheritance is being squandered right now by totally irresponsible tyrants in Washington, D.C. | ||
| and corporate boardrooms. | ||
| We can't stop it. | ||
| But the clock is ticking, Steve, and we need to stop it very quickly because this inflation is so out of control that, believe me, it is not impossible for the United States to go down the road of other formerly wealthy countries, places like Venezuela and Argentina. | ||
| Every working class and middle class people, regardless of your ethnicity, your religion, your race, if you vote for the Democratic Party right now, you're voting for your own servitude. | ||
| It's just that simple. | ||
| We can walk you through the math. | ||
| These are anti-democratic institutions right now, the administrative state coupled with their funding mechanism, the Federal Reserve. | ||
| which would just keep printing money to have the concentration wealth, have the wealthy dictator over you. But this about energy, the buried lead, the tell, let me say the tell, is they will not address energy. | ||
| Until you address energy, everything else you're talking about this is happy talk. | ||
|
unidentified
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Right. | |
| Because your fuel cost... Well, Hardwell's going to come in in the next half hour. | ||
| In Europe, I'm seeing headlines. | ||
| You can't... That's why I'm putting them up on Getter. | ||
| People not taking showers, taking cold showers, not going to have any heat this winter, skipping meals as part of now their lives. | ||
| They're now kind of falling into this. | ||
| They're accepting it. | ||
| And it's absolutely stunning. | ||
| They're changing your behavior to fit what they want you to fit. | ||
| Short break. | ||
| Brad, Cortez, Harnwell, all next in The War Room. | ||
|
unidentified
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War Room. | |
| Pandemic. | ||
| when there's no more let's take down the ccp war room pandemic with stephen k bannon the epidemic is a demon and we cannot let this demon hide War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, welcome back. | ||
| Unplugged.com slash War Room. | ||
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| And you can download the app. | ||
| And then all the other apps you put underneath it, everything you want. | ||
| Can't be monetized, can't be tracked, can't be followed. | ||
| Plus he's got an encryption key in there for all your phone calls, text messages, all that. | ||
| So check it out today. | ||
| Unplugged.com. | ||
| I wanna go, I'm bringing in Dave Brat. | ||
| The most important thing that happened in your life this week, this is why I'm so proud of the War Room, is this story right here. | ||
| Beijing seeks $148 billion bailout of their real estate. | ||
| It's all over the Financial Times, they have multiple articles. | ||
| We were ahead of this. | ||
| We told you this was going to happen. | ||
| The sucking sound you're about to hear is the collapse of the Chinese financial system. | ||
| And that will suck everything down with it in a vortex. | ||
| But I want to go back to what Cortes said, because Brad's going to come up with some more data about here in the United States. | ||
| This headline the other day is what's changing your life. | ||
| World's biggest consumer names announce soaring price increases. | ||
| Soaring price increases. | ||
| Their revenues just got hit. | ||
| That's not going to happen again. | ||
| They're passing it directly on to you. | ||
| You think your life's miserable right now? | ||
| You ain't seen nothing yet, baby. | ||
| Okay, Dave Brat, join us here. | ||
| I know you got a bunch of analysis you want to go through. | ||
| The floor is yours, sir. | ||
| Yeah, hey, if Cameron wants to put up a couple of the charts, I just wanted to clear up this recession story a bit. | ||
| And I found a real nice piece that kind of goes along with the theme we've been developing on the hit to the real economy. | ||
| And the second quarter data that just came out on GDP, right, that's usually always, if you have two quarters in a row, that's a recession. | ||
| So we're in a recession. | ||
| There's no doubt about that. | ||
| You got the mainstream press talking about it. | ||
| But this chart right here shows the decomposition of that GDP number. | ||
| What really caused it? | ||
| And so the second quarter data reflected a noticeable deceleration of economic activity in the real economy, made up of middle market businesses that account for about 40% of the country's GDP. | ||
| Middle market businesses, right? | ||
| So that's our crew and posse. | ||
| out there that watch the show every day due to weakening demand, impact of energy shock, inflation, raising rates. | ||
| But here's the key. | ||
| Personal consumption increased by 1% in contrast with a 13.5% decline in gross private investment, which is driven by an 11% decline in outlays on structures and a 14% drop in residential investment. | ||
| And so that is the real economy, middle level, not the high end, guys, the middle of the economy. | ||
| And then this, this is just a more detailed shot. | ||
| And this will all be on. | ||
| Hold it, hold it, hold it. | ||
| But hang on. | ||
| Whoa, whoa, whoa, whoa. | ||
| This dovetails with what? | ||
| Cortez was saying 10 days ago from the Boston Globe, they had the analysis of this. | ||
| Now, they were a lot of service businesses too. | ||
| But what you're talking about here and what's Cortez, those are the companies that drive 80% or 90% of the job creation. | ||
| And everything you hear on here, this happy talk, this mindless happy talk, well, the economy, you know, it's really good. | ||
| It's got jobs and you see help wanted. | ||
| That's all coming. | ||
| Look over the other side of the hill. | ||
| The bottom is about to drop out of that. | ||
| And it's going to drop out. | ||
| Fast and hard and brutal. | ||
| Dave Brat. | ||
| Yeah, and the real economy, right? | ||
| So just put those two things together. | ||
| So output is going down. | ||
| That's been confirmed now by the official statistics. | ||
| So there's all sorts of jobs. | ||
| They're touting the job numbers. | ||
| Well, how do you have those at the same time? | ||
| More jobs, more people hired, supposedly, and less output. | ||
| Well, in economics, that means one thing. | ||
| That means productivity is going down. | ||
| And that's consistent. | ||
| You know, a couple of months ago, I was on with Robert Gordon. | ||
| He's the productivity expert in the world at Northwestern University. | ||
| And you can go out and look at his stuff and total factor productivity. | ||
| That's the only variable that causes long run economic growth. | ||
| And it's at zero. | ||
| Right. | ||
| And Peter Thiel has got great commentary on this. | ||
| And so the US is no longer paying attention to its knitting, to what really causes growth. | ||
| All we're doing is this artificial demand stimulus with printing money. | ||
| Printing money. | ||
| Hang on. | ||
| Ladies and gentlemen, right there, you got the nut of it. | ||
| And I want to go back to Cortez. | ||
| Cortez, this is exactly what you've been talking about, right? | ||
| We don't really have a productive economy. | ||
| Everything you're seeing is this kind of financial engineering, and what you have is the Fed continues to funnel the administrative state by just printing money. | ||
| Steve Cortez. | ||
| Yeah, and so it's sort of an economic version of a snake eating its own tail, right? | ||
| And we have the financialization of the American economy, right? | ||
| Where it's all about, for example, stock buybacks, rather than investing into business, rather than real CapEx, rather than raising productivity. | ||
| And Professor Brad is exactly right. | ||
| Productivity has been stagnant to declining for far too long. | ||
| In this country, and that's only going to get worse in this present scenario, unfortunately. | ||
| And regarding those job gains, too, like I don't even like to call them gains because we're just recouping the jobs that were lost because of the CCP virus in this country. | ||
| So they're not actual true job gains in any sense. | ||
| But even those relatively positive numbers are going to start turning around in a significant way. | ||
| There's just no way to avoid it, given all of these economic realities that we're talking about. | ||
| But what Brad's talking about is, what Brad's talking about, you're just replacing the jobs you had with coming back from the CCP virus, from COVID-19. | ||
| There's no job creation. | ||
| Job creation comes from underlying economic performance and productivity. | ||
| If you don't have an account, and by the way, your eyes tell you that. | ||
| Just look around. | ||
| Do you see any real growth of real manufacturing or real production or making things and servicing things? | ||
| Do you see that around your hometown? | ||
| Do you see? | ||
| No. | ||
| What you see is maybe the healthcare center, which is all government funded, right? | ||
| Or everything that's related to the government. | ||
| And that's just, that's just, and here's the lie. | ||
| They just dropped this thing before August. | ||
| They're coming back in August on the appropriations bill, Brett. | ||
| They're not going to hit the 30 September, because that's when the fiscal year ends. | ||
| We'll have them up against the wall. | ||
| The Senate Republicans and the Mitch McConnell, the collaborationists, will play ball. | ||
| And you're going to have another continued resolution. | ||
| And that's literally another discretionary spending, unfunded. | ||
| of a trillion to a trillion and a half dollars. | ||
| And how are they going to do it? | ||
| They'll just crank up the Fed again. | ||
| When I say crank up the Fed, they'll have the primary brokers, they'll push this money into, we're just basically, we're the buyer of last resort of our own phony made up kind of treasury bills, right? | ||
| There's no other buyers. | ||
| China ain't going to buy it, Japan can't buy it. | ||
| Go ahead, Dave. | ||
| I want to link that to China, right? | ||
| So Japan, you can go study your Japan history. | ||
| China, what's going on now? | ||
| It's really easy to invest. | ||
| Right. | ||
| At first, when you throw money at high speed trains and apartments and real estate and manufacturing, great, great growth at first. | ||
|
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Right. | |
| So China grew like crazy. | ||
| But now a communist system does not have the brain. | ||
| Right. | ||
| The free market system, the price system is the brain of the economy, the supercomputer. | ||
| And so they've run out of brains. | ||
| They've hit a brick wall. | ||
| They got run on banks now. | ||
| The people all that they build, they pay for their housing while they're building it. | ||
| And that thing's cracked up. | ||
| So people are very scared over there. | ||
| Now, that's related to the U.S., though, right now, because that's what we're going to do with the green energy thing in Manchin. | ||
| We're throwing good money after bad. | ||
| So 500 billion, instead of going into real investment, it's going to go into government stuff, like you just said, on health care and all this kind of nonsense. | ||
| Hang on, hang on, hang on. | ||
| Your point is so well made. | ||
| The Financial Times today, Cortez, you're going to jump in here. | ||
| Remember, the reason we're in this jam today, outside of this small window when Trump was there, and really the first couple of years that blossomed into 2019, the greatest economic year we've had in memory, living memory. | ||
| The 2008 housing crisis that led to the financial crisis is a pimple compared to what's in China. | ||
| Today, China seeks to mobilize $148 billion bailout for real estate projects, and they got the empty houses here. | ||
| And the people coming for their money. | ||
| Cortez jumping in. | ||
| When this gets sucked down, the interconnection of the global capital markets, and particularly China's buying our bonds and holding over a trillion dollars of our... It used to be a trillion two. | ||
| I think it's a trillion one. | ||
| They sold a hundred billion. | ||
| They're gonna be offloading all of it. | ||
| Cortez? | ||
| You know, so China, by the way, speaking of it right now, as we're speaking, FXI, which is the ETF, the exchange-traded fund for the country of China, the most liquid one that's traded here in the United States, it is down right now 4% on the day. | ||
| But what's really significant, and I'm showing this chart there, that goes on, that's FXI China going all the way back to 2004 when this ETF China's stock performance is so poor as a country right now that it is literally where it was in the fall of 2008. | ||
| In the fall of 2008, when the global economy, the global financial structure was falling to pieces, was crashing and careening lower. | ||
| In September of 2008, if you bought China FXI, You are unchanged 14 years later. | ||
| That's pretty stunning, Steve. | ||
| I mean, it's actually incredible that over 14 years, you have not made a dollar by buying China and buying it during a crash period. | ||
| And for comparison purposes, I think this is important. | ||
| Let's put up the U.S. | ||
| same performance. | ||
| So this is the S&P 500. | ||
| And look, the S&P's had a very tough time lately, but if we go all the way back to 2004, okay, if you had bought the S&P at that same time, you'd be buying SPY, you'd be buying that at $115. | ||
| It has more than tripled since then, not counting dividends, that's just price appreciation. | ||
| So that's how well you've done if you had the guts to buy the United States at those dark days of 2008. | ||
| If you bought China, you're unchanged. | ||
| But hang on a second, and this gets to the phoniness of what you're talking about, the great growth of China. | ||
| Remember, you go back and lay up the Chinese growth of the economy. | ||
| The Chinese economy, I think at the time, because it's roughly 20 trillion dollars a day, I think it was like 12 or, I think it was just barely breaking, their economy has essentially doubled. | ||
| In the law of large numbers, that's not an easy double, right? | ||
| Right. | ||
| But you see that the value of it hasn't increased at all in what, 14 years? | ||
| 13 years? | ||
| So here's the thing, and by the way, for people out there who don't understand stock market, what we're trying to do is show you trends in the world that are important to you. | ||
| When he says SFX and the buying, you're basically, instead of buying individual stocks, you buy a basket. | ||
| But that's a proxy for how the overall value goes. | ||
| This puts to a lot of things. | ||
| Why are we putting American pension fund money into China? | ||
| Right? | ||
| Why are you doing it? | ||
| Because Larry Fink and those guys are getting big league fees by putting it together. | ||
| The other thing is that every number that comes out of China is a lie. | ||
| That right there is not a lie. | ||
| You know why? | ||
| Price is truth. | ||
| That's what people are prepared to pay for it. | ||
| Okay. | ||
| They are also teetering because we've given them so much capital with so fewer controls. | ||
| They are teetering. | ||
| They jacked up the real estate market and the CCP skimmed the profits. | ||
| Now they got a problem. | ||
| They got the prices are dropping 30% in your own personal life, in your own personal health. | ||
| And that's why we got home title lock to protect your title, your deed on your house. | ||
| Cause that's all you got, baby. | ||
| 90% of people's net worth is tied up into the house. | ||
| Get a pen out there with your cup of coffee at the kitchen table. | ||
| Tell me how you would feel this afternoon at lunch if your house was down 30 percent. | ||
| That's what Lao Bajing is. | ||
| They got real estate that's in a free fall, and there's no market to get rid of it. | ||
| They go back to the guy and say, hey, I think you sold me something, or I need my cash out of my bank. | ||
| They show up at the Bank of China, not some regional dog bank out there in the hinterlands. | ||
| I'm talking about a Bank of China in Hainan, a massive city. | ||
| They show up to get their money back, and they got tanks. | ||
| It looks like Tiananmen Square in 1989. | ||
| You got tanks in front of you, right? | ||
| They got tanks. | ||
| I don't think. | ||
| And they could say, hey, your savings has been reclassified as investment products. | ||
| They can't be. | ||
| They're not liquid. | ||
| You don't have access to it. | ||
|
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Yeah. | |
| And I. Hey, I tell you what. | ||
| Hang on, guys. | ||
| We got we got another big block. | ||
| I'm a turn you guys loose and take a short commercial break. | ||
| The interconnectivity. | ||
| You talk about globalization. | ||
| By the way, Der Spiegel last night, I put it up on my getter. | ||
| So you get Der Spiegel, which is the Time magazine of Germany, had a had a massive headline, their cover story. | ||
| The end of globalization. | ||
| And it walked the Germans through exactly how globalization's finished. | ||
| Over. | ||
| How it didn't work for them. | ||
| And there's gotta be a new path forward. | ||
| Short commercial break. | ||
| Cortez, Bratt, and I promise you you're gonna get the one and only Ben Harnwell too. | ||
| All next in The War Room. | ||
|
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Midterms begins at CPAC Texas. | |
| Join President Trump, Sean Hannity, Steve Bannon, and a packed house of conservative all-stars. | ||
| With your help, we will take back the House. | ||
| We will win the Senate. | ||
|
unidentified
|
A big red wave is coming. | |
| It all starts at CPAC Texas. | ||
| Fire Pelosi. | ||
| Save America. | ||
| And then, a Republican president will return to the White House. | ||
| Who, who, who will that be? | ||
| The American Conservative Union is responsible for the content of this advertising. | ||
| Getter has arrived. | ||
| The new social media taking on big tech. | ||
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| And cancelling cancel culture. | ||
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| It's time to say what you want, the way you want. | ||
| Download now. | ||
| Okay, breaking news. | ||
| By the way, we're all on Getter. | ||
| We finally got Brad up there. | ||
| His wife taught him how to use it. | ||
| So we got Brad up there. | ||
| Cortez is a beast on Getter. | ||
| I'm up 24 hours a day putting up stuff. | ||
| Harnwell's unbelievable. | ||
| His live streams are incredible. | ||
| But the whole posse, everybody. | ||
| Navarro's up there. | ||
| All of us. | ||
| So go there. | ||
| By the way, breaking news, Brad, before you start. | ||
| U.S. | ||
| savings rate declined to 5.1% in June. | ||
| 1.1% in June, the lowest level since August of 2009. | ||
| Lao Bajing, by the way, the Chinese common man, savings rates 50% so they have no savings That cash is the only thing they've got, and that's why those tanks are in front of the banks. | ||
| They ain't getting no cash. | ||
| The Chinese Communist Party is going to keep it to recapitalize themselves. | ||
| Dave Bragg, closing thoughts, observations, analysis, sir? | ||
| Yeah, China's been the engine. | ||
| Anything goes south with Taiwan, that's a 5-10% hit on US GDP. | ||
| The Fed orchestrated free money for 10 years. | ||
| Federal funds rate 0% 10 years. | ||
| That has been great for the richest 5%. | ||
| 85% of the people don't have many stocks. | ||
| It's not funny. | ||
| It's not funny what's going to happen to the Chinese Labaizheng, 1.4 billion people created in God's image. | ||
| It's not funny. | ||
| Navarro came on yesterday, did a great job and brought in a moral component. | ||
| He said this thing's unethical beyond comprehension. | ||
| And then he said it, you know, he went off on some literary tangents. | ||
| And I just want to share one more with you. | ||
| I think and I'm serious about this. | ||
| People need to take another look at Dante's Inferno for the complacent people out there. | ||
| Dante, you know, back in 1200, puts them in the first ring of hell for being complacent and puts them with a bunch of wasps and snakes to light them up a little, give them a little stimulus for their moral complacency. | ||
| For those who betray their country or family or God, you're in the ninth, frozen with Satan. | ||
| And for the fraudsters, right? | ||
| There is good and there is evil in this world. | ||
| They're real things, right? | ||
| The Enlightenment faked us out on this stuff a little bit. | ||
| But there is good and evil. | ||
| And for those who think at the last minute you're going to turn around and say, I'm sorry, I don't think it works that way. | ||
| And so go check out the Judeo-Christian tradition. | ||
| Dante is a nice fun read to get lit up a little bit. | ||
| But these moral ideas are central to what's going on in the world. | ||
| The people ought to be very angry and upset right now at the leaders who have sold you down the river economically. | ||
| And educationally, and destroyed your kids' chances at a real future. | ||
| And you ought to be lit, and we need to vote appropriately and put people who care about this country back in power. | ||
| I think we just got big-legged intellectually there, Cortez, by Princeton. | ||
| Let's go to Georgetown's finest. | ||
| That's pretty impressive. | ||
| Dante's Inferno back to the capital markets. | ||
| I dig that a lot. | ||
| You know that. | ||
| Hold it. | ||
| We just had a 0.9. | ||
| When Brad says 5% to 10%, folks, that's depression. | ||
| That's depression. | ||
| That's depression. | ||
| Steve Cortez, China, Taiwan, the South China Sea, Nancy Pelosi, all of it, sir. | ||
| Yeah, by the way, Nancy Pelosi, I'm not sure I have ever praised her on any broadcast ever. | ||
| She's doing a smart and courageous thing, and she should 100% go to Taiwan to our friend and ally. | ||
| So kudos to Nancy Pelosi, assuming that she actually follows through. | ||
| But regarding Taiwan, and to connect the economics here to the national security situation. | ||
| As the as the choices diminish for the CCP and as it increasingly believes that it's in a corner with its own people with its own population because of the crashing Chinese economy because of what we showed on that on that chart no growth in terms of its equity valuation in Fourteen years, literally no growth in China. | ||
| Unfortunately, the CCP, Xi and the junta that run that country, that dictatorial group, they are increasingly incentivized to get far more aggressive with Taiwan. | ||
| It's one of the oldest tricks in the book for dictators, create a massive diversion, try to get the people to unite behind a patriotic cause, a nationalistic cause, even if it's totally misguided. | ||
| This situation gets so dangerous, particularly because of who we have in the Oval Office right now, right? | ||
| We have an absolutely feckless leader who was just lectured to by Xi who got on the call with the President of the United States and barked at him like a junkyard dog. | ||
| He said, you are playing with fire. | ||
| He neither fears nor respects Joe Biden. | ||
| And when you combine that with the economic situation in China, It's incredibly dangerous what's going on right now. | ||
| And in the meantime, by the way, our ruling class, you know, supposed experts, they want to focus on the eastern border of Ukraine, which is irrelevant to the United States, instead of focusing on Taiwan, which is critical to the United States. | ||
| I wish it weren't. | ||
| I wish we weren't so dependent on them economically, but we are. | ||
| That is the reality we have to deal with in the present term. | ||
| And so keep an eye on this situation. | ||
| Things get a lot more dangerous. | ||
| Okay, instead of the southern border or Taiwan, the South China Sea, we're over in the east, but we're going to get into that with Harnwell next hour. | ||
| Okay, real quickly, 30 seconds. | ||
| Cortez, you first, then Brad. | ||
| Who had a bigger gangster move yesterday? | ||
| She barking at Biden, like he's having Biden kowtow to him when he threatened him with the fire, or Joe Manchin and Schumer coming in and just breaking McConnell? | ||
| Who was the bigger gangster yesterday, Steve Cortez? | ||
| Well, unfortunately I have to say she, because, and I think we should be much more worried about their, they both were gangsters, they both worked against the interests of America, but she is far more dangerous. | ||
| Dave Brat, who was a bigger gangster yesterday? | ||
| Joe Manchin coming in for his payday for his lobbyists and his corporation after lying to people? | ||
| Or was it she barking at the feckless old man that is head of the regime? | ||
| Yeah, well, I'm going after my old friend Joe Manchin. | ||
| He was in our Christian dinner group. | ||
| And so for me, it's more gangster, fraudster. | ||
| That's the eighth level of hell, Joe, for fraud. | ||
| And he's too good of a man to have done that. | ||
| You know, he got a couple of things from West Virginia. | ||
| And it's a disaster, relatively speaking. | ||
| You know what Joe Manchin said? | ||
| Dante, Judeo-Christian, West that brother. | ||
| Dante that. | ||
| Okay. | ||
| I'm getting a payday for my corporate sponsors. | ||
| Dave Brat up at Liberty University. | ||
| Cortez, what's your handle? | ||
| How do people get to you and all your writings? | ||
| Well, I've got the baller handle, Steve. | ||
| Find me on Getter. | ||
| I'm at Steve. | ||
| Hold up, Brat. | ||
| What is yours? | ||
| Brat Economics. | ||
| Getter. | ||
| Brat Economics on Getter. | ||
| I actually put some new stuff up today. | ||
| Fine. | ||
| We're going to push it. | ||
| We're going to link to it. | ||
| Okay, thank you. | ||
|
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Right. |
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