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Aug. 25, 2022 - Bannon's War Room

48:51

Episode 2105: End Of Abundance’ For The West / Ukraine Returns To Normal And Russian Economy Thrives

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ben harnwell

07:19

steve bannon

19:37

steve cortes

17:03

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Speaker	Time	Text
unidentified		Well, the virus has now killed more than a hundred 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.
		That 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 a hundred 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 and the worst happens, War Room, Pandemic. Here's your host Stephen K. Bannon.
		What we are living through is a time of great upheaval.
		Firstly, because we are witnessing – and not just since this summer, but over the past few years – the end of what we might have seen as abundance.
		And for those who enjoyed it, it is also the end of a carefree time.
		Our freedom, the liberty to which we have grown accustomed to in our lives, has a price, and sometimes when we have to defend it, we have to make certain sacrifices as we fight to defend it.
		Very important news for the U.S.
		economy.
		The nation's gross domestic product, that just means how much the economy grew or shrank, declined less than previously thought.
		In the second quarter of this year, it was revised up from negative 0.9% to negative 0.6%.
		That might not sound like much, but it is better than expected.
		It does still show, though, that our economy is shrinking.
		CNN Chief Business Correspondent Christine Romans joins us now with more.
		And we've often seen revisions like this with jobs figures, sometimes in both directions, sometimes in a positive direction.
		What's the significance of the revision here?
		It means the economy is less lousy in the second quarter than we thought, and in fact, consumer spending and corporate profits were stronger, and that is an underpinning here of the U.S.
		economy.
		When you look at quarter by quarter by quarter, you can see two quarters in a row of a shrinking U.S.
		economy, but shrinking much less in the second quarter than in the first quarter.
		And, you know, some of these other more... This is rear-view mirror looking, right?
		This is the second quarter.
		We're already into the third quarter, and some of the early data for the third quarter, these monthly reports, are showing a That's a pretty strong picture for the consumer.
		So the third quarter is quite likely going to be positive.
		Of course, as you know, when you have two negative quarters, that begins the discussion about whether or not you're in a recession.
		And guys, it's just not an easy call.
		There are so many conflicting, conflicting figures out there.
		I mean, you look at jobless claims, for example.
steve bannon ▲ ● ▼		It's not conflicting.
		Put the pom-poms down.
		I can't take any more of the absurdity.
		Let me give you the signal there.
		By the way, welcome.
		It's Thursday, August, the 25 August year over 2022.
		You're in the war room.
		We're going to do economics, capital markets and geopolitics this morning, because this is the tidal wave of reality that's about to wash over you in the audience.
		And this is going to drive very much what happens in November this year and then what happens afterwards.
		The signal there was Macron.
		Remember, Macron just won a victory against the populist nationalist Front National or National Rally, whatever they call themselves today.
		But the populist group on the right, not conservatives, but farther right than conservatives.
		And then he lost, got a sweeping, crushing loss in what essentially their parliamentary vote afterwards.
		It kind of put restrictions on him.
		But when he was running, he wasn't talking about the end of abundance, the end of the sacrifices that have to be made.
		It was a totally different happy talk story.
		And so now the leaders of these various nations, as they're all about to get turfed out, are all singing a very different tune.
		But here in the United States, where you have a slight change to another horrific quarter, not growth, not 2% growth, not 3% growth, not 2.5% growth, but almost one point at negative.
		And that's including everything, not even getting under the hood.
		And CNN has the gall to put on a cheerleader with pom-poms again, and this has nothing to do with one's gender, because Jim Cramer's got, he's the head cheerleader with the biggest set of pom-poms, to go in there and say, oh yeah, it's not that bad, it's really strong, we got all kinds of strong.
		We're in a depression with working class people, and Biden yesterday had the audacity, the audacity to pay off, and Larry Tribe, That scumbag who almost came on the Supreme Court except we defeated Hillary Clinton.
		Larry Tribes, sitting there, talking about how great it is that the Harvard students, all his Harvard students, are getting their debt paid off by working-class Americans.
		Another payoff of this illegitimate Biden regime.
		So we're going to do the first hour on a lot of economics to understand exactly where we are in the country so you don't have to listen to the pablum that's spoon-fed to the to what they treat their audience like morons.
		I want to go first, though, you know, you talk about in France, he's, you know, Macron sitting there and saying it's the end of the era of abundance.
		And so now we're entering an era of scarcity.
		The reason we have an era of scarcity is, I keep saying it, this is not the second law of thermodynamics.
		This is directly related.
		This is directly related to human action and human policy, right?
		It's directly related to human action and human policy.
		Wow, breaking news.
		MTG just got swatted again last night, is that correct?
		Okay, we're gonna get, maybe we try to track down MTG.
		Let's see if we can't, yeah, let's see if we can't, it's up on our Twitter, let's put it up there.
		Breaking news, and let's get MTG, see if we can't track her down and get her on here.
		I digress, let me get back to my rant.
		This era of scarcity is all brought about because of these absurd policies of the global elites.
		That are off the back of the working class.
		I want to go to, by the way, one place in the world where there is abundance is Ukraine.
		Why?
		Because your tax dollars are getting shoveled over there every second of the day.
		Ben Harnwell, compare and contrast where we are with Ukraine, the rest of Europe, and the world's economy, sir.
ben harnwell ▲ ● ▼		Good morning, Steve.
		Well, the news really today is in the juxtapositions between two competing realities.
		Let's go straight to Germany.
		And then if I can have the article, Germany approves energy saving measures for winter.
		This is now the start of the digging in and the preparing, in the same way that the two sides along their frontier in Ukraine are now digging in, embedding themselves in now for the stalemate, in exactly the same way the European capitals are digging in as well to steal their own people for the sacrifices that they're going to make.
		Now, Macron said, yes, he did say that France is now facing the end of abundance.
		Where is he now?
		He's in Algeria.
		He's gone to Algeria for three days.
		Whenever there is a looming domestic – take this to the bank – whenever there is a looming crisis that you have created in your own country, that political leader is going to go abroad and pretend to be a statesman on the world stage.
		That's where Macron is now, not resolving the issues in France, he's in Algeria.
		Hold on to that thought, I'm going to come back to it.
		Right, so in Germany right now, The tragic situation there is that from September, public buildings are going to have their heating limited to a maximum of 19 degrees, turned off completely in entrances, corridors and foyers.
		Public monuments that have been lit up until now will no longer be lit and businesses could be banned from keeping their shops illuminated at night.
		Also in the list of things that might be banned are the public So that is the end of abundance in Germany.
		And here, rather shocking, is that in the world, in Europe's most developed economy, that the country will give coal and oil cargo priority over passenger travel on railways, meaning passengers will have to wait.
		So that is the end of abundance in Germany.
		Let us have a look now at UK, because the news that I think is astonishing, Steve, is that a nursery school is now telling children and staff that they will have to wear more clothes to help cut heating costs, as businesses are struggling with soaring energy bills.
		We can't afford to have the heating on all day because it will ruin us, says one nursery owner.
		And get this, Steve, the British Chamber of Commerce So what the system told us was an unprecedented one-off to cope with the pandemic.
		Of course, we all knew it wasn't.
		This is how the system takes us from a failing economy to Venezuela.
		They're now going to take that precedent and repeat it.
		What's the same with COVID?
		It's a synthetic, man-made crisis with a A set to fail solution.
		OK, hold on to the UK.
		Where is Boris Johnson right now?
		We saw the rubbish piling up on the streets in Edinburgh.
		You'd think this might be a priority for a nation that has some degree of pride on the world stage.
		Boris Johnson is where we expect him to be when there's a crisis.
		He's in Kiev with the photos of him down on the pavement polishing off his plaque that they've embedded into the floor like like the Hollywood Boulevard.
		And Boris Johnson has in giving fifty four million pounds to President Zelensky and his oligarchs has called on Britain's to bear higher gas bills as Ukrainians are paying in blood.
		He said, we also know that if we're paying in our energy bills for the evils of Vladimir Putin, the people of Ukraine are paying their blood.
		What he didn't say, of course, was that it was us, the West, that led Ukraine down the primrose path of its own destruction.
		And he didn't say that the cut that Ukraine would have folded within three or four days.
		The reason it has undergone all this suffering is because we've been arming them to keep them in a fight that they cannot.
		Those things didn't make it into his remarks.
		Now, let us have a look, finally, Finally, because we spoke yesterday on the show, Steve, about Ukraine.
		We spoke, we reminded the War Room Posse how we've been covering over recent months the Ukrainians at the beach, the open-air rock concerts in Mariupol.
		We spoke about the opera theatre and the ballet that's now retaken life in the cultural capital in Kiev.
		We spoke a couple of days ago about how the soccer, the football league just kicked off And normalcy is returning to Kiev.
		No end of abundance in Kiev.
		Where else is there no end of abundance?
		Well, we have the Economist article here to say that it's also in Russia.
		Why the Russian economy keeps beating expectations.
		That's their headline.
		And I was particularly interested that the economist's analysis of data from a wide variety of sources suggests that Russia's economy is doing better than even the most upbeat forecast predicted.
		That's a direct quote from the article, as sales of hydrocarbons have fueled a record current account surplus.
		And I'll just add on to that, the concluding words of this article, sanctions have had a limited impact on Russian oil output since the invasion Russia has sold in the region of 85 billion worth of fossil fuels to the EU.
		Now, this might be a surprise to the economists, but it's not going to be a surprise to the to the war in Posse because we've been briefed right from the beginning by you, Steve Cortez, Dr. Navarro.
		You said right at the beginning, in long expositions, exactly how this was going to unfold and it is unfolding like that to the very letter.
		I will close, Steve, with this article in the Daily Telegraph.
		Putin might just win his giant bet against a fractured West European leaders now face the unenviable task of persuading their voters that the economic distress they will suffer is a price worth paying.
		And there we go.
		And I'll just leave with this extract.
		Putin looks set to win his bet against the fractured West.
		His calculation on swallowing up Ukraine without NATO intervention sufficient to stop him was based on at least some realities.
		News for the Daily Telegraph, I can only repeat, we've been on this right from the beginning for six months, Steve.
steve bannon ▲ ● ▼		Ben, I just want to ask one last thing before we let you go, is that have there been any more commitments over the last 24 hours from European nations to shovel more money in there?
steve bannon ▲ ● ▼		Any public announcements, any more commitments?
ben harnwell ▲ ● ▼		And the 57 million that's being pledged by Boris Johnson, but we're not, we're not an EU, we're not an EU country.
ben harnwell ▲ ● ▼		Some people would say that UK's, no, nothing, nothing, nothing.
steve bannon ▲ ● ▼		Ben Harnwell, what's your social media?
ben harnwell ▲ ● ▼		I'm on Getter, Steve, my surname at Harnwell, and I'll be there pushing out the developments as they break.
steve bannon ▲ ● ▼		Okay, we're going to go to break.
		Steve Cortez is going to be there.
		I want to note that seven more counties in the sheriffs, in counties in Texas, declared an invasion on the southern border.
		Take that up to 17.
		17 counties in Texas, invasion of the southern border.
		We just shipped $3 billion over to Ukraine to protect their Russian-speaking eastern border.
		Short commercial break.
		We'll be back in the war room.
		Steve Cortez, Dave Brat, hopefully Dave Walsh, all of it in a moment.
unidentified		War Room, pandemic with Stephen K Bannon. The epidemic is a demon and we cannot let this demon hide. War Room, pandemic. Here's your host Stephen K Bannon.
steve bannon ▲ ● ▼		Okay, promo code War Room.
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		Make sure when they go off, when you bundle them off to school, make sure that they're fully kitted out, as the British would say.
		Okay, mypillow.com promo code war room.
		I want to go to, so Cortez, I don't even know where to start, but let's start.
		I want to start, I want to go back to the mindless, ridiculous CNN.
		Here's the thing too, you've got to understand something for the audience.
		We have enough respect for you.
		That we will actually do the work between shows and make sure that you have a real understanding of as close to what the math says about the economy.
		They have no respect for their audience.
		They just shovel crap at them all the time.
		And here's the thing, when people say, I watch CNN, hey, you are 10 times better briefed, as we say, than the guys on CNN, because all they do is get mindless, and I mean mindless, not interesting crap all day long, like MSNBC.
		There's no reality to any of it.
		It's all performative.
		But I gotta start with Ukraine, because, you know, the global elites have all focused on Ukraine, and Cortez would call this, this is actually more humiliating and embarrassing, but the one thing it has brought up on the energy side is how the elites in these countries I kind of thought they could pull this off, and now it's all cratering around them, and now they're running... You think France is bad?
		The German numbers are numbers that I didn't think were possible.
		I didn't think were possible, and they're going to have a reckoning by the voters, and hey, if the voters can't vote them out, they're going to overthrow them, because this thing is just not going to... I mean, this winter is going to be a bitter cold with incredibly high food prices, and Even where they got energy, they're going to be wrapped up.
		They're going to be living like back in the Middle Ages.
		Steve Cortes.
steve cortes ▲ ● ▼		It's a total regression.
		And listen, winter is coming literally and metaphorically for a lot of places, including the United States.
		It's going to be much worse, of course, for Europe.
		But it's gonna be pretty bad here as well, so let's not get too cocky about the American situation when we know that one in six American households right now cannot pay, as Bloomberg reported, cannot pay their utility bills.
		They called it, Bloomberg did, a tsunami of shutoffs that is looming here in the United States.
		But regarding Europe, look, at least France has nuclear power, so it's not quite as vulnerable as Germany is.
		Germany, let's face it, they effectively made a snotty Swedish teenager They're Secretary of Energy, and they are going to pay a very, very bitter price for that policy, combined with the massive escalation of the war in Ukraine, what should be a regional battle, which has been turned into a global conflagration by the leaders of NATO, as well as Joe Biden.
		You know, Macron, by the way, Steve, I want to make this point.
		Macron, when he said that it's the end of abundance, I really thought to myself, as somebody who for a living does political messaging, If you work for Macron, how do you message that?
		I mean, how do you possibly say, oh, we're going to promise you the end of abundance?
		It's like, instead of a chicken in every pot, we're going to promise you a parakeet in every pot.
		That's essentially what he's saying.
		But here's the thing.
		The powerful and the oligarchs are going to thrive as never before.
		You know, as Ben Harnwell was saying, I'll tell you one place in Europe, That's going to do extremely well.
		And if anything, it's going to do even better than it already has done.
		And that's Monaco.
		Because believe me, with $10 natural gas and with nearly $100 a barrel crude oil, the oligarchs of Ukraine, the oligarchs of Russia, the princes of the Middle East, they're all doing just fine.
		And believe me, they will be having a grand time in Monaco while a few hundred miles to the north, regular folks, working class people are freezing in Germany.
steve bannon ▲ ● ▼		This is, and by the way, this is why we left these guys behind, because Monaco is their big tax haven.
		They're all going to be down, all the elites going to be down there whining and donning, loving each other.
		I mean, it's going to be, you know, devil catch the high most.
		Here's the thing.
		Let's go back to political messaging for a second, because you're going to see this in the Biden regime.
		Macron just ran, he had an existential threat.
		With Le Pen, right?
		Listen, I think if Zemmour had been a little more focused and had had the Ukraine situation come up, it would have been Zemmour versus Macron.
		I think Zemmour would have been the president.
		Let me just put it out there and say it.
		As much as I love Le Pen, maybe she's not the best on a national scale to go after him at the economics.
		But remember, in his campaign, this is in May.
		This is less than 90 days ago.
		I don't remember ever Macron sitting up there and telling the people of France about the end of abundance.
steve cortes ▲ ● ▼		Right.
steve bannon ▲ ● ▼		I don't remember him telling them, you got to, oh, we're going to have to make and, you know, he's not going around to the Riviera.
		He's not going down to all the landed aristocracy.
		He's not going to all the the elites in French society that the owners of these businesses and all the luxury good businesses.
		He's not telling them you got to you got to you got to hunker down.
		He's basically telling the folks, yeah, you know, that's the end of abundance, boom, end of abundance.
		He was just elected less than 90 days ago.
		Right.
		Where was all this?
		This shows you how blatant, they're just in your grill.
unidentified		Right.
steve bannon ▲ ● ▼		You know why?
		And this is why.
		And the Germans are the worst.
		If you're going to sit there and take it, they're going to continue to run the tables on you.
		Your country's falling off a cliff and you're just sitting there with the same, you know, repeating the same nonsense.
		You deserve what you get, okay?
		Here in this country, I'm proud to say, we have a populist nationalist revolt.
		Did you see the school boards yesterday?
		Throw them out.
		By the way, NBC News has a massive story we're going to get to in the second thing, how the Patriot Mobile, the Christian nationalist little, you know, Cellular company promoted by War Room has now swept all the school boards in Texas.
		You have a populist nationalist revolt.
		Europe, it's time for you to arise.
		You can do it at the ballot box.
		You're in a parliamentary session.
		Throw these bombs out.
		It couldn't be clearer.
		The scam they're running on you, Steve Cortez.
steve cortes ▲ ● ▼		Well, and listen, Steve, to your point, here's the thing.
		If Europe chooses not to, if the citizens of Europe choose to suffer this way, these kinds of self-inflicted wounds, guess what?
		Not our problem.
		At least it doesn't have to be our problem.
		Unfortunately, Joe Biden has made it our problem by getting us so massively involved in the escalation of Ukraine.
		And you're exactly right when you say, you know where there's plenty of abundance?
		Among the oligarchs of Ukraine, among the pals of Zelensky.
		And, you know, Steve, I like to put these numbers in context because I think a lot of folks, if they just hear, OK, we're just saying a billion dollars every few days, $3 billion every few days.
		Ukraine, what does it mean?
		Let's give a comparison.
		For example, we're spending right now at a clip of over $10 billion per month.
		So if this continues, we're going to spend north of $100 billion this year in Ukraine.
		But right now, the biggest package was $40 billion, that single boondoggle mountain of money that we borrowed to send to Ukraine.
		For comparison purposes, Steve, for the American audience here, That is the annual budget of the state of Illinois.
		So think about that.
		Illinois is a very large, successful state for the most part, right?
		A busy, big state.
		Everything that Illinois does, the roads, the schools, the prisons, the courts, the healthcare, everything it does, that's the entire budget of Illinois.
		We just sent that in just one package over to Ukraine.
		It is a mountain of money to escalate a crisis in which we have no direct national security interest, and a crisis which is making our pre-existing inflation crisis, we already had an inflation crisis because of Joe Biden, but it's making it massively worse.
		And what's that doing to regular Americans?
		Again, to bring it home here, as we talked about yesterday, 5.4 million Americans, according to a survey from the Census Bureau of the United States, 5.4 million Americans who are already behind on their rent or their mortgage.
		They believe they are going to be kicked out of their homes.
		imminently that they are going to be evicted or foreclosed upon in the next two months.
		Why?
		Because of the soaring costs in their life, particularly energy, electricity of 15% year over year in July, and because real wages are crashing in this country.
		16 months in a row of declining real wages.
		And to get back to that gaslighting attempt by CNN, Steve, here's the thing.
		Sometimes corporate media, let's be honest, sometimes They're successful in gaslighting the American people.
		Sometimes they can successfully spin the American people.
		I think they did it at the beginning of the Ukraine crisis.
		Thankfully, there were people like you who were very bold about saying, wait a second, this is not our fight.
		But sometimes they can be successful.
		But they cannot succeed at fooling people about their own personal economic reality.
		You simply can't spin that.
		Everybody knows their bank account.
		Regular Americans know when they put the credit card in the gas pump, they are cringing.
		It's a moment of anxiety for regular Americans.
		They know their credit card balances are exploding.
		$46 billion in credit debt added in the second quarter of this year, the most in 20 years.
		So they can't be spun on these kinds of kitchen table issues. That's the reality.
		Now here there's also political opportunity right within this crisis. There always is political opportunity for the America First movement for patriotic populism to step in and say we have answers to solve this.
steve bannon ▲ ● ▼		If America First foreign policy on shoring. If yeah but if you have members Republican votes that got us here the collaboration is Republican Mitch McConnell Republican and no offense to President Trump I understand you're saying he's unacceptable now he should step down now but hey no offense brother your your corrupt crooked advisors got you to endorse all of his candidates So it's kind of hard to say we've got to get rid of him now.
		He's got the votes.
		Crapo in Idaho.
		Moran in Kansas.
		Boozman in Arkansas.
		We had great potential candidates to go against him, but you endorsed Mitch's closest buddies.
		It's kind of hard to say now.
		I want to go back to a couple things.
		Rasmussen poll.
		Go to my Getter account.
		I've got the Rasmussen poll up.
		85% of the American people 85% 85% of the American people don't think the earth is round I mean you get so so you've got you can't get consensus 85% anything 85% thing inflation is a concern 50 I think 9% or 56% think it is very big concern.
		thing inflation is a concern. 50 I think 9% or 56% think it is very big concern.
		Okay so inflation is at the top and you talk about the credit card right before As you said, you can't do a direct comparison, but we've added $46 billion.
		When you're putting the card in the gas pump and you're pumping, $46 billion added to credit cards with rates about to explode.
		And that's one package that we sent to the Ukraine.
		Cortez, hang on.
		Short break.
		We're going to come back.
		We've got a lot more economics to get to.
		And by the way, Jerome Powell's last stand, not at Custer's National Battlefield, but pretty close out in Jackson Hole, Wyoming.
		We'll talk all about it when we return in the War Room.
unidentified		War Room, pandemic.
		With Stephen K. Bannon.
		The epidemic is a demon and we cannot let this demon hide.
		War Room, pandemic.
		Here's your host, Stephen K. Bannon.
steve bannon ▲ ● ▼		you.
		Okay, welcome back.
		We're about to go to Steve Cortez.
		By the way, we're going to have, just for time, because we've got a lot of things that are popping on the show, we're going to have Dave Walsh on this evening, on the afternoon show, to talk about energy.
		He's got a lot to walk through about how your life's not going to get better, okay?
		Because of policies that are driven by this illegitimate regime and their buddies at the World Economic Forum.
		Also, MTG, we're trying to get MTG at the top of the hour to talk about the second swatting in two nights at her house.
		So, I want to go back to Cortez.
		First of all, talk to me about, you've got a lot to go through, but before you take it over and start going through your charts and your analysis, I just want to go back to the CNN.
		Why is that just happy talk, and why is that spin, and particularly the way they presented it, sir?
		What's the reality of the economy versus what they present?
unidentified		Right.
steve cortes ▲ ● ▼		Well, the reality is that we're in a recession, and that point really is not debatable anymore.
		I think the only thing that is debatable is the extent of the recession.
		And I would point to not just the GDP numbers, but the PMI numbers that we've talked about, Purchasing Manager's Index.
		We got the services sector number out this week.
		It was at 44.
		Expectations were 49.
		That would have been bad enough, because anything below 50 is recession territory.
		That's contraction.
		It massively disappointed at a downside at 44.
		I would also point out, by the way, again, not to get cocky versus Europe, our PMI number is the worst in the developed world.
		So the world is doing poorly, but the United States is doing the worst among peer countries.
		That is a sad reality right now because of Joe Biden.
steve bannon ▲ ● ▼		Hang on.
		Every time I hear these guys, Jim Cramer and all these guys, they talk about, hey, We're doing much better than the rest of the world.
		How do they say this all the time?
		Right?
		As support for Biden.
		How do they get away with saying that?
steve cortes ▲ ● ▼		Yeah, well, because it's pure narrative and it's propaganda.
		And unfortunately, those business networks, which formerly used to do some pretty good work and used to try to inform investors, they've long ago given up that task and they prioritize propaganda.
		Look, on both the inflation side, we have nearly the worst inflation in the industrial world.
		Really, the only place worse is the UK because of how terrible Boris Johnson is.
		So nearly the worst inflation and the worst, not nearly the worst, the worst PMI numbers in the industrial world.
		That is the reality right now.
		We are worst in show when it comes to the economy on both sides of the equation, prices and growth.
		That is the stagflationary cycle, the quagmire that Joe Biden has brought us into.
		But let me show you a chart form here because again, we like data and evidence.
		Not just sloganeering on War Room.
		So let's show chart number one, which is Nordstrom.
		Nordstrom has absolutely fallen apart.
		So I was talking about the problems that middle and lower income people are having, right?
		One in six households can't pay their utility bill, the most basic of all bills that every household confronts in this country.
		But it's getting to the higher end now, too, because Nordstrom, in general, has a middle to higher income customer.
		Nordstrom yesterday said, we are cutting our guidance for the rest of the year.
		The stock was down almost 20% in a day.
		20% is a bear market.
		A bear market happening today.
		But Nordstrom has been getting crushed for months and months.
		That chart shows Nordstrom since last November, since roughly the Thanksgiving highs, when a lot of stocks, particularly anything that's consumer-facing, and CNN actually mentioned that the consumer is strong.
		Well, tell that to Nordstrom.
		That stock has been cut in half.
		Now, in case anyone out there says, well, maybe it's a Nordstrom company peculiar problem.
		No, it's not, because these similar warnings and similar-looking charts For example, Kohl's just issued a warning.
		Macy's just issued a similar warning.
		Months ago, we talked about the problems for Target and Walmart.
		They felt it first because middle and lower income people were the first impacted.
		But my point is now it's spreading to the middle and even the higher end.
		So the damage to the American economy is widespread.
		Look, it's not without evidence, without cause, that the American people are incredibly despondent.
		According to the University of Michigan Consumer Sentiment Survey, we are at the worst levels since the 1950s.
		Think of all that America has been through, all the crises that we have endured, geopolitical and economic.
		Confidence has never been lower than it is right now under Joe Biden.
		That is not a circumstance or coincidence.
		That is because of the actual reality of what Americans are dealing with every day in their lives, and we see it by every important metric out there.
		And I would also point out, because I want to show this to Steve, here's what makes me even more worried about how bad the situation is here at home, is the fact that China is imploding concurrently.
		So we have America and China careening into the economic ditch at the exact same time, the two biggest economies in the world.
		If we show chart number two, this is the dollar versus the yuan, versus the Chinese currency, and that chart goes back a year and a half.
		So as that graph is rising, the dollar is rising in value, the yuan is falling.
		The Chinese yuan right now is at almost a two-year low.
		Why?
		Because property markets in China are falling apart.
		They have an all-out real estate crisis.
		Now, some folks out there might say, hey, fine, China's her enemy.
		We want them to do poorly, and I understand that rationale.
		But here's the reality.
		Economically, Steve, we are so intertwined with China right now that when you have the number one and number two economies in the world, Both careening lower, both in recessionary territory on that trajectory.
		It's incredibly dangerous for the world and it hasn't happened yet by the way.
		Here's the thing, we don't frankly know what the results will be because since China emerged as an economic force a little over 20 years ago when the bipartisan cabal of Washington DC, Clinton and Bush welcomed China, welcomed the Chinese Communist Party into the World Trade Organization on terms that were incredibly Generous to the Chinese communists.
		Ever since then, we have not had China in recession.
		So even in 08 and 09, when the United States had the Great Recession and the credit crisis, China powered through.
		Now, I think a lot of that was through accounting tricks, through nonsense and dishonest bookkeeping and massive borrowing.
		So a lot of it wasn't real.
		But the point is, you had China powering through.
		You don't any longer.
		Now you have the two biggest economies in the world in concert Absolutely crashing and the consequences could be extremely dire.
		It could actually add to and accelerate what is already domestically a terrible situation in the United States.
steve bannon ▲ ● ▼		Okay.
		By the way, New York Times today has a massive story you'd think would be ripped from the pages.
		I think they've been watching the seminars over at the Committee on the Present Danger.
		By the way, there's another seminar today at one o'clock.
		You've got to go to these seminars.
		They're all free.
		They're all online.
		They're unbelievable.
		They've got a massive piece about how China's going to choke down Taiwan, right?
		So these dots are all connected.
		The Chinese announced overnight, and I don't want to say they're reading out of Lords of Easy Money, but they're reading out of Lords of Easy Money.
		They announced overnight what a trillion yuan infusion.
		They're going back to the old Greenspan Federal Reserve playbook.
		Just flood the zone with massive stimulus and hope you can keep the devil away from the door.
		That those tanks are going to be rolled out in front of the Bank of China branches in Henan province again. That's the new Tiananmen Square. The new Tiananmen Square is not... that was politics. This is Lao Bajing wants their cash, right? So the Chinese in a total freefall are...
		they are revving up the printing presses.
		Now, they're clearly not the prime reserve currency, and it's a problem.
		The other thing about the interconnectivity, Larry Fink and that crowd on Wall Street has got us, they've got the pension funds so exposed over there, right?
		Don't be belly laughing about what's happening to the, first of all, the lobby is usually getting wiped out.
		They're our allies.
		The CCP, the crooks over there running it are going to do just fine if they don't get overthrown.
		But man, we're up to our neck.
		The pension funds in our country are up to their neck in this thing, Steve Cortez.
		The last stand of Powell is going to be out in Jackson Hole.
		Talk to me about what the Chinese have done overnight.
		They took the big red panic button and hit it hard and said, hey, we need to keep it cranking up.
		This is all about buying time.
		Buy us time to figure this thing out.
		Steve Cortes.
steve cortes ▲ ● ▼		No, listen, clearly the junta in Beijing is extremely aware of just how intense and dangerous this situation is for them.
		They have effectively bought the acquiescence of the Chinese people, right?
		The promise, effectively, the bargain, the unstated bargain with the Chinese people has been, you will have no rights, you will have no freedom, you'll have no individualism, but we're going to guarantee you growth.
		And that's what the Chinese, the CCP, And so when they can no longer deliver growth, they know they lose legitimacy from the Chinese people.
		So it's an incredibly dangerous situation.
		And you're right, of course, to bring the Taiwan aspect into it, because we know that despotic regimes, when they get in trouble at home, very often try to lash out at external enemies or try to cause national security crises so that they can get a rally around the flag effect.
		And so these are such dangerous times.
		And to connect us back to our situation in the United States, you couldn't think of a worse time to have a doddering and corrupt Commander-in-Chief of the United States than right now.
		The world is in such a dangerous place.
		I would argue more dangerous than any time since just before World War II.
		The world has probably never, from a financial and national security aspect, has never been this dangerous as it is now since probably the 1930s.
		And we have, at the helm of the United States, Joe Biden.
		Somebody who's, when he is awake, has been the useful idiot, the useful tool of the Chinese Communist Party for his entire life.
		Somebody who is personally corrupted with tens of millions of dollars to his family from the Chinese Communist Party.
		And if the Chinese do, in fact, decide to make a move on Taiwan, it's really frightening to think that the person leading our response is going to be Joe Biden.
steve bannon ▲ ● ▼		By the way, your thing about despotic regimes and looking for something to rattle around the flag, that's 100%, that was the wag the dog of the Ukraine.
		I mean, all this talk, it was like, you know, Zelensky's Churchill and, you know, I'm FDR and they're coming to, all the Ukraine nonsense, that's what we called it at the beginning.
		That's just a diversion.
		That's a pure diversion.
		Pure diversion from the invasion of the southern border, pure diversion from their actions that got us in this.
		Now, Steve, before we talk about Powell and, you know, because everybody, they're all on the business channel, they're all waiting for Powell's words of wisdom, right?
		A third-tier investment banker at fifth-tier firms.
		That's what we got.
		Steve Mnuchin, thank you very much.
		We got a complete lightweight at the head of the Federal Reserve, but everybody's just sitting there, wow, we're just waiting for his You know, the oracle of Jackson Hole to speak today.
		Talk to me about just the blatant payoff in your grill of this student loan.
		And by the way, it's not a forgiveness.
		The guys that lent the money ain't forgiving it.
		It's a transfer.
		It's a transfer to them.
		It's a transfer.
		Absolutely.
		Lawrence Tribe tweeted it out.
		This wasn't banning it.
		It wasn't Gateway Pundit.
		That jerk tweeted out, I really want to thank Biden for taking care of all my students at Harvard.
		He's sitting there so great at Harvard to take care of all the students.
		When working class people, guys getting in trucks all day long, men and women doing these tough jobs, right?
		You're underwriting this, Steve Cortez.
steve cortes ▲ ● ▼		Two-thirds of American adults, Steve, do not have college degrees, and those salt-of-the-earth, gritty, working-class people were just told, guess what?
		You're going to pay for the one-third.
		And not even that, you're going to pay for really a tiny slice of that one-third, most of whom have graduate debt, because that's where the vast majority of the debt lies.
		So, privileged people, many of whom chose to go and pursue worthless degrees, are getting a handout from Joe Biden.
		Now, I will at least say this, Steve, and I want to give credit to Jack Posobiec because he just tweeted this out and he's exactly right.
		In terms of political payoffs, and that's what this is, it's a crass political payoff, at least the Democrats are smart enough to pay off American voters.
		Establishment Republicans, they pay off CEOs and defense contractors.
		So think about that contrast.
		If you're going to do power politics, and if you're going to do crass payoffs, at least the Democrats know where their bread is buttered, and they're going to pay off voters.
		What Mitch McConnell does, and establishment Republicans do, is they reward the CEOs of places like Northrop Grumman.
		And therein lies one of the key reasons why, in America, as you often talk about, the Republicans have won election for decades while we are losing our country.
		That is the reality.
steve bannon ▲ ● ▼		What Cortez brings up is that most of this debt's in these graduate programs.
		It's just the woke culture.
		It's just getting their culture warriors of all this woke.
		And these degrees are all worthless.
		If they weren't worthless, they'd be able to have jobs and could pay it off.
		The terms of these loans are not that brutal, ladies and gentlemen.
		Remember, everybody paid it off.
		Every person didn't go to school.
		Every Hispanic, African-American.
		They're screwing you in your face.
		If you continue to vote for it then, guess what?
		You're going to continue to get screwed, just like the guys in Germany.
		That's what democracy is about.
		You've got an opportunity to turf them out.
unidentified		Just see what you see.
steve bannon ▲ ● ▼		What's your reality of your lived experience?
		Short commercial break.
		We're going to talk about the lords of easy money.
		They're in Jackson Hole.
		Elite a resort.
		And they're going to be telling you the way the world is today.
		Cortez is going to break it all down for us next.
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steve bannon ▲ ● ▼		Okay, welcome back.
		You're in the War Room.
		So, Cortez, talk to me about, tell, I want the audience, because one of the things we do here, and by the way, I continue to say this all the time to my Evercrack staff, who, like you, is paying an enormous amount of money to get these Ivy League adjacent educations that we've got to figure out if they're worth anything or not, right?
		If you did a year, I went to HBS, right, and did quite well there.
		If you did a year in the war room, young people, I mean this, if you watch the war room every day, and you hear our economic analysis, and you go to the links, and you do your homework and read the other things we send out on Getter all day long, In one year, you will have a better education going to Harvard Business School.
		And I say that as an honors graduate of Harvard Business School.
		I'm not kidding.
unidentified		Right.
steve bannon ▲ ● ▼		You will have a better education in business and capital markets in Harvard Business School.
		Remember, my grandfather only went to the third grade, but he's the best red guy I ever met.
		We target this show For people, regardless of their education levels, formally, that are voracious readers and seekers of knowledge.
		And I don't care if you don't have a high school degree.
		Remember, Joe Allen doesn't have a high school degree.
		Now, he has a graduate degree from Boston University Theology School, where Dr. Martin Luther King went.
		But if you're a working class person driving a truck, we get a lot of feedback when I do these things like the Summit, and people come up to me.
		We're here to give you the inside baseball of the way the world works.
		The way the world works.
		And I commit to you, if you're a young person, you just take a year of the War Room, you watch our analysis, you go to the links, you do the follow-up, right?
		You will have a better education.
		Then if you went to the top business schools in this country, and I mean that because that's the way we position it, and we've got the brains of the guys like the Cortez's of the world and the Navarro's of the world who have been in those places and done exceptionally well and know how to present.
		Let's go.
		Explain to people why the whole world's watching Jackson Hole a week after Liz Cheney's catastrophic defeat.
		Why is now the whole financial world tuned to Jackson Hole, sir?
steve cortes ▲ ● ▼		Well, and Jackson Hole, by the way, might be the only place in Wyoming where Liz Cheney is actually still popular.
		But it's a beautiful place, resort setting, and there's a Central Bank symposium there every year.
		All the top Central Bank officials, not just from the U.S., but from around the world.
		Let me point this out, too, though, before I talk about the present situation.
		One year ago at Jackson Hole, let's remember this.
		Chairman Jerome Powell got up and once again pulled the country, lied through his teeth, and said inflation is transitory.
		He either lied or he so massively missed the most obvious signs that he has no business in any job in finance, much less as chair of the Federal Reserve.
		So I want the audience to realize that the the august credentials of people like Jerome Powell or Janet Yellen Those credentials don't mean that they have any common sense, any intuition, any real understanding, or at least any honesty about the situation.
		And that is simply the reality.
		And by the way, regarding the credentials of Jerome Powell, he's a lawyer by trade.
		He went to law school.
		He was never a trader or a banker or an economist, really.
		We should have a community banker in that spot, Steve.
		That's who should be the chairman of the Fed.
		Somebody who has actually lent money at the community level.
		There's not many community bankers left, unfortunately.
steve bannon ▲ ● ▼		Or somebody like you.
		You took that great Georgetown degree.
		You went to the pits of Chicago, which is men only.
		I say that metaphorically.
		I mean, that's as tough as you can get.
		You get what we call street smarts in a place like the pits of Chicago, right?
		You learn more about what the real world is about economics and capital markets No, exactly right.
steve cortes ▲ ● ▼		And by the way, speaking of Georgetown, a place that gave you and I degrees, a place I don't think wants to claim either one of us, just as an aside though, because this came out this morning, Georgetown is requiring its students this year to be masked.
steve cortes ▲ ● ▼		It is going to require masks of its students in class.
steve bannon ▲ ● ▼		Will you stop?
		Will you stop?
		The Jesuits have done what now?
		By the way, you and I went there when it was still a Catholic university.
		What are they doing?
		There's not one shred of evidence.
		I thought the Jesuits were all about evidence.
		There's not one shred of evidence on the masks.
		Is this performative virtue signaling?
steve cortes ▲ ● ▼		100% performative.
		They're going to feel very virtuous wearing their masks.
		These are supposedly the smart people.
		This is supposedly a center of learning.
		The most renowned center of learning in our nation's capital, Georgetown University.
		And there's a New York Post headline.
		You can check me out on this.
		It's not from Babylon Bee, not from The Onion.
		They are requiring masks of their students at Georgetown, just to let you know the mentality of these folks.
		But getting back to Jerome Powell, listen, this speech is widely anticipated tomorrow, much more anticipated, I think, than any central bank speech that I know of.
		And I've been in the financial markets for Three decades.
		And because there's really so much unknown about what he's going to say, because he faces a brutal choice.
		Now, he put himself in this position, so don't feel sorry for him, okay?
		The Fed, through its dereliction of duty, has put itself into a terrible corner.
		But here are the choices right now, effectively.
		You either protect capital, and capital has been wrecked so far this year.
		And what I mean by that is not just the stock market going down, Steve.
		The stock and bond markets have been going down.
		Not the way the world is supposed to work.
		Not the way asset allocation models are supposed to work.
		A lot of folks out there who follow the 60-40 blend, 60% stocks, 40% bonds.
		Generally, if one side's doing poorly, the other side does better.
		And over time, you do well.
		OK, and that has historically been true.
		This year, the 60-40 model has been decimated because of this runaway inflation that we haven't seen in more than a generation.
		OK, so he either gets dovish and pulls back and says, I'm not going to raise interest rates significantly because I'm going to protect capital.
		OK, but if he does that, then the other side of the equation are the masses of middle-class Americans who are drowning right now, who cannot pay their power bill, who are going to have their cars repossessed, who have to make the kind of ridiculous choices that a nation of abundance should never have to make.
		Choices between shoes or my kid because he has holes in his current ones, or pay the heating bill.
		So he's got a terrible choice to make.
		Hey, make the car payment.
		Okay, this is where middle class people are and lower income people are right now in America.
		And it could get massively worse if Jerome Powell decides to protect capital.
		So he's got a terrible choice to make.
		Now, I think he must come down on the side of protecting the masses of the middle class and capital is just going to have to suffer.
		I don't see any other way to have a stable, healthy society, frankly, in the United States.
		But it's really up in the air.
		It's a coin flip as to which way he leans, and I think he's going to give us some insight tomorrow.
		It'll be right at the beginning of showtime, so perhaps we'll get some insights into where he is.
steve bannon ▲ ● ▼		Steve, your thing last night was fantastic, your getter.
		How do people get to your substack, your getter?
		We're going to put it up on the site.
		How do people get there?
steve cortes ▲ ● ▼		Please find me at Getter, very simple, at Steve.
		I'm like Bono, just one name, at Steve.
		You can also find me on Twitter, at Cortez.
steve bannon ▲ ● ▼		Fantastic, thank you very much.
		Okay, we're going to come back.
		We've got, I think we've got MTG about her second swatting.
		We've got Dave Brat more economics.
		We're going to talk about Taiwan.
		We've also got the sweeping school board victories in Texas.
		The mainstream media is blaming Patriot Mobile in the war room.
		Hey, we'll take it.

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