Sept. 13, 2022 - Bannon's War Room
48:53
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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I stopped out this morning and I wrote down a song. | |
| I just can't remember who to send it to. | ||
| I've seen fire and I've seen rain. | ||
| I've seen sunny days I thought they'd never end. | ||
| I've seen lonely times and I could not find a friend. | ||
| But I always thought I'd see you again. | ||
| I mean, today's CPI was just no way to sugarcoat it. | ||
| It was a nasty report. | ||
| But at the same time, investors shouldn't forget the fact that just about, I think, every single other inflation indicator that we track has been showing signs of inflation rolling over. | ||
| So I think one report does not make a trend. | ||
| And whatever today's report was, 4% Fed funds rate was pretty much baked in the cake by the end of the year. | ||
| We're maybe up 25 basis points from there. | ||
| So I think when you have almost the Fed locked on that position, which may be too aggressive, people can totally have that view, and it may be, you just have to take a holistic approach. | ||
| And look at the indicators in some, and like I said, I mean, the ZW inflation expectations report out of Germany showed the lowest inflation expectations for the U.S. | ||
| going back to the financial crisis. | ||
| So I think, you know, this isn't the, you know, the end of the world as far as... That being said, today's hot CPI report sending stocks tumbling. | ||
| You look within the details of the of the report, the CPI report. | ||
| Yes, gasoline prices fell 10% month over month. | ||
| But listen to this. | ||
| You had rents and shelter accelerate year over year. | ||
| Food accelerated year over year. | ||
| Medical care accelerated year over year. | ||
| Education Also accelerated year over year. | ||
| And oh, by the way, everyone got so excited about used car prices last month because they fell. | ||
| Well, used car prices actually accelerated year over year. | ||
| And we haven't even really even talked about the balance sheet and QT and what that headache is going to represent. | ||
| So yeah, we did just rally about 10% off the June lows. | ||
| We could easily go back there because what does all this mean? | ||
| The Fed is going to be tighter for longer, higher for longer. | ||
| Right? And so when that happens, there's a lot of uncertainty. And so you and I've talked about a lot this year that this is a trading range kind of a market. | ||
| And this is exactly what we're seeing. So I'm not, by the way, surprised at all to see the reaction in the markets. | ||
| And I do think that the markets overall are a little more vulnerable because we just did see this nice this nice bounce. Right. | ||
| So I am still very much focused on more value versus more growth. | ||
| I have energy, you know, I'm overweighted. | ||
| You know, utilities, agriculture. | ||
| Those are kind of areas where I think it's kind of a hedge. | ||
| And I also still, I look at discretionary. | ||
| That actually is a very interesting sector for me because it's down so much. | ||
| So I'm finding places, but I said last week, I have a little more cash and a lot more patience in this environment. | ||
| Walked out this morning and I wrote down this song. | ||
| Okay, I gotta... I mean, on one of the biggest bloodbaths in living memory in markets, where everything collapsed because of the economic policies, and the guy sitting there putting the happy talk, there's some good stuff. | ||
| No, there's nothing good to see here. | ||
| That's where she just lined it up. | ||
| And now, one report doesn't make a trend. | ||
| Hey, dude, this is 17 months in a row. | ||
| What are you talking about? | ||
| There's blood all over Wall Street. | ||
| It's a day that the drop is as big as June 2020, really at the worst stages of the pandemic, plus with the George Floyd situation, the burning down, the real insurrection, the market of what, over 1,200 points, everything down, every sector of the S&P down. | ||
| And not just that, no place to hide. | ||
| The bonds are getting, it's Armageddon in bonds. | ||
| Who in the White House at the Orwellian Inflation Control Act, which by the way, MSNBC cut away from Biden's remarks. | ||
| They're trying to protect him. | ||
| He's still wandering around. | ||
| Who has James Taylor singing a song? | ||
| Did they ask the War Room to program it? | ||
| We'd say, you know what to do? | ||
| Send James Taylor over to sing Fire and Rain, the song about suicide. | ||
| Why? | ||
| Because you got guys on Wall Street jumping off buildings, right? | ||
| You got portfolio managers that said, I guess my year of 2022 is gone. | ||
| No Christmas for the kids. | ||
| Let's sing a song about suicide. | ||
| I got Philip Patrick from Birchgold. | ||
| I got Dave Brat from the Dean of the Business School in Liberty University. | ||
| I'm going to start. | ||
| I got Boris by phone, who's jammed. | ||
| Boris, before your current gig as a lawyer, you were a street guy. | ||
| Put in perspective this inflation report today that just caught, not War Room, but caught Craig Suisse and everybody else by surprise in the spin masters. | ||
| Steve, honored to be with you in the War Room Posse today. | ||
|
unidentified
|
Vital day. | |
| And here's how I describe this implosion. | ||
| Absolutely expected. | ||
| of the American economy and working-class and middle-class folks with it, sir? | ||
| Steve, an honor to be with you in the War Room Posse today, a vital day. | ||
| And here's how I describe this implosion. Absolutely expect it. | ||
| Was there any doubt this was going to happen? | ||
| Look at the ludicrous overspending our country is doing. | ||
| Look at the spending we have on things like Ukraine versus on cities like Camden, Philadelphia, New York, Chicago, Washington, D.C., so on and so forth. | ||
| Look at the completely out of control lack of economic thought that we have in this country. | ||
| And look at our Fed. | ||
| That has been an absolute and utter disaster. | ||
| They're doing nothing to truly control inflation and doing everything to drive our economy off a cliff. | ||
| And then beyond that, look at our borrowing and relations with the Chinese Communist Party. | ||
| And then you've got Joe Biden out there being completely disdained, disrespected, emasculated. | ||
| By the American people, but also by his own staff, to your point. | ||
| Who thought this was a good idea? | ||
| Even before today, the market's down double digits for the year, and they go around breaking people from all over the country. | ||
| Let's go have a celebration and have James Taylor singing about suicide. | ||
| By the way, just the whole sheer 1990s attempted redux of it is so pathetic. | ||
| Hey, I'm asking all the millennials. | ||
| She's out there, she's like, oh yeah, it's a historic act. | ||
| Historic, yeah, historically bad, historically pathetic, historically embarrassing. | ||
| And so no wonder Joe Biden and his cronies have to weaponize law enforcement to attack their adversaries. | ||
| Hey, I'm asking all the millennials, I'm asking all the independents and Democrats that every time we mention Trump's name, you spit on the floor. | ||
| Orange man bad. | ||
| What would you rather do? | ||
| You'd rather be living through this? | ||
| You'd rather be living through this? | ||
| Or you'd rather live through his economy in 2019 with a few mean tweets? | ||
| Could you handle a few mean tweets? | ||
| Could you handle some edge work on the tweets and have the economy we had in 2019 with no inflation? | ||
| Jobs skyrocketing, salaries up 11%, real wages up, not wages down 17 months in a row now. | ||
| Could you handle some mean tweets? | ||
| If you vote for Biden, if you vote for these people, you deserve everything you get. | ||
| You deserve, he's leading you to your economic and financial destruction. | ||
| And it's very obvious today. | ||
| Boris, I know you've got some other, I want to get to Brett and to Phillips. | ||
| We've got a lot of economics to get through. | ||
| Walk me through, you've got some updates on the legal side because right now, the J6 thing's imploded, the committees, the show trial's imploded because Liz Cheney's been blown out, nobody cares. | ||
| Kinzinger's running around today crying. | ||
| You've got the Raid and Ransack as a joke. | ||
| The judge shut that down. | ||
| You've got these other things going on. | ||
| Now you've got Dick Durbin. | ||
| Well, Steve, here's the deal. | ||
| Right now, where we stand, regarding the raid, the ransack, the state-sanctioned burglary of President Trump's home in Mar-a-Lago, is it's up to the judge. | ||
| on what's really important over there? | ||
| Because quite frankly, you guys are running the tables as Biden implodes the American economy. | ||
| Well, Steve, here's the deal. | ||
| Right now, where we stand, regarding the raid, the ransack, the state-sanctioned burglary of President Trump's home in Mar-a-Lago, is it's up to the judge. | ||
| And the judge may rule as soon as today on the DOJ's, the government's motion to for her to reconsider herself. | ||
| Here's what is interesting. | ||
| What's interesting is that the DOJ actually agreed with one of the picks of President Trump. | ||
| They agreed with Judge Geary about being this potential special master. | ||
| Now, that's still up to Judge Cannon to pick. | ||
| But Judge Geary, a respected judge with a lot of background, and a judge who was in the FISA court, a FISA court that was lied to by the DOJ, and where an FBI agent actually was convicted of lying on documents and lying on applications to the FISA court. | ||
| So that's something to keep an eye on, what Judge Cannon does with the fact that there's been consent now from the government for Judge Geary. | ||
| That's been a development. | ||
| And I think where that comes from, Steve, is that the government's looking around and they're saying that they've been, you know, completely put in a box on all fronts. | ||
| And they're saying, well, you know what, we need to at least try to attempt to show some turndown of the heat that they have ratcheted all the way up with this raid and the ransack. | ||
| So we'll see where that develops. | ||
| Obviously, a lot of the news in the last couple of days, but here's what I will tell you. | ||
| President Trump, MAGA, all of us are not taking one step back. | ||
| We're all gonna continue to stand strong. | ||
| We're going to continue to fight for America. | ||
| We're going to continue to call Joe Biden out for what he is. | ||
| Illegitimate, feckless, pathetic, and powerless. | ||
| Boris, how do people get to you on social media? | ||
| How do they follow you? | ||
| Absolutely. | ||
| A lot of developments to come in the raid and ransack of Mar-a-Lago. | ||
| In that case, Judge Kennedy could be ruling any minute. | ||
| Keep an eye out on developments regarding, obviously, the J6 committee. | ||
| Any of those leaks are not coming from us. | ||
| You better believe that all that leaking is coming from the committee and the DOJ over the New York Times and the Washington Post and other legacy mainstream media. | ||
| But what you are going to see from us is robust responses on all fronts. | ||
| We are not going to be intimidated. | ||
| My social media, hot on the website, BorisEP.com. | ||
| BorisEP.com is the website, hot on Getter at Boris EP. | ||
| Twitter at Boris EP. | ||
| Hot on Truth Social at Boris. | ||
| My hottest telegram, Boris underscore Epstein. | ||
| Stay strong. | ||
| God bless. | ||
| And I will see you tomorrow. | ||
| Boris, we really appreciate it. | ||
| Whoever lent you the phone that you would call in, we really appreciate that also. | ||
| So thank you very much. | ||
| Thank you very much, Boris Epstein. | ||
| Come on, I got full ownership of it. | ||
| But I'm glad they let you out to host your show. | ||
| That's wonderful. | ||
| I got a quick question for you before I go. | ||
| Do they take their handcuffs off for you to host or do they keep them on? | ||
| No, they got the leg irons. | ||
| I got the leg irons. | ||
| Absolutely. | ||
| Hey, I thought they always wanted me changing the desk, right? | ||
| So I can't move around. | ||
| Okay. | ||
| Thanks, Boris, very much. | ||
| Well, thank you, sir. | ||
| I want to go to Philip Patrick. | ||
| Philip, you've been around a couple, three years. | ||
| Have you ever seen a day, and not just the, it's not what the market reaction was, because these are logical, rational investors who've kind of been spun and led to, because all the hype coming up was like they had inside information. | ||
| Credit Suisse came out last night, made a big thing to their investors saying, you know, as we see the core inflation back off, this is going to have a, this is going to turbocharge our market rally. | ||
| It was misleading, it was spin, and then people finally get just tired of being lied to, and, you know, a crude term they use on Wall Street, the market kind of puked up all the lies and misrepresentations. | ||
| Philip Patrick? | ||
| Well, first of all, I think the only accurate thing on that conference was the rendition of Fire and Rain by James Taylor. | ||
| I'm like, finally, somebody's telling us what's really happening in the economy. | ||
| You're spot on, right? | ||
| There's no good news. | ||
| The headline inflation dipped a little bit. | ||
| Why? | ||
| Because fuel prices are down. | ||
| Why? | ||
| Because of demand destruction. | ||
| Fuel is just too expensive for people to buy, so they're looking for alternatives. | ||
| But every other metric, everything else increased. | ||
| In particular, shelter, food, medical care. | ||
| These are really important things for people. | ||
| They skyrocketed. | ||
| Food in particular up over 11.4% year over year. | ||
| It's the largest price surge since 1979 and the markets are responding. | ||
| S&P down 4% today alone. | ||
| 17.5% for the year so far. | ||
| Nasdaq, 5% down today, 22% for the year so far. | ||
| Bonds, as you state, traditionally a reprieve. | ||
| You're worried about stocks? | ||
| Sit it out in bonds. | ||
| Not today. | ||
| Down 13% since the beginning of the year. | ||
| In fact, if you bought a government treasury on January 1st, Well over 10% losses on the back of it. | ||
| There is no good. | ||
| Hang on, because I'm getting worried now. | ||
| So I want to understand something. | ||
| This is not junk bonds. | ||
| You're not you're not jumping into credits where you get some warrants and some upside. | ||
| These are corporates and government securities. | ||
| You're getting crushed. | ||
| Why are you getting crushed? | ||
| Think about that for a second. | ||
| Why? | ||
| How? | ||
| It's so extraordinary. | ||
| And Navarro and Cortez called us a couple of months ago to have both equities and bonds dropped, because normally bonds is a safe haven. | ||
| Why is it not? | ||
| Because no one has confidence. | ||
| They ran it up the flagpole and the money did not salute. | ||
| People have no confidence in this regime. | ||
| They don't believe what they're doing. | ||
| They don't trust what they're doing. | ||
| They don't think they know what they're doing. | ||
| And you're seeing the capital markets react. | ||
| This is as political as anything else. | ||
| Think of what he just said. | ||
| The Nasdaq's down 5% in a day. | ||
| It's in bear market since the peak, which we called back in November. | ||
| It's down 5% in a day. | ||
| And these are not... There's no good news on the horizon, folks. | ||
| The lies and the mask have been stripped away. | ||
| I got Philip Patrick from Birchgold. | ||
| I got Dave Brat from Liberty University. | ||
| Peter Navarro's going to join us. | ||
| We're going to walk through the economics, the capital markets, and the politics of it all next 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. | ||
| Okay, worst day for stocks since 2020, since really the part of the first round of the darkest days of COVID-19 and also the country. | ||
| It was a true insurrection that Bill Barr and the, you know, DOJ wouldn't do anything about. | ||
| I want to go back to, because it's not just about today. | ||
| This is a process. | ||
| There's something deeply wrong. | ||
| And you saw the demonic speech and all his, this is what he had to do. | ||
| They know they have no control of what they're doing now in the economy. | ||
| I know, you know, we had this morning on Crowley, Monica Crowley, and others think they're deliberately doing this. | ||
| And, hey, that may be a case. | ||
| But I'm saying even you put the best face on it, they're totally incompetent and it's out of control. | ||
| And their decisions only exacerbate the problem. | ||
| So this is not going to go away tomorrow. | ||
| Today proved that we can't lie and misrepresent dance around. | ||
| Oh, he's had a great month of August and he's doing the inflation control act. | ||
| Those are all lies. | ||
| That's a spending three trillion dollars. | ||
| The American Recovery Act, the infrastructure bill, this mini Build Back Better, which is just a payoff to the Democratic senators, lobbyists, and donors because they understand they're getting turfed out. | ||
| Okay, let's talk like adults. | ||
| Let's not have cable TV happy talk. | ||
| Let's have a partner's conversation about exactly what's going on here. | ||
| And I told you, how are they going to bail themselves out? | ||
| They're coming back. | ||
| They've already got a $47 billion bill out. | ||
| They're going to have a continued resolution. | ||
| They've got to get their hands, they've got to get the Fed to keep printing, boom, boom, boom. | ||
| Now, they're going to jack rates. | ||
| They have to. | ||
| But they don't know if they're coming or going. | ||
| And Philip Patrick, I just need you to take a second and go back to, because it's no spin, walk through what the report really said. | ||
| Because you've had a drop in gasoline. | ||
| They thought it was everything. | ||
| Remember, the drop in gasoline is nothing to do with their actions. | ||
| This is Americans changing your habits. | ||
| I have no problem with people conserving and no problem with people driving less and taking public transport, bikes, do what you want to do as a free choice that you are making as a free choice. | ||
| This is not a free choice. | ||
| This is called demand destruction. | ||
| This is your behaviors changing radically because of economic situations. | ||
| Patrick, Phillip, want me to just do the report and what it says. | ||
| Of course, look, people are being forced to change their behaviors. | ||
| Inflation expectations have become what's called entrenched. | ||
| And that means people expect inflation to keep rising, and they're changing their behaviors accordingly, right? | ||
| So the reason we're seeing demand destruction is twofold. | ||
| Number one, gas is just too expensive, right? | ||
| Instead of driving to work, people are taking the subway, taking a bus. | ||
| They're having to go through those extra steps to try and avoid the higher cost. | ||
| And the other side of things is simply recessionary fears. | ||
| Everybody knows a recession is here. | ||
| We're in it today, and they're having to change their lifestyles to lower cost to try and suffer through it. | ||
| So this is not good news. | ||
| This isn't policies put together by the Biden administration. | ||
| This isn't successful policies coming out of the Federal Reserve. | ||
| This is people being forced to change their spending habits to reduce their monthly bill. | ||
| But like I said, every other area of the report, food, healthcare, everything else is going up. | ||
| And who does that hit? | ||
| It hit working class Americans, it hits middle America. | ||
| Those are the people that suffer. | ||
| This report was a disaster. | ||
| And quite frankly, it's only going to get worse. | ||
| More bills. | ||
| I mean, the Biden administration haven't seen a spending bill that they don't like. | ||
| And as long as they're in power, it's going to fuel it. | ||
| Right. | ||
| That's key. | ||
| Remember, here's what this is kind of to your income statement, the inflation, because remember, we've had 17 months in a row of dropping real wages. | ||
| So you're the little hamster on the wheel and your father, you're falling farther and farther behind. | ||
| Right? | ||
| You're falling farther and farther behind. | ||
| Not because of your efforts. | ||
| Your efforts, you're on the wheel. | ||
| You're spinning the wheel harder. | ||
| They already told us in the last quarter, you had the greatest drop in net worth, $6.1 trillion in the stock market. | ||
| That ain't counting in today or the real estate market that's about to implode, baby, because they're going to have to jack rates. | ||
| So they got your balance sheet. | ||
| They're destroying in front of you. | ||
| They got your income statement. | ||
| They're destroying in front of you. | ||
| This is like a Kafkaesque. | ||
| You're in a Kafkaesque novel right now, where your best efforts, it only gets worse because of these powers that be that are around you. | ||
| This ain't conspiracy theory, baby. | ||
| Price is truth. | ||
| Price is truth. | ||
| You're seeing it right here. | ||
| They can't hide it. | ||
| They can't lie about it anymore. | ||
| They can't spin it. | ||
| We've been preaching the gospel of easy money and what they've been doing and printing out, and all they're going to come up with is more spending. | ||
| Today, yes, we're going to show Zen Master at the bottom of the hour, the Zen Master Jean-Pierre. | ||
| He goes, yes, you know, he's working all the time to lower costs in healthcare. | ||
| It's all nonsense. | ||
| Just spending more money, spending more money to pay off the system. | ||
| It's the way the administrative state works. | ||
| Philip, hang on for one second. | ||
| Let me get Dave Brat in here for a second. | ||
| You've been all over this today, both stocks and bonds destroying the balance sheet of middle class. | ||
| People have just been able to save a little bit. | ||
| I got a little 401k. | ||
| I got a couple of government bonds. | ||
| I've bought corporates and I bought some treasuries because everybody tells me that's what I do. | ||
| I'm safe. | ||
|
unidentified
|
Boom! | |
| You're getting crushed in those. | ||
| Walk us through this, Brett. | ||
| What does the Business School at Liberty University say about that? | ||
| Yeah, well, it is an historic day. | ||
| This day is going to mark the day where Truth with a capital T comes out full force, right? | ||
| We're having sovereign debt crises around the world that are starting to unfold. | ||
| China's unfolding, Europe's unfolding, U.S. | ||
| is unfolding. | ||
| The elites know what they're doing, right? | ||
| So they know that a sovereign debt crisis is going to happen, right? | ||
| We owe $30 trillion. | ||
| There's no way we're paying it back. | ||
| And so they just want to secure them and their kids, you know, $10 million, $20 million, whatever they need to feel secure. | ||
|
unidentified
|
Wow. | |
| for the rest of their lives. So that's what they're selling out the country. They've been doing that for 10 to 20 years. This show has been all over that. So what's really at play today with this inflation hike is it's permanent now. Now you see there's no shortcuts. So now the real story coming to bear today, the real truth that made itself very apparent is that, oops, modern monetary theory and all these fancy gizmos and all the spending came to a head today because they were | ||
| willing to plow the American people under the dirt, right, with high inflation, crushed you. | ||
| Cortez had all the requirements today. | ||
| Everything you need is going up 24 percent. | ||
| But the dagger today, that is the good news. | ||
| The truth of the matter is the interest rates are going up. | ||
| Globally. | ||
| Significantly. | ||
| That's your bond market piece you're talking about, right? | ||
| The interest rates are going up. | ||
| That is striking fear into every government across the world right now. | ||
| How do we pay this back? | ||
| Hold on, hold on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on, hang on Go to birchgold.com forward slash Bannon for the for the politics of money, the end of the dollar empire, because Dave Brat said something nobody wants to talk about. | ||
| A sovereign debt crisis. | ||
| And that sovereign debt crisis is not going to be in Zambia. | ||
| That sovereign debt crisis is not going to be in Sub-Saharan Africa. | ||
| It's not going to be in Brazil. | ||
| It's not going to be down in Argentina. | ||
| We're not talking about Bangladesh. | ||
| We're talking about the good old United States of America. | ||
| People are going to start asking questions here. | ||
| Let me just do some math. | ||
| The whole structure of the modern economy post-2008 is on a negative interest rate or zero interest rate basis. | ||
| We're not set up structurally for higher interest rates. | ||
| And today was the day when the Fed's sitting there and going, hey, what we said in Jackson Hole is only the beginning. | ||
| And they're going to start asking the questions is, well, hang on for a second. | ||
| How are you actually going to start paying the interest on? | ||
| By the way, last night we went over 31 trillion in debt. | ||
| Philip Patrick. | ||
| By the way, our second part of it is about the end of the dollar as the prime reserve currency. | ||
| You've got the Financial Times of Days talking about it. | ||
| Before these numbers came out, are we looking at a sovereign debt crisis, you believe, Philip Patrick, in the United States of America? | ||
| Absolutely. | ||
| Yes. | ||
| And I'm really glad Dave mentioned that because we're talking about sort of the shorter term effect, the domestic effect of raising interest rates. | ||
| But we've got two factors right now. | ||
| One, we've got deficit spending, right? | ||
| And administration, by the way, 700 billion dollars this year alone in deficit spending by the Biden administration. | ||
| Then you've got the Federal Reserve. | ||
| They're having to raise rates. | ||
| in order to try and get inflation under control. | ||
| So we've got this catch-22, right? | ||
| At the very time the Fed is raising interest rates to make borrowing more expensive for everyone, we're saddled with an administration that are looking to spend ourselves into oblivion. | ||
| Treasury yields right now on a weekly basis have been rising twice as often as they have been falling. | ||
| That's 68.6% of the time this year. | ||
| We've seen an increase in treasury rates. | ||
| It's never happened before. | ||
| And this is clear evidence of two things. | ||
| Number one, deficit spending is becoming more expensive. | ||
| Number two, and this is what you mentioned earlier, globally, people are less willing to lend money to the US, particularly for absurd spending programs like the Inflation Reduction Act, Hold it, hold it, hold it. | ||
| And now look, the accounting here is not perfect, so I don't want anybody judging me for the accounting not being perfect. | ||
| But when he says $700 billion, he's talking about the ordinary operations of the government. | ||
| Because remember, the cash we take in from all fees and taxes, about $3.5 trillion, is offset, and this is a coincidence, by the transfer of payments to Social Security, Medicaid, and Medicare, roughly. | ||
| Everything else is deficit spending, including the $1 trillion defense bill we got. | ||
| So it's about $1.5 trillion. | ||
| The normal operations of this business, the system, right now it's $700 billion. | ||
| That doesn't include the side pockets. | ||
| The side pockets of the 1.9 American Recovery Act, the 1.3 Infrastructure Act, the $800 billion of this fiasco, the inflation control, Orwellian named inflation control as a payoff to the guys. | ||
| And even his illegal $1 trillion write-off. | ||
| Now, it doesn't happen in all the same time period, but it's kind of together. | ||
| So you've got, my point is, it's an orgy of spending with no parental supervision. | ||
| Nobody's up there on Capitol Hill. | ||
| I got to, Philip, I know you got to go at 530. | ||
| We're going to get Navarro, but I got to keep you on to walk through that last thing you just did because nobody wants to talk about this. | ||
| And that is the cost now to keep this system going. | ||
| Because this is going to slam the American people like nothing else. | ||
| We're going to take a short commercial break. | ||
| I got Dave Brat. | ||
| I got Philip Patrick. | ||
| I got Peter Navarro. | ||
| John Fredericks is going to be live tonight at Bolduc's headquarters in New Hampshire. | ||
| We're going to have John Fredericks. | ||
| We've got a lot going on. | ||
| We're talking to you like adults. | ||
| We're having a partner's conversation on the jam, the pincer move against the American middle class. | ||
| Your income statement and your balance sheet next in the War Room. | ||
|
unidentified
|
Cause we're taking down the CCB Spread the word all through Hong Kong We will fight till they're all gone We rejoice when there's no more Let's take down the CCB I walked out this morning And I wrote down a song I just can't remember who to send it to | |
| I've seen fire and I've seen rain. | ||
| I've seen sunny days I thought they'd never end. | ||
| I've seen lonely times and I could not find a friend. | ||
| But I always thought I'd see you again. | ||
| Overall, prices have been essentially flat in our country these last two months. | ||
| You know, they're gaslighting you. | ||
| They can't be that stupid. | ||
| It's got to be gaslighting you. | ||
| And I don't even know why they got James Taylor on the lawn singing a song about suicide on a day when people are thinking, financially, they're thinking about it, right? | ||
| What are they doing? | ||
| Philip Patrick, real quickly, give me, just walk me back through the hidden time bomb. | ||
| And it is a time, it's not a Claymore mine. | ||
| This is a hidden thermonuclear weapon that's gonna go off in the face of the American people, sir. | ||
| Like I said, I'm really glad Dave Bratt brought that up, because this is the biggest issue, right? | ||
| Like I said, what we have right now is a catch-22. | ||
| The Fed are having to raise interest rates, which makes borrowing more expensive for everyone. | ||
| But at the same time, we've got a federal government, the Biden administration, printing massive amounts of money, huge amounts of deficit spending. | ||
| So we're starting to see major warning signs. | ||
| So Treasury yields on a weekly basis now, have risen twice as often as they have fallen. | ||
| So 68.6% of weekly periods so far have seen rising interest rates. | ||
| It's never happened before in US history. | ||
| So like I said, evidence of two things. | ||
| Deficit spending is becoming more expensive and globally people are less willing to lend money to the US for absurd spending programs. | ||
| The non-partisan Government Accountability Office is already warning that federal debt is on track to grow faster than the economy. | ||
| Federal debt is growing faster than the economy. | ||
| It's mind-blowing. | ||
| Basically, since the government makes money from taxes, this means our economy can't grow fast enough to pay for everything that we spend. | ||
| This is where we see default. | ||
| Default leads to, you know, the end of the U.S. | ||
| as a global economic power, and certainly the end of the U.S. | ||
| dollar as global reserve currency. | ||
| We've said before these moves are glacial. | ||
| It's not going to happen by the end of the year. | ||
| But it is happening around us today. | ||
| It's the beginning of the end. | ||
| The Financial Times has got an article about people doing it right now. | ||
| So it's supposed to be glacial. | ||
| But with these actions, we said, well, one or two moves away from a Great Depression. | ||
| Birchgold.com forward slash Bannon. | ||
| You can get the new report. | ||
| But how do they get to you? | ||
| How do they get to you and your advisors? | ||
| Because now I think more than ever, people got to talk to people that have some sort of sense about them. | ||
| Absolutely. | ||
| Information is key. | ||
| So, same place, birchgold.com slash Bannon. | ||
| Not only will they get access to that fantastic report, they're going to get our information kit, they'll have access to our advisors. | ||
| So, you know, we got a lot of health, you know, well-rounded individuals, very knowledgeable that are there to guide people through. | ||
| So, birchgold.com slash Bannon. | ||
| And you're up on Getter. | ||
| What's your Getter handle? | ||
| At Philip Patrick on Getter. | ||
| At Philip Patrick. | ||
| Okay. | ||
| Dave Brad's got another bombshell, but I'll hold that. | ||
| I want to bring in Navar. | ||
| Navar, you, Philip, by the way, Philip Patrick, thank you so much. | ||
| Honored to have you on here. | ||
| Navar, you called this back in November. | ||
| You also, you and Cortez are the two guys said, Hey guys, we're going into a situation because what they're doing to both equities and bonds are going to get crushed. | ||
| You're not going to be able to hide in a government bond. | ||
| You're not going to be hiding some corporate bond. | ||
| There's no place to hide. | ||
| Peter Navarro, tell me about today, this historic day today, sir. | ||
| Well, look, it's a culmination of everything we've been talking about, Steve. | ||
| I'll show you a quick chart here. | ||
| I'm looking at the Dow Industrial Average and the time in November 1. | ||
| When I called a short on the market, the Dow was 36,000. | ||
| And it's trended down since then. | ||
| I've told you on this show it's going to hit 25,000 before it hits 40,000. | ||
| And at the same time, as you pointed out, Steve, there's nowhere to hide. | ||
| You can't go to bonds because bond prices are plunging, because interest rates are going up. | ||
| Remember, War Room? | ||
| The bond prices and yields are going opposite directions, right? | ||
| So when interest rates rise, bond prices fall. | ||
| Look, the problems we're seeing are the stagflation scenario. | ||
| One of the things, even as CPI disappointed today, we've had wage Wages go up, Steve. | ||
| Check this out. | ||
| Wages have gone up over the last three months by about 7%. | ||
| We like that. | ||
| But when you get inflation from wages, it's basically wages minus productivity. | ||
| If you're very productive, you don't get any inflation. | ||
| Well, productivity has actually been negative. | ||
| So the whole strategy here, which had frightened the hell out of us in MAGA World, of the Federal Reserve is to induce a recession and keep the unemployment rate two to three percent higher than it otherwise could or should be to make real wages fall. | ||
| They're not going to try to reduce the consumer prices, maybe through price controls, which is a nightmare in and of itself. | ||
| They're going after wages by inducing a recession and putting pressure On workers. | ||
| And meanwhile, they're letting two million people come across the border to further depress the market. | ||
| So this is carnage. | ||
| And it's going to be a spin game of the Biden regime all the way into November to try to convince you that somehow what you're feeling is wrong and somehow the data is better. | ||
| That's where we stand. | ||
| Steve, we got to focus on November every day until that election. | ||
| To make sure we get rid of these people, starting with Pelosi in the House and then getting, in January, the impeachment of Joe Biden started for any number of reasons. | ||
| Real quick before I get Brad back in here. | ||
| You know, at the end of September, they're supposed to have the appropriation bill done. | ||
| Not even close to being done. | ||
| They're going to have these continued resolutions because they want to kick the can down the road and do it incrementally. | ||
|
unidentified
|
Yeah. | |
| To have basically discretionary spending of another $3.5 trillion that we're just going to have to print money. | ||
| Last night, I think we went over $31 trillion face amount of the national debt. | ||
| We're at $31 trillion now. | ||
| $9.5 trillion. | ||
| dollars now, nine and a half, nine and a half trillion, nine and a half trillion over at the at the Fed, which they haven't done any quantitative tightening on. | ||
| Peter, just do you see it? | ||
| Look, Cortez said the same thing as you just warned. | ||
| The positive actions get focused on November 8th, which we have to to throw these bums out. | ||
| But the problem that Biden has done in the last 18 months, this regime has jammed the American economy in such a corner that not only are there no easy choices, every choice This is almost a catastrophic choice. | ||
| Every choice is going to eviscerate working class people. | ||
| And this is why I say for young Democrats and millennials, all these guys, you mentioned Trump's name, you spit on the floor. | ||
| If you vote for them, you're just going to lead to your financial and economic destruction. | ||
| We have a generational problem here, an entire generation Your opportunities weren't right on the cusp of wiping it all out. | ||
| I mean, wiping it all out. | ||
| Go ahead, Peter. | ||
| The stagflation problem is pretty simple here. | ||
| We've given away strategic energy dominance and therefore spiked food and energy prices. | ||
| We're spending way too much with these bills that take us nowhere, that are actually going to reduce productivity and increase our Dependence on foreign supply chains. | ||
| And my next call here, Steve, is we're going to break $30,000 on the Dow shortly. | ||
| We're going to fall below that. | ||
| Then it's Katy Barr the door. | ||
| There is another leg down, OK? | ||
| We haven't had the big capitulation in the market. | ||
| That is coming. | ||
| I had Russ vote on when I guest hosted for you last week, Steve, and he went through the strategy that the Republicans need to adopt On Capitol Hill in order to strangle these people to prevent them from spending that 80 billion on IRS. | ||
| Or $8 billion on IRS, which would double their size. | ||
| They're spending, I don't know if you saw this, they're spending $4 billion on the EPA for enforcement to stop, like, farmers and ranchers out West from putting ponds on their land. | ||
| This is crazy stuff. | ||
| So Russ Vogt, there's a strategy there, he lays it out. | ||
| Okay, quickly, how do they get to the book? | ||
| I know you get a punch. | ||
| How do they get to the book and how do they get to your getter account? | ||
| Taking Back Trump's America is launching next Tuesday. | ||
| I'm going to be doing the War Room the night before on the roof of 101 Constitution. | ||
| Go to PeterNavarro.com and get the book. | ||
| Go to Amazon and get the book. | ||
| This book is a mission, Steve. | ||
| This is not only getting back the Trump White House, it's the blueprint and battle cry for getting the House back from Pelosi. | ||
| And by the way, Stephen K. Bannon says it's a brass knuckle account. | ||
| I couldn't agree with you more, Steve. | ||
| Taking back Trump's America. | ||
| Let's do it together. | ||
| We're going to have a big event on Monday. | ||
| We're going to be part of it. | ||
| Peter's going to be part of it. | ||
| It's going to be a huge launch. | ||
| Peter, thank you very much, brother. | ||
| We've got to bounce. | ||
| Great call. | ||
| And Peter Navarro, keep Peter Navarro here. | ||
| It's going to get rough. | ||
| 25,000 before 40,000. | ||
| That's nice. | ||
| Dave Brat. | ||
| Peter, thank you for taking time and coming over to your studio to do it. | ||
| Dave Brat, you got another bombshell for me. | ||
| Hit me. | ||
| Yeah, I just think in addition to the sovereigns, right, the sovereign debt crisis, China, Europe, the United States, in addition, I think this day is historic. | ||
| I think we've all been waiting, right? | ||
| Everyone I used to talk to when I go give all my economic talks when I was in Congress, how in the world can you have 20 trillion debt? | ||
| How can you have this? | ||
| The day has come. | ||
| I think this week, what everybody's waiting for is what's the new Bear Stearns? | ||
| What's the new layman, right? | ||
| What is that shoe that's going to drop? | ||
| And I talked to some real estate folks out today that everybody that's locked into the 0% regime for the past decade, they are so upside down, they're cutting, all deals are done. | ||
| So I think within a week or two, the market is going to reveal itself. | ||
| All those hedge funds not only got to make money, they got to sell the deal at the end of the thing. | ||
|
unidentified
|
Right? | |
| So they made all the deals anticipating what the Fed has done for the past decade. | ||
| 0% interest rates. | ||
| Well, now interest rates, the home mortgage is up at 6%. | ||
| And just say, just say it's 3%. | ||
| So a deal you're going to make, you got to make 5% profit. | ||
| Now you're making 2% profit. | ||
| You're done. | ||
| For the audience out there to understand these hedge funds, the reason they make so much money is they're highly leveraged. | ||
| Okay. | ||
| Yeah. | ||
| Write this term down, margin call. | ||
| You're about to have huge margin calls. | ||
| These stocks keep going. | ||
| They got plenty of more cash, more cash. | ||
| They're going to start puking out more stocks. | ||
| This is called the vicious cycle when it starts going down. | ||
| In addition, in addition, you just said it right there. | ||
| Nobody can see a path. | ||
| They got James Taylor on the lawn playing fire and rain about suicide on his ridiculous Orwellian named, you know, inflation control, which is just another spending bill to pay off the swamp. | ||
| This is what it was. | ||
| It was to pay off the lobbyists of the Democrats who know they're going to be turfed out here in November. | ||
| So Manchin, being a crook from West Virginia, had to get his guys paid. | ||
| Hey, he got his guys paid. | ||
| This is what they're talking about. | ||
| And they're up there on the thing playing fire and rain about suicide on a day when everybody's sitting there and there's no, you know, people, oh, this is going to get better. | ||
| It's going to get better. | ||
| All they're going to come for, Dave, is more spending. | ||
| Okay? | ||
| More spending. | ||
| That's the way they're going to bail themselves fiscal, and the Fed's going to keep printing money. | ||
| At the same time, they are going to have to jack interest rates, because somehow they've got to choke this down. | ||
| Dave, if you're— I just want to say, Russ Vought— Peter Navarro just highlighted Russ Vought. | ||
| Yes. | ||
| He just gave the—have Russ back on. | ||
| He, like—that guy is the most honest, decent American. | ||
| With the biggest mind. | ||
| He highlighted exactly what we have to do. | ||
| So get him back on again. | ||
| But here's what we have to do. | ||
| Here's how we have to do it. | ||
| The laid out, we got to win first to get vote in power. | ||
| Yes, that's right. | ||
| We got to take the House. | ||
| We have to take the House. | ||
| Dave Brat, real quickly, how do people get you on Getter, brother? | ||
| Yeah, just Brat Economics, B-R-A-T Economics. | ||
| I'm on the third floor of Liberty University School of Business for parents. | ||
| I got a lot of people from the War Room coming to visiting, so I love it. | ||
| And they all like me, so that's a nice day. | ||
| Come on over to Liberty University and bring your young scholars with. | ||
| Love you guys. | ||
| Thank you. | ||
| They all like me. | ||
| They all like me. | ||
| That's normally not where we put guys in the War Room, dude. | ||
| Okay, Dave Brad, thank you. | ||
| Short break! | ||
| You're gonna go to New Hampshire next, John Fredericks. | ||
| We will fight till they're all gone! | ||
| We rejoice when there's no more! | ||
| Let's take down the CTD! | ||
|
unidentified
|
The f***er has arrived! | |
| The new social media taking on big tech. | ||
| Protecting free speech. | ||
| And cancelling cancel culture. | ||
| Join the marketplace of ideas. | ||
| The platform for independent thought has arrived. | ||
| Superior technology. | ||
| No more selling your personal data. | ||
| No more censorship. | ||
| No more cancel culture. | ||
| Enough. | ||
| Getter has arrived. | ||
| It's time to say what you want, the way you want. | ||
| Download now. | ||
| Okay, we're all over Getter, 24 hours a day. | ||
| The entire team, the entire staff, all our contributors. | ||
| We've actually launched a show exclusively on Getter. | ||
| It's 15 minutes every day about Giorgia Maloney and what's happening with this right-wing coalition that's coming together in Italy. | ||
| So we've got that. | ||
| Make sure you go to Getter. | ||
| I'm putting up information all day long. | ||
| Okay, a couple things. | ||
| Historic day, but this is just the beginning. | ||
| Remember, price is truth. | ||
| They can't lie to you anymore. | ||
| If you watch the war, I mean, they're not gonna be able to lie and spin. | ||
| You're gonna understand all the issues and what are potential solutions. | ||
| Here's one of the solutions. | ||
| One of the solutions, and by the way, let me know when I got John Fredericks. | ||
| John Fredericks is live in New Hampshire. | ||
| He's gonna be at Bolduc's headquarters tonight to see about this all-important primary, the grassroots versus the establishment. | ||
| So we're gonna go to John as soon as we get him hooked up. | ||
| I wanna make sure everybody, there's no substitute for victory. | ||
| People say, hey, how do you stop all the lawfare? | ||
| How do you stop the grand juries and coming after Trump and all the stuff? | ||
| The way you do it is defeat the battle box. | ||
| Overwhelming, stunning, massive, upset blowout on November 8th. | ||
| The House, the Senate, school boards, everywhere. | ||
| I preach this. | ||
| Go to precinctstrategy.com. | ||
| We need everybody in this audience. | ||
| We don't need you to write a check. | ||
| You don't need... That's something you gotta... You can do if you're so inclined and you have money. | ||
| I realize everybody's broke. | ||
| What you can do is volunteer. | ||
| You have to be part of the solution. | ||
| Not part of the problem. | ||
| Part of the solution is getting engaged. | ||
| There is no substitute for victory. | ||
| And quite frankly, we have to put aside some of the things we don't like about, you know, we don't have perfect candidates. | ||
| We have some great ones. | ||
| We have some ones that maybe not so great. | ||
| It doesn't matter. | ||
| It's better than what's the alternative. | ||
| We have to win. | ||
| We have to take the Senate. | ||
| We have to take the House. | ||
| We have to throw out these people on these school boards. | ||
| We have to take state legislatures. | ||
| We have to do it all. | ||
| Okay? | ||
| And I need you, and I need you to sign up. | ||
| In addition, we need you to get, to become more knowledgeable what's going on. | ||
| That's one of the reasons I've done this thing with Birchgold. | ||
| Birchgold.com forward slash ban totally free. | ||
| The end of the dollar empire. | ||
| Make sure when all this hits you like a ton of bricks, that you've at least sat there and go, okay, I understand what they're doing to me. | ||
| Because it's free men and free women that are going to turn this around. | ||
| But we have to get the rust votes of the world. | ||
| In a place where they have power to actually act. | ||
| To do that, we have to win. | ||
| To win, you have to have knowledge. | ||
| This show is all about providing you a platform to learn more. | ||
| Next hour, we're going to have Richard Burris talk about generic ballots. | ||
| Generic ballots look good, but there's some substrate there. | ||
| We're going to talk about, you think inflation is bad? | ||
|
unidentified
|
The 8.3%? | |
| Hey, In Phoenix, I think it's 13%. | ||
| We're going to talk about that. | ||
| Or I think it's over 11%. | ||
| Excuse me, it's over 11%. | ||
| So we're going to talk about that different parts of the country. | ||
| We're also going to talk about at the White House. | ||
| We talk about transhumanism. | ||
| One of the great fears I've always had about transhumanism. | ||
| It's occurred in an executive order. | ||
| And we're going to have Joe Allen on to really go through. | ||
| And this is horrific. | ||
| And they've kind of played into our hands. | ||
| And what we warned that they were going to do, they did. | ||
| We're going to break it all down. | ||
| I want to go to New Hampshire, the one and only John Fredericks, the Oracle of the Deplorables. | ||
| What are you doing in New Hampshire, brother? | ||
|
unidentified
|
Steve, I'll tell you what, it really rocks here in New Hampshire at Don Baldick's victory headquarters. | |
| This is a maggot trifecta here in New Hampshire, the last big primary. | ||
| We've got three major candidates running, all MAG, all American first. | ||
| That is Don Baldick running for U.S. | ||
| Senate. | ||
| I'm going to tell you about that in a second. | ||
| We're at his headquarters. | ||
| This is at the old salt pit in Hampton, New Hampshire. | ||
| We're going to be here our live election night. | ||
| Broadcast starts 7 p.m., 7 to 10. | ||
| You can tune us in. | ||
| Just go on the John Fredericks Radio app. | ||
| You can find us there. | ||
| Go on Getter Live. | ||
| We're going to be there as well. | ||
| Also, Don Balding, they spent $4,500 in the final eight days trying to wrest the nomination away from him when he had the lead, giving it to the establishment candidate Chuck Norris, leader of the Senate in New Hampshire, got the endorsement on Thursday. | ||
|
unidentified
|
This is a very competitive race. | |
| New Hampshire, too. | ||
| to win his primary with well in the 80s. | ||
| So this is a competitive race. | ||
| They've dumped four and a half million on this guy and he's still trying to hang on. | ||
| President Trump's staying out of the race. | ||
| Ivan Doris Bolden, everybody knows that. | ||
| We're here at his victory headquarters now. | ||
| This is number one of the trifecta. | ||
| Let me tell you about number two. | ||
| This is a very competitive race. | ||
| New Hampshire two. | ||
| This is the race where little 25 year old Caroline Leavitt, softball player, has come from 2% with a MAGA vote to challenge the anointed one in this race. | ||
| race and that... | ||
| McCarthy's put $2 million in to back up his candidate, the established candidate here who ran in 2020 and got beat by the incumbent. | ||
| So they put $2 million in. | ||
| We're in for a very exciting night. | ||
| One candidate in the House, four and a half men to prop up another established candidate for U.S. Senate, both of them are going to lose. | ||
| Then we get to New Hampshire, one where there's another very competitive race, MAGA candidate there completes the trifecta. | ||
| And so we're in for a very exciting night. | ||
| If we can win all three, MAGA will have taken over the New Hampshire Republican Party, lock, stock and barrel regardless of what Governor Sununu said. | ||
| Mark Mowers, who is the hand-picked candidate for Kevin McCarthy, nice enough young fella, worked in the Trump White House, worked for Chris Christie, not a bad guy, but they've had to pump two men in on negative ads for PAC against the 25-year-old John, once again, we've got to bounce. | ||
| How do people get to the show? | ||
| Where do they go? | ||
| Really easy. | ||
| Start at seven o'clock. | ||
| We're going to be live. | ||
| Lauren Bobert was there, Brian Donalds was there. | ||
| She had a massive turnout. | ||
| She's surging, raised $2 million on her own by small donors, incredible grassroots effort. | ||
| John, once again, we gotta bounce. | ||
| How do people get to the, how people get to the show? | ||
| Where do they go? | ||
|
unidentified
|
Really easy, start at the seven o'clock. | |
| We're gonna be live here. | ||
| You don't wanna miss one minute of it. | ||
| Got a great panel. | ||
| Just go to, just download my app. | ||
| That's the best thing to do. | ||
| Go to johnfredericksradio.com. | ||
| You can download our app there. | ||
| You can get us. | ||
| Also, we will be on video live on Getter Live. | ||
| Getter Live is number one social media for video. | ||
| You want to go there. | ||
| I may even make a guest appearance by calling in tonight. | ||
| John Fredericks, thank you, brother. | ||
|
unidentified
|
The show wouldn't even work without you. | |
| You've got to call it. | ||
| You're the leader of the movement. | ||
| The movement is right here tonight, and you're the leader, and you've got to call it. | ||
| What do you mean, maybe? | ||
| I'll call it. | ||
| I promise I'll call it. | ||
|
unidentified
|
John Fredericks, the oracle of deplorable. | |
| You're the general. | ||
| You've got to lead the effort, man. | ||
| I'm just sitting here. | ||
| Godzilla wins. | ||
|
unidentified
|
Northern front. | |
| Northern front. | ||
| Northern front commander, okay. | ||
| Short break. |
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