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Oct. 20, 2022 - Bannon's War Room

48:54

Episode 2240: Liz Truss Steps Down As The Sharks Already Start To Circle

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dave brat

05:00

dave walsh

06:45

steve bannon

25:48

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peter mcilvenna

02:41

Clips

jonathan lemire

00:37

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Speaker	Time	Text
unidentified		This is him trying to explain a policy that at its core is a paradox, both addressing financial stability, allowing some sort of easing, unwinding of positions that are untenable in the current regime, while also fighting inflation using very similar types of tools in terms of raising rates.
		It is mind-spinning.
		I can see why they're very, very sensitive about the concept of fiscal dominance right now.
		I can see why they are.
		Almost immediately the questions were asked at the Bank of England, will they accommodate what this government is going to do?
		And when they first came up with the gilt market operation, they were accused of just that, pandering, accommodating what fiscal policy makers had decided to do.
		So I think it's really, really difficult for them to do now.
		And I think that's why we're seeing the kind of language, the approach that we've seen from Governor Bailey.
		That's my guess.
		I can't get inside his head.
		The sense I get from him and the way he spoke yesterday just sounded like a man who was very, very sensitive to the idea that they might be contributing to so-called fiscal dominance.
		There is an argument that for decades central banks helped offset a lack of action from fiscal policy makers, a lack of action from Washington D.C.
		For decades.
		Or from the parliament.
		And this is a question now of can the central banks pull back and stop giving the fiscal policy makers a pass and risk financial instability and risk perhaps disrupting things to such an extent that imperils the basic functionings of a capitalistic society.
		And this is going to become an increasing debate in the months to come.
		There's something else that's going on here.
steve bannon ▲ ● ▼		But Julia Bromowitz said the, from Bloomberg, had a very attrentive comment the other day, she told me at the United Kingdom, she said, this is the end of the era of fiscal domination.
		And what she said is that this is politicians continually to vote for and press all of these programs, both defense spending, all of it, all the way through to social spending that have these massive Keynesian deficits and the central banks have just been very passive to go along with it.
		And this is the first time you've really seen the central banks say that the fiscal domination, and one of the dark forces that Peter's talking about, is the Bank of England.
		Now, if you're a pension fund holder, you say they're the white knight.
		If you're someone who actually wanted a Tory government, they come in thatcher-like.
		They're a dark force.
		But this is why it's going to be so important.
		This era of fiscal domination, where the politician could just have, in the United States, trillion, trillion and a half dollar deficits, and the Federal Reserve just continued to pump.
		In fact, Now, what everybody should do is go to birchgold.com forward slash Bannon.
		You get the end of the dollar empire.
		I've had two parts of this.
		The first was the politics of money.
		The second is the fall of the dollar as a prime reserve currency.
		We're working on chapter three, but get up to speed.
		We're entering an era like the 19th century with Andrew Jackson and Henry Clay and William James Bryan that the politics of money is going to be everything and this is what people are going to be talking about.
		This is exactly what's going on in the United Kingdom right now.
		Not enough politicians are fluent enough to grasp the topic.
		That's why you don't see a lot of people coming forward.
		That's why you see a Jeremy Hunt who is kind of marginalized.
		He's now stepped up and actually coming forward because he actually I think he feels I'm more equipped to deal with this.
		This is why Kwasi Kwarteng, everybody thought this guy's a PhD in economics.
		He'll understand it right away, but it seemed like he either didn't understand it or didn't feel like he had that old Etonian arrogance.
		He didn't have to explain himself.
		Here's what I want to do for a second, because I have said, and I hate to say I've been right on this, but I said she would finally back off and go to the cuts.
		I've also said she will be gone by this week.
		I've also said by next spring, you'll see the end of the Tory party.
unidentified		I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.
		I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.
		This morning I met the Chairman of the 1922 Committee, Sir Graham Brady.
		We've agreed that there will be a leadership election to be completed within the next week.
		This will ensure that we remain on a path to deliver our fiscal plans and maintain our country's economic stability and national security.
		I will remain as Prime Minister until a successor has been chosen.
		Thank you.
		Okay, welcome.
steve bannon ▲ ● ▼		It's Thursday, 20 October in the year of our Lord 2022.
		So that was from earlier in the week.
		I hate to say this, but I think I'm the only...
		person in the world that said she would not make it through the week.
		I gave a speech right after that at Hillsdale College, or the Kirby Center here, where I reiterated that Liz Truss would not make it through the week.
		When people said, oh no, no, she's going to make it through next spring or make it forever, including our brilliant political analyst from the UK, I'm not picking on him.
		The reason is that this is so relevant to the United States of America and to what we're going through right now.
		I've got Dave Walsh on energy.
		We have Dave Brat on the UK economy and productivity.
		Peter McElweeny joins us, the hearts of oak.
		He's actually in from the UK for a couple of days.
		Here's why it's important.
		This is the end of the Reagan-Thatcher era.
		The policy toolbox That you could use in that era, you cannot use right now because we're in a very different time, very different set of issues, very different set of demands.
		She, in a very knee-jerk way, with Quasi Quartain, went to a classic Reagan supply side.
		It's like Arthur Laffer was sitting in the room with him.
		That was fine for President Reagan.
		Remember, President Reagan had the ability to run massive deficits for that time.
		Okay?
		And to get us out of the stagflation, which took us 14 years to get out of.
		You needed Volcker and you needed both Reagan.
		Here you've had somebody come with a playbook that won't face the two biggest issues you have to face.
		The fantasy of net zero carbon energy policy.
		And if you don't think it's here, it's here.
		Okay?
		Net zero carbon Energy policy.
		You have to come to grips with that.
		And then the others, you've got to come to grips with spending or how you're going to finance the spending.
		You know, she got religion late after she got blown up.
		And the thing is, too, this is inextricably linked to the pension funds.
		For people who are dependent on these pension funds, and the pension funds over there are very close to blowing up.
		The carnage she has left in her wake For these ridiculous moves, unthought-through moves, and never had the guts to put forward the math.
		This is as bad as Fauci and those guys.
		Remember back in the pandemic, I was ranting and raving all the time that you got the University of Washington Seattle with their model.
		You've got the guys in England with their model.
		Where's the model from the government?
		Where's Fauci's model?
		Where's the CDC's model?
		What do they think about this?
		Why are we going off of all these, extrapolating off all these universities?
		Where's the government case?
		of what the math says.
		We're in an era.
		This is why I've been doing stuff with Birch Gold.
		We're in the era of currency.
		The politics of money is now upon you.
		The politics of money destroyed Liz's trust in 44 days.
		44 days.
		She was the conservatives.
		She was that wing of the party's great hope.
		The neoliberal neocon You know, the neoliberal, neocon era is done.
unidentified		Right?
steve bannon ▲ ● ▼		This is what we're going to have later.
		Morning Joe's all over Kevin McCarthy saying, hey, you don't have an open checkbook anymore for Ukraine.
		You got Ron Klain out there saying it's MTG's foreign policy.
		We're in a new era.
		Everything now is about winning on the 8th.
		Everybody getting involved.
		But these issues, the specter of these issues is over us right now and it's going to come on top of us immediately after we win.
		Because the Republicans, and particularly the populist nationalist wing of that, have to stand firm and have to say, this is what we have to do.
		This country, England, is just a microcosm of us.
		It's just a microcosm.
		And you saw in going back to the kind of Larry Kudlow, you know, Arthur Laffer, Steve Forbes, Steve Moore, and I love those guys.
		They're great guys.
		But the 1980s is calling and wants their economic policy back, right?
		It's just not the same.
		And Liz Truss is an example.
		We have to learn from this example.
		Peter, give me assessment.
		By the way, breaking news in Reuters.
		She just stepped down.
		And literally, the body's not even cold yet.
		They haven't even got, they haven't even addressed the body yet in 10 Downing.
		And guess what?
		Reuters is breaking that Boris Johnson's back in the hunt.
		And we're going to talk about Boris Johnson.
		My prediction stays.
		I told you she would be gone by this week and everybody laughed at me.
		In fact, I gave a thing at Hillsdale College the other day.
		People afterwards said, what are you talking about?
		She could last for six months.
		She's never going away, at least till they get to the election.
		The Tory party is going to go the way of the Whigs next spring unless they have a radical change of thinking and leadership.
		In fact, if we can pull that clip up by the guy that's from BBC yesterday, it's on my getter feed, where he says they're a bunch of second-raters.
		I want to play that a little later.
		Peter McElveen, let me get you in here.
		I got Brett and Walsh to go through it.
		I want the audience to totally... Look, we're not... obviously not getting our eye off the ball on 8 November, but this is big league, the way it connects.
		The interconnection here with capital markets, with economics, with where our situation is.
		And, you know, you see McCarthy get a little spine, We're sitting there saying, no open checkbook on Ukraine anymore.
		That's the first.
		Remember, this, we got the bayonets to the back saying, no, no, no, no, we're not spending on Ukraine, we're spending on the southern border.
unidentified		Right?
steve bannon ▲ ● ▼		Or we're going to cut the defense budget.
		Got to cut the defense budget.
		Got to cut.
		Got to defund the FBI.
		Got to get to the CIA.
		Start gutting all of this.
		Cut it dramatically.
		Got to do it.
		Not just the administrative state.
		We can't afford it anymore.
		We've been living in a fantasy.
		That's the thing.
		Julie Abramowitz and her sidekick there, Bloomberg, it's such an important concept.
		Fiscal dominance.
		Fiscal domination.
		You've had these politicians.
		They have just run these massive deficits, and the central banks have just gone along for the ride.
		What does print money?
		Will the Bank of England print money?
		And then eventually, when interest rates pop, because you can't keep in the fantasy world of zero interest rate forever, we've only done it for 14 years, and by the way, why have we done it?
		Because the world's elites own everything now.
		Here in the United States, 0.5% of the citizens own, control 90% more assets than 90% of the population.
		This is not a conspiracy.
		It's straightforward.
		It's up in your grill.
		And finally, by the way, labor doesn't have any better answer.
		Their answer is actually worse.
		OK, but I guess what?
		Because of the malfeasance and mismanagement of conservatives, the Tory party who have been in power for 14 years.
		Right?
		Labor's going to get a long run.
		They're going to get a lot of runway.
		So, the game has changed in the United Kingdom, and I think the game may be over.
		Peter, give us your thoughts and analysis before I get to the Daves.
peter mcilvenna ▲ ● ▼		Wow was my first analysis.
		When it was only a few days ago, the Bannon prophecy was that she would be gone by the end of the week and I held off because I thought there's no way.
		We need to have things in place.
		The 1922 committee need to meet which is the parliamentary regulatory body for the Conservatives.
		But that's all gone out the window.
		So an hour ago she resigned.
		She met with Sir Graham Brady, the chairman of the 1922 and he has announced the rules which are that by next Friday We will have a new Prime Minister and she lasted 45 days and showed herself to be extremely weak, getting rid of her Chancellor, quasi throwing him under the bus, trying to placate the markets, putting in those who were key in Rishi Sunak's campaign.
		So Jeremy... Who's a globalist.
		Yeah, yeah.
steve bannon ▲ ● ▼		But let me say something about even what you said the other day is Because you still work in Lourdes, right?
		In fact, you're one of the senior aides to the last of the Thatcherites, right?
		And probably one of the most right-wing guys there, which is fine.
		Love that guy.
		Love Thatcher.
		I love that first film I ever made was Reagan and really Thatcher.
		But your analysis was the correct analysis from a political structure.
		Here's the point I'm trying to make here in the United States.
		The capital markets are a wild beast.
		And while you need financing from that, they're a wild beast.
		And that beast can turn on you quickly.
		And when that beast turns on you, they don't care about the 1922 committee.
		They don't care about the processes and the standard, you know, way we do things.
		And let's go have tea and talk about this.
		They're going to rip your face off.
		They're going to blow up your pension funds.
		And then remember, from her actions, what's happened to the British people?
		Car loans are more expensive.
		Everything's more expensive to finance in the UK right now.
		That means your car loans, your credit cards, your rent, everything.
		The world is coming in on the British citizen because the political class, and this is what the political class was like, it was cordoned off.
		It was hermetically sealed from reality.
		So you could have these kind of, you know, all this theoretical discussion.
		We're going to cut taxes.
		We're going to be Thatcherites.
		She's going to be the new Margaret Thatcher.
		Remember, I never said That she was Thatcher, or I said, Giorgia Maloney could be the Thatcher of Italy.
		Not that Liz Truss was ever going to be Thatcher.
		And her playbook came up and quite frankly, when they didn't put forth, and this is the key for all of us going forward.
		When you don't put forward your projections, when you don't put forward the math of what you say the course of action is, that is not just a red light.
		That is like a boom, boom, boom, boom, boom.
		When Quasi came up and said, you know, I think we're going to put them out.
		We're required to put them up at the end of November.
		And I go, dude, this guy doesn't have a week.
		He should be putting him out this afternoon.
		By the end of November, all of you guys are going to be gone.
		Because it's just this arrogance of awfully, awfully hermetically sealed, and the world doesn't matter.
		Okay, short commercial break.
		We have the hearts of Vogue, Peter McElvenny here.
		We got the two Daves, Brett and Walsh.
		We got a lot to talk about to make the interconnections of blockbuster news coming out of the UK.
		As Jack Posobiec says, two governments have fallen in the United Kingdom since the start of the Ukraine war.
		Hmm.
		Let me think about that for a second.
		On Next, in the War Room.
unidentified		We started, everything's begun, and you are over.
		Cause we're taking down the CCP!
		From the world to Hong Kong, we will fight till they're all gone.
		We rejoice when there's no more, let's take down the CCP!
		programmes from the Pennines at Cornwall.
		The rollout of gigabit broadband up over the last three years.
		I am proud to say since you were kind enough to elect me from 7% of our country's premises having gigabit broadband to 70% today.
		And we are, of course, providing the short and the long-term solutions for our energy needs, and not just using more of our own domestic hydrocarbons, but going up by 2030 to 50 gigawatts of wind power.
		That is half this country's energy electricity needs from offshore wind alone.
		A new nuclear reactor every year.
		And looking at what is happening in this country, the changes that are taking place, that is why private sector investment is flooding in.
		More private sector, more venture capital investment than China itself.
		More billion pound tech companies sprouting here in the UK.
		that in France, Germany and Israel combined.
jonathan lemire ▲ ● ▼		Kenny Kay, this has been a, shall we say, tumultuous two months for Great Britain, Boris John's resignation, the death of the monarch, and now this.
		Just give us a sense, I know you were just there recently, obviously before this resignation though, just the national mood right now, how is this country faring?
		It feels as if it's just one upheaval after another.
		Its economy obviously has been battered, real fears of a lot of inflation only getting worse as the winter comes.
		What is the sense of people who live on that island right now?
unidentified		Look, I think as we watch political drama play out, and in a way there's a sort of, you know, oh my god is this really happening sort of spectator shock sport element to this, and it looks like chaos, it feels like chaos, and political drama is always like that.
		We should remember, as you're suggesting, Jonathan, that the UK and British people are going through a period of real hardship as we head into a winter in which potentially we are going to see heating cut off.
		for certain hours during the day.
		We have the possibility of having blackouts again.
		This is horribly reminiscent of the 1970s.
		And for Americans travelling to the UK at the moment, it is wonderful that the pound is at parity almost with the dollar.
		For an importing nation like the United Kingdom, it is not wonderful.
		Prices are high.
		Inflation is running at around 10%.
		And we talk about inflation here.
		They are feeling it more in the United Kingdom.
		They are feeling those high energy prices.
		They are heading into a winter in which people know their bills are going to cost a lot, prices are going to be high, energy prices are going to be high.
		We have a National Health Service, which has been the sort of crown jewel of British politicians, including Conservative politicians, for a long time.
		Okay.
steve bannon ▲ ● ▼		Yeah, because they've been fooling themselves.
		Boris on energy.
		The Guardian had this from a couple of years ago.
		Boris has been promoting this net carbon zero fantasy forever, hasn't he?
peter mcilvenna ▲ ● ▼		So this was Conservative Party Conference October 2020.
		The headline was Boris Johnson to unveil plan to power all UK homes with wind by 2030.
		And it was a 10 point plan, build back greener.
		And he talked about how then pledging to make the coronavirus pandemic a catalyst for green growth.
steve bannon ▲ ● ▼		Green growth.
		Build back better.
		How'd that work out for you?
		I want to go to Dave Walsh first.
		Dave, the centerpiece of this is the political class, and particularly the Tories, that are supposed to be the conservatives, really kowtowing to this infantile and dangerous sustainability.
		Yes, we'd like sustainability.
		You've got to, you know, a venture over time.
		We want to be good stewards of the earth.
		Clearly gotta do it, but not the radical way they're doing it.
		Walk me through, and you see right there from Peter, from Hearts of Oak, how Boris, this has been one of the centerpieces of his reign, 50% by 2030.
		Excuse me, all British homes by 2030.
		Dave Walsh, give me your assessment of the energy plan that essentially destroyed Liz Truss.
dave walsh ▲ ● ▼		Well, the deep concern is the repudiation of her articulated energy plans for opening up fracking across the UK, making it not illegal, and opening up about 132 permits in the North Sea were possibly way involved in her undoing.
		The repudiation of that by our Tory party.
		England in 2000 was 100% self-dependent on electrical power and energy overall.
		Since that time, it has consciously reduced electricity production by 14% and 27% per capita.
		Electricity production is basically the lifeblood of any developed economic society.
		England has taken conscious steps to reduce capacity, electrical capacity, energy capacity, and particularly per capita as the population has grown.
		The UK had been about 34% dependent on its own coal-powered power for energy.
		It reduced all of that, took its nuclear capacity down by about 25%.
		So basically, since 2000, have reduced continuous-duty base load on-demand electricity sources by 40%.
		How have they compensated for that?
		Massive additional imports of gas, because they no longer produce much in the North Sea, Almost none on the continent, on the island itself in ground, and also from a conscious process of electricity consumption reduction.
		The reduction in the production of electricity has caused a consumption reduction by 15 to 16 percent per capita since 2000, which again is a lifeblood.
		Growth in electricity consumption is a lifeblood of an economy.
		This broadband discussion, among many other technologies, broadband is an electrical-based You need more electricity to have computers, to have laptops, cell phones, broadband, all the above.
		The UK has consciously taken steps to go in the opposite direction.
		So we have the BBC this week broadcasting or we're hearing from credible sources preparing public announcements for the winter about service interruptions occurring, blackouts up to two days duration.
		Potentially this winter, they're preparing emergency announcements.
		And then we have John Pettigrew, the CEO of the National Grid, announcing that we should expect 4 to 7 p.m.
		brownouts periodically in the U.K.
		this winter.
		From the mouth of the CEO of the National Grid.
		So energy policy is in altering ruins.
steve bannon ▲ ● ▼		Hang on.
		In a conservative government, Tory government around for 12 years, BBC is getting ready to make announcements, two-day blackouts, rolling blackouts, and you can have four to seven daily brownouts.
		In an advanced industrial economy, that is, what, the fifth or sixth biggest economy in the world?
		You've got, what, the U.S., China, I think you've got Germany, and then you've got a couple of guys, you know, France and the U.K.
		and Italy.
dave walsh ▲ ● ▼		Make the comparison.
steve bannon ▲ ● ▼		Compare and contrast that to what Biden has done since he's been here, and this economic debacle we're in.
		Compare what the British have done since 2000, right?
		Conscious decisions by the political class, not looking at the realities of the physical world, and not looking at the realities of the capital markets, which has their own physical properties to them.
		Walk me through what Biden has done in his first, I guess, 18 months, sir.
dave walsh ▲ ● ▼		His own commentary and strategy, the strategy of his leadership through the Department of the Interior, the EPA, and now the Secretary of the Treasury, are taking us in exactly the same direction.
		And that is with the announcement of the desire to cease, in the long run, any dependence on fossil fuels.
		They've been right out there with it.
		The restriction on production in this country, the restrictions imposed on pipeline transmission of gas, have been all about, and only about, Moving to the Ocasio-Cortez version of green, which is eliminating any dependence on fossil fuels, which takes you right to the same position the UK is in today, because the renewables do not work as a replacement for fossil fuels.
		We're not close to having renewables be a viable solution in that, as you become more dependent on them, what Boris is broadcasting, about 50% dependence on wind, ...means, endemically, codependence on much more natural gas to back up all of the times, the 50% of the time in the intermittency that it's not there.
		And then as you build more of it, you're in a zero-sum game needing to build more and more and more of it to get to 50%.
		They'd need to build three to four times what they have already in wind resources in the UK because it's a point of diminishing returns given the fact that it's intermittent and only works about 42% of the time.
		You've got the reciprocal buffered by it's got to be natural gas.
		You're building a co-dependence on even more gas when you do this.
		It makes no sense.
steve bannon ▲ ● ▼		As Brexit was tied to the, because we worked on Brexit nonstop, as Brexit was over Breitbart, as Brexit was linked to Trump, the revolt is one of the reasons I was brought in as CEO of the campaign.
		Those are industry could be linked.
		This is why I said Liz Truss is going to be gone this week, although hermetically sealed by the political class.
		It's the same reason Biden's... Remember, Liz Truss's premiership ended today, okay?
		I think essentially the Tory party ended today.
		It's like a deer that's been shot.
		They're going to run around for a while.
		But the motive power is gone of a 200-year party.
		Joe Biden's presidency ends on the 8th of November.
		It ends.
		You're seeing now all the knives are even coming out.
		They don't want Biden anywhere.
		They're blaming Obama for not doing enough.
		And trust me, Gavin Newsom is going to sit there and go, that the hermetically sealed political class in this city, our imperial capital, doesn't get it.
		Dave Walsh is walking you through The laws of physical property, okay, of the modern industrial world.
		If you want to follow Greta Thunberg, if you want to be like Boris Johnson, and remember, all these guys want to be feted and praised by the Guardian, by the Times of London, by the BBC.
		They want to go to all the parties and have people say, you're just so magnificent, you're so... They're not prepared to understand what reality is and then have the stones to stand in the breach and do it.
		Liz Truss thought she was doing it, and this is my thing about the old playbook.
		Throw the old playbook out.
		It's the end.
		Thatcherism and Reaganism died today.
		And here's why it died.
		Not that I don't love those people and admire them and appreciate them.
		They were there under radically different circumstances.
		What the political class in Wall Street, in the City of London, with modern monetary theory and all of this, what it has done to the world has us in a radically different set of problems.
		We have to solve for that problem set.
		Okay, Peter's going to stick with us the two days.
		When we get to Dave Brady, he's going to walk us through the UK economy and how it parallels to the good old United States of America.
		Stick around.
		You're in the War Room.
unidentified		Back in a moment.
		Pandemic.
		With Stephen K Bannon.
		The epidemic is a demon and we cannot let this demon hide.
		War Room.
		Pandemic.
		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, MyPillow.com promo code war room Go there right now, get the sheet set $29.88, but you also gotta buy one, get one free.
		You got sales all over the place.
		Make sure you support the great manufacturing company of Minnesota and the armor-piercing show that is Mike Lindell.
		You can't get it at big box stores, retail, home shopping, because they broomed him, because he's been picking a fight about 3 November, as we all have.
		So make sure you support the armor-piercing show that is Mike Lindell and all these great products.
		Before I go, too, we got trying to track down Nigel Farage.
		We had Nigel on the show the other day.
		We lit Nigel up about stepping up and taking some leadership, although he's got this great hit show on GB News.
		Because Nigel's the guy, the cavalry, he came in on Brexit and made Brexit happen.
		He's the guy that did Brexit, not Boris Johnson.
		Nigel Farage is the best leader in the United Kingdom.
		He's got to step up.
		Then he made the four-minute video the day before, so he was thinking about it.
		Well, tell me about energy.
		Some other breaking news out of the UK.
peter mcilvenna ▲ ● ▼		Well, the Reuters was sent two days ago just about the LNG tankers.
peter mcilvenna ▲ ● ▼		It said there were dozens of LNG tankers sitting off Spain because they couldn't actually process it.
steve bannon ▲ ● ▼		In Spain or in the UK?
peter mcilvenna ▲ ● ▼		This was in Spain.
		But again, it's normal government policy that you haven't joined up.
		But then in the UK, Boris was talking about floating windmills in the Atlantic.
		So he's come up with a new technology that just exists in his head, I guess.
steve bannon ▲ ● ▼		Germany, by the way, Cortez is going to join us for the second hour.
		Germany announced, I think, 45% inflation.
		The numbers are the highest, I think, since the 1930s.
		Wait for it.
		We know what happened when that type of inflation hit Germany in the 1930s.
unidentified		Bad things happen, okay?
steve bannon ▲ ● ▼		They just announced 10.9% inflation in Europe, across Europe.
		The highest inflation in the United Kingdom in 40 years.
		Let's go to Dave Brat.
		Walsh, hang on there for a second.
		We've got more questions on energy.
		Dave Brat, your assessment of the UK economy and what does it portend for the United States of America and particularly after November 8th when the Republicans are going to be on watch to get our arms around this thing?
dave brat ▲ ● ▼		Yeah, well, it follows exactly the conversation we had yesterday on the managed decline of our economy and similarly the managed decline of UK, once just the greatest nation on the earth.
		The great thinkers Cambridge, Oxford, Francis Bacon, Newton, on and on and on you can go.
		Who are they naming now?
		Now what you have run through the institutions, the universities, is ideology, and the politics at the highest level in the world is being run on ideology, not science.
		Walsh just went over what the science would dictate, what a rational energy policy would dictate.
		We don't have policy right now, we have ideology.
		And so, along with that- No, no, hang on, hang on.
steve bannon ▲ ● ▼		Whoa, whoa, whoa.
		Hang over a second, Brett.
		I think it's deeper than that.
		I think the climate thing is a cult.
		It's a pagan cult.
		It's a religion.
		The Cambridge and Knoxville guys have gone back to the Middle Ages, where if you question church theology, how many angels dance on the head of a pen, off with your head or you're excommunicated.
		This climate is not even an idea.
		It's gone from ideology.
		Am I wrong, Peter?
		If you're a thing, it's a cult.
		This is a pagan cult of Gaia, of the Earth Mother, right?
		It's a pagan cult around nature.
		You gotta call it what you call it.
		It's a pagan cult with all the aspects of a cult.
		All aspects of a... It's not an ideology, I would argue.
		It's a theology.
		And you can't go off the reservation or off with their heads.
		And this is why you have Boris Johnson sitting up there mouthing things that are not It does not comport to the second law of thermodynamics, things like that.
		Like I keep saying, all this stuff with money and printing money and budgets and all that, that's human action and human agency.
		There's no physical property.
		There's no second law of thermodynamics to say the world has to be like that.
		Those are human decisions.
		What they've done on this climate is turn it into a theology of which the Dave Walsh's of the world going, what are you talking about?
		This thing can't even... Listen to a 12-year-old girl and all these nutcases that are running around.
		And now if you go off the reservation, you are de-platformed.
		You are de-banked.
		And this is the lesson for the world.
		Look at Germany.
		Look at the UK.
		Katie Kay is from BBC.
		She's not from World War Room, okay?
		Katie Kay is the BBC reporter.
		Heating's going to be cut off, blackouts, it's going to be a horrible winter for the UK.
		Dave Walsh has told you, BBC, the word is they're getting on, you know, 60-second spots to put up and saying, hey, two-day blackouts, two-day blackout, how cold do you think it's going to be up in the Midlands, right?
		How do you think Scotland's going to handle that?
		Or, every afternoon from four to seven, when everybody comes home, and remember it gets dark over there like at two o'clock in the afternoon during Christmas because of the latitude, we're going to have brownouts every day.
		Merry fricking Christmas, Mr. Dickens, right?
		So, Brad, is it a theology?
		You're at one of the top religious schools in the country.
		Is this a theology or ideology?
dave brat ▲ ● ▼		Yeah, no, and I agree with you 100%.
		It's Marxist ideology, which is atheist.
		The whole modern world right now is a war between, it's a spiritual war between God and no God.
		And the no God camp, of course, has a false God, which you just pointed out.
		That's the war.
		And then I got a couple of charts along with that.
		This Marxist ideology, which cannot have a competitor God.
		They have to get rid of the family.
		All your guests are consistent on that.
		You can't have philosophy, you can't have rule of law, etc.
		But if you look at the charts, the UK government spending now is 52% of their entire economy on the far right there.
		Right?
		And so you have over half of your economy in this government, new ideology, Marxist exploratory committee of ideas.
steve bannon ▲ ● ▼		Hang on.
		Hang on.
		I just got to repeat.
		I just got to repeat for our audience.
		It's been a Tory government for 12 years.
		It's been a Tory government for 12 years.
		This is why they say they're not conservatives.
		They're just liberals with a different pitch.
		You've had 12 years to sort this problem out.
		Keep going, Dave Brett.
dave brat ▲ ● ▼		Yeah, next chart, just to put it into context.
		Our, you know, our federal government to GDP is in the 20s, low 20s.
		But we also have state government, local government, all those tax dollars spending.
		So for those who think that we're very far off from the Euro socialists, we're not that far off as this chart shows, right?
		So this is just getting to 211.
		But you see the trajectory.
		And what the problem here is, Everybody wants Christmas every day, and the American voter has to make up their mind on this, right?
		You got to eat your spinach to get economic growth.
		So all this money is going into consumption goods, just goods you like, but they do not cause the economy to grow.
		The educators right now in K-12, you're spending $20,000 on each kid.
		What is the money going to?
		Universities?
		They got deans of every creative studies you can make up right now.
unidentified		Hold it.
steve bannon ▲ ● ▼		Whoa, whoa, whoa, Dave Brat.
unidentified		Hold it.
steve bannon ▲ ● ▼		Slow down.
		The Inflation Reduction Act, everything's an investment.
		These are all investments.
		How can you sit there and say, how can you be so out of the loop in saying this is just, you're just paying for operations, you're just paying to keep it going.
		Everybody, they all tell me on MSNBC every night, and every politician, Democrat politician, saying these are investments.
		Why are they not investments, sir?
dave brat ▲ ● ▼		Well, we got the receipts on that.
		They were up yesterday against competing Treasury secretaries of the current administration.
		We have the facts on our side, right?
		Robert Gordon is the guru at Northwestern University on productivity.
		We're at the managed decline.
		That chart has gone straight down for 50 years.
		Productivity.
		And so if you're doing all these investments, then why is the rate of return on all the investments zero?
		And that, of course, correlates, as we showed yesterday, the productivity is roughly the same chart as GDP per capita, which is the same thing as your personal income at home.
		And so the middle class is well aware that their wages have been flat for about 40 years.
		During the Trump administration, there was an upward blip for high school grads for the first time in real wages.
		Now real wages, everyone knows, are being obliterated by inflation, right?
		So if wages go up by four but inflation's eight percent, you're losing four percent, right?
		So real wages are down right now, all caused by this elitist ideology class who's been running things for the Death Star over in Europe.
		And then we have Chinese influence on us, and we went right along with all that.
		Our elites allowed all that to happen.
steve bannon ▲ ● ▼		Hang on, hang on.
		Let me bring Walsh in for a second.
		This is the, as productivity is the holy grail of industrial society, this gets back to energy.
		This was Trump's full-spectrum energy dominance, right?
		Whether it's wind, whether it's solar, whether it's nuclear, whether it's natural gas, oil production, across the board.
		Not independence.
		That's a full spectrum energy dominance.
		Dave Walsh, I just want to make sure the audience understands because this is going to be the issue after you have the shift in power.
		Why is energy in this world, in the 21st century, why is energy underpin everything when you talk about GDP, GDP growth, productivity, GDP per capita, all that?
		Why is it that you have to have a realistic energy policy or everything else?
		You're just building it on a foundation of sand, sir?
dave walsh ▲ ● ▼		Well, if you think about the notion of what's called core inflation, inflation that impacts core production, core products, aluminum, steel, coal, plastics, polymers, fertilizers for agriculture, transportation, core products.
		Energy is at the heart of, is a major, major cost input and barrier to existence of most poor products of the type I mentioned.
		Anything to do with materials virtually of any kind except wood, all of the rest of materials from metals to polymers to plastics, all based on energy and basically natural gas and oil to produce them and critical inputs to their content.
		Along with, of course, fertilizers, we've made that case hugely.
		The entire developed world, elevation in food production by a factor of three times, even since 1900 and two times since 1960, is almost entirely based on the fact of having ammonia produced from natural gas fertilizers propel Agricultural production globally in the last 40 to 50 years.
		Medicines, the ability to transport medicines, the ability to conduct surgery, and the ability to use a 5G system, even brought up by Johnson today, or a few days ago, all dependent on electrification, natural gas and oil energy sources to transport, to make, to ship.
		Nothing's changed.
		Nothing's changed at all.
steve bannon ▲ ● ▼		I want to pull that thing out of my getter for the guy, the conservative guy.
		We'll do it in the cold open.
		Is this conversation happening at all in Commons?
		Is this happening in the Tory party about what actually has to happen to get the British economy worked out?
		Are you hearing these types of discussions?
peter mcilvenna ▲ ● ▼		Well, yeah, Boris did say that how we're going to fix this is for people to buy a new kettle.
peter mcilvenna ▲ ● ▼		I think he said that a couple of months ago.
dave walsh ▲ ● ▼		To buy a new what?
peter mcilvenna ▲ ● ▼		A new kettle to boil your water.
peter mcilvenna ▲ ● ▼		That's what, that was the solution from the government.
steve bannon ▲ ● ▼		They haven't, we're, I said, we invite... Are you, is he being funny or is there some blotter?
peter mcilvenna ▲ ● ▼		No, no, serious.
		It was a serious comment.
		This is how we're going to fix our energy policy by going down and spending 20 pounds in your local shop on a new kettle to boil water.
		And it shows they've absolutely run out of ideas.
		But then after 12 years, they have.
		So I'm actually hoping that we do have a chance to put labor in, let the Tories go into... How could you agree to that?
steve bannon ▲ ● ▼		If labor comes in, it's over for the UK.
		But it's over for... No, not if you get... You still have plenty... You come forward with a plan that actually works.
		It's like here in the States, and I realize a lot of our libertarian listeners and viewers are, you know, freaking out that, oh, you've got to have tax cuts.
		Yes, you want tax cuts and you want empowerment, but you've got to get your house in order first.
		That getting your house in order first is predicated upon having a rational energy policy.
		Remember, the stagflation in the seventies, let's go back in time, it wasn't just paying for the guns of Vietnam and the butter of the Great Society, the guns and butter, right?
		It was also Nixon freaking out and not making... Remember, Nixon made no cuts to the domestic budget.
		He came in and tried to try to kowtow to the liberals and let all the Great Society go.
		He wanted to focus on foreign policy.
		It was the Arab oil embargo.
		It was the Arab oil embargo that threw off America's energy plan at the time that really got stagflation rolling, as people remember.
		Energy policy has to be sorted at the same time you get control of the administrative state.
		The administrative state has an unlimited appetite for cash, and the central banks have been providing it.
		That's fiscal domination.
		This all has to stop here in the United States of America.
		Be back in a moment.
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		Join the marketplace of ideas.
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		Getter has arrived.
		It's time to say what you want, the way you want.
		Download now.
steve bannon ▲ ● ▼		Okay, join us in Metro Phoenix in mid-December, starting the 16th, I think it is.
		Go to tpusa.com.
		That's the slash war room.
		That is Turning Point USA.
		Go there.
		We've got the Big America Fest.
		Tucker Carlson, myself, Jack Posobiec, tons and tons of people.
		Of course, put on by Charlie Kirk and the folks at Turning Point.
		Also, you can get the book At half price.
		The college scam.
		If you want to know why the trillion dollars Biden's buying off these voters by shifting a trillion dollars onto your shoulders, read The College Scam and you'll understand about the cartels.
		Go to the date and check it out.
		I'm going to get back to the politics with Boris Johnson in a second.
		Peter's actually going to stick around with us in the second hour.
		Dave Brat, any other charts, any other comments, analysis of the UK economy and why it portends what's going to happen here to our own beloved Republic, sir?
dave brat ▲ ● ▼		Yeah, well, as you know, I have libertarian tendencies, and those tendencies only work when you have free markets at play.
		So when the government is over half of GDP, and you've got a list of everything, big auto, big airlines, big banks, big tech, big healthcare, big government, okay, so you're going to give some tax cuts to all those bigs, right, all these monopolies, and you really think you're going to incentivize this?
		No, you need a structural change of our economy.
		You'd need to downsize spending.
		You need to downsize the role of the administrative state.
		Then once you get somewhat of a functioning free market economy where prices matter, then maybe you can discuss some tax cuts.
unidentified		But that's the new innovation here.
steve bannon ▲ ● ▼		But why is 52% of GDP... Why is that not so?
		That's socialism.
		Isn't it?
		That's why I say socialism.
		When the government's over half of your GDP is government spending, why is that not socialism?
		This is why the tax problem is so bad there anyway.
dave brat ▲ ● ▼		And I'll add one other thing.
		It's not just the size of government.
		It's regulatory capture, right?
		James Buchanan, the Virginian, he won a Nobel Prize.
		So it's not just that prices don't work.
		It's all regulated.
		So you can make price changes.
		They'll have no effect if you've got to follow federal state law.
		On certain mandates in Medicare, Social Security, etc.
steve bannon ▲ ● ▼		Don't remember, all these, mostly, this is, just because they say the Tories are conservatives, just like they say the Republicans, don't mean they're really conservatives.
		It's just, it's controlled opposition.
		And they don't want to, they don't want to cross BBC, they don't want to cross the people putting on the cocktail parties, just like in New York City and the Hamptons.
		They want to be welcome to all those things.
		Dave Walsh, anything on energy we've missed here?
		What is, Boris Johnson, by the way, the word is now Boris Johnson.
		In fact, I just had a very smart guy from Scotland that I really admire his thinking.
		He says Boris Johnson is going to come back and he's got this locked.
		He says they'll just come in because right now these other guys are midgets compared to Boris Johnson.
		We'll get to Peter in a second on that.
		Your thoughts, Dave Walsh, on where they're jammed up on energy, right?
		She's adding $20 billion, I think, £20 billion to pay for everybody's electricity, trying to get back to some fracking, but right now they don't have an energy policy that they have the balls to push through.
dave walsh ▲ ● ▼		No, just the key punchlines.
		Doubling down on their policies of the last 20 years will not work.
		What they've done by destroying baseload continuous generation by 42% of their mix, coal and nuclear being taken offline, They've displaced that by reducing personal consumption by 27% and then by importing gas, the rest of it.
		They used to be a net exporter of natural gas in 2000, now they're a massive net importer of it from Norway, of course the US.
		They only have one import terminal, which is another huge problem.
		Europe has only, really, the UK, Spain and France have meaningful importation capacity for LNG.
		So yes, right now you've got all these tens of tankers lined up From the U.S., from Qatar, from Australia, lined up to support natural gas to LNG to Europe, but they don't have the importation capacity built to deal with it, and that takes two and a half to three years to build.
		So they're in a huge problem that wind will not get them out of, and actually will accelerate the problem.
steve bannon ▲ ● ▼		You said this commercial is all fantasy.
steve bannon ▲ ● ▼		Dave Walsh, how do people get to you on Getter?
dave walsh ▲ ● ▼		Thank you, Steve.
		That's Dave Walsh Energy on Getter.
		Thank you.
steve bannon ▲ ● ▼		Amazing.
		Cult shot there.
		Dave Brat, another cult shot.
		How do people get to you on Getter?
unidentified		Yep.
dave brat ▲ ● ▼		Brat Economics at Getter.
dave walsh ▲ ● ▼		Third floor.
dave brat ▲ ● ▼		Liberty University School of Business.
		Come visit.
		Bring your young scholars.
		Anytime.
steve bannon ▲ ● ▼		Brother, thank you very much.
		Tremendous.
		Let's play.
		Do we have the Sky News?
		Let's have this Tory member.
		Let's hear what he's got to say.
unidentified		It is just, it is pitiful reflection on the Conservative Parliamentary Party at every level.
		And it reflects really badly, obviously, on the government of the day.
		Do you think there's any coming back from this?
		I don't think so.
		But I haven't.
		I have to say I've been of that view really since two weeks ago.
		This is an absolute disgrace.
		As a Tory MP of 17 years who's never been a minister, who's got on with it loyally most of the time, I think it's a shambles and a disgrace.
		I think it is utterly appalling.
		I'm livid.
		I really shouldn't say this, but I hope all those people that put Liz Truss in number 10, I hope it was worth it.
		I hope it was worth it for the ministerial red box.
		I hope it was worth it to sit round the cabinet table.
		Because the damage they have done to our party is extraordinary.
		I'm sorry, it's very difficult to convey.
		You look just furious about this.
		I am, I am.
		I've had enough.
		I've had enough of talentless people putting their tick in the right box Not because it's in the national interest, but because it's in their own personal interest to achieve ministerial position.
steve bannon ▲ ● ▼		You're in Lords, or you work in Lords, is he correct?
peter mcilvenna ▲ ● ▼		Yeah, Charles Walker is a hero and he's shown that because his opposition to the Covid tyranny.
		He was one of the few being elected 2005 and he's always been on the backbench.
		He's never administered opposition, always been extremely vocal on freedoms, on rights, on liberties and he came to fore during the Covid tyranny.
		He was one of maybe half a dozen MPs who spoke against it.
		He is fearless and willing to speak out but as I said he's going to step down.
steve bannon ▲ ● ▼		He's going to step down?
peter mcilvenna ▲ ● ▼		He's going to step down as an MP at the next election.
		He's not going to stay on.
		He's decided that his time is finished.
		But he would have been a perfect addition to any government.
		Around the Cabinet table, he would have been absolutely brilliant.
		New thinking.
		And he is a Conservative.
steve bannon ▲ ● ▼		Wow, great guy.
		Okay, we're gonna take a short commercial break.
		90 seconds, we'll be back.
		We got Cortez, we got Ken Paxson, some bad stuff down in Plano, Texas.
		Some lawsuits are gonna start flying about these, um, about this, um, the drag queen situation, right?
		The drag queens for kids.
		Not acceptable.
		Ken Paxson will tell us why.
		Steve Cortez, Peter's gonna stick with us.
		Trying to get Nigel Farage, trying to get Lawrence Fox, who's in that great Breitbart movie.
		Breitbart's got that amazing film on Hunter Biden.
		The second anniversary today of the intelligence guys coming out and saying, oh, it's Russian disinformation.
		All wrong.

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