March 6, 2023 - Bannon's War Room
48:43
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
|
Pray for our enemies, because we're going medieval on these people. | |
| I got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
| And if you put me back in the White House, their reign is over. | ||
| Their reign will be over. | ||
| And they know it. And America will be a free nation once again. | ||
| We're not a free nation right now. | ||
| We don't have free press. | ||
| We don't have free anything. In 2016, I declared, I am your voice. | ||
|
unidentified
|
Today I add, I am your warrior. | |
| I am your justice. | ||
| And for those who have been wronged and betrayed, I am your retribution. | ||
| I am your retribution. | ||
| There's no longer a gathering storm. | ||
| The storm is here. | ||
|
unidentified
|
The storm is here. | |
| This is the most dangerous time in world history since the late 1930s, early 1940s. | ||
|
unidentified
|
And how did we get here? | |
| Our betters, our elites led us here step by step by step. | ||
| What you have now is you have two converging crises. | ||
| A crisis of capital markets and economics and a crisis of geopolitical and military. | ||
| And they're converging very rapidly and then they're going to conflate. | ||
| And once they conflate, they're going to spin out of control. | ||
| And it's anybody's bet. | ||
| And I will implement a four-year plan to phase out all Chinese imports of essential goods and gain total independence from China. | ||
|
unidentified
|
We have to do it. We have to do it. | |
| I will hold China financially accountable for unleashing the China virus upon the world. | ||
| And I will again withdraw from the WHO, which stands for We Hide Outbreaks. | ||
| We Hide Outbreaks. | ||
| The United States was paying. | ||
| And old man Murdoch, while you're at it, why don't you get no more softball interviews to the guys running against him and no more infomercials, okay? | ||
| Play it straight. You play it straight. | ||
| Donald Trump's going to win the primary and Donald Trump's going to win the presidency. | ||
|
unidentified
|
Let me leave you with what Trump is up against. | |
| He's not up against DeSantis or Nikki Haley or Mike Pompeo. | ||
| He's up against Ken Griffin and Mitch McConnell and Murdoch, okay? | ||
| They have deemed if he wins the primary, they're going to work for the Democrats just like they worked for Hillary Clinton. | ||
| I was there. I can tell you they were in Clinton's camp the entire way. | ||
|
unidentified
|
All they are is about money. | |
| And the only people can stop them on the face of the earth are you, you and you. | ||
| MAGA, MAGA, MAGA. Remember, Murdoch, you've deemed Trump's not going to be president. | ||
| Well, we've deemed that you're not going to have a network because we're going to fight you every step of the way. | ||
| Our enemies are desperate to stop us because they know that we are the only ones who can stop them. | ||
| They know that this room is so important. | ||
| The people in this room. | ||
| They know that we can defeat them. | ||
| They know that we will defeat them. | ||
| But they're not coming after me. | ||
| They're coming after you. | ||
| And I'm just standing in their way. | ||
| That's all I'm doing. I'm standing in their way. | ||
| The elites say you're too stupid, you're too lazy, and you're too disconnected watching television and watching the bread and circus of modern culture to care. | ||
|
unidentified
|
Is that true? Are you sure? | |
| Because you underwrite the whole system. | ||
| The neoliberal, neocon system globally is underwritten by you. | ||
| Your taxes, your pension money, the insurance money, and most importantly, your sons and daughters. | ||
| You're the one that can tell Congress, hey, not one increase to the debt ceiling, and we want to see massive cuts. | ||
| We want to see massive cuts in spending, and we want to see it now. | ||
|
unidentified
|
Not next year. Don't give me some happy talk formula. | |
| Don't give me some set of mathematics. | ||
| I want to see real cuts. | ||
| We will use all necessary state, local, federal, and military resources to carry out the largest domestic deportation operation in American history. | ||
| Other countries are emptying out their prisons, insane asylums, and mental institutions, and sending all of their problems right into their dumping ground, the USA. Think of it. | ||
| They're emptying out their prisons, and you've heard me say that, but they're also emptying out their mental institutions. | ||
| To use a strong couple of words, insane asylum. | ||
| Insane asylum. That's where... | ||
| Anybody see Silence of the Lamb? | ||
| That's where they come from. | ||
| Insane asylum. That's a stronger word than a mental institution. | ||
| And they're putting them into our country. | ||
| Thank you very much. I will ask every state and federal agency to identify every known or suspected gang member in America and every one of them that is here illegally. | ||
| And the towns know who they are. | ||
| The towns and cities are the police. | ||
| We love our police. | ||
|
unidentified
|
Thank you. Okay, welcome. | |
| It's Monday, what is it, 6 March, year of our lower, 2023? | ||
| Thank you, production staff. | ||
| I've lost it all. You're in the war room. | ||
| That is from CPAC, intercut President Trump's really magnificent almost two-hour, I think, hour and a half, hour and 45-minute speech that had so many blockbusters in it. | ||
| Of course, they've only picked up, the mainstream media has only picked up, I'm your retribution. | ||
| I love that, come retribution. | ||
| But on the policy perspective... | ||
| It's just really incredible what he laid out there. | ||
| I mean, deportations, cutting off China. | ||
| We're going to get Cortez up here in a few minutes. | ||
| But you got on the Financial Times today, Beijing's expansion target signals end to the era of rip-roaring growth. | ||
| Now, every number coming out of the CCP, there you are right there, Denver. | ||
| Beautiful shot. You know, they got these great shots of the CCP all the time. | ||
| It kind of makes you wonder, Financial Times. | ||
| You've got the CCP lies about everything. | ||
| In all their numbers, but they've come out even down. | ||
| They're not talking about the 8 % growth, the 9 % growth, the 10 % growth. | ||
| And President Trump right there, from a policy perspective, and this is why I'm so upset with the Murdochs and Fox. | ||
| Think about it. They were not going to cover that speech live at all until I called the family out personally on Friday. | ||
| And I know this because I heard a bunch of other people from other media companies call me. | ||
| They're freaking out. Some of their advisors are freaking out. | ||
| And they're freaking out because Not because they were called out personally as foreigners, which they are. | ||
| I said in the John Frederick, they're rootless and ruthless, but they're rootless cosmopolitan elites. | ||
| They're from London or Australia or Davos or East Hampton. | ||
| They flit around the world. | ||
| They're not really of any one country. | ||
| And that's the problem. | ||
| They're not Americans. And they're not going to sit here. | ||
| We're not going to allow them. | ||
| Because they're on record. | ||
| They're saying that Donald Trump will never be president again. | ||
| He will not get back to the White House. | ||
| That's just dead wrong. Trump is going to win the primary. | ||
| Trump is going to win the general election. | ||
| And Trump is going to get back to the White House and take down the administrative state. | ||
| Defeat our enemies by not going to war, crush them economically on the Eurasian landmass, and start to sort out this incredible and disastrous financial crisis we have. | ||
| You're seeing the end of the neoliberal neocon order. | ||
| And the Murdochs are a massive supporter of that. | ||
| They're one of the underpinnings of that. | ||
| And they have done so much damage to this country. | ||
| Because we got here over a 30 or 40 year period. | ||
| It just didn't arrive overnight. | ||
| Biden, yes, we must turf out Biden and the illegitimate regime, obviously, from the White House and take on the administrative state. | ||
| These are obviously bad actors. | ||
| But we just didn't get here because of radical Democrats. | ||
| We got here because of the compromise, consistently the compromise of the Republican Party elites. | ||
| None of this would have happened right now if it was not for what I call the iron axis, the triangle they have, the triumvirate. | ||
| And that is the Ken Griffin oligarchs, the Wall Street oligarchs, coupled with Mitch McConnell, his donor base, and the collaboration in the Senate that essentially gave Biden all these quote-unquote victories, all the spending particularly. | ||
| And the Murdochs. And that group right there, they're fighting Trump in the primaries with various different folks. | ||
| And these folks are all decent people, and they're good people. | ||
| But right now, we don't have time for on-the-job training. | ||
| We need a guy that gave us four years of peace and prosperity in a world that is in 1938 or 1939. | ||
| We're hurtling towards a kinetic. | ||
| We're already in a third world war. | ||
| We're hurtling towards the kinetic part of that. | ||
| And to think that until they took him live on Saturday, after they were forced to because they were humiliated at being called out as a bunch of foreigners in here trying to destroy the United States of America, until they got called out personally, and the audience responded. | ||
| Remember, it wasn't Steve Bannon, it was the audience response to finally somebody calling them out to their face. | ||
| That's when they picked up Trump for the entire 90-minute, two-hour CPAC. They had nobody at CPAC. They weren't going to cover any of Trump. | ||
| Okay, and then they finished with a Mike Pillow ad. | ||
| And remember, they covered Trump without commercial interruption, which is that's old man Murdoch himself's got to make that determination. | ||
| But the power of it and the reason this is, and think about it for a second. | ||
| From Donald Trump from the time he announced in November, here's a guy, whether you love him or hate him, whether you hate the sound of his voice, if you detest him. | ||
| He gave us four years of peace and prosperity in one of the most difficult times in world history. | ||
| And since he's left, it's obviously been a disaster. | ||
| But to think that in that entire time, given all the softball interviews they did with everybody else, all the infomercials they essentially did for everybody else, to think that lowly of their audience that you would not want to hear From Trump in these troubled times. | ||
| Think about these policies he laid out. | ||
| Wouldn't it have been nice if Fox had done interviews or talked to him and talked about decoupling? | ||
| He's talking about decoupling from China. | ||
| He's talking about cutting off all imports. | ||
| He's talking about decoupling from China. | ||
| He's talking about total deportations. | ||
| At the end, CIS has told us By the end of Biden's term, there'll be 12 to 15 million illegal aliens here by this gamed asylum system. | ||
| 12 to 15 million. | ||
| Think about that. 12 to 15 million, and that's Todd Benzman's number. | ||
| And Trump is not just saying, I'm going to secure the board and seal and stop this nonsense. | ||
| He says, we're going to start deportations. | ||
| My point is these are massive. | ||
| What he talked about the other day are massive policy differences from the neoliberal neocon order. | ||
| He also said he could solve the problem in Ukraine in 24 hours, and you've got to stop the madness over there. | ||
| Think about it. The policy things that Donald J. Trump talked about, you don't hear this from anybody else. | ||
| Look, Mike Pompeo, I would like to say Mike Pompeo is a friend. | ||
| I have tremendous respect for Mike Pompeo. | ||
| I totally disagree with so many of his policy positions. | ||
| And Nikki Haley, you know, we've had our differences, but she's been a good governor and she's obviously a legitimate candidate to see for the presidency. | ||
| But if you look at their C-SPAC speeches, which I watched them, they're just the old policy formulas of the neoliberal neocons. | ||
| It doesn't really... It's not informed by the current state of the world and what has to happen because you had these two converging crises, the crisis of $300 trillion of debt at every level. | ||
| And now, as Steve Cortez was the first to point out, the structure of interest rates in our country that are from the 30-day treasury all the way to the 30-year, it's at 4 % or thereabouts. | ||
| So what you can't survive, we can't, that debt was all raised in the negative zero interest rates era. | ||
| You can't go on to that. You have that crisis, which is now manifested in this appropriations bill and how we have to really, you know, they're talking about $2 trillion cut out of Medicaid, right? | ||
| And things like that, billions of dollars out of the defense budget. | ||
| The crisis of that coupled with The Mullahs in Iran, the KGB in Moscow, the Chinese Communist Party. | ||
| Let's throw in Erdogan in there, the House of Saud, Qatar. | ||
| Let's give Pakistan the radical jihadis. | ||
| Let's do the president of the radical jihadis in Pakistan and many, many in North Korea. | ||
| You have a geopolitics. We've talked in the show many times. | ||
| Now the collapse of that order. | ||
| You now have a geopolitical and financial and debt crisis, capital markets crisis, very similar to the late 1930s, when everything they tried to do to get out of the Great Depression wasn't working. | ||
| By 37, 38, they had run out of tools at that time, and we were hurtling towards the Third World War, the kinetic part of it, which really started in 35, 36, and 37, whether that's Ethiopia, Manchuria, Spain, the preamble was all there, and that's where we are today. | ||
| And Donald J. Trump gives you these massive policy The things that he's going to do, and it's not covered by Fox until they're forced to, until they're humiliated. | ||
| The foreigners are humiliated. | ||
| And by the way, that's not going to satisfy us. | ||
| We need full coverage of Trump 24-7, and ask him the hard questions. | ||
|
unidentified
|
Just be fair. | |
| Be fair and balanced. | ||
| How about that? Is that one from the past? | ||
| Okay, short commercial break. Cortez and I are going to get into it. | ||
| A lot going on over the weekend. | ||
| We'll be back in the war in just a moment. | ||
|
unidentified
|
We will fight till they're all gone. | |
| We rejoice when there's no more. | ||
| Let's take down the CCP! Okay, here's why the War Room audience, and I want to thank everybody, and we'll talk more about CPAC as we go on today, because we learned a lot of lessons there. | ||
| The intensity of the audience is breathtaking. | ||
| Here's why the War Room is so important, the audience, is that It's not just a massive audience, but it's all activists. | ||
| Everybody we saw, there's either precinct committee. | ||
| Make sure you go to the precinct strategy if you haven't already joined. | ||
| Go there. Get Schultz's book. | ||
| There's other groups kind of doing a precinct strategy, too. | ||
| So just we're a precinct strategy. | ||
| Obviously, huge supporters are because it's really the entry level of getting actively engaged in something. | ||
| And there's other groups, too. | ||
| And we try to make sure that we show these other groups. | ||
| You're an audience of activists. | ||
| You're an audience of people that understand that they have to put their shoulder to the wheel in whatever endeavor, whether it's veterans, whether it's J6, whether it's people in economics, whether it's people for the anti-tax groups, all of it. | ||
| Pick whatever your lane is. | ||
| Whether it's parents' rights or religious freedom or gun rights, you pick it. | ||
| Pick whatever you want to immerse yourself in. | ||
| Whatever is, hey, this is my project. | ||
| This is really where I want to put my heart and soul in fighting for this. | ||
| And we're an activist audience. | ||
| First of all, it's a massive audience, obviously, but we also, even being massive, it punches way above its weight. | ||
| All these other audiences, these are just passive people that have the thing, and it's like background noise. | ||
| It's just background noise. | ||
| We're an activist audience and people understand that. | ||
| And what we try to do for the activist audience, since you're so important, we always try to give you information and news and things, data, that you can then use, not just in your personal life, but in what is kind of your side professional life besides your work efforts, which is what you do politically and culturally to save our country. | ||
| And so that's what we always try to, and a lot of, you know, originally I got criticized. | ||
| I said, well, nobody's going to be interested in this stuff. | ||
| That's not a business show. And they said, no, they want to understand how the system works so that they can understand the system better personally and for their family and the community, but also to have a bigger impact. | ||
| And that's why the construct here, and you kind of see the, what I call the dryness or the hollowness, even in the Nikki Haley's and the Mike Pompeo's and these speeches, it doesn't really get to the point. | ||
| Let's get to the point. The point is right now we have this system that's kind of a post-World War II system, a neoliberal neocon order, neoliberal on its economics and capital markets and neocon in its national security perspective. | ||
| That system is collapsing before our eyes. | ||
| And one of the reasons it's collapsing, it needs your consent. | ||
| It needs your compliance. You're the ones that underwrite this. | ||
| Just very quickly, if I just go right before I get to Cortez, and that's why this lead today is manifest in a lot of what Trump was talking about. | ||
| And look, he articulates it very differently than I do. | ||
| I understand that. He's got a much more direct way. | ||
| The bang just cuts to the heart of it because he's a very direct leader. | ||
| He's a very direct guy and still the master of mass communications. | ||
| But you see this today. | ||
| As Steve Cortez has told you, hey, this global crisis we have, like in 2008, the Chinese, because of the way they juiced their system, were able to have 8%, 10 % growth and kind of pull everybody out or assist everybody out as we were shipping jobs over there. | ||
| Out of the 2008 financial crisis, at least people could tread water. | ||
| Now you see today, the rip-roaring era is over. | ||
| When the CCP says 5%, that means zero. | ||
| Okay? Because they lie about everything. | ||
| That means zero. And Lao Beijing has got some tough years ahead of it. | ||
| It's tough. And remember, their whole... | ||
| Their whole control of the country is based upon that economic tradeoff they do with people. | ||
| Hey, we'll give you an economically better life. | ||
| We have total political and cultural control. | ||
| Real quickly before I turn to Cortez, if you go around the world, particularly around the rim of the Eurasian landmass, which has really been our foreign policy, Since World War II, if you look at Northwest Europe, which is the NATO countries, if you look at the Persian Gulf, you look at the Persian Gulf right there with the oil producing the Emirates, you've got Iran, Israel, all that. Then you go around the globe, so you've got those two, then you go around the globe to the South China Sea. | ||
| The littoral nations around the Straits of Malacca where 80 % of the oil of the world comes through. | ||
| Straits of Malacca, South China Sea down there around Vietnam and the Philippines. | ||
| Then you go up to off of Korea and Japan, the East China Sea. | ||
| Those four hotspots. | ||
| That's where you really – that's where world commerce is. | ||
| That's the interconnectivity to America, to the global system. | ||
| And what you have there is you have commercial relationships, trade deals. | ||
| You have capital markets. | ||
| You have these interconnected capital markets. | ||
| You have obviously cultural ties, some stronger than others. | ||
| But you have commercial activity with trade deals. | ||
| You have capital markets. And it's all underwritten by an American security guarantee, whether that's NATO, whether it's what we've done with CENTCOM and the wars in the Middle East, whether it's patrolling as I was back as a kid back in the 70s in the South China Sea or the war in Vietnam. | ||
| And then it's still the army we have in Korea. | ||
| In the army, we still have the military, we still have in Japan. | ||
| It's underwritten by an American security guarantee. | ||
| And what you're seeing is that, and this was the thing of Trump, America was upside down everywhere. | ||
| We're upside down on all those trade deals, right? | ||
| The capital market stuff does work with us somewhat, but that just makes the elite of the financial markets more powerful. | ||
| But it's the American security guarantee, now up to a trillion dollars of defense budget, and your sons and daughters That'll go and die on these foreign battlefields since, I think, the end of World War II, starting, I think, with the Korean War, 103,000 combat casualties in all these various wars, and that doesn't include the contractors. | ||
| You had the contractors up to 175,000, 200,000, but also trillions and trillions and trillions of dollars of us underwriting the security of the world with, quite frankly, incredibly wealthy nations not pitching in, like Did I mention NATO and Austria and Switzerland and France and Germany? | ||
| You go over there, they get full pensions. | ||
| They have full health care. | ||
| You look at the House of Saud in Qatar and these nations in the Middle East. | ||
| Iraq just told us all their oil deals are going to be taken in Chinese currency now, not on the dollar. | ||
| So it's an American security. | ||
| That system, that neoliberal neocon system is collapsing. | ||
| Part of it is the $300 trillion in debt. | ||
| But Steve Cortez, there's a lot that... | ||
| I know that you like reparations. | ||
| He talked about reparations for COVID. He talked about decoupling. | ||
| He says it in a different language. | ||
| I'm going to stop all the trades, but he's talking about decoupling from China. | ||
| Give us your overview first. | ||
| We've got a couple minutes here, and I want your perspective because you're one of the few guys that understands MAGA and also understands capital markets. | ||
| Let's pull the camera back on the collapse of the neoliberal. | ||
| You know, Roubini's talking about... | ||
| We've got five phases here. | ||
| You're going to have stagflation, recession, you're going to have a debt crisis, and then you could have a depression. | ||
| You've got this $300 trillion globally. | ||
| You were the one that first came out and said, hey guys, I just noticed something. | ||
| The entire structure of American capital markets now of government security is now over 4%. | ||
| So pull the camera back and give us your big picture view of this. | ||
| Steve, that is so critical because globalism is collapsing on so many levels, but most of all financially. | ||
| It simply cannot be financed anymore through artificially suppressed low interest rates, suppressed here at home by the Fed and all over the world by central banks. | ||
| We got away with exorbitant borrowing and spending, with a lot of profligacy, with some terrible policy decisions. | ||
| We got away with them temporarily. | ||
| because of low interest rates. | ||
| But the bill always comes due, and the bill has come due with abandon right now because of the massive policy errors of Joe Biden. | ||
| And so I put that up on my social media. | ||
| You can go and find it as of Friday. | ||
| The entirety of the U.S. Treasury debt structure from one month from 30 days all the way to 30 years was above 4%. | ||
| Ten-year yield has dipped slightly below right now. | ||
| But the point is, it is all at or above. | ||
| There it is. And notice, by the way, on the left side of that screen, that's one-month money, three-month money. | ||
| Those rates in a normal time, Steve, those are supposed to be lower. | ||
| In other words, the bars on that chart should be going, in normal times, from the lower left to the upper right. | ||
| Instead, you see this is the actual representation, physical representation, the visual representation of an inverted yield curve. | ||
| Those bars on the left of that chart should not be higher than the bars on the right. | ||
| That's part of the goal. I want to explain it. | ||
| I want to take a second and explain this to our podcast and radio that can't see this. | ||
| Sure. A concept we want you to get in your life out of this is two things to remember. | ||
| The 10-year treasury basically runs your financial and economic life. | ||
| But in this, what Steve Cortez is saying, it's so important, the term inverted yield curve. | ||
| Why is the inverted yield curve important? | ||
| It happens very, very frequently. | ||
| It's a harbinger of something, but why is it important for people to understand that? | ||
| And it has almost a perfect track record of predicting or coinciding with recessions and often extremely deep recessions. | ||
| What it means, Steve, is this. I think often when you talk about global capital markets, I think it's easier to think of it just in personal finance terms. | ||
| If you go and get a CD, a certificate of deposit at a bank, you get a certain interest rate if you'll only give the bank your money for, say, 90 days. | ||
| They will give you a much higher interest rate if you say, I'll give you my money for two years. | ||
| That's the way interest rates are supposed to work. | ||
| You get compensated more for lending for longer, okay? | ||
| That's a normal yield curve that is upward sloping. | ||
| What we have now is the reverse. | ||
| We have what's known as an inverted yield curve, where long-term rates are actually lower than short-term. | ||
| Why? Because inflation is so high right now that the Fed has been forced to become very aggressive. | ||
| A crisis of its own doing, by the way. | ||
| The Fed is no victim here. Quite the opposite. | ||
| The Fed is totally complicit. | ||
| But the Fed has been forced into a situation where it must be incredibly aggressive about hiking short-term interest rates. | ||
| So you have short-term interest rates that are skyrocketing, Steve. | ||
| At the same time, you have long-term interest rates that are either staying stable or in some cases actually going down. | ||
| Why? Because the bond market doesn't believe in the growth story anymore. | ||
| So an inverted yield curve, a simple way to express it, Steve, is it is a bond market revolt. | ||
| It is the bond market revolt. | ||
| REJECTING THE BUSINESS MODEL OF JOE BIDEN AND PERMANENT WASHINGTON FOR THE UNITED STATES. IT IS A BOND MARKET REVOLT AND IT'S INCREDIBLY DANGEROUS. RIGHT NOW, IF YOU LOOK AT THE YIELD CURVE, TWO'S TENS, WHICH IS TWO YEAR TREASURIES VERSUS TEN YEAR TREASURIES. MOST PEOPLE FOCUS THERE WHEN THEY TALK ABOUT THE YIELD CURVE ON WALL STREET AND ELSEWHERE. TWO'S TENS. It's at minus 90 basis points. | ||
| That means it's almost a full percent. | ||
| To put that in historical context, Steve, what does that mean? | ||
| It's the widest it's been since 1982. | ||
| Think of how terrible things were with inflation in 1982. | ||
| The curve is telling us things are as bad and getting worse than they were in the late 70s and early 80s. | ||
| We're going to come back to this. | ||
| When a system collapses, The collateral damage is massive. | ||
| What we're trying to do here is get ahead of the curve so that this damage does not fall, the anvil doesn't fall on the deplorables, on MAGA, on working class and middle class folks in this country. | ||
| Okay. We're going to take a short commercial break. | ||
| Cortez is going to join me on the other side. | ||
|
unidentified
|
I think we've got some footage. We're going to do the footage of CPAC as we go out with this. | |
| I want to thank everybody that came to CPAC. Just the energy was incredible. | ||
| The feedback I got from you guys about the show was incredible. | ||
| Short break. Cortez joins us on the other side. | ||
|
unidentified
|
We rejoice when there's no more. | |
| Let's take down the CCP! | ||
| Here's your host, Stephen K. Bannon. | ||
| Patriots, let's talk about a tragic reality. | ||
| The harm being inflicted upon children by Joe Biden and permanent Washington. | ||
| Because as inflation soars and real wages crash, children are being thrown into poverty. | ||
| Let's look at the numbers in a chalk talk. | ||
| For the year 2022, the dreadful economic crisis of last year, according to New York Times reporting, A staggering 3.7 million American children were thrown newly into poverty. | ||
| Now, for comparison purposes, let's look at Biden versus the economic track record of his predecessor, Donald Trump. | ||
| In 2019, which is really a golden economic year, especially for working class Americans under Trump, child poverty hit the lowest levels In 50 years. | ||
| As a matter of fact, for the first three years of Trump's presidency before the CCP virus, the exact opposite scenario of Biden, almost 3 million, 2.8 million American children were lifted out of poverty. | ||
| We know that patriotic economic nationalism works, especially for children. | ||
| Okay, we're back. Steve Cortez, I think that puts it in personal temps. | ||
| Tell me about this, because here's the thing, too. | ||
| Remember, we are all, we have to balance this budget somehow. | ||
| We have to. We can't continue on this maniacal modern monetary theory. | ||
| We just think we can continue to print money. | ||
| It's got to stop. | ||
| And you see this has got to stop, because now they're caught in a conundrum. | ||
| Because inflation at the six and a half percent, to get it to the target of two, They'd have to throw it into a deep recession right now. | ||
| They're clearly not going to do that. | ||
| Inflation is going to continue. I mean, they've really boxed themselves into a corner. | ||
| Remember, it was Mitch McConnell and these guys that helped them do it. | ||
| You can't let those guys off the hook because they're the collaborationists in this. | ||
| But now you're starting to see the manifestations. | ||
| The SNAP program, all the extra stuff from the COVID time are coming off as it has to come off. | ||
| But we're not saying that's not going to add to people's difficulty of their lives. | ||
| When you're with inflation up, they cause you're taking, I don't know, $100 a week off. | ||
| Also, the Medicaid. | ||
| The Medicaid, you know, Russ was talking about $2 trillion, and we're going to get the woke and weaponized. | ||
| But even in doing that, if you take out the parts going to illegal aliens, it's still coming out of American citizens. | ||
| This is why this stuff in the Ukraine is so sick that you're paying for their pensions. | ||
| You're paying for their health care. | ||
| And the citizens of the United States don't have it. | ||
| That's what America First stands for. | ||
| We're going to take care of our citizens first. | ||
| If America takes care of itself, the rest of the world, it'll be peace and prosperity, trust me. | ||
| It's when America gets in crises, they have other crises. | ||
| Steve Cortez. Yeah, listen, and that's why I hope in that chalk talk I'm conveying the tangible kitchen table reality that is faced. | ||
| Because when we talk about yield curve, all those discussions and that analysis, it's really important. | ||
| But the point is, it's not just academic. | ||
| It's not just for bond market geeks or for economists. | ||
| The real-world ramifications are significant and, unfortunately, worsening. | ||
| I mean, think about it. I was surprised, frankly, that The New York Times even reported on it. | ||
| 3.7 million American children newly thrown into poverty last year because of what Biden's inflation is doing to the prosperity of working-class Americans. | ||
| The most vulnerable always suffer the first and suffer the most, okay? | ||
| Working-class people of modest means and children. | ||
| It's the exact opposite of what we enjoyed during patriotic populist economic times, during the Trump boom. | ||
| When we prove that economic nationalism works and that wages rise for everybody, but they rise the most for those who were previously economically disparaged and disenfranchised. | ||
| So the reality that we're facing right now, which you're not going to hear much of, again, I give some credit to the New York Times for at least putting that number out there, but you'll hear very little about the economic crisis that is the reality of regular working class Americans right now in this country, and children are suffering as a result. | ||
| So let's identify the problem. | ||
| And then get to the solution. | ||
| Well, the first step in the solution is the House Republicans in these coming weeks, because we're now getting to crunch time, in these coming weeks, holding the line on the debt ceiling. | ||
| Because this exorbitant borrowing spending, where Joe Biden is most complicit, of course, but to your point, Steve, plenty of Republicans, plenty of people with an R after their name, who have completely sold out, who have gone native in the beltway in Washington, D.C., Including people we used to think we could count on, people like Tom Cotton, who voted for that omnibus monstrosity to end last year. | ||
| They are all responsible for what is happening to American children, for 3.7 million new children who are enduring poverty because of these policy errors from Washington, D.C. Getting that situation right, fixing this mess which we didn't create but is incumbent on us to not fix, it starts with- But it gets worse than that. | ||
| I want to get back to your because you're saying, hey, energy and immigration, you got to get to full spectrum energy dominance immediately back to Trump, not energy independence, full spectrum energy dominance. | ||
| And you've got to solve this immigration beyond this invasion of the southern border. | ||
| Let's be blunt. The Biden, this is so sick of what they're doing. | ||
| Remember, their theory of the case on inflation is that it's now a wage-driven inflation problem, and what they're going to do is go after that. | ||
| They're going to go after that against the working class. | ||
| This is what's so sick about it, and quite frankly, if African Americans and Hispanic Americans continue to vote for it, you're voting for your own economic destruction. | ||
| You're voting for your own economic destruction. | ||
| Their theory of the case is that the problem is you got the lower – the lowest-skilled workers' wages are increasing too much. | ||
| We want to get – we got to flood the zone with illegal alien labor. | ||
| You saw the statistics. | ||
| They're bragging on the fact, and they talk about it all the time. | ||
| Powell talks about all these great thinkers on the left. | ||
| They talk about it. In kind of coded language, they talk about it. | ||
| Now they've got a million, the statistics show, they've got a million illegal aliens in the workforce, and that's how they're trying to bring wages down. | ||
| That's only going to kick more kids into poverty. | ||
| And then they're going to come back and say, we need to get a new Medicaid, we need more SNAP. It is because, and it's the company oligarchs That benefit from that by driving down the wages, increasing their profit margin, and then the taxpayer gets forced to pick up. | ||
| You need Medicaid. You need school lunch programs. | ||
| You need these programs because the parents aren't making enough where they're not making enough because you're crushing them because you're bringing in illegal alien workers to compete at the lowest level of the thing. | ||
| Exactly. This is the sickness of the system. | ||
| Go ahead, Steve. Steve, it's almost like it doesn't matter what the question is from the ruling class, particularly if it has anything to do with the economy, but whatever the question is from the ruling class, the answer is always more immigration, whether legal or illegal. | ||
| That is always their answer, right, is we want endless, unrelenting migration, a stream of people constantly into this country. | ||
| And at times, actually, they're actually honest enough to even say so. | ||
| Most of the time, they're not. | ||
| But the reality is, in a time of crashing real wages, okay, and you don't have to be an economist to understand this. | ||
| Any person with common sense can understand this. | ||
| In a time of crashing real wages, The worst possible idea for the United States is importing millions and millions of new workers to compete unjustly and illegally in the labor market against American citizens. | ||
| By the way, to this point, too, of minorities who disproportionately suffer from an open border, it's a terrible idea for all Americans, but particularly for working class folks, and most black and brown Americans, by definition, are working class citizens of this country. | ||
| In that chalk talk, when I talk about the 2.8 million children who were lifted out of poverty, who were lifted up by the Trump boom between 2016 and 2019, the first three years of his presidency, 1 million of those 2.8 million, according to the Census Bureau, were Hispanic children. | ||
| So think of that. You had a million Hispanic children who were being lifted up economically into a better life, Because the border was under control, because we had tax and regulatory relief, and because we were finally starting to get tough on trade, right? | ||
| All of which, the confluence of those factors resulted in real wages galloping higher for Americans. | ||
| Again, benefiting everybody, but benefiting the most, sending the most benefits to working class folks, to the people who had been forgotten about and disregarded for decades. | ||
| Yeah. Now, if you go and you hear Biden talk about taking out the child tax credit, lowering the SNAP, the food stamp, increased eligibility over COVID, and other issues dealing with Medicaid, oh, we've ended childhood poverty, etc. | ||
| The difference in the Trump model, and correct me if I'm wrong here, Brother Cortez, His was built off a robust economy that is the economy that's growing in real wages. | ||
| It's super low inflation, and you've got real wages increasing, and that's taking people out of poverty and the children out of poverty, and the economic engine is driving them out. | ||
| The way Biden did it, it's all government, it's taxes, this and this. | ||
| You have to pay for that. | ||
| You have to pay. There's two totally radically different models here, right? | ||
| The Biden model cannot continue to go on. | ||
| You've got to get back. | ||
| And people know, I wasn't 100 % with the Trump taxing. | ||
| I thought the corporation, I thought we should. | ||
| And if we'd done this, I think we'd had even more growth. | ||
| That the repatriation of the offshore money had to go into capital equipment. | ||
| You cannot do the stock repurchases to drive up the stock price so all the CEOs are punching out with their packages. | ||
| That's where they're doing it. I realize the Oracle of Omaha and those guys don't like it. | ||
| Screw them. I don't care. They're wrong. | ||
| They're wrong. It works for them because they're benefiting from it, but that's not what the American people want to expect. | ||
| But talk about those two different models where Trump's an engine of growth economically and lifting people out as you normally would do versus this radical, weird model that Biden's got. | ||
| We can't afford anymore, sir. | ||
| Right, correct. No, so listen, you know, the populist economic model is that we're going to empower Main Street, that we're going to protect Main Street when necessary and protect small business. | ||
| I'm not afraid of that word, protectionism. | ||
| Not a dirty word. It is to establish from Republicans. | ||
| It should not be to our movement because American workers and American businesses need protection from predatory trade practices, for example, from the CCP, which have eviscerated American manufacturing across this country. | ||
| So protect Main Street, empower Main Street to thrive and succeed, particularly small business, the principles of subsidiarity rather than always rewarding big business. | ||
| So that's one model. | ||
| That's the model that works, that we know works empirically from what it did And then the second model, the Biden one, is frankly acting like Santa Claus and just saying, we're just going to hand people money. | ||
| We're just going to increase the dole, even though we cannot finance it. | ||
| So there's lots of things that are wrong with playing Santa Claus. | ||
| But right now, the principal flaw in that model is that we simply cannot afford it with, as we showed earlier, interest rates marching higher, materially higher. | ||
| In this country, and around the world for that matter, but in this country, to a level where we simply cannot afford to even finance the debt. | ||
| Forget about racking up new debt. | ||
| That is the reality here, and that is the fundamental economic bifurcation of which way do we go from here. | ||
| The great news is we know the model that works, and we can relatively quickly go back down that path. | ||
| How do we do it? We once again unleash the full power of domestic American energy production. | ||
| That is an absolute must. | ||
| Secondarily, on migration. | ||
| We must get a hold of the border. | ||
| We must secure the border. And I believe, Steve, we need to go even further than that. | ||
| The work visas have been totally abused by big business and the oligarchs in the United States. | ||
| At least the work visas need to go away, the H-1B and similar programs. | ||
| I would go even further than that. | ||
| I think it's time for a moratorium, a timeout on legal migration to this country. | ||
| So go to zero on illegal. | ||
| And in my view, take a timeout from legal migration to the United States. | ||
| If we enact those kinds of policies, American energy, migration, if we start prioritizing American citizens first and foremost, we're going to see real wages absolutely vault higher again, as they were during Trump in this country. | ||
| And we can see a new era of prosperity. | ||
| You know, Steve, there has to be a sense of urgency out there. | ||
| And I know there was with the crowds that were watching you over the last few days at CPAC. A sense of urgency. | ||
| Because here's the thing. We can save this country, okay? | ||
| I don't think we have completely descended into oligarchy. | ||
| But we're teetering on the precipice, okay? | ||
| We are losing our republic. | ||
| And the hour is late and the clock is ticking, in part, the interest rate clock. | ||
| I'm going to talk about this urgency. | ||
| I think the RINO establishment, their urgency is about the removal of Trump. | ||
| But really, the removal of Trump is the removal of these policies, right? | ||
| He actually used the D word, the deportations. | ||
| Whoa! And Cortez just said, no legal immigration, zero for a while. | ||
|
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| This is what happens when you have a quantity of something and then you add more to it. | ||
| This is dilution. | ||
| The principle is so simple that a child can understand. | ||
| And you can create this little science project at home. | ||
| Sorry, you can have your tea back. | ||
|
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But the principle is called dilution. | |
| And when you print five trillion dollars and you put it into the economy, you have diluted the value of the money. | ||
| You know, something interesting has happened with our debt here recently that hasn't happened in In history, really. | ||
| We got to about $26 trillion by borrowing money. | ||
| And then, most recently, when COVID hit, and the first $2 trillion package came to the floor, there weren't $2 trillion to borrow. | ||
| It didn't exist in circulation. | ||
| So what happened? | ||
| How did we finance that debt? | ||
| How did we finance that two trillion and the next two trillion and the next trillion? | ||
| In fact, we financed five trillion dollars of this debt by printing money. | ||
| The Federal Reserve printed the money, and then the Treasury borrowed it from the Federal Reserve. | ||
| So we kind of borrowed it from ourselves, but what came into existence was $5 trillion that did not exist before. | ||
| Now, had we borrowed it, we would have taken it out of the economy, and then when the money was put back into the economy through various programs that were supposed to help businesses and may or may not have had their intended effect, If we had borrowed the money and put the money back in, we wouldn't have increased the money in circulation. | ||
| But what we did over the last three years is increase by $5 trillion the amount of money that's in circulation before the banks loaned it out fractionally. | ||
| Mr. Raskin, do you think that creating new money and putting it into the economy had any effect on inflation? | ||
| Okay. Jamie Raskin doesn't have an answer, so we don't need to go there. | ||
| And I technically, there's a couple of technical, how do I say, differences I might have with Tom Massey, but Cortez, overall, you get the joke. | ||
| The creation, the Federal Reserve, the system set up, and this is the unfairness of the system. | ||
| Is that the elites have a mechanism of how to increase their wealth and that is the funding of the Federal Reserve and the increasing of asset classes whether it's stocks, real estate or whatever. | ||
| That's what we now have a situation with the printing of this money and the paying of this is that with no congressional oversight whatsoever is we have essentially a situation where 1 % of the citizens of this country control more assets than the bottom 90%. | ||
| That system cannot continue on. | ||
| It just won't. That will collapse of its own way, Steve Cortez. | ||
| Correct. No, it will collapse. Again, 3.7 million children who were newly sent thrown into poverty in the year 2022 under Joe Biden. | ||
| And under, you know, more than just Biden, under the broader policy failures of permanent Washington, And this absolute exorbitant credit card mentality of the federal government. | ||
| By the way, speaking of credit cards, we now know regular Americans, a trillion dollars in credit card debt with delinquencies rising markedly, especially among subprime borrowers, the risky set of borrowers. | ||
| But the credit card mentality of the federal government, as Thomas Massey correctly articulated there, simply is totally unsustainable. | ||
| And Massey, by the way, yeah, don't agree with him on everything. | ||
| He certainly leans more libertarian than I would, but I will say this about him. | ||
| I think there are only a few truly brilliant people, I mean really sharp people on Capitol Hill, and he is absolutely one of them. | ||
| And he makes such an important point here. | ||
| Look, the idea that we can continue to borrow endlessly at rates that are rising dramatically doesn't make sense. | ||
| And you don't have to be an economist to understand that. | ||
| Any individual understands that in their own life. | ||
| Certainly any small business owner understands that very critically. | ||
| So we are at a pressure point right now. | ||
| We're at a fulcrum moment in the country. | ||
| Politically, we earned the seat of the table, right? | ||
| We earned the lever of the House of Representatives. | ||
| And it's time to use it. | ||
| The reason you saw the energy at CPAC, the reason that we're going over this again today, this is setting the framework from where all the political discussion will come from. | ||
| And look, there's a lot of big topics out there, but you've got to move the big muscles. | ||
| You've got to get the big things right. | ||
| You get the big things right, other things will take care of themselves. | ||
| This is going to be the fight. | ||
| And you can tell with these increased interest rates, look, first off, What we keep talking about, this is why mortgages, I think, are at a 20-year low. | ||
| The bottom's falling out of that. | ||
| You've got the millennials now have the greatest debt they've ever had. | ||
| And at these higher payments, and as I see it right now, they're only going to go higher. | ||
| That's the conundrum we're in, is that people's economic and financial lives are going to get harder. | ||
| That's right. Trump talked about decoupling. | ||
| He didn't say it in that language. | ||
| He talked about protectionist trade policies but also having policies that were not going to import anything from China to really get them. | ||
| The Financial Times, he talks about the Chinese model is totally different. | ||
| Why should American people care anything about that, Steve Cortez? | ||
| Why does that have any impact on their personal life, sir? | ||
| Right. Well, listen, I wish that we could not care about what's happening in China. | ||
| And we will get there eventually, where we truly don't care what Beijing does. | ||
| But unfortunately, because of the last two decades of an absolute abdication of our leaders who have been totally co-opted and absorbed by the Chinese Communist Party. | ||
| When I say leaders, I don't just mean political. | ||
| That's critical. But I mean political, corporate leaders, academic leaders, you name it, all spheres of society have been effectively taken over by the Chinese Communist Party at the ruling class Because of that, we are so intertwined economically with China in terms of how much we invest over there, how dependent we are on sourcing from China for the critical needs of the United States. | ||
| I don't mean just things like cheap toys or flip-flop shoes. | ||
| I mean the critical goods, pharmaceuticals, electronics, things that we need for our society to just function in the United States. | ||
| So because of how intertwined we are, unfortunately, What's going on economically in China right now, and they have a real crisis that is intensifying there, it matters very, very much to the United States. | ||
| And even some of these ruling class elites are starting to wake up to that reality, by the way, of just how dire the situation is for the CCP. I would also add, incidentally, Steve, that the CCP, as it is increasingly put into a corner economically, it becomes far more dangerous from a national security perspective. | ||
| History teaches us that, and we know that. | ||
| This is the convergence and conflation of the two crises, the geopolitical and the capital markets. | ||
| Okay, we're going to take a short break. | ||
| We're going to get more on this. There's also a ton of election. | ||
| We got Jeff Clark on the Zuckerbergs. | ||
| The Hoff brothers may join us. | ||
| There's a lot going on, and we're going to get to all of it. |
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