March 18, 2023 - Bannon's War Room
48:52
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
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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 try 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
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room, here's your host, Stephen K. Bannon. | |
| We've got breaking news about security preparations getting underway for a possible Trump indictment in New York in the coming days. | ||
| I want to bring in NBC's Laura Jarrett and NBC's Vaughn Hilliard, who is outside of Mar-a-Lago. | ||
| What do we know about these security preparations, Laura? | ||
| Chris, for quite some time we've known that this investigation into the former president has reached an advanced stage. | ||
| We've known that for days because, of course, his attorneys were notified that they would have the opportunity to bring their client in if they chose to do so. | ||
| They're not choosing to do so in this case, but we can now report multiple law enforcement agencies, both at the state, local, federal level, are having discussions about potential Security precautions in the event that there was to be an indictment of the former president. | ||
| Now, we are not saying that charges have been filed. | ||
| We are not opining on what those charges might be. | ||
| But the fact that the law enforcement officials at this high of a level are having such discussions shows you that this has reached a significant milestone in the case. | ||
| And the timing here is important. | ||
| It is our reporting based off of five senior officials that this could happen as soon as next week. | ||
| So I don't want to ask you about this specific case. | ||
| I don't want to go into any sourcing. | ||
| But in a case like this, where they know it's high profile, when they know it will be security concerns, is there generally an open line of communication between police, between other law enforcement agencies, and any DA, anybody who might be the prosecutor? | ||
| In the typical case? In the typical case, and we should mention this is not the typical case, but in the typical case, absolutely, there's an open line of communication. | ||
| Of course, the DA's office relies on law enforcement every day in order to do its job, in order to execute search warrants. | ||
| They have an open line of communication. | ||
| Of course, in this case, it's different because we're talking about the former president of the United States. | ||
| And again, I want to caution, we are not saying that he's been charged with anything, but of course, he has Secret Service protection. | ||
| And so in the event that he was charged, it opens up a whole A query of issues about how we might handle that. | ||
| And so that is the reason that you see these preliminary discussions happening at this point. | ||
| Let's remind folks, because there are at least four major cases that are ongoing, what's involved here in the New York case. | ||
| The New York case, as we believe it to be, and again, we haven't seen anything, but we believe it to center on these hush money payments that were made before the 2016 election. | ||
| You have the world in financial meltdown right now. | ||
| We've got Philip Patrick. | ||
| We've got Peter Navarro is going to be with us. | ||
| We're going to have Dave Brat. | ||
| A lot of people are going to go through this. | ||
| But we've got to start with Mike Davis on this situation right here. | ||
| Mike Davis, walk me through it there. | ||
| An out-of-control local DA for something that's absolutely absurd. | ||
| Walk me through what's going to happen. Yeah, I mean, this is a non-crime, again, that they're going after Trump on here. | ||
| Alvin Bragg, who is the Manhattan DA, this Democrat prosecutor in Manhattan, is continuing the DA's office. | ||
| They've been trying to get Trump since 2017. | ||
| I just published a Washington Times piece on this case. | ||
| It just went up online on the Washington Times' website. | ||
| It's on my Twitter feed as well. | ||
| Alvin Bragg is pursuing this bizarre legal theory that even the New York Times knows is garbage. | ||
| The liberal New York Times back on March 9th says, quote, even if Mr. | ||
| Trump is indicted, convicting him or sending him to prison will be challenging. | ||
| The case against Trump hinges on an untested And therefore, risky legal theory involving a complex interplay of laws all amounting to a low-level felony. | ||
| It is not a crime for someone to settle with someone making accusations against him. | ||
| And that's Alvin Bragg is trying to turn a routine Simple settlement over a nuisance litigation matter into a crime. | ||
| This is part of a pattern and practice by the Democrats since before Trump became president, while he was president, now after he's president, to try to take out Trump because they fear that they cannot beat him in the presidential election. | ||
| He's pulling ahead. | ||
| And some of these polls against President Biden. | ||
| And so if they can't beat him, they want to indict him. | ||
| And this is purely a partisan witch hunt against President Trump. | ||
| It is a joke of a legal theory, as evidenced by even the New York Times. | ||
| And it's part of the pattern. | ||
| We have the Manhattan D.A. going after Trump on this bogus legal theory on a settlement. | ||
| You have the Biden Justice Department going after President Trump for the non-crime of having his presidential records in the office of former president at Mar-a-Lago, and they're trying to turn that into a crime. | ||
| It's just non-stop with the Democrats. | ||
| They will do everything. Down in Fulton County, Georgia, you had the woke Fulton County DA down there trying to go after Trump, saying that it is somehow a crime to contest presidential elections. | ||
| It's somehow a crime to lobby lawmakers, to push lawmakers. | ||
| It's somehow a crime to twist arms politically. | ||
| That's all protected by the First Amendment. | ||
| And if it's a crime to do all of those things, just about every politician in America would be president. | ||
| If they indict him on this, they indict him on all of it, but if they particularly go after him, the first one's going to be the Stormy Daniels situation. | ||
| I guarantee you, the primary end's right there. | ||
| He's the Republican nominee, and I will guarantee you he's going to win the presidency. | ||
| This is the way they want to play every Republican, even the guys that hate Trump, say, okay, this is now beyond out of control. | ||
| Look at the Mar-a-Lago rate, Steve. | ||
| His poll numbers spiked. | ||
| After the Mar-a-Lago rate, his poll numbers went up substantially. | ||
| I think it was by like 11 points. | ||
| This is going to guarantee Trump's election, like you said. | ||
| And remember what's going on here. | ||
| They're trying to go after Trump for documents he is allowed to have under the Presidential Records Act, while the Biden Justice Department ignores the clearly illegal, clearly Espionage Act violations by then-Vice President Joe Biden when he had several different stolen classified documents from the Obama White House in several different locations. | ||
| They're ignoring the fact that Hunter Biden illegally had a gun. | ||
| Tax evasion. | ||
| They're ignoring the fact that there is smoking gun evidence that we just saw this week confirming from James Comer's outstanding investigations on the House Oversight Committee that the Biden family took money from Chinese oligarchs, | ||
| energy oligarchs connected to the CCP. Again, Our justice system at every level, from the Biden Justice Department to these woke clown Democrat DAs in Manhattan and Fulton County, Georgia, this has been politicized and weaponized against President Trump because they can't beat him, so they want to indict him. | ||
| Mike, what's your social media? | ||
| Because the piece is up in The Washington Times. | ||
| It's a powerful piece. Only Mike Davis can deliver. | ||
| Davis, the social media, because this weekend, I'm hearing this thing could come as early as Monday or Tuesday, and I've got to tell you, you know, the MAGA movement, got to understand, this is what they're going to do. | ||
| This is how much they fear Trump. | ||
| Right? And particularly now he's focused on policy. | ||
| Now they've got some sea legs there. | ||
| He's separating himself from DeSantis and all the rest of them. | ||
| He's going to beat Biden. | ||
| Biden's going to destroy this country, the financial system, in the next six or eight weeks. | ||
| We're going to get into that in a second. They're nationalizing the banks right now. | ||
| The whole thing's melting down, and all they're doing is taking your money and throwing it onto the dumpster fire. | ||
| Okay? So you don't think Biden's going to be... | ||
| The economy is catastrophic. | ||
| It won't recover for years until Donald Trump's back there. | ||
| So... Go ahead and indict him. | ||
| How do people get to you? | ||
| I'm sorry, Mike, I cut you off. | ||
| You got something else? I would say to Trump supporters and everyone else, stay peaceful. | ||
| Do not do anything that could be perceived as threatening. | ||
| Stay peaceful because we saw what happened on January 6th. | ||
| They will throw your butts in jail. | ||
| So stay peaceful. | ||
| President Trump will absolutely prevail in the courts. | ||
| This is going to backfire on the Democrats spectacularly. | ||
| Do not Give any rope to hang yourself to the Biden Justice Department or any local prosecutor. | ||
|
unidentified
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Stay peaceful. Let's be tough, but let's be smart. | |
| The bigger game here is returning Trump to the White House. | ||
| He said yesterday he's going after the administrative state. | ||
| Those things are not unrelated. | ||
| This is why they're coming after him. | ||
| He's going after the administrative state every day. | ||
| They know it. We know it. | ||
| And this is why they're going to play Smash Mouth. | ||
| But just be smart and focused and tough. | ||
| Mike Davis, your coordinates. | ||
| Sure, it's article3project.org, article3project.org, at article3project, at article3project on Twitter, GetterTruth. | ||
| And my personal is at MRDDMIA, MRDDMIA. And Article 3 Project will be fighting for Trump every step of the way because this is BS what they're doing to him. | ||
| It's a blemish on the country's record is what they're doing, and they know they've got a terrible one here. | ||
| They're about to make him the 47th president of the United States, okay? | ||
| And we're coming this time, and we mean it. | ||
| We're going to get rid of the FBI, defund these guys, get rid of all these bad apples in DOJ, get rid of all the bad apples in the intelligence. | ||
| We're coming for the administrative state. | ||
| Write that down. Mike Davis, thank you, sir. | ||
| Let me get, before I go to the capital markets, Davis, thank you. | ||
| Great job. Before I go to the capital markets, Peter Navarro, you're one of Trump's closest advisors. | ||
| You've been one of his economic guys from day one. | ||
| How does that set with you that he could get indicted in New York State, sir? | ||
| The weaponization of our judicial system really truly is, as you said, a stain upon this country. | ||
| It's It turns us into a banana republic. | ||
| And I'll tell you, MAGA, folks out there in this country, independents, MAGA, whoever it is, except the most rabid Democrats, they're not going to put up with this. | ||
| This is just crazy. | ||
| I mean, you know, Steve, that the injustice department is going after pretty much everybody that's associated with Trump, And what we learned about the January 6th insurrection with these released videos, I mean, there's just a lot of stuff. | ||
| For me, Steve, you know, taking back Trump's America means literally doing that so they can stop this nonsense. | ||
| But there's going to be a revolution if they try to put Trump in a courtroom. | ||
| Elections have consequences, ladies and gentlemen, and stolen elections have catastrophic consequences. | ||
| Catastrophic consequences. That's our trademark here. | ||
| Let's play a clip from CNBC, and I'll bring my two colleagues in. | ||
|
unidentified
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Right, and many people have been saying this, but that the Fed put is no longer in the market. | |
| And this will really put that to the test, to the idea that, you know, the Fed is going to ease when the market seizes up. | ||
| And so far, we're not seeing that. | ||
| The second hat tip, and Dave, you were so close. | ||
| I almost feel like if I had just taken your point and pushed it a little bit further, I mean, you came on and we talked about this. | ||
| You wrote this amazing note, but what was it, about a month ago, saying, why haven't there been more blowups? | ||
| And you pointed out. | ||
| How much of the country is experiencing losses of mortgage-backed securities? | ||
| You literally pointed out that it was in the banking system. | ||
| And if we had only just connected the dots a little bit further, and you said, look, the reason why they haven't blown up is probably they've transferred that risk to the Fed. | ||
| And ironically, that is now the answer to the crisis that has come to a head here. | ||
| So again, well done. | ||
| The question I want to ask, though, is does the Fed's rescue plan here amount to monetary policy? | ||
| Does the balance sheet expansion equal liquidity injection? | ||
| Is it undoing the effects of tightening by itself, or are these considered separate operations? | ||
| I think you have...it's a great question, Kelly, and I think the answer is yes. | ||
| This is a balance sheet expansion. | ||
| This is QE by another name, and it undoes about half of the quantitative tightening that we've been embarking on for the last six to seven or eight months now, and it's important. | ||
| It also is going against... | ||
| Okay, hang on. We'll come back and get that. | ||
| Thank you, Denver. We'll come back and get it... | ||
| Real quick, Philip Patrick, Peter Navarro, start with you, 30 seconds. | ||
| They're transferring the risk. | ||
| I want everybody to understand they're nationalizing the banks. | ||
| They're transferring the risk to the Fed. | ||
| The Fed is infusing cash like nobody's business, worse than 2008, and you're going to pay for it. | ||
| Peter Navarro, give me 30 seconds before we go to break. | ||
| Janet Yellen is our new Federal Reserve Chairman. | ||
| The White House basically has co-opted monetary policy. | ||
| Navarro's rule, you can't fight recession and inflation at the same time using interest rate policy. | ||
| That's what they're trying to do. | ||
| It's an utter failure, and it's going to lead to the chaos we're already seeing in stock and bond markets. | ||
| Okay, we're going to take a short break. | ||
| I got Dave Brat. | ||
| I have Philip Patrick. | ||
| I have Dr. | ||
| Peter Navarro. We're going to go through all this. | ||
| The financial system of the United States is in full dumpster fire mode. | ||
| And the only way they're putting water on it is coming from the Fed, right? | ||
| They're just throwing cash into the system. | ||
| Cash that's all going to turn around and eat you alive. | ||
|
unidentified
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Next in the war room. Here's your host, Stephen K. Band. | |
| Okay, Bank of America has announced they're not going to buy First Republic. | ||
| First Republic now is talking about raising some $30 million deal, doing something, right? | ||
| But the acquisition talks to them. | ||
| It looks like it's over for now. | ||
| Other people may be looking at it. | ||
| I just saw that tweeted. | ||
| Also a tweet just coming out from the Financial Times of London, UBS. They're going to slam UBS and Credit Suisse together like over the weekend. | ||
| They're looking at it. With the Swiss National Bank stepping in, you're seeing a nationalization of the world's banking systems. | ||
| You heard this first on here. We talked about it months ago. | ||
| You're seeing it right now. They're using all these kind of tricks and hide the football. | ||
| But that is what's happening. | ||
| That is what's happening. | ||
| Philip Patrick, by the way, my CPAC speech has worn pretty well. | ||
| But even better, Philip, when we started the end of the dollar empire over a year ago, but the third installment that's just out now, we started writing it and drafting it in November and December over the holidays. | ||
| It's just out. Go to birchgold.com slash Bannon. | ||
| The third installment is The Debt Trap. | ||
| It's like we wrote it this afternoon. | ||
| You've got to get it. You must get up to speed on what's happening with money in the world or you're going to get wiped out. | ||
| I don't just mean wiped out of your bank account. | ||
| Your life is about to be turned upside down because this is a raging dumpster fire, and people are making decisions here that are absolutely 1,000 % wrong, and where is the Republican Party stepping up here and calling this out every day? | ||
|
unidentified
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Philip Patrick, where are we, sir? | |
| It's a disaster, and you're absolutely spot on. | ||
| And it's the people that are bailing out the banks, right? | ||
| This week, the banks borrowed an all-time record of $164.8 billion from the Fed. | ||
| And that's in one week, right? | ||
| That's 33 % more than the worst week of the 2008 crisis. | ||
| So nationalization, in a sense, is absolutely correct. | ||
| But in many ways, outright nationalization would be better, right? | ||
| At least we get a return on our investment. | ||
| We're getting all of the downside here with absolutely none of the upside. | ||
| So it's a disaster. | ||
| The concern for me now is the fragility of the system itself. | ||
| It's worth noting that if every bank marked their treasury reserves to market prices, there would be an at least $620 billion hole in balance sheets. | ||
| 10 % of US banks have bigger, unrecognized losses than SVB, for example. | ||
| If half of the uninsured depositors withdrew their assets nationwide, we'd see 190 banks fail. | ||
| So we've got this combination of Bidenflation and the Fed's attempt to control it, and they've massively increased the fragility of the entire banking system. | ||
| I think, really, the buck stops with the Fed. | ||
| But this situation is getting out of control, and I think if contagion starts to spread, this could be an unmitigated disaster. | ||
| Forget for a second, for the audience, forget stocks and bonds or bank debt or their stocks. | ||
| Forget owning that. Let's leave that aside for a second. | ||
| The two things you've got to look at, the reason these things are blowing up, and it's not about their wokeness. | ||
| Their wokeness hurts on the margin. | ||
| The core is the deposit. | ||
| They have hot money deposits, right? | ||
| So you have $19 trillion dollars and $6 trillion uninsured. | ||
| Then they've been buying government securities. | ||
| And as Navarra and Cortez and Brad have walked you through, as the interest rates have gone from 0.9%, 0.86 % to over 4 % for the 10-year treasuries, those bonds have dropped in value. | ||
| Now, I've seen studies, and we had it up on the Daily Mail the other day, The mark-to-market $620 billion, they've blown a hole in the bank's balance sheets, but it could be up to $2 trillion or more. | ||
| This is my point. This is not recoverable. | ||
| We're living in a fantasy world that these treasuries could be worth a third of their value. | ||
| This is because of Joe Biden. | ||
| This ain't woke. This is dumb. | ||
| This is what we told you. | ||
| The Biden spending leads to the Biden inflation that leads to the Biden bonds that leads to the Biden banks. | ||
| And this is where we are. This is Biden, Biden, Biden, and Biden. | ||
| Philip, tell me, what is your issues with the Fed? | ||
| I want to get Brad in here and I want to hear a counter-argument from our own Dr. | ||
| Peter Navarro. He thinks Treasury and Biden himself has more to do with this. | ||
| Talk to me about the Fed and how they've acted. | ||
| Listen, the Federal Reserve have misstepped every single step of the way. | ||
| You know, they first of all ignored that inflation was a problem. | ||
| They acted too late. | ||
| That was a big problem at the beginning. | ||
| Now they've put themselves in a position where I don't think they have any tools, right? | ||
| Right now it's a case of pick your poison, right? | ||
| You raise rates, try and combat inflation and let the banks fail, which isn't viable. | ||
| So now they may slow down the pace of rates, in which case inflation gets out of control. | ||
| Listen, the Fed have a dual mandate, right? | ||
| Price stability and employment. | ||
| And they're failing in both respects at the moment. | ||
| So it's very clear the Federal Reserve are not doing the job, the only job that they have. | ||
| It's been an unmitigated disaster. | ||
| Unmitigated disaster. Hang on, Philip Patrick. | ||
| Dave Brat, your thoughts about the Fed and their role in this entire fiasco, sir? | ||
| Cut to it. The Federal Reserve is a thesis statement. | ||
| It's not even Biden. | ||
| The Fed has accommodated and validated every move we're talking about here. | ||
| We need to get rid of the Federal Reserve Bank. | ||
| We're talking about bank nationalization. | ||
| It already happened with the creation of the Federal Reserve System. | ||
| It's just that the populace now are catching on. | ||
| Now they've learned how to do math thanks to this show and others. | ||
| We've already nationalized banks. | ||
| Now they're just getting more sophisticated, and they're using this crisis, which they're master at, to further nationalize the banks. | ||
| We go back to 07-08, John Taylor. | ||
| Don't take it from Dave Bratt, take it from Stanford Economics, the follower of Milton Friedman, who won a Nobel Prize for monetary theory. | ||
| John Taylor will tell you, and I had it wrong back then, 0405, the Federal Reserve printed too much money and caused, caused. | ||
| A lot of things are correlated here. | ||
| Steve Bannon has been 100 % on the woke stuff and the blah, blah, blah. | ||
| That ain't the thesis. Even the Biden spending cannot be done unless it's accommodated by the Federal Reserve. | ||
| I had a couple of graphs on yesterday. | ||
| The Fed, wham, M2 goes through the roof. | ||
| To accommodate the government spending, which is nuts, right? | ||
| But asking Biden and the Democrats not to spend is like saying Karl Marx has a heart for humanity. | ||
| It's not true. Hang on. | ||
| This is called fiscal domination. | ||
| They've allowed... They've allowed the Bidens and they've allowed the accommodationist Republicans to do this, and the Fed went along with it, and that's rather than this jam. | ||
| Let me go back to Navarro. | ||
| And the Congress is not doing their homework, and the Congress needs to call for the end of the Federal Reserve. | ||
| They need a monetary rule. | ||
| Follow John Taylor. | ||
| And the Fed. And the Fed. | ||
|
unidentified
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That is how you get out of this nationalization mess. | |
| Hang on, Navarro, you put it more, you say the Fed accommodated, but you put it on Yellen and Biden. | ||
| They're the drivers of the problem here. | ||
| Give us your thesis. Well, the last Fed chairman that was willing to stand up to the White House was William McChesney Martin back in the late 60s when Lyndon Baines Johnson was trying to fight both the Vietnam War and push forward his Great Society programs, which was very inflationary. | ||
| And that's what set us up. | ||
| For the stagflation of the 1970s. | ||
| The United States needs a central bank. | ||
| Let me channel my inner Alexander Hamilton. | ||
| But what you need are people running it who are competent to do so. | ||
| And the big problem with Jay Powell, we'll disagree on this. | ||
| Screw Andrew. Hey, Andrew Jackson, get rid of the central bank. | ||
| Let me just finish this thought, my friend. | ||
| The problem with Jay Powell, and I was in the Oval Office, Steve, when this was being debated with the president, and Mnuchin was pushing Jay Powell. | ||
| He's not an economist. | ||
| He doesn't have any background. | ||
| It's like putting an airline pilot in charge of a ship. | ||
| He's a lawyer. I mean, it's just stupid. | ||
| He's a lawyer. And so what's happening now is Biden and the Congress are engaged in aggressive demand-pull inflation expenditures, which are lighting the flame. | ||
| To inflation. And we've got the cost-push inflation going on as well, dragging us down into recession and inflation because of Biden's oil and gas policies, because of the supply chains debacle. | ||
| And they're asking Jay Powell, who can't find his butt with two hands, to basically solve the inflation problem. | ||
| He can't do it. Last thing here. | ||
| What boggles everybody's mind right now is how Powell Yellen, Biden didn't see this unrealized losses problem coming as Powell went up the interest rate hike chain. | ||
|
unidentified
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It's like, how stupid can you be? | |
| How stupid can you be? | ||
| They want a $6.8 trillion budget. | ||
| You'd think you would have regulators. | ||
| How did they miss that holding these securities, these government securities, that there wasn't already blown a hole through these banks? | ||
| It's absurd. I mean, it's ludicrous. | ||
| And that's the problem. I mean, Jay Powell, again, I was in the Oval Office when Mnuchin's pimping this clown. | ||
| And it's like, oh, he's a lawyer? | ||
| Really? You're going to put a lawyer? | ||
| I mean, that's like a rocket science job, Steve. | ||
| This is not friggin' easy, particularly when you have a crisis. | ||
| Now, we got a crisis now, and he didn't see it coming, and Yellen and Biden are overstepping their authority, and the government's in chaos. | ||
| You know, bottom line is like the deplorables are looking at their 201Ks now. | ||
| That's what they're going to turn into, and Yeah, it's like, come on, dudes. | ||
| Forget that it's going to be a 101K, but you're going to also pay for the ballot. | ||
| Quickly, Peter, how do you get to your podcast? | ||
| How do you get to your content? Yeah, Steve, peternavarro.substack.com, peternavarro.substack.com. | ||
| That's the hub through which the podcast and the Substack runs. | ||
| I've been putting out some nice pieces lately about how people out there in Magalan can defend themselves against this crisis. | ||
| It's not easy, but it can be done. | ||
| Keep hammering this, Steve, because you go to CNBC or watch The War Room, you're going to make more money watching The War Room. | ||
| Trust me on that. Come on, baby. | ||
| Okay, Peter, thank you so much. | ||
| I'm going to keep Brett. I'm going to keep Philip Patrick. | ||
| We've got Royce White's going to join us. | ||
| Boris is going to join us. Make sure you go to birchgold.com slash warroom. | ||
| Go check this. Immerse yourself in information. | ||
| This weekend, that's a homework assignment. | ||
| Get smarter. | ||
| Get ahead of this. | ||
| If someone wants the war room, go to all of our contributors and download what they're putting out. | ||
| Sign up for the debt trap. | ||
| Understand monetary policy. | ||
| You owe it to yourself. Just don't be the smartest person at the cocktail party. | ||
| Learn it. Understand it. | ||
| All next. Brat and Philip Patrick, next in the war room. | ||
|
unidentified
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Here's your host, Stephen K. Bamm. | |
| Philip Patrick, on this situation with the Federal Reserve. | ||
| or could people have to understand what's happening. | ||
| They're opening the discount window, basically just shoveling money into these banks. | ||
| This is the way they're bailing them out. | ||
| It's a backdoor bailout. Remember in 2008, you remember, in that crisis week when they realized they needed a trillion dollars of cash to plug the system, and they just created it. | ||
| Over that weekend, Goldman Sachs was about to go bankrupt. | ||
| Hank Paulson signed a one-line letter that said, we hereby make Goldman Sachs a bank holding over from an investment bank. | ||
| What that meant is that Goldman Sachs could go to the discount window and basically barred the Fed rate. | ||
| In the spread, you can make billions of dollars just on the spread. | ||
| Don't listen to all the highfalutin talk you're going to hear over this weekend. | ||
| They are nationalizing the banking system, and you're going to get none of the upside, right? | ||
| You are going to bear all of the balance. | ||
| This bailout of this system is worse, worse than 2008, because here's what's going to happen next week. | ||
| They got a choice. | ||
| They can either continue to go after inflation. | ||
| Or just back off on inflation. | ||
| Remember, inflation is the cruelest unfair tax because it's a regressive tax. | ||
| It hurts the working class and the working poor more. | ||
| So they're going to throw you to the wolves. | ||
| They're going to throw you to the wolves. | ||
| Because the other choice is they keep raising rates to take care of inflation. | ||
| They're going to blow a bigger hole inside of these banks' balance sheets. | ||
| And exacerbate, throw gasoline onto the banking crisis. | ||
| That's why forget, don't look at the stock, don't look at the bondholders, don't look at the debt of the banks. | ||
| That's all irrelevant right now. | ||
| It's the deposits, it's the deposits, and it's the government securities they hold. | ||
| So it ain't wokeness. | ||
| And by the way, I hate wokeness, and yes, Silicon Valley Bank was a hedge fund. | ||
| It wasn't a bank. It was 185 leverage to one. | ||
| Philip Patrick, the Federal Reserve. | ||
| Is Dave Bratt right? I mean, Dave Bratt's a calm guy. | ||
| He's a doctor of economics. | ||
| He's a John Taylor aficionado. | ||
| Is he right? Is it time to end the Federal Reserve? | ||
| They're one of the central causes of this. | ||
| They're essentially spreading the contagion, correct? | ||
| They absolutely are, and we've got to remember who we're dealing with. | ||
| This is a group of unelected bureaucrats with no legislative oversight, and they decide amongst themselves what our paychecks are worth, which banks to fail, which banks to let succeed. | ||
| It's a disaster, and by bailing out these banks, they create a moral hazard. | ||
| What risks do banks have anymore, right? | ||
| They can leverage, they can take all types of risks with our money, and if they get it wrong, the Fed will step in and bail them out. | ||
| It's unacceptable. And who pays? | ||
| Like you said, it's the little guy, right? | ||
| We pay for inflation. That's why most Americans today are living paycheck to paycheck, because we're bailing out the banks. | ||
| It's a joke. Whatever happened to creative destruction, a free market economy? | ||
| The Fed have overreached. | ||
| And I don't think that they're in a position to do so. | ||
| So absolutely I agree with Dave Brat. | ||
| Brat let me ask you, you've been at this, you're an economist, you run a big business school, you've been in Congress, you've sat there. | ||
| The problem we have right now is information, inaccurate information. | ||
| I mean, stuff's coming up all the time, and it shouldn't be, you know, Steve Bannon saying, hey, there are reports out there in the academics. | ||
| It's $2 trillion of unrealized losses, unrealized losses on government securities. | ||
| $2 trillion. And the government's saying, no, no, it's $600 billion. | ||
| You've got all this every day. | ||
| You don't know what the deposits are. | ||
| You saw Yellen in front of Langford of Oklahoma at the meeting the other day. | ||
| She couldn't even answer the question. | ||
| You had J.D. Vance on the frickin' show on Monday morning saying, hey, I went down and talked to the guys at the FDIC. I couldn't get a straight answer. | ||
| I asked, what is insured? | ||
| What's not insured? How are we going to do it? | ||
| And they're going, well, we're kind of working it out. | ||
| We're trying to figure it out. | ||
| In a crisis like this, you need people who can step in front of the microphone, look you in the eye, and tell you exactly what reality is and what measures they're going to take to deal with things. | ||
| Biden talked for three, he dotted out there for three minutes at 9 a.m. | ||
| Eastern Standard Time on Monday. | ||
| It's not working. It's not working. | ||
| And the Republican Party's got to step up here and say it's not working. | ||
| And McHenry now is, oh, we don't want to say too much. | ||
| You've got to step up here and say the remedies they're using are not working. | ||
| It may get you through one-day news cycle, but it's not working. | ||
|
unidentified
|
Dave Bratt. No, I texted McHenry last night. | |
| I'm waiting for a reply. He had five of the causal factors for this recent debacle. | ||
| They got to get John Taylor up in front of them for the debate. | ||
| The cause of this is the Federal Reserve System. | ||
| It's been captured. | ||
| You can tell the Treasury Secretary and Biden are in charge of the Federal Reserve. | ||
| The major problem, of course, here is they kept the main price of money, called the interest rate, at 0 % roughly for 12 years. | ||
| It's the price of money. | ||
| There's got to be a percent attached to it. | ||
| 3%, 4%, whatever the long-term norm is, that's probably the price of money. | ||
| They totally messed with the economy, distorted every other sector for 12 years. | ||
| The bankers are going, hey, is this the new normal? | ||
| Maybe I should make further calculations based on this federal mess-up. | ||
| So they caused 07-08 by printing too much money in 04-05. | ||
| They caused this mess, which we haven't seen unfold yet. | ||
| They're just a couple trillion in this time. | ||
| And so the American people are finally doing the homework, thanks to this show. | ||
| They're learning about the Federal Reserve System. | ||
| They're learning about monetary policy. | ||
| We put up the charts. | ||
| But the charts of M2, the money supply, exactly mirrors federal spending. | ||
| That should tell you all you need to know. | ||
| They're in cahoots with each other. | ||
| The Federal Reserve and the federal government are supposed to be independent. | ||
| They are not. When he talks about accommodation, this is how these people can sit there and send over a $6.8 trillion frickin' budget, not take one program down, increase everything, give them a 5.2 % pay raise because they know the guys in the Fed are going to back them up and monetize the debt and print enough money. | ||
| The game is over. | ||
| Remember, please, if you only take one thing away from this show, it is on your shoulders. | ||
| One thousand percent. | ||
| I don't care about your race, your ethnicity. | ||
| I don't care about your religion. | ||
| If you're an American citizen and a wage earner, it is on your shoulders. | ||
| The elite oligarchs in this country controlling the Federal Reserve and the Biden regime are jamming you. | ||
| And you see the SPV. That's just a tiny example of what's happening. | ||
| The scale of this is going to be worse in 2008. | ||
| You're going to destroy everybody under 40. | ||
| We're going to have an economy that will never grow more than 1.5%. | ||
| This is all a created crisis. | ||
| Let me repeat this. | ||
| This is not some law of physics. | ||
| There's not monetary physics that took place. | ||
| There's not some natural proposition that happened here. | ||
| This was 1000 % created by an illegitimate regime that did not win a federal election. | ||
| And this is what you have when you had all the tech guys and everybody coming in to make them win. | ||
| They got their wish. | ||
| And this is where they brought this nation down to its knees. | ||
| And who are they going to look to bail out? | ||
| Just like those freaking people in Silicon Valley Bank, the big shots, the deplatformers, the definancers, all these big tech, you know, oh, we're the guy, you know, everything. | ||
| They were whining and crying last week. | ||
| And where's my paycheck? I'm going to get my paycheck. | ||
| I'm not going to miss my paycheck. | ||
| Screw you. Let your venture capitalists give you a credit line. | ||
| I don't care if all of you go out of business. | ||
| You deserve it because you serve these masters, the oligarchs in Silicon Valley. | ||
| Where are the tech oligarchs? | ||
| Why didn't they give them credit lines to pay for their own company's payroll? | ||
| Why did working stiffs making $35,000 an hour have to put it on their shoulders with higher bank fees? | ||
| Don't let them lie to you. | ||
| Don't let them lie to you. | ||
| And they're lying to you. | ||
| Everything you're saying, you ought to be lighting up the phone. | ||
| McHenry and these guys ought to be in front of microphones right now saying this is not acceptable. | ||
| We're going to fight every step of the way. | ||
| And here's how much increase you're going to give to the debt ceiling. | ||
| The answer is zero. | ||
| The three no's. Not one more penny to Ukraine. | ||
| Not one more illegal alien or even legal immigration until we get this thing sorted. | ||
| No on Ukraine. No on any immigration. | ||
| And no, not one penny on the debt ceiling. | ||
| Not one frickin' penny. | ||
| Okay? We're gonna take the cash that comes in. | ||
| We're gonna prioritize. | ||
| We're gonna pay interest. We're gonna pay the debt. | ||
| We're gonna pay Social Security. We're gonna pay Medicare. | ||
| And then everything else is discretionary. | ||
| We'll have a talk about it. | ||
| Okay? Cash that comes in, we'll pay. | ||
| We'll balance the budget now. | ||
| Okay? These guys only understand Smash Mouth. | ||
| They don't understand anything else. | ||
| They're gonna roll you over. | ||
| You're being crushed right now, and they're giving all kind of hats. | ||
| Oh, the discount window. | ||
| The discount window is they're shoveling billions of dollars into these banks that are upside down. | ||
| They're all illiquid. The Silicon Valley Bank was insolvent in the fourth quarter and they didn't have enough balls to tell you. | ||
| It's insolvent. | ||
| The bank was insolvent. | ||
| These banks are insolvent. | ||
| What do you think they're at the discount when they're getting as much cash as they possibly can from the Fed? | ||
| They're insolvent. | ||
| Philip Patrick, how do you get to, I need everybody to need to, how they get to Birch Gold today, I want you, I want people, I'm not telling you to buy anything, I'm not telling you, what I'm telling you to do is get as much information as you can and that's your homework assignment. | ||
| How did they get there, Philip? Very simple. | ||
| Birchgold.com slash Bannon. | ||
| Again, birchgold.com slash Bannon. | ||
| They're going to get an information kit on gold, how to invest in it, as well as access to the dollar reports as well. | ||
| So really good information, birchgold.com slash Bannon. | ||
| Thank you, brother. Fantastic. | ||
| Everybody get there. On tomorrow's special, I think we're going to try to get Philip Patrick back on tomorrow morning. | ||
| Brett, hang on for a second, brother. | ||
| I'm going to come back to you. Let me get Royce White in here. | ||
| Royce, tonight you've got Alex Jones on your podcast. | ||
| That's going to be epic. Last week you had Steve Bannon. | ||
| This week you got Alex Jones. | ||
| But, brother, you came to national fame because you marched on the Fed during the Floyd-Brown situation. | ||
| You marched on the Fed, not down to the center. | ||
| Tell me your thoughts about what you're seeing today as we're nationalizing the banks and screwing working people. | ||
| If you're a wage earner, they're abusing you like nobody's business right now. | ||
| I don't care if you're making $250 a year. | ||
| You're still working for the man. | ||
| You're nothing but at the top 1 % of the wage earners. | ||
| If you're a wage earner, if you're a wage earner, From a kid in college making $6 or $8 an hour to somebody making $250, $300, you're just a working stiff. | ||
| You're getting hosed every second of every day right now. | ||
| Royce White. Well, this is the tyranny that I saw a while back. | ||
| This is the tyranny that I saw a while back. | ||
| Everybody during the George Floyd situation was focused on the mainstream media narrative of police brutality. | ||
| And I went to the front line and I said, this economic tyranny is the number one thing we need to be focused on, this sort of economic serfdom that's being ushered in. | ||
| And it wasn't even the central bank and digital currencies at that time. | ||
| It was more around the rise of China and Wall Street and the Fed basically giving away this country's sovereignty and economic and manufacturing independence. | ||
| In boardrooms and ivory towers and then getting in return fentanyl and a virus. | ||
| So, you know, I tried to preach that and people looked at me like I had three eyes and said, well, why are we at the Federal Reserve? | ||
| And now, today, everybody understands. | ||
| When you did it, by the way, you were on MSNBC every night, and then you did the march. | ||
| I said, who's this guy? He marched him right to the, instead of the George Floyd Center, he marched him to the Fed and said, this is the center, this is the problem we got here. | ||
| Do you think that the minority community is waking up to the fact of how they're being crushed every day by monetary overspending at the government level and monetary policy in this country, sir? | ||
| Well, I, you know, in all honesty, I would say no, but I think that the working man or the common man across this country It's still not well versed on how they're being crushed by monetary policies, both in this country and at the international level. | ||
| And I think that's why they want to take you out. | ||
| And I also think it's a reason why they want to take a person like Alex Jones out. | ||
| And that's exactly why I started the podcast. | ||
| And it's why I featured you last week, last Friday, and I'm going to feature Alex this week. | ||
| And we're going to continue to feature people who have spoken about this. | ||
| I'm trying to track down I have this on my desk as well, just for everybody out there, this national strategy for countering domestic terrorism. | ||
| This was June 2021. | ||
| In there, they're basically saying anybody like me, you, or all the other patriots out there who want to speak about these You know, no-fly zone issues such as economic policy. | ||
| We're all domestic terrorists. | ||
| And I just find it funny in one sense, but I find it alarming for all the citizens out there, every citizen out there that values the way of life that they become comfortable with. | ||
| How do we get to your podcast tonight? | ||
| How do they get to all your social media content? | ||
| Please call me crazy. | ||
| Please call me crazy. 9 p.m. | ||
| Central on YouTube. Godspeed, brother. | ||
| Love you. It'll be up on all the War Room sites tonight with commentary. | ||
| We have huge crowd show of that. | ||
| Huge audiences for Royce White. | ||
| Royce, thank you. Short break. | ||
| Boris Epstein is going to join us. | ||
| Talk about the meltdown of the banking system with President Trump. | ||
| Will he be indicted? Dave Brass is going to... | ||
|
unidentified
|
Protecting free speech and canceling cancel culture. | |
| Join the marketplace of ideas. | ||
| The platform for independent thought has arrived. | ||
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| Enough. Getter has arrived. | ||
| It's time to say what you want, the way you want. | ||
| Download now. | ||
| Okay, get us totally free. | ||
| We'll be up all weekend. We'll be doing the Royce White show tonight with commentary. | ||
| Also, we've got a number of things all weekend we'll be putting up. | ||
| I'll be in and out in the chat rooms, et cetera. | ||
| So make sure you download it. It's totally free. | ||
| I can use it. I'm a moron. | ||
| You'll be able to use it. Also, MyPillow.com. | ||
| Promo code WARROOM for the MyPillow 2.0. | ||
| Buy one, get one free. | ||
| You're not going to get a lot of hours. | ||
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| That's MyPillow.com. | ||
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| On the year-round slippers. | ||
| Check that out. $25. | ||
| Next hour is going to be insane. | ||
| This hour is hot. | ||
| Next hour is going to be insane. So, Boris, first off, all the MSNBC and CNN spending their time on is not the meltdown of the banking system. | ||
| It is President Trump's potential indictment on the Stormy Daniels situation. | ||
| What's going on here? Steve, honor me with you. | ||
| Honor me with the posse. What is going on is President Trump did absolutely nothing wrong. | ||
| President Trump did everything right. | ||
| There was no crime, no affair, and there was extortion of the president by Stormy Daniels, the porn actress, and potentially in cahoots with his former disgraced attorney, Michael Cohen. | ||
| That's all there is. And when Handye knows it, and let's be honest, the libs know it. | ||
|
unidentified
|
You've got MSNBC opinion pieces out there saying, please don't do this. | |
| This is the weakest case. | ||
| Rick Hazen, who's left of Mao Zedong, is saying, please, please don't do this. | ||
| The other cases are better, which they're not. | ||
| They're all a joke. This is a disaster for the Democrats. | ||
| And I truly hope, honestly hope, the Manhattan D.A. gets smart Gets at least some religion and, honestly, some objectivity. | ||
| Impossible. And looks at this nonsensical case and decides to move against any action against President Trump. | ||
| Because, again, the President does nothing wrong. | ||
| It gives Trump the primary. | ||
|
unidentified
|
It gives Trump the primary. Let's remember, well, you give President Trump the President. | |
| You know that about it. Not for Mandela, okay? | ||
| But here's the deal. | ||
| The key witness for the prosecution for the DA in this case would be none other than disgraced, disbarred, felon, perjurer, Michael Cohen. | ||
| And as we know from the Pomerantz book, that's the latest, the last thing Alvin Bragg wanted to do. | ||
| Why is he changing his mind? | ||
| Because he had some pressure from the Democrats. | ||
| But now even the Dems are coming out and saying don't do this. | ||
| So this whole endeavor is a total joke. | ||
|
unidentified
|
Just like in every other hoax, President Trump did nothing wrong. | |
| The reason they're getting pressure is they've seen the polling where Trump's starting to spread. | ||
| One of the reasons that, the banking system's in meltdown. | ||
| Talk to me about the Fed doing a backdoor. | ||
| It's all bailout. The Fed's doing a backdoor bailout with opening up the discount window and just shoveling free money into these banks because the banks are insolvent. | ||
| That's why they're doing it. | ||
| The banks are insolvent. I hate to use the I word, but they're insolvent just like SVB was insolvent last year and they didn't have the courage to tell anybody about it. | ||
| Boris Epstein, thoughts? | ||
| Which, by the way, is illegal, right? | ||
| Because they're under a legal obligation to report that very pertinent fact of being insolvent. | ||
| My thoughts are, Steve, that we've been saying this for over two years now. | ||
| It took Joe Biden just a couple of months to completely destroy, and it's not Joe Biden because he's so hopeless, but Joe Biden and his comrades to destroy our country. | ||
| We don't have a functioning economy. | ||
| We don't have a functioning banking system. | ||
| We don't have a functioning southern border. | ||
| We don't have a functioning military. | ||
| Just look at Afghanistan. The level of rot in our country all across the board isn't troubling. | ||
| It isn't bad. | ||
| It is frightening. | ||
| And that's how we need President Trump. | ||
| As you said, Steve, that's why he's up 41 in New Hampshire, 30 points nationally, dominating up in Florida. | ||
| By the way, a real poll came out in Florida, but just last week I said to you, hey, maybe that's the University of North Florida poll isn't quite up to snuff. | ||
| Emerson today, President Trump up by over the margin of error in the state of Florida from Emerson. | ||
| Yeah, that makes sense. | ||
| No, you can see, and by the way, the most powerful model, in fact, we're going to have Richard Barris on here talk about Arizona in the next, the Rasmussen poll. | ||
| But the Rasmussen poll on transferability is a monster poll because it shows you East Palestine and President Trump focusing. | ||
| He just put another great policy video. | ||
| These policy videos are amazing because it's separating out, it's comparing and contrasting the other guys running, right? | ||
| They're amazing, and there should be more of them. | ||
| Speaking of videos, everybody's seeing it because just this morning YouTube and Google announcing that President Trump is now back on the platform. | ||
| Why? Because they know that he's going to march back to the White House and they can only keep him down for so long. | ||
| Boris, what's your social media? | ||
| How do people get to you over the weekend? | ||
| Steve, thank you so much. My information, the website is hotborrscp.com. | ||
| Sign up right now, borrscp.com. | ||
| Hot on Getter at Borrscp. | ||
| Twitter at Borrscp. | ||
| Hot on True Socials, Borrsc, Borrsc, Borrsc underscore Epstein. | ||
| Stay strong, God bless, and Shabbat Shalom. | ||
| Thank you, Borrsc. Dave, we got about a minute before we go to the next hour. | ||
| Give us your thoughts that people should have over the weekend and how they get to your social media to follow you. | ||
| Yep, yep. Spending is a given. | ||
| There's no evidence and no receipts that the Republicans have ever cared or will care about reducing spending. | ||
| I hope they do going forward, but there's no evidence. | ||
| The Democrats, as Boris just said, on spending are left of miles. | ||
| They don't. So that's a given. | ||
| Spending is going to go up. If you want to get the attention of the American people and of the left and of the Republicans and the Federal Reserve, And the printing process that allows them to spend. | ||
| You can still have a central bank, like Peter said, with a monetary rule following John Taylor and the smartest guys that have ever lived. | ||
| So this is nothing radical, and we survived quite nicely without them, without inflation, and lower inflation, by the way, before the Fed. | ||
| So that's issue number one. | ||
| Issue number two is the job of the Congress is to write law. | ||
| And right now the Federal Reserve is operating under two mandates and they're just making stuff up. | ||
| They're giving stuff to the rich and they're not giving the same stuff to the poor. | ||
| It's an insult to our intelligence and saying that, you know, we can do pronoun studies and that might help unemployment. | ||
| If that's allowed under the law in their mandate, Then the law is meaningless, and the Congress needs to get on this, and they need to rewrite the Fed mandate for something that will actually help the American people. | ||
| Wow. That's the most powerful 90 seconds a minute I've ever heard about the Fed. | ||
| I'm not kidding you, brother. Powerful. | ||
| Brad, how do people get to you? | ||
| Yeah, Brad Economics at Getter, and Godspeed, Steve. | ||
| Keep the faith out there. Read the book. | ||
| Dave Brat, you're the man. | ||
| Short commercial break, couple of minutes. | ||
| We're going to be back, second hour, going to be wall-to-wall. |
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