March 21, 2023 - Bannon's War Room
47:53
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is what you're fighting for. | ||
| I mean, every day you're out there. | ||
| What they're doing is blowing people off. | ||
| If you continue to look the other way and shut up, then the oppressors, the authoritarians get total control and total power. | ||
| Because this is just like in Arizona. | ||
| This is just like in Georgia. It's another element that backs them into a quarter and shows their lies and misrepresentations. | ||
| This is why this audience is going to have to get engaged. | ||
| As we've told you, this is the fight. | ||
|
unidentified
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All this nonsense, all this spin, they can't handle the truth. | |
| 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. | ||
| The storm is here. | ||
|
unidentified
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One, two, one, two, three, four! | |
| Love is a burning thing, and it makes a fiery ring. | ||
| Bound by wild desire, I fell into a burning ring of fire. | ||
| I went down, down, down, and the flames, they went higher. | ||
| It burns, burns, burns, the ring of fire, the ring of fire. | ||
| The cities of love are sweet when I'm kindred. | ||
| I feel for you like a child. | ||
| Oh, but the fire went wild. | ||
| I fell into a burning ring of fire. | ||
| I went down, down, down, and the flames, they went higher. | ||
| It burns, burns, burns, the ring of fire, the ring of fire. | ||
| I went down, down, down, bound by desire. | ||
| It burns, burns, burns, the ring of fire, the ring of fire, the ring of fire. | ||
| The ring of fire. | ||
| 20 March in the year of our Lord, 2023, and yes, the storm is here. | ||
| It's not that it's coming. There's no gathering storm anymore. | ||
| We're in it, okay, as we enter Dante's The First Circle of Hell. | ||
| And this is the show to actually break it down and everybody can see it. | ||
| Remember, this is ironically... | ||
| The 20th anniversary of the beginning of the invasion of Iraq, all the tragedy that that caused, all the agony, the $9 trillion that it cost in, excuse me, $7 trillion for Iraq, $2 trillion for Afghanistan. | ||
| I'm going to get to all that. | ||
| We got some incredible footage from that night. | ||
| But we're here also to talk about what's happening, the convergence of this, right, the geopolitical and the financial. | ||
| We got a financial system that is in global meltdown. | ||
| The foreign minister, excuse me, the The finance minister, their equivalent of the Secretary of Treasury, the finance minister of France, came out and said, the era of easy money, the era of free money is over. | ||
| As they understand right now, they're pumping in from the Federal Reserve massive amounts of liquidity, they call it. | ||
| That's a fancy term for hard cash, okay? | ||
| And that would be your cash. | ||
| It's an asset to them. | ||
| It's a liability to you because all it's going to do is lead to a massive devaluation, incredible inflation, the most regressive unfair tax in mankind's history, and that's runaway inflation. | ||
| But 20 years ago, I want to bring in—I tell you, do we have—and the footage we have, do we have any sound for that? | ||
| We've got some incredible footage. | ||
| Let's play—okay, I'm going to bring in Captain Bannon. | ||
| Captain, you served in Iraq. | ||
| You were actually a little girl. | ||
| Let's say I'm trying to think in 2003. | ||
| So you graduated from the Academy in 10. | ||
| How old were you in 2003, ma'am? | ||
| I was 13. | ||
| I don't want to date you. | ||
| 13, 14 years old. | ||
| I just graduated eighth grade and I had actually in 2003, March 20th, 2003, I was a freshman in high school. | ||
| You were a freshman in high school at Marymount on the volleyball team and playing club volleyball, getting ready for your great career at West Point, the United States Military Academy. | ||
| Let's go ahead. If Memphis can play, let's go back 20 years and remember shock and awe. | ||
|
unidentified
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Let's go ahead and play it. It's a big thing. | |
| It's a big thing. It's a big thing. | ||
| It's a big thing. It's a big thing. | ||
| Okay, I want to continue to play that one. | ||
| I want to play it as B-roll. We have producers, actually producers, that were not born when that happened. | ||
| It's unbelievable, the shock and awe. | ||
| Mo, as you look back in your academy class of 10, you guys went and served under President Obama, I think, even before his second term. | ||
| Tell us, what's the general impression of the Army veterans and people you know? | ||
| I know you don't speak for the Army overall, but people you know about basically Our time in Iraq, what are their takeaways from people when they sit there and they look at the time in Iraq? | ||
| For everybody on the podcast or on radio, this is why you've got to get the show and go back and see the clips. | ||
| This footage is absolutely unbelievable. | ||
| It's not shown very often. | ||
| And really, we had very little commemoration over the weekend. | ||
| Captain Bannon, your thoughts and observations? | ||
| You know, people believe that when we went over there, we went to complete a mission and the guidance that we were given. | ||
| And we withdrew. | ||
| We were in Iraq from 2003. | ||
| Shock and awe actually started the night of March 19th with the air, which is what we're seeing right now as B-roll. | ||
| And then the ground game started on March 20th. | ||
| We went from March 2003 until December 2011. | ||
| With that withdrawal, we have now gone back into Iraq. | ||
| What we thought we were handing over Did not stay the way we thought it was going to be. | ||
| And you have veterans question, just like we did with this BASP withdrawal out of Afghanistan. | ||
| You have veterans questioning what they went over there to do. | ||
| And you lost thousands of people in Iraq. | ||
| And it makes veterans question, did we go over there? | ||
| And do what we were meant to do. | ||
| Like, did we complete the mission? | ||
| And was it worth it? | ||
| So you have a lot of veterans questioning that, and then you have some veterans that believe that we did go, the mission that we were told we were going to complete, we did complete. | ||
| I remember when you were over there and you were gonna be over there for a lot longer at the time and then I gotta tell you this footage is unbelievable I haven't I have not watched the shock and awe for a while but just keep replaying that on b-roll it's insane people have to see this this was the air attack And the misimpression that the leaders had is that chaining these guys is that this was going to basically win the war. | ||
| They had no concept, no contract. | ||
| In fact, Bill Kristol today sent back some tweet on footage of Mike Lindell today about when I called Ron DeSantis a weasel. | ||
| He had Kristol. These people have blood on their hands. | ||
| They'll never wash off. Impossible to wash off. | ||
| The lies and misrepresentations and what they did to basically talk this country into war is disgraceful. | ||
| Absolutely disgrace. Worse than Vietnam. | ||
| Worse than Vietnam. Go ahead, Mo. | ||
| 100%. And I don't know if you remember on May 1st, 2003, at the time President George W. Bush said, gave that speech, the Mission to Accomplish speech, and said that Combat operations were complete in Iraq, which is not the case. They continued on for years. | ||
| Then we withdrew out of Iraq. | ||
| We're back in Iraq. | ||
| And we're not giving adequate health care to the veterans that we sent over multiple deployments to this country. | ||
| And what we were told we were going over there to fight for, as you said, And we all know, to be true, that we were told lies, we were misrepresented, what we were going over there for. | ||
| And then now we've sent numerous people over there, deployment after deployment after deployment, and used them until they can't be used anymore, and then thrown them out like yesterday's garbage. | ||
| So we need to take care of the veterans that we sent into Iraq in 2003 through 2011, and those veterans from Afghanistan as well. | ||
| There's still 5,500 combat troops, or I should say combat and support troops, I guess to be technically correct, just like there's thousands up in Syria. | ||
| This is one of the things of the America First movement. | ||
| We want all those to come home. | ||
| Richard Engel. In fact, let's go ahead and play. | ||
| We have the Richard Engel piece. | ||
| I'm going to get to Wall Street. You have a major geopolitical meeting happening in Russia, right, with Putin and Xi. | ||
| The mullahs in Persia, in Tehran, I've already partnered with the Russians and now with the Chinese. | ||
| And as Richard Engel is going to tell you here on NBC, essentially the country we fought for, who are doing deals now with the Chinese, and Iraq's also going to do a big output deal with them, and take that in Chinese currency, not petrodollars, to get off the U.S. currency. | ||
| Most of their politics is controlled by Iran. | ||
| So all those lies, all that treasure, everything. | ||
| And the same people, all the Bush hacks are up on MSNBC. They want to come back and talk to us, Bill Kristol. | ||
| They should just leave. | ||
| Leave the stage. You're despised. | ||
| You're detested by people. | ||
| People hate you. They hate you because of the lies you told to this nation. | ||
| And really, with lies, got us into a war of choice, right? | ||
| A war of choice that we never should have gotten into. | ||
| It's absolutely a disgrace. | ||
| Everything about Iraq. Let's go and play the Richard Engel piece for a couple of minutes and then we'll cut in. | ||
| I want to put it up on our site. | ||
|
unidentified
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A Gallup poll released today shows the majority of Iraqis still feel negative emotions like pain, stress, and worry on a daily basis 20 years after the start of the war. | |
| But there is hope. | ||
| More Iraqis said they believe their living standards are getting better in 2022. | ||
| And for the first time in years, the nation didn't lead the world in negative experiences. | ||
| NBC's chief foreign correspondent Richard Engel is in Baghdad with the latest from the ground. | ||
| Richard? It's hard to believe that this is what Baghdad looks like today. | ||
| People are back out onto the streets. | ||
| This is called Mutanembi Street. | ||
| It's the old book market. | ||
| And for many years, people didn't just not come here. | ||
| They didn't go out of their homes at all. | ||
| There were so many car bombings, so many kidnappings, such an intense insurgency that... | ||
| People were afraid. | ||
| Now, the city is much, much safer. | ||
| The entire country is much safer. | ||
| And people are starting to embrace their country, embrace a new life. | ||
| People here told me they're optimistic. | ||
| This hasn't been an easy journey for Iraqis. | ||
| When the U.S. invaded 20 years ago this weekend, Iraqis were initially very happy. | ||
| They were happy to be rid of Saddam Hussein. | ||
| Not everybody, but the vast majority. | ||
| Happy to be able to express themselves, happy to be able to pursue new lives, new dreams. | ||
| Quickly, Iraqis realized that it was not going to be easy and that tensions that have been building up between the different religious communities here, Sunnis and Shias, started exploding out and a civil war broke out. | ||
| A civil war that was devastating, a civil war that American troops caused inadvertently and also found themselves in the middle of. | ||
| Now that civil war is over, American troops have gone, there is no American military presence here, just some troops that mostly guard the U.S. Embassy, but you don't see troops around, you just see Iraqis around. | ||
| And people here are hopeful that they can start a new page, but they have... | ||
| We're going to try to play that in its entirety. | ||
| I'm going to put it up on Getter. | ||
| Twenty years afterwards, after all the death, all the destruction, all that was no weapons of mass destruction, everything you were told was a lie, after all the seven trillion dollars, think about this for a second. | ||
| Think of what the United States would be with $7 trillion spent here in St. | ||
| Louis and in Detroit and in Arizona and in Colorado. | ||
| If we just took $7 trillion and spent it here to make our cities better, to make our manufacturing base better, to make our airports, our infrastructure, $7 trillion. | ||
| You spent $7 trillion in Iraq and lost thousands and thousands and thousands of dead, thousands wounded, some of the most horrific injuries. | ||
| I remember most, some of the kids in your class, some of the most horrific injuries will never recover. | ||
| And then the psychological damage, right, with what, the 20 suicides a day and all the PTSD. Just absolutely a great tragedy. | ||
| And here's the thing, the people that foisted this on the country, because it was foisted, I remember at the time, all this stuff about weapons of mass destruction. | ||
| Everything they said about going into Iraq was a lie. | ||
| We didn't go into Iraq. Nobody signed up to go to Iraq to bring democracy to the Iraqis. | ||
| That was never the deal. | ||
| Later, they know the Bluefingers and all that. | ||
| That was all Bush trying to bail themselves out of Dick Cheney's lies and Bush's lies and the PPC on MSNBC. All the Trump haters, all the never-Trumpers, remember. | ||
| The core thing that comes through is at the Reagan Library with, you know, that magnificent drop. | ||
| And in South Carolina, Donald Trump lit up Jeb Bush about these wars. | ||
| And the audience response was fantastic because the audience, it's their sons and daughters going into these foreign battlefields to be injured or to die. | ||
| They had a belly full of it. | ||
| And that's one of the biggest dividing lines. | ||
| That's why Nikki Haley and Tim Scott and all these people can't get any traction because they're still neocons. | ||
| And people have had it with the neocons. | ||
| It doesn't work. And we're not going to do it again. | ||
| These endless forever wars, particularly these endless forever wars in the Middle East. | ||
| It's time to bring them home from Syria. | ||
| And by the way, that's not quite true. | ||
| There's more than embassy protection personnel. | ||
| We have 5,500, I think, combat troops and support troops. | ||
| And special operators in Iraq. | ||
| And here's the thing. One of our mortal enemies, Persia, the Iranians, control the country. | ||
| Richard Engel goes on and says, hey, the politics are really controlled by Persia. | ||
| In fact, they've got a huge billboard up in the center of town to Soleimani, the guy we took out, who is essentially an operative of the Iranians. | ||
| The Iranians who are now a partner of the Chinese Communist Party, direct partner, hardwired partner, and Russia, supplying military equipment. | ||
| Mo, you went in 10. | ||
| I just want to go about getting... | ||
| Yeah, go ahead, hon. I was just going to say, and you notice... | ||
| Am I talking too much here? Am I talking too much here? | ||
| You can just tell me to shut up. | ||
| Dad, you shut up. And you notice the people that continue to vote for Endless Wars, like you said, it's not their sons and daughters. | ||
| It's not their grandchildren. They don't care about sending us back over and over and over again because it's not their children. | ||
| Their children get to go home on Thanksgiving and Christmas, get to go spend family holidays with them. | ||
| It's not their children that are going over there and at risk of dying and them coming home in a casket and having to be buried, potentially in Arlington National Cemetery. | ||
| They don't know what it's like, and many families in this country do. | ||
| And that's why they continue to vote for these endless wars, because they've never had to live that. | ||
| They can keep it at arm's length. | ||
| The American people, most of them know what it feels like to have a family member go off to a foreign battlefield. | ||
| And not know day by day if they are actually going to make it home. | ||
| Over the weekend, given his happy talk on Ukraine, a guy that's never been overseas, never served in the military, never done anything except, you know, hang with his father, who is chief of staff for Bush, basically gave the Chinese Communist Party, reinforced their rule in China after Tiananmen Square when the Bush regime, 41, the first Bush regime, sat there, or Bush junta. | ||
| As I call it, and gave the country, you know, took down Lady Liberty, didn't support the protesters, but supported the Chinese Communist Party. | ||
| And he has no, you know, he's got some happy talk in Iraq, Ukraine, we got to be in there. | ||
| You know, he's one step away from saying we need full combat troops. | ||
| Last thing, by the way, I know when you had your first command and did that. | ||
| All your NCOs, I think the average was 10 or 11 deployments. | ||
| These NC's non-commissioned officers that were career Army, Army through and through, majority of whom were minorities. | ||
| They had done 10, 11, 12 combat tours. | ||
| I mean, Mo, how do you keep a personal life? | ||
| How do you keep a family life together when you're doing these multiple tours between Iraq and Afghanistan, ma'am? | ||
| You don't. You honestly, that's why the divorce rate is higher in the military than it is, you know, in the civilian world. | ||
| You don't. By the time you get home, you end up home for a few months, a year, and then you go back over again. | ||
| And most in the military, you PCS or change duty stations. | ||
| So you could go deploy, like I deployed out of Fort Campbell and then move to another duty station and they could be on the patch chart to deploy again. | ||
| So yes, there were many, many NCOs that worked for me when I was in command. | ||
| That had multiple deployments and a lot of them are divorced at least one possibly two divorces and it's hard a lot of kids grow up not knowing their parents that are serving in the military because they were constantly gone. | ||
| I remember, too, I don't know if we've gotten to it yet, you're sitting on Saddam Hussein's throne. | ||
| There it is right there with your weapon. | ||
| I want to see this because Richard Engel, right there. | ||
| Richard Engel has today, at the end of the report, he talks about that. | ||
| I think the very palace you were in has been turned into the American University of Iraq today. | ||
| It's actually a college, so... | ||
| A long way from 2000. | ||
| That was 2012? | ||
| 2011? 2012? | ||
| I remember they pulled you guys out. | ||
| When was it? It was November, December 2012? | ||
| I deployed April 30th of 2011 and I came home boots on ground at Fort Campbell November 8th of 2011. | ||
| And that was only because if we had stayed past December because Of the agreement that was made by President George W. Bush, had we stayed past December into January of 2012, we would have been charged as war criminals. | ||
| Biden was in charge of that negotiation to extend it and didn't get it extended. | ||
| And so Obama pulled the plug. | ||
| You guys were back. I remember everything was pulled out. | ||
| You guys were back, what, six months early. | ||
| But more importantly, from the time you first got the order, everything came out right away. | ||
| Okay, thank you very much for this on the 20th anniversary of the invasion. | ||
| Remember, as Mo said, Baghdad fell I think within three or four weeks, right? | ||
| They obviously couldn't put up with the modern combined arms operation of the American military. | ||
| But we were there for years and years and years. | ||
| It was 22 days after the initial shock and awe. | ||
|
unidentified
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22 days Baghdad fell. | |
| 22 days. And then we barely held it for another, what, 10 years, 12 years. | ||
| Unbelievable. The dead, the wounded, the PTSD, the money wasted, the treasure wasted. | ||
| They haven't learned. It's the same crowd pushing Ukraine. | ||
| The exact same crowd. They haven't changed whatsoever. | ||
| The forever war crowd. | ||
| And America First, we're going to stop them. | ||
| It's not acceptable. We're not isolationists. | ||
| America First is far from isolationists. | ||
| We want to take down the CCP. Far from isolationists, but you cannot have these forever wars. | ||
| You get into these combat situations. | ||
| You just continue to pour material and cash in there. | ||
| It's incredible. | ||
| The blood and treasure of the nation. | ||
| Captain Bannon, how do people get to you? | ||
| Maybe they'll see these photographs you'll have up. | ||
| How do they get to you? How do they get to you later? | ||
| What are your coordinates? They can follow me on Getter and Twitter at Maureen underscore Bannon. | ||
| And I also come in very hot on the gram at RealMaureenBannon. | ||
| Are you guys doing Royce White's show later tonight? | ||
| Are you going to stream that and have some commentary? | ||
| We will be streaming Royce White's podcast tonight at 10 p.m. | ||
| Eastern Time. Okay, I'm doing a very special engagement on Royce White's podcast tomorrow night. | ||
| We're going to talk capital markets, what's going on throughout the world financial system. | ||
| So, Mo, thank you very much. | ||
| One of the savage angels. | ||
|
unidentified
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Thank you very much for joining us. Thank you for having me on. | |
| Let's go ahead and play. I'm going to bring Dave Walsh in. | ||
| We're going to talk to Dave Walsh about the underpinnings of the world economy, which is energy. | ||
| Can I play again? Can you just go back? | ||
| Go back to the beginning. Let's play that shotgun all for a second. | ||
|
unidentified
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The second explosion was a huge one. It was huge. It was a huge explosion. | |
| During the Gulf War, as a defense, Saddam Hussein had actually burned the oil fields right here. | ||
| He had set the oil fields on fire, had those incredible films that were made of what he was doing, the ecological disaster. | ||
| Since we took the country over in 22 days, to now hear that The Iraqis are doing massive output deals with the Chinese Communist Party, and they're going to do exactly what the Persians are doing, exactly what the Saudis are doing. | ||
| They're going to do these output deals and take it in Chinese currency. | ||
| Was this worth it at all, not just the blood and treasure, but from a geopolitical perspective? | ||
| And from really an energy, the geopolitics of energy, was the invasion and our being there for, what, 15 years worth it? | ||
| We're still there, I guess, still there after 20 years worth it? | ||
| No, from an energy perspective, we certainly didn't come out of that with an energy ally, to the point you just raised of the East beginning to coalesce, Iran, the Kingdom of Saudi Arabia, of course, Russia around the Chinese core. | ||
| to go ahead and shift exportation away from those who don't appear to want oil to those who do, and that's China, to grow their economy. | ||
| You mentioned a couple days ago the monetary impact of this. | ||
| The dependence on China now of Russia is about a 48 billion funds transfer of value of exportation from Russia now to China in crude oil. | ||
| The reduction of China's prior dependence on us, to some degree, for some degree of their Petroleum, which is now over, was about $17.1 billion, $48 billion a year in hard currency transfers to China of oil from here. | ||
| So now they're coalesced with Russia, New Pole, Russia, Saudi, Iran together. | ||
| No, the warfare did nothing for us in terms of energy independence nor creating any long-term allegiance with the Iraqis, certainly not the Iranians. | ||
| So tremendous loss. | ||
| It's unbelievable. Incredible. | ||
| Just incredible. Dave, hang on for a second. | ||
| We've got a lot more to talk about. | ||
| While the world's financial system melted down today and it was only saved because of a massive infusion of your cash from the Federal Reserve, either in swap lines or directly at the discount window where the banks are drawing it down every second. | ||
| In the five-hour meeting in Moscow between Xi and Putin, the KGB and the CCP, the White House had Ted Lasso had a comedian there in the White House in the briefing room. | ||
| Be back with Dave Walsh in a moment. | ||
|
unidentified
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Stephen K. Bannon. | |
| Yeah, right. You're right. | ||
| You're here for me. Refer me. | ||
| No, no, no, no, no. Nope. | ||
| That's not. We're not doing this. We're not doing this. | ||
| We're not doing this. We're not doing this. | ||
| You've been dissimulating against me and dissimulating against some people in the briefing. | ||
| And I'm saying that this is the U.S., this is not China, this is not Russia. | ||
| This is not Russia. | ||
|
unidentified
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Okay. Welcome. Welcome to the press briefing room. | |
| Okay. Are we ready? | ||
| Are we going to behave? | ||
| While many folks... | ||
| Quorum, please. | ||
| Sorry to our guests. | ||
| We apologize. Yes, I apologize. | ||
| I apologize. Okay, while many folks here in the U.S. are focused on March Madness... | ||
|
unidentified
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So, like, no matter who you are, no matter where you live, no matter who you voted for, we all... | |
| This is ridiculous. | ||
| These are not serious people. | ||
| You've got the financial system in the United States melting down. | ||
| The only reason you have any stability whatsoever in the last couple of days is you're just forcing your cash into the system. | ||
| Fiat money just printed at the Federal Reserve. | ||
| That's where they're doing the discount window. | ||
| $186 billion on Thursday and Friday. | ||
| More today. I think it was Fannie Mae or the other, the one that does mortgage-backed securities. | ||
| I can say $300 billion into them today. | ||
| And they've opened the swap windows for the whole world, for the Bank of Japan, the Bank of Switzerland, as they're nationalizing, essentially nationalizing their banking systems. | ||
| They call them shotgun mergers and all this crap. | ||
| In Switzerland, the creme de la creme of global banking, they literally took the rule book and threw it out this weekend. | ||
| No shareholder vote. I mean, they talk about laws and, you know, the international rules-based order. | ||
| These are the rules of the most sophisticated investors in the world. | ||
| Got jammed this weekend in Switzerland. | ||
| Just took the thing out and just zeroed out the bonds who were senior to the equity. | ||
| Gave the equity a tip so they go away. | ||
| Didn't allow any shareholder vote. | ||
| Just literally rewrote the law. | ||
| Rewrote the law on Sunday to make it happen. | ||
| There are no rules anymore. | ||
| The only rule is the Federal Reserve is going to continue to print money that is an asset to them but a liability to you. | ||
| Why is it a liability? | ||
| Because it's got to be redeemed at some point in time. | ||
| And what it's going to be redeemed is a massive, as Peter Navarro said today, you're building up. | ||
| This is a quantitative easing. | ||
| This is a massive infusion of liquidity into the system. | ||
| And eventually that's just gonna blow up on more inflation. | ||
| They're not gonna try to tame inflation because they're so nervous now they raise interest rates, the bonds drop even more, they're bigger holes in the bank's balance sheet. | ||
| This is all the Biden regime. | ||
| So if you're one of these people under 35 years old and, you know, you believe in the net carbon future and you can have windmills produce energy right now, all of it, hey, you got it, baby. | ||
| You voted for it. It's all yours. | ||
| Hope this works out for you. | ||
| 1 % growth. We're going to be just like Japan. | ||
| We're going to have decades and decades, lost generation, lost decades like Japan has. | ||
| They just announced the other day that Japan has virtually, I think, passed the level of no, or the point of no return on demographics, on even having children anymore, because people have just, the young generation's given up. | ||
| They've really given up. We're not going to give up, but it's going to be a long, tough slog back Dave Walsh, five hours she and Putin are with each other. | ||
| They've got their partners in Tehran, their partners in Saudi Arabia, they're soon to be partners in Iraq. | ||
| And the White House has a comedy show guy up there, Ted Lasso, because they think it's all yucks. | ||
| And of course Zen master Jean-Pierre says, yeah, I know everybody's watching March Madness, all that everybody's doing. | ||
| That's the bread and circuses. | ||
| This is Rome and Rome is burning. | ||
| Dave Walsh, give me your assessment. | ||
| When Xi and Putin spend five hours, I just want people to understand, where Trump had full-spectrum energy dominance, what's the reality of the world's energy markets and what's happening geopolitically with the worst people on Earth? | ||
| The Chinese people and the Russian people are great. | ||
| The Chinese Communist Party and the KGB, these are two gangster organizations that basically control these countries, and now they're kind of merging into senior partner and junior partner. | ||
| Dave Walsh. Well, they're certainly going to be talking about our talking about energy transition. | ||
| Energy transition from Europe to China, meaning 2.2 million barrels a day that were previously destined for Western Europe will now go to China to support their huge need for oil. | ||
| Again, they produce 4 million barrels a day. | ||
| They need 14 million barrels a day to keep their economy moving and growing. | ||
| That's going to come from Russia. | ||
| You're going to see discussions actively of two new natural gas pipelines headed southward now to China. | ||
| from Siberia to displace in part one of the ones that someone blew up in the North Sea a few months ago. | ||
| That natural gas by pipeline, far cheaper than making LNG, by the way, far cheaper than transporting it by sea, but by pipeline will go into China almost for certain and displace any LNG exports we had to China. | ||
| They'll now be all from Russia. | ||
| And that's a huge monetization of now All of those transactions, that oil and gas, will be not in dollars, which will dilute the dollar further as the petroyuan takes hold with the kingdom. | ||
| So those issues are undoubtedly at the core of their meetings. | ||
| Plus, of course, this continued distraction of U.S. military spending and the dissipation of our weapons base, our ground-based weapons base on Ukraine for the last 18 months going into the next six months creates massive additional vulnerability for Taiwan, In our inability to defend Taiwan as we dissipate our ground-based projectile and tank and directed missile strength locally in Ukraine. | ||
| So we won't be in a position to support Taiwan within a few months of that continuing to happen, monetarily or with hardware. | ||
| And she knows that. | ||
| He knows that. And that's why you're not seeing a terminus to this. | ||
| And he's the ally of Russia. | ||
| I want to go back. It's the 20th anniversary. | ||
| That's why I want to tie it into the geopolitics that's happening in Moscow for the next two or three days. | ||
| In a fourth turning, things go through massive changes in those times. | ||
| And we have no idea how they're going to turn out. | ||
| I want to just give you a historical perspective. | ||
| When oil... Was first found in any number after the First World War. | ||
| British Petroleum and what was Aramco, the American part of it and the British part of it, were dominant there, working with the local community, and eventually these got nationalized. | ||
| But the Chinese... | ||
| And the Russians had no role. | ||
| American foreign policy up until Obama let the Russians have a warm water port up off of Syria and Israel was the American foreign policy in the Middle East was to keep Russia out. | ||
| China wasn't even considered to be close to being a player. | ||
| This is such a massive geopolitical shift that the British and the Americans that have literally from the founding of finding of oil until now have been the dominant technicians, technical people, still the companies, whether they were nationalized or not. | ||
| And the mentality, if you're over there, the mentality of British Petroleum, the mentality of the big American, you know, the Seven Sisters, particularly the ones that were most... | ||
| And you got Dutch Shell, you got the Dutch, you got the British, you got the Americans, but you have basically the Anglo, you know, Judeo-Christian West. | ||
| Now it's a whole different game. | ||
| And people don't realize... | ||
| This is a game changer because energy independence, energy, the ability to get energy and to get plentiful and cheap is the foundation of the modern industrial society. | ||
| And all the happy talk about you can transition to windmills or solar is just that. | ||
| It's literally fantasy. | ||
| And when Biden sits there and goes, you know, for at least the next 10 years, well, yeah, I think he's right on that. | ||
| When you look at the math, it's a fantasy. | ||
| But now, After 80 years, almost 100 years, I guess, it is shifting almost overnight to going to be Russian and Chinese geopolitically. | ||
| Is that a correct way to look at it? | ||
| And if that's true, how big an impact is this going to have on the United States of America, sir? | ||
| No, it's true. | ||
| And I'll put a capstone on that with respect to BP. BP in the last five years has invested over $2 billion in about 20 U.S.-based solar farms. | ||
| British Petroleum, who basically have cut back British and North Sea production of oil and gas by about 70 % in the last 15 years. | ||
| Cut back production in their homeland, the home country. | ||
| Instead, invest several billion in solar farms in the U.S. that aren't providing a return to their shareholders vis-a-vis the chairman about two months ago announced and say, we're going to look hard at these solar assets. | ||
| They're providing no return for us, BP. So the distraction of a great oil company like that now into renewables, a business that is not their business, they're an oil and gas producer, it's just endemic of the elite mentality that somehow this wind and solar stuff is going to displace oil and gas, and it's not. The Chinese are not betting on that. | ||
| The Saudis aren't betting on that, the Russians aren't betting on that, and I don't think we come out ahead on that. | ||
| Let me add, your great commentary a couple months ago on the Russian invasion by the Germans. | ||
| Why did that happen? That happened because Russia made a commitment to Hitler in 1938 to supply something like 50 million barrels of oil to feed his war machine, beginning in 1938. | ||
| In 1941, Russia pulled the plug in that deal. | ||
| What does Hitler decide to do? | ||
| We need to go get the oil. | ||
| That was at the crux of the invasion strategy. | ||
| Let's go get the oil. | ||
| They've stopped shipping to us. That didn't work out well for them. | ||
| Fortunately, our bombers came in and took out the three major refineries in Germany as step one of our air campaign, and the rest is history. | ||
| Things worked out well for us, largely because the Germans ran out of oil. | ||
| They didn't have a domestic supply. | ||
| They were dependent for a while on Russia. | ||
| Russia pulled the plug. | ||
| That whole issue was at the heart of the Second World War as well. | ||
| And then the reason for the Russian invasion to begin with by Hitler was to seize oil fields, in part. | ||
| And, you know, it's just the dependence of Military success on oil and gas is everything. | ||
| It's huge. And it hasn't changed. | ||
| She knows that. Putin knows that. | ||
| The Japanese co-prosperity sphere was the exact same thing. | ||
| The reason the Japanese drove so far south, right, was that they needed the whole—the Pearl Harbor situation was all about—and the questions today that FDR and these guys know it was the embargo, in fact— The Japanese, they say, hey, knew about it. | ||
| They were actually in Cordell Hall's office, and they're negotiating the embargo of oil from the United States of Japan. | ||
| And these guys internally said, hey, the foreign devil's got us, and they're not going to back off. | ||
| They can always choke us down, and we're going to have to go grab it. | ||
| Both spheres were driven princely about energy, which kind of makes sense, because energy is the foundational element in any modern industrial economy. | ||
| Correct, sir? To this day, as you all know, sir, you cannot wage war without it. | ||
| The U.S. boycott, the U.S. actually, you know, cared little about Asians killing Asians in 38 to 41, cared little about it, except did decree a boycott, an oil boycott on Japan to try to slow them down. | ||
| The Japanese reaction was Pearl Harbor. | ||
| That's exactly why they did that. | ||
| They fully acknowledged it. | ||
| The emperor acknowledged it. | ||
| That's why they attacked Pearl Harbor in retaliation. | ||
| Dave's analysis is cool because the Japanese went into Manchuria. | ||
| The Marco Polo Bridge, they were killing millions of Chinese in Hei, Lao-Beijing. | ||
| They were killing millions of Chinese and nobody in Washington cared. | ||
| Exactly. That's a Eurasian landmass problem. | ||
| That's the Eurasian land myth. | ||
| Yeah, directly result of the oil embargo did we decide to act. | ||
| So geostrategically, you know, the thinkers, if you go back in the 20th anniversary and you talk to people that were the planners at the time, And if you even see some of the movies that came out, I think the one with Richard Dreyfuss as Cheney, cynically they knew that there wasn't weapons of mass destruction. | ||
| They were looking for a reason to get into Iraq because of the geopolitics of oil. | ||
| And they said Saddam Hussein will be a huge problem in 20 years, basically in 2020, in 2023, right now, if we don't take him out now because we need control of the oil. | ||
| From their strategy point of view in the early 2000s to once again get the oil to where we are now, is that the biggest epic fail in geostrategically of a great power in history, Dave Walsh? | ||
| Oh, I think so. | ||
| I mean, it's always the erratic and nonsensical devotion of the West to principles that somehow the laws of physics can change and we can wean rapidly off of Gas, oil, and coal is at the heart of one of the tremendous failures of economic and now it's going to be military policy that the West has ever committed. | ||
| And it's massively worrisome, this nonsense that we can, through solar and wind, power military, power industrial economy, compete with China. | ||
| They know better than that. | ||
| The Russians know better than that. | ||
| Things do not work that way. | ||
| We're still, this economy is 88 % dependent on fossil fuels and nuclear power for energy of all types, transportation, home eating, all in. | ||
| The movement, the needle has moved on that only a couple of percent since 1975. | ||
| All due respect to the solar and wind that's been deployed, the entire needle and the mix of energy over here has moved about 2 % from 90 % dependent on fossil and nuclear to 88 % now on fossil and nuclear. | ||
| Owing to the fact that those are such intermittent resources, it's senseless to talk about depending on them. | ||
| By the way, last week announced in Minnesota, despite the economic chaos we're going through, EDF is investing $250 million, the company owned by Macron, by the French government, in default last year, investing $250 million in a Minnesota-based solar farm. | ||
| They're broken in France. | ||
| They can't pay pensions. | ||
| They're bankrupt. The French government takes over EDF, but they're still investing $250 million, as we speak, last week in a Minnesota solar farm to generate power about 10 % of the time. | ||
|
unidentified
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This is the West. This is where we are. | |
| Dave, let me ask you about the grid, because right now you're going to see a massive credit contraction. | ||
| I mean, right now they're flooding the zone with liquidity to basically save the system, because the system's insolvent. | ||
| So they're just going to keep the printing mill of the Federal Reserve going as long as they possibly can until they're told to stop, which is going to have to happen here, I think, from the Republican House pretty quickly. | ||
| But talk to me, given the fact that you're then eventually going to have a massive credit contraction because you're just going to have to, right? | ||
| Or inflation is going to blow. | ||
| Inflation will be at 15 % and every person in this country will be laid off. | ||
| You know, another 9,000 at Amazon today going top of the 18,000 last week. | ||
| Walk us through with that credit contraction in the shape of our grid. | ||
| Just give us a net assessment of where we stand right now on the distribution side of energy, not even the production side. | ||
| Well, we desperately need to build a lot of baseload capacity, continuous duty, gas, nuclear, heaven forbid, I know we don't like it, coal, clean coal technology, to displace that which has been torn down in the last ten years. | ||
| You look at the effective and accurate Guardian article today, the December 24-25 power shortage in the Carolinas, Tennessee, Kentucky. | ||
| TVA shut down 6,000 megawatts of coal plants since 2005. | ||
| Reduced their coal dependency from 57 % to about 14%, displaced that one-third with electricity imports into the TVA region, about 50 % with gas-fired technology, but about 30 % with renewables. | ||
| So you have a huge shortage of now reserve margins in the TVA region, not enough continuous-duty electricity running, so then when competition came for the gas for home heating in those cold days, They didn't have enough electrons, so they had shortages of two hours to eight hours for December 24-25. | ||
| The Duke area over in the Carolina is the same. | ||
| Duke shut down 56 coal plants between about 2005 and 2017, owing to a massive dependence, growing dependence on solar, which works up there 4.6 hours a day only, 19 and a half hours a day. | ||
| It doesn't work. Therefore, you had about half a million people in the Carolinas out of service. | ||
| And the cold doesn't cause these events. | ||
| It exposes them. | ||
| It exposes the shortage of electricity when demand goes up and exceeds the generation being created. | ||
| It doesn't cause it. | ||
| The cold is the exposer of not having enough electricity, as is heat. | ||
| When it's 98, 102 in the summer in Texas, in the Carolinas, exposes. | ||
| That's when peak demand occurs. | ||
| There's not enough electrons in the system left. | ||
| Because this intermittent stuff, solar, that runs four and a half hours a day, has replaced huge amounts of what was running all the time before. | ||
| And so the reserve margins of overproduction have shrunk and shrunk. | ||
| Carolina's will be down to about 8 % reserve margin. | ||
| If the Duke power plant persists through 2030, it's becoming about 25 % dependent on solar. | ||
| They'll have reserve margins so low that you'll see brownouts and blackouts at a 15 times quantity of now. | ||
| So, we need base load generation invested in. | ||
| This monetary issue is going to create the lack of funding for that. | ||
| We need to stop the- The climate contraction. | ||
| The subsidies for the renewables, have you seen any politician, any leader, any culture, has anybody out there explained this to the American people of what we're about to run into with just our ability to both produce energy and then distribute it to where it should be and have minimum base load? | ||
|
unidentified
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No one. This is a bipartisan issue, Steve. | |
| I'm telling you, the energy plan for the state of Florida, for example, is to become About 25 % dependent on solar power by 2031, which means reserve margins in this state will shrink from 23 % to about 14%. | ||
| The condition will then be worse than in Texas. | ||
| The wind is better. | ||
| Texas 28 % dependent on wind. | ||
| That runs nine hours a day. | ||
| In Florida, it becomes 30 % dependent on solar, which runs 5.7 hours a day. | ||
| The reserve margin and brownout issue here will actually be worse. | ||
| And you know Republican government has run this state for a long, long time into now. | ||
| And the energy plan I'm describing is the one that has been written by NextEra, the largest wind and solar company utility in the world, who makes a huge amount of money building 74.5 megawatt plants that they don't have to bid on, because that's the threshold level below that. | ||
| You don't have to bid in your regulated service territory B. These plants cost seven times what a combined cycle plant do. | ||
| They make a great deal more money on the cash invested in CapEx than they do on OpEx. | ||
| So this is the why of it. | ||
|
unidentified
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It's bipartisan. Dave, we've got to bounce. | |
| A bipartisan failure. | ||
| Where do people go to get your content on social media? | ||
| I'm on Dave Walsh Energy on both Truth Social and Getter. | ||
|
unidentified
|
Thanks, Steve. Thank you. | |
| Fantastic, fantastic analysis. | ||
| D. Dave Walsh. Okay, we're going to be back tomorrow morning live at 10 a.m. | ||
| I commit to you, the show will be on fire. |
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