March 27, 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. | ||
|
unidentified
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The people have had a belly full of it. | |
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big line? | ||
| 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. Bamm. | |
| Absolute mystery to me. | ||
| I see the I-need-to-be-in-the-room-where-it-happened sort of mindset. | ||
| I can actually understand that in a way better than I can understand a person, an evangelical, out of sincere knowing what we know about Donald Trump's conduct. | ||
| I'm not talking about folks who don't know everything, but knowing what we know and with other options, particularly in the primary, out of sincere conviction saying Donald Trump is the guy, that, Joe, is a mystery to me. | ||
| Well, you know, I can see I don't understand it. | ||
| I think it's horrific that these pastors who are hacks who will do anything to be in that room, you know, that's one thing. | ||
| But if you're a Graham, You're in your own room. | ||
|
unidentified
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You don't need Trump. Yeah, you don't need Trump. | |
| No, you've got a legacy, well, that he's not helping. | ||
| But, you know, there's Ann, of course, who's been extraordinary. | ||
| He's been on our show a good bit. | ||
| They've got this ministry that will survive Donald Trump. | ||
| So why? Tim, do you have any answers on this? | ||
| I know we've got to go, but I... I don't want to personalize this too much. | ||
| It just hurts when I see the name Graham attached to the endorsement of a guy who tried to overthrow an election and inspired so much violence and is still praising violence with a choir of convicts who beat up cops. | ||
|
unidentified
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Joe, the best I can do in answering that question is that I think we've got an idolatry problem for a lot of Christian believers in this country who have come to, in many cases, prioritize and even worship this country over the kingdom in which their citizenship ultimately belongs. | |
| And that's a problem for a lot of Christians, and it's heartbreaking for a lot of Christians who are watching it from the outside as you're describing it. | ||
| I can tell you that is said beautifully. | ||
| I don't understand. | ||
| I just don't understand how people who grew up, and if you're a believer, like we are, I grew up hearing the greatest story ever told and believing it. | ||
| I know there are a lot of people watching that don't believe it. | ||
| That's totally fine. | ||
| But believing in the power of the word and the power of God and understanding that we're all flawed and we're all failed. | ||
| And I certainly am at the top of that list. | ||
| But people that would trade that in and prioritize a failed game show host, with all the things he does every day, you talk about throwing pearls at swine. | ||
| I mean, Tim's exactly right. | ||
| There's an idolatry problem here that I just don't get. | ||
| People literally say that Donald Trump. | ||
| I saw a clip on Fox where they were going around and people were like comparing Donald Trump to Jesus Christ. | ||
|
unidentified
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This is so blasphemous. | |
| You just read a few of the red words in the Gospels. | ||
| Just a few of the red words. | ||
| You don't have to even read through the entire Sermon on the Mount. | ||
| This is pure idolatry, pure blasphemy. | ||
| And yet so many people are doing it. | ||
|
unidentified
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It's really heartbreaking. | |
| He's not great as far as campaign skills. | ||
|
unidentified
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He may get there, but he doesn't have them yet. | |
| Who's running his campaign? | ||
| The Bushes are all tangled up with him. | ||
|
unidentified
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Bush that can raise him a billion dollars and get him all kinds of money. | |
| Jeb Bush. George Bush. | ||
| Yeah, they're great. Karl Rove involved. | ||
| Karl Rove is involved. | ||
| I assume he'll be the coach on the field. | ||
|
unidentified
|
I think he is. But do you know that he's been advising the same? | |
| Okay, Monday, 27 March, Year of Our Lord, 2023. | ||
| There's so much going on, we're going to get all into idolatry. | ||
| We have an idolatry. | ||
| Now we have an idolatry problem from Pastor Scarborough. | ||
| I don't even know where to start on that. | ||
| We'll get into it, though. Monday, 27 March, Year of Our Lord, 2023. | ||
| We've got Ben Berquam, Ben Berkwam is like the rangers in World War II. He's the pathfinder. | ||
| He always goes out ahead when we're going to do specials. | ||
| We're going to be in East Palestine tomorrow, Real America's Voice. | ||
| Ed and Karen are going to be there for the morning show. | ||
| We're going to be there for War Room. | ||
| We've got John Fredericks is going to be there. | ||
| John's up and Ben's up. | ||
| Ben, you're actually out in the area. | ||
| Give us a heads up. Walk through what we're going to see tomorrow and what's the current status in East Palestine, sir? | ||
| Well, Steve, I can't start without addressing Joe Scarborough and his comments there. | ||
| You're talking from the Democrats who support infanticide, murdering children even outside of the womb, and all of the transgender craziness that's going on right now. | ||
| Joe, you need to read the Bible. | ||
| I mean, that's what's sickening to me, these people that pretend to be Christians and then come against President Trump. | ||
| By the way, guys, newsflash, God uses imperfect people because Outside of Jesus Christ, we're all imperfect. | ||
| Anyways, that's my little soapbox on that. | ||
| It was an amazing rally. | ||
| Well, no, no. Hang on. Hold on. | ||
| Hang on. Ben, hang on. | ||
| Now that you went there, you know, you shouldn't throw out The greatest story ever told. | ||
| It's not the greatest story ever told. | ||
| It's the living testament of the living God. | ||
| Okay? And you should show some respect for that. | ||
| Particularly, he's not a failed game show host. | ||
| He's only the greatest president in modern American history and did more to support the policies that the evangelical movement and the traditional Catholics. | ||
| That's right. Those movements are in back of him and love him, is that he's not talk, and that's why I wanted to finish with the Bush thing. | ||
| And Israel. Bushes are all talk, never had evangelical come into the White House, never backed any of the policies, never backed the big right-to-life policies. | ||
| Trump did the heavy lifting. | ||
| And that's why the evangelical movement loves them. | ||
| That's where the traditional... You can't fool these people. | ||
| These people are the salt of the earth. | ||
| Go ahead, Ben. 100%. | ||
| 100%. And the question is, any professed Christian who supports the democratic platform at this point, that's the question. | ||
| How can you claim to be a Christian and support what they stand for? | ||
| But there's no question about it. | ||
| What President Trump did was more Christian, was supported more Christians. | ||
| That's who God uses. Listen, read the Old Testament and the New Testament. | ||
| God uses imperfect instruments. | ||
| The entire Old and New Testament is nothing but imperfect instruments. | ||
| Imperfect instruments, okay? | ||
| Yes, Donald Trump is an imperfect instrument, as we all are. | ||
| But what he has done is the heavy lifting and the tough work on the policies to turn this nation around. | ||
| And the more they mock him, and the more they... | ||
| Listen, all that's about... | ||
| They're all freaked out about Christian nationalism and about turning this country back around again and setting things right. | ||
| That's what really freaks them out. | ||
| And we're going to have... Cortez is going to... | ||
| When Cortez is on, we're not just going to talk numbers. | ||
| We're going to talk about... The direction of foreign policy under Biden and under what Joe Scarb and Mika White, what Admiral Kirby from the White House tells us is the central organizing principle, a core value of our foreign policy. | ||
| Cortez and I will get to that in a minute. | ||
| Go ahead, Ben. I'm sorry. And to transition to where we are now, it's also what they're deathly afraid of, is being exposed for the frauds, the hypocrites, and the liars that they are, just like Jesus exposed them for when he was here 2,000 years ago. | ||
| And it's exactly what we see on the border, them using children, trafficking children, everything that we see there. | ||
| Also up here, now I'm in Youngstown, Ohio, and the hypocrisy that we see here, where they claim to care about the people, we're going back to East Palestine tomorrow. | ||
| And they just abandon them. | ||
| And that's the reality. | ||
| That's really, Steve, I think is what they're most afraid of, is for the American people and the people of the world to see them for the frauds that they are. | ||
| And that's why we're here, to expose it and to actually stand with the people, the people that President Trump stands for. | ||
| And, you know, it's ironic. | ||
| This is the hotel we're staying in. | ||
| And as the first person we spoke to when we got on the ground here in Youngstown, we're 20 minutes away from East Palestine, was a woman who has not been able to return to her house yet. | ||
| Every time she goes back to East Palestine, she gets sick. | ||
| That's the reality of what Joe Biden's policies are, the lack of concern. | ||
| This disaster that we had in East Palestine that people have already swept under the rug. | ||
| It's been a month, and they're acting like this thing's over, and it is just beginning. | ||
| So that's why we're here. It's an honor to be here. | ||
| I'll be here with you, with the morning show, with John Fredericks, with Ed and Karen. | ||
| And that's why Real America's Voice News exists, is to expose and to tell the truth and to give the people a voice. | ||
| We're the voice of the salt of the earth, John Fredericks. | ||
| You went and were the person that covered the hearings of Doug Mastriano, which were so amazing. | ||
| You came up with this idea. | ||
| It's absolutely brilliant. Talk to us about why it's important that we're in East Palestine for the next couple of days. | ||
| We have to give the residents of East Palestine, Eastern Ohio and Western Pennsylvania a platform and a voice, Steve, because no one else says they have been shut out and forgotten. | ||
| That's why we're going. We're going to give them a national platform. | ||
| This is a town hall meeting that basically starts 6 a.m. | ||
| tomorrow, Tuesday the 28th. | ||
| By the way, it is at the... | ||
| Old Roadhouse Grill. | ||
| Everybody knows where it is. | ||
| It's iconic. The original Roadhouse will be there Tuesday. | ||
| That's tomorrow. 6 a.m. | ||
| right through 7 p.m. There'll be plenty of food, plenty of seating. | ||
| Then we're going to be back for the people that can't make it on Tuesday. | ||
| We're coming back on Wednesday, the 29th, 6 a.m. | ||
| to the end of War Room at noon. | ||
| We want a turnout. | ||
| Christine Bouserman, my political director, has been on the ground there since Saturday morning handing out flyers. | ||
| Today she's going to meet the fire chief. | ||
| She's going to meet the mayor. The people that sit on basically what is known as a city council. | ||
| They call it something else, but same thing. | ||
| We're going to try to get the politicians there. | ||
| But the main thing we want to get there is residents who have been affected by what happened there. | ||
| We want them on our shows. | ||
| We want them to speak to the nation and tell everyone, including Pete Buttigieg and Joe Biden, And Mike DeWine and Shapiro and all these other feckless leaders that forgot them. | ||
| What their plight is. | ||
| What has happened to them. | ||
| How their families have been affected. | ||
| What's happening to their health. | ||
| Their children in school. | ||
| Are they sick? What is going on? | ||
| Home values. We want to get this out. | ||
| And Steve, that's why our platform here is the only, we're the only people that have gone there. | ||
| No one else is bothered to spend five minutes there except us because they don't care. | ||
| Right? Now we've got Evidence coming out from a whistleblower in the Department of Transportation that Pete Buttigieg and his staff completely ignored East Palestine for political reasons, he said, because it was red and it went 70 % for Trump. | ||
| This is now leaked out from a whistleblower. | ||
| This is what's going on in America. | ||
| We have to go there and we have to show the nation these people matter, Steve. | ||
| And that's why we'll be there. | ||
| How do people follow you, John? | ||
| What is your social media? | ||
| How did they get to the show? | ||
| By the way, it'll be global because we've got a big audience in Germany, Italy, the United Kingdom, Brazil, all over. | ||
| We want the world to hear the voices of the salt of the earth, these great patriots in East Palestine. | ||
| We're going to make sure that everybody hears exactly what happened, what went on, what their current plight is, and solutions about how we get this thing fixed. | ||
| So how do people get to you, John? | ||
| We want a really, really big turnout tomorrow. | ||
| We want to hear your individual stories. | ||
| That's why we're all out there. | ||
| That's why we've invested the resources for you. | ||
| Again, East Palestine, Eastern Ohio, Western Pennsylvania, come join us. | ||
| Roadhouse Grill, that's tomorrow starting at 6 a.m. | ||
| Plenty of seating, 10 out in the back, plenty of food. | ||
| You'll get looped in. | ||
| I'm the easiest guy to follow in the world, at JF Radio Show, at JF Radio Show. | ||
| By the way, my podcast, Trump This, inside the Trump campaign to save America, we put the third issue up on our YouTube channel, which is Trump This with Liz Harrington. | ||
| Who is the spokesperson of a presidential candidate? | ||
| And YouTube took it down and banned us. | ||
| Because we talked to the campaign spokesperson of a presidential candidate and former president. | ||
| The censorship here, Steve, is unbelievable. | ||
| How do you ban a podcast on YouTube? | ||
| These people are sick. Siena poll today has him up 54-27 over DeSantis. | ||
| It's not just that. He's beating Biden in the polls. | ||
| He's crushing DeSantis in the polls. | ||
| He's quickly becoming the prohibitive favorite. | ||
| And they ban him. That's what we're up against. | ||
| People gotta face reality here. | ||
| John Fredericks. We got Belserman and Berkwam as the Rangers. | ||
|
unidentified
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It's amazing. | |
| Thank you, brother. We'll see you in East Palestine. | ||
| Ben Berkwam's gonna stick around. | ||
| We got Cortez. We got Lou Dobbs. | ||
| Ben Harnwell. It's all happening in the war room. | ||
|
unidentified
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Be back in a moment. We rejoice when there's no more. | |
| Let's take down the CCD! | ||
| Here's your host, Stephen K. Bannon. | ||
| Oh, say can you see by the dawn's early light, what so proudly we hailed | ||
| at the twilight's last gleaming? | ||
| I pledge allegiance to the flag of the United States of America, whose broad stripes and bright stars through the perilous fight, o'er the ramparts we watched were so gallantly streaming? | ||
| And to the Republic for which it stands, As the rocket stands there, the bombs bursting in air, gave proof to the light that our flag was there. | ||
| One nation, under God, O say does that star-spangled banner yet wave Indivisible, with liberty and justice for all. | ||
| O'er the land of the free and the home of the brave. | ||
| USA! USA! USA! USA! USA! USA! | ||
| That's the J6 choir with the song that became number one. | ||
| Number one, that's what Morning Mika and Joe have such a problem with. | ||
| It was played at the Waco to kick off the Waco rally, which was just absolutely incredible. | ||
| And my recommendation is they shouldn't do a scripted speech with President Trump anymore. | ||
| The scripted parts... Are not as good as the riffs. | ||
| Just let him get up there and just speak from the heart. | ||
| We need President Trump to speak from the heart. | ||
| Don't need him on the glass anymore. | ||
| Not now. Maybe later, but not now. | ||
| I want to bring in... | ||
| And so that's J6. Many of those individuals, or I think all of those individuals, just held in detention awaiting trial. | ||
| And they sing this every night. | ||
| That's why it's so powerful when you have President Trump there saying the Pledge of Allegiance. | ||
| Ben Berquam, you were in Waco. | ||
| Give me your sense of you were on the ground of the enthusiasm and the passion of the crowd. | ||
| They're mocking the crowd right now. | ||
| Trump can't add to his numbers. | ||
| By the way, at 74 million, which were real votes, we stopped the cheating. | ||
| There's no way Joe Biden has a seven handle in front of it. | ||
| Because, you know, all they're doing right now is spending time trying to figure out how to get Joe Biden off the ticket. | ||
| Ben Burquam, your sense of the event, sir? | ||
| It was beautiful. I mean, the whole day, 15,000 plus. | ||
| I wouldn't be surprised. I haven't heard the final numbers, but I've heard upwards of 20,000. | ||
| I mean, it was a massive number of people. | ||
| And the best people from all over the country, all over the world. | ||
| The left makes it out to be this violent, terrible group of people. | ||
| And they were just, it was love. | ||
| And when he played that, it was amazing. | ||
| Absolutely quiet. | ||
| The entire crowd, there were people with tears in their eyes, praying for the people, the J6ers. | ||
| The travesty of justice that we see going on, and just real quick, back to the original point, the left, they are projectionists. | ||
| So everything that they say, they say sanctuary, they're a den of vipers. | ||
| They say justice, they're the insurrectionists. | ||
| They call us insurrectionists. | ||
| In reality, what we're all fighting for is justice. | ||
| They allow BLM and Antifa to burn down our country for four years, and they hold these guys as political prisoners. | ||
| And the American people see it. | ||
| And so it really felt reminiscent of 2016. | ||
| But the cool thing now is people know the difference. | ||
| People have a barometer to base this on. | ||
| They lived under President Trump and how good life was up until the China virus and what COVID did to our country and to the world. | ||
| And now they've lived under Joe Biden and the disaster that Joe Biden is. | ||
| And I think we're going to see a massive wave of people starting to come out as 2024 approaches. | ||
| You're absolutely correct. They're saying that if you really look at the numbers in the polling, whoever can present order and stability versus anarchy and chaos, and they're going to show Joe Biden, they're going to roll him out like he went to Trudeau and be rubbing up on Trudeau and a bunch of other foreign leaders, as the globalist he is, giving away the country, right? | ||
| And finally, CNN and other people understand what's happening here with the dollar and what's happening with our economy. | ||
| Cortez and I are going to get into that with some detail and Lou Dobbs. | ||
| But President Trump, look at the golden age he gave us, those four years. | ||
| The media was running around with their hair on fire, but look at the stability in the American economy. | ||
| We were not at war. | ||
| These gangsters that run these countries like Persia with the Ayatollahs out of Tehran. | ||
| You got the Chinese Communist Party, the biggest transnational gangster organization ever. | ||
| You've got the KGB and FSB in Moscow. | ||
| You got Erdogan in Turkey. | ||
| Only Trump can back these guys down. | ||
| You know why? They respect him and they fear him. | ||
| Ben Berquam, you're out there. | ||
| Christine Balserman is out there doing the preliminary work. | ||
| We look forward to seeing you tonight and then Ben's going to be part of the show for the next couple of days in East Palestine. | ||
| Ben, any closing observations or thoughts, particularly on Joe Scarborough and Morning Mika giving us the bad face on people following the Gospels of the Living God? | ||
| Yes. Yes. | ||
| God is in control in all of this. | ||
| Christ is in control. He is raising up his remnant for such a time as this. | ||
| You have been called. | ||
| Whether you're sitting on your couch, you're watching this, you're listening to the podcast, driving down the road, Christ is calling you to stand up, to rise, and to rise for justice. | ||
| And that's what we stand for. | ||
| It's an honor to be a part of the posse, but also it's the posse of Christ. | ||
| And that's who we fight for. And we're going to continue to fight that. | ||
| And ultimately, we win. | ||
| So it's an honor, sir. Ben Berquam, what's your social media? | ||
| How can people track you today? | ||
| At Ben Berquam on everything, B-E-R-G-Q-U-A-M. I'll be posting some of the videos that I haven't released from Waco. | ||
| I also have some new videos from East Palestine. | ||
| We're going to be heading down there in just a little bit, so stay tuned for that. | ||
| And, of course, americasvoice.news. | ||
| Make sure you download the app on your phone so you get everything live. | ||
| And then frontlineamerica.com, you'll get my articles from the one and only Kerry Donovan. | ||
| Ben, thank you very much. | ||
| Look forward to seeing you. And Kerry Donovan, another warrior. | ||
| You're doing a great job. You got Balsam and Berkman out there. | ||
| Captain Bannon's going to be out there early. | ||
| The landing party has arrived. | ||
| Thank you very much. Cortez, I got to tell you. | ||
| Cortez, I want to start with... | ||
| I was going to start with economic capital markets, but I think it's a good transition. | ||
| If we can play... If we can get Admiral Kirby, do we have that? | ||
| Can we get Admiral Kirby? We don't have Admiral Kirby up... | ||
| Okay, fine. Steve, tell me about Admiral Kirby, about what he said. | ||
| Let's hear Admiral Kirby, and then we'll come back to you. | ||
|
unidentified
|
President Biden has been nothing but consistent about his It's a foundational belief in human rights, and LGBTQ plus rights are human rights. | |
| And we again, back to the earlier question, are never going to shy away and be bashful about speaking up for those rights and for individuals to live as they deem fit, as they want to live. | ||
| And that's something that's a core part of our foreign policy, and it will remain so. | ||
| Steve Cortez, we have Xi, and the gangsters in Beijing have now put together an alliance. | ||
| That's what it is. It's an axis, the new axis, the legion of doom. | ||
| You got the economists go, the world according to Xi. | ||
| You notice it doesn't say the world according to the United States, the world according to Xi. | ||
| You've got the worst gangsters on earth that have their people, Lao-Beijing, the deplorables of China, Under the boot, right? | ||
| I mean, we have a problem. | ||
| This regime has created a problem that will take us decades to unwind, even with someone like a Trump. | ||
| And you've got Admiral Kirby saying what LGBTQ plus rights are central core to the foreign policy of the United States. | ||
| How do you think that sets, sir? | ||
| Right. A core part of the foreign policy of the United States. | ||
| Talk about majoring in the minors. | ||
| You're exactly correct, Steve. | ||
| The worst adversaries and regimes in the world are increasingly allying against the United States. | ||
| The Saudis and the Iranians, the Crips and Bloods of the Middle East. | ||
| are even making peace at the behest of the CCP to form an anti-American alliance. | ||
| And at a time of that kind of global danger for the United States, what is the focus of permanent Washington or the foreign policy establishment of Biden and Kirby? | ||
| It's spreading an agenda of homosexuality from America to the rest of the world. | ||
| Now, Steve, look, this is absurd on a couple of angles. | ||
| It's just immoral for us to try to project our perversion onto the rest of the world, most of which still believes in traditional marriage. | ||
| But secondly, just putting aside the ethics and the morality of it, just from a practical perspective, this is terrible state crack. | ||
| This is terrible diplomacy. | ||
| This is cultural imperialism. | ||
| And these countries, understandably, even the ones that are very pro-American, even the ones that act in our interest, they are understandably revolting against This cultural imperial. | ||
| Steve, I'll tell you a quick story. | ||
| I was traveling in Africa, in a mostly Muslim country, chatting with one of the locals there. | ||
| And he said, the only rainbow flag you'll see in this town is at the American consulate. | ||
| And he was incredibly disappointed by that, because he's a very pro-American person. | ||
| But he said, we don't want that here. | ||
| It's not our culture. It's not our faith. | ||
| It's not who we are. Yet, from Washington, D.C., right from the podium in the White House, we see what does Kirby prioritize? | ||
| What does Biden prioritize? | ||
| They prioritize a cultural imperialism rather than realpolitik, an America-first foreign policy of realism and restraint. | ||
| Yeah, what we're talking about here, when you're talking about these gangsters, you've got to be very practical and pragmatic right now. | ||
| They are running the table and they're going to run the table. | ||
| They're going to destroy the dollar. | ||
| They're going to take over the Eurasian landmass. | ||
| They're going to drive us out of Taiwan. | ||
|
unidentified
|
All next in The War Room. | |
| Describing their talks, Putin said, We are in favor of using the Chinese Yuan for settlements between Russia and the countries of Asia, Africa and Latin America. | ||
| So, the world's second largest economy and its largest energy exporter are together actively trying to dent the dollar's dominance as the anchor of the international financial system. | ||
| Will they succeed? | ||
| The dollar is America's last surviving superpower. | ||
| It gives Washington unrivaled economic and political muscle. | ||
| It can slap sanctions on countries unilaterally, which frees that country out of large parts of the world economy. | ||
| And Washington can spend freely, certain that its debt will be bought up by the rest of the world. | ||
| The war against Ukraine combined with Washington's increasingly confrontational approach to China have created a perfect storm in which both Russia and China are accelerating efforts to diversify away from the dollar. | ||
| Their central banks are keeping less of their reserves in dollars and most trade between them is being settled in the Yuan. | ||
| They are also making efforts to get other countries to follow suit. | ||
| Let's CNN two years or over two years after we started talking about this now finally is catching up. | ||
| So we talk about Admiral Kirby. | ||
| It's fine if those are your domestic priorities. | ||
| It's a free country, right? | ||
| And we got to fight that out or argue that out on domestic policy. | ||
| You talk about international. This is everything right now. | ||
| And it's not about the confrontation. | ||
| It gets back to Steve Cortez. | ||
| It's not the Ukraine war. | ||
| It's not the confrontation with China, of which we ought to ramp up to the 100th degree and use the dollar. | ||
| It is because of the continual devaluation with the BRICS and what China's putting together with the BRICS, which is the global south essentially. | ||
| Is the fact that they say, we own the resources, and you are continuing to do a devaluation on your currency nonstop because of your out-of-control spending and your inflation. | ||
| Steve Cortez, your thoughts and observations about this, which should be the centerpiece right now, as always has been, of our national security and our foreign policy. | ||
| Because as I say, and by the way, go to birchgold.com slash Bannon right now. | ||
| We started this series over a year ago. | ||
| We started doing it with Birch Gold talking about it right after Biden got in office. | ||
| The end of the dollar empire, it's called. | ||
| Go to birchgold.com slash Bannon right now. | ||
| The end of the dollar empire. | ||
| It's a three-part series. It's going to be ten parts when we finish. | ||
| The third part just dropped. | ||
| The debt trap that talks about the debt ceiling and everything related to it. | ||
| Steve, connect the dots. | ||
| Follow the banks. | ||
| The bailouts. It all gets back to the out-of-control spending, most of it on their woke and weaponized social programs that we can't afford, we can't pay for. | ||
| There's no international bias for the securities. | ||
| The Chinese are dumping this now because they know these bonds are getting more worthless. | ||
| It gets back to the railhead of out-of-control spending, Steve Cortez. | ||
| Absolutely. And I'll show a couple of charts to prove that point. | ||
| But first, I want to welcome Fareed Zakaria. | ||
| You're late to the party, but better late than never in realizing that in many ways, the economic folly of the United States right now under Joe Biden, these are late stage empire developments. | ||
| Steve, you pointed out correctly many times, the most valuable export that the United States have is actually not a product or a service. | ||
| It is the United States dollar. | ||
| And it is only because of the primacy of king dollar that we have been able, at least until recently, we have been able to afford far too much borrowing and spending. | ||
| Our profligacy to some degree was enabled because of the dollar. | ||
| And by the way, why do we have that dollar strength? | ||
| Chiefly because of United States military strength, because of our military and strategic and diplomatic power all over the world. | ||
| Every transaction in the world of any consequence, whether it's a bank transfer or a drug deal, is done in United States dollars. | ||
| That primacy, though, that centrality of king dollar is very much at risk now because of Joe Biden and because he has taken a government that was already borrowing and spending too much put it into absolute overdrive at the same time that he is risking World War III through a needless escalation in Ukraine and convincing and compelling some of the worst enemies of the United States to form alliances such as Beijing and Moscow. | ||
| So let's show this, though, in chart form because I want to look at what's going on, for example, with the Fed balance sheet to connect us back to current events and what's going on with this present banking crisis in That was spurred and generated by Biden's inflation. | ||
| If we look at chart number one, this is the Fed balance sheet. | ||
| This is effectively the credit card of the Fed, which means, folks, it's really your national credit card, whether you know it or not. | ||
| It's maybe not as obvious as the fiscal national debt, but it is nonetheless a debt that you're responsible for. | ||
| And as you can see, until recently, until just a few weeks ago, the balance sheet was shrinking. | ||
| Now, I don't think nearly quickly enough, but nonetheless, it was heading in the right direction. | ||
| In other words, the credit card tab of the Fed was trending downward, albeit at a very slow pace. | ||
| What has now happened on the very right side of that screen, and by the way, that's only updated through last Wednesday. | ||
| Every Wednesday, it is absolutely shot higher because of the bailout of Silicon Valley and the banking crisis. | ||
| So the Fed balance sheet reductions that were occurring, guess what? | ||
| They've ended and then some. | ||
| We have the Fed balance sheet exploding higher again. | ||
| Now, what are some of the consequences of that? | ||
| You know, because you mentioned China and the international appetite for United States debt to lend us money. | ||
| Let's look at chart number two. | ||
| This is a chart of China's holding of U.S. Treasuries, and that goes all the way back to 2010. | ||
| As you can see for several years now, but particularly in the last year, it is in a demonstrable decline, meaning China no longer the CCP. Listen, the CCP, Steve, those folks are evil, but they're not dumb. | ||
| They do not want to hold United States treasuries anymore because they realize how risky United States treasuries are. | ||
| They realize that the business of the United States has become a very risky borrower. | ||
| So they are dumping treasuries at a significant pace. | ||
| And what that means is when somebody like Joe Biden presents a clown budget, okay, and that's what it was. | ||
| It says, oh, you know what? We've got an inflation problem. | ||
| Let's spend $6.8 trillion. | ||
| Let's spend a third more than we were spending pre-pandemic. | ||
| Maybe that'll take care of the inflation, okay? | ||
| Here's the risk. When China and other actors in the world no longer want to buy America's debt, And we put forward a clown budget like Joe Biden's that we have been able to previously finance at low interest rates. | ||
| Suddenly we can't finance it at low interest rates, Steve. | ||
| And that's where if the dollar loses its primacy, if it loses its status as the global reserve currency, The United States can quickly become a nation that is mired in hyperinflation. | ||
| We can quickly become a version of Venezuela or Argentina. | ||
| And I want to warn people, look back historically. | ||
| Argentina, a little over a century ago, was as wealthy, if not wealthier, than the United States. | ||
| It was a country that had an economy that very much resembled the United States. | ||
| It entered a period of hyperinflation, didn't have a reserve currency to fall back on, and they have been mired in turmoil and economic depravity ever since. | ||
| That can happen in the United States. | ||
| Don't assume that it can't just because we have enjoyed this status for so long. | ||
| We've got some... | ||
| So this is the primacy of your foreign policy, and this is why I keep saying now you're at the beginning stages of World War III. You've got a geopolitical and national security and military issue on the Eurasian landmass, and particularly focus on Taiwan. | ||
| President Trump's National Security Advisor, last National Security Advisor, said over the weekend in an interview that the backup plan is, and this is how he said it, the backup plan if the CCP invades Taiwan is actually to destroy the chip factories. | ||
| Well, that may be a way to keep it out of the CCP's hands, but that'll also drop the world's economy. | ||
| The U.S. economy will take a real hit on that, like a 10 % drop or more to GDP since they fuel so much of the economy. | ||
| So it's easier said than done in the second and third order magnitude. | ||
| But I want to talk about if the centrality is keeping your domestic house in order, So you've got that vibrant, robust, growing economy and strength, coupled with a reasonable America first national security policy where you're not trying to go and stick your nose in everybody's business, right? But you're focused on the priorities of the country. | ||
| And maybe those are not the priorities of Avril Kirby. | ||
| Maybe those are the priorities of stability and order. | ||
| Throughout the world, not the chaos and anarchy we have. | ||
| Talk about a couple of the landmines. | ||
| I want to go, if you can talk about commercial landmines. | ||
| Sure. Real estate for a second and mortgage backs. | ||
| We've got, ladies and gentlemen, this banking crisis is far from over. | ||
| The only thing that's happened to date is that you've bailed out the second, third, and fourth biggest bank failures in the country. | ||
| It's history. You've bailed out. | ||
| Okay? That's directly on you. | ||
| Printing money at the Federal Reserve plus higher bank fees that you're going to pay for. | ||
| But we got a couple of Claymore mines out there for us, Steve Cortez. | ||
| Let's talk about mortgage backs and commercial real estate. | ||
| Sure. Now, listen, I'm extremely concerned about commercial real estate as being one of the biggest risks now to the United States economy, and specifically to smaller banks, to these regional banks which are already imperiled, which are already being bailed out by the United States taxpayer, who don't need, these banks don't need an additional risk that is coming around the bend, but I really believe it is. | ||
| At commercial real estate, we know as a consequence of the lockdowns and work from home that a lot of these city center real estate focused funds are in tremendous trouble. | ||
| We also know that much of the real estate market is having a terrible time grappling with higher interest rates. | ||
| If we can pull up chart number three, what I want to show, which a lot of folks in the audience may not realize, Is that small banks, regional and small banks, dominate the commercial real estate market. | ||
| So what that chart shows right there, and that chart goes back a little over five years, it shows the share of domestic commercial banks, real estate loans from smaller banks. | ||
| The big boys are not the dominant player here. | ||
| It's not J.P. Morgan and Wells Fargo. | ||
| It is the smaller banks that control, as that chart shows, almost 70 % Of commercial real estate. | ||
| And Steve, I think in a lot of ways that makes sense because real estate is by definition a local business. | ||
| Local banks tend to know much better the peculiarities of a particular property. | ||
| Does this property work? Does it work for a warehouse? | ||
| Does it work for retail? So it makes sense in a lot of ways that smaller banks would be there. | ||
| But here's the risk. | ||
| If commercial real estate is indeed rolling over and nearly every metric suggests that it is in a significant way, this is a massive additional risk. | ||
| To the small banks. | ||
| And there was a recent Wall Street Journal article. | ||
| If we can pull up chart number three, I want to show how important this can be to the vitality of small business in the United States. | ||
| Okay? Because this is key. Excuse me. | ||
| I'm sorry. Not chart three. That was my mistake. | ||
| Chart number four. I want to show the quote here. | ||
| This is from a Wall Street Journal article about this exact issue where it says, the headline is, That are hard to fill. | ||
| And in that article, they state, and this is actually a quote from a University of Chicago economist. | ||
| He says, quote, I highlighted there, these loans are built on strength of character and handshake. | ||
| That is from Professor Rajan from the University of Chicago. | ||
| The point is, Steve, the more that these small banks suffer, the more pain that is inflicted upon these small banks. | ||
| And again, remember, the headwater of all this is Biden's inflation. | ||
| The less we lose that kind of granular American business, those kinds of handshake deals, which have been the hallmark of Main Street success and small business success in this country. | ||
| So not only is it a systemic problem if we have commercial real estate rolling over, but it's also a bigger, I would argue, Steve, almost a cultural problem to the United States, that if we lose small and regional banks, which I think we're in the process of right now, We also lose that kind of local dynamism which has been so critical to the United States, to the kind of country we are, to the entrepreneurial spirit that we previously had. | ||
| And what does that lead to, Steve? | ||
| It leads to an even greater concentration of economic and political power in the hands of some of the worst actors in the United States, the oligarchs. | ||
| This is how they can debank you. | ||
| This is exactly how they end up debanking. | ||
| They want power consolidated in a handful of big tech companies, a handful of Wall Street oligarchs, and a handful of money-centered banks. | ||
| It's pretty obvious. Steve, we're going to take a short break. | ||
| We're going to come back. Over the weekend, I heard a lot of chatter. | ||
| Oh, the battle on inflation is done. | ||
| They've done such a great job. | ||
| The battle on inflation is done. | ||
| What you can't do is raise any more rates. | ||
| It kicks into a recession. Or because it's going to affect the banking system now that they're jammed up. | ||
| But the war on inflation is over. | ||
| short commercial break. Cortez and Lou Dobbs are going to join us here momentarily. | ||
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| Now that Fareed Zakara and I got it was a Kim.com is coming out saying he's talking here. | ||
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| on all the free info kits on precious metals from Birch Gold and talk to a consultant there. | ||
| Remember, if China's dumping, if the CCP's dumping security, dumping treasuries, and they're buying gold with both hands like India and Japan are, now it's time for you guys to focus. | ||
| Immerse yourself in information. | ||
| You have to make your own decisions, but we want you to be up to speed as possible. | ||
| Cortez, over the weekend, a couple things we're going to get to. | ||
| First, over the weekend, I heard the chatter start. | ||
| You can hear it. They put the chatter out over the weekend, so then it gets into the bloodstream. | ||
| The Fed has beaten back inflation. | ||
| They've done an amazing job. Inflation's dead. | ||
| Any truth to that rumor, sir? | ||
| Well, inflation certainly is not dead. | ||
| Now, Steve, I will say this. If inflation is coming down, it is only because the Fed, Joe Biden, Janet Yellen have thrown the United States into such a deep recession that it is possible that there will be some downward pressure on inflation, but for the worst reasons, okay? | ||
| Not for any good explanation. | ||
| For the worst reasons, only that. | ||
| The United States economy is absolutely cratering. | ||
| And by the way, to that point, one more chart. | ||
| If we can show chart number five here, please. | ||
| This is bank holdings of securities. | ||
| This is from the Wall Street Journal, courtesy of the FDIC, Federal Deposit Insurance Corporation. | ||
| That chart goes back 20 years, all the way back actually a little more to 2002. | ||
| If you look at the market value as a percentage of cost, so 100, sometimes in financial markets you talk about par, par is just 100. | ||
| It means it's valued where you bought it. | ||
| Now banks generally, Steve, are buying pretty safe securities. | ||
| So you can see that for two decades this number rotates basically around par, around 100, roughly in a range from 98 % to 102%. | ||
| It's not supposed to fluctuate wildly. | ||
| Even back in 08-09, if you look on the left side of that chart, at that dip, which by the way produced global calamity, it only got down to about 96%. | ||
| What we see right now in this present banking crisis is that it broke 90%. | ||
| So it's absolutely unprecedented, this kind of carnage. | ||
| So my point is, Steve, it's possible that inflation is indeed ticking downward. | ||
| But if it is, it's only because the damage done to the financial system, to the regular economy, to Main Street, to small banks is so severe. | ||
| That it will produce such an intense and deep recession that that may restrain prices, but that will be very little solace to anybody. | ||
| Nobody's going to say, oh my gosh, I'm so glad that inflation is down to only 5%, even though I'm out of work. | ||
| It's not going to be helpful to anybody. | ||
| Talk to me about, you and I discussed over the weekend, this audience, which we started about. | ||
| We're going to East Palestine to listen and hear from the salt of the earth. | ||
| The patriots that this country is built upon about their bailout, about how we bailed out the venture capitalists over the last couple of weeks. | ||
| Yes. I have a brand new article up on this point because I think it's really important to expose who venture capital really is. | ||
| I put it up on my substack about Joe Biden who crushes the banks, but he saves his friends in Silicon Valley in venture capital. | ||
| Steve, I think venture capital has actually done a pretty good job as an industry of portraying a false image of what the industry is. | ||
| And it's largely based on what the industry used to be, because back in the 90s and previously, it really was this industry of daring, risk-taking, entrepreneurial investors who were sort of the jet fuel for America's entrepreneurial success. | ||
| But it is anything but that kind of industry now. | ||
| It has now matured into a really parasitic industry that tries to use and successfully often uses It's access and it's crony public pressure to pervert public policy into private gains. | ||
| For example, in the article I cite and give data about how obsessed Silicon Valley and venture capital are on so-called climate solutions right now regarding businesses. | ||
| And my point there is that, look, I don't believe in the federal government intervening to save any particular industry, but venture capital is the least deserving Of any business that we could possibly think of, venture capital and Silicon Valley more broadly has been a punishing force, abusing the prerogatives and interests of regular Americans. | ||
| And they then turn around and shamelessly beg for a bailout, which they have at least partially gotten so far. | ||
| And there may be more to come, as I also warned about. | ||
| So I want to expose who VC really is, what they're really all about. | ||
| This is not at all your father's venture capital. | ||
| It is a very different industry right now, and it's shameful the way that they are begging for handouts from regular, hardworking Americans. | ||
| Steve, could you hang on? We're going to take a 90-second break. | ||
| Lou Dobbs is going to join us. | ||
| Steve Cortez is going to hang through the break. | ||
| We've got some additional stuff to go through. | ||
| Ben Harnwell is going to join us from Rome. | ||
| We are packed wall-to-wall trying to track down Mike Lindell, the Election Crime Bureau. | ||
| to get his latest update. | ||
| He was in Waco with the president over the weekend. | ||
| We're going to take a short commercial break. | ||
| We'll be back in a moment. When we get back, I'm going to ask Cortez. | ||
| We've got one more topic to Ukraine to talk about, but I've got to ask him about venture capital. | ||
| It used to be the money in back of the big industrial early stage Uh, developments in this country that really drove the economy. | ||
| Now what they do is they back a lot of fantasy on the Green New Deal and also the algorithm business. | ||
| They're big in the algorithms and in social media. | ||
| Not so big in making important big bets on industries that could transform this country on a manufacturing base. | ||
| A short commercial break. We're going to be back with Steve Cortez. | ||
| We've got Lou Dobbs, Ben Harnwell, all in the next hour of The War Room. | ||
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