April 21, 2023 - Bannon's War Room
48:55
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
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Pray for our enemies, because we're going medieval on these people. | |
| I got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big 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. | |
| It seems we have to die tomorrow. | ||
| As usual. They'll poison us with gas. | ||
| What gas, sir? It'll be fine. | ||
| We can withstand it. The problem is, boys. | ||
| I don't know what gas they'll use, but I think it'll be scary. | ||
| And we have no protection against it. | ||
| Is there really no protection against this poison? | ||
| There was only one problem, and that was the double-edged sword of chemical warfare. | ||
| It didn't recognize your military colors. | ||
| It killed everyone equally. | ||
| And when both sides looked at what these new weapons had done, they were horrified. | ||
| We are entering a zone of danger. | ||
| We spent 30 or 40 years in the most intense negotiations over arms treaty related to nuclear weapons. | ||
| Chemical weapons because of World War I. Biological weapons. | ||
| The Biological Weapons Treaty is even not that great. | ||
| Hence, the Chinese Communist Party is developing offensive biological weapons on gain of function nonstop in what we know. | ||
| This is the whole Fauci situation. | ||
| This... It makes that look like child's play. | ||
| And the reason is this engine, this thing will actually can be creating its own biological weapons without any ability of us to control it. | ||
|
unidentified
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Well, can't you see what I'm trying to say? | |
| Can't you feel the fear I'm feeling today? | ||
| When the button is pushed, there's no running away. | ||
| We can solve a protein structure in a matter of seconds. | ||
| How long would it have taken using traditional methods? | ||
| If you think 200 million times five, that's a billion years of PhD time it would have taken. | ||
| A billion years. | ||
| These are the smartest guys on the planet. | ||
|
unidentified
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A billion years. They did it in, what, ten seconds? | |
| Artificial intelligence and a free society are absolutely and totally incompatible, full freaking stop. | ||
| When the world ends, go back to that clip right there. | ||
| If you're not scared out of your wits, then you're not a sentient being. | ||
| on the eve of destruction. | ||
| We'll end with a note that you may be hearing often. | ||
| The proceeding was created with 100% human content. | ||
| Okay, welcome Friday, 21 April. | ||
| Year of our Lure 2023. | ||
| That is the great Max Evans. | ||
| That guy is one of the best videographers I've ever come across. | ||
| Exclusive right there. It's going to be up on Getter momentarily, The Eve of Destruction. | ||
| This is about artificial intelligence. | ||
| I've got my wingman, Dr. | ||
| Peter Navar. Dr. Peter Navar in a full gun. | ||
| Welcome to the sunshine, man. | ||
| In a full gun show. Yeah, you get that wearing black today for the markets. | ||
| We're always talking about that. | ||
| Thank you, sir. Love that. | ||
| Thank you very much. That's our chairman, Rob Sig. | ||
| He also doubles his body man here. | ||
|
unidentified
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That's pretty cool. The head of the whole network brings men and water. | |
| This is the way you got to do it, baby. | ||
| This is gonzo. | ||
|
unidentified
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We're full gonzo. He only brought me cake. | |
| Okay, we've got a bunch of stuff to go through on the economy. | ||
| I've got Navarra. | ||
| I've got Brett. I've got Cortez. | ||
| We're going to get into it. But I've got a couple of housekeeping things we have to do first. | ||
| I've got Mike Lindell. Mike, brother, full-on MSNBC last night. | ||
| Dancing on your grave about the cyber symposium, the $5 million bet you put up to have anybody prove that the data wasn't 100 % accurate. | ||
| An arbitration panel, I guess, ruled yesterday that one of the guys there was able to prove it. | ||
| And I can play clips all from CNN, MSNBC. This guy's writing a book. | ||
| He's making a movie. He's all of a sudden the star. | ||
| It sounded like fake news. | ||
| Tell us what the reality is. | ||
| Well, that is the reality. | ||
| It is fake. It's the biggest scandal. | ||
| Here I am on a family trip with my grandkids, and I'm attacked from all over the country. | ||
| News reporters call me all day. | ||
| Isn't it kind of strange this comes out the day after Fox settles with Dominion? | ||
| Well, here's reality, Steve. | ||
| At the cyber symposium, there were dozens of cyber experts there, including Alan Duke, the Facebook fact-checkers guy, And Harry Hershey. | ||
| This guy went on TV last night and said, oh, there was all Donald Trump supporters there. | ||
| No, we invited everybody. | ||
| It was from every Democrat, Republican, a wide array of people. | ||
| But none of them said there was anything wrong with the data. | ||
| The challenge was to show the data was from the 2020 election. | ||
| Now, get this. This guy gets to arbitration. | ||
| First, it was ruled against the judges after the symposium almost two years ago now. | ||
| And then this guy, he brings it up to arbitration. | ||
| He called his wife and said, I think I'm going to win $5 million. | ||
| In front of the arbitrators, they said, well, open it up and show us why you think that. | ||
| And he goes, well, I can't open it. | ||
| So my experts opened it up right there in front of the arbitrators. | ||
| This guy's not a cyber guy. | ||
| I don't even know how he got in there with his credentials he has. | ||
| He's an IT guy, a computer guy, but he's not a cyber guy. | ||
| Now you say, well, why did these guys rule against this? | ||
| Well, the three arbitrators, Hard left Democrats. | ||
| You only get a little pool to choose from. | ||
| I think seven, my lawyer said. | ||
| And then the guy, the lawyer for him was involved with, it's called Blitzware, with the evidence of 32 terabytes that I got from Dennis Montgomery. | ||
| This guy was the lawyer, the trustee for Blitzware for seven years. | ||
| So this guy knows the data's valid. | ||
| He actually was the one getting the value of Blitzquare at $32 million or $22 million. | ||
| So Steve, it's absolutely to me bizarre. | ||
| This is all gonna end up in court and I'm gonna tell everybody right now, everybody's been blowing up my phone. | ||
| This is just a big distraction to stop us all from getting rid of these electronic voting machines and we're gonna keep going and we're gonna get to paper ballots and counting. | ||
| We're never gonna stop. | ||
| Right. Okay. A couple of things. | ||
| Number one, is this binding arbitration or is it not binding arbitration? | ||
| Is there even a possibility you could go to court? | ||
| Is it binding arbitration? Oh, absolutely. | ||
| My lawyers are working on that and my phone's been blowing up and going, you know, what are you going to do? | ||
| When are you going to do this? Well, right now it's, they've got 30 days to make all the decisions that the lawyers would do with the court. | ||
| And like I say, Steve, this is, I believe it's a scandal. | ||
| The symposium we had when we were there, we had other people trying to, they're just keep trying to keep this evidence under wraps. | ||
| I want to say though, Steve, we've given the 32 terabytes in the lawsuits with Smartmatic, I believe it's them. | ||
| It's either them or Dominion. I believe it's Smartmatic, though. | ||
| We turned that over to them. | ||
| So they've got the data. | ||
| Now, this is one of the reasons I asked Dominion to sue me, if you remember, because we're trying every angle, everybody, to get rid of these electronic voting mistakes. | ||
| In the court, obviously, Dennis Montgomery is a quite controversial figure, but in the court filings, Have they come back and said, because this guy, you know, this guy completely trashes, there's just a bunch of numbers typed up. | ||
| In the court proceeding, have they come back and said this data is nothing? | ||
| Are they actually dealing with it as it is real? | ||
| They may question what impact it had, but is the data real or not? | ||
| Yeah, they're actually doing a copy. | ||
| They were surprised it took, I believe, almost a week to copy these 32 terabytes of data. | ||
| And it's very interesting that Zelman went on Chris Hayes last night and said, oh, there's this massive data. | ||
| If there was really that much data, it would take a computer, a huge computer, to copy all that. | ||
| Well, that's right. That's right. | ||
| You're exactly right there, Zelman. | ||
| The one thing you did say that was truthful, as you're going to write your book and think you're going to steal money and take money, That you don't deserve. | ||
| You didn't prove anything. | ||
| And it's disgusting. | ||
| When can we see, when can we see the, you're going to file, I'll take your lawyers are going to file in the next couple of days to try to go to court and throw their arbitration out? | ||
| Yeah, I don't know if it'll be in the next couple of days. | ||
| But it's going to be, you have 30 days to do whatever we're going to be doing. | ||
| But we're looking in to see if this is how big of a scandal this is because there's too many. | ||
| It just smells that, you know, it doesn't make sense, Steve, when you have all the other almost 100 cyber experts from around the world that were there. | ||
| They all agreed the status from the 2020 election. | ||
| That was the challenge. And then here, this guy, who has no credentials for being a cyber guy, I don't even know how he got in the room, and he comes out with this, and he couldn't even open the data in front of the arbitrator. | ||
| Which experts that we had there opened it right up and said, here you go. | ||
| Now, why did these arbitrators make this decision then? | ||
| I don't know. Note to your lawyers, if the guy can't open it, I don't think I open it for him. | ||
| But that's my own free advice. | ||
| Mike, where do people find out more about this? | ||
| Where should they go to find out more about this? | ||
| Yeah, you guys, go to frankspeech.com or download the app. | ||
| We're going to have everything up there, all the information posted. | ||
| And besides, that's where the fight is to keep on going to get rid of these election voting machines, these electronic voting machines, and get to paper ballots. | ||
| By the way, we got a couple more counties, Steve. | ||
| Going to paper ballots, we had another election. | ||
| We're going to have all that information out there. | ||
| I just want to say, though, that, you know, the timing of this and what these guys are doing, you guys, and then they go on TV and make a big leak. | ||
| This story got leaked to the Washington Post. | ||
| And then when I was even attacked at the Cyber Symposium, physically attacked, which back then they say, oh, that didn't really happen. | ||
| Now they put out their article and said when Mike was poked physically at the, you know, just poked a little bit by somebody at the Cyber Symposium. | ||
| I believe this Washington Post, this is such a scandal. | ||
| It goes far and wide. | ||
| And they did it when I'm on a family vacation, attacking me right after the Fox thing. | ||
| It smells to high heaven. | ||
| But I want to thank all you guys, Steve, the War Room Posse for supporting MyPillow. | ||
| I know my employees were all worried. | ||
| Everybody was all worried. | ||
| And they've been great because they've been making the MyPillow 2.0, the buy one, get one free. | ||
| I'll throw a plug in. | ||
| We have all these slippers and the percale sheets clearing out at closed-out prices using that promo code WARWROOM. So we're very grateful to your audience for supporting us in these times that it seems like it's a never-ending attack to keep these electronic voting machines. | ||
| Well, it's going to be, as you know, it's going to be an attack all the way. | ||
| I mean, it's not going to stop. It's going to be relentless. | ||
| And yeah, there are no coincidences. | ||
| It's kind of odd how it all kind of comes together and all drops in a couple of days. | ||
| In the same week. And by the way, everybody, you can also go to electioncrimebureau.com. | ||
| We're having our Election Crime Bureau Summit on August 16th and 17th in Springfield, Missouri. | ||
| And you're gonna see, we're gonna have the plan going forward, plus everything that has happened since last year, since we had our big summit last year, the moment of truth. | ||
| We have two years now of evidence validating everything else that we had from before, these 32 terabytes. | ||
| We have camera angles from every different angle. | ||
| Cast vote records to everything. | ||
| And the bottom line is we've got to save our country, get rid of these electronic voting machines and computers used in our election. | ||
| Remember everybody, 70 % of Democrats and 80 % of Republicans now believe that our election platforms need to be fixed. | ||
| They need to be fixed. | ||
| And they need to be fixed now. | ||
| Mike Lindell, thank you very much. | ||
| I know you're on a family vacation. | ||
| Thanks for stepping out and trying to make this a little clearer, more clarification. | ||
| Thank you, brother. Short break. | ||
| Peter Navarro. Dr. | ||
| Navarro joins me in the war room. | ||
| Short commercial break, back in a moment. | ||
|
unidentified
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We will fight till they're all gone! | |
| We rejoice when there is no more! | ||
|
unidentified
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Let's take down the CCD! | |
| Host Stephen K. Bann Okay, we have good news. | ||
| Okay, we have good news. | ||
| Let's get Greg Phillips in here from True the Vote. | ||
| Greg, you guys, you and Katherine Engelberg actually got thrown in prison for standing your ground here on True the Vote about this company. | ||
| It's a little dicey. And I think they filed a defamation suit against you. | ||
| Has that suit been dropped, sir? | ||
|
unidentified
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Yes, sir. We dropped all of this information onto a new That Catherine and I launched on Monday called Open Inc. | |
| On Tuesday morning, they reached out to our lawyers. | ||
| By Wednesday morning, the suit was dropped. | ||
| So walk me through that. You put up all the information that you guys had, that you've been working on, and you had the great briefing. | ||
| I think it was the summer of 21, if I remember. | ||
| You had it in Arizona. | ||
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unidentified
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22, yeah. It was August 13th of 22. | |
| 22. August 13th to 20th, you had the big, you had the whole day event in Arizona. | ||
| Temperatures in the side were like 100 degrees, 110 degrees. | ||
| Everybody hung in there. They were blown away. | ||
| And then these guys had charges brought against them. | ||
| But they came after you hard. | ||
| And the judge, for you guys, you stood your ground. | ||
| They put you and Catherine in jail for, what was it, 10 days? | ||
|
unidentified
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Yeah, they put us in jail for, I think it was eight or nine days. | |
| Strip searched me, put us in solitary confinement, put Catherine in this thing called medical solitary, which is basically a cell with a window on it so all the men, women, everybody walking by her cell could see her and basically just put her on display to try to embarrass her, humiliate her. But, you know, she always does. | ||
| She stood up on me. They put me in ADSEG back with the really bad guys in the medium security prison and just left us there for a while. | ||
| And I tell you, Steve, I mean, Catherine, we got out. | ||
| I tell everybody this story. | ||
| We got out. The first thing Catherine did, we get in the car with our security team and Catherine said, you know what I learned in prison? | ||
| And I said, I don't care what you learned. | ||
| I want to fight. Let's go. | ||
| And here we are. | ||
| And we're happy that it's over. | ||
| But, you know, there was a lot of A lot of concern here, right? | ||
| There's some, what we believe, judicial misconduct. | ||
| Certainly these demon lawyers for the other side were doing things that, in my view, they shouldn't have been doing. | ||
| And then finally, you've got Connick sitting out there and made an original complaint that we had improperly accessed their computer, meaning hacked their computer. | ||
| All of that's been dropped. | ||
| All of it. The defamation, the hacking claim, everything has been dropped. | ||
| And, you know, it's time to fight now. | ||
| When you say time to fight, one of the big concerns is about the servers being in mainland China, these guys being associated with the Chinese Communist Party. | ||
| Obviously, every company in mainland China or associated with mainland China is associated with the Chinese Communist Party. | ||
| They have political officers in, commissars in everywhere. | ||
| Where do you guys go next on this? | ||
| When you say fight, where are you going to take it? | ||
|
unidentified
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Well, we're leaving every single option open. | |
| We're absolutely going to fight against these guys, but this guy's still in trouble out in LA. One of the things at that Pitt meeting, one of the LA prosecuted investigators was there at that meeting. | ||
| He was then arrested, and then they dropped it. | ||
| There was a bunch of dust-up about all of that, but that has been kicked down the road here. | ||
| He's now got a hearing coming up in May. | ||
| When he was arrested, I was just listening to Mike talk about the whatever it was, 12, 15, 30 terabytes of data. | ||
| They have 300 terabytes of data. | ||
| They have every single thing they need to put this guy in jail for the rest of his life. | ||
| All of this election data, all of the PII was in mainland China on those servers. | ||
| And they can't get out of this. | ||
| There's no way possibly out of this. | ||
| And I think that as this begins to unfold and some of the things that we know become more public and people recognize that all of the voter rolls were in China, all of them. | ||
| In places like Pennsylvania, it wasn't just Allegheny County. | ||
| Allegheny County had connected Connick to the state's voter rolls. | ||
| And so those were in China. | ||
| And to make matters worse, There were several other high-profile companies, let's say, that were connected directly to the Connick database. | ||
| And as all of this comes out and all of this unfolds, and I know Mike's going through a lot with this whole situation, the stuff about the PCAPs and all that kind of stuff. | ||
| Unfortunately for the bad guys, the war against good and evil has taken a decided turn for the good. | ||
| We have all of the goods on this stuff. | ||
| And there's just no way out of it. | ||
| The L.A. County prosecutors have 300-plus terabytes of data in a locked box or in a storeroom out there, and there's just nowhere for the guys to go. | ||
| But this is, nevertheless, a huge victory for freedom, a huge victory for the good guys. | ||
| Steve, Greg, you are a friggin' warrior. | ||
| Patriot hero. Here's the thing. | ||
| Can you imagine if Fox News Corporation, the day that that lawsuit against them got dropped, Instead of turning tail and running, had hired Greg Phillips to investigate this. | ||
| Because, Steve, the one thing that all Fox would have had to do was demonstrate There was issues with voting machines. | ||
| That's all he would have to do. How many terabytes, Greg, do you have? | ||
| Can you imagine, Steve? | ||
| And this is like, you got Lindell, you got Phillips here, you got Fox. | ||
| They could have been intertwined. | ||
| I want to frame this right, because the Fox thing is the Murdochs. | ||
| And the Murdochs, they got their own associations. | ||
| We know why they didn't do it, Steve. | ||
| I want everybody to understand something about Katherine Engelbrecht and Greg Phillips, who are two patriots and warriors. | ||
| They basically find that the Chinese Communist Party and people associated with the Chinese Communist Party have literally every piece of data related to workers, voting roles, people who volunteer workers. | ||
| They have everything on servers in China. | ||
| And tell me what happens. | ||
| Greg Phillips and Catherine Engelberg, two of the most upstanding straight arrows I've ever met, Are put in prison. | ||
| They tried to break them. | ||
| They put them in prison for eight, nine, ten days, put them in solitary, put him in thing. | ||
| They tried to break them. | ||
| This is the U.S. justice system once again standing up for the Chinese Communist Party. | ||
| That's why I keep saying if you look around anywhere, they're taking the side of the CCP. Greg, am I wrong in that? | ||
| I mean, you guys basically found, and this is when you guys went to the pit in that 110 degree temperature, people are laughing. | ||
| Look at these crazies down there. | ||
| Everything you guys rolled out, Everything those patriots sat there all day in Arizona in that blistering heat has all come to be true. | ||
| And yet you had to go, they wanted to break Phillips and Engelbrecht, and they could not be broken. | ||
| If they had not been broken, and this is the scandal, it's not Fox's, it's not even the machines. | ||
| There's something deeply wrong about this, and it's deeply wrong about the infiltration in the fifth column that's in this nation. | ||
| Part of this is the corporate media here, Steve. | ||
| I mean, look, Lindell gets pulled away from a vacation, and CNN, MSA, they're all over this, right? | ||
| I bet you a lot of money they're not covering this. | ||
| 100%. Greg, talk about that. | ||
| You and Catherine, this should be everywhere. | ||
| Is this being covered properly? | ||
| Because when they dropped the defamation, they dropped the hacking, they dropped everything, basically saying you guys were accurate. | ||
| There's no case there. | ||
| Is this being covered everywhere? | ||
|
unidentified
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No, sir. You're the first one to cover it. | |
| There's been a couple of articles written in 1819 News in Alabama. | ||
| I think in Georgia they covered it a little bit. | ||
| But the media itself hasn't covered any of this. | ||
| In fact, to make it even worse, our PR team tried to push this press release. | ||
| We had a press release we were trying to push out yesterday, trying to push it out onto a service called PRWeb. | ||
| PRWeb themselves stopped the release saying they didn't like the way that our lawyers had worded the release. | ||
| How could this be? I mean, where are we, guys? | ||
| This is 1984. Yeah, I had personal experience with that. | ||
| I was trying to use PR Newswire. | ||
| They won't publish anything. | ||
| The taproot of this whole friggin' thing, Steve, is the corporate media, which does not give us fact and news anymore. | ||
| They give us the propaganda. | ||
| And the problem is that all of the corporate media is funded by big pharma, And the corporations that want to take our jobs away. | ||
| We're all in business with CCP. And the people who hate Donald Trump for saying that the friggin' emperor has no clothes. | ||
| And again, these people are warriors. | ||
| They have the keys to unlock all of this. | ||
| And nobody's covered it but the war room. | ||
| That's the question, Greg. | ||
| Where do you and Catherine... You guys are tough as boot leather. | ||
| Where do you go next? | ||
| And how can the war room help you get the message out? | ||
| What's the next step here? Because this one is explosive. | ||
| And trust me, the CCP, they know they got exposure on this. | ||
|
unidentified
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We're dropping all sorts of bombs onto Open Ink. | |
| We created Open Ink so that we could avoid the mainstream media, we could avoid Google, we could avoid Bing. | ||
| It's an indexed search engine with special collections of data, of video, of audio, and we're just going to keep pounding them until they gag. | ||
| Okay, let's get that, make sure we link to that in all the sites. | ||
| Greg, what's also, you got Open Ink, any social media, you and Catherine, that we can follow this on a minute-by-minute basis? | ||
|
unidentified
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Yes, sir. Katherine, truthevote.org is her website, at truthevote on, I think, both Twitter and on TruSocial. | |
| I have Patriot Games. | ||
| It's a podcast. | ||
| And then Katherine and I have something new we're about to launch called Onward, onward.social. | ||
| It's going to be super fun. We're going to be pushing that around. | ||
| But Open Inc. is the place to be right now. | ||
| Open Inc. We'll get the link. | ||
| Yeah, open.ink, I-N-K. When you get ready to launch a new thing, come back. | ||
| By the way, Greg, I knew you back in the old days before the... | ||
| Is that why people didn't mess with you in prison? | ||
| I mean, dude, good God. | ||
| Don't... Phillips is scaring me, man. | ||
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unidentified
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He looks for himself. He's only five foot one inch tall. | |
| You don't look like a guy that you're going to mess with. | ||
| The camera makes you bigger, right? You don't look like a guy you're going to mess with. | ||
|
unidentified
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Say hi to Catherine. You're a hero and a patriot, brother. | |
| We got your back. Thank you, Steve. | ||
|
unidentified
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Thank you, Steve. Love you guys. Appreciate it. | |
| Amazing, man. Thanks, man. | ||
| We've all been in leg arms. | ||
| This is the brotherhood of the leg arms. | ||
| We've been chained up like dogs, too. | ||
| Not in a Texas state prison, though. | ||
|
unidentified
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But only Steve and I are sanctioned by the Chinese Communist Party four seconds into the Biden regime. | |
| You've got 30 seconds. | ||
| Tell me it's the CCP. We're going to go out and take down the CCP. They're everywhere. | ||
| You've got fifth columns everywhere. | ||
| For 20 years, Steve, I've been talking about how they get all our data. | ||
| It's the thousand grains of sand. | ||
| They know everything about every one of us, right? | ||
| And, you know, from tick-tock on down, it's just the beat goes on. | ||
| But those folks are warriors. | ||
| They're heroes, patriots. And they're going to help us break the logjam. | ||
| Big time. They're not going to back down. | ||
| Greg and Katherine Engelbrecht, they're hardcore. | ||
| Okay, short break. We got Navarro, we got Bratt, we got Cortez. | ||
| We're going to walk through the world of the economy. | ||
| This vote in the debt ceiling at Capital Markets, all next. | ||
|
unidentified
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Your host, Stephen K. Bamm. | |
| One more FedRaid hike and then they're done. | ||
| And by the end of this year, we're going to see Fed cuts. | ||
| You don't think that's the case. | ||
| Well, speaking of rhyming, I think every kind of investor tries to rhyme their world view with whatever data they can find. | ||
| And there's plenty of data to support either view. | ||
| And I think that's really just the point, is that it's a much more nuanced discussion than the reductive narrative that's dominating today, which is that we're heading for a slowdown, and depending on who you're listening to, a severe one or a milder one, but the Fed is going to cut hundreds of basis points, and therefore you should own interest rate risk here or duration, lots of duration here. | ||
| And that, of course, conveniently ignores the fact that inflation is still uncomfortably high, not just here in the U.S., but also across the pond. | ||
| Europe is still running very, very high inflation levels. | ||
| Their core actually moved up in March, and the U.K. is at 10.3%, which is a record, frankly, for them. | ||
| So inflation remains very much an issue, and we know that as goes inflation, There's the correlation between stocks and bonds, meaning when inflation is high, that correlation is positive because the Fed's hands are tied to deliver the kinds of cuts that make bonds really that sort of port in the storm for portfolios. | ||
| So I think, yes, we could potentially be headed for a stagflationary scenario, and that's not really a narrative that's out there, and I think investors have to contend with it. | ||
| Is that your most likely base cases, or is that just... | ||
| Okay, hold it right there because I'm going to come back to that, guys. | ||
| No, finally, two years after Navarro, Cortez, Bratt, Stagflation, Ubenes, Tara, Philip Patrick, now J.P. Morgan is with the program on corporate business media. | ||
| Navarro, I'm going to start with you. | ||
| I've got Dave Bratt, I've got Steve Cortez, I'm going to get into this because this is everything right now. | ||
| CNBC is pathetic. | ||
| I mean, they're cheerleaders. | ||
| For Wall Street, what they try to do, Steve, is the big money, the smart money wants all the little money to keep their money on the long side of the markets while they get out. | ||
| It's like crazy. | ||
| Here's the reality, Steve. | ||
| We've got three things going here. | ||
| We've got, first of all, corporate earnings are being squeezed by inflation. | ||
| And when corporate earnings get squeezed by inflation, that's going to drive stock prices down. | ||
| So that's the reality of the markets you're dealing with. | ||
| Because input prices are higher and they can only raise the output so much. | ||
| And stock prices are simply an expectation of a future stream of earnings. | ||
| So when corporate earnings are coming in now, a lot of them are mixed, what they're doing is they're getting eroded. | ||
| By the way, productivity is crashing. | ||
| You'll have something to say about that shortly. | ||
| And what that does is it's inflationary. | ||
| It drives up costs. Now, the second thing, and it's related to why profits are being squeezed, is we've gone from strategic energy dominance under Donald Trump To strategic energy subservience under Biden, instead of having what was average of about $60 a barrel oil through the four years of the Trump administration, | ||
| we're going somewhere between $80 It's a 33 % increase alone there to $100 because Saudi Arabia and Russia are now calling the strategic energy subservient shots. | ||
| Saudi needs $80 a barrel to pay its government bills. | ||
| Russia needs it to fund the grant. | ||
| Also, we'll get back to this later. | ||
| The price is going up because we're devaluing the dollar with the massive deficits. | ||
| These guys are not dumb. | ||
| They all went to Harvard. They know that we're devaluing the dollar. | ||
| Why should they be giving us oil at the old number? | ||
| And we can have a whole conversation about how the loss of strategic energy dominance is also leading to the de-dollarization. | ||
| But the third thing is that we've got global strategists now on the CNBCs and Fox businesses in this world. | ||
| Egging the Fed on to crush the economy so you can squeeze out inflation. | ||
| And that's a pure stagflation scenario. | ||
| The problem that we've talked about many times, Steve, is you can't solve stagflation, which is two problems, inflation and recession, with Keynesian tools. | ||
| Keynesian tools, the Federal Reserve, or fiscal policy can only do it one at a time. | ||
| For example, with the Fed, if you've got a recession, you lower interest rates to spur the economy. | ||
| If you've got inflation, you raise them. | ||
| But if you've got inflation and you raise them like the Fed's doing, what does that do? | ||
| It makes the recession worse. | ||
| The answer is structural. | ||
| Structural. Structural, right? | ||
| You've got to get strategic energy dominance first, and then you have the low tax environment, the low regulatory environment. | ||
| You bring your supply chains home. | ||
| You solve that problem. | ||
| You have resilient supply chains. | ||
| Monetary policy alone can't do that. | ||
| That's exactly right. Nobody seems to understand that. | ||
| Yet, all you have to do is read the history books of the 1970s stagflation, and you watch guys like Gerald Ford with his Whip Inflation Now campaign to send this back into recession. | ||
| They panic, and Arthur Burns was just stimulating the money supply. | ||
| And you can't—we have a government at war with itself. | ||
| The Congress and executive branch is going to be at war with the Federal Reserve because every time the Fed tries to solve inflation, it's caused a recession. | ||
| Politically, that doesn't fly. | ||
| Cortez, let me bring you in. | ||
| You've got some charts about manufacturing, I think, that show the manifestation of what Peter Navarro is talking about. | ||
| Can you walk us through that? Yeah, sure do. | ||
| Look, the unfortunate trend intensifies to the downside, meaning things aren't just bad, they are bad and worsening, hence the importance of urgency, a sense of urgency right now, particularly for the House Republicans. | ||
| Philadelphia Fed Manufacturing Survey released this week, and it's pretty dreadful. | ||
| Let me show you. Let's go to chart number one, please. | ||
| This is the Philly Fed Manufacturing Index for this year. | ||
| As you can see, going back one year, the trend is decidedly downward. | ||
| Almost all negative numbers, 10 of the last 12 months negative, hitting minus 31 right now. | ||
| Now, what does that mean in context where people don't watch this closely? | ||
| Let's please go to chart number two. | ||
| And I'm going to give you now 10 years of history on this. | ||
| So this will give you a lot of context on the Philadelphia Fed Manufacturing Index. | ||
| The vast majority of the time, it is positive. | ||
| It is above zero. You can see on that chart that goes back a decade, took a massive dip, not surprisingly, during the lockdowns, but snapped back just as quickly with the Trump boom 2.0, and actually then printed shortly after that an all-time high for Philly Fed Manufacturing. | ||
| What has happened since then? | ||
| And I highlight Biden taking office. | ||
| It has been in a continual and pronounced slide downward. | ||
| So Steve, not my opinion, not Peter Navarro's, not Steve Bannon's opinion. | ||
| This is the reality on the ground of indices that go back decades. | ||
| We continue to hit more and more dismal records every single day. | ||
| So the economy isn't just bad, it is bad and worsening as evidenced by that chart on manufacturing. | ||
| And this gets back to your structural, regulatory, structural trade, all that, that you can't, this just not, right now we have a fiscal domination. | ||
| We have this, and we're going to get right in here, this insanity on the spending. | ||
| You've got the monetary policy, but there's also something deeper going on here. | ||
| Well, the something deeper is that structurally our economy is falling apart. | ||
| Part of it is this supply chain lack of resiliency. | ||
| We got in a situation where Where the corporations love to offshore all our jobs all the way around the world chasing the sweatshops and pollution havens of the world. | ||
| And then when the pandemic hit, it basically just eroded that whole construct. | ||
| And rather than see that coming, and I was in the White House, Steve, in 2020, May of 2020, I'm warning in memos to Meadows and the president. | ||
| It's like stagflation is coming if we don't Do a Manhattan project to bring our manufacturing and supply chains home. | ||
| That's the one root evil, but the other is the loss of the strategic energy dominance. | ||
| I can't stress that more, Steve. | ||
| We were in a situation which I never believed possible because early in my career I was like an energy guy trying to figure out how to get off foreign oil. | ||
| I never figured we could do that. | ||
| Trump does it. | ||
| We become the world's leading producer in an oil explorer. | ||
| Not independence, which we talked about in the 70s and 80s. | ||
| Full-spectrum energy dominance. | ||
| We had it. We had it in our hand. | ||
| And how this friggin' idiot Biden in the White House can come on day one. | ||
| I mean, one of the first... | ||
| The executive orders I helped draft was the Keystone Pipeline one. | ||
| And it was two parts. | ||
| It was like, yeah, that's going to get approved. | ||
| And yeah, it's going to be American iron and steel in the damn thing, right? | ||
| And Biden undoes that. | ||
| He undoes any leasing on oil on federal lands. | ||
| But it's deeper. It's the centerpiece is to radically change the economy. | ||
| Yeah. Away from our energy resources and dominance and led by the electric vehicle. | ||
| We're going to have Jeff Clark on tomorrow's show and Saturday's show walking through the new mandates and regulations. | ||
| They're talking off the Clean Air Act to basically outlaw the internal combustion engine in gas-powered cars, and I mean by 2026 on the manufacturing line. | ||
| And it's going to be the world according to Tesla in China, not in the United States, and Xi Jinping. | ||
| Right. They're going to dominate. | ||
| Communist China is going to dominate the lithium battery production, which is effectively the gasoline of those things, plus the production of those. | ||
| But with Elon Musk, hang on one second. | ||
| Could they just announce building the mega battery factor over there, too? | ||
| And they're doing price cuts, Steve. It's like the price cut war that Musk is doing now. | ||
| He's going to put GM and Ford out of business on U.S. oil and all the subsidies. | ||
| He's only going to do it if we continue to subsidize that madness because he's got to be subsidized. | ||
| Only Trump can stop it. | ||
| I mean, that's the whole point. | ||
| That's what 2024 is about. | ||
| Cortez, let me ask you about that. | ||
| Is there any way out of here... | ||
| I got the manufacturing czar sitting right with me from the White House. | ||
| Is there any way out of here in your mind until we turn around the manufacturing situation and that is predicated upon getting the energy policy right? | ||
| And the bid and the ask on energy couldn't be farther apart. | ||
| The White House has a radical, radical, and not just radical, unworkable, even if you believe the underpinnings of it, you couldn't execute on it in decades. | ||
| Can we turn this economy around for you to turn around manufacturing? | ||
| No. I mean, to answer that question first, absolutely not. | ||
| We have to have plentiful, cheap, reliable domestic energy. | ||
| We had it very recently, a few years ago. | ||
| We can absolutely have it again if we have the political policy will to have it again. | ||
| But to your point, too, and by the way, too, trade also critical there. | ||
| So I would say those are the two major components. | ||
| To a true, lasting U.S. manufacturing renaissance is we have to get our energy policy right and then toughness in trade. | ||
| If we get those two things onshoring with domestic affordable energy here, we will again dominate the world in manufacturing and in value-added, high-production manufacturing. | ||
|
unidentified
|
But in terms of the divide, just one second, Steve. | |
| Steve, can you hear me? | ||
| Steve, just one thing on that. | ||
| When I talk about bringing our supply chains and manufacturing home, the two ways that Trump did it was the tough tariffs, And the Buy American, Hire American policies. | ||
| Those were the twin pincer moves to bring that home. | ||
| Anyway, when I talk about manufacturing here and supply chains here, I'm talking Trump policies, structural policies, tariffs to level the playing field, Buy American, Hire American to keep that stuff here. | ||
| Go ahead, Steve. Yeah, so regarding the politics on energy, Steve, because I think you make an important point here about just how wide the divide is here politically. | ||
| I mean, it's not just a gap. | ||
| It is a chasm. | ||
| It is a Grand Canyon-sized political chasm between where we are in energy and where the leftists are with their radical Green New Deal agenda. | ||
| I would argue it's an unbridgeable gap. | ||
| It is. There is no way to reconcile these two positions. | ||
| It's sort of like it's the economic version of where we stand on sex and gender issues. | ||
| There's no way to reconcile. | ||
| Here's my point. One side has to win. | ||
| One side will win. | ||
| It has to be our side, because if their side wins, Regarding energy with their Green New Deal nonsense, it will permanently impoverish the middle and lower classes. | ||
| We won't have a middle class. It will send the middle class into the lower classes, and the lower classes will remain permanently impoverished in this country. | ||
| But my point is, there's no reconciling with the Green New Deal, folks, and our energy stance. | ||
| We have to win. By the way, this is when you talk about other candidates. | ||
| You know, we've gone through this exercise before. | ||
| This is about tariffs. This is about full-spectrum energy dominance. | ||
| We don't have time for OJT on-the-job training. | ||
| This is a war. | ||
| It's a political war. | ||
| And we're absolutely correct. There's no middle ground here on so many of the topics, but particularly the economy. | ||
| We're going to get into it. We're going to talk about the debt ceiling negotiations, the fight. | ||
| It's going to be a rolling gunfight for a long time to come, but we're going to lay down the markets here. | ||
|
unidentified
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In a moment has arrived. | |
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| Download now. | ||
| Okay, welcome back. By the way, we're putting up stuff on Getter all day long. | ||
| If you want to get show prep, the show prep, you know, we go to Citizens Free Press. | ||
| We go to Gateway Punt. These are fabulous. | ||
| But I also put everything up, all the interesting things with my analysis on Getter. | ||
| So go check it out. Navarro's up there. | ||
| Cortez is up there. Everybody's up there, although Cortez is kind of... | ||
| He's acceptable now to Twitter. | ||
| So he's over there. He and Mike Davis. | ||
| He and my two brothers. Even though he got Steve on Getter. | ||
| I know. What are you talking about? | ||
| He's the king of the Getter. | ||
| I know. I'm like Steve Bannon, right? | ||
| Cortez. Okay. | ||
| Right now, ladies and gentlemen, you are the creditors committee. | ||
| It all rests on your shoulders. | ||
| Whatever way you say this is going to happen, it's going to happen, because we know we can get the votes, at least a blocking vote. | ||
| I want to start with Brad and Jess, because look, Brad, we're the dead-enders, and we understand that. | ||
| Somebody's got to be. We're the dead-enders. | ||
| Not one penny We do the prioritization of payments, and we figure this thing out. | ||
| But there's no relief, none, zero, because we can make this thing work. | ||
| Walk me through, though, and I want to give a hat tip to Speaker McCarthy. | ||
| His job is very different than the job here in the war room. | ||
| His job is to try to wrangle cats right now. | ||
| To get to $218,000. | ||
| He needs $218,000. So his job's different. | ||
| But I want to make sure, Brett, walk through. | ||
| We've had Russ Vogt and the guys on here, the balanced budget guys. | ||
| We've had Richard Edwards, Stern from Heritage. | ||
| We've had Vogt, all these guys. | ||
| And they're great. And they look over these 10-year budgets and they're talking $10 trillion, $17 trillion, everything. | ||
| We're saying focus on the first couple of years. | ||
| Give me some big cuts and give it to us now. | ||
| But what they're talking about, I want you to walk through. | ||
| I think you've got the best analysis of what this really proposal on the table is, sir. | ||
| Yeah, well, the breaking news out of the Freedom Caucus and the folks who fight hard up there and are putting pressure on McCarthy is just $4 trillion off. | ||
| And that sounds big, but the Biden administration is walking around and saying minus three, which is fictional. | ||
| But this is over a 10-year horizon. | ||
| And so CBO has debt scored at $50 trillion. | ||
| No one seems to get that number through their head. | ||
| At a 5 % interest rate, Interest payments on the debt will be $2.5 trillion a year just in interest payments. | ||
| That's three times the defense budget. | ||
| That cannot happen. | ||
| The Freedom Caucus, Russ Vogt was knocking about $17 or $18 trillion off over a 10-year window, which roughly breaks us even and keeps us at only a $32 trillion debt, the current amount of debt, which is over 100 % GDP. We're already in scary territory on economic grounds. | ||
| Peter and Steve just put on a brilliant presentation, and the Fed is walking a tightrope. | ||
| I think they're actually at war with the Treasury a little bit because the Fed doesn't want high inflation because it cannot pay 5 % on $50 trillion. | ||
| But on the other hand, it does want high inflation because it's the only way to pay off the debt. | ||
| So how do you get around that puzzle? | ||
| Well, maybe they just try to crush the economy like Peter said, create stagflation, and then construct a pretty heavy-duty recession, and then somehow miraculously hope to get low interest rates and then get back to higher inflation. | ||
| And so there's no way out of this. | ||
| Productivity is the key. I've been showing you charts on that. | ||
| Robert Gordon at Northwestern is the best in the country. | ||
| Everybody ought to look him up. But it's been 40 years decline. | ||
| That is the economy. | ||
| It used to be 3%, 4%. | ||
| Now it's under 1%. | ||
| And we could have a lost decade like Japan has had when they screwed up and got the government in bed with the banking sector. | ||
| And now we're just facing a terrible scenario ahead. | ||
| And so the war room needs to keep pressure on these folks. | ||
| $46 trillion in 10 years is still too much debt. | ||
| We cannot live under that. | ||
| And so they need to have a votarama, and Kevin McCarthy's doing way better, but he needs to put pressure and expose everybody to the sunlight. | ||
| Let's have them go around the horn in public and vote on $46 trillion in debt. | ||
| Really? And we'll see how that goes. | ||
| This is, by the way, so this is what Gates has been saying because there's so many things out there. | ||
| You just got to get them up and let's have them argue it on the floor like they did in the first week. | ||
| Remember, that argument galvanized the nation, and that was really about process and procedure. | ||
| This is going to be about programs and money and whose ox is getting gored. | ||
| It would be dramatic. | ||
| It would be intense. And we have to do it because right now, even what they're talking about, the tree and a half lift, We're in the same place next spring. | ||
| And my point is, guys, just tell me how you pay for this. | ||
| Because the only way you pay for it is cranking out more fiat money from the Fed. | ||
| And what happens is that the inflation goes up. | ||
| Not just that, the rest of the world, Cortez, jump in here, the rest of the world's going to a gold standard. | ||
| You've had all-time—we're going to have Philip Patrick on tomorrow. | ||
| He's going to walk through the central bank's all-time purchases of gold, all-time high in 2022, 2023, something higher. | ||
| The bricks that own the resources, that have the oil and the gas and the rubber and the tin and the copper— Are looking at a rolling devaluation by the Federal Reserve because of the proficiency of the United States and the lack of discipline of our political elites. | ||
| And they're sitting there going, hey, I'm not going to take a Federal Reserve note. | ||
| I'm going to basically have a gold-backed, like the ruble. | ||
| We didn't end up crushing Putin because he pegged the ruble to the dollar and the ruble went to all-time highs. | ||
| Cortez, give me a minute of that before we go to break. | ||
| Yeah, Steve, you make an important point here. | ||
| And I hear this often from critics who are saying, wait a second, the dollar is doing fine against euro currency or Chinese yuan. | ||
| And that's true, by the way, because nobody wants yuan. | ||
| And in many ways, Europe is worse off than the United States. | ||
| The point is the dollar has significantly devalued against resources, against farmland in the United States, against agricultural commodities, against crude oil, which is $80 a barrel. | ||
| It was $40 when Biden took office. | ||
| So the dollar, to your point, is absolutely devaluing against tangible goods. | ||
| And that makes every single American poorer every single day. | ||
| So dollar devaluation is a fact. | ||
| It's just right now not against other fiat currencies, but I fear that could unfold at some point as well. | ||
| But it's already devaluing against the goods that you need to live your life, the staples of life and the tangible resources, things like land and particularly farmland. | ||
| This is the central thing. | ||
| That's why you've got to go to Birch Gold right now and get the end of the dollar empire. | ||
| Remember, Cortez had that great piece, The End of King Dollar. | ||
| We took it. We went to the end of the dollar empire. | ||
| And the last one we've got is the debt trap. | ||
| Ripped from today's headlines, although we wrote it, Philip Patrick and myself wrote it a couple of months ago. | ||
| But you've got to immerse yourself to understand the debate. | ||
| The great thing the war room's doing, I've got Cortez, I've got Navarro, I've got Brett, we've got Philip Patrick and others, is we're... | ||
| Adding in the world and reality of resources as you talk about, you can't just talk about the debt fight and the spending fight here not in context of the global economy, okay? | ||
| MAGA knows that. The Deplorables know that. | ||
| America First knows that. | ||
| We're not rubes. | ||
| We're the anti-rubes. | ||
| The rubes are on CNBC. Short break. |
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