May 13, 2023 - Bannon's War Room
48:39
Participants
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unidentified
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The primal scream of a dying regime. | |
| Pray for our enemies, because we're going medieval on these people. | ||
| I got a free shot of all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| Mega Media. I wish in my soul, I wish that any of these people had a conscience. | ||
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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. | ||
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unidentified
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War Room, here's your host, Stephen K. Bannon. | |
| Hi, thank you so much for coming to New Hampshire to answer our questions. | ||
| My question is regarding the economy. | ||
| Over the past two years, we have seen the prices for everything skyrocket. | ||
| From food to gas to utilities and insurance costs, many people's bills are up several hundred dollars a month, including mine. | ||
| If elected president again, what is the first thing you would do to help bring down the cost to make things more affordable? | ||
| Drill, baby, drill. | ||
| We were that. | ||
| We were energy independent. | ||
| We were soon going to be energy dominant. | ||
| And nobody had ever done what I did. | ||
| We got oil down to $1.87. | ||
| Actually, it fell lower than that in some cases. | ||
| We had to save the oil companies the price was getting. | ||
| So we were doing incredibly. | ||
| We had the greatest economy in the history of our country, probably the greatest economy in the history of the world. | ||
| We were energy independent, soon to be energy dominant. | ||
| We were going to be bigger than Russia, and Saudi Arabia put together times two. | ||
| We have more liquid gold under our feet than any other nation. | ||
| Any other nation. And these stupid fools ended it. | ||
| And energy went from $1.87 and even lower for gasoline for car They went from $1.87 to $5.678 and even $9. | ||
| And your electricity bills went through the roof. | ||
| Your heating bills went through the roof. | ||
| And that's what started inflation. | ||
| And it hasn't stopped because people are paying now for bacon and for eggs and for two and three times what it was just a little while ago. | ||
| We created the greatest economy in history. | ||
| A big part of that economy was I got you the biggest tax cuts in the history of our country. | ||
| Bigger than the Reagan cuts. | ||
| Bigger than any... | ||
| And also, Caitlin, also, as you know, we got the biggest regulation and regulatory cuts. | ||
| This place was rocking. | ||
| And then we were given a gift from China, and China paid a big price. | ||
| And let me tell you something, I took in hundreds... | ||
| Okay, welcome. Saturday, 13 May, Eurovalor, 2023. | ||
| Remember, President Trump has a very big and important rally in Iowa today. | ||
| We'll also have commentary on that in this hour. | ||
| But I want to go, since the part of President Trump's answer, look, the question... | ||
| And it is the question, because people always say it's the economy, stupid. | ||
| At the core of many of our issues is the economy. | ||
| And of course, obviously the debt ceiling and what's going back and forth and this threatening of the 14th Amendment and all that. | ||
| It is very uncertain times. | ||
| Uncertain times in capital markets, uncertain times in the economy, uncertain times in your own personal finance. | ||
| So since President Trump said liquid gold, I thought I'd bring in the two people who I turned to for their judgment, both about energy and about precious metals, gold. | ||
| I got Philip Patrick from Birch Gold. | ||
| Philip, thank you for joining us. | ||
| And of course, the great Dave Walsh on energy. | ||
| Dave, I want to start with you and about Trump's about full spectrum energy dominance. | ||
| So we were we were energy independent and we have we were very close to energy dominant. | ||
| Right? And now we're not. | ||
| And I want people to understand, every time you come on here, you talk about the really radical nature. | ||
| And this is what's so important about this budget and the spending issue. | ||
| Remember, although we didn't get the cuts we wanted, and Russ Vogt and the team always talk about woken weaponized, getting out of the budget. | ||
| McCarthy, half of the McCarthy in this budget that he's got, half of it is tied to undoing things that Biden has done on the energy side. | ||
| But people also miss because there's so much news going on and so much of the invasion of the southern border and all of it that we miss some of the most radical things they're doing. | ||
| And what they're doing is setting in an infrastructure, a template, infrastructure template. | ||
| That is, I don't know, I can't make the math to work at it all, but it's going to make the bottom even follow the economy of what they've done. | ||
| So Dave Walsh, I want to first get you in here because, as Philip and I always talk about, the underlying thing we need to do is to get the foundational element of this economy sorted, and that would be energy. | ||
| Dave Walsh, your thoughts and observations. | ||
| Well, Steve, to prove that point today, EPA Administrator Reagan came out with an additional massive power plant called Emissions Program for 60-Day Comment that is a direct full-frontal assault on 62 % of our electrical energy supply in the country. | ||
| I mean, this is the very thing that we want to ramp way up, supposedly, to facilitate EVs, facilitate displacing gas stoves, etc., home heating with electricity in the North and Midwest. | ||
| They've announced today full frontal assault through EPA efforts at 62 % of our electrical energy resource, being two-thirds of that natural gas, one-third being coal. | ||
| And by the way, that's 77 % of our continuous duty on demand, always there electricity, by virtue of characterizing CO2 as something today in this proposed plan, something that causes thousands of deaths will cost 10,000 of workplace lost days, causes asthma, causes clean air not to be breathable. | ||
| This is not the case with CO2. CO2 has never been characterized before as a harmful pollutant. | ||
| Nitrous oxide, sulfur, mercury, heavy particulate are pollutants, not CO2. Their theory on that is it causes warming. | ||
| But in any event, this program, and they say it's going to cost only about $8 billion to utilities and power plants, this would affect The 500 to 520 large, large power plants in this country and cost them about $1.4 trillion if implemented. | ||
| Carbon capture systems were experimenting. | ||
| That's what the core of this is, mandating either carbon capture systems be installed on all these plants or that they be converted to hydrogen fuel by about 2035. | ||
| The cost of this technology, this has been tried before at four prototype plants under the Obama administration and ceased in 2020 completely at Kemper County in Mississippi, at the NRG Petronova plant in Houston, another big plant called the Plantberry plant for Southern Company. | ||
| My company was involved in two of those. | ||
| The technology didn't work well. | ||
| Secondly, the cost was absolutely exorbitant. | ||
| You're talking about sucking the carbon out of the emissions at a That cost per plant at about $3.5 billion compared to the cost of building. | ||
| Hang on one second. I just want to make sure people got the framing of this. | ||
| And maybe pull the camera back a second and then describe what EPA is doing here on this, the 60-day comic period. | ||
| Right now, and correct me if I'm wrong, but this Biden regime has a group of ideologues in there, and they are like, have had a religious conversion. | ||
| They are radical net zero carbon or Green New Deal, whatever you want to call them, but this is a religion to them, and they don't brook any debate Or if they have apostates, people that used to be with them, they've thrown them out. | ||
| The most radical. | ||
| His plan overall, and correct me if I'm wrong, this is why this spending debate is not simply about spending. | ||
| It's very important spending, but it's also about getting revenues up. | ||
| And what they're trying to do in the spending cuts is to cut things that are directly tied to this. | ||
| And quite frankly, it's a radical agenda that's never been debated. | ||
| The American people have not really weighed in on this. | ||
| So talk to me about what they're doing on this radical net zero carbon and how this new element of it, which I think has shocked everybody, about going after the power plants, which you say provides 62 % of the power of the nation. | ||
| Talk to us about the radicalness of their overall theory of the case. | ||
| Well, the spending in this imposed on the private sector, the utilities and the independent power producers who own power plants, Across about 520, average being a 1,000 megawatt power plant, would cost each of them about $3.2 billion each plant to install a carbon capture system. | ||
| Now, the alternative they're giving is to switch the fuel source to hydrogen, which we don't have the infrastructure. | ||
| The infrastructure to build the piping, storage, and manufacturing of hydrogen through electrolysis or other means is about an equivalent cost per plant to what I've talked about, the $3.2 billion. | ||
| So what this does is takes the original cost of this great recently built, by the way, generation resource in this country. | ||
| We've just built 250 gas-fired power plants since 2001 in this country, many of which just erected in the last five to seven years at tremendous efficiency, tremendous low actual pollutant values. | ||
| You're talking, again, sulfur, nitrous oxide, mercury. | ||
| These plants no longer really emit any meaningful quantities of. | ||
| CO2 is not a harmful pollutant. | ||
| It's involved in a theory of warming. | ||
| But the cost of this will probably, if this were imposed, quintuple electricity prices in the country and cause drastic shortages, as many, many of these plants, really the majority of them, will not be able to comply financially. | ||
| Therefore, we're only going to be adding to the electricity shortage that we already have vis-a-vis what's happening in California, in Texas, Minnesota, the Carolinas, soon to come in Florida. | ||
| We have a major shortage of baseload on-demand continuous-duty electricity, aka why the brownouts, and the service curtailments in Texas and California, Minnesota, Colorado, the Carolinas over the holidays. | ||
| We need much more of this. | ||
| We actually need 50 % more continuous-duty coal and baseload combined cycle plants to get anywhere near meeting this EV target. | ||
| massively electrifying the nation further, between home heating, converting to electricity, and the EV boon that the administration wants. | ||
| This plan is the polar opposite. | ||
| This is about reducing the electricity supply and making what we have massively costly, which is, again, an inflationary thing beyond belief. | ||
| So all this work by the Fed on interest rates is right out the window when you do things like this to quintuple the cost of electricity. | ||
| I want to lay that in there. | ||
| Here's the thing. Walk me through. | ||
| They're moving to a total electrification of our basic industry, including electric vehicles and take rid of gas turbine cars. | ||
| This kind of counteracts us because at the same time, and they have, in fact, you're saying the cost quintuples, right? | ||
| Quintuples, excuse me, quintuples. | ||
| If this is imposed across the whole state of government, yes. | ||
| Here's the issue. | ||
| When you look at, and right now we're in this huge fight over models and where the country's going financially, and they have a plan, and their plan still adds $50 trillion of debt over the next, excuse me, it doesn't add $50 trillion of debt. | ||
| It gets us two $50 trillion face amount Just at the Federal Reserve, not even including what's on the Treasury Department, not even including what's on the Federal Reserve. | ||
| And those interest rates, if interest rates stay the same, you're going to spend $2 trillion a year in interest payments. | ||
| What we know from the Congressional Budget Office and others is that we are entering into the start of the lost decades like Japan and these other countries of growth of 1%, of 1.1%, of 1.5%. | ||
| We can't have a robust economy at 1 % to 1.5%. | ||
| First off, you're going to have a big drop in tax revenues. | ||
| More importantly, you're not going to have opportunities. | ||
| You're going to have unemployment. You're going to have more people on welfare. | ||
| You're going to have more people on food stamps. | ||
| The math doesn't work. | ||
| In the middle of this, something that's gone on, the signal of what they're doing at the same time, it's a radical restructuring of our industrial economy. | ||
| A radical restructuring of around the electric vehicle and around electrification. | ||
| At the same time, they're now going and gutting what our infrastructure was of gas-fired plants. | ||
| And we're going to add tremendous cost to that. | ||
| Nobody's calculated that into one model where you understand, what are you doing? | ||
| You're literally setting us up not just to have a recession because of your mismanagement of finances and printing of money. | ||
| Now you're actually going to the central beating heart of the operating plan of our economy. | ||
| And this is a radical, radical transformation of it, and they're not having a debate about it. | ||
| They're just mandating it, and they're mandating it from EPA. Okay, we're going to take a short break. | ||
| We're going to get to the bottom of all this. | ||
| I've got Philip Patrick. | ||
| We have Dave Walsh. We're going to take a short commercial break. | ||
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unidentified
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You're in the war room. You're going to be back in just a moment Just beginning, but the games you want to play Bring it on and I will fight to the end, just watch and see It's all started, everything's begun, and you are over Cause we're taking down the CCP Spread the word all through Hong Kong We will fight till they're all gone. | |
| We rejoice when there's no more. | ||
| Let's take down the CCP. Okay, welcome back. | ||
| I want to go to Philip Patrick. Dave, I'm coming right back to you. | ||
| I want to go to Philip Patrick. Philip, you've been doing this a long time. | ||
| And it's one of the reasons I wanted you and Dave on today. | ||
| We're going to talk about the BRICS. We're going to talk about how they're going to gold and how they have the resources. | ||
| And these countries are tired of being picked off by a devalued currency, i.e. | ||
| the dollar. But I want to go back to what Dave Walsh is talking about. | ||
| Do you see any way out of this that at some point it's not an operational model thing? | ||
| In other words, we are the most advanced industrial economy in the history of mankind. | ||
| The power of the United States since the invention of the steam engine and the invention of all the things that came off the steam engine technology from the early 19th century. | ||
| First Great Britain as the industrial power, then the United States. | ||
| We've always been built upon a business model that supports not just the spending of the government, but the entire infrastructure of our society. | ||
| Are you concerned as you look out there that we're-and here's the thing that concerns me is that it's not getting enough attention. | ||
| There are massive radical changes going on by really what I call the administrative state, all dictated to-dictated by people that have vested interests in this financially, Or their uniparty factotums and apparatchiks that are elected officials. | ||
| But I want you to go walk me through your concern about just the overall economy, sir. | ||
| I mean, look, there is not good news anywhere to be seen, right? | ||
| And I think this problem has been brewing for quite a while, and the Biden administration have exacerbated. | ||
| I think it started with Obama. | ||
| Trump came in, fixed a lot of the problems, and of course, Biden carried on where Obama was. | ||
| We have problems all across the economy. | ||
| We have inflation still raging. | ||
| We're in recession here in the United States, despite what people say. | ||
| And there's not really any way out. | ||
| The Federal Reserve are in a very, very tough situation. | ||
| They don't have the tools. | ||
| We're seeing the problems that they have now. | ||
| They want to try and combat inflation, but they can't do it. | ||
| We're squeezing the banks. | ||
| It's a very, very tough situation. | ||
| In the background, we've got The government trying to push us towards a green agenda. | ||
| We're not ready to do so. | ||
| I think Dave summed up very well the effect that that will have on the economy. | ||
| And of course, we've got BRICS nations now pushing to move away from the dollar for international trade. | ||
| That alone is significant. | ||
| And quite frankly, it's understandable, right? | ||
| How did we get here? We weaponized the dollar. | ||
| We sanctioned Russia, not only the country, but citizens, corporations alike. | ||
| We banned them from the SWIFT payment network and essentially froze them out of the global financial system. | ||
| Printing money on a scale never seen before in United States history, fueling inflation, right? | ||
| We had this same issue back in the 70s. | ||
| De-dollarization was a thing until Volcker came in. | ||
| Stamped out the stagflationary climate and turned the ship around. | ||
| Right now, we can't do what Volcker did. | ||
| I don't think we have the tools, and the trajectory is very, very concerning. | ||
| As we've discussed many times, as you've written about, if we lose a grip on global reserve currency status, there is no coming back from that. | ||
| The United Kingdom today is not the United Kingdom before 1946, as we know, and the US dollar and the US, sadly, at the moment, We're heading in the same direction. | ||
| So we need a change, of course, and we need it now. | ||
| We had John Katzmatidis on here, I think, a week ago. | ||
| And John's a very successful entrepreneur in the food retail business, in the energy retail business, aerospace, all this. | ||
| And he doesn't totally agree with us on the debt ceiling. | ||
| But he did say one thing. | ||
| He said the problem we have, and you see it throughout the world because he's an international businessman, is that people now that don't have faith in the financial and economic leadership of the United States. | ||
| And no matter what the politics were, they always had a sense that you had these kind of hard-nosed capitalists that were making rational decisions. | ||
| And people got confidence off that. | ||
| I think it was Gallup this week had polling or was polling out from a very good source that said the financial leadership of the country in the Federal Reserve and the Secretary of Treasury had never been lower in that Yellen was actually this week calling around to CEOs to say how catastrophic the economy was if we didn't raise the debt ceiling and kind of implying there might be measures like the 14th Amendment or others That we're not normally using to come. | ||
| How big, and in your history of doing this, how big a deal is it looks like the leadership of our economy, the leadership of the finances, the leadership of the business, let's leave the political class out of it, now I think doesn't give people a high level of confidence that they either know what they're doing, or they think about the good of the country as much as the good of themselves, or They also have these radical ideologies that are not fully disclosed, sir. | ||
| Listen, optics, confidence is everything, right? | ||
| I think there was global confidence in the leadership of the United States. | ||
| The Saudis wouldn't have entertained the Chinese. | ||
| And it's not just Yellen and Biden. | ||
| It's Powell, too, right? | ||
| He has the lowest approval rating of any Federal Reserve Chairman ever. | ||
| He's just 1 % above Biden's approval rating. | ||
| And you mentioned Biden threatening to sort of invoke Section 4 of the 14th Amendment. | ||
| It's bonkers, right? He's trying to sort of light up an old Civil War era thing to try and push forward a spending package. | ||
| This isn't the sort of actions of a politician, of a leader. | ||
| These are the actions of an autocrat. | ||
| It's bonkers. | ||
| But you're absolutely right. | ||
| There is no confidence in the leadership of the United States, and that alone is a big, big problem. | ||
| A big problem for us. | ||
| And by the way, they're right to not have confidence. | ||
| Sorry, please. This thing has been mismanaged from the beginning. | ||
| No, no. That's why I want to get back to the Dave Walsh thing, because you see that these agendas are going on. | ||
| The math just doesn't work out, and yet there's never full disclosure. | ||
| All of a sudden you get some factotum over at EPA, the same guy that blew East Palestine. | ||
| The same guy that had responsibility, Regan at EPA, that the on-scene commanders reported to and it's devolved to him from an executive order. | ||
| The same guy that essentially his group allowed the quote-unquote controlled release and then the controlled burn is now putting out these mandates. | ||
| Hey, 60-day comment section, we'll obviously get war room people up to comment, but they've already made their mind up. | ||
| This whole thing of lack of confidence Why are central banks, particularly central banks of resource, the people that control the oil and gas in the world and are using it, not the United States that has it and is not using it, the people that have the resources throughout the world, the mining resources, the oil and gas, the agricultural resources, why are those central banks buying gold? | ||
| 2022 was the highest rates ever and 2023 is ahead of that. | ||
| Why are they doing that? I mean, listen, it's for the same reason that we as individuals should be looking at it. | ||
| Gold is a check on government spending. | ||
| It is a check on currency devaluation. | ||
| Gold and the dollar have an inverse relationship. | ||
| So a bet on gold is a bet against the dollar. | ||
| Dollar goes down. Gold goes up. | ||
| And I think central governments around the world know that there are changes coming, right? | ||
| Is the Chinese Yuan going to take over global reserve currency status from the US tomorrow? | ||
| Absolutely not. | ||
| But what we are seeing is a significant reduction in dollar denominated transactions globally. | ||
| That alone itself will have a significant impact on our currency. | ||
| So I think they know this. | ||
| The US dollar will not be the next global reserve currency. | ||
| I don't think they know what will yet, but they're hedging their bets in the meantime, and gold is the best way to hedge when currency is up in the air. | ||
| You and I are working on this ongoing, the end of the dollar empire. | ||
| I think we started about two years ago, but we've had three parts of the series out. | ||
| The latest one is the debt trap. | ||
| It gets you totally up to speed. | ||
| Remember, this is going to be a rolling gun battle. | ||
| This is going to be a rolling gun battle. | ||
| When they're talking about gimmicks, when you have Paul Krugman at the New York Times talking about printing a commemorative coin A platinum commemorative coin would just deem it worth a trillion dollars, and they'll put that on the desk of the Treasury Department, and that'll get you through an interim period. | ||
| I mean, seriously, if people would come in and talk to you off the street and say, are you crazy? | ||
| And you've got an amendment to the Constitution that was made after the Civil War to kind of clean up some of the legal issues. | ||
| Regarding the Great Rebellion, and they're using that to say, and you've got large tribes sitting there going, well, you know, I was against it years ago, but I think that in this situation, because these extremist Republicans want to cut spending and we just want to keep on, that maybe the president has some inherent powers. | ||
| As he says, he's got some inherent powers I haven't thought of before, and he can do it. | ||
| We're in a serious bind. | ||
| How can people, I just want to make sure people, because we talk macro here, we're not here to give personal financial advice, but where do they go right now? | ||
| You go to birchgold.com slash Bannon to get the end of the dollar empire, and people should read that, because Philip Patrick's right, that goes, it all goes. | ||
| Where do they go to talk to your guys? | ||
| So it's really simple, birchgold.com slash Bannon. | ||
| That's going to get them access to a free information guide. | ||
| You know, you'll be contacted by one of our professionals like myself. | ||
| We'll be here to guide you through birchgold.com forward slash Bannon. | ||
| They can reach me directly at Philip Patrick on Getter. | ||
| Now, you may think about it that you say, hey, what do I know about anything? | ||
| What you should know when you talk to the Birch Gold guys, not just about the tax-free IRAs, the transfer of the IRAs and 401Ks, it's also explain to you and give you the information. | ||
| The central banks, remember, they got all these central banks throughout the world, got Harvard guys and MIT Sloan guys, University of Chicago and Stanford all working for them. | ||
| They all got the HP-12Cs. | ||
| They're all running the numbers. If they're buying gold, you have to actually, and you see the fight we're having over this debt ceiling in the budget, you've got to ask yourself, hey, maybe they know something I don't. | ||
| Well, this is the way you get the inside information. | ||
| Sit there and go, you finally get up to speed and say, okay, fine, I understand it. | ||
| Then you can make your own decision. | ||
| But you've got to immerse yourself right now more than ever. | ||
| You have to immerse yourself in this. | ||
| Okay, we're going to take a short break. Philip's going to stick with me. | ||
| I've got Dave Walsh. | ||
| We have a lot to get through this morning, but when we get through it all, we want to set the framework for you understanding this titanic battle over money and power here in Washington, D.C. And you're at the head of the table. | ||
| That's why they hate you. | ||
| That's why they hate Trump. You are the Creditors Committee. | ||
| In fact, you're chairman of the Creditors Committee. | ||
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short commercial break back in a moment so dave walsh can we Bye. | |
| Because it's being pitched to low-information folks that the creation of all these new jobs, that the whole nirvana, this radical transformation, has a pot of gold at the end of the rainbow. | ||
| And I just want to ask you right now, as you see it, because right now we're in these huge, massive fights over the debt ceiling, and that gets down to spending and how that spending is not helping the economy. | ||
| It's hurting the economy because half the spending cuts come out of the Green New Deal. | ||
| Can we be the economy that we can be if we're driving to something that mathematically doesn't pencil out Like is happening in Germany. | ||
| I mean, isn't this get down to the core of it? | ||
| Because we've got the Federal Reserve printing money. | ||
| We have this spending. But until there's a business model for an advanced industrial country that's foundational elements are based upon energy production and distribution, it's a fantasy. | ||
| This is why Trump's answer, the woman asked, she didn't ask a question about energy. | ||
| She asked a question of Trump about the economy, understanding the four years of peace and prosperity he gave us. | ||
| She wanted to know, in your second term, what will you do? | ||
| And what was his first answer? | ||
| The first part of the answer was not about the debt ceiling. | ||
| It was not about the spending. It was not about ESG or woke. | ||
| He got to all that. | ||
| But the first answer is about energy because in an advanced industrial society, the production and distribution of energy is the absolute keystone. | ||
| It is the absolute foundational element to it. | ||
| Dave Walsh. Energy is the blood in the body of any advanced industrial economy. | ||
| And the troubling things are basically the total contradiction going on of this electrification desire on the one hand, with on the other hand today smashing this week, smashing and reducing our core energy supply areas in electricity, natural gas and coal. | ||
| Many of these plants won't be able to comply with this new standard because the costs are absurdly high. | ||
| And they'll close. We'll have shortages. | ||
| The hallmarks of a secure energy strategy are diversity of fuel supply and self-dependence. | ||
| Xi Jinping is following this. | ||
| He's adding massive gas plant resources in China to his heavy coal mix of 60%. | ||
| He's building 20 nuclear power plants, taking strong actions to diversify their energy supply to make their nation more bulletproof from imports. | ||
| We, on the other hand, even with this, again, in contradictory space, this devotion to wind and solar resources means a lot more battery storage. | ||
| We're talking about a lot more, of course, EVs. | ||
| This is all going to be based on a pyramid of cobalt, copper, and lithium that's all mined abroad. | ||
| So we're talking about displacing natural gas and oil in the U.S. with sources for lithium-ion batteries in cars, in EVs, And for battery storage next to solar plants to store that power for just a few hours, all coming from abroad, where we have no control over the pricing. | ||
| And the issue becomes, as you commoditize, more of our GDP includes a content of commoditized offshore-sourced material that we control, not of the pricing over. | ||
| Inflation goes out of control, the currency goes out of control. | ||
| We're moving in this direction with the cobalt, copper and lithium supply and all the EV and battery storage solutions and the thin-film PV and all these solar panels that are offshored and therefore we don't control the cost level over at all compared to today having some notional energy self-sufficiency as President Trump supported the cause of in this country. | ||
| It's here. We're ruining that, which is going to have a massive effect on the currency and on inflation in a negative sense. | ||
| What you saw in a more advanced way and actually even a more radical way was what happened in Germany, that these elites somehow are trying to shift to a post-industrial economy when they're in an industrial economy and they're going after energy. | ||
| Philip Patrick, here's what concerns me most. | ||
| If you look at all the models we talk about, and people, and Dave Brat comes in here and people talks about $50 trillion. | ||
| $50 trillion, we're at $32 trillion right now. | ||
| This is the massive fights they're having all the time. | ||
| And remember, what we have on the table doesn't really cut, it basically cuts the rate of growth. | ||
| We're not to any true cuts in federal spending. | ||
| If you look at all the models going forward, That gets you to the 50 trillion, because we haven't addressed that. | ||
| It's all based upon growth assumptions to the model that are much higher than what reality is showing us. | ||
| It's the reason that in the first seven months of this fiscal year, we are going to blow through a trillion dollar deficit, which wasn't planned for. | ||
| Why is that? Because the economy's slowing down. | ||
| Now our growth is about 1 to 1.1%. | ||
| If you pencil out, if you take what Dave Walsh is telling you about dramatically increased cost and less availability, if you start to factor that in to all the other madness we have going on, and you pencil out growth, anemic growth, what I call a lost decade of around 1 % or 1.5%, at the spending levels we're talking about and projected by the Congressional Budget Office, These deficits explode more than $50 trillion. | ||
| You can get to $60 trillion, $65, $70 trillion if you continue on this path that you're on. | ||
| And this is not some sort of mystical, you know, we don't need to have mystical powers, right? | ||
| And we don't need to do incantations to be able to understand this. | ||
| This is fairly straightforward, right? | ||
| It's just kind of arithmetic. | ||
| So given Dave Walsh's reality check, Philip Patrick, as you sit here and see what has to happen, because at those anemic growth rates, remember, tax revenues drop. | ||
| It's one of the reasons we have the bigger deficit right here. | ||
| Tax revenues drop. | ||
| You can't raise taxes because the wealthy won't let taxes be raised on themselves. | ||
| You can't sell enough bonds. | ||
| The Japanese insurance companies and the Chinese Communist Party who have been in the Gulf Emirates have a limit to what they'll buy. | ||
| There'll be a gap. | ||
| And the only way that that gap is fulfilled is the Federal Reserve just essentially prints money. | ||
| They print money. Given that, Philip Patrick, what is your assessment or forecast of what happens to us here? | ||
| That's a very difficult question to answer. | ||
| Listen, you know, and we've discussed this many, many, many times. | ||
| If we look at the numbers, we look at debt, we look at productivity, debt to GDP, you know, there are no nations in history that have come back from the position that the United States is in today. | ||
| So, you know, the mathematical brain or that side of my brain tells me that there is no coming back from that. | ||
| The flip side is I look at our potential. | ||
| As Dave said, you know, we could be energy independent very, very quickly. | ||
| The resources that we have here in the United States are unparalleled anywhere in the world, right? | ||
| So the emotional side of me says, look, we'll find a way with good leadership to put ourselves on a better trajectory. | ||
| We'll find a way. But if I look at it from a mathematical standpoint, I don't see a way out of this, even where we are today. | ||
| It's going to take a dramatic shift. | ||
| And I don't think we have the leadership to push us in that direction. | ||
| If you don't, the political will. | ||
| Okay, okay. Work with me on this one. | ||
| Let's assume you don't. But if my math is correct, and I factor in Dave Walsh's quite logical assumptions on what's happening with this radical ideology. | ||
| It's not Dave Walsh and Bannon saying this. | ||
| This is EPA putting out a 60-day comment section. | ||
| This is telling you what they're going to do to the power plants. | ||
| If this goes forward as it's rolling out, the BRICS, Brazil, Russia, India, China, South Africa, and the other developing nations that are resource rich, but in infrastructure and human capital light, | ||
| and they look at that model, With what the U.S. government and the leadership are going to have to do to continue to print money, and they look at an alternative of their resources and their currency backed by gold, or I keep saying the third world or the development world is coming up with a new gold standard. | ||
| What do you think happens in this regard? | ||
| Listen, I think it's heading in that direction. | ||
| I think there's no stopping that train and I think they've been very smart, right? | ||
| Pegging currencies to gold, stabilizing. | ||
| We're at the moment getting outsmarted by these BRICS nations and my concern is that Other nations, friendly nations, start to catch on. | ||
| The dollar is a store of value. | ||
| People are losing faith. | ||
| We talked about leadership earlier. | ||
| I think that's having a big effect. | ||
| We look at policy, printing money at a scale never seen before. | ||
| That has a big effect. | ||
| But what I cannot stress You know, the effect, the impact that that will have on every citizen in the United States. | ||
| There is no coming back. | ||
| I've been saying for a while, I'm scared to, you know, with you, be writing Volume 4 because it's like we write the future. | ||
| Every time we write it, it happens. | ||
| Volume 4 concerns me. | ||
| But this, of all of our problems, this is our biggest one. | ||
| By the way, what Phil was talking about when we conceived this project a couple of years ago, the end of the dollar empire, it was very speculative at the time, but we laid out the first was going to be about the politics of money. | ||
| Talk to people about what really the political history of this country is tied to the currency from really the founding... | ||
| Of the Republic and brilliant thinkers like Hamilton and Jefferson and these huge arguments they had about central banking, what they had about credit and all this, and then go all the way through Andrew Jackson, the huge fights, which were before slavery, the big fights were over the central bank, over the Bank of the United States. | ||
| Then about slavery and Lincoln and the Free Soil guys, take it all the way to the populace, to William Jennings Bryan, to really when they shut it all down, it was the beginning of the Federal Reserve and the income tax, just a random event there. | ||
| But to get people up there. | ||
| Then the second was the end of us as the prime reserve currency. | ||
| Kabam, that happened too. | ||
| And now it's the debt trap. | ||
| But the point is, is that very smart people throughout the world Look at Germany. | ||
| And they look at the United States and they look at these elites. | ||
| And these elites have been dependent upon, particularly the United States and the whole West, of the supremacy of the dollar. | ||
| And the supremacy of the dollar, the full faith and credit is the working men and women of this country. | ||
| That's a full faith and credit, not the Federal Reserve. | ||
| We have a system that is completely out of whack in that you can have the fiscal domination Of these executive branches and legislators that continue to pass things that are just not feasible in the fact that you can't pay for it. | ||
| But they have a mechanism in the Federal Reserve that continues to print money because the rest of the world needs dollars to basically grease the wheel. | ||
| The world runs off of dollars. | ||
| It's our greatest export. | ||
| And people go, yeah, I got that, but that dollar continues to devalue because you continue to run these deficits and you've got to raise interest rates. | ||
| And that game's just not going to play anymore. | ||
| Correct. Philip Patrick, once again, where do people get to? | ||
| Because I want to make sure people really spend time thinking about this, going to our site and reading it, but also talking to your advisors. | ||
| So really simple, birchgold.com forward slash Bannon. | ||
| That's going to get them access to the information kit. | ||
| That's where we start. | ||
| And then, like I said, there'll be a lot of people like myself at the firm that are there to hold people's hands, educate, and guide them through the process. | ||
| So again, birchgold.com forward slash Bannon. | ||
| Philip, thank you. Thank you for taking time away on Saturday to join us, and thank you for making sure that you're available. | ||
| All I hear is great comments and feedback back from the staff over there of helping people through this. | ||
| Thank you very much. Honored to have you on here, brother. | ||
| My honor. Thank you, Steve. | ||
| Phillip's got the warning, hey, let's not write another one because it'll come true every time we do an evaluation or do another installment. | ||
| I'm going to hold Dave Walsh. | ||
| We're going to take a short commercial break. | ||
| We're going to be back. How are we going to get to this solution? | ||
| Can we wait for the return of Donald Trump? | ||
| And I want everybody to remember, when Donald J. Trump was asked that question about the economy, Where did he go first? | ||
| Full-spectrum energy dominance. | ||
| What is the bizarre thing here is that we could be full-spectrum energy dominance across the board. | ||
| We're holding ourselves back. | ||
| This is Self-Imposed. Short commercial break. | ||
|
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| This new one looks pretty good. | ||
| Really? Did you know Ron DeSantis backed deep cuts to Social Security and Medicare? | ||
| Ron DeSantis? Yeah. | ||
| He voted to cut Social Security or Medicare not once, not twice, but three times. | ||
| DeSantis even tried to raise the retirement age to 70. | ||
| I thought DeSantis was one of the good ones, but he's just another career politician. | ||
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| We talk about this in this debt situation and the spending situation, you know, and President Trump said, hey, look, he pulled the rug out from under him. | ||
| He said, look, I'd go to massive cuts. | ||
| They'd have to accept it if they did not call their bluff. | ||
| And how bad can it be? | ||
| Can it be any worse than this, than the alternative? | ||
| Can you spend yourself in oblivion? | ||
| And now you got Dave Walsh telling you that the model they're basing all this on is a lie because it doesn't pencil out. | ||
| As he's told you about Germany and these other countries with these radical ideologies. | ||
| Dave, I know the audience, what they're going to ask is that Trump's not back to 2025, and it's going to be a brutal slog to get there. | ||
| And once he's in, they're going to fight him every step of the way with these ideologues throughout the administrative state. | ||
| Number one, what can be done in the interim? | ||
| And number two, how bad can it get before Trump and the cavalry arrives, sir? | ||
| Well, there are things that can be done. | ||
| I did one late this week, a few days ago. | ||
| I got ahold of Patrick Morrissey's office, AG of West Virginia, empowered him and educated he and his folks on, hey, we've got to go after this new standard here on so-called emissions, revisiting the major doctrines thesis of the Supreme Court ruling against the Clean Power Plan. | ||
| That's what this is. It directly violates that. | ||
| So when we get Kerry running around claiming that we need to simply end coal in the U.S. by 2030 as a thesis, not chemistry or the environment, just comments like that, this is about the EPA stepping way out of their swim lane. | ||
| So you get ahold of your Attorney General, Ken Paxton, Patrick Morrissey. | ||
| The other part is the utilities. | ||
| When you get the opportunity, I mean, we've got, unfortunately, in regulated power generation states like this one, public utilities jumping on board with, guess what, if they load up their capital spending plan with whatever the Public Service Commission approves. | ||
| And here in Florida, Our Public Service Commission has improved a massive solar build, which will take, based on Florida Power and Light's recently announced plan, increase their CapEx plan by a factor of nine over the next 25 years, on which they get a guaranteed 10.8 % return, no matter what the electrical capability is of what they're building. | ||
| They're motivated to get on board with this kind of asset churn to their benefit, At the horrendous consequence to people. | ||
| So wherever you have a chance to talk to your public utility in a public forum, you need to do that. | ||
| You need to get out your local elected officials in state houses. | ||
| Hang on. Hang on for a second. | ||
| You're saying that people, the powers that be, are going to make a ton of money, and this transformation is going to take huge capital expenditures. | ||
| They're in the control of all that, and that's one of the four – what's – I don't want to put words in your mouth, but one of the forces that are driving this, because it doesn't make any sense, one of the forces that are driving it, that people want to change the infrastructure, change it, because there's a way for them to make more money out of it, right? It'd be less efficient, less focused, but they can actually make money in that transformation? | ||
| Major, large cap, publicly traded equities in the utility business, people like Florida Power and Light, Dominion, Duke Energy, Entergy, Exelon, others have have stepped up to get on board with this stuff and go ahead and announce major, major capital plans on which in their regulated service territory states they get back much more rapidly the capex they spend in rates and the guaranteed rate of return they get. | ||
| So instead of fighting the EPA, they've jumped on board with doing the massive solar and the massive offshore wind capex programs because they get a guaranteed rate of return on them. | ||
| They don't really have any motivation but to join in. | ||
| So you need strong governors and strong public service commissions to stand in the way of their egregious overspending on stuff that doesn't work or works only a very part-time. | ||
| Because the regulations all support they're gaining guaranteed rates of return on the capital they invest in this or anything. | ||
| It doesn't matter what it is. | ||
| That's how the model works for a regulated utility. | ||
| So we need strong public service commissions, strong governors who appoint them, strong state senates who approve them to get in the way of these kinds of actions by host utilities that are motivated to spend on stuff that is very part-time and very costly, being solar, wind, offshore wind particularly, It's a bad motivation that's developed whereby they get one incentivized and they're motivated to do this. | ||
| Give me a minute. | ||
| I've got to bounce. Give me a minute on if EPA, if this is implemented, what they're getting, the comment period they started earlier this week. | ||
| If this is implemented, what impact to the economy as you see it today will this have? | ||
| Devastating on electricity prices, probably quintupling, and on shortages because, okay, this would affect about 525 major power plants at a cost of about $1.5 trillion. | ||
| So the government steps in and subsidizes about $400 billion of that, still $1.1 trillion on the private sector books, being probably 60 % of that debt. | ||
| So you pick up to the comments on where we are with the currency. | ||
| About $600 billion of debt would be incurred to finance all this. | ||
| Huge effect on electricity prices and a big, big drag on the economy. | ||
| Dave, where do people get to you on social media? | ||
| You're doing an incredible job. | ||
| Where do people get to you on social media? | ||
| It's at DaveWalshEnergy on both Getter and TrueSocial. | ||
| Thank you, Steve. Appreciate it. | ||
| Thank you. By the way, the third world countries, the developing nations of the world understand this. | ||
| They're not dumb by what they're doing. | ||
| They're husbanding their resources, they're charging higher prices, and they're buying gold with both hands. | ||
| Incredible. Absolutely incredible. | ||
| Okay. I want to thank everybody. | ||
| The Iowa rally is today. | ||
| We'll be back here live on Monday morning. | ||
| And I'm sure we're going to have tons of financial and capital markets news. | ||
| Anything comes up and we're going to do the rally live tonight. | ||
| I'll be in the live chat. Make sure that I think it's actually starts at five o'clock, five or six o'clock. | ||
| Thank you and look forward to seeing you at the rally night on Getter. | ||
| And we'll be back here Monday. | ||
| There's so much going on. I've never seen a news cycle like this in my life. |
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