July 7, 2023 - Bannon's War Room
48:37
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 had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room, here's your host, Stephen K. Bound. | |
| Thanks for joining us. | ||
| This is the secretary meets with senior Chinese officials for informal talks on the U.S. and Chinese economies. | ||
| Speaking with a group of business leaders in Beijing, Secretary Yellen defended US controls on technology exports, saying they are necessary for national security. | ||
| Yellen's concerns reflect continuing tension between the two countries. | ||
| After arriving in Beijing yesterday, Secretary Yellen tweeted the two nations are seeking, quote, a healthy economic competition that benefits American workers and firms and to collaborate on global challenges. | ||
| Fascinating to watch the diplomacy here, Eugene Robinson. | ||
| As we saw last week, Secretary Antony Blinken sort of echoing the comment by President Joe Biden that President Xi is a dictator. | ||
| He was on our show, Secretary Blinken, last week. | ||
| We asked him if he shared that view, and he said the President of the United States speaks for his administration, speaks for all of us. | ||
| So, yes, there has been this outreach. | ||
| Yes, there have been these visits from Secretary Blinken, from Secretary Yellen, but also some strong words to go with them. | ||
|
unidentified
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Yeah, there have been. | |
| And so, I imagine in Beijing, they're asking themselves, well, if the U.S. is playing good cop, bad cop with us, where's the good cop? | ||
| Because Janet Yellen goes to Beijing, and there is really pretty harshly critical of China and the way it treats U.S. companies. | ||
| It's fascinating. | ||
| My question for David Ignatius is, are these steps, this Yellen visit, the Blinken meetings, is this actually improving our relationship with China? | ||
| Is this opening a channel for communication that might lead to a meeting between President Biden and President Xi? | ||
| Is it real or is it going nowhere? | ||
| Well, Gina, the famous response of Joanne Lai on a question about the future is too soon to tell. | ||
| In this case, I think that we can expect that there'll be this process of gradual warming. | ||
| She wants to come to the United States in November for this meeting of the APEC Summit. | ||
| I think he won't allow major disruptions. | ||
| The Yellen visit is a really interesting test of what Lincoln and his visit and Jake Sullivan and his meeting in Vienna were trying to put together. | ||
| They wanted to add cooperation on issues of mutual interest to a very contentious relationship. | ||
| And Yellen's trying to figure out, is there a kind of running rate between the US and China on economic issues that benefits both sides? | ||
| Yellen has said more clearly than anybody in the administration, Decoupling the two economies is a bad idea. | ||
| It's a bad idea for both. | ||
| It's bad for the global economy. | ||
| She's got to figure out, given that, what are the rules? | ||
| And I think that's part of the sparring that you were referring to earlier in her meeting today, where she was talking about how difficult conditions are for U.S. businesses. | ||
| The Chinese really want It's continued trade and commerce between the two countries, and they need it, given their economic problems. | ||
| They've got to figure out better rules of the road that leave U.S. companies feeling that they're not going to be harassed, they're going to be protected. | ||
| But generally, the answer to your question is yes, I do think we're on the path now to somewhat greater cooperation, some reduction in tensions between the U.S. and China. | ||
| Welcome aboard. Great to see you. | ||
| Let's get right to the breaking economic news. | ||
| The June jobs report released just moments ago showing the U.S. economy added 209,000 jobs last month with the unemployment rate falling slightly to 3.6%. | ||
| Economists had expected an increase of 240,000 jobs. | ||
| For more, let's bring in CNBC's Dom Chu. | ||
| So, Dom, dig into these numbers for us a little bit. | ||
| Slightly below expectations. | ||
| Unemployment holds steady. | ||
|
unidentified
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What does it all mean? It's more confusion, Willie, is what it comes down to. | |
| So the headline jobs creation number that you mentioned, still positive but below expectations, isn't nearly as positive as what we got earlier this week when private payrolls processor ADP said that they saw nearly half a million private sector jobs created just last month. | ||
| So this Labor Department number of 209,000 The unemployment rate, | ||
| as you mentioned, 3.6... | ||
| Hey, they wouldn't. | ||
| Far be it from the Biden regime's Department of Labor to give you a phony number so they get a big headline and some juice in the stock market. | ||
| And then upon further review, oops, there's a couple hundred thousand jobs that didn't exist. | ||
| Okay, Friday, 7 July. | ||
| We're going to start off with some heavy hitters on capital markets and the economy. | ||
| We've got politics later. | ||
| Laura Loomer's going to join us. | ||
| Boris Epstein's going to join us. | ||
| We've got Dr. Harvey Risch. | ||
| Big controversy coming out of Lancet Magazine. | ||
| We're going to get to all this. Also, a big... | ||
| The guys over at Gateway Pundit, Jordan Conradson and the team, have a pretty stunning reveal of the Arizona Supreme Court. | ||
| So we're going to get into all this, so let's get rolling. | ||
| First off, I got Navarro, E.J. Antony, and Dave Bratt up to begin this. | ||
| I want to start with you, Navarro. | ||
| The Wall Street Journal... | ||
| Bill Gertz breaks a story today that China is leading the world in brain technology for the new battlefield of the 21st century. | ||
| We just had a special on last night about Kevin McCarthy shutting down the House Intel because one of our top venture capitalists in the world, Sequoia Capital... | ||
| Happens to be funding with the War Room Posse's pension money, your retirement money, they're funding advanced artificial intelligence weapons for the Chinese Communist Party. | ||
| At the same time, the Wall Street Journal comes out this morning with a, oh, by the way, as we've been saying on here from day one, the weapons of the 21st century are going to be biotechnology and cyber. | ||
| And you could have a... | ||
| An epidemic. You could have a bioweapon and a cyber attack and World War III would be over even before the United States realized it was being hit. | ||
| You've got this Cuban base. | ||
| That's what they're going to do in Cuba. | ||
| They're going to have an offensive cyber capability and they're going to have an offensive biological weapons capability. | ||
| Janet Yellen, I don't know if we got the picture. | ||
| Last night after her meetings, and here's what the buried lead is. | ||
| She's the bad cop. | ||
| She's totally kowtowed right in front of them. | ||
| She's the bad cop. | ||
| This is how detached... | ||
| You talk about decoupling economies. | ||
| How about MSNBC, the great David Ignatius? | ||
| And by the way, David Ignatius, where's your big talk on the 500th day? | ||
| This is the 500th day of the killing fields in Ukraine, of which the Biden regime... | ||
| Unbelievably, with a stalled offensive, with Aaron Burnett. | ||
| We've got to play that Aaron Burnett thing. | ||
| Aaron Burnett making goo-goo eyes to Zelensky. | ||
| We're sending over now cluster bombs, which I think the Geneva Convention has already outlawed as like an inhuman weapon. | ||
| We're sending cluster bombs over because there's no spring offensive. | ||
| With all that... Peter Navarro, you were one of the hammers with a guy named Donald J. Trump that brought the Chinese Communist Party as much to heel as they've ever been brought in modern times. | ||
| Is Janet Yellen playing bad cop, sir, as far as you see it? | ||
| Janet Yellen, she's like Joe Biden now. | ||
| She's like wandering around Beijing, going into Chinese restaurants because they won't have her in the main banquet halls. | ||
| Let's be clear. This was a very big snub to Janet Yellen, the way they treated her with this Chinese restaurant gate. | ||
| And I remember when I went over with the hapless Mnuchin and Lighthizer and Branstad, who was the ambassador to China, we all met to negotiate the trade deal with them. | ||
| That night, they held a big banquet for us. | ||
| And the one they feared the most, besides me, who had the most power, was Bob Lighthizer, the United States trade representative. | ||
| Ha! I was laughing out loud that night as one of the few guys in the room who understood Asia because I'd been over there for like three years in an earlier life. | ||
| And what they did was they gave everybody like somebody to talk to and they totally isolated Lighthizer and he sat the whole night with nobody to talk to kind of looking around and it was it was humiliation with a with a lowercase letter. But that's what they did to Janet Yellen. And the bigger point here, of course, Steve, is why did Blinken go there? | ||
| Why didn't they come here? Why is Yellen going there? Why didn't they come here? | ||
| Why are we the supplicants in the cow towers instead of them coming here? | ||
| Because they need us a heck of a lot more than we need them. | ||
|
unidentified
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Hang on. | |
| Let's talk about that. Let's talk about it. | ||
| David Ignatius says Yellen's the biggest proponent that decoupling is a bad idea. | ||
| Decoupling is a bad idea. | ||
| Do you agree with that? Should we or should we not be decoupling from the Chinese Communist Party? | ||
| And if I had been robbing the train, that's where I was going because that's the problem. | ||
| There's the Trump world, and I can tell you this based on conversations in the Oval Office with the boss, that as soon as that election was over and we got back for a second term, decoupling was going to be what we, you know, the tariffs were going to go up. | ||
| We're just going to stop the capital flows. | ||
| We're going to do all this stuff. | ||
| That Mnuchin and Kudlow and even Lighthizer didn't want to do at the end of the first term because they were afraid to upset the skinny deal. | ||
| It's like, and I'm going crazy on this. | ||
| No, no, no, no. But anyway, the point is that there's this ideological struggle now between decoupling, getting off the Chinese economy so that we don't feed their military versus the yelling behind you. | ||
| It's a strategic competition. | ||
| It's BS. Yeah, go ahead. | ||
| We're kidding ourselves here. | ||
| We go over there and they announce they're cutting us off from rare earths. | ||
| They say they need to see American sincerity. | ||
| They announce that they're going to cut us off from certain rare earths that are absolutely essential in making things relate. | ||
| The quid pro quo, Steve. | ||
| It's like, for as long as I was in the White House for four years, they wanted us to balance the trade deficit by selling them their highest technology products, which, by the way, could be used for military applications. | ||
| And Trump wasn't going to do that. | ||
| And so what they say is, well, sell us all that stuff, and if you don't do that now, we're going to cut off your rare earths. | ||
| And meanwhile, back here in the good old U.S. of A., Biden can't even get rare earths going because the environmental wing of his party won't let us mine the stuff, and it's a stranglehold. | ||
| I mean, the number of things that communist China, in terms of minerals, rare earths, commodities, Pharmaceuticals. | ||
| I mean, there's just a whole range of products. | ||
| Penicillin, vitamin C. We are so dependent on them. | ||
| And they will use that to strangle us. | ||
| I remember one last thing, Steve. | ||
| During the pandemic, they were going to strangle us, drowned us in a sea of coronavirus by withholding all the PPE because we dared to say that that virus came from the Wuhan lab. | ||
| Yes. That was a big deal. | ||
| And Kushner at the time just kowtowed and collapsed on that thing and zipped up his lip. | ||
| Okay, the point is the whole American establishment, the American establishment always will kowtow to the Chinese Communist Party. | ||
| What you're seeing over there with Janet Yellen, what happened is what Peter's talking about. | ||
| Last night, instead of having some, at least a banquet or something, which you always do with dignitaries and give them face and to show that you appreciate them coming all the way over there, She ate at a Chinese restaurant, like, down the street with a couple of Americans. | ||
| They kind of said, hey, Janet, there's some great restaurants in the neighborhood, and here's how you get an Uber. | ||
| I mean, this is... The Biden regime gets no respect. | ||
| Now, I know it has nothing to do with the fact that they... | ||
| Huge humiliation. Huge humiliation. | ||
| Nobody... Movie reference, Steve. | ||
| Nobody puts baby or Janet Yellen in a corner, yet the commies did. | ||
| Okay, we're going to take a short commercial break. | ||
| By the way, I got Navarro on track. | ||
| He talks about Biden and Yellen wandering around. | ||
| Sometimes he will wander on me. | ||
| You know, it comes with age. | ||
| I know that, Peter, but just stick with me. | ||
| Stick with the program. We're in the war room. | ||
| E.J. Antony's got the charts. | ||
| Dave Brat's got the philosophy. | ||
| Peter Navarro's got the heat. | ||
| We're going to be back in a moment, talking about capital markets, the economy, all of it, to kick off a Friday here in the war room. | ||
|
unidentified
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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! Here's your host, Stephen K. Bannon. | ||
| Welcome back. We're going to get more into this, but I want everybody to go to birchgold.com slash Bannon and get the road to Durban, the Durban Accords. | ||
| I'm going to get the thoughts of Brad and Navarro on this. | ||
| Beginning of an alternative currency to the United States, the Federal Reserve note that is in your pocket is about to happen. | ||
| And this is as big, this will be as big eventually in history as Nixon's taking us off the gold standard back I think in 1971. | ||
| So let's get into, or 73, 71. | ||
| What a weekend that was. | ||
| I want to take some time one day and maybe break that down. | ||
| Go check it out. | ||
| Find out, particularly with the economy where it is, find out why all the central banks in the world... | ||
| Are combined buying more gold than they've ever bought. | ||
| And what Janet Yellen's over there, simultaneously with their patent her on the head and her and her gibberish and, you know, not paying attention to it, they have the Shanghai Cooperation Organization. | ||
| That's the Eurasian landmass. | ||
| That's all the BRICS have kind of come together for that. | ||
| That's their own deal. Anti-G7, right? | ||
| Which is the West. And now you've got the BRICS, and now the BRICS are driving towards Durban. | ||
| So this train is leaving the station, folks. | ||
| You've just got to find out how it's going to impact you, because we know how it's going to impact the country. | ||
| E.J., very confusing today, but not to you. | ||
| Walk us through your thoughts of the jobs report and where we are in the economy overall, brother. | ||
| Well, Steve, it's another mixed report. | ||
| But once again, the devil is in the details here. | ||
| And people need to keep in mind that the labor market is a lagging indicator, meaning it tends to change direction after the economy as a whole has already changed direction. | ||
| Now, manufacturing within the labor sector does move a little bit quicker. | ||
| And sure enough, manufacturing is doing very, very poorly this year. | ||
| In fact, it's added almost no jobs at all when we look at the year to date. | ||
| It's a sector that has basically just been hemorrhaging. | ||
| If we look at not just these government data but private survey data, we see the exact same thing. | ||
| We see actually job losses there, not just anemic growth. | ||
|
unidentified
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So we can tell that the labor market is definitely slowing down. | |
| Hang on. Slow down. | ||
| Slow down. For a podcast and radio audience, you've got to explain that chart to me. | ||
| What are we seeing there? So what we're essentially seeing is that the monthly change in manufacturing has been hovering around zero this year. | ||
| So some months have been slightly positive, some months have been slightly negative. | ||
| But when you take the entire year thus far, we're halfway through the year at this point, we've essentially added no jobs in manufacturing. | ||
| And that's very, very common as you head in to a recession. | ||
| Manufacturing will stall out before the rest of the labor market does, and then that just turns into layoffs. | ||
| Now, this goes counter. Every day I'm picking up the Financial Times or the Journal, and they've got, you know, Biden's, the Bidenomics. Biden's, he's schlepping around the West. He's going down to the South. He's saying, I may have known these, he voted for all these three things that have cost five trillion dollars that are driving core inflation, but it's making up for it that we're adding tons of manufacturing jobs. Is he misleading the nation? | ||
| Far be it from him to mislead the nation, but would he be in this very specific area? | ||
| Oh, absolutely. Because what you see if you go back to pre-pandemic numbers is that for most of these categories, we are basically only back at pre-pandemic numbers. | ||
| In a few cases, we're above. | ||
| In a few cases, we're below. | ||
| But some 90% of all the jobs added during the Biden administration have simply been just regaining jobs that were lost. | ||
| You know, it's very difficult to say that's a job gained, quote unquote, when we're talking about forcibly shutting down a place of employment and then later allowing someone to go back to work. | ||
| I don't see that as job creation, and neither should the president. | ||
| Okay, walk me through whether the other charts are going to make this clear, because these jobs reports are fundamental to the Fed's continued to bump rates. | ||
| Certainly. So another key thing that we're looking at has been the disparity between foreign-born workers and native-born workers. | ||
| And in fact, again, some 90% of the jobs we have right now above pre-pandemic levels have all gone to foreign-born workers, which is very interesting that this is the first month when native-born workers Have finally gotten back to pre-pandemic levels. | ||
| One of the reasons why that's so interesting is because the BLS, the Bureau of Labor Statistics, has to assign weights to both of these categories, and they do that separately. | ||
| And what that does is it gives you an estimate for how much each of those categories are increasing. | ||
| But if those weights are off, Then it means the total employment numbers are off. | ||
| And as we start digging into the data and we observe when each of these categories go up or down and when the overall headline number of jobs goes up and down, one of the things that we can glean from that is that the weights are probably off in these categories. | ||
| In other words, the BLS statistics are most likely very wrong here, and it should call into question how many jobs this economy is actually adding on a monthly basis. | ||
| It's very likely next year we're going to see these numbers wildly revised down. | ||
| Are these, like the previous months have been, are these, when you say foreign-born workers, are we seeing the invasion on the southern border, which they've told us, and Pallas testified, the way to take down inflation is to get the wages of basically low-skilled workers. | ||
| So I hope African-Americans and I hope Hispanic-Americans are listening to the Federal Reserve chief when he says, hey, the number one way we're going to bring down inflation is to crush your wages. | ||
| Are you seeing that? | ||
| Is that part of this thing with foreign-born workers? | ||
| Absolutely. And another really interesting thing is that the BLS surveys for foreign-born workers do not ask anything about a person's status. | ||
| In other words, are you here legally or illegally? | ||
| And so even on the BLS's own website, they admit that they are very likely capturing some illegal aliens in these surveys. | ||
| And you are 100% right that by increasing the ratio of foreign-born workers to native-born workers, You are basically reducing average wages, and that has helped keep wage growth down. | ||
| But that actually brings us to the final chart here, which shows that despite the fact that nominal pay has continued to increase, real pay at this point is essentially just moving sideways. | ||
| In other words, inflation is increasing at about the same rate We're good to go. | ||
| Okay, hang over for a second. | ||
| I'm going to bring Navar in. Navar, this is a beautiful thing because, think about it, the deplorables, and even people who are not part of the MAGA movement, the African-American blue-collar workers, Hispanic workers, you have to understand their way that they're going to make up for their sins of all this massive overspending and all the fat cats in D.C. and the lobbyists and the bankers in Silicon Valley, everybody living the high life. | ||
| I mean, D.C. is like Paris with the boutiques and guys driving big cars. | ||
| Their focus is to crush the workers. | ||
| That's how you're going to do it. And the numbers have kind of shown this. | ||
| I love this. The foreign-born workers are getting 90% of the jobs, and they won't even tell you if they're illegal aliens or not. | ||
|
unidentified
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Dr. Navarro. That one's a stunner. | |
| And Steve, let me preview for the posse at 5 p.m. | ||
| I'm going to be guest hosting. | ||
| And I'm going to have a very special guest, one of the former Council of Economic Advisers at the White House. | ||
| But here's the stat of the day that should grab you. | ||
| It's all about real wages, Steve, which is nominal wages, what you get in your paycheck minus inflation. | ||
| And I did a calculation that Biden's been in office about 900 days so far, and 75% of the time... | ||
| Real wages have been falling, okay? | ||
| Think about that. 75% of the time, Joe Biden, Biden economics, has been in office, real wages have been falling, and the total fall has been about 3%. | ||
| Meanwhile, if you look at the inflation numbers for gasoline, for heating oil, For eggs, for butter, for milk, you know, the whole housing, rents. | ||
| Everything is like way double digits. | ||
| And meanwhile, the deplorables who are bearing the brand. | ||
| And the worst is yet to come. | ||
| This is my punchline, Steve. | ||
| What I see when these numbers come out is I see stagflation, okay? | ||
| It's this push and pull between good number, bad number, good number, bad number. | ||
| It's like you've got this slowing economy. | ||
| And you've got the inflation which won't quit. | ||
| Look, Steve, it's the American workers who are going to get screwed by this. | ||
| Black, brown, blue-collar Americans. | ||
| This is the lost decades, but they've got an ability to vote this out of office. | ||
| E.J., your bet is that this is going to have the feds continue to... | ||
| Raise rates. Where do people go for all your charts? | ||
| You got a lot more. You had dozens of charts we could have gotten today. | ||
| Where do people go for more of your charts and where they go for more of your analysis? | ||
| Everybody can find me on Twitter at Real EJAntoni. | ||
| EJ, fantastic job. | ||
| Thank you so much, brother. Appreciate it. | ||
|
unidentified
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Thank you. Do we have my special out? | |
| Can we bounce to my... | ||
| Okay, Brat and Navarra are going to hang with me. | ||
| Just give me a thumbs up if we've got it, my Evercrack production staff here. | ||
| We've got Brat and Navarra going to stay with us. | ||
| Remember, this is Pride Month as far as MAGA goes. | ||
| Loud and proud. | ||
| We're proud of the United States of America. | ||
| We're proud of our national anthem. | ||
| We are proud of our flag. | ||
| We're proud of all glory. | ||
| We're proud of all of it. | ||
| And we're going to be proud. | ||
| We're going to play special music throughout the month. | ||
| We're going to have guests on here about all of that, etc. | ||
| So I guess we didn't do it. | ||
| I had a really special thing for you at the end of this, but we'll get to it in the next segment. | ||
| Okay, Brad's going to stick with us. | ||
| Navarro's going to stick with us. | ||
| We've got Jordan Conradson is going to join us from Gateway Pundit. | ||
| Big breaking story out of Arizona. | ||
| We're going to get to all of it. We're going to take a short commercial break. | ||
| We're going to be back in the warm in just a moment. | ||
|
unidentified
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You've been健康, right?行動,行動,行動! | |
| China is finished! | ||
| Take a dog to the CCP! | ||
| Oh... Oh... Oh... Oh... | ||
| Take a dog to the CCP! | ||
| Everything's just beginning... | ||
| Here's your host, Stephen K. Bamm. | ||
| you Okay, welcome back. Friday, 7 July, Year of the Lord, 2023. | ||
| Huge article in Politico this morning, the lead story, Kevin McCarthy not going to endorse President Trump. | ||
| Last night we did a special, we're going to be breaking that down a component piece as the Committee on the Present Danger had a webinar, I think on Wednesday. | ||
| It was an hour and a half long. | ||
| We broke it down into an hour package about, and it ties back to Bill Gertz's story today in the Washington Times about these advanced weapons systems and everything that the Chinese are doing now on kind of brain warfare. | ||
| Artificial intelligence, of course we've got the new book out by Joe Allen. | ||
| But Sequoia Capital funding advanced AI weapon systems for the Chinese Communist Party and the PLA with your pension money. | ||
| And there's a big House investigation, House Intelligence Committee, not some Commerce Committee, House Intel. | ||
| Kevin McCarthy shut down. | ||
| I want to bring in Brad, because there's two things going on right here. | ||
| You've got the lost decades, and we're in the worst of both possible worlds. | ||
| You've got a slowdown of what Brad continues to call the real economy. | ||
| And as you can see that, and this is why EJ's charts are so important, because there are no manufacturing jobs being created. | ||
| Don't listen to the lies they're putting out in the spin. | ||
| And as EJ says, get ready for a big reset on these numbers. | ||
| And you've already seen the last couple of months, oh yeah, upon further review, there was 100,000 less. | ||
| This is all another scam. | ||
| The original sin of McCarthy's speakership and the unforgivable sin is approving and taking off the caps on Biden spending for the next two years. | ||
| He did that. He kicked it after the election. | ||
| He was personally responsible for that. | ||
| We will never let him off the hook. | ||
| And that's why to us he's got to go as speaker. | ||
| And I realize people say, well, there's no alternative. | ||
| Hey, bottom line is this economy now is in a pincer move of really awfulness. | ||
| Number one, you have a real economy of slowing. | ||
| At the same time, they're going to flood the zone as much as they can with fiat currency. | ||
| Dave Bratt, walk me through your analysis. | ||
| Yeah, well, I'll just weigh in on the speakership also related to trade and what Navarro was saying. | ||
| It's very interesting. Politico two days ago had Biden's trade secretary story saying she's taking everybody off with her moves against China, which is promising. | ||
| And then, juxtaposed against those hard moves coming from the Biden administration, the Republican Ways and Means chairman of trade says, no, no, no, no, no. | ||
| We got to get back to all those nice free trade agreements we had with China and everybody else. | ||
| And we got to just keep trading so the rich and our donors can make profits and earn every last nickel before we... | ||
| Engage in unrestricted warfare that's already coming at us. | ||
| So I just wanted to make sure folks are following what the Republicans are doing and saying on the most powerful committee in Congress, Ways and Means. | ||
| On our analysis, EJ, you all teed it up. | ||
| You're talking about workers and jobs and all that and the rhetoric coming out of the administration. | ||
| It's rhetoric. And I'll hit the philosophy at the end if I got a minute. | ||
| But if people still think there's liberals around that care about workers, that's an error. | ||
| I'm going to get to the philosophical piece at the end. | ||
| But when you hear stuff from the left, they now own The Marxists are in an uncomfortable position now because they own all the capital. | ||
| They have turned into the capitalists. | ||
| And so you can just basically predict what's going to happen out of the White House based on what's good for capital markets. | ||
| So if Denver wants to put up the charts, I'm just going to go through a few. | ||
| And the subtext here is last quarter consumption was going up Net exports were going up 8%. | ||
| Some of that's due, the Social Security bumped up the payments by 8% due to the, you know, the CPI inflation index. | ||
| Inflation because of inflation. | ||
| Yeah, exactly, right? And so that's all tied to rules. | ||
| So, you know, it looks like the economy is kind of doing okay. | ||
| This is another piece, the chart you're looking at is from the Federal Reserve, right? | ||
| So at 2020, there's all your COVID money and checks going out. | ||
| The green, huge savings surpluses of $2.1 trillion excess savings. | ||
| And then they get spent down, but then they go way up. | ||
| And then the red, you see, okay, now we're in the negative turf. | ||
| But at the end of the day, the Fed knows there's still a half a trillion dollars out there in excess savings due to all the COVID checks they sent out. | ||
| So that's, you know, the pig and the python. | ||
| That's stimulative. | ||
| And then the next chart, after Silicon Bank crashed, the Fed was finally starting to tighten. | ||
| Their balance sheet was coming down from $9 trillion. | ||
| But the day after Silicon and the other banks got sideways because the economy started cracking, the real economy, you know, credit, the banking sector, at the far right, that looks like a little blip. | ||
| That's not a little blip. The Fed printed $500 billion, added another half a trillion dollars, We're good to go. | ||
| Quantitative easing. Yeah, quantitative easing. | ||
| And all this is just to show that the Fed is fighting itself, right? | ||
| They're going to raise interest rates next time because they have to. | ||
| I just showed you a half trillion dollars in excess savings, a half trillion dollars in funny money printed, and here's the doozy that you just printed out, complimented to Speaker McCarthy, is the spending. | ||
| and added minimum four trillion in spending, which is hugely stimulative. | ||
| So they have to cool things down using other tools. | ||
|
unidentified
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No, no, no, no, no, no, no, no, no, no, no, no, no, no, no. | |
| Just make sure our nomenclature's right. | ||
| It's $6.8 trillion spending this year and over $7 trillion next year. | ||
| That's spending. The deficits are at least $4 trillion. | ||
| On finance, it's going to be $6 trillion. | ||
| And that doesn't include the games they're going to play in the balance sheet of the Federal Reserve. | ||
| By the way, the guys in Durban, the BRICS, and all the kids that work at the BRICS that went to Harvard and went to Stanford, God bless you. | ||
| Because I'm a nationalist. | ||
| You've got to stand up for your own country. | ||
| If the elites in this country are doing it to the working class in this country, the working class in this country is standing up and saying, hey, we've had enough. | ||
| We're voting you clowns out of office. | ||
| You voted them out of office in 2020 and they stole it right in front of you and half the nation rolled over and said, okay, I don't have a problem. | ||
| Let's just roll with it. Well, you see how it's rolling. | ||
| And this is why, right now, we'll get into it later, but when Boris has said the charts are, Trump's policies on trade, Trump's policies on immigration, Trump's policies on the economy, and always remember the dictum of Peter Navarro. | ||
| Immigration and trade are the two-gun approach for employment and for jobs and for growth. | ||
| Right? You've got to control the illegal immigration so you're not driving wages down to working class people. | ||
| At the same time, you have to have tough trade deals, not the Ways and Means subcommittee saying, no, we're going to go back to the free trade. | ||
| Free trade means rip off of the American people, full stop. | ||
| And Donald J. Trump was the guy that had the stones up there, not just to talk about it, but to do it. | ||
| And this is one of the reasons they're so freaked out that Jack Smith's going to have another 65 charges against him. | ||
| That's all coming. Because the establishment, the way the system works, they can't take the disruptor that Donald Trump is. | ||
| Navarro, give me a minute on that. | ||
| You've seen it right here laid out by Brett. | ||
| Give me a minute on your assessment. | ||
| Steve, I think the big picture here... | ||
| Is demand pull inflation being caused by Joe Biden's, and with the help of Kevin McCarthy, massive trillions of dollars just working through the snake, as Brett uses a different kind of analogy. | ||
| That's what's going on, plus the cost push from the loss of strategic energy dominance, the lack of resilience in the supply chain because we're offshore. | ||
| And so And so we've got this pincer movement that's coming at us, and the only solution to it is structural. | ||
| But the solution that Biden's doing is having Powell raise rates at the Federal Reserve to crush the employment rate and basically let labor bear the burden of the mischief Exactly. Bingo. | ||
| Bingo. Labor's going to bear it. | ||
| That means you, the audience, that's going to be you, the audience. | ||
| Yes. It's a big bite, Steve. | ||
| One thing about being a world power, one thing about the United States of America, as we've worked through, you know, the world in our history, and this is what it is about Durbin. | ||
| You want to be in a situation where you're making decisions and have options and have alternatives, have a range of alternatives. We can do this. We do this. | ||
| The prime reserve currency comes with tremendous responsibilities. | ||
| And there's a good argument that maybe you don't want to be the prime reserve currency. | ||
| I got that. Maybe that's the case. | ||
| But that's a program that the United States thinks it through. | ||
| The elites in our nation and the globalists in our nation have now put us in a situation. | ||
| These decisions are going to be forced upon us. | ||
| It's one thing to freely make a decision. | ||
| We have alternatives. Let's do this. | ||
| We'll work it through this way. It's another thing to have essentially a revolt by the people that own the commodities in the world. | ||
| They're saying, upon further review, we're going to buy gold. | ||
| We're going to come up with some basket stuff. | ||
| And it's not going to take over day one. | ||
| But we've had it. | ||
| Maybe the workers in the United States have to accept this stuff and have to get jammed every day. | ||
| But we don't. We've got an alternative because we control the rubber or the tin or the rare earths or the oil or you name it, right? | ||
| The wheat. We got it. You don't. | ||
| And we're tired of taking this currency that continues to decrease in purchasing power. | ||
| Why? Because of these policies of the elites in this country, 1,000%. | ||
| Brett, you got a minute for your philosophy? | ||
| And then we got to move on. What do you got for me? | ||
| You're always making me feel better when you're quoting Socrates and Aristotle. | ||
| Two philosophers have determined our collective history, Karl Marx versus Adam Smith. | ||
| Adam Smith, I couldn't have imagined a world run entirely by monopolies. | ||
| The Marxists, the old capitalist Marxist guys, are embarrassed now because they are now the capitalists. | ||
| The left owns and controls the Fortune 500. | ||
| They own big technology. | ||
| They run all of the major cities in the country. | ||
| They run education. | ||
| So they have an embarrassment of riches, but one problem, the poor have become more poor. | ||
| The distribution of income used to be owned by the liberals. | ||
| They used to rub our noses in it. | ||
| But now the old country club Republicans with the khakis no longer exist, except on the Ways and Means Committee. | ||
| Now you've got a bunch of folks who are really ticked off because wages have been flat for 40 years. | ||
| The Marxists own everything. | ||
| So you notice there's no Marxists left. | ||
| They're neo-Marxists. | ||
| They've shifted from the capitalist debate. | ||
| They're cultural. | ||
| They're cultural. | ||
| And now it's cultural. | ||
| By the way, they're not Marxists. | ||
| They're not Marxists in Beijing. | ||
| They're about control. | ||
| They're not Marxists. | ||
| They're terms. | ||
| And so the key takeaway is if anybody out there on the left thinks that the left and the liberals and these Marxists still care about the poor, you're sadly mistaken. | ||
| And the African-American Hispanic brothers and sisters in the church, we're all on the same team, and we've got to have a new way forward. | ||
| And it's populist economics. | ||
| That's the way forward. You stick with me. | ||
| We're going to take a short commercial break. | ||
| I'm going to keep both of you guys from one more, and I'll let you go after that. | ||
| I just want to mention Wealth of a Nation. | ||
| 1776. The Decline and Fall of the Roman Empire by Gibbons, Adam Smith's The Wealth of Nations, and the Declaration of Independence, all published within six months of each other. | ||
| Think they knew something about that, about education? | ||
| okay seven calvary gary owens the song the music of america next in the war room | ||
|
unidentified
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the | |
| okay day brett thank you so much How do you like that? Decline and fall of the Roman Empire by Gibbons, Adam Smith, the Wealth of Nations, Declaration of Independence, within, I think, six months of each other in 1776. | ||
| Did the brothers then know how to educate? | ||
| It was incredible. Dave Bratt, down at Liberty, one of the great universities in our country, now the Vice Provost. | ||
| Give us all your coordinates so people can follow all your great economic analysis. | ||
| Yeah, yeah. Brat Economics on Getter. | ||
| All the charts are there. | ||
| Great starting place to learn basic economics that tracks the news in the real world. | ||
| You're reading about, hearing about on the war room every day. | ||
| Come visit Liberty. I'm now Vice Provost for Engagement. | ||
| If you have alumni out in your area in Atlanta or D.C. or Baltimore, etc., get a hold of me and I'd love to come up and give a talk and And bring your young scholars up to Liberty University. | ||
| God bless. And by the way, we still believe in the great books. | ||
| Not many universities do. | ||
| So keep preaching, Brother Bannon. | ||
| The Judeo-Christian West brought to you in an education format. | ||
| Liberty, it's incredible. Thank you, Dave, and thanks for focusing on Liberty. | ||
| Great. Thanks, Dave. | ||
| Peter Navarro, we've got an hour. | ||
| I've got a bonus hour to you. | ||
| If you're going to be up tonight now, you're going to have one of President Trump's other economists on tonight at 5 o'clock. | ||
| You've got a lot more to go through. | ||
| How do people get to your substack in all of it? | ||
| Steve, I wanted to let you have that tea time this afternoon. | ||
| Twilight rates. I know you're like pinch pennies and stuff like that. | ||
| Look, the message today is simple. | ||
| Bidenomics equals stagflation. | ||
| Bidenomics equals stagflation. | ||
| We're going to break that down this afternoon, the 5 o'clock show, with one of my favorite folks from the Trump administration. | ||
| And on my substag, peternavar.substag.com, PeterNavar.subsect.com I'll have the preview article out where I break down all these incredible statistics including the one where real wages have been falling for the deplorables for 75% of the time that Joe Biden has been in office. | ||
| So PeterNavar.subsect.com Posse, we'll see you at 5 today and let's spread the word so we get a good audience and Steve, enjoy that golf game. | ||
| God can't hit a two iron. | ||
| Can you? That's the question I want to know. | ||
| It's a one iron. | ||
| It's a one iron. I'm actually doing the six o'clock show. | ||
| I got Steve Moore. I got Steve Moore. | ||
| And I have Tiffany Justice. | ||
| And Tiffany Justice is going to get into this RFK controversy about Moms for Liberty. | ||
| So I'll be at six. You can't let Navarro run too wild. | ||
| I'll be there at six. Okay, sir. | ||
| Thank you very much. Honor, thank you for doing the five. | ||
| We're trying to broaden your repertoire. | ||
| We're trying to broaden your repertoire. | ||
| That's what we're doing. Thanks, brother. Joe Reek. | ||
| I wanted you up here. | ||
| My Pager Supply, you're doing such a great job with core inflation out of control. | ||
| You got the grid. We got Dave Walsh talking about the grid going down to Texas, rolling brownouts. | ||
| I wanted to bring you on to make sure that My Pager Supply, get everybody up to speed on what you guys are working on and how you can help folks right now, given inflation, number one, and quite frankly, the unevenness of our electrical grid throughout the country. | ||
| Joe Reek. Yeah, thanks for having me on, Steve. | ||
| We're super excited here because a lot of people recognize MyPatriotSupply as the leaders for long-term emergency food, but we're more than that. | ||
| In fact, I want to take this moment and introduce to you and your audience the world's first self-powered portable oven. | ||
| This little ember unit sitting right here behind me. | ||
| This thing is amazing. | ||
| So when you think about power grids going down, how are you going to be able to bake those items? | ||
| How are you going to have that warm bread? | ||
| How are you going to be able to cook the meat or the other items that you enjoy when your home oven just simply doesn't work? | ||
| Well, right now, my patrons apply with the InstaFire Ember. | ||
| We have you guys covered right now. | ||
| You can pick up this little unit right here. | ||
| It feeds off of biomass, so that's the sticks, that's the twigs, that's the pine cones, but it also runs off of the canned heat that we have. | ||
| It's safe for indoors. | ||
| It's safe for outdoors. | ||
| It's portable. You can use it anywhere. | ||
| You can use it for camping. You can use it for hiking, whatever you want to do in the outdoors. | ||
| However, When the power does go out and the grid fails, you can still be able to enjoy many of the meals that we have, like our honey wheat bread, the corn bread, some meals that require the oven to use to bake. | ||
| Now you can enjoy it with this Ember oven. | ||
|
unidentified
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And guess what? It's available right now. | |
| Hang on. I want everybody to go check this out. | ||
| Now, as people know, my culinary skills are limited. | ||
| How does this thing, if my grid's down, you know, you guys got the generator, you got all these other products. | ||
| How does this thing still work when the grid's down? | ||
| Be simple. Just treat me like a Labrador retriever here. | ||
| Keep it simple. How does the oven still work? | ||
| You can use one or two things, Steve. | ||
| You can use our canned heat that we have with it that you can purchase and you can buy these little cans that'll put off a heat. | ||
| Or you could use biomass, which is sticks or twigs or pine cones. | ||
| Anything that you could find outside, you can utilize that inside of this ember oven. | ||
| It'll maintain the heat for you as long as you keep feeding it sticks. | ||
| With the Instafire canned heat, you can put a can in there that'll burn for up to six hours, and you can have steady, constant heat to be able to bake your meat, to be able to bake your bread, be able to bake your pizzas. | ||
| I mean, this thing is simply amazing. | ||
| And like I said, it can be used for anything. | ||
| It doesn't have to be for power outages, but it's a great thing to have in your emergency stash just in case something were to happen to you. | ||
| Okay, now once again, I want everybody to go and immerse yourself. | ||
| You guys got so many products, so much offering. | ||
| Where do they go? And if you have, where do people, if they go online and they're still confused, your reps that people can talk to? | ||
| What I love about you guys is you immerse people in information before they make the decision. | ||
| So where does this audience go? | ||
| Number one, to see the oven, but all the other stuff you've got. | ||
| Always go to mypatriotsupply.com. | ||
| You can find the information on all of our products here. | ||
| You can find the information on this Ember Oven when you go to mypatriotsupply.com. | ||
| If you have additional questions or you don't know where to get started, you can give us a call and we have preparedness specialists ready and waiting to help you out to get your questions answered. | ||
| And if you need that number, that number is 866-229-0927. | ||
| Again, that number is 866-229-0927. | ||
| It's 229-0927. | ||
| Now, I'm sure there's lots of people out there who have never tried our food as well. | ||
| And for the month of July, as we celebrate our independence and we celebrate our liberty, you can get one of our little sampler kits on sale right now for the price of $17.76. | ||
| So it gives you an opportunity to try some of our more favorite meals out there, some of our most popular meals with that little sampler kit. | ||
| Order that today. Get your ember oven. | ||
| Get prepared for what's coming down the line because we are having all these weather events going on right now in the Midwest. | ||
| Power grid's going down in Texas. | ||
| You've got to get prepared. | ||
| And now's the time to do it. | ||
| And now you can have, again, more of that peace of mind with that ember oven in your pantry. | ||
| Joe Reek, thank you very much. | ||
| 1776. We're proud, proud, proud, loud and proud about the United States of America. | ||
| Oh, glory our flag. Gary Owens is actually an Irish fight tune. |
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