July 22, 2023 - Bannon's War Room
48:31
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
|
unidentified
|
Because we're going medieval on these people. | |
| You're not going to free shot 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? | ||
|
unidentified
|
MAGA Media. | |
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
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
|
War Room. | |
| Here's your host, Stephen K. Bannon. | ||
| I was thrilled to host a screening at Bedminster of the important new film, Sound of Freedom, about the power of faith in overcoming evil, and in particular, the evil of child trafficking. | ||
| Big problem. | ||
| We had it down to the lowest number in many years just four years ago, and now it's gone through the roof. | ||
| Even though the fake news media has tried to ignore it. | ||
| Sound of Freedom has been a national sensation and a colossal success at the box office. | ||
| Really big numbers. | ||
| Everyone should see it. | ||
| This is a very important film and very important movie and it's a very important documentary all wrapped up in one. | ||
| It's really about an issue that has to be discussed. | ||
| Under my leadership, we did more than any administration in history to combat human trafficking and to end modern-day slavery. | ||
| In one of my first acts in office, I signed an executive order targeting Transnational criminal organizations that traffic and exploit innocent people. | ||
| I signed the Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act, authorizing $430 million to fight sex and labor trafficking. | ||
| I signed legislation to crack down on foreign countries who are not meeting standards for eliminating trafficking, of which there are many. | ||
| I also signed into law the Abolish Human Trafficking Act, which strengthened programs supporting survivors and provided more resources for ending modern slavery. | ||
| We do have modern slavery, if you can believe it. | ||
| Additionally, I created the first-ever White House position focused solely on combating human trafficking. | ||
| And perhaps most importantly, we created the most secure border in U.S. history by far, dealing a major blow to the cartels and traffickers. | ||
| We built hundreds of miles of wall. | ||
| We renovated hundreds of miles of wall. | ||
| We never had anything like it. | ||
| And then I got Mexico, free of charge, to give us 28,000 soldiers to protect us from people coming into our country illegally. | ||
| When I am back in the White House, I will immediately end the Biden border nightmare that traffickers are using to exploit vulnerable women and children. | ||
| We will fully secure the border. | ||
| I will wage war on the cartels. | ||
| Just as I destroyed the ISIS caliphate, 100% gone, 100% destroyed. | ||
| They'll come back now because we have a weak administration. | ||
| I will use Title 42 to end the child trafficking crisis by returning all trafficked children to their families in their home countries and without delay. | ||
| And I will urge Congress to ensure that anyone caught trafficking children across our border receives the death penalty immediately. | ||
| And that includes also for women. | ||
| Because women, as you know, are number one in trafficking. | ||
| Children are actually number two. | ||
| I want to thank Eduardo, Jim, Tim Ballard, and everyone else involved in this film for their incredible efforts and their great genius. | ||
| Together, we will end the scourge of human trafficking, and we will defend the dignity of human life. | ||
| Thank you very much. | ||
| It's Saturday, 22 July, Year of the Lord 2023. | ||
| We've got a lot to get through today. | ||
| But right there, as we played last night, monumental Development coming out of the Bedminster screening and the President Trump's great efforts in this. | ||
| Death to the traffickers. | ||
|
unidentified
|
Right? | |
| Death penalty for traffickers. | ||
| Other huge developments will be coming out of this, but I wanted to start the show off on something monumental because of this audience, because you made Sound of Freedom a massive hit. | ||
| Because of you, you've made it into a movement. | ||
| It's just absolutely incredible. | ||
| And people can't thank you enough, and these children can't thank you enough. | ||
| Sound of Freedom, go to, what is it, angel.com, angel.com slash war room to get your tickets for the weekend. | ||
| Let's make it, let's have a top Was it Oppenheimer and Barbie and Mission Impossible? | ||
| He beat Mission Impossible during the weekdays here, so it's just incredible. | ||
| Sound of freedom. | ||
| As President Trump says, death to the traffickers. | ||
| Okay, we've got a lot to get to. | ||
| I've got Ben Harnwell and Dave Brat. | ||
| We're gonna be talking about the currency, the road to Durban, also Ukraine, but I wanna first, let's play, do I have President Trump? | ||
| Before I bring in Brat and Brother Harnwell, let's play President Trump from the other day. | ||
| And we have a corrupt compromise president, crooked Joe Biden, who is dragging us into World War III. | ||
| And that's what's happening on behalf of a nation that paid his family millions and millions of dollars in obvious bribes. | ||
| All you have to do is take a look at how much China, how much Ukraine have paid the Biden family. | ||
| It's a total disgrace and a very dangerous one. | ||
| Under these circumstances, the notion that we would even consider Admitting Ukraine into NATO at this time is completely unhinged. | ||
| Joe Biden can't even walk up a flight of stairs on Air Force One, and he can't put two sentences together. | ||
| The last thing that this incompetent administration should be doing is risking war with a nuclear-armed Russia or China or other countries. | ||
| We have somebody that doesn't have a clue representing us. | ||
| Let's bring in Harnwell and Bratt. | ||
| Dave Bratt, I want to start with you, and I want to go back to your theory of the case. | ||
| We're going to talk about the road to Durban. | ||
| We're going to talk about capital markets, the economy, and particularly the U.S. | ||
| dollar, our currency. | ||
| But I want you to walk through what has led, sir, to the demise of all the previous, I think, five or six nations. | ||
| In modern times, and in modern times I would say go back five or six hundred years of the empires that have had the prime reserve currency. | ||
| Walk me through, before I bring Ben in, what has brought each one of them down? | ||
| Yeah, well, it's interesting. | ||
| This thing, you shot me the article by Krugman, and Krugman says nothing to see here on this global reserve currency. | ||
| And you know, he's a Nobel laureate in economics proper, right? | ||
| So the Krugman types are, you know, they got big craniums. | ||
| They're good at math puzzles. | ||
| They're good at working puzzles. | ||
| But the problem with the genius types is that sometimes they might make the wrong puzzle, right? | ||
| They may be in the wrong room. | ||
| And that's the case with Krugman. | ||
| So he's talking about the reserve currency in the end of the reserve currency, and he's linking it to just the use of currency. | ||
| He's got a few charts. | ||
| that looks strong that we can go over in detail. | ||
| But just in brief, he misses the major issues. | ||
| Why would you lose your currency, right? | ||
| Why would you lose your status as a global reserve currency? | ||
| That takes a lot to lose. | ||
| And it has to do with a lot of variables we're gonna talk through. | ||
| Trust, the amount of debt your country's in, the credibility of your economy, the productivity, which gets underplayed. | ||
| Productivity is hugely important. | ||
| It's been down for 40 years. | ||
| But all that aside, there's one thing that always comes into play for all five regimes in a row, starting at 1500, starting with Spain and then Portugal, and then the Netherlands, right? | ||
| The great shipping economy. | ||
| And then the French lost through the French Revolution. | ||
| And UK, Britain wins World War I, World War II, doesn't matter. | ||
| They still lost their reserve currency. | ||
| And of course, the thing that unites all those countries and their loss of reserve currency status is war. | ||
| And so probably very complex stories when you get down into all of it. | ||
| But going over the news of the day, the show this week covering Ukraine, U.S. squandering precious resources, Ukrainian young people in the Charnel House dying, young Christians for what's our strategic plan, etc. | ||
| Who knows? | ||
| It hasn't been spelled out for us at all. | ||
| But it's a sign of U.S. arrogance. | ||
| But hang on. | ||
| When you say war, it's where they were in broader than just the territorial wars that they had fought. | ||
| They got into expanded empire type clashes where they got spread too thin. | ||
| They then had to, you know, their currency got debased, the debasement of their currency. | ||
| Next thing you know, they're weakened in their core productivity of what they do best. | ||
| And the empire starts to fall, and the leading indicator of the fall of the empire is the currency, correct? | ||
| Isn't that the historical process they go through? | ||
| Yeah, no, that's right, and you know, in all cases, you know, the UK had an empire spanning the globe, and people in countries tend to get sloppy, right? | ||
| When the wealth isn't produced the real way, with a real economy, Which is something else that's a major thesis of the program, of the War Room. | ||
| When you lose track of the real economy, and we're just dealing with all these stimulus dollars, $9 trillion on the Federal Reserve balance sheet, $15 trillion in federal spending, $4 trillion in stimulus. | ||
| Just in the next two years, ICE is cemented in by the Republicans, of all people. | ||
| It's very illustrative that we are losing our mind. | ||
| We're paying for wars now instead of debt. | ||
| We're $50 trillion in debt. | ||
| The rest of the world now knows we're not going to pay that debt off. | ||
| They know that. | ||
| We got 5% interest payments. | ||
| We can't even pay the interest payments coming up in a few years. | ||
| It's going to be very rough sales. | ||
| And then Krugman abstracts just covers the economics. | ||
| But there's there's two other elements of these BRICS. | ||
| Right. | ||
| And we'll get into all this in more detail, too. | ||
| But just as an overview, these BRICS countries, China, Russia, India in particular, if they if they're in on this thing, that spells trouble. | ||
| But they're backing two things. | ||
| They're putting two things together that are very scary. | ||
| One is a gold-based economy, or silver, or whatever, but a commodity-based economy. | ||
| They're talking gold. | ||
| But then, secondly, tying that to blockchain, right, which keeps the information private, very secret, no one can get at it, but it also provides a perfect record and trail of all your financial transactions. | ||
| So very, very powerful combination of gold and then blockchain, and that bypasses the credibility part. | ||
| Well, they're also doing blockchain because they get off the SWIFT system. | ||
| Remember, they got to get off the currency. | ||
| so we can't weaponize it like we did against Russia and they got to get off the Swiss. | ||
| There's a hangover right there because I want to, before I get into the details of breaking down the currency and the capital markets aspect of this, I want to bring in Ben Harnwell. So Ben, my argument is this is a metastasizing regional conflict that's quite rapidly becoming a broader regional and will hence become a global war. | ||
| You saw the Russians took out the grain facilities in Odessa this week that are going to cause massive disruptions in the Middle East, Africa and India as far as the food security goes. | ||
| Your thoughts? | ||
| Morning, Steve. | ||
| Morning, Dean Pratt. | ||
| Yeah, well, you know, the situation here, I mean, following the bombing that's gone on for about four days now of Odessa is illustrative, I think, of President Putin's absolute determination that the embargo that he'd imposed before the UN brokered grain deal | ||
| That will return and that will be a full embargo on that grade just as it was before and that will create massive damage not only of course to the Ukrainian domestic economy which was very much dependent on the funds raised by the export of that grade but it will also damage the rest of the world too. | ||
| So I think this shows that far from a creaking regime on its last legs, driven by the potential threat of civil war, the Russian state right now is powerful and it's solidifying its power. | ||
| Ben, hang on for one second. | ||
| We're going to take a short commercial break. | ||
| We're going to come back. | ||
| Ben is going to give us some Ideas about this massive election tomorrow in Spain, national election. | ||
| You're seeing the rise of the MAGA party, the populist party there, Vox. | ||
| And then we're going to get back to the de-dollarization, the road to Durban. | ||
| The road to Durban and the Durban Accords, which are going to have a massive impact on the United States economy. | ||
| Short commercial break, talking capital markets, currency, and geopolitics. | ||
| Ben Harnwell from Rome, Dave Brat, the vice provost down at Liberty University. | ||
|
unidentified
|
a short commercial break. Back in a moment. | |
| We rejoice when there's no more, let's take down the CCP! | ||
| They have all lied for too long, we will end what they do wrong. | ||
| Spread the word of the wrong, come let's take down the CCP! | ||
| The bullet's fired a little longer, and you will surrender! | ||
| War Room, here's your host, Stephen K. Bannon. | ||
| Okay, birchgold.com slash abandon. | ||
| We have the summary of the road to Durban and the new Durban pact, Durban Accords, that's going to come out. | ||
| The BRICS nations are going to have a gold backed security to try to compete with the United States. | ||
| We're going to get into Krugman. | ||
| We're not saying he's going to compete with the dollar day one, but the first time that you've seen active de-dollarization driven by the Chinese Communist Party, and I don't want to repeat, I don't believe we'll be convertible into gold because I can't do that, but somehow it's going to be gold back. | ||
| We're going to help figure that all out. | ||
| Ben Harnwell. | ||
| Anything else on Ukraine, because I want to get to Vox, the rise of Vox, the ultra-MAGA party, which we've known and have loved for years. | ||
| They've been dismissed. | ||
| But like Alternative for Deutschland, they're starting to rise, and they're going to be the key component tomorrow to put together, I think, a coalition government on the right. | ||
| Any more thoughts on Ukraine before we go to the populist politics on the continent, sir? | ||
| Well, the only thought I have, if we're going to stick on Ukraine for 30 seconds, is the actual shellacking of Odessa, which was a curious thing for Putin to do. | ||
| He didn't need to carpet bomb the port for three or four days beforehand to effect a very impermeable situation. | ||
| Trade blockage. | ||
| So why has he done this? | ||
| In fact, you remember, Steve, that six months ago we were talking about the possibility of him moving all the way down from the Donbass across the south in the south-westerly direction over to Moldova and just taking that whole land bridge across, taking the whole of the southern coast over and leaving, you know, once he's solidified his presence in the Donbass, once he's taken that land bridge, just give the rump of the country back to Zelensky and then negotiate on maintaining that. | ||
| Why would he damage, why would he hit so hard Ukraine's largest port if he had the intentions of eventually taking it over and using it for himself? | ||
| The only suggestion I have, and I did mention this a few days ago on the show, Steve, is that it seems to me that he has sacrificed the potential utility of Odessa for his own use in order to draw troops ever further southwards down to its southernmost border, its coastal border with the Black Sea. | ||
| And therefore, inevitably, Steve, to draw troops down from the north of the country And in fact, that's exactly what Zelensky said he was going to do. | ||
| He said he was going to reinforce all the ports on the south coast there. | ||
| And that only feeds into something I think that we were discussing yesterday on the show and elsewhere in the week, that the maneuvers behind the presence of the Wagner troops in Belarus With the Belarusians, I think, is a fact that we cannot afford to take our eyes from. | ||
| Zelensky is ever more vulnerable up on his northernmost border. | ||
| And of course, Poland raised a thousand troops in order to solidify, to fortify its eastern border with Belarus. | ||
| because these training exercise missions, these joint training exercise missions between Wagner and Belarus are taking place in a town called Brest, which is admittedly three miles away from Poland, but less than 30 miles away, Steve, from the Ukrainian border. So more, more, more evidence that there is something going on there, Steve. And I cannot underline enough that we should keep our eyes on that as much as the | ||
|
unidentified
|
mainstream media tries to distract from that. | |
| 100%. | ||
| When we get to Brad, you find out the overextension. | ||
| By the way, the National Defense Authorization Act is going to be back, I think, from the Senate next week. | ||
| It's going to have hundreds of billions of dollars in there for Ukraine. | ||
| They're going to want to supplemental. | ||
| This is a fight we have to win because Ukraine is not just draining our military, it's draining our treasury, which were broke anyway. | ||
| Spain and Vox. | ||
| Steve, before I get on to Spain, I just want to cover the events on Thursday in the UK. | ||
| We had three, what we call in the UK, by-elections. | ||
| In the States, they're called special elections. | ||
| Three parliamentary resignations. | ||
| These were three safe Tory seats, and the Tory party lost One seat had a majority of 20,000. | ||
| That was overturned by Labour. | ||
| A seat with a majority of 19,000 was overturned by the Liberal Democrats. | ||
| And Boris Johnson's own seat, because he quit Parliament, that was taken down. | ||
| That was only won by the Tories. | ||
| It was kept on by the Tories after they'd had a recount by 495 votes. | ||
| So they kept that seat by the skin of the teeth. | ||
| I consider that it's a numerical. | ||
| It isn't. | ||
| They have maintained that numerically, emotionally, Steve, morally, psychologically. | ||
| I would say they lost all three in reality. | ||
| And that is absolutely crucial, I think, because by elections in the UK are much like in the United States. | ||
| They are barometers of satisfaction or more usually dissatisfaction with the government. | ||
| Rishi Sunak is in trouble, right? He's in big, big trouble. | ||
| And this is how my pivot on to Spain, because it's the same thing. It's the same thing going on in the States, in Spain, in the UK, wherever we're looking at center-right political parties, they have at their heels, either movements within them, or if they're basically two-party systems, first-past-the-post two-party systems, or if it's proportional representation, they have breakaway movements | ||
| founded by effectively disaffected members of the center-right party that are reestablishing and redefining what it means to be of the right in the 21st century. And this is what's happening in Spain. There's a new political party, it's about 10 years old, it's called VOX, which is Latin for voice. And whilst it is not set to win the elections, the general elections | ||
| in Spain tomorrow, it is going to most probably be kingmaker. | ||
| Firstly, I'll just give a very quick background on what the situation is tomorrow. | ||
| So the lower chamber, 350 seats, they're all up for grabs. | ||
| And in the Senate, there are about 208 of 265 seats that are up for grabs. | ||
| Now, the polling of about three or four days ago by Reuters put the popular party, which is the center-right party, be that the equivalent of the Tories or the Republicans, that's due to get 170 seats, not obviously an outright majority. And Vox are set to get about 35. That will give them a majority. Please go ahead. I just want to make sure this | ||
| ties to what Michael Yan, remember we had Michael Yan in Morocco, I think about six months ago. On the other side of Spain from this immigration, this invasion of their country. | ||
| This ties directly to what we're seeing out of Ben Burquam, whether it's Del Rio, Texas, Yuma, Arizona. | ||
| The issue driving it, there's many things about the economy, but one, Vox is a Just like Nigel Farage has become with his new kind of version of Brexit party, and also in France with the Front National. | ||
| A lot of this is about invasion of their country and immigration, is it not, Ben Harnwell? | ||
| Steve, it's 100%. | ||
| It's the same issues. | ||
| Specifically in Spain, there's a very anti-woke element of Vox's agenda. | ||
| It wants to introduce a family ministry to promote the traditional family. | ||
| It wants to roll back access to abortion. | ||
| It wants to roll back the LGBT excesses. | ||
| Basically, it wants to take the country back to where it was 20 years ago. | ||
| And that is already It's earned for itself the epithet of being the most far-right political party to achieve parliamentary presence since the death of Franco in 1975. | ||
| And it's just an ordinary mainstream. | ||
| It's where the centre-right was, as I say, 20 years ago. | ||
| And it is already being described in the most hysterical language. | ||
| Steve, your point is absolutely essential here. | ||
| You know, when you gave Your speech a couple of days ago, you made a very important point, and that's directly related to what we're seeing here in Europe. | ||
| You basically drew a very strong distinction between what you call Fox Republicans and MAGA Republicans. | ||
| Basically, the Fox Republicans, they're not even Republicans, really. | ||
| They're just going along part of the emotional heritage without the actual bite that has animated the Republican Party for so long. | ||
| It's the same thing, as you mentioned, with Nigel Farage in the UK, and the same thing with Santiago Abascal in Spain. | ||
| This is a movement which is where, you know, half of the country is. | ||
| Crucially, Steve, the popular party, the Spanish popular party, the centre-right party, the Christian Democrat party, is centre-right, is Christian Democrat in all but name. | ||
| Wherever you look at conventional centre-right political parties around the world, after 20 or 30 years or 50 years, 60 years of existence, they are no longer that. | ||
| What's in the tin is not what's on the label. | ||
| These are globalist ciphers. | ||
| Yes. | ||
| and the country is rejecting them. | ||
| The country is, wherever you look Steve, people are rejecting them. | ||
| And they're not just rejecting them sort of ambivalently, you know, I might vote Mago, I might vote Trump, I might vote Santiago Abascal, I might vote Le Pen, I don't believe, I might vote Nigel Farage. | ||
| It's not that. | ||
| There is an energy and a passion because people are awake and they are right down to the core, to the marrow in their bones. | ||
| They know they have been lied to by a corrupt and out of touch set of sociopaths who have robbed them blind. | ||
| And they're not putting up with it anymore. | ||
| And this is what we're seeing, Steve, what we're going to see tomorrow, Sunday, in Spain. | ||
| Real quickly, your social media, Ben, will let you go, and you'll be back on Monday to give us the update on this populist revolt in Spain. | ||
| Yes, of course I will see. | ||
| Thank you so much. | ||
| My platform of choice is Getter, and I'm there. | ||
| You just need to tap in my surname, Harnwell, at Harnwell, and that's where I am uniquely putting out my thoughts, analysis, and observations. | ||
| Ben, thank you very much. | ||
| Honored to have you on here. | ||
| Great work. | ||
| Have you back here Monday. | ||
| Now many of the bad guys are also revolting against the fiat currency of the United States of America that has taken their purchasing power down almost 20% since the Biden regime has taken office. | ||
| Dave Brett next in the War Room. | ||
|
unidentified
|
We will fight till they're all gone. | |
| We rejoice when there is no more. | ||
| Let's take down the CCP. | ||
| War Room. Here's your host, Stephen K. Bannon. | ||
| This is a global revolt against the neo-Marxist establishment, whether that's in France, whether it's in Spain, whether it's in Brussels or Davos or London, or in the imperial capital of Washington, D.C., and particularly the global financial capital of New York City. | ||
| Even our enemies. | ||
| The revolt of the populist right is very much what's happening with BRICS. | ||
| Remember, many of these people are our enemies. | ||
| India is not. | ||
| Brazil is not. | ||
| Lula is, but Brazil is not. | ||
| And the Chinese people aren't, and the Russian people aren't either. | ||
| Their leaders are. | ||
| But we're not leaving them a choice. | ||
| If there's one thing you can take away from the end of the dollar empire, and one thing you can go to birchgold.com slash banner right now to get the summary, the pricey, as we call it. | ||
| The cheat sheet, because we're 30 days away from Durban. | ||
| This is our actions. | ||
| This is the elites in our country, the Republicans and the Democrats that have done this. | ||
| First, they did it to you, and the rest of the world said, hey, they're doing it to their own citizens. | ||
| They're destroying their purchasing power. | ||
| And give them this paper fiat currency which they continue to devalue. | ||
| If they're prepared to do it for them, who supposedly have got to vote them in office, what are they going to do to us? | ||
| Dave Brat, Krugman says that Brat and Bannon just have their hair on fire and this is nothing to worry about. | ||
| I'm going to turn it over to you because you're the economist. | ||
| I went to the business school and just yell and scream. | ||
| You're my reasoned moral philosopher, sir. | ||
| Take it. | ||
| Yeah, I'll give it my best. | ||
| You do a pretty good job with Navarro, the competing Harvard schools. | ||
| But Harnwell just laid it out very well too, right? | ||
| That geopolitical framework we're talking about. | ||
| What I'm about ready to get into is probably best summarized by Paul Kennedy, right? | ||
| The Rise and Fall of Great Powers, his great book. | ||
| His thesis is the ascendancy of the great powers is relative. | ||
| Right, so what I'm about ready to say, you know, it's not like I'm running some regression and once you hit a certain number you're in trouble. But yeah, I really, and let me just jump in here, Paul Kennedy's book, I think Professor, came out in I think the second term of Reagan, and even then it was a warning to, as you could see, the collapse of the Soviet Union and sort of, in a quote unquote, the end of history is upon us. | ||
| What he warned is that the extension of empire militarily and economically eventually comes back and destroys all these empires. | ||
| That happened in the late 80s. | ||
| This book was a seminal work that everybody had to read back then, Dave Brat. | ||
| Yeah, and still is. | ||
| And it stands to this day as a lesson on why we are where we are. | ||
| And the reason is, it has to do with economic durability, overextension of resources, like you just said. | ||
| And the key word again is productivity. | ||
| And in this case, the reason you're seeing the rise of global tensions And I hate to sound like Marx, but it has to do with economic growth. | ||
| It's kind of cooked globally, right? | ||
| We're going into probably a global recession, very slow growth rates. | ||
| Wall Street Journal has the lost decade of China today. | ||
| Major story. | ||
| Everybody ought to read that one. | ||
| And the United States, you know, has dwindled from Reagan 5, 6 percent economic growth down to 1, 2 percent. | ||
| And productivity, same thing. | ||
| It used to be four or five percent. | ||
| Now we're down to one or two percent. | ||
| And the government productivity, of course, is zero to zero point five. | ||
| Very low. | ||
| So that's the that's the context. | ||
| Now, relatively speaking, some regions are growing, right? | ||
| Asia is growing. | ||
| We're going to talk about India, the Middle East and the U.S. | ||
| has lost its productivity. | ||
| So the rise of these BRICS countries are a question. | ||
| Krugman just lays out the basic economic case, just looking at economic variables the way he chooses to define them. | ||
| And he kind of rigs the deck a little bit. | ||
| If Denver wants to put up the first graph, we can talk over that one. | ||
| Krugman puts up a measure. | ||
| of just total currency usage, right? | ||
| So that's not really all. | ||
| You have reserve currency and U.S. | ||
| Treasuries and what other countries are holding, you know, for bad times or for their trade accounts. | ||
| So he puts up a thing and the U.S. | ||
| looks strong in this case and the euro and the yen is certainly not any threat. | ||
| So in a nutshell, that's the case he makes. | ||
| And then the next chart, Denver, I just want to go into a little bit of the complexities here to show this story is not simple. | ||
| In 71, we, the United States, gave up the gold standard, right? | ||
| So everyone says, well, that's a disaster, and it was. | ||
| In terms of a standard of measure for a currency, we had real money. | ||
| Now we do not have real money, right? | ||
| We have what's called fiat currency. | ||
| I think 2.6% of the U.S. | ||
| dollar is tied to anything real in the sense of, you know, gold, minerals, that kind of thing. | ||
| So it's a true fiat currency. | ||
| But I do want to point out in the context of the war room, it's kind of interesting looking at this chart, U.S. | ||
| trade balance, right? | ||
| When we went off the dollar in 70s, 80s and 90s, it starts going down, running big deficits and way to the far right, we're running big deficits. | ||
| Why is that? | ||
| That's because when the U.S. | ||
| became the undisputed world reserve currency, Everybody demanded dollars for everything, right? | ||
| You need dollars to invest in treasury bills. | ||
| You need dollars for trade. | ||
| You need dollars for everything. | ||
| So everyone invests in trade. | ||
| That has the nice property of lowering interest rates for the United States, which are elites-like. | ||
| But when you have a trade deficit, it makes it very hard for you to export stuff. | ||
| And so our manufacturers got hit. | ||
| And so this graph, you know, when you get off the gold standard, this also kind of, you know, explains American laxity, getting lazy. | ||
| We're not hustling. | ||
| This comes after the 60s and 70s. | ||
| Education's not as serious anymore. | ||
| Productivity's falling. | ||
| The Federal Reserve has constructed, managed decline with interest rate falling, falling, falling. | ||
| And so I just want to give people a little balance that I'm not telling a one-way story here. | ||
| That loss of manufacturing to China is due to a lot. | ||
| But losing the gold standard, I'm going to talk about just with respect to monetary policy. | ||
| From that standpoint, it was a disaster, but it was hard to manage. | ||
| It's not just that Nixon woke up someday and said, hey, we're going to get rid of this thing. | ||
| There were huge global pressures on him. | ||
| to sustain the price. | ||
| That's the hard part. | ||
| The gold standard's not a debate at all. | ||
| The hard part is what price, how many dollars do you pay toward an ounce of gold? | ||
| Look, we're going to go back and do, in August, we're going to do the August three-day weekend that changes the direction of the country with the getting off the gold standard. | ||
| But isn't one of the things, even if you think gold's an ancient, you know, from ancient times, didn't it at least tie politicians that they just couldn't continue to print money? | ||
| Isn't it in a handcuff? | ||
| Yeah. | ||
| And what Nixon wanted, he didn't want to go against domestic programs. | ||
| We know that. | ||
| He made a deal. | ||
| Daniel Patrick Monahan was his guy. | ||
| He didn't, because the Great Society, he never cut a penny. | ||
| And the reason he thought the liberals would stay off him, that was wrong. | ||
| And he kept up the, it was really the guns and butters policy of the Johnson administration. | ||
| quote-unquote great society and that eventually broke as we had the stagflation, Reagan came in with Volcker and Settler for a while but by coming detached from the gold from it being a convertible into gold we basically gave a credit card to an irresponsible political class, sir? | ||
| You know that's that's alright. | ||
| And the same cycle goes right there to raise money for World War One, two. | ||
| They broke the gold standard cycle. | ||
| Then they had to get back on it because they wanted what you just said, that price stability. | ||
|
unidentified
|
Right. | |
| That's the major job of the Federal Reserve. | ||
| And so I'm just hinting a little bit with that little extension there that there are alternatives. | ||
|
unidentified
|
Right. | |
| You can go to a Taylor rule. | ||
| The problem, of course, is all of this has to be put through the politicians who want to print money to go to war. | ||
| And it's no irony that right now, what are we doing? | ||
| We're printing two trillion a year to fund a war, right? | ||
| And you couldn't have had a more perfect setup on the show for this discussion. | ||
| And so now let me move on. | ||
| Now, Elon Musk entered the fray versus Krugman and starts to use the right language when it comes to your currency. | ||
| He says, we're using the currency, the U.S. | ||
| dollar, as a weapon. | ||
| Right, referring to the sanctioning other countries, ticking them off, and then other countries see that we're doing that to them. | ||
| And then that helps form the BRICS alliance, right, of Brazil and Russia, India, China, South Africa. | ||
| And the road to Durban and the conversation you've been having for years, and especially in the last months, is we come up to that. | ||
| Elon Musk quotes an economist, Peter St. | ||
| Onge, and he's got some numbers that differ from the Krugman graph. | ||
| I'll just read off a couple. | ||
| He has the dollar share of reserves going from 73% in 2001 all the way down to 47% in 2020. | ||
| So that's not staying even like Krugman. | ||
| That's a significant decline. | ||
| One-off joke, you know, how do countries lose their power? | ||
| How do you lose your currency? | ||
| Gradually at first, and then suddenly. | ||
| And we want to avoid the suddenly part. | ||
| And that's related to war also, right? | ||
| You're gradually at war, like now, and then suddenly you're in World War III, because you're no longer following deterrence strategy. | ||
| All of this stuff is related. | ||
| And so the next chart shows some competition to Krugman's data. | ||
| This is from the Federal Reserve, right? | ||
| Not really in question. | ||
| And this is the BRICS. | ||
| So here's the BRICS countries getting off the dollar as defined by holdings of U.S. | ||
| Treasuries. | ||
| And you can see at the far right just a straight down decline. | ||
| So here's the BRICS sending us some warning signals. | ||
| And it's not just the BRICS. | ||
| It's the BRICS plus 20 countries. | ||
| And as we said prior, All of this is relative, and with exchange rates and foreign exchange and reserves, it's a complex story. | ||
| I'm not going to get into all that stuff, but it's all based on credibility. | ||
| Credibility, the faith in the currency, the faith in the U.S. | ||
| dollar, etc. | ||
| We're giving the world some major reasons to lose faith in our system, right? | ||
| The soap opera at the federal government and the White House over the past week, $50 trillion in debt. | ||
| And if the BRICS and the 20 countries, if they move toward a gold standard of any sort, some sort of peg that gives price stability and they link it to blockchain. | ||
| Which gives them the ability to form instant credibility, right? | ||
| No one's going to put their money in China right now, right? | ||
| That ain't going to happen. | ||
| That's why, you know, Krugman's got that part of the story. | ||
| No one's going to put their money in Russia. | ||
| You're not going to park your money in Brazil. | ||
| India, maybe, I doubt it, right? | ||
| So the normal story doesn't hold anymore. | ||
| If they get a gold standard, Hang on, I'm going to hold through commercial break. | ||
| and a strong currency argument to make. | ||
| And so now we'll get to the crux of the thesis here. | ||
| The next chart, I just kind of – yeah, yeah, Steve, yeah. | ||
| I tell you, hang on. I'm going to hold through commercial break. | ||
| We're going to take it to the D-block. | ||
| Good. | ||
| I also want to give people a heads up. | ||
| I'm going to break this all down in my speeches at Turning Point last weekend, also with Caviezel and talks we've had with Caviezel and Tim Ballard. | ||
| Remember, President Trump came out yesterday afternoon, we talked about it on last night's show, death to the human traffickers. | ||
| This is a major component, as I said, was going to be. | ||
| But this is all inextricably linked. | ||
| This is why we continue to go back to the border, because the border shows you we're losing our sovereignty. | ||
| The continual printing of money shows you we're losing our currency. | ||
| This is what a fourth term is about, and this is not happening naturally. | ||
| It doesn't have to happen. | ||
| This is all because of the human agency of the regime that's in charge. | ||
| They're destroying the southern border. | ||
| They're destroying our sovereignty. | ||
| They're destroying our families. | ||
| They're destroying our culture and they're destroying our currency. | ||
| And the world's revolting against that. | ||
| Even the people that hate us the most are saying, hey, we've had enough of this. | ||
| Short commercial break. | ||
| Dave Brat's gonna join us on the other side. | ||
| Short break, back in the warm in a moment. | ||
|
unidentified
|
War Room. | |
| Okay, welcome back. Uh, I'm going to be talking about the news. | ||
| I'm going to be talking about the news. I'm going to be talking about the news. I'm going to be talking about the news. | ||
| We will fight till they're all gone. We rejoice when there is no more. Let's take the war room. | ||
| Here's your host, Stephen K. Bamm. | ||
| Okay, welcome back. Uh, Dave Brett, you're on a roll about Krugman and the de-dollarization. | ||
| We're telling people this is important. | ||
| It's not going to flip immediately, but this is the most organized they've ever been. | ||
| Dave Brett, take it away, sir. | ||
| Yeah, okay. | ||
| So, you know, we've been sketching out the warm-up and all the related variables, and how does Krugman really miss it? | ||
| He's just looking at a small snapshot in time. | ||
| If you're going to study the thing, look at the thing. | ||
| So the thing we're studying right here and looking at is how do you lose your global reserve currency status? | ||
| That's the research question. | ||
| Krugman gets an F because he didn't answer the question and even explain what's involved. | ||
| Since 1500, every country that's lost its global reserve currency was the result of war. | ||
| War was the final endpoint But as we've explained prior, what does it mean? | ||
| Why does war end it? | ||
| Because you've already lost your economy. | ||
| You've already lost your productivity, your power to build an economic engine that can sustain your war footing, which we have clearly lost right now. | ||
| We have no resources to be wasting. | ||
| And so here's just a chart that captures the countries and the global reserve currency status over the past 500 years. | ||
| Since 1500, at first it was Spain, and then Portugal, and then the Dutch lost theirs due to war, and then the French Revolution, and then the UK loses it through World War I and World War II, where they were successful. | ||
| So we're not even talking about the success of war. | ||
| Britain lost its productivity and therefore lost its ability to have an economic engine to maintain its global empire. | ||
| The U.S., as you just said, we are at that point unless we get some good policy back that focuses on Americans making things again. | ||
| Right now we are not there. | ||
| We'll cover that in another show. | ||
| Denver wants to go to the next chart. | ||
| Which is a map, right? | ||
| And when you talk about war in the United States, you should not be talking about pronoun studies. | ||
| You should not be talking about the Russia in Ukraine. | ||
| You should be talking about this right here, right? | ||
| This Taiwan's location along the first island chain anchors a network of U.S. | ||
| allies. | ||
| And you can see on this graph, the next war, Taiwan is right in the middle of all of our friends. | ||
| Taiwan is in the middle, right? | ||
| Thailand's over to the west, the Philippines, South Korea, Japan. | ||
| That is the first island chain and Taiwan is absolutely key. | ||
| All resources should be pounding right here. | ||
| You don't hear a word of it from our congressional leaders, From our Senate foreign relations leaders, they're usually a little more serious here and there. | ||
| They'll mention it in the news. | ||
| A war here, Rand forecasted, would cost the U.S. | ||
| 5 to 10 percent of our GDP, of our economy. | ||
| The stock markets would be decimated and we'd be in a Great Depression. | ||
| And just to give a little more context for the Krugman, if Denver wants to go down two more graphs, and I'll wrap up here with a dollar no more. | ||
| This is a little bit dated. | ||
| It's five to ten years. | ||
| But what this global graph chart shows is that this process of de-dollarization has been happening, not in the form of BRICs or networks or countries, but through bilateral trade. | ||
| Here's our buddies right on this map. | ||
| Korea, Japan, Australia, and then the Asian countries I just listed off doing bilateral trade with China, for example, or with Russia, which means they are doing one country to one country trade using the yuan. | ||
| We've told the Ukrainians, we have your back. | ||
| And so this, Krugman wants to tell a simple story. | ||
| It's not simple. | ||
| The rest of the world's getting very nervous with U.S. | ||
| leadership right now for good reason. | ||
| We've told the Ukrainians, we have your back. | ||
| The young Christians are being slaughtered. | ||
| No one's in favor of that war. | ||
| And the best thing the United States State Department can do is get us out of that right That would help to stabilize not only humanity and global, but our economy and our China's friends. | ||
| And get new leadership. | ||
| Get new leadership to revolt in the House right now against McCarthy and unwind that debt deal. | ||
| They ought to do everything possible. | ||
| Appropriations. | ||
| I got to bounce. | ||
| Dave Brat, amazing work. | ||
| Where do people go to get all these charts? | ||
| Yep, Bratt Economics, they're all up there, and it's related to the broader story on the war room over the past year. | ||
| All of these things are interrelated, as Steve shows, on a daily basis, and so just honored to be on the program, Steve. | ||
| Thanks very much. | ||
| Fantastic. | ||
| Krugman has been beat up this morning. | ||
| Hold Dave Bratt's beer. | ||
| Dave Bratt, thank you. | ||
| Thank you for taking time away today to join us. | ||
| Appreciate it. | ||
| In the next hour, we're going to come back. | ||
| I want to break down my speech at Turning Point. | ||
| And for those of you who didn't see it, for those of you that have seen it, we're going to break it down. | ||
| Also talk about this monumental movement President Trump has made now. | ||
| Death to the sex traffickers. | ||
| Death penalty for the human traffickers. | ||
| I actually want to take it up a notch. | ||
| I think it'll be death to the pedophiles. | ||
| If you're a convicted pedophile, if you've done something to small children to destroy them, that ought to be a capital crime also. | ||
| But we'll talk about that more in the second hour of the show. | ||
| MyPillow.com, promo code WORM. | ||
| The 20th anniversary. | ||
| Mike Lindell gave as good as he got over the Tim Pool channel yesterday. | ||
| Want to make sure you support The great American manufacturing company, you've seen them up on the deck plates up there in Minnesota, holding up their pillows, all the employees of every ethnicity, race, and religion. | ||
| MyPillow.com, promo code WORM. | ||
| The 20th anniversary pillow for $19.98, you get a queen size. | ||
| Kick it up another $10, you get a king size. | ||
| It's the revolutionary pillow that made that company. | ||
| The MyPillow 2.0. | ||
| It's got a special for the 20th anniversary, of course, Mike Lindell. | ||
| It's been flying around the country trying to set things right to make sure we have game day voting with paper ballots. | ||
| God bless him if we can pull it off. | ||
| Great debate yesterday. | ||
| Okay, we're gonna take a very short commercial break. | ||
| We're gonna be back here in, I think, 90 seconds, 120 seconds, a minute and a half or two minutes. | ||
| We're gonna be right back here with the War Room. | ||
| Also, make sure we cannot have you, ladies and gentlemen, Get crossways with the cyber criminals. | ||
| Hometidalock.com. | ||
| Go right now, check it out. | ||
| Make sure that no one, no state actor like Russia or the KGB or the CCP, and no criminal organization like the KGB and the CCP. | ||
| Think people will work with them. |
Export Selection