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Oct. 20, 2023 - Bannon's War Room
47:37
WarRoom Battleground EP 398: Our Economy Is Built Upon Artificial Interest Rates
Participants
Main voices
c
catharine oneill gillihan
06:03
e
ej antoni
11:37
s
steve bannon
28:06
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Speaker Time Text
steve bannon ▲ ● ▼
Peace out yo!
I mean, every day you're out there.
What they're doing is blowing people off.
If you continue to look the other way and shut up, then the oppressors, the authoritarians, get total control and total power.
Because this is just like in Arizona.
This is just like in Georgia.
It's another element that backs them into a corner and shows their lies and misrepresentations.
This is why this audience is going to have to get engaged.
As we've told you, this is the fight.
unidentified
All this nonsense, all this spin, they can't handle the truth.
War Room Battleground.
steve bannon ▲ ● ▼
Here's your host, Stephen K. Bannon.
Okay, welcome.
We're here to kind of summarize economically and financially what's happening today behind the politics so you understand what the real play is.
Also, to kind of do a pregame on this insult to the nation that's going to happen at 8 o'clock when the Biden regime comes forward and puts up a $100 billion supplemental to try to jam Danny Threat.
So I'm bringing in EJ and Tony.
EJ?
The two big articles I want to go through today with you is one, the Wall Street Journal's capitulation to you and the War Room Analytical Group, basically saying, okay, I understand what EJ's been talking about now for a couple of months, and they're correct, we were wrong, and we ought to talk about it.
But one, I don't know if you saw this today, but I know you're very familiar with this, For the audience, we're trying to give you inside baseball here.
A theoretical number grips Wall Street.
A theoretical number grips Wall Street.
And they're talking about this new concept called a term premium.
A term premium.
And this article is by Sam Goldfarb over at the Journal.
Investors and Federal Reserve officials scrambling to make sense of surging treasury yields have a new obsession.
A number that exists only in theory.
Known as the term premium, the number is typically defined as the component of treasury yields that reflect everything other than an investor's baseline expectations for short-term interest rates set by the Federal Reserve.
That means all other.
This term premium, this is something else that goes into driving interest rates costs up.
So EJ, let's hit rewind.
You warned America through this show that this was going to quickly spin out of control, and the central reason it's going to spin out of control is the refinancing of, I don't know, the six or eight trillion dollars of the 33 that has to be refinanced this year at essentially 500 basis point higher.
Refinancing charges.
Walk us through the Wall Street Journal today, threw in the towel.
They said the government treasury bubble has burst and now they're coming up with theoretical numbers.
They can't figure out why they can't sell the bonds.
Nobody can figure it out.
No real savvy person in the bond market wants to buy a bond they think is going to be selling at a big discount shortly.
What is this mess?
Is this the beginning of the real debt crisis of the United States of America?
ej antoni ▲ ● ▼
I think so, Steve.
I think we are in those initial stages.
And if you're one of the many bad actors around the world, like China, for example, who for many years was the largest buyer of United States debt in the entire world, now they're doing the exact opposite.
They're selling off all of their United States debt.
And in just a few years, they will have no Treasury debt at all.
They have seen this coming long before so many of the talking heads and so-called experts, including some of the people at the Wall Street Journal, frankly.
And so what we are seeing today is simply a complete mismatch between the supply of treasuries and the demand.
Where do each of those come from?
Well, the supply is essentially just how much the U.S.
Treasury is trying to borrow right now.
And as they borrow more, they need to issue more Treasury bills, Treasury bonds, and Treasury notes.
And then where does the demand come from?
It's essentially those who are savers and have money and are looking to lend it to the government, which traditionally you always thought of as a risk-free return because there's no way that the United States government was ever going to default.
But what the last two and a half years have reminded us, Steve, is that they can default, just maybe not explicitly.
They will default implicitly through the hidden tax of inflation.
Which, right now, has caused not only the dollar to be worth less, and so the returns you're getting on those bonds, for example, are not worth what you thought they were going to be, even if the number of dollars is the same, but now with higher interest rates, you are effectively stuck with many of the bonds that you bought.
You can't sell them, because if you do, you will have to sell them for a massive loss.
As just an example, many of the Treasury bonds which were purchased in 2020 today would sell for about half Of their face value.
In other words, you've lost 50% on that investment.
So between the inflation and the rising interest rates, people have been reminded that there is a tremendous amount of risk in United States treasuries.
They are not risk free, as has been believed for so many years.
And as a consequence, investors want to be compensated for that risk.
How do you compensate an investor for risk by offering them a higher yield, aka higher interest rate, which is why, as we've talked about so many times, we are seeing these U.S.
Treasuries, I don't care if it's a short-term bill or a long-term bond and everything in between, you're looking at about a 5% interest rate or higher on that debt.
That is absolutely destroying a United States Treasury market that for the last two decades has been structured around interest rates near zero.
And so now as that debt is being rolled over at higher rates, it works just like a family who has, let's say, racked up a bunch of credit card debt And now that credit card debt, although it was previously at, let's say, a promotional 0% interest rate, they're now trying to get a new card so they can roll over that balance and not have to pay it off.
Except the new card doesn't have that 0% introductory APR anymore.
Instead, you're looking at 20 or 25%.
And now you are getting hit not only with massive, massive principal payments trying to repay all that debt, but now you're getting hit with incredibly large interest charges as well.
steve bannon ▲ ● ▼
And that's where the U.S. Treasury finds itself today.
First time that's happened, I think, since 2007.
All these other short-term rates are the highest they've been since the turn of the century, 20-some years.
30-year mortgage today at 8.
If you're going to buy a $400,000 house, which is not a super expensive house today, if you're going to buy a $400,000 house with a 20% deposit, you've increased your monthly payment a thousand bucks per month, a thousand bucks per month more than when Donald Trump was president.
So I want that part of Bidenomics to sink in.
When we talk about the problems, and everybody in the audience, you should, particularly if you had some of these money market funds or these funds that people thought they were risk-free and just clipping coupons, you better talk to your portfolio manager and say, hey, oh by the way, what's the mark to market on the basket of bonds that you have in there?
And if they go, if they give you the hubbada, hubbada, hubbada, hubbada, hubbada.
Then that's when you should do some further due diligence.
Why do we say that?
Correct me if I'm wrong, brother Antony, but didn't the Bank of America just announce, because people have been all over these big banks, about what the situation is with their balance sheet.
They just disclosed two days ago that they have $136 billion of unrealized government security losses in their bond portfolio.
Do you believe that debt is endemic to banks throughout the country, sir?
ej antoni ▲ ● ▼
Absolutely, Stephen.
Not only is it endemic throughout banks across the country, it's even at the Federal Reserve.
The Fed has over a trillion dollars of unrealized losses sitting on its balance sheet right now.
Now, fortunately, the Fed very, very rarely ever sells It's holdings.
What it does is it just rolls them off.
In other words, it allows these things to mature and then it doesn't replace them.
But if they do actually have to start selling some of these things, it will be at unprecedented losses.
But the other thing that was very interesting in Bank of America's statement is the fact that they said they do not anticipate having to take any losses on this on this portfolio which means that they anticipate being able to hold till maturity all of those bad assets because that's when they will finally get paid now that means that they either number one which is very unlikely are not going to have any kind of liquidity crunch or number two they are expecting the Federal Reserve to extend
the bank term funding program essentially indefinitely.
What that program was, it was started back in March during the banking crisis, or at least when the banking crisis first reared its head. We're still in a banking crisis. But that program was started to essentially allow banks, particularly regional banks, to offload many of these bad assets onto the Fed's balance sheet.
And then the Fed would hold those until maturity.
But the problem is that those loans only last for a year.
So all of these regional banks that got into trouble in March are going to have those loans come due this coming March and April.
And so we're going to be right back in that scenario of this massive liquidity drain at the regional banks.
We are by no means out of the woods here, Steve.
steve bannon ▲ ● ▼
A long way from out of the woods.
Talk to me about the Wall Street Journal article, they finally admitted that you're having an implosion.
Now with 10-year, and remember, for folks out there in the audience, as we teach you macroeconomics, the 10-year Treasury sets basically the economic terms of your life, because everything's taken, that's kind of considered the benchmark.
When that gets above five, and the Journal article today said, There's not going to be any solution for this for a long time to come.
So people have to understand, as we've told you, you're now in a different environment.
We're paying for the bailouts of 2008, finally the butcher bills coming due, and that's where you're seeing blood all over the street.
Walk me through, you're the first guy really to come out publicly and start talking about this refinancing of the six to eight trillion dollars.
How bad is this going to get?
And it's a tee up for how can Biden, you saw what the Republicans are trying to do on Capitol Hill.
They're trying to put McHenry and the appropriators essentially in charge to go through and get another $2 trillion plus in deficit spending bill done, some omnibus bill done before the holidays.
How can all this madness, this fiscal irresponsibility continue?
ej antoni ▲ ● ▼
Oh, it can't, Steve.
It's going to end one way or another.
It's either going to end because those in Washington will finally grow a spine and will reign in government, or it's going to end because markets will simply wash their hands clean of the situation and say the risk is not worth it.
We want nothing to do with it.
At that point, who's left to buy U.S.
Treasuries?
China's selling them.
The Russians have already sold them off.
The Bank of Japan, their central bank, Has also been switching from US treasuries to Japanese treasuries in order to try to buoy their economy.
And so everyone selling them pretty soon the public is going to be selling them as well.
And the Fed has been selling them, albeit at a slow pace.
And they'll be the only buyer left.
They will have to switch from selling to buying, which will be highly, highly inflationary.
And, you know, to put the rates in perspective where we are today, the Wall Street Journal was basically freaking out when rates were approaching 4% under Trump's term.
We forget that the Fed was actually tightening for basically the first three years of the Trump economy, which is really miraculous when you think about the gains that we had under that economy.
And the fact that that all happened despite Jerome Powell really tightening up credit during those years.
But that being said, there's no reason why we can't go to 8% on the 10-year very soon, given how fast the Treasury is borrowing money because of how fast Congress and the White House Are spending it.
And as you said, those $2 trillion deficits are poised to continue, which means that 10 year can march much higher very quickly.
And to your point, the reason why the 10 year is such a benchmark is because investors look at that as lasting throughout the business cycle.
In any 10 year period you typically have a period of expansion and contraction and the two periods in between as well where you shift from contraction to expansion and then also from expansion to contraction.
So it essentially encompasses that whole business cycle.
Folks, it's not just for the bond market.
of what investors are going to face in the future.
And again, the fact that people are no longer accepting treasuries at 2% or 3% but are demanding 5% and higher is indicative of how confident they feel about the United States government, which is to say not very much at all.
steve bannon ▲ ● ▼
Folks, it's not just for the bond market.
Remember, in the 10-year treasury, if you're an entrepreneur, if you're trying to raise angel round capital, if you're trying to raise venture capital, early-stage capital, private equity, the 10-year treasury is put in as the risk-free rate in the capital asset pricing model.
So everything's based off that.
You get it at 10%, the returns people are looking for are astronomical.
That means you will own less and less of your business as you seek outside financing.
Also, I'm going to throw it out there.
Given the structure of the U.S.
economy, if the 10-year Treasury rapidly goes to 10% from where it is today, or you said 8%, 8% from where it is today, a 300 basis point increase, and you said it could happen fairly rapidly, 25% of the firms in this country We'll be bankrupt because most of their loans are based upon this and they will ratchet up.
Mortgages will ratchet up.
You'll have personal bankruptcies.
You'll have people wiped out of their equity in their homes.
You will have bankruptcies all over the place because our economy, as we've said before, is predicated and built upon this Artificially low interest rates for decades and decades and decades, and then when Biden came in, the massive federal spending exploded these interest rates, and now you're at the receiving end of this.
And there's no end in sight.
The Wall Street Journal said that today.
They said, given current economic conditions, there's no end in sight.
Do you agree with that, E.J.? ?
ej antoni ▲ ● ▼
Very much so, Steve.
We need to remember this entire series of frankly calamitous events have all been driven by excessive government spending, which has led to the borrowing, which led to the printing of money, which then led to the inflation, which led to the rising interest rates, which led to the banking crisis, and now contraction of credit throughout the consumer economy.
You're right that this is not simply a matter of bond yields, its interest rates on all kinds of borrowed money, whether it's credit cards, credit cards or mortgages, student loans to auto loans, everything in between.
And because we are not only a consumer-driven economy, but a credit-driven economy, or at least credit-based economy, this is going to have disastrous results. It is already...
The impact is already being felt, and it's going to continue to trickle down throughout the economy.
I wish I had better news for the war room.
I genuinely do, but I just don't see how things can possibly improve when all of the negative inputs that got us here are continuing.
steve bannon ▲ ● ▼
No, but this is why the audience, I mean, this is why this audience is the leader in the country of kind of the sanity movement.
I call them the still point in the turning world or the stability of the country.
Because the political class, I mean, look at what happened today.
Jim Jordan, who, and by the way, Jordan had already said he wanted to do a CR, he wanted to do, you know, he's heading towards an ominous bill.
He was not great on spending.
We told people, once we push Jordan across the line, we'll probably be fighting immediately with him from the right flank on spending.
He was not perfect.
Regardless of what the details are and how it gets executed, the Patrick McHenry alternative Is just to let the appropriators, they were outraged, one of the things that outraged Jordan is that he, Jordan focused on that ridiculous 1% cut if you don't get a budget done in time.
Which is absolutely nothing compared to what we're talking about.
And they said absolutely no way.
The appropriators want to allocate the money that's given to them and they don't want to talk about any cuts.
The lobbyists, the corporatists, they're all over them.
The fat cats that they deal with, their paymasters, say absolutely under no circumstances, and particularly in things like armed services.
That's why tonight, here later tonight, Biden's going to look the nation in the eye with a $850 billion defense budget, which has been kind of approved.
It hasn't been authorized in the Senate because they want to add more to it, but they certainly didn't get the pushback it should have gotten in the House.
EJ, he's going to look the nation in the eye tonight and say, we have to put $100 billion, essentially for Ukraine.
$60 to $80 billion, that's going to go to Ukraine.
He's got a couple of goodies for Taiwan and Israel so that he can cover this package.
This is a Ukraine war package.
Is the political class on Capitol Hill and in this Biden regime so out of control that unless they're stopped by this audience, they will lead the country to economic ruin?
ej antoni ▲ ● ▼
Steve, that's my fear because we are certainly on that path right now.
If you ask what is our trajectory like today, it is precisely towards economic ruin, as you just said.
You cannot continue to spend, borrow, and print trillions upon trillions of dollars ad infinitum and not expect it is going to end in anything other than chaos and destruction.
steve bannon ▲ ● ▼
What would be your response or what do you say to people on Capitol Hill to look to your advice should be the response to Biden's pitch tonight for $100 billion to go essentially to Ukraine with a couple of sweeteners thrown in so they can cover themselves politically to Israel, to Taiwan, and to the quote-unquote southern border?
ej antoni ▲ ● ▼
Well, it simply doesn't make any sense when you're broke and your neighbor asks you for money for you to go out and get a loan so that you can give a loan essentially to your neighbor, even an outright gift, whatever the case may be.
If your neighbor needs that money, then your neighbor needs to go out and get it.
It would be totally different if we had a balanced budget, if we had a surplus.
Tell us, give us, what is important that you're looking at?
around, but that's just not the case. So how does it make sense for us to borrow money to then transfer it to another country? The other country should simply go out and borrow it and cut out the middleman, quite frankly. Tell us, give us, what is important that you're looking at? One last thing before I get there, I've got to go to the Treasurer email.
steve bannon ▲ ● ▼
The Treasurer is supposed to report their accounts for the fiscal year, particularly the cash accounts, so that we can see it.
How many business days after September 30th?
Five business days, is it, E.J.?
ej antoni ▲ ● ▼
I want to say it's eight.
I have to double check, but I believe it's eight business days.
steve bannon ▲ ● ▼
Eight business days.
And so last Sunday night, you went to Treasurer, over the weekend, you went to Treasury and said, hey, we're way past eight business days.
When is this going to happen?
And they actually responded to you Sunday evening, correct?
ej antoni ▲ ● ▼
They did, at about 7.30, I think, in the evening.
And I'm just amazed what government bureaucrat is actually responding to emails at that time of that day.
steve bannon ▲ ● ▼
A guy that said the Treasury cook in the books.
When did they tell you, EJ, that those accounts were going to be delivered?
ej antoni ▲ ● ▼
So the press conference is tentatively scheduled for this Friday, so we will see if they can actually make that due date or if we're going to see another delay, but OMB and Treasury are supposedly going to present their findings this Friday.
steve bannon ▲ ● ▼
And E.J., we have said for a while that one of the issues here that you're going to have a $2 trillion deficit is that the $5 trillion of taxes, fees, all of it didn't happen because of slowing the economy, and particularly in capital gains.
You're going to see four and a half, there's going to be an air pocket, and that air pocket is going to add to the deficit to get them closer to $2 trillion.
Is that still your belief?
ej antoni ▲ ● ▼
Yes, Steve.
Unfortunately, I think because of the slowing economy, we are really going to see a lot of revenue misses.
We've already seen revenue come down in a very big way.
You know, just a couple of years ago, we were setting record highs for tax revenue.
And it doesn't matter how you measured it.
Even if you adjusted for inflation, you could do it as a percentage of income, as a percentage of GDP.
By virtually any metric you could think of, those revenues to the government were hitting and breaking record highs and today they're starting to come down which is not uncommon in a very inflationary environment and when you have anemic or no economic growth.
steve bannon ▲ ● ▼
So if it's over a trillion and a half dollars and closer to two trillion, that looks like particularly what they've done with McHenry and what they're trying to do on Capitol Hill, unless something radically changes because there's no, they're projecting what, one and a half, two percent growth for the economy.
How do we avoid looking at $2 trillion per year deficits for the foreseeable future?
How is that possibly even in any rational world going to be financed, brother?
ej antoni ▲ ● ▼
Oh, Steve, it's not.
It can't be financed.
It can only be inflated away.
And so that's the big fear right now, especially among investors, is that whatever they have in U.S.
Treasury holdings is not going to be worth anything by the time they finally get paid, especially if you're a bondholder, because those terms are between 20 and 30 years.
So imagine how much of your dollar is going to be gone in 20 to 30 years, when just in the last two and a half years, it's lost 17%.
This is what we describe as a rolling default.
So don't look at all the CNN and MSNBC that say, oh, these MAGA people, they're terrible.
They're going to make us default on the debt.
No, because they didn't follow your advice, this audience advice.
unidentified
these things. There's just too much risk right now. This is what we describe as a rolling default.
steve bannon ▲ ● ▼
So don't look at all the CNN and MSNBC and say, oh these MAGA people, they're terrible, they're going to make us default on the debt. No, because they didn't follow your advice, this audience advice. We're doing a rolling default. And this is why the BRICS nation has said, hey, we've had a belly full of this. We're not going to do this.
Maybe MAGA has to take it as citizens of the United States, but we don't.
And we're going to get, you know, we're going to figure out how to start with de-dollarization and figure out how to bundle these securities at some time so we're not crushed.
Because we see exactly what the elites in the United States are doing.
EJ, your analysis, all of it, where they get it on social media, where they go to get your writings?
ej antoni ▲ ● ▼
Best place to find me, all the analysis, all the writings, I post everything on Twitter.
The handle is AtRealEJAntoni.
steve bannon ▲ ● ▼
Okay, overnight, I'm going to be putting up on Getter after Biden's address to the nation about the press conference tomorrow.
We'll try to get EJ back on.
We're going to actually be on location tomorrow, but Cash will be with us.
We're going to try to get EJ on.
This is very big.
Finally, the Treasury Department responds to EJ Antoni's email.
Hey, show me the accounts.
You know they've been working away nonstop doing student debt.
They're looking for anything they possibly can do.
To play around with those accounts, EJ.
That's why it's taking them so long.
It wasn't the counting.
It was the optics they were worried about.
ej antoni ▲ ● ▼
Well, they saved about $300 billion right off the top by moving the student loan money around, so we'll see what else happens, if anything.
steve bannon ▲ ● ▼
But we'll give them a real accounting.
Okay, EJ, thank you so much.
Appreciate it.
ej antoni ▲ ● ▼
Thank you for having me.
steve bannon ▲ ● ▼
5,000 years of turbulence in human history.
Turbulence sometimes is worse, sometimes less.
We're getting into a phase of being worse.
The global capital markets are rejecting the business model of the United States of America under Joe Biden.
We know that independent voters have in the seven swing states, 65-14.
Disapprove of his handling of the economy and hate the concept and the phrase Bidenomics.
65-14 of voters in those states.
That includes Democrats.
The rest of the world also Can't stand it, can't take it.
That's why the Global South is working together.
To understand all this, go to birchgold.com slash Bannon.
Make sure you get the End of the Dollar Empire.
You were there for it.
Look what happened to the United Kingdom after the pound stopped being the prime reserve currency.
Not good things.
It's never recovered.
That's why as great as England has been as an ally and as a partner in the 20th century, in the 21st century, they've been demolished as a world's economy.
Part of that was losing the prime reserve currency.
It's going to happen to us unless we have a radical change, unless this audience, unless they listen to this audience.
So make sure you go check it out today and also find out from Philip Patrick and the team.
Ask them!
Ask him point blank.
Hey, give me some pointers here.
How can I make this part of my portfolio to use this as a hedge against bad times?
Because bad times are coming.
Short commercial break.
unidentified
break and we'll be back in a moment.
Okay.
steve bannon ▲ ● ▼
Biden is going to address the nation tonight.
I want to talk about everything that's going on.
And don't stop calling or visiting or going to a town hall or emailing your local representative.
Remember, the House is like the House of Commons.
They're supposed to be the closest to the people.
In fact, the founder said that was where everything was going to kind of simmer.
It was always going to run a little hot because they're up for election every two years.
What is going on here is quite simple.
This audience and you have been right from the beginning.
What do I mean by that?
We were the first to say, look, the spending is out of control.
It's got to be stopped.
And the way to stop it is in the House of Representatives.
And they have fought back.
That's what all this fight has been, particularly since they won and took control of the House starting in January.
You've been on the right side of every one of these decisions.
If they had just listened to this audience and they just listened to the voice of the people, they never would have signed to your debt deal.
And now that is what's blown them up when you cut back through all of it.
And the economy right now, it is, it is, if you remember where EJ says something very wise there, we're not a consumer driven economy.
We're a credit based economy because all the consumer spending, all the businesses, everything is predicated upon the availability of credit.
And particularly over the last, you know, since the financial crisis of 2008, a credit environment that's been close to zero interest rates.
The heroism of Donald Trump that they never talk about, he took a trillion dollars of liquidity out of the market by quantitative tightening at the Federal Reserve, at the same time delivered 3% growth.
That miracle people would kill for today because it just doesn't exist and it's not going to exist for a while.
The carnage you saw in the United States back in the 70s that was ended by Paul Volcker and Ronald Reagan, which was a miracle they did it, by the way, at the same time that they were tangling with the Persians who had taken hostages in 1979, right after the Iranian revolution turned it over to these radical mullahs.
One thing to keep in mind, and to keep in mind always, is that we're a very different country today than we were then.
And let's not even talk about the cultural values and everything like that.
We don't have the same balance sheet.
We're now 33 trade in debt.
It's actually more debt than that.
But with the exploding interest rates, we're going to be able to barely make the interest payment.
I've got some people now working on the interest itself.
Their theory of the case is that this coming year, they keep talking about where it goes over a trillion dollars of actual interest payments.
Even the journal said it was going to take place in 2025, the year that Trump comes back in office, the interest payments will be a trillion.
I've got some guys who are quite smart hedge fund guys that are working through the structure of the 33 trillion.
They're going to make the argument.
That this year, that would be this year, this fiscal year we're in, in the federal government, that means before September 30th of next year, it's going to be over a trillion dollars.
Over a trillion dollars means, folks, what you can't pay for.
We've had the good times because you don't have to make any tough decisions.
The tough decisions on discretionary spending are going to have to be brutal.
And then you're going to have to get into the mandatory programs.
But that's got to later.
The political class has to show that they can handle the discretionary side first before you even talk about anything else.
unidentified
There will be no political will to do it.
steve bannon ▲ ● ▼
Catherine O'Neill was in the—in fact, Catherine, I think—I believe you're the only person—16 campaign early on, over at State, in the White House, 20 campaign.
You're like the five-tool baseball player.
Do you have the longest track record, or among two or three other people, have the longest track record with President Trump?
catharine oneill gillihan ▲ ● ▼
I'm definitely one of them, Steve.
And thanks so much for having me back on.
As you see, I'm live from our processing facility here in Riverside, Ohio.
And it's great to be here with the crew.
I don't know if you can see behind me.
There's a hanging piece of meat behind me.
steve bannon ▲ ● ▼
Are you, are you in, are you in, I was going to explain that.
Catherine, are you, is this a set from a Rocky movie?
Are you going to start punching the carcass right there?
catharine oneill gillihan ▲ ● ▼
If you want me to, Steve, I'll do it.
steve bannon ▲ ● ▼
So tell us, you're an entrepreneur now.
We had you on when you were doing the beta site test for the products.
We sold out in five minutes.
A lot's happened since then.
In fact, Catherine went over and did a great Gatsby-esque wedding in Italy that I think half my staff tried to go to, tried to attend.
They might have been caught up in other things, but it's a big change.
You've got a baby, you're married.
You got a big cowboy out there in Wyoming.
Tell me about the company.
You're ready to roll now.
I want to know everything, the process, what you guys have come up with, because you're one of the emerging Trump entrepreneurs.
Walk us through what you got.
catharine oneill gillihan ▲ ● ▼
Absolutely.
So like I said, Steve, I'm live from our meat packing facility, which is the final step or final process in the whole company.
So we do cow-calf operation all the way until chopping the meat up like you see now.
And so what I wanted to do is build a vertically integrated company so we would be We wouldn't be vulnerable to market instability and supply chain issues, as we've seen for the past, you know, four years since Biden has been in office.
Thanks to Secretary Pete.
So I am immune to any sort of instability in the market.
And also for your viewers, your viewers will know that when they buy beef from us, they know where it's coming from.
Because there are a lot of beef companies out there that are not as honest about where their meat is coming from.
A lot of it is coming from out of the country.
A lot of it is coming from Brazil, New Zealand, and so I want your viewers to know that when you buy beef from us, you're buying Wyoming beef, and you're seeing it right here live, and it's high quality, and we don't use antibiotics or hormones.
So this is the company that I've been building for the past three years and we're doing really well thanks to you, Steve.
And I'm very appreciative for you having me on and giving me the opportunity to show all this.
steve bannon ▲ ● ▼
Catherine, you've always had an entrepreneurial streak, and people should know, Catherine at both the White House and the State Department was a real killer for the Trump agenda, particularly in religious freedom and other issues in the State Department that she was fighting for every day, because she can see what the mess is of what the Biden regime has done.
Walk us through, when you got to Wyoming, because you guys, the families had a history out there, when you got to Wyoming, What attracted you to the beef industry?
What attracted you to say, hey, I think this is a need in the marketplace that needs to be filled, and I think I can do it.
What was it?
catharine oneill gillihan ▲ ● ▼
Absolutely.
So my family's been in ranching for 100 years, not only here in Wyoming, but also in Arkansas and Florida.
And during COVID, especially in big cities like D.C.
and New York, we saw that grocery stores were not able to supply meat to their customers.
And that was a huge eye-opener to me and I started looking into the problem and realizing that our meat packing industry is very concentrated into three or four companies and it was not stable.
So we're very susceptible to another supply chain interruption like we were during COVID.
So that's why I decided that instead of Staying in DC and dealing with swamp monsters all the time.
No offense to those people that live in DC, but I wanted to be out here and build a company that actually had a true impact on our nation by securing the food supply chain.
And obviously we're just getting started.
We're a small company, but we have big plans and we're doing really well.
steve bannon ▲ ● ▼
No, I tell you, the feedback we got from the beta site test, I think you saw it in five minutes, and the feedback we got from our audience was overwhelming.
And as you know, because you're very close to certain members of our production team, the crack production team, who are very persnickety.
Tell me about that because as you know, I have people very close to me that are maniacs about food, right?
It's got to be done in a certain way.
What is it about your beef that makes it different?
You had the whole opportunity to look at the whole industry.
What is it about your beef that's different and why is that a perfect fit for the War Room audience?
unidentified
Absolutely.
catharine oneill gillihan ▲ ● ▼
Well, like I mentioned before, Steve, we do not use hormones or antibiotics and no mRNA vaccines.
So that sets us apart from, I would say, 90% of the market out there.
If you go to buy beef in a store, it more than likely has one of those three things that I just mentioned.
So we never use any of those things.
We also grow everything that we feed our animals.
So they graze for a majority of their life and then we finish them on high quality feed regimen that we create ourselves.
So everything about the process we control.
So there's not one aspect of the process that is unknown.
We care for the animals.
We look over them.
So we want to make sure that they are treated well, too, because that's a huge part of this industry as well, is when you're doing this in mass numbers, the animals are not treated as well as they probably should be.
So we take very good care of them.
We feed them well.
We have a very high marbling rate, very high flavor.
So there are lots, I mean, I could go on for hours.
I don't know how many nitty-gritty details you want, but we have some of the best beef in the country, I would say.
steve bannon ▲ ● ▼
No, the audience loved the first test.
Okay, so now how can people, what we try to do here, look, we're Building an alternative economy and helping entrepreneurs.
That's where you see all these folks that come on here are all patriots that believe in your values.
And right now you have a whole generation of young people that are out there building what we call the patriot economy or the alternative economy.
So you're not giving your money to people that hate you and what the requirement we make sure that their products are also best in class.
Where do people go to find out more about this?
Where can they go to order?
Where can they go to find out more if they have questions?
How do they get totally immersed in what you guys are trying to accomplish out there and then and how they order?
catharine oneill gillihan ▲ ● ▼
Absolutely, Steve.
So to order you go to www.merriweatherfarms.com.
And you can see all of our products online.
We also have a very active social media page because a huge part of this company for us is educating the consumer.
So we have a lot of different videos of each aspect of the company.
We're actually collecting footage today to make sure that everyone knows about the processing side of things.
So we want to make sure that everyone knows how important and how complex this industry is.
And I know earlier you mentioned on your segment before the stability of the country.
This is the stability of the country right here.
These hard-working guys are here every day, day in day out, making sure that you guys can eat high-quality steak.
steve bannon ▲ ● ▼
Where, uh, once again, by the way, what's the social media page?
Where do they go to get to social media?
catharine oneill gillihan ▲ ● ▼
It's at Meriwether Farms.
M-E-R-I-W-E-T-H-E-R.
Farms.
steve bannon ▲ ● ▼
And that's where people, if they want to put in an order.
unidentified
Yep.
steve bannon ▲ ● ▼
Yes.
Meriwether Farms.
catharine oneill gillihan ▲ ● ▼
Yes.
Well, you can go to our website.
unidentified
Go ahead.
steve bannon ▲ ● ▼
Go ahead.
No, go ahead.
catharine oneill gillihan ▲ ● ▼
www.merriweatherfarms.com and my handle on social media is Cath P O'Neill.
steve bannon ▲ ● ▼
Catherine used to come in a little hot on social media every now and again in the old days.
Now that you're an entrepreneur, now that you've got a baby, a husband, and you're an entrepreneur, it may have tapped down a bit, but for a while she was part of that crew, part of that young Trump crew that got a little of people's faces all the time.
unidentified
Oh, and one more thing, Steve.
catharine oneill gillihan ▲ ● ▼
We will be offering a discount code.
Even if you have purchased from us before, you can still use the discount code, which is War Room 10, and it's 10% off your order, which is really great.
And we've priced everything really reasonably.
If you go to other sites that offer BoxFeed programs, we are very competitive, if not lower than a lot of them, because we want to make sure that everyone can access this high-quality product.
unidentified
So War Room 10 is the promo code.
steve bannon ▲ ● ▼
War Room 10.
Catherine, it's been great to see this develop and watch you over the years.
You're a true fighter and have been a major part of this young part of the Trump movement.
So it's great to see you guys launching the company.
Couldn't be more excited.
catharine oneill gillihan ▲ ● ▼
Thanks so much, Steve.
Thanks for having me back.
We'll see you next time.
steve bannon ▲ ● ▼
Thanks.
Thanks, girl.
This is what the Patriot Economy is about.
The Patriot Economy is about young, you can be any age, but entrepreneurs launching their endeavors.
We're big believers in entrepreneurial capitalism.
We're not believers in finance capitalism.
Finance capitalism, which is essentially a cover for crony capitalism, is what's led our nation into this dead end, and it's been going on for decades.
But you could see in 2008, the mask came off as they bailed themselves out.
You didn't get a bailout.
It's only gotten worse.
That's where this fiasco on Capitol Hill.
And I do, and I know it's going to be tough.
I think, and we're going to have it up on Getter tonight to watch Biden's address to the nation.
You heard that I think the network's going to give him like 10 minutes.
They told him to keep it tight.
But this is going to be an in-your-face pitch for $100 billion.
To basically go immediately overseas.
Now, yesterday he gave $100 million, and in the grand scheme of things, oh, it's $100 million.
$100 million is a lot of money.
A lot of money.
They gave $100 million to the Palestinians, just this kind of chump change right there, without giving a penny to the people in East Palestine, Ohio.
And the reason is they think U.S.
citizens are just to be used and abused.
They think, let's be blunt, you're just nothing but trash, right?
You're supposed to work your fingers to the bone, pay your taxes, put your money away and save it.
So in private equity accounts or in retirement accounts, the Wall Street guys like Larry Fink and Steve Schwartzman can send the jobs, use that private equity and the pension fund money to send your jobs.
Overseas, or Sequoia Capital to take it and fund, give the Chinese Communist Party the most advanced technology we have, that can come back and be used against working class kids, young men and women, is serving in the Pacific Fleet, or serving in the Army, serving in the Marine Corps, Air Force.
And they'd make huge profits off it, and they funneled that profits back, and part of it, a taste, back into the Democratic Party and the Republican Party to keep the scam going.
That's the system we have.
That's the system that you have risen up against, and they're not happy, and they're going to do everything to defeat you.
But we have wins.
We have many wins.
One of the big wins we have is the beginning of this patriot economy.
That's why we're so proud to have these companies come on here, of these entrepreneurs that support your values.
They don't hate you.
They support you.
The team over at Public Square, this is what Michael Seifert, a guy who was in Silicon Valley and had a belly full of it, and built this app that is basically this marketplace where if you're an entrepreneur, if you're out there and you think you've got a product or a service that you want to get out to people, You can launch it for free.
You can list it for free on Public Square.
You go to publicsq.com.
70,000, I think, entrepreneur companies have done it.
These are people who support your value.
And if you're a consumer, you say, hey, look, I've got to live in the real world.
I'm not a charity.
I can't be doing favors to people.
But I do want access to compare and contrast companies of patriots out there, like Meriwether Farms, like Catherine O'Neill.
I'll give it a shot.
I'll take a look.
I'll immerse myself in information.
And that's what PublicSQ allows you to do.
You can get a free account and then go check it out.
And if it makes sense, then you can make a rational decision as an informed consumer.
This Patriot economy is a real thing.
Companies are starting up and some of these companies are enormously successful with your support.
And we've heard back from people of how they love the products or services.
Now it has to be as good or better.
Than what's offered out there in the, uh, I don't want to call it the secular economy, but let's say the, I hate the patriot economy or the indifference to the American Republic economy.
So go check it out today.
And of course, uh, make sure you check out Birchgold.
I want everybody to get up to speed on exactly how we got into the situation.
The debt trap that we wrote and it came out before the debt ceiling fight, uh, reads like it ripped from the headlines of the Wall Street Journal.
I'm very proud of the fact.
That not only have we been ahead of this, we have been dead spot on in this financial crisis from the beginning and we were mocked and ridiculed by a lot of people.
And now you see the rise of the Global South and this situation in Israel can only be looked at, the overall macro picture can only be looked at when you look at it in the context of the rise of the Global South.
against the United States of America and the Judeo-Christian West, led by the Chinese Communist Party, the Persians, the Turks.
Oh yes, let's throw the KGB in there.
But you have to understand the economics of it.
That's why tonight on Getter, we'll be streaming live.
I want everybody in the chat room, we want to hear what you have to say.
He's going to look you in the eye.
In the financial crisis we have with his appropriators, these people are out of control.
A $2 trillion deficit in this past fiscal year and in September 30th, and they lied to you when they cut the deal in April.
At the time, they should have known this.
We knew it.
We laid it out there.
And now tomorrow this press conference is all going to come clear and tonight he's going to look you in the eye and he's going to ask basically for 60 to 80 billion dollars for Ukraine for Zelensky and those crooks over there.
Over our dead body.
But that fight will start immediately after this.
So make sure tonight at 8 you check in.
We'll be up on Getter Live.
And of course, we're going to be back here tomorrow and the next day.
We're going to be on location.
We're going to have a lot of fascinating guests.
We're going to keep our hand right on the pulse of what's happening on Capitol Hill.
And of course, in the geopolitical fight at the beginning of the Third World War.
I think that when we started preaching that, I think that aged well.
Okay, 8 o'clock tonight, up on Getter.
10 o'clock tomorrow morning, Eastern Daylight Time.
We'll be back.
The show's tomorrow.
It's going to be incredible.
And then Saturday will be incredible.
I'm actually going to be giving a speech.
I'll get a clip of that speech and make sure it gets up and everybody sees it.
Until then, I want to thank everybody.
I want to thank our sponsors, particularly the great team that does this.
I want to thank Mike Lindell and the team over at Lindell TV and the great team in Memphis that helps us put on the 6 o'clock show.
We'll see you tomorrow morning at 10 a.m.
unidentified
live.
steve bannon ▲ ● ▼
Be up on Getter tonight.
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