March 11, 2024 - Bannon's War Room
48:51
Participants
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| 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. | |
| President Trump got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
|
unidentified
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MAGA Media. | |
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room. Here's your host, Stephen K. Bamb. | |
| It's Monday, 11 March, Year of the Lord 2024. | ||
| This date four years ago, it was officially declared that this was a pandemic. | ||
| We're getting all of that. | ||
| Jim Rickards is going to join us here in a moment. | ||
| Got a lot of geopolitics, capital markets to talk about. | ||
| Brian Costello is going to get back here with TikTok. | ||
| I've got some breaking news. | ||
| Mike Lindell joins us. | ||
| Mike, Robin Voss, I'm hearing from people on the ground there that you guys have more than enough signatures to begin the recall process. | ||
| You've actually gotten the amount of signatures and more that would actually qualify for a recall of the Speaker of the House of Wisconsin. | ||
| Yeah, that's exactly right, Steve. | ||
| We needed a little over 6,500 signatures, but we've got over 10,800. | ||
| And Robin, now he gets like 10 days. | ||
| We turned him in today, and then he gets like 10 days to challenge the signatures. | ||
| And then the recall for Voss, we have five days to respond to that. | ||
| So if he tries to say some of these signatures aren't correct, we've got about 4,000 extra. | ||
| So good luck on that, Voss. | ||
| And then he has two days to file a response to the recall response. | ||
| This whole process takes about 10, 15 days. | ||
| And then the WAC, the Wisconsin Election Commission, has to issue a ruling within 31 days whether there will be a recall or not. | ||
| Now, we have more than enough signatures, so there should be a recall. | ||
| And that primary election will be on April 23rd, everybody. | ||
| And this is great news. | ||
| For me, other than putting Brad Rasenberger in prison, I couldn't ask for a better thing than getting Robin Voss ousted from Wisconsin. | ||
| We're tired of blockers like Robin Voss, Steve. | ||
| We're not going to put up with it anymore. | ||
| By the way, I'm going to have Hoff on at six o'clock tonight to talk exactly about that, about Raffensperger. | ||
| New breaking news down there about his potential criminality with Fonny Willis. | ||
| Hoff to be on from Gateway Pun at that time. | ||
| I want to give a hat tip to MAGA. | ||
| I want to give a hat tip to the Warren posse. | ||
| You now have in play the Speaker of the House of Wisconsin on a recall, and you've got a runoff election down in Texas with Speaker of the House. | ||
| Not too shabby. | ||
| You removed a Speaker of the House. | ||
| In Congress, for the first time in the history of this Republican, you've got two of the biggest, most prominent states in the Union where the Speakers of the House are on the run. | ||
| So bravo Zulu, as we say in the Naval Services. | ||
| Mike, real quickly, I know you've got to get to a big event with Steve Stern, support President Trump today. | ||
| Our audience is saying, hey, I hear that. | ||
| I love the fact we've got the signatures for Robin Voss. | ||
| But talk to me about deals, Mike Lindell. | ||
| What deals you got for us? | ||
| Yeah, and maybe I'll come back this afternoon, Steve, and give you an update on the Supreme Court case. | ||
| Everyone's been calling me about that. | ||
| But the deals for the war room policy, everybody... | ||
| These deals are what keep us going out there, keeps my employees employed. | ||
| And we're passing on the savings to you. | ||
| These percale bedsheets, we still have a lot left. | ||
| This was an overstock because two box stores canceled the sheet order in November. | ||
| So we're liquidating them at $26.98 for the Queens, $29.98 for the Kings, everybody. | ||
| The lowest price on the best sheets. | ||
| Get them for all your rooms. | ||
| Get them for your neighbors. | ||
| Whatever you got to do, let's get those to the War Room Posse. | ||
| And we still have some of the open box specials left. | ||
| The sizes are going fast. | ||
|
unidentified
|
$19.99. | |
| Those are going to be gone in two days, so get those today. | ||
| Promo code WARROOM. | ||
| You can use, go to mypillow.com. | ||
| All the specials that we have exclusive for the War Room Posse are there. | ||
| You guys, we got great specials. | ||
| And by the way, it looks like the kitchen towels are back in stock. | ||
| So if they come back up, they should be up here shortly. | ||
| We've got the towel sets for $629.98. | ||
| Those Gizadream pillows that all my employees are making, less than $30 for Queen and King. | ||
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| You guys, the MyStore.com uses that promo code War Room. | ||
| Over a thousand entrepreneurs on there with thousands of great products. | ||
| You support them. | ||
| This is a win-win-win. | ||
| This is a win for the War Room Posse, it's a win for MyPillow employees, and it's a win for our country. | ||
| So call in and help my operators out. | ||
| Call in or go to the website to MyPillow.com. | ||
| all of the War Room specials. | ||
| You guys are number one in the country now, helping out my pillow. | ||
| Number one. | ||
| Steve, they're all- Make sure- You've been number one for quite a bit, for quite a, almost this whole year now. | ||
| Make sure you put in promo code WAROOM. | ||
| It's 800-873-1062. | ||
| We will let you go, Mike, until this afternoon. | ||
| We're going to talk about the Supreme Court. | ||
| It is going to be on the 14th, I think, now. | ||
| So we've got a lot of updates on the Supreme Court move of Mike Lindell. | ||
| So, in summary, thank you, Mike. | ||
| I know you've got to get to the event. | ||
| Say hi to Steve Stern. | ||
| I think General Flynn's going to be there. | ||
| This is a big MAGA event down there to support President Trump in South Florida, in the Palm Beach area. | ||
| And you can go to Steve Stern's site right now if you still want to attend. | ||
| I think there's still some tickets. | ||
| I just want to put in perspective the power of the War on Posse, the power of MAGA, the power of all the different groups out there that work. | ||
| We removed McCarthy because of the debt ceiling deal, because he's burying us in an avalanche of debt. | ||
| Rickerts is going to be here in a moment. | ||
| We're going to talk to Jim about this. | ||
| Biden's dropping his 2025 budget today. | ||
| You're going to see it's another $2 trillion. | ||
| They're going to say, oh, it's taken $3 trillion off the 10 years. | ||
| I don't want to hear the out years. | ||
| Give me period zero. | ||
| The reality and the real number you're projecting for taxes, because it could be another two trillion dollar deficit, another two trillion dollars added on to the two and a half you're going to have this year. | ||
| So you're going to be at, I don't know, 37 or 38 when President Trump gets here. | ||
| This is why I said earlier, one of the top hedge fund guys, it's up on Zero Hedge this morning, is saying you're going to have a sovereign debt crisis in the United States of America. | ||
| not in Sub-Saharan Africa, not in the Middle East, not in Latin America or Central America or Southeast Asia, in the United States because it's not sustainable. | ||
| Rickard's gonna be in a second to talk about it. | ||
| But in that process, you took out McCarthy because that's the Speaker, first time in the history of the Republic. | ||
| You've now got a recall that's working its way through the system. | ||
| They drop over 10,000 signatures a day. | ||
| Speaker of the House of Wisconsin, a state we have to win. | ||
| And this guy's one of the worst of letting the election be stolen in 2020. | ||
| And he got the Speaker of the House in Texas. | ||
| It's on a runoff in May for the first time in history. | ||
| It's just incredible. | ||
| Our first time in, I think, 52 years with the Speaker. | ||
| First time in 52 years the Speaker of the House. | ||
| So you're on a roll right now. | ||
| Hold him accountable. | ||
| So Brian, it all ties back to Neil Shen and Sequoia Capital. | ||
| Sequoia Capital is taking pension fund money of American citizens and partnering with the CCP. | ||
| I know this is not the perfect solution. | ||
| The perfect solution was what President Trump wanted to do. | ||
| President Trump's first take on this was the correct take, and that was to take the whole thing down. | ||
| Given that and where we are, is this not a good interim first step, at least to try to get some control of this before Election Day? | ||
| Yeah, I think, listen, getting it on the table before the election, you know, and Steve, I think Trump's position could be, you know, let's not confuse his position trying to win an election with everything rigged against him with what he might do when he's actually in office. | ||
| One, this is going to be addressed before he's in office. | ||
| And I think they want to address it before. | ||
| They go into office because they know where Trump's heart really stands on it. | ||
| So they don't want to put it in his hands. | ||
| And he's got to make sure this isn't being used as a tool against him in the election with everything else. | ||
| So I think that's extremely important. | ||
| So I think the representatives out there who are voting on it, think twice about it. | ||
| Does Trump really want you not to vote for this? | ||
| Because I would argue that he does. | ||
| He's just trying to protect himself with weapons being used against him, including potential election interference with China. | ||
| As much as he can to win this thing, so we do the right things. | ||
| Yeah, I mean, this thing's a weapon, Steve. | ||
| It needs to be addressed. | ||
| Kudos to Mike Gallagher for... I haven't been crazy about the Gallagher committee, but this is positive stuff. | ||
| And I'm going to take two... President Trump says, hey, we've got to go after Facebook. | ||
| It's going to make Facebook five times more powerful. | ||
| I don't know if that's true, but we do have to go after Facebook. | ||
| There's no doubt about it. | ||
| And what Zuckerberg does. | ||
| I mean, I was adamant about Zuckerberg not even coming into the White House to see President Trump, because he's just poison. | ||
| And you saw how he tried to rig the election for his own personal account, but Facebook's terrible. | ||
| Darren Beattie's got a great piece up that I'm pushing out. | ||
| On Revolver, it says, hey, don't get lost in TikTok. | ||
| Google's the dark star. | ||
| I agree with that. | ||
| You've got to take care of TikTok. | ||
| You still have time to go after Google also. | ||
| We live in a techno-feudalism, I think a new author calls it, right? | ||
| Not capitalism, but techno-feudalism, with these guys being the sociopathic overlords. | ||
| And so they all have to be taken on, but we can't back off any of it. | ||
| Brian, where do people go to your social media? | ||
| Because on your Twitter account, you explain all this. | ||
| You go into great depth of who Neil Shen is, what Sequoia Capital's part of it, Moritz, how this money gets funneled back to the Democratic Party. | ||
| They give a taste to the Republicans. | ||
| So where do people go? | ||
| Yeah, and I think, Steve, just real quick, I think the lead's buried on this, right? | ||
| This is about the oligarchs in the US who have investments in China and are about to make oodles of money off this ByteDance TikTok investment, and they've bought Washington. | ||
| That's the real story here. | ||
| That's really what's happening with TikTok. | ||
| Twitter, BP, Costello, or X, I guess, as we call it, and I try and get pretty detailed How we describe what's going on here and get real information to the American people on it. | ||
| I'm gonna try to get you back on tomorrow if your schedule is clear to talk about the murder investigation going on on Elaine Chao, that McConnell's sister-in-law, he resigns right with the day that the Blanco County shifts it from a suicide to a murder investigation. | ||
| Brian, you're amazing. | ||
| Don't ever change, brother. | ||
| You're a hammer. | ||
| Thanks, Steve. | ||
| Unbelievable, unbelievable the situation. | ||
| So the TikTok vote, I think, will be on Wednesday. | ||
| But look, they're all, President Trump's right, Facebook's another problem that hasn't been addressed. | ||
| Google is even a bigger problem. | ||
| But you got to take them as they come. | ||
| There's never been a more perfected weapon of information warfare with that algorithm in this platform than TikTok right now. | ||
| You see the young people, they, last week, they flooded DC with calls. | ||
| Some people didn't even know what a congressman was, some of these young people. | ||
| And I think that put people on notice. | ||
| This thing is dangerous. | ||
| You just see in the Hamas, the Muslim Brotherhood, Hamas war. | ||
| What it's done to promulgate false narratives coming out of coming out of information warfare coming that pushed by the Chinese Communist Party. | ||
| The Chinese Communist Party remember their sole function is to take down the Judeo-Christian West because the United States of America. | ||
| President Trump talked about that today about this is his His idea is to not let just the dollar crumble and to let this de-dollarization movement continue on. | ||
| And his thing at CNBC today was just absolutely incredible. | ||
| Jim Rickards, they try to trip President Trump up today by saying, Melissa Lee saying, oh, well, you know, we've been downgraded because of January 6th. | ||
| And he blew her up and said, lady, we've been downgraded because guys didn't fight on the debt ceiling deal and the debt's running out of control. | ||
| What is your response to Melissa Lee saying that the downgrades are because of January 6th? | ||
|
unidentified
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Yeah, I mean, that's complete nonsense. | |
| You have to understand these rating agencies, you know, Fitch and S&P and a couple others, They are extremely reluctant to downgrade the U.S. | ||
| debt. | ||
| It's the last thing they want to do. | ||
| They've got all kinds of other things going on, dealings with the government, etc. | ||
| For them to do that at all, we have to be really on the wrong path. | ||
| And we've been getting there for, at this point, 25 years. | ||
| This goes all the way back to George W. Bush and then continues through Obama, Trump, and Biden. | ||
| So it's a very big deal. | ||
| It has nothing to do with January 6th. | ||
| That's just nonsense. | ||
| It's not even a good talking point because it's just not true. | ||
| I want to get back into this a second. | ||
| We're going to take a break here in a minute and Jim, you're going to be here and you can stay a couple of segments with us. | ||
| So here's today is we're on a path and they're going to approve, they got approved by 22 March, the second part of this budget package, what they call minibus. | ||
| And unless we can rally people, and I'll be brutally frank with people, there are people that are saying, hey, I think we're going to lose this one, so let's just sit it out. | ||
| Unless we can rally people, if they pass that, they are locking in a $2 to $2.5 trillion deficit in the fiscal year we're in. | ||
| At the same time, they're going to drop a budget on us in a little while that shows another $2 trillion. | ||
| For the year that President Trump takes back over, that's four to maybe five trillion dollars of additional debt in the span of two years. | ||
| I'm going to ask you about the sustainability of it and how concerned Wall Street is. | ||
| We're going to take a short commercial break. | ||
| We've got Jim Rickards. | ||
| Strategic Intelligence, make sure you go to RickardsWarRoom.com. | ||
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| If you like our talks on geopolitics, military strategy, capital markets, macroeconomics, Strategic Intelligence from Paradigm Press may be the publication for you. | ||
| Jim Rickards joins us after a short commercial break. | ||
|
unidentified
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Here's your host, Stephen K. Bamm. | |
| So, Jim, you've been doing this for a long time. | ||
| My theory of the case, and it's backed up by some guys today on Zero Hedge, and I've said this now for a couple of years, is that we're heading towards a sovereign debt crisis in the United States, for the United States, not some third world country and not some of the IMF or World Bank's lending to. | ||
| I'm talking about U.S. | ||
| government securities. | ||
| Right now, we don't have the guts To force them to shut down the border or shut down the government to get in and that didn't we talk about spending cuts. | ||
| There's no discussion up there at all on spending cuts and you're about to have a budget today. | ||
| They'll start to work through the process. | ||
| I mean, how can this man President Trump finally address the day by de-dollarization? | ||
| He said he started banging heads together. | ||
| And if they want to go the Chinese system, they want to go something, a basket of currencies backed by gold with the bricks, then he says, have at it, but, you know, we may not trade with you. | ||
| So what are your thoughts about this? | ||
| The sustainability to stay, what do we have to do to avert a sovereign debt crisis here in this country? | ||
|
unidentified
|
Well, obviously the debt situation is not sustainable, but it's important to understand exactly why. | |
| So you hear a $2 trillion deficit this year. | ||
| That's a very big deal. | ||
| Here, 34 trillion dollars of national debt. | ||
| That's a very big deal. | ||
| But you have to put those numbers in context. | ||
| They're big numbers, of course. | ||
| But why are they dangerous? | ||
| Why do they point in the direction you're describing? | ||
| There's a very simple ratio. | ||
| This is, you know, sixth grade math. | ||
| You have to take the debt divided by GDP, the gross domestic product, and look at that ratio. | ||
| Because no matter how big the debt is, if your economy is big enough, you can afford the debt. | ||
| But if it's not, you can't. | ||
| And so what is the ratio today? | ||
| Right now, it's one. | ||
| 135%. | ||
| Roughly $34 trillion of debt divided by $25 trillion of GDP, round numbers. | ||
| That's 135%. | ||
| That's way in the danger zone. | ||
| That's the highest in U.S. | ||
| history. | ||
| At the end of World War II, when we won World War II with our allies, it was 120%. | ||
| That was existential. | ||
| Today, it's even higher than that. | ||
| You look at the history of U.S. | ||
| debt. | ||
| It's not straight up. | ||
| It didn't go from, you know, Alexander Hamilton to Joe Biden in a straight line. | ||
| It's a cycle. | ||
| It goes up and down, up and down. | ||
| Generally speaking, it goes up during wars, we win the war, and then it goes down in peacetime, so we have dry powder in case there's another war, which there always has been. | ||
| That changed with George W. Bush. | ||
| It didn't go down. | ||
| Reagan ran the deficit up, but we won the Cold War. | ||
| Like I say, we got something for our money. | ||
| When Reagan was sworn in, that ratio I talked about was 30%. | ||
| When Andrew Jackson left office, it was zero. | ||
| 1836 was the last time. | ||
| The U.S. | ||
| had no national debt. | ||
| Hang on, hang on. | ||
| That's my populist nationalist hero, General Jackson. | ||
| Hey, he wasn't a big fan of the Bank of the United States. | ||
| Not a big name in central banks, you would agree? | ||
| Not a big name at all? | ||
|
unidentified
|
He did two things. | |
| He abolished the central bank and eliminated the national debt. | ||
| When he left office, there was no central bank and no national debt. | ||
| Nice going, President Jackson. | ||
| That was the last time. | ||
| So then we got our third central bank in 1913, thanks to Woodrow Wilson. | ||
| But my point, Steve, is 135% off the charts. | ||
| Where's the red line? | ||
| Where's the danger zone? | ||
| When you cross into territory where you borrow a dollar, you spend a dollar, and you don't even get a dollar of GDP. | ||
| You get less than you borrowed. | ||
| That number is about 90%. | ||
| There's a ton of research that backs that up. | ||
| So we're way in the red zone, highest in history. | ||
| We haven't won any wars. | ||
| I'm not a war advocate. | ||
| I'm just saying that the only time the debt gets that high is when you're in a war. | ||
| We're not, and so this is pure waste. | ||
| Jim, hang on. | ||
| The professor at Harvard was a Rogoff. | ||
| He wrote a book about this, because every time this happens, the finance minister and the head of government, whether it's a king, a czar, a president, a prime minister, they always say the same thing. | ||
| This time, it's completely different, right? | ||
| What does the book tell us about that? | ||
|
unidentified
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Well, it's exactly as you described and kind of what I was describing. | |
| Ken Rogoff, the Harvard professor, a brilliant guy, I've spoken with him, has a brilliant collaborator, Carmen Reinhardt, who's now the Chief Economist of World Bank. | ||
| But it's Reinhardt and Rogoff together have done this research. | ||
| They've sliced it every which way. | ||
| Developed economies only, developing economies only, 10-year time series, 100-year time series. | ||
| No matter which way they slice it, they get the same result, which is when you go past 90%, Growth slows down. | ||
| You don't get a dollar's worth of growth for your dollar of debt. | ||
| In fact, you just get into a worse ratio because you're increasing the numerator with the debt, but you're not increasing the denominator with the economic growth. | ||
| And so you cannot borrow your way out of a debt crisis. | ||
| That's the lesson. | ||
| Now, one important distinction makes the U.S. | ||
| a little bit different. | ||
| Often these debt disasters, which, again, Reinhart and Rogoff document brilliantly, are in countries that borrow in dollars But don't print dollars. | ||
| The classic case is Argentina. | ||
| I mean, you can set your watch by Argentina. | ||
| Every 10 years, they default on the debt. | ||
| But they print pesos and they borrow dollars. | ||
| The U.S. | ||
| is different because we print dollars, but we borrow dollars. | ||
| So in theory, we could just pay off the debt by printing the money. | ||
| But then what does that mean? | ||
| Well, it means one of two things. | ||
| First of all, you have slow growth. | ||
| That's the immediate danger, just really slow growth. | ||
| So you can't, you know, kind of dig your way out of the hole. | ||
| The second one is hyperinflation. | ||
| That's the American way to say, OK, I owe you a trillion dollars. | ||
| Here's your trillion dollars, Steve. | ||
| Good luck buying a loaf of bread because I inflated the currency. | ||
| So there's no reason for the U.S. | ||
| to default on this debt because we can print the money, but the money might not be worth very much after the hyperinflation. | ||
| That's the real danger. | ||
| The CBO has come out. | ||
| We've talked about this. | ||
| It came out, I think, a month ago, a month and a half ago, and put out its new 10-year forecast. | ||
| I think annually they put it out. | ||
| Their forecast is for 1 to 1.5% growth. | ||
| Right there, they're telling you. | ||
| And the secret of that, they've baked in the illegal immigrants here as consumers and to drive wages down. | ||
| But they're telling us 1 to 1.5% growth. | ||
| Our economy, our society really can't function At one and a half percent growth, correct? | ||
| I mean, it's just not our social compact is not made up with one and a half percent growth. | ||
| Not enough action is happening, Jim. | ||
|
unidentified
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That's exactly right. | |
| From 1983 to 1986, under Ronald Reagan, coming out of a pretty bad recession in 1982, in those three years, we had 16 percent real growth. | ||
| Over 5% per year, three years in a row. | ||
| Now, that's maybe higher than potential, but that was real growth. | ||
| That wasn't inflationary growth. | ||
| But if you said the U.S. | ||
| potential, mature economy, potential is about 3.25, 3.5. | ||
| If your potential is 3.5 and you're growing 1.5, that's a depression. | ||
| That's not, isn't a depression, you know, continuous quarters of declining GDP? | ||
| No. | ||
| A depression is growth below potential. | ||
| So if potential is 3.5 and you're growing 1.5, That's depressed growth, and we are in a long depression. | ||
| I've been since 2007. | ||
| And what makes it worse is, of course, that growth is not nearly enough to cover the increase in the debt. | ||
| By the way, you look at GDP in 2023. | ||
| It was decent in the fourth quarter of 2023. | ||
| It was actually relatively strong. | ||
| But then you have to say, well, why was that? | ||
| Well, the answer was federal spending. | ||
| This isn't, everyone looks at the Fed, oh the Fed's money printing, etc. | ||
| Feds are actually not printing money, they're burning money, they're actually reducing the balance sheet. This, I won't call it stimulus, but this growth comes from fiscal policy, it comes from deficit spending. So yeah, if the government spends enough money, you know, the misnamed Inflation Reduction Act, Build Back Better. | ||
| The Inflation Reduction Act is just a green new scam and, you know, sheep's clothing. | ||
| Build Back Better, the COVID handouts, you know, et cetera. | ||
| You know, the whole litany. | ||
| The baseline deficit is about a trillion a year, but we've been running to two and a half trillion a year because we throw on top of it, you know, stimulus programs, war in Ukraine, special appropriations, et cetera. | ||
| And we're just we're just digging a deeper hole. | ||
| We're not going to grow our way out of it. | ||
| That forecast is probably optimistic. | ||
| I mean, we could very well be in a recession right now. | ||
| The funny thing about recessions is the referees, the Bureau in Cambridge, Massachusetts, that tells you when you're in a recession, it's usually like a year after the fact. | ||
| Like, thanks a lot. | ||
| I knew I was in recession a year ago, but thanks for telling me. | ||
| We could be in a recession right now. | ||
| So that's negative growth. | ||
| Isn't the reason that Biden's numbers are so low, they're 36%, I think, overall for handling the economy, but if you look at independence, it's in the 20s, and that's really a proxy for the American people. | ||
| It takes out the partisans. | ||
| Is this fiscal mismanagement, or it's fiscal radicalness, is this still based upon this theory of modern monetary theory? | ||
| Do we still have people up there to believe that? | ||
| Because the political class is unable to address this. I mean, we've been hammering on this show with every piece of leverage we can get, but it's obviously the political class won't do it. Do they actually, or is embedded in their minds, this modern monetary theory? | ||
|
unidentified
|
I doubt there are five Congress, members of Congress who can explain modern monetary theory, but they all believe in it. | |
| They're all doing it, whether they understand it or not. | ||
| Now, the big brain here is a professor at State University of New York, Stephanie Kelton, a very nice lady, but she is completely misguided on this. | ||
| She was Bernie Sanders' economic advisor in the 2016 campaign. | ||
| She was economic advisor to the Senate Budget Committee when Bernie Sanders was on the committee. | ||
| She's the brain behind Modern monetary theory. | ||
| She wrote a book, by the way. | ||
| I think everything in the book is severely misguided, but you should read the book because it's their playbook. | ||
| It's called The Deficit Myth. | ||
| For example, I'll give you an example of what she said. | ||
| These are her words, not mine. | ||
| She said, the government bond market is just a favor to investors. | ||
| It's a place to put your money. | ||
| We don't actually need it. | ||
| We could give the Federal Reserve wire instructions to Lockheed, and they could just send the money right to Lockheed. | ||
| Why go through the trouble of borrowing it and running it, etc.? | ||
| That's how detached from reality modern monetary theory is. | ||
| And it says you can have unlimited... I mentioned the debt-to-GDP ratio. | ||
| I said we're in the danger zone. | ||
| That's what Reinhart and Rogoff demonstrate empirically. | ||
| Stephanie Kelton says there is no danger zone. | ||
| You can go as far as you want. | ||
| And if you have a little bit of inflation, raise taxes. | ||
| That's another, you know, aspect of this. | ||
| So, yes, this is modern monetary theory in action, which is not modern, by the way. | ||
| This goes back to Georg Knopp, who was a German economist in the early part of the 20th century. | ||
| It's, you know, it's called chartalism, has different names. | ||
| But it basically says, yeah, as long as you print the money, That's true, but it doesn't mean there are no consequences. | ||
| The consequences are your currency collapses in foreign exchange markets, you get hyperinflation, and you destroy wealth. | ||
| Those are the consequences. | ||
| The Weimar Republic. | ||
| Jim, stick around if you say for a little longer. | ||
| Short commercial break. | ||
|
unidentified
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Jim Rickards joins us on the other side. | |
| Here's your host Stephen K. Bamm. | ||
| you Okay, Jim Rickards is with us. | ||
| Jim, I think the reason people love when you come on the show so much is that you're not just a theoretician. | ||
| I mean, you know the stuff deeply, almost like an academic, but you're a practitioner. | ||
| And one thing you know so well and can connect dots is the importance of currency in all these discussions. | ||
| Unless you really understand currency, if you understand monetary theory, how it attaches to fiscal theory, then you kind of understand how the world works. | ||
| And that's why strategic intelligence, where you also throw in the geopolitical, the national security, the military, and the politics of it, is such a great read. | ||
| How do people get strategic intelligence? | ||
| Because I know a lot of folks who have known about you, heard about you, now that you're coming on the show want to know more. | ||
| So where do they go? | ||
|
unidentified
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Thanks, Steve. | |
| We have a website, RickardsWarRoom.com. | ||
| RickardsWarRoom.com. | ||
| If you go there, you can subscribe to Strategic Intelligence, but we also have a free offer, and this is exclusive for the War Room Posse, a free copy of my book, Currency Wars. | ||
| That was my first book. | ||
| It's still timely and fresh and covers all the issues we're talking about on the show. | ||
| So if you go to RickardsWarRoom.com, Subscribe to Strategic Intelligence and exclusive to War Room Posse get a free copy of CurrencyWars. | ||
| By the way, that's a first way. | ||
| I've heard about Jim for years on Wall Street, but the first time I really got to know him intellectually was I bought a copy of Currency Wars, and it really changed my thinking about a lot of things. | ||
| Brother, you've been doing this for a long time. | ||
| Have you ever, I mean, we're in a situation, I say this all the time, that all the easy choices are in backwoods. | ||
| You mentioned recession a little while ago. | ||
| I don't know how you get out of this. | ||
| I mean, Biden's driving us off the cliff. | ||
| But I don't know if practical people, even President Trump, if you get in there, I don't even know how you get out of this mess without some sort of recession hitting. | ||
| Because right now it's so turbocharged with just fiscal irresponsibility. | ||
| And this is not simply the Biden regime. | ||
| They are definitely fiscally irresponsible. | ||
| But you heard Tommy Tuberville on here on Friday. | ||
| The whole political class, I mean, the Democrats are insane. | ||
| He says no Democrat ever, he's seen any Democrat ever ask for any financial or economic analysis of anything. | ||
| It's just you got to spend more, you know, they call it investments. | ||
| I mean, have you ever seen us in a situation, this country, in a situation like we're in today? | ||
|
unidentified
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Not the United States. | |
| I've got to go back to maybe the 1870s. | ||
| But even then, we had strong growth. | ||
| It was deflationary. | ||
| But if you want a model for where the United States is right now, it's Japan. | ||
| Now, the irony of that is that the modern monetary theorists, you know, the MMT crowd, they go, well, Japan has a 300% debt-to-GDP ratio. | ||
| So what's the big deal? | ||
| We're only 135%. | ||
| Well, here's the big deal. | ||
| Japan has had nine recessions since 1989. | ||
| Nine recessions since 1989. | ||
| I would describe the whole 30-year period as one long depression. | ||
| By the way, it was about a few weeks ago that the Japanese stock market got back to where it was on January 1st, 1990. | ||
| January 1st, 1990, it was $40,000. | ||
| A couple weeks ago, it got to $40,000. | ||
| Well, I'm sorry, 30 years to recover your losses. | ||
| Nine recessions in 30 years. | ||
| That's Japan. | ||
| So don't hold Japan up. | ||
| Well, you can. | ||
| Actually, Japan is the model for what the United States is going through. | ||
| It's just going to be one long slot. | ||
| Here's the best case. | ||
| Best cases, recession after recession, low growth, higher debt. | ||
| That's the best case. | ||
| Worst cases, you have hyperinflation or an acute debt crisis where people actually reject U.S. | ||
| Treasury as an investment. | ||
| So either the Treasury market collapses, hyperinflation, or just a long period of slow growth. | ||
| Those are the three options, and again, history and empirical analysis back that up. | ||
| You're saying your best case analysis is what they call the lost decades of almost like stagflation that Japan's gone through. | ||
| Then compare and contrast that to what we heard Thursday night, because I heard a very different message coming from Biden. | ||
| You know, we watched all the news analysis on MSNBC and CNN. | ||
| Not one, not one analyst brought up anything about the economy. | ||
| They all kind of just hyped up how great the economy is. | ||
| So how could Biden, how could Biden's mindset be so far off where your analytics take you? | ||
|
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There is a disjoint, disconnection of some kind between how the White House views the economy And how everyday Americans view the economy, and I'll go with the everyday Americans every time, and that's my own view. | |
| So the reason the White House doesn't talk much about the economy is because they say, hey, it's all good, you know, 2.6 percent growth, low unemployment, you know, relatively low interest rates, although they've gone up a little bit lately, etc. | ||
| It's all good. | ||
| But here's the experience of everyday Americans. | ||
| First of all, the reason unemployment is low is because a proliferation of part-time jobs. | ||
| We've lost full-time jobs, but we've created part-time jobs. | ||
| So right away, part-time jobs don't fill the bill. | ||
| They don't pay. | ||
| The bills, you don't get enough real earnings out of that, number one. | ||
| Number two, a large percentage of these part-time jobs I'm describing are going to illegal immigrants. | ||
| They are, and that's very well documented. | ||
| It used to be, you know, you needed a driver's license or a passport or something. | ||
| You don't need that anymore. | ||
| They're getting waivers to basically work permits from the federal government. | ||
| So the jobs are going to illegal immigrants. | ||
| They're going to part-time, not to full-time jobs. | ||
| And real wages are flat to down. | ||
| So that's the plus we have. | ||
| We've had inflation, obviously worse in 2022 and 2023. | ||
| But the thing about inflation, you know, the White House would have you believe prices are going down. | ||
| Prices are not going down. | ||
| Inflation has come down somewhat, but prices are still going up. | ||
| They're just going up at a slower pace. | ||
| And by the way, all the inflation we had in 2022, it's not like that reversed. | ||
| I mean, those those price increases are embedded. | ||
| The unemployment rate has gone up a little bit. | ||
| It has not gone up a lot. | ||
| They're still going up, they're going up a little bit more slowly, but they're not going down, which is what the White House would spend. | ||
| So the experience of everyday America, and by the way, hiring has hit a wall. | ||
| Hiring has hit a wall. | ||
| The unemployment rate has went up a little bit, has not gone up a lot. | ||
| The firing, the layoff wave has not started, although I expect it soon. | ||
| But what has started is new hiring has totally hit a wall. | ||
| So we're very likely in the recession, but the White House is looking at their own set of numbers, spinning it their own way. | ||
| They just, they're very detached from reality. | ||
| Some of the backchatter, Jim, in the Imperial Capitol from these people, they're certainly going, well, you guys are overreacting because you're thinking in an old paradigm, that you're not factoring in I just finished writing a book on artificial intelligence, Steve. | ||
| you know, once a millennium in technology, that artificial intelligence and artificial general intelligence and robotics, all these other things, but particularly artificial intelligence, is going to basically reshape the modern economy. | ||
| And that's what we haven't taken into account. | ||
| Your thoughts? | ||
|
unidentified
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I just finished writing a book on artificial intelligence, Steve. | |
| It won't be out until November, so it's a little too soon to be talking about it. | ||
| We're still some months away, but I spent a year doing the research. | ||
| I would say a couple things. | ||
| Number one, artificial intelligence is powerful. | ||
| It's real. | ||
| I understand the, you know, the multi-layer neural networks. | ||
| I designed them myself, so I really get it. | ||
| But there's so much less there than meets the eye. | ||
| The first thing you have to know about artificial intelligence, it's not intelligent. | ||
| It's math. | ||
| It's processing power. | ||
| It can do stuff. | ||
| It's not intelligent. | ||
| We tend to anthropomorphize it. | ||
| We treat it like, you know, We treat Alexa and Siri like our best friends. | ||
| Sorry, they're not. | ||
| They're just a bunch of equations. | ||
| The GPT is a joke, and it's kind of a bad joke because too many people follow it. | ||
| You saw what happened a couple of weeks ago. | ||
| The prompt was, give me a picture of a pope, and it came back with black women. | ||
| Sorry, 2,000 years. | ||
| We've had 2,000 years of white male popes. | ||
| Whether you like that or not, too bad. | ||
| That's the history. | ||
| So it's coming back with black women, shamans, you know, et cetera. | ||
| They asked for a picture of Vikings, came back with black Vikings. | ||
| Well, they uncovered it. | ||
| They found out that it had been programmed to eliminate white people. | ||
| This is all publicly available. | ||
| It's not some kind of conspiracy theory. | ||
| It's all been very well publicized in the New York Post and other publications. | ||
| So that's what's going on with GPT. | ||
| I wouldn't trust it as far as I can throw it. | ||
| Who are the gatekeepers of GPT? | ||
| It's OpenAI, Google, Facebook, and a few others. | ||
| The same people who lied to us about COVID, masks, vaccines, social distancing, the war in Ukraine, the same people who lied to us about all those things, we're not supposed to trust them on the output of GPT? | ||
| I don't think so. | ||
| So this is, I think the hardware manufacturers, Nvidia, yeah, great company. | ||
| I don't know what the stock valuation should be, but that's real. | ||
| But so much of the rest of this, Yeah, every company in the world is trying to apply AI, but the output is so defective, I don't see how it's going to help productivity. | ||
| So your point is, hey, with all the happy talkers going on and there will be some amazing things that comes out with, you've got to get back to the basic math of sustainability and this national debt in the, you know, this time it's totally different. | ||
| Because what they're saying this time is totally different is that technology is going to bail us out and you're not buying that. | ||
|
unidentified
|
Either there's less there than meets the eye, which is my view, or if you want to give it credit and say, hey, this is the most revolutionary thing since the steam engine, OK, you're going to put everybody out of work. | |
| So you get two bad outcomes in terms of, again, everyday Americans relying on public policy and their own initiatives to have jobs and create wealth. | ||
| So you're going to have massive unemployment. | ||
| But then you go right to Zuckerberg. | ||
| What does he want? | ||
| Guaranteed basic income, GBI. | ||
| They basically say, well, who cares if nobody's working? | ||
| We'll just send you a check anyway and, you know, sit there with your Doritos and your basketball games or whatever. | ||
| So that's the endgame for the oligarchs. | ||
| Jim, one more time, if they want to take a look at strategic intelligence and start getting regular bases, where do they go? | ||
|
unidentified
|
Thanks, Steve. | |
| It's at RickardsWarRoom.com. | ||
| RickardsWarRoom.com. | ||
| You can subscribe to Strategic Intelligence and get it for the War Room posse, a free copy of my book Currency Wars. | ||
| Jim, thank you so much for coming on. | ||
| Do you have social media besides going to RickardsWarRoom.com? | ||
| Is there any social media people can follow you? | ||
|
unidentified
|
Yeah, I'm very active on Twitter. | |
| It's called at James G. Rickards, R-I-C-K-A-R-D-S, at James G. Rickards. | ||
| Thank you, brother. | ||
| Great. | ||
| Thank you for coming on today. | ||
| Give us as much time as you give us. | ||
| Appreciate it. | ||
|
unidentified
|
Thanks. | |
| It's 2.38. | ||
| In a wake up, we started the show about that today, they're going to try everything on lawfare they possibly can, everything to bankrupt President Trump that they possibly can do, everything to thwart him from uses of technology to the media to, you know, the tech oligarchs, the lords of easy money, all of it. | ||
| And this is going to be a fight. | ||
| And now, you know, the centrality of the House of Representatives. | ||
| Rasmussen did the poll. | ||
| Rahim was up here earlier. | ||
| 57% of Democrats believe that the House should not certify the election if Trump wins. | ||
| They don't say if Trump stole it. | ||
| They don't say if there's election interference by Trump. | ||
| If Trump wins, should a Democratic House certify the election? | ||
| Their answer is no. | ||
| So, I mean, what do you do with that? | ||
| You talk about illiberal authoritarianism. | ||
| If the American people speak and they want Trump back, right? | ||
| Of course, some of us are under the belief he never left for the simple reason is the 2020 election was stolen. | ||
| We're going to have Hoft on here this afternoon in the 5 to 7 show to go through some details about Georgia. | ||
| What's brewing up there? | ||
| And I'm not just talking about the Fonny Willis, totally about the Fonny Willis situation, but Raffensperger and guys associated with actually counting the vote. | ||
| So this thing is only going to get gnarlier and gnarlier. | ||
| Mike Lindell, hopefully I get him back up here this afternoon. | ||
| He's going to talk about the Supreme Court filing he's got. | ||
| It's coming up on Thursday. | ||
| It's going to be a blockbuster. | ||
| They've been working on this for a while. | ||
| So 238 and a wake up. | ||
| You just got to hunker down now because this is going to be a fight like this country's never seen. | ||
| The forces arrayed against us are not going to give up. | ||
| But let me reiterate, you took out a sitting Speaker of the House. | ||
| You took that first time in the history of this republic. | ||
| You've now got a recall on the Speaker of the House of Robin Voss up in Wisconsin. | ||
| And you've got the Speaker of the House in Texas on the ropes, had to go to a runoff first time in 52 years. | ||
| Maybe even try to remove a Speaker of the House down in Texas. | ||
| And the Speaker of the House in Texas is plenty powerful. | ||
| Okay, short commercial break. | ||
| Come back. | ||
| We're going to run through the tape here in the War Room. | ||
| Back in a moment. | ||
|
unidentified
|
Let's take down the C.C.P.! | |
| Here's your host, Stephen K. Banner. | ||
| Make sure to try Warpath coffee. | ||
| Go to warpath.coffee.com and get your discount. | ||
| That Dark Roast Mariners Blend. | ||
| We took the acid out of it, so try the Dark Roast. | ||
| But they got all the breakfast blends, mild blends, all of it. | ||
| Of course, Tej Gill and the team of Navy SEALs doing such a great job there. | ||
| Honored to be a part of it. | ||
| Love the coffee. | ||
| We get it early on and lots of it get jacked up. | ||
| Also, Sacred Human Health. | ||
|
unidentified
|
Health? | |
| Grass-fed beef liver. | ||
| The greatest concentration of nutrients known to man or the animal kingdom. | ||
| The feedback we've gotten on that is absolutely amazing as an energy boost because it's doing great stuff for you. | ||
| But the energy is incredible. | ||
| Sacred human health. | ||
| Try the grass-fed beef livers. | ||
| Once you get it, you will not turn back. | ||
| Charlie Kirk follows us at noon, and then you got the great Jack Posobiec follows Charlie. | ||
| Charlie's up for a couple hours, populist nationalism, then the great Poso. | ||
| Then at four o'clock here on Real America's Voice, you got Miranda Kan, Tara Dahl. | ||
| We're back at five, five to seven. | ||
| One thing I want to say about the situation we're in is that never, and this is one of the reasons President Trump ran for president back in 14 and 15, and won in 16, was the managed decline of this country by the elites. | ||
| They managed decline. | ||
| By our elites. | ||
| That was pretty obvious, and Hillary Clinton was kind of the poster child for that. | ||
| But we're in something far different now. | ||
| This is the absolute implosion of our country, culturally. | ||
| Attacks on the family, education, this madness about gender ideology, all about the finances. | ||
| I mean, anybody who sits here can just do basic math. | ||
| What are people thinking about how it's going to go in the invasion of our country? | ||
| See, here's the thing. | ||
| If you go back and look at this country and study its history, Our elites and, of course, the hardworking people in the country always are thinking downrange. | ||
| They were always thinking about generations to come and what they could do to make this entire situation better, make the country better. | ||
| That's why the country is providential and unique in world history. | ||
| It was always thinking of the future. | ||
| But how do you what do I do in the present today? | ||
| And what are our sacrifice? | ||
| Look at your own family's history. | ||
| Just go back, look at your parents, your grandparents, your great grandparents, as far back as you can track it. | ||
| The sacrifice people made in their own personal lives to do the right thing, to support this country, to serve her, right? | ||
| In the military or other ways, but also just in their everyday life, to think about how they built up civic society, what Edmund Burke calls the little platoons. | ||
| It was always there. | ||
| And today it's there with MAGA. | ||
| But our elites have abandoned this. | ||
| It's obvious. | ||
| There's something deeply, deeply and darkly wrong about all this. | ||
| And there's certain things I can't even figure out yet, like this obsession about Ukraine. | ||
| We're going to find out. | ||
| I've committed myself to find out why Ukraine has been such an obsession by these elites. | ||
| Certain things they do. | ||
| But you get a guy like Rickards on here and people in finance. | ||
| I talk to hedge fund guys all the time. | ||
| I mean, the math doesn't work here. | ||
| In the detachment, and Biden They're selling a program that's not sellable to working class Americans. | ||
| And this is why you're seeing defections in African American, Hispanic males, all of it. | ||
| You're seeing defections today. | ||
| But even culturally, if you see President Trump, you know he went from Rome, Georgia, which is a MAGA turnout, deplorables, it was amazing. | ||
| That Rome, Georgia rally was incredible. | ||
| President Trump was hit and he was on it. | ||
| But then he went down to Miami to the UFC or the MMA fight with Dana White. | ||
| You go in there and just look at the raw tape. | ||
| I'll try to get some of that and play it at five tonight. | ||
| It was incredible. | ||
| An explosion of people that just love him and support him. | ||
| And these are Hispanic, African-American young men. | ||
| Young men of all races, ethnicities, religions. | ||
| It was incredible that this guy is revered by that population. | ||
| You haven't seen it. | ||
| Joe Biden, you saw the thing he did the day after the day after the State of the Union. | ||
| There were 50 people there in Atlanta, Georgia. | ||
| So it's 2.38 in the wake up. | ||
| And this is not going to happen unless you make it happen. | ||
| Everything that's happened to date, the recall of Robin Voss, the fight to put the Speaker of the House in Texas on the ropes and to shut down the Bush and Rove junta. | ||
| What happened with McCarthy? | ||
| Every victory is on your shoulders. | ||
| President Trump is fighting a fight that's never been done before in American history. | ||
| And the forces arrayed against him are vast and vicious. | ||
| They're trying to put him in prison for 700 years, stripping him of his business empire, tax him and fine him into oblivion. | ||
| What, $500 million fine right now that he's got to come over with the money for? | ||
| Think about that, with $150,000 every day. | ||
| But we're doing our jobs. | ||
| You've gotten rid of the leadership of the RNC. | ||
| They've just put in new leadership. | ||
| I love what Laura Trump's talking about. | ||
| I hope we get more of that. | ||
| They actually come forward with a plan. | ||
| Here's what we want to do. | ||
| Here's what we want to accomplish. | ||
| I think people at that time will turn the tap back on, at least the little guy. | ||
| In the House, is it perfect? | ||
| No, it's far from perfect. | ||
| You have good men there. | ||
| Mike Johnson is a good man, but we need a good man with courage and as a fighter. | ||
| We need fighters around him. | ||
| And hopefully we can get this before March 22nd. | ||
| We can have another fight here and try to extract more value with using all the leverage we can. | ||
| That's what people have to understand. | ||
| You have to use every bit of leverage. | ||
| This is what President Trump, this is how he's fought his way back to become the presumptive nominee. | ||
| Remember, Fox News was against him. | ||
| The Republican establishment was against him. | ||
| All the donors were against him. | ||
| The official party up on Capitol Hill were against him, in the Senate, in the House, except for a handful of people. | ||
| The Mad Gateses of the world and a couple other folks like that at the beginning, back in January 2020. | ||
| Mitch McConnell essentially signed President Trump's political death warrant. | ||
| Didn't turn out too well for Mitch. | ||
| Ain't gonna turn out too well for Joe Biden either. | ||
| But it's a collective team sport, and we all have to put our shoulder to the wheel. | ||
| Okay, Charlie Kirk's up next. | ||
| You got Poso following that, Miranda and Tara, then we're back at five to seven. | ||
| We're going to be fully loaded. | ||
| Six o'clock show already, I can tell you, is loaded. | ||
| It's going to be rock stars, so it's so much going on. | ||
| We're going to plow through all of it. | ||
| I want to make sure everybody goes to birchgold.com slash Bannon. | ||
| Check out The End of the Dollar Empire. | ||
| Get up to speed on all the four installments, all free. | ||
| Coming out with the fifth installment on the central bank digital currency. | ||
| Working on that one right now. | ||
| Get it grammatically correct and the right charts and they're working with Philip Patrick. | ||
| But talk to Philip Patrick. | ||
| Make sure you talk to Philip Patrick and the team about that. | ||
| Also, the situation with the Chinese Communist Party, their economy looks like it's a folding under the pressure of commercial real estate and banks that have lent to these guys. | ||
| But hey, don't ever count the CCP out. | ||
| Don't count them out. | ||
| They're tough. | ||
| They're vicious. | ||
| They're ruthless. | ||
| Don't ask me. | ||
| Ask Lao Baijing. | ||
| Okay? | ||
| They've got a vast network of tech companies and industrial companies. | ||
| If you read that piece with Darren Beatty over at Revolver, it'll give you a wake-up call. | ||
| Make sure you also go check out Citizens Free Press. | ||
| While we're talking about it, on supply chains, Jace Medical, they've got a solution for you. | ||
| Do not allow yourself to get caught up in what is to come, particularly if the CCP puts the war balloon up over Taiwan, because they will cut us off of all generic drugs. | ||
| Make sure you go to jacemedical.com. | ||
| Check it out today. | ||
| Nicole Negrete, Modern Day Holy War. | ||
| Take us out. | ||
| Charlie Kirk's up next. |
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