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March 22, 2024 - Bannon's War Room

48:52

Episode 3482: Financially Crippling Future Generations; House Passes Corrupt Spending Bill

Participants

Main voices

dave brat

05:20

james rickards

13:26

steve bannon

17:56

Appearances

chip roy

02:02

dave walsh

03:29

mike lindell

01:47

Clips

jim acosta

00:07

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Show episode speakers

Speaker	Time	Text
unidentified		First, I want to talk to my Republican colleagues.
		It's important that we understand that the American people don't expect us to win every time, but they sure as hell expect us to fight.
		And that's not what we're doing.
		We should not be fighting for this.
		This is garbage.
		The next thing I want to address real quick is to the American people.
		Please pay attention to who votes for this.
		And make sure when they come back to your hometown, in your district, and they talk to you at your next Lincoln Day dinner, about fiscal responsibility, securing the border.
		If they voted for this, let them hear about it.
		Thank you.
		I yield back.
		The gentleman yields.
		Reserved.
		Madam Speaker, I reserve the balance of my time.
		Gentleman from Texas, reserved.
		Gentleman from Connecticut.
		Madam Speaker, I reserve the balance of my time.
		Reserved.
		Gentleman from Texas.
chip roy ▲ ● ▼		Gentleman from Florida a moment ago talked about the fact that we defund UNRWA and we defund some policies that are pernicious.
		I agree with him.
		It's a part of the process that we carried out last year when we set out to change this institution to return to some sort of regular order to have 72 hours to read bills, to be able to have single subject bills, to offer amendments on the floor, to actually have an appropriations process.
		We passed seven appropriations bills off of the floor of the House.
		We passed three out of committee to the floor.
		We actually had some amount of debate.
		We were able to move things through, and we got some of our policy priorities, and we then sent them over to the Senate, and then what did we do?
		We walked away, and we went back to business as usual in the swamp, where a handful of people that they call Four Corners all sit back and decide for you.
		Not the people in this room as a body, but a handful of so-called cardinals.
		The same group that I heard guffawing in the back a minute ago.
		The same block of appropriators that think they're the ones that get to control the entire world and use our men and women in uniform as an excuse To undermine the national security of this country by spending money we don't have.
		By racking up debt to the tune of a trillion dollars every 100 days.
		While funding all manners of sins with respect to transgender surgeries, abortion, tourism.
		Funding the World Health Organization to give away our sovereignty.
		Funding open borders with mass parole that led to the death of Lake and Riley.
		Everybody who votes for this bill today, you own it!
		Don't go out and campaign this year saying you oppose this stuff when you write the check, because that's what's happening today.
		Every single Republican, every single Democrat who votes for this omnibus spending bill today, they own it.
		They own the open borders.
		They own the woke military that we cannot recruit people to fight in.
		They own giving our sovereignty to World Health Organization and international bodies.
		They own more funding for the Wuhan lab.
		Yeah, that's all in there.
		They own it.
		We should vote no.
		You want to win in November?
		Vote no.
steve bannon ▲ ● ▼		So, I yield back.
		If they vote for this, they're voting against you.
		And I mean specifically against you.
		They're voting against the United States of America and they're voting against American citizens.
		Jim Rickards is going to join us in a moment, but I want to get Dave Walsh in here.
		Dave, all the sustainability crap you talk about, all of it's in this budget.
		They didn't cut any of this stuff out.
		It's all in here.
		This is one of the reasons we're having a two and a half trillion dollar Deficit this year on this budget.
		This is Nancy Pelosi plus, but I want to get in here.
		Well, I got some time with you before I get records up and bring Dave Brat back is talk.
		One of the most radical things I've seen in an industrial economy was done by Joe Biden this week on electric vehicles, which nobody wants to touch.
		They can't give them away.
		Talk to me about, because this is going to have this budget and this spending coupled with what their industrial policy is and what their energy policy is going to drive this country into the greatest depression it's ever had.
		Dave Walsh, tell me about what Biden, the radical move Biden made this week.
dave walsh ▲ ● ▼		You know, the administration is reeling from demand for EVs is languishing.
		We've had all the major producers now cut back their investment plans and production plans for EVs.
		GM, BMW and Mercedes, all of them, cutting back their investment plans because demand on these is languishing.
		Looks like about 7, 7.5% of new car sales this year will be EVs only.
		So what they're going to do now is step two, and that is through the EPA, make it impossible for people to buy anything but these legally by 2032.
		By mandating the most aggressive tailpipe emission standards possible to make it as costly as could be to buy gas-powered vehicles.
		So this week the EPA came out with its final regulations announced early last year by intent with the goal objective of limiting creating 56 percent of new car sales by 2032 being electric vehicles or hybrids. So they've shaped environmental policy the EPA around a car a buying preference on vehicles instead of around chemistry and science which is the arena they're supposed to be playing in.
		And if you look at AG Patrick Morrissey from West Virginia's SCOTUS victory last year on the Clean Power Plan, setting it aside from the Obama era, that was about overreach of the EPA getting way beyond its mission, goal, and objective in creating energy policy to shut coal plants down on the clean power plant.
		Well, here they're doing the same thing with the tailpipe emissions to make it more and more commercially and economically infeasible for Americans to afford to buy gas-powered vehicles.
		And the boilerplate of this EPA reg says that.
		That's the purpose of it, which patently runs against SCOTUS' ruling on the clean power plant.
		So this is a disaster.
		This would have us convert 56% of new car buys, which are now 7% and 7.5%, now to EVs by 2032 as its goal and objective.
		The nation has no lithium batteries, has no lithium processing supply.
steve bannon ▲ ● ▼		They can't give the electoral vehicles away, and it gets worse every year.
		It's blown out.
		The CEO, Hearst, is gone.
		The CEOs are getting fired because they win EV.
		When the rental car, nobody wants to rent them.
		They can't sell them because they're a third of the price.
		This is a disaster.
		This is another example of the puppets in Washington bailing out the lords of easy money on Wall Street in the Silicon Valley.
		Oligarchs.
		This is the game and that's what this budget is full of.
		They don't do anything in this bill to address full spectrum energy dominance, do they, sir?
dave walsh ▲ ● ▼		No, the incentives aren't working on these vehicles.
		The fact that there are nearly 70% incentive to the OEMs and buyers aren't working in creating demand.
		Therefore, they're going to draconian penalties for buying gas powered vehicles.
		No, they're doing nothing about all in energy supply.
		Now we have Axios coming out today that all global major oil companies aren't keeping up with the Paris Climate Accords and the UN COP 28 standards.
		They fail to recognize, for example, that 70% of global oil capacity is owned by governments.
		The company in Brazil, Petrobras, Gazprom in Russia, the PLN in Indonesia, 70% of global oil capacity is owned by governments.
		So their point really is wrong.
		Governments are the ones not going along with these edicts because 70% of the world's population is developing, economically growing, and not into this save the planet, low NOx, low carbon emissions mantra at all, but seeking ways and means of growing And the idea here is not that oil companies don't cause the problem.
		Demand by human beings is the issue for more oil and gas.
steve bannon ▲ ● ▼		They don't want this industrial policy that is no growth, net zero carbon is net zero growth for the United States.
steve bannon ▲ ● ▼		Dave, where do people go to get all the analysis you put up?
dave walsh ▲ ● ▼		You can find me on Getter and Truth Social at Dave Walsh Energy.
dave walsh ▲ ● ▼		Thank you, Steve.
steve bannon ▲ ● ▼		Amazing.
		Today of all days.
		With all these radical energy plans and this budget is rife with them.
		They're going to go through the vote right now so we'll be able to pick out who are the traitors.
		That's what they are.
		They're traitors.
		They come back to your district and ask for money.
		If you fund it, then you deserve it.
		You ought to figure out who in your district is funding this.
		The Chamber of Commerce and who else are funding these guys.
		Because this is a vote against the American people.
		This is a vote against you.
		Jim Rickards joins us.
		We have Jim up.
		Jim, Strategic Intelligence, just a question.
		They're going to codify today or over the weekend a bill that basically has a $2 trillion deficit in it.
		We're running up a trillion dollars every 100 days.
		How long is this going to be sustainable until you see a collapse?
james rickards ▲ ● ▼		Well, collapse is a good term, Steve, but actually it plays out in different markets and that's what you have to look for.
		The number one market would be the foreign exchange market.
		Also, you could see higher interest rates in the treasury market.
		Now, there are some countervailing forces here.
		Look, long run, this is a disaster.
		Non-sustainable, that's certainly the case.
		In the short run, there is a global dollar shortage going on.
		So, you see people like China selling treasury securities.
		Does that mean they want to dump the treasuries?
		No, it means they need cash.
		They need dollars to bail out their banks and that's going on all over the world.
		So on the one hand, you have a US fiasco being set up by deficits and deficits and debt.
		Exactly what you described.
		On the other hand, there's a dollar shortage going on because, um, uh, banks are reining in their balance sheets.
		It's really, um, you can look at the treasury and you can look at the, uh, the national debt.
		Those are long run disasters.
		No question about it.
		But in the short run, you have to look at the commercial banks.
		You have to look at the big banks, Citibank, Morgan Stanley, Goldman, UBS, Deutsche Bank, et cetera, what they're doing.
		And they're actually reducing their balance sheet, making higher collateral demands.
		So this could be the worst of both worlds, where on the one hand, we go into a recession, a bad one, because banks are reducing liquidity and reducing their balance sheets.
		On the other hand, we have a non-sustainable situation in the long run.
		The, the history of excessive debt and that's what, that's what we have.
		No question about it.
		It, it doesn't automatically lead to like an overnight disaster.
		What it does lead to is kind of worse in some ways, but if we should just slow growth, not enough growth, more debt.
		Um, and, um, you know, again, given all the problems in the U S we need three, three and a half percent growth.
		We're barely getting to, and we're probably going into recession.
		So I don't minimize the problem at all.
		I'm just making the point that it plays out in different ways.
		In terms of the exchange rate, interest rates, and a recession.
steve bannon ▲ ● ▼		But right now, if you look at really even the CBO numbers, the growth is one to one and a half percent, right?
		Projected growth.
		So if you need three to three and a half to keep a vibrant, just a minimum of a vibrant economy, you keep adding on this debt.
		My point is people say it's long term before it's not sustainable.
		As long as if you consider a vibrant, robust economy, This is what's crushing us right now.
		You basically have put on yourself the lost decades that the Japanese had by your own hand.
		This is a Republican-controlled House.
		They're the ones that are going to push this bill over the top today.
		Of course, we know the Democrats are so radical.
		It's their vote that's going to push it on.
		It's already got Pelosi-plus spending.
		We're not getting off the trajectory of getting to the $50 trillion.
		And at the same time, the low growth means that their projections are wrong because the tax revenue is not going to be there.
		You're going to have not $5 trillion in tax collections, you're going to have the $4 to $4.5 trillion, so you're going to add another $500 billion to another trillion dollars.
		This is condemning not simply future generations, Jim, but don't you think it's condemning people today?
		To be in a no growth environment with no real wage increases, no abilities to invest and things are going to be growth?
james rickards ▲ ● ▼		That's exactly right, Stephen.
		You're right about the growth of the debt.
		What you have to do is look at two ratios.
		One is how fast is the debt growing?
		And then how fast is the economy growing?
		Now, if the economy is growing faster than the debt, you know, no one likes that much debt, but that is a sustainable situation.
		We have the opposite.
		The debt's growing faster than the economy.
		In fact, The little economic growth we have is attributable to the deficits.
		It's government spending.
		It's fiscal policy.
		Everybody wants to blame the Fed.
		I'm as big a critic of the Federal Reserve as you'll find, but this is not being caused by so-called money printing.
		The Fed's actually not printing money right now.
		They're reducing the money supply.
		It is being caused by fiscal policy, deficit spending, exactly what you described.
		You can't borrow your way out of a debt crisis.
		So to the extent we get a little growth, if we borrow money and spend money, You get a little growth, but you don't get as much growth as the amount you borrowed.
		In other words, you're just getting into a deeper and deeper hole.
		So again, is this sustainable?
unidentified		No.
james rickards ▲ ● ▼		Is it good?
		No.
		I completely agree with that.
		But the real penalty on Americans, and you alluded to this, is slow growth, declining real wages.
		And then there's another factor put on top of that, which is pretty bad, which is the income distribution.
		The growth that we do have is heavily, heavily skewed.
		To a very thin slice of the population.
		I'm not saying, you know, we need to redistribute the wealth.
		I'm saying we need to get rid of regulation, reduce taxes, reduce debt, do things so that everyone can prosper.
		So, uh, when you look at averages, you say, gee, growth is really slow.
		Real wages are going down.
		That's bad.
		But when you look at the, what's called the degree distribution, we'll take that number, which is just an average and spread it out among the entire population and look at how different, um, echelons, different tranches are doing.
		It's very heavily skewed to the highest income people.
		So for everyday Americans, it's even worse than the numbers indicated because they're on the wrong end of the distribution.
steve bannon ▲ ● ▼		Jim, hang on for one second.
		We're getting more of that.
		Dave Bratz with us.
		They're voting right now.
		We'll try to get to it all.
unidentified		short commercial break We rejoice when there's no more, let's take down the C.C.P.
steve bannon ▲ ● ▼		Host, Stephen K. Babb Music We were doing so much between segments here.
		Music MTG, there's reports on the floor that MTG has passed the parliamentarian some paper and the rumor has it that this may be a motion to vacate.
		Brian Glenn, who knows her very well, is saying stand by.
		So this could be a pretty dramatic turn of events.
		She warned about that on the show, the first thing she said, stay tuned.
		So we want everybody up on our social media to check it out.
		I think people just had a belly full of this.
		They want to hold some accountability that this is unacceptable.
		This bill is horrible.
		And they're sitting there trying to pitch, oh, this a national security bill or oh, this is a this is taking money away.
		A couple of billion dollars from the U.N.
		that's been so horrible in Gaza.
		Yeah, it's got it's got a few shiny toys like that, as we call them.
		But this exacerbates underwrites and funds the invasion of the southern border.
		It doesn't even come close to shutting down the border.
		Not even close.
		It's exacerbating what you saw yesterday and the bum rush of those.
		And you're going to see more of that.
		You said, hey, that looks like Italy.
		That looks like Greece.
		It looks like Spain.
		It looks like what's happening coming up from North Africa and Central Africa and the Middle East.
		You're going to have this.
		You're going to have this nonstop.
		And you saw the National Guard's not prepared to do anything about it.
		Those guys are in harm's way.
		They're not armed.
		They essentially just kind of opened the gate and said, okay, come on in.
		And I'm not denigrating their activity, but they're not empowered by Abbott or anybody to stop anything.
		They're not.
		And the courts have overruled what General Paxson and Abbott have tried to do.
		So Biden's on the fix, and remember, the Uniparty are just puppets.
		The puppet masters and the paymasters are on Wall Street, are on the lords of easy money on Wall Street.
		The corporatist, both the American and the multinationals.
		And of course, your sociopathic tech overlords in the new tech feudalism.
		Because this is not capitalism, this is feudalism.
		And you're the serfs.
		You're the serfs.
		You're the new Russian serfs.
		That's what you are.
		Jim Rickards, this entire process, you've got Trump and the, you know, CNN's just announcing Latisha James making bold moves right now to seize his assets.
		Uh, with the same time, Fannie Willis said, Hey, I don't care what people are saying.
		I'm running this trial.
		We're going to go to court.
		We're going to go to trial before election day.
		She doesn't care if she's got him in trial, August, uh, September, October, your thoughts of where we stand right now from a macro point of view and geopolitical point of view, sir.
james rickards ▲ ● ▼		Well, we're destroying the rule of law.
		I happen to have two law degrees, but I was fortunate to go to law school at a time when people still respected the law.
		There were things like prosecutorial discretion, prosecutorial restraint, judicial restraint, just because you could stretch a law or interpret it a certain way or apply it unfairly, select a prosecution.
		You never did those things.
		People understood that the rule of law was beneficial, but it was also fragile.
		And if you trashed it, What do you end up with?
		You don't end up, you know, you get some short-term victories, maybe, although I think Trump's going to have the last laugh with this $3.5 billion on truth social.
		But that said, what you end up with are vigilantes.
		Once you trash the rule of law, you don't end up with law your way.
		You end up with no law.
		And that's just another kind of erosion of the social fabric.
		I would expect significant riots in August in Chicago at the Democratic Convention.
		I'm recommending people read Norman Mailer's book from 1968, Miami and the Seas of Chicago.
		We could see a replay of that 1968 Chicago convention.
		Democrats versus Democrats, except it'll be the anti-Semites, the Antifas, the BLM crowd against the Democrats themselves, not against the Republicans.
		That kind of tearing the social fabric has huge consequences.
		Steve, if I could just drop one footnote to the earlier part of the discussion.
		You pointed to the You said it was non-sustainable.
		I agree with that.
		But I said it would be a slow grind down, really unfair to Americans, rather than an overnight collapse.
		However, there is one thing that could accelerate us towards a collapse.
		I think it's the biggest story out there, and it's getting almost no attention, which is this seizure of the Russian assets, $300 billion of Russian assets.
		Russia sold oil, got dollars, took the dollars, bought Treasury securities.
		In reliance on U.S.
		rule of law and U.S.
		credit.
		And the U.S.
		froze those assets at the outbreak of the special military operation two years ago.
		But now what they want to do, freezing happens a lot.
		We do it to, you know, North Korea, Iran, Syria, Cuba, a lot of other countries.
		But now what they want to do is seize them.
		That means steal them and use the money to actually pay for the war against Russia.
		Use their own money that they earned and they own legally to pay for the war against Russia.
		That got a lot of attention last fall, but the story faded away.
		It is alive and well.
		They are pushing this as hard as they can.
		The D-Day looks like June, this June, just a couple of months away.
		They're talking about all kinds of variations.
		So one plan is, well, we won't take all the principal, but we'll take the interest.
		Well, I'm sorry, the interest is $3 billion a year times two years.
		That's $5 or $6 billion.
		They're talking about doing a $60 billion loan, 60 billion, collateralized by the Russian assets.
		So, of course, Ukraine will default on the loan, and then those assets will be handed over to the creditors.
		There are all kinds of, you know, crazy workarounds, but they all amount to the same thing, outright theft.
		No one that I can see, and by the way, Mike Johnson, okay, so far so good.
		We'll see about this vacate petition, if that's what's happening.
		But he's on board with this.
		He doesn't understand the consequences of this.
		And everyone's saying, yeah, it's reparations.
		Well, usually the guy who gets reparations is the guy who won the war.
		Well, Russia's winning.
		Russia's going to say, pay us reparations.
		But here's the point.
		As soon as this happens, you're going to see countries around the world fading the U.S.
		Treasury market, saying, hey, if they did it to Russia, they can do it to me, number one.
		Number two, Russia is going to turn around and seize Several hundred billion dollars of assets in Russia owned by France, Germany.
		I mean, they've got oil, they've got refineries, they've got all kinds of businesses which have not been taken over that are still there.
		So this is a significant escalation in the financial war that's going on side by side with the kinetic war.
		It's a significant reduction, diminution in U.S.
		credit quality.
		That's the kind of thing that could produce radical overnight consequences.
		And again, no one's really looking for it.
		But the reason they're targeting June, July, because you have a G7 meeting coming up and you have a NATO meeting coming up and they want to get it done before those meetings. But the Biden White House has not backed away from this.
		They're still pursuing it as hard as they can.
steve bannon ▲ ● ▼		This is remember what Johnson said is that after they get this fiasco passed today and fund this government, he's coming back because he keeps, you know, patting us on the head about border security.
		He says the border security is going to be in the supplemental.
		They're going to come back with the $60 billion.
		If we defeat that, which it must be defeated, they're going to go to this alternative plan.
		You're saying right now, your belief is, this de-dollarization movement that's already started, We'll really go next level because people say, hey, look, if they could take the Russians and we do freeze assets all the time.
		We freeze the mullahs in Persia for years and years and years.
		That's why Biden was able to give him some of the cash back.
		But you're saying if we actually seize it now, they're talking about backing these bonds to actually issue liberty bonds or whatever they're talking about.
		If we seize their assets and essentially turn them over to Ukrainians, This will actually explode this de-dollarization movement to people saying, no, we can't trust putting it in, you know, treasury securities that we're buying from the Americans to leave them in American money center banks because they could always just take them.
		Is that your point?
james rickards ▲ ● ▼		That's right.
		And by the way, most of these Russian assets that we're talking about, they're not in a bank.
		They're in something called Euroclear, not to get too technical, but it's a big European clearing house.
		It's based in Belgium.
		They're heavily concentrated there.
		You're a clear one at no part of this.
		They're like, hey, we've got a business.
		We have a reputation.
		We don't want to do this.
		But Olaf Scholz, the chancellor of Germany, Emmanuel Macron, the president of France, Rouchi Chouinak, the prime minister, they're all on board with this.
		Yellen has no clue.
		She doesn't really understand it, but she's pushing it.
		So it's going to happen.
		The BRICS currency train has already left the station.
		Sergey Lavrov, the Russian foreign minister, has given some very specific clues as to how they're going to structure the BRICS currency.
		It'll take a couple more years, but that's going to accelerate.
		By the way, you say, well, gee, if I can't trust US treasuries, are German, Italian, Japanese bonds, are they any better?
		No.
		They're all part of the collective West.
		They're all in this together.
		You don't want any of those bonds.
		If you want to know how the dollar is doing, don't look at foreign exchange rates, dollar, Swiss franc, dollar, sterling, forget that.
		Because they're all in the same boat.
		They're all in the same lifeboat.
		They're all currencies.
		You have to look at the dollar price of gold.
		That's the thing that tells you how the dollar is actually doing.
		And when I see gold soaring, you know, people who own gold are like, yeah, the gold's going up.
		Actually, what's happening is the dollar is going down.
		Gold is gold.
		I think about gold by weight.
		But if you need more dollars to buy the same weight of gold, your dollar is worth less.
		So if you say, is the dollar imploding?
		I would say yes, it is.
		It's imploding very quickly, but it doesn't show up in the foreign exchange markets, because they're all, you know, they're all fiat currencies.
		It shows up in the gold market.
steve bannon ▲ ● ▼		And I keep saying that.
		When the guys look at it vis-a-vis all the other currencies, I said, yeah, it's the world's tallest midget.
		But when you look at it versus commodities... Jim, hang on for a second, because I want to come back to you.
		I know you get a bounce, but I just want to come back to you shortly about how people Get strategic intelligence.
		But also, you know, MAG is called the agents of chaos.
		Trump is called the agent of chaos.
		Yet the entire post-war international rules-based order is based upon Bretton Woods.
		And Bretton Woods is based upon a strong, sustainable, price-stable U.S.
		dollar.
		And that is what the elites in this country, the elites in this country are the ones that have destroyed.
		The elites in the country have destroyed the purchasing power of the dollar.
		Not the working class people, not MAGA, not the deplorables.
		They've done this.
		And one of the ways they're doing it, one of the ways they're doing it, the fiscal, this is fiscal madness you're seeing right here.
		Fiscal beyond irresponsibility.
		This is madness what we're doing today.
		Okay, short commercial break.
		I want to make sure when we come back, Home Title Lock.
		One thing I've got to say is the Home Title Lock, go to promo code Bannon.
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		Somebody take out a second.
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		Make sure hometitlelock.com, promo code Bannon.
		Check it out.
		Short commercial break.
		Jim Rickards on the other side.
unidentified		Here's your host, Stephen K. Bannon.
steve bannon ▲ ● ▼		Okay, we're checking the vote.
		I think we need to get to 290 to bring it to the floor, so we'll get to that in a second.
		MTG has, it's being reported now, Jake Sherman and the team over at Punchbowl.
		Marjorie Taylor Greene of Georgia has filed a motion to vacate the chair.
		So, I'm sure this afternoon is going to be a little bit of a firestorm.
		We're getting more of that.
		Jim, so we're the agents of chaos, the deplorables, the MAGA, they're the ones who are sowing discord throughout the world, yet it's the elites in this country that have their puppets in Washington D.C.
		right now employing fiscal insanity.
		Because that's what this is.
		You're destroying the dollar, you're destroying, and they're now taking radical steps like seizing the Russians' treasuries, convert them to cash, give them to the Ukrainians.
		That's only going to break it down.
		Isn't Bretton Woods the linchpin of the post-war international rules-based order, sir?
james rickards ▲ ● ▼		It is, but there's an interesting kind of dirty little backstory at Bretton Woods.
		The main U.S.
		delegate to the Bretton Woods Convention turned into a treaty or an agreement in 1944.
		Someone called Harry Dexter White was sent there by FDR.
		Harry Dexter White was a Stalinist agent.
		That's not, you know, speculation.
		That came out in the 90s once the Soviet Union fell and Russia opened up the archives.
		Scholars went in and they proved they suspected it at the time.
		He was a Stalinist agent.
		He was out to destroy the British Empire.
		Because remember John Maynard Keynes wanted a global currency.
		He called it the Bancor.
		And it would have been linked to gold, but that means that the dollar would have been just an, you know, it's an important currency, of course, but it would have been like Sterling or Frank, French Franks or Deutsche Marks or anything else.
		They all would have been, you know, linked to gold at some level, but the anchor would have been this, uh, Bancorp as he called it.
		Harry Dexter White crushed that, made the dollar linked to gold.
		All the other currencies were not linked to gold.
		They were linked to the dollar.
		And then the dollar was linked to gold, which made the dollar the dominant currency of the system.
		But what that meant is you could never devalue the dollar.
		I mean, they did.
		They finally did in 1971 when Richard Nixon shut the gold window.
		But that destroyed Bretton Woods.
		But Keynes had it right in 1944.
		He said, don't make it the dollar, make it something else.
		By the way, Harry Dexter White's plan to destroy the British Empire worked.
		Just look at what happened over the course of the 1950s and 1960s.
		By 1967, you know, the UK was running around with their tin cup looking for a bailout from the IMF.
		So we pretty much destroyed that system.
		We have nothing to replace it.
		Gold is gone.
		I mean, gold is there.
		It's always interesting.
		The United States has 8,000 metric tons of gold.
		So if we don't believe in gold, why do we have so much gold?
		Well, nobody wants to talk about that.
		But the fact is we have the most by far.
		China's catching up.
		But we haven't come up with anything to replace the original Bretton Woods in any form except King Dollar.
		But now we're destroying King Dollar.
		And I say, you see, what's the biggest blind spot?
		Janet Yellen, Joe Biden, the White House, the Congress has said, what's the blind spot?
		They take the dollar for granted.
		Like, oh, well, the dollar will always be king.
		I've had this discussion.
		I've been in secure meetings in the Pentagon with Treasury officials, and they bang the table.
		The dollar is the global reserve currency.
		It always has been and always will be.
		And I said to this guy, David Dollar, I said, David, I feel like I'm in Whitehall in 1913, listening to John Bull talk about sterling.
		And 30 years later, it was done.
		So, uh, they take the dollar for granted.
		They abuse it.
		Of course they shouldn't, but they're too blind to see.
		And we are destroying it.
		The only question is, is it, is it a slow grind, which we're in or a much faster collapse, which could come from either the BRICS or, uh, or the seizure of Russian assets.
steve bannon ▲ ● ▼		For our audience that loves this, uh, strategic intelligence, you put in a monthly newsletter, get it all this in detail to get your cutting edge thinking where they go, uh, Jim.
james rickards ▲ ● ▼		Thanks Steve.
		We have a landing page at RickardsWarRoom.com.
		That's RickardsWarRoom.com.
		You go there, you can find strategic intelligence, but we also have an offer only for members of the War Room Posse.
		It's a free copy of my first book, Currency Wars.
		So if you go to RickardsWarRoom.com, you can find the newsletter, but also a free copy of Currency Wars.
steve bannon ▲ ● ▼		And by the way, Currency Wars was the book that got me hooked on the thinking of Jim Rickards and so great to have him now as a contributor here at War Room.
		Jim, thank you for coming on this morning.
		Really appreciate it.
		The day of all days.
		Great timing.
		Jim Rickards, Strategic Intelligence.
		RickardsWarRoom.com.
		Go check it out.
		It's the landing page.
		Got all the information right over there.
		Special deal for the War Room posse.
		Dave Brat, I can't see because obviously I'm totally nearsighted.
		I can't see what the vote count is.
		We'll get it in a second.
		But MTG's put out a motion to vacate.
		So she's going to war and all of a sudden people are...
		People are, you know, discussing it.
		They're all over the House Freedom Caucus.
		This is a developing story.
		It's going to have to develop.
		A lot of people are saying, well, I don't want to do that.
		But we'll see where they stand when it's really exposed to them how disastrous this is.
		I mean, Dave, you've been there.
		In fact, your primary defeat of Cantor Kind of set this whole thing in motion.
		That was the first time the grassroots, the Tea Party back then, the MAGA movement today, really sent a signal they weren't going to tolerate this anymore, and they took out John Boehner, who was about as swampy as you could possibly get.
		You took out Kanner, but that led to the takeout of John Boehner.
		That's one of the reasons they hate you so much.
		They got you out of there as quickly as they could, Dave Brat.
dave brat ▲ ● ▼		Yeah, well, that's exactly right.
		And, you know, I'm a Presbyterian economist and I like stability.
		And your last segment with Rickards was just spot on.
		And so I ran against trillion dollar deficits.
		I thought that was abhorrent.
		Now we're at 2.5 trillion dollar deficits.
		The American people don't even know what they mean, right?
		When you got to have records and these financial experts giving you some context.
		But we had the exact same debate back with Boehner.
		We had the rules committee issues, the 72 hours we wanted to read a bill.
		We're violating that one as we speak.
		We had the majority of the majority rule.
		We're losing that one right now.
		We had regular order requests.
		We lost that one.
		We had the 12 single appropriations bills requests.
		We're violating that one right now.
		So this is not something new.
		The Wall Street Journal article today, they are just embarrassing, right?
		They make this sound trivial.
		These are major issues related to real democracy and the functioning of a republic.
		And to discount this, coming down to some rabble-rousers, no, the country is in total disarray.
		Rickards just showed a collapse is coming.
		Everybody knows it.
		The Wall Street Journal knows it.
		J.P.
		Morgan is false reporting.
		In Rickards, the most simplest point he made that was just spot on was the debt is growing faster than GDP growth.
		And so when the debt is growing faster due to fiscal spending, that means all the money is going to the government sector.
		And then you focused on EV collapse.
		Everything the government invests in fails.
		They're not good choosers of winners and losers.
		So government productivity is negative.
		That in turn has led to the collapse of U.S. money.
		manufacturing and capital investment.
		China has a bigger capital stock than we do, and we're a much older and more mature economy.
		We should be crushing them.
		Human capital.
		We have plenty of money for that, but that's being run by political elites.
		They don't care about the kids anymore.
		They're just paying for votes and bureaucrats and leftist Marxist thinking.
		Which leaves only one, and this is Solo, who won the Nobel Prize for economic growth.
		I'm not making this stuff up.
		And then Mankiw followed him at Harvard, and he's got a straight head on his shoulders.
		But those are the things that cause long-run economic growth that Rickards is talking about.
		Capital investment, human capital, and then technology is the third.
		And as Rickards just said, and I presented with you on productivity the other day, the technological piece Only accrues to the rich right now, and that's what Rickards is saying.
		That's really problematic, right?
		It used to be if you put capital in the hands of the American worker, they got richer.
		Their wage rates went up.
		Now we have a border invasion and JPMorgan lecturing us about the net positive effects.
		Why don't you go to Detroit City and give that speech right at the Economic Club in downtown Detroit?
		J.P.
		Morgan.
		See how that goes for you.
steve bannon ▲ ● ▼		No, no, no, no, no.
		No, no.
		They should go.
		Ben Berkram should take them back.
		Real America's Voice, Ben Berkram should take them back to Chicago.
		The gentleman in Chicago, the African-American said, hey, we're getting buried.
		And you know what they said?
		We're being replaced.
		This is not whites saying this.
		This is African-Americans said they're replacing us.
		It's obvious.
		Have J.P.
		Morgan head down there.
		Have Chris Hayes go do your show from down there and see what people have to say.
		Have CNN chief economists go down and pitch how the invasion is actually so great and working out is such a terrific thing.
		They are gun decked.
		They've gun decked the numbers.
		They're lying about the real math.
		They're lying about the real math.
		And all the benefits accrue to the wealthy.
		Why do you think Wall Street's in back of this?
		Why do you think the corporatists are in back of this?
		Why is Silicon Valley in back of this?
		Do you think they're in back of this for the good of the nation?
		Do you actually think they put the American Republic first?
		Do you think they put the American citizens first?
		Dave, I know you've got to go.
		We've got a lot more to get into.
		We'll grab you later, but last thing on Bretton Woods and the elites.
		Trashing the dollar.
		This is one of the central things.
		Gold's hitting up another all-time high.
		Purchasing power's down.
		And I keep saying, the rest of the world are sitting there saying, the deplorables and MAGA may have to suck on this, but we don't have to suck on this.
		We're going to move, we're going to work every day to get an alternative of how we can get off the American slave masters on Wall Street, Silicon Valley, and the imperial capital, Washington, D.C.
		We see how they treat their own citizens.
		They're not going to treat us like that.
		Your thoughts?
dave brat ▲ ● ▼		Yeah, well I talked to Emmer yesterday, the whip, and he assured me that the central bank digital currency, he's fighting for it, we're fighting it.
		Chip Roy just said it's in the budget, that it's not being covered.
		And the Federal Reserve is already moving toward that.
		So that is directly linked To the financial arguments you're talking about.
		They're already running pilot programs across the country.
		The banks are planning on it.
		There's going to be huge pressure.
		And so elections have consequences.
		And that's a big one, right?
		That's going to scare the living daylights out of US citizens and out of the rest of the world.
		China already is spying on its people and using the currency as a weapon.
		And so that's the next pivotal move, the Central Bank Digital Currency, CBDC.
		Go Google that one, get up on that.
		But you had the play call right.
		It's over 40 countries now, all aligning against the United States because our word is not good.
		We're not strong.
		We have wars all over the place.
		Four years ago, we had peace and prosperity.
		And the American people need to remember that.
		We're fighting for actual stability, right?
		When I came in, I was fighting just for the American person, just for some standard economic rules where you get paid what you work for.
		We've got to get back to just the most simple economy.
		We've got to get the government sector and the elites out of here.
		And, you know, don't ever lose that.
		God is upstairs working out His plan.
		Right?
		God, the Father, the Son, the Holy Spirit, keep the faith out there.
		He's working out a plan.
		We do not know that perfectly, but you can pray for guidance to hear that word.
		You can read the book with your family.
		So keep the faith.
		God's got a plan.
		It's going to work out if we keep the faith down here.
		And same with Israel, right?
		We need to do more God talk together with Israel, and international affairs will take on a much better outlook, and we'll see the uplit highlands in the future together.
steve bannon ▲ ● ▼		Dave, social media, where do they go to get all your charts?
dave brat ▲ ● ▼		Yeah, just Brat Economics.
		It'll be one more day.
		I'm up in the swamp trying to help out a little bit.
		Be back home, I'll make all the posts and update everything.
		Brat Economics on Getter.
		And then, parents, I got an email thing on there if you want me to come around your cities.
		I've been making the waves through Dallas and Houston and Atlanta and Baltimore.
		And so look me up, invite me over to give a talk, and please visit Liberty University with your young scholars.
		God bless everybody.
steve bannon ▲ ● ▼		Thank you, Dave Brat.
		Looking forward to having you back on here.
		So I don't think they got the vote yet.
		I think my math says 290.
		I think they're 286.
		There's 101 Republicans, 101 traders.
		MTG has thrown in a motion to vacate.
		We're seeing right now.
		We're going to take a break here in a second.
		Make sure, by the way, Warpath, it's a day for a big pot of Warpath coffee.
		Warpath that coffee.
		Put in the promo code WARUM.
		You get a discount.
		I love the dark roast, but people love the breakfast blends, they love the milder blends, so go check it out, get the blend of your favorite.
		We're all roasted here in the United States of America, and of course, sacredhumanhealth.com, sacredhumanhealth.com, grass-fed beef livers.
		We're going to be showing some folks that have taken it and love it here in the War Room.
unidentified		Short commercial break, back in a moment.
unidentified		Here's your host, Stephen K. Bamm.
steve bannon ▲ ● ▼		We don't have...
		Okay, do we have the clip?
		I thought we were going to play in the call.
		Let's bring it back.
		Let's go.
		Let's play the clip from Minor Runner.
		Let's play it.
		I mean, we were talking about this earlier.
jim acosta ▲ ● ▼		A monkey wrench could go into the works and it looks like that might possibly happen in the form of a resolution from Marjorie Taylor Greene.
unidentified		What's going on?
		Yeah, that's right.
		Remember, it just takes one member to actually call for a vote seeking the ouster of a sitting Speaker.
		We saw that unprecedented action happen last fall when Kevin McCarthy was voted to make an uprising in the ranks.
		We'll see if that happens here.
		Our colleague Christian Wilson, who's in the Chamber of the House, just witnessed Marjorie Taylor Greene filing a resolution with the House Parliamentarian.
		That is the first step you take before ousting.
		You can move on what's known as a motion to vacate. Then that person needs to be recognized on the floor. Then there are two legislative days to actually have the vote to seek the ouster of a sitting Speaker. And if it goes along party lines, that means Mike Johnson would only afford to lose two Republican votes on a party line vote in order to stay as Speaker of the House. Now we should caution.
		It is unclear exactly what was in that resolution that was just filed.
		I am told by a source familiar with the matter, she has been weighing how to proceed.
		She's considering trying to move to oust Mike Johnson over these concerns.
		And she has been clear.
		She was asked about it on a podcast earlier today about whether she's going to go that far.
		She said, stay tuned.
		So she is clearly dangling this threat over Mike Johnson and it all has to do with this deal that was cut to keep the government open.
		This bill on the floor right now, we do expect it to pass the House, but there's been anger building on the far right that Johnson cut deals with the White House, with Senate Democrats.
		is built was unveiled early yesterday morning. It's gonna be approved before today. Just over 24 hours. Typically, under the rules, you'd give 72 hours to review such a legislation that was waived. That is part of the anger that Marjorie Taylor Green has has been raising about the concerns over there and the deals that were cut and not going as far as these hardliners want and trying to rein in the Biden administration. Now what will happen from here remains to be seen.
		If she does go that route, does she have enough votes to actually kick out Mike Johnson?
		I just talked to some hardliners, including one Ralph Norman just moments ago.
		He kept open the option of voting to boot Mike Johnson, as did Bob Good, who's a member of the House Freedom Caucus.
		And if it goes to that level, what do Democrats do?
		Do they step in in any way to try to help Johnson.
		Remember, there are also major issues that are pending after they try to keep the government open.
		They also have to deal with how to deal with Ukraine money.
		That is still pending.
		Israel money.
		And Democrats are clamoring for some action there.
		So all those machinations could play out if we see yet another historic move to try to oust the sitting Speaker.
		So, Jim, it just goes to show you how challenging it is to govern this unruly House Republican conference at this time.
		All right.
		You may see if you can meet the same fate as Kevin McCarthy.
steve bannon ▲ ● ▼		112 voted against it.
		It's not unruly.
		This is fiscal insanity of what is going on.
		This is fiscal madness about what is going on here.
		Absolute fiscal madness.
		But Marjorie Taylor Greene, by the way, of course, CNN's not going to say she did that in the war room.
unidentified		She did that.
steve bannon ▲ ● ▼		That's what opened the show.
		It was Marjorie Taylor Greene giving you a heads up on what she was going to do.
		Now, somebody's, I think, reported, maybe it was Brezhnev.
		She's done something quite smart here.
		Go back to the removal.
		For those of you that have followed us for years, the removal of Boehner.
		What Mark Meadows did is drop the motion to vacate.
		The day that they left for the August recess.
		And it was at town halls in that month of August.
		Boehner just laughed.
		To all of Boehner's guys, they just laughed in our face.
		It was the town halls that people went to that blew up Boehner.
		He came back and said, look, if you let me stay as Speaker through the Pope coming at the end of September, I'll resign.
		The grassroots force of that August, I think it was 2014, that August of 2014 is what Blue, it might have been the year, the grassroots effort in that August is what blew Boehner out.
		Because they were laughing at Meadows, you got no votes, you got nothing.
		One part of this exercise would show that Johnson is just supported by Hakeem Jeffries and the Democrats.
		So this is real.
		It's going to be game on.
		So he's got to go.
		If he pushes this through, he's lost all moral authority to govern here.
		He's not just rolled over.
		He's part of the program.
		And if you see what's in this bill, it is awful.
		Every aspect of it is awful.
		And they try to sell you on the parts of it just laughing their face.
		And repeat back what you've seen and what you've heard here.
		We'll get more information up.
		Hopefully have Russ vote on.
		This afternoon, Charlie Kirk snacks.
		You're going to get Pozo after that.
		We're going to be back 5 to 7 tonight.
		It's going to be wild.
		We're actually going to talk about the CIA involved in saving Hunter Biden.
		We got Garrett Ziegler.
		We have a lot between 5 and 7.
		Mike, we only got a couple of minutes.
		The people want to talk deals.
		Where do they go?
mike lindell ▲ ● ▼		You guys, I'll tell ya, War Room Posse, go to MyPillow.com.
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		The bed sheet sale.
		All those are on sale.
		The $25 extravaganza six-piece towel sets, the four-pack dish towels that just came in, the sandals that came in for the spring, they're going to be $49.
		$49, we're doing it here for the War Room Posse, $25.
		All the multi-use pillows, you get a two pack for $25.
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		But there it is, the $25 for the MyPillow Premium, and we added Giza Premium Ticking, couch and recliner pillows, they all came in, $25.
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		Your whole order ships for free.
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		And by the way, Steve, my call center agents are getting attacked again by the IRS.
		We just got served other papers from another state.
		They don't want them working from home, making commission with, you know, it's just one attack after another.
		So if you can call in, you guys, get them on the phone, give them, So they feel secure in their jobs because this is disgusting with the attacks on MyPillow because I'm out there helping, trying to save our country with securing our elections.
steve bannon ▲ ● ▼		OK, 800-873-1062.
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		Get the deals that Mike makes, especially including the free shipping.
		Mike, thank you so much.
		We'll see you back here on the afternoon show.
mike lindell ▲ ● ▼		Thank you.
mike lindell ▲ ● ▼		Thank you.
steve bannon ▲ ● ▼		Afternoon show there's a big things happening Johnson had to you know Jake Sherman's laughing at us over a punch bowl.
		He says once again Johnson has depend on overwhelming Democratic support why this is a Democrat bill absolutely disgusting One thing to do between now and then besides watch these great shows in real America's voice go to birchgold.com slash Bannon immerse yourself in In information.
		The end of the dollar empire.
		You're seeing it happening right before your eyes in real time.
		We'll be back here at five to discuss.

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