April 6, 2024 - Bannon's War Room
47:57
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is what you're fighting for. | ||
| I mean, every day you're out there. | ||
| What they're doing is blowing people off. | ||
| If you continue to look the other way and shut up, then the oppressors, the authoritarians, get total control and total power. | ||
| Because this is just like in Arizona. | ||
| This is just like in Georgia. | ||
| It's another element that backs them into a corner and shows their lies and misrepresentations. | ||
| This is why this audience is going to have to get engaged. | ||
| As we've told you, this is the fight. | ||
|
unidentified
|
All this nonsense, all this spin, they can't handle the truth. | |
| War Room Battleground. | ||
| Here's your host, Stephen K. Bannon. | ||
| Big March jobs, jobs, jobs report hitting the wires. | ||
| Non-farm payrolls, a whopping $303,000, that best most estimate, and goes right along with the whisper number, which was higher than the estimates due to the strength in ADP. | ||
| $303,000, that's the juiciest number that we've had going back to... $303,000 equals May of 23 right on the nose. | ||
| To find a higher number, you go back To January of last year. | ||
| If we look at the unemployment rate, 3.8. | ||
| Now this is a biggie, because last month's 3.9 was the highest unemployment rate since Jan of 22. | ||
| So it did moderate just a bit. | ||
| If we look at average hourly earnings, which were up one-tenth of a percent last month, that was the lowest month-over-month change since March of 21. | ||
| let's call it three years. First of all, that was revised now to up two-tenths, and the new number is up three-tenths of a percent exactly as expected. | ||
| Year over year, 4.1 as expected, down from 4.3. Actually, when you look at 4.1, you have to go back to June of 21, Excuse me. | ||
| Yeah, 4.1. | ||
| June of 21. | ||
| Find a lower number. | ||
| That's a really big deal when you consider what the average hourly earnings on a year-over-year basis have been doing. | ||
|
unidentified
|
The simple question you have to ask is the ultimate political question. | |
| Are you better off today than you were four years ago? | ||
| And they are! | ||
| The reality is, yes, prices are high and gas is still high, but the reality is you are better off. | ||
| So their job is to take it from an abstract economy to you, the voter. | ||
| He has to really show it to them. | ||
| Because people still will go to a restaurant and say... | ||
| Showtime is look at your IRA, look at your savings accounts, look at the value of everything in your life is up. | ||
| You are better off. | ||
| You're making higher wages. | ||
| Your children are better off. | ||
| You have to make that story on a very one-to-one basis. | ||
| And you have to deal with the base. | ||
| One of the things that I think is good about this report is when you go from an over 9% unemployment in the pandemic, double digits among blacks and Latinos, and now you have another month where black women are more or less unemployed than they were. | ||
| I mean, you talk to those women, single mothers, some of them, that are trying to make ends meet, saying, that happened under me two years ago, your unemployment rate was this way. | ||
| So I think that you look at blacks, you look at Latinos that have record unemployment, it's still higher than whites, but it's... | ||
| In some cases, half in some states of what it was. | ||
| What does Trump and them, if you're looking at it political, argue when the facts speak for themselves? | ||
| And I think that people need to say, don't take for granted that you've got a job or that your mother's going to work. | ||
| I did that by doing what I did with the infrastructure bill and inflation reduction and other. | ||
| You have to connect it to the base. | ||
| And Cady, furthering the Rev's point, some of those people who aren't feeling great about the economy are those that Joe Biden needs the most. | ||
| It's young voters struggling with credit card debt or being unable to afford a home. | ||
| Those are real, those are real issues right now that make, that contribute to Americans not feeling great about the economy despite all the numbers and not giving President Biden any credit. | ||
|
unidentified
|
It's furious about what that lobster roll is costing. | |
| They're then complaining about the economy. | ||
| And the main equivalent of my son, who just made 17 bucks an hour for the worst hoagie ever. | ||
| Plus, now that we have a pressure-filled temp system, Doctor, he makes you the lousy hoagie that he forgot the turkey on. | ||
| He's going to turn the screen around and say, would you like to tip me 20, 25 or 35 percent? | ||
| Your shrink bills are going way up. | ||
| Your shrink bills are going way up. | ||
| No, but listen, this is a complicated story. | ||
| We are a country of small business. | ||
| Don't forget, he's going to turn around and tip shame you at the end. | ||
| Oh, my God. | ||
| Poor guy. | ||
| I mean, his mom is not his biggest fan right now. | ||
|
unidentified
|
Guess what? | |
| He'll be able to afford buying his own DJ equipment that he's dying to purchase. | ||
| I won't have to step up for it. | ||
| Well, that's the good news. | ||
| Andrew, I want to end on you and follow up with what Caddy said. | ||
| You know, I convinced myself about six months ago that young voters were moving to the right because of TikTok and because of all the disinformation they're getting on TikTok. | ||
| And one of my sons, one of my older sons, who is, you know, probably He's, he votes for Democrats. | ||
| I'll just put it that way. | ||
| One of my younger sons took me aside and said, you're living in a different world, dad, because let me tell you something. | ||
| It is impossible for us to buy a home. | ||
| Like we go out to Canada and, and, and, and, and we are crushed by it. | ||
| And, and a couple of weeks ago, they shot me. | ||
| It's hard for me to tell you how progressive these people are. | ||
| All of my children begin as progressives just to irritate me. | ||
| But they actually said, you know what? | ||
| If Trump wasn't a fascist, we would be voting Republican right now because we are so crushed by the cost of the economy. | ||
| I was shocked. | ||
| I really, I was shocked. | ||
| And that goes to the idea that there's a feeling and there may be data. | ||
| And as I said, the trend line of the data is right in a good way, but the feeling is not wrong either. | ||
| And the feeling is the reality in so many ways. | ||
| And I think Cady, you know, raised the issue. | ||
| There's that piece in the journal today. | ||
| It talks about food prices. | ||
| It talks about going to a restaurant. | ||
| You know, you talk about buying a home. | ||
| So many things do cost. | ||
| So much more than they did before, and that's something that is not going to get resolved before November. | ||
| It just isn't. | ||
| You get the trend line in the right direction before November, but you're not going to have prices reverse, if you will, materially reverse in a way, or wages go up so much that it somehow upends this conundrum. | ||
| Friday, 5 April, year of our Lord, 2024. | ||
| Welcome to the second hour of the War Room. | ||
| And I wanted to break it. | ||
| I had to get my team on here today because this is such a big issue. | ||
| And of course, the bomb just dropped there at the end. | ||
| It's not going to change between now and then. | ||
| But we've been telling you about this for years and years and years. | ||
| But now the freakout Is that they're saying, oh, their interpretation, the data or the way that they manipulate the data, the data is all showing you a rosy picture. | ||
| These these really dumb working class and middle class Americans just don't understand that we've got to sell it to them. | ||
| We've got to make sure they understand it. | ||
| So they're going to realize all the great stuff we've done. | ||
| The buried lead right there and what they talk about what they've done is the five to six trillion dollars of additional federal spending. | ||
| You talked about the inflation reduction afterwards was a joke. | ||
| And then he talked about the infrastructure. | ||
| Their best pitch Is that we spent all this money, we added to the national debt, and why don't you love us? | ||
| They said that in the opening clip right there. | ||
| So I've got the A-team, E.J. | ||
| Antoni, I've got Dave Brett, and I have Dave Walsh. | ||
| Dr. E.J. | ||
| Antoni, let's start with you. | ||
| The jobs report today, once again, you go through the numbers. | ||
| This is not the restatements that happen later, that's bad enough you talk about that, because they make these numbers up. | ||
| But it's also Who's really getting the jobs? | ||
| E.J. | ||
| Antoni, Dr. Antoni, walk us through what really was announced today and what happened. | ||
| Well, Steve, one of the things that's really troubling about these numbers is the fact that it's not native-born Americans who are getting hired today. | ||
| In fact, they've been losing jobs. | ||
| And so all of the net job growth that we have seen literally since the initial government shutdowns in 2020 have all gone to foreign-born workers. | ||
| That's particularly troubling for a couple of reasons, not the least of which is That as Biden lets a flood of illegal immigrants across the border, those illegal aliens oftentimes then get to work, except that they don't actually, I should say the Biden administration doesn't actually publish how many of those foreign-born workers today with jobs are illegal. | ||
| In other words, we have absolutely no idea how much of, what percentage, I should say, of these jobs numbers are simply Biden's influx of illegals coming into this country and taking jobs from Americans. | ||
| You know, we saw in the headlines just a couple of weeks ago that Tyson Foods was literally firing a bunch of Americans so that they could hire foreigners, except that that's just a recent development. | ||
| This trend has been going on for four years. | ||
| It also does the situation because we know that a ton of these, you know, a vast majority are the illegal aliens that they've allowed invade the country. | ||
| In fact, they've helped to invade the country because Powell told us this. | ||
| This is the reason that he said the immigration, the reason immigration is the reason the wages are down. | ||
| Doesn't this also reinforce, because these people are all connected in social media, They're coming to America paid off. | ||
| This is why you're going to have tens of millions more because they're sitting there going, hey, these guys got in. | ||
| They got they got welfare benefits. | ||
| The kids are in schools. | ||
| They're getting health care. | ||
| And they actually got a job. | ||
| And now they're they're part of the economic program. | ||
| So isn't this only going to exacerbate the reality of what's going on? | ||
| Not the way they spend the numbers, but the reality is going on is that the invasion is working for the invaders, is it not, sir? | ||
| Well, Steve, you're absolutely right. | ||
| It's working for the invaders, but it's also working for the political elite. | ||
| And you make a great point that these people come here, not only do they get jobs, but then they also get welfare. | ||
| They get all kinds of goodies from the government, aka our taxpayer dollars, whether it's housing, schooling, you name it. | ||
| And so one of the key reasons why a lot of these people are able to make it on such low wages is the fact that on top of the job, they also have tons of government assistance, which is also a big reason why the deficit has been running so much hotter than both OMB and CBO predicted it would during this fiscal year. | ||
| EJ, the other thing you've been great about, not just tracking the American-born jobs versus foreign-born jobs, you've also been adamant about, hey, every time they give us a number, They redo it a couple months later. | ||
| Where are we really on net real jobs versus what they announced and then what they reconfigured later? | ||
| Well, Steve, over the last year, you're looking at a difference of almost a million once you add up every single month because each month is building on the previous month. | ||
| Every time they have a jobs report, for example, and let's say it says 100,000 jobs were added, well, if half of those were jobs you thought you previously had because the last month was revised down by 50, those effects, again, very, very quickly build on themselves. | ||
| And so not only are we not seeing anywhere near the number of jobs we actually thought we had, but then if we want to delve into the quality of those jobs, things deteriorate even further. | ||
| What I mean by that is we're actually hemorrhaging full-time jobs and have been for quite a while. | ||
| There are fewer full-time jobs in the economy today than there were a year ago. | ||
| And so how is it that we have so many more jobs? | ||
| It's because they're all part-time. | ||
| It's because we have Americans losing full-time work. | ||
| and then having to pick up one, two, even three part-time gigs in order to try to make ends meet here. | ||
| So far from a sign of wealth, again, we're seeing a sign of impoverishment if you actually go beyond the headlines here. | ||
| Dave, I want to bring you in. | ||
| And why they're freaking out, why we're doing this is that it's the difference between the data they put up and the reality of the lived experience as personified in the polling where people say, we hate the economy so much. | ||
| The Democrat operatives have told the guys in the house never mention Bidenomics. | ||
| Do not use that phrase because people will spit on the floor. | ||
| You saw the buried lead there is they said, hey, why don't they love us for The Reducing Inflation Act. | ||
| Why don't they love us for the infrastructure? | ||
| We basically took five trillion additional dollars, caned it, and jammed it into the system and they still don't love us. | ||
| Brother, give me your assessment. | ||
| Well, my assessment is those snippets, they got a little schizophrenia going over there. | ||
| Morning Joe and Mika said the quiet part out loud, my kids are getting crushed. | ||
| They can't buy houses. | ||
| They can't buy food. | ||
| They can't do nothing. | ||
| And as Ronnie Reagan said, there's a big pile of stuff all over the place here. | ||
| And then Donnie Deutsch, the marketing guru, has got to come in and says, well, if there's a big pile of you-know-what here, there must be a pony somewhere. | ||
| The question is, are you better off? | ||
| Are you better off now than you were? | ||
| And Deutsche is saying yes, and everybody else is saying no. | ||
| And the data, you just covered a lot of our data points, but CNN had a poll out on nostalgia for the Trump economy. | ||
| And that's spot on. | ||
| He had peace and prosperity. | ||
| I think it's 60, 65, 70 percent negative now on the national economy. | ||
| People say their own personal lives in states are a little bit better. | ||
| But when it comes to federal policy in the states that matter, the polling's upside down because the federal government's the one with the debt. | ||
| The inflation, right? | ||
| The morning shows were warning the White House and Biden six months ago. | ||
| Inflation is the issue, right? | ||
| The debt is awful. | ||
| All these other things are awful, but people don't understand those fully. | ||
| But what inflation, when prices go up, 10 and then go up another 5 and then go up another 5 and you've lost 20% of your purchasing power. | ||
| That's the one that has the people ticked off. | ||
| They know that's a Federal Reserve problem. | ||
| They know that's at the Federal level. | ||
| They know their state did not print the money. | ||
| The state didn't go into this massive government spending debt. | ||
| The state doesn't go to war. | ||
| The state has to balance their budgets. | ||
| So all the problems are from up north in the swamp in Washington, D.C. from here. | ||
| And so I think the American people got their heads on straight. | ||
| They know what's coming at them. | ||
| The federal government, their lives are not better off. | ||
| Yeah, yeah. | ||
| The American people, the working class people are the rational actors in this. | ||
| They see what's going on. | ||
| said, hey, my life sucks economically. | ||
|
unidentified
|
Yes! | |
| Because hang on, hang on real quickly. | ||
| The bomb dropped at the end and said, hey, it's not going to change between now and Election Day. | ||
| Do you see the faces shocked? | ||
| Yes. | ||
| The reason it's not going to change is what E.J. and Tony brought up six months to nine months ago. | ||
| It goes, hey, guys, you got to refinance a third of this national of this debt to increase all the time. | ||
| And she's doing it short term because she can't sell tens and thirties. | ||
| She's doing it short term. | ||
| That's not the Fed anymore. | ||
| It's the refinancing of the debt is going to basically structurally jam in inflation that's not going to go away. | ||
| You called this nine months ago, and now they're living with it, E.J. | ||
| and Tony. | ||
| Steve, we're looking at $10 trillion of Treasury issuance this year between things that are rolling over, what you were just describing, but then also the new issuance that Treasury has to put forth in order to try to finance today's massive deficits. | ||
| And that's a key reason why we continue to see yields on Treasuries tick up. | ||
| We continue to see things like gold, like Bitcoin, hit record high after record high. | ||
| And unfortunately, there's no sign of any of this slowing down. | ||
| But here's the irony of it. | ||
| In their simplistic thinking, not thinking of second or third order events, they thought just the simple Keynesian, this is Biden and his old school guys. | ||
| We just take five trillion dollars, we're doing all these government make work programs. | ||
| It's going to in every state that wages are going to increase, things are going to increase. | ||
| Not thinking about, hey, this thing's got to be financed, dude. | ||
| And in that financing, It drives the inflation that kills the purchasing power of the dollar, and it hurts working class people, middle class, and they're going to hate on you. | ||
| They can't right now walk you through how that happens, right? | ||
| This is why people watch the war room because you try to show them. | ||
| But working class people understand when they look at their paycheck, they go in a store. | ||
| It's not going as far. | ||
| They pay. | ||
| They can't buy a house. | ||
| They can't rent. | ||
| They can't do anything. | ||
| Kids have got to gap that. | ||
| Every month living expense with a credit card is at 30 percent. | ||
| If their parents aren't backing them up somehow, they have to make it. | ||
| Dave Walsh, you've said from the beginning, energy is everything. | ||
| Energy is the underpinnings. | ||
| Got articles today that literally are what Dave Walsh told us on this show three years ago. | ||
| Watch the grid. | ||
| The grid is old. | ||
| The grid is going to be problems. | ||
| But not just that, because of inflation, oil is creeping back up to $90 a barrel. | ||
| The Biden's schizophrenic. | ||
| Energy policy is one of the central underpinning realities that's caused this mess. | ||
| And by the way, led people in their lived experience say, hey dude, your economy sucks, you're killing me. | ||
| Dave Walsh. | ||
| Well, you know, the country has shut down in the last 12 years 100,000 megawatts, 10% of its base load energy supply for electricity that was coal, that stuff that runs all the time, shut down another several thousand megawatts of nuclear. | ||
| We've shut down 12,000, 12, 14% of our total electricity supply that ran all of the time. | ||
| And we've displaced a large portion of that with stuff that is four to 10 times more expensive. | ||
| So the net result is we have a crisis of an electricity shortage looming. | ||
| California clearly, 33% imports of electricity. | ||
| And that result is we have a crisis of an electricity shortage looming. | ||
| California clearly, 33 percent imports of electricity. | ||
| Texas clearly, brownout service curtailments announced all of the time now. | ||
| Now in MISO and PJM, which comprise about 28 states collectively in the upper Midwest, over through Maryland, Pennsylvania, Virginia, announcing the shortage of electricity because of all of these baseload, continuous duty, deemed to be dirty, coal plants shut down, replaced with a lot of wind and solar that works very part-time. | ||
| We've got a huge disaster on our hands. | ||
| Hang on, I want to add on to that, because the salvation of all of us is going to be the new God, artificial intelligence, right? | ||
| You're 12 to 14 percent down on what we do now. | ||
| If you project out of the needs we're going to need for the post-industrial economy that the elites in the credential class want to get to and say, hey, the grubby working man is not going to be part of it. | ||
| You're going to be 30, 40, 50 percent down when you start to add in the reality of artificial intelligence, the massive power it needs, and the electric vehicles. | ||
| Everything they're layering on demands more at the same time they're taking it off. | ||
| Dave Walsh, where is that going to leave us? | ||
| This is happening in red state and blue state alike. | ||
| For example, in Virginia, with a lot of server centers, data centers, the trunkline from Europe on data comes to Virginia, northern Virginia. | ||
| 8% year-on-year growth in electricity capacity required to fuel that expansion of server centers and data centers, while Dominion basically has flat-lined electricity growth in new capacity because their whole new capacity plan is part-time offshore wind, very part-time on-land solar, That basically adds net nothing to the total kilowatt hours produced per year. | ||
| So they've announced a plan, an integrated resource plan, that actually has a 28,000 megawatt unidentified gap in the end of it of capacity they can't meet with the renewables they're adding. | ||
| Florida is much worse. | ||
| North Carolina, much worse. | ||
| You've got utilities ramping up their CapEx plan by a factor of 10 times to add resources that are five to 15 times more costly and operate about 20 to 22% of the time, being solar, wind, and battery storage. | ||
| This is a complete disaster because yeah, the new economy, even without EVs, and even without converting gas heating to electric heating, is all about AI, is all about server centers, data centers that are massive consumers of continuous duty, 24-hour, day-long systems. | ||
| Hang on, but hang on, you can't, but go ahead and add on the EV and add on, we're getting rid of natural gas. | ||
| They can't have the gas stove. | ||
| If you add that on, where does it leave it? | ||
| Because that's their plan. | ||
| I want to be fair to them. | ||
| That's their plan. | ||
| If you add, besides the data centers for the Artificial Intelligence, if you added where they want to be on EVs, because they're banning 20 states, they're banning the internal combustion engine. | ||
| We got to give them their due. | ||
| Where's that going? | ||
| My point is, this is insanity. | ||
| This is insane. | ||
| No rational person does this. | ||
| This is insanity. | ||
| The numbers are insane. | ||
| Their economic program today is insane. | ||
| What they have in the future is 10 times more insane, because they're literally taking off the very thing you need. | ||
| And now they're going to sit there and go, oh, well, we can go to nuclear power. | ||
| I love nuclear power. | ||
| But you just can't sit there and go, oh, yeah, let's just build a nuclear power plant, Dave. | ||
| Can we just build it right over there? | ||
| Add EV and add getting off of natural gas for your For your stove and your heater at home, and where's that going to leave us, Dave Walsh? | ||
| Okay, over the next 10 years, the collective FERC data collected from all the utilities is we're only going to grow kilowatt-hour per year production by 5.5% across 10 years, cumulatively. | ||
| The average need for GDP growth and population growth would be 18%, 15 to 18% in electricity creation needed in that 10-year period. | ||
| With EVs and home heating transitioning supposedly to electric, The capacity of electricity would need to go up by about 80% over a 10-year period to meet these EV goals and home heating goals. | ||
| We're way, way behind what we need to be in status quo with GDP growth. | ||
| Hold it. | ||
| Give me that number again. | ||
| I've got to hear it. | ||
| It warms the cockles of my heart. | ||
| Give it to me again. | ||
| No, because of the mass adoption in the next 10 years across the country of only, of only solar and wind and battery storage in accordance with government pressure. | ||
| We're only adding about 5.2% to kilowatt hour growth across 10 whole years. | ||
| We should be adding 18% before any of this adoption of EVs, mass adoption of EVs, which would take us to needing about 80% more electricity generation capacity than we now have. | ||
| I mean, these policies don't tie together. | ||
| They don't tie together at all. | ||
| And you take on inflation, the top 10 high cost electricity states, Six are in New England. | ||
| Two of the others are New York and California. | ||
| Two and a half times today the electricity cost of the rest of the country in those ten states. | ||
| Those states have suppressed economic growth completely inside of their economies. | ||
| New York, New Jersey, the six New England states, California, economic growth is over. | ||
| It's been over for a long time. | ||
| Among other policies, electricity policies run by the states, in those states all run by Democrats, are two and a half to three times higher retail cost of electricity than the rest of the country. | ||
| In those states. | ||
| This has happened already. | ||
| Their policies are a disaster for inflation and hardship on average human beings. | ||
| By the way, that's where we're going to see a mass exit. | ||
| Okay, I want my three guys here to wait. | ||
| We're going to take a short commercial break. | ||
| We're going to come back and get some additional thoughts on what the data shows of where the economy really is and the lived experience of the American people. | ||
| You're seeing a revolt out there in this country. | ||
| People are sitting there going, you're telling me it's so good, you're gaslighting me because it's not good and it's getting worse. | ||
| And you see Dave Walsh, who does some projections down range of what's going to happen to energy. | ||
| And energy is the fundamental foundation For an industrial and a post-industrial society. | ||
| It just is. | ||
| That's what President Trump's policy was. | ||
| Full-spectrum energy dominance across the board. | ||
| Dr. E.J. | ||
| Antoni brought up a while ago about the cost of assets. | ||
| Everything's going up. | ||
| This is why gold's over $2,300. | ||
| It's broken that. | ||
| We're going to have Philip Patrick on tomorrow's show to walk us through it. | ||
| What you can do today, we give you the macro. | ||
| We try to give you the macro and part of it every day with Capital Markets, but what you can do is go to birchgold.com slash Bannon right now. | ||
| Get the end of the dollar empire. | ||
| It's totally free. | ||
| It's four installments. | ||
| I'm adding a fifth on the central bank digital currency, but they'll give you some idea and some construct, particularly as we get Ben Harnwall on here in the second half of the show to talk about this, this idea they have for funding Ukraine. | ||
| If you vote down the 60 billion or even if you don't, you're not willing to give them 60 billion, they got a way to do it. | ||
| They're going to steal the Russian people's money and give it to Ukrainians. | ||
| We're going to talk about that, how that's going to destroy Bretton Woods, how it's going to destroy the postwar economic rules based order around the U.S. | ||
| dollar. | ||
| We'll get to all that, but go to Birchgold.com slash Bannon right now. | ||
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| Short break. | ||
| Brad and Tony Walsh, next in the War Room. | ||
|
unidentified
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all this nonsense, all this spin, they can't handle the truth. | |
| War Room Battleground with Stephen K. Bannon. | ||
| Dr. EJ. | ||
| Antoni, over from Heritage, you've been doing an amazing job on the show the last couple of years. | ||
| People are so far ahead of the curve because of your analysis. | ||
| Give us your closing thoughts on the cold open with what's happening, the terror babble of the Biden regime and its media partners. | ||
| Also, the reality on the ground, sir. | ||
| Steve, I think one of the key things to remember is that they can only tell you you're crazy for so long, right? | ||
| All of these people, as you say, have a lived experience that says one thing, and then you have the official government statistics that say something else. | ||
| Whenever that happens, don't believe the government statistics. | ||
| Believe what you can see with your own eyes and what you've actually lived through. | ||
| A key example of that is the unemployment rate. | ||
| Which so many people in the media today are talking about how great it is to have an unemployment rate below 4%. | ||
| Well, guess what? | ||
| But if you actually include the millions of people who left the workforce in 2020 and have never returned to this day, even four years later, that bumps the unemployment rate up not to 3.8 percent, but to somewhere between 6.5 and about 7.7 percent. | ||
| So that's not catastrophic, but it's certainly not what we would consider a robust economy. | ||
|
unidentified
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Thank you. | |
| E.J., where do people get you, all your work, all your analysis, all your ratings? | ||
| Best place to find me is going to be on Twitter, X, whatever we call it these days. | ||
| The handle there is at real E.J. | ||
| Antoni. | ||
| You're amazing. | ||
| Thank you so much for coming on here and explaining this to the American people. | ||
| It's incredible. | ||
|
unidentified
|
Thank you for having me, Steve. | |
| Dave Brat, you've been another one that's saying there's truth, there is truth here, but you've got to search it out because it's going to be spun nonstop. | ||
| Your thoughts, sir? | ||
| Yeah, well, you saw the truth on Katty Kay's face. | ||
| The glum look told you everything you need to know, right? | ||
| And then the good news there is you bounce that over to the statistics and everything are good, right? | ||
| So, OK, that's fine. | ||
| And then actually we get good news out of that because now it turns out, you know, the Minneapolis Fed, Cash Kari, I think, said the Fed may not be cutting rates. | ||
| Right? | ||
| So if everything's fine, the Federal Reserve is not likely to reduce rates and juice the economy anymore. | ||
| So that actually is good news for us. | ||
| But then that really tells you the true story about the real economy. | ||
| Everybody is hanging on every word out of the Federal Reserve about a 0.25% reduction in the interest rate, instead of focusing on the real economy and making stuff. | ||
| That tells you that this country is not positioned well going forward. | ||
| When all you do is pay attention to the stock market and to 0.25% changes in the interest rate and everybody's hanging on those words, that's very troubling. | ||
| That's the signal and not the noise. | ||
| Yep. | ||
| That's called finance capitalism and late-stage capitalism. | ||
| That's where we are. | ||
| That's the reality. | ||
| We're heading into techno-feudalism. | ||
| Dave Brat, where do people go to get all the information you put out, all your charts and analysis? | ||
| Yep, just posted some new ones. | ||
| Brat Economics on Getter and Brat Economics on X. Come visit Liberty University, bring your young scholars. | ||
| I could listen to Dave Walsh. | ||
| He gives more real-world great stats. | ||
| I can comprehend everything he's saying. | ||
| It's the cleanest presentation ever. | ||
| No, it's legendary. | ||
| And it is so frightening because if you want to see, by the way, Dave, Brad, thank you so much. | ||
| Honored having you on. | ||
| Thanks for taking the time. | ||
| Walsh, when you lay it out, it's so basic, but it's so troubling to see how irrational it is. | ||
| I could understand if it had an internal logic to it. | ||
| I wouldn't agree with it, and we would fight it, but I can understand it. | ||
| This is madness. | ||
| This is absolute madness. | ||
| Do you see, before I let you go, Dave, and hopefully maybe tomorrow or early next week we'll get you back on because I want to get into $90 oil. | ||
| Is there anybody, because we keep approving these budgets, is there anybody at a state level Is there anybody at the congressional level, in the Senate, a governor? | ||
| Do you see anybody coming forward with the alternative argument to say this is madness and we have to stop it and here's what we need to do, sir? | ||
| Steve, not really. | ||
| But what I do know, further verification of what I've been saying from my OEM friends in the last two months, I've heard. | ||
| Walsh, how did you know this would happen? | ||
| Guess what's happening? | ||
| SimpleCycle huge gas turbines are flying off the shelf now, made by Siemens, GE, Mitsubishi. | ||
| SimpleCycle massive gas turbines utilities now are buying like crazy. | ||
| What are they used for? | ||
| Peaking needs because wind and solar don't operate during the day, but less than half the time. | ||
| They need capacity suddenly purchased. | ||
| It's very expensive to buy these and operate part-time. | ||
| a few hours a day, they're now buying them like crazy to offset the known electricity shortage. | ||
| I have that directly from OEMs in the business. There's only three of them. | ||
| So this is real stuff going on. But what's caused this? The easy money era where you've had the SEC, the Fed, Treasury infiltrated by the money center banks running them, and the U.S. | ||
| Department of Labor statistics, the CPI, if you go back to 74 CPI market basket data, real inflation in 22, 23, more like 17, 18 percent. | ||
| The kids know this. | ||
| Young people know this. | ||
| They have lists of what they buy year to year, and they're seeing 18 to 19 percent kind of cost increase in fuel, but more importantly in food and rent. | ||
| That's real. | ||
| The CPI data, frankly, is not real. | ||
| It's been, on a bipartisan basis, gerrymandered across 45 years of money center banks running the SEC, the Fed, and Treasury. | ||
| That's what we've got now, gerrymandered data. | ||
| So you get MSNBC railing at people, no, no, no, as bad as you feel, the real data says the opposite. | ||
| It's nonsense, because the real data is not real data. | ||
| Go back to the 74 calculation of the CPI market basket, and you'll see inflation has doubled what's being reported by the money center banks, in the easy money era, it has been in their interest to under-report inflation data, to consistently under-report inflation data. | ||
| And they've done this through bipartisan administrations, as they populated the SEC, the Fed, and Treasury. | ||
| It's very sad, incredibly sad. | ||
| This is what happens when modern monetary theory takes hold in finance capitalism, or what is called late-stage capitalism, and you're living it right now. | ||
| This is why it's the end of this era, and it's either going to come shattering down on people, or we can go in and make necessary structural changes. | ||
| That has to happen. | ||
| I keep saying, I said this at the end of American Dharma, the movie that Errol Morris made at the end, I said if they're not, this was six or seven years ago. | ||
| I said, if they're not fundamental changes made to the economy of this country and allow working class people in the middle class to really participate in this and really participate, you're going to have a revolution in this country. | ||
| It's not going to last forever. | ||
| And people's lives, you think it's bad now? | ||
| If you look at the projections that Dave Walsh just gave you about electricity capacity, electrical capacity versus the needs of where they're driving the new post-industrial economy to society, it's catastrophic. | ||
| And you're going to see massive migration out of New England, out of New Jersey, out of New York, out of California, as energy costs just get so big and you can't bring new jobs in. | ||
| It's so big to live. | ||
| It's all happening. | ||
| And Dave Walsh, I'm so proud of this team that just lays it out in very basic terms that are not simple but can be understood. | ||
| Dave Walsh, where do people go to get all your analysis on social media, sir? | ||
| Just to add to that, the top 10 states in electricity costs, none of them are in the top 30 in migration of human beings moving into them. | ||
| None of them. | ||
| Anyhow, Dave Walsh, Energy at Getter and True Social. | ||
| Thank you, Steve. | ||
| Thank you, brother. | ||
| Incredible. | ||
| That right there, folks, is 40 minutes. | ||
| That's better than any presentation made in a C-suite to CEOs and boards of directors about where the economy is. | ||
| And I'm telling you, it's better than any presentations being made over the federal government right now. | ||
| Also, you're being spun is about this Ukraine situation. | ||
| You're going to be manning the ramparts on Monday. | ||
| I said on Monday show, I'm going to do a little more on Ukraine tomorrow morning, but Monday show, MTG is going to kick it off and we're going to have to go to the ramparts on this. | ||
| You heard today from Jim Rickards what's really going on. | ||
| Ben Harnwell joins us. | ||
| Ben, can you get us up to date on your assessment of this thing? | ||
| Because, man, it is going to get ugly here in the United States of America, the U.S. | ||
| House that just passed a $7.2 trillion spending bill with a $2 trillion deficit is coming back before the ink is dry and asking for $60 billion more. | ||
| Ben Harnwell. | ||
| Good evening, Steve. | ||
| Well, I think one of the big giveaways that there's a plan here afoot to deceive Margaret is the fact that the attempts behind Mike Johnson's initiative is to spin this in a way that Johnson, they're saying, is a Ukraine skeptic, as is Donald Trump. | ||
| And yet this proposal to basically convert extra funding into loans is in line with what Maga is aspiring, because that's what Donald Trump has indicated he wants. | ||
| I think it's a fundamentally fraudulent concept, because as we know, Maga is 100% committed to not a single penny more to Ukraine. | ||
| So the idea that they're trying to sort of spin this, that this is somehow in line, you know, we're doing this reluctantly, but we're sort of being forced into this is complete smoke and mirrors, Steve. | ||
| There will be developments on Monday as Mike Johnson's plans are going to be revealed in further detail. | ||
| I think the thing that interests me is that the White House behind the scenes is actually trying to assist Mike Johnson with his own base. | ||
| This is something that we've said for some time on the war room, that there is not enough Republican support here. | ||
| And of course, I think Mike Johnson could quite easily find his career as Speaker finished if he does need to rely on Democrat support to pass this. | ||
| If Mike Johnson does this, and he does this without having a majority of the conference, which if we do our work, he won't even come close. So I have under 100 votes. | ||
| He deserves to be removed. | ||
| Whether it ultimately happens or not, or we get, you know, they're saying because we're going to turn it over to Hakeem Jeffries, he will prove it beyond any doubt That he's essentially a Democrat speaker, because this is a top priority for Democrats. | ||
| It's a zero priority for anybody except the cardinals on the Armed Services Committee that that feast off of bigger defense budgets. | ||
| Let me I want to play because I only got here for about another five or six minutes. | ||
| I want to play something. | ||
| And I want your reaction to this because it's quite shocking, I think, to a lot of people here in the United States. | ||
| Let's play it. | ||
| Anthony Blinken, Biden's secretary of state over at NATO at a conference. | ||
| And then I want to come back to Ben. | ||
|
unidentified
|
Support for Ukraine. | |
| The determination of every country represented here at NATO remains rock solid. | ||
| We will do everything that we can. | ||
| Allies will do everything that they can to ensure that Ukraine has what it needs. | ||
| to continue to deal with Russia's ongoing aggression against Ukraine, an aggression that gets worse with every passing day. | ||
| Ukraine will become a member of NATO. | ||
| Our purpose at the summit is to help build a bridge to that membership and to create a clear pathway for Ukraine moving forward. | ||
| The Secretary of State over there said, this is a done deal. | ||
| It's going to be a member of NATO and we're a bridge for that. | ||
| sooner rather than later. | ||
| Ben, I don't remember a firm commitment like this from, it's pretty shocking, this is Secretary of State over there said this is a done deal, it's gonna be a member of NATO and we're a bridge for that. Now you follow this intimately I follow it too. | ||
| I know there's been talk about it. | ||
| There's certain people in the administration that want to do it. | ||
| There's obviously the ruling class over there want to do it. | ||
| But number one, the commitment is not rock solid because there's tons of, you know, 99% of NATO does not pay the 2% of GDP for their defense, for the common defense. | ||
| They also are shrinking on their own defense budgets. | ||
| In addition, there's all kind of consternation now by giving more money if it has to come out of health care or pensions from these countries in Europe to Ukraine. | ||
| And then Blinken sits there and just says categorically they're going to be a member of NATO. | ||
| As I said earlier, if they're a member of NATO, the United States is not going to be. | ||
| The people in the United States are not going to approve of Ukraine joining NATO, and if that breaks the hearts of the guys in the West Wing, then it's going to have to break the hearts of the guys in the West Wing. | ||
| Ben Harnwell, your thoughts? | ||
| Well, unless Antony Blinken wants to add in the words the date when this is supposedly going to take place, it's simply him bouncing his guns there in front of a television camera. | ||
| It's basically the position that was established in Vilnius last year at NATO's annual summit, but given with more emphatic, vocal conviction that this is really going to happen. | ||
| But in fact, as you quite rightly say, there are a number of things that would need to take place before then. | ||
| Of course, the timeframe, even if the administration was dead set that this is actually going to happen, reasonably its timeframe is any time before January of next year, because they can't bind a subsequent administration, especially if we had more time, we'd go into exactly what the view is now on | ||
| On Donald Trump's views with regards to NATO and these are, I think, policy positions that are working themselves out right now. | ||
| But there's no way that the Secretary of State can combine the future administration, can bounce even a future administration into this. | ||
| But the fact that they're trying to do this, Steve, illustrates one thing. | ||
| And that these are the paladins of democracy are telling you exactly what they really think of democracy and your right to self-determination by the fact that they are, you know, when they're trying to sort of Trump-proof NATO, they're telling you that they do not care what you think or what you want or what you intend to get when you when you vote for it, because they are going to stitch this up one way or another. | ||
| This is what this is signaling that they're giving. | ||
| And I think it just Explodes totally what diminished moral authority these people still had left by illustrating the hypocrisy of their position. | ||
| If these people really were in Ukraine to defend the principles of self-determination and democracy, they would not be trying to bounce their own people into something that, as viewers of The War Room will know, there's no American support for this. | ||
| Before I let you go, I just got a question. | ||
| Did what we see today, what they're telling people behind closed doors nonstop that the United States supports, the United States will make and basically back and or force Ukraine in as a member of NATO? | ||
| Because Putin said that's a red line. | ||
| I know the people in the United States, the citizens of this country, don't want to go to war and don't want to cause trouble about a NATO expansion. | ||
| That's all the elites, that's the white Atlanticist elites on the eastern seaboard that want to do that, hanging out with their buddies in Switzerland and in Germany and in Paris. | ||
| Do you think this is actually a commitment that the Biden regime has made behind closed doors? | ||
| I don't think so. | ||
| Because everybody knows that the Biden administration doesn't have the capacity to pull this off. | ||
| So what they're trying to do is to suggest with tones of voice and with messaging and with formulations of words that they are in control of the situation. | ||
| Of course, if they were in control of the situation, they would have a date. | ||
| The fact that we don't have a date illustrates that they know they're not in control of the situation. | ||
| What I think they are trying to do, or what I'm more concerned about, is they're trying to bounce the American public into paying for something. | ||
| that the Americans do not want to be involved in. And that, I think, is a more dangerous proposition because, of course, they can control so many instruments of power in the United States, even when they are not in power. Ben, we've got to bounce. | ||
| Thank you so much. | ||
| I know we've got a lot more to go through. | ||
| Maybe we'll do it tomorrow. | ||
| If not, maybe we'll do it in combination. | ||
| MTG is scheduled right now to kick off the week on Monday at 10 a.m. | ||
| to go through her battle plan for stopping this bill, the $60 billion bill. | ||
| So maybe we'll team you up for that. | ||
| We'll talk over the next couple of days. | ||
| Ben Harnwell. | ||
| Ben, what's your social media? | ||
| You get much better engagement than I do, and it upsets me no end. | ||
| Where do people go? | ||
| Thanks, Steve. | ||
| It's on GitHub. | ||
| Simply track out my surname, athonra. | ||
| And by the way, you mentioned MTG. | ||
| She has done absolutely sterling work, I think, all by herself on holding her own conference. | ||
| Because if she wasn't there flashing this light of a Potential motion to vacate. | ||
| Who knows what the GOP caucus would try to get away with. | ||
| And that's the absolutely important thing here that I flag up for the war in posse. | ||
| When it comes to selecting your elected representatives, every single person is important in this fight. | ||
| Yeah, no, she's quite controversial and I realize people have had problems with her, we've had in the past, but on certain topics she comes out and she's like a house on fire and she will not back down. | ||
| We would not be where we are in this fight against Ukraine if it was not for MTG. | ||
| And she's thrown down hard and I can tell people, I already know that next week she's going to, I think, double and triple down. | ||
| She's going to make this a showdown as it should be. | ||
| Ben Harnwell, look forward to seeing you over the weekend and early next week. | ||
| Thanks, Steve. | ||
| God bless. | ||
| You know, EJ and Tony said it, we're going to have Philip Patrick on the show tomorrow. | ||
| We're going to take some time and go through this, but in the interim, birchgold.com slash abandon. | ||
| You need to go there. | ||
| We'd lay out the macro and Philip Patrick will be there tomorrow to talk about this, but gold's hitting all-time highs every day. | ||
| You heard Jim Merkin say one of the reasons is, hey, There's so little trust in the dollar and particularly what they're about to do with the dollar to weaponize it against the Russian people, that it is the prime reserve currency and people use it, but they're seeing the Russian assets not just frozen, but seized, potentially seized. | ||
| Convert it to dollars and give it to the Ukrainians. | ||
| Mike Johnson's part of that. | ||
| Now, they all have different aspects of the plan, but it all gets back to how can the international community trust the U.S. | ||
| not to just freeze their assets as some problem, but to seize them, convert them into dollars, and then give them to their enemies. | ||
| That is going to rapidly exacerbate the de-dollarization effort. | ||
| You can find all that by going to birchgold.com slash Bannon. | ||
| Also, we are adamant about building this alternative economy. | ||
| Even though we're going to win in November and take control in January, we need an alternative economy. | ||
| So never again can we get debanked, can we get deplatformed. | ||
| Patriot Mobile, this incredible company of Glenn, Story, and the team, go to patriotmobile.com slash Bannon. | ||
| You get your discount there, you get your free hookup, but find all the information why the telecom service they provide is based upon the backbone of the service in the United States. | ||
| It's excellent. | ||
| U.S. | ||
| people at the call centers, all U.S. | ||
| citizens on the United States. | ||
| PatriotMobile.com. | ||
| Lou Dobbs is next. | ||
| We are back Saturday morning live. |
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