April 17, 2024 - Bannon's War Room
47:57
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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. | ||
| We've told you, this is the fight. | ||
|
unidentified
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All this nonsense, all this spin, they can't handle the truth. | |
| War Room Battleground. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, there's no better way to close out a crazy day for news. | ||
| It's just been unbelievable. | ||
| Then with two of my favorite people, Darren Beatty and Dave Brat. | ||
| Darren Beatty, founder, publisher, executive editor of Revolver. | ||
| Darren, I want to go through a couple of things. | ||
| One is President Trump's trial. | ||
| We've had, obviously, we've got, we have this issue with You know, Bragg moved for contempt today against this unconstitutional gag order, the whole way it's being run, lawfare. | ||
| Give me your perspective on this, brother, as we're now through day two of this travesty. | ||
| Absolutely. | ||
| Well, it is a travesty and it's almost unbelievable to see this happening in the United States. | ||
| It's really yet another inflection point in the degradation of our legal system and the very concept of a rule of law. | ||
| You know, we've been on this from the very beginning. | ||
| We had a very intricate piece detailing all of the contortions that really Amazing feat of gymnastics that was required to even concoct this indictment in the first place, which, you know, I'm sure the audience has heard this over and over, but it wasn't even supposed to be a crime. | ||
| It was past the statute of limitations. | ||
| They had to attach it to another nothing crime even to make it a felony. | ||
| The whole thing is completely ridiculous. | ||
| It is a sham affirmative action attempt to indict Trump when there's no indictment available. | ||
| And as some have pointed out, if Trump, you know, if there hadn't been a payment from the personal account, if it came from the campaign account, we'd be sitting here talking about that. | ||
| So Trump was really in a position that no matter what, he would have been indicted. | ||
| And I think given the substance of this ridiculous hush money charge, it's worth reminding ourselves a couple of years ago, people may have forgotten, but it came out that there's a special office within the, that was set up by the Congressional Accountability Act. | ||
| There's a whole pool of slush money, $17 million for Congress. | ||
|
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Bye. | |
| to engage in hush payments. | ||
| And in fact, I think it came out that something like $17 million was already put to work in various hush payments, including sexual harassment cases. | ||
| But of course, congressional officials haven't been forthcoming on that. | ||
| And that's coming from the taxpayer money. | ||
| So it's just an amazing thing. | ||
| And by point of contrast, that this slush fund exists to pay off, um, aggrieved parties for various sexual cases and others on behalf of congressmen, and that's coming from taxpayer money, that's fine. That can continue on indefinitely. And we don't even get to know where our taxpayer money is going in terms of what types of cases they're settling with this. | ||
| And yet, in Trump's case, we get the gymnastics that put him in a position where he's running for president and he has to sit in court and be entangled with this whole mess. | ||
| He puts it perfectly. | ||
| This is election interference. | ||
| If this is an election interference, nothing is. | ||
| This is worse than anything the Russians have ever done or any kind of foreign nefarious actor has ever done in our elections. | ||
| This is straight up election interference on the part of the corrupt Biden administration. | ||
| No, because the way this is playing out now, jury selection is going to take a couple weeks. | ||
| This is going to take two or three months. | ||
| We're going to be, I believe right now as you see it, this is between the time a jury comes back I think, because the best he's going to get is a hung jury. | ||
| He can't get acquitted. | ||
| It's not about the facts. | ||
| New York City is ridiculous. | ||
| I don't even know how you get one or two people that are prepared to keep an open mind, not MAGA, and you're going to have Trump haters on there lying about, oh no, Trump's okay, I can keep an open mind. | ||
| There are going to be people that want to say, I was the guy that put Trump in prison. | ||
| This is one of the problems you've got. | ||
| Because it's so rigged. | ||
| This thing's going to go through Memorial Day and you're going to be essentially a month away from the Republican convention. | ||
| Your thoughts, Darren? | ||
| Well, I mean, it shouldn't be allowed. | ||
| It truly is an election interference. | ||
| Play. | ||
| This is the extracurricular means they're using to go after Trump. | ||
| And of course, there's the big January 6th case that probably won't make it to trial before the election, which is a good thing. | ||
| But this is the extracurricular play that the regime is using. | ||
| Last cycle, we had exploit COVID for massive mail-ins and a lot of funny business going on to say the least in terms of the votes. | ||
| They won't be able to repeat that, it looks like. | ||
| At least my fingers are crossed hoping that's the case. | ||
| This is a lawfare election. | ||
| These are the extracurricular tactics of the left and the Democrats and Biden specifically, taking advantage of how corrupt and degraded Our legal process has become in order to attempt to win because by doing this to cripple Trump, it's somewhat evens out the fact that Biden simply doesn't have the energy or the cognitive capability to really campaign. | ||
| So this is sort of like a way to handicap Trump and level the playing field to a degree because Biden's simply incapable of campaigning. | ||
| His poll numbers are looking worse and worse. | ||
| And on paper, Trump is all set up to win, so all they have are these extracurricular tactics at this point as they get increasingly desperate. | ||
| But we're going on offense today. | ||
| There's a criminal conspiracy here from the Biden White House, from DOJ with Colangelo. | ||
| We've got to put the fire, and we're going to put the fire under these feckless House members. | ||
| Jim Jordan, the judiciary should be having hearings on this every day. | ||
| They should be calling people in. | ||
| This is a criminal conspiracy, a criminal conspiracy to deprive American people of their voting rights. | ||
| This is pure lawfare, but we have to take action. | ||
| We now, with you and others, have made the case of what's going on. | ||
| This is all about action. | ||
| Remember, the Republicans, first off, the Republicans don't want him back. | ||
| They think if he gets beat in November, hey, it's the end of MAGA, it's the end of Darren Beatty, Revolver, War Room, Bannon, Charlie Kirk, all these MAGA big talkers, right? | ||
| They all go away. | ||
| If Trump gets defeated, and they want that! | ||
| Don't think they don't want it. | ||
| If they didn't want it, why would you not have a congressional hearing every day of why the Justice Department is hardwired in on this case? | ||
| This case was the one that was thrown out by Cy Vance. | ||
| Don Jr. | ||
| went through 10 people to bring this case up. | ||
| All Trump haters. | ||
| Not Trump allies. | ||
| Trump haters that said there's nothing here. | ||
| We can't do that. | ||
| And then after the White House, Biden's White House and Merrick Garland's DOJ, Seconded Matthew Colangelo up to New York. | ||
| That's when things got rolling. | ||
| A guy, Eric Holder, you know, devotee from the Eric Holder Justice Department, the Marxist Justice Department of Obama and Eric Holder. | ||
| This guy's now a number three guy in justice. | ||
| He goes up there. | ||
| Nobody goes from the Justice Department to Manhattan to work in the local DA's office. | ||
| That's not a career move. | ||
| That's not on your career arc. | ||
| You're there for a reason. | ||
| The guy's a mercenary. | ||
| He's an assassin, and that's why he gets sent up there. | ||
| But we have the ability to take action. | ||
| The problem is they don't want to take action. | ||
| Why don't they want to take action? | ||
| It's like J.D. | ||
| Vance came on today. | ||
| You had the lawfare in one element, but J.D., as we've talked about this pattern recognition, they're passing things on the Hill right now to handcuff Trump in his second term. | ||
| Whether it's NATO, whether it's the negotiation with the Russians on sanctions, they're trying to take the power away from America versus MAGA. | ||
| Your thoughts, Darren Beattie? | ||
| Well, I completely agree and J.D. | ||
| raises a very important issue with this. | ||
| The tighter the handcuffs, the better from the perspective of these corrupt snakes who have been really doing everything in their power continuously to undermine Trump Since Trump came on the scene and embarrassed these people for the corrupt, feckless clowns that they are. | ||
| But this trial, I think is particularly bad. | ||
| It's bad for the country. | ||
| It's bad for rule of law. | ||
| I think we need, we need a tat to go with a tit. | ||
| We need a tit for tat, so to speak. | ||
| And there has to be some kind of accountability for brag. | ||
| And you point out people like Jim Jordan. | ||
| I would point out people who have statewide jurisdictions need to play a tit-for-tat indictment game at this point. | ||
| I think that's arguably more important than even the Jim Jordans having the hearings. | ||
| We need to play the indictment game too. | ||
| Just to give you a sense of, you know, Bragg's gymnastics, that type of gymnastics that made the indictment possible, that kind of ridiculous contortion act, Think about, we've talked about Doug Mackey's case, the guy who was convicted of a felony for a meme. | ||
| There was just one jurisdictional issue there. | ||
| He's being tried in the Brooklyn jurisdiction because they claim that the tweet that he sent went over the bridge and therefore it's in Brooklyn's jurisdiction. | ||
| If they can make arguments like that, we can make arguments to bring some of these corrupt scumbags into the purview of our jurisdictions and see how they like it. | ||
| In fact, I think we need to begin a pressure campaign for that to happen. | ||
| We are on that already. | ||
| Talking about pressure campaigns, I want to go back. | ||
| We've got to always be on offense, and people have not had enough of a view of what I call the pack of feral dogs that are currently usurpers in the White House, the residents of the White House right now. | ||
| Uh, you'd had a brilliant piece on Ashley Biden's diary, which by the way, when it first came up years ago, I wouldn't touch it. | ||
| I didn't think, uh, it was, it was so salacious. | ||
| I said, this can't be true. | ||
| So there's nothing to do here. | ||
| It's some fake thing. | ||
| They're trying to get people up on now that they've sent the woman who her, I guess her roommate in rehab who sold it or tried to sell it. | ||
| to O'Keefe. She's now, I guess, in prison or been sentenced to prison. They've validated that it's true because she could have been hit with selling a diary that wasn't, I mean, this was not the Hitler diary to Stern magazine a couple of decades ago. I guess this is right. You guys did the first real breakdown of different things. Tell me about the Ashley Biden diary. Why has it not gotten the oxygen that it so rightly deserves? | ||
| Because the American people need to know this. | ||
| They need to read the diary and they need to absorb what it says. | ||
| Yes, and you know, to be honest, I don't like talking about this stuff either because it is kind of slimy and degrading. | ||
|
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Even to be aware of it is somewhat diminishing. | |
| No, no, this is not my, okay, people know this is not my line of country, right? | ||
| But it's like when they came after President Trump with the Billy Bush thing. | ||
| Hey, if I, if, if, if the women that Trump, that the Clinton raped, if the people that Clinton abused and raped want to come forward, I'm perfectly willing to say, OK, how do I assist? | ||
| And this is this. | ||
| This is not my line of country. | ||
| I didn't touch this years ago. | ||
| But look, if they got Trump and now they're going to bring up Stormy Daniels and the Miss December and this is what they're going to do, then we've got to drill down and say, OK, well, let's let's have a full picture here. | ||
| Let's let's see what's good for the goose is better for the gander. | ||
| I don't like doing this, it's not my deal, but hey, we gotta do it because it's required to do it because the American people need to see a full picture of this pack of feral dogs that live in the White House. | ||
| Yes, and if we're going to do it, we might as well say what's in the diary. | ||
| My understanding is this woman, she didn't steal the diary. | ||
| My understanding, I could be wrong, but I think that she purchased a house and the diary was in the house, so she definitely didn't steal it. | ||
| She just found it through kind of legal Channels and this diary has been floating around for a while and subject of a lot of rumor and speculation. | ||
| And apparently they've confirmed that the diary itself is authentic. | ||
| Doesn't necessarily mean that the claims in the diary are authentic, but the diary seems to be authentic. | ||
| And the diary has a lot of weird stuff about taking showers. | ||
| Joe Biden taking showers with family members. | ||
| Stuff of a kind of sexual nature seems to be suggested there. | ||
| So, uncomfortable and bizarre content in this diary. | ||
| And for whatever reason, I think we can speculate, engage in informed speculation, for whatever reason, the woman who obtained this diary is now the subject of criminal persecution. | ||
| So it's an interesting pattern to be sure and underscores at the very least how bizarre and dysfunctional the Biden family really is. | ||
| Well, but you've got the problem with the laptop of which the apparatus came and said, oh no, this is Russian disinformation. | ||
| But that was a lie. | ||
| Because we now know the information all in there and there's some very awful stuff in there that's never come to light, right? | ||
| Now you've got this diary and they've essentially confirmed that the diary of his daughter With Jill Biden, it's the diary of his daughter. | ||
| And the pages of the diary, I just, you know, people should go and read the diary. | ||
| The diary is about as shocking as you can possibly get, but it's his Justice Department, his FBI, that essentially went through the validation process. | ||
| Am I incorrect on that, BD? | ||
| I mean, they're the ones that validated that this thing is now a document in the public that should be reviewed by the public. | ||
| Yes, I believe that the diary has been authenticated, but I point out that doesn't necessarily mean that what it presents | ||
| is the truth because my understanding is there's some there's mental some mental problems with uh with the person who wrote it so who knows but it definitely confirms yes a lot of dysfunction and ugliness uh going on in that family which is unfortunate i feel bad for it uh but it's you know a recurring dynamic that we see um And that's just that's just the nature of things. | ||
| The girls had the girls had issues. | ||
| The girls had issues. | ||
| Right. | ||
| And people got to take that into account. | ||
| But there's two things. | ||
| I mean, Joe Biden wanders around now like she's America's mother. | ||
| You know, she's going to be this publicist. | ||
| She's a public school teacher. | ||
| And this is where I get into the laptop and others. | ||
| She has certain responsibilities, legal responsibilities, in the state of Delaware as an educator by a law that the Biden family passed that has the name, I think, of the sun on it. | ||
| So she has certain legal requirements she has to do about the reporting of certain issues. | ||
| And if she's going to walk around and politicize her role, not as First Lady, she's going around and she's the biggest attack dog on President Trump. | ||
| Remember two weeks ago, she's in a full out attack on President Trump. | ||
| If you're going to get in the arena, then you're going to get in the arena, right? | ||
| Like I said, this is not our line of country, but people should read this diary and take into account that her daughter has had big issues and have had to go into these kind of treatment centers before, etc. | ||
| People should weigh that. | ||
| But if you're going to come out and attack President Trump, and particularly if you're going to send the number three guy in the Justice Department up there, because this is not about a bookkeeping issue. | ||
| The bookkeeping issue had to have four levels of jiu-jitsu even partially qualified. | ||
| This is all about getting Stormy Daniels and Miss December, the playmate, whatever she is, and to go back to my old Billy Bush weekend. | ||
| They can't get the video in there, but the judge is going to let the whole transcript be read to the jury, right? | ||
| So you see what deal they're running. | ||
| This is what they're running. | ||
| If you want to do it was always so stupid like I couldn't believe that that was really a scandal to begin with and I think you know I hope that people don't forget the Billy Bush because people people might say why why would you want to bring that up that's so embarrassing it's really not embarrassing at all what's embarrassing about the Billy Bush case was how many Weak and useless Republicans were willing to fold in a nanosecond when it came out. | ||
| That's what's disgusting. | ||
| And I still, I think, and I know you obviously were one of the strong ones who said forget this and let's move forward. | ||
| And, you know, the rest is history, as they say. | ||
| But so many people, weak and useless and corrupt people, who have far worse things like that in their closets, I guarantee you, these people would say, that's not who we are. | ||
| Oh, that's offensive. | ||
|
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Oh, that's... Disgusts me. | |
| That kind of weakness disgusts me. | ||
| And I think, you know, I hope that Trump remembers Who was on what side? | ||
|
unidentified
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It's such a good proxy for what you're made of. | |
| What are you made of? | ||
| That's an honest moment. | ||
| How you reacted to Billy Bush is what you're made of. | ||
| No, it's a test. | ||
| All the RNC people dropped. | ||
| They all ran away. | ||
| Paul Ryan ran away. | ||
| McConnell, all of them. | ||
| They all dumped. | ||
| Mike Pence, they all dumped. | ||
| Trump, you know, Mike Pence sent him a letter. | ||
| And Pence was angling for Condi Rice. | ||
| They pitched Trump stepping down. | ||
| I said, have you lost your mind? | ||
| People, we're losing the country. | ||
| Do you think workers out in Ohio care about locker room talk? | ||
| I actually said locker room banter. | ||
| It was Trump that corrected me. | ||
| No, no, no, it's not banter. | ||
| It's talk. | ||
| Right. | ||
| It's come on, man. | ||
| The country's the country. | ||
| Now it's 10x worse. | ||
| It's 10x worse. | ||
| They don't care about Stormy Daniels or they don't care about Miss December. | ||
| Are you going to bring up they're going to reprise the greatest hits of Hillary Clinton? | ||
| This is what we're going to do. | ||
| If you want to do that, we'll fight fire with fire. | ||
| Come on, let's go. | ||
| We don't need to talk about it. | ||
| We're going to talk about capital markets and inability to sell your treasury bills because of the massive deficit you're running and how that's baked into inflation and you're destroying the working class and middle class in this country. | ||
| Then we go out of our way to explain that every day. | ||
| But hey, if you want to do some wet work here, if you want to get nasty and get down in it, We'll get as deep. | ||
| Joanne Reid said her best line ever. | ||
| They were talking about something and they go, well, don't you follow Michelle Obama? | ||
| When they go low, we go high. | ||
| She goes, no, when they go low, I go to the core of the earth. | ||
| That's the first thing Joanne said in a long time I agree with. | ||
| That's a great one. | ||
| I go to the core of the earth. | ||
| Darren Beattie, I know I've got to bounce, but I know you're a First Amendment absolutist, and you actually are. | ||
| Not like when you fanboy for Elon Musk, who's not an absolutist. | ||
| But you're making a case that, Bannon, you guys are too hard on this Palestinian movement on campus because if you push to get these tighter laws on there, they're really going to use it against MAGA. | ||
| Explain your position on this, sir. | ||
| Yes, a really important piece that's out and addresses some of the, I think, misplaced enthusiasm that you see in certain quarters on the right. | ||
| Not you, it's this activist called Khan, Talia Khan, who's sort of trying to position herself as the new Barry Weiss and going on this crusade against these various universities and so forth. | ||
| And where it's coming from is totally understandable, but I think the pressure that's exerted on universities has to respect the following critical distinction. | ||
| Acts of disruption by these Palestinian activists, by these protesters, there should be a zero-tolerance policy for any acts of disruption. | ||
| And disruptive acts and violent threats are frankly part of the DNA of any left-wing activist mobilization, and the Palestinian stuff is no exception. | ||
| There should be zero tolerance for that. | ||
| In fact, expulsion on the spot is what I would advocate. | ||
| That undermines the environment of free speech and open discourse that should thrive if anywhere on university campuses. | ||
| What I'm concerned about and what I would push back on is when people like this Talia Khan and others, Virginia Fox, who's I'm one of the committees exploring these things. | ||
| When they start to appropriate the language of the left and talk about speech codes and talk about creating a safe environment, not a safe environment from actual violent threats, but just if I feel bad, therefore your speech needs to be corrected, that aspect which has become an increasingly prominent part of this push, I think that needs to go entirely. | ||
| One, out of principle, but the practical reason is if we shoehorn all of these sort of new speech codes, they're only going to be used to restrict speech for conservatives, the few left on these campuses, in a critical election year. | ||
| There's no reason for that. | ||
| Everything can be accomplished simply by saying if you're violent or disruptive, you're out immediately. | ||
| But you know what? | ||
| If there's a speaker who's talking about Palestinian stuff that's offensive, have your own speaker. | ||
| And this time your speaker won't get disrupted because there should be a zero tolerance policy. | ||
| And that really maximizes the accommodation of speech. | ||
| And it serves to restrict the nefarious and frankly disgusting activity of some of these left-wing and Palestinian protesters. | ||
| What I don't want to see is people going and taking this fake victory of shoving in new speech codes only to have it loop back around. | ||
| And guess what? | ||
| There's still more restrictions which are further legitimized because people on the right have signed on to them too. | ||
| Where do we go to Revolver to get that great article? | ||
| I also also like you to re-promote the amazing Ashley Babbitt piece where you kind of people understand what exactly happened and what this entails. | ||
| So where do they go for that? | ||
| Revolver.news. | ||
| We're on top of the trial. | ||
| We're on top of the election dynamics. | ||
| We're on top of January 6th geopolitics. | ||
| Go there. | ||
| Go there frequently. | ||
| Revolver.news. | ||
| Always hot. | ||
| Always on the cutting edge. | ||
| Darren, fabulous job. | ||
| Don't stop. | ||
| Amazing work. | ||
| Thank you. | ||
| Thank you. | ||
| See, reasonable men can disagree. | ||
| I want to deport them all, but I think highly enough of Darren Beattie that I will defer to his judgment on this. | ||
| Brad's going to join us after a short break. | ||
| Brad's up now, but he's going to join us after a short break. | ||
| What Brad's going to lay out to you about this repo situation, about taking Trump's power away from negotiating with Putin on the sanctions, about taking the frozen Russian assets, seizing them, selling them so you can pay the Ukrainian oligarchs. | ||
| This is why there is a war by our elites on the U.S. | ||
| dollar. | ||
| This is why the BRICS nations are not putting up with anymore. | ||
| This is why the BRICS nations are buying gold at record rates, while our Federal Reserve is focused on a central bank digital currency. | ||
| And I want to thank Dave Brat in advance. | ||
| He proofed Our new explosive installment on End of the Dollar Empire is about the Federal Reserve's central bank digital currency. | ||
| You can go there. | ||
| Go to birchgold.com slash Bannon. | ||
| Sign up now and you can get it. | ||
| Make sure you do that. | ||
| You can also talk to Philip Patrick and team why gold's hitting record highs. | ||
| Gold should not be moving as rapidly as it's moving. | ||
| There's deep underlying issues about that, both of geopolitics and also actions. | ||
| So make sure you go check it out. | ||
| Also, Sacred Human Health. | ||
| How do we get energized every day? | ||
| It's Warpath Coffee at warpath.coffee slash worm. | ||
| Get your 15% discount. | ||
| It's also the grass-fed beef livers. | ||
| Just go to the site, Sacred Human Health, and look at what your compadres at the War Room Posse are saying about this, about the energy, this nutrient concentrate. | ||
| Back in a moment. | ||
|
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all this nonsense, all this spin, they can't handle the truth. | |
| War Room Battleground with Stephen K. Bannon. | ||
| Stephen K. Bannon. | ||
| Because right now they're talking about another $2 trillion. | ||
| It's going to get even more turbulent. | ||
| That's why Birchgold, go there, check it out today. | ||
| Particularly after you hear Brad's thing, you're going to want to do it. | ||
| Birchgold.com and get the fifth installment. | ||
| Sign up for it. | ||
| The Federal Reserve Central Bank Digital Currency. | ||
| Your head will blow up. | ||
| This is like the Nixon one and like the Dell one. | ||
| Everyone's been fabulous. | ||
| I do say that. | ||
| I'm giving my own poll quotes now. | ||
| I'm giving my own five-star ratings now. | ||
| We've worked the Birch team. | ||
| These take a lot of work, and I think you'll see the quality. | ||
| People love it. | ||
| Also, my Patreon supply. | ||
| Go check it out. | ||
| You don't have to be a prepper if you think all these preppers are all weirdos. | ||
| Hey, just look what's happening around you. | ||
| See what you see. | ||
| Peter Navarro's in prison. | ||
| They're trying to put Donald Trump in prison. | ||
| This is not the America you know. | ||
| From the infrastructure, to the process, to the competency, to be able to manage complex systems. | ||
| Look at what's happened with that. | ||
| So just go to MyPatriotSupply. | ||
| They're the number one in the industry. | ||
| Go to their site. | ||
| They got numbers. | ||
| You can talk to people. | ||
| We only work with folks to make sure that you can make human contact and work through any issues you might have. | ||
| So go check it out. | ||
| MyPatriotSupply. | ||
| Brett, you've been on this from the Larry Summers situation. | ||
| These members are going out. | ||
| I mean, you're really putting your Ph.D. | ||
| in economics to good use. | ||
| Wall Street Journal finally verified what you and I have been saying for a while. | ||
| It's quite obvious they're having a tough time selling Treasury securities, and the reason is these massive deficits plus what they're doing about the U.S. | ||
| dollar. | ||
| I mean, why would you want to get stuck Holding a lot of this stuff when you don't, when the Biden regime, you have no earthy idea what they're going to do except for the fact they're going to have massive spending of money. | ||
| Dave Brat, take it away, sir. | ||
| Yeah well you've done an outstanding job along with Birch Gold getting all the fundamental points out on what it means to have a fiat currency. | ||
| Let me show you a shocker if Denver's got the yellow and gray line graph ready to rock and roll. | ||
| If they can pop that graph up. | ||
| This is gonna make it real hard for Treasury to sell their bonds. | ||
| So it's already hard enough with inflation expectations and the latest CPI print and the PPI print going up. | ||
| But those are nothing compared to what this chart shows. | ||
| This is from Larry Summers, right? | ||
| Whiz kid, Harvard, president of Harvard University, head of the World Bank, co-author with three other Harvard folks. | ||
| This chart says, Larry's saying, that yellow line is the current trend that we're on right now. | ||
| And he says it looks a lot like it's matching that gray bar above it. | ||
| And if Denver can pivot that a little bit to the left, I don't know, but you can see that gray bar goes straight up to the roof following. | ||
| So if Summers is right, and that's the trajectory we're on, the historical trajectory we're on, that yellow line is starting to move up again and it's going to go way up. | ||
| Let me give you the upshot. | ||
| Hang on, hang on, whoa, whoa, whoa, whoa. | ||
| Hang on, hang on. | ||
| Oh, slow down. | ||
| We have a vast podcast audience and a huge radio audience. | ||
| I want to go back to that chart and explain what, and this is why you need to go to warroom.org and get our nightly command, our command brief. | ||
| We have all the segments they typed up. | ||
| We have all the charts, but you need to see this. | ||
| But in case they don't do that, explain to them what this chart shows, because it's pretty explosive, sir. | ||
| Yeah, and you know on this show I have been giving the economist profession a hard time. | ||
| They deserve it all. | ||
| Larry Summers was one of the few guys back a couple years ago that said inflation is not transitory. | ||
| He got it right. | ||
| The rest of the profession got it wrong. | ||
| The war room has had the story right the whole time. | ||
| If Denver wants to put up that chart for the folks who can see it, But basically, what that chart shows is the series from the 60s to the 80s, early 80s. | ||
| Our current trajectory is following that path very closely. | ||
| We just went way up. | ||
| We had inflation go up to 9 and then come way back down. | ||
| Now it's down to 3.5, but going back up to 4. | ||
| And what Larry Summers, the cycle back in the early 80s, goes straight up through the roof next. | ||
| So the idea that the Fed is the maestro, perfect performers, micro-fine-tuning our economy, that's laughable now. | ||
| It's a total joke after their performance over the couple decades. | ||
| But Summers with three Harvard heavyweights All major names in the profession assign their names to this article. | ||
| And that article also shows that back when we thought inflation was 9, it was actually 18%. | ||
| Now that we think it's 4, it's actually 8%. | ||
| And again, Larry Summers does it. | ||
|
unidentified
|
Hold it, hold it, hold it, hold it. | |
| Slow, slow down, slow down. | ||
| Correct me if I'm wrong. | ||
| This is, this is also the, um, this is also, uh, the one that you can't get anymore. | ||
| They put it up and it was available, and now all of a sudden they've taken it down or hidden it. | ||
| Okay, the reason is, it's so explosive. | ||
| Remember, Summers has been Secretary of the Treasury, he's been head of the NEC, both Clinton and Obama. | ||
| I want to walk through, I want you to go back and make the case of the, not 9%, but 18%. | ||
| This is what Worm is saying they validated. | ||
| They said, hey, those things that MSNBC and CNBC were pushing, We're suckers plays, this is really 18% and now it's 8%. | ||
| Walk me through, because they know they're freaked out because Summers and the Harvard economists put it on because you can't find this now, right? | ||
| It went down the memory hole. | ||
| Yeah, and you can go Google it. | ||
| There's an NBER working paper that has the full paper, but it's very hard to read, right? | ||
| They put it out in a couple of popular pieces behind paywalls, but the left hasn't covered it at all because it is explosive. | ||
| So it shows roughly everywhere along the current path for the past four years, inflation is twice what was reported. | ||
|
unidentified
|
Right. | |
| And so EJ and I, we're economists. | ||
| We try to be careful. | ||
| We don't like just making stuff up. | ||
| So we didn't go, you know, hey, we've got, you know, 4000% inflation. | ||
| We reported what the government was saying is that we think it's higher. | ||
| There's reason to believe it's higher. | ||
| Larry Summers comes out with the reason for that. | ||
| The reason it's higher is we no longer calculate inflation the way we used to. | ||
| We used to include the interest cost of buying a house along with the price of the house, which makes a lot of sense, right? | ||
| So it's a little different. | ||
| The price you pay your mortgage every month if the interest rate is 3 versus if it's 8 or 9, which it is now. | ||
| And so same with the car payment. | ||
| So they're now excluding the full price of a house and a car, which are the two big pieces of your consumer puzzle, right? | ||
| And so he says, due to those adjustments and a few others that they make, inflation is double what we thought. | ||
| It wasn't 9% at the peak. | ||
| It was 18%. | ||
| It's not 4% now. | ||
| It's roughly 8%. | ||
| And the double figure just comes up all over his paper. | ||
| Double, double, double, double. | ||
| So it's kind of consistent. | ||
| And then I hate to, you know, Blow an even bigger bubble, but go back to that graph I just said. | ||
| What happens next? | ||
| Those numbers are at the old numbers, right? | ||
| So we're thinking we're at 4 right now. | ||
| Hold on. | ||
| Put the graph down. | ||
| Denver, put the graph back up. | ||
| You can take my lovely photo. | ||
| Split it. | ||
| Yeah, get the graph. | ||
| Walk me through why this graph is laying the predicate for something that's going to happen even worse. | ||
| Yes, so go to the far right of the yellow line, right, so that's inflation, present inflation, and it's at, say, 4. | ||
| Well, according to Summers et al., it's at 8% now. | ||
| And what's it getting ready to do? | ||
| Go straight up the mountain, right? | ||
| And so that's a stunning combination. | ||
| That graph, that inflation is double what has been reported. | ||
| Because it excluded the full cost of housing and cars and the interest expense, which, you know, the Fed went from zero to five. | ||
| So every other interest rate in the economy follows and went up by plus five, right? | ||
| So your mortgage went from three to eight or nine or whatever, plus the new risk inherent in this crazy economy. | ||
| So not only is inflation double what you thought it was, it has a probability of going straight up higher right now due to what? | ||
| The debt! | ||
| And so if Denver wants to put up the next chart we have, this will explain the setup. | ||
| You've been covering this, Steve, forever. | ||
| The one prior to that, it's chart one on Denver. | ||
| It's the U.S. | ||
| federal spendings at the top of it with a red line going right down the middle. | ||
| The U.S. | ||
| federal spending, this chart was put together by Tony Perkins. | ||
| He put together the best chart. | ||
| And roughly, it just shows that prior to COVID, our budgets were $4 trillion. | ||
| You know, going up a hair, four point couple. | ||
| But after COVID, our budgets now are $6.5 to $7 trillion. | ||
| And we have never gone back. | ||
| And so never let a crisis go to waste. | ||
| That new $7 trillion government budget is putting huge pressure. | ||
| Like you said, yeah, that's the right one, Denver. | ||
| And and so that's putting huge pressure on interest rates. | ||
| The Fed, the Federal Reserve, Hang on. | ||
| to turn over about $8 trillion in debt just this year at the new higher interest rates that we've been talking about. | ||
| And so, people, if they become aware of Larry Summers, and they already know in their lived experience inflation is high and going up, who's going to want to lock into a 5% Treasury if inflation is going to go past 10? | ||
| You're going to lose 5% automatically. | ||
| Yep. | ||
| Okay, slow down. | ||
| is this is why they put the chart back up guys we don't just hear my lovely voice this is the conundrum they've got the conundrum they've got and this is why these is it's in the house I don't know why they don't step in and have an intervention it is the remember the people that buy this in mass and I'm not talking about citizens out there that may buy a church I'm saying the big | ||
| institutional buyers which would be not just insurance companies and investment houses that that do this for a living and make sure that you are buying you know tax-free bonds or or whatever but also governments foreign governments They can run the numbers. | ||
| All their guys went to Stanford and to Harvard. | ||
| They can run the numbers. | ||
| They understand what Summers is talking about. | ||
| And it's not just as bad as that chart says. | ||
| They're seeing right now, because remember, where we are in the process, people, For the current year we're in, for the budget we have to have by September 30th, is you have to have a top-line number. | ||
| They can't come to agreement on a top-line number because the deficit hawks and the debt hawks of which War Room Posse and Dave Brat in the War Room and the economists that come on here and the financiers, we're super hawks. | ||
| The moderates, the RINOs, and the radical Democrats. | ||
| Democrats just want to spend like crazy. | ||
| You can't even come to a top line number. | ||
| But even coming close to that top line number, they're never going to give us the cuts we want. | ||
| It's going to have over a trillion and a half dollar deficit. | ||
| No matter what they BS and spend on some kind of made up numbers, the capital markets will understand that. | ||
| My point. | ||
| This is not going to get better. | ||
| It's going to get dramatically worse. | ||
| Is it not, Dave Brat? | ||
| I mean, now we have structural issues that are not going to get unwind with some magic wand that are out there. | ||
| Sir, Dave Brat. | ||
|
unidentified
|
Yeah, yeah, yeah. | |
| Denver, go to chart two. | ||
| It says debt under the House 2024 budget resolution. | ||
| And right there, that one. | ||
| Pop that one up. | ||
| This is what Steve just got done saying. | ||
| Here's the happy talk out of the House for the past 20 years in a row. | ||
| Hey, we're fiscal hawks, America. | ||
| You can trust Republicans. | ||
| See that blue line up at the top? | ||
| It's going up to 115% of GDP. | ||
| Debt to GDP. | ||
| We're not going to let that happen. | ||
| We're the adults in the room. | ||
| We're the party of fiscal sanity. | ||
| We have our budget, the next 10-year budget window, and we're cutting spending so much it's going down to only 70% of GDP. | ||
| Of course, that's never happened. | ||
| And all the wimps, the next chart you can just skip, but it's the same chart put together by the House Study Committee, it's called. | ||
| 170 Republicans out of 220 all get behind this heroic instrument. | ||
| And we're going to cut spending. | ||
| It's the same chart you just see right there. | ||
| We're going to cut it way down, 10 years out. | ||
| And then, not only do they have the gall to put that out and say, we're behind this, they vote for the $7 trillion Pelosi budget after they signed their names to this thing. | ||
| So it's an ethics problem. | ||
| It's an integrity problem. | ||
| And it's a Christian problem. | ||
| Yes. | ||
| Yes. | ||
|
unidentified
|
And then the last chart, I just want you to go back to that. | |
| Hang on. | ||
| Before you go to that, I just want to, I want to stay on this point. | ||
| Remember, the 100%, you cross the 100% line, it's the point of no return. | ||
| Rogoff and the Harvard guys have done this, because every government that's ever done it, they always have the same phrase, well, this time it's totally different. | ||
| And they make the case, and Rogoff and these guys went back through all of human history, that you actually had some of this. | ||
| They go, well, actually, it's not. | ||
| Technically, when you cross that line, you never recover. | ||
| Your currency gets destroyed, your credibility gets destroyed, your capital markets get destroyed. | ||
| Eventually, guess who gets destroyed the most? | ||
| It's not the elite, it would be the little guy, right? | ||
| Gets wiped out every time. | ||
| And this is where we are again, and they did it in the most sanctimonious way. | ||
| We are hawks. | ||
| We are fiscal conservatives. | ||
| You know, you hear every guy running on a balanced budget. | ||
| Even when they do the balanced budgets, it's like, ah, we get to balance in 10 years. | ||
| I go, dude, if it's not down front in a big down payment, then it's happy talk. | ||
| Because it never happens, right? | ||
| And that's, you say, they come back and vote for the $7.3 trillion spending down front, or Pelosi plus 30. | ||
| Give me Pelosi's budget, plus 30. | ||
| Dave Brat, continue on. | ||
| Yep, Denver did a great job putting together Chart 4, the Ukraine spending, the emergency measures, if Denver wants to pull that up. | ||
| And by the way, you can have some confidence in what I'm saying, War Room. | ||
| When I was in there, my budget chairman, Tom Price, and Congressman Marsha Black, who are great, great people, but I was in detention every day. | ||
| I got kicked out of class in that budget room every day I was in trouble, because I just went after this stuff. | ||
| Now, to make matters worse, the numbers you saw there, $7 trillion government spending, $2.5 trillion deficits. | ||
| But on top of that, now the Congress is going to go for this Ukraine play, right? | ||
| These are supplemental spendings over and above the bankruptcy we're already in. | ||
| And I list five things here that are in the Biden administration notes That if we pass the Ukraine funding bill, here's what you're going to get along with it, because they say, hey, you just funded a principle for Ukraine where we have no national interest, and so let's spread the wealth even more. | ||
| So just read these with me, right? | ||
| Funding to protect populations worldwide that are impacted by Ukraine. | ||
| That's in Biden's and the White House's language. | ||
| Two, provide a credible alternative to Chinese lending and infrastructure problems. | ||
| Sounds like a good idea to me, except we're bankrupt. | ||
| That's great. | ||
| Wish we could do that. | ||
| activities of Wagner and other Russian malign actors in Africa. | ||
| That's great. | ||
| Wish we could do that. | ||
| Four, take quick action to fund all of our partners, whatever nebulous thing that means, fund our partners. | ||
| And five, defend strategic interests in the Indo-Pacific. | ||
| And so we're at, these are existential times. | ||
| Our budget, it's no time for Republicans to say we're going to come out for cuts. | ||
| We want some cuts. | ||
| That length, we need to go to zero-based budgeting, start at zero, cut the defense budget probably by at least a third, right? | ||
|
unidentified
|
Get rid of it. | |
| Everybody knows we're just paying for redundant programs in every state so politicians can get reelected. | ||
| Get rid of All of it. | ||
| And then add back that third for our real strategic needs linked to Taiwan and the existence of the United States of America. | ||
| Hold it. | ||
| I'm the biggest hawk when it comes down to taking the CCP. | ||
| I want to take them down, apply economic and political warfare to the Chinese Communist Party. | ||
| If you apply, if you cut them off from our capital markets, because the lords of easy money want to make money off you, cut them off from that, you cut them off from trade, you cut them off from technology, Lao Bajing overthrows them in 100 days. | ||
| Cut off their oxygen and their nothing. | ||
| But this whole thing now of a trillion dollars, we're going to be everywhere. | ||
| Think about it for a second, folks. | ||
| We're going to have you to the ramparts to kill the rule because they're trying to lay in a hundred billion dollar, a hundred billion dollar supplemental when the ink's not dry on a trillion dollars defense budget. | ||
| This is the supplemental. | ||
| This is another DC scam. | ||
| Dave Brat. | ||
| Yeah, and the summary, the last slide, it just kind of carries on this. | ||
| So those are theoretical things the Biden administration wants, and if you fund Ukraine, it's logical they'll ask for infinitely more. | ||
| Here's the current spending we've already done, if you want to read it with me, and if Denver wants to put up that chart 5. | ||
| You can read it along with me. | ||
| On top of the Ukraine spending already, over the past 10 years, Congress has spent more than $1.3 trillion on supplemental emergency bills. | ||
| So when you can rely on regularly having to spend a trillion on emergencies, they're no longer emergencies. | ||
| Add in emergency designations from regular appropriations bills, PAYGO emergency bills, and the 10-year total cost rises to an inflation-adjusted $7 trillion more. | ||
| $7 trillion in emergency spending is more than the entire federal budget. | ||
| So the emergency piece over 10 years, $7 trillion on top of $7 trillion budgets, as far as the eye can see. | ||
| We're bankrupt, folks. | ||
| Sorry. | ||
| Yep. | ||
| Beyond Bankrupt. | ||
| Dave, social media, where do they get you? | ||
| All the political ideas are your own. | ||
| Where do they get you for all your economics? | ||
| Yeah, I'll post all this. | ||
| Brat Economics on Getter. | ||
| Brat Economics on Getter. | ||
| And come visit Liberty University. | ||
| I'm going around the country. | ||
| I'll be in Florida this week. | ||
| Email me at Getter. | ||
| There's an email to get a hold of me to give talks around the country. | ||
| And Steve, thanks for all you do for this country. | ||
| God bless you. | ||
| No, thank you. | ||
| You're spreading the gospel down there of MAGA down in Florida. | ||
| We need it, Dave Brett, one of the most brilliant economists. | ||
| I'm going to have you back on to talk about the Christian ethics in back of this, right? | ||
| You got to talk about that. | ||
| That's equally important, right? | ||
| Yep, you got it. | ||
| Equally. | ||
| Lou Dobbs, who's all over this, follows us. | ||
| We're back here at 10 o'clock tomorrow morning. | ||
| Make sure, by the way, stop supporting people who hate your values, right? | ||
| You see this every day. | ||
| Public Square, this new company, go to publicsquare.com. | ||
| They have tens of thousands of companies that list up their products and services. | ||
| Of course, the products and services got to be as good or better than you get other places, but these people support your values. | ||
| Go check it out today. | ||
| Also, make sure you go to Birchgold. | ||
| You just heard all the information about why we're not going to be able to sell treasuries. | ||
| That's going to flow through the economic system. | ||
| Get ahead of the curve. | ||
| Birchgold.com slash Bannon. | ||
| Lou Dobbs follows us. | ||
| We're back here at 10 a.m. | ||
| tomorrow morning. | ||
| This entire week is going to be crazy. | ||
| We're live in Las Vegas on Thursday. |
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