May 14, 2024 - Bannon's War Room
48:48
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| These Sunbelt Battleground states, frankly for the Joe Biden campaign, these numbers are an absolute disaster. | ||
| The smallest lead is in Arizona for Donald Trump, he's up 6. | ||
| Look at this, 9 in Georgia, 13 in Nevada, my goodness gracious, my god. | ||
| That is a huge lead, no Democrat has lost that state since John Kerry lost it back in 2004. | ||
| How about these Great Lake Battleground states? | ||
| This is something that the Joe Biden campaign can work with. | ||
| Look, Pennsylvania, Donald Trump up three, but that's well within the margin of error. | ||
| Wisconsin, Donald Trump up one, well within the margin of error. | ||
| And actually, a Joe Biden lead, well within the margin of error, up a point here. | ||
| This they can work with the Joe Biden campaign. | ||
| This, the Donald campaign, Donald Trump campaign, absolutely loves. | ||
| And it looks like a lot of the other polling out of Sunbelt. | ||
| Is that when you see these Trump polls and you see these rallies, I'm worried about what we don't see. | ||
| What are the Democrats cooking up with the votes? | ||
| Legal or illegal? | ||
| Judging by your ears or your eyes, this election should not even be close. | ||
| So the Dems have two options. | ||
| One, accept the outcome, be comforted by the fact that you got one Biden term, a deal with a dementia-ridden devil. | ||
| Or resort to electoral dirty tricks. | ||
| And that's why we need the utmost transparency, because I fear the Dems will go the second route. | ||
|
unidentified
|
Good afternoon. | |
| Thank you all for being here. | ||
| In a few minutes, we'll begin our meeting of the Justice Department's Election Threats Task Force. | ||
| We're meeting today for the same reason I launched this task force three years ago. | ||
| We have seen a dangerous increase in violent threats against public servants, the ones who administer our elections. | ||
| Those threats endanger our democracy itself. | ||
| That is why, over the past three years, we have accelerated our efforts to combat the increasing threats against election workers, officials, and volunteers that followed the 2020 election. | ||
| Our Election Threats Task Force has secured the guilty plea of a man who threatened an election worker in Michigan. | ||
| The defendant made vile threats, saying that the election worker deserved a, quote, throat to the knife. | ||
| We secured a three-and-a-half-year prison sentence for a man in Texas who threatened the lives of Arizona election officials and their children and advocated for a mass shooting of poll workers and election workers in precincts he believed had, quote, suspect results. | ||
| We secured a three-and-a-half-year prison sentence for a Massachusetts man for sending a bomb threat to an elections official in the Arizona Secretary of State's office. | ||
| We secured a two-year prison sentence for a man in Texas who threatened Georgia officials in the wake of the 2020 election, including threatening to, quote, put a bullet behind the ears of an election worker. | ||
| And we secured a two-and-a-half-year sentence in prison for an Iowa man who threatened to lynch an election official in Arizona. | ||
| Each of these cases should serve as a warning. | ||
| If you threaten to harm or kill an election worker, volunteer or official, the Justice Department will find you. | ||
| And we will hold you accountable. | ||
| The public servants who administer our elections must be able to do their jobs without fearing for their safety or that of their families. | ||
| We will aggressively investigate and prosecute those who threaten election work. | ||
| Protecting the right to vote was a founding purpose of the Justice Department. | ||
| Today, fulfilling that charge means confronting the full range of threats to our elections. | ||
| That includes continuing our work through this task force, our U.S. | ||
| Attorney's offices, and our FBI offices across the country to investigate, disrupt, and combat unlawful threats against those who administer our elections. | ||
| It includes the Civil Rights Division's essential work to enforce federal voting rights laws and to challenge discriminatory restrictions on access to the ballot. | ||
| It includes the work of the Criminal Division's Public Integrity Section and our U.S. | ||
| 84% of the Trump campaign, the Trump coalition was white. | ||
| Look where it is now. | ||
| It's 78%. | ||
| The non-white portion of the Trump coalition, it was 13% in 2020. | ||
| Look at this now. | ||
| It's 19%. | ||
| So the Trump coalition is becoming more diverse. | ||
| And of course, those Sunbelt battleground states are more diverse than the Great Lake battleground states. | ||
|
unidentified
|
You're looking at the Nevadas and the Arizonas here. | |
| Of course. | ||
| If you look at Nevada, Arizona, heavy Hispanic population. | ||
| Georgia, heavily African-American population. | ||
| Michigan does have some black voters in it, but Pennsylvania and Wisconsin are heavily, heavily white. | ||
|
unidentified
|
That's very interesting. | |
| Okay, add it all up. | ||
| What does this say about where the race stands right now? | ||
|
unidentified
|
We're talking Electoral College and the race to 2-7. | |
| Yeah, the race to 270. | ||
| It's advantage, Donald Trump, but he's not over the 270 mark just yet, alright? | ||
| So if we flip Nevada, Arizona, and Georgia here in your lighter shades of pink, you add them to the states, and of course the second congressional district up in Maine, which Donald Trump won last time around, that gets him to 268 electoral votes. | ||
| If we keep This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
| close to call category along with Nebraska's second congressional district, Joe Biden at | ||
| 225. So it's advantage Donald Trump, but Joe Biden does at this point have a path to 270. | ||
| This is the primal scream of a dying regime. Pray for our enemies because we're going medieval | ||
|
unidentified
|
on these people. | |
| I got a free shot on all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
|
unidentified
|
MAGA Media. | |
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
|
War Room. Here's your host, Stephen K. Babb. | |
| It's Tuesday, 14 May in the year of our Lord 2024. | ||
| President Trump today in another day of this, quite frankly, fiasco in New York City. | ||
| Now he has a whole array of Republican elected officials standing in back of him. | ||
| They'll come to the sticks later, including Speaker Johnson, I believe, showed up today. | ||
| I wanted to show you the polling. | ||
| The polling is even more polling than that. | ||
| That shows even worse. | ||
| The cross tabs Well, we say the receipts down below the top line are even worse for Biden. | ||
| Right now, this is a blowout. | ||
| MAGA's ascendant. | ||
| People have rejected this whole concept of Joe Biden's 81 million votes. | ||
| That's a joke. | ||
| Biden's illegitimate. | ||
| You're seeing more and more people come to this. | ||
| This is why we will never, ever, ever stop talking about The stolen election of 2020. | ||
| That's the railhead of this turnaround. | ||
| Always remember that the foundational element of this tremendous turnaround, the greatest turnaround in the history of not just American politics, I believe elected politics anywhere, the foundation is the stolen election of 2020. | ||
| Right now, of course, on cue, the election, that's the three right there, Lisa Monaco, the Attorney General Merrick Garland, and of course, Chris Wray, FBI Director. | ||
| Right now, Johnson should not be up in Trump's trial. | ||
| President Trump doesn't need him out there. | ||
| President Trump, I think, actually said yesterday, hey, what I need you guys in Washington, D.C. | ||
| to do is to start sending subpoenas. | ||
| We need, as I just said, On American Sunrise, if you caught it here on Real America's Voice just a few minutes ago, that we need the Judiciary Committee | ||
| Or the weaponization subcommittee, but I'd like to have judiciary in this entire committee. | ||
| They need to immediately say, we're going to formalize all these disparate investigations that are going to go on. | ||
| All these disparate, sharply worded letters that are going around. | ||
| You need to consolidate it all in a formal investigation to the vast criminal conspiracy, the vast criminal conspiracy against President Trump and others. | ||
| From Arizona to Michigan to the state AGs, Jack Smith and particularly Matthew Colangelo. | ||
| Think about it. | ||
| You had the top two officials in the Justice Department there yesterday giving the press conference on election security. | ||
| They ought to be giving it about election interference by the regime that they're the front porch of. | ||
| They can't have their number three person because he's in a New York courtroom seconded by Lisa Monaco and Merrick Garland and the Biden White House to persecute, not prosecute, to persecute President Trump and it's not working. | ||
| It's falling apart all around. | ||
| Why? | ||
| People are waking up to the fact now he's not a legitimate president and It's because of their lived experience, the invasion on the southern border, the fiasco geopolitically, the Marxist-jihadist takeover of our universities, and the propaganda poured in, the poison poured into our young people. | ||
| Most importantly, even more so I think than the invasion on the southern border, although | ||
| this is part of it, is the failed, and I mean epic fail of Bidenomics. | ||
| Bidenomics is an absolute catastrophe across the board. | ||
| In fact, they've thrown that to the curb. | ||
| And we're gonna go into that in quite a bit of detail in the first part of the show. | ||
| I've got Scott Besson who joins us from London and Dave Brat who's in studio. | ||
| I think Dave Brat's there now. | ||
| I want to play the cold open, the producer price index announced this morning accelerating | ||
| at an accelerating rate. | ||
| Let's go ahead and play the clip from Rick Santelli over at CNBC and we'll go to Scott Bessett in London. | ||
| May change. | ||
| Here we go. | ||
| We're hitting the wires. | ||
| April read on producer price index. | ||
| The wholesale inflation gauge up a half of 1% on headline. | ||
| Up half of 1%. | ||
| That's up .5%. | ||
| And that is the hottest read, well, just since February when it was up .6. | ||
| And if we look at ex-food and energy, Same number, more than double expectations, as Becky pointed out, up half of one percent. | ||
| That is the hottest read there. | ||
| It equals January. | ||
| You have to go to July of last year to get a hotter read. | ||
| Another hot read is Ex Food Energy and Trade. | ||
| It's up four-tenths, exactly double expectations. | ||
| To find a hotter read, you have to go to January of this year, when it was up 6 tenths. Now let's do the year over year numbers. Year | ||
| over year final demand up 2.2 as expected, but still 1 tenth hotter than the rear view | ||
| mirror. To find a hotter read than 2.2 you have to go to 2.3 and that was in April of | ||
| last year. Strip out food and energy or year over year numbers 2.4, that is 1 tenth | ||
| hotter than we expected, equal to the rear view mirror at 2.4 and that means we have back | ||
| to back 2.4s and last month's 2.4 was the hottest number since August of last year. | ||
| a Okay, Scott Besson joins us from London. | ||
| Scott, thank you. | ||
| I understand the producer price tomorrow will be the consumer price. | ||
| This is the wholesale. | ||
| These are the people that actually make the things and order all the material and the services. | ||
| It's not what the consumers are actually spending. | ||
| Why is this so important and why is this another catastrophic hot print for the Biden regime? | ||
| Well, Steve, it just shows that inflation is not under control, that Jay Powell, Janet Yellen, they failed the American people in 2021. | ||
| In 2022, they tried to get back credibility. | ||
| And central banks, all they have is their credibility. | ||
| And Powell did a reasonable job of recovering from an epic fumble. | ||
| And then we arrived in late fall last year. | ||
| Inflation was getting under control. | ||
| And then, in an effort to goose the economy for Biden, Yellen and Powell loosened financial conditions. | ||
| Loosened financial conditions before the job was done, and stock market took off, which the economy took off, and guess what followed behind it? | ||
| Inflation. | ||
| And the inflation, the stock market taking off is great for the top 20%. | ||
| You know, we've never had it so good. | ||
| is, you know, equities are high, house prices are high, interest rates are high if you got | ||
| savings. But in America, there are two kinds of people. | ||
| There are people with assets and people with debt. And even The New York Times admitted it today, | ||
| that high interest rates are hurting the bottom half of Americans. And this is due to the | ||
| premature launch by Yellen and Powell in the fall to try to goose the economy. | ||
| And, you know, look, these are linear thinking people and markets, you know, are nonlinear, multivariable animals. | ||
| And they just don't want to admit that this inflation keeps coming back. | ||
| Scott, we're going to hold you through the break. | ||
| You also said something at the time. | ||
| You said, hey, these guys are working together, not what a central bank and the Treasury Department should be doing, which is by price stability and risk mitigation to make sure that the animal spirits of the economy can kind of take over. | ||
| You actually said at the time, hey, I've never seen this before. | ||
| They're kind of working in conjunction and they've politicized themselves to try to drive forward Biden's reelection. | ||
| I know you got a lot to say about Janet Yellen. | ||
| Also, You've reconstituted the misery index. | ||
| We're going to get to all that. | ||
| Short commercial break. | ||
| Dave Brat is in the studio today. | ||
| In Washington, D.C., in the War Room. | ||
| Of course, we're here in Palm Beach. | ||
| Scott Bestin joins us from London. | ||
| We've got a lot to talk about. | ||
| Make sure you get The End of the Dollar Empire. | ||
| We've got a big announcement coming with Birchgold about The End of the Dollar Empire, the fifth free installment. | ||
| While the Federal Reserve's monetizing the debt and working on a central bank digital currency, the BRICS nations are buying gold at record rates. | ||
| Check it out on Birchgold. | ||
|
unidentified
|
Here's your host, Stephen K. Batt. | |
| Scott Besant, Scott, I want to, before I go to talk about the misery index that you've retorqued back to the way it used to be counted, I think during the Carter administration, when it was the index that blew him out of, he got landslided by Ronald Reagan. | ||
| I want to go back to this very important New York Times story that's up this morning. | ||
| They finally admit, we've been hammering this for years, that the working class, the bottom | ||
| 50% are getting crushed, crushed. | ||
| That Biden is a global elitist. | ||
| The Democratic Party has turned into a party of the credential class, in the very wealthy, | ||
| in the proletariat below them, and they don't care about that. | ||
| They try to buy them off with trinkets while they get crushed by their core economic policies. | ||
| The New York Times, years in the making, now finally agree with it, and I want to tie that | ||
| Janet Yellen's getting more, while she's crushing the policies she's recommended to Biden and implementing, are killing working class people. | ||
| Oh, by the way, also their invasion policy to drive down wages. | ||
| She's becoming more and more political and less and less focused on actually doing the job of what Alexander Hamilton had in mind. | ||
| Scott Besant. | ||
| So, Steve, this article, the New York Times finally came around and talks about how high interest rates are hitting poor Americans the hardest. | ||
| It looks to me as though they're pushing for interest rate cuts. | ||
| The only problem is that Janet Yellen and Jerome Powell jumped the gun in October, November, and December and goosed the economy. | ||
| The cost of resurgence and inflation. | ||
| So, you know, yes, high interest rates are hurting poor Americans the hardest. | ||
| But on the other side, so is inflation. | ||
| Inflation hurts poor Americans the hardest. | ||
| So, you know, it's this vice of interest rates and inflation that working class Americans are caught in. | ||
| And, you know, this narrative that the Biden administration keeps pushing on, you know, the journalists who are on their side, whether, you know, Paul Krugman, Greg Ip, The Economist, it's a vibe session and the American people don't understand what's going on. | ||
| Could not be more wrong. | ||
| Could not be more wrong. | ||
| Again, it is a two-tier economy and the top 20% are doing great. | ||
| Big companies are doing great. | ||
| The bottom 50% of earners and small business is getting crushed. | ||
| Is small business sentiment is at a two-year low. | ||
| The credit card, 30-day credit card delinquencies is at an all-time high since they've been keeping the sequence. | ||
| So, you know, what you have is when they show aggregate economic numbers, that the top end is overweighted. | ||
| Because the top end of Americans have the top 20% has 40% of consumption. | ||
| The top 50 has 70. | ||
| So aggregate numbers look great, but it really doesn't get to the misery that's going on under the hood. | ||
| Talk to me about the, you've retorqued the Misery Index. | ||
| You think it ought to be more prominent in this campaign. | ||
| Walk me through the Misery Index, what it is, and what's the missing component that you've said, hey, it's got to be back in there. | ||
| It was back originally. | ||
| So what is the Misery Index? | ||
| So, Professor Larry Summers from Harvard, who, I will add, he was early on in this, in 21 and 22. | ||
| Larry was sounding the alarm on inflation. | ||
| The administration did not want to listen to him. | ||
| And they insisted on going for this big spending. | ||
| So, I think Americans and voters understand this was a choice. | ||
| This was a choice to, you know, overspend. | ||
| And, you know, look, I'm a middle-aged male. | ||
| You're supposed to get 2,000 calories a day. | ||
| Calories 3,000, 4,000, 5,000 are what put weight on. | ||
| The 2 trillion COVID stimulus, probably necessary, but certainly, you know, stabilized households. | ||
| And it was a big number, but it was trillions 3, 4, and 5 that set off this inflation. And by the way, they wanted to | ||
| spend $7 trillion. So could you imagine where we'd be now? And so Larry Summers has revised the or | ||
| taken a look at the misery index as the way it was constituted in the 70s. And there have | ||
| been adjustments to this in In 1988, they took out mortgage costs. | ||
| In 1998, they took out auto costs. | ||
| And the conclusion here is that working-class Americans not only have to worry about groceries and insurance and the Medical payments. | ||
| They also have to worry about car payments. | ||
| They want to buy a house. | ||
| So even though maybe auto prices are up 15% because of the increase in interest rates, auto payments are up 80%. | ||
| The house prices might be up 50%, but because of the house prices being up and the interest rates being up, The same house, the monthly payment is now up 300%. | ||
| 300% since Joe Biden became president. | ||
| And this is what people are feeling. | ||
| It's what they're seeing. | ||
| And this idea that Average American should be grateful for what they've gotten. | ||
| And so my firm, I'll come back on Steve, we're going to try to recreate the data series as it was done in the 70s and compare that to, compare Biden to the kind of the misery under Jimmy Carter. | ||
| But again, the New York Times has come with high interest rates are hitting poor Americans, but The second epic fail by Powell and Yellen in goosing financial conditions has reignited inflation, which is keeping interest rates high. | ||
| This is a terrible vice. | ||
| The reason we know what you're saying is true, I keep telling people, look at the cross tabs. | ||
| When you look at everything about business confidence, voters, what they think of Biden handling the economy, inflation, what their number one concerns are, I keep telling people, the top line numbers are catastrophic for Biden. | ||
| The crosstabs are even worse. | ||
| And this is why you're seeing now all this, you know, the Justice Department, all of a sudden they're worried about election, they're worried about election interference. | ||
| You're going to see this. | ||
| They understand they've got only two shots here. | ||
| Number one, number one is lawfare, which you see up in New York. | ||
| And number two is the big steel, big steel deuce. | ||
| Do you see the same thing? | ||
| Is that why you think this polling is so horrible for Biden and the reason they dropped the term Bidenomics? | ||
| Yeah, look, it's almost like a disease. | ||
| It's binitis, not binomics. | ||
| And the inflation target is, inflation is now 75% above target. | ||
|
unidentified
|
75%. | |
| So, they haven't been able to get under control. | ||
| now 75% above target. | ||
| 75%. | ||
| So, you know, they haven't been able to get under control and they thought that they were helping their candidate. | ||
| And I think what's going to be the sweet irony here is that Janet Yellen and Jerome Powell, by trying to put their thumb on the scale, have actually broken the scale. | ||
| And they will, in essence, have helped push Joe Biden out of office. | ||
| So it just goes to show, you know, whenever you try to rig a game, it usually doesn't work. | ||
| And, you know, I mean, this is it's It's ironic. | ||
| It's really, really ironic. | ||
| But it's terrible for the American people. | ||
| And again, it's why they don't trust the Biden administration on this economy. | ||
| It was the Spending was a choice. | ||
| They broke open the piggy bank during COVID, you know, never, never let a crisis, a good crisis go to waste. | ||
| And, you know, they couldn't spend it fast enough. | ||
| And now, you know, the American people are suffering and people remember, you know, under Donald Trump, you got a supply shock, excuse me, a demand shock From the Trump tax cuts, but you got a supply response from deregulation that caused inflation to stay around 2%. | ||
| So we had the very strong growth, but it was noninflationary growth. | ||
| Under Biden, we got a demand shock from the unsustainable government spending. | ||
| But they did just the opposite. | ||
| They constrained supply with all these new regulations. | ||
| And that's why, even though we're getting away from the COVID supply chain problem, as they keep layering on more regulations and more requirements for business, then inflation keeps rearing its head. | ||
| And Biden, the neoliberal that's crushed the economy now today is a born-again populist. | ||
| He's got tariffs everywhere. | ||
| He's trying to match Trump. | ||
| We'll get you back on hopefully tomorrow or the next day from London to talk about tomorrow's the Consumer Price Index plus the tariffs and the Economist cover story, the end of the post-war international rules-based order. | ||
| They're only destroying Bretton Woods single-handedly. | ||
| Scott Besant, social media. | ||
| Where do people get you and your writing, sir? | ||
| They come to my firms. | ||
| Mailbox at ir at keysq.com Okay, we'll get that up and get Grace and everybody to put it out. | ||
| Scott, thank you very much for joining us today. | ||
| Walk through the signal. | ||
| That was pure signal, no noise right there. | ||
| Remember, we talked about this when it happened right after Thanksgiving. | ||
| We said the financial industrial complex, just like the biopharmaceutical industry, the defense industry, the deep state, all of it was converging to make sure President Trump did not return to office. | ||
| Well, guess what? | ||
| On the financial side, it blew up in their face, as we said it would. | ||
| Today, proof of that was the producer price index. | ||
| We'll get Dave Brat. | ||
| He's in studio this morning. | ||
| Get Dave Brat to break it all down, including the economist The tip sheet for the party of Davos about to throw in the towel and the pressure we put on their beloved fetish, the post-war international rules-based order that impoverished workers in the United States to the benefit of the Davos crowd. | ||
| Birchgold.com. | ||
| Find out what gold has been a hedge for. | ||
| I don't know. | ||
| Some of the audience says 5,800 years. | ||
| Others say 8,000. | ||
| I don't know. | ||
| A long time. | ||
| Birchgold.com. | ||
| Talk to Philip Patrick and the team, and do it today! | ||
| Short break. | ||
|
unidentified
|
Monday, Monday you watch... | |
| Here's your host, Stephen K. Bamm. | ||
| Okay, how do we get ready in the War Room pre-dawn? | ||
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| Dave Brett, here's what I really respect. | ||
| So the audience, folks, when I say hedge fund guys and guys around some of the big thinkers about finance and Treasury Department and Federal Reserve, Scott Besant is one of the best. | ||
| You just had a briefing. | ||
| That's the type of briefing. | ||
| He would give a CEO, that's C-suite, that's boardroom-type briefing to kind of walk through the mechanics. | ||
| He doesn't dumb it down. | ||
| He puts it up high. | ||
| I understand for some people, hey, maybe a tad above you. | ||
| I don't think. | ||
| You've been a follower of this show. | ||
| We need you to understand capital markets. | ||
| We need you to understand money. | ||
| We need you to understand macroeconomics and the economy and why. | ||
| Because power and money are inextricably linked. | ||
| And you are the army of MAGA. | ||
| You're the one in back of that, in back of those huge poll numbers, because you're changing the nation and the nation's perception. | ||
| That's why when Harry Enten says, hey, look at West, look at the Hispanic working class that's coming to the MAGA movement, coming to back President Trump, look what's happening up in places like Michigan. | ||
| One of the ways you do that is to understand capital markets, understand capital. | ||
| Understand macroeconomics and the best we've got is Dave Brat, the professor. | ||
| Professor Brat, your thoughts? | ||
| Yeah, well, Besant knocked it out of the park, and I love the way he parsed it out. | ||
| The top half of the country own all the stocks and bonds, right? | ||
| The top 10% own 90%, but the top half own all of it. | ||
| The bottom half of the country doesn't even have a retirement account. | ||
| We've covered that on prior shows. | ||
| The bottom half, instead of holding any assets, holds debt. | ||
| And they're getting crushed, and that's what the New York Times shows. | ||
| So when you talk about this new rules-based order, right, used to be the Bretton Woods and the U.S. | ||
| paid for the free shipping lanes and free trade. | ||
| And back then, capital usually meant the capital that goes into the workers' hands. | ||
| And if you put capital into the workers' hands, the American people know what to do, and we all got rich together. | ||
| That ended about 1970, and if Denver wants to pop up the first chart with the two parallel red lines, right, just throw that one up, Denver. | ||
| Besant was getting at this in his notes. | ||
| When you talk about the new rules-based order, here's the part that aligns with the new political Why are the American people upset? | ||
| Why is there a populist movement? | ||
| It's because of this chart right here. | ||
| Since the 1970s, the American people have shifted $150 trillion, not a typo, $150 trillion of gross domestic income from their wages to the rich capitalist class capital. | ||
| And that capital no longer goes back into Henry Ford assembly lines where you get a manufacturing high wage. | ||
| Manufacturing is in the tank. | ||
| We've shipped all the jobs abroad. | ||
| We now have a service economy with low paying. | ||
| All the new jobs in the last year have gone to part-time workers. | ||
| All the new jobs in the last four years have gone to foreign-born workers. | ||
| And so, that's the new rules-based order. | ||
| And what you really see, in many of the charts we've been putting up over the past couple years... Hang on, hang on. | ||
| I want to go slow, and Brad is actually going to stay longer than 10, and we're going to interweave him in to what we're talking about, because this is absolutely central. | ||
| Up until the 1970s, and hey, I don't want to say it kind of simultaneously runs into getting off the gold standard. | ||
| But there are no coincidences, folks. | ||
| Hang on, hang on. | ||
| When you say, and I want to go back, when you say putting capital in the hands of workers, you mean capital equipment, you mean reinvestment into manufacturing, reinvestment into the centers of this country, what made this country strong. | ||
| And we had the best workers, right? | ||
| And workers were craftsmen, they were trained. | ||
| Quite frankly, the education, elementary education was better then. | ||
| Right? | ||
| We had a dedicated, focused workforce. | ||
| What he's saying is that you reinvest and put capital, in this form, capital equipment, investment back into the, because we were the manufacturing superpower. | ||
| You continue to do that, you have a robust, growing nation. | ||
| Of workers that can support families, of mothers that don't have to go out if they don't want to into the workforce and take care of their children. | ||
| It totally changes the dynamic. | ||
| What you're seeing here coupled with the cultural revolution that was going on and getting off the gold standard and what was happening geopolitically because they could see the weakening of the United States Is the reason, that's the railhead back in the 60s and 70s of the railhead, that's the railhead of where we find ourselves today. | ||
| Is it not, Dave Brat? | ||
| Yeah, that's exactly right, and what made that happen is the transformation of the Democratic Party. | ||
| I heard RFK Jr. | ||
| on the way in, and for those who think the right-winger's hair's on fire, go listen to the other side. | ||
| RFK, who comes out of President Kennedy and his uncle Bobby. | ||
| Attorney General ran for president. | ||
| He will tell you the NIH was the gold standard in science back when his dad was president. | ||
| What happened after that? | ||
| Big agriculture, big pharma, big military-industrial complex bought off the defense industry. | ||
| Everything's been bought off. | ||
| Go listen to his interview with Ben Shapiro. | ||
| He'll go through all the agencies, just in the way we've been talking on The War Room about the administrative state. | ||
| And so our elites sold out our country. | ||
| Same with manufacturing. | ||
| Now we're going to have a contest over Taiwan where they make all the chips. | ||
| Well, just think that through for a minute, right? | ||
| If you're in charge of this economy, right, that includes more than just, you know, maximizing short-term You have to look out for the U.S. | ||
| strategic interests as a nation and for the welfare of your people. | ||
| How in the world can you put a monopoly of all chips over in Taiwan next to our upcoming, already our chief rival and enemy right now? | ||
| How can you do that? | ||
| And I could go on and on across all sectors right now. | ||
| How in the world have we left so much of our economy dependent on what China will do? | ||
| It's clearly not rational. | ||
| And so there's going to be a new set of rules. | ||
| The old set of rules was fine back in coming out of the 50s and 60s. | ||
| But then every single industry has been bought off by the deep state. | ||
| It's affected our economy dramatically. | ||
| The one piece of evidence that buttresses everything we say is that our productivity | ||
| has been going down for the past 70 years. | ||
| That's from Robert Gordon at Northwestern, not a right winger. | ||
| And CBO has our productivity falling for the next 30 years. | ||
| There's no way around that argument, right? | ||
| That's what has happened in the past. | ||
| We've lost our productivity. | ||
| The productivity is the wage rate for the middle class. | ||
| It's been falling for 70 years. | ||
| It's going to continue to fall for the next 30 unless we change course, unless we change | ||
| the rules of the game once again in favor of the American people. | ||
| And this endless wars defense kind of thing, the hot wars, the defense budget, even that, | ||
| I think we need to enter into economic warfare. | ||
| That will not only take care of the China piece, if we put our full weight right now, | ||
| they're not ready to go. | ||
| They're not ready to be independent yet. | ||
| They're trying to get there. | ||
| But if the United States throws its full weight behind economic warfare, not kinetic warfare | ||
| with China, but getting the rules of the game straight right now, we can avoid a kinetic | ||
| war. | ||
| We can keep all the sea lanes open and we can give the American people their jobs back. | ||
| I know you've got other charts we're going to go through, but I want to pivot to the economist, because this is the key point. | ||
| The post-war international rules-based order, which Bretton Woods and the dollar as a primary reserve currency underpins it all, is essentially You know, in Western Europe, the Gulf, the Middle East, the Straits of Malacca, in the South China Sea, in Taiwan, and then up to Korea and Japan, those four places on the rim of the Eurasian landmass where World War II was fought, which is the center of the Eurasian landmass in both China and in Russia, in places like around Ukraine, where somehow we're dragging this thing again. | ||
| The elites What they did is use that to shift. | ||
| This is why the returns to capital are so much higher than returns to labor because America was going to have higher wage rates, right? | ||
| And eventually more, you know, more societal and environmental controls and regulations. | ||
| They shifted those jobs because they wanted higher returns. | ||
| They shifted those jobs to essentially the slave labor of the Lao Baijing. | ||
| They're the ones that exploited the Lao Baijing with the CCP as their partner. | ||
| This is why we said as a mantra on this show to assist the Lao Baijing and overthrow their | ||
| communist, their dictator communist masters, all you have to do is cut off the Chinese | ||
| Communist Party from American capital. | ||
| And it's twofold, number one, no access to American capital markets and you stop the | ||
| Jeff Yasses of the world and the Ken Griffins of the world of taking your pension money | ||
| and putting it in direct investment China. | ||
| If you cut them off from American capital. | ||
| Right? | ||
| At the same time, you cut them off from all American technology, which they've stolen like six trillion dollars in intellectual property. | ||
| You cut them off. | ||
| The Chinese Communist Party will fall to an overthrow by the Lao-Beijing. | ||
| I don't know. | ||
| A hundred days, six months, Dave Brat? | ||
| Am I in the ballpark somewhere there? | ||
| Yeah, no, they need Walmart, right? | ||
| In a nutshell, they need Walmart, they need us way more than we need them, and that's spot on. | ||
| Your analysis of the Eurasian landmass has been correct. | ||
| All this impacts the dollar, of course. | ||
| Denver, if you want to flip through a couple quick charts, Besant has hit some of this already. | ||
| But so here's the probability of rate cuts, right? | ||
| So everyone was expecting the Federal Reserve to cut the interest rates going forward, but | ||
| those probabilities have gone down, down, down. | ||
| And now today, as Besson just showed with the PPI, the producer price index going up. | ||
| And like Besson said, right, we've covered it a month ago with Summers. | ||
| Basically, double any inflation number you see, double it, right? | ||
| He showed, Summers showed, and Besson just noted, the housing costs and the car costs. | ||
| Well, that's what a middle class buys, right? | ||
| That and going to the grocery store to get groceries. | ||
| And everybody knows that's inflation. | ||
| And so the next chart, Denver, Let me see what they got. | ||
| That one right there just shows the symmetry between what's called the shadow inflation rate and the Summers rate. | ||
| That chart right there shows that back in 2021, when inflation was at its peak at 9%, it was actually, according to Larry Summers, for housing, 18%. | ||
| So my doubling, say it's double, is not far off. | ||
| And as Bassant noted, Harvard, Larry Summers had that back in a paper in 22, when he said inflation is here to stay. | ||
| And our Treasury officials were lying through their teeth. | ||
| And now again in 24. | ||
| And so he's had to walk that back a little bit. | ||
| Hang on one second, we'll take a break here and stick around with us. | ||
| I want folks to understand, we went back, when this first happened in early December, EJ and Tony, Dave Brett, myself were all over this because this was really, with inflation starting a little bit to come under control, it was absolutely not the time to loosen. | ||
| This was Powell and Yellen coming together, unheard of. | ||
| The Fed and Treasury coming together to try to drive, to try to hype the economy for Joe Biden. | ||
| This is why I call it the financial-industrial complex. | ||
| The lords of easy money coming together to try to make sure their boy, Joe Biden, got another illegitimate term in the White House. | ||
| Guess what? | ||
| Inflation's raised its ugly head, as we said it would. | ||
| Short break. | ||
| Back in a moment. | ||
|
unidentified
|
Here's your host, Stephen K. Batt. | |
| This is the reason, the lived experience of the American people, and seeing all this madness, and seeing the wealthy make out like they've never made out before. | ||
| I want to say something. | ||
| We talk about the bottom 50% just having debt and no assets, and we talk about the top, you know, 10% or the top 8% or the top 5%, you know, controlling virtually all the stocks and bonds, almost all of it. | ||
| We're not discounting the middle class. | ||
| You're getting hollowed out. | ||
| You're getting hollowed out. | ||
| That's the reason middle-class families are always nervous. | ||
| They feel like they're one step away from financial oblivion. | ||
| You know why? | ||
| You're about one step away from financial oblivion. | ||
| How many middle-class families, people in the middle class, Two incomes, right? | ||
| How many could take a layoff? | ||
| How long would the savings last? | ||
| How long before you had to start monetizing assets, selling assets? | ||
| Do you have 90 days, 100 days? | ||
| That's not how Americans should live. | ||
| That's not how the middle class should live. | ||
| This is outrageous. | ||
| And remember, when Dave Brat and Scott Besson talk to you and describe these things to you, like when EJ and Tony and others, these are not They're not immutable laws of nature. | ||
| This is not the second law of thermodynamics. | ||
| This is not some property of nature that it has to be this way. | ||
| This is all about human agency in thinking issues through. | ||
| And right now, we've had a system that is rigged against the backbone of the country, the people that make this country work, the civic society. | ||
| We're not an economy, we're a nation. | ||
| We're a nation. | ||
| The greatest nation in the history of the earth that has an economy as obviously a key and foundational part of it. | ||
| But what we've done is we've flipped that on its head and made it that, oh, just the returns on capital are everything. | ||
| They're not everything. | ||
| And I'm a capitalist. | ||
| It's not everything. | ||
| We are a nation with an economy. | ||
| And now this system in its own perverse way has hollowed out And works against the people that make up the nation. | ||
| 90% of the people that make up the nation. | ||
| This is why it can't continue. | ||
|
unidentified
|
Dave Brat, thoughts? | |
| Yeah, well, I like the way you just brought in the moral context, and let me just say 30 seconds on that. | ||
| We're a nation, not an economy, right? | ||
| Postmodernism, here I go again. | ||
| Go Google that term and teach your kids what that means, because it matters. | ||
| There's a couple guys named Derrida and Jacques Foucault, who about 40 years ago said there's an infinite number of narratives possible. | ||
| With the human language, and the Judeo-Christian West is just one, and why should it be privileged, and blah blah blah blah blah. | ||
| Well, that's all fine and dandy, but it's interesting that the postmodern liberals have turned into Marxists, and that they've privileged Marxism, and now this Palestinian fascism on campus... Ho ho ho, ho ho ho, but yo, yo, yo. | ||
| The guys that came up with postmodern theory in the Frankfurt School were Marxists. | ||
| They were godless, atheistic Marxists that wanted to cut out the foundation of the Judeo-Christian West. | ||
| And they did it through language. | ||
| And language led to concepts. | ||
| And concepts, that's what got people's eye off the ball. | ||
| And this is why I keep saying, when you look at Columbia, when you look at Harvard, when you look at UCLA, the problem's not in the quad. | ||
| That's a symptom of the problem. | ||
| The problem's in the faculty lounge. | ||
| The problem's in the administration. | ||
| The problems are with the Marxists. | ||
| The Marxists that put the poison into the heads of these very impressionable kids, Dave Brett. | ||
| Yeah, no, that's exactly right. | ||
| And so, just in general, postmodernism opens the door for all these conversations. | ||
| Oh, that sounds neat and liberal artsy. | ||
| It's not. | ||
| It's the opening and closing of the American mind at once. | ||
| Marxism is the chosen vehicle for all them. | ||
| There's one problem with this. | ||
| When you go out and explore the social sciences, you better pick a system and a narrative that works over time. | ||
| And in order for it to work, it better encompass some meaning and some values. | ||
| And for one minimum value, it might be like survival, right? | ||
| So if you check on the Marxist regimes, it's not good for the survival of the species, much less good for the survival of the soul. | ||
| And so that's what we're debating. | ||
| This new rules-based order is going to, again, re-encompass the Judeo-Christian West because the evidence is now so clear what the alternative looks like. | ||
| And so going back, if Denver wants to pop up the next chart, getting this back onto the economics track is not that hard because this system has been rigged. | ||
| The Marxists have rigged academia. | ||
| The Federal Reserve rigged our economy and held the interest rate, the primary price in the economy. | ||
| The interest rate is the price of money. | ||
| It's the amount you have to pay to hold money. | ||
| They rigged the entire price system and kept the interest rate at approximately zero for over a decade. | ||
| That greatly enhanced the wealth of the modern capital holders. | ||
| Not capital like Steve was saying, not manufacturing equipment, but capital that just floats abroad and that the middle class doesn't even get to see. | ||
| And so when you see charts like this one right here, which is the result of that Federal Reserve Malfeasance in our economy. | ||
| When you see charts that look like this, for 40 years it's roughly a flat line and all of a sudden it's a hockey stick going straight up to the moon. | ||
| This is a sign that the new rules-based order is coming into play. | ||
| There are new rules. | ||
| This is the interest payments that are coming due because of the Fed policy because they goofed up and generated inflation. | ||
| And so the interest payments are now at $1.1 trillion per year on their way to $1.6 trillion in just interest payments on the debt. | ||
| Unbelievable. | ||
| And then, Denver, if you want to go to the next one, this just has a little bit of history, one of the great Oxford history buffs waiting on this one. | ||
| Hang on, hang on. | ||
| I want to hold this to the next block. | ||
| These are so important. | ||
| I want to hold them to the next block. | ||
| Remember, that interest of $1.6 trillion is on spending that's there to enslave you. | ||
| This federal spending is not empowering people. | ||
| It's not energizing people. | ||
| It's not releasing people of the animal spirits that drive entrepreneurial capitalism. | ||
| It's doing the exact opposite. | ||
| So here's the great irony. | ||
| Here's the part of the Greek tragedy. | ||
| You, because it's your taxes, your tax dollars and your pension funds are going to support policies by the Uniparty that are 100% set to hollow out the middle class, destroy the working class, make your, not the lived experience of yourselves, but also your children and grandchildren even harder. | ||
| And what's their response? | ||
| To import 15 million illegal alien invaders. | ||
| Right? | ||
| To drive down wages farther, and to make sure you keep your mouth shut, because hey, we got a whole new army over there that can vote, can buy, and we can help finance at lower wages. | ||
| Pretty genius, right? | ||
| That's what MAGA's to break. | ||
| We must shatter that. | ||
| The way you shatter it, at the precinct level, school boards, all the way up to the President of the United States, Donald J. Trump. |
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