Sept. 18, 2024 - Bannon's War Room
48:56
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
|
Pray for our enemies. | |
| Because we're going medieval 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. | ||
|
unidentified
|
I know you've tried to do everything in the world to stop that, but you're not going to stop it. | |
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| 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. Bannon. | |
| It is of course that we don't elect our presidents by a popular vote in this country. | ||
| We have a frankly undemocratic system, the electoral college. | ||
| It's the reality of how American elections for president have worked for more than 230 years. | ||
| And our citizens and our parties and our candidates, everyone who's operating covering the election, works within these constraints. | ||
| That's how it works. | ||
| That's one of the sort of ground truths of this election. | ||
| The other ground truth that defines this election and the campaign right now is that one of the two candidates has shown us and told us he will not commit to a peaceful transfer of power. | ||
| Harris Wall's campaign is, I think it's fair to say, running uphill, in other words. | ||
| The thing is, the only option for Kamala Harris and Democrats and the pro-democracy coalition, Popular Front, the only thing they can do is to organize and mobilize and persuade voters. | ||
| Use democratic means to save democracy. | ||
| And if they win, they can and should strongly defend that victory in court. | ||
| And if they lose, which is a real possibility, they then must peacefully transfer power. | ||
| That's the way it works. | ||
| Those are the only options on the table. | ||
| What we all know is that Kamala Harris will then have to deal with what will undoubtedly be a full-scale MAGA Republican effort to overthrow the election the second time in two cycles. | ||
| Donald Trump will rerun his playbook from 2020. | ||
| He will attempt to use the courts and manipulate state lawmakers and maybe even election county boards and election officials and manipulate members of Congress around certification on January 6th. | ||
| He's going to target election fishers. | ||
| He's going to rile up his supporters and, let's be honest, if passes per log, likely urge them in his own coded, not-so-coded way to violence. | ||
| I mean, he's already basically doing this right now. | ||
| Every day. | ||
| It's not news anymore, but every day he's doing it. | ||
| So 49 days left for the election. | ||
| Donald Trump, day in, day out. | ||
| Not news anymore, but it's happening every day. | ||
| That's why we're leading with it. | ||
| Spreading menace and fear, undermining the foundational structures of democratic governance and elections, making sure his supporters believe the only way the election will be fair is if he wins. | ||
| If you were looking at this set of facts in another country, you would rightly think that's a country where democracy was under very acute and dire threat. | ||
|
unidentified
|
And I don't understand why it's so difficult for the press to have a consistent narrative about how dangerous Trump is. | |
| You know, the late, great journalist Harry Evans, you know, one time said that, you know, journalists should, you know, really try to achieve objectivity. | ||
|
unidentified
|
And by that, he said, I mean, they should cover the object. | |
| Well, the object in this case is Donald Trump. | ||
| Uh, his demagoguery, his, uh, danger to our country and the world and stick with it. | ||
| Welcome to The War Room. | ||
| I am Monica Crowley, in today for the great Stephen K. Bannon, our dear fearless leader here on The War Room and political prisoner. | ||
| It's always an honor and a joy to sit in his chair and join all of you, and I am delighted to be here today. | ||
| So thanks guys for being here. | ||
| This is The War Room, so let's go to war. | ||
| We've got a huge show lined up for you, back-to-back guests, That you are not going to want to miss. | ||
| So don't miss a second of it. | ||
| No FOMO. | ||
| Tell everybody you know to tune in right now. | ||
| Also, please don't forget about my own podcast called the Monica Crowley podcast, which is streaming now on Rumble. | ||
| So please go check it out there. | ||
| And I am on the socials on Instagram at Monica Crowley underscore and on Twitter and true social at Monica Crowley. | ||
| So I wanted to begin with that by ending with that clip of Mrs. Clinton. | ||
| And I had heard it the first time, but it didn't quite catch my ear, so I listened to it a couple of other times. | ||
| And I wanted to come in the show with that particular clip. | ||
| First of all, she invokes Harry Evans. | ||
| How dare she invoke Harry Evans? | ||
| Harry Evans was the publisher of Random House. | ||
| Harry Evans published my first two books about President Nixon. | ||
| Harry Evans was a queer He was a quintessential, legendary journalist. | ||
| He was a newspaper man, and then he was a book publisher. | ||
| I knew Harry Evans. | ||
| Mrs. Clinton, keep Harry Evans out of your mouth. | ||
| Harry Evans knew objectivity. | ||
| Harry Evans was a class act. | ||
| He was brilliant, and he would not be condoning what is going on now in terms of American journalism here in the United States. | ||
| And he didn't, by the way, before he passed away. | ||
| He was on top of the deep corruption happening in journalism. | ||
| So Mrs. Clinton, you can stop talking about Harry Evans right now. | ||
| That's number one. | ||
| Number two, and I got a couple of points here on Mrs. Clinton because they amplify a much bigger point about what we are dealing with here with the system, the regime, okay? | ||
| Mrs. Clinton is a creation and a product of the system. | ||
| Of the regime. | ||
| So every time you hear Mrs. Clinton speak, understand that you are hearing the propaganda. | ||
| You are hearing the lies that the system wants you to hear. | ||
| You are also hearing the dog whistles to the left, to the imperial media, to leftist organizations, to leftist activists. | ||
| You are hearing a dog whistle from Mrs. Clinton to activism. | ||
| So, every time she goes out, and last night she was on, or two nights ago from that clip, she was on Rachel Maddow on MSNBC, and so she felt compelled, or the system ordered her to go out there and spew this kind of garbage so that your ears hear it, so that it activates the leftist base, riles them up. | ||
| But understand, she's not freelancing. | ||
| This is all coordinated. | ||
| It's all of a piece of the system. | ||
| That's number one. | ||
| Number two, about Mrs. Clinton. | ||
| Mrs. Clinton's entire motivation, her whole reason for being now, is that she is consumed with bitterness. | ||
| Bitterness that she never became President of the United States. | ||
| Remember, Mrs. Clinton was a system tool. | ||
| A willing tool, like Barack Obama, like Joe Biden, like Kamala Harris, but she was the latest system puppet. | ||
| Now she sits atop the system along with Barack Obama and so many others, but she is a system tool. | ||
| So the idea that Mrs. Clinton has given her entire adult life in service to achieving the presidency. | ||
| Remember, she hooked up with Bill Clinton at Yale Law School. | ||
| She hitched her wagon to him a long time ago when she was in her 20s. | ||
| So much for being a feminist, right? | ||
| She hitched her wagon to a man. | ||
| And then have that man bring her to the very top of American politics. | ||
| First Lady of Arkansas, U.S. | ||
| Senator, Secretary of State, then of course running for president. | ||
| She lost the presidency, not once, but twice. | ||
| Now, she can't bitch about losing to Barack Obama, because what is she going to do? | ||
| Bitch about losing to the black guy? | ||
| Of course not. | ||
| She's got to sit there and take it. | ||
| But losing to Donald Trump? | ||
| Oh, that is a whole other ball of wax, guys. | ||
| That is what galls her. | ||
| She cannot believe That she is now president. | ||
| Look at the last 50 years of this woman's life. | ||
| She's had to suck up every humiliation from her husband, from so many others, time and time again. | ||
| But she had her eyes on the prize. | ||
| She was going to be president, and that was her deal with Bill. | ||
| You first, and then me. | ||
| We'll alternate. | ||
| And the fact that she never made it to the top has consumed her. | ||
| It eats her alive. | ||
| And again, she can't complain about 08 because, you know, she lost to Barack Obama, first black president, so she can't do that. | ||
| But she certainly can bitch about losing to Donald Trump. | ||
| And the fact that she lost to a guy who has never done any of this before, never been in politics, started a populist movement, started this nationalist movement based on economic nationalism and all of the topics that we talk about here on War Room every day. | ||
| She cannot believe it. | ||
| So, the bitterness just eats this woman alive, and that's why she is wound up, she is sent out, and of course she wants to do it, she's a willing participant, but she goes out there and she is planting all of these seeds with all of this system-based propaganda. | ||
| Couple of other things about Mrs. Clinton, and again, this is to frame our conversation here for the next two hours on War Room, because she's so emblematic of the system. | ||
| She lost in 2016. | ||
| The system was caught flat-footed. | ||
| We all know that the system puts up ghosts. | ||
| They run candidates that they know that are compromised, that they can control one or more of those items, right? | ||
| Mrs. Clinton cannot believe that the system candidate herself lost in 2016 to a non-system candidate. | ||
| To somebody that the system, again, of which she sits atop, beat her and beat the system. | ||
| So, of course, she and the system vowed never again. | ||
| This is why you saw what you saw in 2020. | ||
| The system pulled out all the stops. | ||
| You had an unprecedented virus that was launched on purpose in the fall of 2019 out of China. | ||
| You had an unprecedented global economic lockdown in order to stop the roaring Trump economy. | ||
| You had the George Floyd narrative created. | ||
| He died of a fentanyl overdose. | ||
| They created the lie that he was killed by cop. | ||
| Then they activated Antifa and Black Lives Matter to burn down America. | ||
| Then you had the rigged election. | ||
| And then the cherry on top was the Fed's erection of January 6. | ||
| So you had five catastrophic events launched by the system in 2020, all to stop one man Yes, of course it was about stopping Donald Trump and America First, but there's another reason guys. | ||
| The reason they pulled out all of the stops is that Donald Trump stopped the 2030 globalist agenda. | ||
| America First. | ||
| Onshoring manufacturing jobs, economic nationalism, stopping the globalists out of the World Economic Forum, the UN, the World Health Organization, all of the globalist agenda by 2030 you will own nothing and be happy. | ||
| He put a stop to all of that. | ||
| So they could not allow him to win reelection in 2020. | ||
| They couldn't have it. | ||
| So they literally threw the spaghetti against the wall. | ||
| From a virus, to Antifa, to the rigged election, to January 6. | ||
| All to try to stop this man. | ||
| And they did, temporarily. | ||
| Which brings us to today. | ||
| They thought that the lawfare would stop him. | ||
| We've talked about this ad nauseum on this show. | ||
| That has all failed. | ||
| Here we are mid-September, 48 days away from saving America. | ||
| The lawfare stopped so Plan B was tried to kill him. | ||
| Steve talked about this before he went away. | ||
| We have now had two assassination attempts. | ||
| We're going to have Eric Prince here in just a couple of minutes to walk us through what we know about this latest assassination attempt. | ||
| They're not going to stop. | ||
| They cannot stop. | ||
| Institutionally, ideologically, and in terms of the spiritual war, they cannot stop. | ||
| So they will continue to try to neutralize Donald Trump, and by extension, all of us in the America First movement. | ||
| And this brings me to my final point here for the monologue, and we're going to turn to Stephanie Pomboy in just a few minutes here on what the Fed is going to do later today in terms of interest rates, which affects all of us and will have political consequences. | ||
| The system now is a cornered rat. | ||
| I did my podcast yesterday on this very issue, so please go check out yesterday's Monica Crowley podcast. | ||
| They're now cornered rats. | ||
| What do cornered rats do? | ||
| They get increasingly desperate. | ||
| They start looking around and start lashing out. | ||
| The system is a cornered rat. | ||
| Mrs. Clinton's comments there, the comments from the media, all of the projection, like, well, Donald Trump needs to ratchet down his rhetoric, blaming the victim, okay? | ||
| Everything is of a piece. | ||
| She is giving voice to the desperation of the system. | ||
| But when the system is desperate, it is increasingly dangerous. | ||
| And that's why, word of warning, we need all hands on deck. | ||
| We're all volunteering. | ||
| I'm going to tell you what I'm doing on the other side of the break as well with the Trump campaign. | ||
| We need everybody moving here. | ||
| We need everybody activated. | ||
| We've got 48 days to save America. | ||
| We need to be braced for what the system has planned, but that's why you're here in the war room. | ||
| All right, let's hit a quick break. | ||
| When we come back, we're going to talk the economy, the Fed, interest rates, recession. | ||
| Here's your host, Stephen K. Bannon. | ||
| Huge show lined up for you. | ||
| Just before we get to Stephanie Pomboy, just want to let you know I am an official Trump surrogate now. | ||
| So the Trump campaign is sending me into the swing states to headline different events. | ||
| I was in Wisconsin. | ||
| I'm going to Arizona at the end of this week to do another big event. | ||
| I'm also helping with the training on The two big entities that we talk a lot about here on War Room to have full mobilization of the War Room posse, TrumpForce47.com to volunteer your time, your resources, your expertise, and ProtectTheVote.com. | ||
| So I'm engaged in some of the training state by state. | ||
| I did a big statewide training in Minnesota about a week and a half ago. | ||
| On Monday, I'm going to do a big statewide training in the state of Nevada. | ||
| So please check out those websites. | ||
| We need all hands on deck. | ||
| The Army of the Awakened, as Steve calls us, we literally need everybody. | ||
| So I'm doing my part. | ||
| I'm here. | ||
| I'm on television doing my podcast. | ||
| I'm in the swing states, protect the vote, doing the training. | ||
| If I can do it, you can do it. | ||
| We need everybody on board. | ||
| 48 days to save America. | ||
| All right, big economic news coming today. | ||
| Who better to turn to than Stephanie Pomboy? | ||
| She is the founder and president of MacroMavens, and she's also my great friend. | ||
| Stephanie, welcome. | ||
|
unidentified
|
Thanks so much for having me, Monica. | |
| It's great to see you. | ||
| I've missed you. | ||
| I know. | ||
| You, too. | ||
| I've missed you, too. | ||
| All right, so let's get to what the Fed is going to do today. | ||
| There is a lot of speculation. | ||
| The consensus is they are going to cut rates. | ||
| Speculation is it could be as high as 50 basis points, but the general consensus is 25. | ||
| What do you think? | ||
|
unidentified
|
Well, you know, I'm not going to weigh in on the odds of 25 or 50, because Lord only knows with this gaggle of monetary magoos, as I like to call them. | |
| But, you know, the real question is, why is the Fed cutting rates at all? | ||
| I mean, I happen to see a lot of signs of recession. | ||
| No one on Wall Street thinks we're going to have a recession. | ||
| Everyone's betting on the soft landing, including the Fed. | ||
| They're not forecasting a recession. | ||
| And the inflation measures are still above their target. | ||
| And per the data we got last week are actually trending higher, | ||
| not lower. So the trend is not their friend here. And they're kind of declaring mission | ||
| accomplished, I would say prematurely on the inflation thing. So basically, the question is, what's the | ||
| rationale for cutting rates given all of that? One, it could be to support risk assets since we're | ||
| in this massive bubble. | ||
| from air. | ||
| And two, you know, to help the election in terms of the incumbent party. | ||
| So I hate to go there. | ||
| But, you know, if they do a 50 basis point move, given everything I just outlined, it would seem to be nakedly political, much less 75, which Elizabeth Warren and a couple other senators pushed the Federal Reserve to do the day before yesterday. | ||
| So, you know, we'll see what happens. | ||
| But the risk here is that the Fed ends up cutting prematurely and inflation starts to heat up again, and then they're really in a predicament. | ||
| Yeah, I mean, they were late to the game, right? | ||
| First of all, it didn't take a rocket scientist to figure out we were going to have this astronomical inflation when we saw the massive government spending literally a month or two into the Biden-Harris administration. | ||
| Inflation Reduction Act, which I believe was signed in March of 2021, immediately, like that day, you started to | ||
| see inflation start to tick up. | ||
| The Fed was so late to the game, and I know you and I and so many other economic observers were screaming at the Fed, | ||
| you have to start raising rates, and they waited way too long. | ||
| And so now the pickle that you're describing is different, but there's still so much money sloshing around the system. | ||
| Trillions of dollars. | ||
| They pushed $8 trillion down into the system just over the last three and a half years. | ||
| So, I mean, they're going to cut rates, but to your point, it's not really going to solve the problem, right? | ||
| It's a trajectory. | ||
| So I guess the market is going to respond to a trend that they assume the Fed is going to take, correct? | ||
|
unidentified
|
Exactly. | |
| So the key today won't really be whether the Fed cuts 25 or 50, what the Fed chairman says in the press conference after the announcement. | ||
| that is what Wall Street's going to hang up on. | ||
| Because if he cuts 25, lays the door open to | ||
| aggressive future rate cuts, that's going to be one thing. | ||
| That's entirely possible, I think. | ||
| But to your broader point, the real issue that the Fed | ||
| is dealing with is that the fiscal policy here | ||
| has been completely reckless. | ||
| We pumped when Biden came in, he was pushing money | ||
| through these post-COVID stimulus plans to consumers | ||
| and businesses that didn't need it anymore. | ||
| You know, the pandemic was over and they continue to push money out there. | ||
| And that set off the inflation coupled, of course, with their anti fossil fuel So that combination is something that the Fed had to grapple with, and yet the Fed has strenuously tried to avoid weighing in on this reckless fiscal policy that they have to then go out and drive rates up at the fastest and most aggressive pace. | ||
| since Volcker to quash. | ||
| And the real sad part of it, I mean, it's all tragic, but the really awful part of it is that those higher rates really have only impacted consumers. | ||
| On Wall Street, interest rates went up a lot in anticipation of the Fed rate hikes, but then starting in October 2022, so two years ago, They started anticipating these rate cuts and rates to corporate borrowers started coming down. | ||
| So, you know, there's deals being done every day. | ||
| Credit issuance in the corporate bond market is very lively and everyone's being able to get credit. | ||
| It's consumers who've been walloped to 23 percent credit card rates. | ||
| You know, mortgage rates obviously went up so sharply that now we have a housing problem where no one can move. | ||
| So, you know, the consumer as ever has paid the price for these reckless monetary and fiscal policies. | ||
| And if the Fed cuts rates now prematurely, the inflation numbers will heat up again and then they'll have to reverse course and possibly even raise rates where they just are beginning to cut. | ||
| You know, it really doesn't inspire confidence among the general American public when you see the Fed that are supposed to be the monetary gurus scrambling, and they're always late to the game or too early to the game. | ||
| And, you know, I spent two years at Treasury, Stephanie, as you well know, and there was interaction, especially during COVID, to coordinate the special Fed instruments with what we were doing on the fiscal side. | ||
| And I gotta tell you, the Fed is totally political, like every other institution in this country. | ||
| And the Fed spends so much time on totally unrelated things like climate change and social | ||
| justice stuff, rather than focusing on their core mission. | ||
| And like you say, it's the average American who's left holding the bag. | ||
| Going to the grocery store, filling up your gas tank, all of it is interrelated. | ||
|
unidentified
|
Yeah, well, I don't call them the monetary magoos for nothing. | |
| That may be an outdated reference, but I remember the cartoon Mr. Magoo. | ||
| It was so myopic and he couldn't see what was right in front of his face. | ||
| And that really, I think, is an apt description for the Federal Reserve. | ||
| They just can't see. | ||
| They've inflated the largest financial asset bubble in the history of mankind. | ||
| And, you know, here they are about to cut rates with the stock market at record highs. | ||
| And credit issuance, as I said, you know, going full steam ahead. | ||
| So it's a problem. | ||
| And also to your broader point on the interaction between the Fed and the Treasury. | ||
| You know, what you all went through during the pandemic obviously was critically important to make sure that credit was available to places where it needed to go. | ||
| Right now, because we're running these monster deficits at a time when the economy is in a expansion and doesn't require this kind of aggressive It's under direct threat. | ||
| You've been talking about this a long time. | ||
| Stephanie, sit tight. | ||
| moving much higher. | ||
| They have been financing these massive deficits. | ||
| Stephanie, I'm sorry to, I gotta stop you right there. | ||
| We've gotta hit a hard break, but I wanna hold you over because I want you to talk about | ||
| the dollar as the reserve currency. | ||
| It's under direct threat. | ||
| You've been talking about this a long time. | ||
| Stephanie, sit tight. | ||
| We'll be right back. | ||
| Did you know there is nearly $1 trillion of infrastructure and pandemic funds yet to be spent? | ||
| That's right, there's a massive amount of money that the lame duck administration is pushing hard to spend in their last few months. | ||
| If Biden can push out these funds, we could see another prolonged inflation surge, just like during COVID. | ||
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| Call 1-800-958-1- Here's your host, Stephen K. Bannon. | ||
| Welcome back to The War Room. | ||
| I'm Monica Crowley in for a great friend and fearless leader, Stephen K. Bannon. | ||
| All right, we're rejoined here by Stephanie Pomboy, the founder of Macromavens on the Fed and what they're likely to do today. | ||
| But Stephanie, before we let you go, I want to ask you about an issue you have been on top of for a very long time. | ||
| You have been raising the alarm for a long time. | ||
| I want to talk to you about the status and the threat to the U.S. | ||
| dollar as the world's reserve currency. | ||
| The BRICS nations that have been engaged in this constant assault against the dollar and advocating for the removal of the dollar as the world's reserve currency, they're meeting next month. | ||
| Can you walk us through what we can expect? | ||
|
unidentified
|
Well, first off, this BRICS meeting doesn't come out of nowhere. | |
| They've been gathering together multiple times throughout the year for a long, long, long time. | ||
| I mean, years and years and establishing more communication and interaction and groups. | ||
| They have a National Development Bank that, you know, sort of emulates They're cobbling together trade agreements in their own local currencies. | ||
| The question is, will they come forth with a BRICS currency where they can all interact with using one currency rather than each other's? | ||
| Discrete currency. | ||
| So that announcement could come at that meeting in Russia in October. | ||
| But at a minimum, they will announce some significant progress toward that end. | ||
| And what's important about this particular meeting is that in contrast to last year, Putin will be there because it's on Russian soil. | ||
| You know, since the invasion of the Ukraine, he hasn't been able to leave Russia lest he be extradited. | ||
| And so he can now be there in attendance along with Chairman Xi, which makes for the perfect | ||
| photo op, along with some announcement of real progress toward this joint currency. | ||
| So this is something nobody in the West is really paying attention to. | ||
| We suffer from this arrogance and this hubris around the dollar's reserve standing that | ||
| it will last forever. | ||
| Meanwhile, foreigners, not just the BRICS countries, but our one time allies, you know, Japan, for example, have progressively decreased the amount of treasuries they're buying every year. | ||
| So we have a huge problem. | ||
| You know, as we were talking about at the end of the last segment, our treasury issuance is over two trillion a year. | ||
| Most foreign creditors used to take down all of our issuance. | ||
| Now they're just a couple hundred billion a year. | ||
| So we have a $1.5 trillion financing gap that we need to fill. | ||
| And the question is, how are we going to fill this? | ||
| What I've worried about forever and the reason I've been so concerned about the future of the dollar Is it the only audience for the Treasury issuance is the Federal Reserve, which can buy those treasuries via its balance sheet, which is what it did, obviously, during the pandemic. | ||
| And it did post the housing bubble bust back in the financial crisis of 2008-9. | ||
| So that's called quantitative easing. | ||
| And my expectation is that quantitative easing, you know, all of Wall Street's focused on Fed rate cuts. | ||
| I'm more concerned about what they end up doing eventually with the balance sheet and how much they end up expanding it just to absorb the massive amount of Treasury issuance that we have each year that our foreign creditors aren't taking down anymore. | ||
| And I had this novel idea. | ||
| We probably don't have time to get to it, but for how President Trump, when he's elected, can address this. | ||
| This is a real existential threat to the U.S., that threat of the dollars reserve standing. | ||
| And how we can fix that and create an audience of domestic buyers of U.S. | ||
| treasuries by making treasury debt tax-free the way municipal debt is tax-free. | ||
| That would create domestic interest in buying treasury debt so we wouldn't have to rely on foreigners who increasingly aren't interested in buying our paper. | ||
| That is such a creative and interesting idea. | ||
| And you know, the president has issued all kinds of very innovative economic ideas during this campaign, from no tax on tips to no tax on social security benefits, no tax on overtime. | ||
| This fits right into that. | ||
| So I hope the campaign is listening. | ||
| We will get them that idea for sure. | ||
| Before we let you go, Stephanie, obviously China is part of BRICS. | ||
| They are the C in the BRICS acronym. | ||
| They are the existential, external threat to the United States, so they're the ones really leading the charge. | ||
| They would love to have the dollar no longer be the reserve currency. | ||
| If that happens in that emergency event, just very quickly, Stephanie, what does that look like for the nation, for the global economy, and for individual Americans? | ||
|
unidentified
|
Well, obviously, the dollar, if it were to go down relative to these other currencies, which it would if it lost its reserve standing, but even every day, you know, it's being used less and less. | |
| It's losing value every day, which your audience knows when they go to the grocery store and the price of everything they buy has gone up. | ||
| That's a function in part of the fiscal policy, but also the weakness of the dollar and the erosion of the purchasing power. | ||
| So that silent killer, that erosion of dollar purchasing power would really ramp up big time were the dollar to take a major hit in terms of its reserve status or lose it entirely. | ||
| Ultimately, I think the end game comes back to a return to a gold standard. | ||
| I know you were around with President Nixon when we initially went off the gold standard. | ||
| I think that our solution and the thing that will save the United States is that we have The largest gold reserve. | ||
| So if push came to shove, we could back the dollar with gold and reshore the dollar and make it again the world's most exemplary currency. | ||
| But there's going to be a lot of pain. | ||
| No policymaker is going to do that voluntarily. | ||
| It will be via these challenges to the dollar's reserve status. | ||
| And in that process, the purchasing power of the dollar is going to go down sharply and inflation, everyday prices for consumers here in the US, will continue to move sharply higher. | ||
| Yeah, it would be a total economic implosion globally and certainly here at home, for sure. | ||
| Two things, Stephanie. | ||
| Number one, I worked with President Nixon during the last years of his life, so I was not around when he did the gold maneuver. | ||
| So I was not born when he was elected president. | ||
| Do not age me by like 20 years, Stephanie. | ||
|
unidentified
|
I'm sorry. | |
| No, no, that's okay. | ||
| And the other thing, it was very... | ||
|
unidentified
|
No, no, no, not at all. | |
| Not at all. | ||
| I just want to clarify for the audience. | ||
| The second thing, Stephanie, it was really nice to see your dog join the interview. | ||
| Your dog looked like he was having a ball. | ||
| Stephanie, before we let you go, where can everybody find you? | ||
|
unidentified
|
I'm so sorry, Monica. | |
| I don't know what I'm thinking about you and Nixon. | ||
| Anyway. | ||
|
unidentified
|
That's fine! | |
| So anyway, they can find me at macromavens.com or follow me on Twitter at resplomboy and both of those works. | ||
| Thank you so much for having me, Monica. | ||
| This has been great and look forward to seeing you hopefully soon. | ||
| My great pleasure. | ||
| Thank you so much, Stephanie. | ||
| Everybody go follow her. | ||
| She is the best. | ||
| Thanks so much. | ||
| All right, joining us now to talk about the massive spending bill, the six-month continuing resolution, and the SAVE Act. | ||
| And where it all stands now is Texas Congressman and our great friend here on War Room, Chip Roy. | ||
| Chip, it's great to see you. | ||
| Thank you so much for being here once again. | ||
| You sponsored the SAVE Act. | ||
| The SAVE Act passed Congress A couple of months ago, and now Speaker Johnson is saying he is attaching it to the six-month CR, but there's a lot of drama surrounding it. | ||
| So tell us where we are right now. | ||
| Yeah, well, I mean, I certainly am grateful that we passed the SAVE Act through the House. | ||
| Five Democrats joined us. | ||
| It's jammed up in the Senate. | ||
| The bill would actually have impact immediately if we were to get it signed into law. | ||
| And it's good all the way through Election Day because 22 states have registration right up through Election Day. | ||
| So the people saying that it wouldn't have any impact if we pass it are just straight up lying and incorrect. | ||
| So we do need to pass it. | ||
| We do need to force the question. | ||
| And the one way to force the question in the Senate is to attach it to a funding bill. | ||
| Go ahead, Chip. | ||
| I sat in the rules committee where the Democrat ranking member, she said, I want, we Democrats want an omnibus bill in December. | ||
| She said that. | ||
| That is the position of Democrats. | ||
| So any Republican who gets up and they want to claim the moral high ground and say they are against this play to try to push a CR with the SAVE Act, they are for getting a CR in December, which means right before Christmas, because that is what is guaranteed to happen. | ||
| If we don't pick the fight that the Speaker is trying to pick right now. | ||
| Now look, I got all these guys out there who are saying, including my good friend Thomas Massie, who's acting like he's freaking Nostradamus or something, saying, oh, I've got a prediction for you, that suddenly the Speaker and the Surrender Caucus are going to walk away from the fight. | ||
| Well, no. | ||
| That's what they do. | ||
| They walk away from the fight. | ||
| But we need to pick the fight, expose it, and then try to land the plane by not having a CR in December. | ||
| So I would dare any one of my colleagues who are against this plan, come forward with a better plan that we will actually be able to move past and unite the Republican Party to go beat Democrats. | ||
| But that's the actual goal between now and November. | ||
| And you know what? | ||
| It's why Donald Trump put out a tweet in favor of it in July. | ||
| The Freedom Caucus put out an official position for it. | ||
| And it is why President Trump said on the interview with you that he supported attaching the SAVE Act to the CR. | ||
| We should fight. | ||
| Don't predict failure. | ||
| And then be the reason why we fail. | ||
| And that's what some of my friends are doing, unfortunately. | ||
| Yeah, and you know, Chip, President Trump also said to me on my podcast that he was willing to see the government shut down over this because if you have no election integrity going into this election and beyond, we're lost as a country and this is it. | ||
| So what are you hearing? | ||
| I mean, you are very strong. | ||
| We appreciate you so much, but there are so many of your colleagues who are not quite as strong and they do not want a government shutdown this close to the election. | ||
| What can you tell us about that dynamic? | ||
| Well, it's the dynamic we've been wrestling with for a long time. | ||
| Remember, I was Senator Cruz's chief of staff when we had the infamous Obamacare shutdown in 2013. | ||
| He was right to do it. | ||
| We are now living under Obamacare. | ||
| I'm happy to go into a shutdown personally, but here's the thing. | ||
| We have a conference and we've got to hold 216 Republicans together. | ||
| And we have about 20 to 25 members of the conference who tell the speaker and tell us that they will get destroyed in November if we have a shutdown. | ||
| Now, I question that, but there are pollsters, friends of ours, I think Scott Rasmussen has tweeted about this, others who say, well, they would get destroyed if we have a shutdown. | ||
| I disagree. | ||
| I say have the shutdown, take the argument to the American people. | ||
| But you know what? | ||
| I'm one four hundred and thirty fifth of one half of one third of this disastrous hellhole in Washington. | ||
| You've got to come up with 216 people and figure out how to go ride. | ||
| And so for the people who are saying we can't do a CR plus save, you are unilaterally disarming. | ||
| You're walking away from the fight and you're guaranteeing the one thing you say you don't want, which is a continuation of current funding to expire before Christmas to allow for a great big omnibus fight in December. | ||
| We think we should extend to March, force that fight, and try to have the fight on SAVE Act. | ||
| I'd love to go into shutdown, but you know what will guarantee that we won't get there? | ||
| Is don't pass this bill. | ||
| This is like listening to my people. | ||
|
unidentified
|
Chip, Chip Roy, we gotta hit a hard break. | |
| Can I ask you to hold on and just ride with us through this break because people are pissed. | ||
| More with Chip Roy on the other side. | ||
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|
unidentified
|
Here's your host, Stephen K. Bamm. | |
| Welcome back to War Room. | ||
| I'm Monica Crowley in today for Stephen K. Bannon and we are rejoined once again by Texas Congressman Chip Roy, sponsor of the SAVE Act. | ||
| So, Chip, we're talking about this before we're going into the break and it's clear that when we're talking about the CR, A potential omnibus coming later in the year and the SAFE Act. | ||
| We're talking about two direct existential threats to the United States. | ||
| Government overspending that is careening us toward a brick wall of a major debt crisis, the likes of which we've never seen before, and election integrity. | ||
| To the point where we're going to have illegal aliens voting by the millions without the SAVE Act, which is really going to destroy the country. | ||
| So these two existential threats are facing us and they're all wrapped up in this one issue. | ||
| A lot of this audience, probably everybody in this audience, including me, has little to no confidence in Speaker Johnson to actually take this banner all the way through, shut down the government if necessary. | ||
| Is Speaker Johnson going to cave on this issue? | ||
| Yeah, let's rewind the clock just for one second back to February of 2021. | ||
| And my good friend Russ Vogt, frequently on this show, former OMB director for President Trump, he and I were on a stage where we talked about defunding tyranny. | ||
| We were one of the earliest people to lay out this whole idea that we should not be funding the very government that's undermining our freedom and our liberty. | ||
| I stand by that. | ||
| I have no interest in giving this administration another dollar. | ||
| Here's the thing. | ||
| There's zero chance, no matter who the speaker is, that we're going to pick a shutdown fight between now and election day. | ||
| That's just my general belief of the matter. | ||
| I would. | ||
| I don't believe we have the votes for it. | ||
| So the question becomes, what do we want to go try to fight for and get? | ||
| My view is we want to avoid a lame duck omnibus. | ||
| So now let's go to the Speaker question. | ||
| I had violent disagreement with Speaker Johnson last spring, as is well documented. | ||
| I fought him on the Ukraine funding that was tied to Israel, and I voted against it. | ||
| I took lots of arrows from the Jewish community. | ||
| Christians United for Israel, other folks said, you didn't vote for Israel funding. | ||
| Well, we all talked about this last year when we said, you know what? | ||
| If you're going to do Ukraine funding, tie HR2 to it. | ||
| Demand border security. | ||
| Because my belief was that would anchor it down. | ||
| Well, unfortunately, the Speaker put it in a great big omnibus spending bill in the spring, and he passed it. | ||
| I think that was a terrible mistake, and I think he walked away from securing the border. | ||
| So I was one of 11 Republicans who voted not to table the motion to vacate the chair. | ||
| But guess what? | ||
| We lost. | ||
| He's the Speaker. | ||
| The speaker has been in contact with the Trump team, and President Trump tweeted out his desire that we pick these fights, so here we are. | ||
| I think, here's the one thing I know, you can't win a fight you don't pick. | ||
| And if my friends say, well, we're going to walk away from the fight, you're guaranteeing that we will get a CR into December. | ||
| I want to avoid that. | ||
| I don't know whether they'll fold on the SAVE Act. | ||
| They probably will. | ||
| But you know what? | ||
| You don't know until you get there. | ||
| But then force the question and then try to use it as leverage to get six months. | ||
| Because you know what? | ||
| Jon Tester and the Democrats are scared of this vote. | ||
| Testers already walking away from this issue. | ||
| Sherrod Brown in Ohio. | ||
| We need to give President Trump the biggest Senate and the biggest Congress we can, and then we need to go win primaries, and we need to pick speakers and leadership that will carry out the actual will of where we want to go as patriots. | ||
| But we can't win a fight that we don't pick. | ||
| We walk away right now. | ||
| I promise you what we'll get. | ||
| is a CR into December, right before Christmas, which is exactly what the Democrats and Republican appropriators want. | ||
| The people opposed to our current play are siding with the Democrats and the appropriators to get a December omnibus. | ||
| Yeah, you know, it all gets down to, on the spending side, Chip, the fact that government has no profit motive. | ||
| If you're running a publicly traded business or a private business, a small business, your bottom line is your bottom line, right? | ||
| You have to meet payroll. | ||
| You're trying to turn a profit. | ||
| You've got a profit motive. | ||
| to function. | ||
|
unidentified
|
Yeah. | |
| Government's motive is only power. | ||
| And with power, the thing that fuels power is money. | ||
| So there's no incentive to actually cut spending. | ||
| But we're about to hit the wall. | ||
| The American people, certainly this audience, we are pissed. | ||
| We're so tired of seeing Congress running around with their hair on fire the night before | ||
| Christmas. | ||
| It's Christmas Eve and they're voting on a CR or an omnibus. | ||
| And then we get trillions more and funding all of this BS, including the lawfare against | ||
| President Trump. | ||
| So Speaker Johnson, who has said, oh, I'm all for election integrity. | ||
| Well, where has he been the last year and a half that he has been speaker? | ||
| Or we're totally opposed to the weaponization of DOJ. | ||
| And yet time and again, he's shepherding bills through at the last minute, hair on fire, | ||
| funding all of this stuff. | ||
| Well, and these are the right questions to ask. | ||
| And what I would suggest is we've got to set up a framework by which we can actually go cut the spending. | ||
| So I've got friends of mine saying, well, we shouldn't do this because it continues spending at the current levels. | ||
| I agree. | ||
| I would dramatically cut spending. | ||
| I don't have the votes to do that right now. | ||
| So what I'm trying to do is figure out how do we get to a world in which Donald Trump is in the White House and we have leverage in the House and the Senate to deliver next spring. | ||
| Now to be very clear, it will be really hard to deliver even then, but I like our chances when we've got President Trump there, we've got Steve Bannon back in the chair, we've got the posse organized to put pressure on the Surrender Caucus who want this. | ||
| But here's the bottom line. | ||
| Until we break the back of the defense industrial complex and the people who are driving the train in this town for spending, we will never get off this merry-go-round. | ||
| Too many Republicans are beholden to what a handful of corporate interests in this town say needs to be our defense spending. | ||
| It's the same thing with health care, it's the same thing with hospitals, pharmaceuticals, all of the people that are killing us for being able to have access to our own health care and frankly to have innovative defense strategies to defend our country Against what you saw Mossad do yesterday, God bless them, going after Hezbollah and all the terrorists. | ||
| But you know what? | ||
| We need to be able to defend against that as Americans. | ||
| This defense world is never going to do that. | ||
| And we keep writing them blank checks in the false name of defense. | ||
| We need to fight that. | ||
| But to do that strategically, we need Trump in the White House, and we need to have the House majority and the Senate majority. | ||
| So let's pass this bill, jam it down the Democrats' throat in the Senate, and then let's figure out what we're going to do in October. | ||
| And if the Speaker won't shut it down, we'll have that debate then. | ||
| But if you don't pick the fight, you'll never freaking know. | ||
| And that's the problem with people who are self-fulfilling prophecies by opposing it right now. | ||
| Yeah, that's exactly right. | ||
| Chip, we have less than a minute, so like in 30 seconds, you mention the Senate, jam it down the Democrats' throat there. | ||
| But our Republican leadership on the Senate side, Mitch McConnell, he had a Senate lunch yesterday, not one word about this. | ||
| He was talking about raising taxes when the head of the party, President Trump, is running on cutting taxes. | ||
| Just very quickly, a word on McConnell. | ||
| Yeah, well, thankfully we're going to have new leadership in the Senate. | ||
| But, you know, we've got to make sure we have leadership in the Senate that will actually want to lead in a direction where the American people are. | ||
| This is not 2000. | ||
| It's not 2005. | ||
| We have a new Republican Party that we're building who believes in protecting American families, not having big corporate interests roll over our ability to live our lives. | ||
| You know, cut taxes, more money in our pockets. | ||
| But we also... We're done. | ||
| Limit government spending and get our, take our country back and secure our border. | ||
| We need a sad leader. | ||
|
unidentified
|
Amen. | |
| We're done. | ||
| We're done with this. | ||
| Gotta tell you. | ||
| Chip Roy, thanks so much. | ||
|
unidentified
|
More, more, more. | |
| See you, Monica. |
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