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Oct. 26, 2024 - Bannon's War Room

49:02

Episode 4006: The Left Wants To See MAGA Broke

Participants

Main voices

dave brat

27:40

phillip patrick

07:45

Appearances

mike lindell

02:46

Clips

jake tapper

00:08

steve bannon

00:14

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Show episode speakers

Speaker	Time	Text
steve bannon ▲ ● ▼		This is the primal scream of a dying regime.
unidentified		Pray for our enemies, because we're going medieval on these people.
steve bannon ▲ ● ▼		I got a free shot of all these networks lying about the people.
unidentified		The people have had a belly full of it.
		I know you don't like hearing that.
		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.
jake tapper ▲ ● ▼		And where do people like that go to share the big lie?
unidentified		MAGA media.
jake tapper ▲ ● ▼		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?
steve bannon ▲ ● ▼		If that answer is to save my country, this country will be saved.
unidentified		War Room.
		Here's your host, Stephen K. Bannon.
		All right.
dave brat ▲ ● ▼		Thank you very much.
		Brother Jack Posobiec, Dave Bratt sitting in the war room with the great Stephen K. Bannon.
		Very excited for the return of Stephen on Tuesday.
		We're all looking forward to it.
		Make sure you tell everyone.
		Share this platform with everyone.
		So we spike the numbers through the roof for the return of Steve.
		And I cannot wait to hear him go off.
		It's going to be inspiring.
		Today, we open all the shows in honor of Stephen K. Band, in the name of the Father, the Son, and the Holy Spirit.
		Amen.
		And today, we want to pay particular attention on the War Room.
		The big three issues are always the economy, and then the border invasion, and then the endless wars.
		And today's show, we've got Philip Patrick with us, we've got Bill Walton with us.
		And we're going to cover the economy, right, which is number one for Trump.
		All political views are my own.
		It's the number one issue in polling for the American people.
		It's the number one for the Republican Party.
		And it's number one in the war room, right?
		And they're all tied together, of course, right?
		The border invasion is linked to cheap wages and the globalists.
		And the Endless War is the same thing.
		So today, I just want to give a recap of the last four years of what Stephen K. Bannon would highlight.
		Peter Navarro, myself, EJ, and Tony.
		And Philip Patrick as well, coming up right here.
		And so let's just go through what are the central graphs, the central charts that explain the reality of what has been and what will be because of this.
		It's not an optimistic outlook.
		In fact, Bill Walton's going to cover the Goldman Sachs story this week, the end of this week.
		Goldman Sachs came out and said we'll have 3% nominal growth In the stock market for the next 10 years.
		Nominal means with inflation in it.
		So if you take out inflation, you're left with 1%, and that's optimistic, 1% real growth in the stock market per year for the next 10 years.
		Folks, I can't tell you how dire that is.
		That's the lost decade Steve Bannon's been talking about forever.
		So let's just start off at the top.
		I'm going to go through these fairly quickly because Philip Patrick is coming on, and we're going to have a discussion of all these charts coming right up.
		Okay, so Denver, just slap up chart number one and then go back to my face after I get done introducing what's here.
		But, you know, do you notice anything peculiar here in this chart?
		Anything out of the normal?
		That flat line going for, you know, 30 years down at the bottom, fairly flat.
		And then all of a sudden, the Federal Reserve, and this is from them, right?
		Anytime you see a graph with Fred, that's the Federal Reserve data.
		So this is, we're not making it up.
		There's the money supply.
		M2, the money supply, goes straight up through the roof.
		So you don't want a conspiracy theory.
		You don't want to say this time is different.
		But folks, it is.
		There has never been such an irresponsible Federal Reserve or federal government.
		In all the years of my study in economics, you will never see this.
		We basically have World War II debt and And World War II spending without World War II. We have COVID reactions, throwing out checks to everyone in the country.
		We have COVID budgets still at $7 trillion and $2 trillion deficits, throwing money out to everyone in the economy.
		So if you want to know why the economy is still going up, that's why, right?
		Just like after the 07-08 financial crisis that gave rise to the Tea Party movement.
		The people got ripped off.
		The Feds and the Federal Reserve came in and saved the rich.
		At the expense of the American people.
		And there's been a revolution brewing ever since.
		And now you got this populist phenomenon sweeping the country with the old Republican Party dissolving by the day.
		The Democrats are imploding, right?
		They...
		This primal scream of a dying regime, folks.
		And that last chart is roughly why.
		But let's go a little deeper and prove our case.
		And the Republicans, the old guys, the old Paul Ryans and the cheerleader types, we'll just grow our way out of it.
	Oh, really?
	Okay, next chart, Denver.
	Here is productivity growth for the past 70 years.
	All you need to do is go to the far left 70 years ago, and you had productivity up in the 4%, 5%, 6% range.
	Then in the middle is kind of the Ronnie Reagan 2%, 3%, 4%.
	And to the far right, you'll see, you know, you just put a ruler going down the middle of that stuff.
	It's just going straight down.
	And now we're at about 2%.
	So productivity growth, the amount of stuff you make per hour, the amount of stuff our country makes per person, It's going straight down.
	This is the most damning graph there is.
	This is 70 years of the U.S. getting sloppy, and the next one is just as bad and even worse.
	Next chart, Denver.
	This one is Congressional Budget Office just confirming the last 70 years down.
	This one shows the next 30 years in the future, our productivity is forecast to go down as well, right, from 1.9 to 1.6, if you're reading that chart, right?
	That is the economy.
	The only way the numbers can be higher than that is if you increase productivity, and there's no sign we're doing that, or if government comes in and juices the economy by printing $9 trillion in money and running $2 trillion deficits as they are right now under the Biden-Harris administration.
	Alright, the next few are just rehashes.
	Here is the real problem that the liberals used to talk about.
	Liberals are nowhere to be found.
	Now we've got neo-Marxists running all over the country doing economic policy, tearing the country apart.
	This shows the top 10% of the rich own 90% of the stocks, bonds, and pensions.
	This is from the Federal Reserve Bank.
	The rich own everything.
	The middle class is paying for everything, not to mention the endless wars, a million dead in Ukraine, and three or four more wars brewing right now.
	Next chart, Denver.
	Why is this happening?
	Productivity in the US is not good.
	This is a graph of China's capital stock.
	The amount of capital equipment their businesses have to work with.
	It looks like a rocket ship going up to the moon.
	They have $100 trillion worth of capital to work with.
	This is what makes people productive.
	China currently is cracking up because they're communist, and all communist regimes eventually crack up.
	But the next chart gives us no assurance this is the United States capital stock.
	It's going up, but at a decreasing rate.
	And so if you're putting less capital in the hands of the American worker, we only have $70 trillion of capital.
	The Chinese have $100 trillion.
	America is the leader in technology in everything, right?
	Our MITs and our research triangles.
	We're the enemy of the world, but it doesn't translate into capital equipment.
	We ship it all abroad to China, and it doesn't make its way down to the worker.
	Next chart, just a quick couple on the labor market.
	All new jobs have been part-time.
	The little bar you see on the left, the red one going down, those are full-time jobs.
	For Americans, they're actually going down.
	All the new jobs are part-time.
	The green one going up.
	Next chart, even worse, to the far right, you'll see there's two bars.
	The one going straight up, all the new jobs for the past four years, as shown on that graph, and all these will be available at the War Room.
	You can go look them up.
	We'll post them all online.
	But all new jobs have gone to foreign-born workers in the United States for the past four years.
	Natural-born citizens, no new jobs in the past four years.
	This is why black, brown, blue-collar workers are all moving over into this populist movement.
	And I think this election, the trend lines right now are all going in that direction.
	Now we have Philip Patrick coming up, and I'll just end on this one.
	This one will get his blood boiling.
	This is just a long-term chart, but it just shows inflation.
	What people don't realize about inflation, when you print M2, inflation over the past four years has been about 22%.
	And now it went from 9% to 5% to 4% to 3%.
	And now they say inflation's down.
	It's only 3%.
	But prices are still going up by 3%.
	No one seems to get this, right?
	So prices are up 22%.
	They're going up another 3%.
	Every year they're going to go up for 3%.
	The rest of the show will show that in order to pay out the debt, the Fed's probably going to run higher inflation to pay off that debt.
	And so that last chart just showed your purchasing power.
	Inflation over the past hundred years has been over a thousand percent inflation.
	And it doesn't affect just the money in your wallet.
	It affects your retirement account.
	If you think you got a million bucks in your retirement account, you do not.
	not.
	When you take it out in 20 years, you're going to be shocked at what you thought that million bucks would buy you.
	And so no better person to have on the show to respond to the commentary there and to give you some guidance.
	Philip Patrick from Birch Gold, our good friend, supporter of the show.
	We love having him on and And today's all economics, and so I wanted to have him on.
	Philip Patrick, what's your reaction to the charts?
	And take it away.
phillip patrick ▲ ● ▼		I mean, Dave, I think it's very, very important.
		If that doesn't summarize the last four years of Bidenomics, I don't know what does.
		And it's not showing any signs of slowing down, right?
		When he first got into office, he had a pandemic excuse.
		Why is it continuing four years in, right?
		Running $2 trillion deficits without a rationale to do so is an absolute absurdity.
		And one thing, you know, we referenced briefly, debt service payments.
		For the last fiscal year, debt service payments have been $1.2 trillion, right?
		Debt service is now the...
		Third largest item in the federal budget.
		The government last year spent 50% more on debt service than we do on defense.
		Not only is that an absurdity, but it's also a national security risk.
		I'm really glad you went through those charts in a systematic way because the American people need to understand what's going on.
		And I think they do.
		That's why the economy is the number one issue for the election, and we need a change in 11 days, because if we continue down this path, we'll be at the point of no return.
		We have a world running away from the US dollar today, and you can see why, right?
		We're seeing destruction in the purchasing power of the dollar, and we have an administration Yeah.
unidentified		Yeah.
phillip patrick ▲ ● ▼		going to be a big problem for me.
		The economy cannot suffer another four years of this policy.
		We're almost at the point of no return already.
		But these numbers, I think, tell a story.
		And that's why I say I'm very glad you went through that detailed run through.
		And I think all of the viewers should go on and look at those charts in detail because they tell a very, very interesting story.
dave brat ▲ ● ▼		Yeah, well, I'm glad you just brought up this thesis of people running away from the dollar and the crash of the dollar empire.
		And the other day, MSNBC and the early morning liberal talk shows just totally gaslit.
		Yeah, Steve's writings and your writings.
		And they made it sound like Bannon and our team is for the collapse of the dollar, loosen our reserve status, etc., which of course is the exact opposite.
		We're saying if you continue these trends that I just laid out...
		The endless money printing, the endless debt, the trillion dollars in interest payments you just pointed out, we're collapsing.
		The rest of the world is – they know now, right?
		All the financial houses are finally saying now they're the only way to pay off – This debt is to run high inflation.
		If you run inflation, you pay back that debt with cheaper dollars.
		So that's what's happening.
		The BRICs are just meeting over in Russia right now.
		And so why don't you just summarize?
		And gold, I mean, I'd like to be you.
		I mean, the whole world's buying gold.
		The U.S. now is looking, everyone's looking, where do you put your money?
		I did a little hit yesterday on the war, and it was well showing Warren Buffett has gone from $100 billion in cash to $300 billion in cash pile while the stock market's going up.
		What does he know that we don't?
		He knows something negative's going to happen to that stock market.
		And so gold ought to be part of your solution.
		And so, Philip Patrick, take it away there.
phillip patrick ▲ ● ▼		Yeah, look, you're absolutely correct.
dave brat ▲ ● ▼		Actually, Phillip, let me hold you and I'll come back to you right after the break since we're heading right into a break.
dave brat ▲ ● ▼		Let me hold you, and we're coming right back with Philip Patrick.
unidentified		War Room.
		Here's your host, Stephen K. Vance.
		All right, back in the War Room.
dave brat ▲ ● ▼		Dave Bratt sitting in for the great Steve K. Bannon.
		We have Philip Patrick in the studio.
		We just teed him up on the left going off on the crash of the dollar regime.
		We're setting the record straight.
		And we just said, gold, I wouldn't mind being Philip Patrick.
		They have read the tea leaves properly for a long time.
		And so, Philip Patrick, what's your counsel to folks listening in out there?
		Where does gold fit in?
		And take it from here.
phillip patrick ▲ ● ▼		Of course.
		So the end of the dollar empire is a warning that if we continue down this path, we're going to get to the point, as I keep saying, of no return.
		It's a warning to the American people that we need to do an about turn.
		And this was a topic that's very important and very dear to Steve's heart.
		Over the last four years as we've been writing it, this has been happening.
		The US dollar now is a share of foreign currency reserves.
		It's at 26 year lows.
		Now, there is no better alternative to the dollar in terms of currencies today.
		It is still the tallest midget in the room.
		The BRICS do not yet have a currency that can usurp the dollar and that's why they're buying gold and they're doing it in record Quantities for the last two and a half years.
		They're using gold as a means to de-dollarize, and it makes sense, right?
		Gold today is a better bet than the US dollar.
		In the same time period the dollar's lost 20% of its purchasing power, Gold prices have increased around 40%.
		On top of that, the more gold they buy, right, it allows them to hold less dollars.
		By doing so, they drive demand out for the dollar, and they make the argument longer term, easier, for another currency to come and usurp.
		So it's slowly happening around us, and that is why we need a change in policy.
		That is why Stephen K. Bannon wrote those reports, to let the American people know what's happening.
		So they can go out and vote.
		And if Rachel Maddow actually opened the report and read the first page, she would have known that.
dave brat ▲ ● ▼		Yeah, why don't you take a minute or two and go over, I think we're in the fourth installment already, and Steve's been an integral part of that with you guys.
		Tell people, first of all, how do they reach you?
		And then secondly, how do they get those reports?
		And then finally, what's in those reports?
phillip patrick ▲ ● ▼		of course so very simple look we have a lot of information at birch including the end of the dollar empire series all people have to do to access it birchgold.com forward slash bannon again birchgold.com forward slash bannon that's going to give them access to end of the dollar empire which will be sort of a history from the creation of the federal reserve to how we got to the position we are today so really just a historical piece which i think is very important They
		also have access to guides on physical precious metals, how and why to invest.
		So birksgold.com forward slash Bannon.
		And what I would say to people, look, we talk about these ideas of debt and the destruction of the dollar.
		It affects all of us on a daily basis.
		So what applies to central banks and central governments around the world, it applies to us as individuals, of course, on a smaller scale.
dave brat ▲ ● ▼		Yeah, and if you want to keep unpacking, I know Steve really likes getting into that story about the BRICS. So how many countries now, it's not just, you know, the BRICS, the Brazils, the Chinas, the Russias, etc.
		India, Modi's getting a little interesting, right?
		He was doing a little dance over the weekend, trying to keep one foot in both camps, which is smart.
		And the Indians are equally intelligent to the Chinese.
		But how many countries are involved here?
		And if Trump wins, which it looks, we're not getting too cocky on this side of the football, but it looks like the trends are moving toward an understanding.
		The American people understand the risks now, I think, better than they have.
		And so what you're reading on what these countries have been doing, you know, they just say explicitly, we want to contest with the West and we're building up an army to go up against the West.
		And what do you think that looks like if Trump wins?
		And what's your forecast going forward?
phillip patrick ▲ ● ▼		Look, so first of all, in terms of official members, the BRICS now have 10 official members.
		There's another 35 nations that have been invited.
		There's a lot of interest now.
		Look, you know, if there's one thing we learn about Trump is he has respect on the global stage.
		So if anyone can put pressure on these nations, I would say it's Trump.
		The only weakness we have as a democracy is, look, these guys know whoever gets in, Trump, Kamala, there's a four-year term.
		And I think these guys are looking beyond the next election cycle.
		So whether we'll be able to stop it longer term...
		That's a question I can't answer.
		I think Trump may be able to slow that train by putting some pressure on.
		Certainly, we know what we get with another four years of Kamala, and that is huge deficit spending, making the argument easy for these nations.
		And that's what we've been doing for the last four years.
		Steve says it on occasion.
		I believe it.
		Look, a world ruled by China, I think, is a frightening proposition in the West.
		But if I'm in China, with their interests at heart, it's starting to make sense.
		These guys are making the argument easier, and we've got to stop doing that if we have any chance of stopping this train.
dave brat ▲ ● ▼		Yeah, that's right.
		And so, you know, I put up some macro charts and we've been discussing international politics.
		You deal with gold and inflation every day.
		Why don't you hit some examples that come up, just the kitchen table issues, the pain people are going through, the pain people have gone through if they haven't invested properly.
		Just tell a few stories as to how people have been hurt, how families have been damaged.
		Ways you guys can help out, and so take it from there, Philip.
phillip patrick ▲ ● ▼		Yeah, of course.
		Look, we're on the front lines.
		We speak to people every single day about their personal finances.
		These are the people that are being told by the administration that inflation is a fallacy, and, you know, it's just not the reality of the American people.
		And look at what's happening, right?
		Americans now having, as you mentioned before, to work multiple jobs Just to make ends meet, right?
		There was a report recently, most Americans earning over $100,000 a year are living paycheck to paycheck.
		Credit card debt now, over $1.2 trillion.
		People taking out payday loans for groceries, right?
		Think about the stark contrast to four years ago after Trump.
		Look at where we are now, right?
		It's an absurdity and people are feeling it and that is why I'm getting more and more confident of a Trump victory because people can't take this anymore.
		It's absurd, Dave.
dave brat ▲ ● ▼		Yeah, you're spot on.
		Yesterday, we had the head of the Georgia Republican Party on.
		We had the head of the Wisconsin Republican Party, and they were talking about their conversations with black, Hispanic voters, blue-collar workers.
		And they just kind of couched it in those common sense terms.
		It's like we're getting crushed.
		We're getting left behind in this country.
		They're being put to the back of the line in terms of hiring and benefits.
		We have a mass immigration crisis going on where people are getting benefits that the middle-income American can't dream of.
		And so they are hurting.
		And the inflation piece is hard to explain because the mainstream media has just gone out of its way not to explain the damage.
		It's a hidden tax.
		And so we've got about a minute to go.
		Philip, why don't you tell folks how to reach you again, make your closing case for Birch Gold.
phillip patrick ▲ ● ▼		Of course.
		Look, first of all, I just want to say on that point, I think that's why the Democrats are struggling, because they're not willing to admit anything, right?
		And it's just dodging questions, and it's going to backfire.
		But the reality is, like you said, the American people will not fall for it.
		We're feeling the realities of Bidenomics.
		You know, as we've said, if we do not make an about turn from a policy standpoint, it is going to be the point of no return.
		We have 11 days now till the election.
		Everybody has to go out there and vote.
		Vote for Donald Trump because we need him.
		Look, I look at this mostly from an economic standpoint.
		Yeah.
		have an economic policy.
		They are trying to buy votes.
		And that is why we're in the position we are.
		So there needs to be an about turn.
		In the meantime, no matter who gets in, Trump has a lot of work on his hands.
		He has to turn this thing around and it's going to be rough.
		So precious In the meantime, everyone go to birchgold.com forward slash Bannon.
		Get the information, learn, read, and we'll be here to help you.
dave brat ▲ ● ▼		Thanks for being in the House, Philip Patrick.
		Everybody spread the good word for Philip Birchgold.
		Take care, Patrick.
		God bless.
		There's a lot at stake in this upcoming election, but regardless of who is sitting in the White House, the fuse on the economy has already been lit.
		Even four years of a conservative presidency will not be enough to turn the tide on our $35 trillion national debt.
		And if the left wins, it's like throwing gas on a dumpster fire.
		The election is in the hands of the American people.
		But what you can do right now is protect your savings by diversifying into gold with the help of Birch Gold Group.
		For millennia, gold has stood firm in the face of greedy governments, economic upheavals and global strife.
		And it can protect you now.
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		And it doesn't cost you a penny out of pocket.
		In the past four years, the buying power of the U.S. dollar has declined significantly.
		Price of gold has increased 40%.
		Coincidence?
		Text the word Bannon to 989898.
		Get your free info kit on gold and trust Birch Gold to protect your savings.
		Text Bannon to the number 989898 today.
		America is standing on the brink of an election meltdown.
		And Jim Rickards, editor of Strategic Intelligence, the man who predicted the 2008 financial crisis, Trump's victory in 2016, and the COVID disaster is sounding the alarm.
		Rickards has just dropped a bombshell that could change everything you think you know about the 2024 election.
		He's uncovered what he calls the Democrats' secret plan to keep Trump out of the White House, even if he wins.
		This isn't some far-off theory.
		He's warning that this meltdown could lead to a 50% market crash, the total collapse of the U.S. dollar and violent riots in our streets.
		The stakes are higher than ever, folks, and if you're not prepared, you could lose everything.
		But Jim Rickards isn't just predicting disaster.
		He's laying out five critical steps you need to take now to protect yourself, your family, and your financial future.
		This isn't fear mongering.
		It's coming straight from a man who's been at the highest levels of intelligence, finance, and national security.
		Go to Meltdown24.com right now to watch his urgent presentation.
		Don't wait until it's too late.
		Meltdown24.com.
		That's Meltdown24.com.
unidentified		War Room.
		Here's your host, Stephen K. Mann.
		All right, back in the War Room.
dave brat ▲ ● ▼		We're going to hit a little more economics, come right up to real-time headlines from yesterday in the news.
		We have the great Bill Walton in the house.
		He's a renaissance man across the board.
		He ran financial houses on Wall Street.
		He was chairman of the Performing Arts in Washington, D.C., the Kennedy Center.
		He's entered the fray on public policy and politics and trying to make our country a better place to live.
		And I told Bill I'm going to put up a couple charts first just to warm us up.
		But these are just the fundamentals over the past four years.
		And so Denver just put up chart number one, which I think says it all.
		A lot of people don't like saying this time is different, right, because everybody always says that in history.
		But this chart, this increase to the far right on that chart where M2 goes straight off the charts like a rocket ship, when the past 30, 40 years are relatively flat, that is new and improved.
		It's not improved.
		That's the Federal Reserve acting in shock treatments because of their failures back in 07, 08 and the failure of our macro economy since.
		So Bill and I are going to get to that one.
		And then the next two just tee up our long-term performance.
		Is this...
		By the way, it's from the head of productivity at Northwestern University, Robert Gordon, right?
		So these numbers are solid.
		This guy's life work, and he's probably left of center, right?
		So that graph shows productivity going down for 70 years in a row.
		The next chart, Denver, is CBO again, Congressional Budget Office, showing productivity is going to continue to go down for the next 30 years as well, Congressional Budget Office data.
		And then the part that liberals used to like highlighting, but now the populists are starting to grab hold of this territory.
		The last chart we're just going to use to tee up this segment, Denver.
		This is from the Federal Reserve also, and this shows the rich 10% own 90% of the stocks, bonds, and pensions.
		And it looks like the Fed, the Federal Reserve, is going to be running inflation to pay off the debt.
		A lot of the financial experts are going to get into that.
		And I'm not going to steal Bill Walton's thunder, but I think he's got a headline from Goldman Sachs.
		And so, Bill Walton, welcome to the War Room.
		Great to have you on.
		Great to see you again.
		And why don't you just react to those slides and give us your prognosis.
		Where do we stand?
		What's likely coming?
		And I think you had a story on Goldman Sachs you want to share as well.
unidentified		Well, I think the tale here is we've had a tale of two economies.
		We've had the elite 1% and You know, I've made a lot of money, but I'm really not part of that group.
		I consider myself as part of the rest of us.
		And so you've got the group that's done very well with the stock market in the last 10 years.
		It's gone up some 300-400%, driven largely by the Magnificent Seven, which are the tech stocks.
		Well, the rest of the country has most of their savings in fixed income and not as much in stock.
		And so they've seen a couple really bad things happen.
		One is they've seen inflation go up, driving their purchasing power down.
		They're saying the number is 20% overall.
		I think it's a lot higher than that.
		And, you know, just look at how big Macs have gone up 50%.
		So I think, I don't know where they're getting their numbers from, but I think that...
		That increase is modest.
		And then the other thing is they're seeing the value of their IRAs decline in real terms.
		I mean, they've gone up.
		If you look at your statement versus four or five years ago, yeah, it's gone up.
		But if you do it based on what you can buy with that, the value has actually gone down 9 or 10 percent.
		So your assets are shrinking.
		Your purchasing power is worse.
		And yet we're proceeding at pace with headlines about how the economy is doing great and Obama or Biden and Harris are trying to make that claim.
		And if you're wealthy, You're really happy because you've seen the stock market go up and up and up and you're feeling pretty good.
		Now, here comes the Grinch.
		The Grinch is Goldman Sachs.
		That's our favorite Grinch.
		And usually they're showering good things on the wealthy elite.
		But they're not now.
		What they're saying is the stock market's had its run and it's statistically almost impossible to have the kind of returns in the next 10 years We've seen historically.
		And so the people who've been benefiting from the asset price inflation and the higher stock market prices are going to see a flat line.
		They're projecting, like, I think the number is 1% or 2% in real terms.
		And so the wealth effect, which...
		Simple, big word for, you know, if your stock portfolio goes up, you feel richer.
		That's the wealth effect.
		Well, they're not going to be feeling that wealth effect.
		And so I think the two economies may be converging into one pretty lousy economy.
dave brat ▲ ● ▼		Yeah, and so why is that?
		Why are they – is it an earnings story, or are they seeing what Warren Buffett sees, just kind of a collapse maybe, like an 07-08 financial crisis?
		And then years to dig out.
		And then I just put up those productivity slides, right?
		And that's the most depressing part, right?
		Because our capital formation is less than China.
		Our human capital in the kids, the poor kids in the inner cities, the human capital development is not what it should be.
		And so I think Goldman gave a few reasons, but what would you add to that?
		To their analysis, Bill.
unidentified		I love that 12-part question.
		I'm going to take all 12.
		That's good, good.
		I think what Goldman is saying is basically an earnings story.
		You've got seven high flyers, and there's no record in history of companies continuing to grow like a weed and have their earnings increase the way they have.
		And so the absence of some new high flyers emerging, the balloon's likely to deflate on these, and so it's an earnings story.
		I think it's also an economic malaise story where stocks get bid up.
		Because, you know, people are feeling good about the future.
		And, you know, if you look at the geopolitical environment, you look at the investment environment, it's hard to see a lot of reasons for optimism.
		I mean, the venture capital industry slowed.
		The private equity industry slowed.
		And so a lot of the drivers of growth are hard to see.
		It doesn't mean...
		Historically, they've always come back.
		But you hit on something with the productivity charts, and I can't...
		I'm more of a business guy than I am an economist, but what I see is just a massive misallocation of capital by that master misallocator, the federal government.
		And what they've done is they've taken our tax dollars and they've allocated it to green energy.
		And, you know, energy, cheap energy, there's almost, and you probably know this better than I do, there's almost a one-to-one correlation between inexpensive energy and economic growth.
		And, you know, that's why there's such a – that's why the third world developing countries are so angry at the climate people because they're saying, look, we need some gasoline to power our generators.
		And the climate people are saying, well, we think you ought to stick with wind power.
		Right.
		Well, that was a great technology in the 12th century, but it won't drive a modern economy, and it's not going to get these countries out of the ditch when it comes to the growth.
		And so we've got to stare at the massive misallocation of capital that the federal government's been responsible for as one of the reasons for that productivity decline.
		And unless we kick back into gear to put the highest use, we're not going to see any improvement.
		Now, the good news is Trump gets this.
		This drill baby drill is shorthand for let's use the cheapest, most abundant energy source, which is fossil fuels.
		And I think we'd also get encouraged about pushing nuclear.
		And then we can, you know, everybody, that rising tide is going to benefit everybody.
dave brat ▲ ● ▼		I've got a question for you, Bill.
		You started weighing into the geopolitics and they're talking up a good game.
		They're talking like the economy's doing okay and that kind of thing.
		But the CEOs are responsible, right, to their shareholders for, you know, at least an intermediate time horizon.
		You see China, you know, Xi Jinping gave a talk a year ago saying we're going full Marxist-Leninist.
		We're going inward.
		We're not doing economic reforms.
		They're cracking up a bit.
		And I could go on and on and on.
		But the upshot is our CEOs are still trading right into this.
		Iran, Russia, China, we have four imminent threats.
		Israel, bombs are going off, and the CEO class is like, ho-hum, whatever.
		I mean, I fail to see how they're being very responsible with risk analysis in the face of this world we live in.
		How is that happening?
unidentified		Well, I think it's human nature, I guess, are in denial, and particularly in the case of China.
		I mean, they made such big bets.
		J.P. Morgan, McKinsey, Nike, Starbucks, all the companies that went all in on China, they miss the good old days, and they're recorded by the Chinese Communist Party.
		You're not allowed to make money in China.
		Unless the party allows you to do that.
		I don't think they're reading the winds very adroitly.
		Here's what the Chinese people think of Xi's economy.
		Wall Street Journal, you probably saw it yesterday, said that a quarter of a trillion dollars left China.
		Chinese savers are trying to find other places to put their capital.
		I've got to analyze it.
		I haven't had a chance to read a thing in detail, but it's really hard to get your money out of China, and yet it's happening.
		And the CEOs also are stuck with the fact they've made billions and billions of dollars of investments in places that are no longer investable, and they don't want to write that off.
		And if you abandon China, you've got to take a big hit, and that doesn't look very good for your quarterly earnings.
		And so there's a reluctance to abandon the things that you thought were going to be a big winner, when in fact it's turning out to be a big loser.
dave brat ▲ ● ▼		Yeah, it's pretty shocking what you just said about the exodus of capital, and then their business innovation and startups fell off a cliff.
		I mean, it's not down 20%.
		It's down to zero.
		The smart folks know this, and they're getting aggressive.
		China's getting aggressive in the Philippines.
		Blockades are threatened in Taiwan.
		Taiwan's new president has a backbone, and it's like a David and Goliath story, and he's standing up to China and saying, no, you know, we're older than you, and so I don't buy your story.
		I'm just shocked at the courage they have.
		But our CEO's in the face of that.
		Yeah, go ahead, Bill.
unidentified		Well, I think the Taiwan president also knows something that China's got tremendous vulnerabilities.
		It's not like they can just go in and take over Taiwan, because Taiwan controls the most sophisticated semiconductor operation on the planet, and it's tightly integrated into China.
		Now, it's also tightly integrated into the United States, so we're all playing Russian roulette here.
dave brat ▲ ● ▼		Yeah, right, exactly.
unidentified		Who's going to blow each other up first?
dave brat ▲ ● ▼		Let me pause you right there, Bill.
		Let me pause you right there.
		We're going into a commercial break.
		Back with the great Bill Walton.
		Stay tuned with The War Room.
		Make sure you spread this platform far and wide.
		Steve Bannon is back on Tuesday, and we want the numbers to go through the roof.
		So share whatever platform you are.
		Explain to folks how to use it.
		Right back in a minute.
		There's a lot at stake in this upcoming election, but regardless of who is sitting in the White House, the fuse on the economy has already been lit.
		Even four years of a conservative presidency will not be enough to turn the tide on our $35 trillion national debt.
		And if the left wins, it's like throwing gas on a dumpster fire.
		The election is in the hands of the American people.
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unidentified		War Room.
unidentified		Here's your host, Stephen K. Bannon.
dave brat ▲ ● ▼		All right, Dave Bratt sitting in with the great Stephen K. Bannon, who is coming back to the chair Tuesday.
		We cannot wait to have our leader back.
		He's been sorely missed.
		So thoughts and prayers, keeping with Steve.
		Pray strong for him and a strong return.
		To save this country, he was the head, he was the CEO of the election of the 16 win from President Trump.
		And they put him in jail for a reason.
		It's just shocking.
		But Steve will tell us what to make all that on his return.
		We have Bill Walton on the show.
		We're going back to him.
		I'm going to read a quote first from J.P. Morgan, CEO. I honestly think he watches the war room.
		I think this guy is enlightened.
		He wants to be a populist.
		He just can't do it.
		The other day he said, well, I want a foot in both rooms, but if Harris offers me Treasury Secretary, I'll do it for her.
		And I think the guy is way too smart for that.
		He knows what's going to happen.
		If you're listening, Jamie, I know you watch me and you troll my charts and then you borrow them the next day because I just covered this in detail yesterday.
		And so if you're watching, come on over.
		Come on over to the light side.
		We want to have you over here, brother.
		We'd love to have you.
		All right?
		J.P. Morgan, CEO, Jamie Dimon.
		Quote, cash is a very valuable asset sometimes in a turbulent world.
		Sounds like our gold commercial.
		And you see my friend Warren Buffett stockpiling cash right now, as we just showed in charts for five minutes the other day on the show.
		He went from $100 billion cash position to $300 billion cash position.
		So Jamie's watching.
		People should be a little more thoughtful about how we're trying to navigate this world, end quote.
		You think so?
		Okay, Jamie, now put the pedal to the metal and call for a return to a sane Federal Reserve System and a sane fiscal policy.
		You are in a powerful slot to make that happen.
		In the meantime, we've got another superstar with us.
		Bill Walton's on the show.
		Bill, respond to that quote, and you've got a few more minutes to close out the show.
		Thank you for being with us, Bill.
unidentified		Well, I know Jamie.
		Jamie's a smart guy, but I know he's smart enough to not take the job of Treasury under Kamala Harris.
		It would be like taking on becoming the bookkeeper on the Titanic.
		You're going to go down with that ship.
		I mean, there's no way.
		With all the policies she wants to put in place, it's a bad job, Jamie.
		You've got more sense than that.
		But he's right about cash.
		Warren Buffett happens to be right about cash, except he put all of his...
		Half his net worth with Bill Gates to give away to things that Bill Gates shouldn't be giving away things to.
		But putting that aside, cash is a good place.
		I mean, I'm not in the business of giving investment advice, but I've had a nice run in my equity portfolio, and I'm looking at treasuries as a relatively safe place to hide.
		I mean, treasuries are not Treasuries are not gold, but on the other hand, gold doesn't pay a current return.
		And so if you need a current return to live on, a treasury, in the meantime, is a pretty good place to be.
		So for what it's worth.
		Although I will tell you the Chinese bond market has been on a tear for the last decade.
		But I don't recommend you putting your money into that because you probably would not get it back.
		Right.
dave brat ▲ ● ▼		Bill Walton, great having you on the show today.
		Just close us out.
		Why should people keep the faith?
		I think the faith is very important, a fabric of this country.
		What's your shout out in closing to the American people in a week to go?
unidentified		We've got to get Trump elected because it's not only Donald Trump, but it's all the people around him.
		And I know a lot of the people.
		I'm here...
		We've got some good people to put into positions.
		They get the problem that we see.
		And so you've got a team that's in place that's ready to make this happen.
		So it's not like last time.
		2016, he got a slow start.
		This time he's going to get a fast start and he knows what the issues are.
dave brat ▲ ● ▼		Yep.
		Bill Walton, thank you so much for being on, brother.
		God bless you.
		We're going to another Patriot, Mike Lindell.
		Mike Lindell's been touring the entire country in the past two days.
		I don't know how he does it.
		He's still got a smile on his face.
		Mike, thanks for being on The War Room.
		What do you got for us today, brother?
mike lindell ▲ ● ▼		Well, thanks, everybody.
		I was on a debate two nights ago with the Young Turks, everybody.
		Check that out on Frank's speech.
		You won't wanna miss that.
		But I wanted to quick tell everybody, in celebration of Steve getting out, you're gonna get a free from MyPillow.
		My pillow 2.0 with this case, the land of the free.
		A friend of mine, he's a blind painter, one of Steve's favorite guys.
		And you're getting this free for the promo code war room, just pay shipping.
		And this is a war room exclusive.
		And then if you go to my, there it is right there, everybody, the land of the free.
		This is a commemorative pillow.
		Plus, it's a great pillow you can use.
		Multi-use MyPillow 2.0.
		No purchase necessary.
		Promo code WARMROOM. If you go to MyPillow.com.
		Now, we need to break records this weekend.
		Let's do it for Steve.
		You've got the flannel sheets.
		Remember everybody?
		He promoted them last year.
		All the new ones are in.
		WARMROOM special as low as $59.98.
		You see the classic MyPillows there.
		You've got the MyPillow mattress top for $99.99.
		These are War Room exclusives.
		And we've got the Made in America socks.
		You've got everything there.
		Do all your shopping now.
		Steve, when he went in, he gets out on Tuesday now.
		We want to make him proud that we broke records.
		It's a win-win-win, everybody.
		You've got my employees.
		We hired...
		50 new employees these last two weeks, right before Steve got out.
		He's gonna be so happy that we made it through the storm.
		And then also as a win for the War Room show, kept it going.
		You know, we're one of the biggest sponsors, MyPillow is.
		But the biggest win is you at home.
		You're getting these great products.
		And that help you get the best sleep of your life in these times we're in.
		And you guys, I want to say one more thing.
		You go to church tomorrow and you go in and that should be all you talk about is getting everyone out to vote and spread it across every media platform you have.
unidentified		Vote, vote, vote.
dave brat ▲ ● ▼		Yeah, that's right, Mike.
		I'm glad you hit that.
		We got a minute left on that, and there's a week to go, and every preacher, you know, you're talking the day before the Holy Day, so say that again and put a little oomph in it.
		These preachers, they're responsible before God.
		Light them up.
mike lindell ▲ ● ▼		That's right.
		You preachers, you don't have to worry about no Johnson law.
		You just tell your congregation to vote.
		You don't have to tell them.
		They all know who to vote for.
		And you tell them, spend their whole Sunday, spend the whole Sunday voting, voting, voting.
		Look, we got glitches.
		They don't even want me to tell you that out there.
		Vote, vote, vote.
		Get in there.
		That should be your topic of conversation.
		This is to save our country, save the world, and we are in the biggest revival in history for Jesus Christ.
		You preachers need to go out and tell your congregations to vote tomorrow.
		Everyone in that congregation, if you're watching, you go just spend the whole day, skip football for one day, and just sit with your social media and spread the word to vote, vote, vote.
dave brat ▲ ● ▼		Yeah, very simple.
dave brat ▲ ● ▼		The Bible and God have made it very clear, peace and prosperity are a morally good thing.

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