Dec. 16, 2024 - Bannon's War Room
48:53
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| If you take from today, 400 days in the future is the first anniversary of Trump's first year of his second term. | ||
| January 20th of 2026. The national debt on that day, and if you don't trust me, pull your phone out and go to the debt clock. | ||
| The national debt will be 40 trillion dollars. | ||
| 40 trillion dollars. | ||
| Regardless of what President Trump and Doge does right now, those numbers are almost baked in. | ||
| And at 40 trillion dollars, the game changes. | ||
| As Nigel Fry said after Liz Truss was thrown out of office by the bond vigilantes, Nigel told me, he says, Steve, more governments have been turfed out by the bond market than by howitzers. | ||
| Right here in this city, the financial capital of the world is going to determine the success of Donald Trump's presidency. | ||
| That President Trump's got to get, and he will, get a grip on the out-of-control debt, the out-of-control spending. | ||
| Elon Musk will be a part of this, right? | ||
| I hate to say it, you're going to have populist tax cuts on no tax on tips, no tax on Social Security, no tax on overtime. | ||
| To make up that gap, I hate to say this, I know you've got a bunch of still Republican Orthodox folks out here, you're going to have to raise taxes on the wealthy. | ||
| Hey, both parties got us into this. | ||
| Only the populist nationalists could get it out, but you know what? | ||
| The neoliberal neocons are going to have to pay for what happened, right? | ||
| We didn't get in this jam. | ||
| Do you understand at $40 trillion, at $1.5 trillion of interest expense, what that takes away from the country? | ||
| This hole that we have dug is unbelievable. | ||
| And only President Trump can get us out now. | ||
| It's to cripple President Trump in the opening days of his administration. | ||
| This has to be fought every single day. | ||
| Biden, you failed the exam. | ||
| it's now time to put your pencil down. | ||
| He's only gonna be successful if you have his back. | ||
| The fights in Washington have already started. | ||
| You see where they passed the NDAA with $900 billion. | ||
| You see where they're talking about one or two reconciliations. | ||
| That's all to hide more federal spending. | ||
| President Trump's going to come up and he's going to need you to have his back. | ||
| The fights are going to have Capitol Hill with the Republican Party. | ||
| Look right now at his nominations, right? | ||
| Pete Hexth has to get approved. | ||
| Tulsi Gabbard has to get approved. | ||
| Bobby Kennedy has to get approved. | ||
| Kristi Noem. | ||
| Kash Patel has to be approved. | ||
| Head of the FBI. President Trump took a bullet to the head and four months later won a landslide. | ||
| He gets to have the team he wants. | ||
| And I don't give a damn what Mitch McConnell's got to say about it. | ||
| I don't care what Joni Ernst has to say about it. | ||
| Okay? | ||
| I don't care. | ||
| Give us advice and then give us your consent. | ||
| The great Matt Gaetz, we should never allow that to happen. | ||
| That's one of the greatest young warriors in our movement. | ||
| It's one of the greatest young warriors in this country. | ||
| It's unacceptable, unacceptable that we let pencil necks that have destroyed this country like Mitch McConnell tell us who's going to be the Attorney General of the United States. | ||
| Where's your fight? | ||
| You said in an interview a few months ago that, quote, there's a good chance that the Republican Party is going to be is going to need to be rebuilt or reoriented and that you want to have a voice in the post-Trump Republican Party. | ||
| Do you think that there's still do you still think there's going to be a post-Trump Republican Party or is MAGA now the Republican Party? | ||
|
unidentified
|
Oh, MAGA is the Republican Party and Donald Trump is the Republican Party today. | |
| And if you were to ask me who the nominee will be in 2028, I think it'll be J.D. Vance. | ||
| All right? | ||
| He's smart, well-spoken, part of the MAGA movement. | ||
| You said something pretty harsh about him a few months ago, though. | ||
| You could not have less respect for somebody than J.D. C. Long ago. | ||
|
unidentified
|
I'm not going to rehash history. | |
| And we've worked together in the Senate since then. | ||
| But that is what the Republican Party is. | ||
| And will the party need to change? | ||
| Look, the Republican Party has become the party of the working-class, middle-class voter. | ||
| And you've got to give Donald Trump credit for having done that, taking that away from the Democrats. | ||
| Democrats pushed him out, all right? | ||
| The Bernie Sanders, Elizabeth Warren faction of the Democrat Party with some of this, you know, defund the police and transgenders in, or excuse me, biological males and women's sports. | ||
|
unidentified
|
These things had a lot of people in the middle class just flee the Democratic Party. | |
| They're now Republicans. | ||
| Now, one of the challenges in my party is that our policies do not necessarily line up With the interests of our voters. | ||
| And so there'll be some reorientation that's going to be necessary in my party. | ||
| The Democrat Party is the one in trouble. | ||
| I mean, I don't know how they recover. | ||
| And, you know, I'm not going to tell them what to do because I would begin to have the capacity to do so. | ||
| But they've lost their base. | ||
| I mean, union guys and gals have left the Democratic Party. | ||
| And are voting Republican. | ||
| And the Democratic Party is seen not as rich people but as college professors and woke scolds. | ||
| And that's not an attractive feature. | ||
| And we have to be relentless. | ||
| There has to be not retribution. | ||
| President Trump looks at retribution of turning this around, getting the economy growing again, jobs for everybody, to redo the economy of 2018 and 2019. Okay? | ||
| Because President Trump is leader of all the people. | ||
| He's President of the United States. | ||
| He's got a kind heart and a big soul. | ||
| But that's not us, right? | ||
| We want retribution. | ||
| And we're going to get retribution. | ||
| You have to. | ||
| It's not personal. | ||
| It's not personal. | ||
| Think of what they did to this country. | ||
| Think of what the corporate CEOs did with the DEI programs. | ||
| Think of the debanking and cut off of credit cards. | ||
| Think of how they tried to destroy every person in this audience. | ||
| If you stepped up and said, remember we used to have this at other places and we'd have police barricades and the left was out there and the media was goading them on, right? | ||
| Because you know why? | ||
| They never in a million years thought we'd be back in power. | ||
| And they need to learn what populist nationalist power is on the receiving end. | ||
| I mean investigations, trials, and then incarceration. | ||
| And I'm just talking about the media. | ||
| Should the media be included in the vast criminal conspiracy against President Trump and his followers? | ||
| Should Andrew Weissman on MSNBC and Rachel Mata and all of them, we want all your emails, all your text messages, everything you did, you colluded in a conspiracy with Merrick Garland, Matthew Colangelo, Lisa Monaco, and Jack Smith. | ||
| This is not me saying it. | ||
| Benny Thompson's on TV saying give a committee a pardon. | ||
| Lock them up and throw away the key. | ||
| You know, when Trump talks about sending to jail people who are on that January 6th committee, that sounds like being a tin pot dictator. | ||
| So I would hope that we have an FBI and a Justice Department that protects the civil liberties of the American people and does its best to protect American democracy. | ||
|
unidentified
|
Well, we know the White House is considering potential preemptive pardons of those who've clashed with President-elect Trump. | |
| In light of what the President-elect said to me, that yes, he does think that members of the January 6th committee should go to jail, do you think that Mr. Biden should issue preemptive pardons for the entire January 6th committee? | ||
| Well, I think he might want to consider that very seriously. | ||
| Look, that is an outrageous statement. | ||
| This is what authoritarianism is all about. | ||
| It's what dictatorship is all about. | ||
| You do not arrest elected officials who disagree with you. | ||
| In the White House right now, with the world on fire, they're spending the time on blanket preemptive pardons. | ||
| Blanket preemptive pardons. | ||
| Here's the good news, folks. | ||
| Here's the good news. | ||
| We've got these rats cornered. | ||
| If they give the pardons, the Democratic Party is finished. | ||
| Amy Klobuchar and those people are telling you that. | ||
| If they give, we dare you to give blanket preemptive pardons to anybody. | ||
| If it happens, the Democratic Party is over. | ||
| And if it doesn't happen, you're all going to prison. | ||
| ...did that. | ||
| Donald John Trump is going to raise his hand on the King James Bible and take the oath of office. | ||
| His third victory, his third victory in his second term. | ||
| And the viceroy, Mike Davis, tells me, since it doesn't actually say consecutive, that, I don't know, maybe we do it again in 28th. | ||
| Are you guys down for that? | ||
| Trump 28! | ||
| Come on, man. | ||
| 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 at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| 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. | ||
| War Room. | ||
|
unidentified
|
Here's your host, Stephen K. Vance. | |
| And we're here. | ||
| It's Monday, 16 December, the year of our Lord, 2024. Welcome. | ||
| We're here in the world's financial capital, following up last night's speech, the 112th New York Young Republicans Club annual Christmas gala. | ||
| I was honored to be the keynote speaker. | ||
| Of course, the keynote didn't go on after 11 o'clock at night, and it's a quite rowdy crowd, so... | ||
| As you can tell, I had to put aside my very serious kind of policy speech and just start throwing bombs. | ||
| I want to thank Gavin Wax, Fish Burr, Raheem Kassam. | ||
| Raheem was the emcee last night. | ||
| Alex Brusowitz, who's on the show, friend of the show. | ||
| Was the social media influencer coordinator for President Trump's campaign, just did a magnificent job, really got the ecosystem kind of organized. | ||
| Had a seizure last night. | ||
| Something happened all over Daily Mail. | ||
| I want to report... | ||
| I think Alex is fine this morning. | ||
| I still think he's in New York Presbyterian, one of the best hospitals in town. | ||
| He is resting. | ||
| I think they feel that he was dehydrated because he'd been drinking coffee all day before his turn last night. | ||
|
unidentified
|
night. | |
| So I know the video looks really, uh, looks bad, but Alex is okay. | ||
| Of course, uh, he almost took out if Jack Posobiec had been sitting in his chair, of course, Jack Posobiec, you know, Jack's the official greeter. | ||
| So Jack's walking around working the tables, uh, working the tables, the, uh, Alex, when the podium came down, uh, It hit an empty chair, although it almost took out the future ambassador, Dr. Monica Crowley, and of course Jack's lovely wife, Tanya. | ||
| But we were able to avoid a catastrophe. | ||
| I want to break down this speech last night. | ||
| It's already starting to go viral about President Trump in 2028, about Eric Adams as QAnon, as a couple of three other things. | ||
| I was throwing bombs last night. | ||
| Here's the reason. | ||
| Get on stage, 11 o'clock at night, crowd's rowdy. | ||
| They've been there for like five hours. | ||
| They've had an adult beverage or two. | ||
| It's pitch black. | ||
| You've got the lights on. | ||
| You can't see any of the audience. | ||
| It's 2,000 people or 1,500 people screaming. | ||
| And it sounds like a 747 jet engine right into you. | ||
| So you've got to kind of throw down hard. | ||
| We did last night in New York City the financial capital of the world. | ||
| The centerpiece of this discussion is that the bond market and the global financial markets are going to be the headwind upon which President Trump has to really focus and drive through to change the direction of this country. | ||
| You've got the Third World War. | ||
| You've got the border invasion. | ||
| Ben Burkham is going to join us and Oscar Blue Ramirez at 11 o'clock live from the border. | ||
| We're going to give a continued update on that. | ||
| But it's the debt. | ||
| It's the deficit. | ||
| It's the spending. | ||
| It's the taxes. | ||
| It's all of it. | ||
| President Trump's economic plan. | ||
| And in fact, later this morning, there's going to be a press conference at Mar-a-Lago. | ||
| President Trump's got folks writing some big checks into the United States of America. | ||
| Short commercial break. | ||
| We're going to be back in the war room. | ||
| him just a moment what's vexed business leaders on both sides of the atlantic political leaders on both sides of the atlantic thought leaders on both sides of the atlantic Who is going to have his ear the most, the creators or the destroyers? | ||
| Tell us about it. | ||
|
unidentified
|
Joe, I think you understand Trump's mind as well as anyone. | |
| I think they're in tension right now. | ||
| The creators are the folks you're seeing named to the economic jobs, the energy jobs, the AI jobs, where they feel like they can juice economic growth, try to keep jobless rates low, and then keep the stock market soaring. | ||
| If he does that... | ||
| He feels like he'll have a very successful presidency. | ||
| He'd be popular and he'd get sort of what he wants out of the White House. | ||
| But at the same time, all the people you talked about earlier, all these people who are up for cabinet jobs that are controversial, they would fall into that destroyer. | ||
| Category. | ||
| And those are people that are brought in specifically because of their loyalty, partly to do retribution, partly to gut the very agency that they're being put in charge of. | ||
| And I think that's the reason you have such jarring moments with Trump. | ||
| I think you're going to see these wild swings between the two of them. | ||
| You know, tying all of your stories together today, think about that drones in the sky. | ||
| Right? | ||
| Like, just right now, you have a ton of people sitting on X who think that it's UFOs or think that it's the Iranians are ready to wage war on America. | ||
| You've got others paying no attention to it. | ||
| You have the president-elect saying maybe we should just shoot them down. | ||
| Then you talk about Hegset, that defense secretary, worrying about a woke military or worrying about Trans in the military. | ||
| Really the biggest topic, and you have smarter people on the set today than me on this, that the military needs to worry about, that the next defense secretary has to worry about, is drones, or it's related to drones. | ||
| It's how do you move as quickly as possible To a type of warfare that's waged in space with satellites, with drones, with new technologies, less dependent on boots on the ground, much more dependent on getting the best and the brightest in the government to figure out how do we take this advantage that we have over China. | ||
| Meaning we created AI. We have a big lead over them on chips and a lot of the thinking that goes into AI. How do we take that and make sure that our military is even more dominant in the next generation? | ||
| So when you get bogged down in these small ball little things, you lose sight of the big picture where we do have an enormous advantage going in. | ||
| Okay, that's Jim Vanderhay. | ||
| The lead story over at Axios today is called Creators vs. | ||
| Destroyers. | ||
| And it talks about the two types of basic folks in the Trump cabinet from a policy perspective. | ||
| It leads with Scott Besant and the economic team and Governor Doug Burgum on energy economics, who's in the White House and the economic side. | ||
| And it talks about the destroyers, those people. | ||
| And I think with Jim, the one thing, if I might add, he doesn't quite... | ||
| Delineate that's very important. | ||
| It's like they're in conflict with each other. | ||
| They're not in conflict with each other. | ||
| Remember, in a capitalist system, you have what's called creative destruction. | ||
| Creative destruction is just part of the process. | ||
| It's a part of capitalism. | ||
| A capitalist society is rejuvenating themselves. | ||
| I've talked a lot about somewhat of Thomas Kuhn. | ||
| Who wrote this book called The Structure of Scientific Revolutions back, I think it was in the 70s. | ||
| It became a very big... | ||
| Because it laid out the concept or the construct of scientific revolutions and paradigms and paradigm shifts. | ||
| What you have to do. | ||
| What happens in the lead up of information and knowledge and the build up to actually have an old paradigm like the earth is the center of the universe to a new paradigm that the sun is the center of the solar system. | ||
| And so you're seeing a paradigm shift as we speak. | ||
| This is why the rise of populist nationalism, this is a whole different nomenclature than the Republican Party. | ||
| You saw the surrender flag go up by Mitt Romney. | ||
| What shocks me about Mitt Romney is, yo dude, you were the presidential nominee in 2012. These things were already happening. | ||
| Mitt, supposed to be such a smart guy. | ||
| The financial collapse of 2008 triggered it. | ||
| Every financial collapse in human history has been followed by a populist revolt. | ||
| Why? | ||
| In the financial collapse, it's always the little guy that gets crushed the most, particularly on a relative basis. | ||
| They get crushed the most. | ||
| Yes, the wealthy get hurt. | ||
| Sometimes the wealthy go bankrupt. | ||
| They end up penniless. | ||
| But the little guy gets crushed in financial collapses. | ||
| And at some period of time, right, the forces come together and people come and leaders arise and say, hey, guess what? | ||
| Maybe the little guy ought to get a piece of the action. | ||
| Maybe the little guy ought to be taken care of. | ||
| It's a natural reaction. | ||
| Of course, Mitt Romney and all his brilliance in private equity kind of missed that. | ||
| Because you had the financial collapse, then you had the Tea Party movement. | ||
| Mitt Romney in 12 went out of his way to diss the Tea Party movement and wouldn't have anything to do with him. | ||
| I was there. | ||
| We reached out and people tried to sit down with Mitt Romney's team. | ||
| He wouldn't even have a meeting with the Tea Party movement. | ||
| Why? | ||
| Oh, because Mitt Romney could smell the Walmart on him, just like Peter Stork. | ||
| They were the deplorables. | ||
| Mitt Romney's too good for that, right? | ||
| He's the guy on top of the wedding cake. | ||
| So right there he goes, well, it's a working class party. | ||
| Yo, dude, this has been 10 years in the making, 12 years in the making, 14 years in the making. | ||
| It just shows you the people on Capitol Hill and in politics. | ||
| These big donors. | ||
| Mitt Romney raised, I don't know, a billion dollars in 2012 from all the rich billionaires. | ||
| Paul Singer and that entire crowd. | ||
| This is how clueless they are. | ||
| And right now, they're dangerous. | ||
| Because they're just as clueless. | ||
| But as we head into this kind of, what I saw, this convergence of the Third World War, right? | ||
| The invasion of the southern border and how you deal with the deportations. | ||
| And the centerpiece, which is this financial firestorm we're about to go into, Zero Hedge, again this morning, has another incredible story called Falling Off a Cliff. | ||
| It's about the employment numbers, as we've talked about here for over a couple of years, about the real numbers coming out of the Bureau of Labor Statistics and now how they reset months after the first number comes out. | ||
| You actually see the lack of jobs. | ||
| If you back out jobs from federal spending, either government jobs, or what I call government-adjacent jobs, like come up in health care because of spending that's taking place in health care, and these come up. | ||
| That's not real creative productivity. | ||
| These are not jobs like manufacturing things, distributing things, even in the service economy, right? | ||
| These are not coming up whole-cloth jobs. | ||
| From a productive economy. | ||
| That's why the economy, and Dave Bratt, and Dave's going to try to join me at 6 o'clock tonight, continues to talk about the lack of productivity. | ||
| So in the creators and the destroyers, Jim Vanderhay, what you call the destroyers, part of it, are really the people going in for the deconstruction of the administrative state. | ||
| The producers, the creators, Jim, so Jim, get your number two pencil out and write this down. | ||
| We're going to take access and make you a little more sophisticated. | ||
| The creators or the people on the more of the economic side, one of the things they have to get over and all the creativity in getting our growth rate up to, I don't know, 3%, 3.5%, 4%. | ||
| Scott Besson said his target is 3%, hopefully may even be a little higher, in real economic productivity, not government effused from massive government spending. | ||
| One of the things we have to do is, this is what Doge is about, you have to cut federal spending. | ||
| You have to cut these deficits. | ||
| As we sit here today, what I said in the speech last night, if you sit here today and look 400 days into the future, which is nothing, it's essentially what happened from the time this dinner went on last year where Gavin Wax actually talked to the president. | ||
| I was at the table and said, hey, come to Bronx, come to South Bronx, and we can get 10, 15, 20,000 people there that are your supporters and people that are just coming to this movement, new people, right? | ||
| And Gavin Wax was right. | ||
| So that went by in a snap. | ||
| 400 days is nothing. | ||
| It's essentially the first anniversary of President Trump's second term. | ||
| The face amount of the national debt would be $40 trillion. | ||
| The interest payments are going to be at $1.2 to $1.5 trillion. | ||
| Not only is it not sustainable, it's the beginning of a death struggle in the United States. | ||
| This is the existential threat. | ||
| As bad as the CCP is, as bad as the issues with artificial intelligence, as bad as the invasion on the southern border, and let me go back a second to the three things that are converging. | ||
| With the Third World War in Ukraine, In the Middle East and let's say shortly in the South China Sea, President Trump, President Trump with his command presence, his knowledge, his ability to both bring people together and bang heads. | ||
| We had peace in the Ukraine before when President Trump was here. | ||
| We had peace in the Middle East and the Persians backed off when President Trump was here. | ||
| We had peace with the Chinese Communist Party. | ||
| President Trump has a plan of getting all three of this. | ||
| Now look, It's all going to be gnarly, right? | ||
| There's a million Ukrainians dead, 700,000 Russians dead. | ||
| The country's been destroyed. | ||
| Right now, they all want to surrender. | ||
| The Europeans are sitting there going, we can't put any more money. | ||
| And President Trump has a huge task in Ukraine, in that part of the world. | ||
| But he can do it. | ||
| In the Middle East, with Syria collapsing, all they want, they want American troops. | ||
| They want some sort of American involvement, just like they're talking about Ukraine. | ||
| They keep talking about security guarantees. | ||
| Security guarantee, when you read that in the paper, that is for American troops and American money. | ||
| And we're not going to give any security. | ||
| We should not give any security guarantees to Ukraine. | ||
| That's a European deal. | ||
| In the Middle East, same thing. | ||
| Syria, they want American troops, American involvement, all of it. | ||
| South China Sea. | ||
| The Chinese are already starting to press in the Straits of Taiwan with much more military activity than they've ever had. | ||
| But President Trump, those are all definable. | ||
| And with President Trump giving his track record, cannot just handle that, but we'll get something done. | ||
| The same with the southern border. | ||
| Are the mass deportations going to start in the afternoon of the 20th of January? | ||
| Hey, probably not the mass deportations because you're not there yet, but certainly the mass deportations of criminals. | ||
| Tom Homan and Stephen Miller are working on that. | ||
| Tom Homan's now the czar of that. | ||
| Tom Homan met with Eric Adams. | ||
| I'll play a clip in a second. | ||
| Eric Adams gave a press conference on Friday, the sanctuary city's mayor, and said, hey, there are 500,000 kids that are supposed to be here in custody in the U.S. We don't even know where they are. | ||
| He sounded like QAnon. | ||
| I think we met Q. It's Eric Adams, the mayor of New York. | ||
| All those President Trump gets his hand on, the one thing that could spin away from us, that could absolutely spin away, is this massive, massive amount of debt. | ||
| $40 trillion. | ||
| Take a short break. | ||
| I'm flying solo this morning. | ||
| Give you a wrap of what happened over the weekend and the week ahead. | ||
| It is all hands on deck on Capitol Hill. | ||
| Birchgold.com slash banded. | ||
| The end of the dollar empire. | ||
| We're coming out. | ||
| I'm signing off today on the sixth free installment. | ||
| That would be Modern Monetary Theory. | ||
| The idea that broke the world. | ||
| Birchgold.com. | ||
| Also, if you've got your phone, just text in Bannon, B-A-N-N-O-N, at 989898. Get all the free information about your IRA and 401k. | ||
| Birchgold.com. | ||
| Nicole Negrady takes us out with Modern Day Holy War. | ||
| We're back in a moment. | ||
| Your own mayor, Eric Adams, now agrees with us, doesn't he? | ||
|
unidentified
|
Yes. | |
| Eric Adams came out on Friday and said, hey, after one meeting with Tom Holman, he said, there are 500,000 children here that are supposed to be with their sponsors that are missing. | ||
| Right? | ||
| Eric Adams. | ||
| I think he's actually Q, isn't he? | ||
| Is it Eric Adams? | ||
| No, sir, is Eric Adams QAnon? | ||
| Poor Mayor Adams. | ||
| Poor Mayor Adams. | ||
| As soon as he said it went to Sanctuary City, hey, Southern District came for him, right? | ||
| The fight starting January 20th is a real fight. | ||
| It's going to be determined in this city. | ||
| The bond market is going to determine whether we're successful or not. | ||
| The global capital markets are going to look at President Trump's plan and if They turfed out Liz Truss. | ||
| They just turfed out the French government. | ||
| They're not going to turn out to turf out Trump, but we need to have his back. | ||
| And the people that do it are right in this room. | ||
| Okay, welcome back right there. | ||
| So Jim Vanderhae, one other slight edit and correction on your creators and destroyers is that... | ||
| You said the stock market. | ||
| Stock market is interesting, obviously important for people raising capital, and for the net worth of some of the audience, right? | ||
| But the important capital market throughout the world is the bond market. | ||
| The bond market, I don't know, 10, 20 times bigger than stock markets. | ||
| The bond market is the primary capital market for governments, local governments, businesses. | ||
| It's bonds, not stocks, and the bond market. | ||
| This is why Jim Carville, remember Carville back in the 90s, said if he died, he wanted to come back as the bond market. | ||
| Because Robert Rubin, Bob Rubin, of Goldman Sachs was first National Economic Council advisor to Clinton in the White House and then he was the Secretary of Treasury and kind of knew how to manage an economy. | ||
| The economy under Clinton, when Newt Gingrich got in there, they had four years of surpluses given the Republican cuts and Bob Rubin's kind of laying hands on Bill Clinton. | ||
| It's the bond market. | ||
| So what do I mean by that? | ||
| And you saw the games that are being played on Capitol Hill. | ||
| Here are two big games that are being played inside baseball. | ||
| You have Doge and you have Russ Vogt and you have the OMB guys. | ||
| Remember, Doge is kind of advisors or consultants to OMB, Office of Management and Budget. | ||
| And Office of Management and Budget kind of manages programmatically all how the money gets appropriated by Congress and put into a law, the appropriations bill. | ||
| When that's signed, that's a law. | ||
| Then how that money actually gets into the government and how it's managed programmatically because you have tens of thousands of programs from the Department of Labor to the Health and Human Services to the Pentagon that have to be executed on over there and kind of managed. | ||
| But somebody has to kind of be back at the White House, at the executive branch, at their level to kind of make sure they're advising the president. | ||
| of how this money actually gets spent and where we are programmatically on actually meeting what the executive branch has told Congress during the appropriations process. | ||
| This is why a guy named David Stockman, remember David Stockman and Reagan, nobody knew what Office of Management and Budget was, and then Stockman became like the key guy in the first years of the Reagan administration. | ||
| Russ Vogt was a central member of President Trump's team in delivering From the tax cuts and the things we did in 17, they came to fruition in 18 and really 19. Russ Vogt is kind of the internal manager of that. | ||
| When you talk about deconstruction in the administrative state or you talk about deregulation or what Vivek and Elon have been talking about on Doge of really taking this thing apart and cutting costs and efficiencies. | ||
| And they're talking about $2 trillion, I don't know, annually, maybe over some time period. | ||
| It's Office of Management and Budget will do that. | ||
| Well, as I said the other day, all of a sudden the NDAA, that's the National Defense Authorization Act, became the biggest thing in Washington, D.C. It had to be done. | ||
| It had to be done. | ||
| It had to be done. | ||
| You could have very simply kicked it into next year. | ||
| Yeah, we're taking a little technical issue to do, but it would have been quite simple. | ||
| If you have President Trump get his hands on it. | ||
| No, the reason they did it is because the National Defense Authorization Act doesn't allocate the money per program. | ||
| That comes actually in the appropriations process as it's set up in the rules of Congress and kind of laid out by the Constitution. | ||
| The Constitution, all revenue generation and spending have to really originate from the House of Representatives. | ||
| That's why the House... | ||
| It's built like on the House of Commons, and that's why the House is, I've always said, is where the action is. | ||
| The Senate is essentially the Human Resources Department, which I mean by that, the confirmation, advice and consent provision of the Constitution, also for doing treaties and big things like that where you need two-thirds of the senators to come together. | ||
| They replicate a lot of things in the House, but it's really the House that drives the action. | ||
| The NDAA is $900 billion. | ||
| That's a top line that's set for this coming year. | ||
| The first two months of the fiscal year, that was October and November. | ||
| Always remember, the fiscal year for the government goes from 1 October to 30 September. | ||
| It's not a calendar year. | ||
| The first two months of this year, the deficit, folks, was $624 billion. | ||
| That's a record. | ||
| Right now, we are bleeding cash like nobody's business. | ||
| And quite frankly, people can't figure out why those are all-time record months because the Biden regime, you think that they're giving you little information on the drones over New Jersey? | ||
| And think about this drone thing. | ||
| You're two weeks into it, and they haven't had a press conference. | ||
| They haven't come forward and had a straight, hey, here's what's going on. | ||
| Kind of scary over airspace. | ||
| You know, I don't know if it's Biden administration drones. | ||
| I don't know if it's CCP drones. | ||
| I don't know if they're Persian drones. | ||
| I don't know if it's a bunch of hobbyists putting up, I don't know, eight-foot wingspan drones over New Jersey. | ||
| It could be any of those. | ||
| Who knows? | ||
| Could be the CIA. Now they say, oh, they're searching for nuclear waste or nuclear fumes or radiation coming out of there. | ||
| Nobody knows because nobody's coming forward and saying, hey, this is over American airspace, right? | ||
| American airspace, and this is what's happening. | ||
| If you think you're getting little information from there, because every day you've got a sheriff, I'm going to shoot that drone down, right, with his own drone. | ||
| It's going to be drone wars over New Jersey. | ||
| If you think you're getting little information about that, We're getting almost no information about the federal budget, and this is existential. | ||
| The invasion of our country, because President Trump is going to stop it, build a wall, and secure the wall, and work with Mexico to stop it, and Central American countries, the issue there is how you deport people. | ||
| And there's a study out today, oh, if you deport these people, it's going to lead to a Great Depression. | ||
| You're going to see so much fear-mongering that. | ||
| But that is a definable issue. | ||
| And you have people like Tom Holman and Stephen Miller and others up there. | ||
| These people are hammers and they're very smart and they have huge teams they're putting together right now to make sure you do it and do it in an efficient way. | ||
| The Third World War, the kinetic part of it, because we're in it, folks. | ||
| From the time, and you guys have been with us, some have just been with us for a couple of years. | ||
| Remember on Ukraine, I said exactly what was going to happen in Ukraine. | ||
| Not one thing did I get wrong. | ||
| It wasn't me. | ||
| It was dozens of people around us. | ||
| And Professor Mersheimer, you could kind of see if you understood history what was going to happen. | ||
| But once again, President Trump gets in the room. | ||
| He'll make a deal. | ||
| President Trump will do something in the Middle East to make sure we do a stand down there, I hope, without having to bomb the Persians. | ||
| Because then he can get in the room, but it's going to be a little tougher, right? | ||
| Those are definable issues that you can have some sort of least control over. | ||
| Right now, because of the law of large numbers, this debt situation is spinning out of control. | ||
| 400 days from today. | ||
| And take your phone out, take your computer, just go to the U.S. National Debt Clock. | ||
| There's a couple of alternatives on the Debt Clock. | ||
| I think OMB's got one. | ||
| The Congressional Budgets, I have one. | ||
| I think they've got a couple of private services, too. | ||
| So they give you two or three alternatives. | ||
| The Debt Clock itself, the people who put that got theirs. | ||
| But if you go to one of the pages, they've got two or three alternatives. | ||
| Essentially, all the alternatives are kind of the same. | ||
| That by... | ||
| The first anniversary of President Trump, so January 20th of 2026, 400 days from here, 400 days, bang, goes by like that. | ||
| $40 trillion. | ||
| $40 trillion. | ||
| With, I don't know, $1.5 trillion, $1.4 trillion, $1.2 trillion going out in interest expense. | ||
| It shows you the BRICS nations, what I fear we're going into. | ||
| Is a collapse of the global monetary system. | ||
| Now, Rachel Maddow, once again, and this is how, this is why your numbers have dropped so, you know, 43%. | ||
| This is why Morning Joe, you've dropped so much. | ||
| You look people in the eye, with all the information you had, you look people in the eye, and you lie to your audience. | ||
| And that's why, quite frankly, some are disgusted with you, some hate you, and never come back. | ||
| We actually try to give every piece of information to this audience so that it can be, it can be actionable. | ||
| Actionable in their own personal life, actionable in their family's life, actionable in their community life, and certainly actionable in the life of their country of where they've dedicated themselves to help turn around. | ||
| At $40 trillion, adding a trillion dollars every 100 days, and since I made that statement I think a year and a half ago, it's a trillion dollars roughly every 100 days. | ||
| It's out of control. | ||
| And you sit there and go, well, hang on, Steve. | ||
| Hang on. | ||
| Hang on. | ||
| The cavalry's showing up. | ||
| The cavalry's here. | ||
| I got Vivek and I got Elon. | ||
| And certainly those are very smart guys, obviously. | ||
| And very dedicated guys. | ||
| I mean, they've put a lot of time in onto the campaign. | ||
| And I'm really impressed with Elon. | ||
| And he and I disagree about so much in life. | ||
| But he put not just money where his mouth is, he put the money where it was most important, where he had the most leverage, and was able with you, the volunteers, and the Scott Presslers of the world to drive us to victory. | ||
| Capitol Hill, in the way the system, the established order, forget Republican, Democrat, that's old nomenclature, it's not relevant. | ||
| On Capitol Hill, that's just the political class, they're the flunkies, they're the Mitt Romneys. | ||
| It's kind of a, it's kind of bozo land, right? | ||
| They're not particularly bright. | ||
| I mean, look what Mitt Romney told Jake Tapper. | ||
| It's, you know, all puffed up. | ||
| You know, it's very, you know, now it's a party of working class people that Donald Trump is. | ||
| President Trump's been working on this project for 10 years. | ||
| Ten years. | ||
| He came down the escalator in June of 2015. He had been at it for about two years before then. | ||
| Donald Trump just didn't wake up one morning and go, Hey Melania, join me today. | ||
| I'm going to go down an escalator and I'm going to announce for president. | ||
| President Trump had been around to CPAC, to these cattle calls that Dave Bossie set up. | ||
| He had been working this for about a year and a half, two years. | ||
| So President Trump's been doing this for ten years. | ||
| A guy like Donald Trump, when he puts his mind to something, stuff happens. | ||
| And Mitt Romney's sitting there totally, well, you know, it's now a working class party. | ||
| No, dude. | ||
| President Trump's been doing this for a decade. | ||
| Including when you ran for president and clown. | ||
| Here's the thing. | ||
| And I realize you're giving your exit interviews, you want to be all puffed up, and you're a man, a great man of state affairs. | ||
| And you want to be all, you know, think great thoughts and knit brow. | ||
| Just put a red clown nose on next time. | ||
| Just put a red clown nose on. | ||
| It goes with the act. | ||
| It goes with the act. | ||
| Up there, they're the problem. | ||
| The problem is the people that should know better either are too dumb to realize the existential threat of this debt and this spending. | ||
| Or they know it and they're part of the problem. | ||
| The NDAA last week, they all had to do, and only 16 House Republicans voted against it. | ||
| They all had—the NDAA had to get done, had to get done. | ||
| That is to block Elon Musk and Vivek Ramaswamy. | ||
| Now, everything comes off that $900 billion, and I would respectfully submit— As someone who considers himself a hawk and dedicated, I don't know, seven and a half or eight years of my young life in defense of this country, and my daughter has committed a big part of her life, I think, eight years of her young life to defense of this country, we got a little skin in the game. | ||
| And we're not pacifist. | ||
| And we're not doves. | ||
| The defense budget's out of control. | ||
| And why is it out of control? | ||
| Because all the protectors around the world that we protect don't really throw anything to the kitty. | ||
| They don't throw any kitty as money. | ||
| They don't throw anything as far as repping systems. | ||
| And they certainly don't throw anything as manpower. | ||
| That all comes back to the United States. | ||
| If you don't cut, if you don't give the Doge guys a chance to really go in and deconstruct the administrative state, it's a trillion dollars every hundred days. | ||
| One trillion dollars every hundred days. | ||
| And it's leading us down the road to perdition. | ||
| Short break. | ||
|
unidentified
|
All right, back in a moment. | |
| So if you go back... | ||
| I'll wait for my cue next time. | ||
| If you go back... | ||
| If you go back, remember, I don't know, it must have been a year ago, year and a half ago. | ||
| At my advanced age, all kinds of blends together, right, folks? | ||
| If you go back to, remember Liz Truss? | ||
| She had Winston Churchill's job, I think, for 90 days, three or four months. | ||
| She put together a kind of a rejuvenation plan for the British economy. | ||
| And what she went back and did, she kind of went back to kind of Reagan-type, you know, pure supply side, big tax cuts, deregulation. | ||
| She presented this with no numbers, no math, and said, this is what I'm going to do. | ||
| And the bond market over in England... | ||
| England's economy is about $2 trillion. | ||
| I think they have debt of about $2 trillion, which is scary because when debt gets to the level of your overall GDP, that's called the line of no return. | ||
| Basically, no economy in world history has ever recovered for that. | ||
| And you might add, well, Steve, where are we? | ||
| We're at about, I don't know, 120. Depending on how you calculate, you see all this phony number as well. | ||
| Public debt versus non-public, no. | ||
| Debt's debt. | ||
| So we're at about, I don't know, 115%, 120%. | ||
| But this time it's totally different. | ||
| This time it's totally different. | ||
| So Liz Truss, she and her brilliant Minister of Finance, our Chancellor of the Exchequer, as they say in the City of London, wouldn't put forward any numbers, wouldn't show people, well, how does this work, man? | ||
| You're doing all these cuts down front, but you've got these budget deficits, and we're not a huge country, and we're not the prime reserve currency, so people don't have to take the pound. | ||
| What's happening? | ||
| What's happening? | ||
| The bond market threw up all over her plan. | ||
| And what's called bond vigilante started selling bonds, shorting bonds, not buying bonds. | ||
| Liz Truss was gone. | ||
| The shortest premiership in the history of the United Kingdom. | ||
| Hey, and they've had some times of chopping heads off and fighting. | ||
| They've had some pretty short runs. | ||
| Who took her out? | ||
| As Nigel Farage told me, he says, Steve... | ||
| The bond market has taken out more governments than howitzers. | ||
| You see this all the time for developing nations, right? | ||
| And England right now is kind of, their economy is kind of outside the city, outside of London proper, is kind of a third world country in many regards. | ||
| This is President Trump. | ||
| What President Trump and Scott Bess and that team are going to have to show, because it's the, we finance this through bond markets, and what we don't finance, we print ourselves. | ||
| You're going to have to make a case that your cuts have growth. | ||
| So number one, this is with the energy, the 3-3-3, 3% interest rates, I think, 3% deficits to GDP, and 3 million barrels a day. | ||
| So you get your energy set, and then you build upon that. | ||
| When Scott Besson talks about 3%, we're at about, I don't know, 6.5% now? | ||
| Something north of 6%, like 7%. | ||
| The government of France, for the first time since 1962, got turfed out about 10 days ago, right before President Trump went over to Notre Dame, where he walked in like Charlemagne. | ||
| Remember that? | ||
| That Friday, the government of France, the parliamentary government, had fallen for the first time since 1962. Why? | ||
| They had 6% also of budget deficit to GDP, which is not sustainable. | ||
| So to get down to their 3%, which is marginally sustainable, they had to have cuts. | ||
| And where did the government's first proposed cuts come from? | ||
| Well, if you said the French working class and middle class, you would be correct. | ||
| They said, we're going to cut here. | ||
| We're going to cut medical. | ||
| We're going to cut the health care. | ||
| Boom, boom, boom, boom. | ||
| We're going to cut here. | ||
| And Marine Le Pen and Front National, now our National Assembly, kind of came out and said, no, no, no, no, no, no, no. | ||
| We have an alternative. | ||
| And what you're going to do is stop sending money to Brussels. | ||
| We're going to forget this quasi-French empire we got. | ||
| No more money to the Middle East. | ||
| No more money to Sub-Saharan Africa. | ||
| No more money to North Africa. | ||
| We've had it. | ||
| Money for the French. | ||
| And the government fell on their idea of what they were going to do. | ||
| On Friday... | ||
| The global rating agencies downgraded France. | ||
| And what does that mean? | ||
| That's kind of a fancy thing for means. | ||
| They're going to have to pay more. | ||
| They're saying their bonds are riskier. | ||
| They're going to have to pay more. | ||
| And that adds to the interest charge. | ||
| So every time they have a deficit, a dollar deficit, it's going to cost them more to finance that. | ||
| That's what President Trump has looked at. | ||
| You have three things. | ||
| Number one, grow the economy with this plan. | ||
| And President Trump showed us he could grow it in 18 and 19, which was fantastic. | ||
| Remember, back then with taking a trillion dollars off the balance sheet of the Federal Reserve to put a big headwind in for liquidity, President Trump, I think, had 3.5% growth. | ||
| It was extraordinary. | ||
| Extraordinary. | ||
| All those great things happening with blue-collar workers on wage increases, no debt. | ||
| And this is why, quite frankly, when blacks and Hispanics and working class whites look back and go, hey, I've heard all the happy talk of Biden. | ||
| I've heard the politics of joy. | ||
| Hey, guess what? | ||
| Christmas in 19 was where I want to be. | ||
| My family is better off. | ||
| My community is better off. | ||
| I was better off. | ||
| Just give me that. | ||
| I'm a simple person. | ||
| Just give me 19. Let's recreate 19. But we're not... | ||
| The country, we don't have the balance sheet we had in 19. Why? | ||
| I don't know. | ||
| Joe Biden and a bunch of people like Mitt Romney and Mitch McConnell allowed $11 trillion, $9 trillion, $10, $11 trillion onto the balance sheet of the United States of America. | ||
| And where did the money go? | ||
| I got the sources of proceeds. | ||
| It's the American taxpayer. | ||
| Right? | ||
| Where are the uses of proceeds? | ||
| Do you see a country, folks, you look around? | ||
| Where did the $40 trillion go? | ||
| Where did it go? | ||
| Is it in your community? | ||
| Is it in your community? | ||
| Is it in your pocket? | ||
| Is it in your neighborhood? | ||
| Just ask the question. | ||
| Look around. | ||
| Inner city Baltimore. | ||
| The boroughs of New York City. | ||
| Chicago. | ||
| St. Louis. | ||
| The hinterland. | ||
| I don't care. | ||
| Pick it. | ||
| Tell me in the country where you see the $40 trillion. | ||
| Look around. | ||
| Where is it? | ||
| I'll tell you where it is. | ||
| It's in valuation and cash in the stock market of the oligarchs that run this country. | ||
| Let's be blunt. | ||
| The massive federal spending juiced the stock market. | ||
| And they creamed off the winnings. | ||
| It's as obvious as anything. | ||
| And this is why they don't want to admit it. | ||
| This revolution is going to come from the street. | ||
| Ours is a peaceful revolution driven by populist nationalist voters. | ||
| If you want the alternative, folks, look at what the left did. | ||
| They gunned a man down in cold blood and shot him in the back, just like Robert Ford shot Wild Bill Hickok in one of the worst events in the American West. | ||
| A coward walked in and shot a man point-blank range in the back. | ||
| That's what happened in midtown Manhattan, the streets of New York. | ||
| So you've got a choice. | ||
| Populist nationalist revolution, peaceful, but pretty dramatic. | ||
| Or you've got the French Revolution. | ||
| Donors, wealthy billionaires, you pick them. | ||
| Because that's your choices. | ||
| Short commercial break. | ||
| We're going to start the second hour of the War Room. | ||
| We're going to take you out with St. John the Evangelist when the man comes around from the Book of Revelations. |
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