Speaker | Time | Text |
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The big kahuna is the attack on the courts. | ||
You may have seen the headline tonight. | ||
We had a federal judge block the big cuts they just imposed on scientific and medical research. | ||
The amount of scientific and medical research funding and the way that funding is structured is set up by law. | ||
And to cut it unilaterally is to violate that law. | ||
So those scientific and medical research cuts have been blocked. | ||
We've had a federal judge block the resign or else threats against millions of federal workers that are trying to induce them into quitting their jobs. | ||
That has been blocked by a federal judge. | ||
We've had a federal judge block the Elon Musk improper access to the Treasury's payment system. | ||
That has been blocked by a federal judge. | ||
We've had a federal judge block their efforts to send three Venezuelan men to Guantanamo. | ||
We had a federal judge block the release of the names of FBI agents who worked on January 6th cases. | ||
We've had three different judges block the effort to overturn birthright citizenship, the American principle enshrined in the Constitution that says if you're born here, you're American. | ||
We have had two federal judges now block the government funding halt. | ||
We have had a federal judge block the shutdown of USAID and the order that everybody at USAID has to be fired or put on leave. | ||
We've had judges stop thing after thing after thing. | ||
That they've been trying to do. | ||
And all of those losses in court, and we're only three weeks into the administration, how have they lost in court this many times already? | ||
Well, it's because they're doing a lot of things all at once that seem, at least at first glance, to be quite illegal. | ||
And so judges are stopping them from doing these things as fast as lawsuits can be filed. | ||
You're right. | ||
We've got our toes right on the edge of a constitutional crisis here. | ||
But here's the thing. | ||
It may be the case that Donald Trump is so full of confidence that he thinks he can wave his wand and whatever he wants to happen will happen. | ||
And in many cases, he will be right. | ||
For example, the Republicans in the Senate just go ahead and confirm people for jobs that they know they are not qualified for. | ||
So they will kowtow to him. | ||
But I don't think that's going to happen with the courts. | ||
And here's the next part. | ||
They may not be able to force Donald Trump to do something. | ||
But Donald Trump isn't actually the guy who puts in the orders and cuts people's paychecks. | ||
There's somebody else in the system who does that. | ||
And they're a click down from Donald Trump and a click down from that and a click down from that. | ||
And when a federal court issues an order and then... | ||
Gets people in front of them and says, you either follow that order or find yourself in contempt. | ||
Now we're going to see whether or not those are people who are going to say, oh, but Donald Trump told me, and a judge is going to say, I don't care what Donald Trump told you. | ||
I'm telling you what the law is. | ||
You follow the law. | ||
And, you know, my view right now is the courts. | ||
Are where we are hanging on to our constitutional structure. | ||
They still have the power to hold everybody else in this country in contempt if they do not follow lawfully issued court orders. | ||
So the fact that they're defying the court orders directly has bad consequences. | ||
USAID still being shut has bad consequences. | ||
Those funding halts still have bad consequences. | ||
Categorically, the most important thing here is their willingness to defy the courts, because that is the ultimate autocratic breakthrough. | ||
A declaration that the rule of law does not apply to them, that it cannot constrain anything they want to do, that is worse than any one outcome, right? | ||
That is a forever decision. | ||
That means nothing anyone else wants, and no court ever rules. | ||
Will ever again have any impact on what our government wants to do to us. | ||
That is a category of its own. | ||
That is the key to autocratic breakthrough. | ||
And that is where we find ourselves on the precipice looking over the edge tonight. | ||
This is the primal scream of a dying regime. | ||
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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. | ||
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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. | ||
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It's going to happen. | |
And where do people like that go to share the big lie? | ||
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Mega media. | |
I wish in my soul, I wish that any of these people had a conscience. | ||
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Ask yourself, what is my task and what is my purpose? | |
If that answer is to save my country, this country will be saved. | ||
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War Room. | |
Here's your host, Stephen K. Bannon. | ||
Good morning, welcome to The War Room, D.C. | ||
Dave Brat sitting in with the great Stephen K. Bannon. | ||
We've got a heck of a show for you. | ||
Rachel Maddow saying we're going over the precipice. | ||
We're going over the edge. | ||
We've got Mike Davis first to respond and to give us an overview of what does this really mean, right? | ||
We can go over the details on USAID. We've been covering all that, the grotesque spending. | ||
They'll never tell you that the people sent to Guantanamo may have committed heinous crimes. | ||
And then they talk about misinformation. | ||
The left, everybody knows the timeline going back to Trump 16. The Washington Post was doing disinformation. | ||
51 intelligence officers. | ||
With the Steele dossier putting up false information, judges, Steve Bannon in jail, Peter Navarro in jail, Trump assassination attempts, and Rachel's just now noticing that there may be a few issues with our legal system and our justice system. | ||
And later in the show is some interesting commentary from Joe and Mika this morning on their show about the decline of religion and that some people are replacing religion with politics. | ||
On the conservative side of the ledger, all political views are my own. | ||
There's a bit of truth in that. | ||
But I'd love to know what the religion of the left is. | ||
They didn't quite get to that. | ||
Hey, Joe, for tomorrow's show, please let us know what the religion that they had Douthat on and Douthat's Catholic. | ||
And so that was good to hear. | ||
And he said, I'd suggest you take a peek first at the mainstream religions, you know, in the creeds and all that kind of stuff, which is nice. | ||
That's good. | ||
But I'm dying to know, Joe, over there on the left, I know you claim to be an Alabama Baptist or something like that, but what's the left? | ||
What's the religion of the left? | ||
That all has to do with the moral framing of the issues we're going to talk about all day today and that Stephen K. Bannon covers all day. | ||
And so with that, I want to go over to Mike Davis. | ||
He's just doing unbelievable work. | ||
I saw him yesterday with one of our friends working on antitrust. | ||
I'm trying to come up with that acronym as well. | ||
But just incredible work. | ||
But Mike, give us an overview of where do we stand. | ||
These courts, just back a year ago when we didn't have the presidency, were putting our folks in jail. | ||
Now they're talking about justice, and now their judges just seem to be able to, after the most grotesque violations of USAID have been shown, they're blocking the chief magistrate, as you and Steve Bannon put it. | ||
And I want to know, where is the pushback against these rogue judges if they do go rogue? | ||
Mike Davis. | ||
Well, they have gone rogue. | ||
They've become activist judges who think it's their job to resist. | ||
President Trump and the American people. | ||
President Trump campaigned on the fact that he's gonna set up Doge, bring on board Elon Musk, and bring much-needed reforms to the executive branch, cutting waste, fraud, and abuse. | ||
And the American people like what they heard, and they elected President Trump with an overwhelming electoral mandate, 312 electoral votes. | ||
All seven swing states and President Trump is doing the unthinkable in Washington, D.C. He's actually doing what he said he would do in the campaign. | ||
And you have these activist judges trying to stop President Trump from exercising his core. | ||
Article 2 executive powers. | ||
President Trump is not trying to steal legislative powers from Congress like Joe Biden did with his student loan forgiveness illegal plan. | ||
President Trump is not trying to steal judicial power from the judiciary, from federal judges. | ||
President Trump is exercising his core constitutional powers under Article 2, and that includes, for example, telling Foreign service officers at USAID serving overseas that they have to come home within 30 days. | ||
That is absolutely within his power as the chief executive officer and especially the commander-in-chief under Article 2. And you have this... | ||
Activist judge, even a Trump-appointed judge, Judge Carl Nichols on the D.C. District Court, a uniparty judge, a big mistake by President Trump in his first term, telling the president that 30 days is not long enough for Carl Nichols. | ||
So he has to give these USAID employees six or nine months or whatever Carl Nichols thinks is the appropriate time because apparently Carl Nichols thinks he's the commander in chief instead of a district court judge in D.C. | ||
You have a judge telling the president and his secretary of the treasury they can't look at payments in the treasury system. | ||
They can't look at the money being spent at the Department of Treasury so they can find waste, fraud and abuse. | ||
That is clearly unconstitutional if the president of the United States, his White House staff including Elon Musk and especially his treasury secretary can't look at payments at the treasury department. | ||
Stop on that one right there. | ||
Let's go slow-mo on there, right? | ||
So Article 3 project, Article 1, 2, and 3, co-equal branches of our government. | ||
The courts go rogue and say the Secretary of the Treasury can't do the Treasury, can't do his job, like you just said. | ||
What is the recourse right there without having to wait years of litigation? | ||
Where does the co-equal part come in here? | ||
You have federal judges trying to sabotage The president exercising his core executive power under Article 2 of the Constitution, looking at treasury payments for waste, fraud, and abuse. | ||
That is clearly within the president's not only constitutional powers, his constitutional duty to take care that our laws are faithfully executed. | ||
And that includes appropriations, making sure that money is not being misspent. | ||
There's not waste, fraud, and abuse. | ||
That's the president's job to take care, right, under Article 2. And you have these judges. | ||
Judges saying that the presidents can't look at payments from the Treasury, that is absurd. | ||
And what needs to happen is the Trump Justice Department needs to seek emergency relief from the Court of Appeals. | ||
And give the Court of Appeals a deadline that if you don't respond to this by a date certain, we're going to the emergency docket of the Supreme Court of the United States. | ||
And I would tell the Supreme Court justices that this is a constitutional crisis that these activist judges have created. | ||
What's the time frame on that? | ||
What's the time frame on that docket? | ||
I would give this less than a week. | ||
This is such an abuse of the president's powers. | ||
He can't move overseas foreign officials back to the United States. | ||
He can't look at treasury payments. | ||
These activist judges are doing resistance. | ||
Let me ask you another. | ||
I got a similar question. | ||
JFK. Back when the technocrats actually had a conscience and wanted to do some good in the world, set up USAID, right? | ||
And so no problem with a president setting up USAID, but when it goes corrupt, for some reason, now the president can't take down. | ||
USAID, right? | ||
How do you explain that logic where the president has enough power to set up an agency, but the presidency, Article 2, doesn't have the power to take down an agency? | ||
And there could be a reason. | ||
Did it become law in the meantime? | ||
Did Congress and the Senate put it into law? | ||
What's the logic there? | ||
So the USAID was created by executive order. | ||
Now, they say this executive order was carrying out a statute. | ||
I don't read the statute that way. | ||
I think that USAID was created by executive order. | ||
So if you can create something by executive fiat, you can take something down by executive fiat. | ||
But separate from that, even if the issue is not whether you can take down USAID, the issue is this judge said the president can't recall. | ||
U.S. AID foreign officers back to the United States within six or nine months, whatever Carl Nichols, Commander-in-Chief Carl Nichols thinks is the appropriate time. | ||
That is a clear sabotage of the president's core Article II powers under the Constitution. | ||
It is wholly unacceptable. | ||
It is extraordinarily dangerous to hobble the Commander-in-Chief like this. | ||
And so the Supreme Court has to fix this. | ||
And if they don't... | ||
Congress needs to take a sledgehammer to the judiciary. | ||
Go do oversight. | ||
Cut their funding. | ||
Yeah, very good. | ||
Back with Mike Davis after the break. | ||
Want to give a shout out. | ||
You hear what's at stake here. | ||
Rachel Maddow says we're over the edge. | ||
We're over the cliff. | ||
We live in unstable times. | ||
Please go check out Birch Gold. | ||
We got a lot to say about Birch Gold on the show today. | ||
I'm going to do a mini economic segment. | ||
But gold is a safe haven. | ||
Give them a ring. | ||
They offer the rare service of talking to you, human being to human being. | ||
Birch Gold. | ||
unidentified
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Here's your host, Stephen K. Band. | |
Back in the war room, the great Stephen K. Band. | ||
Dave Bratt sitting in today. | ||
Mike Davis. | ||
And I just want to give another shout out to Birch Gold. | ||
I'm going to do an in-depth economic segment coming up. | ||
We're going to give Birch Gold some serious attention coming up, but also help. | ||
Help support those who support the war room. | ||
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If you don't know that with certainty in these times of chaos, you want to check that out. | ||
So, hometitlelock.com. | ||
HomeTitleLock.com promo code Steve25. | ||
Steve25. | ||
HomeTitleLock.com. | ||
So go see our friends there. | ||
Support them along with Birch Gold. | ||
I want to go back to Mike Davis. | ||
Any summary comments on the courts? | ||
But then also notes on our superstars going through the Senate process right now. | ||
Tulsi. | ||
Gabbard, boy, are they sweating bullets. | ||
They do not want her to be the voice of truth in front of President Trump on NSC. They're sweating. | ||
And Rachel Bovard, I forgot to give her a shout-out yesterday. | ||
She's another truth-teller. | ||
Our side, we've got so many great people. | ||
And then, of course, RFK Jr. And the health revolution, right? | ||
The kids are sick. | ||
There's incredible rises in disease. | ||
And they want to pay attention on the left to asterisks and details in the past or whatever, instead of the healthy American people. | ||
And then finally, our very own Kash Patel, right? | ||
His writing and unearthing of the crimes committed by the government gangsters are stunning. | ||
And so, Mike, where do we stand with these three superstars? | ||
Well, I would say this. | ||
The summary on the courts, I would tell these activist judges that if you try to block the president's Article 2 executive powers, if you try to block the electoral mandate president received on November 5th, you are going to feel a backlash from the Article 3 project. | ||
We're going to make sure that Congress does aggressive oversight, including using the power of the purse. | ||
And if you think... | ||
That you're going to meddle with the president's staffing of the executive branch. | ||
Maybe you can do your jobs without law clerks, for example, if Congress cuts off your funding. | ||
When you lose your legitimacy with the American people, you're going to lose your political support. | ||
You're going to lose your funding. | ||
So you should think... | ||
Long and hard about that, activist judges, if you want to keep poking the bear. | ||
And it's not going to turn out well for the federal judiciary. | ||
And I would have a message to the Chief Justice John Roberts. | ||
I know you care very much. | ||
About the legitimacy of the federal judiciary. | ||
And so in your job as the Chief Justice with oversight, caretaking authority over the federal judiciary, it's time for you to step up. | ||
It's time for the Supreme Court to use the emergency docket when the case comes to the court and end this radical assault by these activist judges on the president's core Article II powers. | ||
So that's what I have to say to these activist judges. | ||
As for these confirmations, we have done a very effective job on the war room. | ||
Teaming up with the Article 3 project to give these senators an attitude adjustment, a much-needed attitude adjustment. | ||
When President Trump came into office and wanted to nominate his cabinet, some of these senators thought it was their job to pick the president's cabinet, and it is not. | ||
The president is entitled to the cabinet nominee he wishes to have so long as they're qualified. | ||
Every one of these cabinet nominees are qualified. | ||
If someone says that they're disappointed, It's their job to come forward with clear and convincing public testimony. | ||
Right? | ||
And other evidence to prove that someone is disqualified from personal misconduct or for another reason. | ||
That's not happening. | ||
They tried to do that Me Too presumption of guilt, that political drive-by shooting like they did to Kavanaugh. | ||
They tried to do it to Pete Hexeth. | ||
It did not work. | ||
And it's not going to work from any of these nominees because the Article 3 project and the War Room Posse is on high alert. | ||
And we need to finish the job. | ||
We have been very successful in getting... | ||
We have three more big nominees we have to get over the finish line. | ||
We have to get Tulsi over the finish line for Director of National Intelligence. | ||
We have to get RFK over the finish line for Health and Human Services, and we have to get Cash Patel over the finish line for the FBI. These are bold. | ||
Bipartisan reformers. | ||
And we need to get them in office. | ||
Everyone said they were dead on arrival when President Trump nominated them. | ||
And then three days after the war room lit up the Senate with Article 3 Project, they said, when can they start? | ||
And so let's run them through the finish line. | ||
Go to article3project.org and contact your senators on all three of these great bipartisan nominees. | ||
Yeah, Mike. | ||
Hey, I want a little commentary from you. | ||
Wall Street Journal has an article out. | ||
The headline is, okay, Steve Bannon's freewheeling show is the hottest stop on D.C.'s media circuit. | ||
I think you were up in the tent when they wrote this on Inauguration Day by Maggie Severins. | ||
But then she kind of gets a little flippant through this thing. | ||
And she says, you know, Steve just, you know, rants and it's random and it's a bunch of 20-year-olds. | ||
Why don't you give a little correction to Maggie on her reporting so she can get it? | ||
You know, why is it that U.S. senators all want to come by the show like she notes? | ||
And U.S. congressmen and world leaders, and Steve's got on every secretary that's now in the administration coming out. | ||
How can this be on just this freewheeling thing she describes? | ||
And then also, I just want to give a shout out to Cameron, the producer. | ||
She just treats it like a bunch of 20... | ||
He's the producer of one of the biggest political podcasts in the country. | ||
Bannon is a genius. | ||
Natalie Winters has been doing China research. | ||
Euron, Mo, Grace, everybody, right? | ||
These so-called 20-year-olds have somehow produced something magical and powerful and valuable to the American people. | ||
And that's why it's become a powerhouse. | ||
So give a couple words and receipts as to what you think. | ||
What has Bannon put together here? | ||
And why does the Wall Street Journal feel need to be a little flip about these things? | ||
Well, I would say to Cameron Wallace, don't worry. | ||
Grace will come and protect you. | ||
She's tough, so she'll come and fight you, Cameron. | ||
But I would say this about the war room. | ||
I am probably the biggest media whore on the Trump side of the aisle. | ||
I've done over 4,500 media hits supporting and defending President Trump since the Mar-a-Lago raid. | ||
I've gone on CNN. I've gone on BBC last night. | ||
I've been on Fox. | ||
I've been on just about every program. | ||
Most effective hits I do are right here on Steve Bannon's War Room. | ||
The smartest, most active audience on the planet on Steve Bannon's war room. | ||
The war room posse is by far the secret weapon to President Trump's success because they are smart, they are active, they are engaged. | ||
And they actually take action, action, action, which is the most important thing that we can do on the right. | ||
And like going to article3project.org and taking action. | ||
We've had 50... | ||
200,000 Americans make 200,000 contacts with their home state senators. | ||
That's what gave the Senate the attitude adjustment. | ||
That's what got Pete Hexeth confirmed. | ||
That's what's going to get Tulsi Gabbard and RFK and Kash Patel confirmed. | ||
And every one of President Trump's executive branch nominees confirmed is the war room posse being the best audience on the planet. | ||
Yeah, Mike, thanks for being with us. | ||
Thanks for all the work you do. | ||
I just love seeing your smiling face. | ||
You give everyone out here confidence, right? | ||
And that's one of the key ingredients of the War Room. | ||
It's just the intellectual confidence you share and give us all. | ||
Give us your coordinates one more time, and then we're heading over to Mark Mitchell. | ||
Yeah, article3project.org. | ||
Article3project.org. | ||
You can donate there. | ||
You can follow us on social media. | ||
Again, the most important thing you can do is action, action, action. | ||
Cash, RFK, Tulsi. | ||
Those are your action items for today, War Room Posse. | ||
Great. | ||
Thanks, Mike. | ||
Thanks. | ||
Thanks very much. | ||
Mark Mitchell, you with us? | ||
Mark? | ||
Yeah, I'm here. | ||
Absolutely. | ||
There he is. | ||
Man, I have some good news for you, too. | ||
I'm telling you what, the public opinion is lit right now. | ||
Things are changing faster than I ever expected. | ||
That's what I want. | ||
I've been seeing some polling. | ||
That's why I wanted to talk to you today. | ||
I've been seeing 70% approval for Trump on keeping his promises and some things like that. | ||
But you're the expert. | ||
Lead us through for a minute, and then I'm going to read a couple ads, and then we're going to bring you back after the break. | ||
Yeah, what's incredible is that number you cited actually came from a legacy media outlet. | ||
That's what's incredible. | ||
Once you cut off their USAID funding, mysteriously, all of a sudden, the numbers look like Rasmussen reports. | ||
And I'll tell you what, Donald Trump's approval rating is pretty good right now. | ||
It's 53% today, and it's on the upswing. | ||
And that's incredible because people are watching what the legacy media is calling chaos, and they don't see it. | ||
This is what they voted for. | ||
People are happier now than at almost any point in time in our polling as measured by right direction. | ||
Yeah, that's good. | ||
Give us the next couple bullet points you'll share so people can think about them over the break. | ||
What are the next couple bullets? | ||
Well, so what we're bringing out today is favorability of Doge and Elon Musk because it looked like everything they threw at Donald Trump over the last eight years hasn't worked. | ||
His approval rating is higher than ever. | ||
Believe it or not, there were more people that strongly disapproved of Donald Trump back in January of 2017 than they do today. | ||
But guess what? | ||
Elon Musk is almost as popular as Trump. | ||
His net approval is only two points less right now. | ||
And when we asked whether people support or oppose Doge going in and cutting government waste, it's plus 11, plus 11. | ||
They're popular than the Walt Disney Company is. | ||
Unbelievable. | ||
His favorability is high while cutting spending. | ||
That is a cultural sea change. | ||
Back with Mark in a minute. | ||
I just want to give a shout out to Birch Gold again. | ||
CBO just came out with the new debt figures, right? | ||
So we're $36 trillion in debt. | ||
And they confirm what Bannon's been saying forever. | ||
$2 trillion deficits as far as the eye can see. | ||
So $2 trillion. | ||
Extra debt every year for 10 years. | ||
So that's $20 trillion more. | ||
$24 trillion more, actually, according to CBO. So add it up. | ||
$60 trillion in 10 years in debt. | ||
The rest of the world knows that. | ||
The BRICS country knows that. | ||
There's bets on gold. | ||
You want to go visit our friends at Birch Gold. | ||
Get your household. | ||
unidentified
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Here's your host, Stephen K. Bannon. | |
Back in the warm with the great Stephen K. Bannon. | ||
Dave Brat sitting in today. | ||
We got a bunch of great guests all the way through today. | ||
First of all, we want to give another shout-out to one of the folks who support us here at the War Room, Paradigm Press. | ||
What if you had the brightest mind in the War Room delivering critical financial research every month? | ||
War Room listeners know Jim Rickards as our wise man, a former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital markets. | ||
Jim predicted Trump's Electoral College victory exactly, 312 to 226. Now he's issuing a dire warning about April 11th, a moment that could define Trump's presidency and your financial future. | ||
His latest book, Money GPT, exposes how AI is setting the stage for financial chaos. | ||
Bank runs at lightning speed, algorithm-driven crashes, and even threats to national security. | ||
Right now, War Room members get a free copy of Money GPT when they sign up for Strategic Intelligence, Jim's flagship financial newsletter. | ||
Time is running out. | ||
Go to RickardsWarRoom.com now and claim your free book. | ||
That's RickardsWarRoom.com. | ||
Highly recommended. | ||
All right, we are back with Mark Mitchell from Rasmussen Polling. | ||
Mark had courage back a couple years ago to be coming on the War Room as a pollster when everyone else was hiding under their desks. | ||
And not only do you have courage, he comes on with a smile and everybody likes him and he's got the story straight. | ||
He was correct in the polling and that's why we love having him on the war room. | ||
So Mark just... | ||
Keep us up to date. | ||
I ran on debt and deficits and whatever 10, 12 years ago. | ||
And it was like pulling teeth and going to the dentist. | ||
What's changed with Elon and Doge and all this stuff that Americans now know something? | ||
What are you reading in the tea leaves there in the polling data? | ||
The entire political context in America that we've had for the last 50 years has changed in the last month. | ||
We are now at the end of the fourth turning. | ||
We thought it was going to be World War III. We thought it was going to be war with China. | ||
But it looks like it might be the geopolitical and domestic implications of our entire government being corrupt. | ||
I mean, we knew it was bad. | ||
I don't think anybody had any idea how bad it was. | ||
Just think about people like Mitt Romney, who ran as a debt hawk. | ||
And every time they talk about, well, are we going to be able to make meaningful budget cuts? | ||
It was always like, well, you know, gee, we're probably going to have to talk about entitlement reform. | ||
Turns out, they stole my kids' social security in order to fund an entire massive network of grift and kickbacks and funding black operations. | ||
It's evil. | ||
It's disgusting and evil, and all of those people are silent right now. | ||
And so we're in a new wave of independent journalists because I didn't ask for this job. | ||
I'd rather be polling. | ||
But our videos brought in more money than our polling did this presidential cycle. | ||
It's absolutely incredible. | ||
And that's because people have been lied to so long. | ||
So what I think the future is going to be... | ||
This is a lot for the snake to choke down. | ||
Americans are happy right now. | ||
I think what's happening is it's like the meme where the guy's standing in the corner and then everybody's dancing and ignoring him. | ||
The guy standing in the corner is the Democrat Party in the mainstream media right now and Americans are dancing. | ||
But the problem is, is like we... | ||
Probably have to get into a future where a significant number of these people go to jail or it's going to happen again. | ||
There needs to be major structural reforms so that there's accountability and an oversight. | ||
And again, going back to the fourth turning, it's all playing out. | ||
One of the key figures is that there will be a passing of a torch to a new generation. | ||
And I'll tell you, the people in D.C. are just not prepared for what this new normal is. | ||
Just a year ago, two years ago, they'll be negotiating these debt deals and it'll be behind closed doors. | ||
And it's like, oh, it's 3,000 pages and there's a whole lot of pork in it. | ||
Well, guess what? | ||
Every single one of those people, their pork projects are going to be highlighted all over Twitter. | ||
They're going to be absolutely blasted in the face by Vox Populi on Twitter. | ||
Nicole Shanahan is going to run primaries against them. | ||
We're going to know how much money they got through USAID. | ||
We've seen nothing like this yet. | ||
I was joking that I think the people do need some way to grasp at the enormity of what they've been witnessing. | ||
And it was kind of like an offhand joke. | ||
But I think out of that CBS legal case, Trump should negotiate taking over 60 minutes' prime time slot. | ||
And they should run the Doge Prentice, a highly produced show exploring the depths of corruption in the U.S. government. | ||
I mean, think about all of the countries who we were conducting color revolutions with this money, and all of a sudden the spigot gets cut off and it's laid bare. | ||
Laid bare for all to see. | ||
Now they're going to try and focus it. | ||
I'm telling you, they're trying to screw themselves up into a rebellion. | ||
You can see searches for the word constitutional crisis. | ||
Just in the last day, tick up. | ||
They're trying these psyops again, and it's not going to work on people. | ||
And what they're going to try and do is a kabuki theater with the government shutdown. | ||
And I can tell you this. | ||
Here is my message. | ||
To Republicans in D.C. today, Americans want you to shut down the government. | ||
Now, we don't have numbers from like this month, but we've asked this over and over and over again. | ||
Which would you prefer? | ||
Congress avoid government shutdown by authorizing spending at a higher level. | ||
Kick the can. | ||
Or a partial government shutdown until they can agree to cut spending and it's 56% cut to 34% kick the can. | ||
And this was like a year ago. | ||
Things are much more dire than now. | ||
And we're talking Republicans at 73% to 22% and independents is 56% to 30%. | ||
Even Democrats are roughly split. | ||
And then we also asked the last time the government was shut down, how much of an impact did it have on your personal life? | ||
And almost 9 in 10 Americans say little or no impact. | ||
So I'd say bring it. | ||
You have Chuck Schumer out there holding the shutdown over Republicans' heads. | ||
Chuck Schumer should be going to sleep at night in a cold sweat thinking about what would happen if the government got shut down. | ||
Because I think that what should happen is does should just be in there behind closed doors ripping things out, branch and stem. | ||
So I think the landscape's changed. | ||
Yeah, let me ask you a follow-up to that because I agree with the analysis 100%. | ||
And then, you know, Joe Scarborough, you know, they're semi-clever in the morning. | ||
They're catching out of this thing called religion on the left. | ||
They know they got a huge problem with religion, right? | ||
Black, brown, Hispanic, blue-collar workers, cultural issues. | ||
And so, you know, I did economics my whole life in the Judeo-Christian West. | ||
All the countries in the European West grew first and fastest and led the world due to rule of law, private property rights, the Protestant work ethic, etc., moral values and virtues that all of our founders took for granted. | ||
So Doge is cool because Elon's cool and there's all this cool stuff attached to it right now with the big tech titans. | ||
But the question is... | ||
What do you see from the poll? | ||
Are Americans going to be able to withstand this, right? | ||
I just went over the debt, right? | ||
The debt's going to be $60 trillion in 10 years. | ||
And so this isn't some cute little thing that we're just going to do for a year, right? | ||
This is going to be longstanding pain that you have said is evil. | ||
The kids in Chicago are reading at the 12% literacy rate, third grade, poor kids, right? | ||
No human capital, capital we sent abroad. | ||
We have huge structural corrections. | ||
to avoid a lost decade or two. | ||
Hopefully, that's the good scenario. | ||
And so what are you seeing in the data? | ||
Do you see anything about our ability to sustain this long run? | ||
Well, what I can tell you now is I think Americans are hungry for this. | ||
You brought it back to religion. | ||
And let me first tell you that Americans are a very religious people. | ||
And even though you've heard a lot of headlines about de-churching, in my opinion, we ask questions, and 72% of Americans would agree with this statement. | ||
Say yes, like literally not somewhat agree, but like they say yes, that Jesus Christ is the Son of God who came to earth to forgive our sins. | ||
And so maybe less people are coming to church, and maybe the problem is one we have of institutional rot or cultural decay, but it isn't religion. | ||
And I would say this. | ||
To the Democrats or the swamp creatures, John 2.15. | ||
So he made a whip out of cords and drove all of them from the temple courts, both sheep and cattle, and he scattered the coins and the money changers and overturned their tables. | ||
This is – listen, justice is a very big part of Christianity. | ||
This is righteous fury. | ||
This is righteous fury because you're an economist. | ||
You've heard – Time and time again, how every election is about the economy. | ||
30 years ago, it was about the economy. | ||
40 years ago, it was about the economy. | ||
Well, this one was about the economy as well, but it was also about the fact that 64% thought our Department of Justice was weaponized. | ||
60% said the media was enemy of the people. | ||
Only 30% trust the federal government. | ||
I think we had a number close to 70% that thought the FBI was weaponized at the top, starting in D.C., and only 27% of people say they were Safer than they were four years ago. | ||
Only 35% of Americans say that today's children will be better off. | ||
This is literally our taxpayer money stolen and weaponized against us. | ||
And then they pissed on us and told us it was raining. | ||
They built an entire multi-billion dollar, multi-hundreds of billion of dollars mechanism to oppress the masses, to literally lie to us. | ||
And unfortunately, it corrupted the minds of many people. | ||
But I think thankfully that number is shrinking. | ||
I think a lot of people's will were broken. | ||
unidentified
|
Thank you. | |
Good. | ||
Hey, I love it. | ||
I could stay on this theme all day. | ||
The Judeo-Christian West. | ||
And, you know, people get confused. | ||
Jesus, people need to read the good book again. | ||
He was not, hey, buddy, let's go out for a Starbucks. | ||
He was tough on his disciples, tough on his friends. | ||
He's the Son of God, right? | ||
He was preexistent with God the Father in the Old Testament, too. | ||
People get confused and put him only at 30 AD. He was with us from the creation to the end of time. | ||
And so we'll get into that deeper a little later. | ||
But Mark Rasmussen, thanks for sharing the polling and tying it all together like the War Room loves to do. | ||
Thank you, brother. | ||
Happy to be here. | ||
All right. | ||
I think we have the Federal Reserve Chairman. | ||
We want to see a live feed here for a minute or two, and we'll take it from there. | ||
...rates, particularly the Treasury, the 10-year Treasury, 30-year Treasury, for example. | ||
And those are high for reasons not particularly closely related to Fed policy. | ||
They may remain high. | ||
I think, you know, there's a, once we lower rates and kind of rates return to a lower level, mortgage rates will come down. | ||
I don't know when that'll happen. | ||
And even when it does happen, we're still going to have a housing shortage in many places. | ||
unidentified
|
Thank you. | |
Chairman Powell, thank you again for being here. | ||
unidentified
|
Thank you, ma'am. | |
Next will be Senator Kennedy. | ||
Thank you, Mr. Chairman. | ||
Thank you, Mr. Chairman, for being here. | ||
My friend, our ranking member, said that you are knuckling under to the big bank lobbyists. | ||
Is that true? | ||
No. | ||
It seems to me that the big picture should not go unnoticed. | ||
Do you recall a year or two ago when inflation was raging? | ||
I think its peak was about 9%. | ||
Many economists and other experts, based in part on history, said that you were going to have to provoke high unemployment and put our country into recession in order to get inflation down. | ||
Do you recall that? | ||
Very, very well. | ||
Are we in a recession? | ||
We are not. | ||
Would you as an American trade places right now with Germany in terms of the economy? | ||
No, I sure wouldn't. | ||
How about China? | ||
No, wouldn't trade places. | ||
How about France? | ||
No, thanks. | ||
Things aren't perfect. | ||
Inflation is obviously still sticky. | ||
And loan rates are too high, which I want to talk about in a second. | ||
But the fact is, knock on wood, we have experienced a soft landing, haven't we? | ||
Not for me to say, really. | ||
I'll let others make that. | ||
Well, have we experienced a hard landing? | ||
No, we sure haven't. | ||
Are we in a recession? | ||
No, we're not. | ||
I call that a soft land. | ||
And it seems to me that you and some of the ladies and gentlemen who are your colleagues at the Federal Reserve behind you deserve some credit for that. | ||
Thank you. | ||
I don't know why you don't take the credit. | ||
Everybody else in Washington, D.C. does. | ||
Again, I'm not saying things are perfect, but I never imagined that our landing could be this soft, albeit not perfect. | ||
And I wanted to thank you and your colleagues for that effort. | ||
You sure didn't get any help from Congress and our... | ||
President, on the fiscal side, I don't expect you to comment on that. | ||
You and the Federal Reserve can, to a large extent, control short rates, can't you? | ||
Yes. | ||
Through the Open Market Committee. | ||
You can't control long rates, though, can you? | ||
No, we can't. | ||
Why is that? | ||
So, a lot of things go into long rates, and one of them is the expected future short rate of Fed policy, but many, many other things go in. | ||
Expectations of inflation in the longer run, the sort of risks around the economy and around the budget deficit go into something called the term premium, which is the part we can't explain when we do these decompositions. | ||
And so, you know, it's set by supply and demand in the bond market at the long end. | ||
And we're not particularly, we have some influence, but mostly not. | ||
Many Americans are looking at short rates and looking at the Fed's behavior and how you reduce inflation, but they don't see the long rates going down. | ||
All right, there's Senator Kennedy, who I usually enjoy giving the Fed a little credit for a soft landing after printing $9 trillion. | ||
So you start the fire, you put out the fire, you got a supposedly this soft landing, but we're running $2 trillion government spending deficits to make that soft landing happen. | ||
So we're stealing from the kids, as Mark Mitchell just said. | ||
Steve Bannon says the debt bomb is the nut. | ||
It is the big thing. | ||
And so let's go over that. | ||
I agree with him, but I'm going to add one other big thing. | ||
It's called economic growth, which we do not have. | ||
I'm just going to give a few charts real quick to give an overview here of what's going on. | ||
There is our debt. | ||
To the far right, you see that dotted line going up. | ||
That's where we are right now. | ||
We have basically the same debt percentage level as during World War II over there to the far left, except no World War II. We've had to go out of our way with a deep state to create a disaster in the Ukraine, which explains part of this, just our terrible debt spending. | ||
Let's go on to the next chart, Denver. | ||
Here's CBO, right? | ||
So they just came out with a debt explanation, right? | ||
We're at $36 trillion in debt and at $24 trillion additional over the next 10 years, so $60 trillion. | ||
And you got some folks saying we're going to grow our way out of this. | ||
Well, here's CBO. And you know I've been putting up charts on productivity growth slowing for the past 70 years. | ||
I put that chart up every time. | ||
I'll probably show it at the end here real quick. | ||
But here's CBO saying we have 2% growth. | ||
2% GDP growth, 2% our economy growing at 2% for as far as the eye can see. | ||
So something radical has to change that, right? | ||
On this show, I've gone over the Nobel Prize winning solo growth model. | ||
If you don't change your capital stock, your human capital, meaning real capital and technological growth, you will not change that GDP figure you're looking at right there. | ||
It'll stay flat as a pancake. | ||
So President Trump is doing what he can to bring manufacturing capital back to this country, and it's a Herculean effort it will take. | ||
Next chart, Denver. | ||
This one just shows you kind of the rule of 72. I don't know if you can read it all, but if you take the number 72 and divide it by a 2% growth rate, It'll tell you how many years it takes for you to double your economy, right? | ||
So 72 divided by any number you pick, say a 2% growth rate. | ||
So that'll take about 35 years for our economy to double. | ||
If you look down a bit to the 4% number there, and if you take 72 divided by 4, that gives you about 18. So it only takes 18 years for your economy to double in size. | ||
And so that's just called the rule of 72, and it works, right? | ||
If you divide 72 by 7, it takes 10 years for your economy to double. | ||
If it takes 72 divided by 10, it takes only 7 years for your economy to double in size. | ||
We're not going to hit those numbers. | ||
It would be great to aim at 4% growth. | ||
I doubt we get there, but with President Trump, we'll see. | ||
If we get the animal spirits kicking, all of this to show you how difficult this project is. | ||
So say we're growing at 2%. | ||
We double our economy. | ||
In 35 years. | ||
That means the economy right now is $25 trillion, so you get another $25 trillion, right? | ||
So you're up to $50 trillion, but the debt is currently $36 trillion. | ||
So you could take all that additional growth and put it toward the debt, and you still wouldn't pay off the debt, and that's assuming you're not running $2 trillion deficits forever. | ||
Even if you grow at 4%, it takes you 18 years to double. | ||
So your economy gets to $50 trillion in 18 years, which is certainly better, but you're starting to see how difficult this is. | ||
I just wanted to give a slow-mo on this idea. | ||
Anyone is selling you, say, we're just... | ||
Going to lower taxes a little bit, get regulations under control. | ||
We're going to be growing at four. | ||
Good luck. | ||
We've got a long, hard project in front of us. | ||
It's doable, but we've got to kick in on the spending. | ||
Doge. | ||
That's why Steve's been going nuts on the spending reductions that are necessary from Doge and from the Congress and Senate. | ||
Wait till you see the budget reconciliation coming up. | ||
Next chart, Denver, is just to show you in the next 10 years where interest payments fit in. | ||
They're number two. | ||
Social Security is up at the top. | ||
And for the next decade, interest payments are second. | ||
The second biggest spending category bigger than Medicare, bigger than non-defense discretionary, bigger than Medicaid, bigger than defense. | ||
So that's just money. | ||
You all know how frustrating it is to see your mortgage payment and the principal you're paying versus the interest payments just flying off into the air. | ||
Next chart is productivity. | ||
There's the leader of the world on productivity studies out at Northwestern, Bob Gordon. | ||
Not sure if he likes being made famous on this show, but he's famous for a good reason. | ||
There's productivity going from 5% or 6% way on the left. | ||
Productivity's growing pretty good 70 years ago. | ||
Now it's down to 2%. | ||
And that's the chart I've been showing over and over and over. | ||
So when productivity is down to 2%, guess what that gets you? | ||
It gets you that number I just showed you from the CBO. We're only going to grow at 2% for the next decade. | ||
Unless we change that. | ||
In the past, what has changed that? | ||
Let's go to the next chart. | ||
Folks don't seem to realize, but even the Democrats are bringing up the religious conversation. | ||
What got us growth up to World War II? What brought us those people with the long-run perseverance, the work ethic, the rule of law, sacrifice for your family, the iconic African American church? | ||
Hispanic faith, etc. | ||
The war room posse right now, it's the Christian religion. | ||
If you look on this chart, all of human history made $1,000 a year for all of human history. | ||
Look at this chart by 1981. All those yellow balls are what you call the Judeo-Christian West. | ||
It's Western Europe along with the United States of America. | ||
Predominantly Protestant and some Catholic countries in there. | ||
The odds of that occurring randomly are 1 in 10,000. | ||
That's Bradford DeLong at Berkeley University. | ||
I doubt he's a Presbyterian. | ||
I hope he is. | ||
I doubt he's a Presbyterian, but he's one of the leaders in the growth field. | ||
This is from a serious paper years ago, but nothing's going to change on that date, 1981. So I'm just trying to put into context what this country has to do. | ||
And getting back to religion, which is really getting back to faith, right? | ||
It's not religiosity, it's faith in God. | ||
And that faith has done great things in this country. | ||
And so with that, I just want to go back to our friends. | ||
That sets up pretty well the need for Birch Gold in your portfolio. | ||
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You just saw all the charts. | ||
The BRICS countries get what that means. | ||
When you have that much debt, if the United States does not return to its greatness with that spirit, that's the most important thing, that religious spirit that we all need, then we're in trouble. | ||
And so we have turbulent times ahead. | ||
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