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Feb. 12, 2025 - Bannon's War Room
48:44
Episode 4262: Taking Down The Corruption In NYC
Participants
Main voices
p
phillip patrick
08:41
s
steve bannon
33:07
Appearances
j
jerome powell
01:01
m
mike lindell
01:52
Clips
e
elizabeth warren
00:57
j
jake tapper
00:08
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Speaker Time Text
steve bannon
See this headline right here?
unidentified
Trump causes constitutional crisis.
steve bannon
Trump causes constitutional crisis.
Showdown emerges of the limits of his power.
Let me be blunt.
This is a lesson here.
The existential threat to President Trump's administration is not in federal court.
What President Trump is doing is constitutional.
The appellate courts will say that.
The Supreme Court will say that.
The existential threat to President Trump's administration, and I mean Doge, Elon Musk, Secretary of Treasury Besant, Russ Vogt, Stephen Miller, all of his people, the existential threat is right here in this city.
It is the queen of lawfare.
It's Letitia James.
Right now, Soros has a DA that's running unopposed.
He can call a grand jury at any time.
He can set up criminal charges on the most bogus efforts.
Letitia James runs this deal.
She's got a pliant media right here, pliant left-wing media.
She's got a jury pool of only left-wing radicals in the Upper West Side of this city.
And she's got the judges.
She's got all of it.
Hang on.
I'm calling on right now.
The Attorney General, Pam Bonney, to begin an immediate criminal investigation into Letitia James, Alvin Bragg, all of what they did to President Trump.
President Trump, on his true social day, laid it out once again.
The existential threat...
To his administration is this queen of lawfare, Letitia James, and how she has absolutely total control.
And Doge and Elon Musk and Scott Besson and all of them ought to be worried about this out-of-control city.
Thank you very much.
I'm not an investigation to brag because it's your case.
Thank you.
Pray for our enemies.
unidentified
Because we're going medieval on these people.
steve bannon
Here's one time 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've tried to do everything in the world to stop that, but you're not going to stop it.
It's going to happen.
jake tapper
And where do people like that go to share the big lie?
unidentified
MAGA Media.
jake tapper
I wish in my soul, I wish that any of these people had a conscience.
unidentified
Ask yourself, what is my task and what is my purpose?
steve bannon
If that answer is to save my country, this country will be saved.
unidentified
War Room.
Here's your host, Stephen K. Bannon.
steve bannon
It's Tuesday, 11 February in the year of our Lord, 2025. We've got a lot to go, and particularly President Trump, we're going to go, which just happened moments ago in the Oval Office, with President Trump signing, guess what, more executive orders on Days of Thunders and taking questions from the press, kind of his daily fireside chat press briefing.
In there, I think there's an executive order about judges.
And I know there's been a lot of focus on it.
Okay, New York Times today, a showdown emerges.
This is what I was holding up in front of the courthouse today.
A showdown emerges over the limits of presidential power.
See that?
That's the lead right there.
And then below it, kind of the analytical piece was, Trump causes constitutional crisis, scholars say.
A flurry of radical acts that may thwart court's response.
Okay?
And they're making this case that everything President Trump's doing, everything Doge is doing, Elon Musk is doing, Russ Vogt over at OMB, Stephen Miller, he's deputy chief of staff for policy.
All these guys taking different cracks in the administrative state, different cracks at trying to figure out what the deep state's been up to and trying to crush it.
Also...
Trying to look at where you can cut costs dramatically and quickly so that we can afford this government.
They are being stopped right now, or slowed down, I should say, in federal court.
They're going to federal court from Rhode Island to Washington, D.C., to New York City, federal court.
To stop the Consumer Protection Board from being shut down and defunded, from USAID being shut down and defunded, the people sent home, from, you know, everything from government workers having the buyouts, even that, they're saying that's illegal to government workers being told to come back to work, or you're fired, and different, on and on and on, different restructurings, and they've got union suing, they have individual suing, they have people suing over their data, so they're everywhere in federal court.
What I told NBC is that, hey, President Trump could fight these, could not turn over, could not slow it down.
One was about stopping, he stopped payments in a certain area.
And they said he had to continue the payments.
So the executives in charge of that area have a choice to either restart or defy the courts.
If you defy the courts, which I'm inclined to do and fight this, you know, you can be held in contempt.
The executive could go to jail.
But my recommendation for President Trump, I know he's a fighter and he doesn't want to comply with a lot of what the courts are saying, particularly since you've heard J.D. and you've heard other people talk about it.
They think it's an intrusion upon executive power to wit if the Appropriations Committee and they pass something, it's got a budget, let's say the Green News scam, and it's got $500 billion and President Trump steps in to office and there's $300 billion unspent.
He believes he has the authority.
From the Constitution, as a chief executive, to reprogram that.
And that's called, you know, he's got this whole thing about the Impoundment Act.
You think he can impound it and reprogram it, and that is a big constitutional question that has to be resolved.
But there's many, many others.
Now, I said you can either fight this and be held in contempt and fight the courts at the lower level, or you could comply, slow down a bit, but expedite to get to an appellate court.
And have a hearing.
And if that doesn't work, get on the emergency docket of the Supreme Court and they, by and large, have to take some of these things.
So that's it on the federal side.
That, I don't think, it should be the fear.
Number one, you have literally broken the Democratic Party.
They don't really have a political response right now.
You can see this if you watch MSNBC, if you read the New York Times.
They're bitching at their leaders.
They're not stepping up to Trump enough.
They got some of these old hacks outside of government buildings having protests, but it feels very performative.
The crowds aren't very big.
They're cold.
They're sullen.
And they're beaten.
So on the political side, not much.
The media is completely shattered, a little bit turned on themselves.
They're searching CNNs.
They're all trying to figure it out.
OK, but so the Democratic Party and really the media, which is essentially the really the opposition party to President Trump is is on its back foot in the federal courts.
I just don't think I think the federal courts are given TROs and some, you know, temporary restraining orders or stand downs stays for short periods of time.
But I don't see the federal courts, although there's a lot and they're all running a federal court.
Because that's what they do.
And they used to run the deal at a DOJ with the judges in the Southern District and the Eastern District of New York.
Remember, all this was their terrain.
They had all the ability to lawfare.
That, I think, works itself out.
And I think President Trump continues to press the bet, continues to put the foot on the pedal.
Where I see is the chink in the armor, and I think it has to be addressed immediately.
And this is what I said outside the courthouse.
In New York City, it's not Peoria, Illinois.
It's not someplace in Missouri.
It is the financial capital of the world.
And if you look at the ship of state, kind of the way our country's organized, the bridge, let's say, is Washington, D.C., but the engine room is in New York.
It's where all the capital markets are.
It's where the Treasury Department's trading desk is.
It's where the Federal Reserve's trading desk is.
I think the Federal Reserve and the Treasury are the two biggest...
The trading desk of government securities and bonds in the world.
You have every piece of commercial data goes through there.
All types of trade data goes through there.
New York's a hub for information.
That's why it's the financial capital of the world.
Financial capitals deal on information, whether it's 16th century City of London or 21st century Manhattan.
And in Manhattan, this is not New York City of the boroughs.
It's not Staten Island.
It's not Brooklyn.
It's not Queens.
It's not the Bronx.
You don't have this kind of particularly immigrant, hardworking people of color that are starting to shift towards President Trump to start to become more MAGA. Or Staten Island, which has always been kind of a backbone of the Republican Party up there.
You have Manhattan.
Manhattan is...
Probably the most radicalized part of any city in the country.
And inside that city, you have two actually radicalized places, like the Upper West Side, and then you got kind of downtown.
You have Letitia James.
You have an attorney general that has totally and complete control of all of it, and she has a prosecutor and a DA. Look at President Trump.
Remember, President Trump is found guilty of 32 felonies in New York that were completely and totally bogus.
Ask any law professor you know, any reasonable lawyer you know.
Completely bogus.
They took these misdemeanors and flipped them into felonies.
And I think the jury was out three hours.
And they went through, remember, days of picking the jury?
Remember all the picking the jury?
Well, I think this guy, this guy's giving me the wink.
Remember that one guy?
He's looked over here.
He's unanimous.
You have a hand picked from the Upper West Side.
The existential threat, the clear and present danger, the clear and present danger to President Trump right now, to me, is only one thing.
And that is this system that these radicals and the most radical people...
Underneath the New York legislature, the most radical people, Tish James, Alvin Bragg, Soros-backed with radical prosecutors, in a city you can call a grand jury of radicals, with nothing to do but sit in a grand jury, radicals, to indict people, and right now they can make up anything about the information, about what you're doing with shutting some of these things down.
It doesn't have to be accurate.
In fact, they could go for years on the indictment.
They can indict you and go for years and years and years, and they have nothing, but they just drag it out.
They don't have the politics.
They're not winning.
President Trump's polling is unbelievable.
The media's shattered, right?
CNN's number's in the tank.
MSNBC's babbling every night.
New York Times readership, people don't.
Just look at the media.
Look at the pundits.
They have no earthy idea what they're doing, wandering around.
So no politics, no narrative building, no information warfare.
The federal courts are a problem, don't get me wrong, but we're on the high ground there.
President Trump's theory of the unified executive, I think, plays out.
I would be very careful.
I think if you start being held in contempt as an executive assistant with President Trump and says, no, I'm not going to give you, you say, stop, uncut off the funding, I'm not going to do it.
I think you lose some of the moderates like Roberts and Amy Coney Barrett when you need them.
So I think you have to worry about the politics of the court.
But I think, at least as I understand it, I'm certainly not a lawyer, but it's explained to me over and over again.
I think in the federal court system, it slows you down, but it doesn't stop it.
It slows you down, but it doesn't stop it.
And it tangles you, but you work through it.
The only thing they have is they've set up a perfect system.
Soros set it up.
It's his money.
They thought it through.
These are not great lawyers, but this is an existential threat.
And to me, it has to be addressed.
I think Pambani, I think the only thing you do is put the fear of God in them.
You know, President, this should have happened after President Trump, the sham trial he had the first time.
I think Pam Bonney, which should be a high, high, high priority, and she should put the Southern District, Southern District is a rat's nest.
You got Clayton up there.
Jay Clayton is a new, but I don't think he's been confirmed yet.
Remember, all the U.S. attorneys have to be confirmed.
This thing takes forever.
We have other confirmation we're going to talk about this week.
Tulsi Gabbard, Bobby Kennedy, Cash Patel.
It looks like for Bobby and Tulsi.
It's coming our way.
And Tulsi was supposed to be the kind of odd lot there.
It looks like Cash.
They're coming back with Cash every day.
They say, oh, they got a new revelation on Cash Patel.
Now, they're claiming Cash Patel fired all the FBI agents last week.
Boy, hey, you know what?
Good on you.
Good on you.
You started your job early.
That's their new thing.
Every day is a new revelation on Cash.
They've put his committee of jurisdiction, the judiciary vote, until Thursday.
I think the other votes are tomorrow.
But Pam Bondi is in.
Emil Bovee is there.
They're doing an amazing job.
Todd Blanche is not confirmed, but Emil's there doing a fantastic job.
I would set a task force immediately or parse it out to the Southern District or the Eastern District.
Let's get a criminal investigation going on Tish James and Alvin Bragg.
If nothing more, put the fear of God in them.
Slow them down because they're coming for Trump.
They're coming for this administration.
They feel that they are the last line of defense of the administrative, and particularly the deep state.
And remember, there are many, many, many, many dark secrets in New York between the Capitol and the intelligence.
This is why Donovan, when he set up the, while Bill Donovan, when he set up the OSS, he would pick from two basic types of people, Wall Street lawyers, of which he was one, deal lawyers, and investment bankers.
That's a crowd that, you know, can get things done their way.
A lot of dark secrets there.
Okay, we've got a full press briefing, I guess, a presser from President Trump signing the executive orders.
Days of thunder continue.
And if Attorney General Pam Bondi hits it, wow, what a beautiful view.
unidentified
Oh my lord, oh my lord.
steve bannon
New York, New York, stunning.
Short break.
Back in a moment in the war room.
unidentified
Disciplining or removing any staff that are found to have engaged in debanking activity, furthering Operation Chokepoint 2.0 or other misconduct.
All right.
jerome powell
I can't make an open-ended commitment to remove anybody, but I will tell you that I am struck, and my colleagues and I are struck by the...
By the growing number of cases of what appears to be debanking, and we're determined to take a fresh look at that.
In fact, the thing that you showed during the debanking hearing when I saw that, we're now taking that out of the manual.
So I thank you for that.
elizabeth warren
Over the weekend, co-president Musk and acting director effectively shut down CFPB. No more cop on the beat looking out for a family of four in South Carolina facing an illegal foreclosure.
No more cop on the beat looking out for your grandma whose bank account has just been taken over by a scammer.
No more cop on the beat looking out for people getting ripped off by giant credit card companies.
It also means that the CFPB is no longer doing one of its most important jobs, examining big banks to root out illegal conduct before it happens, or at least stop it before more people get hurt.
Chair Powell, if the CFPB isn't on the job right now, then who is administering J.P. Morgan or Wells Fargo's consumer compliance exams?
jerome powell
Senator, I believe that, and you would know, that Dodd-Frank moved all authority for examinations in the consumer space to the CFPB. Let me have it.
steve bannon
Okay, we may come back to Powell.
Poor Powell getting beaten up there by the...
That's the old Republican way of doing things, Powell, which never got done.
You see the new one where they just...
Defund it, cut the money off, and tell everybody don't show up to work on Monday.
Hey, the courts may have to get involved.
I think there's a theory of the case that says the president, his executive power, has the rights to do that.
It's going to work itself out through the courts.
They're going to get involved.
They are involved.
The left is running as they always do.
They've controlled the courts for a while.
They've controlled the Justice Department.
And my point is...
As serious as that is in slowing us down, since I think things are being done correctly, and look, I'm sure there's a lot of questions out there about the data.
Are they putting AI in?
That's all got to be worked out.
President Trump says that he's on top of things, so that'll be worked out.
But as far as the effort itself, it may slow it down, but it's not going to eliminate it.
Letitia James and Bragg, who are soorous acolytes, It's a different deal.
And remember, every financial transaction, all the information, all commercial information, all trade information, eventually goes through something that touches a server in New York.
And then they have jurisdiction.
Plus, the way you finance the government is all in New York and ain't in Washington, D.C. So this massive apparatus that kind of coordinates and connects everything with the Treasury Department is anchored in the financial capital of the world, as you would imagine.
Philip Patrick, CBO. So Womack, I don't know if we have that tweet.
Steve Womack's a guy from Arkansas.
He's one of the cardinals.
He's one of the old bulls in the Republican Party.
And he's not a guy, I think he's on Banking Commission.
He's not a guy that, he doesn't jump in front of the camera a lot.
This is not a guy that's got a high media profile.
He put a tweet out.
He had just gotten out of these conference meetings.
And he gets out, he goes, man, I was just in this conference and talking about reconciling this, reconciling that.
And he said, the only thing I wanted to know about was March 14th.
What's your plan to keep the government funded?
And he says crickets on that.
Nobody brings it up, nobody talks about it.
CBO put out a report, I think I got to you, Phillip, on Friday, that shows CBO, and I don't always agree with the CBO numbers, as you don't either, but they're directionally pretty close.
They say that they've got a projection year by year between now and 2035, 10 years, of which we are $2 trillion per year deficit, and we continue down the path for 10 years, and it actually gets a little higher towards the end, but in 2035, we're at $52 trillion in debt, and barely struggling.
Because, you know, the debt expense is so high, and I realize the economy grows, although they say the economy is going to grow 1.8% per year, and one of the reasons for that, Philip Patrick, is the massive debt load that we hold.
So given that, that nobody wants to talk about the 14th, the government's going to shut down, and folks, write this down, they're going to give you a one-year, they're going to give you a full-year extension to the CR, so go for the rest of the fiscal year.
It'll be like an omnibus.
There'll be all kind of garbage in there.
It'll be, to the end of the year, it'll be Biden's numbers 100% in Trump's first year, because it has to be almost by law.
It will be a $2 trillion deficit in President Trump's first year.
And remember, they kicked the can down the road from December.
And, wait for it, not one penny of the doge cuts will be in there, because then they'll say, oh, we'll get to those in July for the next year.
It'll be the biggest kick the can down the road.
Given that you represent a company that specializes in hedging against times of financial turbulence, your thoughts, sir?
phillip patrick
Yeah, I mean, look, the situation is dire, and there is still no understanding on the left of the scale of the problem.
At least we have an administration that does.
As you say, so the CBO estimate now $838 billion deficit in the last four months.
That's $306 billion more than the same time frame a year ago.
So spending's climbed 15%.
We are heading in the wrong direction, and it is happening now at a faster rate.
Obviously, this is nothing to do with President Trump.
We haven't even got his budget yet.
And at the same time, the Treasury Department is already using extraordinary measures to prevent breaching the debt ceiling.
So I, like you, think it is very possible the Dems once again will try and force through a continuing resolution, which would leave Biden's spending priorities in place even longer.
Even Tim Cole, the House Appropriation Committee chair, suggested this week that we should leave it in place until we get Trump's stuff.
Obviously, this is an unmitigated disaster, and I think it's these Constant failures to draw a line in the sand that have gotten us into the position we are.
Like you say, 12 months from now, U.S. national debt will be at $40 trillion and it'll rise consistently from there.
That's going to be a problem.
At the end of the day, the one thing President Trump needs is time, right?
He needs time to rebuild the economy, rebuild the base and grow the economy.
But the problem is, the faster we amass debt...
The less time he'll have to do that.
The higher interest rates go, the less scope he'll have to do that.
So, you know, we know we have the right man in the hot seat, but the job is fraught.
And almost every decision he has today comes with a negative as well.
steve bannon
You know, people have embraced Elon Musk and particularly the Doge guys that are...
You know, running around and they talk every day.
Like today, they didn't give money to FEMA to pay the hotel, the Roosevelt Hotel, with the illegal aliens in it.
Every day they're popping up with something.
And it's kind of onesies, twosies, but you know, you're seeing USAID, which people have worked on for years, but other things.
But you see some talk on Capitol Hill, but you don't see like a wild embrace.
Because the political class does not...
Want to cut spending ever, because having more spending increases their power.
What is it going to take, Philip, to have a serious conversation?
Because until we come to a joint conclusion that we have to cut spending, it's going to continue on, unless you have a crisis.
And a crisis where you feel that people could step in there and say, we're not going to bail ourselves out now, like they're trying to bail themselves out from the AI Sputnik moment.
What do you think it's going to take?
To get the political class to actually sit there and say we're prepared to cut spending.
phillip patrick
That is such a difficult question to answer because the reality is if they are not at that place yet, I don't know what's going to get them there.
It'll take voting in some better politicians long term.
Listen, the fact that Doge isn't gaining bipartisan support for me is concerning.
I mean, look, it is very clear that there is a ton of waste in government spending and why both sides of the aisle aren't interested in really even identifying the problem.
I think you hit the nail on the head.
At the end of the day, it doesn't suit their political ambitions to do so.
As long as we have that conflict of interest, I don't see a change happening.
We've said for a long time, we may be at the point of no return, right?
Last year, debt service payments were 50% above U.S. defense spending.
We have to understand no empire in the history of mankind has come back from that position.
If that isn't enough to wake these people up, I don't know what is.
Like I said, it's very difficult to argue against looking through government spending with a fine-tooth comb and cutting wasteful spending.
Any argument against that is a self-interested argument.
It is that simple.
steve bannon
We've got about a minute.
I want to hold you through the break for a little while.
We're also going to play the Oval Office, so we're going to figure out how to get all this in.
But take me through the dynamics.
What are the dynamics that are driving the increase?
What did Gold finish at today?
I was at a previous appointment before I did the last part.
What is it?
phillip patrick
Gold today traded, finished in the 2,900, 2,902.
It's an all-time high for gold prices.
By the way, gold has consistently been setting all-time highs over the last few years.
What's driving it is a lot of what we're talking about.
We're seeing global debt rise across the board.
We're seeing de-dollarization.
And ultimately, what's really driving gold is demand.
We got fourth quarter numbers at the beginning of February.
We set another record for central bank gold buying in 24.
steve bannon
So for the last three years central banks around the world setting records Hang on I want to go back to this It's important for the audience to understand the interconnectivity in massive federal spending, the deterioration of the fiat currency, and the correlation with that with the demand for a store of value, this called gold or precious metals.
Okay, Nicole McGrady is going to take us out with Modern Day Holy War.
We have Philip Patrick.
We're also going to cut back to the Oval Office as soon as we get that clip all set together.
Short commercial break.
Back in the warm in a moment.
unidentified
Talking about collaborating with the CFPB for financial technology firms.
What would the Fed Reserve now do that if the hypothetical is the CFPB no longer exists, what would be the Fed's role right now with respect to technology firms?
jerome powell
We don't.
We have jurisdiction over banks and some financial market utilities.
unidentified
So let me ask you this, because I know there's a number of Nevadans who file consumer reports of concerns about fraud and predators with the CFPB. The Fed Reserve doesn't receive those reports, correct?
jerome powell
No, I don't believe so.
unidentified
And you have no role when it comes to consumer protection like the CFPB does, correct?
jerome powell
Unless you're a...
A Fed member bank that has 10 billion or less in assets, then we have jurisdiction.
unidentified
Right.
So there is a gap.
If the hypothetical is true and what we're hearing that the CFPB is being shut down, there is a gap, what we're hearing, in enforcement out there, and particularly when it comes to consumer protection.
Would you say that's true?
jerome powell
Yes, for all banks that we don't supervise.
unidentified
And I think that's the concern we're all having right now, is this concern of When we're looking to streamline government, and listen, I'll be the first to tell you, there's a lot of bloat.
We need to streamline it.
We need to address regulations and overreach.
But there's a strategic way to do it, and not this burn down the house, that is going to harm people across the country, including in my state, those Nevadans that are looking for some sort of enforcement around consumer protection law.
steve bannon
Eventually we're going to find the part where he talks about interest rates.
unidentified
Eventually.
steve bannon
We keep looking.
Philip Patrick, the engine room informs me, because the engine room are devotees of Philip Patrick and Birch Gold, says you're too modest.
Since they piled in here a year ago, year over year, gold's up 44%.
Any truth to that rumor, sir?
phillip patrick
It is indeed, yeah.
And I just looked from our first release of End of the Dollar Empire up 53%.
So it is moving.
It is moving.
steve bannon
Well, I want to get to that.
Look, we don't give investment advice.
And gold traditionally doesn't move like a stock.
It's always been a store of value and it's a hedge against times of uncertainty.
You've always been able to depend upon it basically throughout mankind's history.
It's one of the reasons people are attracted to gold as a hedge or an investment.
And it's why people have always talked about you have to get the currency back to a gold standard or somehow backed by gold.
The BRICS nations.
When they're talking about these currencies, and President Trump's dropped the hammer, says, if we even talk about it, you're going to have 100% tariff, don't even talk about it.
The dollar's going to be an empire for a long time, at least on my watch.
It's not going to leave on my watch.
But you have these central banks, and I keep saying they're the tell.
The central banks, because they have all these guys from Harvard, all these guys from Stanford, they have the handheld calculator, HP-12C, they can do net present value.
They see the deterioration of the purchasing power of the dollar.
phillip patrick
Why?
steve bannon
Because at midnight on the 14th, folks, the political class is not going to have the balls to actually present you a budget.
We're just going to kick the can down the road, and we're going to have, with all the talk that we've had and all the Sturm and Drunk that we had, we're going to have Biden's numbers, a $2 trillion deficit, and no doge cuts as we stand now, unless we can wake people up.
So what is the dynamic that's driving the central banks to buy it?
And to see this kind of incredible push of gold all the way up to all-time highs.
phillip patrick
Look, there's a few different drivers.
Look, first of all, the world has always had incentives to use the US dollar, right?
After 1946 till 1971, it was the dollar's redeemability, right?
Following that, we have the petrodollar agreement.
And the key thing with the US dollar has always been stability.
As far as currencies go, it is the most stable, and the world was incentivized to use it.
Well, look at what we've done to our currency over the last 15 years.
We printed more money than ever before in history.
What has that done?
It has led to a devaluation of the dollar, incentivized nations around the world to look for alternatives.
Through Biden's weaponization of the dollar, we told nations around the world, you do something we morally object to.
Your dollars can become liabilities overnight.
We are removing incentives for nations around the world to hold the dollar.
Well, the problem is, as we've said before, the dollar is still the tallest midget in the room.
There isn't a currency yet better than the US dollar.
But central banks around the world are betting on the failure of the dollar longer term, and they're doing so by buying gold.
The reason you buy gold when you're worried about long-term prospects of the dollar...
Gold and the dollar are directly inversed.
So a bet on gold at the level that we've seen central banks do it over the last three years is a large bet against the US dollar.
The reality is they don't know which currency will ultimately overtake the dollar longer term, but that's why they're buying gold.
They're hedging their bets, and gold is the best way to do it when currency is involved.
steve bannon
What do you see if we continue, like for instance, and I know you're not here and you never do project like the price of gold what's going to be, but just in pattern recognitions.
If we have a failure of the political class, if we have, they thwart President Trump's efforts to try to get spending under control.
If the CBO numbers and Cameron and the team and Grace, I'd really like to get that.
Ten of your report out, and people just, there's a couple of summary charts, but you should, some of it will seem dense, but I strongly recommend you get it because it's a pretty good projection, at least one attempt with some pretty basic assumptions of what could happen.
But if we continue on in perpetuity with $2 trillion deficits, and what I mean by that, that the cost of what we're paying out For defense and Social Security, entitlements and everything, it's $2 trillion per year higher than what we take in.
And we get to $52 trillion in 10 years.
Where do you think we are with precious metals?
What's your pattern recognition to say?
What's the direction of gold?
unidentified
Look, the direction of gold is certainly to the upside.
phillip patrick
And in the climate that you're describing, it is to the upside significantly.
We have to remember gold's value is a reflection of the value of currency, right?
I've always said heading into this year, just with demand as it is, we see gold over $3,000, likely in the mid $3,000 range by the end of this year.
However, look at guys like Jim Rickards.
Jim Rickards, for a long time, says in his lifetime, he'll see Gold at $10,000 an ounce, right?
Now, he's talking about hyperinflation, right?
He's talking about losing this battle in a big way.
If that happens, the sky's the limit for gold price.
Now, Rickard says if gold's $10,000 an ounce, we're paying $200 for a loaf of bread.
That is not a good position to be in.
So it all depends on whether we win this battle.
Longer term, listen, I'm hopeful with President Trump at the helm.
But like I said, No nation has recovered from this position before, and I'm hedging my bets.
And precious metals are the best way to do that.
They increase significantly in times of devaluation.
steve bannon
Well, the chief fiduciaries of these major nations are hedging their bet also.
That's why I keep telling people, just look at the net gold purchases of the central banks.
They're telling you what they think.
They're putting it away for a rainy day.
Remember, they could be taking that money and putting it into investment capital equipment in their countries.
They're not.
Why?
They're putting some part of a money way to put in precious metals because they want to hedge.
They're very uncertain about the future.
Go back to, why do people, Milton Friedman made it popular, I think, in the 70s and 80s.
And then after the hyperinflation of Volcker and Reagan, which Volcker and Reagan killed, it kind of lost it.
Why, and you and I talk about this a lot, you always really look at, and I know Rand Paul and Ron Paul would always do this, Money supply, the printing of money, you know, more money in the system, you know, printed by the federal government.
Why do you look at that?
Why is that one of the indicators you always look at as where the economy is going of how much money is being printed?
phillip patrick
Because it has a massive effect on currency and, conversely, a massive effect on gold prices.
At the end of the day, you cannot increase money supplies indefinitely.
It has a significant impact on the existing money supply.
Never in history has a country that financed big budget deficits with large amounts of central bank money avoided incredibly high levels of inflation and devaluation.
As somebody who invests in gold, who sells gold, that's what we need.
We watch because ultimately inflation drives gold up, the dollar devaluation drives gold up, and you cannot do what we've been doing without seeing significant effects.
We've been saying this for a long time.
Time now.
Everything we've been saying, people thought we were crazy years ago.
Now look at it.
It is mainstream political thought.
Finally, even the left have woken up and understand that we need to address deficit spending.
Too little, too late, in my mind, on their part.
But even they realise the extent of the problem.
You know, this is going to be a tough one to come back from.
There's no question about it.
It's the most important thing today is deficit spending, debt, and it's all inextricably linked.
Listen, the BRICS are using gold as a means to de-dollarize.
Number one, it's more stable than the dollar.
But two, it allows them to reduce reliance on the dollar.
So everything's connected.
And like I said, there's a reason gold is setting records day on day on day today.
steve bannon
This is the reason we make such a big deal about the 14, that in any negotiation, you have to have leverage points.
Well, we got one.
We're on emergency measures right now.
We've already breached the debt ceiling.
We're in emergency measures right now because we can't add any more debt technically, so we're just taking cash as it comes in and paying off what we've got to pay off.
The clock strikes at midnight on the 14th when we've got to have new authorization to spend any more money.
So we're going to use that as a leverage point.
I think it's kind of...
Kenneth Rogoff has that famous book, This Time It's Completely Different.
Every empire, every kingdom, every country, from France before the revolution, everybody.
Every time they breach more debt than GDP, the finance managers, they always say, well, hang on, this time it's different.
We got this and here's how we got it.
History shows.
They've been 100% wrong.
It's a perfect record.
They never come back.
They just don't.
So, you know, somehow we got one brief shining moment to do it, and that is now.
How do people, in this time of turbulence, how did they get to you?
You've become a real, you know, fan favorite here.
People love you coming on.
How did they get to you?
How did they get to your team to talk to you personally about their situation and what they should be thinking about?
phillip patrick
Of course.
Well, thank you, Steve.
So very simple, birchgold.com forward slash Bannon.
Again, birchgold.com forward slash Bannon.
That'll get them access to End of the Dollar Empire, all of the reports there, how and why to invest in precious metals.
So a guide on precious metals and investing under a Trump administration as well.
So lots of free information, berksgold.com forward slash Bannon or text Bannon to 989898.
And they can reach me at Philip Patrick on Getter.
steve bannon
Philip Patrick, thank you, sir.
Appreciate you coming on.
Appreciate you putting stuff up on social media.
phillip patrick
Thank you, Steve.
Thanks for having me.
steve bannon
So, birchgold.com.
Make sure you go to End of the Dollar Empire, birchgold.com slash Bannon, End of the Dollar Empire.
We're also going to have a special deal running up on CPAC about that, so make sure you check it out.
Also, cpac.org slash War Room.
Is it War Room, Mo?
I think it is.
It's not War Room, Bannon.
Try one or the other.
I think it's War Room.
$76.
Ticket's $76.
You're going to get...
At Force Multiply Academy and a free lunch.
We're showing you a ticket.
We've got a couple of parties.
Hope to get everybody into.
Some of that may be first come, first serve.
We're going to try to get everybody in.
Over at Butterworth, we've got a brunch on Sunday.
A lot.
We're going to be hanging out and having a great time.
Couldn't be more excited.
The entire team is going to be back.
They get to meet everybody.
We'll hang out.
We're going to have great shows.
Real America has always got an incredible studio.
And guess what?
We don't have to be quiet.
Remember last year they would come in and say, Shh!
War Room Posse, you've got to be quiet.
No!
We kick out the jams this year.
It's the last year at National Harbor.
Let's make sure that they think, man, we're glad we're rid of those guys.
They were obnoxious.
They have all the government conferences over, the GSA. When you walk in, they're giving you a stink eye because they know you're part of MAGA. Short commercial break.
Back in the warm in just a moment.
Okay, we're in need of you at the Ramparts, particularly tomorrow.
We're going to have a full day.
We'll start at 10 o'clock in the morning.
They're going to be a full day because there are going to be votes tomorrow and Thursday for Tulsi, Bobby Kennedy, and Cash Patel.
Cash!
They're accusing Cash now.
Whistleblowers accused Cash of being involved in...
I would say thank God that Cash is involved.
It's time you cleaned out that rat's nest.
Let's start early.
He's going to get confirmed.
They're doing everything.
This is what happens when they delay.
I said this was going to happen when they did the getting rid of the FBI guys.
I know it had to be done then, but I would have waited until Cash got his committee hearing because they're trying to slow walk him.
Remember, they're saying they're not going to take him to the floor to the end of the month.
We need you at the Ramparts.
We don't need you any more anxious than you already are.
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Cash, Patel.
Cash is taking some incoming.
They've gone through his financial statements, all minor stuff.
It's actually a film I was involved in.
I want to talk to my producer.
I didn't get paid.
Somehow, Cash, I think, was actually a producer of it.
So I forgive him.
It was a film someone I knew was doing, and they were doing it about Trump's people and Trump's guys being rolled up by the...
I thought it was actually a very good film, but they're picking on poor Cash for it.
They're trying to do everything to stop Cash.
They're not going to stop Cash.
They're going to tear their hair out.
They're not going to stop Tulsi, and they're not going to stop Bobby Kennedy, and that's going to be three huge wins.
I think one of the reasons of people saying, hey, finally, we are, you know...
We want President Trump.
He's on a roll.
Days of Thunder.
We're going to play the complete just from the Oval Office.
He had a signing ceremony with some EOs.
Elon was there.
They answered some questions from the media.
President Trump then put a little more flesh on the bone in Gaza, which is very important.
So we're going to get to all that at the top of the hour.
We also have Roger Kimball.
One of the most important things President Trump has done, he's done, is take over the Kennedy Center.
That's high church for the secular, administrative, and the atheistic deep state in Washington, D.C. So they're shattered.
President Trump said he's going to put some big changes.
He's got Rick Grinnell.
Grinnell's got, let's see, interim Kennedy Center, and he's the interim head of the L.A., because Rick's from L.A., of the revitalization of that.
So he's got two pretty big jobs.
Already, and good on you.
I'm kind of glad that Rick wasn't named.
He's going to be ambassador or special envoy.
We need Rick here in the States.
He's just doing tremendous work.
We just went through the math with you.
IRS, and President Trump is shutting down a lot of the IRS agents.
He's said they're going to go online.
Until they do that, Tax Network USA, particularly if you owe back taxes, remember, when you get the envelope, don't put it in the drawer.
If you put it in the drawer, it's not going away.
Fees continue to run up.
Penalties continue to run up.
Interest rates continue to run.
The interest on it, it's like a cancer.
It's metastasizing.
You've got to cut it out.
How do you do that?
You either open the letter and call the number yourself, or before you call the number, you go to Tax Network USA slash band and get a free consultation.
They'll tell you just bluntly whether they can help you or not.
And if they can help you, take the advice, get the details, and sign them up.
Because you don't want to negotiate with the IRS by your lonesome.
Now, if they tell you not to, then get on with it.
But whatever you do, just don't leave it in the drawer.
Not smart.
Mike Lindell, we got something from Mike Lindell.
We don't have live Mike Lindell, so we're going to go to...
I think this is fantastic.
Go ahead and play it, and then we'll come back to yours truly.
mike lindell
Hello, War Room Posse.
Well, we're going to keep it going.
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Once they're gone, they're gone.
The one with me holding the flag is almost gone.
We're going to put a limit of 15 on them so everybody gets a chance to get some at this price.
Free shipping on your entire order.
You guys, go to the website.
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And as you go down, you guys, I want to show you one more thing here.
The clearance event will be done.
I believe there's one more day of that, and we're taking it down.
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This is a War Room exclusive, and there's the My Store.
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Your promo code also works there.
Promo code WARROOM, everybody.
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steve bannon
D. Mike Lindell.
Okay, the right stuff.
President Trump, days of thunder.
My only warning or heads up is this New York situation.
Soros is gunning for Trump.
He's got two instruments.
Alvin Bragg and Letitia James, they've come after Trump before, left him with 32 felony charges.
They're not finished.
The New York situation has to be addressed.
I think Pam Bondi's the perfect or Southern District of New York or Eastern District.
But somebody's got to get on it.
You must fight fire with fire.
The sooner that happens, the better for President Trump's heroic efforts to deconstruct the administrative state, to destroy the deep state, to radically cut spending, and to save his country.
Short break.
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