May 1, 2025 - Bannon's War Room
48:54
Participants
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| Speaker | Time | Text |
|---|---|---|
| But I can tell you that right now we have over a hundred countries that are calling us like morning, noon and night, dying to make a deal. | ||
| We're in a great position of strength. | ||
| We'll make great deals. | ||
| And when we don't make deals, Stephen, we're just going to set the deals. | ||
| We'll say that country is going to pay a 20 percent tariff. | ||
| That country is going to pay 15 percent. | ||
| Another one is going to pay 30 or 40 percent. | ||
| Because we have a big, you know, deficit with a certain country. | ||
| They're going to pay 30, 40, 50, 60 percent. | ||
| So we'll just set those deals. | ||
| I could set those deals tomorrow and do away with negotiating. | ||
| But we're negotiating with South Korea. | ||
| We're negotiating with Japan. | ||
| We're negotiating with a lot of different... | ||
| Many, many... | ||
| India is a very big... | ||
| They want to make a deal so bad. | ||
| I'm not telling anything out of school. | ||
| We're going to make great deals for America instead of bad policies. | ||
| So what we're talking about, Steve, and why I needed you now, thank you for joining us, is Carville saying the tax cuts for the billionaires, the tax cuts for the top, that's what Trump's about, and that's killing us. | ||
|
unidentified
|
You say not this time. | |
| Yeah, absolutely. | ||
| I mean, look, when Biden and Schumer and Pelosi ran things in January, February, March, April of 2021, did we see a tax hike on the billionaires? | ||
| You most certainly did not. | ||
| It never even got a committee. | ||
|
unidentified
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Why? | |
| The Democratic Party is owned by billionaires. | ||
| That's why you have a billionaire class, a credential class. | ||
| James, they've abandoned what used to be Clinton's base. | ||
| They abandoned the working-class folks in this country. | ||
| They abandoned democratic families like mine. | ||
| They abandoned it. | ||
| And that's what President Trump is trying to reverse, is what really started with Bush 41 and Clinton, is globalization. | ||
|
unidentified
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Show Jimmy, because Jimmy's going to respond. | |
| It was Bill Clinton that allowed the Chinese Communist Party into the World Trade Organization. | ||
| By the way, both parties did it, the neoliberal and neocon. | ||
| And that's why both parties are responsible for this. | ||
| President Trump, this is a revolution. | ||
| You're 100 days into this. | ||
| And that's what he's trying to do, is redo the entire commercial relationships of the world that focus not just on America first, but American citizens first, and particularly working class and middle class to bring high-value-added manufacturing jobs back. | ||
|
unidentified
|
So Steve says that he's going to raise taxes on the rich to help pay for the tax cuts for the middle class this time. | |
| I hope that Steve is right. | ||
| As you know, it was won at the Supreme Court. | ||
| And what we're doing is we have a country that's based solely on merit now. | ||
| And that's the way it is. | ||
| If somebody's out there doing a great job, and this includes getting into colleges, if you've worked really hard, we don't look at race, we don't look at color, we don't look at height or shortness or weight. | ||
| If somebody is doing a good job and they worked and they got great marks and they got great board numbers and they get rejected at this Harvard, which has been so disgusting, so horribly... | ||
| I mean, think of it. | ||
| They hired Bill de Blasio. | ||
| And Laurie Lightfoot, the two worst mares in their history. | ||
| They pay him a fortune. | ||
| But that was the course, though. | ||
| They're teaching management. | ||
| Let me just tell you that it's based now, Stephen, on merit. | ||
| He also went out of his ways to make sure the historic black colleges and universities were well-financed and had a sound financial footing, right? | ||
| So people get opportunities and get access to college. | ||
| If they can't get to these other colleges, they get to college. | ||
| Some of those are some of the greatest. | ||
| Hampton Institute in my home state, Virginia. | ||
| It's one of the finest colleges in the country, right? | ||
| President Trump has gone out of his way to do that. | ||
| President Trump is somebody for every American. | ||
| It's about being an American citizen, and he's fighting for that every day. | ||
|
unidentified
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I think we're at a very high leverage moment where there is an attempt to essentially consolidate something that looks like a presidential dictatorship, more similar to the kind of system that they have in, say, Turkey than what we've had in the U.S. I don't think that that is by any means guaranteed to be successful. | |
| In fact, I think it... | ||
| Faces lots of obstacles, but I do think it could go either way. | ||
| And I guess my question to you is, if we were to speak a year from now, are you confident that the rule of law will be stronger and this president weaker in what he's trying to do, the constitutional order, or the same or worse? | ||
| I'm confident that the people of this great country... | ||
| And some who might be sleeping right now and not paying attention will wake up. | ||
| And I am confident that they will take to the streets and raise their voices and push back against those authoritarian impulses and demand that our democracy be restored. | ||
| This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
|
unidentified
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Because we're going medieval on these people. | |
| I got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
|
unidentified
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Mega Media. | |
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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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. | ||
|
unidentified
|
War Room. | |
| Here's your host, Stephen K. Mann. | ||
| Thursday, 1 May, Year of the Lord 2025. | ||
| Dave Walsh is my co-host for the next couple hours. | ||
| Dave, thank you so much. | ||
| I know you don't get in town as much as... | ||
| As you want. | ||
| Or maybe you get in town more than you want. | ||
| I know you're a Florida man, so I know it's tough to get you Florida guys up here. | ||
| But thanks for coming by. | ||
| Thanks for having me, Steve. | ||
| We're going to do a lot of energy and a lot of the economics and trade and all that, but there's a couple of things that are popping today as we come on. | ||
| We're going to get to that a little bit. | ||
| Last night, the... | ||
| The town hall, I want to give a hat tip to News Nation. | ||
| They tried to pull it off, very ambitious. | ||
| I know the president loved it. | ||
| He was on for 30 minutes. | ||
| He just stayed on for another 30. But he had backed up CEOs outside the Oval Office to kind of get in from his following, from his, the great day he had yesterday with all the CEOs and the speech and all that. | ||
| So he worked, you know, 10 or 11 o 'clock, I think, for the Oval. | ||
| Working with these folks. | ||
| It was pretty extraordinary. | ||
| We got into a lot of it. | ||
| I opted out of going up and doing it live, which was great. | ||
| I was really appreciative of the News Nation folks, but there's just so much going on here. | ||
| It's so tough to even move the show and to try to do a follow-on up there. | ||
| Things are happening, and all happening good, because the second 100 days is off to a rip. | ||
| And as we said, this is probably... | ||
| We laid the predicate in the first hundred days. | ||
| You're now going to deliver even more in the second. | ||
| And this is where it's going to get very gnarly because you have the convergence of this constitutional crisis with the economic situation and clearly everything dealing with the war in the kinetic part of the Third World War. | ||
| Dave Walsh, how are we doing in your mind? | ||
| And I'm trying to get Mike Davis up here early. | ||
| We're packed today with folks. | ||
| But how do you think we're doing? | ||
| First off, President Trump... | ||
| Has a mindset that in order to get the economy like he had it in 2019, you need his first predicate. | ||
| Even before interest rates and before the cost of money and all that, his absolutely foundational element is full spectrum energy dominance. | ||
| So in your assessment of the first hundred days, where do you think? | ||
| How do you think we're doing? | ||
| Well, the centerpiece of the first 100 days, the EO on the National Energy Emergency is a big deal. | ||
| It's real. | ||
| Walk people through that. | ||
| We have a massive electric power shortage in the country already. | ||
| The NERC, National Electrical Reliability Council, revealed for the summer of '24 and then the winter of '25, we have... | ||
| About 40% of our population and then in the winter about 60% of our population exposed across five regions, five NERC regions in the country to under normal, above normal weather conditions. | ||
| The high possibility of brownouts and blackouts. | ||
| Just like happened in Spain this week. | ||
| Put that in perspective of modern American history, let's say from the Arab oil embargo. | ||
| Is this unusual? | ||
| Is this happened before? | ||
| Is that a normal course of business thing that pops up or is this pretty extraordinary and relates to an emergency? | ||
| This is massively extraordinary. | ||
| Massively extraordinary. | ||
| It's symptomatic of reserve margins shrinking badly. | ||
| But it's predicated upon the buy-in of corporate America and the political class who are getting paid off. | ||
| Regulators in the states. | ||
| And at the federal level, in the decarbonization, this is the early stages of what happened in Germany, correct? | ||
|
unidentified
|
Precisely. | |
| I want everyone in this audience to understand this. | ||
| What's going on behind the scenes is they're de-industrializing America through energy policy. | ||
| Yeah, this is due to the mass over-adoption of very, very part-time, very intermittent power generation resources with the premature close-down of a whole bunch of nuclear, coal, and even gas plants that run all of the time. | ||
| And hang on, to add insult to injury, that all the component pieces in the manufacturing of those things we're putting on are all manufactured in China, and we all do that with big tax subsidies, essential tax subsidies from Americans. | ||
| That is insane. | ||
| That is the definition of insanity, that you would take off your proven... | ||
| To go to something theoretical and that that theoretical you would see would put you into a situation like Spain and Portugal of energy shortages at the times you need them. | ||
| Big hot summers and cold winters and at the same time... | ||
| What's actually producing this is made by your mortal enemy, and American taxpayers are underwriting that. | ||
| Is that actually where we are? | ||
| That's where we are. | ||
| And especially in huge regions of the country, PJM here, MISO, the Midwest, and California, CAISO, we've taken down these resources way in advance of any of the renewables even being installed based on environmental compliance with EPA dogma from the Obama era, | ||
| which was all about shutting down coal. | ||
| And then the Biden era, which put that into high gear, absolutely high gear. | ||
| We've shut down these baseload, continuous duty, highly effective electricity production sources early. | ||
| Even before this nonsense of short-time intermittent stuff has been installed. | ||
| So we're way, way under where reserve margins should be to deal with a peak hot day or a peak cold day in the winter. | ||
| Reserve margins used to be 25% in 2012. | ||
| Now they're down to 14.9%. | ||
| My calculation, when you remove some of the word salad that utilities use to describe demand management. | ||
| Now, demand management means voluntary and involuntary. | ||
| Yeah, demand management has cut your air conditioner off. | ||
|
unidentified
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Sweat. | |
| Voluntary and involuntary. | ||
| Or we're going to cut it off for you. | ||
| Load shed. | ||
| Load shed is fancy speak for we don't have enough power. | ||
| These phrases have now... | ||
| That's not making America great. | ||
|
unidentified
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No. | |
| That's an America we're coming back. | ||
| That is not coming back and being a manufacturing superpower, is it? | ||
| Yeah, you'd have to go. | ||
| Electricity was commercialized in about 1885. | ||
| So you get about 1930. | ||
| It became completely dominant and abundant supply for industry leading into World War II, where it became very abundant to meet the manufacturing requirements of that huge activity. | ||
| This is massively unusual for 80 years. | ||
| 80 years of commercial electrification being a dominant thing to have. | ||
| A shortage of generated power. | ||
| Not from lightning strikes or tornadoes or hurricanes, but a shortage of generated power. | ||
| A self-inflicted one. | ||
| Self-inflicted, totally. | ||
| Totally. | ||
| By the upper hands. | ||
| And the people have paid for this through higher rates. | ||
| Much higher rates. | ||
| Much higher rates and their tax money, they're underwriting it by getting less tax revenue because the Chinese Communist Party are building the component pieces of what's going to take over. | ||
| I'm not a conspiracy theory guy, but it's almost so well thought through. | ||
| It's like the invasion on the southern border. | ||
| There's something screwy with this. | ||
| It's so awful. | ||
| You see what happened in Spain. | ||
| Cut to the heart of this on the national energy emergency. | ||
| Well, this nearly happened in Germany in November. | ||
| For 10 days in Germany, we had the Dunklerflut, that is doldrums from lack of wind, for 10 days. | ||
| Germany nearly lost its grid in November already. | ||
| In the United States in 2024, the Southwest Power Pool, which is 15 states, Arkansas through Wyoming to Minnesota, Missouri. | ||
| Had three days in the summer last year, 2024, where they installed resource advisories, conservative operation advisories, a higher standard, then finally an emergency alert in a three-day period due to wind. | ||
| 34,000 megawatts of wind up there falling to 1,200 of production. | ||
| Same thing has happened in Spain. | ||
| Fortunately, it took three days for that decline in wind power to occur. | ||
| In Spain, this solar drop happened in a few minutes. | ||
| About 15,000 megawatts dumped off the system. | ||
| Because of Southwest Spain, lack of solar. | ||
| Looks like the most plausible thing out there. | ||
| Hold on a second. | ||
| Hang on for a second. | ||
| I'm going to get you back. | ||
| I want to get more runway in the Spanish thing because I still don't. | ||
| And the fact that there are a bunch of articles saying we were 60 seconds away from the entire continent of Europe going black. | ||
| So I want to get to all that. | ||
| Folks, this is a self-inflicted wound. | ||
| This is what is one of the core things of President Trump of being back. | ||
| Returning America to her greatness is to stop this freaking madness of the elites in this country that are out of control totally and completely. | ||
| The run-up, the Rio reset on July 6th in Rio de Janeiro, Brazil, the BRICS nations are going to meet and the Chinese Communist Party is going to try to run the table in the United States of America in a de-dollarization effort. | ||
| Go to VertexBannon, B-A-N-N-O-N, right now, 9-8-9-8-9-8. | ||
| Get the ultimate guide for investing in gold and precious metals in the era of Trump. | ||
| Back with Dave Walsh in a moment. | ||
|
unidentified
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Here's your host, Stephen K. Bannon. | |
| End of the dollar empire, birchgold.com slash Bannon. | ||
| Make sure you get access to all of it. | ||
| We're going to have a lot more updates. | ||
| The road to Rio. | ||
| Got some very special guests next week. | ||
| To talk all about this, the dollar, currency, Brentwoods, what you need to know. | ||
| What you need to know to assist and support President Trump is now we get this big economic agenda. | ||
| John Thune finally, and the great Matt Boyle, I think, had a piece on this over at Breitbart. | ||
| Scott Besant and John Thune. | ||
| The cavalry kind of finally arrived, at least on getting some sort of process. | ||
| So much of what's important in this town, you've got to have a process. | ||
| You have to have a process that has some sort of logic to it. | ||
| It's one of the issues. | ||
| I love what Doge attempted to do. | ||
| I'd like to have a little more process in it, particularly in waste, fraud, and abuse, not programmatic changes. | ||
| Programmatic changes are critically important. | ||
| In fact, that's going to be the big knife fight at the end, but you need process. | ||
| They put process into this kind of the great big... | ||
| Beautiful bill. | ||
| The Great Big Beautiful Bill is two things kind of simultaneously. | ||
| Or three. | ||
| Number one, it is the reconciliation. | ||
| It's going to be a spending, massive kind of spending bill and a debt ceiling relief. | ||
| The reason they're going through all these gimmicks and backflips is because they don't need 60 votes if they do it this way. | ||
| So there's all kind of gimmicks you have to do. | ||
| They think they need over 50 votes or 51 votes. | ||
| The spending thing is all upside down. | ||
| We had Senator Ron Johnson yesterday say, point blank, he needs to see five training cuts or he's not going to vote. | ||
| So that's all coming about. | ||
| But Speaker Johnson's point that this is going to be done by Memorial Day, I just don't think is accurate. | ||
| So you have the whole spending part of this, and we're going to make sure you get totally into the details. | ||
| You then have a tax part of it, obviously. | ||
| we're making the case that the biggest tax cut in American history for the middle class and working class is upon us. | ||
| You extend the 17 tax cuts, you then add no | ||
| Also, there's going to be $1 billion. | ||
| Different things tucked into this bill, because this bill is going to be, I don't know, 50,000 pages. | ||
| There's going to be all kinds of things tucked in there that we're going to have to go through, and we commit to you. | ||
| If you've got a team on this, we're going to break it all down, and every day you're going to get highlighted. | ||
| You, this audience, took out already, you killed one of the big things the lobbyists in the swamp were working on. | ||
| And that was in the reconciliation bill, changes to have, in one big, beautiful bill, have one big, beautiful agency. | ||
| Get rid of the FCC, get rid of the FTC, all that. | ||
| Our point is we're for the deconstruction of the administrative state and for deregulation. | ||
| But you definitely need some regulatory apparatus. | ||
| And President Trump has got all-star teams and has downsized these. | ||
| He's got all-star teams at these agencies. | ||
| And these agencies are the tip of the spear of taking on the oligarchs, which are creations of the progressive part of the Democratic Party. | ||
| And we're kind of left with them. | ||
| And a lot of them have their nose under the tent, and some of them are trying to get inside the tent, and what they try to do here is get rid of the FTC, because why? | ||
| Why would you go with the FTC now? | ||
| Because it's the one that's holding Zuckerbucks accountable. | ||
| It's the one that's got him in trial. | ||
| It's the one, tip of the spear, that's trying to break up Facebook, essentially. | ||
| And they want to do away with it. | ||
| It was your phone calls. | ||
| You're going to Article 3. You're going to Bill Blaster. | ||
| Getting in touch with people on the committee. | ||
| They stopped it in 24 hours. | ||
| As soon as you expose it and get people on it, and they're like shocked. | ||
| Why are these constituents like calling us and yelling and screaming? | ||
| You can't do this. | ||
| Why would they care about the FTC? | ||
| That's the old days. | ||
| The old ways Washington worked. | ||
| Was to do it behind closed doors. | ||
| The fat cats and the three martini lunches and the smoking the cigars and cutting deals. | ||
| This is one of the things that if you see with President Trump, every day he walks into the Oval and he just has the press there. | ||
| It's called disintermediation. | ||
| That's a fancy Harvard Business School term for take out the kind of blocking middleman and just expose whatever to the thing itself. | ||
| This is what we're trying to do here in the war room. | ||
| This is why Dave Walsh is exposed on energy. | ||
| For years I couldn't figure out the German thing and I couldn't figure out here and I couldn't figure out the net carbon zero. | ||
| I said it's all like a cult. | ||
| It makes no sense. | ||
| It's bizarre. | ||
| Then you find out there's actually quite systemic. | ||
| It's the economic equivalent here of the border. | ||
| It's not chaos. | ||
| Biden and these guys had a very well thought through plan to get as many people up here as possible. | ||
| In fact, that mentality, remember the Langford bill? | ||
| It was going to be 2 million illegal alien evaders a year. | ||
| 2 million. | ||
| That's the lies you were told, and people kind of accept it. | ||
| Now, we beat it back. | ||
| This audience beat it back. | ||
| But there was a mindset out in this city to say, in the Imperial campus, say, yeah, that's probably right. | ||
| We've been doing this 25 years. | ||
| The same thing on energy. | ||
| What is happening, if I can just frame it, is that the utilities... | ||
| It's a little bit of regulatory capture. | ||
| The people around it, the lobbyists, people are making a ton of money on this. | ||
| And the ratepayers are a little bit asleep. | ||
| Because somehow they're bobbing and weaving on how they're raising these rates. | ||
| Your electricity bill is going up substantially. | ||
| The availability of good old-fashioned American constant energy at any time, you're being told, hey, in the middle of summer, you've got to cut your air conditioner up to 80, right? | ||
| Or in the middle of winter, you've got to cut your heat down to 40. At the same time, what alternative they're doing, this kind of crazy wind, solar, all that, which will never be a baseload that can power an advanced industrial economy. | ||
| Oh, by the way, all those parts are made by our greatest rival, right, China, and it turns out there's tax breaks all over. | ||
| I think there's $60 billion this year that are in tax benefits for people buying for the manufacturers in China. | ||
| It's insane. | ||
| This program, every step of the way, screws the deplorables, sir. | ||
| No, it does. | ||
| I mean, one of the things, if we look at the last five years, including this year, Because of the incentives and developers and utilities jumping all over this opportunity to profit from incentives and from, if you're a regulated utility, the asset churn benefit of getting 10.8%, | ||
| 11% guaranteed rate of return. | ||
| Guaranteed on new capital. | ||
| On new capacity. | ||
| Exactly. | ||
| And new capacity will be in the green capacity because it will be more sellable. | ||
| Politically correct, more sellable, can get permitted. | ||
| And offers a massive return because of the incentives, but also because of the Tax Act, the makers, the accelerated depreciation. | ||
| This stuff is another, there's $42 billion a year being spent on tax incentives to incentivize this stuff, which is now 70% solar. | ||
| All that coming from China. | ||
| We're incentivizing that. | ||
| Plus in the tax code, another $11 or $12 billion of pull forward. | ||
| Depreciation. | ||
| Allowing very rapid depreciation of this stuff. | ||
| So you're looking at, it's incentivized to the tune of 52-53% all in. | ||
| That's what they're investing in. | ||
| Utilities for the messaging and developers for the incentives. | ||
| So the last six years, five years, we've been, 91% of new U.S. capacity has been renewable, part-time, intermittent. | ||
| Very low-value energy stuff. | ||
| At peak time of day, for example, 70% of that is solar. | ||
| At the peak time of day, the solar accredited value ranges from 8% to about 15% of its named rating plate because when it's cold at 5, 6 in the morning and power is needed, it's not there. | ||
| And then in the evening, between 4.30 and 7.30, when the temperature remains very high in Texas, in the Southeast, in California, solar goes away rapidly. | ||
| The temperatures hang in there, demand stays way up, and you've got shortages. | ||
| And we've got half of the grids in the country now at the grid level who aren't in charge, but who comment on what the utilities are doing, crying and ringing the alarm bell that they're all in shortage. | ||
| Here's PJM broadcasting, the chairman of PJM, that right here where we're sitting next year. | ||
| You've got power shortages imminent here. | ||
| They're telling, they sent a letter out. | ||
| This letter right here. | ||
| Hold on. | ||
| This letter right here to stakeholders. | ||
| Every time you get a stakeholder letter, what does that letter tell people? | ||
| In December, from the chairman of PJM. | ||
| Right. | ||
| Not well broadcast. | ||
|
unidentified
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Right. | |
| But he's a big deal. | ||
| Yeah, that one on the front page of the Washington Post. | ||
| Should be. | ||
| PJM's the whole grid here. | ||
|
unidentified
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Right. | |
| Here, Virginia, Pennsylvania, Ohio, Kentucky, Washington, blah, blah, blah. | ||
| 13 states. | ||
| 13 states. | ||
| He's indicating that by 2026, 2027 delivery year we will not have enough electricity. | ||
| I.e., just what happened in Spain. | ||
| He's telling everyone that. | ||
| And he's also saying, okay, because these are mainly deregulated markets, guess what? | ||
| They have to wait for investors to bid in building new capacity. | ||
| And he's saying there's a 10% chance that what's been bid in would actually occur. | ||
| Therefore, the problem's worse than I'm saying. | ||
| That's basically what he's saying. | ||
| It's a horrendous... | ||
| And this is... | ||
| MISO is saying this. | ||
| Even WECC, which includes California, Oregon, they're saying the same thing about their... | ||
| This is being articulated by the grid heads. | ||
| What happened really in Spain and how close did it come to shutting down all Europe? | ||
| Well, Spain's curious. | ||
| Spain's gone to 66% of its installed base of power generation is now solar, about half of that, wind about half of that. | ||
| What appears to have happened in southwest Spain, the day this happened was a mild temperature day. | ||
| 68 in Madrid, 72 in Barcelona. | ||
| Could have had backwards. | ||
| We heard a broadcast about high temperature oscillation in the interior, like the interior at some kind of... | ||
| Screwball place. | ||
| No, Spain. | ||
| There's no interior. | ||
| Madrid, Barcelona, good surrogate for countrywide temperatures on April 28th, about 70. So no heat. | ||
| What happened was some heavy cloud activity in parts of Spain, southwest Spain, where they've got a lot of their solar farms, suddenly, within about three minutes, saw a 15,000 megawatt... | ||
| Reduction in production of power unexpectedly and rapidly. | ||
| And that caused in a system that's only 27,000 megawatts. | ||
| That's a huge problem. | ||
|
unidentified
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What's half? | |
| You had a 50% drop. | ||
| Why? | ||
| Do they know? | ||
| Technical problem? | ||
| Clouds. | ||
| Cloud cover. | ||
| Cloud cover. | ||
| No, Steve, that's what this stuff's about. | ||
| We're totally dependent on nature. | ||
| Is this why it's never going to work in a place like Florida or Arizona? | ||
| This is why it can never work. | ||
| The most it could work is for 42% of the power. | ||
| And you're having the Chinese Communist Party make it with slave labor. | ||
| Supply all of it. | ||
| This thing's disgusting. | ||
| President Trump's going to lead us out of this as we're going to talk about it. | ||
| Short commercial break. | ||
| Birchgold.com. | ||
| The road to Rio. | ||
| The Rio reset. | ||
| We're going to have an individual from the American Conservative Union going to join us. | ||
| The great magazine, the American Conservative, is going to join us to talk about trades, tariffs, China, all of it. | ||
| And also, I'm going to talk about the dollar as a weapon. | ||
| Short break. | ||
|
unidentified
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Back in my life. | |
| From all over the world, because of President Trump's leadership, are desperate and dying to make trade deals with the United States. | ||
| We're going to evaluate each of those deals, and President Trump is personally involved in making sure that these negotiations serve only one interest, which is the interest of the United States of America. | ||
| And we'll end up with a deal in these cases where, yes, the other countries, obviously, will have their own demands and their own interests, but nothing will go into effect that doesn't serve the interests of America and the American people. | ||
| When you look at the sweep of the first 100 days, every single crisis that has afflicted America for years, sometimes decades, sometimes generations, this president has fought head on. | ||
| He has taken on every entrenched power structure and system all across this government, this swamp, this town. | ||
| month. That includes, of course, the Doge efforts to slash, corrupt, wasteful government spending, graft, and corruption, and to stop billions of taxpayer dollars from going to radical left NGOs, these are left-wing non-profits, that are used to advance illegal | ||
| immigration, to advance open borders, to advance gender ideology, and to advance all of this insanity that has been turning our country in the wrong direction for | ||
| President Trump took head on. | ||
| The trade crisis afflicting this country with the destruction of our manufacturing and industrial base. | ||
| The shameful betrayal of the American worker by Joe Biden and the globalists that sent all of our supply chains overseas. | ||
| He took head on the catastrophe of mass, unlimited illegal immigration that was turning us into a failed third world state and achieved the lowest level of illegal immigration in recorded history without even a close second. | ||
| He took on the economic crisis afflicting this country by reopening American energy, by defeating inflation, by lowering gas prices, by ending the onslaught and reversing the onslaught of federal regulation by reopening coal, shale, oil, natural gas, | ||
| and fighting now for the largest tax cut and reform and the largest deregulation reform and the largest energy reform in American history. | ||
| These are just some of the things that have ushered in the new golden age, along with his fight to restore the peace that we had for four years under the previous administration, before Joe Biden sunk this planet into bloodshed and war in the Middle East, in Europe, and rising tensions | ||
| in Asia. | ||
| President Trump, in every area of conflict around the globe, has been fighting to restore peace, security, stability. | ||
| So he inherited an economic catastrophe, a border catastrophe, a public safety catastrophe, and a cultural catastrophe. | ||
| And in every case, he has reversed those catastrophes and brought America into the new golden age. | ||
| It is a sad reflection on the state of our media and many of the outlets represented in this room that you obsessively try to shill for this MS-13 terrorist while no coverage occurred in your papers. | ||
| About any of the Americans that were raped and tortured and murdered by the illegals that Biden was importing into our country. | ||
| You know, you talk about due process. | ||
| The Biden administration made the decision. | ||
| Right there, Stephen Miller. | ||
| And here's where I love Stephen. | ||
| No bedside manner. | ||
| You're getting it with the bark on right there. | ||
| But man, remember, he ain't reading a script. | ||
| He's not looking off a screen. | ||
| That comes from the heart and the brain because he's worked on this project as a grandoon on Michelle Bachman's staff in the summer of 2013. | ||
| I believe it was 2013. | ||
| It was Michelle Bachman and Steve King, and I'm talking two or three people in the house, maybe five total, that held off an amnesty onslaught. | ||
| That was, you had Sergio. | ||
| You had Miller, and then later in the Senate with Sessions, beat back all of the Bush effort, all the Republican establishment effort. | ||
| This guy knows it. | ||
| The first policy staffer ever to go on the Trump campaign in September of 15, maybe it was December 15, early 16, as really the first as a speechwriter and policy guy, when they had like three or four people on the plane, | ||
|
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Corey, Hope, and a couple others. | |
| Miller knows it. | ||
| He's now Deputy White House Chief of Staff for policy. | ||
| He knows these policies. | ||
| You're getting it right there. | ||
| The confronting of the crises that's afflicted America, right? | ||
| That's ripped our greatness away from us. | ||
| And that's why you've seen what I call this summer, now this phase two, the convergence of these crises are coming together because that's part of the resistance and part of the globalists up here. | ||
| As you're going to get into this massive, massive, massive piece of legislation, which just understand, in these huge bills, they're going to try to screw you every possible way, and we're going to make sure that doesn't happen. | ||
| Or we're going to go down fighting. | ||
| Can't promise ultimate victory, but we're going to give as good as we get, and I think we're going to get victory, so let's get manned up here. | ||
| One of the most important is about energy. | ||
| Is what President Trump has done today—you just heard Miller right there, across the board—is that executive order? | ||
| Is it a start that's going to lead us to a place? | ||
| Is it a final product? | ||
| Where are we going? | ||
| And particularly, is there any—because this thing kind of gets rolled up in many different types of areas. | ||
| What concerns me when I look at the trade, and Charles from American Service is going to join us in a moment, is you— Like, what's exempted? | ||
| Why are these solar—why is solar still coming in? | ||
| Why is wind still coming in, particularly President Trump, to test wind, and he ain't a fan of solar. | ||
| Thoughts? | ||
| He's taking a prudent, stepwise process of doing what he can do to then set up the predicate for— Getting at these incentives later, legislatively, and if not legislatively, through his proclamation of a national energy emergency. | ||
| Why do we need legislative right now? | ||
| It's a national emergency, right? | ||
| Can't he do everything right now? | ||
| He's a czar. | ||
| He's not going to need legislative support. | ||
| Tariffs were one weapon, but weapon two is once Eldon finishes with his study of the Obama-era endangerment finding. | ||
| That determined CO2 to be the national issue ahead of any other, any other, of any kind. | ||
| Industrial productivity, the welfare of human beings, any other. | ||
| That became the issue. | ||
| Once he, once Eldon unravels that, and I believe he will with his announced study of that. | ||
| Plus, Lee went ahead with 32 other regulations. | ||
| That's essentially saying CO2 was a poison gas. | ||
| Exactly. | ||
| It was equivalent to mustard gas in World War I. Maybe worse. | ||
| Possibly worse. | ||
|
unidentified
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Possibly worse. | |
| No, no, but everything else in the nation, people, folks, you don't understand how radical these people are. | ||
| Everything else in the nation has to take a back seat until, because we've got to get mustard gas out of the air. | ||
| Once that's done, once the EPA is done with that study, and it takes a couple of months, and then it gets... | ||
| 60 days of review. | ||
| He's in a position, through the energy emergency, he's announced already, the president, to peel back these incentives without Congress. | ||
| He could do it now, but this will make it even a... | ||
| He'll have more of an intellectual... | ||
| Because this thing is going to... | ||
| Also, folks... | ||
| The lobbies are not on his side here because they're going to see a possibility of making a lot less money. | ||
| So that's why he needs to have firepower to go back. | ||
| I mean, this is like you've got big energy, you've got big electricity, you've got big pharma, you've got big tech. | ||
| I mean, you have these institutional structures that are all sitting here with the fat cats making money. | ||
| It then becomes very hard, harder, nominally harder for Dominion Energy. | ||
| The next era, specifically to name a few, to be proclaiming that CO2 is destroying the planet. | ||
| It's a lot harder for them to stay behind that banner, which is only a banner of theirs for the last four or five years. | ||
| They weren't on this page before. | ||
| They jumped on this four or five years ago as a predicate to make money. | ||
| Look, all the corporations are by definition cowards. | ||
| They'll all put the DEI stuff in there and try to grind you into the ground. | ||
| They will run to the progressives. | ||
| When they saw a way, they all came on board because they said, hey, this thing's kind of the way the country's going. | ||
| This is the way the elite's going. | ||
| Let's just get on board. | ||
| There was no pushback by people who should have known better. | ||
| Right? | ||
| Precisely. | ||
| There was no intellectual. | ||
| We're doing studies and here it is. | ||
| They just climbed on board because then they can go to the clubs and go hang out and go to the conferences and have CNBC, Andrew Ross Sorkin at the Green Energy Conference and all these guys up there yammering this nonsense. | ||
| No, even in my home state and in West Palm Beach, Siemens built a 2,000 megawatt combined cycle plant in a few acres of the city of West Palm Beach. | ||
| We built a huge plant, the West County Energy Center, Okeechobee, GE units. | ||
| Massive investment by FP&L just in the last seven years, commissioning gigantic, super-efficient combined cycle gas-fired power plants in Florida, when this was as big an issue in the public sphere. | ||
| And then guess what? | ||
| Something changed. | ||
| About two years after commissioning all those plants, oh, we're not going to build any more of these now. | ||
| No nuclear, none of this, all solar for the next 20 years. | ||
| So they jump off of a diversified energy mix to now a... | ||
| Single-only solar and battery storage energy mix for the next 20 years. | ||
| What changed? | ||
| Well, they formed Nextera. | ||
| Their holding company is all about solar, wind, and battery storage globally. | ||
| It has driven up their stock price when the pencil heads looked only at this as an avenue of growth. | ||
| And they made a fortune on Wall Street. | ||
| And now they're imposing this kind of model on Florida to basically ruin reliability and drive costs up, which will be four times higher. | ||
| On the rest of the energy. | ||
| His program is starting to kick in, right? | ||
| And we're seeing energy prices come down. | ||
| Electricity is over here, but the rest of the energy prices are starting to come down. | ||
| And that rolls through petrochemicals, plastics, everything else in society, correct? | ||
| The electricity takes time. | ||
| It's going to take the gas and oil cost down that we've seen already from opening up more production, being more open to it, more LNG also being produced. | ||
| We're going to see electricity prices. | ||
| Relax. | ||
| Once that gets used to produce more electricity, that takes time. | ||
| To get more plants permitted, more combined cycles. | ||
| And we're seeing, that's beginning to happen. | ||
| There's a huge gas turbine ordering boom underway. | ||
|
unidentified
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Yeah. | |
| With the premonition of his being elected, this began last March. | ||
| Those gas turbines are going to be made here? | ||
| Are we shipping them in from Germany? | ||
| Well, fortunately, 70% of the world's supply of those is made by GE Vernova. | ||
|
unidentified
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Yeah. | |
| They're assembled in Greenville. | ||
| The generators are built in Schenectady. | ||
| Greenville, South Carolina? | ||
| Yes, sir. | ||
| I'd love that just down there. | ||
| Those Greenville. | ||
| Probably, okay, 65%, 60% U.S. content on those. | ||
| They're also made here by Siemens and by Mitsubishi here in Savannah. | ||
| I don't mind it, but those companies, they're American-made. | ||
| They're reasonably localized. | ||
| There's a boom underway for that that presaged this happening. | ||
| So this is all, and it's going well. | ||
| The endangerment finding repealing should kick this into high gear. | ||
| Walsh is one of these guys like Benzman. | ||
| We've got to use him as much as we can before he's losing. | ||
| I'm going to also mention to Brett, when Walsh shows up, he's got, this is the old Goldman Sachs, you got briefings, you got notes, you got analysis. | ||
| Walsh comes in, he's bringing the receipts. | ||
| Brett has gotten a little too, you know, Brett is kind of, he's kind of skimming off the top, playing off that tennis pro look. | ||
| Just kidding, I love my Dave Walsh, incredible. | ||
| Walsh, hang on, you're going to be with me for the next hour or so. | ||
| Okay, a couple things. | ||
| Number one, your exposure of what's happening in Texas and in Florida on the electric side, people's heads blow up. | ||
| I want to talk about Texas for a minute. | ||
| There's more going on down in Texas. | ||
| They just passed this Democratic House, just passed this bill, I think, on memes or something. | ||
| We're getting to that, if not this morning, this afternoon. | ||
| This situation in Texas is not acceptable. | ||
| Texas is the railhead of MAGA. | ||
| I'm going to give that tip even more than Florida. | ||
| And we love ourselves some MAGA in Florida. | ||
| Because Texas had an onslaught of about $400 million of source to turn the state blue. | ||
| Remember that whole thing? | ||
| O 'Rourke, that clown, and all that group? | ||
| It was beaten back by the MAGA base. | ||
| Trump won in 2024 by 14 points. | ||
| That's a soul killer. | ||
| That came from... | ||
| Places like South Texas and the Rio Grande Valley and other places like that, Hispanics starting to flip totally to President Trump. | ||
| The hard worker MAGA. | ||
| Now in this House, you've got this thing where the Democrats are running the deal. | ||
| And you've got this situation with all these mosques being built down there and these Muslim real estate developments. | ||
| There's something going on. | ||
| Big. | ||
| We're getting people to the bottom of it. | ||
| The tip of the spear down there is Patriot Mobile. | ||
| Is Glenn storing this team? | ||
| These are the best folks in the world. | ||
| Down there in Tarrant County. | ||
| And Tarrant County is kind of the railhead of where they've turned this thing around. | ||
| Make sure, and by the way, you don't need to be sold on they support your values. | ||
| The service is unbelievable. | ||
| This is the best phone service out there because it lays on top of all the different carriers. | ||
| And they've got every type of different possibility. | ||
| Go to 972-PATRIOT-TODAY. | ||
|
unidentified
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Do the switch. | |
| PatriotMobile.com. | ||
| Put in promo code BAN and you get a big discount. | ||
| You get the first month free. | ||
| 972 Pager. | ||
| Talk to an United States citizen that'll guide you through everything. | ||
| Short break. | ||
| Dave Walsh riding shotgun this morning. | ||
| Didn't it great? | ||
| Back in a moment. | ||
|
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We rejoice when there's no more. | |
| Let's take down the CCP. | ||
| Here's your host, Stephen K. Van. | ||
| Okay. | ||
| There is a... | ||
| The reason we're going back and forth like this this morning. | ||
| There's a lot going on here in the Imperial Capital. | ||
| Stories leaking now from multiple sources. | ||
| We're going to have Jack Posovic over the top of the hour. | ||
| It looks like potentially a massive restriction over the National Security Council. | ||
| It's been reported, and we're going to get play clips at the top. | ||
| This has, I think, been brewing for a while. | ||
| As you know, Laura Loomer. | ||
| I'm of the camp. | ||
| I'm of the big believer of a no-scalps policy, at least for some interim period of time. | ||
| Maybe the 100 days was deemed there was going to be that. | ||
| Maybe it was untenable. | ||
| I know that there's a situation with Persia and with the Houthis and so many different aspects of the world and the Ukraine situation, all of it. | ||
| And the president's going to do what he's going to do, but we're going to get to the bottom of this, of the timing of it. | ||
| Is it now or is it going to be later? | ||
| But a massive story for MAGA and a massive story for the president of the United States, at least being reported from supposedly high-level sources, is that the National Security Council, when I say that, at least it's being reported by CBS News, being reported by many different, | ||
| and that's Jennifer Jacobs, and she's quite dialed in. | ||
| And others, that both Dave Waltz and Alex Wong, the National Security Advisor and the Deputy, are going to leave and may be leaving imminently. | ||
| And like I said, we're going to run this down. | ||
| It's one of the reasons I've been... | ||
| Not listening to Dave Walsh with one ear, but Dave Walsh, hell, you could host the show. | ||
| This is a lesson for Brad. | ||
| You come, this is receipts. | ||
| I mean, I feel like I'm Goldman Sachs. | ||
| I feel like I'm back as an associate. | ||
| I'm getting ready to do my presentation. | ||
| You got your notes scribbled everywhere. | ||
| Walsh comes from, look at my dad, he comes from parody. | ||
| He's ready to go. | ||
| You're not going to, he's only bringing receipts. | ||
| It's no happy, he's not a pundit. | ||
|
unidentified
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He's here to deliver it. | |
| There's so much going on, so we're going to get through all that. | ||
| Liz, you're also going to be here. | ||
| Incredible. | ||
| Committee on President Dana of China yesterday did the best rollout for the conclave in the Vatican, taking the perspective of what the Vatican has agreed to with the Chinese Communist Party and others. | ||
| Just amazing. | ||
| Leisure is going to be with us. | ||
| Poso is going to be with us. | ||
| Dave Walsh is going to be hanging around. | ||
| I want to go to amazing peace. | ||
| Charles Benoit joins us. | ||
| Coalition for Prosperous America. | ||
| These are original gangsters when it comes, these are OGs when it comes to bringing manufacturing jobs back to the United States. | ||
| You guys have been fighting on this for a long time. | ||
| Charles, normally the American Conservative is not a place I think I was going to see an article like yours, if we can get it up. | ||
| You gave a 100-day assessment, but it was the most detailed look. | ||
| It's like a Dave Walsh presentation. | ||
| This is no happy talk. | ||
| You get down deep into the math. | ||
| You get deep into where exactly we stand. | ||
| What's your report card? | ||
| Give a summary for the audience because we're going to push this article out. | ||
| I want everybody over the weekend to take your time and read this thing. | ||
| Where do you think we stand with this and how's the president and his team doing? | ||
|
unidentified
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He's saying even 10 out of 10 wouldn't be doing it justice. | |
| I was a cynic. | ||
| Before President Trump, I thought we were going to have to wait for, you know, World War III to ever get this kind of re-industrialization drive. | ||
| America industrialized once, and it was after we were cut off from European trade back in the Napoleonic Wars, that we industrialized once and then we de-industrialized once. | ||
| And, you know, it really was. | ||
| You go back to Jefferson's embargo act. | ||
| I thought we were going to have to wait for another war. | ||
| So the fact that the American people voted for a pro tariff president in peacetime and the fact that we're getting this in peacetime. | ||
| Wow. | ||
| That's so I mean, just you have to give so much credit to President Trump right off the top for even trying to do what he's doing now. | ||
| OK, hang on. | ||
| Hang on. | ||
| Full stop because I got Walsh here. | ||
| Who's my guru. | ||
| We've de-industrialized on the energy side for this weird cult of greenness. | ||
| Walk me through. | ||
| I'm going to keep you into the next hour. | ||
| Walk me through. | ||
| When you say we went through a process of de-industrialization, tell the audience specifically what that is and what's the impact then. | ||
|
unidentified
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Yeah, so people like to think we started de-industrializing in the 80s. | |
| Look, it actually started in 1934. | ||
| OK, that is when I call that year zero. | ||
| That's when Congress handed over the tariff authority to presidents. | ||
| We've never had a good president on trade until President Trump. | ||
| So some industries we lost in the 1950s, bicycling, flatware. | ||
| They were very quick to go. | ||
| Steel lost huge market share. | ||
| And it's been a slow bleed out ever since World War Two. | ||
| One after another, the global multilateral trading system, the GATT, General Agreement on Tariffs and Trade, it has all these little things to kind of slow the bleed out. | ||
| And so we've had all of these little tariff actions over the last 75 years, you know, anti-dumping, countervailing duties, that kind of thing, safeguards, buy this factory a few more years, but it's been a steady, slow bleed out. | ||
| And not just on manufacturing, agriculture too. | ||
| We are now a net food importer. | ||
| That happened under President Biden. | ||
| So it's a catastrophic situation. | ||
| And again, hats off to the president for trying to turn the ship around. | ||
| What is the logic, though? | ||
| What's the industrial logic of why this happens over a period of time? | ||
| Is it because they're looking for cheap labor, cheap energy sources? | ||
| Why do we go through a process of de-industrialization? | ||
| Who benefits? | ||
|
unidentified
|
That's an excellent question. | |
| A lot of the people, okay, I have to flag one that a lot of people don't pick up on, which is international creditors. | ||
| So after World War I, we became a net creditor nation. | ||
| Wall Street, they lent all this money to Europe to rebuild. | ||
| It was a real problem. | ||
| There was not enough dollars, it's hard to imagine it nowadays, but there was not enough dollars circulating overseas for U.S. lenders to get repaid. | ||
| And it wasn't just banks, but even our largest multinationals. | ||
| We were the world's factory at the turn of the 20th century, and we are exporting because we make the best stuff, and people have owed us money all over the world. | ||
| They didn't have dollars to repay. | ||
| That was a major driver. | ||
| In the 1950s, the Department of Commerce... | ||
| Even the Department of Commerce had programs to actively promote imports so that more dollars would be sent overseas and they would then have dollars to repay their U.S. debt. | ||
| So that was a driving factor. | ||
| Then also the labor movement. | ||
| Right? | ||
| The labor movement really took off in the early 20th century. | ||
| And that's when, again, you have big manufacturers being like, oh my gosh, well, maybe I should offshore. | ||
| There was that. | ||
| And then those were in the early, the first half of the 20th century. | ||
| I would peg those as the two biggest forces. | ||
| Hey, Charles. | ||
| Charles, hang on one second. | ||
| Hang on. | ||
| Take a deep breath. | ||
| You're going to stick around. | ||
| I got Dave Walsh riding shotgun today. | ||
| Fantastic. | ||
| On energy. | ||
| I got the deindustrialization of America. | ||
| And more importantly, What in the hell we're doing about it? | ||
| As Charles just said, for the first time in the country's history, at least since the 19th century, we've got a president, not just pro-tariff. | ||
| What that means, that's a code word for bringing back high-value-added manufacturing jobs to the United States of America and making us a manufacturing hegemon again. | ||
| To return America to her original greatness. | ||
| Short commercial break. | ||
| The right stuff's going to take us out. | ||
| You know why? | ||
| The MAGA movement's got it. | ||
| President Trump's got it. | ||
| You've got it. |
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