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July 9, 2025 - Bannon's War Room
48:10
WarRoom Battleground EP 804: Reclaiming Our Energy Independence Ending Subsidies For Foreign Energy
Participants
Main voices
d
dave walsh
12:39
n
natalie winters
09:06
p
phillip patrick
05:17
s
steve bannon
19:06
Appearances
Clips
b
brooke rollins
00:29
d
donald j trump
00:11
j
jake tapper
00:10
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Speaker Time Text
steve bannon
This is the final screen of a dying regime.
Pray for our enemies.
Because we're going to medieval on these people.
Everyone's not got a free shot on 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're trying 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 line?
Mega media.
I wish, in my soul, I wish that any of these people had a conscience.
steve bannon
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
Waru, here's your host, Stephen K. Matt.
steve bannon
Tuesday, 8 July, Year of the Lord 2025, already a pretty explosive show from the Abbott, the Abbott, Governor Abbott's press conference.
You saw the raw emotion there.
Also, the number has increased to 161 now missing.
They put a number on that.
Ben Berquam was right the other day, the great Ben Berquam.
Natalie, thank you for riding Shotgun here.
Your assessment just first cut hot take on the Rainmaker CEO, the interview we had, ma'am.
natalie winters
Well, I might be getting a little bit of deja vu to the origins of COVID, right?
I think if you look at the psychological framing and, frankly, warfare of so-called conspiracy theories and misinformation, they want to make it.
So if you even dare to ask certain questions about what generated, in this case, not a public health emergency, but a flood that you're crazy, you're going to be censored, whatever you name it.
I think in this case, it's probably a little bit different.
I think if you sort of maybe steelman the argument, I think the question becomes, well, then why wouldn't the United States government be using technologies like these defensively, right?
And in the same way, I think it's weird when you have senators like Ted Cruz and the entire sort of tech apparatus already rushing to sort of prematurely debunk just the ability to ask these questions, right?
Getting out in front of any meaningful investigation, trying to water that down.
But I think the core issue is in whose hands, right, do these technologies belong?
And it's the same tech bro sort of contingent that we've seen shift and grift their ideologies, their principles, in some cases their religion, frankly, just to max out and make money.
And I think that the sort of convergence that I find uniquely concerning is on the Chinese front, right?
If China's plowing upwards of $1 billion into technologies like these, that's not just something they're using domestically, right?
I don't know how it works in terms of legality of warfare.
You know, they're all into unrestricted warfare, but I think you're opening Pandora's box.
And while, like you were saying, I don't know what that guy's lawyers are telling him to say on warroom, but I think it opens up a serious can of worms, unintended consequences aside.
steve bannon
But the $1.4 billion is also from guys that make, you know, making hundreds of millions of dollars, not billions, out of organ harvesting off alive human beings.
I mean, it's not exactly, I realize we have to watch everything they do, and you've got to be prepared.
But as you said, it's unrestricted warfare, baby.
Natalie, hang on for one second.
I want to go back to Philip Patrick.
Philip, we just had one of the senior members of the Treasury Department and one of the top, I guess, economists they have over there, an acolyte of Larry Kudlow, who's Mr. Growth.
I think, and he did a very good job of giving you official Washington and the official capital markets response to this group of what they feel are still developing nations down in Rio.
And Lula's like a Castro type figure.
Big talk, but a little old, can't hit the fastball anymore.
Your thoughts, Philip, and this is the whole reason.
This is the entire reason that we wanted you guys to go down there with a group and actually see everybody, talk to the central bankers, talk to the finance ministers, talk to the economists, and try to get your 20, try to use your 20 to get a snack on the streets of Rio, in which the guy says, no, thanks, boss.
unidentified
Give me some Brazilian money, sir.
phillip patrick
Yeah, look, I listened to what Joe had to say, and I agree with him in some areas, and I disagree in others, right?
He said that demand for the US dollar was not waning.
It was increasing.
I disagree vehemently on that.
Look at central bank dollar holdings.
They are at 30-year lows.
Look at Russia now.
98% of their transactions are non-dollar based.
Look at Brazil, China, India, right?
They've signed dozens of bilateral trade deals for global trade in their own currencies, bypassing the dollar entirely.
This stuff was almost unheard of, you know, three, four years ago, right?
Now, it's certainly true that the US is the biggest global market in the world, but it's also true that the US pays for its imports with debt.
So I agree vehemently with Trump's plan to revitalize American industry and manufacturing.
But in the meantime, we need something to trade.
Now, where I agree is that Trump is a master negotiator.
And I've always thought he's going to put bumps in the road for the BRICS.
Trump's expertise, though, is sticks, not carrots.
And I think short term, it's going to work.
I've never suggested that this will be linear trajectory for the BRICS.
It's going to be bumpy.
They're not natural allies.
But I think one thing we've seen here on the ground, and obviously listening to Lula's comment, they are committed in this respect.
So for me, Trump's plans to put forks in the road to create bumps for the BRICS will work short term.
The only long-term improvement I can see, the only way out, is to rebuild trust in the dollar.
Trust that was broken in 22, in 2014, in the 80s, in the eyes of the Brazilian.
It's been badly damaged.
So that's what we have to do through policy and through strength.
But I think unless we do it, that's where I disagree.
I think the BRICS are committed to doing this.
It'll be one piece at a time, but I don't think they're going to stop.
steve bannon
Is the best tell on that?
Because rhetoric's one thing.
Is the best tell on that continue to see the rates that the central banks continue to buy gold?
Because correct me if I'm wrong.
You saw Russia with 98%.
I think this is one of the reasons, and I'm going to get Natalie in here if we got time.
Because I got great interviews by Jane Zirkle and great interviews by Joe Allen.
I don't think I'll be able to use them.
I've got to figure out how to use those tomorrow.
Because I want to get Natalie's thoughts on this Ukraine situation in the Pentagon.
Is the tail here, Philip Patrick, the central banks buying, continue to buy gold, maybe not at record rates, but still at very high levels?
Because correct me if I'm wrong, all of these bilateral deals they want to do, everything they want to do, and we're going to take the yuan and we're going to take the shekel or we're going to take the yuan or the Russian currency.
All of those are the rupee in India.
All of those transactions somehow are going to have some sort of gold backup to it.
I mean, how are these guys going to take the currency risk?
How are they going to hedge this?
phillip patrick
Look, it's very simple.
Like I said, I think last time I was on, gold becomes the store of value, right?
Gold becomes the reserve account.
We're reducing dollar holdings globally, and that's being replaced by gold.
What's going to happen is for individual transactions, for these bilateral trade deals, they'll use local currencies.
The idea being Russia don't want to get stuck with a bunch of rubles or yuan.
So what will happen on an annual, quarterly, biannual basis, they settle those currency excesses with gold.
It's all built into their system through Enbridge.
It's set up for that.
So as I used the analogy before, local currencies become the checking account, gold becomes the savings account.
That seems to be the model the BRICS are working with.
And like I said, when you look at the mechanisms they've created, it reflects that.
steve bannon
We're already working.
You sent me the outline.
It was absolutely brilliant of what you've derived from being down there on the deck plates.
And we'll have you more and talk about more of that later.
But from somebody's personal financial point of view, besides getting in contact with you guys now, I think now more than ever, because you've got to understand, like we say, not the price of gold, but the process of how the price is driven and what that means for the value of gold going forward.
What do you recommend now to our audience?
What sort of thinking person, given that this Rio reset was pretty big and quite frankly, in the West face, I would say, what should people do?
phillip patrick
Look, I think it's just a case of cautious preparation, right?
We're struggling in this climate for a number of reasons.
We have a lack of options.
We've got the value of cash slowly being eroded by inflation.
It's a tough climate to navigate.
President Trump and his team have made, I think, a very good start, right?
We're attracting investment.
Inflation looks under control for now, although we'll see if it rears its ugly head.
But I think it's a case of preparation.
It's a case of hedging, right?
The BRICS are hedging their US dollar exposure.
And I think as individuals, to a degree, we need to do the same.
You and I have talked before.
Look at gold's performance this century.
It's unheard of in modern history, but it's a reflection of what is happening, right?
There is a direct correlation between growth in money supply and growth in gold.
Until we can get a handle on our budget and deficit spending, that's going to continue to explode.
Currency will continue, or currency supply will continue to increase and gold will continue to go up.
So I think all we have to do is watch central banks and follow suit.
These are the smartest guys around.
You know, I tell clients all the time, take everything I say with a pinch of salt and look at where the smart money's going.
It's going into gold and it is not letting up.
steve bannon
And I think your visit there reiterated this.
You look at these central banks and, you know, the BRICS movement is the global south or what was called the developing country or the third world to a large extent.
And I keep telling people, hey, these people are plenty smart.
They all went to the best schools in Europe and in England, in the United States.
They all picked the cream of the crop.
They all know finance as well as anybody in Wall Street.
And these people are smart and they're going to make decisions.
And this is what nationalism is about.
They're going to make decisions what they believe is in the best interest of their country and their sovereignty.
And Lulu was the first to throw that up there, right?
To say, hey, you know, basically Trump, you're the populist nationalist, right?
We don't like this global system.
We're going to think of another way to do it.
So it's quite interesting ideologically, particularly since Lula is a flat-out Marxist and on the payroll of the Chinese Communist Party and obviously a puppet.
Closing thoughts.
Did this turn out to be what you thought it was going to be?
Was the trip worth it?
phillip patrick
Oh, yeah.
The trip was worth it.
And I was talking to my colleague who's out here with me.
It was absolutely worth it, not only for the access, but also understanding sentiment and being able to look at it from an outside perspective.
When I told you I was up last night sort of motivated trying to think of how we can win, it's because of my experiences here.
So absolutely, it was worth it.
And yeah, I've come back more motivated to try and find solutions.
Steve, we talked for a long time about problems, problems, problems.
Coming back from here, I want to find solutions.
This is a war that we need to win.
steve bannon
Philip, where do people go to make contact with you?
We always say, hey, with our sponsors, what we want is the human touch.
You guys have gone out of their way.
I know I can actually say that we are working on the eighth free installment, the lucky eight, the hard eight on the end of the dollar empire.
Even as we speak, where do people go to get it and get access to you?
phillip patrick
Very simple.
It's birchgold.com forward slash Bannon.
Again, birchgold.com forward slash Bannon, or they can text Bannon to 989898.
That'll get them access to the reports, how and why to invest in gold, end of the Dollar Empire series.
So birchgold.com forward slash Bannon.
They can get me on getter at Philip Patrick.
Yeah, that simple.
steve bannon
Thank you, brother.
Look forward to talking to you when you get back.
phillip patrick
Philip Patrick.
Thank you, Steve.
steve bannon
Birch Gold.
Amazing exercise.
We've been working on it for months.
It turned out very well.
The level of depth of analysis and what these guys pick in the contacts.
Extraordinary.
Natalie Winters.
Marjorie Taylor Greene just put a shot across a couple of people's bow.
This morning, Natalie, we had Tiesel on, Eric Tiesel from CRA, one of the few guys remaining there, that great think tank that Bros Vote helped form because so many guys from CRA actually in the administration.
And it was about the NDA and how woke has not been codified.
The war imposse using Bill Blaster has to make contact, and particularly with like Tubberville and Rick Scott and people like Eric Schmidt out of Missouri, Jim Banks out of Indiana, these people that are very thoughtful about the defense budget, what has to happen here, because it's increasing.
And Marjorie Taylor Greens just put a shot across everybody's bow about Ukraine, Israel, she threw in Taiwan, everything.
On a day where, I'm going to play a clip for you in a second, on a day they had the Epstein situation in the cabinet room that came off this debacle that they put out the other night.
You've got this whole thing about work permits and amnesty.
I want to go to the President of the United States because I think there's a bunch of core issues here, kind of MAGA issues that need to be worked through and they can only be worked through by the audience.
Let's go ahead and play the clip from the President at the Cabinet meeting.
donald j trump
There's no amnesty.
What we're doing is we're getting rid of criminals, but we are doing a work program.
Do you want to explain that, please?
brooke rollins
Yeah, this morning we talked about, of course, this was a top-of-mind question.
This morning we talked about protecting the farmers in the farmland, but obviously this president's vision of no amnesty, mass deportation continues, but in a strategic way, and then ensuring that our farmers have the labor that they need.
Secretary Chauvinist Rimmer has been a leader on this.
Obviously, this comes out of the labor department, but moving toward automation, ensuring that our farmers have that workforce, and moving toward an American workforce.
So all of the above.
donald j trump
We want to give the farmers the people they need, but we're not talking amnesty.
unidentified
Thank you.
steve bannon
So Natalie, the national security issues brought forward today in the press conference at 9 this morning, which we covered, and Navarre was there, this was about the CCP and about the food security, our land, et cetera.
She was adamant there, no amnesty.
You know, like I say, mass deportations now, amnesty never.
They are saying that, hey, the deportations got to be strategic.
I think all of us are open to that since there's at least 10 million.
And Holman's 7,000-a-day number, Natalie, I think gets you over the first term to 9 or 9.5 million, if my math is correct.
So that would say to the lower number, edge number, what Biden led in.
President Trump said, Mark Green, the chairman of DHS, who I think today is his last day, said it's $13 million.
President Trump says it's $21 million.
And of course, you've got many more tens of millions after that.
Your hometown of Los Angeles, some people are saying part of it's a ghost town, part of East L.A., there's a huge firestorm out there about the continuation of the mass deportations.
When you hear words like strategic deportations and work programs, because my phone is blown up over what are we talking about, work programs.
What is your sense of things, ma'am?
natalie winters
Well, I don't like it at all.
Strategic deportations sounds like a cop-out.
And frankly, Steve, it's not something that we need to work through with this audience.
I think our audience needs to hold the line and advance what I thought were the bedrock principles of the MAGA movement of everything that undergirds America first.
And I think the press conference today in terms of CCP farm ownership, land ownership is very important.
But in the same breath, when you're trying to allocate more weaponry and resources to Ukraine, that sort of goes against the idea that the PRC is the primary and existential geopolitical threat that the United States faces.
For two points, one, we should be focusing on Indo-PACOM.
But more importantly, it really should be, I think, a whole of country approach to countering the PRC.
That's what Eric Tietzel was talking about this morning.
And I think you have not just two, but three camps sort of within the Pentagon, within the sort of national security apparatus.
One is the group that thinks we should be having more meetings focusing on Iran and the Middle East and Ukraine as opposed to China.
And then within the China camp, you have the people who use it as cover to push for a trillion-dollar plus budget and the small contingent of people who are more aligned with the war room who actually view the PRC as the threat that it is and take the numbers of, what was it, 98 or so interceptors that were used to shoot down those Iranian drones.
That's about the number of interceptors that the United States can produce in two whole years.
Blew that and a billion dollars.
unidentified
What?
natalie winters
So we can defend another country.
And more importantly, right, Steve, if you extrapolate those numbers, it's very concerning.
China builds 300 ships for every one ship that we produce.
We can't even buy cheap drones because China dominates that market space so much.
We obviously dominated the high price tag $5 million drone.
We aren't even buying munitions because we don't even have anything to strap them onto.
This is crisis level, I think, territory.
And you see a more aggressive and sort of belligerent Taiwan.
They're using words like independence.
We are approaching not in the far gone conclusion.
We're talking in a month or so of really conflict heating up with the Chinese Communist Party.
So to be sending more weaponry to Ukraine, to be trying to incite conflicts in the Middle East, getting entangled with Israel, I think it's extremely short-sighted.
And I think perhaps the original sin, I think to go sort of mere Scheimer-esque, right, in the concept of offshore balancing, this is not offshore balancing, right?
The idea that we share the same priorities as foreign countries like Israel, like Ukraine, take your pick.
There's some convergence, there's some synergy, but it's not 100%.
And I think that's sort of the original sin of the neocon ideology, right?
That there is just absolute glued affinity there.
Our existential threat is the Chinese Communist Party.
It's not Iran, and it's not Russia.
And we should be focusing from that perspective.
And I just have to say it, releasing the Epstein files for people who spent their years talking a tough game against the establishment.
It's a darn shame to see them become it.
steve bannon
Let's continue.
By the way, I'm trying to get Tom Finton to start the show tomorrow.
And Tom Finton talk about his lawsuit and what I think one of the things that has to happen, the Justice Department has to go in to the court and ask for the complete turnover, opening up of all the files and turning over of all the evidence.
I think that has to happen.
I think Fenton's lawsuit gets to some of that.
Tom Finton's going to join us tomorrow.
Netanyahu's going back over for another meeting tonight.
He's been on Capitol Hill today.
They're going to continue on this situation of a ceasefire with Hamas, the Muslim Brotherhood.
There's clearly going to be additional talks in Iran.
Hugo Lowell and the team at the Guardian had this kind of blockbuster story out today.
We've drawn down, I think, our Patriot missile batteries 75%, principally by stripping them out of Korea and the Pacific.
You talked about Indo-PACOM.
Our FAAD systems, I think, are down 25%.
We're now looking, President Trump said today, we're going to ship more arms.
My fear, Natalie, is this is the same replay of the Israel situation where we send the arms, then we've got to send the air defense systems.
Next thing you know, we're operating it.
You've got the cruisers, the Arleigh Burke cruisers in the Eastern Med.
You're doing combat air patrol.
You become a combatant because you are providing defense.
And then all of a sudden you segue into an offensive capability.
Now, the end of the 12-day war was unbelievable, one of the greatest, I think the greatest military operation by a commander-in-chief since D-Day.
But my fear is we're inexorably drawn to that same logic of escalation as we get drawn into this situation in Ukraine.
Your thoughts and observations, ma'am?
natalie winters
Well, I would zoom out even one level further, right?
As you always say, we're already in World War III.
So if you view the United States not as a would-be combatant against forces in the Middle East, but a combatant against the PRC, this in some ways is, I think, a textbook definition of unrestricted warfare of everything that Sun Tzu would want, right?
Weakening an enemy by draining us, I can't believe I even have to say it, of things like patriot, you know, defense systems, missiles, drones, you name it.
And it's truly absurd, I think, to the sort of corollary to a lot of this trade war stuff.
We do retain a sizably significant upper hand when it comes to the semiconductors and the chips and the sort of AI technology as compared to China.
But one of the sort of underreported, which I think follows Hugo's reportings, sort of giveaways that the United States has engaged with the Chinese Communist Party is granting them previously unknown access to a lot of United States chip technology,
particularly the super advanced kind of in the semiconductor space, in addition to COMAC, which is one of the state-owned enterprises working not just on military civil fusion type aircraft, but straight up Chinese PLA, whether it's PLARF, the Rocket Force or Army military stuff, but actual technologies, but sending them the technology for our jet engines, which I don't think is necessarily a good idea to be sending overseas, let alone to the Chinese Communist Party.
But it's just a misprioritization.
I think when you look at us getting dragged into another forever war, the prime beneficiary of that would be the Chinese Communist Party.
And I think, too, right, you talk about a trillion-dollar defense budget.
Obviously, you and I don't support that.
But if you steelman the argument, right, that we're going to be imminently at war against China, then we should be allocating that trillion dollar defense budget not to help some weird pipe dream of democracy enthusiasts in Ukraine, but to be getting the United States ready for war, right?
Not having Indo-PACOM headquartered in Hawaii, where when you have the PRC concurrently investing intensely in deep-sea, you know, undersea cable cutters where all you'd have to do is cut that or maybe drop, you know, do some sort of EMP attack and suddenly you have no command and control.
That's what we should be investing in if we want to start spending trillions of dollars, right?
Not giving Ukraine, who knows, whatever else they want.
So it's just happy talk and it's more of what we're used to.
And it's disheartening.
And if I could just make one more point, I think we talked about this with sort of the WMD comparison, Iraq to Iran, the lies about what was going on there.
But I think we see that with the Epstein documents now too.
For all this talk and hype of new media, you know, having a seat in the briefing room, I remember I took a barrage of what, months of weird attacks on myself for being there.
It's a real shame to not see other new media outlets holding the line, right?
I thought that was why we were all there, to hold them to account for our audiences, not to shill for the administration when they're not following through on what they promised.
So again, I voted for President Trump.
We support President Trump, obviously, but I don't think we can let the movement be cheapened on very core principles and be distracted by just a press conference about how we're now going to ban foreign ownership of Chinese farmland.
steve bannon
I'm going to get you back tomorrow.
I want to talk about LA, your hometown, but I got to ask you, your assessment of the response on the Epstein situation in the cabinet room today, on a scale from one to 10, 10 being perfection, one being we're not bringing our best, where did that fit?
natalie winters
I will answer this, not on a scale.
I would say no amnesty for illegals and no amnesty for Epstein.
And the fact that I even have to clarify that makes me want to put the answer at a one.
Look, I don't know what's going on.
I don't think we all have to pretend like we know what's going on all the time, but I just know this audience elected President Trump to release the truth about a host of things.
And I thought that the Epstein files were going to be a day one thing that's pretty easy compared to the USAID nest of Vipers, you have going on there, everything that's going on at the Pentagon.
I would think the Epstein list would be pretty simple.
But I guess when it's involved, probably likely with foreign intelligence operations that we're actively arming, perhaps it gets a little trickier.
But I think we need to have a serious, serious come to Jesus moment within the MAGA movement about what's going on.
steve bannon
Amen.
Dave Walsh is going to join me next.
Natalie's going to punch out.
Natalie, social media.
We've got 30 seconds.
Where do people go?
natalie winters
Natalie G. Winters on all platforms.
Thank you as always for having me.
steve bannon
You're on fire, ma'am.
Thank you.
See you tomorrow.
I'm trying to get Finton to tee it up tomorrow about what he's going to do.
I think Tom Fenton is one of the key people.
I think James O'Keefe and Tom Fenton have been two of the key people this entire Epstein situation.
Dave Walsh, a couple of blockbusters coming out of the White House, a report and an EO next in the war room.
unidentified
I got American power.
I got American faith in America's heart.
Go on, raise a flag.
War Room.
Here's your host, Stephen K. Mann.
steve bannon
Okay, Dave Walsh joins us.
We didn't today with the cabinet meeting, Texas, all of it.
Dave Walsh, walk me through the energy.
I want to do the study first in the executive order.
I'm going to take some time to walk through this because it is important to what we've been trying to explain to people and understand the impact this is going to have on their life, the communities, their personal lives, communities' life, family life, and nation's life, sir.
dave walsh
Well, the study is incredibly important, Steve, because at the DOE study points out, it's about grid reliability and security, meaning we are now massively, massively more exposed to loss of load, brownouts and blackouts, and that are brownouts and blackouts caused by not enough electrification, not hurricanes, storms, winds, lightning strikes, but by simply not enough power being in the system to meet demand.
Back in 2012, the country had like 24% reserve margins.
That's more headroom of power production over demand on average.
Now we're down to 14%.
If you go to a football analogy, that's like instead of having a 40-man squad to facilitate injury replacement and specialists in a ball game, now you'd have about a 23-man squad, two 11s and two extras.
That's the significance of moving from 24% reserve margins down to 14 where we now are, where you're getting into now massively exponential increasing probability of brownouts and blackouts in major parts of the country due to not enough electricity.
All these coal plants that were shut down, nearly 130,000 gigawatts of them, 20,000 gigawatts of nuclear shutdown, displaced with a little bit of combined cycle power that's baseload, but a lot with battery storage, wind, and solar that are very part-time.
So as we replaced 24-hour a day power plants because we didn't like their environmental characteristics, deemed environmental characteristics, we haven't replaced them.
So we now have a massive electrification shortage owing to my analogy on the ball teams.
This is a disaster.
So this study does a very good job of quantifying the massively accelerated probability in much of the country.
And this has been chronicled by the grid organizations in MISO, PJM, and even out on the West Coast.
Well chronicled by them, the massive exposure statistically to many, many, many more brownouts, up to 100 times more because of the simple lack of electrification in the system.
With all this part-time solar and wind being very, very nominal, inconsequential contributors to overall energy.
steve bannon
Okay, help me out here because I think the audience may be in the same situation I am.
When I read the report, what you just said doesn't come as a big surprise, but it shouldn't, like, how did we get in this situation when this set of mathematics off this set of physical properties about energy have been known and they've known about this for years from when they first started.
How did the pixie dust like I'm kind of confused how this report shows you a process that got us here that's and they talk about us being unreasonable.
I mean, this is a bigger fairy tale than what they told about the vaccines.
I mean, it's because the math here is irrefutable, but we've known that now for a long time.
Am I correct on that, David?
dave walsh
Totally, Steve.
Yeah, totally, Steve.
We got here because administrations in charge over 12 of the last 16 years, Obama, Biden specifically, used the EPA to deconstruct coal power generation as a generation choice in the United States by intentionally, and their DOE said this under both administrations, making it too expensive to operate further with too much regulatory overhang that made those plants impossible to financially make it based on a theory of CO2.
So we deconstructed in that 16-year period something like 130,000 megawatts of baseload all-the-time coal plants based on the way that they prosecuted overreach through the EPA, which now thank God we've got our hands on, and in pushing very strongly for incentivization of low capacity, low energy, very part-time, highly intermittent wind and solar power over that same time period.
steve bannon
Okay, but hang on, over that 12-year period.
The point I want to make, they knew mathematically, given the laws of physical manifestation, that this couldn't work, right?
At the same time, our greatest enemy is doing the exact opposite.
At the exact same time, our greatest enemy in China is doing the exact opposite.
Correct, sir?
dave walsh
Yeah, they are doing the exact opposite.
They're permitting and in construction On 400 more coal plants as we speak, not because they're coal, but because they have a lot of coal.
That's a resource for them that they can exploit that they have.
But B, because those plants run all of the time.
They're baseload plants.
If you're going to have heavy industry, even light industry, a high population, you need continuous duty, baseload electrification running all of the time.
And they know that coal, nuclear, and gas provide that.
They happen to have a lot of coal.
They don't have a lot of gas.
This war and aligning them with Russia in Iran just solved that for them, the Chinese.
But their build out on a percentage basis remains strongly oriented to baseload constant duty coal.
Now, they're not following what they have been preaching over here that engages us in buying their solar panels, thin-film PV, inverters, and batteries.
steve bannon
But how did you get it?
How did the national security apparatus, how'd the intelligence apparatus, how like the CIA or DNI not step into this and say, because if you look at this report, what's shocking is how we got here over a decade with people kind of pretending that this is going to work.
Clearly, and we're not conspiracy theory guys, but it can't be a coincidence that at the very moment you go down this radical idea plan, which mathematically can't work and you know it can't work.
At the same time, your greatest enemy is taking the exact same information and doing the exact opposite to become a coal superpower.
What is it, 3,500 coal-burning plants that they've, and they ain't that clean because they just don't care?
So I don't understand how this, that we did food as a national security issue this morning.
This is like a massive, in fact, energy is the basis of everything.
We've seen that in Germany.
The collapse of Germany is industrial power.
Energy is the basis of everything.
How could this possibly have been lost by the guy stepping back and supposed to be looking at everything, the national security in the intelligence community, sir?
dave walsh
Because, you know, over the 12 years that they ran government, which is three-fourths of the last 16 years, those security agencies reported directly to them and were subjugated.
Their views were subjugated to this environmental mantra, environmental fetish, anti-CO2 fetish, ahead of any efforts to strategically enhance energy capacity in this country.
So they owned those agencies and they subjugated them to, you know, even Biden's administration was all about empowering every agency across his administration to be anti-CO2, to have an anti-CO2 mission.
Pluton, the DOE, the EPA, even Treasury, the IRS, all agencies were empowered to have an anti-CO2 emission, a mantra and strategy.
And that's insane.
The strategy about energy has to be to increase it.
So this was consciously ignored by security agencies who knew better, by the DOD who knew better, that even their base is being worse.
steve bannon
I had worked as a junior officer back in the 80s in Reagan administration after sea duty for the Chief Naval Operations when the Chief of Naval Operations and the Joint Chiefs of Staff were coming out from the DOD and saying the number one threat to like the Pacific, the Navy is climate change.
What are you talking about?
Remember, they took the mantra and completely embraced it, that the anti-CO2 mantra, that climate change was one of the greatest national security threats that we had, sir.
dave walsh
Yeah, absolutely.
And let me, this morning we were chatting about Brooke Rollins' good commentary today on Ag Lance.
This has a direct connection to AgLance.
For example, in the state of Florida, continuing to this moment, this hasn't changed here, with a NEOCON former governor, Aron DeSantis, PSC, approving going forward the 10 year, the next 10 years for Florida indicate 290,000, 99,000 more acres of Florida land will be reversed from farmland to use for solar farms.
As our energy plan for Florida, for example, a red state supposedly, is 91% solar and battery storage going forward the next 10 years.
299,000 acres.
FPL's 20-year plan is 1,200 square miles of that, which by the way, is equivalency to the amount of arable farmland in Florida.
1,200 square miles of solar farms they're planning to install across the state over the next 20 years, all to enhance their EBITDA, because this adds tremendous asset churn, adds to their portfolio of their national pimped stock next era, which is all about being the largest renewable company in the world, FPL's parent company.
Therefore, they want to impose this on Florida.
The money in this for them is so substantial at four times the cost, the capex, on which they get an 11.5% rate of return.
The money interests have pushed this wildly, wildly.
And those money interests were behind our Senator Murkowski and Ernst pushing this one-year 5% commitment thing that guess what?
If you had a plan announced next year for solar or wind, you could do it as long as you committed to 5% of the cost next year, 2006.
steve bannon
But isn't this executive order part to make up for some of the sins of the reconciliation?
dave walsh
Yeah, it does.
It calls for a careful assessment of the case.
steve bannon
Let's be very specific because a lot of people are still burned up about some of this on the Green News scam and things that are allowed in this.
Walk me through how this executive order coming so quickly afterwards is to try to make up for some of the sins of that, sir.
dave walsh
Well, the Big Beautiful bill calls out the terminus of incentives for projects executed after December 2027.
That's a good guy.
The bad part of it, though, Ernst at the last minute, with Murkowski and Kennedy helping her, came up with an amendment that said, oh, by the way, if you announce a project in 26 and it gets only to a state of 5% completion, whether it's a deposit, financial commitments made, a contract commitment that can be deemed to be a completion state of 5%, that project can go on forever and be incentivized over 12, 15, 20 years of the life of finishing it.
So this gets in the way by giving Besson, Treasury Sec Besson, the ability To get involved with these construction and other activities next year that can be manipulated and circumvented just for the purpose of dragging out incentives to be applied to projects started next year, surveillance over those to probably approve them one by one for application of the tax code that would allow incentives to make sure they're not being gerrymandered.
So no, the EO directly names that the projects in the coming year that have this special get out of jail free pass on, oh, if you commit to only 5% of a project, it can be completed whenever beyond 1227 to gather incentives.
So this has teeth for Besson to be involved in approving those that circumvent or intentionally circumventing the intent of the Big Beautiful bill to terminate these incentives at the end of 27 on projects done in 27.
steve bannon
What about what else in this executive order lays out kind of the theory of the case that you've been presenting to this audience for the last couple of years?
dave walsh
Well, no, it makes very clear.
I mean, this is about part-time intermittent energy drives a horrendous gap in national security for the production of equipment for manufacturing, for reshoring, all of the kinds of things that mass electrification is needed for are not being served by intermittent,
part-time, foreign-sourced, aka, horrendous, horrendous Chinese supply chain without calling it out directly equipment flowing into the market that can stop at any time and or have sensors included, without saying that directly, but calling out foreign support from nations not aligned with this one on becoming the primary component supplier for energy, which it now is.
China is about 60%, 70% of the total value of power generation equipment supplied to this country in the last five years, 2020 through 2025.
But 91% of what's been applied is now solar, battery storage, and wind.
60% plus emanating from China of all of that spending.
So that's a horrendous risk position.
This gets right at naming that we need domestically resourced equipment and supply, not nations hostile to us militarily and by their various positionings diplomatically.
steve bannon
Does President Trump fully embrace now, like he did in the first term, full-spectrum energy dominance?
And if he does, if you say he does, can you show us what he's been doing in that regard?
dave walsh
Well, he does.
I mean, look at all the actions he's taken on offshore drilling, drilling in the Arctic refuge, drilling in the Gulf of Mexico, freeing up federal lands for the purpose of drilling and mining, by the way, in certain areas for uranium, for Yellow Cake.
The nuclear initiative he announced is a way about allowing fuel reprocessing to occur in this country across many sites operated commercially by responsible utilities who have been involved with nuclear power for 60 years.
Let them, let OEMs get more involved in fuel reprocessing to allow more nuclear fuel at a lower cost level, be domestically sourced by reprocessing and be by mining, pushing that forward.
So he's done, and then his coal initiative to allow acceptability of looking at supercritical coal, super high temperature coal, which is very clean, which is not what China uses, by the way.
Xi Jinping has addressed the cleanliness issue of the plants being built over there 10, 20 years ago.
They're now mainly all ultra-super critical technology that was invented over here, by the way, super high temperature, that have tremendously low emissions characteristics of nitrous oxide, SO2, heavy metals in the Chinese coal plants.
President Trump pushed forward the acceptability of re-engaging on that baseload power source, which is a very American fuel-based coal, 400 years of coal in the ground here, as an acceptable alternative going forward.
What's been a little slow has been the action on solar and wind, but I think he's properly waited for the final best effort on a legislative basis to get in the way of this because all these tax code benefits, the solar and wind and battery storage, are buried in the tax code.
Only Congress can repeal them.
So he did his level best to let's see how they come out.
They came out at the end of 27 projects.
That all goes away, but with this loophole that now he's addressed through the EO.
So, no, he's been judicious and I think a little bit early influenced by Musk in the opposite direction.
He's gone now, fortunately.
And I say him because he's a massive supporter and supplier in his business of utility-scale battery storage.
If you like battery storage, you love solar and wind because it creates the intermittency and part-time that drive demand for batteries.
That's what he was all about.
He's admitted that very openly now.
His influence is off the table.
So this strategy of waiting for the congressional best effort to end these incentives, now buttressed by the EO, is, yeah, he hasn't changed his basic philosophy on energy is at the core of re-engaging the American economy and its dominance.
steve bannon
Amazing.
Where can people get this, your analysis of all of it, and be able to chew on this?
Because it's a major development.
You've worked on this for years.
It's incredible, both the report and the executive order, sir.
dave walsh
I'll say, too, if anybody wants to look, the MISO, PJM, WECC, West Coast energy grids are all over reporting out about this crisis of lack of electrification in their writings.
Look at those.
But I'm on Getter, TrueSocial, and X at Dave Walsh Energy.
Thank you, Steve.
Appreciate the forum to talk about this.
steve bannon
Thank you, brother.
unidentified
Always.
steve bannon
You nailed it.
That's we're proud of this platform, the people that are contributors here.
Dave Walsh dead spot on in this and a huge, massive issue.
As Dave Walsh has taught us, until you get your energy right, you can't get your economy right.
And Dave Walsh has been at the forefront of this.
A couple of things.
I want to make sure that MyPatriot Supply, the folks there, mypatriotsupply.com, Bannon, the end of their July 4th sale is going to be today.
They're going to be open.
You know, you can call, go online, check it out.
These are the best folks in the business for preparation.
I don't think we need to reiterate to this audience when you talk about grid sustainability, when you think about what's happened in Texas, what happened in North Carolina.
These are biblical level events.
It can happen anywhere at any time on so many different levels.
The reporting from Geneva on artificial intelligence should make sure you understand what's going on, this interconnective surveillance state that's being put together off of data.
You need to be more prepared and to make sure that your family is prepared more than ever.
Mypatriotsupply.com.
These are the best folks in the business.
And what they've got is consultants, essentially, when you go there.
So go check it out today.
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Go online right now.
Check out everything they've got.
They have really invented this vertical.
And now they have so many different product offerings, not just simply the food, but everything across the board, including energy, batteries, everything.
Just go check it out.
It's pretty, pretty, pretty amazing.
Mypatriotsupply.com.
Also want to thank Philip Patrick and the team.
Extraordinary reporting from there to put your head of the curve.
This bilateral situation.
Remember, the thing that underpins this is we came off the gold standard in 71.
So many bad things happen after that.
And I'm not a gold bug, but you just look at the math.
The BRICS Nations understand that.
All the people running their central banks and their finance ministries went to the University of Chicago, went to Harvard Business School, went to Stanford Business School.
They got plenty of smart folks.
And they can work in HP12C, the old little handheld calculator that can do net cash flow, right?
Net present value.
Birchgold.com.
Two ways you do it.
Number one is kind of easy, quick and dirty.
That is text Bannon at 989898.
Get the ultimate guide, which is free for investing in gold and precious metals in the age of Trump.
And you get a contact and get relationship with Philip Patrick and his team.
The team's been down in Rio.
Or you can go to birchgold.com slash Bannon, the end of the Dollar Empire.
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You also get contact with Philip Patrick team.
I think there's something that unites that Philip Patrick team.
You want to talk to the guys of Birch Gold.
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Check it out today at birchgold.com.
We're back at 10 a.m. Eastern Daylight Time tomorrow morning.
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