July 15, 2025 - Bannon's War Room
48:25
Participants
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| Speaker | Time | Text |
|---|---|---|
| Hey, my friends, you're not going to believe it, but I have just been locked out of my Twitter account. | ||
| I don't know what's happened. | ||
| I might have been hacked or something. | ||
| I can't tell. | ||
| What I tried to do is look what happened. | ||
| I tried to get back in. | ||
| When I did, this screen came up. | ||
| That's not my email at the bottom. | ||
| Don't know what it is. | ||
| But I'd like you to help me if you could to get my account back. | ||
| Please do stay in touch. | ||
| You can do that at my new YouTube channel at johnhenryweston.com. | ||
| Also on my Facebook and Instagram. | ||
| And beyond all that, if you want to support us in this new little venture, you can do so. | ||
| The PayPal for a gift is non-tax deductible, but if you want to give us a little help, you can do that. | ||
| The PayPal address is jh at johnhenryweston.com. | ||
| Also, if you want to send something in by mail, again, non-tax deductible, you can do that at Box 1013, Berrys Bay, Ontario, Canada, K0J1B0. | ||
| That's John Henry Weston at that address. | ||
| May God bless you. | ||
| This is the primal scream of a dying regime. | ||
| Pray for our enemies because we're going to medieval on these people. | ||
| Here's how I got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| MAGA Media. | ||
| I wish in my soul, I wish that any of these people had a conscience. | ||
| Ask yourself, what is my task and what is my purpose? | ||
| If that answer is to save my country, this country will be saved. | ||
|
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Here's your host, Stephen K. Vance. | |
| you you It's Monday, 14 July in the year of the Lord, 2025, and what a day it has already been in the Warroom in the Imperial Capitol. | ||
| Dave Walsh is going to join us in a few minutes. | ||
| The Daily Mail, one of my favorite news sites and newspapers, finally catches up with the Warroom. | ||
| And Dave Walsh, after a couple of years, and they've got a huge article, it's getting a ton of traffic over there, about how your electric bill is going to increase about 150%. | ||
| Dave Walsh is going to, they have it slightly wrong about what the cause of it. | ||
| It's one of the causes, but Dave Walsh got the full story. | ||
| He's going to join us. | ||
| Also, Peter Navarro gave a historic interview with Bloomberg TV the other day, and we're going to break that down for you also. | ||
| But I want to start with John Henry Weston for the traditional Catholics out there, which our audience is pretty vast. | ||
| He needs no introduction. | ||
| But I think we do need an introduction. | ||
| And what in the hell are you doing home and coming from your home studio on the war room when in a time of crisis in the Catholic Church, you've been a leading voice of the traditional Catholicism and really built single-handedly LifeSight News, which became the dominant axe in the space. | ||
| So can you explain to us first what's going on? | ||
| Then we'll talk about your Twitter account and we're working with you to set up a new entity because your voice has to be out there every day and you have to be running a news site as you've done so well. | ||
| So why are you at home coming from your home studio, sir? | ||
| So the majority of the board of LifeSight News decided on July the 2nd to vote me off the board and also out of leadership at LifeSight. | ||
| They also decided to put me on a one-year sabbatical, thanks be to God paid, but that's it. | ||
| I was also locked out of all communications with staff and stuff like that. | ||
| The John Hannah Weston show, which was the flagship show on LifeSight, has been removed from the site. | ||
| So none of my videos are there accessible to people anymore. | ||
| So it's very much like cancellation, which we were used to at LifeSight when YouTube took our stuff down, but that has gone on this way now. | ||
| Really, that's what happened. | ||
| So I am home. | ||
| I am trying to build something new. | ||
| We've got a lot going. | ||
| There's a new YouTube channel, at John Henry Weston. | ||
| I'm available on, was until yesterday, available on Twitter at JH Weston, but that's been taken. | ||
| And that's really weird. | ||
| So I spent the whole day. | ||
| I did a little video this morning, which you graciously showed, just to have people help me get the Twitter channel back because that's really terrible because that was the biggest audience I had in one spot. | ||
| I have no access, obviously, to LifeSent anymore. | ||
| And so that was my biggest social media. | ||
| To see that go is rather sad. | ||
| Encouraging news, though, the John Henry Weston YouTube channel, which just started a few days ago, is already at 12,000 subscribers. | ||
| I would encourage people, if you can sign up there, that'd be awesome because we've got lots of stuff coming for you. | ||
| That's going to be great. | ||
| Give us a little bit to get started up. | ||
| So here's what I'm confused about. | ||
| You've been one of the leading people and covering a broad swath of news related to current events, how it relates to the church. | ||
| And we're in a crisis in the church. | ||
| And we have been now for a while. | ||
| I think people would argue since Vatican II. | ||
| How is it that in the middle of this fight, when it's just starting to get real traction here now that you have an American Pope, how is it that the new site that you built, I don't understand about how you, and I understand there's confidentiality and things like that, but I think people just don't understand how the preeminent voice on the new side of this is all of a sudden not there anymore. | ||
| It's like the timing is, you know, I'm not a conspiracy theorist, but I don't believe in coincidences. | ||
| I just don't, I don't understand this given the timing, sir. | ||
| Yeah, it's a tough thing. | ||
| It's a tough thing for me to understand as well. | ||
| And the LifeSight has put out various statements that things have to do with views and donations and things like that. | ||
| And, you know, I didn't think that was going so badly. | ||
| and I guess part of the problem is the views to websites have gone down. | ||
| I think more people are turning to social media, more people are turning to video. | ||
| And so, yeah, I could see that. | ||
| But, you know, they made a certain decision. | ||
| They decided to go that way. | ||
| I did sign a NDA that was part of my employment, nothing to do with any kind of settlement or severance or anything like that. | ||
| And so I abide by that. | ||
| I have said nothing disparaging. | ||
| In fact, you know, when you said earlier that I built it single-handedly, not so. | ||
| I mean, we have incredible people, had, you know, incredible people at LifeSight. | ||
| There were 70 staff at LifeSight, some of the most talented people I know. | ||
| And so I couldn't say goodbye to them personally. | ||
| So I made a little video the other day just to say goodbye, you know, on Twitter. | ||
| Hope many of those guys saw it because I love them. | ||
| I mean, I've been doing this 28 years. | ||
| And so you get to know, you get to love a lot of folks. | ||
| And even though you might have disagreements in direction and so on, this fine. | ||
| I just hope that it can be an amical separation. | ||
| But what's going on right now seems strange. | ||
| Well, it certainly doesn't seem appreciative of the work you've done. | ||
| And you are, quite frankly, a legend in this space, given the work ethic and what you've covered. | ||
| I've known you for, I don't know, 10, 12, 15 years now. | ||
| John Henry, let's leave that aside for a second. | ||
| In starting the new site, in the church and particularly in the country, in America, the challenges we face, you know, we just had Sam Sorber on here about parents, you know, that we're still fighting at a very basic level of parental rights in schools. | ||
| Like, where do you think we stand or where do you think we are? | ||
| And what is your new endeavor going to cover and going to drive? | ||
| I know LifeSight News was built around the pro-life movement. | ||
| I think the issues, pro-life is obviously still an issue, particularly in the particulars of the states and different technical areas. | ||
| But the issues we face today are even broader than that. | ||
| So how do you intend to cover? | ||
| What are you going to do? | ||
| Where do you think the issues are, sir? | ||
| So very, first of all, what I think my understanding is, and I think for many people, especially Catholics, they recognize one central truth. | ||
| It's a biblical truth, too, because in the scriptures, you will read, if my people will turn from their wicked ways, will turn to me and heed my voice, I will bless their land. | ||
| So there's something to do with God's people. | ||
| In fact, he says, if my people called by my name will do this, I will bless their land. | ||
| So there's something to do, a promise from God, that if his people called by his name, i.e. | ||
| that's Christians, by the way, are to turn to him and repent from their wicked ways, he will bless their land. | ||
| So we have that biblical foundation. | ||
| And you take that forward because that was from the Old Testament, obviously. | ||
| When Christ comes, he is the fullness of the truth. | ||
| He establishes his church, the mystical body of Christ. | ||
| And we also know from the scriptures, all grace and truth come from Jesus Christ. | ||
| So if that's the case, the blessing on our lands, the blessing on the United States of America is going to come through the mystical body of Christ, which is the church. | ||
| And so if you want the central battle, even though it might seem counterintuitive, the central battle actually is with the church, within the people of God, before anything else. | ||
| I would say that culture is downstream from the church, not the other way around. | ||
| I'll give you a practical example in the pro-life field, and it'll work the same for parental rights or anything we're talking about. | ||
| Imagine, just imagine, for instance, if the Pope and all the bishops told all the Catholics in America, if you vote for a pro-abortion politician or you are a pro-abortion politician, you may not receive Holy Communion unless you repent and go to confession. | ||
| Abortion would have ended yesterday. | ||
| But that's never been done. | ||
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And yet it could be done and should be done and needs to be done. | |
| And it will lead to a revolution in terms of life. | ||
| It'll lead to a glorious protection of life, which doesn't exist now, also because the church fails to act in that regard. | ||
| And that scenario can play out for anything. | ||
| And the church isn't dictating laws. | ||
| No, the church is there to bring morality, the true teachings of God to the earth. | ||
| That's what it is. | ||
| That's what it does. | ||
| The state has a separate role to enforce and so on. | ||
| But the church has clearly taught on what is in the preamble of the Constitution, even. | ||
| Everything revolves around the natural rights of man, life, and this true liberty, which by the way, is liberty from sin. | ||
| But, you know, this is what we're talking about. | ||
| We're talking about the church needing to get healed from the cancer that's within. | ||
| And that really is on you and me. | ||
| It's on faithful Catholics to work toward that healing. | ||
| And it's hard because you're going to have to challenge a lot of very powerful, you know, very powerful people and also do so with a lot of pushback. | ||
| And you got to be ready for that. | ||
| But you do that in love because it's funny. | ||
| In this war, none of those on the other side, at least the people on the other side, are your real enemies. | ||
| The only real enemies are not of flesh and blood. | ||
| They're principalities and powers, as the scriptures tell us. | ||
| So it's funny because you're working. | ||
| Yeah, sometimes you're going to confront people and so on, and they're going to be angry with you and probably do nasty things to you. | ||
| But at the same time, you can pray for them, work for them, and know that when you are struggling against them doing wrong things, you're working for their good. | ||
| That's why the whole pro-like movement is so full of love for the quote-unquote enemy. | ||
| The abortionist on the other end, we're not looking to harm the abortionist on the other end. | ||
| We're hoping to convert him or her and bring him on side. | ||
| And that's why you had Bernie Nathanson. | ||
| That's why you have so many who have come out, like Abby Johnson, who've come out of the abortion movement, out of the killing fields, and are now striving for life. | ||
| Because, and what does the for-life movement do? | ||
| Accepts them with open arms and is so overjoyed to welcome them into the fold of life. | ||
| And it is into the fold of Jesus Christ. | ||
| So that's what it's about. | ||
| That's what I'll be doing, which is honestly the same thing I've been doing for 28 years. | ||
| It is an outlook. | ||
| It is one that for some people, it's not going to be all that comfortable. | ||
| But it is what I think is absolutely necessary. | ||
| And the battle on the inside of the church is pretty darn severe. | ||
| I mean, you're trying, talk about cancel culture. | ||
| You're trying to cancel in the church the ancient Mass of our fathers. | ||
| For over a thousand years, the church has this one traditional Latin Mass. | ||
| It was brought back under Benedict in a big way. | ||
| Thousands of young people's families flocked to this thing. | ||
| It was amazing. | ||
| There was enthusiasm and energy in the church again, young families everywhere, and then just got crushed. | ||
| And even though they're trying to stomp it out like crazy, it keeps resurfacing. | ||
| And it's going to keep doing that because even as Pope Benedict himself said, we can't try and say that our patrimony is somehow bad or wrong. | ||
| It's going to continue and it will take, you and I. It was Fulton Jae Sheen, the famous American Archbishop, who was the first, as you are, sort of television commentary person out there. | ||
| And he was amazing. | ||
| But he said, you know, who's going to keep the bishops, bishops, and the priests, priests, and the religious, religious? | ||
| Don't count on the priests to do that themselves. | ||
| It's going to be the faithful. | ||
| It's going to be you and me who are going to keep the priests like acting like priests and the bishops acting like bishops. | ||
| So a lot of work to do and a lot of joy in this work, despite the cancellations. | ||
| And so really looking forward to it. | ||
| Looking forward to building something small to start with a talented little team. | ||
| And should the Lord will to expand beyond that and build only God knows what. | ||
| Well, we're there to assist you. | ||
| Where do people go right now? | ||
| I know you've got a site up and you've got a, I think, GoFundMe. | ||
| Where do people go right now? | ||
| So, yes. | ||
| So right now we're building our YouTube channel. | ||
| Not much there so far, but lots more coming. | ||
| It is just YouTube at John Interweston. | ||
| And then you can head over to Facebook, where my own personal page, Facebook page, as well as I would have said Twitter page, but that's not yet mine. | ||
| That's coming soon. | ||
| And then at Instagram, we're there as well. | ||
| If you head over to, if you want to support us in doing a little bit to support us, you can do that. | ||
| I have a PayPal that you can send to at JH, J H for John Henry, J H at johnhenryweston.com. | ||
| And there's also a PO box for you if you'd like to mail in some support. | ||
| There's no tax benefits for this. | ||
| There's no tax deductible because we're just setting up. | ||
| It is box 1013, Berry's Bay, Ontario, Canada, K0J1B0. | ||
| John Henry Weston, look forward to having you back on and look forward to helping you build this new news effort related to traditional Catholicism. | ||
| Thank you so much for being on here. | ||
| Appreciate you. | ||
| Steve, thank you so very much. | ||
| God bless you and all your fans and keep up your good work. | ||
| Thank you, brother. | ||
| John Henry Weston, one of the real warriors in this movement. | ||
| Dave Walsh, from the sublime to maybe the less sublime, but this is something that the American people need to hear. | ||
| You've been arguing this for years. | ||
| You've been warning about this for years. | ||
| Finally, the Daily Mail kind of caught up with it, that people are going to be getting 150%, 142% to 150% increases to their electrical bill. | ||
| You actually argue it's happening already. | ||
| Walk us through the story. | ||
| They get a little bit wrong. | ||
| And you've got actually, I think, more. | ||
| I guess it's bad news because there's got to be a reality check here about the economics of this and how the average citizen's going to combat it. | ||
| In the great state of Florida, which is the railhead of MAGA along with Texas, looks like they already may be sliding down the slippery slope of higher electric bills, and that means less affordability, sir. | ||
| No, exactly correct. | ||
| What they did in the banner here, they took rate increases that we were accustomed to, maybe 2%, 3% a year, and now we're getting 10% a year, whether it's Duke Energy Florida, Nextera, across the country. | ||
| So 10% rate increases compared to 2.5%, 3%. | ||
| Yeah, 142% more in terms of the increase than people are accustomed to. | ||
| But the why of it is the curiosity. | ||
| It's a little bit misreported. | ||
| The why of it is this is about the transition. | ||
| This isn't about much more new energy. | ||
| There's scant little new energy being applied in all these plans across the country, be it in the West Coast, in WEC, in PJM, in MISO. | ||
| You have across the next 10 to 12 years, like 65 to 75% of the existing generation system being replaced on paper, on paper, and that's where these rates come from with solar, wind, and battery storage. | ||
| Well, here's the trouble with that. | ||
| The capacity you're ripping out tends to run all of the time. | ||
| The capacity you're putting in place runs 25 to 28% of the time on average. | ||
| Therefore, you're creating a shortage. | ||
| So the actual growth in electrification across most of these grid regions with these kinds of plants, and MISO, PJM, and WEC are the really big ones, along with ERCOT, by the way, and CERC Florida, to basically have an all solar and battery storage new capacity addition plan the next 10 years. | ||
| You wind up creating Just a little wee bit more energy for three and a half to four times the capital cost because this stuff only produces power a fraction of the time. | ||
| And you're ripping out and tearing down coal plants and oil plants and not building combined cycle plants that can run all of the time, 100%, 92, 94% of the time. | ||
| So you've got this massive deficit in electrification showing up while rates are going through the roof here in Florida. | ||
| Florida Power and Light has before the Public Service Commission the largest rate increase in the history of the country, $9 billion over the next four years to pay for, get this, 100, basically 100 more utility-scale solar farms with some little bit of battery storage. | ||
| Almost no new gas. | ||
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Hang on, hang on, hang on, hang on, hang on, hang on, hang on. | |
| That can't be Florida, man. | ||
| I just got back from Tampa. | ||
| It's one of the best. | ||
| It looks like it's one of the best run states. | ||
| It's full of MAGA. | ||
| People are moving there in droves because they like the way it's governed. | ||
| You can't tell me that they're doing a $9 billion rate increase to do solar farms and some other, you know, spotty electrification when you could do it in a much different way and not have these rate increases. | ||
| How could that possibly be? | ||
| Are the consumer not on top of this? | ||
| Are the politicians not on top of this? | ||
| I mean, how could this be happening? | ||
| Is it about new capital applied and that's the game for the insiders to apply capital? | ||
| This is new CapEx and they all get paid on that? | ||
| This is a continuum of what FPL and Duke Energy Florida and TECO have been doing here for the past six years. | ||
| No new conventional capacity additions, only solar and a little bit of battery storage. | ||
| And rates have gone up here about 42% already in the last eight years because of the huge, huge cost of doing that that produces just a nominal tiny weeny bit of extra electrification. | ||
| And that only between 9.30 and 4.30, leaving night out entirely of any new electrical capacity, the mornings in winter being left out. | ||
| And then the peak period in the summer here is 4.30 to 7.30. | ||
| There's nothing for that because solar is over at 4.30. | ||
| So we've got cascading reductions in reserve margins because these guys have been all over. | ||
| They own the state house. | ||
| Basically, they own the state senate. | ||
| They own the governor. | ||
| He appoints the PSC. | ||
| The PSC is approving all this. | ||
| It's basically a scandal of utilities owning state government officials with huge donations over time and therefore blind support to whatever it is they want to do. | ||
| And I'm telling you, they make three to four times more money on this because they get a guaranteed rate of return here on CapEx of about 11.4%. | ||
| So the more CapEx they spend, the more money they spend. | ||
| This is about churning the asset base. | ||
| It's horrible. | ||
| And it basically doesn't add very much, if any, like the more additional. | ||
| Yeah, the more CapEx, the more CapEx they spend, the more money they make, right? | ||
| I mean, because it's predicated upon a CapEx spent. | ||
| What is going to be the solution to this? | ||
| What are you recommending? | ||
| Because right now, the article talks about data centers. | ||
| Is that going to add to the problem, data centers? | ||
| Because they say it's all because AI and data centers. | ||
| Is that going to add to the problem here? | ||
| That's going to add to this problem. | ||
| I mean, this bill, the increases coming now are only behind the capital plans these guys have set forth the last three to four years. | ||
| This isn't about what we're going to do with AI because that's a bridge yet to cross, how we assess properly the cost of new electrification to AI, who may cause fortunate baseload power being built. | ||
| But that's going to have to be shared with ratepayers on a beneficial basis. | ||
| Because actually what's happening right now, two of our regulated utilities, Duke Energy and Florida Power Light, have procured commitments to 20 new gas turbines with GE Vernova, but they're holding out to use them for AI and data centers, which will give those guys cheaper, far cheaper electrification than solar that tends to be four times more costly. | ||
| And then shove that up the ratepayers, the solar power at four times the cost, but give the AI and data center operators who have lots of money basically baseload, continuous duty, aka cheaper electrification. | ||
| That battle has, that's not in these numbers. | ||
| This is only about churning the asset base nationally and here to displace, like here, we're ripping 2,700 megawatts of coal and oil to fund building 30,000 megawatts of solar over the next 10 years. | ||
| On a net basis, we're adding almost no power. | ||
| But we're spending here in Florida $45 billion in the next 10 years on solar farms. | ||
| On a net net basis, we had very little added electrification. | ||
| So why is because they have public hearings and all this. | ||
| The article is about a guy, a Chinese American, I think it is, that's an advocacy group. | ||
| And we're going to try to get him on. | ||
| But basically, a lot of this is local. | ||
| The folks in Florida are not shy about giving their opinion, right? | ||
| It's real MAGA down there. | ||
| Why is this happening? | ||
| Are there public hearings? | ||
| Are the local representatives not hearing about it? | ||
| Why does it just seem that you're inexorably drawn to this solution, which is going to have people pay much higher electrical bills for much less stable power, sir? | ||
| I have sources inside the Public Service Commission that remain nameless telling me about the public hearings on this matter with FPL and how they work. | ||
| They've had three or four public hearings around the state. | ||
| FPNL show up with double wides full of staff on computers managing and directing the public comment, three-minute public comment allowed per person to largely be a base of their vendors, their vendors and their supplicants coming in, giving speeches that they've pre-prepared for them to push this along. | ||
| That's how these public hearings work. | ||
| That's their power. | ||
| They have hundreds and hundreds of staff working on getting $9 billion approved. | ||
| Steve, it's a huge amount of money on plus revenue for them. | ||
| No, this is, and I'm telling you that the ownership of the political class here, all the way to the top, who appoints the PSC and the PSC serves at his pleasure, the governor, I'm told they're going to go for this, probably three to two. | ||
| So we've got a large citizen group beginning in Naples, pushing back hard. | ||
| But it's about last chance kid here. | ||
| We're working hard to try to fight this because it's utterly senseless. | ||
| We're going to drill down. | ||
| The cost is huge. | ||
| Huge, huge. | ||
| And not just that, it's going to have ramifications for generations. | ||
| Dave, we'll get back in this. | ||
| I want to get to the group in Naples and all this. | ||
| Where do people go for your social media, sir? | ||
| Outlaw Josie Walsh. | ||
| Where do people go? | ||
| Getter, true social and X at Dave Walsh Energy. | ||
| Thank you, Steve. | ||
| You went from the biggest corporate nebish ever when you first came here. | ||
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Now you're a true outlaw. | |
| At Tampa, man, this guy walks up. | ||
| He looks like an old cowboy gunfighter, the great Dave Walsh. | ||
| Tell you, he has nailed this one. | ||
| Daily Mail finally catching up. | ||
| Short commercial break. | ||
| We're going to break down a historic interview by our former co-host, Dr. Peter Navarro. | ||
| excellent work. | ||
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Go on, raise the flag. | |
| Here's your host, Stephen K. Battle. | ||
| Now more than ever, we're going to need you at the ramparts. | ||
| This week, we got the rescissions bill that's going to be, I think they're going to put it up tomorrow, the next day, doing trying to get the votes. | ||
| Think about $9.3 billion. | ||
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| And then you got to go right to the IRS. | ||
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| Tell them Steve Bannon sent you or go to text network tnusa.com, promo code Bannon, to get a free assessment. | ||
| Do it today. | ||
| Don't let the angst drive you crazy, the anxiety. | ||
| So Peter Navarre did a historic interview with a Bloomberger, so historic they blew their commercial break. | ||
| This takes about 15 minutes, but he covers so many topics, and it gets a little confrontational, but he lays it out. | ||
| As you remember, Peter was a co-host here, actually, when he came out of prison, which is going to be a year ago, I think Wednesday. | ||
| And we're going to do a little special around that. | ||
| He came out of prison, went right to the RNC, and gave that main stage speech. | ||
| Peter's got this new book out, and if everybody can go to the site, it's a Warburg book. | ||
| Basically, he went to prison, so you don't have to. | ||
| It's really extraordinary. | ||
| A prison memoir. | ||
| We're going to be doing a lot in this in the run-up to it. | ||
| It comes out in September, but you can pre-order now. | ||
| And this is very powerful, not just about a stay in prison, but a lot of thinking he did about the MAGA movement, the American First Movement, President Trump. | ||
| It's pretty extraordinary. | ||
| And we're so excited to have it come out. | ||
| Like I said, on Wednesday, I think it is, it's one year ago, that he came out of prison and went to URLs to that very dramatic moment. | ||
| So we're going to show this in its entirety. | ||
| We're going to be back here at 10 a.m. tomorrow morning. | ||
| I want you to see the entire thing. | ||
| When it happened that night, I called Peter and I said, wow, we need to get you on mainstream media more often, and we need to let you just roll. | ||
| I think the Bloomberg TV people should be complimented. | ||
| I think they blew a commercial break. | ||
| And since Bloomberg is one of the centers of capitalism, it's pretty extraordinary they did this. | ||
| So this interview is quite extraordinary. | ||
| I want to thank our sponsor on the Birch Gold guys. | ||
| They just got back from Rio. | ||
| We're working on the eighth free installment. | ||
| As you know, the BRICS nation and President Trump is talking about tariffs. | ||
| You know, boom, 30% tariffs on the EU, 30% tariffs on Mexico, on Canada. | ||
| The tariff cash is rolling in, but President Trump is working through his strategy. | ||
| The BRICS nations think they're doing an Enron and don't think the BRICS have left their power. | ||
| They actually, I think, are much savvier than people thought. | ||
| They're doing these bilateral deals that they're going to use their own currency, not use the petrodollar, not use U.S. dollars. | ||
| They're going to try to get around it. | ||
| One thing I can tell you coming out of Rio, Philip Patrick, I tell you, the central banks and the finance ministers they met with and talked to, they're going to be buying gold still at record rates. | ||
| I think you're going to see that. | ||
| They understand anything they try to do, they're going to try to have a backstop with a gold certificate or somehow gold. | ||
| What does that mean? | ||
| Now more than ever, in a time of turbulence, particularly as the two wars, one in the Middle East around the Persians, the other in Ukraine around the Russians and the Ukrainians, as those two merge, which I think they kind of will sometime after Labor Day, you're going to see some real turbies. | ||
| Make sure you go to birchgold.com slash Ben at the end of the dollar empire. | ||
| Seventh free installment, eighth is coming. | ||
| Make sure you get it. | ||
| Okay, right now, Peter Schweitzer, Peter Navarro. | ||
| Dr. Peter Navarro with the President's aide. | ||
| Joining us live for more right here in our Washington Bureau is Peter Navarro, White House Senior Counselor for Trade and Manufacturing. | ||
| Welcome back to Bloomberg TV and Radio. | ||
| Peter, it's good to see you. | ||
| It's great to be with you and Joe. | ||
| When we consider the remarks the President made to NBC yesterday, suggesting most of our trading partners could see a tariff rate of between 15 and 20 percent being implemented, was that the president just riffing? | ||
| Or should we expect that the baseline 10 percent rate currently in place is going to go higher? | ||
| The baseline way to think about this is to look at the original levels of reciprocal tariffs. | ||
| And the letters that have just gone out where the president has lifted the tariffs from the 10 percent to a higher rate roughly track what the reciprocal rates were originally. | ||
| Some are a little lower, some are a little higher. | ||
| But the problem, Kaylee, that this country faces, and it is an urgent national emergency, is we run this massive trade deficit every year. | ||
| Cumulatively, it's been like $18 trillion of deficits over the last several decades. | ||
| And that represents a transfer of our wealth abroad. | ||
| It represents a transfer of our factories and our jobs. | ||
| So the process now for investors, I think, is working quite well. | ||
| People talk a lot about uncertainty, this kind of thing like that. | ||
| I think it's pretty clear where we're going. | ||
| It's an ongoing negotiation. | ||
| We've had every major country in the world and a lot of smaller ones come to us and they're fully engaged in negotiations. | ||
| We're getting to a place, but what we're learning is that the more a country takes advantage of us, the less willing they are to give up the good thing they got going. | ||
| So that's the tension. | ||
| But the president is not going to tolerate that. | ||
| So that's where we're at. | ||
| I would say that for the American people, these tariffs are a great boon. | ||
| I brought a chart here. | ||
| It shows that we've already collected like $100 billion of tariffs. | ||
| Single fiscal year. | ||
|
unidentified
|
Yeah. | |
| And one of the things that really bothers me is that we're up to $18 billion now or so with China alone on the fentanyl tariffs. | ||
| And so they're willing to give us $18 billion in tariffs, and they still won't do what they promised back in 2019 directly from the President of China, which is to stop killing Americans. | ||
| So the tariffs are working, and they were these kind of revenues that we're getting is a very important part of the Big Beautiful bill in terms of financing that as well. | ||
| So we've got an external revenue service that's going to augment the internal revenue service. | ||
| And we're moving for a structural reset of the international trading environment, which by any measure is skewed against us. | ||
| When you talk about killing Americans, you're referring to fentanyl here, right? | ||
| I'm referring to fentanyl. | ||
| Because you spoke passionately about fentanyl, the scourge of fentanyl last time you joined us, specific to Canada and Mexico at that point. | ||
| Also, China, yeah. | ||
| But with Canada now with a 35% tariff threat, I'm just wondering as a point of clarification, because I can see what you're pursuing here, and you've made the case for this. | ||
| Does that come with a USMCA carve-out? | ||
| Would that be extended to Mexico as well? | ||
| No, no, the 35% tariff is not on USMCA. | ||
|
unidentified
|
Got it. | |
| Okay. | ||
| Even beyond that. | ||
| Let's talk candidly about Canada. | ||
| I think going back to, again, President Trump's first term, I remember in the very first days of the administration, Bob Lighthizer, Wilbur Ross, myself were negotiating directly with the Canadians, many of whom are still in charge of their trade policy. | ||
| And we were negotiating with both the Mexicans and the Canadians, and the Mexicans were a pure joy to deal with. | ||
| They were tough negotiators, but they were reasonable, fair negotiators. | ||
| The Canadians were very, very difficult, and they've always been very difficult. | ||
| And I think what the Canadian leadership needs to understand, as opposed to the Canadian people, which we love, is that this waving this big bat of retaliation at the United States of America, I mean, no, they shouldn't be doing that kind of thing. | ||
| They just don't have the weight in terms of any advantage they might have at us. | ||
| So I would just urge Canada to the Canadian citizens to urge their leaders to negotiate fairly with us because, look, every country that we're negotiating with, it's just a fact. | ||
| They have higher tariffs than we do. | ||
| They have bigger non-tariff barriers. | ||
| And we run these massive trade deficits with many of them. | ||
| How does that happen if trade's fair? | ||
| It doesn't. | ||
| And so that's all. | ||
| President Trump, going back to the 80s, has promised to correct this. | ||
| Well, and of course it's not just about country by country. | ||
| It's also sector by sector. | ||
| The President suggested this week that we could see a 200 percent tariff on pharmaceuticals, for example, but that could be on a longer time horizon, a year plus out to allow supply chains time to reorient themselves toward the United States. | ||
| Could we see a similar delay in other sectors that there's Section 232 investigations into, like semiconductors, for example? | ||
| Well, let's talk about the Section 232, because there are a number of different ways that the President has the legal authority to raise tariffs. | ||
| Section 232 basically goes on the presumption that if imports are basically putting American capacity out of business in a way which harms the United States, he has the right to offset that. | ||
| So whether it's steel and aluminum or whether it's copper, where we just made a major announcement on that or whether it's pharmaceuticals. | ||
| The end game for the 232 tariffs is to strengthen our defense industrial base, our manufacturing base, and in the case of pharmaceuticals, our health industrial base. | ||
| Again, as a veteran of the first Trump term, I was the guy, the Defense Production Act policy coordinator, who was in charge of getting all the medicines and the PPE and getting the vaccine thing jump-started and all of that. | ||
| And we learned some very harsh lessons there. | ||
| Certainly, there was just incredible rhetoric from China at one point where they were going to drown us in a sea of virus and withhold things from us if we dared say that the virus was from the Wuhan lab. | ||
| I mean, that's out there. | ||
| Just go look at that. | ||
| But it was also true that every one of our allies, when push came to shove, they weren't with us. | ||
| So it was every nation on their own. | ||
| So we learned pharmaceuticals are particularly critical to have onshore for national security purposes. | ||
| I want to get to Jay Powell with you, and I'm going to try to cheat this way, because I heard you talking recently about the big, beautiful bill that the president just signed into law. | ||
| There have been questions about whether it adds to deficit and debt, and you have said just the opposite, that combined with tariff revenues, you will turn $2 to $3 trillion in deficit spending to a $2 to $3 trillion surplus. | ||
| That would be a big deal. | ||
| Can you do that? | ||
|
unidentified
|
Let me ask you. | |
| They're all cutting interest rates. | ||
| Well, that's... | ||
| Because you said he's blocking you. | ||
| But Powell, I mean, let's not conflate those two. | ||
| Let me talk first about the big, beautiful bill economics. | ||
| It's fairly straightforward. | ||
| The way it works is there's this thing called the Congressional Budget Office. | ||
| We talk about it a lot around. | ||
| Yeah, when you do a bill like that, it's the CBO that does the official forecast. | ||
| And you want dynamic forecasts. | ||
| And historically, they've just been far more wrong than right, dating back to the first term. | ||
| And so all you got to know about the CBO forecast this time around is that it assumes a 1.8 rate of economic growth, which we think is way too low. | ||
| And from that 1.8, and they don't put in any dynamic effects to speak of, and when they try to do that, they screwed that up to whatever. | ||
| They came up with a $2 to $3 trillion increase in the debt. | ||
| It's like, no, wait a minute. | ||
| Here's what you're not doing. | ||
| Two things. | ||
| One is that if you simply increase the growth rate by 1%, like we did in the first term, CBO got it wrong the same way in the first term. | ||
| You raise a couple of trillion dollars of that, so you get almost to zero. | ||
| You get the neutrality. | ||
| They didn't count the tariff revenues. | ||
| And that's like, that's a true. | ||
| Because they're coming from the executive branch, not from Congress. | ||
| They can't, technically. | ||
| Oh, but they should have counted it because it counts towards the debt. | ||
| I mean, look at it. | ||
| $100 billion in, I don't know, the first six months. | ||
| We're going to have a situation where if you simply do the numbers right for the Big Beautiful bill, it's a significant reduction in the debt. | ||
| And what that'll do, if you want to segue to Jay Powell, what that'll do is it'll actually lower yields and interest rates because we'll have to finance less. | ||
| Now, with respect to Powell, I think there's a strong argument that can be made that he's at least 50 basis points above where he should be. | ||
| And we should be in a place where we should be 50 basis points lower now, moving towards even lower. | ||
| And let's just deconstruct what 50 basis points too high means. | ||
| That's about a quarter to a half point of GDP growth reduction. | ||
| And that in turn means about 500,000 to 750,000 fewer jobs that we'll create because of Jay Powell. | ||
| It's a couple of hundred billion dollars in lost output, and there's billions lost in tax revenues. | ||
| Then when you go from there, and I was watching Layla, I'm sure you have Lale Brainer. | ||
| I saw her on an other network yesterday, and she has no clue. | ||
| It's like she was talking about the Big Beautiful Bill and Powell and all this stuff, but 20 to 30% of our debt is financed by short-term debt. | ||
| That's the way they roll that. | ||
| So if you look at a half point more on the short-term debt, that's a couple hundred billion dollars that you build into the debt over 10 years. | ||
| That's real money. | ||
| Mortgage rates, average family, $400,000, 30-year mortgage, that's over $1,000 a year. | ||
| And then, this last point, a trillion dollars of revolving credit card debt, that's about $5 billion more that consumers pay. | ||
| And so this idea of what's wrong with waiting? | ||
| Well, I'll tell you what's wrong with waiting, all those costs, and what's wrong with lowering them now. | ||
| And if you get it wrong and inflation heats up, just put it in reverse. | ||
| We used to do that. | ||
| Fed policy used to be uncertain by design to keep the bond market and everybody else with discipline. | ||
| We've got this weird concept now where we've got to telegraph a year in advance what that is. | ||
| And it doesn't work. | ||
| But with the bond market, it's not so much the Fed funds rate. | ||
| It's the bond market that dictates things like mortgage rates and overall borrowing costs. | ||
| Is there a risk that public pressure on the Fed chairman, when he does cut, then creates a credibility problem for the Fed? | ||
| The bond market no longer trusts the Fed, and you still run into these same problems with a higher rate. | ||
| I don't think there's any risk at all of that. | ||
| I think the bond market, frankly, thinks Jerome Powell's a clown at this point because of what he did. | ||
| And I can go over the three major mistakes he makes, but the bond market will do what the bond market does seeing the data. | ||
| And when you see 10-year yields going down significantly like they have been doing, that should tell Jerome Powell that the short-run rates should be coming down significantly. | ||
| And that's not happening. | ||
| And let me just, on the Powell thing, let's be clear. | ||
| It's like this op-ed I had in the Hill basically looked at all the Fed chairmen we've had over the last, I don't know, 40 years and ranked them. | ||
| Who was the first person? | ||
| And there's an argument that he was the worst. | ||
| And if you look at like Arthur Burns, 72, helps Nixon get reelected, sets off the stagflation. | ||
| G. William Miller is in the middle of that mix, sits on his hands. | ||
| He was the other lawyer in the mix besides Powell, totally unqualified. | ||
| He went through Greenspan, Bernanke, fast. | ||
| Greenspan, not understanding how the dot-com was going to bring productivity and allow you to go forward without inflation. | ||
| But Powell has made three major blunders. | ||
| In first term, he raised rates too fast. | ||
| He was like too early, Powell. | ||
| And that's been documented by the Fed itself. | ||
| He made a mistake. | ||
| In the second term, this is what, and you folks were right here on this set. | ||
| And I wonder why you might not have been asking about Jay Powell. | ||
| Hey, Jay, are you going to say anything about all these bills they're passing contributing to inflation? | ||
| Jay, why are you waiting to raise the bill? | ||
| No, but no. | ||
| Actually, I'll give you my favorite Fed chair besides Paul Volcker, William McChesney Martin. | ||
| Most famous quote in Fed history is, job of the Fed chair is to take the punch bowl away before the party gets too good, right? | ||
| And what McChesney Martin did, which was so profound when Lyndon Johnson was prosecuting the Vietnam War and refusing to trade off guns for butter, McChesney Martin started raising rates. | ||
| And LBJ demarched him down to his ranch and tried to read him the Riot Act. | ||
| And Martin said, no, you've got to choose one or the other. | ||
| And so Powell should have said a lot during that time. | ||
| He didn't. | ||
| And one of the reasons was he wanted to be reappointed to the Fed. | ||
| He's a political animal. | ||
| Let's be clear about that. | ||
| They're rapping me. | ||
| This is the longest interview we've ever done on this show. | ||
| I want you to know, Peter Navarre. | ||
| All right, for you, and the Kaylee here. | ||
| Let's absolutely hear it for Kaylee. | ||
| Do you want to fire Phillip Swagel or Jay Powell before we go? | ||
| I don't fire anybody. | ||
| I just repeat the facts here, and I just love coming to your studios. | ||
| Well, let's keep this conversation going. | ||
| Absolutely. | ||
| I appreciate it. | ||
| And we'll have another baby on the planet when I come back. | ||
| So that's a pleasure. | ||
| Congratulations. | ||
| Absolutely. | ||
| White House Senior Counselor for Trade and Manufacturing, Peter Navarro. |
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