July 25, 2025 - Bannon's War Room
48:53
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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Versus 2.5 and Trump and Kyle folk went back and forth on that. | |
| The headquarters is three buildings. | ||
| The two that are still in progress are the Eccles and the one that's next door to it with the tunnel. | ||
| Right. | ||
| That is a $3 billion end counting project that started at 1.8. | ||
| It is massively overrun. | ||
| It's massively overrun if you take just the two buildings. | ||
| Nearly a billion dollars of cost overrun. | ||
| That information search is going to continue. | ||
| We still want to get to the bottom of the plans that were submitted and how they have changed. | ||
| Those never came back into the National Capital Planning Commission. | ||
| I don't even think they know the cost. | ||
| I don't even think they know the cost. | ||
| The $3.1 billion is important. | ||
| There's a cost overrun. | ||
| You can look. | ||
| These are the Fed's own internal documents that were FOIA that are published online. | ||
| It went from 1.8, 1.9 to 2.5 and none to 3.1 for the capital expenditures within their own budget for the total renovation and build of the complex. | ||
| So the chair's really splitting hairs there when he's saying, well, that's this building. | ||
| Okay, if you take that building out of it, it's still an inflation from $1.4 billion to $2.5 billion. | ||
| There's no way around it. | ||
| The cost overrun is massive. | ||
| That's where I'm talking. | ||
| This is the final screen of a dying regime. | ||
| Pray for our enemies. | ||
| Because we're going to medieval on these people. | ||
| Here's not got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| 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. | ||
|
unidentified
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Waru, here's your host, Stephen K. Baff. | |
| Okay, if we get any breaking news at all, and we hope to see some effort today on either the Epstein situation down at Tallahassee and or up in D.C. at Maine Justice. | ||
| And if we get any, because I understand there are things happening with DNI on this exploding treasonous conspiracy. | ||
| We'll jump in and do that. | ||
| We've got some capital markets and economics to go through to understand what's really going on, the deep signal of the economy. | ||
| And I also want to play the Donny Deutsch and the Gregory Meeks because guys are looking at the polling and thinking downrange, they understand that it's affordability and the cost of living and what's happening to the average American right now in the economy. | ||
| David Malpass, former head of the World Bank, Under Secretary for International Finance, under President Trump at the Treasury Department in the first term. | ||
| So David, I wanted to play, and I didn't want to go back to last night because you saw the laziness of the journalism, but I wanted to play really the meat and potatoes of what this mess is. | ||
| And I think it's important on the Versailles on Constitution Avenue. | ||
| So folks, to make sure you got the right numbers. | ||
| And Russ Vote and Pulte gave them to you. | ||
| It is $1.8 billion, which was approved, to now $3.1 billion. | ||
| Now, if you take out the other building of which Trump and the Fed chair got involved and you heard right there, it's $1.4 billion to $2.5 billion. | ||
| Bottom line, it's a massive cost overrun. | ||
| And also, I don't think they went back to the appropriate committees and to the architect of the capital and actually walked people through why there was overruns. | ||
| Now, people say, well, Banner, why are you making a big deal about it? | ||
| There's a billion dollars, right? | ||
| They have a trillion dollars worth of losses in their portfolio. | ||
| Why do you care? | ||
| And somebody said last night, we're not even funded by the American people. | ||
| Oh, contrary. | ||
| It's important because it talks about a management style and management philosophy. | ||
| This is why Scott Besson keeps saying we need to review all of it. | ||
| We need to review everything over at the Fed needs to be reviewed. | ||
| It needs to go through a strategic analysis of exactly why do you have so many people? | ||
| What do they do? | ||
| Who actually runs this operation? | ||
| And what is its purpose? | ||
| Now, we had Fish back on last night to talk to you about the interest rates and what he feels is a big miscalculation on interest rates, which President Trump continues to hammer. | ||
| So, Malpass, I want to start first because you know these institutions with the kind of management, is it a bunch of dry rot over in the Fed? | ||
| Because you remember, we are anti-central bank at all. | ||
| We think the greatest part of this country is when Andrew Jackson shut down the greatest economic boom was when Andrew Jackson shut down the Bank of the United States and we drafted Denoff, got involved in the Industrial Revolution, Manifest Destiny, the Transcontinental Railroad. | ||
| So from 1836 to the formation on Jekyll Island, I think around 1913, 11 or 13 of the Federal Reserve was the greatest boom in American history on a percentage basis, and now this thing's a mess. | ||
| Can you give us your observations and analysis, sir? | ||
| Hi, Steve. | ||
| The central banks are part of the government, and so they grow just like everything else in the government. | ||
| And that means costs overruns on buildings. | ||
| I thought Trump was great yesterday in talking about the specifics of the buildings. | ||
| You know, he's a superstar on construction. | ||
| He's also made the point that he knows lots about interest rates, which I think both points are right. | ||
| I was with him in 2016. | ||
| I don't know if you were there at the Grand Hyatt in New York, where he explained to the crowd how he had built each girder within this huge, successful hotel at the center of Grand Central. | ||
| And so Grand Central Station, the main train station in New York City. | ||
| So Trump has built things. | ||
| He knows what the costs are. | ||
| He pointed out yesterday that the renovation of the post office, which I'm very familiar with, my kids would go to it. | ||
| It was a mess. | ||
| He came in, took it down to the steel, and rebuilt it for $250 million. | ||
| So it's not just a small cost overrun by the Fed. | ||
| It's huge. | ||
| But this goes into every part of the Fed. | ||
| So one of the things I've been trying to Do in talking about the Fed is bring to people the magnitude of change that needs to be done in each part of their systems. | ||
| Their models have been wrong for decades, and they give you the wrong answers, and they deny it. | ||
| Okay, so let's go. | ||
| James Fishback started on this last night. | ||
| He used to make his living being an options trader on interest rates. | ||
| He's saying the models are antiquated. | ||
| They got 8,000 people that are working on these things, but he says that they're seriously wrong. | ||
| And this is one of the reasons that interest rates are being held so high by, according to President Trump, too-late POW. | ||
| Give us your analytical. | ||
| Why do you say the models are wrong? | ||
| And if they're wrong, why are they wrong? | ||
| And what should we do to fix them? | ||
| In every way, and I think it's important that, you know, the whole world system is going to try to get Trump to think it's an incremental change that's needed. | ||
| It's not just a regime shift, not just new people that need to come in. | ||
| It's a whole remaking of the way the Fed thinks about inflation. | ||
| Let me give you an example. | ||
| Right now, housing prices and rental prices nationwide are coming down, but the Fed keeps including in the PCE defluator, the core index that it uses, this idea that they're up big time year over year. | ||
| So that gives them too high an interest rate when they do inflation targeting. | ||
| They have another model called ample reserves, where they think they should give the banks all the reserves that they need. | ||
| Remember, the Fed charges, excuse me, pays. | ||
| The Fed has already paid banks $1.3 trillion in interest costs since they started this system of borrowing from the banking system. | ||
| So the public has this impression of the Fed being a good guy because they print money. | ||
| That's not what they're doing at all. | ||
| They borrow money and they pay top dollar for it, and that crowds out all the small businesses around the country so that short-term interest rates are too high. | ||
| And President Trump was exactly right yesterday talking about the mortgage rates being too high. | ||
| And that's, I think, because the Fed really is working the whole system for the elites. | ||
| This is a global brotherhood that wants to keep rates high because banks make a lot of money from it. | ||
| And Wall Street, of course, you know that system. | ||
| I mean, people are getting rich off the high rates that the Federal Reserve pegs, and the data is just wrong. | ||
| Housing is causing them to be, they're saying inflation is too high. | ||
| They just have the wrong data. | ||
| I've been writing about this for 20 years in the Wall Street Journal. | ||
| Their models are wrong. | ||
| What can we do? | ||
| You're saying it's a global brotherhood. | ||
| You mean the central banks draft off what the Fed does. | ||
| So the Bank of England, the European Central Bank, the Bank of Tokyo, the Chinese Central Bank, the big kahunas all draft off of what the Fed does. | ||
| So they're all in this together? | ||
| That's right. | ||
| They go to the same schools. | ||
| They have the same professors doing their thesis. | ||
| And that gives them a collegiality. | ||
| You go to the international conferences, and what you see people saying is that the public is consuming too much. | ||
| We've got to get them to stop. | ||
| We need to set high interest rates. | ||
| They have the Phillips curve model, which is the idea that if people are getting jobs and they're going to ask for wage increases, and that's somehow bad. | ||
| Remember, the whole goal of a good Trump policy, you know, the forgotten man policy is that we want real wages to go up. | ||
| We want wages to go up faster than inflation. | ||
| Biden had the opposite going on and people were getting poorer. | ||
| And so Trump comes in and says, I want wage growth and the Fed's going to step right in the way of it and squash it. | ||
| How's that going to happen? | ||
| Because real wage growth is one of the key, I say on a dashboard, to see if your policies are having an impact among the working and middle class. | ||
| So how's the Fed going to step in the middle of that? | ||
| They use an inflation model that's based on this wrong housing data. | ||
| It's based on the inflation expectations. | ||
| I'll give you, let me explain that. | ||
| The Fed says to the public, we're really worried about inflation. | ||
| Then they take a poll of the public and say, what are your inflation expectations? | ||
| And the public says, I'm worried about inflation. | ||
| And so then the Fed says, aha, we need higher interest rates. | ||
| We need to keep our interest rates up to protect you. | ||
| So it's a circular process that goes on worldwide. | ||
| It keeps the rates high and it keeps the elites employed. | ||
| The Fed has this, I don't know, some people say it's 50,000 people working for them. | ||
| I led a big organization, the World Bank. | ||
| I tried to limit the amount of damage. | ||
| It had 20,000 people. | ||
| We thought that was way too many, too many buildings. | ||
| But the Fed is bigger and the World Brotherhood is stronger when it comes to central banking. | ||
| So we need to be thinking more in terms of a full upheaval. | ||
| This is not regime change. | ||
| It's not incrementalism. | ||
| It's a full rewrite of how the Fed interacts within the government and how it thinks about what its job is. | ||
| President Trump has been really clear on the mission that we need lower interest rates to get more production. | ||
| The supply chain's running. | ||
| That will bring down inflation. | ||
| And it's a virtuous circle. | ||
| And the Fed's right now just rejecting that. | ||
| So President Trump reaffirmed yesterday that he's not going to remove Powell, although there's a lot of looking into this building and the overruns and was it all straightforward? | ||
| Since Powell's going to be there, there won't be these types of changes. | ||
| Scott Besson's arguing for this fundamental strategic review, I guess, as you are. | ||
| I want to hold you through the break, but the two minutes we got, when you say upheaval and total restructuring, particularly how it interacts with the government, what do you mean? | ||
| Downsizing of the personnel, downsizing of the balance sheet, lower interest rates that are paid to banks. | ||
| So you save some for the public, lower interest rates that they peg, that they target. | ||
| And so, and you need models that are honest about inflation so that you can get there. | ||
| I think also looking at the dollar and saying, we're going to have the reserve currency of the world, so that's going to invite money into the U.S. So we shouldn't have to pay so much for money. | ||
| Trump was dead on that yesterday, pointing out we shouldn't be paying more than weaker countries. | ||
| David, hang on for one second. | ||
| Birchgold.com into the dollar slash Bannon, into the dollar empire. | ||
| You get access to Philip Patrick and his team. | ||
| I think we did the most sophisticated job, including Bloomberg and CNBC, of coverage of the BRICS gathering down in Rio, the Rio Reset. | ||
| We unearthed these kind of bilateral deals where they want to start the process of de-dollarization. | ||
| This is one of the reasons President Trump hit Brazil with a 50% tariff. | ||
| I would say 30% of that was about Bolsonaro. | ||
| 20% of that was Lula. | ||
| Smack talking the dollar. | ||
| President Trump dropped the hammer. | ||
| Understand why. | ||
| Take your phone out and text Bannon, B-A-N-N-O-N at 989898. | ||
| Get the ultimate guide that happens to be free for investing in gold and precious metals in the age of Trump. | ||
| Also, you get the end of the dollar empire. | ||
| You get the access to Philip Petrin. | ||
| Phil will be on shortly. | ||
| Most importantly, you'll start to learn, it's not about the price of gold, it's about the process of the value of gold. | ||
| Why it's a hedge for 5,000 years of man's recorded history. | ||
| Learn that, and you understand the world. | ||
|
unidentified
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Short break. | |
| But you make a hell of a lot more money with a weaker dollar. | ||
| Not a weak dollar, but a weaker dollar than you do with a strong dollar. | ||
| And the first people that are going to notice it are the manufacturers of drugs and various other things. | ||
| Like look at Caterpillar, how well they're doing now. | ||
| When you have a strong dollar, you can't sell anything. | ||
| It's only good for inflation. | ||
| And it's good psychologically. | ||
| It makes you feel good. | ||
|
unidentified
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But with that being said, I love strong dollars. | |
| But you make your money with a currency. | ||
| And I had so many different fights with President Xi, with, I mean, between Japan and China. | ||
| All they want to do is have a weak currency. | ||
| They're always fighting for a weak currency. | ||
| And that's how they really dominated over the years. | ||
| So when I see it down there, I don't lose sleep over it, let's put it that way. | ||
| In fact, sometimes they go to sleep very happy. | ||
| Do you understand? | ||
| Do you agree with Zane? | ||
| I agree with a lot of what you said, Mr. President. | ||
|
unidentified
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Do you think it makes any easier to impose your tariff with that lower dollar? | |
| I think it makes it easier even for tariff, yeah. | ||
| And it's easier to pay off debt. | ||
| And it's easier to get a low interest rate. | ||
| There are a lot of good things. | ||
| It's hard to explain to people the headline we oh, Trump wants a weak dollar. | ||
| It's not a weak dollar. | ||
| You take a look at the history of China over the last 20 years. | ||
| All they do is fight for a weak currency. | ||
| Look at Japan when they were really doing well. | ||
| They had a very weak currency. | ||
| So to me, I just say thank you very much. | ||
| It is what is it. | ||
| Okay, President Trump, 40 minutes today. | ||
| Come one, come all. | ||
| Take your best shot, right? | ||
| From Epstein to North Carolina politics to the education to really getting the minds right of the Ivy League schools starting at Columbia. | ||
| And the Columbia president, there was an interview, she said, it's not about $200 million. | ||
| She actually said the choir part of it. | ||
| It's billions and billions and billions of your tax dollars going to these universities for research, quote unquote. | ||
| Right? | ||
| But they become, you know, centers. | ||
| They're really PACs. | ||
| They're really PACs. | ||
| They become centers for this neo-Marxism radical jihad that you're seeing the Red-Green Alliance coming out of these Ivy League schools at Columbia. | ||
| I thought the deal was great. | ||
| It's unique. | ||
| We'd like to add a couple of zeros onto it, but it's the start of a process and they're bending the knee. | ||
| David Malpas, you've been head of the World Bank. | ||
| You were also Under Secretary for International Finance for President Trump in the first term. | ||
| And I think it's pretty well known in the first term. | ||
| You were one of the big brains over there, at least analytically. | ||
| Walk through what the president's talking about in perspective of exactly what his economic strategy is today, sir. | ||
| A couple of points, Steve. | ||
| One is I'm amazed at the president's energy. | ||
| So as you look at that, he's working in all these areas and causing change. | ||
| So his strategy is really clear. | ||
| We're going to have domestic manufacturing in the U.S. So then what he was talking about there on the dollar, I thought was okay. | ||
| Remember in the Clinton administration, we had this idea that strong dollar is in our national interest. | ||
| I wrote a lot that was wrong because it caused deflation and it made us uncompetitive. | ||
| So I think he's pushing back on that and saying that's not what our policy is. | ||
| And then he said very clearly he'll never be known for a weak dollar either. | ||
| So if you look out 50 years from now, I think what can be created here is a stable dollar that pulls money into the United States. | ||
| It's the crypto currency king. | ||
| You know, the dominance in cryptocurrency is going to be super valuable for the United States based on stable coins and stable dollar coins, U.S. dollar coins that protect us. | ||
| And so he was square in the middle of that. | ||
| That's very successful. | ||
| And he's right that that will allow interest rates to fall. | ||
| So the whole economic program is that you're going to allow people to produce in the United States and not subsidize the foreign production, which is what we've been doing with a broken trading system. | ||
| Fix that, fix the regulatory policies, fix the border. | ||
| And I think we have to have just as big a change at the Fed. | ||
| It's not a regime change, it's a full upheaval where you change every model to be a growth model. | ||
| The Fed doesn't have to lean against growth. | ||
| It can actually facilitate small business growth. | ||
| That's what we need, but it's much bigger than people are letting on right now. | ||
| It's not just the building and not just the governors. | ||
| It's the whole way the Fed operates has to be changed. | ||
| So are you calling for President Trump to, you know, you, Bess, and some others, do you think there needs to be a task force like now? | ||
| Because as you said, it's just not about naming some individual to be the head of the Federal Reserve. | ||
| You're saying the institutional rot is much deeper than that, and particularly the interconnectivity to these other central banks. | ||
| To do that, we don't need to wait to next, you know, they're going to name the new Fed a chair in either December, January, February. | ||
| They will take, you know, they'll go through confirmation and be confirmed and actually step in in June of next year, about a year from now, a little less than a year from now. | ||
| You're saying we shouldn't wait for that. | ||
| We should get on with this right now? | ||
| I'm skeptical of commissions. | ||
| I think what Secretary Besson said is really useful. | ||
| He's giving a graceful move for the Fed to say, okay, maybe we've made mistakes in the past and we're going to go examine them. | ||
| You know, one of the problems has been the Fed denies that it's ever made mistakes. | ||
| And so I think it would be useful if they started an internal process to review. | ||
| But I'm skeptical that the people there can actually realize the Fed for all these years has stood for the elite and for austerity. | ||
| Their balance sheet is made up of them borrowing money from banks to dump into government bonds. | ||
| What do you think that does to affordability and to the forgotten man, to normal wages of people? | ||
| They're driven down by that process. | ||
| I'm skeptical the Fed will admit that, but I think Secretary Besson is exactly right to say to the Fed, you better get on with change because we're going to make it happen one way or the other. | ||
| David Malpass, where do people go on social media to get your writings and your thinking, sir? | ||
| Thanks, Steve. | ||
| David, on Twitter, it's at sign David R. Malpass. | ||
| And so I write a lot in the Wall Street Journal, used to write in Forbes magazine. | ||
| So I've got a big record of explaining why the Fed models are hurting. | ||
| And I think they hurt Obama, they hurt Clinton. | ||
| You know, and they hurt Trump, obviously, in 2018 and 19. | ||
| They're wrong often, and they're always lagging. | ||
| Too late pal, as the person calls him. | ||
| David Malpass, thank you for coming on, brother. | ||
| Appreciate you. | ||
| Thanks, Steve. | ||
| Philip Patrick. | ||
| Man, only the third trip ever to the Federal Reserve by a sitting president. | ||
| Roosevelt went to, I think, open for the ceremony that opened the Eccles Building, which is an architectural masterpiece. | ||
| Jerry Ford went over there because I think he was a buddy of one of the governors. | ||
| And now President Trump went over for a building inspection and a chat with the head of the Fed. | ||
| Your observations of yesterday before we get into both Fishback and Malpass are telling us the models are totally wrong. | ||
| What's your observation of what happened yesterday? | ||
| Look, obviously there's a standoff happening between the Fed and the administration, and you can see why, right? | ||
| Trump's claiming, and I think there's some truth to the claim, that the Fed is sabotaging his economic recovery. | ||
| His plan needs lower interest rates. | ||
| We have to boost economic growth and we've got to manage the growing debt burden. | ||
| On top of that, there seems to be a political angle here, right? | ||
| Let's not forget the Fed lowered interest rates three times under Biden in 2024 when inflation was running higher than it is today. | ||
| Jerome Powell's sitting back and saying, look, I'm doing my job. | ||
| Inflation's above my target. | ||
| Employment's historically lower, unemployment rather. | ||
| So we're seeing this standoff, which isn't unusual. | ||
| What's unusual on this occasion is the Gulf in positions, right? | ||
| Powell's saying that Fed rates are good at 4.25%. | ||
| Trump's looking for a 300 basis point rate cap, which is significant. | ||
| But listen, things are heating up. | ||
| One thing I would say, and I think the administration are sort of echoing this, I don't think firing Powell is going to be the move, right? | ||
| Central bank independence is very, very important. | ||
| I think Dan Ivexon gave an interview yesterday with the Financial Times stressing that. | ||
| I know that Jamie Diamond's done the same thing. | ||
| So we're in a tough position. | ||
| We'll see how it plays out. | ||
| I think we need a change in the Federal Reserve, but I think we're going to wait and see what happens come May of next year. | ||
| But Bessett and Malpass are talking about something very different. | ||
| They're not talking about just replacing a person. | ||
| And there's rumor out there that Bessett may be dual hat. | ||
| Maybe he gets offered the Fed chair. | ||
| Maybe subscribe to Treasury. | ||
| Maybe he wears both hats on an interim basis. | ||
| So he's at least in the running. | ||
| There's always discussion about Malpass maybe going back to Treasury. | ||
| So these are two guys that have been. | ||
| Malpass had one of the senior jobs in the first term and then was head of the World Bank. | ||
| You had obviously Scott is in the middle of it. | ||
| They're saying something different, Patrick. | ||
| They're saying, hey, it doesn't matter who you put in here. | ||
| You need a fundamental top-to-bottom strategic analysis of the Fed, restructuring. | ||
| They're talking about bottom-blowing half the people, and you got to get on top of these. | ||
| You got to get on top of these economic models. | ||
| Why don't you hang? | ||
| I'm going to take a commercial break and I'm going to go to I want your thoughts on this because this is inextricably linked to President Trump's economic program. | ||
| And there's more polling coming out today from Harry Enton that saying President Trump is dropping the polls with independence. | ||
| One of the reasons is maybe not enough focus on the economy. | ||
| Now, he just passed a big, beautiful bill. | ||
| What I've argued is that, yo, the parts of that people that are going to impact people's lives immediately, you've got to get out there and you have to message it. | ||
| You've got to be hammering that every day. | ||
| And I think they're starting this. | ||
| I think in Las Vegas, Smith at the house and the Ways and Means Committee is going to be out in Vegas doing some messaging, but it needs to be organized and it needs to be relentless. | ||
| Tulsi Gabbard, the messaging on the treasonous conspiracy, boom, every day you got to hit it. | ||
| And on the economics and affordability, you have to hit it. | ||
| I tell you who understands this is smart Democrats. | ||
| They understand this right now. | ||
| I'm with Philip Patrick, the man at Birch Gold. | ||
| Take your phone at Bannon. | ||
| 989898. | ||
| Get the ultimate guide for investing in gold and precious metals in the age of Trump and do it today. | ||
| Philip Patrick. | ||
|
unidentified
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Here's your host, Stephen K. Mann. | |
| So, Philip, the models, the Fed does need restructuring. | ||
| What's your thoughts? | ||
| I mean, two-thirds of our audience is like, when the hell we even need a Fed? | ||
| And then we have Malpass saying, hey, it's all a central bank cabal. | ||
| They all know each other. | ||
| They go to the same schools. | ||
| They have the same professors. | ||
| They vacation in the same spots. | ||
| They're kind of running the world. | ||
| Why do we even need this? | ||
| I mean, Andrew Jackson, if you go back and read The Agent Jackson, I mean, his number one thing is boom. | ||
| Hey, no bank of the United States. | ||
| It's just going to lead to corruption and greed and taking power away from his populist movement. | ||
| I mean, it's one of the reasons they stole the first time he won, and they did steal it, that, you know, it was on this very issue. | ||
| So, I mean, we need a restructuring. | ||
| I mean, we think that. | ||
| I actually think you can actually work to do away with it. | ||
| Your thoughts, sir? | ||
| Look, the Fed has just been a very ineffective institution since inception, and it's been very bad for the middle class of America. | ||
| Since the creation of the Federal Reserve, we've seen the middle class of America essentially disappear. | ||
| They've also been a terrible steward of dollar value, right? | ||
| The Fed's official inflation target's 2%. | ||
| The long-term average has been 4%. | ||
| Meanwhile, the Fed owns about 15% of all government debt. | ||
| I'm not sure we need a Fed if we have intrinsically valuable, sound money. | ||
| At that point, the need for a central bank or a Federal Reserve starts to disappear. | ||
| But again, they have been very, very, very poor at their job since inception. | ||
| I think Mr. Malfoy- Isn't that the core argument in the central banks? | ||
| I put this chart up the other day of the Chinese dumping U.S. bonds and buying gold. | ||
| I mean, don't the central banks, the reason they've been buying gold at record rates, and you don't have to, look, Philip Patrick and Steve Bennett did not start as gold bugs. | ||
| We came out of investment banking where the gold bugs were kind of, you know, these odd ducks like Rand Paul and his dad, right? | ||
| And nobody on Wall Street took them seriously until you hit the 21st century and it became obvious all these, there's been no controls in these legislatures by central governments anywhere and the whole world's leveraged up. | ||
| I mean, you're about to have the world's biggest margin call. | ||
| Essentially, gold, the reason gold's been a hedge for 5,000 years is because of people's inability to control themselves anytime they get near a fiat currency. | ||
| Is that basically the history, the economic and financial history of the world? | ||
| And that's why gold's always been a hedge, sir? | ||
| That is exactly it. | ||
| And I've said it many times on the show, but I felt at points in my career that gold was a relic. | ||
| And what we've seen since 2022 has shown us that that is not the case at all, right? | ||
| It's been this relative stability of the dollar over the last 50 years. | ||
| That for me has been the historical aberration. | ||
| And this is a return to normalcy when it comes to currency. | ||
| Central banks buy gold to de-dollarize today, not just because gold is a better asset, but to protect themselves against dollar weaponization and other things. | ||
| But, you know, we're seeing the first six months of this year, gold or central banks have set records for gold buying again. | ||
| And I think it's going to continue. | ||
| It's such a tough job. | ||
| You know, we saw David Malpass talking about the benefits of strong versus weak currency. | ||
| Trump now is touting the idea of a weaker currency because he wants to rebuild the economy and boost manufacturing. | ||
| But that's going to work against our position as global reserve currency and the dollar strength internationally. | ||
| So like I said, we're in a very tough position. | ||
| It's almost damned if you do and damned if you don't. | ||
| But I think gold will continue to be the solution for central banks. | ||
| They are not letting up in their gold buying. | ||
| They're not letting up. | ||
| And this is the reason that, look, the purpose of the show is not to teach you. | ||
| The purpose of the show is to give you access to geopolitics and politics and polling and analysis and capital markets and finance that you can teach yourself. | ||
| Because only in learning yourself and going through that process to get your mental maps, like riding a bike, oh, okay, it's so hard at first and you don't get it. | ||
| And then all of a sudden, boom, I get it. | ||
| You know this in things that you've studied before. | ||
| It's so foreign. | ||
| It's so difficult. | ||
| You don't understand it. | ||
| Then you have that boom, that moment of clarity that you say, God, I understand it. | ||
| You've got a mental map. | ||
| Once that happens, your life changes. | ||
| It just does. | ||
| This is why we've partnered with Birch Gold over the years. | ||
| And this is why Philip and I and the team at Birch Gold four years ago said, hey, let's take the currency. | ||
| Let's take the dollar as the prime reserve currency and let's walk through them over a number of years of what's happened here. | ||
| And that's the key. | ||
| The dollar is what deteriorated 11% in the last six months. | ||
| Is my math correct on that? | ||
| Absolutely correct. | ||
| Yeah. | ||
| Worst out of the year since the 70s. | ||
| So, folks, that's why, and I keep talking about this, it's not the price of gold. | ||
| It's the converging forces that drive the value of gold that gets to the price. | ||
| That's what you have to understand. | ||
| We provide all the information, but you've got to go in and struggle with the material. | ||
| You're going to have to. | ||
| We make it very accessible. | ||
| The great letter we got from the University of Arkansas. | ||
| And as soon as school starts back up, I want to get that professor on. | ||
| Philip Patrick. | ||
| The guys at the central banks that all went to Stanford, all went to Harvard, they all have an HP12C, the basic union tool. | ||
| Can I get my clock there right there? | ||
| Some juice in it. | ||
| Thanks. | ||
| They're buying gold for a reason. | ||
| They're buying gold for a reason. | ||
| These people are not dumb. | ||
| They're quite smart. | ||
| Whether it's sub-Saharan Africa, South Asia, East Asia, Latin America. | ||
| There are plenty of smart people out there that are running their own models and their own perturbations. | ||
| And you see these central banks buying it with both hands. | ||
| It's time for you to now to learn why they are doing that. | ||
| We're not telling you to run out and buy gold, but to find out why they're doing that. | ||
| Once you understand that, you'll be able to take care of yourself. | ||
| And the guys that take care of with is Birch Gold. | ||
| How do people get to you, Philip? | ||
| You're kind of a, I get so many compliments all the time of you and the team over there. | ||
| So where do people go? | ||
| Very simple. | ||
| It's birchgold.com forward slash Bannon. | ||
| Again, birchgold.com forward slash Bannon. | ||
| That'll get them access to all of the free reports, all of the information. | ||
| They can also text Bannon to 989898. | ||
| They'll get the same information. | ||
| And they can reach me at Philip Patrick on Getter. | ||
| So we're going to have a number of people like the Malpasses and the fishbacks. | ||
| Tomorrow we got Judy Shelton, a former Fed official. | ||
| She's going to be on. | ||
| Philip's going to join us back on Monday to break down everything Judy says. | ||
| So because this situation of money in currency, in gold, in geopolitics, in capital markets is about to become even more important than it has been over the last couple of years. | ||
| And we want to make sure the Warren posse is at the cutting edge of that. | ||
| Philip, thank you so much, and thank you for all the work you guys do put in together. | ||
| We got the eighth free installment we're working on even as we speak on the end of the dollar empire. | ||
| Hopefully have it out in the not too distant future. | ||
| Philip, thank you so much. | ||
| Thank you, Steve. | ||
| Birchgold.com, promo code Bannon, End of the Dollar Empire. | ||
| The first seven installments free. | ||
| Working on the eighth. | ||
| And also a big announcement about that entire series when we get back from Labor Day. | ||
| Where you've also had impact in Marjorie Taylor Greene. | ||
| So Harnwell, these kinetic wars, particularly one in the Middle East is heating back up, the situation in Gaza. | ||
| Also, there's renewed emphasis of regime change in Persia that we're going to be all over to make sure we don't get sucked into that. | ||
| But the Ukraine situation, and you can tell President Trump increasingly frustrated about what's going on, but a quite interesting development over the last couple of days. | ||
| And that is where the folks in Ukraine themselves, Zelensky, what they're trying to do is make sure that they're not accountable at all to the money that's been stolen, right? | ||
| And they want more money over there. | ||
| And so what's happened in the streets of Kiev over the last couple of days, sir, that's kind of changed at least the political direction a little bit. | ||
| Morning, Steve. | ||
| Well, if Denver would be kind enough to play some of the footage, and I'll talk over the back of it. | ||
| Really, since the 22nd of July, Ukraine has seen some of its worst protests against the government since Russia's invasion. | ||
| And that's not unusual in and of itself, because under the martial law that Zelensky declared basically on the same day as the invasion, protests, public displays of opposition to the government are prohibited. | ||
| So it's not so much the numbers to concentrate on, and it was actually a growing protest over a couple of days, about 2,000 to 3,000 people all told outside the presidential palace. | ||
| It's the fact that these protests took place anyway. | ||
| Steve, look, I've got some headlines here, if Denver would be kind enough to play those as I'll talk over the top of them. | ||
| What struck me about this, Steve, was that I had a sense of deja vu. | ||
| And it reminded me of basically 18 months, 12 months ago, when every day I was coming on this show and I was saying, look, this is the mainstream media running one anti-Biden headline after another. | ||
| They are performing a discard. | ||
| They are getting ready to throw the person that they themselves created under the bus because he no longer is the instrument for their agenda. | ||
| And it's exactly the same thing now that we see in Ukraine. | ||
| There's just in the last 24 hours this string of headlines. | ||
| I'm going to read them out myself. | ||
| But this is mainstream MSM. | ||
| It's mainstream media. | ||
| So you've got this thing here in the Daily Telegraph saying Zelensky must go for the sake of Ukraine. | ||
| You've got this thing in Politico, and you gave a brilliant quote to Jamie Detmar in that article. | ||
| Ukraine's insidious enemy, its own leadership. | ||
| And then there's another article here in the FT, the polarising power of Andrei Yermak, Ukraine's other wartime leader, who'd up until this point had only received his Zelensky's chief of staff. | ||
| Up until this point, he'd only received plaudits from the international media for his authoritative, centralising presence behind President Zelensky. | ||
| My takeaway, Steve, is this, and the war room should be very, very attentive to this. | ||
| The reason the mainstream media, which is simply the stenographers for the powers that run this world, the reason that they now are starting to suffer really quite visibly from Zelensky fatigue is not that they want this war to finish. | ||
| They want it over. | ||
| What they are doing is that they've made the calculation that Zelensky is now inimical to their agenda of keeping this war going, and they're trying to do a discard on Zelensky to get rid of him and bring in General Zaluzhny, who's currently in London as the ambassador. | ||
| And I flag this up for the war impossibility. | ||
| The reason why they should be very early. | ||
| Whoa, whoa, slow down, slow the train down. | ||
| This is the guy that Zelensky got out of the country to go to London because he didn't want to Be overthrown a year and a half ago, remember? | ||
| Yes, that's exactly him. | ||
| War hero, very widely respected, especially by the armed forces, and that was one of their things. | ||
| That was why Vicky Newland, of course, I don't know why we don't have the papers now, why we can't get access to these documents now, but that's why she flew there and gave that impromptu press conference at 24 hours' notice, basically because the military were getting ready to overthrow Zelensky and bring in Zeluzny. | ||
| Victoria Newland tampered that down, sort of restabilised Zelensky's regime, and Zeluzny was exiled to London. | ||
| So there is a manoeuvre now to get this very popular, has higher ratings than Zelensky. | ||
| It's one of the reasons why we're not going to see presidential elections in Ukraine. | ||
| And I flag this up for the war in posse, right? | ||
| However much you think, and I really can't stand the fact that Zelensky went over to the Oval Office, was invited back after this thing, but I put my personal opinions to one side on that. | ||
| But however you might feel about Zelensky sort of worming his way back in, if you want this war to end, the last thing you want to see is General Zeluzny, the war hero, in full military schmutter, going over to the White House asking for more money because he will most likely get it. | ||
| And we want this war to over. | ||
| We want it to finish sooner rather than later. | ||
| But I will throw this point out, Steve. | ||
| There's two things. | ||
| President Ben Trump. | ||
| Ben, hang on one second. | ||
| Just hang on. | ||
| We're going to bring you back after the break. | ||
| Monday's Texas Day. | ||
|
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We need to get focused on Texas. | |
| If Texas ever goes purple, end of the country. | ||
| Texas is the railhead of the MAGA movement. | ||
| Morning, Mike. | ||
|
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Spread the word. | |
| Here's your host, Stephen K. Battle. | ||
| More details and more about what we're going to do on Monday. | ||
| We've got to get this situation in Texas sorted. | ||
| 972 Patriot, Patriot Mobile. | ||
| Call, talk to a U.S. rep today about making the switch to the best service company for cell phones in the country. | ||
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| I want to bring in Trevor Comstock. | ||
| Trevor, you got a couple of minutes to talk to me. | ||
| You're working on so many new things over at Sacred Human Health. | ||
| What do you got for us this morning, sir? | ||
| Yeah, I appreciate you, Steve. | ||
| So some exciting news. | ||
| We're officially rolling out a fresh new look on all of our products. | ||
| So you'll notice an updated improved design on all of our bottles and labels while still, of course, getting the same great benefits from all of our products. | ||
| So this has definitely been a long time in the works. | ||
| And in honor of the new rollout, we're doing a 20% sale on our grass-fed beef liver, which we just extended through the weekend. | ||
| So just make sure to use code HUMAN. | ||
| That's H-U-M-A-N, at checkout on any one-time order. | ||
| So just wanted to quickly mention that. | ||
| But also going off that, I know many people still aren't familiar with the benefits of beef liver. | ||
| And we still get a ton of messages from people kind of asking, you know, what's in it and what would make it beneficial for someone. | ||
| But in short, beef liver is arguably one of the best sources of highly bioavailable nutrients. | ||
| So it'll include things like vitamins, minerals, coenzymes, amino acids, as well as peptides. | ||
| And I've said it before, but I've always liked to just make the simple analogy that beef liver is essentially nature's multivitamin. | ||
| So you'll get a wide array of vitamins and nutrients such as iron, zinc, vitamin A, B12, CoQ10, folate. | ||
| The list kind of goes on and on, but these will all compound to do things like help promote healthy skin, hair, heart, immune system, as well as brain function. | ||
| And then on top of that, beef liver also contains many other critical vitamins and minerals that most people are deficient in. | ||
| So things like selenium, K2, as well as copper and choline. | ||
| And then of course, you can sip through some of our reviews, but people always just rave about the natural energy boost that they get after taking the beef liver, which is always an added plus. | ||
| And then I always like to mention too that on top of it, aside from it being 100% grass-fed and natural, is that the body can much better absorb these nutrients as opposed to taking like a man-made synthetic multivitamin, where oftentimes your body will just flush out those nutrients. | ||
| So I won't go on for too long, but again, you can use code HUMAN at checkout for 20% off our grass-fed beef liver at sacredhumanhealth.com. | ||
| Perfect. | ||
| And check out all the endorsements from your fellow compatriots. | ||
| That's what we want. | ||
| We want people's feedback, and they absolutely love it. | ||
| Trevor Comstock, a great job, founder and CEO of Sacred Human Health. | ||
| Brother, thank you coming on here on a Friday morning in July. | ||
| Thanks. | ||
| Actually, towards the end of July. | ||
| It's so shocking how quickly it's going by. | ||
| Ben, you've got the six. | ||
| I got the five. | ||
| You got the six tonight. | ||
| I want to thank you for staying up late. | ||
| And we're going to continue this tomorrow. | ||
| I'll figure out we've got to break some time. | ||
| There's a lot going on in Europe. | ||
| There's a lot going on in the situation in Ukraine, but you've nailed it. | ||
| If you do the switch out, as much as we detest Zelensky, if you do the switch out now, you're talking about a longer war because the war hero and the general will come back and he'll take over and you're in for a long conflict. | ||
| And what President Trump wants to do in the United States is have this conflict end as quickly as possible with no more American commitment. | ||
| Harnwell, where do people go on your social media between now and your hosting tonight, the 6 o'clock hour, sir? | ||
| On Getter at Harnwell, which is my surname, Steve. | ||
| Give me 20 seconds, right? | ||
| Because there are two things President Trump can do to leverage his influence over Zelensky at the moment. | ||
| Let's get the facts out regarding the biolabs, and let's get the facts out regarding Joe Biden, Vice President Joe Biden's firing of Viktor Shokin, who was the prosecutor, who was fired for investigating Burisma, the Burisma payments to Hunter Biden, right? | ||
| President Trump has all the cards. | ||
| Zelensky has none. | ||
| Let's get to the bottom of this. | ||
| Thanks, Steve. | ||
| God bless. | ||
| Catch you tomorrow. | ||
| We're going to do that tomorrow. | ||
| Thanks for taking the six tonight. | ||
| So much to cover in that vertical. | ||
| I'm going to be up in Getter all afternoon. | ||
| There's stuff breaking back here at 5 o'clock tonight. | ||
| Charlie Kirk takes it up from here, then Poso, Steve Gruber, Eric Bowling. | ||
| I plan to get the show more organized today, the five, so we can do the handover. | ||
| I love doing the handover with Eric. | ||
| Eric and I are also working on a big project we'll talk to you more about hopefully next week. | ||
| Mike Lindell. | ||
| So, yes, also make sure you go to get her. | ||
| I'm going to be up all afternoon. | ||
| There's so much going on. | ||
| We couldn't even get to in the two hours today. | ||
| That's what we got two hours this afternoon. | ||
| The five o'clock shows me on fire. | ||
| And then tomorrow, Judy Shelton is going to join us. | ||
| And much, much, much more. | ||
| We'll get to more of the Tulsi Gabbard. | ||
| I think we'll have some news to break this afternoon if everything works according to plan. | ||
| And then more even tomorrow. | ||
| And of course, Todd Blanche, I'm sure we'll get some sort of readout of this really extraordinary second day with Maxwell down at in Tallahassee. | ||
| Mike Lindell, you've been let loose in the Imperial Capitol. | ||
| How's it going, sir? | ||
| Well, I'm actually leaving. | ||
| Yeah, it's going great. | ||
| We're actually leaving Washington, D.C. today. | ||
| And what a couple days it was. | ||
| And you guys at the War Room Posse, you've made it possible that we're even around to be able to win this big appeal we just won two days ago. | ||
| And the news went out to 56 countries and everybody reported except for Fox News. | ||
| Of course, they didn't report it. | ||
| But you guys, I want to thank the War Room Posse with our biggest sale yet. | ||
| People come all over the country to go to Minnesota to go to our outlet store. | ||
| And I said, you know what? | ||
| Why not reward the War Room Posse with an outlet sale? | ||
| Everything that's in our outlet store, you guys are going to save up to 80%. | ||
| Products you've never even heard of before, like our clothing line, our kitchen line. | ||
| So go to mypillow.com. | ||
| You guys scroll down, click on Steve. | ||
| There he is right there. | ||
| Then click on that outlet sale. | ||
| And you're going to click on that and you're going to scroll down. | ||
| You're going to see closeout products, products that we have that we're overstocked on. | ||
| You're going to see products we don't even have up on the website because they're very unique products for your house. | ||
| But you guys, do all your shopping there on this great outlet store sale with promo code Warroom? | ||
| Call 800-873-1062. | ||
| And Steve, I can't thank the Warbroom posse enough to keep us in the fight because we're going to keep winning, winning, winning. | ||
| Promo code Warroom, everybody. | ||
| The best promo code out there. | ||
| Mypilla.com promo code Warroom. | ||
| Lindell will be with us in the five o'clock hour. | ||
| Mike, thank you. | ||
| Let you go back to work. | ||
| Mike Lindell, loose in the Imperial Capital. | ||
| We're going to leave you with the right stuff. | ||
| If you get a chance over the weekend, I was just talking to somebody actually during the show. | ||
| This is one of the most extraordinary movies, I think, in American history. | ||
| You want to talk about America at the top of her game? | ||
| The greatest country in the world, the greatest country in the world's history, the 1950s and 60s, and the space program, and the test pilots. | ||
| Chuck Yeager and these guys. | ||
| A magnificent film, a masterpiece, a masterpiece score, a masterpiece book by Tom Wolf. | ||
| The right stuff. | ||
| We'll leave with that. | ||
| Charlie Kirk is next. |
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