Oct. 25, 2025 - Bannon's War Room
48:31
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
| Pray for our enemies because we're going medieval on these people. | ||
| Here's not got a free shot on all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you're trying to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| 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. Band. | |
| It's Saturday, 25 October, Year of Our Lord 2025. | ||
| Let's go. | ||
| We got a very special guest at a very special place to remind us what this is all about and what we are fighting for. | ||
| Patrick K. O'Donnell, the best combat historian of his generation, is at Gettysburg, Pennsylvania. | ||
| Patrick K. O'Donnell, can you tell us exactly where you are, sir? | ||
| I'm on top of Little Roundtop, Steve. | ||
| The position of the 16th Infantry, Michigan, where they, you know, the epic stand is the far left flank. | ||
| The 20th Maine is a little bit further down here. | ||
| Behind me is the slaughter pen and Devil's Den in the Valley of Death. | ||
| I mean, this is a glorious day. | ||
| I've been here at least 100 times. | ||
| It's one of the most incredible days I've ever been here. | ||
| No, it's beautiful. | ||
| Fall day. | ||
| And so people should know this was day two at Gettysburg, right? | ||
| And you're at the far left flank of Meade's army. | ||
| The slaughter that went down below you and then the fight on the hill later in the afternoon was what determined basically held the Confederacy from rolling up the left flank of General Meade, correct? | ||
| That's correct, Steve. | ||
| This is one of the greatest inflection points in history right here on Little Roundtop. | ||
| Had they been able to seize Little Roundtop, they would have gotten behind Lee's army and potentially flanked it and been forced to retreat. | ||
| This is what made Joshua Launch Chamberlain was a young colonel at the time from Bowdoin College, a classics professor that was the head of the 20th Maine. | ||
| He was absolutely, and the great thing about it, when you talk about the tip of the spear or the front, he was the anchor. | ||
| They were the absolute last guys on the far left flank of the Union Army, correct? | ||
| They were told to hold at all costs, Steve, and their position was tenuous. | ||
| They were the far left, and they had to hold at all costs. | ||
| And they, you know, they were assaulted four times by the 15th Alabama under William C. Oates, and they are nearly overrun. | ||
| They're out of ammunition. | ||
| They're taking ammunition from the dead. | ||
| And it's here that the great counterattack, which is a bayonet charge, it's kind of a swinging door takes place. | ||
| And they capture portions of the 15th Alabama and force them to retreat. | ||
| One of the great inflection points, one of the great small unit actions in military history in American history. | ||
| And the 15th Alabama under, I think it was Colonel Oates. | ||
| I mean, people, you have to go to Gettysburg and you should definitely go and take the family. | ||
| It's extraordinary. | ||
| Their charge was uphill four separate times and refused, refused to quit really against horrible terrain and just going straight uphill. | ||
| That part of it is a steep incline. | ||
| So the bravery of the 15th Alabama was extraordinary, sir. | ||
| The 15th Alabama and the other elements of John Bell Hood's brigade were extraordinary this day, as well as those in the Union Army. | ||
| This was a hold at all cost and a take-at-all cost. | ||
| This is one of the great inflection points in history. | ||
| I touch upon this a little bit in The Unvanquished, which is out in trade paperback this week. | ||
| It's there that Mosby plays a role indirectly of leading Jeff Stewart's Cavalry Corps on a long raid where they're exactly in the wrong place at the wrong time, where they could have been Lee's eyes and ears at Gettysburg. | ||
| Leland Vitter was in yesterday talking about his book, and we had that huge poster for the unvanquished in the war room. | ||
|
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And Leland turns and goes, that's my favorite book. | |
| He goes, that's my favorite book. | ||
| And starts pitching, starts pitching the unvanquished. | ||
| Okay, I got a bounce. | ||
| Beautiful day. | ||
| Everybody should go to Gettysburg if you get a chance. | ||
| Any time of year is fantastic, but the fall is very special. | ||
| It's almost like a painting of an American landscape. | ||
| I don't want to give up any details, but I think our audience is praying that you're there for research. | ||
| So I don't want to give up too many details, but as you know, we're all waiting your next books. | ||
| And you guys can follow me at Combat Historian, where I'm covering a lot of different topics. | ||
| And, you know, the war room is my favorite place to be. | ||
| Thank you, brother. | ||
| Hopefully, I'll see you on. | ||
| I hope to get you back and have you. | ||
| Some of your film on the 30th, we're doing the last 600 meters, and some of that footage comes from Patrick K. Odado, who's embedded over in Fallujah. | ||
| I was with 3-1 and some in the assault force at Fallujah. | ||
| And I wrote We Were One, which is on the Commandants reading list. | ||
| And yeah, I was, I participated in since giving some of Michael Peck some of that footage for the last 600 meters, which is a great, great film, a tremendous film. | ||
| I remember watching it for the first time, you know, more, it was about a year after the battle, and I started to tear up. | ||
| It was emotional. | ||
| It was an emotional experience to sort of relive Fallujah through that film a little bit. | ||
| Patrick, one more time, where can people go to get your books? | ||
| I want everybody to go today. | ||
| If you got some time off and go check it out and get one of your books right at the front of the store at Barnes ⁇ Noble, in the front of the store at Barnes ⁇ Noble, they have a history table in the softcover just came out this week. | ||
| They're there. | ||
| Amazon.com is a great place to go. | ||
| And at Combat Historian, if you want to see all the reviews on the books and, you know, those that have commented on them and everything else, and there's excerpts, et cetera. | ||
| Thank you, brother, from Gettysburg live. | ||
| Thank you, sir. | ||
| What a treat. | ||
| So great that we, so great that we contacted him. | ||
| If you have a chance, make it on your must-do list to get to Gettysburg. | ||
| It's extraordinary. | ||
| It takes a couple of days. | ||
| It takes that long to really understand, to begin to understand the battle. | ||
| Although you can go back 100 times as Patrick and myself have done, you learn more every time. | ||
| Dave Walsh, we talked about people turning out to vote today, the importance of people turning out to vote today, particularly New Jersey. | ||
| There's been a bunch of articles. | ||
| The pressure, particularly coming from AI, is going to be these electric bills. | ||
| I mean, give me a couple of minutes on this because this is getting to be, this is going to be such an important topic. | ||
| It is in the New Jersey race right now, but I got to tell you, in the midterms, and this whole affordability thing, the whole issue of energy, how we get industrial energy and how we get energy to consumers at a reasonable price and to pay for the sins of people that have screwed this up in the past. | ||
| Your thoughts, sir? | ||
| Well, Steve, the electricity shortages in Maryland and New Jersey specifically, Northern Virginia, now Pennsylvania, were caused by the tear down and shutdown of coal plants, the cessation of building nuclear plants, the shuttering of nuclear plants, and the attempt to replace them with wind and solar power and battery storage has not worked, has created a huge shortage. | ||
| That's been step one of electricity costs going through the roof. | ||
| And FERC needs to address that. | ||
| Now, here, this week, Thursday, Chris Wright came out with a decree or a statement to FERC charging FERC to go ahead and come up with rulemakings by mid-April 26, April 30th, 26th, to allow access to large, large users to the grid for fair, timely, orderly, and non-discriminatory access to the grid. | ||
| Meaning, of course, data centers and large industrials who are reshoring, which is great. | ||
| But we've got some things to think about in this thing, which complicates things. | ||
| Industrials already benefit from massive discounting across the country. | ||
| Ratepayers who are residential pay about 17 cents a kilowatt hour. | ||
| Industrials pay 9.5% across the U.S. So they already enjoy massive discounts and they enjoy, to the extent they're able to build their own power plants, AI data centers, makers, tax benefits to write them all off in year one, basically. | ||
| So they have some key advantages over residential ratepayers to begin with. | ||
| What we hope this turns into is that FERC pushes very hard on its regions and NERC and the state utilities and the public service commissions to let AI and data center clients build their own capacity, build their own capacity, take advantage of the makers' depreciation, remove restrictions that cause local builders and power plants to not be able to sell power into regulated grids. | ||
| But for the utility being the buyer of it, remove those restrictions, remove restrictions that cause the interconnect to be massively costly in a lot of states that are regulated and really prohibit independent power production in that way. | ||
| Chris Wright did mention the Enron case from 20 years ago and 25 years ago promoting the good cause for independent power plant investment to occur in this country, which has been in some states blocked by high-high tariffs for integrating independent power capacity that does compete with utilities to dismantle that to hopefully allow the AI and data center builders of power plants to take advantage of | ||
| a deregulated situation where they can build them on an unrestricted basis, not face high tariffs for integrating into the grid, nor restrictions to sell their power. | ||
| Say their business drops, they need to sell their power across their border of their facility into the grid. | ||
| We want to let them do that. | ||
| That's good for more capacity in the system being created. | ||
| So hopefully those kinds of things occur. | ||
| What we really don't want as much of is them just plugging into the grid, taking advantage of the fact that then ratepayers wind up paying the $2.5 billion cost, 90% of it for a new power plant, so they can simply plug into the grid, just like you and I do if we move from home A to home B. It's not that simple. | ||
| If they're causing 1,000 megawatt at a time in advanced capacity to be needed, they should pay their fair share for that, not just a small 7.5%, because, well, they're that small percentage of load. | ||
| Plus, they get this very large discount already as a major, major bulk user that, again, across the country tends to be about a 70% discount compared to residential ratepayers. | ||
| So this has to be carefully done, but good to be charging FERC to begin to take action on some rulemakings to free up more independent power production in this country by AI and data center, hopefully building their own generating capacity. | ||
| We hope this is going to be huge in New Jersey. | ||
| It's going to be a huge issue in the midterms. | ||
| Dave, you're putting up great content all the time on social media. | ||
| I want to make sure people get it, absorb it, and share it, be a force multiplier in this, because particularly about AI and the data centers and what's going to happen is going to be central to the 26 midterm. | ||
| Where do they go, Dave? | ||
| You find me on Dave Walsh Energy at Getter True Social and X. Thank you, Steve. | ||
| Are you doing any talks? | ||
| Is there any talks people can do you ever put up a calendar of where you're speaking? | ||
| Because I've heard feedback. | ||
| Your speaking engagements are tremendous. | ||
| Yeah, I've got two more in Florida, one in South Florida, one in Pensacola in November on the topic of the utility rate increases in Florida, which get right at this topic of, you know, we can have a situation where the utilities are feeding. | ||
| I mean, we cannot have a situation. | ||
| Utilities are feeding the ratepayers, the residential ratepayers, expensive solar power, but yet turning around and giving data centered AI clients very cost-effective gas fire power. | ||
| That's got to be equalized and made, as Secretary Wright says, non-discriminatory across all ratepayers. | ||
| I see Dave Walsh, a potential governor of Florida. | ||
| You heard her here first. | ||
| Dave Walsh, thank you, brother. | ||
| You solve the problem down there. | ||
| You might be. | ||
| Byron Donalds. | ||
| I mean, after Bayern Donalds, you're a young man. | ||
| You're a young man. | ||
|
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After Governor Donaldson, thank you, man. | |
| Mike Lindell. | ||
| Pillows and sheets, brother. | ||
| What do you got for me? | ||
| Well, as you all know, MyPillow has been the most attacked company in history. | ||
| So today we have a big appeal that we're working on this coming week. | ||
| And you guys can support us. | ||
| Everyone asking, how can we support you? | ||
| This is the last day of the three-in-one sale. | ||
| The towels, $39.98, the premium MyPillow, $17.98 Queen, 1998 King. | ||
| There's all the slippers, the warroom exclusive, last day, $39.98. | ||
| Everything ships for free. | ||
| Everything, if you use that promo code Warroom, ships for free. | ||
| There we have the closeout sale in the per kill sheets. | ||
| $29.88. | ||
| By the way, the Giza Dream sheets are on sale today for today only, as low as $29.98. | ||
| And then we have the MyPillow mattress toppers, the mattresses today, last day, you guys get them shipped right to your front door for free. | ||
| Free shipping. | ||
| That's on us. | ||
| That's on my employees. | ||
| We are my employee-owned company that they continue to attack every day. | ||
| 800-873-1062. | ||
| You guys get someone that actually gets on the phone and speaks English right here in the USA. | ||
|
unidentified
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Enough. | |
| Steve, you know, we, you know, Steve, we're in, we're enough. | ||
| My pillow was one of the few companies attacking Operation Arctic. | ||
| Hang on one second. | ||
| Just stick around for a minute. | ||
|
unidentified
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Hell America's Voice family. | |
| Are you on Getter yet? | ||
|
unidentified
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No. | |
| What are you waiting for? | ||
| It's free. | ||
|
unidentified
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It's uncensored, and it's where all the biggest voices in conservative media are speaking out. | |
| Download the Getter app right now. | ||
| It's totally free. | ||
| It's where I put up exclusively all of my content 24 hours a day. | ||
| You want to know what Steve Bannon's thinking? | ||
| Go to get her. | ||
|
unidentified
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That's right. | |
| You can follow all of your favorites. | ||
|
unidentified
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Steve Bannon, Charlie Hurt, Jack Pasovich, and so many more. | |
| Download the Getter app now, sign up for free, and be part of the new pack. | ||
| Mike, before you go, just remind people, you were one of the targets of Arctic Frost. | ||
| This is one of the reasons we got to support MyPillow. | ||
| Give me 30 seconds on that. | ||
| Yeah, you guys, Arctic Frost, they came after my pillow. | ||
| It's listed on the 92 MyPillow, MyPillows, Banks. | ||
| Remember everybody when I was deep in? | ||
| But also, they went after my vendors and said, do not do business with my pillow. | ||
| This is disgusting. | ||
| Merrick Garland and Christopher Wray, now your president just came out yesterday, said, hey, we have documents showing that they ordered this or they were behind this. | ||
| IRS, FBI, DOJ, everything attacking my pillow on top of all the machine companies and love here against my pillow. | ||
| And it's because of all of you out there. | ||
| We've been able to get through and are faith in God getting us through, but also the war room posse. | ||
| Remember to keep using that promo code warm room. | ||
| Biggest sale ever today. | ||
| It ends today, you guys. | ||
| And everyone's been saying, how can we support you? | ||
| Mike, this would be the best way to do it today. | ||
| And I want to thank your audience, Steve. | ||
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unidentified
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Yeah. | |
| MyPella.com, promo code Warwarm, most powerful promo code in the business and one of the great companies in our movements. | ||
| Mike, thanks. | ||
| I'll talk to you later today and see you back here on Monday. | ||
| Thanks, Steve. | ||
| Mike Lindell, a warrior. | ||
| Got another great warrior that's about to join us. | ||
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unidentified
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Let's go. | |
| We got a cold open for him. | ||
| Let's go ahead and play it. | ||
| We are now the sickest country in the world. | ||
| It is now believed that over 54% of our kids have a permanent chronic disease. | ||
| Shouldn't we look closest at the one product designed to alter our immune system for life? | ||
| There'd be one easy study to rule it out. | ||
| The vaccinated versus unvaccinated study. | ||
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As fate would have it, Dell met Marcus Servos. | |
| He agreed to do a vaxed versus unvaxed study. | ||
| Kids that are vaccinated, it doesn't look so good. | ||
| 4.47 times the amount, five and a half times risk. | ||
| Six times increase. | ||
| Amongst the unvaccinated group, there were zero. | ||
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Like, if this is true, this is devastating. | |
| It needs to be published. | ||
|
unidentified
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This is information the public should have had in 2020, and I forced the issue. | |
| Do you see how Ford responded? | ||
| They said this report was not published because it did not meet the rigorous scientific standards we demand as a premier medical research institution. | ||
| They have forced our hand. | ||
| We're going to have to show them the footage. | ||
| I'm going to bring hidden cameras and recording equipment so that no matter what happens at this dinner, I can prove it happened. | ||
| What do you think about the study you guys have done? | ||
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Well, I think it's a good study, but it does have limitations. | |
| Do you find any flaws in the study? | ||
| I mean, is there a way they can do the study better? | ||
|
unidentified
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I put it out just how it is. | |
| I don't want to say it's not the right thing. | ||
| It's the right thing to do, but I just don't want to. | ||
| Somebody's going to come back and they're going to say, no, no, the study was flawed. | ||
| The unpublished Henry Ford analysis is fundamentally flawed. | ||
| How about looking at this as important scientific information that can inform how the harmful sudden should be done? | ||
| Won't you take them like that? | ||
| And then Mike can't say because there's a political agenda for it. | ||
| Is what your study shows is it important? | ||
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PPN is important. | |
| I'm just activated. | ||
| I'm not going to do it. | ||
| If I can't get this study out, then what hope is there for every kid in the future? | ||
| I said to you, if you do this study, you're going to come under fire. | ||
| You said, I don't care about that. | ||
| I'm all about the data and I'm about to retire anyway. | ||
| That's literally what you said. | ||
|
unidentified
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Yeah. | |
| So your energy has definitely changed on that point. | ||
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Energy's changing. | |
| Publishing something like that. | ||
| Might as well retire. | ||
| I'd be finished. | ||
| This is an inconvenient study for the entire vaccine agenda. | ||
| Dale Bigtreat now joins Dale. | ||
| You've been the tip of the tip of the spear of the Make America Healthy Again movement. | ||
| You're one of the founders of it, one of the leaders of it. | ||
| Now it looks like James O'Keefe meets 60 Minutes. | ||
| What is an inconvenient study? | ||
| And how can people go see this, sir? | ||
| Because it kind of blew me away. | ||
| It's available immediately for free at an inconvenient study.com. | ||
| We've also got the study there for anyone that wants to read it. | ||
| And we're publishing all the attacks on the study and rebutting the attacks on the study because I believe in the scientific method. | ||
| I think that's what's launching right here, right now, with the study, with the movement. | ||
| I do want to tip my hat to James O'Keefe. | ||
| That is not my usual style. | ||
| In fact, I think it's the only time I've really ever taken hidden cameras. | ||
| But it was important. | ||
| I challenged Dr. Zervos in 2016. | ||
| If vaccines are so great, prove me wrong. | ||
| Do a study comparing the vaccinated to the unvaccinated. | ||
| This has always been the holy grail of the medical freedom movement. | ||
| Why won't the CDC do this study? | ||
| Why won't England do this? | ||
| Why is no one comparing vaccinated to unvaccinated? | ||
| So when I asked him at a dinner, someone introduced us back in 2016, would you do this study to prove us wrong? | ||
| He said, yeah, I would do that study. | ||
| So he ended up doing that study and I had only one rule. | ||
| Whatever the outcome. | ||
| And I know he told me how biased he is. | ||
| He loves vaccines. | ||
| He even brags, I'm the reason everyone at Henry Ford Help is forcibly vaccinated with every vaccine. | ||
| And so when he did the study, I just said, one rule, no matter what you find, you publish it. | ||
| So when he finished the study and then refused to publish it, I knew something was up. | ||
| And I wanted to know why. | ||
| And I was only going to, and I just thought, if this study has what I think it has in it, then this is the fate of our species that we're talking about. | ||
| I can't just let that ride. | ||
| So I did. | ||
| I took hidden cameras. | ||
| I went and had dinner. | ||
| And it's what makes the film so unique. | ||
| It's not just what this study says. | ||
| It's also a brilliant investigation into something I know you're really deep into, which is human motivation. | ||
| Why is this guy so afraid? | ||
| Why is he not courageous? | ||
| He's looking at some of the most horrifying data that we've ever seen. | ||
| The ultimate conclusion of the study is you are 2.5 times more likely to have a chronic disease if you've been vaccinated compared to if you have not, meaning you're going to be sick your whole life. | ||
| 250% increased risk of that happening. | ||
| Other huge stats, six times the rate of neurodevelopmental disorders amongst the vaccinated compared to the unvaccinated, four times the rate of asthma, nearly six times the rate of autoimmune disease. | ||
| I mean, Steve, like the rest of us, Henry Ford sent me a cease and desist letter. | ||
| They're threatening to bring a defamation suit because they're saying that, you know, my point and what we show you in the film is we believe this study was only not published because of these horrifying results. | ||
| They're saying that's defamation, that the only reason that it's not being published is because it's not a good study and it doesn't meet the scientific record rigors that they demand. | ||
| And that's exactly why I took hidden cameras. | ||
| I had a feeling they would do that. | ||
| And their head of infectious disease, their top scientist, world-renowned scientists is saying, as you just saw, this is a good study. | ||
| It's an important study. | ||
| I'm just not going to publish it because I'll lose my career. | ||
| And that's the problem with this culture we live in, Steve. | ||
| We live in a culture like we're in the dark ages here. | ||
| We're still locking Galileo in his house for, you know, saying that the earth is the center of the universe. | ||
| This is important research science. | ||
| If vaccines are making our kids sicker and not healthier, then our government's got to stop forcing us to take these things. | ||
| We got to stop making kids take these before they go to school. | ||
| Something's got to change. | ||
| And so, you know, that's what this film is about. | ||
| I think it's the biggest thing I've done since I made Vaxed, which obviously, you know, sort of threw me into the Maha movement, which is originally, you know, the vaccine risk awareness movement. | ||
| But this is important information. | ||
| And I want to make it clear, there's been about four or five other vaccinated versus unvaccinated studies that have been done. | ||
| They've all shown the exact same thing, that the vaccinated are just far sicker. | ||
| But those studies have been torn apart by mainstream science saying, well, that's not a major institution, or that was a homeschool study, or the scientist that did it had a bias. | ||
| He was on that, you know, he was an anti-vaxxer. | ||
| That's why this study was so important. | ||
| This was done by a major research institution, done by a pro-vaccine scientist, done to prove us wrong. | ||
| It's one of the biggest we've seen. | ||
| Nearly 20,000 kids, like almost 18,500 kids are in the study. | ||
| 2,000 of them unvaccinated, tracked for up to five years. | ||
| We've never seen a study like this. | ||
| We've never seen one done to prove the anti-vaxxers wrong. | ||
| And what did it do? | ||
| It did the exact opposite. | ||
| It's one of the most damning studies you will ever see of the vaccine program. | ||
| And so if pro-vaxxers at major institutions are coming up with the same results as the anti-vaxxers, Houston, we have a problem. | ||
| Dale, I want everybody to say, where do people go right now to see this over the weekend? | ||
| I want to have you back on. | ||
| I want to break this thing down like a football film because if it was not for Dale Big Tree and his courage, we wouldn't have any of the Pfizer information. | ||
| We wouldn't know anything about the COVID thing. | ||
| That was Big Tree and his team going out. | ||
| I'm telling you, this guy has got so much courage. | ||
| No, come on, man. | ||
| You take on the impossible. | ||
| I want everybody of the weekend to get this from where they go, Dale, to get it. | ||
| And then we'll bring you back Monday, Tuesday to break it down for us. | ||
| I love that. | ||
| And inconvenientstudy.com and inconvenientstudy.com. | ||
| You can click on it right now and watch the whole thing for free. | ||
| It's getting rave reviews. | ||
| I think it's got like over nearly 90% positive reviews across the internet. | ||
| And then the other 10% are trying to slit our throats. | ||
| And that's how this game is played. | ||
| We love it, but I think it's a huge debate. | ||
| You got it. | ||
| Huge debate going on, but anyone can watch it. | ||
| You can check out the study, all the information there and inconvenience study.com. | ||
| Okay, Grace, push it out hard. | ||
| Let's be forced multipliers. | ||
| We'll have Dale back on Monday or Tuesday. | ||
| Brother, you're a hero and a patriot. | ||
| Thank you, sir, for coming on here today. | ||
| An inconvenient study. | ||
| Dale Bigtree, we wouldn't know anything about the Pfizer information. | ||
| It's going to be locked away for 75 years until Dale Bigtree got to work and we got it. | ||
| Trevor Comstock, we got about 60 seconds. | ||
| Philip Patrick's going to join me here, talk about gold and capital markets and China and everything, Russia, all of it. | ||
| What do you got for us? | ||
| You're the company of the Make America Healthy Again movement. | ||
| What do you got? | ||
| Yeah, I'll make it quick. | ||
| Thank you for having me. | ||
| So I really just wanted to come on today to say thank you, obviously, to you, Steve, and the War Room Posse specifically. | ||
| You guys have been extremely instrumental in our early success. | ||
| You know, we only started about a year and a half ago, but we've grown quite a bit, primarily because of you. | ||
| So it is also my birthday today. | ||
| I don't want to make it about me, but I just wanted to run some sort of a discount or a special. | ||
| So if you use code October at checkout, you can get 20% off any one-time order through the weekend. | ||
| So just wanted to give something. | ||
| I'll probably spend the day working. | ||
| I don't think I'm going to have any gifts or anything like that, but just wanted to give something back. | ||
| Amazing. | ||
| What are you about? | ||
| 23 years old? | ||
| You look like a kid. | ||
| It's the sacred human health products. | ||
| This guy's serious. | ||
| We love you. | ||
| We'll see you next week. | ||
| Trevor Comstock, happy birthday from the Warroom Posse. | ||
|
unidentified
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Philip Patrick, next in the war room. | |
| Gold prices hit records high this week. | ||
| Oh, they did? | ||
| Yes, they did. | ||
| Oh, and that didn't sound good here. | ||
| That's not a good sign. | ||
| Usually gold goes up. | ||
| It's good if you're decorating the White House. | ||
| Gold goes up when you're worried about the value of the dollar going down. | ||
| That's the equation. | ||
| What has the dollar done? | ||
| But people go to gold when they are scared, right? | ||
| Yes. | ||
| It's so crazy. | ||
|
unidentified
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Gold. | |
| I mean, it's so antiquaries. | ||
| I mean, what are you going to do with gold, right? | ||
| Walk around with a bar and hit somebody over the head. | ||
|
unidentified
|
No? | |
| And then we slightly. | ||
| No, but also, like, I mean, I think I have some gold in my portfolio. | ||
| I don't actually have it in my, right? | ||
| It's just says, it's still something just right on the bank. | ||
|
unidentified
|
Right, it's still digital, right? | |
| Yeah. | ||
| Right. | ||
| It's still like I own gold. | ||
| Okay, but are you a big, are you a Bitcoiner? | ||
| Because people say that's digital gold. | ||
| I understand. | ||
| I'm in the Warren Buffett camp of you'd bet you'd be much happier owning a little piece of land that you could farm because it actually produces something. | ||
| Whereas I do own gold. | ||
| I have a little piece of land and I'll tell you what I produce. | ||
| I'm going to have some right after the show. | ||
| Okay, welcome back. | ||
| When it's part of the Bill Maher show, that means because Bill Maher, what he they do, I've been on the show a number of times, they want to get those political topics or topics of economics when they deal with it that are in the popular, in the popular mind or out there in the conversation. | ||
| And now, as you know, Philip Patrick, the run gold had, or it's, you know, it's retreating a little bit, but the run gold has had now has everybody talking about it, right? | ||
| Including Bill Maher and Andrew Ross Sorkin. | ||
| I want to address a couple of things first because you have called a number of shots here that are underlying the kind of basic things of deals throughout the world was the Argentine Argentina peso or the stealing of the Russian people's assets. | ||
| But how should people think today? | ||
| Are they too late to this? | ||
| The price swings now over the last week have been pretty substantial. | ||
| So what is your current thinking on particularly people maybe own it or thinking adding more to it for their retirement? | ||
| Are those that have been listening to the war room for a couple of years and say, hey, look, I didn't get in when Philip Patrick started coming on band and I didn't get the end of the dollar empire. | ||
| I missed at 1,100. | ||
| And now, you know, I'm concerned that maybe I missed the entire thing. | ||
| And so should I sit this out? | ||
| What's your best thoughts, sir? | ||
| Yeah, no, I don't think we've missed the boat at all. | ||
| You know, Jamie Diamond came out a few days ago, said in this climate, gold could easily hit $5,000 to $10,000 an ounce. | ||
| JP Morgan have upped their prediction long term on gold to $8,000, shorter term, UBS, say $5,000. | ||
| So banks around the world are massively upping their predictions on gold. | ||
| Let's talk a little bit about the debt, right? | ||
| We saw two days of decline on the back of 55% growth in gold this year. | ||
| For somebody like me, those dips are welcome. | ||
| Anything that goes up and up and up in a straight line starts to get a little bit concerning. | ||
| So we saw a little bit of dollar strengthening, I think on the back of a China deal, which debt gold's prices. | ||
| We saw profit taking, which always happens when you see a massive run like this. | ||
| What's interesting, though, is a lot of this was washed out of the paper markets. | ||
| It was gold funds, not physical ownership. | ||
| What we're seeing now through Comex is they are on record to deliver more physical gold this month than any other time in history, more than COVID, more than the great financial crisis. | ||
| But what I would say in general is this, gold doesn't run 55% in a year, but it is today. | ||
| And for me, that is a sign of a structural shift happening around the globe, right? | ||
| We've talked about this. | ||
| Go back to 1980. | ||
| Gold was 70% of global reserve. | ||
| Today, even with all the increase, this massive central bank gold buying, it constitutes 20% of global reserve. | ||
| I think what we are seeing is a shift back, right? | ||
| This idea, this belief since the 80s, really, that government debt was risk-free, it has been shattered around the globe. | ||
| Western countries now, global debt to GDP levels average 110%. | ||
| And I think there is a realization around the globe, this isn't going to last long term. | ||
| There is a big debt crisis coming, and gold is how you insulate. | ||
| So I think it's a case that gold has been massively undervalued for the last 30 years and today is being repriced to reality. | ||
| So for that reason, I think we've got a lot of scope for growth. | ||
| Let's not forget that the velocity of central bank gold buying is increasing in this climate, not slowing down. | ||
| So they are buying at current levels with the belief that prices will rise. | ||
| I did The Economist, the new television show they had. | ||
| It did, I think, on Tuesday, got put up yesterday. | ||
| And one of the things I did is I held up the cover of this week's Economist, where they had the coming debt emergency. | ||
| And I opened up and said, hey, I'm glad you guys caught up with the worm. | ||
| We've been talking about this for the last couple of years. | ||
| And they said, listen, we know your show follows this. | ||
| And they didn't say late to the party, but now they actually said it's a coming debt emergency. | ||
| One of the things they talked about is they had a lot of great articles in there. | ||
| One of the articles walked through every way we could get our way out of this, every way possible that exists to get the countries of the world out of this. | ||
| And they said, look, it's either one, you have to have massive cuts in spending. | ||
| Like Francie and I said, you have to bring these deficits down. | ||
| So massive cuts in spending. | ||
| Number two, you have to have massive productivity increases in GDP growth, significantly north of the 3.5%, 4% that the Big Beautiful Bill and the supply side tax cut of Besson and Trump are trying to get us. | ||
| They said that's one way to keep ahead of the deficit increases, but to actually tackle the debt problem, you have to have that. | ||
| Number three, you could have massive tax increases, particularly on the wealthy. | ||
| So those are three that are within the governments and ability of people to take action. | ||
| Not that any one of those will happen because of some of the issues in politics and with the wealthy controlling so much of the political process. | ||
| Then the next two, and they say, and this is kind of the larger they're come, the next one is defaults. | ||
| And they mean sovereign debt, not just default on corporate debt and personal debt. | ||
| And they're talking about sovereign debt defaults. | ||
| They said, oh, it's clearly, you do the analysis, that's clearly coming. | ||
| And then the last is inflation, which they think the people that control the system are just going to try to inflate their way out of this, which will leave them with the least damage. | ||
| And of course, the little guy with the most damage. | ||
| And so when you sit there and think of that and add to your cold shot, you were on the show, I think, now a month ago, and you talked about that difference in the asset mix. | ||
| Number one thing you said is that, hey, government securities, including U.S. government securities, are not near the top of it. | ||
| They're moving it back of gold. | ||
| And when you see The Economist magazine is sitting there going, sovereign debt defaults are coming. | ||
| And even we talked about the inability of Britain and France right now really to sell 30-year government bonds because people don't know who's going to be in charge in 30 years. | ||
| You add to that, you're called shot. | ||
| And this is the headline just from the other day in the Europe's rallies to Zelensky's after tussle with Trump after his Friday meeting. | ||
| But the subheadline, EU seeks deal on frozen Russian assets. | ||
| And it's your point that their deal is they don't have any money to put into Zelensky to give Zelensky to fight the Russians. | ||
| So they're simply not going to take loans anymore. | ||
| They're just going to take the Russian people's assets. | ||
| And that gets to your point of the second part, which is not only do they not want to hold government securities, the EU as a potential reserve currency or the EU as the Euro as even something in the makeup, they're fleeing from that because they understand that this is going to crush the Euro because this unprecedented, | ||
| you know, it's all held in Euros and the unprecedented nature of stealing another country's assets to then monetize their enemies to actually throw long-range weapons back at them. | ||
| So are the structural issues that are still among us? | ||
| That's only getting worse. | ||
| I also want to go to the FT. | ||
| You know, there's a lot of controversy in MAGA on our side of the football about Secretary Besant doing a 20 billion or maybe $40 billion bailout of the peso, right? | ||
| So now you have currencies throughout the world. | ||
| And Argentina is a major country that you see currency collapse. | ||
| So how does that all tie together for what we call the structural issues related to kind of new gold, how people, and particularly central banks and money center banks, think of gold as an asset? | ||
| Look, I think the writing's on the wall, right? | ||
| And I think the only way to get out of this is to inflate our way out of it. | ||
| And I think there's a realization of that around the globe. | ||
| There isn't a better currency than the dollar today, right? | ||
| If there was, we would be flocking from the dollar to the Chinese yuan or whatever it might be. | ||
| But this is a systemic issue across the West and across the globe. | ||
| And gold is always the safe haven. | ||
| How do we get out of it? | ||
| It's not going to be austerity, right? | ||
| It's not going to be paying down the debt. | ||
| Look at every situation since 1913. | ||
| It's been default that has been most common, right? | ||
| I think Canada was the only example since the early 1900s that successfully deployed austerity to get out of the debt issue. | ||
| Growth is problematic as well, right? | ||
| It helped off the World War I, but there was demographic and productivity tailwinds back then that just don't exist today. | ||
| But even things like rapid productivity gains, think about AI, for example, probably can't save budgets, right? | ||
| Higher productivity tends to lift wages and interest rates together because lenders demand higher yields on debt when the economy looks hot. | ||
| In other words, with debt levels this high, good news becomes bad math. | ||
| Essentially, prosperity itself can accelerate a debt spiral. | ||
| So when we put all the pieces together, we start to see the picture. | ||
| We can't borrow cheaply anymore. | ||
| We can't pay it back honestly. | ||
| And we can't grow fast enough to escape it. | ||
| That is checkmate. | ||
| And I think gold ultimately is the solution. | ||
| And look, I talk to clients a lot about our position, right? | ||
| We've got a world running away from our debt. | ||
| So demand for the dollar is waning. | ||
| At the time, we have a $37 trillion debt pile. | ||
| We're going out to the world every single day, asking them to loan us money, and they're commanding higher interest rates. | ||
| And what I say to my clients is: look, it's common sense, right? | ||
| If I'm asking you for a loan, you say, let me look at your books, right? | ||
| And I'm spending 50% more than I bring in every single year. | ||
| You're either not going to lend me the money anymore or you're going to demand higher interest rates to do it. | ||
| Now, this is where the analogy falls short. | ||
| But imagine I'm printing money to pay back the loan and in the process, devaluing every penny in your savings account. | ||
| Then I'm threatening to seize your savings account, give it to your worst enemy to throw eggs at your house. | ||
| It doesn't make sense anymore. | ||
| It is a fiscal basket case. | ||
| That's the position we're in. | ||
| And I think there's only one way out of it. | ||
| And the world has realized. | ||
| And I think the reversion to gold or the move back to gold is the solution. | ||
| And talk to me about before, I'm going to hold you into the next break, but the balance sheets. | ||
| You're saying back in the, I guess in the 19th century, the central banks or money center banks asset mix was 70% gold. | ||
| We're only at 20% now. | ||
| As much as you've had, what, two years of record buying? | ||
| You're only at 20% today? | ||
| Yeah, three and a half years, 22, 20, started straight after Biden weaponized against Russia. | ||
| 22, 23, 24, first half of 25. | ||
| We're waiting for third quarter numbers, but the first half of this year was the biggest six-month period in history. | ||
| Even with three and a half years of consecutive record setting gold buying by central banks, today it's 20% of global reserve. | ||
| We have a long way to go. | ||
| I mentioned before on your show, they survey central banks every year. | ||
| 73% of them said they would be reducing dollar holdings and increasing gold holdings. | ||
| The trajectory is clear. | ||
| Wow. | ||
| Hang on for one second, Philip Patrick of Birch Gold. | ||
| Take your phone out. | ||
| Bannon, 989898. | ||
| Get the ultimate guide for investing in gold and precious metals in the age of Trump. | ||
| Back in a moment. | ||
|
unidentified
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Here's your host, Stephen K. Bass. | |
| You know, Philip, as we say here in the war room, it's not the price, it's the process. | ||
| It's the process of how gold gets its value or how it gets its value every day, given geopolitics, financial turbulence, and now really gold coming back as a major financial asset. | ||
| Before I jump to how people can work with you, and by the way, you can go to birchgold.com right now, promo code Bannon, and get the end of the dollar empire, which is seven free installments over the last four years. | ||
| It kind of walks you through this in detail. | ||
| And you should get that because we want to get you up the learning curve with the nomenclature and critical path and process and everything like that. | ||
| You did say something a minute ago that a lot of this was gold funds and the trading, I guess, in gold options. | ||
| That physical gold is still on track, I guess, to set records. | ||
| Just walk our audience through that for a second. | ||
| I just want to make sure we're clear about this. | ||
| The central banks and money center banks are still taking or still out buying and getting delivered physical gold. | ||
| A lot of this trading that's going on, et cetera, is in things related to gold. | ||
| Yeah, the paper gold markets, a lot of the trading we see, the day-to-day swings, the profit taking, that comes out of the ETF or paper markets. | ||
| But we're seeing consistent increases in demand for physical. | ||
| As I mentioned, Comics is on record to deliver more physical gold this month than any other time in history. | ||
| And we've seen a couple of those records set this year already. | ||
| Ultimately, these moves look like there's a divergence now between claims on gold and physical gold ownership. | ||
| And we see this at other times. | ||
| When COVID hit in 2020, huge demand for physical metals saw spot prices or prices on physical diverge significantly from paper markets. | ||
| And we're starting to see that again today. | ||
| But demand for physical has been increasing consistently, driven by central banks, but also institutional. | ||
| And now we're starting to see a pickup in retail as well. | ||
| So physical market demand is increasing over and time and time and time again in this climate. | ||
| A great way to set a floor is by that demand for physical gold. | ||
| How do people, because now it's not hand-holding, but I think now, particularly people that have been in and want to say, hey, do I increase my holdings? | ||
| Are those are sitting there? | ||
| Because you have two groups of folks right now. | ||
| Those I think have been in for a while and came on board early on and have had a huge run up. | ||
| And their question is, do I take some profits or do I add to this for my retirement, my savings? | ||
| Others are a lot of people. | ||
| I meet them all the time. | ||
| Did I miss this? | ||
| Did I miss this move? | ||
| And, you know, I just got to wait or maybe I just missed it. | ||
| I want to tell people how they get to Birch Gold and then how do they communicate with your team? | ||
| Well, first of all, when people ask me that question, I steal your line and say, look, you need to look at what's driving gold. | ||
| It's the process, not the price. | ||
| So thank you for that one. | ||
| In terms of, look, I encourage everybody to just reach out. | ||
| It's birchgold.com forward slash bannon and get the information. | ||
| Because like I said, with knowledge comes power and understanding. | ||
| And I think just reading through that information, they're going to answer their own questions. | ||
| You haven't missed the boat. | ||
| We've got a lot of scope for movement in gold. | ||
| Like I said, we're seeing a change happening globally. | ||
| Money is nothing but commoditized trust. | ||
| And the more fractured the world is, the less trust there is, and the stronger gold becomes. | ||
| That's the climate we're in. | ||
| And I think we're going to continue to see it run up. | ||
| So I encourage everybody to get the information, speak with us. | ||
| We'll talk you through the how, the why, and then they'll make their decisions. | ||
| But I'll say this, Steve. | ||
| People are really starting to listen. | ||
| We're getting a lot of people calling in saying, look, you know, we've been looking at this for a while. | ||
| We're seeing it move. | ||
| And I think now's the time. | ||
| So just make the call, get the information, and you'll go from there. | ||
| This is why I think now more than ever, you can't do this blindly. | ||
| What we want to do is we're not here to sell you a fish. | ||
| We're here to teach you how to fish. | ||
| And I think that's very important. | ||
| I get feedback all the time when I go around of people that have gotten into gold and they get into it with a level of confidence that they understand what they're doing, right? | ||
| They understand some of the forces, the massive forces at work here, and particularly the forces of work that have changed gold from just being a hedge, which has been a 5,000 years of man's recorded history against times of geopolitical uncertainty or financial turbulence to something quite different. | ||
| And that's, I think, the change we've seen over the last six months or so that's now starting to materialize. | ||
| Philip, where do people go to get you on social media? | ||
| I know you're putting up a lot of material and you've got a Birch Gold site that has news articles, all that. | ||
| Where do people go for all that? | ||
| Of course. | ||
| So they, so, you know, birchgold.com forward slash bannon. | ||
| That'll get into the site, access to information, and they can reach me at Philip Patrick on Getter. | ||
| Again, at Philip Patrick on Getter. | ||
| Thank you for taking your weekend time to join us, sir. | ||
| Always appreciate you here on Saturday morning. | ||
| My favorite show of the week. | ||
| My pleasure. | ||
| Thank you for having me. | ||
| Cheers, Steve. | ||
| What a great phrase, commoditize trust. | ||
| Right now, not a lot of trust in the world. | ||
| President Trump is trying to bring to an end. | ||
| It is the Third World War. | ||
| It's both the kinetic part of it and now the economic warfare part of it. | ||
| You know, as he heads to Asia and gets arrives to Asia to make sure that he can take, you know, on really, I think, and we think you're in the war, the most challenging part, which is the economic warfare brought by the Chinese Communist Party, the most murderous dictatorship in America's history, in the world's history. | ||
| And this is why we have been a strong advocate of decoupling. | ||
| People say, well, that's so, you can't do that. | ||
| So, yes, you can do it. | ||
| It's not an immutable law of nature that these two economies have to be hardwired in. | ||
| We gave him the chance back in 2019, President Trump did, after two years of negotiation. | ||
| They ripped the Lighthouse deal up before signing to it and agreed to it and spit in his face. | ||
| So President Trump's seen how to negotiate before. | ||
| And this is going to be an intense week. | ||
| All week long, we're going to be doing drill downs on the war that we are in, both the kinetic part in the Ukrainian and the bloodlands, that part of the Eurasian landmass, and the intense negotiations President Trump's going to have to try to bring peace to the economic warfare that the Chinese Communist Party has unleashed on the United States of America. | ||
| And oh, by the way, as we pivot back to hemispheric defense, a kinetic situation in Venezuela, and an economic situation in Argentina and Brazil. | ||
| So we're going to cover it all and what it means for you and what it means for the United States, what it means for MAGA, what it means for our movement, the economy, all of it in the war room. | ||
| We're going to leave you with the right stuff. | ||
| A book, a movie, and a score from a film that epitomizes the greatness and largeness and scale of the American spirit. | ||
| Tom Wolf's the book. | ||
| Philip Coffin's the director of the classic film. | ||
| And Bill Conte is the composer. | ||
| We're going to be up on Getter all weekend. |
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