Steve Bannon and Eric Bowling dissect a 1.4% PPI surge, arguing Persian Gulf conflicts and Strategic Petroleum Reserve drawdowns are accelerating inflation despite Federal Reserve policies. They advocate extreme deregulation to fix supply chains while condemning the Biden administration as an illegitimate regime. The episode pivots to freeing Tina Peters from Colorado prison via Attorney General Todd Blanchard's witness protection program, alleging biased conditions under Governor Jared Polis. Ultimately, the hosts frame their political opponents as Marxists plotting against Trump, blending economic analysis with urgent calls for political liberation and deregulation. [Automatically generated summary]
What you tell people is upstream from CPI, although they're giving it to us in reverse order.
It's always the one that I'm most concerned about because it talks about what's happening in the future and how prices are being built into supply chain, et cetera.
You have warned this audience, I don't know, for 74 days, let's say 70 days, maybe it was four days into it, that eventually this is going to catch up with you.
Is that what we saw today?
Break this down for me from your trader's perspective, because it has to be addressed, right?
President Trump, when Trump turned over, you know, basically had the election stolen, but the economy he turned over, the 10 year Treasury, folks, was 1.7%.
We refer to that now, Dems is the good old days.
Okay.
The 10 year Treasury, I think today is almost close to four and a half.
The 30 year, I think, is over five.
But the most disturbing, one of the most disturbing things, the storm cloud that's not on the horizon, but here is this.
Producer price index, the 6%.
Break it down for us.
And what, if any, impact from the Persian Gulf War is in this, sir?
So I would call complete and total impact of the higher prices is because of what we're doing in the Mideast right now.
So, Steve, Trump turned up, not only interest rates were lower, but inflation was 1.4%.
Trump's last month in office.
Biden ran it up to 9.3% insanely in 2022.
Trump started to get it down, and then this thing happened.
So Yesterday, we saw the consumer price index coming in hot.
It was hotter than expected, a little bit elevated, as Rick Santelli would say.
I would call it disturbingly elevated because it's in the wrong direction.
We're going up every month and continue to go up.
Today confirms something that you and I have been talking about for a long time.
Today showed a triple of the estimate of what they expected.
They expected a jump of a half of 1%.
We got 1.4 full percent jump in producer price index numbers, which means producers, the cost of producers, the amount of money they outlay for the feedstock that they put into their manufacturing plants, whether it's making clothes or refining crude oil into gasoline, that jumped by 1.4%.
In one month, Triple what the estimates were when the estimates are already kind of allotting for higher energy prices.
What that means, Steve, is down the road, probably next month, maybe for certain the month after, you're going to see the consumer price index jump, which is the Fed's favorite inflation judge of how they're going to dictate monetary policy going forward.
You have to see it because producers aren't going to eat the cost differential of higher input costs and keeping their retail prices lower or the prices they send to the retail operations low.
They're not philanthropic.
They're here to make money.
They're here for their shareholders.
So prices have to rise at the retail level starting probably immediately.
And I think what I texted you this morning was it's not a shock that the PPI, the producer price index, was so hot.
It's a shock that it hadn't hit the retail people, folks, yet.
But Look, you can't shut off a fifth of the world's oil supply and expect not to have severe negative consequences.
I think the only thing at this point, Steve, honestly, that is surprising has been the speed at which these higher energy prices have been filtering through to the rest of the economy.
In other words, in the past, and the further you go in the past, the longer it tends to take.
In the past, when you increase energy prices, it takes a while for that to filter through to the rest of the economy, to hit transportation services, for example, to hit Grocery prices to hit all other products and services.
But what we're seeing now, and again, I suppose this is really just a trend that's been going on for a while, is the speed at which these higher fuel prices are hitting other products and services has really, really quickened.
And if we look at data like what we got from the Federal Reserve Bank of Cleveland, where they look at median CPI and trimmed mean CPI, which are basically just ways to try to remove outliers, right?
So you're trying to get rid of whatever's rising very quickly in price or not rising at all, and just look at what's happening at the core or in the middle there.
What we're seeing is that, again, it literally only took one month for very widespread price increases to start hitting the entire economy.
So, once again, we look at these incredibly hot inflation prints, the hottest since the Biden era when inflation was really roaring.
And that should make you a little sick to your stomach because, again, the impact here is huge.
And by the way, we are already taking extraordinary measures to try to mitigate that impact.
If you look at the data we just got today from the Energy Information Administration, We had the biggest draw from the Strategic Petroleum Reserve, the biggest weekly draw on record, not since Biden, on record.
Over 1.2 million barrels a day is coming out of the Strategic Petroleum Reserve right now, Steve.
And unfortunately, it's not even staying here at home.
It's all getting sent to Asia.
It's going to China, to Japan, to Vietnam, to Korea, to Australia.
It's going to all these places that were previously trying to get oil out of the Middle East, but simply can't right now.
It's It's basically, we are throwing everything at the wall right now to try to keep oil prices down.
But yeah, but we're taking our strategic petroleum energy and sending it out to the world.
I understand the world's got a problem.
That's why the world's got to pitch in in the Persian Gulf.
As long as you provide all the military to take care of it, and then you're going to take your own oil supply and try to.
Would this number be lower if we took that 1.2 million barrels a day and said, hey guys, this is just going to the United States of America to try to lower cost here?
But part of the problem is that we have a bit of a mismatch between the kind of oil we get out of the ground here and the kind of oil that we can refine optimally.
And so, this is why when we talk about being a net exporter of crude, that's a bit of a misnomer.
We are a net exporter of crude and everything we get out of crude, crude products, in other words, including things like gasoline.
We are actually still a net importer of just crude.
And part of that, again, has to do with the fact that much of the crude that we get out of the ground here at home.
We actually send overseas to other refineries that are set up, they're optimized to handle the kind of crude that we have here in the United States.
So we are still reliant on a lot of imports from around the world, unfortunately.
My big concern is that the Biden, one of the reasons the regime, their illegitimate regime, has not returned to the White House, obviously, the economy and inflation.
On their March to 9%, the March 2022, Was a way post on that, right?
Are you concerned that this is not, given everything you've seen, that this may not be the worst print that we see, that worse numbers are to come?
Steve, when I look at supply chain data, whether that's the supply chain index put out by the New York Federal Reserve, whether it's the supply chain index put out by SP Global, we can look at the information we get from other regional Federal Reserve banks, from purchasing manager indexes.
All other kinds of private entities, Wall Street banks, et cetera.
When I look at the supply chain data, the story that the data is telling me is that there is more pain to come, not just in energy markets.
Energy prices may very well have peaked.
But the issue here is, again, the fact that those higher energy prices are now going to filter through to the rest of the economy and impose higher costs throughout the supply chain.
And that's where you're going to get those higher headline inflation prints from.
As you go through this data, What would be your recommendation to President Trump over and above you got to end this war and somehow figure out how to end this war?
Because the Persians, let me, folks, take your number two principle out and write this down.
The Persians got enough smart guys that have gone to business school, that work for them, that know exactly, they're running the same set of math.
And they're saying, hey, we drag this through the midterm elections.
We're going to get an opportunity to deal with somebody that's not President Trump, right?
So they're going to be trying to drag this thing out.
Besides the thing, hey, President Trump, somehow you and the team have got to figure out some off ramp here.
What would be your recommendation of any other policy things he's done?
You just said, hey, look, they're trying to do so much on energy right now, and we're still getting this.
What other recommendations would EJ and Tony give to the president?
You need to do the kind of deregulatory effort that you had during COVID, but you need to put that on steroids.
In other words, you need to say, look, all of these different government interventions that we've had in place for many, many years, but Put constraints on supply chains, both domestic and global supply chains.
You need to do emergency exemptions for pretty much all of it.
All of it.
It's not an exaggeration here.
The fallout from this is going to be extreme if you don't take extreme measures to counter it.
Again, you can't simply lose a fifth of the world's oil supply and not expect catastrophic consequences here.
And it's not as if as soon as the strait opens, everything goes back to normal.
Not only is it going to take a while to get production back up, but even still, Steve, once you do that, You're going to replace a supply shock with a demand shock.
The reserves that we were just talking about, that the entire world is depleting, not just here at home, the entire world is going to have to now refill those reserves, which is going to represent a huge increase in demand.
So, just like the negative supply shock put upward pressure on prices, the positive demand shock is going to also put upward pressure on prices.
So, you're not going to get back to pre war prices anytime soon, even if the straight reopens again.
Fixing supply chains, which is going to happen by removing government constraints on them, has to become a number one priority to try to cut off at the pass any additional pain that's coming.
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That's going to be a topic of conversation in Beijing, will be the dollar.
And of course, Beijing's efforts with the BRICS nations to try to, I don't know, hit it around the margin to try to replace it, particularly the petrodollar.
Turbulence, folks.
Turbulence in the bond market, turbulence in the equity markets, turbulence in the commodities markets, turbulence in geopolitics.
That's why gold has been a hedge for, I don't know, 2,000, 3,000 years of mankind's recorded history.
I'll tell you, Steve, the difference between an economist, EJ and Tony, a professor, EJ and Tony, and a trader, a guy who got his teeth kicked in a bunch of times on a trading floor, is that I survive by seeing what happens next, by anticipating what happens next.
Economists, they're great, but they tell you what just happened.
To read the data, And somehow to have an enlightening moment that inflation is rising, we could have watched Warren for the past 72 days and known it was on its way, and it's not done yet.
And so, I'm glad he's doing it.
I'm glad we're getting some, you know, convergence on opinion here.
But there were a lot of people who were calling for this the way we were right here.
I will talk to you this afternoon about this for China because you've got great insights.
Tell me about it.
You think President Trump's going to discuss with China the entire global energy market and what China's doing and what the United States is going to do?
You think that this is going to be an element they're going to add big time?
I think he's going to maybe use that, but I think he brought the conglomerates of $14 trillion of our economy over there, the CEOs of these companies.
So that he can bring back a deal to the American people.
He can bring back a Boeing deal for jets and maybe Nvidia gets a chip deal or whomever.
He can bring these back.
But again, Steve, for me, it's just lipstick on a pig.
The pig is in the Middle East, the pig is Iran.
This needs to settle.
It doesn't matter how much you bring over here with inflation skyrocketing in the wrong direction, going into a summer driving season and an election year, it's going to be a problem.
So do whatever you want to do.
Put some lipstick on that pig, but for God's sake, slaughter the pig.
Having gotten your teeth kicked in enough times, oh, yeah, getting on the wrong side of a trade.
I see dead people, as Eric will tell me when he texts me.
You called this, though, you called the bad print a while ago.
That's the important thing.
Uh, it's got to be dealt with, not going to go away.
And Eric, uh, is not a panicking, he's smart.
He knew this day was coming and the day is here.
We want to make sure it doesn't get worse.
Remember, the March 22, which this refers back to, was only a way station on Biden's disastrous run, his illegitimate regime's disastrous run at the economy.
Speaking of illegitimate regime, Biden, Peter Ticton, very close to President Trump, and the attorney, the federal attorney on the federal cases for Tina Peters.
We had another Mother's Day pass, sir, and we had a Gold Star mother.
Which is like equivalent to what the Vestal Virgins were in Greece and in Rome, right?
You know, the people held up to be the highest.
We had a Gold Star mother who's, I think, 69 or 70 years old in ill health spend another Mother's Day in a high security hellhole prison, women's prison in Colorado.
We're going to the Supreme Court of Colorado, which we have to do before we go to the Supreme Court of the United States.
And we've got our arguments.
Unfortunately, the Court of Appeals, which seemed very open to our arguments when we were arguing them, were I don't want to say negative things that I can't prove, but something changed, let's just put it that way, between these men and the lady that I thought were a little bit of a problem.
You know, you don't ask for a pardon from the president, get one, and then just say, oh, well, you know, we need to get that power for the president to be able to pardon on state offenses where it's totally involved with federal issues.
We're talking about a federal election where somebody is in prison now that should have been released.
And, you know, there's that.
But there's also the Supremacy Clause, which is a big one.
I mean, here she is obeying federal law.
In order to obey federal law, she has to violate state law.
That's what the Supremacy Clause is all about.
That's when you're not guilty if you are following federal law.
The one who's violated the federal law is Jenna Griswold by wiping these computers clean and then.
Overwriting on top of what she waved out, so that could never be the data from the 2010 or 20 election on the machines from 62 counties will never be able to be seen again.
You know, you talk about fiat currencies and the dollar vis a vis other currencies.
What I refer to as the world's tallest midget.
Look at it vis a vis hard assets like real estate, gold, others.
Not so good.
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In times of financial turbulence, and it looks like on the print today, we're going to go through a little turbulence.
That could all be sorted, but it needs action, action, action.
You just can't sit there and let it roll.
If you let it roll and let conditions stay as they are, you're going to get more of it.
Remember, it's the highest print since March of 22.
That should be a warning, particularly President Trump and his team.
1.4% inflation, 1.7%, I think, interest rates back in November, December of 2019.
How about that?
You don't think the Chinese comments?
Party was afraid of that.
That's why they tore up the deal in May of 2019, folks.
They understood that President Trump was on a roll and then hit us with a bioweapon.
Are we talking about reparations today in Beijing?
Is that going to be on the table?
And if not, why not?
Why are we not talking reparations to the bioweapon they hit us with?
They are the mortal enemy of their own people, the Lao Beijing.
They are the mortal enemy of American citizens and they're the mortal enemy of the United States of America.
Not a competitor, not a peer competitor, an existential threat and a mortal.
Enemy, the Chinese Communist Party.
Peter Tickton, what then is to be done?
The Supreme Court could choose or not choose, and this may be one that's too sticky for them.
What other options do we have?
Is Todd Blanchard the president maybe should just say, hey, look, we can't wait for polls?
We've got to take more direct action.
I mean, what is your recommendation besides obviously you're going to argue before the Supreme Court and you've got great arguments, but that we're contingent upon what a majority of the justices are saying we should take it on?
I've been asking for this from the beginning, but of course it was Pam Bondi before.
I didn't talk to her directly, but I talked to people in the Department of Justice about it.
Now I'm hoping that Todd Blanche does the right thing.
Okay, let's give.
Paulus, a little bit more time.
Let's give him the rest of this month because if that's what he needs, fine, let him have it.
But every single day in that prison is hell for Tina Peters.
It's not as though there's a cakewalk, and we just don't think this woman should be.
She's 70, by the way, and we don't, it's not like we don't think she should be here because it's uncomfortable, so let's put her there.
No, this lady is actually in danger for her life every single day.
They didn't put her in, even though if there were a crime, her crime would have been a white collar crime, you know, a paper crime with no victims.
Yet they put her in with the monsters.
They put her in with the people that commit murders.
This is not, this is the craziness of this.
They want to kill her in prison.
We need to get her out.
And she's a material witness in terms of other cases.
So that's up to, if Todd Blanche wants to show the world that he's got what it takes, the very first thing that he should be doing is talking to us and organizing it with us, at least with me, so that we can basically go in there with some U.S. Marshals.
You're saying Blanche gives Polis enough time, and you would recommend to the president, you're close to the president, President and Todd, give to the end of the month.
Let's get through Memorial Day, end of the month.
And then you're saying, let's make her a witness in a federal case and then deputize the U.S. Bureau of Prisons, federal marshals, federal protective service, whoever you have to do to go to Governor Polis and the Bureau of Prisons in Colorado, show up to the prison and say, we have a warrant here to take Tina Peters as a material witness in a federal case,
which supersedes.
Any state charges, and we're here to get her, and we ain't leaving until we got her.
That would be the plan, but only the attorney general can delegate to certain other assistants, assistant attorney generals, but it's a very unique power only in his hands to be able to declare her to be a witness in the witness protection program.
That's what she needs.
That's what we need.
We need to save this lady's life.
I mean, she's living through hell, and she's slowly deteriorating, as you would expect.
Also, one of the reasons I want to have you on, I'm going to have Apollo.
We were trying to get him yesterday when we were superseded by live coverage from the White House, from the Oval, to get them on because there needs to be some resources here, both at the federal level and the state level.
So I want people to be able to go where do they go for you, where do they go for your social media, where do they go for this plan?
And if they want to support you and your efforts for Tina Peters, they can make a donation.
And you're saying play it out with the governor to the end of the month, then make her a witness in a federal case, invoke the Witness Protection Act.
Go through all the proper notification, all that.
But at the end of the day, a U.S. Marshal should be knocking on the steel door of the women's prison in Colorado and saying, We're there to fetch, we're there to collect Tina Peters, and we ain't leaving until we get her, basically, sir.
You're going to also be, I just want to make a plug for Matt Meck and the coalition is putting on the fraud, the anti fraud conference, particularly voter fraud, in June in Vegas at the Ahern Hotel.
And you are going to be one of the speakers, correct?
He's getting nothing but blowback from Griswold and this entire crowd.
I mean, they went nuts on him when he even ran this up the flagpole.
And it looks like he blinked.
If he blinked, okay, that's fine.
It's not the end of the world.
I think Ticton's got a plan.
Federal case, make her a witness.
So you put her in the witness protection program and you send the U.S. Marshals in to collect her, right?
Something's got to happen.
He's absolutely correct.
She is now, and remember, she is mentally tough.
It's one of the toughest people I've ever met.
Physically, though, she's had some issues, and her mental toughness is still there.
But as she passed through another Mother's Day, and you can see we're deployed, we're taking guys out of Venezuela, we're doing this, we're doing that.
She's going, Hey, I'm in a state prison in Colorado.
What can we do here?
I think it's now time.
For direct action, like Peter Ticton talked about with Todd Blanch and the Attorney General of the United States.
This is clearly, and she never, first of all, found her guilty was a travesty.
But to then sentence her to this prison because of that breaks all types of customs and traditions and norms in the state of Colorado.
But this is how I want to go back to the beginning of the show about Jack Smith and what Solomon told you.
These people are Marxists, they're Bolsheviks.
The only reason they kind of use the pretense of democracy and the law is that's all wolves in sheep's clothing.
Solomon laid it out, and Grace and Mo can push that column again and Elizabeth out to everybody so you can read it and then be a force of multiple and pass it on.
You will see they're coming for Trump.
Not just in the midterms, they got a whole plan to come for him when he's out of office and the family and everybody associated with him.
I said this at the CPI dinner back in the spring of last year.
Warned everybody.
You don't think this is over.
This is an ongoing fight.
And look at Tina Peters.
If they had any empathy, they had any human feeling at all, Tina Peters would be out.
They don't.
They want Tina Peters to die in prison.
Full stop.
That's what these progressives and liberals are like.
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Early on, Tejra was head of our security for years and years and years.
By the way, Tejra, no, Peter Schweitzer actually came out and was down locally the other day and gave a speech speaking to another guy you did security for.
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Look, Scott Besant, who's kind of the titular head of Social Security, as you can tell with these deficits, and Pete Hexett was getting lit up yesterday by these Democrats.
All of a sudden, Democrats are all concerned about deficits, although their inflation came from $7 trillion of additional spending by Biden.
Now they're all, you know, the deficit hawks.
But it's a reality.
It's got to be dealt with.
The IRS is trying to get all the money they think they're owed.
That's different than the money you think you owe.
That gap between the bid and the ask is where the negotiation is going to come from.
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Mike Lindell, so Neil stayed in the hearing.
He's got a COVID hearing up there.
We also have a, Uh, with Chip Roy and the team, a hearing on Sharia law and Sharia supremacy and this bill.
It's the caucus, this bill they're trying to get passed.
Neil McCabe's of both, he'll report into us at five.
Um, Mike Lindell, what's the first act that you're going to do as governor of Minnesota, sir?
I know one big company, I won't name them, but they fired a lot of the Muslims and Somalians that when they stay on work, when they wanted their breaks that they wanted to take during the day.
And it just doesn't work.
It's so bad.
But we're going to change all that when I'm governor.