Stephen K. Bannon (8:08)

Let me take it. She's got a number of, they've got a number of activists or people that follow this. You know in D.C. you have these groups that are kind of good government groups that do a terrific job of following government corruption, you know, lack of accountability, et cetera. She's got a number of heads of those organizations and if we see something that's fascinating, we will, which I'm sure most of it would be very interesting. But we see fascinating have a higher bar to get in life in the worm. We will dip in there. Marjorie Taylor Greene they are. So this committee is and I think part of this is payment system. It gets to do. I have the Moskovitz thing and then I'll bring Natalie in the next block. Can we play Jared Moskovitz? Let me know we got that. There's an issue I want to go back to. What the point is is that we have on the 14th of March at midnight we technically run out of ability to pay anything else. We run out of money. Not that we don't. We're already at the debt ceiling limit so we can't borrow anymore. What we're doing right now is Scott Besant. He's kind of juggling the books over there, making sure the cash comes in and pays down everything on a current basis interest. So we're not in arrears on anything. In fact, I didn't give you the Moskvitz thing. We'll just get it off if you get it. Let's bring in Natalie Winters. Natalie, why don't you tee up? So there's a multi prong attack on President Trump. MTG right there has given some backup, particularly in the House, of exactly what Doge is finding. And I'm going to play Moskovitz's thing in a little while. He went down to well yesterday and kind of repeated war room, which is, hey, we got a 14th of March. The house refuses to address it because they're running around these reconciliation bills, which reconciliation bills are fine. We're very supportive of the concept and particularly supportive of the two bill process, which I think is what we're going to end up doing, which they should have started doing at the beginning. But the compulsory is you have to fund the government and that funding runs out at midnight on the 14th of March. And don't think the Democrats are too dumb to understand that they are laying a trap to essentially force the shutdown of the government, of President Trump's government. Let's play. I want to play Moskovitz from yesterday and then I'll comment. Natalie's going to join us because the other attack is in the federal courts, the other attacks in the state courts. They're trying to slow down Days of Thunder. And now you've got many people coming in and kind of piling to the back to make sure they have President Trump's back. Let's go ahead and play. This is a Democrat from Florida. Let's go ahead and play it.

Unknown Speaker (10:45)

Thank you, Mr. Speaker. Mr. Speaker, I rise today because I am deeply concerned that we are headed towards a government shutdown, which is on March 14th. And it's not about whether Democrats or Republicans would win politically because we know the American people will lose. But let me tell you why I'm deeply concerned that we are headed to a government shutdown on March 14. I'm worried because the speaker has not brought the 12 individual spending bills the way we should fund the government. In fact, the promise that was made by my Republican colleagues on how we would fund the government, Republicans have made the argument that the last election was about the status quo disappearing. It can't exist. People are fed up. They created Doge. Right? Doge, which is going through the federal government and finding fraud, waste and abuse. So they say. So they claim. But if that's true, Mr. Speaker, if Elon Musk and Doge has found all the this fraud and waste and abuse, hundreds of billions of dollars, as they claim, well then, Mr. Speaker, we can't fund the government by CR anymore because the CR would refund all of that waste, fraud and abuse that Doge has found. Which means the only way to fund the government is to fund it by individual spending bills. But we're running out of time, Mr. Speaker. We have a month before the government shuts down. We got to get back to the problem process of individual spending bills. If we don't. If we don't, then the speaker will be the one who will have closed the government for the American people. And so I'm concerned. I'm here to work with the speaker on the 12 individual spending bills. Democrats are at the table to do that. But we have to be honest. We can't tell the American people, we're for reducing fraud, waste and abuse. We're for government efficiency. Look at all these things, things we have found, and then say, but we're going to refund them all with a clean CR. And so, Mr. Speaker, I rise to say, I'm here. I'm willing to stay weekends. I'm willing to work for the next month so that we can fund the government appropriately by the 12 individual spending bills, a promise that my Republican colleagues made. But the Speaker's got to start getting that train moving, otherwise he will close the government.

Stephen K. Bannon (13:15)

Have you heard that before? These people are not dumb people. That's the logic of it. And this is why I've said now for months, since DOGE first came up, you've got to merge in the DOGE process into the appropriations process. Did we not fight for individual appropriations bills? Because this is where you're actually going to address not just the waste, fraud and abuse, but even deeper programmatically, why we're doing this. This is why, in the middle of the night, mtg, Lauren Boebert, Eli Crane, Matt Gates, Andy Biggs. Familiar names, heard those names before, went through, particularly on USA Aid. There's nothing that's come up in usaid except maybe the Internet. The Internet, news connections or some others that people haven't argued about for years. It was establishment Republicans at the command committee level. At the committee level, you couldn't even get it out. The budget's now just come out, take a hat, you take a bow. War and posse. I think this had A little bit to do with the bayonets being out like stop the nonsense. Let's just put your cards on table. Let's have the discussion now. Debt ceiling increase of $4 trillion is what the House Freedom Caucus recommended a week or so ago to two weeks ago. I told you that would be. We got to face some hard truths folks. That means $2 trillion this year. That means $2 trillion next year. That gets you to four. So. And they got all. They've also announced four and a half Trina cuts or 5 trillion cuts or something. I guarantee you haven't looked at the details. Guarantee you a dollar to a donut. As my beloved mother would say that it's all in the out ears and it's not now. It's not do.

Steve Bannon (15:00)

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Stephen K. Bannon (16:39)

Here's your host, Stephen K. Ban. Okay, so we're going to explain it to you. So the Warren posse force multipliers, the cadres fully understand it because in the land of the blind, the one eyed man is king. As we've said for months, it's. It's all coming together because we're forcing their hand. They've got a budget they put out. It's got you know trains. Let me say this. It's all performative. You don't get to $36 trillion and you don't know where the money was spent. I'm not talking on an operating basis. That's different. That's what dogecoin. I'm talking on the balance sheet. I keep saying, show me. I see where I know the sources of proceeds. That's taxes and barring borrowing money, creating fiat money. And I see we got 36 as the face amount on the national debt. That does not include the contingent liabilities against the dollar. That's a whole nother discussion. And that gets over the net present value. That's over 100 trillion. So hold it. Put down your morning. I mean, have another cup of coffee. I'm not going to get into that today. Let's just deal. Let's deal with the easier of the financial mess that we're in. But some point in time, you have to have the political will to just say, we can only afford this going forward at these spending levels. If we increase three ways to do it. You increase the denominator, increase growth. Right. And President Trump in 19, I think got up to 3, 3.5% growth. Right now, CBO projects 1.8% growth. I think in these budget numbers, if memory serves me correctly, what the Republicans are going to present today is 2.5% growth. I don't see it get to 2.5. I know Scott's Bessens plan with the supply side cut is to get to 3%. I love all that. And this is not arguing about angels on the head of a pin. This is kind of the predicate that sets all the math that comes forward. These are the basic core assumptions that one has to be kind of correct about or at least directionally correct. Now, Elon, yesterday, and I'll break that down later in the show, he was talking about 5%. You know, Andreessen, these guys saying if you just take off the regulatory apparatus, in other words, if you let the oligarchs be oligarchs, they're going to get to 5%. Now, there won't be anybody working for them because I'll be artificial intelligence. But I digress. I don't think you're going to get to 5%. And I think it's a fantasy to talk about that, particularly in the situation we're in, because it can lead you to a lot of false conclusions and you have to be realistic about what you can cut. And I'm all for cutting it down to the bone. But as I've said, I think Glenn Greenwald backed me up last night on Jesse Waters. Until you cross the Potomac and get into it with the defense apparatus over there, you're not going to have any will to cut anything else. And let's be blunt, at two years, at $4 trillion of debt increase, and I'm not saying I oppose that. I think you have to face reality. This is an unpleasant reality. The creditors committee, which is you have to face is that it takes a while to turn the aircraft carrier around. But $4 trillion, two years is basically $2 trillion a year. And that is, let's get back to it. We're almost halfway through the fiscal year. We will be, I think by the 14th of March. We're on a Runway. I think we're 858 billion already in deficit right now, which by the way, up until at least January was a record pace that will lead to $2 trillion. CBO says that, CBO says 1 9. The numbers they put out the other day on the 10 year forecast was 2 trillion. They've come in with this deal on the budget accepted House freedom caucus of 2 trillion. So hey, guess what? There's no cuts. There's no cuts if the cuts are on the margin. Now they're presenting this budget and they say, Steve, you're too hard on us because by, by statute we have to provide 10 years. I go, guys, I understand that. And you walk into companies that are turnarounds, they got all kind of legal stuff they got to do. But that's fine, that's form, that's performative, that's not reality. Reality is cash in, cash out. Because where you cash in, cash out gap, and that would be Mr. Deficit. It has to be financed somehow. And right now it's financed essentially by printing money. As you know yesterday from our discussion, the more money comes in the system, we're flooded now with dollars. The more money comes in, the greater inflation is. And this is why the price of eggs are not going to go down. It's not a supply chain issue anymore. It's really part of it. And a significant part is the financing of the debt, which roughly one third has to be refinanced every year. Marjorie Taylor Greene in her open talked about the interest payments being almost as high as the Pentagon's $900 billion. Well, actually that's the net number that's taking out the interest we have for owning our own bonds because you can't sell them. So guess what? We just make them up. And I'm not kidding you. This is how it's done. When we run out of Japanese insurance companies, when we run out of the Chinese Communist Party, when you run out of the guys in the Gulf Emirates, when everybody's tapped out. When everybody's tapped out, they just create them and you own them. And they do all kind of, you know, oh, but this is public debt, public health. They get all the things, the debt and the net debt. I like looking at the gross number, which I think is 13 or 14 trillion in interest. Like I said, I haven't taken these numbers to the fifth decimal place, but directionally, this is all close. And look, everything I've said, it's all coming to like I told you months ago, not that I'm happy about that. I think we've kind of forced this topic of coming out now. Let me give you some more reality check. When they talk about the. Because the spending is now, the debt increases now, now, now, now, because that's reality. That's cash going out the door. It's cash going out the door. And you have two ways of cash going out the door. What Doge is doing, they call it audit. What they're initially doing is going in and finding inefficiencies, inappropriate misappropriations. They're talking about illegal payments. I don't know. I would assume the systems are better than that. Maybe they're not. We'll see. But Moskowitz just calls the bluff, okay? We can't finance it if it's, if it's illegal or if it's inappropriate or if it's misdirected. That's got to come out. This is what I've been saying forever. We can't do that now. The harder of that, that's, and that's going to be some. It's going to be a number, hopefully it's a significant number to get so we can stop it. We ought to be able to stop that immediately. The harder is programmatically, remember, it's not finding waste far and abuse and getting rid of some bureaucrats. Of course that's got to be done. And President Trump yesterday signed an executive order in there and that was a rift. That's a major reduction in force. I think he's up to 50% of the federal workforce and that's going to be tangled up in courts, but at least it's a shot across the bow. And Natalie's going to be here in a second. Talk about that's not easy because these judges are, this is, this is the J6 all over again. Now it's against President Trump and his programs. But let's get back. You have the tax. You have the tax deal. And they want, I think, $4.5 trillion in the tax. In the ways. I mean, I haven't seen. I just got to make sure that the no tax on Social Security is there because yesterday, voila, out of nowhere, the Penn Wharton, you know, all of a sudden, they put an analysis out there that I'm sure wasn't paid by the Koch brothers. Hint, hint. Because it said, gosh, we can't really cut taxes on Social Security for the middle class because, you know, it may help the wealthy too much. And then when you look at the study, is this said to be a bad thing or hurt the Social Security thing? You look down. They never, like, had. Oh, you would back and fill. If you. If you get to. Everybody had a gap. Maybe you increase taxes on the wealthy. Yeah, Yep, they missed that point. That's kind of buried down there. Trying to sell you on the fact that taking out the tax on Social Security is a bad thing. No, it is a good thing. It is a very good thing. One folks that have worked all their lives and are now in the golden years and finally get a little time off to themselves to kind of, you know, do what they want to do and pursue their purposes. Having to be in the grind every day. Even if you loved your job, not only do you get your Social Security, which is not supposed to totally be up, but you get that you don't have to pay taxes on it, which has always been, I thought, egregious. So you got this tax. We haven't gotten to the bot. We haven't gotten into that because I think. I don't think it's been released yet. It was released during the show. However, to performatively pay for that, they have to have cuts. And I've gone through this so many times. People call me up on the McCarthy and for years, oh, we got so many conservative wins. We have so many conservative wins. We have so many conservative wins. You feeling any wins? You see Elon up there every day. He's talking about stuff that's been in the system that people have been trying to dig out for years and have been buried by the Republican establishment at the subcommittee level. Not even come up to the floor at the subcommittee level. USAID is perfect example. Mike Benz, Darren Beatty, Raheem Kassam, Jack Posobec. I go on and on and on. Eli Crane, Marjorie Taylor Greene, Matt Gaetz, Andy Biggs, Paul Gosar, on and on and on and it all gets voted and it gets in there because I guarantee you all this four and a half trillion, we got all these man, massive cuts. Really, there's like one and a half trillion, two trillion. It's all it's not this year, it's not next year, it's in the out years and therefore it's irrelevant. One thing we're going to make the local class wake up to is that we're in a crisis and there's no easy choices. There's no magic wand. You can power this. I've said this for years in the farther you go down, the fewer alternatives and choices you're even going to have. But now when people say, well, Steve, deficits don't matter, debt don't matter. Yeah, it matters because now it's embedded into that's one of the reasons inflation is up. And oh, by the way, even as I'm speaking, the Fed just unexpected popping inflation, popping inflation. What have I warned about? The bond market is going to get a vote here. They're going to get a vote. And the bond market has turfed out more governments than howitzers. Look at the carnage in the global political three British governments now Truss Sunac and now Sir Keer, you've got France turf, dad Macron's control of the of the Assembly, Canada, on and on and on. Biden, I would argue we have to get serious about this. It's not serious right now. It's still performative 14 March and the Democrats are not dumb people. We had them on their back heel and now they're plotting and planning in federal courts, in state courts, because they have and the political power they don't have. They're going to sit there and try to leverage on 14 March March, they're all in for shutting down Trump's government in its first hundred days. So we'll weave our way through the thicket. In the fog of war, it's important to see through the gun smoke clearly. Short commercial break Back in a moment.

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Stephen K. Bannon (30:08)

Here's your host, Stephen K. Ban. Welcome back. Particularly Rumble Chat. Don't worry about the hair. You got to do this like once every year or so to kind of get it set to go back. It was, it was too out of control. As much as I love it long, and we're going to get it long again. You got to, you got to, you got to, you got to reposition, you got to reset. We had a reset. So don't fret. The Maine is coming back. We're just doing it in a way that maybe is not so crazy. I'm trying to go through these numbers as we're doing it. I want to bring in Natalie. So, folks, let's step back for a second on the battlefield of Days of Thunder and pushing through President Trump's agenda. As I said, you've got the, let's go back to, you've got the kinetic part of the third world war. And so Bessant's over there, JD's over there, Hegseth's over there. Our own Jack Posobec's over there. President Trump's giving him instruction, gave Besant a big attaboy to go over there and get involved in it. Now he's supposedly, I guess, negotiating some of the minerals. As you know, we're like, cut, run, just, you know, shake their hands, say it was great knowing you, good luck, hope it works out, and then depart. No security force, no commitment of putting up any money for a security force and certainly no reconstruction money that may not be happening as we like, but hey, it's all part of it. So the first thing is President Trump wants the guns down and the killing to stop. He said that over and over again. Number two, you got in the Middle east, you got, you know President Trump's kind of given the ultimatum, the ultimatum, high noon, hostages, all hostages or you know, they're going to go back to work on the Muslim Brotherhood, Hamas. I will tell you the General Sisi canceled his trip to see President Trump last week. Ahead, the king of Jordan. Yesterday that was not a great meeting. We teed it up on the five on the six o'clock show. Excuse me, on the five o'clock show. That was not a great meeting. You could tell, I think President Trump gave him some hard truths. I'm not so sure they were digging that. So the whole Middle east, remember these are not going to be easy. If President Trump had not had the election stolen from him from the usurper, we wouldn't be in this situation. But hey, we are. We are. We're not whining about it, just giving a reality check. Both of those are hard. Then the second on the southern border, it's pretty obvious Homan needs some cash, just does because the infrastructure is allowed to deteriorate under Biden. Also Homan, Liz, your probably this afternoon's going to join us, the Catholic Church, the progressive part of the Catholic Church, that is the Pope and his, his gang are now fully thrown down on this thing to basically go against maga, the president states, United States of America, Tom Homan. So that's, that's coming at us and Homan's grinding, still doing the ICE raids. But at some point in time to get to the mass part of the mass deportations, you've got to have some infrastructure. You gotta be ready to roll. And so that's hung up. They're pushing, they're doing the ICE raids as best they can. Then in the middle, the existential is what we're just talking about. And we'll get back to that. But then you've got the three ways they got the confirmations. You have the executive orders and executive actions for the days of thunder. You got the confirmations. Right. And then you have the legislation part which is the reconciliation. So we're covering that kind of matrix in this. And yesterday I held up the New York Times outside the courthouse to say they're coming at the, in the federal courts. They're all over, there's suits all over the place. And they're in their selecting these judges, these district federal judges to give blanket relief or blanket stand downs for the whole nation. And as Natalie Winters has found, these are the most radical judges and really activists. And this big question now about a constitutional crisis, do you actually when they, when they tell you, you got to stop, you've stopped spending, you got to keep putting the money in the system. You just say, no, we're not going to do that, go to the appellate court, or what are you going to do about it? My big fear, and I think I'm right on this one, the ticking time bomb or the, or the clear and present danger is the state court in New York City. Because if the Washington D.C. is the bridge of the ship with the home offices and the Fed and the treasury and the White House, if it's the bridge, the engine room on transactions is New York City. Everything runs through there and it gives them jurisdiction. And you have a radical source element in the Manhattan District Attorney who panel, grand jury, indict anybody, and Tish James, who's overseeing it, who can bring civil suits or whatever to slow people down. So the resistance is building the courts. They're going law fair again. We're engaging it, folks. And every day here has got to be, you gotta move the chains, we gotta have wins. Natalie, you've unearthed some things that are quite disturbing, but reality check, what do you got, ma'am? Sure.

Natalie Winters (35:19)

Well, I think just to link it back to everything you're saying, right, all the people right now who are melting down about how USAID being shut down is going to destroy the so called soft power of the United States. Well, I think what they've done to you, what they've done to President Trump, what they've done with these radical appointments not of judges, but of activists, I guess we now know why Democrats in the Senate were working overtime and into the wee hours of the night to confirm as many judges as possible, because that was essentially the backbone, the sort of central nervous system of their resistance efforts, of course, in concert with the media, with the civil society, mass demonstration type groups. But I think it's important to not just sort of let the idea of someone being a judge kind of go unnoticed or leave no stone unturned. So basically, all of the judges who have tried to block President Trump's efforts to, I think if you get to the heart of it, deconstruct the administrative state, whether that's the spending freeze, whether that's stopping the grants over at nih, usaid, treasury, labor, you name it, all of those judges who are basically rubber stamping the kind of, I would say, activist wet dreams of the most far left resistance organizations that you've ever met, they all have extremely concerning histories and track records, not just of donating to Democrats and being involved with Democratic politics, but more precisely, Making legal decisions that are not rooted in anything constitutional. You want to talk about a constitutional crisis, let's talk about the records of these judges. But just to get really granular, one of the top judges who's been really creating issues for President Trump is none other, not Mitch McConnell, but John McConnell, the chief judge out in Rhode island who is not only just blocking President Trump's federal spending freeze, but he's even going so far as to threaten criminal charges against President Trump and those of his advisors who want to kind of rol proposal. Just to set the stage, we're going to play a kind of smattering of clips showing you just how radical this guy is. But this is someone who was a member of the Finance Committee, back for Hillary Clinton's Senate campaign, hosted fundraisers for her, was on the board of Planned Parenthood, helped ACLU sue ice over a dead Chinese, probably Communist Party linked migrant, worked on countless Democratic campaigns. Collectively, between him and his wife, they've donated six figures to Democratic politicians, candidates, campaigns. And the media wants to just make the headline right. Oh, Judge slaps down dictator Trump wanting to do a federal spending freeze. But I want to play this montage of clips, if we can, just to show you how truly beyond the pale and radical this so called independent arbiter of fact in this legal mind that the mainstream media is now in woo and wooing over Judge John McConnell. Let's roll the clips.

Stephen K. Bannon (38:22)

We're not playing the club. Okay. I have to talk, by the way. I just want to make sure the engine rooms. The engine rooms sending me something. What we call this is.

John McConnell (38:42)

Through government actions. When you're sentencing someone, when we talk about sentencing that you have to take a moment and realize that this, you know, middle class, white male, privileged person needs to understand the human being that comes before us, that may be a woman and maybe black, maybe transgender, maybe poor, maybe rich, maybe whatever. Where courts stand and enforce the rule of law, that is against arbitrary and capricious actions by what could be a tyrant or could be whatnot. We saw plenty of examples of that recently. So too often to really understand this, we fall back on kind of a stereotypical comment that judges should have no opinions and whatnot. And that's just not true. We have put together a diversity and Inclusion and Racial justice committee that has three goals that in many ways, racism is the white people problem and white people need to figure out how to solve it and need to do the hard work to fixing it. We all have racism, obviously, but not the overt kind. So I Think where he's had the biggest.

Stephen K. Bannon (40:01)

Okay, so, Natalie, and by the way, I want to thank for getting that it worked out. The engine rooms sent me that. This is forum shopping, the official term of our forum or venue shopping. And that's what you're seeing here. Is that the federal judge? That guy sounds like a mid level grundoon activist, ma'am.

Natalie Winters (40:23)

No, that is the federal judge. It's absolutely absurd. The buried lead to of that whole kind of display of commentary. It was back in 2021, I obtained the whole hour long event. I watched it, I cringed through every moment. But he was actually speaking to a high school, both children and their parents. So that was his sort of watered down version of radicalism. But no, that's the chief judge, like I said in Rhode island, who runs the court up there. And basically, Steve, I mean, they. And when I say they, I mean the Mark Elias is of the world. The normizens, the people who are sort of the architects of the Democrat current lawfare strategy. They've admitted to court shopping, right. That was sort of what they were planning. I think since they saw President Trump win North Carolina and then Pennsylvania, they started realizing we need to get kind of our work in order. But I just think it's sort of broadly, more conceptually goes back to this idea, right, that the NGOs that were bankrolling, they're not actually NGOs, they're traitors and they're organizations that are being used to destroy this country. Bureaucrats are not bureaucrats, they're embeds. Schools are not schools. Right. They're indoctrination grounds. In the same way, I think the brilliance of President Trump is he can sort of unmask and reveal the radicalism and politicization of every aspect of American society. Though I guess it's not really politicization, it's just the embedding of the deep state and the idea that these courts, whether it's the kind of impeachment witnesses, that they don't have to answer to President Trump and just because they don't like his approach to politics, therefore they are justified to engage in sort of outside the system change. Which I think if you get to the core of what Norm Eisen is talking about, the idea of these color revolutions, to its core is a movement that fundamentally rejects election results. And in the same way, all of these judges, right, are essentially doing that because they just don't like the policies of President Trump. And yeah, what he said in those clips are absolutely radical. And it's not just supposed to be a gotcha moment, but it just shows you that judges like him are using their courts, their power and their influence not to reflect anything constitutional, but to take out their woefully misguided, truly radical ideologies on this country. And after the break, if we still have time, we can get into who's exactly doing the court shopping, the groups that are behind this, because as you can probably imagine, it all goes back to the law fair that we've seen over the last four years, too.

Stephen K. Bannon (42:49)

Yeah, hang with us now. I'm gonna let you I won't need you in the next segment. We'll let you go to the top hour. Now you gotta get over the White House. Okay, so Natalie was talking, I think Pam Bondi's just announced she's gonna have a press conference of 4:30. I'm sure that's going to be covered by real America's voice before us. We'll, we'll pick the at 5:00, we will go live to the, to the press conference. If there's something not bigger happening in the White House, I wouldn't assume I think they let her have Runway. Pete Hexseth, folks, you fought for him is the reason he's secretary of defense. He just dropped a bomb over it over in the discussions in the Ukraine. I think they're in, I think they're Munich and they're heading to Brussels. Pete Hegseth said, hey, it's unrealistic to think we're going back to pre war borders in Ukraine. Finally, an American official that had the stones to sit there and let the Ukrainian people in NATO in Europe while he's over in Europe hear the truth. This is what President Trump's saying. He's trying to get peace. Get peace first, prosperity second. And in getting peace, you got to talk truth. These people have been led down the primrose path to their destruction. And finally, you've got people like Exit or Tell Them the Truth. Short commercial break get more into the war against President Trump next.

Steve Bannon (44:08)

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Stephen K. Bannon (44:17)

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Steve Bannon (44:19)

He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds, algorithm driven crashes, and even threats to national security. Right now, War Room members get a free copy of MoneyGPT when they sign up for Strategic Intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it.

Stephen K. Bannon (45:08)

You should read it.

Steve Bannon (45:09)

Time is running out. Go to rickardswarroom.com that's all one word. Rickards war Room Rickards with an S. Go now and claim your free book. That's rickardswarroom.com do it today treasury market.

Jerome Powell (45:22)

Paired with a decreased willingness of banks to act as intermediaries is a major issue on the horizon. When former Treasury Secretary Yellen was before this committee last year, I asked her about the resiliency of the treasury market, specifically about the wisdom of permanently modifying the slr. She said it's something that the banking regulators should consider. Does the Fed plan to finally look at the slr?

Unknown Speaker (45:47)

Yes, I believe we will. I have for a long time, like others in somewhat concerned about the levels of liquidity in the treasury market. The amount of Treasuries has grown much faster than the intermediation capacity has grown and one obvious thing to do is to lower is to is to reduce the effective supplemental leverage ratio, the bindingness of it. So that's something I do expect we will return to and work on with our new colleagues at the other agencies and get done.

Jerome Powell (46:21)

Because I think my colleagues are aware that over the course of recent times, literally we have eight times as much debt to process but only half as many major market makers. The Federal Reserve is not immune to politics. You, like every Fed governor, go through a lengthy confirmation process in the Senate and of course you're required to answer to Congress in hearings like this. I can trace a major political turning point at the Fed to the passage of Dodd Frank, which greatly expanded the Fed's regulation and supervision authority. Chairman Powell, do you worry that the independence of the Federal Reserve's monetary policy function is any way hindered by its role as a bank regulator? Can you do both?

Unknown Speaker (47:04)

Well, we can and we do and we'll continue to do that. Clearly the regulatory and supervisory side is more contentious in political circles, but we will continue to carry it out as best we can and to do so in a non political way as best we can.

Jerome Powell (47:22)

And clearly that'll be a major discussion topic in the task force. In my remaining time. Could you discuss the Fed's five year review of monetary policy? What are the categories of issues you think that will be helpful to receive feedback on.

Unknown Speaker (47:38)

So a good part of it will be looking at the changes we made in 2020, which were made in an environment where we had been stuck at the effective lower bound at zero for seven years. And the highest we got, our rate really was sustainably was one and a half percent, and that was the highest of any advanced economy central bank. So the concern was that at the slightest downturn, we'd be back at zero lower bound and we'd be stuck. So we were looking for ways to make up for that. So then the question is, we got this inflation out of the pandemic and the events related to it, are we in a different place now? And I think the chances are pretty good that we, that maybe that the effective lower bound is still a concern, but it's not the base case anymore. So we need to look at that and, and decide how that, what are the implications of that for our framework.

Jerome Powell (48:28)

Thank you, Chairman. And I look forward to several more discussions on these topics. And with that, I yield back the balance of my time.

Stephen K. Bannon (48:34)

So he's at the House Finance Committee. That's, that's Powell. We'll dip it in and out of that because that can be directly related to President Trump's plan. Don't know if he's taken on board this new spending plan, but as he said right there, until you get control of this debt, until you get control of the refinancing of, I don't know, up to 30% of the debt every year, a third of the debt every year, you're in an embed inflation, Birch Gold. Remember here and with Birch Gold, we're trying to show you process the process of. Because you don't say, go buy gold. That's not our job. Go talk to the guys at Birch Gold. What we've done with Birch Gold, I think it's genius, is to lay out to you the things that drive monetary markets and drive capital markets. That's why I go, we had the six free installment on the end of the dollar empire. This has been high enough issue that President Trump came out with a truth weeks ago saying, hey, BRICS nations, if you even think about ganging up and trying an alternative currency backed by gold or somehow backed by gold, I will put a 100% tariff on each one of you. And when Saudi Arabia and these guys are some of the countries doing it, that gets their attention. Birchgold.com, you got to read the six free installment. We'll read them all. But the six free installment is modern monetary theory, the idea that broke the world, because we're a huge believer in ideas have consequences. Birchgold.com Bannon go check it out today. Natalie Winters, the groups that are driving this and driving these to really go forum shopping and to get these radical judges that are at the forefront, they're the vanguard of trying to shut down President Trump's revolution. Ma'am.

Natalie Winters (50:21)

Yeah, I guess it's forum shopping to destroy America. And when you look at who these people are that are involved, it's always they say conspiracy theories. I think in the war room, we say pattern recognition. And I think, case in point, right, Protect Democracy. This group that was intimately involved with keeping President Trump off the ballot in Colorado is part of the group that represents Democracy Forward that's been behind virtually every single lawsuit against every action taken by President Trump. And you know who chairs the board of Democracy Forward? None other than Mark Elias. Right. So please spare me the idea that Mark Elias is some independent arbiter of elections and electoral politics when he's the one directly responsible for not just being the lifeblood and, you know, the front lines of everyone who represents the deep state here in D.C. but they're launching legal assault after legal assault on President Trump every single day. And remember, States United for Democracy, the Democracy Defenders Fund, that's the normizen group, they're the one that basically brought the case against all the people out in Arizona. As FOIA information and materials now show, they've also been suing DOGE from every single vertical. So it's the same exact people who are all bankrolled and funded by the same exact institutions, and they're using the same strap lines and messaging that they used to come after President Trump, certainly for the kind of interregnum period from 2020 to 2024. But it's also the same people who were involved from 2016 to 2020 with the impeachments or the various lawfare stuff. So I think it just sort of, sort of shows you that the deep state does exist. And right now their weapon of choice is lawfare because they have nothing else. But I think it sort of proves that every law firm suit that they're bringing against him, it's not rooted in constitutional jurisprudence or anything remotely legal. It's rooted in pure political grievance and a meltdown over the fact that President Trump is deconstructing the administrative state.

Stephen K. Bannon (52:27)

Okay, Natalie, we're going to let you get over to the White House. Be a lot happening this afternoon. Pam Bondi is going to have a press conference at 430, her first as attorney general of the United States. Vote on talking Kelsey Gabbard's coming up. Vote on Bobby Kennedy's coming up a full day. You've got a Doge hearing going on right now, subcommittee hearing, a testimony of the chairman of the Federal Reserve and much, much more. Alex de Grass is going to join us in the second hour. We got a lot going on, Natalie, Social media so people can follow you.

Natalie Winters (52:57)

Natalie Jew, in terms on all social media platforms. Thank you for having me.

Stephen K. Bannon (53:02)

Great job, ma'am. See you at the White House. Afternoon. Natalie Winters, our White House correspondent. Short commercial break. The right stuff's going to take you out. We'll be back, I think in 90 seconds. Second hour.

Steve Bannon (53:20)

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