Episode 4273: Bringing Strength Back To The US Economy

Summary

Episode Summary: Bannon's War Room – Episode 4273: Bringing Strength Back To The US Economy

Release Date: February 15, 2025

In Episode 4273 of Bannon's War Room, host Stephen K. Bannon delves deep into the current state of the U.S. economy, exploring the critical issues of federal budgeting, national debt, and the strategic pivot towards gold as a store of value. The episode features insightful discussions with economic expert Philip Patrick, highlighting the convergence of fiscal policies and global economic shifts that are reshaping the financial landscape of the United States.

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1. The Current State of the U.S. Economy

Bannon opens the discussion by addressing the alarming figures surrounding the federal budget and national debt. He emphasizes the immense costs associated with prolonged military engagements, stating:

“These wars in the Middle East, $9 trillion, 7 trillion for Iraq and 2 trillion for Afghanistan. That was the sum total. What would the country be if you had that 9 trillion? You put it back into the country.”
[03:15] Steve Bannon

Bannon critiques the opportunity costs of such expenditures, arguing that funds could have been better invested domestically to stimulate economic growth and address critical issues like unemployment and healthcare.

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2. Fiat Currency and Inflation Concerns

The discussion shifts to the implications of excessive fiat currency creation and its role in fueling inflation. Bannon points out the unsustainable nature of current fiscal policies:

“We're creating massive amounts of fiat currency all the time just to paper this over. It's the reason gold Philip Patrick is going to be here at the bottom of the hour. We're going to walk through it.”
[05:10] Steve Bannon

He underscores the dangers of continued deficit spending, highlighting how it devalues the U.S. dollar and erodes purchasing power both domestically and internationally.

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3. Gold as a Strategic Store of Value

A significant portion of the episode is dedicated to discussing gold's resurgence as a preferred store of value amid economic uncertainty. Philip Patrick joins Bannon to shed light on this trend:

“Gold is moving. Like I said, it is a reflection of currency. We expect it to continue as the problem continues to build.”
[32:31] Philip Patrick

Patrick elaborates on the unprecedented levels of gold purchases by central banks, particularly within the BRICS nations, citing historical parallels and the destabilizing effects of fiat currency reliance.

“Central banks bought more than 1,000 tons of gold for the third consecutive year in a row. We've just seen the three biggest years of central bank gold buying in history.”
[33:45] Philip Patrick

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4. Implications for the Future Economy

Bannon and Patrick analyze the long-term consequences of current economic policies. They discuss the Congressional Budget Office's (CBO) projections, which forecast a staggering $52 trillion in debt by 2035, and its potential impact on the value of the dollar and gold prices.

“If the CBO's numbers are accurate, it would put debt service payments at 50% of total tax revenue. It is completely unsustainable.”
[40:26] Taj

Patrick reinforces the correlation between money supply growth and gold prices, suggesting that without significant fiscal reforms, gold will continue to appreciate as a hedge against devaluation.

“There's a direct correlation between growth in the money supply, growth in gold.”
[38:08] Philip Patrick

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5. Geopolitical Shifts and the BRICS Influence

The episode also touches upon the geopolitical maneuvers of the BRICS nations and their strategic investments in gold as a means to counterbalance the dominance of the U.S. dollar. Bannon warns of the “weaponization” of the dollar and its ramifications on global economic stability.

“The BRICS nations are incentivizing to start alternatives. It's a very dangerous combination.”
[36:34] Philip Patrick

This shift signifies a broader movement towards economic diversification and reduced reliance on the U.S. financial system, further bolstering gold's position in the global market.

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6. Call to Action: Investing in Gold

Concluding the episode, Bannon and Patrick urge listeners to consider gold as a pivotal component of their investment strategies. They emphasize the importance of financial preparedness in the face of ongoing economic volatility and potential crises.

“The question is simply, are you ready? That's where Jace comes in. This isn't just a kit. This is a Jace case. It's a lifeline.”
[28:26] Steve Bannon

Bannon highlights resources and platforms where listeners can educate themselves and make informed decisions regarding precious metal investments, reinforcing the episode's central theme of economic resilience.

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Notable Quotes:

• “We're creating massive amounts of fiat currency all the time just to paper this over.”
  – Steve Bannon [05:10]

• “Central banks bought more than 1,000 tons of gold for the third consecutive year in a row.”
  – Philip Patrick [33:45]

• “There's a direct correlation between growth in the money supply, growth in gold.”
  – Philip Patrick [38:08]

• “If the CBO's numbers are accurate, it would put debt service payments at 50% of total tax revenue.”
  – Taj [40:26]

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Conclusion

Episode 4273 of Bannon's War Room serves as a comprehensive analysis of the pressing economic challenges facing the United States. Through incisive discussions and expert insights, Stephen K. Bannon underscores the urgent need for fiscal discipline and strategic investment in gold to safeguard against financial instability. For listeners seeking to navigate the complexities of the modern economy, this episode offers valuable perspectives on building economic resilience and securing a prosperous future.

Transcript

[Steve Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. I got a free shot. All these networks lying about the people. The people have had a belly full of it. I know you don't like hearing that. I know you try to do everything.

[Taj]

In the world to stop that, but.

[Steve Bannon]

You'Re not going to stop it.

[Taj]

It's going to happen. And where do people like that go to share the big lie? MAGA MEDIA I wish in my soul.

[Steve Bannon]

I wish that 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.

[Taj]

War ROOM here's your host, Stephen k. Ban Saturday 15th February year of our Lord 2025 so Newsweek just came up with a. A piece and if we can put it. If Denver can get it. It just printed and I put it up on Getter. By the way, make sure, if you want to see my stream of conscious thoughts on different topics, make sure you get Getter. It's totally free. I use it because, well, besides the fact we're banned everywhere, it's very easy for me to use because I'm a techno technological, not on the cutting edge, let's say it's super simple. And I think if you talk to people on Getter, they'll tell you it's easy to use and it's a great little community there. So make sure you go download it today. That's Getter, the app. Or you can go online and do it also. But the app works for me on the different devices. I just put up the Newsweek piece from last night, the 5:00 show, I think it was. Andy Biggs came on. Oh, you know what? It might have been the morning show because I don't think any could come back on the afternoon. It was a morning show and we talked about the CR because a lot of noise going on. What's happened. You got this reconciliation process and that's where they're spending all the time. And that's kind of 26. That's really 10-1- Forward. This is where it's going to be. One or two, one big beautiful or two. And you know, it's got to get the border thing in there and the deportation, that's $175 billion addition to everything we spend. You don't think people will be held accountable for that? You don't think people ought to go to jail for that or what they did to the country? Takes you $175 billion to sort it out. Another hundred billion dollars even there to the Pentagon and the Pentagon thing. And look, I'm a hawk, I'm not a dove by a long shot, but this thing's out of control, just is. It's not coordinated, it's not thought through. Taj is going to join me in the second hell. Taj gave the better part of his life either in the service of his country as a seal or in the service of his country as a contractor because that's what they did. They basically have to get the retirements and the medical off the balance sheet. They went to these contractors guys doing the exact same thing. And these wars in the Middle East, $9 trillion, 7 trillion for Iraq and 2 trillion for Afghanistan. That was the sum total. What would the country be if you had that 9 trillion? You put it back into the country. That's what's happening now. You have to look at everything as an opportunity cost. This is one of the ways you look at usaid, you know, is the opportunity costs because it's not unlimited anymore. They've dealt with this like we have unlimited amount of money. We don't. We're creating massive amounts of fiat currency all the time just to paper this over. It's the reason gold. Philip Patrick is going to be here at the bottom of the hour. We're going to walk through it. I've asked him calling a day and talk about this exact topic, this convert. What are the forces? I don't need to know. The price of gold is near an all time high. I want to find out the process. This is what we're here to do with this show. Not to give you a fish to teach you how to fish, to teach you how to think for yourself, how to, how to. And all this, you know, noise and everything's coming at you every day. Bum, bum, bum, bum, bum, right? How do you think it through? What are the couple things that you've got to say? Okay, I've got a framework, I got a mental map. I can understand it. So new information comes and I can sort it out. I can think that there's, that's how you use your agency. Ideas do have consequences, massive consequences. The things that started just an idea and all of a sudden rolls through the system like the American Revolution, like the French Revolution. They started as kind of concepts and ideas. Hey, you know what? They led to Valley Forge and the guillotine right there in the, right there in the middle of Paris. Ideas have consequences because in understanding the ideas you can Then begin to use your agency. You notice that msnbc, they're all talking about agency. Now that's a new thing. That's their whole new deal. Having treated their people like cogs in the machine, now they're because the credentialed class. Then you got the drop down to the plebeians because they don't care about the working class, they don't care about the middle class. Now it's all about agency. They're talking about agency. Good luck with that. Check back to me in a decade about how that's working out for you because you don't care. It's all performative. But that's the purpose of this platform is for your agency. And you see it everywhere. Look at the precinct strategy. One of the things we're going to start doing at cpac, I want to have a conversation on the day we're there for the. For the force multiplier, Particularly it's about the precinct strategy where we are. Because the people in the precinct strategy, now that you're engaged in it, you understand how the established order in these states are not prepared to just welcome you with you are actually the cavalry arriving to the besieged homesteaders. And in this case the homesteaders are not. They're not embracing you, they're fighting you everywhere. Georgia, South Carolina, North Carolina, Texas, Arizona, all over every state, but particularly there's these states that are key states, central states, and the fight there is fierce because they're not interested in your agency. They just want you to shut out, sit down, shut up and do what you're told. We're beyond that now. That's what populism is. You've actually can kind of feel your power. You want to feel your power. Remember on the afternoon of the 20th of January, 2021, when Trump got back to Mar A Lago, when he left Andrews Air Force Base? You remember that? You remember that? That looked a little grim, right? We played what Frank Sinatra's My Way. Remember that? People weren't feeling so great. Joe Biden just had his deal and they were all the CNN guy saying, look at the reflecting pool. It's arms. It's arms of Joe Biden's arms hugging America. Remember that clown who's still there, by the way, making ridiculous projections for cnn. Remember all that? The odds look along then they look damn long. But hey, just okay, dust ourselves off, let's get a rally point just like any army. That kind of takes one. Let's get a rally point, let's regroup, let's Calm down. Let's understand what's going on here, and we're going to win this fixed bayonets, and let's get the hell down that hill and start fighting again. So now we're in the middle of it right now. You got to be able to sift through. Boom. What are the driving forces? Where's the power in this? One of the powers of this is that the Doge element has been tremendous. It's been great as a blunt force instrument, delivering blunt force trauma against the administrative and deep state. You see it every day. Then how do you weave it into something that's real? When I say real, I mean cuts. I mean, you know, take programmatically taking things down and cutting costs, cutting costs, cutting costs, cutting costs and looking for efficiencies and effectiveness, which are little two different things. Taj, you've been in the wars of the Middle east your entire adult life. You kind of, no offense, dedicate your life to save your country or serve your country in doing that. And you see this big pivot. The apparatus doesn't want to pivot. They don't. When they got. When Afghanistan, Iraq was taken from them. Hell, it shouldn't be launching. Folks in the same neighborhood up there in the Ukraine ain't that far away. They obsessed. They're obsessed. They're obsessed with these forever wars. Obsessed. If you come in and want to shake it down, say, hey, look, I think the way you think it, think it through. Oh, you're a peacenik, you're a dove. You're going to jeopardize America. No, we're not. No, we're not. We're into smartly protecting America because I tell you what, we go down your path and keep spending a trillion dollars and have people everywhere, and you can't recruit guys now because the parents are not so sure it's worth it and it's all woke, then you're going to get in a bind and you got this debt, and now you got a national security problem with the amount of money we owe and who we owe it to and how much it's costing us. Because it ain't free, Taj. Gil. And tell me, and what I need more than ever is a. Is a. Is a hot great cup. Cup of black coff. That's funny. My Presidential Transition Project, just to blow your heads up, all the liberals, all the Progressive Watchers, Project 2025. Hey, we worked on the project. All I got was a crummy mug. It's great you're seeing the Project 2025 and all of it, you know, the American, Brooks Rollins and Stephen Miller and the CRA guys, particularly our boy Russ Vogt, they're hammering away at this thing nonstop. So tell me about it. Tell me about the champagne of coffee, brother. On a Saturday morning, I need a big mug of hot warpath coffee.

Yeah, champagne and coffee. Warpath coffee. The website is Warpath Coffee. Like you said, I was fighting in these wars, but basically my whole adult life in Iraq, Afghanistan, Africa and in the SEAL teams, you know, we always had top of the line gear, top of the line guys, and I carried that over to my businesses. So the coffee, I wanted a really, really good cup of coffee. And actually the first time I had a really good cup of coffee was in Ramadan in Kuwait. And it was incredible. And I never had a cup of coffee like that until I date. That was the first time I actually drank a really good coffee. So I just decided to try to find an amazing coffee that you can drink black. You don't have to, if, you know, dump a bunch of milk and sugar and crap in there to hide the burnt taste. So we figured out how to roast the coffee and caramelize the beans and not burn them. And we have an amazing coffee now. And you can see on our website we have, we're approaching 7,000 five star reviews and people love it. Like, we can't roast it fast enough. We just keep increasing our roast sizes and it, it just keeps flying off the shelf. It's nuts for the war room posse. The promo code is war room and you get 20% off. So promo code, war room, 20% off. The website is warpath coffee and you can drink it black. The Mariners blend, of course, we made for you, Steve. It's our dark roast. It's the most popular. Everybody loves dark roast. We've got an espresso. It's a Italian frogman espresso. I made that one. It's a smooth espresso. It's not acidic, it's not sour. It's a really good espresso. Then we got the breakfast blend. The breakfast blend is really smooth. It's almost like a donut shop coffee. You can just chug it down. It's really good. Of course we have the flavor coffees, the K cups, and then the mugs. We actually have a victory mug for Donald Trump. It's a stainless steel tumbler made in usa. We just put those on the site yesterday morning. And those are gonna be a one time run. Yeah, it's a. I just sent a. I sent A case of them to you, Steve. It's a Trump 47 victory mode.

Awesome. Listen here, I wanna go back to something that's important. You get 7,000 five star reviews, folks. The test here is drink it black. I know people put cream of sugar, but you put cream of sugar. Cause it's the acidic kickback here. This is what. And look, we've had every coffee guy in the world. There's some really strong, good coffee folks out there. Don't get me wrong, but we were looking for something. Since we are so we have such a coffee addiction, let's be honest, right. That we had to, you know, we wanted to wait for the perfect one. And Tasia, I've known for years, and he's so obsessed by this. And then when I taste, I go, wow. And then we work for another 18 months or almost two years on the dark roast and it's just rolling. But you got 7,000 five star reviews. Where do they go today to check it out?

Taj, go to Warpath coffee promo code, war room. That's for the war room posse. It's 20% off and then free shipping on orders over $75. The website is Warpath Coffee and it is amazing coffee. If you haven't tried it, try it. People just keep buying it. We have it. We have a 70% customer return rate. I told an advertising agency guy that the other day and he did not believe me. So actually, no, no. Wow, that's crazy.

It's not normally. It's normally like 10 to 20 max. Those are now. People love it. I know that because I get feedback all the time and I love it. And I'm a hard. I'm a hard. I'm a hard nut on this. Taj. Thank. Thanks. One more time.

Where they go, Warpath coffee promo code war room. Warpath coffee promo code, war room. 20 off and then free shipping for order orders over $70.

Thank you, brother. Taj went from Navy SEAL to contractor. Why? They were trying to cut the cost of retirements, and they're trying to cut the cost of health care. Why? Because they could see that these wars in the Middle east were blowing up out of control financially. The ticking time bomb on our national security right now is the debt and the interest on the debt. It's going to crowd out everything. It's going to make the decisions we have to make in health care and in retirement. And for folks coming up, because right now, why are people on Medicaid? It's economic distress. They don't want to be on Medicaid it's economic distress. You get 18 million men not in the workforce. Able bodied men. 18 million men in this nation not in the workforce. And we haven't created a net job in five years for American citizens, Native born American citizens. This is a crisis beyond comprehension. It can be fixed and it will be.

[Steve Bannon]

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[Taj]

Going to love it here at the.

[Steve Bannon]

War Room because we need you healthy.

[Taj]

War room. Here's your host, Stephen K. Bann. Okay, to go back to the matrix of the days of Thunder, remember, let's go back to the big things that have to happen. Stopping the kinetic part of the third World War, number one. Number two, the mass deport, securing the border, the mass deportations to commence. In the middle is the financial crisis. Getting the federal budget cut. Tax cut in there, Appropriate tax cut I might add, which is the tax cuts for the middle class and the working class and wait for it, no tax on tips, no tax on overtime and no tax on Social Security. Anything else? Got to be, I think, well, this has to be justified and it is justified. But anything over and above that got to be, you know, put a sharp pencil on it. Not seeing it right now, not seeing the corporate tax cut and not seeing the tax cut for the wealthy. Just not, not feeling it doesn't speak to me. How's that? Doesn't speak to me. And you got two processes. So we'll make it all by the time we're ready to go fix bayonets, you'll see the whole picture, but it's just forming right now, I would say a concept to make sure you understand. And this is going to get constitutional quickly because it's going to the Supreme Court of these United States. Impoundment. Impoundment. And after March 14, it's going to heat up big league and Doge, you're going to be both cutting. I think the way you jam the Doge cuts, at least they've got the waste foreign abuse into this process. Is that in the, you know, April, May, June, July, boom, boom, boom times of this fiscal year. At the same time in the, in the building of the budget for the next year, you have the appropriation series. Those are going to take place in June and July, in the summer. And Doge will be in there programmatically, should be, this is the way it should work the way if you want to make it legal. Right. Which we do because we want these, this, want these things gone and not to pay for them again. This is just not some, this is not performance art at the same time. Unwind yourself from Ukraine. Unwind us. You know, get this thing sorted in the Middle east. And you know, that is, you know, this, this Gaza thing. Look, what the IDF has done to Hezbollah is nothing short of earth shaking. They defeated the Persian militias that have been the bane of everybody up in the north. And that's got to get sorted without dragging us into a further conflict there, which anybody's talking about Persia and going into Persia is just dragging us into a future conflict. And it doesn't need to happen. It doesn't need to happen. And just where the American people are, it's not going to happen. So people have to face reality on that. As President Trump reorients to this hemispheric defense, Monroe Doctrine 2.0, you do that and you start taking the financial crisis, which a lot's driven by being all over hell's half acre, then hey, guess what? In a year or two, you can see starting to stabilize underneath that, the foundational element to drive that is this full spectrum energy dominance. But stopping the insanity, the insanity of net carbon zero, the same thing that's de industrialized Germany and left them in the lurch. Right now you got Schtoltz over there today, even as we speak, calling at the Munich thing I think calling a national emergency of Germany to get more money to go to Ukraine. Remember they always told us, hey, we can't get to 2% because we have a constitutional amendment that says we have to have a balanced budget, but said we'd like to have that too. But unfortunately we're defending you. So much to do. And you're going to be the tip of the spear as we sort this out. But days of thunder are, you know, President Trump will be hitting him with 10 or 12 on Monday and another 10 or 12 on Tuesday and another 10 or 12 on Wednesday. And it's going to keep going. The howitzers are out. We've broken Carville. We have that Carville clip. Let's get that in a second. I want to bring in and Trevor has not been on since I've been around. He was on when I was in prison. Trevor Comstock, Sacred Human Health We're a huge proponent of this. We gotta be healthy. We have to have longevity. Hell, Our leader is 78 years old. He's working 18, 20 hours a day in leading us through here. Trevor, what do you got for us? What is Sacred Human Health? I love the grass fed beef liver. That's my baby. But what else you got, sir?

[Trevor Comstock]

Yeah, yeah. I appreciate you having me on, Steve. And I know I haven't been on in a while, so I just kind of wanted to touch on our mission a little bit for anyone who doesn't know. But really, you know, since our inception about a year ago, we launched our product really just in the hopes of providing people natural supplements at an affordable price. And our main goal was always to help people kind of stray away from those big corporate brands that really just care more about profit than actual quality. So at least with Sacred Human, we kind of saw from the get go what a lot of these larger companies were doing and what types of ingredients they were putting into their products. So in turn, we essentially went in the opposite direction to kind of find a better way to make healthy supplements. So unfortunately, what we do see is that a lot of these larger companies will advertise healthy products. And of course, not all of them are bad, but many if not most will then go ahead and include things like preservatives, artificial additives, food dyes, binders, and just overall ingredients that may do things like cut costs and extend the shelf life, but they're not really doing your health much of or any favors for that matter. So again, at Sacred Human, we just wanted to provide you an array of health supplements that don't contain all the artificial nonsense and make sure that all production takes place right here in the usa. So as you mentioned, the beef liver is definitely our flagship product. I can't recommend it enough. I personally take it every day religiously. You get all your nutrients such as iron, zinc, vitamin A, B12, CoQ10, folate, et cetera. But on top of that it also contains a lot of other critical vitamins and nutrients that most people are deficient in. So things like choline, K2, selenium as well as copper. Now on top of that we have some new products that are on the way, so keep a lookout for those. But currently on our website we also have an all natural sleep supplement, a multi collagen which is great for skin and hair, magnesium and vitamin D which I also recommend because most people are deficient in magnesium as well as vitamin D, especially during the colder months. Then we have an immunity product and like I said, some other new products on the way that I can't talk about quite yet.

[Taj]

Trevor, get some. You're going to launch. But how do people. Our audience is information intensive. They go to the site. Do you have the information up there? I want to make sure they can drill down on this because once you get a War room customer, they stay forever. Right. But they want to make sure that they understand this. So where do they go to get all this information? And are you available to answer questions online or do you have forums or do you play 20 questions? How do they get access to you?

[Trevor Comstock]

Yeah, great question. So first of all you can go to sacredhumanhealth.com that'll take you straight to our website. Or you can just plug in Sacred Human to Google. It'll be the first thing that pops up. There's a ton of information on the site. You can sift through it. Under each product we kind of give you a rundown of what's in the product. The different benefits are included and then of course you can go ahead and look at our reviews. And to your point too, Steve, our customer attention is great. We got our start with the war room so I can't thank you enough. But we have so many subscribers now over, you know, I can't say the exact number, over a thousand and they just keep taking up. So it's, it's pretty exciting to see. And like I said, go check it.

[Taj]

Out today one more time. Where, where do they go? Because I want people to familiar, familiarize themselves with the site and the products and you guys and your management team. Where do people go?

[Trevor Comstock]

Yeah, of course you can go to sacredhumanhealth.com Also, you can use code war room for 10% off any one time purchase. If you subscribe, you're locked into that 10% discount. If you have any questions, just feel free to go to the support tab. You can send us an email, we'll respond back to you within 24 hours and make sure we get all your questions answered.

[Taj]

Yeah, Trevor's on this. Thank you, brother. Trevor Comstock, CEO. Founding CEO of Sacred Human Health.

[Trevor Comstock]

Thank you, Steve.

[Taj]

We love these patriot companies. Thank you, brother. I want to play the Carville thing. We're breaking them, folks. We're breaking them. Let's play James Carville.

[James Carville]

Don't forget Rod Trump is a criminal. Criminals like to be around other criminals.

[Steve Bannon]

And a mob boss.

[Taj]

Yeah, yeah.

[James Carville]

So Bannon is right. We are flooded. And, and we are searching for a way to deal with this. These are extraordinarily difficult times. And he just keeps, he keeps moving with one stupid thing after another. You know, maybe some of our world, well, I'm struggling here a little bit, so maybe some of our really smart viewers can help us untangle a little bit. It's really a tangle now because it's. No one knows where to land. It's all too incomprehensible. We're getting overwhelmed and things that we thought that would kill a political career, that would be poisonous for whatever reason.

[Taj]

This guy keeps chugging along, keeps chugging along. Is that great? I think we'll play that all weekend. They're overwhelmed. This has fled the zone. Much more is coming and not just follow ons to things that are happening. And plus, remember, when these initiatives launch, there's tons of people in back working nonstop like the Energy Dominant Council. So you have people, you know, so many team members, boom, are on this. And this is what's so amazing about it. It just drives a momentum. We're going to get, you know, we're going to get Chop Block. You're going to get slowed down by the federal courts. They're all over. That's their big resistance in Congress. They're kind of overwhelmed. Even Schumer, they don't even have a response right now on the, on the cr. No response and reconciliation. The media is shattered. You look at them, they're in the mumble tank. I mean, Rachel Maddows, they got her back every night. She's trying to do it that long monologue. She's not sticking the landing. You can tell they know that where the risk is going to be. And now you see them all over New York shouldn't be lost in you. Derek Adams saying James went to federal court. It's still Manhattan, the engine room of all transactions Manhattan. And that's going to be a big one. Okay, the how do we think through this on this debt overspending and what does it mean? The convergence. The convergence as manifested in the price of gold. The central banks of all the Brics nations, the central banks of both our friends and our enemies are buying it at record rates. Why is that happening? What does it mean for the future? What does it mean for the financial future of this country? What does it mean for your personal future? Philip Patrick the Best joins me in the war room next.

[Steve Bannon]

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[Taj]

War room. Here's your host, Stephen K. Ban. Welcome back. Of course, as we go on through last night and today about talking about the just the reality of this, the inability of the political class to really cut the budget and I understand a lot of people have been doing work on this on the over reconciliation of the budget. But look, we're in a crisis and there's still a lot of fantasy, A lot of this is and I understand it's mandatory spending so they're going to change mandatory and it is a couple hundred billion dollars off. It's going to go over 10 years. But just think back in Doral just two weeks ago, the Republicans by themselves came up with $30 billion a year cuts on a $6.5 trillion budget. It's ridiculous. It's embarrassing, stupid. We don't have time for stupidity, we have time for action. But in the interim, you've got the brics nations are sitting there going, hey, if inflation is still there at 3% and until we get our control of our spending and the refinancing this, I just don't see how that's going to go down much lower. So they're still going to sit there and argue that their purchasing power is being hurt and there's still going to be pressure these people throughout the world with the resources to come up with some alternative the dollar. Now, as the geopolitics get more and more, it gets scarier. People always want the flight to quality and they know they can get a dollar where if they get some basket of currencies it could turn into confederate dollars for them. That's always one of the power of being the prime reserve currency. But you have to I think, understand the process. And I asked Philip today to change up his schedule and join us because Philip, just the reality is you don't see the political will right now, even with Elon Musk running around. And Elon Musk gave us the biggest shout out ever in the Oval Office, said, hey, we're in a financial crisis. We can't continue these $1.8 to $2 trillion annual deficits. It has to be cut. That's one of the reasons he's volunteered his time to cut theto take a crack at doing these audits to cut the waste, fraud and abuse in the administrative state. But it's certainly just not going to be enough. We're going to continue to more fiat currency. And your theory, the case to me has always been the best. You kind of go back to mil Freeman and go, hey look, you hear supply chains drop in aggregate demand. That's got to be, you have to have these Keynesian fixes. But the bottom line is we still pump more fiat currency into the market. So you're always going to have more dollars chasing fewer goods. You're going to have inflation. And the counterbalance of that is that's why gold's a store of value. Can you walk through that again? Because I think this pattern recognition is what helps people. It's not so much what the price of gold is at any one time, it's the process for what continues to make gold a store of value, an alternative store of value.

[Philip Patrick]

Sir, it's absolutely correct. And that's why addressing deficit spending is the number one priority for the administration. I agree with you though. It's going to be a very, very difficult job to achieve. We're cutting $1 billion here, $1 billion there, and it's a drop in the bucket. Obviously it's welcome, obviously it's very important, it's a priority. But it's just not enough. And as you say often, we're going to continue to run deficits, we're going to continue to amass debt, and we're dependent on the world continuing to finance that. And the early signs are not good. Factor in weaponization, factor in the BRICs now incentivize to start alternatives. And it's a very dangerous combination. And it's largely why we're seeing gold prices just moving up and up and up in this climate. We expect it to continue as the problem continues to build.

[Taj]

So walk through the process. You've got the BRICS nations, you have the central banks. And once again, and correct me if I'm wrong, have we just posted another month with another record for gold purchases by central banks?

[Philip Patrick]

Yeah, absolutely. And last year was another record as well. Demand is really driving gold's price across the board. Central banks bought more than 1,000 tons of gold for the third consecutive year in a row. So we've just seen the three biggest years of central bank gold buying in history, one right after the other. And the catalyst is everything we're talking about is devaluation of currency, making it less attractive for nations around the world to hold it. And ultimately weaponization. Biden's weaponization of the dollar back in 2022 directly resulted in a five fold increase in central bank gold buying directly. Right. And I think we've discussed many times why. But weaponization confronted every nation around the world with the fact that currency is just a promise. And of course promises can be broken. But it isn't just central banks. Right. The world is waking up. Investment demand hit a 4. That includes both derivatives as well as physical gold coins and bars. Technology demand grew as well with a boom in AI. The only sector where demand didn't grow was jewelry, which I think makes sense given global recession fears. But given everything in front of us, we expect gold prices to continue to rise. Goldman Sachs came out with a projection which I think is conservative. They Predict Gold at 3200 by the end of this year. But as you say, in a way price targets are irrelevant. They refer to nominal dollars. Gold's price today of around 2900 would have been 2388 in January of 2021. Why? Because in four years our dollars have been devalued 21%. Gold prices have risen almost exactly the same. And it's for this reason that I think, you know, we'll see gold surpassing the previous inflation adjusted highs that we saw back in 1980, which were the equivalent of around 3,240 today. But you know, the climate back then was different and I think that's what's going to drive gold today. Back in the 80s, we were the world's greatest exporter. We were the biggest manufacturer in the world. We had less than a trillion dollars of debt. And here's the big one. In the 1980s, the US dollar was king. Today that position is under threat. And I think of all the reasons to buy gold, that's the big one.

[Taj]

Walk me through three years in a row. Central banks. What years were those? The central banks. You're saying this was started by Biden, the weaponization. But what were those three years?

[Philip Patrick]

20, 22, 23 and 24. Last year we got fourth quarter numbers in February. It was a record for any single quarter. So the, the velocity is increasing and it's no surprise.

[Taj]

And you're, and you're not seeing any slowdown even as we speak into 2025, correct?

[Philip Patrick]

No. Gold prices are sitting. Listen, we hit 40 record highs last year. We've hit five record highs this year. We're up 8% for this year alone. 42% last year. Gold is moving. Like I said, it is a reflection of currency. Demand is waning at a rapid pace right now. That's why the Trump administration made this a priority. But it highlights, by the way, not to Rand, but the absurdity of the previous administration. They didn't address this. There was no talk of deficit or debt or brics, none of it. The rhetoric coming out of this administration is very encouraging. The is, do they have the time they need? That's the big question.

[Taj]

When you talk about 8% this year and 42%. So in the last 12 months, year on year, gold's up 50%. That's not supposed to happen. Tell people why that's not supposed to happen. Gold is not like a speculative investment opportunity. It's a store of value. It's a hedge against financial uncertainty. It has been for eons. Why? What happened to make it something that, hey, it's like a hot stock. It's up 50% in a year.

[Philip Patrick]

It's money supply. Listen, I was a banker prior to being in precious metals. If you'd asked me in the early 2000s, shall I buy gold, I would have looked at you and said, Are you crazy? Right. And all I would have had to do is look back at the 20th century, the 1900s, and say, look, gold doesn't grow relative to something like the S and P this century. It's an entirely different picture. Gold has outperformed the markets more than two to one now. The suggestion is not that gold now grows better than other things. What's interesting is what changed at the turn of the century. It's when we massively started increasing the money supply. So surprise, surprise, there is a direct correlation between growth in the money supply, growth in gold. Put it into the context of the last 4, 8, 12, 16 years respectively, and I think it tells you where things are heading.

[Taj]

So President Trump comes in and he's putting his team in place. He's got a whole plan of how to do this. But you look at the cbo, the Congressional Budget Office, and it's not that we sign off on every number they put out. They actually have differences in what's called dynamic scoring and non dynamic. But directionally, they're pretty good. When you look at directionally, they just put out a report Friday, a week ago that showed 10 year projections and they're required by law to do this on a regular basis. The 10 year projections essentially show roughly, I think the average is 1.8% growth. So growth through the American economy is under 2%. And it also shows us running still massive deficits in the neighborhood of $2 trillion a year, roughly. And by the end of 10 years, in 2035, we have $52 trillion of debt. And I think we're paying over $2 trillion a year, $2.5 trillion a year in interest expense. Now assume for a second that those numbers are accurate. Let's say they've really done a great job. And that's actually the forecast. And nothing that MAGA or the Trump administration or anybody can do is going to change that. What does that mean in the process of what's driving the value of gold and the price of gold? What would be the implications to gold if Those numbers the CBO's put out are accurate?

[Philip Patrick]

I mean, the implications for gold are very good. It doesn't bode well for our currency. Look, that would put debt service payments at 50% of total tax revenue. It is completely unsustainable. And at that point, we end up in a position where we create more debt to service existing debt. It creates a negative loop. It drives the value of the dollar down. And of course, we know what that does to gold prices. Like I've Always said sky's the limit for gold prices. It is a reflection of currency. As you know, Jim Rickards has been calling for gold at $10,000 an ounce for a while and I think his issue has simply been timing because it's a reflection, as he sees it, of currency. And in his mind, when gold's at $10,000 an ounce, we pay $200 for a loaf of bread. This is possible and it's the trajectory that we'.

[Taj]

Now I tell Jim, if that forecast is correct, welcome to Thunderdome. It's going to be like Mad Max. Bread's going to be 200 bucks. An egg's going to be going to be 200 bucks. What would have to happen, the intervention we need in order to do something that you think, hey, the gold market in the currency market would say, okay, there are people in here now that are serious. What would you anticipate that would be?

[Philip Patrick]

I didn't understand the question, Steve.

[Taj]

Sorry. No, no. What intervention would you need to see if Those are the 10 year numbers to get to 52 trillion. What? And you know gold will explode if you go down the route. What is the countervailing? I tell you what, let's take a break because I'm going to play Billy Joe Schaefer, my favorite song in this block to take us out. Get behind Me, Satan. One of my favorite songs. I think it's great for a Saturday where we're talking about the financial burning to the ground or the burning platform of the United States of America. And the reason is the political class has just not gotten serious about cutting federal spending. Cutting federal spending is right now the root of all evil. We need an increase in federal spending. When the pandemic hit when people didn't really realize much, right, you had the massive drop in aggregate demand when everybody got shot shut in. But and thank God we had the ability in the wherewithal, the balance sheet to do this. We're not in the same place anymore. That was trillions and trillions and trillions of dollars dollars ago. That money's all been created and it's coming back to haunt us. Short commercial break Billy Joe is going to take us out. Philip Patrick's my guest. We're going to be back in the warm in just a moment. And I couldn't. The demons that were in me had turned me wrong side hell. I knew inside my soul I was headed straight for hell But I couldn't for my life figure how to help myself. And I said empty behind me sitting or I commanded.

[Steve Bannon]

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[Taj]

War room. Here's your host, Stephen K. Ban. Up against the clock and I want people to have access to you. So what's the easiest and best way and what happens when somebody comes over? I know we've been getting people access to the product of investing in precious metals and gold during the Trump second term Trump administration, or we call it the age of Trump. You can go to Bannon B A N N o N at 989-898 and get that document. What happens when people get in touch with you, you and your team?

[Philip Patrick]

Yeah. So very simple. So we're big as you know, which is I think why we work together. We're big on information. So we have investment guys how on why to buy precious metals, guides on investing in precious metals under the Trump administration, which I think are really good as well as of course the end of the Dollar Empire series written by yourself. We are very proud to be a part of that. I get such good feedback from our clients on that and in terms of how educational, how understandable it So I challenge everybody. Get the reports, read the reports. It's very important. From there, they'll have access to myself and many other precious metals specialists like myself at Birch that will be there to guide them through, answer any questions and make sure it's comfortable. So it starts with information. Birchgold.com Bannon or Bannon to 989-898. Get reading, get educated. As I know your audience are and I think the solutions will start to present themselves.

[Taj]

Yeah. What we want people to understand is how gold moves vis a vis other currencies and really macroeconomics. And I think the audience done tremendous. Once you know that, then you can think through as you go through. And Philip talks about the different things of 401s IRAs, you at least have an overall picture of understanding what you're getting into. Philip Patrick, social media, where do folks get you?

[Philip Patrick]

Yeah, it's Philippatrick on getter again. Ilipppatrick on getter. I try and get out as much good economic news as I can. So Philippatrick on geta.

[Taj]

It's fantastic stuff. Thank you, Philip. Appreciate you. Thank you. The team at Birchgold had quite a run, as we say, quite a run. This ends a week that has been historic. Next week's going to be even bigger. We're going to be at cpac.cpac.org make sure you check it out. You get the tickets of cpac.org go there today. $76 for the ticket. It's going to be extraordinary force multiplier. We're going to have parties, we're going to get togethers, we're going to break out sessions. We will really amazingly enjoy each other's company as we always do. We'll be taking selfies, meeting and greeting people, bringing me books to read stuff that they've written, stuff they worked on. That's what CPAC's all about. This CPAC is going to be about also specifically talking about the road forward, particularly against this resistance and how President Trump continues to push through. They told him it was the first hundred days. That's everything. Obviously it's going to be longer than that. Some of the things he's done is just absolutely extraordinary. So I want to make sure everybody goes cpac.org war room get the ticket. They gave us a big discount, $76 to attend, which is just, I think it's going to be incredible and looking forward to you folks being there. We need you on the ramparts. You've done such a spectacular job on the confirmations. Think about it. Tulsi Gabbard's in, Bobby Kennedy's in, Pete Hexis in. Didn't they make you proud? Particularly in Munich where Pete Hegse stood up and just threw down hard. Just absolutely incredible. Want to make sure everybody's at the rampart to do that. We can't have you wrapped around the axle. Particularly somebody taking the access to the ownership of your mortgage, your title, your Title is everything. The title is basically the contractual document right there that shows that you own the real, the real asset that you go home every day and kind of put your head down on, or if it's another asset, you've got another vacation home or whatever, that is the document that shows it. This is why people are trying to get to it. You have cyber criminals trying to get to it. Quite frankly, we have so many sad stories of people that have been around people and trusted advisors or trusted family members. It doesn't matter. The million dollar triple lock protection they came up with is 3. 247 monitoring. 24. 7 monitoring immediately. You immediately get a report if somebody's messing with your title immediately. And then they've got a million dollar restoration project with lawyers, advisors, et cetera to make sure that you're not hung up. The million dollar triple lock guarantee. The million dollar triple lock guarantee. Go talk to Natalie Dominguez and the team at home title lock. Go to home title lock. Steve 25. That is Steve 25. Check it out today. Get all the information and talk to Natalie and the team. Let's hit. I tell you what, I'm going to have the voice of Mike Lindell. I'm going to come back with a little closing remarks, closing things. Let's play Mike Lindell right now.

[Mike Lindell]

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[Taj]

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[Taj]

What a week. And what a week to come. Take a break. Take a breather. If you got them, smoke them. Come on, kids. That's not true. Gonna leave you with the right stuff. We're gonna be working all weekend. We'll be up on social media. Grace will be on fire as she normally is. We're gonna be. We will be back at 10:00am Eastern Standard Time Monday morning. We'll get on it again. And another grind. Days of thunder, years of lightning. You've been in the war room. See you back here Monday morning at 10.

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