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Harry Entin
Toledo, look at this trend line here. US Support for Ukraine is too much. Back when the war began, back In February of 2022, it was just 7% up like a rocket ship, my goodness, up now in February of 2025 to 41%. And the clear majority of Republicans, and of course Republicans are in charge of the U.S. government now. 62% of Republicans say that the U.S. support for Ukraine is too much. What a difference from just three years ago. I can remember, John, all those backyards in the United States with those Ukrainian flags, far fewer of them. Today as Americans, opinions on Ukraine have changed dramatically. What about opinions of the Ukrainian president?
Steve Bannon
Right.
Harry Entin
You know, obviously, if you would expect changes amongst the public on feelings towards Ukraine, feelings towards Zelensky have changed also dramatically. Look at this confidence. Zelensky will do the right thing when it comes to world affairs. Back in 2022, it was the clear majority, 72% through the floor, through the floor. By 2024, just 48% of Americans say that they're confident that Zelinsky will do the right thing when it comes to world affairs. And GOP confidence has also plummeted dramatically. Now the clear majority of Republicans are not confident, not confident that Zelensky will do the right thing when it comes to world affairs. Really a real trend line, ones you rarely see in the American public. When it comes to Ukraine, Zelensky, confidence in both going down through the ground. Some allies of President Trump have targeted Zelensky with harsh criticism over the last few years. And it could be that that's having absolutely. The Republican establishment. The Republican electorate has moved as the Republican establishment and Republican leaders have moved on. All right, let's talk about the idea of a peace deal. And again, the way you ask, this matters. But go ahead. The way you ask it is important so we can talk about this a little bit. So the poll question essentially is, do you support a Russia, Ukraine negotiated peace deal? The vast majority of Americans, this is what they want. 78% say that they support this idea versus just 16% opposed. Of course, as we were talking about, does this question actually get at what's going on right now? I think you would say that it probably does not necessarily get what's going at right now.
Ben Harnwell
No.
Harry Entin
The question asked, do you support a Russia, Ukraine negotiate a peace deal? Ukraine's not there at the negotiations in Saudi Arabia this week. So the people were not asked this. And I do think, in general, if you ask anyone in any poll, do you support peace? Peace tends to rate pretty highly. Peace tends to win you rarely get 78% of the country agreeing on anything they do agree on. The idea of a negotiated peace deal between Russia and Ukraine, whether the majority would agree on a Russia peace deal with Ukraine, where Ukraine has nothing to do with it, that might be a different question. Hard to know. Harrietten thank you.
Julie Kelly
This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. You're just not going to 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 in the world to stop that, but you're not going to stop it. It's going to happen.
Harry Entin
And where do people like that go.
Ben Harnwell
To share the big lie?
Harry Entin
MAGA I wish in my soul, I wish that any of these people had a conscience.
Julie Kelly
Ask yourself, what is my task and what is my purpose?
Ben Harnwell
If that answer is to save my.
Julie Kelly
Country, this country will be saved.
Ben Harnwell
War Room here's your host, Stephen k. Band. Monday, 17th February, year overlord 2025. It's President's Day, a day that we remember all the presidents, but particularly General Washington and Abraham Lincoln. That's why it's so fascinating to talk about President Trump on a day like today because he's the third in the triumvirate. Ben Harnwell joins us. Ben we have to take a little satisfaction in those numbers from Harry Entin because the War Room posse and the War Room, we have worked now for three years to make sure the American people had all the facts. And once given the facts, they come to their own conclusion. The conclusion is we got to get the hell out of Ukraine. We should have never been there. This has been a disaster. We just want to go. Of course, the European folks in Europe are about to come upon that because they're about to have to pay the full freight. They're going to be given an option which we're going to talk about here momentarily. The only thing, Ben, I question about Harry Enton is he goes, oh, as a Republican establishment has come that way. The Republican establishment is not there. There's video over the weekend, as you remember, Ben, with a love fest of Zelensky walking in a room and Roger Wicker and Whitehouse, it was a bipartisan of the warmongers and Whitehouse said Sheldon Whitehouse, I think he was saying, you're among friends. So it's not just the Republican establishment, it's the warmonger established order of the United States. That's still pushing this against, just as they said, a stunning transformation in what the American people think about this entire war. Ben Harnwell.
Philip Patrick
Steve, good evening to you. I think Lindsey Graham and Joni Ernst might have been in the room along with the Green Goblin this weekend and two absolutely useless senators. So in the morning show today, you asked me the question about am I surprised by Europe's combat readiness so soon? And I pivoted the question. I said, look, let's just rephrase this in terms of am I surprised by their ability to be performative at such short notice? And I said, I'm not remotely surprised. Well, since those words were uttered on this show, Steve, we now have the confirmation of just how sadly performative the meeting in Paris is today with all the various heads of government from Europe along with von der Leyen. Let's go straight to British Prime Minister Sakir Starmer. This is what he says. And Steve, before I read the quote, I just want the war in posse to bear in mind this is exactly what this show said back in October, November, leaning on reportage from Foreign Policy magazine, which had said that the Biden administration was making assurances to the European capitals that if they stepped forward in their own names, offering the security guarantees, the US Would come to their aid in the situation, that Russia actually made an attack and support them, only one in the whole world. And I follow this extremely closely, that only foreign policy had mentioned that. So this is what Keir Starmer says today to his European colleagues. Europe must play its role. And I'm prepared to consider committing British forces on the ground alongside others if there's a lasting peace agreement. But there must be a UIS backstop because a US Security guarantee is the only way to effectively deter Russia from attacking Ukraine again. So there's the Brits, the wily Brits, basically saying that President Trump to the U.S. not so fast. Come back here. Because of course, there's no money. And as you mentioned on the morning show today, one of the facts that we realize that there's no money is that the European Union is Ursula von de la Ursula von der Leyen, specifically President, unelected president of the European Commission, has said she's looking into manipulating the constitution, amending the constitution so that the EU can borrow money. Borrow money, put it down onto the next generations of European citizens in order to continue the fight in Ukraine. Because if there's one thing these corrupt sociopathic overlords know right down to the marrow in their bones is that this hoax has not penetrated through to the European peoples, and they do not want to be paying more taxes for a war that they see no just cause in fighting. One example of this, Steve, and I have to say this, this is absolutely astonishing, is the situation in Germany. This is really a statement made by Olaf Schultz, the, the German chancellor, remembering, of course, that there are federal elections coming up this Sunday on the 23rd of February, which he is projected to lose. And he has said that now the Germans have a very obviously very touchy past when it comes to inflationary deficit spending because of the rise of the Nazis in the 20s and 30s. So it's hardwired into the German nature not to do this, not like the UK The US Are doing. And it's in their constitution that the government can't borrow in any one year more than 0.35% of its annual GDP, which is a very low number by other standards. That is, of course, because of the German memory of how hyperinflation, runaway hyperinflation, led to necessarily, to some extent, to totalitarianism to bring everything back under control. So what Olaf Scholz has said is that in order to circumvent this, to get more money going for Ukraine, the next government after the elections on Sunday will probably need to declare a state of emergency. Astonishing thing for him to say, Steve. And of course, they're saying that this is the regime, the international regime, saying that Donald Trump represents the great threat to norms, checks and balances. And here is one of the leading figures of Europe saying we need to declare a state of emergency in Germany in order to get the spending, the deficit spending high enough to fill the gap left by Americans. And that's how I think.
Ben Harnwell
Ben, Ben I think these things are healthy. I think it's healthy. I think it's healthy that they've finally come to the it took shock treatment, but it took this past week with Pete Hexa. Speech, JD Speech. Scott Bessant having just, just tough discussions with these people about mineral rights, others over there, and of course, Posobec in the war room and others to let these guys know, hey, we've been talking about this forever. We are not supplicants, the United States are not supplicants coming to beg you to come. We don't. We're going to cut the money off, not going to put arms up. It's one of the reasons Keith Kellogg's now on the plane to Riyadh. There are no more troops, there's no more money. We're out, we're done, we're finished. We're not going to do this anymore. And now when they have to, I like the fact he's calling emergency measures because the German people are going to go, what in the hell are you doing? You're going to start barring now to put money into Ukraine. I think it's great that Sir Keir is over there, Starmer saying that, oh, I'm going to commit combat troops. I want those people, I want the Europeans to step up and then see what their people in their countries are going to say. Because the people in the country haven't had, haven't been hit with the economic reality of what it means to pay 5% of your GDP for defense. They're paying under 2%. They're basically getting a free ride off the United States. So I believe this is healthy. They are treating it as an emergency because it is an emergency. They're reading it the right way. If they had read it any other way, I would think, wow, we got to tell them again. We've been telling them now since the very first month when Theresa May came over with Boris Johnson. We told those guys and we told, right after that, we told, we told Merkel and her team. I sat down with the national security advisor and gave it to him with both barrels. Look, dude, we're going to be out. You guys are going to have to step up to the plate here. And this is well before the invasion.
Julie Kelly
That if they thought the Russians were.
Ben Harnwell
Such a threat, they got to kick up the spending. They're not going to draft off us. I think it's positive. They're taking it as an emergency and looking for emergency measures. Ben Harnwell.
Philip Patrick
Well, obviously, as someone who lives here in the European Union, I don't want to see myself living under martial law and military dictatorship in order for our crooked regimes across continent Europe to fight an enemy, Vladimir Putin, that they themselves to some extent created in manufacturing this war going back to 20. I already think I pay enough tax as it is. I should pay less in tax. I don't want to be paying more. And as I said on the show in the morning, in the European stock markets in London, in Berlin, in Italy, the various national sectors of defense have all had a bounce between like 4, 5, 9% in expectation that these, that their arms industries are going to start gearing up. I don't have a problem paying in tax. I don't think anyone has. Not in Europe, not in the UK not in America. No one has a problem paying in tax when it comes to legitimate areas of national defense. But there has never been explained, as you pointed out from day one, there's never been an explanation of what that national defense interest is, what the vital national interests are in fighting that isn't even formal. Formerly an ally.
Ben Harnwell
Ben, it's very late in Rome. We know you're tired. We appreciate you staying up to break this news to us about the, the meeting this afternoon. What's your social media. We'll let you. We'll let you punch out. What is it?
Philip Patrick
Thanks, Steve. Get a social media platform of choice at Harwell, which is my surname I have to quickly flag up. There is something that possibly you should be looking into which is this. The Telegraph has it. I'll put the link on on this video clip when it appears on rumble. Telegraph is reporting this leaked memo that we've only seen traces of over the last couple of days. People need to see what, what the U.S. is is trying to do with these just in Ukraine.
Ben Harnwell
Just go ahead, go ahead and put it out. We're going to take a. We're going to take a short commercial break.
Julie Kelly
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Ben Harnwell
Do it today. Here's your host, Stephen K. Ban. Okay, Birch Gold. Philip Patrick is going to join us at the bottom of the hour. A lot going on in gold. I want to make sure everybody gets up to date of all these things that are happening. Make sure that the rumor mill, you heard it from Philip Patrick first, you know, gold in London, people not delivering for in the bank of England, all of that. So birchgold.com, we're going to have a special. I think we'll have it by Thursday. Excuse me, by Wednesday. By the time we have the Force Multiplier Academy. First off. Go cpac.org war room. 76 bucks is the ticket. Want to see all of you there. Force Multiplier Academy. Going to have a party on Thursday night, a brunch on Saturday. Besides doing the show three days live. Four days of you throwing the Force Multiply Academy. Get to meet and greet, everybody. Get your selfies. Get some one on one time. Just like we've had a great run at the amfest and other CPACs. Looking forward to that. In fact, we got a video. Maybe play that at the beginning of the next hour or at the bottom of the hour. Birchgold.com Bannon Enter the Dollar Empire. Get all the free information, including go to your phone 989-898, text Bannon 989-898. Get the free brochure how to invest in Gold in the Age of Trump. I think that'd be quite interesting. A lot of turbulence today. A lot of turbulence. One is in the courts. So you had one of your favorite judges. When did federal court start this? Have they done this for a while? Done the audio? I know the Supreme Court does it. Did the other federal courts also do it? Julie Kelly. Okay, we're, we're gonna have to. Julie, we're gonna have to, we're gonna have to reboot because I can't. We can't hear you. Get Julia Kelly back up. Is that by phone?
Philip Patrick
Yeah.
Ben Harnwell
Okay. We're gonna have to get her to a better cell zone or get it back up. Cause there's a lot going on there. Let's talk about my other favorite topic. Okay. Ukraine, number one, multi dimensional President Trump is trying to end the kinetic part of the Third World War. And he's doing it with a vengeance. The team, in fact, the Russian team, I think just arrived to Riyadh, led by Lavrov. He's an original gangster. Pretty tough hombre. Tough guy, been around forever. He will be leading the team over there. We have Rubio, we have Colonel Waltz, national Security Advisor and Steve Witkoff. And Witkoff has kind of become the President's go to guy who is Steve Witkoff, early 60s, buddy of the President's, friend of his colleague, plays golf, I don't know, from the 80s, 90s. Knows President Trump very, very, very well. And he's got a great demeanor, disposition. He is a tough negotiator, but a nice guy, a good guy. People like him. He got the Gaza cease fire done. I wasn't crazy about all that, but he got it done. It seems to have worked. It's been a framework that was Witkoff working with Qatar and going and really making Bibi kind of heave too. You're going to let me know when we get Julie back up. We're trying to reboot her right now. He's leading the delegation with Secretary of State Rubio. National Security Advisor Keith Kellogg didn't make the trip. I think some of that is just a miscommunication or and misunderstanding. They keep talking about combat troops. He said the other day, and I love Keith, General Kellogg, but he said if, if Russia was to ever, you know, not live up to the agreement, we would send combat troops into Russia. No, that's not going to happen. General Kellogg in like a gazillion years. We're not going to go to war directly with the Russian army and the Russian people. Not going to happen. There are ally In World War II, we broke them under the Bolsheviks in the Cold War over Ukraine. American soldiers, airmen, whatever name it, are not going to go into Russia over Ukraine. Not going to happen. Ukraine is for the Europeans or the two Slavic entities there to figure it out. And now we finally get the Europeans attention. That's why I think it's very positive what's happening in Europe today. They finally, they didn't believe. It took a long time for them to get their attention. They didn't believe President Trump at first. One of the very first things we said that NATO's got to stand on its own, we're an ally. But they've devolved into a protectorate, a vassal state and they still rip us off with the tariffs. Remember yesterday one of the German senior German guys said, hey, you know what we should go to zero tariffs. Yeah. Hello. Thank you. We could dig that. This is what President Trump talks about reciprocity. There's a whole new economic model in a national security model. And they should notice when President Trump says hemispheric defense, he ain't kidding. From the Panama Canal to the Arctic with Greenland there to stand watch over Russian submarines coming through the Greenland Iceland UK gap. That's what it's called. The gap between the deep fjord, basically between Greenland and Iceland. Iceland. Kind of a volcano. Put submarines right there. Boom. You can track them, you got them. Or if the balloon goes up, it's a shooting gallery. Just saying. But it means our defense. And they're not in the North Atlantic. NATO. You worry about the Russian army. We got the Russian Navy. You know, deal with it. We're there to help, but we're not there to pay for the whole thing. That's what's gotten their attention, remember? Finally, the Germans said, hey, we gotta go to emergency measures. We gotta change the Constitution to basically raise debt. Yeah, like the 36 trillion we got for paying for dead beats like you deadbeats, European elites. Julie Kelly, how was the hearing today? One of my favorite judges, if not my favorite judge, was holding court. It takes a lot to get a judge in a federal court to open up on President's Day. They must have been hating this. Ma'am, what do you got?
Dr. Sean
Yes. So this was Judge Tanya Chutkan, the Obama appointee who of course presided over Jack Smith's J6 indictment against the President that was dismissed after he won. So she is now handling the lawsuit filed by numerous blue Democratic states, Massachusetts, Michigan, California and a few others who are trying to prevent Elon Musk indulge from accessing data from seven agencies, including Education, dhs, Energy, et cetera, accessing that data and then using that, of course, to advise or recommend employee cutbacks or program cutbacks. So what these states are asking for, Steve, like all of these other lawsuits, is a temporary restriction restraining order preventing Elon Musk and Doge from accessing this data, recommending the firing of any government employees while she considers a preliminary injunction. Now, Tanya Chatin, surprisingly, I would say, sounded extremely skeptical about the need for a temporary restraining order, saying that it is an extreme measure and that the defense, the plaintiff in this case, the numerous blue states, really hadn't demonstrated potential immediate or irreparable harm. That said, she could deny the motion for a temporary restraining order, however, set a schedule for preliminary injunction, which would put this on hold for who knows how long, but also seem to support the idea that Elon Musk's role violates the Appointments Clause, which ironically, Steve, that was what was the fatal blow in the documents case in Florida related to Jack Smith, that his appointment violated the Appointments Clause. So anyway, founded today, again, she may deny this temporary restraining order. However, set a schedule for a preliminary injunction and again consider the fact that Elon Musk, his role violates the Appointments Clause, which If she does, that would set up a fight to the Supreme Court, but could put Elon Musk's authority and his tasks on hold for an unknown amount of time.
Ben Harnwell
Let me ask you, so did she slow things anything down a day? Is there TRO or injunction? Where does she actually stay? Is all engines stop? Are she letting work proceed as this goes through and they get ready for more detailed arguments in front of her?
Dr. Sean
Right. So she right now is contemplating this temporary restraining order. She said that she would file her order within the next 24 hours. To your point, she scheduled this hasty hearing on President's Day federal holiday, when the courts are usually shut down, nonetheless hearing, remote hearing, where the public actually call in and listen to what has been happening. So either tonight or by tomorrow morning, she will issue her order whether she's going to grant or deny this temporary restraining order. But again, sounded like she would consider preliminary injunction. And of course, Steve, this is what's happening in Most of these D.C. courts where these judges are informed, issuing temporary restraining orders, contemplating preliminary injunctions, which of course would be a more permanent solution, at least as it makes its way to the appellate court and the Supreme Court. But this is what these judges are pretty much unilaterally doing in Washington, D.C. is exercising their judicial authority to thwart the Article 2 authority of the president. In deciding his team and deciding what federal agencies need to be pared back, either funding wise or employee wise.
Ben Harnwell
Did you think that the administration, the President Trump's team, have a pretty compelling argument or that was just didn't even get into that level of detail?
Dr. Sean
I mean, I think that they do because what you have to proof for a temporary restraining order. And again, Judge Chuckman was very skeptical of the blue states argument here is that this restraining order has to be imposed to prevent irreparable and immediate harm. And she said, well, I really don't see how this will where the immediate irreparable harm is. And the state's lawyer, this is the AG from New Mexico, said, well, we're states, we rely on federal funding. We need to know if certain people are going to be fired, if these programs are going to be defunded because it impacts our ability to execute our own services at the state level. So she did seem skeptical. But Steve, she pushed back on the DOJ's lawyer, of course, representing the Trump administration, demanded to know how many people have been fired so far.
Ben Harnwell
I tell you what, Julie, hang on. We're going to take a short break. We'll be back in a moment.
Julie Kelly
Health isn't just a personal issue. It's a family issue, a community issue. We're living in unpredictable times. Supply chains can break down, hospitals can get overwhelmed. And let's not even start on the natural disasters. These aren't hypotheticals. They're happening. You see it here in the war room, and we all know it. 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. It's a personal supply of prescribed emergency medications that puts the power back in your hands. Whether it's an unexpected illness or a global disruption of supply chains, you can act fast and protect yourself and your loved ones. This February, show them you care in a way that really matters. Be prepared. Get the Jace case today so you'll have the right meds on hand the moment you need them. Visit jacemedical.com and use the code Bannon B A N n o N at checkout for a discount on your order. That's jacemedical.com promo code Bannon. Get the Jace case and do it today.
Ben Harnwell
Here's your host, Stephen K. Band. Philip Patrick is going to be with us a second. Every day we have a shot. Don't talk about capital markets economics like a day without sunshine. There's a gap. The Hill newspaper today kind of said what the secret was. Lindsey Graham had talked to the President. Hey, we got to go two bills, not one big beautiful bill because we got to get the $175 billion for the wall and the deportations and $100 billion tips to the Pentagon. Let's round it up. It's $300 billion of new spending over and above the six and a half. I kid you not. In the Hill newspaper showed that. You got to get it in before. I'm going to pick a magic date. Midnight on the 14th of March. We're hurtling down there, folks. Get ready for a big old CR that goes the end of the year. Of course we're going to fight that because it's absurd. It's. It's Biden's numbers. It's his budget. It's $2 trillion of deficit. And none of the Doge stuff gets included in there if you just do it that way anyway. They need tax. They need taxes. They need tax revenue Tax Network usa slash Bannon. Go right, go there right now and get a free consultation on that letter that's sitting in your desk. That's like a cancer because the. The fees are growing, the penalties are growing. The interest is growing. It's not going to stop. Call the people, contact the people. Tax Network usa. Walk them through your tale of woe and see if they can help you. If they can help you, boom, there, you guys. They can't help you. Then you got to contact the irs. But whatever you do, you got to tear open the letter and address it today. Tax Network usa Bannon. Julie Kelly, the. The point of the exercise, ma'am, correct me if I'm wrong, they want to know how many people Elon Musk and the Doge team have laid off. Basically, that was the. They were hunting for that question, including the judge from the benchmark.
Dr. Sean
She was. So she directly asked the DOJ lawyer if she had read reports of mass firings last Friday. He said, I don't have confirmation on that. And she said, well, I'm also reading reports of mass firings over the next Friday, 14 days. What can you tell me about that? And he didn't have an answer. She got typically surly, as Judge Chuck is known to do, and said, well, I want that information because why she wants it. The ruse is to try to prove up this irreparable harm to the states and then, of course, to the federal government. But what I'm really going to flag here, see what's important. Looking ahead besides this temporary restraining order in a possible preliminary injunction, is Judge Chuck setting the stage to claim to rule that Elon Musk's role violates the Appointments Clause. That will sideline him. That will make it to the circuit court and then the Supreme Court, but it will do damage to him with this idea that he should have been Senate confirmed. She brought that up today. He was not confirmed by Congress, by Senate. He exercises tremendous authority, but how does she.
Ben Harnwell
But by the way, he's an advisor. The US Digital Service. And maybe they shouldn't have done it that way, but they're just advisors to omb. He's a consultant and he's advisor. Correct?
Dr. Sean
Correct. But that's what she was pushing back on. She said at least twice that the states, the plaintiffs had a colorable claim that Elon Musk was working outside of the Appointments Clause, that as someone with this sort of authority, he should have been nominated to a real position that was created and confirmed by the Senate. That's the big battle that Judge Chutkan is teeing up today. The temporary restraining order is just a minor issue. This is the big battle that she set to stage. 4. My opinion.
Ben Harnwell
Okay, Julie, where do people go? Your analysis is always brilliant and spot on we'll, we'll put that.
Dr. Sean
Thanks, Steven. There's a lot more court proceedings especially headed to Supreme Court on the firing of the Office of Special Counsel. So my declassified with Judy Kelly on substack and then X Julie underscore Kelly, too.
Ben Harnwell
Do we know if they've the Supreme Court on the emergency docket? They have not, they have not notified the government, that is Trump, that they're going to take this case on yet, have they?
Dr. Sean
Not yet. But this is related to a split decision by the D.C. appellate Court over the weekend that the dissenting opinion, Greg Capsis, the Trump appointee, saying that Trump absolutely has the Article 2 authority to fire Hampton Dellinger, the Biden appointed Office of Special Counsel, who also has tremendous power to bring Hatch act violation investigations, et cetera, and that the president was well within his authority to fire him. On February 7, Judge Amy Berman Jackson restating Hampton Dellinger outrageously. And this is what looks like will be the first lawsuit to head to the Supreme Court this week.
Ben Harnwell
Julie Kelly, one more time.
Dr. Sean
Where do folks get you Substack Declassified with Julie Kelly and also at X. Julie Kelly 2.
Julie Kelly
Thank you, ma'am.
Ben Harnwell
Appreciate you. Julie Kelly on top of things. Okay. Battles in the court, battles in the streets. Philip Patrick's gone. A number of reports are coming out. Philip Patrick and I wanted to go to the smartest guy I know about precious metals and gold, and that would be Philip Patrick of Birch Gold. So a couple things over the last 72 hours that I think have a lot of interest in our audience and a lot of interest online. Number one, there's a situation where the bank of England and people think, hey, the bank of England is like the Fed, right? Maybe even more responsible. The bank of England has been late or failed to deliver on a, on a, on some clearing of gold. And there's questions of do they actually have the gold they think they have? Is there anything to this, is this commitment they've had to clear this within the bounds of the time frame or does something happen here with the bank of England?
Steve Bannon
PHILIP PATRICK yeah, we're working through it. It's certainly big news in the industry, but the bank of England right now is under siege. The vaults are being emptied at a rapid pace. About 8th February, thousand bars now have been shipped. And these are the big commercial gold bullion bars. We're talking 3.2 million ounces. That's the equivalent of South Korea's national gold reserves have now found a new home. The media latched onto this because deputy governor of the bank of England, Sir Dave Ramsden admitted that they wouldn't be able to meet the 14 day delivery requirement, which technically could be considered now a default. The lawyers I think will work through and settle that. At the moment, London saying they need six to eight weeks to make a two week delivery. So currently this is being described as a liquidity crisis rather than a solvency crisis. But on the other hand, the bank of England has been begging nations whose gold reserve that they custody to loan their gold to the bank of England. And that's obviously concerning in the current climate. It seems like when a liquidity crisis becomes a solvency crisis, we only discover the truth too late. So right now it is a technical default, not, not a solvency issue. But we're going to have to watch and see how this thing unfolds.
Ben Harnwell
Well, hang on, hang on for a second, hang on a second. Liquidity crisis is a pretty bad. When it comes what is actually delivery? What is this transaction about? And when's the last time, bro, you're a professional. This, When's the last time the bank of England couldn't deliver and had. Oh well, we'll get to you in six, six to eight weeks. That's a lot longer. Fourteen days, brother. What was actually this delivery on? And when Philip Patrick starts off, yeah, the vaults of the bank of England are emptying even as we're speaking. Probably got the audience more worked up now than when we started. So walk me back through that one more time. I take it this interview is going to take longer than I thought. Start at the beginning, take your time and walk through this.
Steve Bannon
So, so look, when we talk about physical delivery, we're talking about physical delivery of a commodities contract. 1 to 2% of contracts usually request physical delivery, but what we're seeing at the moment generally is gold is flooding out of London and this was the center of the world's gold market. There's a number of reasons why. Right. First of all, and sort of the overarching theme is just massively increasing demand. And you and I have discussed this. It's being driven by central banks and investors alike. Secondly, there's an arbitrage play here and this is ultimately how markets respond to price dislocations. Right now the gold futures price in New York is high enough over the London cash price that it's possible to rent a cargo plane, fill it with gold and ship it to the US Commodities exchange. This difference has always existed, but it's almost never profitable enough to warrant shipping. Today it is because US demand is Higher for precious metals, for gold specifically, than anywhere else. Right? A bar of gold is worth more here in the US today than a bar of gold everywhere, anywhere else, making the trade profitable. On top of that, of course, we've got the potential of tariffs driving up commodity prices on all imports. So there's massive pressure right now to onshore product in anticipation of further demand search surges. Look at JP Morgan. They just shipped 3 million ounces of gold bullion from the London bullion market to the us. That's the second largest gold bullion delivery in history. What this tells me though, I think it's a reminder that gold is almost uniquely a physical asset first and foremost, not just a financial asset. We have a lot of the trading we see in the gold markets is imaginary, right? It's simply made up for some numbers. In London, there's 20 million ounces of gold that are traded every day. That's roughly an entire years of production traded every week. We see another 27 million ounces trading every day. On the comics, that's the entire world's production of newly mined gold traded every two and a half days. Spoiler alert. There isn't that much gold out there. So As a result, 96% of the gold traded daily in London and New York markets has no physical reality. You could think of it as Schrodinger's cat, right? But the problem is, once the 4% of real gold has been delivered, what's going to happen then, right? At that point, it's a logistical nightmare. First of all, I think investors who think they own gold are going to discover that what they really own is an iou. Secondly, I think we see a wave of defaults on physical gold deliveries. Remember, 96% of them are by definition impossible. And thirdly, I think those dynamics will amplify demand for physical gold because investors will realize and be reminded that only physical, tangible gold matters. It almost reminds me of the bank failures back in 2023, right? If I have a dollar in my pocket, it's really a dollar. If it's in the bank, is it really a dollar? Right. We already know that if everyone tries to get their money out of the bank tomorrow, the banking system will collapse. Right? Because banks don't have it. They lent it to commercial real estate developers. And that's what the gold market is feeling like right now. Gold as a financial asset only really works as long as everyone agrees they don't really want gold. Right? They want to speculate on its price moves. The moment people start demanding physical gold deliveries on their commodity contracts, the market falls apart. And I think we're starting to see the beginnings of that right now. So in summary, if you can't hold it in your hand, it isn't real. And we're starting to feel the effects of that.
Ben Harnwell
The bank the phrase bank of England should never be the sentence should never end with liquidity crisis. I've got a minute. I want to hold you over. How did that happen?
Steve Bannon
It shouldn't happen. And it's a reflection of volatility around the globe. It's a reflection of leverage going out of control. And we're starting to feel the effect of it. And we have problems here in the US as well. You sent me an article about Elon pushing for an audit of Fort Knox. We've got questions on US Gold reserves as well. So there's a lot at play in the current climate. There's no question about it. But it's an interesting time to be alive.
Ben Harnwell
I, I know, I know you're busy, but I do want to hold you just through the short break because I want to talk about this audit and, and how people can kind I think, Philip, I think a couple of three people might want to talk to the Birch Cold guys. I'm just guessing, right? The bank of England can't make good on their deliveries. I don't know yet. Philip Patrick on the phone was talk to the guys at Birch Gulf. Short commercial break Philip Patrick on the.
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Ben Harnwell
Here's your host, Stephen K. Band. Okay, I know you got a bounce, Philip. You guys at Birch. One of the reasons I like you, you guys just deal in physical delivery, right? You. You deal in people owning the gold itself.
Steve Bannon
That's all we deal with physical. Precious metals, they don't sit on balance sheet. No counterparty risk. The individual owns them. It's important for us. Absolutely.
Ben Harnwell
Do the audit. Give me a minute on the audit on Fort Knox. But the Ron Paul and Rand Paul been bugging on this forever. Why do you want to see it and what do you hope is the.
Steve Bannon
Outcome for a long time? I mean, we need some transparency. Fort Knox hasn't been audited for 50 years. Basically, the last audit was in 1974, primarily because the US government is refusing external audits on the grounds of national security. And this is the part that concerns me, right? They say that, you know, gold reserves are seen as a symbol of national credit and a public order they fear could trigger a crisis of trust. So here's the strange thing in my mind, right? How can an audit create uncertainty unless it discovers discrepancies, right? The whole point of an audit is simply to examine financial records and to create certainty, right? So this is reminding me of the situation with the bank of England. If the gold's really there, why can't you ship it? Why can't we see it, right? Why does anyone resist an audit if there's nothing to hide? That, for me, conceptually, is just difficult to get my head around. But I want to see it right. I want to confirm that the US Gold reserves are unencumbered, that they haven't been leased or sold to foreign nations or stored on their behalf. But like I say, the fact that they've been resisting an audit for decades here in the United States is in on itself, very concerning, despite public calls for one. So, you know, this is just another move for transparency. And if Musk can pull it off, like I said, I'd be very interested to see the results.
Ben Harnwell
Help me out here. Isn't there supposed to be 750, almost a trillion dollars of implied value, that it's on the books at $42 an ounce? And actually today, mark to market is 29. Over 29, $100. Is that, is that not an issue of the audit? But that's reality, right? It's on the books at 42, $49. And it's actually the mark to market is 29. So we have almost $1 trillion of intrinsic value in there, sir.
Steve Bannon
Yeah, it's exactly correct. 4222 announces the book price which gives about 800 billion but at current prices over a trillion dollars. So that is based on published. But we'll have to see the reality if Elon can get an audit. But yeah, that's absolutely correct. Yes.
Ben Harnwell
Last thing the gold ship to real quick. I know you got to bounce the gold. There was a huge shipment from New York or from London to New York. Was that the arbitrage you're talking about? Is that normal course of business that people just sensitive to it now what happened there?
Steve Bannon
It's a combination. So it's partly arbitrage. They see a profitable arbitrage in there and it's part partly demand as well. Right. Like I said, they need to get gold to meet domestic demand in the United States and they need to do it before tariffs kick in. So I think they're expecting a spike in demand and we're fulfilling. So right now, like I said, it looks like a logistics issue for the bank of England. But reaching out to foreign nations asking to lend gold reserves, that's a little bit concerning. So I think we'll have more clarity as we head through. Never good. But we'll see how it shapes out. Thank you.
Ben Harnwell
I want people to come and talk to the experts. I want people to talk to you and your team where they go.
Steve Bannon
Very simple. Bertgold.com forward slash Bannon. That'll get them access to free information. If there was ever a time to immerse yourself, not to steal your words, Steve, in information, now's the time from an economic standpoint. So birchgold.com Bannon or Bannon tech span into 989898. That'll get them access to free information. And they can reach me at Philip Patrick on Getter. I'm putting this stuff out all the time, all the articles, so it's there for people to read.
Ben Harnwell
And this is what tremendous amount of information for the Birch Gold guys. Get, get smart and get smart today. Philip, thank you for taking time. I know it's a crazy day there.
Steve Bannon
Thanks for having me.
Ben Harnwell
Patrick, always on the desk. Sean Rollins joins us. Dr. Sean, talking about tariffs, I wanted to have you on here. You know, Rosemary Gibson dropped by the other day. We talked about the supply chains. Hasn't changed much. They had this factory in Richmond. Really hasn't opened, everybody's concerned about the tariff war that's coming. CCP is making initial moves. Jace Medical. You guys can conceive this after you read the book and saw her on the show on active pharmaceutical ingredients and generic drugs. How can you help people, calm people down and say, hey, we're here for you and we can get you beyond the threats of the Chinese Communist Party, Sir?
Rosemary Gibson
Yeah. Thanks, Steve. You know, this talk of tariffs, when we first heard about it, we figured that typically pharmaceuticals are exempt and traditionally have been exempt from these kinds of things. But what we're hearing now is that doesn't look like that will be the case, that these tariffs may very well include pharmaceuticals. And we're starting to see more articles written about this. I guess in some ways it's heartening for me to see that this is being brought to people's awareness. The fact that why does it matter if there's terrorists? Well, it matters because all of our medications, virtually 100% of them come from overseas and most of those come from China. So we're seeing this education starting to pick up. People are starting to realize and.
Ben Harnwell
I.
Rosemary Gibson
Suppose that we may even see something similar to what we're seeing in the gold industry, where people are becoming more aware, hyper aware of the what's going on and wanting to have these things on hand. I don't. It wouldn't surprise me if we start to see health systems, whether that's hospitals, large pharmacies, seeing some of the stuff coming down the pipe, whether it's tariffs, whether it's just simple supply chain disruption as tensions are heating up between us and China, that people start to hold larger stockpiles of these medications, further exacerbating the problem. And this is all information that we've been really out there trying to, trying to get people to realize for years now. And I think this simmering pot, I don't know how much longer it will simmer before it starts to boil over. So we're here, we're still here, trying to get people access to these medications, to do it in a way that.
Ben Harnwell
They can get doctor shot. Hang on. I want you to stick around first of the hour because these things are real, the ccp and they've said they're just not going to sit there. President Trump's going to put in across tariffs, across them. He said that that's going to happen and they're already making moves. So we needed the ramparts. We cannot have your personal life and your issues and your anxiety about certain things overwhelm Your ability to man the ramparts. Dr. Sean we're going to take a short break. He'll be back with us in just a moment.
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Podcast Summary: Bannon's War Room Episode 4276: Disaster In Ukraine Release Date: February 18, 2025
Harry Entin opens the discussion by highlighting a significant shift in American public opinion regarding US support for Ukraine. He presents a trend where support has surged from 7% in February 2022 to 41% in February 2025. Notably, 62% of Republicans now believe that US support for Ukraine is excessive, marking a stark contrast to sentiments three years prior. Entin reflects on the change in public displays of support, such as Ukrainian flags in backyards, illustrating the broader shift in American attitudes.
Harry Entin (00:00): "Back In February of 2022, it was just 7% up like a rocket ship... now in February of 2025 to 41%. And the clear majority of Republicans... 62% of Republicans say that the U.S. support for Ukraine is too much."
The conversation progresses to discuss the diminishing confidence in Ukrainian President Volodymyr Zelensky. Entin cites polling data indicating that confidence in Zelensky's ability to handle world affairs has plummeted from 72% in 2022 to 48% in 2024 among Americans. This decline is even more pronounced within the Republican base, where the majority express skepticism about Zelensky's leadership.
Harry Entin (00:37): "Zelensky will do the right thing when it comes to world affairs... by 2024, just 48% of Americans say that they're confident that Zelensky will do the right thing."
The panel explores American support for a negotiated peace deal between Russia and Ukraine. Harry Entin references a poll where 78% of Americans support the idea of such a peace deal, contrasted with only 16% opposition. However, he questions the relevance of the poll, as Ukraine was not present at recent negotiations in Saudi Arabia.
Harry Entin (01:52): "The vast majority of Americans... 78% say that they support this idea versus just 16% opposed."
Ben Harnwell concurs, suggesting that generic peace questions tend to garner high support, but specifics—like Ukraine having no involvement—might yield different results.
Steve Bannon and Ben Harnwell critique the Republican establishment's ongoing support for Ukraine, despite public sentiment shifting towards disengagement. They reference bipartisan support among Republican leaders, such as Senator Roger Wicker and Senator Sheldon Whitehouse, who continue to advocate for involvement in Ukraine.
Ben Harnwell (05:14): "The Republican establishment is not there... it's the warmonger established order of the United States."
The discussion shifts to the European Union's challenges in sustaining financial support for Ukraine. Philip Patrick elaborates on Germany's critical stance, highlighting Chancellor Olaf Scholz's acknowledgment of the need to alter Germany's constitution to permit increased borrowing for Ukraine aid. This marks a significant departure from Germany's historical aversion to deficit spending, rooted in its past experiences with hyperinflation and totalitarianism.
Philip Patrick (05:14): "Olaf Scholz has said that in order to circumvent this, the next government after the elections on Sunday will probably need to declare a state of emergency."
Ben Harnwell views this development positively, stating that Europe's recognition of the financial strain underscores the urgency of reducing US involvement in Ukraine.
Ben Harnwell (10:38): "I believe this is healthy. They are treating it as an emergency because it is an emergency."
A significant portion of the episode delves into ongoing legal proceedings concerning Elon Musk and his access to data from various federal agencies. Dr. Sean explains that Judge Tanya Chutkan is grappling with whether Musk's role violates the Appointments Clause, potentially leading to a Supreme Court battle. The lawsuit seeks to prevent Musk from accessing sensitive data that could influence federal employee and program decisions.
Dr. Sean (23:16): "Judge Chutkan sounded extremely skeptical about the need for a temporary restraining order... she could deny the motion... and set a schedule for a preliminary injunction."
The episode transitions to economic concerns, particularly focusing on the gold market and the Bank of England's recent liquidity crisis. Philip Patrick and Steve Bannon discuss the Bank's inability to meet a 14-day delivery requirement for gold, labeling it a technical default rather than a solvency issue. They express apprehension over the Bank's actions, such as emptying vaults and soliciting gold loans from foreign nations, which could signal deeper financial instability.
Steve Bannon (37:41): "What this tells me though, I think it's a reminder that gold is almost uniquely a physical asset first and foremost, not just a financial asset."
Philip Patrick further elaborates on the disparity between physical and paper gold, emphasizing the risks of relying on intangible assets in volatile markets.
Steve Bannon (38:25): "Gold as a financial asset only really works as long as everyone agrees they don't really want gold. Right? They want to speculate on its price moves."
The panel addresses calls for auditing US gold reserves, particularly in light of Elon Musk's push for transparency. Steve Bannon critiques the US government's longstanding resistance to external audits of Fort Knox, questioning the rationale behind withholding such information if there is nothing to conceal.
Steve Bannon (45:54): "The fact that they've been resisting an audit for decades here in the United States is in on itself, very concerning."
Steve Bannon warns of the potential fallout from the Bank of England's difficulties, drawing parallels to banking crises where physical assets couldn't back paper claims. He underscores the precariousness of the gold market's reliance on physical delivery amidst increasing demand and geopolitical tensions.
Steve Bannon (48:21): "If you can't hold it in your hand, it isn't real. And we're starting to feel the effects of that."
Rosemary Gibson discusses the looming threat of tariffs affecting the pharmaceutical industry, particularly medications sourced from China. She emphasizes the critical need for domestic preparedness in healthcare supplies to mitigate potential disruptions caused by escalating US-China tensions.
Rosemary Gibson (52:31): "All of our medications, virtually 100% of them come from overseas and most of those come from China."
Harry Entin (00:00): "Back In February of 2022, it was just 7% up like a rocket ship... now in February of 2025 to 41%."
Harry Entin (00:37): "Zelensky will do the right thing when it comes to world affairs... by 2024, just 48% of Americans say that they're confident."
Steve Bannon (38:25): "Gold as a financial asset only really works as long as everyone agrees they don't really want gold."
Rosemary Gibson (52:31): "All of our medications, virtually 100% of them come from overseas and most of those come from China."
Episode 4276 of Bannon's War Room provides a critical examination of the evolving geopolitical landscape surrounding the Ukraine conflict. It underscores the shifting American public opinion, the complexities of international alliances, and the economic vulnerabilities tied to gold reserves and pharmaceutical supply chains. The episode calls for increased transparency, strategic realignment, and domestic preparedness in the face of global uncertainties.