Episode 4336: Gold Market Sets Record Highs; Fighting The Liberal Courts

Summary

Episode Summary: Bannon’s War Room - Episode 4336: Gold Market Sets Record Highs; Fighting The Liberal Courts

Release Date: March 14, 2025
Host: Stephen K. Bannon
Description: In this episode of Bannon’s War Room, host Stephen K. Bannon delves into the escalating political tensions surrounding a potential government shutdown, the judiciary's actions against the Trump administration, and the unprecedented surge in the gold market. Featuring insights from political correspondents, legal experts, and financial analysts, the episode provides a comprehensive overview of the current socio-political and economic landscape.

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1. Political Standoff and the Imminent Government Shutdown

The episode opens with a heated discussion on the looming threat of a government shutdown. Host Steve Bannon and guest Julie Kelly examine the dynamics between congressional Democrats and Republicans, highlighting the precarious position Democrats find themselves in.

Key Points:

• Democratic Dilemma: Senate Democrats are reportedly considering supporting the Republican plan to avert a shutdown, despite reservations about cuts to domestic spending and the administration's failure to rein in President Trump and Elon Musk.
• Capitulation Concerns: Julie Kelly emphasizes the gravity of the situation, stating, “And so to me, that's capitulating. Capitulating to someone who's already showing that he's reckless and willing to do a lot of destruction” (00:55).
• Senate Dynamics: The Senate, controlled by Republicans, faces pressure as Democrats debate whether to block the Republican plan, which could lead to prolonged shutdowns affecting governmental operations.

Notable Quote:

“Whether that ultimately ends in a civil war remains to be seen.” – Steve Bannon (00:36)

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2. Judicial Actions Against the Trump Administration

A significant portion of the episode is dedicated to discussing the judiciary's escalating actions against the Trump administration, which Kelly describes as an "insurrection" targeting the President's authority.

Key Points:

• Federal Judge's Ruling: A federal judge has ordered the reinstatement of thousands of probationary employees dismissed by the Trump administration, citing unlawful actions by the Office of Personnel Management (10:46).
• Judicial Bias: Julie Kelly criticizes several judges, including Judge Beryl Howe and Judge Anna Reyes, for their perceived bias and overreach in undermining presidential authority. She states, “They are brazenly demonstrating their contempt for Donald Trump, his entire administration, Elon Musk, all of Donald Trump's voters in these courtrooms” (17:18).
• Legal Battles: The episode highlights ongoing legal struggles, including attempts to reinstate federal employees and challenges to executive orders related to federal workforce reductions and transgender troops in the military.

Notable Quotes:

“This is just an escalation of what we see federal judges doing in other jurisdictions... undermining the president's authority.” – Julie Kelly (13:35)
“This judge called Trump's Justice Department, the DOJ and the lawyers liars.” – Steve Bannon (24:08)

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3. Gold Market Reaches Record Highs

A major highlight of the episode is the unprecedented surge in the gold market, with gold prices surpassing $3,000 per ounce—a level not seen before.

Key Points:

• Historic Surge: Gold reached an all-time high of $3,000 per ounce, driven by economic uncertainties and declining confidence in U.S. government debt (36:38).
• Investment Shift: Analysts discuss how gold has transitioned from a traditional hedge against financial turbulence to a growth asset outperforming equities, contrary to historical trends.
• Economic Implications: The rise in gold prices is attributed to factors such as debt, deficit spending, and a waning demand for U.S. government securities. Philip Patrick notes, “Gold now is becoming a growth asset. Prices are surging... gold has outperformed capital markets significantly” (37:41).

Notable Quotes:

“Gold today has become the safe haven trade. It's not the dollar anymore.” – Philip Patrick (36:38)
“Gold's never had a run like this.” – Steve Bannon (35:29)

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4. Economic Analysis and Sovereign Debt Concerns

The episode further explores economic challenges, particularly focusing on sovereign debt issues and their potential impact on the global economy.

Key Points:

• Ray Dalio’s Warning: Highlighting insights from Ray Dalio, the discussion revolves around the looming sovereign debt crisis, debt restructuring, and the oversupply of government securities.
• Debt Mechanics: Bannon explains the mechanics of debt, emphasizing the impending supply-demand imbalance and the necessity for deficit reduction to prevent economic turmoil (38:00).
• Market Volatility: Philip Patrick underscores the volatility in capital markets, linking it to the Trump administration's steadfast pursuit of its agenda despite economic downturns. He states, “We're starting to see what central banks are doing... we're going to have to let some air out of that bubble if we're going to rebuild” (41:08).

Notable Quotes:

“We have a very severe supply demand problem... the deficit must go from what will be projected now to be about 7.2% of GDP to about 3% of GDP.” – Steve Bannon (38:00)
“There is a willingness of the administration to embrace shorter term pain.” – Philip Patrick (41:08)

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5. CISA Reports and Cybersecurity Concerns

Towards the end of the episode, discussions touch upon recent activities related to the Cybersecurity and Infrastructure Security Agency (CISA).

Key Points:

• CISA Program Shutdowns: Philip Patrick mentions that CISA has shut down two key programs, sparking concerns about the agency's ability to defend against cyber threats.
• Media Focus: The media has started highlighting CISA’s reductions, framing them as failures to secure the nation against impending cyber attacks. Patrick criticizes CISA for prioritizing censorship over cybersecurity (48:49).

Notable Quotes:

“They're now essentially arguing for a shutdown in the name of politics.” – Philip Patrick (08:19)
“CISA has been focused on censoring Americans weaponizing election infrastructure.” – Philip Patrick (49:09)

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6. Conclusion and Forward Look

In wrapping up, Steve Bannon connects the various discussions, emphasizing the interconnectedness of political instability, judicial overreach, and economic uncertainties. He underscores the importance of understanding these dynamics to navigate the turbulent times ahead.

Notable Quotes:

“Every single aspect of it has been stopped by some local federal judge that's given an injunction for the entire nation.” – Steve Bannon (24:08)
“This is going medieval on these people.” – Steve Bannon (04:23)

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Key Takeaways:

• The U.S. faces a potential government shutdown as Democrats consider supporting Republican measures despite concerns over spending cuts and unchecked executive actions.
• Federal judges are increasingly challenging the Trump administration, leading to accusations of judicial bias and undermining presidential authority.
• The gold market has experienced an unprecedented surge, reflecting broader economic uncertainties and a shift in investor behavior.
• Sovereign debt issues pose significant risks, with potential debt restructuring and economic turmoil on the horizon.
• CISA faces scrutiny over its recent program shutdowns, raising questions about the nation’s preparedness against cyber threats.

Notable Quotes Recap:

• “It is very clear that what Donald Trump is doing right now is violently impacting the communities that we represent.” – Natalie Winters (00:38)
• “This is the primal scream of a dying regime.” – Steve Bannon (04:23)
• “Gold has outperformed capital markets significantly.” – Philip Patrick (37:41)

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This episode of Bannon’s War Room provides listeners with a critical analysis of the current political impasse, the judiciary's confrontations with the Trump administration, and significant economic shifts exemplified by the skyrocketing gold market. Through expert interviews and incisive commentary, Stephen K. Bannon offers a sobering perspective on the challenges facing the nation and the global economy.

Transcript

[Steve Bannon]

Getting to be the highlight of my day is doing the, doing the Passover from Eric Bolling myself one time. I get to laugh. There's so much serious news out there. War, peace and prosperity. We're going to go to the White House and play a cold open. We're going to start the war room. Today we have Natalie Winters, a White House correspondent, is at the White House. Julie Kelly is joining us. Breaking news from the courts. Let's go ahead and let her rip.

[Julie Kelly]

Do all congressional Democrats believe that President Trump is pushing for a civil war?

[Steve Bannon]

I can't speak for everyone, and certainly Ms. Waters made her position clear.

[Natalie Winters]

Do I think he's, you know, let.

[Steve Bannon]

Me, let me say this. It is very clear that what Donald Trump is doing right now is violently.

[Natalie Winters]

Impacting the communities that we represent.

[Steve Bannon]

Whether that ultimately ends in a civil war remains to be seen.

[Julie Kelly]

This is saying, let's just give up.

[Steve Bannon]

Even more of our constitutional authority because, hey, he can do a lot worse later on.

[Julie Kelly]

And so to me, that's capitulating. Capitulating to someone who's already showing that he's reckless and willing to do a lot of destruction.

[Steve Bannon]

We are in a perverse bizarro land.

[Natalie Winters]

Where we're having to decide between letting.

[Julie Kelly]

Donald Trump wreck the government this way or wreck the government that way. So at what point do you say, I'm going to stand and fight. If you guys want this, it's going to be a shutdown. And you essentially could be playing with fire here.

[Steve Bannon]

Well, it would be a Republican shutdown.

[Julie Kelly]

But not all Democrats are on that same page. Senator John Fetterman, for one, has been the most outspoken and supported supporting the Republican plan because he wants to avoid a government shutdown. Democrats are concerned that that plan cuts domestic spending, does not rein in Donald Trump, does not rein in Elon Musk. But with the House out of town, the Senate Republicans in charge of the House and the Senate, that may be their only choice to avoid a government shutdown, which is why we are hearing that there are a growing number of Senate Democrats willing to allow that House plan to become law and avert a shutdown by tomorrow night.

[Natalie Winters]

Brianna Manu, just 24 hours ago at this time, you and I were talking about what Chuck Schumer had announced in.

[Steve Bannon]

Saying that they were going to try.

[Natalie Winters]

To push back against this plan. You seem to have new reporting that suggests that may no longer be the case.

[Julie Kelly]

Yeah, look, Trummer said on the Senate floor that they would block. They didn't have votes to block this Republican plan to keep the government open through September and that the Democrats would essentially stand together here. But there has been a change and appetite among some Democratic members who they've been having these closed door debates for days, including today, a very lengthy closed door meeting. And talking to members after that meeting is clear that there is a growing belief that there will be enough Democrats ultimately at the end of the day to vote to advance this Republican plan and essentially allow it to become law and avert a government shutdown. Now, these things are still fluid and this, this strategy continues to develop and there's still some time before tomorrow night. But there is this belief that ultimately at least eight Democrats, that's what it would take to break a Democratic filibuster because it's 60 votes to advance. So the Democrats have been grappling with the dilemma that they are facing is either accept a Republican plan that cuts domestic spending does not reign in Donald Trump, or block that plan and that could lead to a prolonged government shutdown. That dilemma is a question that I posed about that dilemma to Senator Dick Blumenthal just moments after that closed door launch. Did Republicans ultimately outmaneuver you guys here, leaving you in a situation where it's a lose, lose situation? Republicans have the majority in the House, they have the majority in Senate, they have the White House.

[Steve Bannon]

I think at the end of a.

[Julie Kelly]

Couple of years, maybe it's just a matter of months, American people are going.

[Steve Bannon]

To conclude absolute power, autocracy.

[Julie Kelly]

Autocracy and tyranny, not such a great idea. So it's not a question of being out maneuvered. It's what Donald Trump is doing to the country. Chuck Schumer Casey is planning on going to the Senate floor sometime this afternoon, potentially indicating whether in fact there is a way out, whether in fact there might be enough Democrats to move ahead here. So potentially a shutdown could be averted. But as you know, they could still stumble into one in just a matter of hours here.

[Steve Bannon]

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. And where do people like that go to share the big lie? Mag I wish in my soul, I wish that any of these people had a conscience. Ask yourself what is my task? And what is my purpose? If that answer is to save my country, this country will be saved.

[Stephen K. Bannon]

War Room here's your host, Stephen k. Band.

[Steve Bannon]

Thursday 13th March, Year of our Lord 2025 welcome to the late afternoon early evening show of the War Room. Right there, Chuck Schumer. As soon as he goes to the Senate floor to let us know his thinking about the Schumer shutdown, we will go live to that. But we're going to go to the White House now with our White House correspondent, Natalie Winters. Natalie, you've seen the back and forth all day. They look like yesterday you were going to accommodate then overnight. And I count Mark Warner, Tim Kaine and Mark Kelly. Mark Kelly of Arizona. Mark Kelly is a guy that talk about running for president in 2028. You got Warner, you got Kaine, who are considered moderates in that radical party. But others have come out and said they're not there yet. So I don't know where they're going to get these eight votes. I know Gillibrand, I've heard, has been screaming behind closed doors that they got to go along with this. Obviously, the senators from Connecticut, maybe Schumer, they could be a couple of short. What are you hearing? Natalie Winters?

[Philip Patrick]

Well, Steve, I think it's important to focus on where we're seeing the most movement going on right now. The White House obviously came up very staunchly in support of the cr. They've been, I would say, considerably less quiet in terms of the Senate working its way through the process. Right. We obviously have Schumer making all those sound bites like you just played. But I think what's really important to pay attention to right now is where the sort of grassroots Democrats are on this. Right. If you look in the same way that our audience knows just how we hound our senators, our representatives, you're seeing the same exact thing go down now with the Democrat grassroots, for example, right. These groups that were organizing those town halls to oppose Doge, groups like Indivisible, they have shepherded all their resources, they have rallied the troops and they are descending not just upon Washington, but into these districts to really go, or I guess these states to go after these senators to make sure that they hold the line and basically force Trump into a shutdown. That is sort of the line, the angle of attack that they're taking. I want to put the pictures up on screen for you, Steve, though. Groups like Indivisible, particularly, they shut down, they're framing it through the lens of Musk or us. And they are now offering they are reimbursing protesters, whether it's at town halls or wherever it may be hundreds of dollars for daring to come out and criticize the Trump admin administration and basically support these senators who are not going to potentially join that, you know, gang of eight and help avert a government shutdown. So I think it's really interesting to watch on that side of the football where the left wing activists are trying to push these Democratic senators into not averting a shutdown, but in terms of what's coming out from the White House, they haven't, I would say, been in terms of putting out, you know, the emails with the talking points. Obviously Caroline Levitt in the press briefing discussed the cr, but they have not been as forceful with the messaging with the Senate component of the stopgap funding. But the left wing activists are certainly very forceful in their messaging on it.

[Steve Bannon]

Have you, have you seen any additional activity? Normally when we would have these, the threat of the shutdowns, you have Russ Vote, you have omb, they're working through what we call waterfalls, how cash comes in. Who are the people that have to be there, the emergency people, who are the necessary people. They're doing triage and really going through. And I know Doge is obviously doing their own independent assessment of folks in kind of this audit, but do you get any activity there's any late night work on the White House or. They seem to be fairly complacent about this.

[Philip Patrick]

Well, look, Secretary Bessen obviously did that brief press gaggle this morning. I think he's been doing a lot more media. Even Secretary Navarro yesterday took some questions, was doing a lot of interviews about more broadly the economic stuff. But that's of course inextricably linked to the shutdown stuff. To be honest, I think that it's sort of an interesting messaging framing because we've been hearing what now from Democrats for weeks, that you can't shut down the government. All the people that Doge is trying to fire, that they're so essential to the very fabric of this country. Right. They've been weaponizing judges across the country to ensure that President Trump's efforts to dismantle the federal government can't actually be executed. But now you're essentially, I think, hearing the inverse of that.

[Steve Bannon]

Right.

[Philip Patrick]

They're now essentially arguing for a shutdown in the name of politics. So I think that the White House, for my estimations, is just sort of letting them duke out the messaging front in part because it's kind of contrary to everything that they've been pushing against Doge. But they've also been, frankly, Steve, doing a really horrific job on messaging. Not just, I think we saw the first kind of examples of this during the response to President Trump's joint session address. But these members of the Senate are just putting out copy and paste, verbatim the same responses. Right. And maybe the US Aid money dried up, but their efforts to push back are really insufficient. So I think maybe the White House does not feel as if they have to push back with such brute force.

[Steve Bannon]

Natalie, we stay right there. I got a lot more to go through today. The White House was an action center on many fronts. We're going to go back to the White House. But big breaking news. Let's go. We have a clip to introduce Julie Kelly. As I told you this morning, the federal justice, federal judiciary insurrection against President Trump continues, but they're ratcheting up the scale of this. Pretty breathtaking. Let's go ahead and play it.

[Natalie Winters]

Breaking news. A federal judge is ordering the Trump administration to reinstate the jobs of thousands of probationary employees that they fired just last month. Now, this preliminary injunction applies to the Departments of Veterans Affairs, Agriculture, Defense, Energy, Interior and Treasury. CNN's Paula Reid is on this story. Paula, I mean, that's a lot. That is a lot. This happened just moments ago. And the judge, a Clinton appointee, said he was making this ruling because he believes the Office of Personnel Management unlawfully directed the agencies earlier this year to to lay off probationary employees. As you may remember, this hearing was supposed to feature testimony from the director of the Office of Personnel Management. He would have faced probably pretty tough questions from lawyers representing unions. But the Justice Department decided not to make him available and also withdrew a declaration that he made last week about these firings. And let me tell you, Dan, we've been listening to this hearing in San Francisco. The judge was not pleased. He said, quote, you are afraid to have this person testify because, you know cross examination will reveal the truth. I tend to doubt that you're telling me the truth. The judge went on to say, you're not helping me get at the truth. You're giving me press releases, sham documents referring to documents submitted by the Justice Department to the courts. Now, going forward, the judge has ordered that another senior adviser at the Office of Personnel Management. So these lawyers are going to have the opportunity to question that senior adviser. The judge said he wants someone from this agency to go under oath and to finally tell the truth about exactly what happened with these firings. Now, the judge also anticipated that this ruling today will likely be appealed. He said if you want to do that, quote, God bless you. But he says that he wants to get to the bottom of exactly what happened with these firings. So in the next two weeks, we expect the senior leader at OPM could be deposed, depending on what happens with the appeal. Yeah, this is a very, very big development. And real quick, before I let you go, given that, do we have any sense of whether or not this ruling today could impact what we were just talking about earlier in the show, which is that there are more layoffs expected very soon? I think it would depend what specifically those layoffs are targeting here. We're talking about probationary employees at specific agencies. But I'm sure that lawyers at the White House, at the Justice Department, they are going to look at what the judge said today, decide if they want to appeal because again, another thing they don't want is an unfavorable ruling on appeal. So I'm sure this is going to factor into their considerations. But we know, Dana, they have lost several cases, they have won many cases and they continue to try to call the size of the federal government through any means necessary. Yeah, they sure do. Thank you so much.

[Steve Bannon]

Stunning development, not just the scale of this decision, but also basically the dressing down the judge gave to the government. We got about 30 seconds. Jolie, tell me what you think. We're gonna hold you through the break. This was pretty stunning, ma'am.

[Julie Kelly]

It really is. And this is just an escalation of what we see federal judges doing in other jurisdictions, particularly Washington, D.C. actively undermining the president's authority and his policy agenda to significantly reduce the federal workforce. And you have labor unions and other Democratic interest groups who are suing the president and his administration and these federal Judges, including this 80 year old Clinton appointed judges judge in San Francisco only too happy to go along with this.

[Steve Bannon]

Absolutely stunning. We're going to hold. Julie Kelly, A lot more to go to on the federal judiciary Insurrection, I told you, Insurrection. They're challenging directly the power of the president states to make executive decisions as chief executive officer of the United States government. Thought that was in the Constitution. Short commercial break Going to go back to Julie Kelly. Natalie Winters is at the White House. We have a lot more to go through. Philip Patrick is going to join US Markets in global turmoil today, all of it next in the war room. You don't go out and buy a life jacket when the boat is already sinking and you don't buy gold when the economy has already collapsed. Clearly others are heeding this advice as Gold hit an all time high the first part of 2025 multiple times. It's not too late for you. The company I trust to help you diversify into physical gold is Birch Gold. The company I buy my gold from. Birch Gold specialize in helping you convert an existing IRA or 401k into a tax sheltered IRA and physical gold for no money out of pocket. Just listen to this 5 star review quote knowledgeable, helpful, non pressure, end quote. That's what you get with Burch Gold and that's why I've endorsed them for so long. Get your free info kit on Gold by texting the word Bannon B A N N o n to 989-898. There's no obligation, just useful information with an A rating from the Better Business Bureau and countless five star reviews. Text Bannon B A N N o n to 989-898 and let the experts at Birchgold help you secure your financial future today with Gold. Here's your host, Stephen K. Bannock. So Julie Kelly, let me connect some dots here and as soon as we get the clip from the last we're trying to hone down the clip to what the judge said in open court in dressing down President Trump's government. But I want to be brutally frank and I'm going to go back to your report of yesterday. Judge Chutkan, Judge Beryl Howe, Judge Reyes, this new judge today. We remember those names, Julie, for the last three or four years of your reporting on the January 6th, protesters of these judges and others that are nothing more than a group of radical neo Marxists that throw out the rule of law and send so many people to jail forever. And now they are calling President Trump's really their government illegitimate, illegal insurrection. I mean the contempt that comes through is so obvious. Julie Kelly, your thoughts?

[Julie Kelly]

It is really ironic for me, Steve, to listen to judges like Amy Berman Jackson or Tanya Chutkin or Beryl Howell in particular, who is the chief judge of the D.C. district Court for seven years and did everything in her power in that unchecked, unaccountable position to destroy Donald Trump after listening to them for four years accuse a six year old woman who walked into a government building on a Wednesday afternoon of attempting as being a threat to democracy, attempting to overturn the results of an election. And now to see all of them systematically trying to thwart and successfully so far as the Supreme Court sits on its hands, to thwart Donald Trump and the will of the American people who elected him. And to your point, Steve, they are brazenly demonstrating their contempt for Donald Trump, his entire administration, Elon Musk, all of Donald Trump's voters in these courtrooms I'm going to be posting. I just purchased the transcript of Beryl Howells hearing yesterday about the lawsuit against Perkins Coie. The things that she said again were so out of bounds, saying that President Trump has a B in his bonnet about Trump Russia collusion. Well, of course he does. And she should have recused herself from presiding over this lawsuit because she was the chief judge that oversaw all of the activity of special counsel Robert Mueller handled all of the grand jury proceedings in that matter. She is totally conflicted and invested in protecting Perkins Coie because of what she has previously done. So I'm going to be posting snippets of that transcript tonight and people can see for themselves what she has said. And of course, Judge Chuck also poised to force Citibank to turn over money that is being held there, $20 billion in climate funds that the Biden administration sheltered at Citibank just a few days before the election and is doling out to these eight nonprofit climate nonprofits, hundreds of millions every few weeks. And EPA Administrator Lee Zeldin wants to claw that money back. She is poised to enter a temporary restraining order. Steve, preventing Lee Zeldin from getting our money back from Citibank. Every day gets worse and worse.

[Steve Bannon]

I just want to know. The $2 billion in foreign aid held up. The money laundering operation Citicorp money. Now the group that had like $100,000, the bank, they're claiming $6.9 billion were hung up there. Perkins Coy going offense on these law firms were held up there. The president of the United States trying to downsize the government, which is his purview, downsize there. Every money, every different aspect of what we told people was going to be the rollout of the deconstruction administrative state and really setting things right and balancing out the weaponization of government against people. Every single aspect of it has been stopped by some local federal judge that's given an injunction for the entire nation. Am I wrong in that we've essentially hit a wall here and they're going to continue on? I mean, this is what they're rallying around as their way to stop Trump.

[Julie Kelly]

Ma'am, that is exactly what's happening, which is why it is particularly shameful that the Supreme Court did not take advantage of that opportunity in the $2 billion US aid case before Judge Ali and finally, or at least begin to put a stop to what these courts, District Court judges are doing. I mean, you had Beryl Howell yesterday basically saying, priming the ground to completely overturn President Trump's executive order against Perkins Coie, saying that they have constitutional rights that Donald Trump is violating. You have another federal judge who is mocking Defense Secretary Pete Hegseth. This is Judge Anna Reyes, the first LGBTQ judge on the D.C. district court, mocking his service and forcing lawyers for the government to defend his position, which is the president's position on not allowing transgender troops in the military. You have another judge, one of our favorite, Royce Lamberth, a Reagan appointee who has also disabled the president's executive order about transgenders in federal prison. He has vacated, in his own way, reversed that executive order, forcing the government to continue, continue hormone therapies and transitional surgeries for federal inmates, people who have committed crimes, who are in federal prisons against the president's wishes. Again, the same judges who insisted a four hour protest at the Capitol building four and a half years ago almost represented a dire threat, One of the worst days in democracy, an attempt to. To overturn an election. And you have these same judges doing the exact thing that they accused J6ers of, which, of course, they never could do, but these judges are actually succeeding in doing so.

[Steve Bannon]

Before you go, Julie, I just want to play. We've cut this. I just want to play the CNN report on the outrageousness and the lack of respect and dignity and discernment by a federal judge today in San Francisco about President Trump, his Justice Department and his entire government. Let's go ahead and play it.

[Natalie Winters]

And let me tell you, Dan, we've been listening to this hearing in San Francisco. The judge was not pleased. He said, quote, you were afraid to have this person testify because, you know, cross examination will reveal the truth. I tend to doubt that you're telling me the truth. The judge went on to say, you're not helping me get at the truth. You're giving me press releases, sham documents referring to documents submitted by the Justice Department to the courts. Now, going forward, the judge has ordered that another senior adviser at the Office of Personnel Management be deposed. So these lawyers are going to have the opportunity to question that senior adviser. The judge said he wants someone from this agency to go under oath and to finally tell the truth about exactly what happened with these firings. Now, the judge also anticipated that this ruling today will likely be appealed. He said, if you want to do that, quote, God bless you. But he says that he wants to get to the bottom of exactly what happened with these firings. So in the next Two weeks. We expect the senior leader at OPM could be deposed, depending on what happens with the appeal.

[Steve Bannon]

Okay. I want this audience just to be had the perspective here. Julie Kelly sat in courtrooms for years, for years, got transcripts, looked at charges. Did any federal judge ever sit there knowing what the. And ever address the Justice Department with all the lies that we know? They told everything they did to break the rule of law. And actually not just weaponization. These prosecutors were criminals. They were flat out criminals of what they did to these men and women. And to sit there and they praised them. And right there, that judge called Trump's Justice Department, the DOJ and the lawyers liars. Right. And we'll put you under oath. I think you're lying to me. I want to get to the truth. This is outrageous. He ought to be turfed out. Impeachment should go on this guy right away. Did you ever see, in the four years with all the lies and misrepresentation of the Justice Department and Matthew Graves, did you ever see a thing? But the first time Trump gets into court in San Francisco, they call his Justice Department a bunch of liars, Ma'am.

[Julie Kelly]

Well, I know you will be shocked to hear me say no. I never heard any judge on the D.C. district or appellate court accuse the DOJ of lying, which they did flagrantly, in addition to violating all other rules of criminal procedure, including producing discovery, withholding evidence, including Brady material, refusing to turn over to the court, and in some instances, openly misleading the court. We saw this in the classified documents case before Judge Aileen Cannon, Jay Bratt and the prosecutors on Jack Smith's team frequently misleading Judge Cannon about the status of that case. So, no, I never heard that. But here's something I want to point out. This judge in San Francisco that you're referring to, this 80 year old Clinton judge. This lawsuit is not even a month old and he's already trying to put it on trial before him. Holding an evidentiary hearing, pulling in a top White House official to face. He called cross examination. He actually said that today. This is something that would happen years from now. Allowing attorneys representing government labor unions to cross examine in open court. A White House official who clearly would have at least some argument, privilege arguments. And it sounds like he is setting the stage for this, which of course, then the White House will try to invoke executive privilege. This judge, of course, will ignore that, but he is setting up a mini trial of the President's personnel policies executed under the executive branch and allowing interest groups and government labor unions to cross examine a top appointee of President Trump. It is stunning. Every day really gets more and more surreal. What's happening in these courtrooms.

[Steve Bannon]

Julie, you know you're going to get the transcript. We'll see you tomorrow. Until then, your substack and social media, ma'am.

[Julie Kelly]

Substack declassified with Julie Kelly. Julie Kelly, I'm on x julie_kelly 2. I will be posting parts of Barrel Howells. Really mind blowing comments in court yesterday about the president and Perkins Coie.

[Steve Bannon]

Unbelievable. Jolie Kelly, thank you so much.

[Julie Kelly]

Thanks, Steve.

[Steve Bannon]

We're gonna go to the Treasury Department. Matt Boyle is finishing up an interview with Scott Bessant. In a day of global market turmoil, Philip Patrick's going to join me for a pregame. We're also going to go back to the White House. Our own Natalie Winters. War and peace and prosperity today in the war room. Back in a moment. You wish you could have invested in the stock market last year when investors scored the highest profits in decades. But between that mountain of bills and credit card debt, you had nothing and I mean nothing left over. It's time to stop letting debt hold you back. Let me tell you how done with debt can help. They have a brilliant new strategy designed to tackle your debt and put cash back into your hands so you can save and invest and build the life you've been wanting. Done with Debt goes head to head with credit card and loan companies. Their team of negotiators and legal experts work to significantly reduce your bills, eliminate interest and erase penalties. This frees up cash to invest while the stock market is still hot. The bottom line is this done with debt helps turn crushing debt into financial freedom. That's crushing debt into financial freedom. But some of their strategies are time sensitive, so don't wait. Start building the life you deserve. Visit donewithdebt.com and talk with one of their strategists. It's free. Go to donewithdebt.com that's donewithdebt.com for years.

[Donald Trump]

And we're not going to be ripped off anymore. Now I'm not going to bend at all. Aluminum or steel or cars, we're not going to bend. We've been ripped off as a country for many, many years. We've been subjected to cost that we shouldn't be subjected to. In the case of Canada, we're spending $200 billion a year to subsidize Canada. I love Canada. I love the people of Canada. I love, I have many friends in Canada. The great one, Wayne Gretzky the great. How good is Wayne Gretzky? He's the great one. But we have. I know many people from Canada that are good friends of mine. But, you know, the United States can't subsidize a country for $200 billion a year. We don't need their cars, we don't need their energy, we don't need their lumber. We don't need anything that they, that they give. We do it because we want to be helpful. But it comes a point when you just can't do that. You have to run your own country. And to be honest with you, Canada only works as a state. It doesn't. We don't need anything they have as a state. It would be one of the great states anywhere. This would be the most incredible country visually. If you look at a map, they drew an artificial line right through it between Canada and the U.S. just a straight artificial line. Somebody did it a long time ago, many, many decades ago, and makes no sense. It's so perfect as a great and cherished state. Keeping O Canada. The national anthem. I love it. I think it's great. Keep it. But it will be for the state. One of our greatest states. Maybe our greatest state. But why should we subsidize another country for $200 billion? It costs us $200 billion a year. And again, we don't need their lumber, we don't need their energy. We have more than they do. We don't need anything. We don't need their cars. I'd much rather make the cars here. And, and there's not a thing that we need now. There'll be a little disruption, but it won't be very long. But they need us. We really don't need them. And we have to do this. I'm sorry, we have to do this.

[Steve Bannon]

Yes. If you watch Real America's voice early in the day, it was nothing short of extraordinary. I told the team this morning that when I saw that the NATO Secretary General was coming, it wasn't on as really a bilateral. Bilateral. It wasn't on as really a big meeting. He was coming by and he was going to have lunch. And I said, President Trump's going to. Going to open up, have a press avail now. I didn't know it was going to be an hour and 20 minutes with President Trump taking every question under the sun on Putin, on war and all of it. We're going to get to all this because we're quite jammed this afternoon. So much big news is breaking and so much analysis needs to be done. But on this, President Trump, I am not going to bend on tariffs, said this over and over again. We've asked Philip Patrick to join us. We're going to go to the Treasury Department in a little while. Matt Boyle of Breitbart is finishing up an interview with the secretary of Treasury. As soon as that's over, Boyle's going to give us an update. What's going on? PHILIP Patrick now more than ever, I think people need that kind of steady hand of Scott Besant. That's what we've been a big advocate that Scott ought to be out there more. We love Howard Lutnick. Howard's a little more, I would say, on the sell side of the House. Scott's a little more of the steady. EDDY Capital markets guy I think right now we need capital markets guy because the markets are in turmoil and we need a steady hand. Your thoughts?

[H]

PHILIP PATRICK yeah, I would agree vehemently with that. And I think Scott Besson has an incredible track record and they understand this guy knows what he's doing. But, you know, we are seeing a ton of volatility and I think the markets are responding. I think Monday was the worst day on Wall street in about three years and were on track for the worst week since the beginning of the pandemic panic. So things are rough. And I think what's happening at the moment is investors are realizing that the Trump administration are going to keep pushing their agenda even if growth takes a hit and even if markets tumble. Right. And I think there was a belief before that the second the markets would come down, Trump would reverse policy. But why people are so surprised is beyond me. I mean, they've been signaling this for a long time. JD Vance said back last fall that things were going to get tough, Besson has said, and correctly so we need to go through a period of detox, Right. Markets have become addicted to cheap money, to government spending for way too long. And I think what we're starting to see is what started out as sort of growth repricing from a rich starting point is now morphing into a growth scare driven by tariffs, doge retail selling and all the volatility. But the important thing is I think they're realizing that there is a willingness of the administration to embrace shorter term pain. We've been saying it, but now we're doing it. And I think ultimately this is what Wall street got wrong. They thought that Trump was another rich guy who was another markets guy just like them, and they were wrong. Right. What's becoming clear is this Administration is about America's interests first. It's about America's security first. America's economy first. This is a populist nationalist movement, not another corporate kleptocracy. Trump didn't run on the platform making Jeff Bezos rich. Right. For once, for once we have a leader who's willing to put the American family first, who's willing to look beyond the sort of day to day and think about long term thinking. Because it's only long term thinking, cold blooded rationality and a willingness to accept pain that's going to get us out of this mess. And that's what people have to understand. We have to bear with these guys. We've been building a bubble for a long, long, long time. And we're going to have to let some air out of that bubble if we're going to rebuild. And that's what's happening.

[Steve Bannon]

The price of gold hit an all time record today at 2982. That's $2982. The gold just surpassed, we're just been notified. Gold just surpassed $3,000. Talk about that for a second. We're not here because we started with you guys. Thing was 1100 bucks. It's not about that. In fact, I want you to explain to people, gold's never had a run like this. And gold, you normally invest in gold as a hedge against times of financial turbulence. It's never really been an instrument to outperform the equities market. So people are. And by the way, thank you producer. I mean we're here Philip, in a historic moment when gold has just reached $3,000 per ounce. Talk to us about this moment. And it's not simply the price, it's the convergence of factors. And we've told people and I've on this show, this is why we did the end of the dollar empire. This is why we want people to be smart, to teach you capital markets, teach you macroeconomics. The forces that are driving this are the same things that are driving these central banks. And they're not going to go away for many, many years. Philip, Patrick, your thoughts?

[H]

You're absolutely correct. Listen, gold now is becoming a growth asset. Prices are surging. We're up over 12% this year, over 35% last year. And historically, as you said, you didn't buy gold. I was an investment banker right in the early 2000s. If you talk to me about buying gold, I would have laughed. Right. Because the reality is we had 100, but it's true we had 100 years of data. The 20th century showed us that the S and P crushed gold. It is a very different story this century. Very different. Gold has outperformed capital markets significantly. And it's all to do with the things we're talking about. It's about debt, it's about deficit spending. Look at the problems in front of us and it's very clear why gold is surging and why gold is going to continue to surge, I think around the world. Gold today has become the safe haven trade. It's not the dollar anymore. Right. It's not US government debt anymore. Right. Look at what's happening there. The picture is not good. And I think overall what we're seeing.

[Steve Bannon]

Hang on, hang on. I want to, I want to turn right now to Ray Dalio yesterday. Exactly. Because traditionally the price equality, they're immediately going to U.S. government bonds. They're not. People are putting their money in gold and there's a reason for that. We're going to turn to Ray Dalio now. Let's go in and play this is Yesterday on cnbc.

[Stephen K. Bannon]

I think the first thing is the debt issue. We have a very severe supply demand problem. So we think there's debt and some people think, oh, we'll handle it because we've handled it so far. I don't think they understand the mechanics of debt. By the way, I've written the draft of a book that anybody can see on social media, particularly LinkedIn that goes through the mechanics of the debt. But there's a supply demand problem so that they have to sell a quantity of debt that the world is not going to want to buy. And that's a set of circumstances that is imminent. Okay, that's, that's, that's, that's paramount importance. Then we're going to have to deal that the deficit must go from what will be projected now to be about 7.2% of GDP to about 3% of GDP. Otherwise there will be a supply demand problem. Okay, that's a big deal. You are going to see shocking developments in terms of how that's going to, to be dealt with. Things that may not have happened in our lifetimes but things that have happened throughout history. So that's an immediate consideration. Interest rate.

[Natalie Winters]

What do you mean austerity like that?

[Stephen K. Bannon]

There are, there are many. What do you do when you don't have an adequate supply demand balance? There may be restructurings of debt. There may be exerting pressures on countries to own the debt to buy the debt. Political pressures on countries. There may be cutting the payments to Some creditor countries off for political reasons and so on. So there may be monetizations of debt. If you look at history and see the repeating of what do countries do when they're in this kind of situation? There are lessons from history that repeat. And so just as we're seeing political and geopolitical shifts that seem unimaginable to a lot of people, to most people, if you just look at history, you'll see these things repeating over and over again. So you will be surprised, we will be surprised by some of the developments that will seem equally shocking as those developments that we've seen. So when I look at it, I think that these are of paramount importance. Then we're going to deal with the intern.

[Steve Bannon]

So, Philip Patrick, is Ray Dalio right there warning the American people that we could have a sovereign debt crisis when he talks about rescheduling payments, restructurings, you know, and a huge oversupply of government securities that have to be sold and also refinanced. Is this one the res Instead the smart money's gone. Maybe I do, maybe I can't put it in a government security. Maybe what I do is put it in gold. Sir.

[H]

Yeah. When you say one of the reasons, I would say the biggest reason by far, and Dalio's absolutely correct, of course, the guy's brilliant. But you know, we're starting to see early signs of some of this. I think Scott Bessant touted, you know, tying European security guarantees to a 50 year government bond at zero coupon. Right. Talk about defaulting on sort debt liabilities. We kind of did it when we sanctioned Russia. Right. I think, you know, sort of a broad debt default is unlikely, but it's getting concerning. I think I saw your commentary on this interview yesterday and you said, you know, this is how a bankrupt company would act. And you're right. But we're not a company, we're a nation. Right. And we have options that companies don't. And in this situation, I think central banks are forced to choose, right? You either print a lot of money to devalue the debt or you don't print money and you default on debt. Right. But the reality is when you owe debt in your own currency, you never default, you always print and devalue and that always ends the same way. First of all, it inflates the debt away, but the side effect is it destroys the purchasing power of currency. We've seen it time and time and time again throughout history, and I've said it before, but it's starting to happen already. Global demand for our debt is already waning. US dollars, central bank holdings, 30 year lows. Even in a climate where rates are going down, debt service payments are going up. These are early signs and they are bad signs. Ray Dalio says three years, depending on what happens, could be sooner, could be longer. But we're going to have to pay the piper at some point.

[Steve Bannon]

Philip, can you hang on one second? I'm going to hold you through the break. Bertragold We've done to explain this to you. We've put together the end of the dollar empire. It's all free. The six free installment Modern monetary theory, the idea that broke the world. Big believers in the worm, that ideas have consequences. This is one that had quite negative consequences. One of the reasons we're dealing with this fiasco is this belief. The buy in from the lords of easy money in the political class. Short commercial break we're going to turn with global capital markets next in the world. What if he had the brightest mind in the War Room delivering critical financial research every month? Steve Bannon here. War Room listeners know Jim Rickards. I love this guy. He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets, Jim predicted Trump's electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning speeds, algorithm driven crashes and even threats to national security. Right now, War Room members get a free copy of MoneyGPT when they sign up for Strategic Intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it. You should read it. Time is running out. Go to Rickards War Room.com that's all one word. Rickards War Rooms records with an S. Go now and claim your free book. That's Rickards War room dot com. Do it today. Hey, I can't be with you for.

[Julie Kelly]

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[Steve Bannon]

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[Steve Bannon]

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[Steve Bannon]

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[Steve Bannon]

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[Julie Kelly]

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[Steve Bannon]

Room 800-873-1062 or go to mypillow.com promo code war Room. We'll see you soon. Okay. Mike Lindell, still under the still under the gun on this throat surgery. Hopefully be back with us next week. Philip Patrick and we'll have it tomorrow. I think we have time. The Indy, I think has announced Modi saying he's kind of drop out of the bricks. We'll have full report on that tomorrow. But the purchasing power of the dollar, that's what people are concerned about. Central banks buying gold at record rates. I want to make sure people can get to you guys. You got, if you take go to your phone Bannon, Tex Ban and B A N N O N 989898, you get the ultimate guide to the purchase of gold in the era of Trump. That's used totally free. But you know, we do these relationships with sponsors and we want people to have access to the senior level of the company. And that would be you at Birch Gold. And of course, over the last three or four years, the feedback from our, from the Warren posse, our audience is just, you guys are fantastic. I just want to make sure particularly our new viewers and listeners and people on the podcast get access to you and your team, especially now, as we've told you, we're in a fourth turning. This is going to get quite turbulent going forward. And turbulence is not a bad thing if you know how to hedge where they go.

[H]

Philip yeah, it's really simple. Birchgold.com Bannon birchgold.com Bannon or as you said, Bannon to 989-898 get the information, immerse yourself. We've been doing this for, well, I've been doing this with you for about three years and I think over that time period we've built some credibility. We've been pretty spot on with what's going to happen, what's been happening. So look at the information, read and go from there.

[Steve Bannon]

And you got to understand there are people in the audience. You guys are gold. There are a lot of gold bugs out there. They're gold bugs at Birch Gold. But I came out of Goldman Sachs, had my own firm back in the 80s and the 90s. And Philip was. He's a recovery investment banker also. Gold just wasn't a thing. And now you look at this as a store of value in a hedge, which it's always been. But you look at it, the bump in it is incredible. And part of that is the central banks. What we want to do is understand the underpinnings of the converging forces that are coming together, and then you make your own decisions. Philip, Patrick, honored to have you on here. Pretty good calls over the last three years, bro. Pretty good calls.

[H]

Thank you, Steve.

[Steve Bannon]

I think the best one was. I think the best one was Navarro. We called stagflation back when it happened. Natalie Winners, we are going to go to the treasury for an exclusive interview with Matt Boyle, who's with the Secretary of Treasury right now, interviewing him in the Secretary Treasury, I believe the office. We're gonna go to Matt, as soon as it's free. Natalie, there's so much I want to go through with Putin, but there is this thing on CISA that you're uncovering. Give me the update on that, because I want to make sure I get that in today. And given some other news, we might not be able to come back to the White House. Give me what's your CISA report, ma'am? Sure.

[Philip Patrick]

Well, real quick, I'm standing here. In that brief period where I wasn't on, I actually saw Cash Patel arrive at the White House, unclear what he is doing. He waved at me. And you can certainly make sure that that makes you a lot more popular with the press corps. But that aside, with what's going on at cisa, they've now shut down two key programs, one having to do with.

[Steve Bannon]

Hey, hold it, hold it, hold it. Hang on, hang on, hang on, hang on, hang on. Okay, hang on. Stop. How many, how many of those stiffs. No, how many of those stiffs out there you've co hosted with Cash dozens of. Of times. How many of those stiffs on at pebble beach can say that you've coasted with the FBI director, ma'am.

[Philip Patrick]

Well, and Navarro. Right. It's basically all the war room co hosts, all the. That's what pebble beach has become. But no, this is the thing I think is important. I know we only have limited time. We can rehash this, but why it's important now is because the media is starting to become out apoplectic over it. They've started mentioning it a lot more on msnbc, a Lot of the outlets are now doing long stories, the fear porn, about how they're letting all these brilliant techies go and how, you know, cybersecurity attacks, impending doom. Although I think the cyber security attacks have already happened because precisely why CISA and all the engineers over there have not been focused on securing this country against cyber attacks, but rather they've been focused on censoring Americans weaponizing election infrastructure. So I think this is an important thread that they've just started to pick. But I just wanted to lay it down for the audience because you're going to see this expand. And Secretary of State Adrian Fontes has actually already started advocating and it's been propped up by democracy docket. That's Mark Elias's group. The idea of creating a sort of new CISA to help defend election administration across the country.

[Steve Bannon]

I tell you what, I'm gonna let you go. We're gonna have you back on tomorrow. I'm do all the Putin stuff with you that came from the White House today, tomorrow, because there's going to be more breaking news overnight on that. Natalie. Until then, where do people go on your social media to track everything you're working on?

[Philip Patrick]

Natalie G. Winters on all platforms. Thank you for joining. Sorry, I thought about co host. Thank you for having me.

[Steve Bannon]

Hey, don't take that, don't take that co host thing too. Natalie Winters, Thanks. Great job, ma'am. Appreciate you. Okay, that's Natalie Winters. We're gonna, when we return, we're gonna go to the Treasury Department, the indefatigable Matt Boyle, the national political editor for Breitbart, the only living human being that was mentored in order by Tucker Carlson, Andrew Breitbart and Stephen K. Bannon. And live to tell about it, he's not. The Treasury Department just did a exclusive interview with Scott Besant. On a day of global turmoil in the capital markets. Part of that reason, Putin came back with a couple of three ideas that he would only do the ceasefire. Let's say this, he took a maximalist position. It's one of the reasons capital markets are roiled today. Gold. A few minutes ago, the historic three thousand dollar mark was breached. We're gonna break it all down, leave you with the right stuff. Get ready for the second hour in the late afternoon early evening edition with War Room. Be right back. Are you a yo yo, Dieter? You diet, lose weight, but gain it all back, plus a few extra pounds for the effort. Then later you lose it again and regain it again and on and on and on. I think I resemble this. It's dangerous. Studies show that you can increase your risk of heart attack, stroke, type 2 diabetes and other health problems. Breaking free of your yo yo diet pattern is a main reason doctors created Lean. Lean is a supplement, not an injection, and you don't need a prescription. The science behind Lean is impressive. It studied natural ingredients target weight loss in three powerful ways. Lean helps maintain healthy blood sugar. It helps control appetite and cravings, and it helps burn fat by converting fat into energy. Listen, if you're tired of losing weight and gaining it back, if you want to lose meaningful weight at a healthy pace, Lean was created for you. Let me get you started. With 20% off when you enter Bannon 20 that's B A N N O N [e-mail] that's code Bannon 20 to [e-mail] Bannon 20 that's two [e-mail] lose it and keep it off curd Human.

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[Philip Patrick]

Cheers to your health.

[Steve Bannon]

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