Episode 4397: Turn Around Tuesday; Markets Bounce Back Cont.

Summary

Podcast Summary: Bannon's War Room - Episode 4397: Turn Around Tuesday; Markets Bounce Back Cont.

Release Date: April 8, 2025
Host: WarRoom.org (Stephen K. Bannon)

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Overview

In Episode 4397 of Bannon's War Room, host Stephen K. Bannon delves deep into the current state of the American economy, trade policies, and the looming challenges posed by the Chinese Communist Party (CCP). The episode features insightful discussions with prominent guests Peter Schiff and Spencer Morrison, shedding light on the implications of President Trump's trade strategies, national debt concerns, and the sustainability of current fiscal models.

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1. Trade War and Tariffs

Stephen Bannon initiates the discussion by addressing the intensifying trade war between the United States and China. He highlights recent massive naval exercises by the People's Liberation Navy around Taiwan, emphasizing China's intent to assert its dominance and challenge the U.S. Seventh Fleet's ability to defend Taiwan.

Quote:
"The Chinese Communist Party is bringing a lot of firepower, sending a strong signal to the Americans that defending Taiwan won't be straightforward." (00:52)

Spencer Morrison provides a positive outlook on the trade negotiations, expressing optimism about new deals that could lower global trade barriers and reshore American manufacturing.

Quote:
"If these new deals are structured to benefit both parties by lowering overall trade barriers, it's going to be great for American industry and export growth." (04:33)

However, Peter Schiff offers a contrasting perspective, cautioning against the long-term viability of tariffs. He warns that while tariffs might protect certain industries in the short term, they could lead to inflation and reduce the U.S.'s ability to borrow cheaply from foreign investors.

Quote:
"Tariffs may very well stop imports by making goods expensive, leading to higher domestic prices and a potential economic implosion." (05:52)

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2. National Debt and Fiscal Sustainability

The conversation shifts to the pressing issue of the national debt. Bannon raises concerns about the proposed reconciliation bills, which suggest increasing the debt ceiling by $4 to $5 trillion without corresponding spending cuts.

Quote:
"The model we have today is not sustainable. A two to two and a half trillion dollar deficit annually will push our debt to unsustainable levels." (09:23)

Peter Schiff vehemently disagrees with the current fiscal approach, labeling it as "completely unsustainable." He criticizes the reliance on short-term debt financing, comparing it to running on a one-year adjustable-rate mortgage (ARM) instead of a stable 30-year fixed-rate mortgage.

Quote:
"We've played Russian roulette with the country's finances by relying on short-term debt, and now we're facing a precarious situation with trillions of debt maturing soon." (16:46)

He further emphasizes the need for immediate and substantial spending cuts to balance the budget, arguing that delaying action will exacerbate the financial crisis.

Quote:
"If we're going to take the pain of fiscal reform, it's worth the short-term discomfort to prevent long-term economic collapse." (11:04)

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3. Reconciliation Bill and Policy Implications

Bannon critiques the proposed reconciliation bills for lacking necessary spending cuts, which he believes are essential to address the burgeoning deficit.

Quote:
"These budgets can't sustain two and a half trillion dollar deficits. We need immediate fiscal responsibility, not delayed promises." (22:24)

Schiff agrees, advocating for a balanced budget within a year or two rather than over a decade. He stresses that entitlement reforms, including cuts to Social Security, Medicare, and defense spending, are non-negotiable to achieve fiscal stability.

Quote:
"I am prepared to veto any bill that doesn't balance the budget. We need to cut government spending right now to prevent further debt accumulation." (13:02)

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4. Chinese Communist Party's Strategic Options

The discussion transitions to the CCP's potential responses to the U.S. trade strategies. Bannon references Zero Hedge's analysis of China's possible actions: conceding defeat, devaluing the yuan, or embarking on unprecedented fiscal stimulus.

Quote:
"China has three basic options: concede defeat, devalue the RMB by 20-40%, or unleash a $2-3 trillion fiscal stimulus to prop up their economy." (24:26)

Johnny Khan, another guest, speculates that the CCP might resort to more drastic measures, including economic or even kinetic warfare, to maintain their grip on power.

Quote:
"The CCP won't hesitate to plunge the world into chaos if necessary to keep their regime intact." (24:26)

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5. Upcoming Debate and Future Discussions

The episode builds anticipation for an upcoming debate hosted on Zero Hedge featuring Peter Schiff and Spencer Morrison. Bannon underscores the significance of this debate in presenting opposing views on trade and economic strategies.

Quote:
"Tonight's debate on Zero Hedge between Spencer Morrison and Peter Schiff will be a donnybrook of ideas on trade and economic policy. Don't miss it." (22:27)

Bannon also touches upon broader political dynamics, including potential presidential runs by figures like Stephen A. Smith and the internal splits within the MAGA movement regarding economic policies.

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6. Closing Remarks

As the episode concludes, Bannon reiterates the critical nature of the current economic strategies and the necessity for America to reclaim its manufacturing prowess. He emphasizes the importance of policy clarity and fiscal responsibility to avert an impending financial crisis.

Quote:
"President Trump's mission to make America a manufacturing superpower is essential. We need to bend the global economic system to prioritize American workers and industries." (54:40)

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Conclusion

Episode 4397 of Bannon's War Room offers a comprehensive examination of the United States' current economic policies, trade strategies, and the looming challenges posed by national debt and international relations. Through robust discussions with experts like Peter Schiff and Spencer Morrison, the episode underscores the urgency of fiscal reforms and strategic trade negotiations to secure America's economic future.

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Notable Quotes:

• Stephen Bannon:
  "The Chinese Communist Party is bringing a lot of firepower, sending a strong signal to the Americans that defending Taiwan won't be straightforward." (00:52)

• Spencer Morrison:
  "If these new deals are structured to benefit both parties by lowering overall trade barriers, it's going to be great for American industry and export growth." (04:33)

• Peter Schiff:
  "Tariffs may very well stop imports by making goods expensive, leading to higher domestic prices and a potential economic implosion." (05:52)
  "We've played Russian roulette with the country's finances by relying on short-term debt, and now we're facing a precarious situation with trillions of debt maturing soon." (16:46)

• Johnny Khan:
  "The CCP won't hesitate to plunge the world into chaos if necessary to keep their regime intact." (24:26)

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Disclaimer: This summary is based on the provided transcript excerpts and aims to capture the key discussions and insights shared during the podcast episode. It omits advertisements and non-content segments to focus on the substantive content.

Transcript

[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 get a free shot. All these networks lying about the people, the people have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen.

[Peter Schiff]

And where do people like that go to share the big lie? MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience.

[Steve Bannon]

Ask yourself, what is my task and what is my purpose? If that answer is to save my.

[Spencer Morrison]

Country, this country will be saved.

[Peter Schiff]

War ROOM here's your host, Stephen K. Ban.

[Steve Bannon]

It's Tuesday 8th April in the Overlord 2025. I'm going to go back to Forrest in a moment because you know this situation with the Chinese Communist Party May Crab sideways massive naval exercise over the past couple days around Taiwan with the People's Liberation Navy, I think trying to send a signal and a message to the Americans that don't think you can defend Taiwan with the 7th Fleet because we're a lot closer and are bringing a lot of firepower. So we're going to get back to Forrest on that. Tonight there's a very special event and it's free and it's free for the world. And it's sponsored by one of my favorite news sites and websites. They've got amazing analysis on it, amazing articles. They link to amazing pieces that would be, of course, zero hedge. So at 7pm tonight, if we put the graphic up and there are a lot of people that worked on this to make it happen and I want to thank them for reaching out to us to be part of helping to pull it together. But tonight at 7pm on Zero Hedge, totally free, there will be a debate between the great Peter Schiff, one of the smartest guys on Wall street, and Spencer Morrison, the author of Reshoring Spencer joins us. We're trying to get Peter up, but Peter's like me on making Skype work, so we're struggling. He'll be up in a second. We Spencer, this is. Well, first of all, give us your assessment. I don't want to get too much into the debate because I want people to see it. And we're also going to be doing a pre game on this in our 6:00 hour leading up. And really we'll transfer you guys over to Zero Hedge at seven. I think we're Also Grace and Mo, we're going to try to stream it ourselves off of zero hedge because this is a big deal. And I think only zero Hedge, which has some much greater analysis about Wall street and other things are happening. Global capital market is a perfect place to have it. So tell me, give me your assessment of the last couple days, particularly the day the global stock market has kind of come back and President Trump is dug in and not moving and now they're all stacked up. He just saw his true social about South Korea. The Japanese are coming in. So where do you think we stand, Spencer?

[Forrest]

Well, I think we're in a really great position. And I think when I was on the show with you on Liberation Day, I think we discussed this and we sort of called the markets are going to fluctuate, they're going to bounce back. And I think I made the point and I'll make it again. If President Trump said he was going to cut income tax, the mainstream media would say, my God, the economy is going to crash. We're losing $250 billion worth of GDP because that's how much it costs to do the taxes every year. Right. So anytime you have a big policy shift, you're going to have economic dislocation. And sometimes it's short term, sometimes it's medium term. But I think what President Trump is doing here is he's shifting the economy from consumption and financialization of the economy over to an industrialized economy and a production based economy. So there's going to be shifts and I think it's positive that the market is responding. But I don't think the market is the be all and end all in terms of a barometer up to the economic health of America. There's so many other metrics we have to look at. Do people have money to support their families? That's more important than the stock market to me.

[Steve Bannon]

Given that this was announced at the close of the market last Wednesday and tomorrow is really the day that the reciprocity kicks in. One week into this, are you feeling pretty good?

[Forrest]

I'll tell you what, I'm feeling amazing. I think that there's a lot of nations that are in the process of coming to the table. I think many more are going to come to the table. I'm excited to see what the President President can do in terms of working out new deals. And if these new deals are structured in such a way that benefit both players by lowering overall trade barriers, I think that's great. I think that's going to cause a lot of other nations to step forward. I think this is going to be great for American industry. It's going to raise exports and ultimately it's going to reshore a large portion, I hope, of the economic production that's been shipped abroad to China, Mexico, places like that.

[Steve Bannon]

Okay, tonight at 7:00 on the great site Zero Hedge is going to be a debate between Spencer Morrison and the great Peter Schiff. Peter joins us right now. Peter, before I get into anything, I don't want to give up too much of the debate. We're going to have a whole hour of pregame Today on our 6:00 show before because I'm just, I'm so excited about having two heavyweights actually lay out these two plans. But since you're such a prominent thinker of capital markets, just give us where you think we are overall with the American economy. You know, you got the reconciliation we're working on, obviously, this big trade war that President Trump's engaged in. What's Peter Schiff's take on things?

[Peter Schiff]

Well, you know, I think we're in a very bad place as an economy. You know, I'm sympathetic with the President. You know, I supported him, I urged my followers to vote for him, not because I wanted him to do these tariffs, but because I thought he was much better than the alternative. But Trump understands that. Yes, over the last 20 years or so in particular, we've hollowed out the middle class, we've lost our industrial base, we've grown poorer as we've accumulated debt and the rest of the world has accumulated assets. But what Trump doesn't seem to get, and a lot of people that surround him, is the current nature of, of the economy and how this big bubble has been inflated. We run these huge deficits, government deficits, a couple of trillion dollars a year. The Fed prints a lot of money. And so Americans get a lot of money to spend as a result of these deficits. But the problem is Americans aren't making the products that these Americans want to buy. And so if we just had to spend our money here, prices would have gone through the roof. But what we've been able to do is we have an escape valve for the inflation and it's the rest of the world because they have lots of capacity, lots of factories, they produce all the stuff. And so what Americans do is they take that money and they go shopping and we buy all sorts of stuff. Over a trillion dollars worth of merchandise comes in every year that we didn't have to produce. We didn't have to, you know, sacrifice. We didn't have to save to make the capital investments. We don't have to deal with the pollution. We just get all the stuff and all the work is done abroad. So we send our money abroad and they send their stuff here. Now, this cycle gets even better for us in the short run because foreigners take the dollars that they earn, selling us the stuff that we didn't have to make, and they buy our financial assets, they buy our stocks, they buy our bonds, and as a result of that, our stock market goes up, our bond market goes up, and so our interest rates go down. And so everybody thinks they're richer because stock prices are higher. We get to borrow all this cheap money so we can keep on going further into debt to buy more foreign products. Now, if that's going to stop and if the tariffs may very well stop it by making goods so expensive that Americans can't afford to import them anymore, then what's going to happen is the money that we create stays in America, bidding prices through the roof. And foreigners no longer buy our stocks and no longer buy our bonds, sending interest rates through the roof. We have a massive economic implosion as the entire service sector economy collapses. We have another financial crisis because a lot of the borrowed money can't be repaid. A lot of the stores have to close down because they no longer have goods that anybody can afford to buy. We have lots of unemployment. So in the short run, this is an unmitigated disaster. The problem is Trump has not prepared the public for just how bad it's gotta get before it's gonna get good. And I don't think we have the stomach for the financial crisis and the collapse that's coming. I think we're just going to go back to the same thing that got us here, which is asking the Fed to cut interest rates and print more money. And then we risk what's always been the worst case scenario, a complete dollar collapse and runaway inflation. So I think we're very close to the precipice of that right now.

[Steve Bannon]

Let me ask you, let me just take in a slightly different direction if you see the. Because at the same time we're going through this, they've now talking about these reconciliation bills. And if you just cut down to the basics of the reconciliation, one's talking about a $4 trillion. The House is talking about a $4 trillion increase to the debt ceiling, the Senate's talking about a $5 trillion. My understanding. And it's not. You haven't seen the language My understanding that's a two year deal or just gets us past the midterm elections sometime into 2027. The model we have also these deficits, particularly given tax cuts that he's promised the working class on tips and on Social Security that the deficits could be north of $2 trillion. Is that model. Just leave aside, leave aside the trade situation for a second. What he's got into is the model that we have right now of just because. And I want to just tell the audience neither the reconciliation, what they're talking about or even in fiscal year 2025 because there've been no impoundments to date. There has not been outside of, outside of USAID and doe, which were identified by, you know, the Eli Cranes of the world on fraud. There hasn't been one penny that's been put over to people to say, actually this is where we found it, this is where we cut. So you're going to have a two to two and a half trillion dollar deficit every year. You're going to get up to 42 or $43 trillion in debt and you just continue on. Is the basic model we have today. Leave aside what he's doing on trade and trying to bring manufacturing back. Is the model we have today sustainable?

[Peter Schiff]

No, it's completely unsustainable. The fact that we've sustained it for so long is why the problem has gotten so big. And the deficits will be much larger as we go into a deeper recession, which I believe we're in. And it's going to get a lot worse, especially with the tariffs. You know, what Trump should be doing right now is telling Congress that no way will he sign off on this bill. I would not increase the debt ceiling at all. You know, Rand Paul says, hey, let's do it by 500 million. 500 billion, not 5 trillion and let's do it entrantious.

[Steve Bannon]

Yes.

[Peter Schiff]

Yeah, but I would use my veto if I was Trump. I would make it clear to Congress that I am not signing an unbalanced budget. The buck stops here. We need to cut government spending right now. We need to balance this budget. And if you don't balance this budget, I'm vetoing it. And the only way you're going to pass this increase in the debt ceiling is, is with 2/3 of both houses because I'm not going to be a party to the destruction of the country. I'm not going to take on another 5 trillion in debt because that means another 10 trillion in debt. It's never going to stop. So now is the time. If we're going to take the pain, that's pain worth taking. The pain of the tariffs is just pain for pain's sake. It is not going to help. The tariffs are going to make it worse. But if we actually force the government to stop spending and we really get into the root cause of the problem, that's the kind of pain that I want to sign on for.

[Steve Bannon]

And you're prepared in that regard because they just put forward a trillion dollar defense budget. You're prepared to cut defense, you're prepared to say, hey, we got to cut some Medicaid, we got to cut social programs. But I don't want a 10 year or where Scott Bessen says we're at 6 and a half or 7% of deficit to GDP, I'm going to get us down to 3 and a half. Peter, you're saying, hey, that's not good enough. I want to plan not over 10 years, but over a year or two to get to a balanced budget, to get to a zero deficit. Is that what I'm hearing?

[Peter Schiff]

60, I'm 62 years old. I've been around long enough to know that every time Congress says they're going to cut the deficit in the future, they never do it right. They always say, oh, we'll have these future spending cuts, they kick the can down the road. Look, I'm prepared to give up 100% of my Social Security, you know, and a lot of people should say, yeah, we don't need any Social Security because the money's not there and the young people can't afford to pay the payroll taxes. But we have to reform entitlements, which means cut entitlements, Medicare, Medicaid, Obamacare, all that stuff. And yes, we're spending too much money on defense. We need to spend less on defense. Donald Trump says we should stop defending Europe. Yes, let's stop defending Europe. Let's bring home the troops so we can save that money. Let Europe defend itself. But we need to cut, bring the troops out of Japan. You know, we're broke. You know, we have 36 trillion in debt, 37 trillion. And what's worse, over the next four years, 26 trillion of that debt comes due, it matures and we have to find buyers for that. And I don't think they're going to be there.

[Steve Bannon]

Hang on for one second. We're taking a short commercial break. Tonight's debate at 7pm on the Great Zero Hedge. Peter Schiff, Spencer Morrison on the, on, on trade and tariffs. I'm sure much, much more. Zero Hedge sponsor this. We couldn't be prouder to help pull this together. And we're going to drive a big audience to this tonight because you got to hear it. Short commercial break Johnny Khan takes us out with American made with American parts. Short commercial break Back in a moment. Cause I think you changed already. You went and lost your pride. But I'm American made. I got American parlor. I got American faith in America's heart. 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 specializes 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 five 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 plus 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.

[Peter Schiff]

Here's your host, Stephen K. Ban.

[Steve Bannon]

I can tell you Peter, the audience is the Warren Posse is quite excited that you're on. One thing we talk about all the time is the difficulty Scott Bessant who is a contributor here at the Worm for years has in having to sell I think 10 trillion this year of US government securities. You put it in a better perspective. You're saying it's 25 trillion over the next couple of years at Besant has to sell essentially to foreigners or I guess by ourselves. I mean how are we going to do that given our financial situation?

[Peter Schiff]

Yeah, well the worst part about our enormous national debt is the way we've gone about financing it instead of taking on long term debt selling 30 year treasuries we've financed with T bills. It's kind of like people who have a house instead of taking on a 30 year fixed rate mortgage, they get a one year army. Now Maybe they make that trade off because the ARM is cheaper, but they're accepting a lot of risk. The person who does the 30 year fixed, he has a payment, he knows what it's going to be. And so we did the same thing because by borrowing in the T bill market we got lower interest rates. Because if the government had financed these debts on 10 years to 30 years, it would have pushed those long term interest rates up, pushed mortgage rates up. The government didn't wanna do that. So the government played Russian roulette with the country by the short.

[Steve Bannon]

But Peter Yellen, Yellen did this. This is what third world countries do, right? They get that scam all the time. They basically, they finance short, Right? They don't go long because they can't go long. We essentially did this. Go ahead.

[Peter Schiff]

Yeah. It started with Robert Rubin under Clinton. He started the shortening of the maturities of the national debt to bring down the interest rate expense by borrowing short. So the reason I'm saying we have to do 26 trillion is over the next 10 years, 26 trillion of that short term debt matures. And a lot of that debt is at much lower rates than the current rates. And as it matures we have to resell it. Right? And somebody has to want to buy it. Because not only have foreigners supplied America with the goods that we don't produce, they lend us the money that we don't save. See, when Trump says that, you know, the world's been screwing us and taking advantage of us, he's got it backwards. We've actually been taking advantage of the world. We're relying on the world because they supply us with goods and lend us the money to support the whole economy, including the deficits that the government has. So Trump's got a vessel's got to go around and convince people to buy These treasuries at 4% yield when inflation is much higher than that. Look at the price of gold, over $3,000 an ounce. The reason gold is at 3,000 is because foreign central banks don't want our dollars, they want gold. They don't want to buy our Treasuries because the yields are too low to cover what they're going to lose. And so they're buying gold instead. So he has an impossible sell on his hands. And it's going to get even worse if the dollar really starts to fall, because you know that's what's going to happen. Then why would somebody in Europe or Asia want to loan us money at 4% when they're going to lose 10 or 20% a year just on the foreign exchange.

[Steve Bannon]

Do you think part of this negotiation should be, I hate to be so blunt, jamming them with. Actually part of the trade negotiations is that they actually take as part of that long term securities at some sort of lower interest rate and they just have to eat it, sir.

[Peter Schiff]

They're not, no, they're not going to do it. Trump thinks we've got all the cards. We don't. Again, the cards belong to the producer, not the consumer. Right. That's what drives the economy. You can't consume what has not been produced, but anything that's produced will be consumed. Supply creates demand, not the other way around. We've just got demand, but without supply it means nothing. But as long as the world wants our dollars, okay, they'll give us their stuff for our paper. But when they don't want our dollars anymore, then we're stuck. All we've got is paper and no goods and the world is going to be fine without us. There's nothing special about Americans anybody can consume. That's the fun job, right? That's the easy part. Try producing, that's what's difficult. And when people talk about oh we're going to re industrialize the U.S. we're going to build factories with what money? Where are we going to get the capital and what are we going to stop doing to finance it? And if we're going to finance the reindustrialization of America, which is going to cost trillions, we can't finance the government. We can't have all this government and re industrialize. That was the trade off. We got rid of our industry so we can have this big government. Right. But in the long run that was a bad deal that we made.

[Steve Bannon]

But where do people go? Social media website people, I can tell already in our chat room they're really excited about tonight's debate on Zero Hedge. We'll be covering it live. Peter, where do people go to get all your thinking?

[Peter Schiff]

Well, you know I do my own podcast, you know, usually once or twice a week, schifferadio.com, you can also listen to it on YouTube. You know you can go to my [e-mail] I also have a free newsletter at shiftsovereign.com People can sign up for but also on the Europac website you can talk to some of our representatives. I think that either way you're going to see a big decline in the dollar. I think a lot of the inflation that has been in our financial markets is about to move to Main street, out of Wall Street. And so that means US Stocks and bonds are headed a lot lower. And that means if you are a retiree, what you got to do is you got to diversify into offshore assets. You got to get out of dollars. You got to get assets that will be a good inflation hedge and will provide meaningful income. As we go through this painful process, it's going to be a lot of pain for investors and savers, but there is a way to avoid it. But you got to act pretty quickly to reposition your portfolio.

[Steve Bannon]

Peter look forward to tonight and thank you for coming on. Audience Very excited. Thank you, brother.

[Peter Schiff]

Thanks for hosting.

[Steve Bannon]

Peter. PETER schiff, I would love to be able to put that proposal on this spending to folks immediately. Peter Schiff saying, hey, get to a balanced budget and you got to do it in two years, not over 10 years. And you have to have significant cuts across the board. I hope people are listening to this because this reconciliation is going to be a fiasco. I can tell you. Spencer Morrison, not to do a counter to Peter. We want to hold it for tonight because it's going to be a donnybrook. Where do people go to get reshoring? Where do they go to get all your information? We look forward to the debate. Thank you for signing up. It's going to be amazing. So where do people get all your information before tonight's debate?

[Forrest]

I wonder what we're going to debate. We agree on a lot of stuff, I got to tell you. You can follow me on Twitter. It's eelsbmorrison. The book's available on Amazon. It's a reshore how tariffs are going to revive the economy and restore the American dream.

[Steve Bannon]

Spencer, look forward to tonight 7pm on zero head. So thank you, sir. Appreciate you coming on.

[Forrest]

Thanks so much, Steve. God bless.

[Steve Bannon]

It's going to be a wild one tonight. I want to thank the Zero Hedge people for putting this on and others that work behind the scenes to pull this off. I think it's incredibly timely. Let me go back to Forrest for a second. Zero Hedge, speaking of Zero Hedge, they just put up Forrest, I think I got these over to you, but I want to repeat what Zero Hedge is saying. They say the Chinese Communist Party, China has three basic options. Number one, and if we can get this up on the split screen with Forrest, you don't need me. Concede defeat to whatever terms President Trump demands immediately. Number two, devalue the RMB or the yuan by 20 to 40%. Number three, unleash biggest fiscal stimulus in its history talking two to $3 trillion which will push the debt of China off the charts. Do you think the Chinese Communist Party will take any of those three, sir?

[Johnny Khan]

Yeah, it's possible. But they do have another method which they will not hesitate to do. They will plunge the world into even more chaos. They can start if they need to start a kinetic war or if they need to start the economic war, they will do so. Maybe in another biological warfare, they will do so. That's another option. They can again, as we said, this is their final reckoning. They won't hesitate to do anything to keep them in power. And that's the thing. That's why I think the audience as Peter, your guest Peter just mentioned, but I don't agree with him because I believe we do need to make the manufacturer here in the US and decouple from Chinese Communist Party because all the economy based on the enslavery of Chinese people and other nation, this will not sustain. And all this economy is not sustained. What President Trump is doing, I think it's 100% in the right way. And I think the other day Mr. Benson was talking about, he's not using the word redistribution but just taking care of the bottom half, the 50%. I think that's 100% correct. We decouple from the CCP with 100% to defeat the paper tiger economy which support the Chinese Communist Party and their enablers. This will free the Chinese people and also all the law bashings all over the globe. So I think this is essential. I think the war room policy understand this better. I think the more American people need to understand this because this is not a trade war. This is not a tariff war. This is about survival. It's about freedom and democracy. I think people have to realize that.

[Steve Bannon]

Faris where do people go to get new federal state tv all your news, the Daily News you guys put up, I repost a bunch of those during the day because they're so well researched and well written. Where do people go?

[Johnny Khan]

Thank you. You can find us on Gather, NFSC TV and NIFS speaks and also the Daily News on Gather. You can also find us on X Speaks. Thank you, Steve.

[Steve Bannon]

Thank, thank you very much, brother. Appreciate it. So the day President Trump's dug in, South Korea's reached out, Japan's reached out, they've stacked up. I think, I think they're saying right now almost 100 nations of the earth. This does not count the islands with the penguins. Remember, you don't want anybody to game the system, including The Penguins. We're going to take a short commercial break and leave you with Holy War. Very special guest up next in the war. Back in a moment.

[Chemain Nugent]

Be.

[Steve Bannon]

Open your eyes.

[Chemain Nugent]

No time to be blind.

[Steve Bannon]

Open your mind to see. We're in a modern day Holy one coming after your mind, your body, your soul is true. How well do you sleep at night? Real peace of mind comes from knowing your family is prepared for anything. My Patriot Supply, America's most trusted name in emergency preparedness, is offering a time limited discount on the bestselling three month emergency food Kit. Now this is the basic the three month emergency food kit. This isn't your typical survival food. Each kit provides over 2000 calories and 100% of the recommended value of 12 essential vitamins and minerals daily for 90 days with delicious meals and extras including chicken, beef, fruits and veggies. We're talking quality meals that last up to 25 years in storage and still taste like home cooked. The pandemic taught us how quickly store shelves can empty. Don't wait for the next crisis. Your three month emergency food kit includes free shipping, a disaster replacement warranty and 247 US based customer support. This special discount is available for a limited time only. Visit mypatriotsupply.com now to secure your family's future with $100 discount. If you order by 3pm they'll ship your order within the same day. So you have peace of mind right away. Get my Patriotsupply.com by going to my Patriotsupply.com do it, do it today. Use your agency. Action. Action. Action.

[Peter Schiff]

Here's your host, Stephen K. Ban.

[Steve Bannon]

Okay, welcome back. It's going to be heated one tonight at seven. We're going to do a lot of this at six o'clock to prep you guys for it. Should be exciting. President Trump's dug in. Josh Hawley just had a great quote. I'll get to that in a moment. Jameson Greer, who's the new U.S. trade Rep, is getting lit up in this Senate finance hearing by guess who, the Democrats. Mark Warner. Virginia just laid into him. We're going to get that clip here, hopefully in a moment. Chemain Nugent joins us. Chemain, look, can you explain to people why it's different? We start the day. I've got my warpath coffee. The first thing I do, I do my field of greens and I get that burst of energy also. I just feel better in doing it. But why is this different? Why is this fundamentally different? Because you know this stuff, I mean, you're really into health I'm not. Why is this different than the other brand that you see carpet bombed on cable TV nonstop? Why is being a real organic superfood so important?

[Chemain Nugent]

Well, you know, Steve, since scientists decided to bring back the dire wolves from the ice age, I'm gonna keep drinking field of greens to keep up my strength. But even if you're not worried about running from pterodactyls just yet, the most important thing is that we all have to start small. We all have to take care of our health. We all know that our bodies are our temples. But, you know, no matter how hard you try, it's difficult to overhaul your diet completely. So starting small is the best thing to do. And it's one change, one simple. Just put a scoop of field of greens like you do in your water, your juice, and drink it all throughout the day. And it's just that one little tweak that's going to make the hugethe biggest difference in your life.

[Steve Bannon]

And this gets you the fruits and vegetables that people, particularly with the crazy lifestyle brain leads, often don't get to correct.

[Chemain Nugent]

Absolutely. And you know, Ted and I live off the land. We hunt. But when we travel, we can't always get our fruits and veggies. So I like to just do one scoop of field of greens. And every single ingredient is Dr. Selected specifically for heart, health, your lungs and your kidney and your metabolism and healthy weight. Everything serves a purpose. That's why it works.

[Steve Bannon]

How do you take it? You get up in the morning, do you just put it in your juice? You put it in your water. What do you recommend tell people? Try it. Try it with water. Try it with your juice. What do you guys do?

[Chemain Nugent]

We put it in our water and stir it up. And that's how I get going in the first part of the day. Well, first coffee first. We talked about this before. Coffee first, and then field of greens. I don't know, maybe we should start putting it in our coffee. Steve, what do you think?

[Steve Bannon]

Well, I do it in the water also. I do the same thing. I do the coffee first and then do the water. What have you noticed? Have you used this for a while? What have you noticed after you use field of greens for a while?

[Chemain Nugent]

Here's the biggest thing that I can tell you and your audience that I notice when I don't take it. When we travel and we don't take it, I feel like I've got brain fog. And I'm just a little more lethargic when I take it. Every day. I am ready to Go Ran. Ready to go. Your previous guest was 62. I'm 62. And I want to just, I want to be that grandma that's jumping on the trampoline. I want to have the energy. And with field of greens, I get that energy.

[Steve Bannon]

Wow. Amazing. Chemain, where do you have a social media account? Where do you go? I know fieldofgreens.com you put in promo code worm, you get a discount. Where do people go to find out more about you and what you guys are working on?

[Chemain Nugent]

My book, my brand new book, Abundantly well, is available now on Amazon. I'm back on Facebook. I was hacked. I'm back on Facebook and I'm on Instagram and truth and my website is Shamaanet rocks. R O C K S.

[Steve Bannon]

Chemain, thank you for joining us today. Say hi to Ted.

[Chemain Nugent]

I will. Thanks, Steve. God bless.

[Steve Bannon]

Two MAGA warriors right there. Tough as boot leather. Unbelievable. By the way, the promo code's Bannon. Make sure you go there, get a big discount. Field of green. Start every day with it. And I do it like Chemain does. We put it in the water after the hot cup of coffee. Put it right in the water. Some people put it in the juice. We've got a clip from our favorite Morning Joe. Let's go ahead and. Let's go ahead and play the clip from Morning Joe. There's a small group now left that.

[Peter Schiff]

Shares the President's view that with a.

[Steve Bannon]

Few tariffs, he can quickly remake the global economic order. Peter Navarro is making that comment, that analysis. Howard Lutnick, the Commerce Secretary as well.

[Peter Schiff]

But even many of Donald Trump's closest.

[Steve Bannon]

Supporters, the people who funded his campaign on Wall street, are saying, what are we doing here?

[G]

Yeah, we'll add Steve Bannon to the list of those who think that this is the right approach, that this is the moment to really play tough, particularly with China. But to deliver these tariffs, tariffs and to sort of force these companies to invest in the United States. But we have heard from weeks now from economists saying that this doesn't really work anymore. It's out of step with today's economy and it would take too long to do, meaning prolonging this pain.

[H]

And a couple of things. First of all, we have seen a split in sort of MAGA world. We saw it early on immigration between Steve Bannon and Elon Musk. And that got heated. We're now seeing it, I think, in an even more dramatic and possibly conclusive way again between the Steve Bannon side, Peter Navarro side of the world. By the way, Howard Lutnick wants to be Treasury Secretary based on everything I hear. So, you know, the true believers, if you want to be the true believers, are. They are Steve Bannon and they are Peter Navarro, and they're Donald Trump.

[Steve Bannon]

Right.

[H]

So. But this split is even dramatic.

[Peter Schiff]

That's.

[H]

That's the first thing. Second thing, and I'm wondering if you had the same reaction I did. We're so used to getting this sort of fire hose of falsehoods coming out of the White House and the Trump campaign and everything that when you see something where you go, yeah, he really means what he's saying right now, it stands out. And when that clip we showed of Donald Trump where he said, listen, I'm the only guy who would do this. Nobody else, like, believes this but me. Basically, he said, if I don't do it now, it's never going to get done. That comes from a man who has had this as his driving ideological belief since 1987. The United States is being taken advantage of. Our government officials are suckers, and he's the guy who can fix it. I'm wondering whether you had the same reaction to me. Say what you will about tariffs, everything, but he believed every word he said right there. Because he's been saying it since 1987.

[Steve Bannon]

He's been saying it since 1987. He learned how to really. The great Lou Dobbs, a giant who first started doing this on CNN and really woke the nation up to what it really started happening in the early 70s when we had our first. In 1973, when we had our first trade deficit. What a year 1973 was, by the way. 1973, that critical year we had our first trade deficit. It was Lou Dobbs that brought to people's attention. Donald Trump, as a young man and an entrepreneur in New York, picked this up. When Trump would go on television and start doing media, that was not related to his. At that time, he was a real estate developer, and then he got into gaming in Atlantic City. But when I was at Goldman Sachs after coming out of Harvard in the eighties in investment banking and finance, Trump was a real estate developer, but he was also on the society pages every night. That was that kind of roaring 80s. Donald Trump was a massive player in New York City on the social scene. But when he started going on programs and talking about public policy and talking about the state of the country, this is what he talked about. And he could see it as Dobbs could see it, and very few people were talking about. What you had is you had the hostile takeovers by Mike Milken and the guys at Drexel with the junk bonds. And they were going after old industrial America, particularly in the Midwest. And Wall street at the time was getting ready to shift those that were looking at taking industrial America and shipping it to a lower cost place that would have been China. At the same time you have this whole NAFTA thing. Building NAFTA came in into the early 90s. That was Bob Rubin that Peter Schiff just talked about, who was one of the, I don't want to say my bosses. He ran Goldman Sachs at the time on the trading side and a quite brilliant guy. But he was secretary of the First National Economic Council and then Secretary of the treasury under Bill Clinton. They conceived of the whole, you know, NAFTA situation. This is both the globalist Republicans and the Democratic Party at the same time. They backed the Chinese Communist Party in 89 after Tiananmen Square. We're going to have this conference on the anniversary of Tiananmen that we try to have every year at Tiananmen Square. The Bush regime, the Bush with Scowcroft in that crowd, the people that supposedly Reagan's third term, they essentially taken Reagan's second term from him. They backed the Chinese Communist Party and told him, hey, we're going to give you most favored nation and World Trade Organization. That went through the same sort of globalist and people that were turning the United States into the financialization of our economy, the service economy, because they were going to ship all the manufacturing out, out of the upper Midwest particularly. That's where they're going to start in the south with the textile business and the clothing business and out of places even like New York City, the Garment District, all gone, all shipped away because they promised a brave new world of services and financialization. But guess what? It worked for the elites, the people that conceived it, and the credentialed class they built around them of the MBAs and the law firms and the marketing groups and the communication groups, all that crowd that goes to Davos, they've done well. The top 1 to 3% have now dominate on ownership of the assets of the country. The credentialed class who are there, who are their lackeys, all have pretty good paying jobs now. They don't haven't been able to save any money. They don't have a ton of assets. They've got some. That credential class, that whole middle class or working class the Democratic Party abandoned, this is to the core of President Trump. That's why he said yesterday, not only Is he the only one who could do it? Because of his core belief, he's the only one that has the moral courage to do this and to stand with that heat. Think of the heat over the weekend and even now, he's bringing down the economy. He's going to have a massive recession. He's going to cause a depression. This is the same individual when they stole the 2020 election and essentially ran him out of town to go back to Mar a Lago. If he had been a good little boy and played the game, they give him a big book deal, they were allowed, you know, the big golf tournament start, coming to his courses, everything had been fine, his life would have been pretty good. He made a conscious decision, understanding that the Jacksmiths of the world were out there, that they would indict him and send him to prison to die in prison. They would bankrupt him and smear him and destroy his name and his reputation and his families and all the people around him in his movement. Remember those billboards? Remember he told you, watch the film, the lies of others about the Stasi in East Germany and people ratting on each other. The psychology. That's what they were. Remember those billboards? After January and President Trump went back, he made a conscious decision. So, Ed Luce, with all your knowledge and all that kind of Oxford, Cambridge, British intelligence, you miss the point. He's not a Roman emperor. He's cincinnatus. He's the American Cincinnatus. He came back from all that consciously, with intention, understanding that everything that was in front of him, he was going to return to the White House. And in returning to the White House, in those four years of knowledge and working and building up cadres, building up teams, subject matter, experts, that he was going to drop the hammer. And the hammer he has dropped. Don't think the hammer's dropped. What do you think they're doing in Beijing right now? What do you think those conference rooms in the Forbidden City are doing right now? What do you think the Chinese Communist Party is doing? Tearing their hair out about how to respond not to an emperor, but to a leader of men and women. Donald Trump, who's dug in on this short break. 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 from posse.

[I]

Today we're going to have another huge war room exclusive at wholesale prices. We're going to start with our my towels. With that proprietary technology, the bath towels that came in the big bath sheets are in the kitchen towels are in with all the accessories low as 9.99. So go to mypillow.com scroll down till you see Steve. Give them a click. And there it is, the kitchen and towel 9.99 sale. Right next to that you have the spring sheet sale where you save up to 50%. And there's the My crosses, the most requested product, I think ever for MyPillow, you save 30%. And there's the premium My Pillows, 1898 for the Queens and 1998 for the Kings. That's a war room exclusive. Help keep my employees going, you guys, and help yourself get the best sleep ever and the best products ever. Or call 8008-7310-6280-0873-1062.

[Steve Bannon]

Promo code WAR room.

[I]

The most sought after promo code ever.

[Steve Bannon]

Mike is going to another throat surgery and understand this one's the final one, but he'll be out for a couple of days. The great Mike Lindell. And want to make sure everybody's prayers are with Mike. I think this is the third or fourth surgery here in the last month or two on his throat. Stephen A. Smith has just put out, I think something that's quite important. I want to make sure because I've been following this one closely. Stephen A. Smith has said this is a tweet that just popped. Time to stop messing around. Life is great, especially at ESPN Disney. Hate the thought of being a politician, but sick of this mess. So I'm officially leaving all doors open. And he links to A story about Stephen A. Smith is open to running for president of the United States and for the Democratic Party in 2028. As I said, that's kind of that bracket. You got the governor's bracket and then you're going to have the, what I call the celebrities or the all other bracket which has Mayor Pete Buttigieg, it's going to have Mark Cuban, it'll have Stephen A. Smith. Who else will be over there? Newsom, because Newsom's not going to run as a governor. The California model not exactly working. So he's going to go to. This is why the whole outreach of doing conversations with people on the right on his podcast. There'll be many others over that. The governor's bracket, as I said, Governor Polis when I gave that rip on him in Colorado. I don't think it'll be quite, quite competitive because so much other radical stuff coming out of Colorado we'll try to cover over the next couple of days. President Trump is though, once again, I should say dug in. I think the term is dug in on, on what he's doing as far as the trade goes. And it's going to be dug in all, you know, for the next couple of days. Tomorrow actually the reciprocity part, not the baseline, but the reciprocity is supposed to kick in tomorrow. So we're going to be on standby for that. Like I said, President Trump, this gets back to the core of why he ran for president. This is one of his missions and mandates is to make America great again. He doesn't believe he can make America great again until you return America as a manufacturing superpower. And his way is to basically bend the world economic system to what's been the post war international rules based order which the American working, you know, put on his shoulder the full faith and credit of all this. I think Peter Schiff is correct. I don't agree with him obviously on trade or his aspects of trade, but you're going to have a great debate tonight. He's a really quite brilliant guy. I do agree with him and we'll get into this in the next couple of days. I just don't understand this, you know, the reconciliation of it all. I think it's now time we have to have an adults conversation. The war room posse is prepared to have it. You know, you guys are doing so much including backing Article 3 and what the guys are doing over there, the men and women are doing over there to make sure that we have these, I think bring up for impeachment a couple of these federal judges to make sure that people understand exactly what they're doing, how radical they're being in trying to thwart President Trump. But also folks have to, I think we got to get in this reconciliation bill, which now they want to have a vote tomorrow. I don't think that's going to happen. I don't know. I think there may be 40 or 50 votes in the house against it. One, it's kind of confusing. And to Peter Schiff, it's not sustainable. President Trump's had such amazing clarity here in the world economic system and how it needs to be kind of reformatted to make sure that the Americans are not getting not just ripped off, but the American workers not having it all. Based upon his shoulders, that we have to have the same type of clarity on the situation with our debt, the refinancing of the debt spending. And time now to talk about cuts, any of these two reconciliations and budgets that really don't talk about cuts. And as Peter Schiff said, we got to stop the nonsense of talking about 10 years. I understand that that's part of a law that you have to do it, but it's also meaningless. You have to talk about what you're going to do in fiscal 26. And I'm still waiting for fiscal 25, folks. Where are the impoundments? Where are the rescissions? Where's the fraud? Where's stuff passed over to Justice Department, the FBI for the fraud? We need to see this. We need to see it now. We've worked on this thing long enough. We can at least get. There's been enough publicity, enough headlines, enough talk. We need to see the reality. We need to cut the 25 budget. We agreed to the CR for one reason. There were going to be impoundments and rescissions. Where are they? The 26 budget. The 26 budget. These budgets can't have two and a half trillion dollar deficits. It's just mathematically not going to work. Even with changing the world economic system and tariffs and trade. You can't, you can't use. Eventually you're going to have to get to cut spending. Tax Network usa I want to make sure people go, particularly as the 15th comes upon us. The, the ides of April come upon you go to tax network USA tnusa.com get banned, you get a free consultation. Talk to the folks today if you have any fear you don't quite understand what's going on. But particularly if you have a letter from the irs, you have an option before you call the IRS because you got to make contact. You have to make contact. Talk to these folks first. You get a free consultation. You give them all everything you got, your letter, all that. Have a talk with the people at tax network tnusa.com Also Jim Rickards. Maybe try to get Rickards on 6:00 tonight. Talk about the pregame. There's a debate at Zero hedge tonight at seven. Spencer Morrison against Peter Schiff. Two opposing views. Gonna be fantastic. Jim Rickards, rickardswarroom.com Bannon, you get the free book Artificial Intelligence. Did that hour last night shake you a little bit? Should have. We wanted it to. Okay, the great Charlie Kirk is next. Two hours of populist nationalism here on Real America's Voice followed by Poso, Jack Posovic, Steve Gruber, Eric Bolling. I will do the handover from Bolling today. 5 and 7 tonight leading up to the debate on Zero Hedge. We'll be back. We're going to leave you now to jack you up off a magnificent classic novel. Actually not a novel. It's actually new journalism. The Right Stuff by Tom Wolf, a fabulous movie by Philip Culkin, a classic and Academy Award winning music by Bill Conte. See at 5 Foreign the April 15 tax deadline is coming and it's coming fast. Do you have unfiled tax returns? Can't pay the irs. The IRS is more than aggressive and the more aggressive than ever. And the longer you wait, the worse it gets. Wage garnishments, bank levies, even property seizures are all on the table. You need to get ahead of this. You need to get ahead of it today. But going up against the IRS alone is a big time mistake. Take my advice. Call the experts at Tax Network usa. They know the system. They have an edge. A preferred direct line to the irs. They know which agents to deal with and which ones to avoid. Whether you owe $10,000 or $10,000,000, their genius strategies are designed to quickly settle your tax problems in your favor. Tax Network USA's attorneys and negotiators have already resolved over $1 billion in tax debt. Let me repeat that. They've already resolved over $1 billion in tax debt. Tax Network USA can help you too, but you need to move. You need to move fast because April 15th is already here. Remember, if you get that letter, don't put it in the drawer. It just metastasizes. Talk with one of our strategists today. It's totally free. Stop looking over your shoulder. Stop the anxiety. Stop the worry. Put it all behind you. Call Tax Network USA at 1-800-958-1000 that's 800-958-1000 or visit tnusa.com Bannon that's Tax Network USA. Go to tnusa.com.

[J]

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[Spencer Morrison]

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