Episode 4405: Elites Are Underwriting The Failure Of The Future

Summary

Summary of War Room Episode 4405: "Elites Are Underwriting The Failure Of The Future"

Release Date: April 11, 2025

In Episode 4405 of Bannon's War Room, host Stephen K. Bannon engages with a panel of experts to dissect the intricate web of political and economic challenges facing the United States. The discussion centers around the influence of elite groups undermining America's future, the administration's economic policies, the looming threat of the Chinese Communist Party (CCP), and the erosion of trust in American institutions.

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1. The Crisis of Confidence in America

Stephanie Ruhl opens the conversation by highlighting the pervasive fear among investors and the general populace regarding the stability of the U.S. economy. She emphasizes that the current administration's policies have not only shaken markets but have also eroded the foundational trust in American leadership.

• Notable Quote:
  "If the bond market continues to drop and drop and drop, you know where it goes? It bankrupts the country."
  — Stephanie Ruhl [01:27]

Ruhl points out that the uncertainty stemming from high tariffs and flawed trade negotiations is leading to sustained market declines, threatening retirement savings and the overall economic fabric of the nation.

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2. Historical Parallels and Presidential Impact

Peter Navarro offers a historical perspective, comparing the current administration's impact to significant wartime presidencies like Vietnam and Iraq. He asserts that no president has so early and profoundly undercut their own administration, leading to unprecedented market turmoil and job losses.

• Notable Quote:
  "There's no parallel, I think, in American history."
  — Peter Navarro [00:15]

Navarro underscores the dramatic financial losses and the sudden unemployment faced by tens of thousands, attributing these issues to policies that have destabilized both domestic and international confidence in the U.S. leadership.

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3. The Role of the Chinese Communist Party

The conversation shifts to the aggressive tactics employed by the CCP against the United States. Stephen K. Bannon and Steve Bannon discuss how China has engaged in unrestricted warfare—economic, cyber, and psychological—to weaken American institutions and economy.

• Notable Quote:
  "Unrestricted warfare to bring down the West."
  — Steve Bannon [08:22]

They highlight China's strategic dismantling of American manufacturing, the loss of millions of jobs, and the rise in drug-related deaths as results of Chinese policies designed to erode America's economic and social stability.

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4. Critique of Mainstream Media and Elite Institutions

Dave Brat and Steve Bannon express strong criticism toward mainstream media outlets and elite institutions, accusing them of distorting economic data and misleading the public to undermine President Trump’s America First policies.

• Notable Quote:
  "When you look at the mainstream media, all you see... those are not actual real data that are coming out on prices."
  — Dave Brat [20:35]

Brat argues that the media perpetuates false narratives about inflation and economic performance, masking the positive indicators that reflect the administration's effective policies.

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5. The Reconciliation Bill and Bond Market Concerns

The panel delves into the implications of the proposed reconciliation bill, questioning the viability of its promised $1.5 trillion in cuts over ten years. Steve Bannon warns of the bond market's impending backlash, suggesting that the bill will exacerbate national debt and economic instability.

• Notable Quote:
  "The bond market is going to get a vote on this."
  — Steve Bannon [07:12]

Dave Brat supports this view, emphasizing that the proposed cuts are negligible compared to the ongoing massive spending, thereby rendering them ineffective in addressing long-term fiscal challenges.

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6. Support for Manufacturing and Small Businesses

The discussion highlights President Trump's initiatives to revitalize American manufacturing and support small businesses. Dave Brat contrasts these efforts with previous administrations, arguing that empowering small banks to lend to entrepreneurs will stimulate economic growth and counteract the dominance of large investment banks.

• Notable Quote:
  "Trump is helping the small guy in every single story we're doing. That's what he's doing. Systematically."
  — Steve Bannon [33:34]

Brat explains that reversing policies from the Biden administration will foster a more equitable financial environment, enabling small businesses to thrive and reducing reliance on big banks.

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7. The Battle Against Globalist Elites

Throughout the episode, Steve Bannon and his guests emphasize the struggle against globalist elites who have historically prioritized their interests over those of the American people. They argue that President Trump’s America First agenda is essential in dismantling the entrenched power structures that have marginalized the middle class.

• Notable Quote:
  "The elites have made paupers of the American people and President Trump is saying, we've had enough of this."
  — Stephanie Ruhl [04:08]

This narrative portrays the administration's policies as a necessary revolt against a system that has exploited American wealth and labor, advocating for a return to national self-sufficiency and economic sovereignty.

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8. The Impending Challenges and Future Outlook

As the episode draws to a close, Steve Bannon warns of the ongoing and future challenges that lie ahead. He calls for continued support of America First policies to sustain economic momentum and counteract elite resistance.

• Notable Quote:
  "We're just not going to be service industries because you can't. Here's why you can't."
  — Stephen K. Bannon [08:22]

Bannon reiterates the importance of manufacturing as the backbone of a resilient economy and urges listeners to remain steadfast in their support of policies that prioritize American citizens and industries.

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Notable Quotes with Attribution and Timestamps

1. Peter Navarro at [00:15]:
   "There's no parallel, I think, in American history."

2. Stephanie Ruhl at [01:27]:
   "If the bond market continues to drop and drop and drop, you know where it goes? It bankrupts the country."

3. Steve Bannon at [06:45]:
   "This is the primal scream of a dying regime."

4. Dave Brat at [20:35]:
   "There's no evidence of prices going up due to Trump's trade war. Nothing yet."

5. Steve Bannon at [33:34]:
   "Trump is helping the small guy in every single story we're doing. That's what he's doing. Systematically."

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Exclusions

This summary intentionally omits advertisements, promotional segments, and non-content sections to focus solely on the substantive discussions and debates held by the host and guests.

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Conclusion

Episode 4405 of Bannon's War Room presents a fervent critique of elite influence over American policy and economy, advocating for President Trump's America First agenda as a solution to restore economic stability and national pride. Through a series of expert analyses and passionate discussions, the episode underscores the perceived threats posed by globalist agendas and foreign adversaries, emphasizing the need for robust domestic policies to safeguard America's future.

Transcript

[Stephanie Ruhl]

And I am Stephanie Ruhl, and I don't care if you need one, but I am definitely taking a deep breath right now. I suspect you need one, too. It is day 81 of the second Trump administration and we have got a lot of money, power, politics to talk about.

[Peter Navarro]

Look for historical parallel. And it's really, really hard. The closest thing you can come to will be wartime, perhaps, perhaps, you know, getting into a war we didn't need to get into, we could say Vietnam, we could say Iraq. But outside of that, outside of a, you know, a national security, wartime kind of thing, I can't think of a president who has done or to undercut his own presidency so early, so dramatically and affect so many other lives. Right. A lot of presidents make mistakes in their early days, although not usually in their second term. They nominate somebody who gets in trouble. There may be a scandal, something they forgot to tell us or they didn't want to tell us. But I can't think of anybody who has done more to sort of. So worldwide uncertainty drain out literally trillions of dollars worth of market cap for all these essentially retirement savings for many Americans. Not to mention the uncertainty in Washington, where tens of thousands of people have suddenly been told they're out of a job and services are no longer going to be provided that they had come to depend on. And foreign aid to places that are suffering from disease and hunger. So much has happened in just 11 weeks. There is no parallel, I think, in American history.

[Stephanie Ruhl]

Here's what I want to say. It has been over a week since this trade disaster began. And I have spent that week speaking to investors here and abroad. And what I feel most tonight is scared. Scared that what we are facing is a crisis of confidence. Confidence in us, the United States of America. And what I have not heard from any of the people that I speak to is exactly what might restore that confidence in the United States, at least not right now. Yes, the markets rallied yesterday, but that is only because we avoided the 50 plus percent tariffs across the globe. But the reality has set in today because we still have the rest of these tariffs and the markets continue to sink, both the bond and stock market, in part because the basis by which we're negotiating trade is not rooted in truth. And for those who believe countries are scrambling to make a deal because they were so panicked about the enormous tariffs and now they're much lower, my question is, what is that deal? What do you think the likes of Vietnam can do to erase our trade deficit? You know what the answer is? They can't and if you want to ensure all of our manufacturing, that's if you want to do that. What Peter Navarro talked about, what Howard, let me talk about, you want to do that. It'll take trillions of dollars and 20 years to reconfigure the global supply chain and bring it all home. And for our allies in the west, those developed countries, they are certainly not rushing to partner back up with us, not with a US President who goes on national TV laughing, saying, they're all kissing my ass. It is safe to say that the perch we and our American exceptionalism sat on even a few months ago has certainly been lowered. We've got an agriculture secretary who tells us, build a chicken coop in your backyard because eggs are expensive. We have a defense secretary sharing military secrets in a group chat. We are potentially lawlessly firing thousands of federal workers and defunding science while we buy crypto. We have lost an enormous amount of credibility and trust. But what scares me is that every investor I speak to, even some who support this president, has given me the same message. If the bond market continues to drop and drop and drop, you know where it goes? It bankrupts the country. Something Donald Trump knows a lot about.

[Maria Bartiromo]

Let me just say 90 deals in 90 days, biggest, broadest tax cut in American history should be driving the tape. That's what's going to be a bullish market. And if you're not long, you're going to get left behind. Now, China, let's talk a little bit about China. The president has said several times now that he would love to hear from China to talk about where we're at. And here's where we're at, Maria. From our perspective, China has killed over a million Americans with deadly fentanyl and related drugs. And it simply refuses to do anything about that. Many of these people are prime age workers. So they not only kill Americans, they're killing our workforce at the same time. As you know, Maria, and we talk a lot about this. Since 2001, China has destroyed over 60,000American factories and stolen over 5 million manufacturing jobs. That's the state of play. So all we're asking for is fairness.

[Chris Krebs]

So what's going to be the response if we've still got the antibodies to defend ourselves as a democracy, if our civil society is still working, if our legal profession is still on the job, what we ought to see here in response to this, in response to what will be not just these two guys being targeted, it'll be a dozen, it'll be 100, it'll be a Thousand of these. If Trump likes how this one goes and he hasn't stopped from doing it. What we ought to see here, if our democracy is still kicking, what we ought to see here is a battalion of the highest end lawyers in the country flooding in to provide Chris Krebs and Miles Taylor with free legal representation and with the kind of no holds barred, super aggressive legal fight that Judge Ludig is describing today. Are we going to see it as the biggest, poshest, most powerful law firms in the country? Even tonight, continue to suck up to Trump and promise to do him favors in exchange for him no longer criticizing them or threatening them. Do we still have the juice as a country? Are we still kicking legal profession? You still. There are all the pretty words America's most prominent lawyers are famous for about the rule of law and no fear or favor. Are all those just pretty words? Are we going to see them show up? Because time's up. It is now. Everything you were supposedly preparing for, it's here.

[Steve Bannon]

This is the primal scream of a dying regime.

[Rick Santelli]

Pray for our enemies because we're going.

[Steve Bannon]

Medieval on these people. There's no got a free shot. All these networks lying about the people. The people have had a belly full of it. I know you don't like hearing that. I know you try to do everything 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? MAGA media.

[Dave Brat]

I wish in my soul, I wish.

[Steve Bannon]

That any of these people had a conscience. Ask yourself, what is my task and what is my purpose?

[Rick Santelli]

If that answer is to save my country, this country will be saved.

[Stephen K. Bannon]

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

[Steve Bannon]

It's Friday the 11th of April, Yerville, or 2025. Of course, a total meltdown. You heard by Peter Baker in the New York Times. As President Trump reorganizes the global world order around America first and American citizens first, and this is what you're seeing, that President Trump is doing it both geo economically and geostrategically. And they don't like it. They don't like it at all. He's also engaged the country in something we needed to engage with. The Chinese Communist Party has been at war with the United States economically, cyber and cyber war, economic war, political warfare, psychological warfare. It's called unrestricted warfare. It's their doctrine. They're proud of it.

[Stephen K. Bannon]

Why?

[Steve Bannon]

Because after the Gulf War in the early 90s, they came to the conclusion they can't fight Foreign devils, mano a mano with modern technology, because foreign devils are too far ahead of them. We would be the foreign devils. By the way, the foreign devils in the west were too far ahead of them on military technology. So they would do everything else. Unrestricted warfare to bring down the West. And they've been at it for 20, 25 years, but particularly since May of 2019. Take your number two, Prince a lot and write down May of 2019. That is the most important geopolitical month in the 21st century until. Until President Trump came to office. And what you've seen in the first. Was it 80 days or so? Is something that's absolutely extraordinary. And Peter Baker is doing his job. Peter Baker is the lead White House correspondent for the New York Times, the paper of record of the globalist. And of course, they're not happy. They're not happy at all, because President Trump is reorganizing this around putting the country's interests first, not the globalist institutions and the globalist elites. Interests first. And he's putting American citizens first, not the globalists first. And they don't like it because nobody's ever done that. Even President Reagan, as great as President Reagan was, he had a different set of issues at the time. President Trump came back after having the election stolen from him in 2020 and began a journey, a journey that you've been on. You are his hoplites, right? You are the. You are the trench warfare advocates and trench warfare activists. They're at the tip of the spear in the MAGA movement. You know, people come to me all day long behind the scenes, hey, we need the Warren Posse. Focus on this. We got this confirmation. We need this. We need this. We need this. Why? You get people's attention. You think we got five Supreme Court wins in a row until last night without putting pressure on people? You'd be incorrect. You absolutely did. And the one last night is inserting, you know, the courts inserting themselves between President Trump being commander in chief and doing his duty as commander in chief. And so the. You see where the judiciary is coming out on some of this. And it's going to be a fight. Every one of these verticals is going to be a fight. Every time, every part of the institution they're pushing back on is going to be a fight. But lo and behold, lo and behold, we had a print this morning on the producer price index. Dave Brat's going to join me in a moment. And it was a incredibly low print. So inflation is being tamed by President Trump. Commodity Prices are coming down because of President Trump. Now, there are issues. I don't say they're not issues. Reorganizing the American, the world trading system around America first and bringing 5 million manufacturing jobs back, which they all say it can't be done. You don't want to build. You don't want to make T shirts in North Carolina. Manufacturing is coming back to the United States. This is the central economic issue and foundational element of President Trump's American economy. We're just not going to be service industries because you can't. Here's why you can't. This is the model we have is not sustainable. The reason, I believe a big reason for the bond market, for people being questioning, is this reconciliation we passed yesterday with very few details about it other than the fact that we're not going to really cut spending. The 1.7, the 1.5 trillion that the House. That wouldn't even include it in language in the Senate's kind of tap dance around people are tap dancing around is over 10 years. It shows you we're not serious about cutting spending. And cutting spending, as we said from. I'm going to pick a random date, February of 2021, when we. This show nailed it more than any other business show, any other show on politics. This at the time, the Biden stimulus program was going to cause massive inflation and massive inflation and stagflation, and it did both. And the only reason the model continues to work, their model continues to work with massive Keynesian infusion of stimulus, to wit, $2 trillion a year in deficits. It's not sustainable. Their model is not sustainable. President Trump's model is sustainable. Why do you think the Chinese Communist Party is, is up in arms and trying to defeat it? If it, if it was, if it was so detrimental to the United States, it was so beneficial to the rest of the world, why would they be fighting it? They've gotten a free ride. We underwrite all of their security. It's the reason your defense bill's a trillion dollars. We're being played for suckers. You're underwriting the security and you don't have a pension. You don't have a 401k. You got a little bit of a tip money for Social Security that you put money in, you get a thousand bucks a month back and you get some Medicare. You don't have any early retirement. Five million manufacturing jobs have gone. Nine million Americans are working at least two jobs today. 60% of Americans can't put their hands on $1,000 in cash in case of an emergency. The elites have made paupers of the American people and President Trump is saying, we've had enough of this. The American people have stood on their feet in every crisis in the world to do more, to free more people in the world and create more wealth for everyone in the world. And guess what? The time's now to take care of the American people and the folks that have created this system, that have benefited from the system, that have exploited and taken your wealth that you created. Of course they don't like it. Of course they're going to sit there every day and say how awful it is, how terrible Trump is and how awful this MAGA movement is. We don't care what they have to say. Peter Navarro is correct. 90 deals in 90 days and engaged. Now in the main event, as Captain Fennell says, keep the main thing. The main thing that is a confrontation economically, politically, on cyber. Hopefully not militarily, but if it has to come to that, so be it with the Chinese Communist Party.

[Rick Santelli]

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[Stephen K. Bannon]

Future today with Gold Producer Price Index, the more wholesale side of the inflation equation. And they're big numbers. Down 410 on headline down 4 10. That would be equal to where we were in October of 23 and if we find a lower number you're going all the way back to April of 2020 in the COVID affected era and that was down 1.2% now let's strip out food and energy down 110 of a percent. That equals where we were in February. It equals where we were in July. To find a lower number, you're in April of 2020 at -3.10. If we look at food, energy and trade, it is up 1 10. Also much less than we were expecting. Up 110 equals where we were in November of last year. To find a bigger, smaller negative number, you're minus 8. 10 in April of 2020. Now let's look at year over year, final demand 2.7, well below our expectations of 3.3. Well below 3.2. In the rearview mirror. To find a lower number, you're in September of last year. September of last year. So we see that this metric had been moving up. Now it's moving back down. If we look at ex food and energy from a year over year perspective, 3.3 less than 3.4. In the rearview mirror, less than 3.6 expected. That equals September of last year. To find a lower number, you're in August of last year at 2.8. And drum roll please. The last metric of this pie data series, year over year, ex food, ex energy, x trade, 3.4. The only metric higher than we were expecting by 1:10. Higher than the rearview mirror by 1:10. 3.4 equals where we were in January. To find a higher number, you're indecent last year at 3.5. Late revisions coming in on headline. Last month's zero on the final demand headline now moves to a positive 110 and it's now minus 4 10. That means the net change is a half a percent lower. And on the ex food and energy, month over month, minus 110 becomes positive 1 10. So the net change is down 210 because the current number is down 1 10. Maybe the biggest thing that should jump out at anybody is that Last week, a 2 year note yield closed, get this at 366. It's at 383. A 10 year closed at 4%. Last week, it's at 442 of 42 basis points. Think about the ramification where it's 60 on the 2 cent spread. Now everybody's hair is on fire for all the uncertainty. I understand it here and all the guests say this the biggest move they've ever seen in Treasuries and whatever. Well, that's because we had thin markets and very thin hours where we had extremes. Then the market comes into our own time zone. You populate that with much more trading. Here's the only Thing that I look at, I like to keep it simple, folks, and let's keep the emotions down. The high yield close for the year in twos. Okay, that was at 438 on the 13th of January. So that we could see has a flight to quality, flight to safety feature built in, maybe a Fed component built in. Now let's go up the curve. On the 14th of January, a 10 year closed at 479. A 30 year closed at 498. Those closing yields are above where we're at now. So if the world is so bad and treasuries are expressing everything's on fire, why can't we get a higher yield close on the year versus where we were in January? Those are numbers we should pay attention to.

[Steve Bannon]

Of course. Rick Santelli. Once again, the great rick Santelli counters 90% of the heroin fire that you see. Although the bond market gets a vote here and gets a big vote, and they're going to get a huge vote on us running these massive deficits. Dave Brat, economist. The economist Dave Brat, not the moral philosopher Dave Brat. Pretty impressive numbers coming out of what President Trump's doing in his team, sir. You wouldn't, you wouldn't know that by watching the business, all they're saying is that expectation, you know, people's inflation expectations hide. The University of Michigan survey, they're just, they're, they're, they're, they're, they're banging anything to trash Trump. They will pick any number of possible paths to trash Trump except the big, meaningful numbers. What do you got for how do you interpret this, sir?

[Dave Brat]

Yeah, well, the first thing is I just love Santelli. You can just tell the guy is a truth detector, right? The way he talks, he just spits it out. You can't lie that fast. The mainstream media is very clever in their language, right? They're very good at lying. They're sophisticated. I read CNN on the ppi and the market's anticipating some stuff, but they can't anticipate other stuff due to Trump. But bottom line, yeah, the, the, the, the PPI is gone down, right? Three, two to two seven annually. And that's a bellwether for retail prices and the cpi, the Consumer Price Index, inflation. So the PPI is on the producer side, but it's good news. And in there, you saw food prices are going down, oil prices are going down, energy prices going down. All great news. And yet when you look at the mainstream media, all you see, I was on a show this morning and they put up these huge, massive Price increases. Those are expected, likely written by the, the lords of easy money Wall street crew in order to drive a narrative. Those are not actual real data that are coming out on prices. There's no evidence of prices going up due to Trump's trade war. Nothing yet. Right. It's like my favorite guy, Bob Gordon, on technology and AI, he says, don't you see technology everywhere, Bob? And he says, along with another Nobel guy, yeah, I see technology everywhere, just not in the data. Right.

[Steve Bannon]

And so, yeah, Hang on, hang on. I want to say one thing. I don't want to give the name of the show, but you were on. You're on conservative talk radio. Conservative talk radio is sitting there, their hair's on fire. They're running around. They're running around actually pitching the running dogs of Wall Street's pitch against President Trump's America first economic policies that bring jobs back here. And my only point is, yo, you were the folks that kind of stood around and cheered while all this happened. Hey, this thing, it didn't get gutted in the dark of night. It got gutted in broad daylight with everybody sitting there and quite frankly, the Republican Party cheering. This is why on Capitol Hill, you've got these people behind the scenes all hate Trump and all hate Trump's economic policies. That's why they're sitting there every day. You got to see the palace intrigue stories. Peter Navarro's out and Scott Bessant. Hey, nobody knows Navarro and Bessant better than me, right? They're two good friends. They're colleagues. Scott's been on the show for a couple of years. Really got his. Got his start in talking to media, Right? Because he was a guy who's a totally private guy. Got to start talking on media here, on the war room, which is what we try to do, get people reps and get comfortable and ask them questions, and they got to answer on the spot. Peter Navarro, you know, was a guy we brought in, Jared found, but I had known from his writings, Jared found, you know, back almost a decade ago. Peter Navarro is very, very involved in making these deals. And Peter Navarro, I tell people, Peter Navarro is a reflection of President Trump's natural instincts of how to bring jobs back here and bring manufacturing jobs. And Trump's not backing off, that anybody thinks he's backing off it. And Wall street convinces themselves that's why they flood the zone. Dave, as you know, and you're on the show today, and these are good guys, but they just spout the nonsense that comes out of Wall street and comes out of the globe. Remember, the Wall street crowd wants no borders. They want no control of labor. You saw it the other day when Elon said. Oh, yeah, what. You know, he's telling the European crowd, he's talking to Salvini. Yeah, what we want is really a zero trade pact with Europe, a trade pact with Europe with zero tariffs. And what we want is you guys have absolutely free, you know, ability to come into the United States and take jobs. No, that's exactly not what we want. That's kind of the opposite of what we want. And President Trump's going to enforce this. President Trump is focused on bringing manufacturing jobs back. And you can tell by the data you see today, because they're hammering all these shows. Inflation's out of control. I go, what are you talking about, ppi? And, you know, the wholesale prices are coming down and the in. The retail prices are coming down. And every. And you're right, you look at these shows, and every chart's going through the roof. I go, what they. What are they looking at? Who do they. Who do they have? Dave, Brat, your thoughts? Yeah.

[Dave Brat]

Well, the cold open lately, they've just been outstanding. The shows over the past couple of weeks have just been outstanding. But the. One of the talking heads is screaming about a crisis in confidence and a crisis in confidence with respect to the truth. Yes. From the mainstream media and these Wall street folks. And when I, you know, I speak in general, when I'm pinging billionaires, I'm talking about the Magnificent Seven. There's billionaires in the manufacturing sector who are great patriots. So it's kind of like, you know, China and the ccp. But. But these guys, this truth issue is serious. And the Wall Street Journal and these folks, they're losing their credibility by the second. Then Rachel Maddow comes in with a violin, crying again. And, oh, what, you big law firms, don't you care about any of these, you know, beautiful words called a rule of law and all these beautiful things you learn in law school, Rachel, you got to be kidding. Coming from the left, once you get rid of God, the truth is right there with it. Right There goes the truth, and there go all your beautiful words. So if you want to reconstruct the beautiful words, Rachel, let's get back at it. And, you know, I think it was Dusty Oski or something like that. He said, once. Once God is gone, everything is permissible. Right? And so I'd recommend that to Rachel. And then maybe Kierkegaard, build your faith in fear and trembling. That might help out the left a little as well.

[Steve Bannon]

I knew I was going to have you on here to be the Economist today and you were going to go more full. You're going to talk Kierkegaard. I knew you got Dave Bright down. Hang on. No, what she's talking about and we'll play that clip. I want to tee the audience up. What she's talking about is Mike Davis is going to come on. There's an amazing piece in Politico. Yes, I did say that. It's an amazing piece in Politico and it's about Trump and the institutions and how the institutions are. You know, President Trump is confronting these American institutions built by Americans over many, many decades that have turned on the American people and really represent globalist interest. And from the law firms to the universities, I've got a whole other punch list. We got to expand there like the banks. And President Trump's taking them on and they're cratering. And Rachel Maddow, like her or not like her, she is ahead of the curve. She sees where this is going and she puts out basically a cry for help. As yesterday, President Trump on the day before signed, had that executive order he signed on Krebs in the voting machines and Tulsi Gabbard came at the same time. He says, hey, over dni, I think we've got some evidence there is messing with voting machines that'll shake them all up. And I say that as a guy that as you people know, I'm not a machine guy here. I'm a mail in ballot how they stole it, however those machines, there's something up on something. I've always been suspicious. It looks like that whole narrative is about to change. And Rachel Maddow is pleading on her show to have the cavalry come and, and, and save them from Trump. Okay, we got more economics because one of the reasons the bond market I think is kind of dicey right now and Gold's at 3200. Yes, you heard that. 30. In fact. 3250. The reason is. We'll explain it in a moment with Dave Brett from Liberty University.

[Rick Santelli]

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[Steve Bannon]

Host, Stephen K. Ban. Biden would have, Biden would have killed for these numbers. Biden would have killed for these numbers. And it shows. Your President Trump's economic plan is starting to unfold. His economic plan is going to cause turbulence. This is why we told you we're going to go through turbulence. And we've been talking for years about the end of the dollar empire. And you know, we conceived this with, with the guys at Birch Gold's at 3250. Let me repeat that. Gold's at 3250. Number one, people are looking for a hedge. Central banks are looking for a hedge. It's time now for you to get as knowledgeable as the central banks. And you can do it by watching the war room and also going get all the free information. We put our Birch Gold. This is why we do it. This is why we make it free. We want to make sure we, we learn you up, we get you up the learning curve. Why? Because if you're up the learning curve, you're much more powerful actor on this stage of global politics and supporting President Trump. You're just not repeating memes all the time. You actually say, hey, I can think this through. I see exactly what's going on. Listen, we're going to have a good old throwdown on this reconciliation bill. I can tell you that's coming. Who tells me to come in? I think part of this bond market revolt is due to that. And the bond market is going to get a vote on this. Why is the bond market going to get a vote on this, Dave? Brad can tell you. Because we have to finance refinance. I don't know, $10 trillion of government securities every year. Scott Bessant's got to do this. The reason everybody got all worked up the other day is because the bond market kind of froze in the morning and Scott had to make sure they had a Treasury auction of 10 years and went fine. It was oversubscribed. But Ray Dalio has told you, as much as I'm not a fan of Ray Dalios about China, he told you you have a failed treasury auction in the future that could trigger some bad things. And here's the reason. We got 37 trillion in debt and it's adding all the time. And that reconciliation bill, I think, is only going to add to it. We're going to get to that here in a moment. The real crisis, I think, which is inextricably linked to this war with the Chinese Communist Party. But President Trump, the reason they're hating on him, the reason Jamie Dimon, all these guys go on TV and hating on him. The New York Post has got a gasping. Got the scoop, Dave Brat. President Trump is what I've been a big advocate to. Let's get to the banks now. Let's get to the hedge funds. You've got the law firms, you got the universities, although we haven't gone to the State Ivies, which I still say you have to to do. But it's time now to get to the banks. And what is President Trump? The New York Post gas burner's got a big scoop. President Trump's going to do what to the banks? And they're not liking it at all. These money center banks are living like fat cats. They bought the investment banks. They're skimming everything off the top. What they don't want to do, Dave, is actually lend money to American entrepreneurs and small businessmen. They hate that. Right? Because that's maga. Tell me what President Trump's going to do, sir.

[Dave Brat]

Yeah, well, what Trump's going to do is in stark contrast to Biden, who basically left these big banks. Right? It all goes back to Glass, Steagall and some legislation in the 90s which let these giant banks who have, you know, massive balance sheets, allowed them to do what the small banks can't do. And then they got profitable with all the hedge funds and all that. Now Trump is saying, hey, no, you got this in reverse. You guys got the big balance sheets and the small banks. You may not like them, they may not be as profitable, you know, per unit or whatever. Tough luck. We give you certain legal status and whatever in law, and you're going to start loaning out to the small guy again. And so the big banks are going to recoil, right? And I think Charlie roughly said, if you just want to go be hedge fund, then just Go be Goldman Sachs. But in essence, Trump is just one step after the other. And the mainstream media and all the cronies in the press cannot get this story straight because they don't want to see it. Trump is helping the small guy in every single story we're doing. That's what he's doing. Systematically.

[Steve Bannon]

No, this is what they hate. You know, one of the end. One of the folks in the engine room that's always on top of things said, hey, you could tell in the. You can tell in the open that they're going down swinging, that the globalists are going down swimming and they're cornered like a rabid animal. Now it's just personally attack on Trump. Personally attack on Trump. It's only going to get worse. Everything he's reorienting is to put America first. And it's not America only, it's America first and American citizens first. People miss sometimes the second part of that. It's to put American citizens first. The little guy, the forgotten man and woman, that would be you. That the whole burden rests on your shoulders. Yet you're the one that pays for everything. You're the one that does everything. You're the one that volunteers for everything. It's your sons and daughters or yourself back in your early days that volunteered as a patriot to defend this nation, defend the Republic, all over Hell's half Acre. Right? So in you guys, it's for decades.

[Stephen K. Bannon]

Here's your host, Stephen K. Band.

[Steve Bannon]

Biden would have, Biden would have killed for these numbers. Biden would have killed for these numbers. And it shows. Your President Trump's economic plan is starting to unfold. His economic plan is going to cause turbulence. This is why we told you we're going to go through turbulence. And we've been talking for years about the end of the dollar empire. And you know, we conceive this with, with the guys of Birch goals at 3250. Let me repeat, that gold's at 3250. Number one, people are looking for a hedge. Central banks are looking for a hedge. It's time now for you to get as knowledgeable as the central banks. And you can do it by watching the war room and also going to get all the free information. We put our Birch gold. This is why we do it. This is why we make it free. We want to make sure we school, we learn you up, we get you up the learning curve. Why? Because if you're up the learning curve, you're much more powerful actor on this stage of global politics and Supporting President Trump. You're just not repeating memes all the time. You actually say, hey, I can think this through. I see exactly what's going on. Listen, we're going to have a good old throwdown on this reconciliation bill. I can tell you that's coming. Who tells me coming? I think part of this bond market revolt is due to that. And the bond market is going to get a vote on this. Why is the bond market going to get a vote on this, Dave? Brad can tell you, because we have to finance refinance, I don't know, $10 trillion of government securities every year. Scott Bessant's got to do this. The reason everybody got all worked up the other day is because the bond market kind of froze in the morning. And Scott had to make sure he did. You know, they had a Treasury auction of 10 years and went fine. It was oversubscribed. But Ray Dalio has told you, as much as I'm not a fan of Ray Dalios about China, he told you you have a failed treasury auction in the future that could trigger some bad things. And here's the reason. We got 37 trillion in debt and it's adding all the time. And that reconciliation bill, I think, is only going to add to it. We're going to get to that here in a moment. The real crisis, I think, which is inextricably linked to this war with the Chinese Communist Party. But President Trump, the reason they're hating on him, the reason Jamie Dimon, all these guys go on TV and hating on him. The New York Post has got a gasping. Got the scoop, Dave Brat. President Trump is what I've been a big advocate. Let's get to the banks now. Let's get to the hedge funds. You've done the, you've got the law firms, you got the universities, although we haven't gone to the State Ivies, which I still say you have to do. But it's time now to get to the banks. And what is President Trump? The New York Post gas burners got a big scoop. President Trump's going to do what to the banks? And they're not liking it at all. These money center banks are living like fat cats. They bought the investment banks. They're skimming everything off the top. What they don't want to do, Dave, is actually lend money to American entrepreneurs and small businessmen. They hate that. Right? Because that's maga. Tell me what President Trump's going to do, sir.

[Dave Brat]

Yeah, well, what Trump's going to do is in stark contrast to Biden, who basically left these big banks, right? All goes past back to Glass, Steagall, and some legislation, the 90s, which let these giant banks who have, you know, massive balance sheets, allowed them to do what the small banks can't do, and then they got profitable with all the hedge funds and all that. Now Trump is saying, hey, no, you got this in reverse. You guys got the big balance sheets and the small banks. You may not like them, they may not be as profitable, you know, per unit or whatever. Tough luck. We give you certain legal status and whatever in law, and you're going to start loaning out to the small guy again. And so the big banks are going to recoil, right? And I think Charlie roughly said, if you just want to go be hedge fund, then just go be Goldman Sachs. But in essence, Trump is just one step after the other. And the mainstream media and all the cronies in the press cannot get this story straight because they don't want to see it. Trump is helping the small guy in every single story we're doing. That's what he's doing. Systematically.

[Steve Bannon]

No, this is what they hate. You know, one of the, one of the folks in the engine room that's always on top of things said, hey, you could tell in the. You can tell in the open that they're going down swinging, that the globalists are going down swimming and they're cornered like a rabid animal. Now it's just personally attack on Trump. Personally attack on Trump. It's only going to get worse. Everything he's reorienting is to put America first. And it's not America only, it's America first and American citizens first. People miss sometimes the second part of that, it's to put American citizens first. The little guy, the forgotten man and woman, that would be you. That the whole burden rests on your shoulders. Yet you're the one that pays for everything. You're the one that does everything. You're the one that volunteers for everything. It's your sons and daughters or yourself back in your early days that volunteered as a patriot to defend this nation, defend the republic, all over Hell's half Acre, right? So in you guys, it's for decades and decades, decades. And we just reached the point it can't continue. It can't continue. Something's got to stop. That's why Trump ran for president, Trump ran for president, that I'm bringing jobs back, these trade deals, everybody's ripping us off, and you've had a mass migration. Now, this is why yesterday on the show, and I Did some work last night, before I gave a talk last night to a group before, I did some work on this thing about getting an investigation going of, you know, how did they organize 10 million people to invade our border? And now it's going to cost us $170 billion to get it off. I want to go back to that. This reconciliation bill. One of the reasons the bond and the bond market's going to have a vote on this. We're pretty good at predicting the future or, you know, just. It ain't that hard. Just look down the critical path and you see what's got to happen. Write this down with your number two principle bond market gets a vote. Okay? The bond market is going to get a vote when everything's exposed, because it's all got to be exposed when we get into this reconciliation. And we got to stop the fantasy thinking. This is not fantasy football, this is reality. And there's some fantasy going on. I want to start with. And Brett, I'll toss it to you for this article that's quite frankly amazing because it just lays it out thing. When they talk about $1.5 trillion in cuts, you train here babing babang ba bang. That's over a 10 year period. I keep saying, because there is a regulation that when they roll these things out, they got to talk in 10 years. Part of that is to give them cover so they don't have to make tough calls today. And then you just kick the can down the road and they sit there. And when McCarthy did it, people would call me, go, how could you possibly oppose this? There's so many conservative wins in here. I go, give me a win. Name one. They go with this program. This program. I go, it doesn't kick in for years. What kicks in is he uncapped. He took the lid off the debt ceiling and kicked it two years down the road. You gave him additional year that Biden didn't even want to take it out of the national election. You kicked it down and what did Biden do? Ran up, I don't know, six, seven, $8 trillion. This is what happened. And now that's all money spent and didn't go into capital equipment or plant. It went into operating expense. And now you're left stuck paying for the bill. And it gets harder and harder. Inflation is now embedded because Scott Besson's got to go out and raise, you know, $10 trillion a year of government securities. Dave, Brad, talk to me about the phoniness of these budget cuts.

[Dave Brat]

Well, the phoniness is Embedded in one story, these group of Rhino senators who are trying to keep Biden's green stuff. But let's just get to the headline for the big numbers in that article. And so they, it's from, I think it's from kind of a center left group, maybe even a center for budget control. But they're, they're right on the numbers at 1.5 or 1.8 trillion in cuts over 10 years. And that's if you believe that. Right. Thune was having a hard time saying that in public. Over 10 years, that's 100 billion a year, whatever. Right. Versus $86 trillion in spending over 10. So 1.8 trillion cuts. 86 trillion spending. 1.8 is about 2.3% of that 86 trillion. So we're talking nothing. And I don't even think you get to the 1.8 trillion in cuts. Right. The best indicator every single year is whatever we're doing this year, whatever we're spending this year. So we do another Biden Pelosi budget. That's what you're going to get for the next 10 years.

[Steve Bannon]

The, this is the point. Over the 10 years, repeat that it's $86 trillion in spending. Is that correct, Dave? Brad 80, 80.

[Rick Santelli]

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 3:12 to 2:26, 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 dot com. That's all one word. Rickards War Room records with an S. Go now and claim your free book. That's rickardswarroom.com do it today.

[Stephen K. Bannon]

Here's your host, Stephen K. Band.

[Steve Bannon]

He's trying to change the world order to make sure that the American citizen comes first on everything to deal with the United States of America and that America comes first. There's massive resistance to this. Of course there's massive resistance. We've allowed a globalist system to develop over the last 40 or 50 years in which they've accreted all the value to themselves. We could walk you through the math, but you don't need, just look around, you can tell that, that the middle class in this country, even people with good paying jobs, you get laid off in a tight job market, 90 days, you're not doing good, you're not sleeping at night, you're worrying. That's what President Trump's trying to, trying to break that system and bring back the high value added manufacturing jobs here and to recreate what we have to war. And people say that's just nostalgia. It's not going to happen.

[Rick Santelli]

Says who?

[Steve Bannon]

Is it somebody? Second law of thermodynamics. Is there some natural property in the universe that caused this? No, it did not. No, it did not. Just like the situation of the southern border as Ben's been worked through last night. This thing was all architected by human beings. But I can see how the system evolved and what they did to maximize. You guys defending them, you guys underwriting with your taxes and your retirements to pay for it all. And that you and your children provide the defense for it. Guess what? That's stopping, that's ending. And they hate it. They love the free ride. Of course they love the free ride. Brad's going to stick with me for the next hour and we're going to bring in Mike Davis, the viceroy, because Politico's got this story about the institutions and I think it's fantastic. Mike Davis has got an amazing analysis. He's in the story, but it's about Boris and Miller and people, the people over these years from 21 who thought through, hey, how you have to go after the institutions. And we've talked here about this all the time and I think it ought to actually go to phase two to expand to the state public ivies, into the banks, into the hedge funds, into the investment banks. Like they said in, in Godfather, hey, let's get them while we're strong. Let's hit him while we're strong. I think it was Frankie Pantangelo. Remember, all lessons in business come from the Godfather. Julian Barbary done with debt. This is one of the issues here. There, I don't know, 5% of credit cards are past due. People are having to pay, you know, the 9 million people to have two jobs, people using credit cards to gap to pay for the monthly expenses. And that's where they get ahead of it. And the credit card companies are, you know, they're a group without pity. They look at this is why you need a group like Done With Debt. Walk me through exactly what the guys are done with that. If you've got a problem, what do you do? I think what people want to know in the audience is what do I have to do to find out how these guys operate, what they're going to do for me before I make any commitments, what are they going to do? So why don't you walk us through it?

[I]

You know, it's almost like having your own team of Michael Corleone's, if you will. Greatest movie ever. They're going to go in there for you and they are going to just stand defense. They're going to cut those nasty calls, those letters that come Done with Debt is a company that right now, especially you mentioned the middle class really feeling it. People that have had jobs, carrying two jobs just to cover the mortgage. Kids are going off to college, they are in trouble. Sometimes it's disease, sometimes it's, you know, just life hits ya and when it does, and it can and it hits you in the pocketbook, you are stuck and all the bills add up quickly. So what Done with Debt will do. They will put you on a course of action that's going to guarantee that your future is going to be bright again. They're going to get you on track. How do they do that? Exactly what you're saying. They know all of the deals with the credit company, credit card companies, the banking institutions, they work with them. Some people will wipe out your debt entirely for certain, you know, on certain cards or take pennies on the dollar. There are so many things that they can do for you to stop that immediately, overnight, all the nasty calls and letters and then put you on track. You have to call them though or go to donewithdebt.com it's the first step because you always mentioned, Steve, time is not on your side, it's on the credit card company side. Because every time comes up in the roster a little more, a little more money goes on it for them, not for you. Right. So if you are in this position.

[Steve Bannon]

Right now, here's the thing. The, the, the, the interest, the interest continues to accumulate. So that means the face amounts going to accumulate. These guys may be able to, I'm not promising. You got to talk to them. You know, maybe not just cap the interest payments, maybe even cut the face amount and work out all kind of restructurings. Here's the thing, a lot of people think, well, if I get in that much trouble, I can just go BK and then screw the credit card companies. It ain't that easy. And that BK sticks with you for a while, right? It sticks with you. You try to. If you try to get a car loan, you try to sign an apartment, it's not just buying a house. It sticks with you. There are other alternatives. My point to this, the reason I love done with debt. Go to them and see what the alternatives are before you make any decisions. They'll walk you through. But what you can't do under any situation is just let the letter or the credit card, you put it in the drawer. That cancer is metastasizing. It's not going away. You have to address it. Just like the irs, the anxiety. I realize people want to say, well, I don't want to do it. I can't. You know, I'll do. I'll pull a Scarlet O'Hara and I'll deal with it tomorrow. You can't deal with it tomorrow. You got to deal with it today. Jillian.

[I]

That's right. And the quicker you do, the faster you're going to get back on track. And remember, the first call, they'll give you a consultation for free. And I have the number for you today, Steve. It's 8883-241032-41054. Because they will talk you. The first call is so incredible because if you do decide to join up with them with that, you're going to feel it overnight. It happens automatically that everything stops and your head clears and you.

[Steve Bannon]

Get that Zen moment. Jillian, one more time, website and number. I need people to make contact today. If you've got a problem with your credit cards, where do they go?

[I]

Yes. And there's so many out there right now. Middle America. You're being hit. I was hit. I get it. It is donewithdebt.com on your computer or your phone or call 888-322-1054, 322-1054. There's someone on the other end of the phone. They are there. They're waiting for you. They're there to consult you. It's a free consultation. What have you got to lose? Just check them out. What have you got to lose other than your debt? So it's incredible. Thank you so much for having me again, Steve. I know how busy this time is, so I appreciate you.

[Steve Bannon]

No, no, Julian, thank you. Thank you so much. This, nothing could be more timely than this. This in the IRS situation. Thank you, ma'am. Appreciate you. Take the anxiety. We need you at the ramparts and we don't need you anxious. Right. We need you at the ramparts and we don't need you anxious. We need your focus and you've had massive impact. Brad's sticking around. We got a lot more economics to go through in politics. Good piece in political Day, actually, great piece in political about President Trump's assault on the institutions. The institutions that have betrayed, betrayed working class, the middle class of this country, folks. President Trump's taking them on, head on. And the viceroy is going to join us. Update on the Supreme Court and update on the assault on the institutions all next hour only. In the war room.

[Rick Santelli]

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[Steve Bannon]

They're happening.

[Rick Santelli]

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[Steve Bannon]

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[Rick Santelli]

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[J]

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[Rick Santelli]

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