Episode 4853: Schumer Shutdown Continues; Entering The Third World War

Summary

Podcast Summary: Bannon’s War Room, Episode 4853

Title: Schumer Shutdown Continues; Entering The Third World War
Date: October 15, 2025
Host: Stephen K. Bannon

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Overview

In this episode, Stephen K. Bannon dissects what he calls a global inflection point, arguing that the world is entering a new, dangerous phase of economic and geopolitical conflict—what he terms the “kinetic part of the Third World War.” He draws lines between financial instability, ballooning global debt, shifts in gold’s role as a financial asset, and the escalation of global conflicts, especially in Eurasia and China. The show includes analysis from Philip Patrick (Birch Gold), coverage of shifts in central bank policy, the implications for everyday Americans, and updates from the Moms for Liberty summit and Texas state politics.

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Main Themes & Discussion Points

1. Inflection Point in Global Finance & Geopolitics

(00:02–14:54)

• Bannon’s Monologue:
  • The world has reached an “inflection point,” merging a massive financial realignment with increased geopolitical tension.
  • Bannon describes the U.S. government and global elites as irresponsible stewards of the world financial system, arguing that de-dollarization efforts by BRICS are a direct challenge to American global power.
  • Gold, historically dismissed by elite financiers, is rapidly regaining importance as central banks and investors lose confidence in fiat currencies due to rising debt and economic manipulation.
  • Bannon asserts the real threat to American security and prosperity is not the Middle East conflicts but Eurasian developments and escalating financial instability.
  • He warns that the world is “highly leveraged,” comparing the current situation to a global “leveraged buyout” at risk of margin calls due to missed business targets, setting the stage for crisis.

“We’re in it now. We’re in the third World War. The economic part of it, the political part of it, the kinetic part of it.”
—Stephen K. Bannon [13:55]

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2. Gold as a Strategic Asset & De-Dollarization

(14:54–24:28)

• Philip Patrick (Birch Gold):

  • Gold is transitioning from a simple “hedge” to a core financial asset, increasingly favored for its security in an era of sovereign and inflationary risk.
  • The BRICS summit revealed a coordinated global push away from the U.S. dollar, as nations seek alternatives to the Western-controlled SWIFT system and weaponized currencies.
  • Central banks are accumulating gold to protect reserves, signifying a global consensus on the need for hard assets.

• Jamie Dimon’s Shift:

  • A clip is played of JP Morgan CEO Jamie Dimon, historically anti-gold, now remarking, “this is one of the few times in my life I said it’s semi-rational to have some [gold] in your portfolio... It could easily go to $5,000 or $10,000 in environments like this.” [20:14–20:29]
  • Bannon points to this as a seismic shift among mainstream financiers.

“The fact that Jamie Dimon’s talking about gold at all is quite incredible... this sort of rhetoric a few years ago was unimaginable from mainstream money managers.”
—Philip Patrick [21:09]

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3. Cascading Risks: Debt, Deficit, and Negative Feedback Loops

(24:28–34:11)

• Bannon:

  • Explains the U.S. is running record deficits (6–6.5% of GDP), with $1.2 trillion in annual interest payments on the debt.
  • Warns of the risk of a failed U.S. Treasury auction; if buyers hesitate, rates could rise uncontrollably, inducing a spiral where higher yields force more borrowing—a “negative feedback loop” reminiscent of the late 1930s.
  • Argues that current financial policies are akin to a ‘bribe’ to keep the system working, referencing the Fed paying interest on bank reserves.

• Patrick:

  • Either a failed auction or steeply rising yields are possible, escalating debt service costs and creating a self-reinforcing cycle of crisis.

“We’re going to get to a place that they got to in the late 1930s where you’re in a negative feedback loop and you gotta hit reset.”
—Stephen K. Bannon [31:52]

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4. China and the New Depression

(34:11–35:49, 39:24–45:51)

• Cites expert Scott Besant calling China’s downturn a “depression” and warning that the CCP is trying to drag the U.S. down with it.
• Bannon reiterates that the U.S. must decouple and support regime change “from the bottom up” in China, not top-down intervention.
• Raises the specter of China’s “attack date”—2027, referencing the ongoing strategic competition.

“Scott Besson... says they’re in a depression and they’re trying to drag us down to a depression. When Scott Bessant uses the D word, you better take out your number two pencil and write down the date.”
—Stephen K. Bannon [35:13]

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5. Moms for Liberty Summit: Parental Rights and Culture War

(35:49–39:18)

• Tina Descovitch (Moms for Liberty):
  • Updates on the Moms for Liberty national summit—back-to-back speakers, awards, tributes.
  • Parental rights movement has not ended after electoral wins; ongoing battles in blue areas and challenges even in red states as schools “defy executive orders” and continue to spread “curriculum that hates America.”
  • Descovitch links the movement’s urgency to tragedies like the “assassination of Charlie Kirk,” framing such actions as symptoms of desperation from ideological opponents.

“They are getting desperate, Steve... you see the extreme measures they're taking because we are winning, because they are starting to get scared that America is awake and not gonna allow this to happen in our country.”
—Tina Descovitch [37:50]

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6. Texas State Politics: The MAGA Agenda in Action

(40:35–47:21)

• Lee Wambsganss (Patriot Mobile / Texas Senate Candidate):
  • Outlines her campaign in a critical Senate district, positioning herself as a “pure MAGA candidate” against “RINO” Republicans and special interests.
  • Emphasizes local grassroots support versus opponent’s out-of-state funding, opposition to China buying land in Texas, and rejection of taxpayer-funded lobbyists.
  • Describes personal campaigning efforts and the urgency to “keep Texas, Texas” through conservative policy.

“I'm the only candidate in this race that was during the session and they do not want me to be elected. But that's okay because we serve a big God. … The people's voice is not going to be overshadowed if I'm elected.”
—Lee Wambsganss [45:02]

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Notable Quotes

• “We’re in it now. We’re in the third World War. The economic part of it, the political part of it, the kinetic part of it.” —Stephen K. Bannon [13:55]
• “The way you [the Chinese Communist Party] have to do it is… to do it through the dollar.” —Stephen K. Bannon [07:28]
• “This is the first time in my life it’s semi-rational to have [gold] in your portfolio. That’s a bitch slap, by the way.” —Stephen K. Bannon on Jamie Dimon [20:27]
• “Central banks are doing it to protect reserves, banks are doing it for investment, and individuals are doing the same. Right now there’s only so much gold to go around and it’s driving prices up.” —Philip Patrick [23:34]
• “The Chinese Communist Party, they've been at war with us for May 19th... We are the leaders of the anti-CCP movement, and we have to unplug from this.” —Stephen K. Bannon [35:13]

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Timestamps & Key Segments

• [00:02–14:54] Bannon’s opening monologue: financial history, the role of gold, and Eurasian conflict
• [18:00–24:28] Philip Patrick: gold’s changing status, central banks, and market insight
• [20:09–21:09] Jamie Dimon gold quote and analysis
• [31:20–34:11] U.S. deficits, interest expense, and risk of a failed Treasury auction
• [35:49–39:18] Moms for Liberty summit: parental rights, education, and activism
• [40:35–47:21] Lee Wambsganss on running for Texas Senate, MAGA vs. establishment, China land ownership

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Tone and Takeaways

Bannon’s tone is urgent, combative, and apocalyptic, framing the global situation as a massive battle—both economic and cultural—for America’s survival. His guests echo the sense of crisis, providing insider perspectives on finance and conservative politics. The discussion is rich in historical analogies, economic analysis, and appeals to mobilize the MAGA audience at both the national and local levels.

Listeners are encouraged to:

• Take personal responsibility for their financial education, especially regarding gold and hard assets.
• Stay politically engaged at the grassroots, particularly in key states like Texas.
• Recognize the global stakes, as Bannon frames the current period as being the opening salvos of a Third World War—primarily being fought through economic and financial means before turning kinetic.
• Remain wary of “happy talk” from the mainstream, emphasizing vigilance and preparedness.

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End of summary.

Transcript

[A]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. Prison's not got a free shot on 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 I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved. War ROOM here's your host, STEPHEN K. Band I got Philip Patrick joins me. There's two things I want to address with you, Philip, because folks, we're in an inflection point. I really. Oh, Phillip's not here yet. He's not. Oh, are we getting him up? 11 o' clock was call the call sheet. I know they're working the trading desk at Birchgold. Here's. I asked Philip to come on and normally we don't get Philip in the morning show because during west coast time and they're trading off in New York time and London time. But something as we addressed a couple of Saturdays ago here, something fundamentally has happened and you're seeing the convergence now of two major, major events. And it's very important for this audience, I think, to understand both and see how they converge. Number one, there's so gold's always been a hedge, as we've told you, through the end of the dollar empire. And we're very proud of this work because we started this work, I don't know, four or five years ago and thinking about it. Well, for a long time thinking about it. But this is why we never had a gold a sponsor that was in gold because I always was. I was not a gold bug. I came in investment banking at a Harvard business school in Goldman Sachs back in the 80s. The Harvard at that time was the West Point of globalization. They had two theological beliefs that they stamped you in and there was no variance. Right. Number one was the maximization of shareholder value. That was all one. We're supposed to think about the maximization of shareholder value. Nothing else mattered. And the other was globalization. Michael Porter was one of my professors there. He was the Great Competitive Advantage, Comparative advantage. These seminal works in the 1980s that really drove a generation or almost two generations of business school, right when management Harvard Business School was Set up really at the turn of the century. The brilliance of the folks in the late 19th century keep talking about manifest destiny and then the war understood that the industrial revolution, you needed management techniques that were very mathematical and were able to. You needed to control things. You needed to control the manufacturing process, you needed to control production. And you need to do that through analytics, accounting. To give you an example, you don't need any financial background or no accounting background to go to Harvard Business School. In fact, they actually like it if you don't. They want poets, they want people. It's all about kind of IQ and drive, to be honest with you, about how they select it through the GMATs and your grades and all that. But the accounting course is not called accounting, it's called control. And I said, what is it done? They said, because the whole process, the whole process is to teach you how to. You're going to be a master of the universe. It's all about how you control the modern industrial economy. So in that. And Philip Patrick, he's an investment banker. Ray Dalio is a private equity investment banker. Jamie Dimon has been a hammer on Wall street for decade after decade after decade. Now runs. His ultimate dream was to run JP Morgan, which he came to because he didn't come through kind of the white shoe. He's kind of a scrapper and he's classed himself up recently and trying to be a financial guru. But he was a guy that was really brought in to cut cost. And he's definitely not a gold bug. I mean, he's always made the comment that it's not rational to even have this in your portfolio as a hedge. And that was kind of the mindset of the age of globalization in the 80s and the 90s. It was what Keynes called it, a relic of ancient times. In fact, he basically called it a dangerous relic of ancient times. And that was the mindset whether you were conservative, whether you believe in Milton Friedman or, you know, you, you believed in, in Keynes or you believed in modern. The financialization of the American economy, which is what globalization led to. That's changed. Philip Patrick nailed it on this. Two things Philip Patrick has done and the guys at Birchgold have done that I think are incredible and very smart. And this is why when they come on the show, you get a perspective on this, you don't get anywhere else. Number one, they actually went to Rio de Janeiro, right to the BRICS conference, and they saw there exactly what the game's going to be. The game is going to tie. It's about de dollarization. It's about, they think, first of all, they think the west and the elites in the west are irresponsible and we're basing, doing a rolling devaluation of our currencies and we've also weaponized the currency. So now we can have the little bit of control we have, we can have off of the swift system where every, every trade, every transaction they do is monitored and can be stopped. And also the dollar, everything has to be converted in dollars. And of course, Lula and Putin and all these. But the head guys, the Chinese Communist Party realized to take down the American empire, the way you have to do it is to do it through the dollar. The other part, and they said, hey, this is, this is all going to happen, right? You can see deal, you see these side deals, these bilat trade deals where you're not going to, you're not going to convert into dollars. And in fact, the countries actually take the risk and figure out how to hedge the risk and they'll hedge it by their central banks buying, wait for it, gold. The second part was he came on here and he said, look, traditionally, and we talk about all the time, it's been a hedge for 5,000 years. There's something changing that. It's now actually getting back to the 19th century, where it was actually still considered a financial asset, a major financial asset that. Wait for it. Because of the war in Ukraine and the European economies not having the ability to finance the war in Ukraine because they came and financed their own militaries. This is why President Trump has hammered them for years, to get to the 2% and then to get to the 5% of GDP for paying for it, at which they all lie and spin. Remember, they came here and sat in the Oval Office and they're going to do this and they're going to do that and they're going to do all this stuff. And I sit on the show, they're all broke. It's all happy talk. Well, guess what? Weeks later, two months later, they're all broke. It's not happening. However, they got their hands on 350 or $380 billion of the Russian people's assets. So they're going to do something we didn't do to Hitler, they're going to in the Nazi regime. What we didn't do to Mussolini and the fascists, we didn't do to Imperial Japan, we didn't do to the Bolsheviks, we didn't do to the Soviets, we didn't do to the Chinese Communist Party. All these monsters that have roamed the Earth for the bloodiest century in Mankind's history, the 20th century, the short 20th century from 1914 to 1989. We're not going to do that. We're actually going to steal the Russian people's assets and we're going to use that to pay for the Ukraine war. Well, it turns out that all those are basically in European banks and they're all in Euros. And Philip Patrick said, you know what? I think we at Birch Gohl said, this is not only it's a hedge, but it's going to something different. It's actually now going to be in the ranks of financial assets and central banks and money center banks are going to think about this very differently. And when they do that and they start figuring out what in their asset class they have to have, things are going to change. You had the geopolitical risk. President Trump is put out of fire. And this is why I say the Middle east is a sideshow and Israel is a sideshow to a sideshow. If you see what's happening in the world today and what is going to affect this country and what's going to affect you and your community and your children, grandchildren, it ain't coming out of the Middle East. And don't get me wrong, President trump's right. Still 3,000 years cockpit of those folks at each other's throats and even goes beyond religion. Right. The central part is what's happening in the Eurasian landmass and what's happening in the global financial markets about the finance that we have. 380. What is it? $380 trillion? I think 350. Let me round down $350 trillion of debt at every level, from credit card debt to student loans to the United nations and all the stuff in Geneva and the countries, United States, Russia, China, added all up, everything. Junk bonds, private debt, all of it. $350 trillion. And. And I keep saying. Philip Patrick keeps saying it. That is a lot. That is a highly leveraged. The world is a leveraged buyout. And if the world doesn't hit his business plan and it ain't hitting its business model right now, God bless AI. It is not hitting his business model. So eventually you're going to have a margin call. And what does that mean? You got to put a little something under the debt. Well, what's the something? We're going to print more money. We're printing it as fast as you can. No, they're going to want, like. No, we want real assets underneath this, or the debt's going to come crashing down and Bob's your uncle. You're going to have something that's so much worse than the Great Depression. And remember, go back to your parents or your grandparents and think of what formed them as people. Particularly if it's your grandparents certain age. It's not World War II. It was the Great Depression. It left an indelible stamp. If those kids were, you know, 8, 9, 10 years old, all the way up to their teens, they remember what America looked like in 1932 when Roosevelt came in and you had 25% unemployment. And remember all the stuff in the Great Depression, all the stuff in the fdr, they were throwing stuff up. They had, you know, ccc and they had, you know, they were doing job training and they were, you know, trying to make sure everybody's wages came up. They were flooding the market with cash and trying to get everything up. By 1938, folks, and this is why I try to rig the Supreme Court, nothing had worked. They were essentially by 38, kind of back where they started, a little bit better. But they all came to the conclusion, hey, kind of the way you get out of this is kind of the way Germany got out of this, because Germany was the basket case. And now all of a sudden, their economy's on fire. How did they do that? Hitler just said, screw everybody. We're going to rearm, and eventually I'm going to use those arms. We're going to rearm first. And that's what happened in late 1930s. You started growing the army, you started building a navy, you started getting ready for a war they knew was coming. And why did they know that war was coming? Because we were in a negative feedback loop on the global economy. And you had to punch the reset. What better way to punch a reset? If you study the four turnings, what better way to hit a reset? A global conflict. And that's why today I've said we're in the beginning of the kinetic part of the Third World War. We've already passed the political part. You see that in this Friday and this Friday in Washington, D.C. in the Oval Office. Zelensky's coming. He's got a menu and a plan. Just give me offensive, give me Tomahawks. Let me strike them deep. Let me get to Moscow, let me get to St. Petersburg. Let me hit them where they live. Let me hit the Kremlin. Putin, they ain't that tough. And if I can hit them and I got those weapons, the whole dynamic of The Ukrainian war will change. We got 2.8 million dead or one that they're already. That dwarfs anything in World War II for that same period. Dwarfs it. But even more importantly than that, and make sure if you take anything away from this morning's show, you take this away. The Chinese Communist Party is kind of the same shape that Roosevelt and the guys were in the late 1930s. They've tried everything, they've thrown everything in and it's not working. And America trying to get its commercial relationships right and trade relations right and trying to bring those manufacturing jobs that the Wall street and the tech oligarchs sent over there, they've gone full scale economic war. They've said, hey, we're putting restrictions on everything to every country because we don't want it to get to America. And on top of that, you guys have sold us the rare earth processing because your corporatists are so greedy, they'll sell out the country. They'll actually do what Lenin said. What did Lenin say? The capitalists will sell us the rope in which we will hang them. That's. But rare earths are. And she knows us. These people are smart, they're tough, they're strategic and they're pure evil. And they hate this country. And they are now at a full scale economic war with the United States of America. An economic war, folks. I'm telling you, we can win it if we use every tool in the toolbox. But in winning it, it's also going to make people around the world go, well, hang on. The way these guys win it is through their own economic process, particularly around their dollar and around this whole system of how money transfers. It will only drive, it will only drive the interest in gold. I'm not here to hog gold to you. I'm here to tell you reality. You make your own decisions, but now you need to do your own work. Birch Golds provided the information and we're going to provide more. But this is something you need to do for your family, for your country, for your community. You need to understand it. You need to understand it exactly where we are today. And don't listen to any of the happy talk that's out there. We're in it now. We're in the third World War. The economic part of it, the political part of it, the kinetic part of it. Philip Patrick joins us next.

[B]

In the world in America's heart.

[A]

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[B]

No.

[C]

What are you waiting for?

[D]

It's free, it's uncensored, and it's where.

[A]

All the biggest voices in conservative media are speaking out. Download the Getter app right now. It's totally free. It's where I put up exclusively all of my content 24 hours a day. Want to know what Steve Bannon's thinking? Go together.

[E]

That's right. You can follow all of your favorites. Steve Bannon, Charlie Kirk, Jack Posobi, and.

[A]

So many more, download the Getter app now. Sign up for free and be part of the new thing. Okay? If you like geopolitics, capital markets, national security, all of it. And we're not here to make sure you're the smartest person to barbecue or sitting in the stands watching, watching Little League or the kids play sports. Although you will be. It's really to make sure that you have the information that you need to be at the tip of the spear of the Maga movement. Full stop. Which made you guys so powerful. Jim Rickert is one of our contributors. Great guy. So we set up a homepage, rickardswarroom.com go there, you get access to Strategic Intelligence, which is his newsletter, read by chairman, CEO, hedge fund managers all over the world. It's got this concept, a construct called predictive analytics. You'll find out all about it. Go check it out. Today, and he'll throw in a free book on Fiat currency and AI. Pretty timely. Also, our sponsors and partners at Birchgold, birchgold.com, promo code Bannon, the end of the dollar empire. And you get access to Philip Patrick, and you're going to have access to Philip Patrick right now. Philip, your thoughts about my monologue, sir?

[E]

I thought it was one of the best monologues or overviews as to the current situation and why people should, should be looking at this. And as you say, it isn't whether they buy or not. It's understanding what's driving gold up. And I think having that understanding is power. It lets people make the right decisions. But I thought that was one of the best monologues I've, I've heard in a while. I was worried I was going to have to follow that. So I'm glad we had a break in between.

[A]

No, no, no, no. But, but one of the things we talk about, and this is why I think if you go back and I'll get that clip and play it, when, when Philip came on here, first off, he, they went to Rio, that was huge. And they understood what the BRICs were doing as nobody else did. Number two, when you came back and said, we got to talk about the asset shifting in the center of the central banks and the money center banks, right? We need to do that. And we talked about that a couple of Saturdays ago. And that had a profound impact, I think, on the audience. And you can see what's happening in the markets. I mean, when you're blown through 4,000, 4,100, 4,200, there's something going on. And people, a lot of people are saying, hey, did I miss it? You know, I should have listened to Philip, Patrick and Bannon years ago when it was eleven hundred dollars. I didn't. I missed it. And I keep telling people, don't think that way. Understand the process, understand what's driving value here. Understand how everything we talk about here, both internally to the country, right. And particularly externally, what President Trump's trying to do to bring peace and prosperity. If you can connect those dots, you'll make your own. You'll come to your own conclusions. And that's what we're trying to do here. Let me play this clip, because here's one of the things, the big things happen like Philip and I talked about. We come out of investment banking. Gold wasn't even considered back in the 80s and 90s in the, in the devil odds. The Ray Dalio and Jamie Dimon are Not fans of gold. Ray Dalio saying, hey, load up and Jamie, let's play. It's a short clip from the chairman and CEO of the most powerful bank in the country. That's not the Federal reserve. That'd be J.P. morgan. Let's hear Jamie Dimon.

[D]

So gold overvalued or undervalued.

[A]

I don't know.

[B]

I mean, I'm not a gold buyer. It costs 4% to own it.

[A]

It could easily go to 5,000 or.

[B]

10,000 in environments like this is one of the few times in my life I said it's semi rational to have some of your portfolio.

[A]

This is the first time in my life it's semirational to have in your portfolio. That's a bitch slap, by the way. Right? He hates gold. J.P. moore, all these guys do. Right? Although the original J.P. morgan liked it a lot. Talk to me about that. The 4%, by the way, is for billionaires that are buying massive amounts of bullion. You don't have 4% carrying cost. But he said at the end, this is the first time it's become semi rational because he's one of the guys that's mocked it forever. And then he throws out there, you could go to 5,000, 10,000, I don't know. Right. Your interpretation of that, Philip Patrick.

[E]

Yeah, I mean, first of all, as you know and you point out, the fact that Jamie Dimon's talking about gold at all is quite incredible. This sort of rhetoric a few years ago was unimaginable from mainstream money managers and it was reserved for the sort of fringe survivalist, tinfoil hat types. But Jamie Dimon saying it could easily go, and very blase to five or $10,000 an ounce in environments like this. It's incredibly telling. He also went on to say, by the way, asset prices are kind of high. And in the back of my mind he said it cuts across everything at this point. But let's think about who this is. This is the CEO of JP Morgan, the single biggest bank in the United States, which by the way makes its money from funding the very deals that are driving asset prices up. JP Morgan doesn't make money when investors buy gold. So this isn't Giant diamond sort of talking his book. This is something much deeper. And he's not alone. Ken Griffith, Citadel billionaire hedge fund manager, said that he was starting to view gold, or the world was starting to view gold as safer than the dollar, and saying that was a very concerning development. Same with Taleb. As we mentioned about a month ago, he went on Bloomberg and said the dollar's losing its global reserve currency status. Dalio, you mentioned as well, you know, we've got to remember government debt used to be viewed as the safest place on earth to hold money. And it's no longer being viewed that at all. And it's no surprise why global debt levels not just here in the United States, over 250% of GDP. So what we're seeing now is a reversion back to gold as a safe haven asset. And it's happening across the board. But it's easy to understand why. Where do investors go at any level in this climate? Right. Capital markets used to be a very good way to hedge against inflation. Today, not only do I think they're going to struggle to hedge inflation longer term, I think they could compound the problem. Any investment in capital markets today is essentially an enormous leveraged bet on AI. Sovereign debt or cash used to be a safe way to ride out recessions or economic downturns. Today we're losing in real terms to inflation. Real estate, another very good inflation hedge, also struggling predominantly for the same reasons. House prices are now 50 to 75% above the peak that they were in 2008, with mortgage rates running at 8 or 9%. So this is a really tough climate and everybody's struggling from central banks to everyday investors, and they are turning to gold in their droves. Central banks are doing it to protect reserves, banks are doing it for investment, and individuals are doing the same. Right now there's only so much gold to go around and it's driving prices up. And I think it's going to continue to go up.

[A]

Steve, when, when we talked to Philip Patrick and the team four years ago or so, many people come to, you see right wing media, many people come to us about, you know, selling gold, being gold. And I said, no, I'm not interested in that and I'm not going to do it. But, well, what I will do is somebody will sit here and we'll work through this. Because people in the audience today are saying, man, this nomenclature, I don't know what you're talking about. You have to make it accessible as soon as, like riding a bike, as soon as it's accessible and you understand this, so much about politics and the way the world works is going to become open to you. That's why it's so important if you never buy an ounce of gold, this is a way to learn how the world works. That's why with Philip Patrick and the team, we've done this for four years it's kind of, let's be blunt, it was a called shot. Exactly what we said was going to happen, happened. This is why we're telling you for the future. I want to make sure I get this out there because now you get a bounce. I got some other great guests coming on. One of the things that's shocking, running these massive deficits and we are running massive deficits even under President Trump and the growth trying to kick in but we haven't caught up yet. The percentage of our deficit to GDP at 3 still think is 6, 6 and a half percent, 6.3% something like that with no end in sight. I understand there's a lot of things being worked on and you know, the investments coming and the supply side cut and all that. But I will say I think the, the dev. I think the spending was 300 doge and all that. I think it was $300 billion more. I believe that was called the interest expense. Haven't cut it down. But the bond market still 10 year bond is fine. The bond markets chilled. And the reason for that Philip, is that the bond market in one hand, it's kind of schizophrenic on the hand of financing government deficits. It hasn't really changed. Now when you get into the auctions themselves, it's changing but it hasn't changed to what you're saying that hey, holding of government debt was always a safe haven. And as we know in France and England, the reason France getting turfed out and England's about to get turfed out, Starmer's at 11% or 12% is they can't sell 30 year bonds. Why people don't know if they're going to be around in 30 years. Right. They just don't. That hasn't hit the market overall. And my fear is that we're not that far away I think from a failed treasury auction or something where we really have to crack the whip on banks to start buying this stuff more than they, they want to buy it today. It's one of the reasons you have the scam of paying, of giving them cash for reserves, their own reserves. We're paying interest on it by the, by the Fed. And a lot of people are starting to say why are we doing this? One of the reasons we're doing it, I think it's kind of a bribe. It's kind of a bribe to make sure the system works. We're going to get to a place that they got to in the late 1930s where you're in a negative feedback loop and you gotta hit reset. Philip, stick around. I want your answer on that. Philip Patrick is with us. Tina Deskovitz, the Monster Delivery kickoff, a huge conference over the next couple days. She's going to be here. We have a special guest, formerly, I think, with Patriot Mobile, now running for office in the Lone Star State. As you know, we have a big focus on Texas here. Short commercial break. Back with Philip Patrick in a moment. Have you looked at your power bill lately? Electricity prices are at all time highs and they're only going up even worse. Power outages are becoming more and more common. In fact, according to the Department of Energy, Blackouts could increase 10,000% over the next few years. If you don't have a backup generator for your home, it's time to get one. The one I Recommend is the Grid Dr. 3300 solar generator from our friends at my Patriot Supply. Unlike gas generators, it's quiet, fume free and safe to use indoors. Yet it's powerful enough to run almost everything in your home. And with the free solar panel included, you'll have unlimited off grid power to outlast any storm, blackout or grid failure. Best of all, you can get the grid Dr. 3300 for zero down and as little as 104 bucks a month when you [e-mail] Bannon that's right, 3300 watts of backup power delivered to your door for zero dollars down. See the page for more [e-mail] that's my patriotsupply.com Bannon this electricity issue is huge. Deal with it today with the Grid Dr. 3300 from mypatriotsupply.com Bannon here's your host, Stephen K. Bannon. One last thing before I have Philip answer this. Scott Besant, the reason we've known Scott, as a contributor here, dear friend of mine, for, you know, many, many, many years. And I kept saying he's a safe pair of hands in capital markets, particularly everything that's going on and interpreting President Trump's economic plan to Wall street and capital market ease. Scott Besant, as you notice from his confirmation hearing, we hear him on tv, we play clips, he's very precise in his language. He wants to send the market very specific signals. So it's not all over. You know, we use the example of Lutnick, right? And you know, we're not a fan of Lutnick. We weren't a fan when Elon pushed him, when Elmo pushed him for secretary treasury thought it was disastrous, and it would have been disastrous because he's not precise. Scott Besson, in answer to this question about China the other day, he says they're in a depression and they're trying to drag us down to a depression. When Scott Bessant uses the D word, you better take out your number two pencil and write down the date in what form you use it in, because that's important. The Chinese Communist Party, they've been at war with us for May 19th. You know that if you watch this show at any length of time over many, many, many years, we're the leaders of the anti CCP movement that we have to unplug from this. We have to decouple, and we have to assist Lao Baijang in taking those guys down. Yes, I am for regime change. Never from the top down because it doesn't work. We'll get sucked into it. But from the bottom up, whether it's in Persia or whether it's in. Or whether it's in Beijing. And I did not say Jerusalem, although I have said it before with Netanyahu, but that's a topic for another day. Philip Patrick, on the event horizon we have out there, as you see the shift in the central banks and the money center banks, hey, this government debt used to be the safest of all, and now it's like, you know, we go and put dollars first and we're going to put maybe gold in second, third. Does that portend that we have a failed treasury auction coming sometime in the next couple of years, Sir, Listen, it could happen.

[E]

It's hard to imagine, right? Because look, we see one of two things. We either see a failed treasury auction, which would be just almost unimaginable, or what will happen is in the secondary market, banks will step in and essentially buy the debt. But the problem is rates are just going to keep rising and rising and rising until a bidder steps in. Higher yields ultimately will solve the problem, but they also create a new problem, an obvious one, which is higher yields cripple us with debt service costs, which means more borrowing and more debt auctions, which creates essentially a negative feedback loop because zero interest rates for 15. You get the idea, right? So we just loop around.

[A]

Use my favorite term, Philip, by the way. Keep going, keep going.

[E]

No, no, please carry on. Sorry, I didn't mean to cut you off.

[A]

I just want to make sure people know in the fiscal year that just ended September 30th, which we're very focused on, where we said it's going to be 2 trillion if you took the under 1.8. But hey, it's close enough for government work. $1.2 trillion gross amount of interest paid. Now they net out what they hold. But hey, it's the gross number to focus on. $1.2 trillion for the pleasure of having the debt. Philip, I know you got a bounce. I want everybody to go to Birch Gold today. Birchgold.com the end of the dollar promo code ban and end of the dollar empire. You get direct access to Philip Patrick or just take your phone out. There's a simpler way to see another aspect of that, and that's everything about the IRAs and 401ks and tax deferred and tax delayed and maybe tax free. Text Bannon at 989-898. You get that? The ultimate guide. All this is free. All the information is free. In the age of Trump. Philip, I want people to make, to get contact with you and your team so you can walk them through everything. Where do you.

[E]

What's your source?

[A]

What's your social media? Where do folks go there?

[E]

So it's Philip Patrick on getter at Philippatrick on get. I'm putting out stuff every day.

[A]

Thank you, sir. Negative feedback loop when it gets in that situation, like the late 1930s, maybe the mid-1920s, or is it 2020s to 2030? China said their attack dates 2027. Just throwing that out there for getting into the conversation. That's xi's number, not mine. Negative feedback loop and hit the reset button. And the reset button is always catastrophic. And it's particularly catastrophic to the ruling elites and the structure. But it's really catastrophic to you, to blue collar guys like my dad, his family, your family, everybody. If you're working stiff, it comes hard and fast. Philip Patrick, honored to have you on here, sir. Is that cheery enough for you? I just want to give it to you straight. Not going to give you happy talk because all dc, they're living in a fantasy. It's detached from reality of what's happening in the world today. It's just detached. I don't need to tell it. Next is that Tina Deskovitz has fought this every day. The Parents Rights movement. She knows how absurd things are. Your big the Moms for Liberty conference is this weekend. Tell us about it. Ma'? Am.

[D]

Yeah, I'm live right now in the conference center at the Gaylord Palms in Orlando. We're about to start loading in there in the conference center. The kickoff is tomorrow night with an opening reception but a Huge day on Friday and a huge day on Saturday. We've got fantastic speakers. Congressman Byron Donalds will be here, Benny Johnson will be here. Graham Allen, James o', Keefe, like, just back to back, Real America's Voice will be here. Live stream streaming all of our main stage events for the two and a half days. And so we are just excited to hold our fourth annual Moms for Liberty Summit. We are four and a half years old.

[A]

No, it's amazing. We're live streaming the entire thing in the war room is going to do special breakouts, interviews, et cetera, because this is a big deal. What's the theme, man? You won. The Parents Rights Movement got Virginia for Youngkin, then was at the tip of the spear of leading Trump and supporting Trump on his amazing comeback. You won in 24. I thought it was all over. I thought you guys are going to wrap up. Is there any work to still do?

[D]

Look, I was hoping that maybe we could wrap up, but there is so much work to do. There are so many blue states and counties that are really struggling, and school districts that are even in red states and counties are still. They're still fighting this. They're defying executive orders. They are still streaming porn into the classrooms via library books and the curriculum. That hates America. Steve. The problems are not all solved, unfortunately.

[A]

And now we have to. Of course it's not. It's. It's AI. It's not solved. It's not close to being solved. Here's why. And this is why we need a double and triple effort. Mom. Donnie is a product of all this. He's a product of the education system. We essentially have a collection of radicals and terrorists that are terrorists against the family, that are teaching your kids. And they're not. They're not rolling over. They're fighting for every inch of ground because they understand if they can wait you out and wait Trump out, they see the fruits of victory. That's why they're dug in, ma'. Am.

[D]

They're getting desperate, Steve. I mean, with the assassination of Charlie Kirk, I hate to invoke that right now, but you see the extreme measures they're taking because we are winning, because they are starting to get scared that America is awake and not gonna allow this to happen in our country. And so, no, it's not time to slow down. It's very frustrating sometimes when people are getting complacent and thinking everything is now solved and fixed because President Trump is in office. But Moms for Liberty is not slowing down. We are here for our Fourth annual summit. Today is the last day to get tickets. So if you're in the Florida area, if you're anywhere, fly in, feel free. But if you're in the Florida area, especially the Orlando area, grab some Tickets, go to moms4liberty.org and join us. You will not regret it. Saturday morning we're doing a tribute to Charlie Kirk. We have 100 local TPUSA kids are going to go up on stage and accept our highest award, the Liberty Sword, on behalf of Charlie. And we're really looking forward to that moment.

[A]

Benny Johnson, you got so many great speakers. It will be real. America's voice in the war room nonstop. Your social media, ma'. Am. Where's your coordinates and where do people go if they still want a ticket?

[D]

Momsforliberty.org There's a pop up banner right now. You just click it to get tickets. You can get Saturday night only gala tickets. I think James o' Keefe will be our keynote Saturday night. We do our awards for our moms that night too. It's really a special evening. And of course, all our socials. Mom's number four, Liberty.

[A]

Thank you, ma'. Am. Appreciate you.

[D]

Appreciate you, Steve.

[A]

Look forward to covering it. We're gonna cover it nonstop. I'm actually gonna be in Texas. Patriot Mobile, 972 Patriot. Do the switch today. This is not because they support your causes, not because Glenn's story in the epic legendary team has done so much to keep Texas as the railhead of the MAGA movement. It's also the best phone service around. Stop giving your money to people who hate you and start giving your money to a service that you get better service. Don't take it from me. Call 972 Patriot right now. Talk to a United States citizen in the United States of America. Their customer service. Do it today. Lee Wamsgan. Lee, you're still at Patriot Mobile. That's your day job. But very bravely, because you're one of the best people I've met. Although I will say it's the moral equivalent of Dave Brat, because you are one of the most. No, you're one of the most moral, decent people I've ever met. And we've had some tough fight situations where I've seen your medal. But now you're essentially on a crusade to go to Austin, Texas and to clean things up starting in the Texas Senate. Tell me about it.

[C]

That's right. If you think about Texas, everyone knows Texas is big and everything's bigger in Texas. We have 38 U.S. congressional districts. We only have 31 state Senate districts. So we have about a million people in every, in every Senate district. And that means that every district is so important. It's 31 votes. That basically are the gatekeepers for getting conservative legislation passed or bad legislation stopped. Currently in that body there are 20 Republicans and 11 Democrats. And let me tell you Steve, the Democrats are working hard to take this seat. I'm running for State Senate District 9. It's a vacant seat, it's open and it's a special election. They call it a jungle election. There is no primary. Early voting starts Monday the 20th and election day is November 4th. And I'm the conservative candidate running for that spot.

[A]

One of the issues we've had in Texas, and we see this from every issue, we've dealt with everything for the last four years for, for immigration, not securing the border to, you know what Brian Harrison was able to reveal to us about the redistricting, just all of it is that because Texas forever was the hardest core Democrat state, right. With Lyndon Johnson and Sam Rayburn and all that. And what's evident is that there's still a lot of Democrats there or they call themselves Republicans. I mean one of the problems we have is that when you say Republicans are this in the House and the Senate, a lot of those folks just don't forget supporting maga. They don't support really just classic republic orthodoxy. Isn't that one of the issues and one of the reasons you're running because you're a pure MAGA candidate. But this thing is so screwed up down there that you've got to get MAGA voices in there. You're not going to have a shot. And Texas is I think the most important state in the union force.

[C]

It is huge. And think about the dynamics of this race with there not being a primary. There was a Democrat in the race and then I joined the race and then about three weeks later a Rhino Republican joined the race not caring about splitting the Republican vote. My opponent has 94% of his campaign finance from out of state interests. My campaign is funded by over 95% in state with over 300 individual donors. My opponent, who is calling himself a Republican, voted for a DEI committee while he was on city council. My opponent didn't finish his first term as mayor before he decided to carpet back to another congressional district that he didn't live in and run against the wonderful and amazing Brandon Gill. My opponent also, while he was mayor of our city, approved budgets that gave tens of thousands of dollars to taxpayer funded lobbyists I'm very much opposed to giving our tax dollars to lobbyists in Austin or D.C.

[A]

Lee, just hang on. I'm gonna hold you through the break, take you to the D block. Lee Wambsgan. And as tough a fighter as we have in the MAGA movement. Short break. Back in the warm in a moment. Hey, I realize you got many choices when it comes to who you choose for your cell phone service and there are new ones popping up. All. But here's the truth. There's only one that boldly stands in the gap for every American that believes that freedom is worth fighting for. And that's the team at Patriot Mobile. For more than 12 years Patriot Mobile has been on the front lines of fighting for our God given rights and freedoms while also providing exceptional nationwide cell phone service with access to all three of the main networks. Don't just take my word for it, ask the hundreds of thousands of Americans who've made the switch are now supporting causes they believe in. Simply by joining Patriot Mobile switching is easier than ever. Activate in minutes from the comfort of your own home. Keep your number, keep your phone or upgrade. Patriot Mobile's all US based support team is standing by to take care of you. Call 978 Patriot today or go to patriotmobile.com Bannon that's patriotmobile.com Bannon use the promo code Bannon for a free month of service. That's patriotmobile.com bannon or call 972 Patriot and make the switch today. Here's your host, Stephen K. Bannon. We're going to toss to Charlie Kirk or the Charlie Kirk team, the Turning Point team at noon as we always do Posto. After that Steve Gruber. After that bowling. Then back to us at three o' clock there's going to be an event in the Oval with Cash Patel and the President of course, Real America's Voice will cover it live. John Solomon, the great John Solomon will follow us today and he's going to interview Cash. So put that on your calendars. Lee, I'm going to actually be spending a couple days with the Patriot Mobile team. We're going to be in Texas. We've got some special stuff planned for Saturday. And by the way, we're going to be covering nonstop the Moms for Liberty and so much else going on, particularly in Zelensky's visit to the White House on Friday. Every day, just so many events going on, we're going to cover them all. But we're going to be together on Saturday afternoon, are we not?

[C]

Ma' Am we are. We're doing a huge get out the vote rally because our early voting starts on Monday. And I'm so excited, Steve, that you're going to be there. Everyone's going to just they're so excited to see you. And you can learn more about that on leavefortexas.com that information will be up very soon. We are out there fighting the fight. We are up against huge special interest money. I was very vocal against allowing China to buy land in the United States. I'm the only candidate in this race. That was during the session and they do not want me to be elected. But that's okay because we serve a big God. And while we're outspent, we have walked 7,800 houses to date and we plan to double that before election day. We're doing that huge get out the Valley, get out the rally with you on Saturday. We're looking forward to that. But if anyone wants to sign up to help my campaign, they can go to Lee4Texas.com we would love donations. We would love signups. Grassroots is where it's at and the, the people's voice is not going to be overshadowed if I'm elected. I am your grassroots candidate. I have served for over 34 years. I've stood when I had to stand alone. My opponent is a go along to get along guy. And we have enough of that in Austin. Let's keep Texas, Texas. And I'm asking for your Texas friends to vote for Lee Wampscon for Senate District 9.

[A]

Lee, amazing. Look forward to seeing you guys. Glenn Story and the historic legendary team at Patriot Mobile. So thank you, man. Appreciate you.

[C]

Thank you, Steve. God bless.

[A]

Trevor Comstock. I've asked you to join us today, people. It's been a tough war room, man. Been getting ready for the third World War. People want to be healthy. We need healthy troops in here. How are they going to do it?

[F]

Yeah, always great to see you, Steve. So of course our beef liver is still our number one product, but our tallow moisturizer has quickly become the second most popular. We did sell out a few weeks ago, but we're back in stock. So no worries there. We're all set. But for those who don't know, just a little background on it, it's made with the two ingredients, which is the 100% American grass fed and finished beef tallow. And then we pair it with the raw Manuka honey. So that's it. We don't include any fillers, synthetic ingredients, seed oils or anything like that. And Tallow is really amazing because it's almost identical to the natural oils that you're skinny the skin produces. So it absorbs much more deeply and actually nourishes the skin as opposed to just sitting on top of it, which unfortunately is the case with a lot of other moisturizers on the market. And then to take it a step further, tallow is amazing just because it's loaded with nutrients like vitamin A, D, E as well as K, which your skin needs to stay healthy and radiant. And then as I'd mentioned, we paired it with the raw Manuka honey, which is a naturally occurring antibacterial, anti inflammatory and healing remedy. So it's pretty powerful, especially with the raw Manuka honey. It helps in scenarios if you have some eczema on your face or some redness. And also it's great is it hydrates your skin and it doesn't clog your pores. So if you do want to compare the moisturizer to other skin care products on the market, those can be effective in their own right. But as I'm sure many of you know, a lot of them contain a ton of synthetic ingredients. Seed oils, even food dyes, which RFK Jr. Is trying to ban. So that's essentially why we created the first place was just to give you something raw.

[A]

Is the product. The product.

[E]

The.

[A]

The products. The product. People I know that have used it, raving about it. The thing selling out every other day. Is it now in stock? I know your manufacturing process is very precise. Do we have it actually in stock? Are you getting it back in stock?

[F]

Yeah, it's a great question. So we're in stock now. We're all set. Each jar is handmade, so it takes a little time to produce each unit, which is why it tends to sell out. But we're working overtime. We got you covered there. Should not sell out this week, but I can't make any promises.

[A]

But yeah, I want to make sure everybody goes to the website. That's where you get this tremendous information and see the reviews where they go. Trevor?

[F]

Yeah, you can go to sacredhumanhealth.com or of course just type in Sacred human in Google will pop up. And then you can always use code war room for 10% off any one time purchase. And yeah, you. We'll got you covered on any questions you have as well.

[A]

Thank you. Thank you for carving timeout. A busy CEO founder of this amazing company, Sacred Human Health. Couple things we talk about, deficits, the irs, even with President Trump and Besson overseeing it. If they feel you owe money, they're going to come and get it. If you're late filing, you miss filing, you haven't filed. If you got a letter, particularly got a letter from the irs, don't. Before you call them, talk to Tax Network usa. They've solved a billion dollars worth of problems of folks just like yourself. But that's not going to go away when you got $2 trillion in deficits. They're going to come and get their money. And before you get representation, it's what they think you owe. Remember that you need somebody to help work through what you actually owe. 800-958-1000 tax network USA or tnusa.com tell them Bannon sent you to give you a free consultation. Do that today. Stop the anxiety. Work with people that do this for a living because it's not for the uninitiated. Okay? Also, home title lock. Every dream you ever had is in that home. Make sure that it does not turn into a nightmare. How can that happen? When you play by the rules, you do everything. Let somebody get in and get access to that title and then you're done. Home title lock Document Promo code. Ban it. Talk to Natalie Dominguez and the team today. Mike, it's been a rough, tough war room session here. Before he tosses to the Charlie Kirk team. Tell me about a deal, you guys.

[B]

We got the three in one special. You guys and you've all went after this season. Slippers. We have the my slippers. This is a war room exclusive. Get it one before by your size is still there. $39.98. These were originally $149.98. They're the best slippers ever made. Then the six piece towel says $39.98. A bunch of new colors just came in. Check that out. And the unit and the premium my pillows to get the best sleep of your life is the lowest price in history. $17.98 for the queens. 1998 for the king. You guys go to mypillow.com war room. All those special they're. And look, we still have some of those sheets. You all, you all got that exclusive 29.88. Some of the colors and sizes still in any size, any color. Get the my pillow mattresses. The mattress toppers, they ship for free. Take advantage of that promo code. War room 800-873-1062. You guys were very excited at my pillow. You guys have made it possible. My employee owned company. Company. They're made in the USA promo code.

[A]

War Room. We'll see you back here at 5 o'. Clock. What if he had the brightest mind in the war room, delivering critical financial research every month? Steve Bannon here. War Room listeners know Jim Rickards. I love this guy. He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets, Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning speeds, algorithm driven crashes, and even threats to national security. Right now, War Room members get a free copy 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 rickardswarroom.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.