
Episode 4864: One On One With Charles Murray; Trump Meets With Australian PM ...
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A
This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. You're just not going to free shot all these networks lying about the people. The people have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen. And where do people like that go to share the big lie? 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. Ban. It's Monday the 20th of October yer valor 2025. We're going to get back to the was it the insurrection here in the United States of America and how ties to global players. We're going to talk about the plenum that's going on in Beijing right now and all this controversy around Xi. Is he in charge? Not in charge. Captain Fennell is going to come back in a moment. Also the representatives of the new federal state of China, Forrest, Eva and Roy will all be here. And Jim Rickards on geopolitics and capital markets. Gold once again blew through 4300. As you know, we started partnering with Birch gold years ago as 1100 and we told you how this was going to happen. We said it's not about the price of gold, it's about the process. You understand geopolitics, you understand capital markets, you understand the centrality of the United States dollar, the good old Federal Reserve note as the world's reserve currency. And where that's going, if you understand that and you get we can teach you a little bit about pattern recognition. You'll be on your own and you've done a magnificent job and it's only going to get scarier and scarier even with a guy like President Trump. And man, if we didn't have President Trump, we'd be in the abyss right now. I'm honored to have on I think the single most serious public intellectual in this country. And it's through Encounter Books that he's got a new book out that is going to be another, another game changer. So Roger Kimball and the guys encounter. Great job. It's one of the reasons I love Roger Kimball. He's a man of utmost courage. The author is Charles Murray and we welcome CHARLES we welcome you to the War room, sir. The reason I say this, sir, you wrote two books, the Bell Curve and Coming Apart, that you were eviscerated over by the established order of intellectuals and public intellectuals. Both books were not only simply stunning analysis, but the prophetic nature of both is stunning. And if they had read them and embraced the message, the country being a very different shape, why was the Bell Curve so controversial when it came out, I think in the mid-1990s, sir?
B
Oh, it was just one chapter. In fact, it was one paragraph in one chapter. The book had a subtitle, Intelligence and Class Structure in American Life. And that was the topic of the book. That IQ had become a lot more important in determining success in this country over the 20th century. And it had created a cognitive elite that had unprecedented new influence over the culture. And in the course of writing the whole book, we took on a topic that everybody asks about when you raise iq, and that's the black, white, IQ difference. And we discussed it, and we didn't say it was the apocalypse coming, but we put out the facts. And that is so controversial in this country, and it is such a touchstone for calling someone a racist that very few people actually read anything else in the book.
A
The core of the book though, was about the white working class and the pathologies that they could eventually absorb. Correct? How that would have a massive change. The country. Country had a. Had a. Through centuries, although we had a working class and quite frankly our working class that wasn't really hardwired in to the economic system so much that we had basic social stability because this working class had not gone to certain pathologies which you identified.
B
Right.
A
Wasn't that. And you talked about the concentration. I saw this when I went to Harvard, that people would go, and all of a sudden you had these elites and they go to these elite universities which were more powerful than ever, and people would connect with each other and get married. And so throughout the country, you had a greater and greater concentration of these elites that were detached from the rest of American life, basically.
B
That's right. That was elaborated at Coming apart, which was 2012, that I put that out. And by that time a lot of the things that my co author and I had predicted in the Bell Curve were already coming true. And of course the title of the book is self explanatory. The United States was clearly coming apart as of 2012 in a way that it had not been in, say, 1960. It was divided into antagonistic classes and the class on top was openly contemptuous of ordinary Americans. And that was creating problems Even then.
A
If you read Charles Murray's two books, and particularly the evolution of the books and the argument, and you read coming apart in 2012 and you looked at how they were trying to solve the financial crisis of 2008, of course you knew that someone like Trump was going to come and was going to become a political leader in this country. People say, well, how did you know? How did you know this? It's so evident it wasn't hidden. And Charles Murray explained it to you. And then with the 2008 and the financial crisis, had the elites bound together as a class, not politics, and took care of themselves, they bailed themselves out. The book, Chris Leonard's Lords of Easy Money, shows you that the minutes of the Federal Reserve, in the arguments and debates, they knew exactly what they were doing. They knew exactly what the consequences were. That heroic governor of the, of the Federal Reserve Board in Texas laid it all out how zero interest rates and negative interest rates, all this was going to crush the working class and greatly damage the middle class in our country, all to bail out the very perpetrators of the problem. So Charles Murray, after serious thinking and coming up with the bell curve, which is a called shot, and Coming Apart, which is a called shot, how do you, because Fox, the standard institutions of the right did not come and have your back. They wanted these arguments buried as much as the left did, did they not? I mean, you had a few people that have you to speak, and there's always a couple institutions that will do. But by and large, these books were not out and not part of a central argument. So one of the reasons, when I read them, I said this, hey, this is here, it's called populist nationalism. That's going to be the thing. People go, you can't go, you can't call it nationalism. I go, yeah, you can, because that's what's going to be about the American citizen. How did it, how did you feel when really institutions on the right didn't support you enough to say, no, no, no, this guy's right, and this guy is telling us that if we don't turn this thing around, we're going to head to a civil war, sir?
B
Well, I had always been as, as creating as much problems for some aspects of the right as I was for the left, because it has always been simpler in the minds of a lot of conservatives, I think, to, to avoid talking about things that will make them look like bad guys. And some of the things I was saying in Coming Apart were really saying of the cognitive elite, which includes People on the right as well as on the left, that you are betraying your duty to the country, that you are not fulfilling the traditional role of an elite, which is to provide moral example, to provide examples for other people to follow in your personal life, in your business life, and the rest. You were being unseemly, and people didn't like to hear that. They didn't like to hear it, whether they were on the left or the right.
A
You're now out with a new book, and I'll be blunt. Having been a fan and studied your talks and your speeches and your writings and your research in your books, I didn't see this one coming. Taking religious seriously, I want you to walk through, how did this come about? How did all of a sudden this focus of Charles Murray on Christianity come about? Walk us through it.
B
It's not sudden. It started in 1985. It went like this. Steve, I am like millions and millions of Americans who are well educated. We've been successful in our adult lives, and religion has never been an important part of our life. I was never a militant atheist. In fact, I called myself an agnostic. But the main thing was I just didn't think much about it. And then my wife had our first baby in 1985, and she came to me after a couple of months and she, she said, you know, my love for this child goes beyond anything I've ever known. And I think that I love her far more than evolution requires. Which was a line that said, look, I understand that women are supposed to love their babies if they want to pass on their genes, but something else is going on here. And she thought it was a. She was being a conduit for a larger love that she identified vaguely with God at that time. She was like me, religion was not part of her life. Well, she then embarked on a religious life that got deeper and deeper over the years. And I kind of watched from the sidelines. But then Starting in the mid-1990s, I tried to do my homework. I tried to get more engaged. I don't have a lot of spiritual perceptiveness. You know, I'm kind of like a tone deaf person who listens to Mozart and can't hear the beauty of the music. And so whereas she was approaching it from a very spiritual perspective, I kind of went at it from an empirical perspective. I got a variety of nudges that pushed me more and more towards saying that God not only exists, but this came as a huge surprise to me. We may be talking about a personal God. I'm talking about a 20, 25 year evolution. Didn't happen yesterday.
A
Give us the, can you give us the signpost, the mileage markers along that 25 year journey?
B
Well, I'll tell you the the first one where I said I've got to take this more seriously is when I researched and wrote a book called Human Accomplishment. And part of that book looked at the arts and sciences in Europe from 1500 to 1900, which is just a stunning era of accomplishment in both the arts and the sciences. And a great deal of that, it became apparent to me, had been driven by Christianity, which I had not expected to find. Well, I ended up by saying Johann Sebastian Bach doesn't have to explain his way of looking at the world. His music makes the case. And it's up to you to start taking this seriously. That was one signpost. And the next one was when I encountered the physics of the Big Bang. And now I'm not talking about religious teachings. I'm talking about what physicists have discovered about the origin of the universe, which is that at the moment of creation there were a whole bunch of settings that had to come out exactly right in order for us to live in a universe that permits life. And the odds of those settings being exactly where they were are calculated by the physicists at in excess of a trillion to one. Well, that requires an explanation, you know, because I don't believe in trillion to one chances. And I found myself believing that I lived in an intentional universe and in part, a universe that was intended to create life. Third signpost. And Steve, this will be familiar to many of your Christian listeners and viewers. CS Lewis and the book Mere Christianity, an absolutely incandescently brilliant book which when you read it, you are constantly challenged. You are in a conversation with a man who is brilliant and who also is a deeply devoted Christian. And that set me off much more directly on the path that finally ends up with this book that's just come out.
A
Charles, can you hang here for one second? We're going to take a short commercial break. Charles Murray is with us. The book is taking religion seriously, and it is by the most serious thinker in this great republic, Charles Murray. Short break. We're gonna return to the war room in just a moment.
C
You went and lost your pride. But I'm American. Me, I got American power. I got American faith in America's heart.
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It's free, it's uncensored, and it's where.
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Sign up for free and be part of the new thing. Birch Gold. Take your phone out. Text Bannon 989-898. Get the ultimate guide for investing gold and precious metals. Don't forget silver in the Age of Trump. Most importantly, talk to Philip, Patrick and team. We'll try to get Philip back on here tomorrow given everything that is going on, including in the box you can see the Australian Prime Minister is going to arrive. And that, ladies and gentlemen, is all about rare earths, a counterweight to the Chinese Communist Party. More about that in a little while. Charles Murray. Charles, go back. Human accomplishment 1500-1900. Extraordinary. Never done in human history in any culture, any civilization. It's one of the things that makes the Judeo Christian west different. And you said that was all tied back to Christianity or much of it was tied to Christianity. From both the scientists, the thinkers the artists, all of it. What do you mean by that?
B
Well, let's first talk about the arts, the great values, that of Christianity. Truth, beauty and the good. That's triad of transcendental qualities that artists were supposed to use as ideals and did use as ideals during the Renaissance and subsequently, whether the individual artists and composers and writers were themselves devout was almost irrelevant because the environment was one in which they were trying to realize these ideals. And as the art secularized in the late 19th and early 20th centuries, they started saying to themselves, oh, no, great art is not supposed to express truth, beauty and the good. It is supposed to challenge the audience. And artists should not be concerned about those false, delusory ideals. We should express our personal preferences. And their personal preferences turned out to be nihilistic and banal and often times very silly. Whether you're talking about music or literature or the visual arts in the sciences, Christianity had a different kind of role, which is, in a very real sense, the Catholic Church. Church sponsored the scientific revolution. The historians like to portray science and religion as being hostile to each other. And the Catholic Church is the great evil in this, constantly getting in the way of science. And that simply is a misreading of history. Yes. Were there episodes? Yeah. But the overall message of Christianity was God is rational. God delights in having us explore and understand the mysteries of the universe. And that was an enormously empowering course for scientists in pursuing their work.
C
The.
A
The physics of the. Of the Big Bang in these settings. Can you take a second? Because you're saying that mathematically that you can prove, or mathematically you led to the conclusion there has to be a supreme being or a God because of the way the Big Bang actually mechanically worked. What do you mean by that?
B
Theory predicts a lot of things very accurately in physics, but there's what they call brute facts. Physicists call them brute facts. These are values for various things that are not set by theory. They just happen. So, for example, you have the ratio of the strong force within the atom and the very weak force of gravity. If that ratio were slightly different, galaxies could not have formed. Stars could not have formed, planets could not have formed. We would live in a universe of black holes or a universe of radiation. That's. That's one. There are maybe a dozen other of these parameters that are arbitrary in one sense, but that also working together, make possible the universe we live in, which in turn permits life. I really like the analogy that a Canadian philosopher came up with to illustrate this. He said, suppose that you were sentenced to death by firing a squad of 100 expert marksman, and they march you out and they fire and they all miss. Well, you have. You have a couple of alternatives. One is to say, well, they all missed. I'm alive. There's no point in worrying about it. And the other one is to ask why? And in the case of the universe, it seems impossible that you would have this universe drill into One Chance. And the only alternative to that is no, these settings were driven by something else that was putting it together. Or the alternative that physicists come up with is to say we actually live in a world of multiple universes. I find that very hard to swallow. If you're talking about plausibility. I think probably the one universe we've got is all there is. And I also think that a trillion to one chance doesn't sound right. And the third parsimonious, plausible alternative is to say there is a God who created the universe. That's where I came out.
A
This being your book, and by the way, you can get it at Encounter Books, Roger Kimball would recommend you guys go to the site and get the book. Taking Religious Seriously. Everyone should get this and read it. If I look at the arc from the Bell Curve to Coming Apart to where we are now, you see quite contentious. I argue in the show we're heading towards a civil war, that this is an unbridgeable gap that can't be debated away. Is Taking Religious seriously. Are you laying that out as a potential that we can avert a catastrophe in this country by returning to the Christian roots of this country, Sir?
B
Well, actually, in Coming Apart, I was saying we really needed a kind of civic Great Awakening. We've had religious Great Awakenings before that. We needed a new Great Awakening to turn things around. And the good news, and I'm not generally optimistic about anything, is that there are signs that Christianity is starting to have a kind of reawakening of its own among intellectuals. There are a surprising number of people in mainstream media who are now openly saying good things about Christianity in a way that you never saw in the 1980s and 1990s. You have columnist Ross Douthat and David Brooks, who are devout Christians that openly say so. You have a Yanr CLE and Neil Ferguson, who have not been. They were formerly atheists who've converted, and a variety of other intellectuals who seem to all have come to the same conclusion at the same time. My theory is, Steve, that we're coming out of an adolescence. I look upon the 20th century as a time when science had provided all kinds of body blows to religion. And like adolescents who say their parents are wrong about everything, I think that intellectuals started saying that traditional religion was entirely wrong. Our intellectual parents had been wrong about everything, and we rejected it. And the nice thing about adolescence is you grow out of it eventually. And a symptom growing out of adolescence is to realize that maybe your parents were smarter than you thought. And I think that's what we're looking at now. Now you can say to yourself, what difference does it make if few intellectuals are suddenly less hostile to religion? It can make a lot of difference. It can change the mood, it can change the environment, it can change the willingness of people to think seriously about these questions. So I'm not saying it's a strong movement. I'm not saying it's going to transform things, but there is a possibility for a religious renewal which could go a long way toward at least making solutions to some of these problems possible. But I must say, Steve, I wrote another book that got ignored because I was canceled called Facing Reality. And in the last chapter of that I talked about the prospects of a revolution. And I have since privately. I don't think I published this anywhere. I kind of think of the election of Donald Trump in 24 as taking the putting of pressure cooker on vent a pressure cook that was about to explode. And we've taken some of the pressure off that and that's good. How far we will go in a direction of reconciling that's up in the air.
A
Charles, we look forward to having you back. Where do people go to get the book and where can people go to get your writings? Website, social media, any of it.
B
It's, it's mainly like everything else, Amazon carries all of, all of my works and you can get them there. In the case of come taking religion seriously, Ed Counter website has it as well.
A
Is there, do you have a website for your, for your writings? You have one central place to go to or just go to Amazon or counter to get your books?
B
No, I have a page. If you go to the AEI.org website, I have a page on that. And on that you can access all of my articles that I've written for about the last 30 years and, and also a lot of videos, lectures I've given, things like that. Also if you go to on YouTube, you can pick up an awful lot of things that are at full length on YouTube.
A
We'll push, we'll push people to it. Charles Murray. Thank you. One of the greatest living Americans among a handful. One of the greatest. Thank you, Charles. A modern day profit. Flat out, a modern day profit. Okay, let's be honest. You never thought it would get this far. Maybe you missed the last IRS deadline or you haven't filed taxes in a while. Let me be clear. The IRS is cracking down harder than ever and this ain't going to go away anytime soon. That's why you need Tax Network usa. They don't just know the irs. They have a preferred direct line to the irs. They know which agents to deal with and which to avoid. Their expert negotiators have one gold settle your tax problems quickly and in your favor. Their team has helped clear over $1 billion in tax debt. Whether you owe 10,000 or 10 million, even if your books are a mess or you haven't filed in years, Tax Network USA can help. But don't wait. This won't fix itself. Call Tax Network USA right now. It's free. Talk to a strategist. And finally, put this behind you. Call 1-800-958-1000. That's 1-800-958-10000 or visit tnusa.com bannon. Make sure you tell them, Bannon. You'll get a free evaluation. That's 1-800-958-1000. Do not letters from the IRS or your failure to file work on your nerves anymore. Take action, action, action. And do it today. If you're a homeowner, you need to listen to this. In today's AI and cyber world, scammers are stealing home titles with more ease than ever. And your equity is the target. Here's how it works. Criminals forge your signature on one document, use a fake notary stamp, pay small fee with your county and boom. Your home title has been transferred out of your name. Then they take out loans using your equity or even sell your property. You won't even know it's happened until you get a collection or foreclosure notice. So let me ask you, when was the last time you personally checked your home title? If you're like me, the answer is never. And that's exactly what scammers are counting on. That's why I trust Home Title Lock. Use promo code Steve at home title lock.com to make sure your title is still in your name. You also get a free title history report plus a free 14 day trial of their million dollar triple lock protection. That's 24,7 monitoring of your title, urgent alerts to any changes. And if fraud should happen, they'll spend up to $1 million to fix it. Go to hometitlelock.com now. Use promo code Steve. That's hometitle lock.com promo code Steve. Do it today. Here's your host, Stephen K. Ban. I'm informed by the war room engine room that Amazon, I think is now, since the start of our interview, is now out of books. They're restocking. Go order or go over to Roger Kimball's Encounter books. An act of bravery of Roger, to put it. And this is the story of Charles Murray. He spoke truth to power. He spoke truth to the American institutions, he spoke truth to the American people. And he was essentially banned. The single, one of the single smartest guys we've got in the country. Think about that for a second. And oh, by the way, the conservatives all ran for the hills except for a few brave institutions that would have Charles speak. And we're going to figure out something to do with him in Washington, D.C. to get him here free for a talk. It's so important and to tie all the books together. Bell curve coming apart, facing reality and now taking religious religion seriously. And if anybody's ever going to push back on you for your Christian faith, read Charles Murray's book. And of course, obviously he tells you to read mere Christianity as part of that. Anyway, more on that. We're going to have Charles Murray back. The new federal state. This gets, I'm going to go to for now about what's happening with China because all kind of rumors going on about Xi, the new federal state. People are going to join Ben Harnwell tonight. We're going to have a whole drill down of more geopolitics. So, so much is going on that President Trump is trying to set things right, as I know he's pivoting for intense work on the American economy. But you got to, you got to get the, you got to get the, the situation globally or we're going to slide deeper in this third world War. Captain Finaull, all kind of President Trump besants over there going to negotiate. Now. We got the, we got the Australian prime minister here because of rare earths. President Trump is starting to engage with Lula as much as he hates that because of rare earths. There's all kind of rumors coming out of Beijing that, you know, Gordon Chang and guys I really, I love and appreciate are saying, hey, this may be the end of Xi's run and this whole rare earth thing may be the last card he played. But the established order over there is getting a little jiggy on Xi. Think the economy's all messed up. He's crossways with Trump. He's threatening, he's threatening a kinetic war, but they can't win it and that he's going to be removed. You're my naval intelligence expert. What say you, sir?
E
Well, Steve, this Fourth Plenum is, you know, the 20th Party Congress for the Chinese Communist Party. It's a big event because what this fourth plenum does is set the stage for the next five year plan called the 15th Five Year Plan that will cover from 2026 to the magic year of 2030 about where the Chinese Communist Party and the People's Republic of China are heading. And so for the last year, there has been a lot of rumors about Xi is losing power. And it started last October in 2024 with an article or a series of articles in the PLA Daily that talked about collective leadership. And a lot of folks, good intentioned folks, interpreted that phraseology, collective leadership as being an indicator that Xi was losing power and that the party was starting to emphasize, well, we need to collectively lead this country. We don't need a strong man, singular person like Xi anymore who's busted the rules and the norms for succession of power as he kept power past his second five year term. But if you look at that series of articles and then another article In December of 2024, they talk about democratic socialism or democratic centralism, excuse me, and it's not democracy or a check on authoritarianism, but is a lennox organizational system emphasizing unified leadership of the party and the tool that the party has used to curb internal corruption. And so what we've seen over the last year is a series of purges of senior PLA officers that go back a year ago. We saw leaders of the Ministry of Defense removed. And just this week we saw the formal announcement of nine more members, one of which was the vice chair of the Central Military Commission. They have two chairmen or two vice chairs. Xi is the chairman of the Central Military Commission. And there's two uniformed officers. One of them was taken away. General he and the other, General Zhang has been attributed as having this supernatural power to be able to purge all these military leaders that they say are loyal to Xi and therefore Xi has lost power. And I can understand the argument and the wishful thinking that some folks have to think that Xi has now lost power of the play. But what none of these analysts say and where I think I try to bring in a unique perspective, is you have to watch what's been happening with the PLA over this time period, not just this last year. But over the 12 to 13 years that Xi's been running the People's Republic of China, and as I've stated in other forums, there's just been this slow, steady expansion and aggressive nature nature of the PLA over this time period. So these perturbations, these removal of these nine officers. Well, by the way, six of the nine weren't even active duty. They had been former officers and they'd been out of the system for some time. So my assessment is that Xi still remains in charge of what they call the pen, the gun and the knife hilt. The pen is propaganda. He's clearly in charge of propaganda in China. We see him every day on PLA Daily, People's Daily, China Daily, Xinhua, Global Times. He's in control of the messaging from the prc. He's got control of the pla. In my opinion, based on what we see the PLA doing, like dual carrier operations this summer that went beyond the second island chain or even just this last Sunday, a week ago Sunday, Chinese Coast Guard ramming Filipino ships in the South China Sea. And then the third area is called the knife hilt, which is essentially the state security. And Xi appears to have control of the state security inside China and the People's Armed Police, and he seems to be in charge of the whole system. And I think what happened in this process was that Xi was able to do some house cleaning in advance of today's start of the fourth plenum. This was announced last Friday, and essentially Xi was able to ensure that nobody that was completely in alignment with what he has as a vision for the PRC, for the 15th year plan, five year plan, that they're out of the system now. And so I think that's where we're at, is that he is firmly established, in control now. If I'm wrong, we'll know.
A
Hang on, hang on, hang on, hang on, hang on, hang on, hang on. I want to get to that in a second. Rickards, One of the most dangerous times in American history, geopolitically, it's one of the reasons he's got the Australian Prime Minister today, because Trump's no fan of that guy about, about, about the economic war she has unleashed on, on rare earths. Do you agree with for now. I mean, this plenum is so important, particularly because it's, it's going to be right before President Trump's going to get into direct negotiations with Xi. Jim Rickards.
D
Well, Captain Fidel has his facts absolutely right, so I don't dispute that at all. I disagree on the conclusion a little bit. When he says they're doing naval operations with aircraft carrier groups beyond the second island chain, is that a sign of weakness or a sign of strength? I might suggest it's a sign of weakness. In other words, putting on a little bit of a show. A lot of the play generals who have been purged were actually appointed by xi. Now, are they disloyal or is it is what's actually going on? The PLA is cleaning house of Xi loyalists. The problem is it's very opaque. I don't want to pretend to devise information in terms of what's going on there, but look at the same facts and the different conclusions. It is the case that Xi has been demoted, in a sense. He now reports to a committee, and the committee is run. There are a number of members on it, but the committee is run by the pla. So he's already been knocked down the peg. None of this is. And Captain is right about the propaganda outlets, but they don't actually want to talk about this. They're doing it, but they don't want to talk about it. It takes other analysts and experts to kind of get to the bottom of it. So my own view, yeah, facts are right, but I think Xi is in a very vulnerable position. He's losing, you know, the term the Mandate of Heaven. It's an intangible concept that do the people support you or not? And they do if you have what's called the Mandate of Heaven.
A
And I think Xi has lost that mandate. This is what we talked about in the very first episode of War and pandemic on 20 January 2020, when Jack Bosobi was here and we talked about that. Let me ask you, given that, how is he doing? Correct me if I'm wrong, the boldest stroke that I think they've done on economic warfare is here to threaten, not just threaten to cut off Americans even after negotiating a soft deal from heavy rare earths which will grind our production lines in weapons and automobiles and, you know, International Harvester, John Deere, all of it to a halt in six weeks, sir.
D
Well, that's exactly right. But that is that the last card? It's a tough car. It's a powerful car, there's no question about that. And shame on the United States for not having, you know, for trusting the Chinese and not having thought about this as the result of the globalists and the Davos crowd and all that. And you're right. Let's talk to Australia about it. We have A lot of rare earths in the United States happen to be fairly knowledgeable and investor in some minds in Kazakhstan that are, that are doing quite well. But you can't do this overnight. You can identify the resources, work out agreements, get going by all means, but this is at least two years, probably longer to be self sufficient even with our allies with a friendly trading group. So yeah, we're in a very tough place right now. Trump's probably going to have to make a few concessions to get the Chinese to reopen that pipeline of magnets and rare earth based batteries.
A
But hang on, hang on, hang on, hang on, hang on. They're, they're digging in. You're giving me the gym by the way. We're going to have to go this bilat starting a little bit early I think. Think we'll definitely get Fanell and Rickards back up somehow. Rickards? What do you mean he's going to make concessions? I thought Bessant and these guys are saying they're digging in. No concessions, no deal, sir.
D
Well, let's be like the Chinese. Let's play a longer game. Captain Fiddle is exactly right. The Chinese economy, let's just talk about the economy. Putting aside G, although they're clearly related, is extremely weak. Their GDP numbers were weak. They, they lie about them. So take a point or two off just for propaganda and then if you do some analysis, there's every reason to believe that China is very close to recession. Their debt to GDP ratio is worse than the US they have a worse debt problem than we do. There's a dollar shortage going on. People find that hard to believe. Like hey, didn't the Fed print $10 trillion? They did. But that money doesn't go anywhere. They give it to the banks to buy securities and the banks give it back to them in the form of deposits. That money doesn't do anything, it's sterilized. The money that drives the world economy comes from the banks, commercial banks, Euro dollar banks, and they're pulling in their horn. So there's every reason to believe that there's a dollar shortage, a possible monetary crisis and China's in the middle of it. So their economy is. And by the way, six months ago they stopped reporting youth unemployment. They had always broken as a separate category. It was about 27% when they stopped reporting it. Well that's just, you know, it's worse because that's why they stopped reporting it. So it's probably over 30%. And after you kill 20 million girls, you got, which they did, you got A lot of men without women and they tend to be the least attractive men in the economy. So there's an extremely volatile demographic time bomb sitting there on top of everything else.
A
What do you mean? Before I go to break, we've got about a minute and a half. What do you mean? Monetary crisis? Jim Rickards, now you get my attention.
D
There is a global dollar shortage and then the Wall Street. Now, Wall street loves narratives. They're just stories. They're almost always wrong. Not always, but usually. So what's the narrative? The narrative is everyone's selling Treasuries, they're dumping the dollar, getting out of the dollar, US interest rates are going to go up, etc. None of that is true and that's not an opinion. We have data, the treasury issues, what's called the TIC Report. Tic. Every month you can see what countries own what. They have not been dumping Treasuries. They wish they had more, as a matter of fact. But you have to sell Treasuries to get dollars to prop up your currency and prop up your banks. There is some of that going on, but that's not a sign of, you know, getting out of the dollar. That's a sign of saying, I wish I had more. But the banks aren't.
A
Jim, Jim, you and Fanel, my producer is going to deal with. We got to go to the President in the Oval Office with the Prime Minister. Australia, we're going to get you guys back up. We'll figure it out. Just stick around. Let's go right to the Oval Office. Rare earths on the menu today.
C
Ships, vehicles, guns, ammunition, everything. The whole thing. We've been long term, longtime allies and I would say there's never been anybody better. We fought wars together. We never had any doubts. And it's a great honor to have you as my friend. It's a great honor to have you in the United States of America. America, please. Would you like to say something?
F
Well, thank you so much, Mr. President, for the invitation here to the White House and for showing us around the improved Oval Office and for what you're doing around here as well. And for the great honour as well of my delegation saying just across the road we could have walked, but they didn't let us. We drove all of 20 men there from Blair House. But it's a great honour to be able to stay there. We are great friends and we're great allies and this is a relationship that's been forged in the battlefields of the world. We have stood side by side for Freedom and democracy. And congratulations, I must say, Mr. President, on the world work that you've done with the Middle east is an extraordinary achievement. And on defence, we've already had a discussion about taking it to the next level. Our defence and security partnership with Aukus is so important for us. And I thank you for the support that the administration are giving as well. You've had the Chief of the Navy here as well, which will play obviously a very critical role with the subs and increasing the security for the region and the world. And our economic relationship is so important. The US has a trade surplus with Australia, as you know, and we can continue to take what is every opportunity to improve the relationship even further. Further and make it even stronger. And today's agreement on critical minerals and rare earths is just taking it to the next level, seizing those opportunities which are before us to take our relationship to that next level. And it's been fantastic, the contact that we've had together, the friendship that we've developed. And Australia, I think Australians love America and I think Americans kind of like Australia too.
C
We do.
F
And as we go forward, I think that today will be seen as a really significant day in our relationship. So thank you very much, Mr. President.
C
Well, thank you very much, Anthony. It's an honor to sign this and we'll do it now and then we'll take some questions, some good ones, I think.
F
Well, this is a eight and a half billion dollar pipeline that we have ready to go.
C
That's right. It's all ready to go.
F
Just getting started.
C
And we're doing a real job on rare earth and many other things. Perhaps I could ask John to say a few words and then we'll exchange papers. But just how are we doing on your naval purchases and all of the submarines that we're working on with Australia? How's that going? Thank you, Mr. President. Obviously, Australia is a very important ally of ours in the Indo Pacific in every battle they fought with us since World War I and have always been side by side. The facility that they're building, surfwest, is critical and very important to our ability to project power in the Indo Pacific and work with our allies. So we're working very closely. I think what we're really trying to do is take the original Aukus framework and improve it from all three parties and make it better and clarify some of the ambiguity that was in the prior agreement. So it should be a win win for everybody, sir. And the submarines that we're building for Australia are starting to really move along.
D
Right.
C
The Process is, is getting very exciting, isn't it? We're getting better. That's good. Very good.
F
Going to be great.
C
Thank you very much. Maybe we'll hold this up.
A
Okay.
B
Defence pact that the Prime Minister just mentioned. It is a critical issue for Australia.
C
Yes.
B
You haven't really spoken much about it publicly. It was a deal that was done under Joe Biden to sell some reins to the Australia at a time when you're not really making enough for your own naked.
A
So can you tell us, have you.
B
Gotten across the details of the deal? Do you support it and will you honor it?
C
It was made a while ago and nobody did anything about it and it was going too slowly. We do actually have a lot of submarines. We have the best submarines in the world, anywhere in the world. And we're building a few more currently under construction.
B
So.
C
And now we're starting. We have it all set with Anthony. We've worked on this long and hard and we're starting that process right now and I think it's really moving along very rapidly. Very well. Oh, it's getting. Oh no, they're getting.
A
Mr. President, at least 32 people have been killed.
C
Excuse me. You're next.
E
Thank you.
C
Go ahead.
A
China's bad behavior has really only gone gotten worse since the Aukus Partnership was formed. With that in mind, is the door open for Australia to get additional nuclear powered submarines or other military capabilities not already in the deal?
C
I think China has been very respectful of us. They're paying tremendous amounts of money to us in the form of tariffs. As you know. They're paying 55%. That's a lot of money. They never were paying anything over years and years and years, but they were like anybody else. A lot of countries took advantage of the US they're not taking advantage anymore. China is paying 55% and a potential 155% come November 1st, unless we make a deal. And I'm meeting with President Xi. We have a very good relationship. We're going to be meeting in South Korea in a couple of weeks and we'll see what we can do. We have very good relationship with China, but you know, it's been, it's been probably a little bit like your relationship with China. They try and take advantage, but most countries do. I mean, I can say the European Union took advantage, but not anymore. We worked out a very fair trade deal. Japan, we worked out a very fair deal. South Korea, where I'll be meeting President Xi. We worked out a very fair deal and I expect we'll probably Work out a very fair deal with President Xi of China. So most of you will be with us. It's going to be very exciting and I think we're going to work on something that's good for both countries.
A
Are you at least interested in expediting the nuclear powered subs to Australia?
C
Well, we are doing that. Yeah, we're doing that. We have them moving very, very quickly.
A
Mr. President, I don't think you've ever been to Australia. Have you thought about coming to Australia and trying out some of the golf courses?
C
I would and I actually have been to Australia and I did play one of your great golf courses, have great golf courses there. But I have been to Australia, actually.
A
Come again?
C
Oh, I would. In fact, I've been invited to go and I'll have to give it serious consideration. No, it's a real possibility. He did.
F
And perhaps we could time it. It must be said with the President's cup that Australia hosts as well.
C
When is the President's Cup?
F
We'll organise a time suitable for you. Mr. President.
C
Please. In the back, please. Yeah, in the back, yeah.
A
Mr. President, the prime Minister mentioned that there's a trade imbalance that's very heavily in America's favor. Why does America slap such heavy tariffs on a friend?
C
Well, we don't. Yeah, well, we do in some cases. We do in many cases because we've been treated unfairly. But actually the tariffs are very light. The one thing is you buy a lot of airplanes, so that helps because you buy a lot of the beautiful Boeings, the best of the Boeings, Boeing. And by the way, Boeing is really doing well. They have lots of orders and they're really doing a great job, they make a great plan. But Australia, because of its location, which is great, but one of the things dictated by that location is you have to order a lot of airplanes. So I guess we have that advantage. They need a lot of airplanes in Australia and that gives us a little bit of an.
A
Mr. President.
C
Yeah.
A
Your Secretary of War, Pete Hagseth in his Shangri La speech here, I think it was May, warned about the potential likelihood or threat of President Xi ordering.
B
An invasion of Taiwan. 2027 is also the year that fleet.
A
Based west is supposed to start rotating.
B
Those US and UK submarines.
A
Do you see Aukus as a deterrent.
B
For China in the Indo Sea?
C
Yeah, I do. I think it is, but I don't think we're going to need it. I think we'll be just fine with China. China doesn't want to do that. First of all the United States is the strongest military power in the world by far. It's not even close. Not even close. We have the best equipment. We have the best of everything. And nobody is going to mess with that. And I don't see that at all with President Xi. I think we're going to get along very well as it pertains to Taiwan and others. Now, that doesn't mean it's not the apple of his eye, because probably it is, but I don't see anything happening. We have a very good trade relationship. We're going to have a very good. I think when we leave South Korea, it could be wrong, but I think we'll end up with a very strong trade deal. Both of us will be happy. I don't see that happening. Now.
A
Given the trade surplus that the US Enjoys with Australia, would you consider lifting the tariffs that you've imposed on Australia? And can you give us any details about the critical.
C
Yeah, well, the tariffs have been amazing because, you know, tariffs have been really a reason that I was able to settle almost all of the. You know, I've settled eight wars in eight months. Not bad. I have one more to go. It's Russia, Ukraine, and I think we'll get there. But it's turned out to be nasty because you have two leaders that truly hate each other. You know, can't. You can't have it all right there. They hate each other beyond all else, and it makes it actually a little bit difficult. But we, of the eight deals, I would say because of tariffs, four or five of them were settled. It's an amazing thing, the power of tariffs in terms of our country. But tariffs have always been used against us. We never use them against anywhere else. And now you have a president that for national security reasons and other reasons, is using them. And we're. We've become a very rich nation again and a very secure nation again. But we've also become a nation that used that power of tariffs and the power of trade to settle five of the eight wars that I said I settled eight. I'm very proud of that. Nobody else has settled one. I don't think there's been an American president that settled one. I think there probably hasn't been outside of the two countries involved or however many are at war. I don't think there's ever been an outside country that that settled the war, period. So I settled eight in eight months. I'm proud of that. Now, in the meantime, I'm running a country that's right now. We're the hottest country anywhere in the world. We were dead a year and a half ago. We were a dead country. Now we're the hottest country in the world, economically and otherwise. So. But I will say this. Australia pays very low tariffs. Very, very low tariffs. In fact, Australia pays among the lowest tariffs.
A
There's been concern in Australia that it's taken nine months to get this meeting. Have you had any concerns with this administration, with stance on Palestine, climate change, or even things the ambassador said about you in the past? The Australian ambassador?
C
I don't know anything about him. I mean, if he said bad, then maybe he'll like to apologize. I really don't know. Did an ambassador say something bad about him? Don't. Don't tell me. Where is he? Is he still working for you?
F
Yeah.
C
Yeah. You said bad before I took this position.
E
Mr. President.
C
I don't like you either. I don't. And it probably never will. Go ahead. No, you went go ahead. Behind you, President.
A
Mr. President, your secretary of the Navy.
B
Said there will be some clarification around.
A
Some ambiguities on Locust. Can you tell us.
C
Well, he'll get that taken care of. These are just minor details that he'll take care of. John, you're going to get that taken care of, right? There shouldn't be any more clarifications because we're just. We're just going now. Full steam ahead. Building?
B
Yeah, please.
C
Thank you.
B
Mr. President, are you now satisfied with.
A
Australia's defence investment or do you want Australia to invest more in defence?
C
Well, I'd always like more, but they have to do what they have to do, you know, you can only do so much. I think they've been great. They're building magnificent holdings.
A
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 and exactly.312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning speeds, algorithm driven crashes and even threats to national security. Right now, War Room members get a free copy of MoneyGPT when they sign up for strategic intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it. You should read it. Time is running out. Go to 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.
Date: October 20, 2025
Host: Stephen K. Bannon (A)
Guest: Charles Murray (B), Captain Fennell (E), Jim Rickards (D), Donald Trump (“C”), Anthony Albanese ("F", Australian PM)
This episode features an in-depth interview with Charles Murray, renowned public intellectual and author, discussing his trajectory from “The Bell Curve” through “Coming Apart,” and his latest book “Taking Religion Seriously.” The conversation delves into the fracturing of American society, the role of elites, and Murray’s unexpected turn toward religion. In the second half, the focus shifts to geopolitics with expert commentary on China’s internal politics and the significance of Trump’s meeting with the Australian Prime Minister, highlighting rare earths, defense, and US-China relations.
Bannon introduces Charles Murray as “the single most serious public intellectual” in America, emphasizing his prophetic capacity in “The Bell Curve” and “Coming Apart.”
“If they had read them and embraced the message, the country being a very different shape.” (A, 02:36)
Controversy of “The Bell Curve”
“It was just one chapter… one paragraph in one chapter… that’s the topic of the book. That IQ had become a lot more important in determining success in this country over the 20th century.” (B, 03:19)
Rise of the Cognitive Elite and Social Decay
“The class on top was openly contemptuous of ordinary Americans. And that was creating problems even then.” (B, 05:15)
Murray describes his secular upbringing and how personal experiences—especially his wife’s spiritual awakening and his own research—sparked his gradual openness to religion.
“I'm kind of like a tone deaf person who listens to Mozart and can't hear the beauty of the music… I kind of went at it from an empirical perspective.” (B, 09:45)
Three intellectual “signposts”
“Johann Sebastian Bach doesn’t have to explain his way of looking at the world. His music makes the case.” (B, 11:56)
“An absolutely incandescently brilliant book… you are in a conversation with a man who is brilliant and who is a deeply devoted Christian.” (B, 13:09)
“We may be talking about a personal God. I’m talking about a 20, 25 year evolution. Didn’t happen yesterday.” (B, 10:52)
“A symptom of growing out of adolescence is to realize that maybe your parents were smarter than you thought. And I think that’s what we’re looking at now.” (B, 23:18)
Trump’s Election as a Pressure Valve
Paths Forward
After Murray's segment, Bannon pivots to China, the Fourth Plenum, and rare earth strategy.
“Xi still remains in charge of what they call the pen, the gun and the knife hilt…he is firmly established, in control.” (E, 36:18)
“A lot of the play generals who have been purged were actually appointed by Xi…is it a sign of weakness or strength?” (D, 38:05)
“There’s every reason to believe that China is very close to recession. Their debt to GDP ratio is worse than the US. They have a worse debt problem than we do… so there’s an extremely volatile demographic time bomb sitting there on top of everything else.” (D, 41:17)
[Segment Begins ~43:46]
“Today's agreement on critical minerals and rare earths is just taking it to the next level…” (F, 46:22)
“Now we’re starting… with Anthony… and I think it’s really moving along very rapidly. Very well.” (C, 49:15)
“I think we're going to get along very well as it pertains to Taiwan and others… I don’t see that happening now.” (C, 53:27)
“I've settled eight wars in eight months. Not bad. I have one more to go. It's Russia, Ukraine, and I think we'll get there… Australia pays among the lowest tariffs.” (C, 54:24; 55:16)
Bannon to Murray:
“If you read Charles Murray’s two books, and particularly the evolution of the books and the argument…you knew that someone like Trump was going to come and was going to become a political leader in this country.” (A, 05:57)
Murray’s “Human Accomplishment” and Christianity:
“The overall message of Christianity was God is rational. God delights in having us explore and understand the mysteries of the universe. And that was an enormously empowering course for scientists in pursuing their work.” (B, 18:41)
Rare Earths as Strategic Lever:
“The boldest stroke that I think they’ve done on economic warfare is here to threaten, not just threaten to cut off Americans…rare earths which will grind our production lines in weapons and automobiles and…to a halt in six weeks, sir.” (A, 39:26)
On Great Power Rivalry:
“First of all, the United States is the strongest military power in the world by far. It's not even close. Not even close. We have the best equipment. We have the best of everything. And nobody is going to mess with that.” (C, 53:27)
The tone throughout is urgent, unapologetically populist-nationalist and combative from Bannon. Murray is measured and reflective, recounting his experiences with both empathy and analytical detachment. The segment with Trump is transactional, bullish, and at times jocular, especially regarding Australia, while remaining serious about the global stakes.
This episode intertwines a sweeping intellectual discussion of America’s internal fragmentation, the cultural and empirical case for a return to Christian values, and the contemporary pressures of great power rivalry—centering on the practical strategic issue of rare earths. Charles Murray’s journey from iconoclast social scientist to advocate for religious seriousness offers a rare narrative of intellectual evolution, while Trump’s summit with the Australian PM underscores both the gravity and improvisational style of current US foreign policy.