Episode 4891: The Devil's In The Detail With China Negotiations

Summary

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Podcast Summary: Bannon’s War Room – Episode 4891

Title: The Devil's In The Detail With China Negotiations
Date: October 30, 2025
Host: Steve Bannon | Notable Guests: Maureen Bannon, Philip Patrick, Unnamed Political Analyst, Mike Lindell

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Episode Overview

This episode delves deeply into recent U.S.-China negotiations under President Trump, with particular scrutiny of the details, implications, and perceived victories and shortcomings in the reported deal. The War Room roundtable—featuring political analysts, economic commentators, and veterans—dissects the intersection of trade, security, technology, and geopolitics, while also reflecting on the impact of armed conflict on American service members and their families.

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Key Discussion Points and Insights

1. Breaking Down the U.S.–China Trade Agreement

• Soybeans, Tariffs & Rare Earths

  • President Trump claims China has agreed to resume buying soybeans at 25 million metric tons per year for three years ([00:00]). Bannon notes, “the commitment that the President got on soybean purchases would be less than the amount they had bought in previous years” ([01:26]).
  • Trump offers a 10% reduction in tariffs in exchange for China’s commitment to address illegal fentanyl trafficking, but maintains a 47% tariff on Chinese goods ([00:24]).
  • There’s an agreement, albeit vague, that China will allow rare earth minerals' export to the U.S.—a critical issue given America’s dependency for manufacturing and tech ([00:37], [07:43]).

• Semiconductors and AI Chips

  • The deal allows for some U.S. chip exports, with Nvidia permitted to engage with the Chinese government; however, advanced Blackwell chips are explicitly off the table ([00:55], [11:29]).
  • The specifics remain “devil’s in the details” territory, with concerns about enforcement and the scope of permitted technology transfers ([12:56], [14:06]).

• Major Issues Deliberately Left Undiscussed

  • Taiwan: Not on the table—a significant omission given its centrality to chip manufacturing and U.S. defense policy ([01:00], [12:36]).
  • TikTok: No reported discussion or progress ([01:00]).
  • Fentanyl: Skeptical assessments on whether China’s promises are meaningful or enforceable ([07:43]).

• Diplomatic Posturing

  • Analysts describe the deal as a “modest” outcome—more truce than true resolution ([02:16]).
  • “It's the old diplomatic strategy: Take what you get, declare victory and go home,” notes an unnamed analyst, warning of déjà vu from prior summits ([02:16]).

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2. Geopolitical Tensions and Security

• Nuclear Weapons Testing and Signal-Sending
  • Russia’s and China’s expanding arsenals heighten tensions ([03:43]).
  • Uncertainty remains over what Trump’s reference to nuclear testing entails, potentially only rhetorical saber-rattling ([03:43]).
  • “If he's actually talking about a nuclear test that is exploding a bomb, a warhead—United States hasn't done that since 1992. But neither has Russia or China... would be a big change in our security atmosphere.” – Unnamed Analyst ([04:14])

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3. Economic Implications and Market Reaction

• The Importance of Rare Earths

  • Bannon underscores how rare earths represent a “knife to the throat of the United States,” with a one-year extension on exports described as a critical lifeline for American industry ([07:43], [12:56]).
  • “If you don't settle those [advanced chips, Taiwan, rare earths], all the soybeans and everything else... are going to fade over time.” – Steve Bannon ([12:56])

• Financial Markets and Gold ([30:30] onward)

  • Philip Patrick calls the rare earth delay “massive” and frames the deal as buying time for the U.S. to rebuild supply chains ([30:30]).
  • On gold: Even with fluctuations, structural demand (especially from central banks) remains strong, and Patrick describes current trends as “a shift away from dollars toward gold that is continuing.” ([32:51])
  • “The ability to buy low and sell high simply doesn't exist in this climate.” – Philip Patrick ([34:00])
  • Fears abound of an “AI Bubble,” with tech valuations described as “insane.” Shiller P/E ratios at historic highs are likened to pre-crash conditions in 1929, 2000, and 2008 ([36:43], [38:29]).

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4. Technology, Defense, and Taiwan

• AI, Chips, and Strategic Supply Chains
  • U.S. policy hardening: “They shouldn’t get access to [advanced chips] … don’t let them steal any more technology” – Steve Bannon ([11:29]).
  • The defense of Taiwan, rare earth supply, and chip access are lumped together as the true backbone of American industrial and national security ([12:56]).
  • “If you get that alone, you shut down chips. Those are massive wins.” – Steve Bannon ([30:30])

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5. Veterans, War, and National Sacrifice

• Discussing "The Last 600 Meters" Documentary and Veteran Trauma

  • Maureen Bannon recounts the long-term effects of repeated deployments on families and mental health ([20:14]-[26:29]).
  • Moving, personal stories highlight loss, PTSD, and the inadequacies of veteran care.
  • Memorable Quote: “The slogan…the VA likes to put out is 22 a day. It's not 22 a day. It's closer to 44 a day.” – Maureen Bannon ([26:17])

• The hosts call for accountability: “You have to think, the people making decisions to send us into these wars, did they have sons and daughters going over there? I don't think so.” – Maureen Bannon ([25:07])

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Notable Quotes & Memorable Moments

• On Diplomatic Spin:
  “It's the old diplomatic strategy: Take what you get, declare victory and go home. Whether it is a victory or not, beyond being able to say you've got one, is the bigger question.” — Unnamed Political Analyst ([02:16])

• On Critical Dependencies:
  “The magnets and these other things associated with heavy rare earths would have put us in a position with our heavy manufacturing, the production lines that would shut down in six, eight weeks.” — Steve Bannon ([07:43])

• On Ongoing Financial Bubbles:
  “This feels like very similar to the late 90s and the dot com bubble... Today [PE ratios] were above 41. Historical average is 17. The only times in history Shiller PE went above 27 was 1929, 2000, 2008, and today.” — Philip Patrick ([36:43])

• On Veteran Struggles:
  “That's a hill I'll die on—to make sure that veterans are taken care of.” — Maureen Bannon ([20:14])

• On American Industrial Security:
  “You have your production lines shut down in six weeks. Now, maybe people didn't explain it in those terms, so you don't understand it.” — Steve Bannon ([14:06])

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Timestamps for Key Segments

• [00:00–03:36] — Breakdown of the China deal: Soybeans, tariffs, semiconductors, rare earths; What’s missing and why the numbers may not add up
• [03:36–04:49] — Nuclear weapons testing and global strategic signaling
• [07:33–12:56] — Rare earth dependency; Taiwan & chip priorities; Geopolitical context and negotiating tactics
• [14:06–16:23] — Recap of the negotiating timeline; reflections on the process and consequences
• [20:14–26:29] — “The Last 600 Meters,” veteran stories from Iraq and Afghanistan, struggles post-deployment, and mental health crisis
• [30:30–35:14] — Philip Patrick on rare earths, market response, gold’s safe haven status, and consequences of the truce
• [36:43–40:22] — AI bubble discussion, PE ratio concerns, the consequences of excess liquidity in Wall Street
• [41:43+] — Bannon’s closing remarks on the negotiation’s significance and the broader strategic contest with China

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Summary Table of Main Discussion Threads

| Topic | Key Points | Timestamp(s) | |-----------------------|------------|--------------| | China Trade Deal | Soybeans, Tariffs, Rare Earths, Chips, Omissions | 00:00–14:06, 30:30–32:08 | | National Security | Nuclear Posturing, Dependency Risks | 03:36–04:49, 07:43–12:56 | | Technology & Chips | AI, Export Controls, Taiwan’s Strategic Role | 11:29–14:06, 35:14–36:43 | | Financial Markets | Gold as Safe Haven, Bubbles, Central Bank Moves | 32:08–40:22 | | Veterans & War Costs | PTSD, Loss, War Documentary | 20:14–26:29 | | Political Commentary | Spin vs. Substance in Diplomacy, Calls for Accountability | 02:16, 25:07 |

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Final Takeaways

This episode exposes the layers beneath high-profile U.S.-China diplomacy, highlighting the immense geopolitical and economic stakes resting on “the details.” The roundtable’s tone alternates between skepticism of political narratives, urgency around American supply chain vulnerabilities, and sober reflection on the sacrifice of service members. Financial analyst Philip Patrick underscores the market’s reaction as a tactical reprieve, rather than a solution, to America’s strategic dependence and growing bubble risks.

“If that answer is to save my country, this country will be saved.”
— Steve Bannon ([04:49])

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For those seeking a concise but nuanced grasp of the week's major international news, Bannon’s War Room Episode 4891 offers both granular analysis and the candid tone for which the show is known.

Transcript

[Steve Bannon]

Give us the contours of the deal.

Right.

Let's just, just get jump right into what President Trump is saying that they actually did agree upon. He said, number one, that there was an agreement on China that would be repurchasing soybeans that they had effectively stopped purchasing over the course of the summer because of the sky high tariffs that were placed on the United States. At one point, up to 145%. President Trump says that he agreed to drop the current tariff rate by 10% because China committed to address the illegal fentanyl trafficking issue. At the same time, when you drop it by just 10%, President Trump says that he is still slapping a 47% tariff on all Chinese goods coming into the United States. He did also suggest that China would make openings for rare earth minerals to be exported to the United States. We don't have details on exactly which rare earth minerals those are. We know that was a key sticking point. We also know that the President United States suggested that as part of this exchange that he would allow for the exporting of US Produced semiconductors and chips and even allow Nvidia to engage directly with the Chinese government. And so what was not discussed, number one, Taiwan. There was no word on the finalization of a TikTok deal. I am told that that did not come up over the course of the two hours of this meeting. But also when we talk about the buying of soybeans, for example, in the agricultural group goods that the Trump administration is saying China committed to buying, I want to be very clear, and I think we've got a graphic where you can look at the last 10 years about the amount of soybeans that China has bought from the United States. And you look at last year, and in 2023, it was 26.8 and 26.4 million metric tons. To put that in context, Scott Besant this morning said that China agreed to, at a minimum, purchase over the next three years, each of the next three years, 25 million metric tons. So the commitment that the President got on soybean purchases would be less than the amount they had bought in previous years.

[Maureen Bannon]

The President went over there with the.

[Steve Bannon]

Intention of bringing something back.

Is this enough?

[Unnamed Political Analyst]

Well, it's a great question, actually. I mean, look, it's the old diplomatic strategy, right? Take what you get, declare victory and go home. Whether it is a victory or not, beyond being able to say you've got one, is the bigger question at this point. It looks like it's relatively modest. It's obviously, you know, closer than they had been prior to the meeting, but not solving the bigger, more sustained, more, you know, difficult issues that divide the United States and China. I was struck when the president said that he gave this a 12 on a scale of 10 for being a great meeting and that they made a lot of progress and we're very close on some important things. That's almost word for word. The things he said when he met in Alaska with Vladimir Putin. I was there in the room for that. He said it was a 10 out of 10, not 12, but it was a 10 out of 10. And they made a lot of progress and were very close on some really important things. And of course, we all know what happened after Alaska, which is nothing. So, you know, you got to be careful about over evaluating how much this will be worth. If it means, though, that there is sort of a kind of a truce in a way that there's is a less hostile relationship for the now. And if the president is going to go to China, as he said now, he's going to do next April, and then of course, President Xi would then visit the United States, that at least creates a pathway toward more constructive exchanges, at least, rather than the sort of volatile and often hostile things we've been seeing in the last nine or 10 months.

[Steve Bannon]

At the same time, announcing the nuclear.

Weapons testing and the resumption of that.

[Maureen Bannon]

What message is that sending?

[Unnamed Political Analyst]

Well, that looks aimed at Russia, but of course China has very strong concerns about this. Right. China has been a growing nuclear power. They have been increasing their nuclear arsenal after many years of not doing that, to the point that the Pentagon says that they're going to be much closer to the size of the American and Russian arsenals within the next decade. But Russia, I think was what, sorry, what Trump was, was focused on because Putin recently announced that they had test tested a nuclear driven missile, not a nuclear warhead, not a nuclear explosion. And so it's not entirely clear what Trump is talking about here. If he's actually talking about a nuclear test that is exploding a bomb, a warhead. United States hasn't done that since 1992. But neither is Russia or China. They haven't done that in the last 30 years for the most part either. And it would be a big change in our security atmosphere. I think probably we're talking about is something that's meant to be equivalent to what Russia did, which is some sort of nuclear powered missile or device. It may be that he doesn't even have a specific thing in mind. He's just saying that to rattle sabers.

[Steve Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. You're just not going to get a free shot. All these networks lying about the people, the people have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen. 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. Thursday the 30th of October, year of our Lord 2025. It's still, by the way, have they started, have they started trick or treat over at the White House? They have not. Are we going to go that live? I'm always, you know. Well, at least we'll start at the beginning. It's kind of a, it's 5:30. Okay. It's kind of a nasty, it's kind of a nasty day back here in D.C. it's actually warmed up a bit, but start quite raw and very rainy. So I don't know if the kids are going to be out there or not, but we always try to do at least a little bit of the, of the trick or treat. Mo Bannon joins me. Are you here for the trick or treat?

[Maureen Bannon]

I'm head over, right over to the White House.

[Steve Bannon]

Oh, that's right. You're going to the last 600 meters.

[Maureen Bannon]

Surprise, surprise.

[Steve Bannon]

Mo shows up. I'm only here for a couple hours and then I hear the White House trick or treat. You're here for, you're here for the trick or treat and you're here for the Easter egg hunt right here, too. So China, there's still been not a lot of clarity even out of the Financial Times etc, But I think if you look at cnn, if you look at Baker and Vaughn, of course, the mainstream media has always got to put the most negative spin on things for Trump. Let's just go back and I think we understand this now. If they're talking to enough people, and I can't emphasize enough, Trump was dealt an incredibly bad hand here. Not just the incompetence of the Biden administration, quite frankly, the pro China, the pro CCP of Biden and the Sun Hunter and this. And it gets down to rare earths which happened on Obama's watch when they bought the processing facility. I still don't think that that was done with all the necessary approvals. I'm trying to track that down. And of course, Biden was VP and Biden was put in. Biden was. You're sitting there going, just saying, no.

[Maureen Bannon]

Conspiracies, but no coincidences.

[Steve Bannon]

I gotta be carefully. Now that you're on the board at West Point, we can't. No, no more hotel mo. No more hot takes.

[Maureen Bannon]

I've been better.

[Steve Bannon]

No hot takes. The knife to the throat of the United States. And I can't emphasize this enough, and I don't think anybody's doing a good enough job, even the business media, of saying exactly what a terrible situation we were in. The magnets and these other things associated with heavy rare earths would have put us in a position with our heavy manufacturing, the production lines that would shut down in six, eight weeks. President Trump, at least what we understand got a one year extension on that. Will Australia be ready by then? Will other processing. I know Peter Navarro is on this 24 7. Will this potential deal with Brazil, will the. I think the road, the road that Bergam is building, the 250 mile road, the gravel road up through the wilderness of Atlanta. I don't know the Arctic Circle. The search is on now to process and to get these rare earths to make sure that's the supply chains. Remember, we had Rosemary on all the time with the API, the active pharmaceutical ingredients. We talked about this years ago, how the Chinese Communist Party has strategically gone and got these things like active pharmaceutical ingredients, API. The people just sit there and go, why is that a big deal? Well, it leads to everything that goes into generic medicine and they control it. They control that part of the supply chain. Just like rare earths. Most of rare earths are just dirt, but some of it is not. President Trump and Besant had to come away with that. They thought they had it back in June and July when they had the interim agreement. Turns out not because the Chinese Communist Party is always going to put a knife to your throat. Why Cleo Pascal, who I just think I'm so proud of the China team. We have here just such a brilliant group of analysts and professionals. But if she says, hey, you guys got to remember something. They're gangsters, they're in business with the Chinese talk. This is why fentanyl is so bad. Now, do we get enough fentanyl promises? I don't know. President Trump did back off on the tariffs as much as we're tariff guys and bring the jobs back. More importantly in that because you got to look at the escalatory ladder or the, you know, up the value chain right now. To me, this entire negotiation revolved around three central things. Number one, advanced chip design and their access to advanced chips. Number two was Taiwan, the defense of Taiwan for guess what? Those chips, those plants, those facilities. And number three was the rare earths, which allow us to continue as an industrial powerhouse. If you don't settle those, all the soybeans and everything else which is absolutely essential, important, particularly important to soybean farmers, they're going to fade over time, these three. And you rank out what we need on deals. And this is why Besant and Trump are a great team. I think they're fantastic. Now, the details, and the devil's in the details on this deal, for instance, is Jensen Huang going to be the direct. They're going to be in discussions. I mean, this is the guy that we saw and I think that interview is from a month or two ago. But he's laying out the issue and he's saying it doesn't matter who. It's not important what companies win or what countries win. Hello. Well, to Americans, Jensen, it's important and we need to the whole thing. I signed on AI the other day, I said a condition pressing. This is, we have to stop. We have to take the argument away from the accelerationist that the Chinese Communist Party is going to take the high ground and win. You know, after the Sputnik moment when the chip war can't happen. We cannot allow that to happen. We can't allow any Chinese company to do it the way you do it. I don't know. Let me throw out some random ideas.

[Philip Patrick]

What?

[Steve Bannon]

Cut them off of capital, cut them off of training, throw them out of the universities, get them out of the national labs. Don't let them steal any more technology. Oh, by the way, no advanced chips, None. And Jensen's many things. Well, really, we want the future systems to be based off this. No, they try to decouple from us on technology. Let them decouple. They shouldn't get access to it. So one of the parts of the deal that's still unclear. Do we have the final say? So President Trump said no Blackwell chips, which is the most advanced design, and assumed that no of these other advanced chips going forward. So you just need the details on that. And then, you know, we had Forrest and others, and I talked to others that thought it was almost a precondition of even having the meeting. And Having the April meeting that some sort of framework, some sort of framework for with Taiwan would be worked out. No, we're adamant about the defense of Taiwan. Forget the moral issues, the democracy, forget all that. Just the practicality that. But it's. Those are the most, that's those advanced chips drive the American economy. You just can't, you just can't let them go, you know, Willy Nilly. So, so much coming back. More clarity is going to be there. I think Cleo might have had the best way to look at it. It's two heavyweight title contenders that have finished kind of the first round, went at each other hard and they're backing off and they're trying to. Both sides are trying to buy, buy some time here. But President Trump, if he got just the extension for a year of full access to the rare earths that is his, I don't understand why these guys are sitting there going, well, I don't know if he got any wins. Yo, you have your production lines shut down in six weeks. Now, maybe people didn't explain it in those terms, so you don't understand it. But I see for the, that, that big three, which are all kind of inextricably linked, the, you know, the advanced chip design, right. The defense of Taiwan and the rare earths, I just see wins all across the place. And you definitely gave some trade offs. You get some trade offs in the tariffs in the absolute amount. You definitely gave up something for fentanyl. I'm not so sure that the guarantees they give because they're gangsters, they may just give you a lick and a promise. But I think the President did the whole trip was magnificent, particularly the way he kind of boxed them in a little bit. It not just that. Here's what I really love about it. He got up last time we said, they go, hey guys, the way I'll say he may be leaving at 1 o', clock, I go, that's going to be a pretty short meeting because it's only like an hour and a half. Hey, at one o'.

[Mike Lindell]

Clock.

[Steve Bannon]

You know why? Because the first lady said you got to be back, you got to be back for the, for the Halloween. Yeah, I don't want you to miss that. So President Trump went to Air Force One, got on.

[Mike Lindell]

He's going to be back.

[Steve Bannon]

He's going to be at the Halloween celebration over at the, over at the White House. 5:30, we're gonna cut to that. Mo Bannon's here. We're gonna talk a little 600 meters. We gotta got a special event. A lot of war and posse showing up tonight. Really appreciate you guys. Philip Patrick, has there been any turbulence in the capital markets? Many turbulence in gold? You guys looking at the gold turbulence? Philip Package is going to be here to explain it all to us. Birch Gold by the way, take out your phone. Text Bannon at 989-898. The Ultimate Guide, which happens to be free for investing in gold and precious metals in the age of Trump. Not the era of Trump, the age of Trump. Check it out today. Get access to Philip Patrick's team. He'll be on shortly. Mo Bannon, thank you for being here. I want to tell you about a new offer from our sponsor, Birch Gold Veterans Day Free Silver. Buy gold and get free silver. That's right. For every $5,000 purchased from Birch Gold Group this month in advance of Veterans Day, they will send you a free patriotic silver round that commemorates the Gadsden and American flags. Look, Gold is up over 40% since the beginning of this year and Birch Gold can help you own it by converting an existing IRA or 401 into a tax sheltered IRA in physical gold. Plus, they'll send you free silver honoring our veterans on qualifying purchases. If you're current or former military, birchgold has a special offer just for you, waiving custodial fees for the first year on investments of any amount with an A rating. With the Better Business Bureau and tens of thousands of happy customers, many of which are my listeners, I encourage you to diversify your savings into gold. Text my name, Bannon B A N n Owen to number 989898 for a free info kit and to claim your eligibility for free Silver with qualifying purchase before the end of the month. Again, text my name, Bannon, to 989898. You will get the ultimate guide which is free for investing in gold and precious metals in the age of Trump. Do it today.

[Maureen Bannon]

Kill America's Voice family.

[Steve Bannon]

Are you on Getter yet?

[Mike Lindell]

No.

[Steve Bannon]

What are you waiting for? It's free, it's uncensored, and it's where all the biggest voices in conservative media are saying, 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 to Getter.

[Philip Patrick]

That's right.

[Steve Bannon]

You can follow all of your favorites, Steve Bannon, Charlie Kirk, Jack Posobe and so many more.

[Unnamed Political Analyst]

Download the Getter app now.

[Steve Bannon]

Sign up for free and be part of the movement. It was almost as though there was a boogeyman out there. We were facing a lot more enemy than we had the capability to deal with. They dug trenches, they fortified houses. They were ready. We wanted to go. We were just waiting on the edge of a knife. When are we gonna get to go? The order is seize the city. RPGs, small arms fire from everywhere. I told him that I wanted to go, and he looked at me and said, sergeant, you're gonna die. The destruction is just horrible. The hardest thing about fighting this enemy is they're not afraid to die. If they're not afraid to die, then how do you fight them? Ramps going down. Be prepared to start at one end of the city and fight your way through to the other end. There's firing going on, there are grenades being thrown in the house. Became hand to hand fight. And it was so close. Two selfless Marines run across this kill zone four times to pull Marines out of there. I wasn't worried about, you know, getting shot or getting wounded. I was worried about the guys to my left and right. You always want to reassure these men that they've done their duty because that memory is seared into their soul. They never forget it. None of us do. Foreign policy. I don't make it. I just deliver the last 600 meters over. Okay, tonight, after 17 years being suppressed, the great film by Michael Pack about the Marines of, of first Fallujah, Najaf and second Fallujah. And by the way, there are army special Forces here, there's Air Force. It's everything you see as we roll up to the 250th commemoration of the birthday of the Marine Corps, the heart of the Marine Corps, which is a infantryman on a battlefield. And it's incredible. And after 17 years, it's going to premiere on the 250th anniversary, the 10th of November at 10pm, which is kind of the primetime slot for the documentaries of PBS shows. They had the Robert F. Kennedy one last week. So on the 10th, that's Monday the 10th at 10pm the last 600 meters. After 17 years of not being seen, it is a. And we're going to have a bunch of folks tonight for kind of a special screen mo. I want to thank you for coming. I want to thank you for organizing it with Gina Pack. I know now that you're back up at West Point on the board how important these Veterans affairs are for you. How important it is to make sure that the men and women that were in combat in the Iraq and Afghan war are taken care of oh, I definitely agree.

[Maureen Bannon]

That's definitely. I've said it before in speeches I've given that that's a hill I'll die on is to make sure that veterans are taken care of. Because as we've seen, I mean, the last 600 meters is about two battles at the beginning. Towards the beginning of the Iraq war, 2004, we were in Afghanistan for 20 years. People that have been on this show have deployed numerous times. Taj Gill, Joe Kent, numerous deployments.

[Steve Bannon]

When you took over your command, your first command I think was down in Fort Lee. It was before Fort Stewart. You're how many non commissioned officers did you have?

[Maureen Bannon]

6. 16.

[Steve Bannon]

16. And those non commissioned officers on an average had how many tours in Iraq and Afghanistan?

[Maureen Bannon]

At least four or five. And that was on, on the lower side.

[Mike Lindell]

Right.

[Maureen Bannon]

Many of them had close to double digit deployments.

[Steve Bannon]

And you know, destroys the families. Right. I mean the families will take the brunt of that.

[Maureen Bannon]

It does. Because you have to be a strong person to be able to have your spouse go over, deploy constantly and especially dual military. I had a lot when I deployed to Iraq in my unit that were dual military. So either if they were in the same unit, that's very hard on a family, which I had two NCOs that were in my company that were dual military. So they're. Their kids were back home with their family members. So it takes a toll on them.

[Steve Bannon]

They deployed the folks at the same time.

[Maureen Bannon]

Usually they try and offset it so one deploys and then the other. But this time they were both in the same unit and you guys had.

[Steve Bannon]

The specialties of the logistics. You just needed them. They had to do it. Wow. That's how short the manpower was.

[Maureen Bannon]

It was. I mean, I, I got to my unit in February, like right after my birthday in February, and they told me, oh, you're not going to deploy. And then in April they said they were short numbers and I said, I want to go. Because that at West Point was what we were t. It was a volunteer army. Still is a volunteer army, but it was a time of war. You knew that most likely when you left West Point, you were going to deploy to either Iraq or Afghanistan. So when I got to my unit and they were already in Iraq, you know, I felt not useless because I was doing great things back home in the rear. However, when they said they needed people, I said, well, you can send me.

[Steve Bannon]

How many people in your class, how many kia, how many killed in actions do you have severely wounded? I know a couple of folks in your class were severely wounded.

[Maureen Bannon]

There are I believe five or six killed in action. And then, you know, three of them were killed very shortly into their deployments. I had a friend who played army football who. He deployed in his unit. They were doing right seat, left seat. So the outgoing unit was basically doing ride alongs with the incoming unit. And there was an IED and he was, he was killed by the I.

[Steve Bannon]

He was an outgoing unit.

[Maureen Bannon]

He was an incoming unit. So he was in country in Afghanistan maybe two weeks and he was killed. I had another classmate who actually was in the, I believe it's called the army mentorship program. He did not graduate West Point. He was kicked out a week or two before graduation because he plagiarized. But he. On a, on a paper.

[Steve Bannon]

So this honor code.

[Maureen Bannon]

So it was an honor violation. So they, they basically kick you out and send you to a deploying unit and you have to serve a certain amount of time and you can reapply to come back to West Point.

[Steve Bannon]

And he was even with an honor violation.

[Maureen Bannon]

It's up to West Point if they want to readmit you, but you can reapply. He was in the process of reapplying and was killed on his deployment.

[Philip Patrick]

Wow.

[Steve Bannon]

On the mentorship program. And you go over as an NCO.

[Maureen Bannon]

So he was an E4. He was a specialist.

[Steve Bannon]

E4 specialist. After tonight's premier and then after the Marine Corps, we're going to do something. We're going to make a special effort to make sure that we can get last 600 meters out to every person. Is that with things coming up in Venezuela and there's always, you know, active kinetic activity you've got in the Middle east, you've got it in Ukraine. I think it's very important for us to go back and to think about these wars. This is like I said from. I guess it's the relatively early days of, in a 20 year war, the relatively early days of Iraq and Afghanistan. I can tell you, in assisting Michael Pack in putting the movie together, you're furious as you go through of the political, of the political establishment, of just the decisions that are made and really putting men and women in harm's way and then just at the last second making some decision and you look at all this blood and treasure that you spend and you realize we really have to think through before we ever deploy people in harm's way. Not the United States is not a country that can deliver the hammer blow. But you got to make sure you really thought it through of what your objectives Are.

[Maureen Bannon]

I agree with you. And also, you have to think the people making decisions to send us into these wars, did they have sons and daughters going over there? I don't think so. They. They didn't serve. They didn't have sons and daughters that served. It didn't affect them. And the fact that especially the men in this movie, you know, that was back in 2004. Think about the PTSD that they have, the things that they saw compared to when I deploy or when I deployed or around the time I deployed. Don't get me wrong, people I deployed with, numerous people, you know, in the later years have to have ptsd. However, the things that they saw and the fact that we as a country aren't treating our veterans the way they should be treated or the mental health care that they need, that. So, I mean, that's a hill that I will die on. Because we see veterans turning to drugs and alcohol and other avenues of approach to cope with the PTSD from things that they've seen over there. And then we're like, oh, okay, we're not gonna. We're not gonna help them. And we're not accounting for the correct number of veteran suicides. You know, the slogan that the military likes to put out or the VA likes to put out is 22 a day. It's not 22 a day. It's closer to 44 a day. We've seen studies.

[Steve Bannon]

How do you get that number there?

[Maureen Bannon]

There have been studies. There have been studies that have come out from other organizations besides the military, and the VA is not accounting for anything other than suicides by weapons. So you're not accounting for overdoses or drownings or hangings. A lot of they're trying to say. They're trying to say, oh, that's not. That's not a suicide, but it is.

[Steve Bannon]

Yeah.

[Maureen Bannon]

I don't know if you're resorting to. To drugs to take care of PTSD or to cope.

[Steve Bannon]

So where do people. Where do people get you? I may actually have you safety words. I'm pretty good, Mo. What. Where do people get you? What are your coordinates?

[Maureen Bannon]

You can find me on Getter and Twitter at Maureen Underscore Bannon and also on Instagram @real MaureenBannon. I'm still a little shadow banned on Twitter, so you'll have to go searching for my stuff.

[Steve Bannon]

Your name's.

[Maureen Bannon]

I mean, it says Bandit and Steve Bannon's daughter in my bio, so I'm.

[Steve Bannon]

Pretty sure that shadow band. We don't want to hear from you. Did Grace come With you. I said mo pops in. Mo pops in on. Is Grace back for the, for the. Is grace for the Halloween party over the White House?

[Maureen Bannon]

Oh, yeah, she's going trick or treating at the White House. I, I have the premiere. She's got trick or treating.

[Steve Bannon]

We'll see you over there. Mo Bannon. Thank you so much, honey, for coming through Birchgold. Philip Patrick is going to join us. Been a little turbulent for the last couple days. Geopolitics. 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 the time. 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-PROTRIOT and make the switch today. Okay. The White House is set up for Halloween. We had actually some amazing music from the, from the. I guess the orchestra there, maybe not so much now. Little atonal. Anyway, let's get into Philip Patrick, as soon as some activity. This is trick or treated. The White House, there was some activity. What I love about this, President Trump was under orders from the real boss, the first Lady. Hey, you know, this thing was xi. I hope, I hope you figure it out. Cut the deal, let's get on the plane, get on Air Force One. Let's get back to the White House because we have the kids over for trick or treat. I think it's fantastic and like I said, I don't think. Well, let me bring in Philip Patrick. Philip, there's been turmoil, particularly in the gold and precious metals market. But I got to ask you, do you fully understand the actual deal? Because I think in the mainstream media Is like, focused on soybeans, which is very important. You got to take care of the farmers. And there's other aspects to it. As you know, we're high tariff guys. There are some cuts in the tariffs, but the rare earths being extended for a year, that we continue to get our rare earths, if they live up to it. The chips where he said no Blackwells and no advanced chips like that, although he'll allow Nvidia to get in discussions with the Chinese Communist Party. And there's no discussion on Taiwan. To me, if you get that alone, you shut down chips. Those are massive wins. I don't know why the mainstream media has not given President Trump more props on this, sir.

[Philip Patrick]

Yeah, I agree. It's a huge win, particularly the rare earth or the delay of the rare earth export restrictions. That's massive. Those minerals are the lifeblood of our defense and tech manufacturing. So it was certainly a win for the Trump administration. I would say this isn't sort of the grand bargain that everyone's been waiting for. I think this is more of a ceasefire. While essentially two economic heavyweights, states who can't afford to keep punching, sort of sit it out. Both economies are stretched at the moment. China, obviously, from a historic real estate crash. We've got a $38 trillion debt load. We've got Fed already cutting rates to keep Washington solvent. So I think from Trump's point of view, this was tactical. He's not giving up leverage, he's buying time. Time to rebuild industrial base, to secure critical mineral supply chains and to protect American farmers, who essentially been the foot soldiers of this, this trade war. So I think the idea is to stabilize now and reform later, which quite frankly, is a smart move, because the alternative, a full decoupling, would just torch economies on both sides of the Pacific. We're just not ready for that yet. I think it's going to take five to 10 years to onshore rare earth mining and refining. And in the meantime, China will have leverage that they could choose to weaponize at any point. So I think coming up to a deal, rare earth was a big win. Kicking the can further down the road buys us time to reduce their leverage. So I think it was absolutely a win and the markets responded accordingly.

[Steve Bannon]

Talk to me about that, particularly the gold market. We've had gold bouncing from what, almost 4,500 to now, 3,900. But the purchasing of the central banks already continues on. How is the gold market? It's still an alternative asset class that's now getting much more reception in central banks and at money center banks and it's still a hedge. So put me through, give me the perspective, give the audience the perspective of the gold market. How does the gold market look at the geopolitical and financial risk of the two world superpowers? As you said, two boxers are taking a timeout. How do they view it?

[Philip Patrick]

Look, the gold markets are on fire, right? We've seen at the high point we're up 55% for the year. We had a pullback, we're now up 45% for the year. So I want to quell panic out there. Nothing goes up in a straight line. You always have profit taking. You have markets responding positively and negatively which is going to change the day to day. But like you said, look at the structural moves. Central bank gold buying is not letting up. The velocity is increasing. They said another record for the third quarter of this year. So first three quarters have been the biggest three quarters of a year for central bank gold buying ever in history. Look at investment banks rapidly raising their predictions. So nothing has changed structurally. We are seeing a shift away from dollars towards gold that is continuing. Like I said, nothing goes up in a straight line, not even gold. But I would tell people not to be concerned, right? Look at central banks upping predictions almost on a daily basis as prices go up. People have to remember, yes, gold's high, everything's high, right? Look at Bessants op ed in the Wall Street Journal, what was it two months ago talking about how the Fed had created bubbles. Markets are at all time highs, housing at all time highs, gold at all time highs. That's a reflection of fiscal policy. So the ability to buy low and sell high simply doesn't exist in this climate. The question then becomes what's more conducive for a climate in front of us? And you know, we have a dollar falling in value, we have inflation that's persistent, we have potential recession on the horizon. This is the perfect storm for gold. Factor in what I see as structural changes happening with reserve currency. I think we'll see higher gold prices moving forward. And as I said, I think the previous time I was on, I don't think what we're seeing is a rally in gold. This is a structural change. I think the problem is gold's been undervalued for so long, currency overvalued. We're now seeing a shift back. So I would say to people, don't expect something's just going to keep going up and up and up. We're always going to see Those corrections down, but it bounces back pretty quickly. Gold's over 4,000 again and moving.

[Steve Bannon]

I want to talk about particularly AI, when you've got this situation with Jensen Huang, it's, you know, Semaphore had this great headline. The company broke $5 trillion yesterday in market cap and they kind of call him the $5 trillion man. You remember, it's not all that long ago that that Apple broke the one trillion dollar barrier and people thought that that was like the earth was going to turn the other way. Right? Start spinning the other way. You've had this at least beginning of some sort of interim deal on advanced chips. President Trump said, hey, Nvidia can engage directly with the Chinese Communist Party, the Chinese government, but there's going to be restrictions, particularly the Blackwells and some of the, some of the other advanced chips that they can sell. That's kind of off the table, no discussion at all. Supposedly on Taiwan, people are arguing, they fear that even with all the layoffs that are coming in, the AI apocalypse. When you look at companies themselves, if they mention anything AI, they get like a supercharged valuation. Folks are talking about this AI bubble. Concomitantly, you've got, I think the greatest liquidity Wall Street's ever had. I mean there's just pools of capital out there looking for places to go. How do you balance that in looking at the gold market? The potential AI bubble coupled with this mass liquidity that Wall street seems to.

[Philip Patrick]

Have right now, Listen, it certainly feels like late stage bubble territory. This feels like very similar to the late 90s and the dot com bubble took follow and just broadly speaking, it's starting to not make sense. Look at the S and P itself. I was looking at inflation adjusted price to earning ratios. Today they were above 41 for some context. Historical average is 17. The only times in history Shiller PE went above 27 was 19, 29, year 2000, 2008 and today. So like I said, there are bubbles all over the place. I think you mentioned to me a few weeks ago they're more private equity firms than the McDonald's branches in the United States today. How insane is that? So like I said, I think we've been building bubbles honestly since the turn of the century through policy. I think the Fed's ability to keep those bubbles going is running out. And ultimately we know what happens. Things pop. And when Trump came in, they were talking about a soft landing, other people saying a hard landing. The reality is the landings are landing. It's not making sense anymore. And we need to bring things down to reality. And I think globally there is recognition of that. And I think gold's going to pick up a lot of that safe haven demand.

[Steve Bannon]

Walk me through that. Before I let you go, I want to just show them the analytics. The price earnings ratio adjusted right now is 41 times. That's after tax. I mean that's, that's, that's an insane. And historically it's 17 times. That's an insane valuation. But give me the examples of the other three inflection points and what the, what the PE raiser PE ratio was.

[Philip Patrick]

Yeah, so this is Shiller PE, Robert Shiller Nobel Prize winning economist so three times in history it's gone above 27. It was, was 30. We had the Great Depression, 44 at the dot com bubble in the year 2000, 27 in 08 and today over 41. You could look back at all of recorded history and say we've never seen this multiple without a significant drop to follow.

[Steve Bannon]

And so with this liquidity, the same time you get this liquidity, I mean what are the major houses saying right now? I realized that this is the, the perfect time that gold could be a hedge for your portfolio or for your other financial assets. But with this liquidity, does it just keep building? Because the AI hype machine continues on. I can tell people right now, you can see where it's being used immediately. And that is not for productivity, it's for efficiency. They're going in and they're getting rid of the homo sapiens. Right. They want, they, you saw this target the other day with a thousand jobs and they try to hide it by saying oh, we're just having better data analytics coupled with our technology. They mean artificial intelligence. Is the liquidity you think going to continue to prop this up, this excess liquidity on Wall Street?

[Philip Patrick]

Listen, I think it'll keep the bubble going for a while, but there is a realization, I think broadly that this thing is unsustainable. And as soon as people start to realize that and move on mass months, it'll start to come down fairly quickly. So yeah, I think it's got legs. Listen, this thing should have come down a long time ago, right? Based on fundamentals, we sort of seen recession a long time ago and we've kept this thing going over and over and over again. Can we keep it running? Yes. For how much longer before people realize this is a Ponzi scheme and get out? That's what, that's what, I don't know. It's impossible to predict.

[Steve Bannon]

For me, real Quickly, how do people get to you? We got a vendor, Minnesota. How do they get to you and look to your guidance of how to get involved in physical gold?

[Philip Patrick]

Yes, it's very simple to me. They can get me a getta. Unfortunately, I don't have the badge of honor of being shadow banned by Twitter. So by choice, I'm on Getter. It's philippatrick on Getter. Ilippatrick on Getter. And then of course, they can get all the information from Birch to going to birchgold.com Bannon again, birchgold.com Bannon or text Bannon to 989898.

[Steve Bannon]

Philip, the feedback we get from the Warren posse is extraordinary. You've done such a great job of guiding people through there. I understand that. People, first off, the fear of missing out. And the second, hey, has this thing peaked? I know is on a lot of people's mind. That's why I appreciate you coming on and making yourself available. A lot of people want to figure out how to hedge financial risk. I keep telling folks, don't worry about the price, think about the process, the pattern recognition that goes in. What's the process that drives the value of gold? When you start to understand that, I think your life will change. Philip. Patrick, thank you so much. Thank this team over at Birch Gold. Appreciate you.

[Philip Patrick]

Thank you, Steve.

[Steve Bannon]

There's going to be a lot more turbulence. We keep saying it's not about when the Third World War comes. What President Trump is trying to do is to bring peace predicated upon prosperity. Now, his number one priority is the United States of America and folks in the United States of America. That's why our movement's just not America first, it's American citizens first. And President Trump's got a juggle lot. You've got a in the bloodlands of Ukraine, you got a massive, you got a massive war. You've got in the Middle east, right? They're trying to reorganize what's happening in Israel right now and then, you know, most importantly with the Chinese Communist Party. Captain Fennell tells us, keep the main thing, the main thing. And that's what we're trying to do here. President Trump's trying to negotiate where he can, trying to show force where he can. I love that. We're going to blow break or just go to break, right? I love this. Very, very fancy here on a Thursday afternoon. Short break. We're going to be back. The White House has got the. It's trick or treat at the White House. We go back there when we return. 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 the time. 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 and 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/ Banner or call 972 Patriot and make the switch today. There's the President and a bunch of trick or treaters. We're going to follow this. Let's keep the music up. I got to hear the music. President Trump's getting. President Trump as a trick or treat. Oh, folks are coming by and getting pain. Boy, isn't this great? We're going to follow this, folks. Just watch it sa. I see. I think President Trump, this is the. This is. He's got his iPad.

[Philip Patrick]

This is his.

[Steve Bannon]

This is his disco collection, isn't it? I'm not getting a reaction for my production stuff. We don't of everything he's got, dude. Folks, I want you to look at this. He's got the ball cap on Milani, the first lady they're handing out. These are. Look at the kids coming up there enjoying this. Tell their grandchildren. I was at the White House. He just got off, I don't know, an 18 hour flight. He was negotiating with the toughest hombre in the world. He gets after being he gets on a flight, comes back. Now he's there for the people. This is what I voted for. The guy never stops. You're not going to agree with everything he does. There's a lot of stuff that we say, hey, you know what's going on here, but man, you've never had a present like this ever. Who's got the energy to do this. And look how great she's seeing the first lady. Just amazing. Incredible. And it's such a memory for these kids.

[Philip Patrick]

That's important.

[Steve Bannon]

This the Christmas and the lighthouse open for Christmas. And then, and then the, of course, the over Easter, the Easter egg hunt. And President Trump gets a kick out of this. You can see right there. This is what he loves. You know, he's. What a beautiful shot. Want to thank real America's work. Is that a White House street or is that our guy's fantastic shot? That angle shot. Amazing. All the kids in their costumes. Incredible. Okay, we're gonna have this. You're going to watch this. I'm going to bring in Mike Lindell. We're talking about scary. Let's get Mike. Okay, let's go and bring Mike Lindell in and let's just. We're going to keep that. We're going to come back to it before we go. By the way, it's six o'. Clock. While Israel slept. Yaakov Katz is going to join me. This book, whether you're pro Israel evangelical or you're in the Tucker Carlson camp or anywhere in between, buy this book. I think it gives you the strategic situation of Israel, what's going on, but it goes through minute by minute of what happened. And this, I think, is the reliance on technology. Too much of a reliance on technology. People that think they got stuff organized and they don't. And this should be a warning to the United States about U.S. reliance on technology, et cetera. In fact, the Movie the last 600 meters tonight started out. Michael Pack was going to make a movie about high tech in modern warfare. And he ended up making a film that's Marine rifle platoons going door to door, neighborhood to neighborhood, in places like Najaf in Fallujah. So while Israel slept for an entire hour, I'm going to be with Katz, the author, to go through it. Mike Lindell, Arctic Frost Man When I read those documents, they were coming after you, brother. Alex Jones and I think were the only two journalists, the only two guys in media. I wouldn't call myself a journalist, but, brother, they came after you to take you down and burn you to the ground, sir.

[Mike Lindell]

Every, from every angle. And I believe we were the first. Steve. We've already tracked ours. We've been working on this all week. I have with lawyers and investigators and stuff. And they went after my pillow as early as early 2020, you guys. They went after my vendors, they went after my banks. We got debanked at three different banks. They went to them, they went after, obviously they took my cell phone in September of 21. They went after everything to do with my pillow. And not just that, they also reached out to phone companies. Verizon, they shut mypillows text marketing. We weren't able to text market whatever they did. Dirty deal they did with Verizon. Steve, this goes so deep. It's like you know, all because why? Because my pillows, my employee owned company, their CEO is out there going, hey, we got problems with our elections. You know what? There was a 2020 election. We need to look into it. We need to look into the election platforms. Somebody look at this. By the way, everybody remember I've been fighting against these government private contractors, that is voting machines for four and a half years now. So isn't this funny? You have the FBI, the IRS and the DOJ come after me, my pillow. And then because I'm talking about under my freedom of speech to talk about government private contractors. Steve. It's been absolutely disgusting.

[Steve Bannon]

So tell me what are you going to do? And then I want to pivot to how we're going to pay for this. You're going to pay for this. Do profits in the company and that's where we got to sell more to more towels, sheets, pillows. First of all, what, what action are you going to take?

[Mike Lindell]

What we're looking in right now is what is the process if you go after this. This was in my own government. The FBI, they were blatant. The irs, FBI and the DOJ are the three biggest enemies that came after me with full guns at all sides. And then you couple that with just this week, Smartmatic, a judge in Minnesota finds my pillow and myself guilty of defaming a corrupt criminal company. Because it's out in the news right now, last week. You can't obviously, Steve, our first amendment right of free speech is it at this is everything that happened to my pillow should never happen again in history. We're not gonna take it lying down. I am going after whatever avenue I can take. I don't know if you can go after the government. The president did the other night. He said, hey, it's like suing myself. It's a great lawsuit. And so we're gonna, we're gonna be making a lot of moves here in the next three, four days. Right now we're just gathering everything damage it did to my pillow. The damage it did to my pillow alone is in the hundreds of millions of dollars. Everybody. This doesn't count the stuff that they did with the machine companies and the cancellation. So you guys have made it possible. You guys, please help us out. It's the last day for the Made in USA sale. All of our MyPillow products that are made right here, our mattresses, our pillows, everything that we make, the mattress, the bed frames every. You can save up to 80%. This is the last day for that. You guys get those mattresses. Mattress toppers. Remember, 60 day money back guarantee on all the USA price.

[Steve Bannon]

Yeah, and we got, we got a bounce, brother. We'll see you tomorrow. While Israel slept. What if he had the brightest mind in the war room delivering critical financial research every month. Steve Bannon here. War Room listeners know Jim Rickards. I love this guy. He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning speeds, algorithm driven crashes, and even threats to national security. Right now, War room members get a free copy of MoneyGPT when they sign up for Strategic Intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it. You should read it. Time is running out. Go to 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.