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Bannon`s War Room
Episode 5526: Inflation Drops As Mainstream Tries To Spin
Episode 5526: Inflation Drops As Mainstream Tries To Spin...
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- [00:00]
A
Viewed the data that came out this morning on cpi and it was, it was positive relative to expectations. I'm not for cherry picking. I am not going to show up here and say mission accomplished. And what I'd say is there's plenty of work to do.
- [00:18]
B
All right. That was Federal Reserve Chairman Kevin Warsh testifying yesterday before the House Financial Services Committee. His comments coming after the release of a better than expected inflation report. Let's bring in former, former treasury official and Morning Joe economic analyst Steve Ratner, who has charts on yesterday's inflation data and oil prices. And there's a lot to cover. Steve, really quickly before you get into all of this, Kevin Wash was a deficit hawk in previous incarnations. Then when President Trump wanted him to come on board, he started sounding more like a dove. But is there reason to believe right now that sort of that hawk that he's always been a man who understands, understands that the last thing you want is inflation kind of getting out of the barn door. Is that who he is again?
- [01:12]
C
Yeah, I think so, Joe. I think he was very clear in his testimony. And I've been, I've been talking to some other Fed officials who say the same thing, which is that basically the Fed remains completely committed to getting back to 2% inflation, which is not nearly where we are at the moment. And that is going to mean higher interest rates, probably not at their meeting in July, but later this year. That's what the market is now expecting. It's flipped from before the war. We thought interest rates are going to keep coming down. Now we think they're going to go up a bit in the course of this year. And the fed remains committed to 2%. So, yes, I agree with you. Mm.
- [01:48]
B
All right, let's go to your charts. The first one looking at inflation and
- [01:52]
C
how it's impacting workers. Steve. Right. So here's the point. We did get a somewhat better than expected inflation reading, as the chairman said yesterday. But to Joe's point, inflation is still running three and a half percent above where it was last year, obviously largely because of oil prices and the war, but nonetheless, that's where it is. The only, the other piece of good news in the number was that wages are also up three and a half percent. So essentially, for the first time since the war started, consumers are not losing more ground, but they do remain underwater, so to speak, relative to where they were before the war in terms of purchasing power. Now, obviously, not all consumers are the same. We have, obviously, people at higher and lower incomes. And so the effect of this is different. And so here's a little data point to show you how it works kind of in the real world. This is a study by the New York Fed on gasoline purchases. And what it shows is that for higher, lower and middle income people, gasoline purchases have been fairly tight and constant until you had the Iran war started. And then there's been a divergence here where high income Americans have maintained their, roughly their level of gas purchases have essentially absorbed the higher prices, whereas middle and lower income families have had to cut back on their gas purchases. They've had to carpool more, take public transit or otherwise simply just not use their car quite as much. So an average but, but definitely different impacts.
- [03:22]
B
This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. Christians not got a free shot. All these networks lying about the people, the people have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen. And where do people like that go to share the big lie? MAGA MEDIA 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
- [04:00]
A
country, this country will be saved.
- [04:04]
B
War Room here's your host, Stephen K. Ban. It's Saturday the 18th of July, year of our Lord 2026. Welcome to the Saturday edition of the War. As you know my favorite show of the week. We can take a, catch our breath from the grind of the, of the daily news. Although we've had some monumental, monumental news this week. We haven't had time to go through the, through the economy, the economic news and particularly direction of where it's headed. You just heard Morning Joe there, they're on wash that it used to be a deficit hawk. You know, we have to face a very unpleasant reality, but that's one of the reasons for the war room is to face unpleasant realities. And that is the balance sheet of the United States right now we have a balance sheet that has exploded. Now President Trump had this under control and then pandemic, I think we had three. And if we could pull that from my getter, I have a chart up there of just deficits we've run, I think the $3.1 trillion because the massive drop in aggregate demand during the, the Chinese induced pandemic and we got to start talking about reparations from the Chinese to make us whole there after that. The deficits have never come down this year. We've run a deficit through the first nine months. And this is the treasury and the Federal Reserve's number $1.4 trillion. I think we're on path to do 2 trillion. I called this last fiscal year. And why did I say that was going to happen? Because we had a cross. You're really not addressing the spending because the Congress does not want, through the appropriations process, you know, get their arms around it. The reason McCarthy got turfed out is he cut a deal on the debt ceiling with Biden that took off any limits on the debt ceiling during Biden's illegitimate regime. That's not what you do with the illegitimate regime. You put the screws on them and tighten them down. The Republican Party embraced Biden as a legitimate winner because they want to be rid of Trump, just like they want to be rid of Trump now. You see this through these phony confirmation hearings, and you see this, what's happening with the. The intelligence apparatus. But it doesn't get us away from the ultimate reality check. We are just burning through money. We don't have money more. And for the Defense Department, I love Pete, I love, you know, General Kane, all these guys, but it's just not acceptable to come back and say, hey, look, we need a $350 billion reconciliation, and half of that's going to be to the military, and the other half will have to throw to social to get this through. Somebody's got to be a rational thinker here. So I've asked Philip. Patrick. Come on, Philip. And we had some good news this week on inflation, although it's not near the 2% target, but just as you see it, particularly vis a vis gold as a physical asset, that just the overall mindset. Because right now, I just don't see anybody putting a break every time Russ Vogt tries to go up with a rescissions package. He stored it. Now, I think he got a $10 billion package put forward the other day on some social spending of the Democrats. But that when you're spending seven and a half trillion dollars, I mean, the basic math is we're spending seven and a half trillion, we're bringing in five and a half trillion. And I've told everybody, if you're out there and think President Trump wants to do away with the income tax, he does. In the long term, that's aspirational. But right now, he's given Scott Besson a mandate. Get every penny everybody owes, because we need to we need to close the gap between the five and a half and the seven and a half. Your thoughts, sir?
- [07:50]
D
I mean, that's an understatement. Debt and deficit is the biggest problem that we're facing here in the United States. An administration that really focused on getting a grip on it couldn't do it. And I think it shows you the problem now is structural. And sovereign debt's not simply an American problem. This is a problem now throughout the entire developed world. I mean, the economy is still growing globally, but it's not growing quickly enough to outrun the promises that government have made around the globe. The IMF predicts, and this is frightening, 3% global economic growth this year. But at the same time, public debt now has risen to nearly 94% of the entire world economy. The IMF expects within three years that'll hit 100%, which means world governments are going to soon owe as much as the entire global economy produces in 12 months. And the worst part of all, and I think this is directly related to our position in the United States, these deficits are no longer sort of temporary emergency measures, right? The governments around the world and the US Government as well, we're borrowing during recessions, we're borrowing during recoveries, we're borrowing for entitlements, as you pointed out earlier, defense spending, all of it. And a large portion now, worst of all is going to interest on the debt here in America. As you pointed out before, the CBO expects a 1.9, almost $2 trillion deficit this year. That's about 5.8% of GDP. Historically, that level of spend spending is associated with wars or very deep recessions. And today it's becoming sort of ordinary government finance. And like I said at the beginning, this isn't just an American problem, but we are certainly leading the way. Europe is loosening fiscal policy to finance defense and infrastructure as well. But, you know, we have our own problems at home. And like I said, we're leaving, leading the way. The problem is the solution to this longer term, right? There's only a handful of options. You mentioned one earlier, which is raising taxes. I think there's the political will to do it. And ultimately tax rates would have to go to an obscene level to get a handle on deficit. There's spending cuts, which are proving politically problematic. There's default, which is not viable for us here in the United States. Or there's perhaps the most likely option, which is to allow inflation and financial repression to ultimately reduce the value of the debt longer term. Any one of those Things politically is extremely painful. My fear is it's going to be the latter. Right. Which is financial repression. And what that does ultimately is punish savers and it benefits borrowers. So it's a very problematic position we're in. And if the administration cannot get a handle on deficit spending, which like I said, is proving increasingly difficult, we are going to see long term devaluation of the dollar. We are going to see infl being persistent longer term. And ultimately I think we're going to see higher gold prices as a result.
- [10:59]
B
Well, there's two things. There's. Number one, the study's done, you and I did every month or at least every quarter during the illegitimate Biden regime. We would do about the rolling devaluation or the drop in purchasing price. I think we came up in that time at 22%. Jeffrey Tucker and others. In fact, I think the founder of Grabian or one of these video services has sold his business, retired in Spain. He went back and did even more original analysis that shows that the true purchasing power dropped by 50%. I want to get to that in the next segment because I want to talk about the drop in purchasing power. But you mentioned deficits. One of the most respected economists, I think he's at Harvard, Kenneth Rogoff, wrote this book a few years ago called this Time it's different. And he went through 800 years of financial history, went back the last 800 years across 66 countries. And every time where it hasn't tied directly to a catechism, cataclysmic conflict like World War II, which is quickly reversed because of explosive growth that happens at the end of that war. And that's only a few times that every time just in a essentially regular economy, you go above 100% of total debt to GDP that you never reverse. In fact, it always ends in some sort of financial crisis. Can you give me a couple. I mean, Rogoff, this book, it's so scary your, your palms are sweating about a third of the way through it because he just relentless and boom and giving you the stats and he's telling you that hey, this is almost a, a law of nature. This is as close to the, to a finance having a natural law like the second law of thermodynamics. Because we always talk, well, it's not the second law of thermodynamics. You can cut spending. But he says when you cross 100%, it's almost, it's virtually no return.
- [13:08]
D
Sir, it's absolutely correct and you're right, it's simple mathematics. When debt to GDP exceeds 100% GDP, economic growth slows. The more you owe, ultimately the less you make. And it's a trap. And you're right, it is absolutely frightening. The worst thing about it is that governments throughout history just make the same mistakes over and over again. And it's ultimately why monetary systems typically fail and typically return to gold. It's happened dozens and dozens of times in, in history. So, yeah, it's inexcusable, given our knowledge of the past.
- [13:49]
B
Let's take a, by the way, Birch Gold, we're going to talk to you about how you get to Philip in the team. One of the ways, the simplest way, is always take your front end. Just text ban it at 989-898. They put you directly in touch with Philip and his team, and you get access to the ultimate guide for investing in golden precious metals today. Now, here's the beauty. There's no charge for any of this and there's no obligation. In fact, we've argued for the last couple years and it's turned out to be the right argument when we first partnered with Birch gold back in 2021, is let's get the most sophisticated. Let's take people who know very little about this. Let's teach them right about capital markets. Let's teach them about Bretton Woods. Let's teach them about why the dollar is the backbone of the global financial system. Let's talk about what happens when you have the decrease in the purchasing power of the dollar. What does it mean? What does it mean for your country? What does it mean for your community? What does it mean for you, individual, consumer and a citizen? And this is why we have the smartest audience out there and you have the biggest political impact. Okay, short commercial break. Philip Pash, Do you owe back taxes or you haven't filed your taxes in years? Now is the time to resolve your tax matters. With the national conversation around abolishing the income tax, the IRS is fighting back, improving. It's here to stay by becoming more aggressive than ever before. They're sending out more collection notices, filing more tax liens, and collecting billions more in recent years. If you owe, the IRS can garnish your wages, levy your bank accounts, seize your retirement and even your home if you owe or haven't filed. It's not a question of if the IRS will act, it's a question of when it will act. Right now, Tax Network USA is offering a completely free IRS research and discovery call to show you exactly where you stand and what they can stop before it's too late. Their powerful programs and strategies can save you thousands or even eliminate your debt entirely if you qualify. Don't make a costly mistake. Representing yourself or calling the IRS on your own waives your rights and cost you more money. They are not, and let me repeat, the IRS is not on your side. Get protected the right way with Tax Network USA and start the process of settling your tax matters once and for all today. Call 1-800-958-1000. That's 1-800-958-10000. Or visit tnusa.com Bannon for your free discovery. Call with Tax Network USA. Let me repeat, 800-958-1000. Tell them Bannon sent you. Don't let the IRS be the first to act. Take advantage of first mover advantage. You move War Room. Here's your host, Stephen K. Banner. There's there's also this controversy about public and non public debt and all that, you know, so I, I think I just look at total debt the way I think you, you must look at is total debt and then
- [17:12]
C
to the
- [17:12]
B
economy and it starts to suppress growth. Because one of the theories, remember the theory, the case we had at the beginning is we're going to grow faster than we were adding. And we were doing that, of course, things that like this war, when you start to have these type of things like these wars, that's an opportunity cost that's going to impact growth. And now we're not growing at that pace and the debt is increasing. And like I said, we had one point with everything else has gone on, Philip, we had one point, excuse me, $1.4 trillion in the first nine months with projections. And as we said at the beginning of the fiscal year in late September last year, in the first of October, I said, Look, I think it's going to be $2 trillion because we're close to it. And the reason is we're still off, we're still working on crs. We have not passed original spending. We haven't passed really appropriations since President Trump's been around. We're still dealing with and you're going to get a cr. Folks, take your number two principal out and write that down. You're going to get a CR because they haven't done the hard work on the appropriation side and had those fights and Congress hasn't had the stones to sit there and go, hey, we have to have these cuts. The Democrats just want to spend and spend and spend and the Republicans, particularly these hawks And I'm a national security guy. Hell, I served eight years as a naval officer or seven, seven and a half. Eight years a naval officer to in defense of my country to be able to say I believe in all this, but I don't believe of what is happening now because it's just too much. And we have to get a reality check. We're heading to a financial crisis. I also want to put it in to historical perspective. We as you know, every day we had him yesterday, every day we have try to have a. A hit on revolution talking this great book, it goes through the American Revolution. As you remember that clip we play from the madness of King George. There's a scene where William Pitt the Younger who has now become the Prime Minister of, of the United Kingdom, particularly towards the end of the Revolutionary War. One of the reasons he became prime minister is one of the reasons the war even started is that the books were not balanced. They had taken on so much debt fighting the French in the Hundred Year War and then the Seven Year War, what we call the French and Indian War that they had to figure out some way to pay for it. They just couldn't sell bonds. They couldn't keep borrowing from the same people they're borrowing for. The British people were highly taxed. They're going to be more taxed. They had to tax the colonies in all these different ways. Led to the beginning of the Revolution. The French. The only reason we won the revolution is the French stepped in because of their hatred geopolitically, their hatred of the British. And they stepped in and they lent us money really just kind of had to sign for it. They lent us money when it came time for them to. And, and the. Remember the guys of Versailles never paid attention to the books when it came time that they had a problem. Shortly thereafter in the mid-1780s when they had a problem, they, they then called everybody together because they had to start taxing the churches and they had to start taxing the people more. And that led to the French Revolution. Spun out of control. My point, world history is driven. What, what was the rise of Hitler? The rise of Hitler was. Oh the, the. The Weimar Republic balance sheet imploded and they had hyper inflation where people were bringing wheelbarrows full of. Was it Deutsche marks at the time to buy a loaf of bread? It spun out of control that when somebody came, just like Mussolini offered good order and discipline, when somebody came that could offer order, they said hey look, we'll overlook this guy's shortcomings to see what he's got to offer. So these types of situations start very early that traditional politicians have a very tough time of getting their arms around them. But eventually the physics of money hit you. And when the physics of money hits you, you there's at that time you're in a crisis and it gets very tough to turn. I have said on this show many, many times, and one of the reasons I'm so proud that we're partnered with Birch Gold, to allow you to learn this yourself, because you have to learn it yourself, that the world right now has about $300 trillion and debt, all debt from everything you can possibly count all the way up to sovereign debt. On top of that, we have a highly leveraged bet as a nation on artificial intelligence and the potential productivity increases of artificial intelligence without mass layoffs. That's the implied bet of what we're going in corporate America. On top of what the government's already done with debt, we are going to have. The world is heading towards the world's biggest margin call, right? And when it has the world's biggest margin call, Katie, bar the door. Because the the bastion of stability in the system from the Second World War that was set up was a dollar empire. What was based upon the stability of the US Dollar. And what did that base that stability upon? The full faith and credit of the United States. And what is the full faith and credit of the United States? It's not the sec. It's not the Security Exchange Commission. It's not the Treasury Department. It's not the Federal Reserve. It's not the House of Representatives or the Senate. The executive branch is not the office of the president. It is the grundoons. It is the working men and women in the United States of America. You are the full faith and credit. The whole world has checked you out. The world's an efficient market. And they've said since the cataclysm in the middle of the 20th century that left 200 million people dead and the whole world shattered, that, hey, these people are good people. They came in this fight when they didn't have to come in this fight. You know, they took the fight to Europe. They supplied all the arms and material. Their soldiers, sailors and airmen were had beyond courage and bravery. They stuck in and they were in fights they didn't have to be in to get stability. These people are good and decent people. And yes, the entire system will be based upon their currency because the credit of the world is essentially on their shoulders. Is that not where we stand? Philip Patrick and now we're teetering over a potential abyss of a $300 trillion margin call globally, sir.
- [23:59]
D
It's unavoidable. And I think any student of history, as you pointed out, masterfully understands at this point, it's almost inevitable. The Trump admin, as we discussed many times, had an almost impossible task heading into the new administration. Biden had left them with such a colossal amount of debt, huge spending obligations, and ultimately a world that started to distrust our policies and ultimately our debt and our currency. It made the job very difficult. Fixing it through growth was always going to be a tough task, and I think the administration took many steps forward in doing that. However, as you mentioned, spending increased as well. Defense spending, tax revenues obviously reduced a little bit with tax cuts, which ultimately will pay dividends. But until we can get a handle on debt and deficit, we've got a massive problem in front of us. And if you rightly point out, when empires in the past have gotten themselves into the position we are today, they managed to get out of it. So it's a very, very tough position. It isn't just domestically here. This is a global problem. But given that we are the global reserve currency, the lion's share of global transactions, the bulk of the world's assets sit here, we as a country have the most to lose. We've talked about end of the dollar empire, and obviously we're not hoping for it, we're hoping to prevent it. But all of this, it ties together. At the end of the day, if the United states is running $2 trillion annual deficits and printing money to meet those deficits, it puts our reserve currency position under threat. As you mentioned, it's the full faith and credit, but it's also stability and accessibility that has been key for our position to maintain as global reserve currency. And as long as you're printing $2 trillion annual deficits and you have previous administration seizing assets, those two things are now out the window. Couple that with consistent structural deficits, and I think we're heading very fast down a path that we don't want to be heading down.
- [26:21]
B
I also want to talk. So you got President Trump and they're trying to do it. He tried to do it because he had this huge burden when he came in. But the alternative to him and maybe do part of this after this break, and I want to then talk about how people work with you guys to learn more, because a informed consumer here, an informed investor, is the best investor for physical gold right now. The alternative, President Trump, is not reasoned austerity or just Monetary logic. The alternative is if you look at the Democratic socialists who have all the energy, the Tea Party on the left or the populist left, if you actually look at their economic policies, if you actually look at what they are proposing from spending, they literally want to bring the system down because they have no controls whatsoever. What they're talking about in New York City is absolutely incredible. It's just crazy. What they're talking about in the rest of the country is absurd on a national level. They are not simply open borders and that's simply this transgender ideology on everything culturally and everything that they're dealing with. Are they the most radical? If you actually look at their economic plan and if you look at their financial plan on top of that, they're the most radical at all. In fact, if you had to pick what would absolutely tilt the system into flying over the abyss, it would be as bad as Biden. And these people were right for four years, which were out of control. Remember the seven and a half trillion dollars we said at the time, if you pass this stuff, you're going to kick off massive inflation. These people even more radical. Okay, we'll take a short break. We got Philip Patrick. He's going to tell you how you can work with the guys of Birch Gold who also pined on these Marxist jihadist Democratic associates. Birchgold. Take your phone out and text Bannon B A N N O N and 989-898. You get access right there. You get access to Philip or you can go to birchgold.com Bannon and get the end of the Dollar Empire. All the installments, there's a physical copy and get back ordered on that. But all seven that are in the physical copy are online free. Plus an eighth and we're working on a ninth right now. All of it free.
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C
Short break.
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B
Philip Patrick. On the other side, Everyone's focus on how the conflict in the Middle east is raising oil prices. But there's another grim reality to this contention. Oil isn't the only resource being constrained. About one third of Global Fertilizer trademark happens through this region. And with spring planting season on top of us, American farmers are sounding the alarm with some saying they can't afford to plant their fields. When one piece of the supply chain gets hit this hard, you know what comes next? Higher fruit prices, reduced availability, maybe even panic buying. That's why having an emergency food supply at home makes so much sense. And that's where our friends at my Patriot Supply come in right now@preparedwithbannon.com that is preparewithbannon.com we've set up an entire just site for the war room posse. You go to preparewithbannon.com that's all one word. Preparewithbannon.com you get a three month emergency food supply. They'll include a free mega protein Upgrade, an incredible $200 bonus you don't want to miss. It's a simple way to protect your family from whatever comes next. Go to preparewithbannon.com that is preparewithbannon.com to get your emergency food supply today. That's preparewithbannon.com do it today. Go check it out. Too many ideas. Not like you, Mr. Pitt. You don't have ideas. Well, you have one very big idea balancing the books. And a very good idea it is to have too. And what the best. And one with which I absolutely agree. As I agree with you, Mr. Pitt on everything. Apart from the place we mustn't mention the colonies. They're now called the United States, sir.
- [30:50]
C
Are they?
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B
Goodness me. The United States? Well, I haven't mentioned them. American, I suppose. No, sir. Let me have it. Thank you. They lost. At the time it was India and North America and they lost the United States in a revolution caused by a bunch of ministers coming up with a plan to say, hey look, look, we got this debt problem. We, we can't possibly pay it down. We can't possibly pay the bondholders. Our people are taxed enough, maybe on the margin, but we have all kind of opportunities in the colonies to make those guys pay for what benefited them. The, the victory in the French and any war. Remember, these are the winners. These are the people that won. And what did it do? It caused them to make decisions that lost in the United States. You got to go back. You look at the arguments in parliament at the time. They were as intense as any argument. You heard of the Vietnam War. There were people each other's throats saying, hey look, what are we doing here? We're going to lose. We're going to lose this fabulous. And it drove King George, although he had issues, triggered the madness. Let me remind you on the French, the French won having gotten their asses kicked by the British for decades. And if driven out of North America and Canada, they actually won because they backed the right side in the ev in the revolution. They won. You know what it led to? It led to them all getting their heads cut off. When these things happen. Look at the Weimar Republic. Look at the Weimar Republic. Look at what they bought into for the madness. Look at the Italian people, look what they bought into. Mussolini, look what they bought into. Hitler. Look what they bought into. Because in a time of financial crisis, it starts going so intensely that you had very brilliant people around the British crown. You had incredibly smart people around the throne.
- [33:03]
C
Right.
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B
Some finance people came in there. You had smart people in Germany. Look what happened. Revolutions, wars, all of it. Why the common denominator is finance. Philip Patrick, thoughts?
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D
Yeah, I mean, I couldn't agree with. With that more. Human beings are capable of such incredible good and such evil and nothing, nothing can sort of lead to the latter more so than. Than hunger and economic pain. Right. People think that politics and are separate things, but they are so intrinsically tied. And I couldn't agree more. I'm getting very concerned about the direction that this country is heading. And as you mentioned before, this isn't a Trump thing. Right. Trump is, I think, slowing at this point, what looks like inevitable decline. The previous guys didn't have a clue what was going on and were spending like drunken sailors. But I think the new breed is far more dangerous. And I think they have an understanding of what's happening, but I just don't think they care. I think they're so politically motivated that they don't care about this country.
- [34:13]
B
It's the Bolsheviks. I forgot to mention the Russian Revolution, about the war and how they're paying for the war. This is how the Bolsheviks. When economic times get very hard because of a balance sheet that's out of control and measures have to be put in, that's when you have these voices come up and you saw what the Bolsheviks. That's exactly what you're seeing in New York. The affordability issue, which is just basically inflation and concomitantly the drop in purchasing power of the dollar. This is what we're here to teach you. So that when you look at New York City, it's not like, wow, I don't understand it. When you look at the. The American Revolution, you can kind of understand the context. When you look at the French Revolution, you can understand the context of the rise of Hitler or World War II or the Great Depression. We're trying to make sure that you have a frame of reference so there's just not all random things happening. Why not? So that you're a historian. So that in your own daily life, when you're hit with all this random stuff and you said they go, hang over a second. I think I kind of understand what's going on. And that's what we've done with the end of the Dollar empire. We don't want the dollar empire to end. I do think there should be a national conversation with that because by being the prime reserve currency, there are tremendous benefits, but there are also obligations. Right? You're seeing part of that in the Persian Gulf right now. But the petrodollar. Philip, how do people get to know you guys better and how they work with you? Because you've just been a great partner in explaining this to people over the years. I meet people all the time. We go to conferences, come up to me and say, hey, look, you know, I put my money in Gold at 1100 bucks when Philip first started coming on. But they all say, look, I've learned so much. All the free information, you guys, you coming on on a regular basis, a couple times a week, it's really done a great benefit. But how do you work with people? How do they contact you? And what's the easiest way for them to work with your team?
- [36:07]
D
It's very simple. First of all, I think you touched on a very important point that people today and your audience certainly are, but they need to be more educated. But you pointed out sort of the Mandani situation in New York. They're taking a real problem, but people need to understand the, the economics of their solutions are nonsensical. So I think being as informed informed as possible, as we tried to do and I tried to do on, you know, given the opportunity on your show, is so, so important, so very simple. It's birchgold.com Bannon or they can text Bannon to 989-898 and that's going to get them access to a litany of free information. Right? We've got End of the Dollar Empire reports. We've got a bunch of free installments there. We've got reports on how and why to buy gold under a Trump administration that really ties into what's happening in the economy today. So again, birchgold.com Bannon if they are intrigued by what they read and want to learn more, then they can contact us. They're going to have access to myself and a lot of people like me that are there to answer questions, guide them through and, and just make sure that people are informed and comfortable. So birchgold.com Bannon just get the information and go from there.
- [37:28]
B
Brother, thank you so much and thank you for taking time on your Saturday to do this with us. I appreciate you.
- [37:32]
D
Thank you, Steve. It's my honor.
- [37:34]
B
Philip Patrick, Terry Schilling. Drive shilling. Have my man shilling. So, Terry, during the week, particularly this week, the last couple weeks, the trial of the evidentiary trial of Charlie Kirk, and then rolling right into the intensity of the confirmation hearings and particularly the revelations that have been put out about elections and foreign interference. All that I want to make sure that we still get to the, to the main issues that are the signals that are driving things, the debt being one. One aspect is that and this ties in with Mark Wayne Mullins, everything that happened on what Biden did and the invasion and the stolen election, all of it. But, you know, I want to put up your response to this, this article or this guy that one of the core aspects of the Trump revolution is that the centerpiece of this revolution, not simply culturally or in a society, societal basis, but also economically, the unit of economics in a maga, in this populist nationalist outlook is not the nation. We are economic nationalists and that's highly important. But it's predicated upon a building block. And that building block is the American family. And we can't lose sight of that. There's many aspects that I'm going to get into about the onslaught, but one of the simple facts we're talking about is that the family unit itself, how do we actually nurture it and grow it. And so I don't know if you call them these natalist policies or these policies just to make sure we have robust, good families that can then enjoy the fruits of a free economy and become the building block of that has been under assault right as they're trying to go to the railhead of what the solution is. And if they feel as they can stop that, they can stop everything else. So that as a kind of framing, at least the way in my own simple Mick mine, I look at it. Walk me through what happened this week and why you've been trying to while we've been trying to get you on, sir.
- [39:43]
A
Well, thanks so much, Steve. So there was an article written by a dear friend, longtime friend. I first met him when I first came to this town, John Tamney, and he was basically calling anyone concerned with the collapse in family formation and birth rates bedwetters. That's not his story. That's what I'm using for it. But he basically says that we're freaking out about nothing, that all of this stuff is going to solve itself itself, which is just, frankly, preposterous. He talks about how technology and artificial intelligence and how expanded supply chains will address all of the problems that we are going to suffer from having fewer and fewer people here. It's just not true, Steve. The Reality is, is that you can have a strong economy, you can have high tech, you can have all of these things, but those are the what's the real driver for our economy is the why. And the why is largely and almost infinitely the family. The reason that most young men start getting real jobs and real careers and working very hard is because they have a wife and they have children that they need to support. They have a home. We get bigger homes, we get bigger cars. We do these things to serve our families, because our families are where we derive love. And I think, Steve, that this is the big picture that is aspirational, that is compelling, that's missing from every conservative wonk in Washington, D.C. they have the data, they have the stats, they have how this economic policy will impact these industries and these areas, but they don't have the compelling interests. No one just wakes up and says, I'm going to start a revolutionary business that changes the world. They kind of fall into that. And they do it because they're trying to provide for their family. So, Steve, I don't know how we get out of this. And I will draw a distinction between the Natalists and the pro family leaders. We want families. The Natalists will throw anything at the wall. The Natalists will invent artificial wombs. They will advance ivf. It's anything to solve the birth rate crisis. But the family centered people, the people that want to grow our country and revive the American family, we're much more centered on God being the creator, God being the one that determines who lives and who dies and who is born and who is conceived. And I think it's very beautiful, it's important. Human beings are very bad at knowing how many people should be in the world, at knowing who should be in the world. There are lots of dystopian novels that have been written about men trying to make these calls, and they all turn into dystopias. But Steve, I just want to hit on something because this AI fight, this high tech, all of this stuff, what it really is geared towards is it's making all of us subjects. Not just subjects, but slaves. They're going to eliminate all of our jobs, they're going to eliminate all of the needs that we have. But what are we going to do? They're telling us that we're going to get universal basic income, that we won't have to worry about things, they'll be provided. How long until our masters, who are the ones in charge of AI and all in charge of all the robotics, how long until they get tired of it. And how long will they put up with a bunch of people with tons of time on their hands? I think what is missing so much from the economic debates in this country is the why. The why is your family, the why is your wife, the why is your children. And if you don't have those things, you're not going to produce as much and you're not going to be as passionate about producing those things because you don't have a why. If your why is just yourself, which is typically what happens when you don't have a family, you're going to have a bad time, you're not going to be as motivated, you're not going to reach as high as you can, you're not going to be feeling that hot fire under your ass, making sure that you're going the extra mile.
- [43:35]
B
I want you to stick with me. I'm going to come back. There's three basic elements we have to do. One is with John Tamney, who's a friend and a great guy, but what what his thinking kind of represents and in the conservative movement. The second is this whole concept of the natalist versus the pro family. And the third is this aspect of artificial intelligence. Terry Schilling, who is not just a thinker of and thinking through all this, he's at the absolute front line of combating it and building something quite positive in its stead. Short commercial break Back in the Warm in a moment. We rejoice when there's no more.
- [44:12]
D
Let's take down the CCP.
- [44:16]
B
Listen up, patriots. President Trump is dropping a $100 trillion bomb on the globalist. Jerome Powell's term is come to a close and he's installing a real America first Fed chair who will, according to Jim Rickards, slash rates and supercharge our re industrialization. This is what one man is calling Trump's gift on America's 250th anniversary, unleashing a historic super cycle in American mining rare earths, uranium and gold. The same forces that turned $5,000 into over a million in less than five years during China's booms are hitting here now. Jim Rickards, the former CIA, Pentagon and White House advisor, has the battle plan. The gold royalty stock that could skyrocket in the next few years and the uranium power for AI. Don't miss this. Go to rickardswarroom.com now for a risk free trial of Rickards strategic intelligence. Get all five free reports for just 49 bucks. 90 days to test it, love it or keep the research and get Your money back. This is your shot, patriots. America is rising. Make sure you participate once again. Rickardswarroom.com for your risk free 90 day trial. Do it and do it today.
- [45:39]
A
War Room.
- [45:40]
B
Here's your host, Stephen K. Ban. Okay, first I want to go back to Tammy. John Tammy is one of the smartest men in D.C. he runs real Clear Markets. And I can't speak highly enough when we talk about going to news sites and going to, you know, Citizens Free Press. With Citizen Kane, he got hoffed over at, at Gateway Pundit, you got Bullet Breitbart, you got all these great sites. Raheem's National Pulse. It's incredible. We are so blessed by having such a Sean Davis and the team of the Federalist. I could go on and on and on Daily Signal, Rob Bluey and his team are. There's, there's 20 great sites that provide great news and Real Clear, the Real Clear team, whether it's Real Clear Investigations, Real Public, Clear Politics, which is their flagship and their other flagship is Real Clear Markets. He's the editor, Real Clear Markets now. And you know, I, I helped, in fact I think we published the, or helped get published that last book he did. He is a hardcore Cato Institute libertarian, kind of almost anarcho libertarian when it comes to economics and, and culture and society. Tandy and I can say, and he, I consider him a friend and a colleague. We don't agree on anything. We're at a point now, we don't agree on anything, nothing. So when I saw this, I got it right to Terry and I go, this guy's insane. You got to respond. And you did a great tweet thread. But more importantly is that John Tamney is a leading edge thinker for a big part and huge part of the conservative movement and that is, that is, are people that are number one detest the populist nationalist, but even more in detest than the populist nationalists. I think they detest that part of the populist nationalist, which is the pro family. They consider this just archaic thinking. And that's why I believe that even when we're in power, we have a very tough time pulling together a policy agenda. The, the left, I don't believe has that. They're much more in unison. They fall in line about around the radical transgender ideology virtually because they run like Stalinist. You're either with it or you're out. And then during elections they all come out there and go, yes, we don't agree with men and women's sports, but of course they buy into it. On the right, we don't have that. So talk to me first. Give me a couple minutes on that, on what your struggle is against that kind of mindset. And I would tell you this. I think it's actually a bigger mindset within conservative economic thinking than populist nationalism and or far more than the pro family as an economic unit. Terry Schilling.
- [48:30]
A
Steve, that couldn't be more true. Our biggest enemies in reforming the American economy to be more centered on the American family is not leftist. Well, it is leftist, but for other reasons. It's the right, it's the conservatives. They hear these things and they brand it as if, you know, it's unfair for single and unmarried people to subsidize the lives and families of others. They didn't make that choice to get married and have children. Why should they have to subsidize it? The reality is, Steve, for the vast majority of American history, we had a pro family tax code. We had a pro family economy that benefited and actually recognized the sacrifices that families make so that they can produce the next generation of American citizens. But in the 60s and 70s, there was a huge shift. You had the rise of radical feminism, which said that the family, literally, Betty Friedan said that the family is a comfortable concentration camp. And then you had the population control people like Paul Earl, who worked around the clock and around the globe to institute anti family economic policies as well as anti family cultural policies. Nixon was actually the first president to move forward with changing the tax code to level the playing field. Families had a beneficial tax code in the 60s and 70s. He wanted to change it so that single people had the same benefit. So once you start treating single and never married and the childless equally with those that are actually sacrificing and building a future and putting their money. I mean, Steve, you know as well as I do these kids are expensive. It's a sacrifice we gladly take up, but it's also a calling from God. I didn't. I didn't choose how many kids I had. I'm Catholic. I don't do that. My wife and I just are in love and we take whatever kids God gives us. We are providing the next generation of American citizens. And I think that it's a struggle for the Tamny types. And again, I think you said Tammy is a brilliant man. He's very smart. He's on the edge. I mean, he's always on the cutting front of things. And that's why it was actually a little bit surprising to see him oppose this and think we shouldn't need to do anything. We have to save the American family. It is the why for why our economy is working at all. But I think the bigger point that I was making is that family fills a serious gap in our country. And as the family has declined in America since the 1970s, all the way up until today, we've been filling it more and more with leisure, with drugs, with counseling, with therapy. Americans have never been more depressed, more mentally ill, more afflictions and less driven. And it's because our marriages are through the floor. Our average age of first marriage is into the 30s now. The birth rates are through the floor. We don't have a why. And these problems are going to keep getting worse. We're going to keep prescribing young men powerful pain killing drugs. We're going to keep getting them addicted. We're going to keep having fentanyl deaths. Because they don't have the why is why we get clean. It's why my dad got clean. I've been talking about this a lot, Steve. My dad was literally an alcoholic and a recovering crack addict. And he got cleaned when it was clear that it wasn't compatible with our family. When my mom filed for divorce, they saved their marriage, went on to have six more children. The family is the why. And I can't. You know, Steve, it's like, how do these economist types in D.C. calculate the impact that, that holding your child for the first time will have on you? How do they calculate the impact on the GDP from when you kiss your baby girl for the first time? Right. These things are immeasurable and they matter much more than the gdp. They're actually why so many men like myself and like you go to work every day. It's to provide for our families, to get grandkids so that we can have lives worth living. If you don't have a family, we're all part of a family, by the way. You don't have to have your own children right away, but you have to have a why. You have to have a motivation. And so I just, I feel bad for the people that can only think in terms of dollars. You know, Cardinal Serra is a great African cardinal in the Catholic Church. He said that the point of life is not to manage your bank account, it is to love your family and to serve others. It's so beautiful. And that's what we should be striving for.
- [52:49]
B
Hang on for one second. I just want to hold you for a minute. I want to talk about the family formation and artificial intelligence. Terry Shillings with US One Nation, the massive hit on the Billboard charts. Eric Group, Steve Gruber and his team going to take us out. Michael Pack, the great filmmaker is going to join us in our second hour. The brave and the land of the free. For every battle, blood was lost Darkness America sea to shining sea. We're united, strong and free. Most Americans are forced to spend too much money on health care and getting too little in return. If you're one of the millions frustrated by traditional health insurance, I want to tell you about America's Health Share. Go to Freedom for all health. That's freedomforallhealth.org Bannon now that's a mouthful. Freedomforhealth.org that's freedomforhealth.org Bannon and discover why tens of thousands of patriots are joining America's Health Share. America's Health Share reduces your health care costs by an average of 60% and it's accepted everywhere. In other words, say goodbye to out of network limitations. They make healthcare affordable, transparent and aligned with your values. Free from surprise bills or skyrocketing premiums. For as low as 68 bucks a month, an individual can get great health care coverage minus the complications and price gouging from healthcare providers. You can completely scrap your current insurance or use America's Healthcare to supplement your existing policy, even with Medicare. Simply go to freedomforhealth.org that's freedomforhealth.org Bannon to learn more. Right now, new members get their first month free with promo code Bannon. It's time to make America healthy. Join the community of patriots taking back control of their health care care. That's freedomforhealth.org Bannon freedomforhealth.org Bannon promo code Bannon make sure you go check it out. Immerse yourself in the details of America's Health Share. You will not regret it.