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Bannon`s War Room
WarRoom Battleground EP 804: Reclaiming Our Energy Independence Ending Subsidies For Foreign Energy
WarRoom Battleground EP 804: Reclaiming Our Energy Independence Ending Subsidies For Foreign Energy ...
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- [00:14]
Stephen K. Bannon
This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people's not got a free shot on all these networks lying about the people.
- [00:28]
Dave Walsh
The people have had a belly full of it.
- [00:31]
Stephen K. Bannon
I know you don't like hearing that.
- [00:32]
Dave Walsh
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.
- [00:36]
Stephen K. Bannon
And where do people like that go to share the big lie? MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved. WAR ROOM here's your host, Stephen k. Ban.
- [01:04]
Dave Walsh
Tuesday 8 July Yerville or 2025 already a pretty explosive show from the Abbott. The Abbott Governor Abbott's press conference. You saw the raw emotion there. Also the number has increased to 161 now missing. They put a number on that. Ben Berkwom was right the other day. The great Ben Berkwom. Natalie, thank you for writing Shotgun here. The your assessment just first cut hot take on the Rainmaker CEO the interview we had ma'. Am.
- [01:34]
Natalie Winters
Well, I might be getting a little bit of deja vu to the origins of COVID right? I think if you look at the psychological framing and frankly warfare of so called conspiracy theories and misinformation, they want to make it so. If you even dare to ask certain questions about what generated in this case, not a public health emergency but you know, a flood, that you're crazy, you're going to be censored or whatever, you name it. I think in this case it's probably a little bit different. I think if you sort of maybe steel man the argument I think the question becomes, well then why would the United States government be using technologies like these defensively, right? And in the same way I think it's weird when you have senators like Ted Cruz and the entire sort of tech apparatus already rushing to sort of prematurely debunk just the ability to ask these questions, right? Getting out in front of any meaningful investigation, trying to water that down. But I think the core issue is in whose hands, right, do these technologies belong. And it's the same tech bro sort of contingent that we've seen shift and grift their ideologies, their principles, in some cases their religion, frankly, just to max out and make money. And I think that the sort of convergence that I find uniquely concerning is on the Chinese front, right? If China's plowing upwards of $1 billion into technologies like these. That's not just something they're using domestically. Right. I don't know how it works in terms of legality of warfare. You know, they're all into unrestricted warfare. But I think you're opening Pandora's box. And while like you were saying, I don't know what that guy's lawyers are telling him to say on War Room, but I think it opens up a serious can of worms, unintended consequences aside.
- [03:08]
Dave Walsh
But the 1.4 billion is also from guys that make, you know, making hundreds of millions of dollars, not billions out of organ harvesting off a lot of human beings. I mean, it's not exactly. I realize we have to watch everything they do, and you've got to be prepared, but as you said, it's unrestricted warfare, baby. Natalie, hang on for one second. I want to go back to Philip. Patrick. Philip, we just had one of the senior members of the Treasury Department and one of the top, I guess, economists. They have over there, an acolyte of Larry Kudlow, who's Mr. Growth.
- [03:40]
Stephen K. Bannon
I think.
- [03:41]
Dave Walsh
And he did a very good job of giving you official Washington in the official capital markets response to this group of what they feel are still developing nations down in, down in Rio. And Lula's like a Castro type figure. Big talk, but a little old, can't hit the fastball anymore. Your thoughts, Philip? And this is the whole reason, this is the entire reason that we wanted you guys to go down there with a group and actually see everybody. Talk to the central bankers, talk to the finance ministers, talk to the economists and try to get your 20, try to use your 20 to get a snack on the streets of Rio, in which the guy says, no thanks, boss. Give me some Brazilian money, sir.
- [04:29]
Philip Patrick
Yeah, look, I listened to what Joe had to say and I agree with him in some areas and I disagree in others, right? He said that demand for the US dollar was not waning, it was increasing. I disagree vehemently on that. Look at central bank dollar holdings. They are at 30 year lows. Look at Russia now, 98% of their transactions are non dollar based. Look at Brazil, China, India, right? They've signed dozens of bilateral trade deals for global trade in their own currencies, bypassing the dollar entirely. This stuff was almost unheard of three, four years ago, Right? Now, it's certainly true that the US is the biggest global market in the world, but it's also true that the US pays for its imports. So I agree vehemently with Trump's plan to revitalize American industry and manufacturing. But in the meantime we need something to trade. Now where I agree is that Trump is a master negotiator and I've always thought he's going to put bumps in the road for the brics. Trump's expertise though is sticks, not carrots and I think short term it's going to work. I've never suggested that this will be linear trajectory for the BRICs. It's going to be bumpy. They're not natural allies. But I think one something we've seen here on the ground and obviously listening to Lula's comment, they are committed in this respect. So for me, Trump's plans to put forks in the road to create bumps for the brics will work short term. The only long term improvement I can see, the only way out is to rebuild trust in the dollar trust that was broken in 22, in 2014, in the 80s in the eyes of the Brazilian it's been badly damaged. So that's what we have to do through policy and through streng. I think unless we do it. That's where I disagree. I think the BRICs are committed to doing this. It'll be one piece at a time but I don't think they're going to stop.
- [06:30]
Dave Walsh
Is the best tell on that? Because rhetoric's one thing. Is the best tell on that? Continue to see the rates that the central banks continue to buy gold because correct me if I'm wrong, you saw Russia with 98%. I think this is one of the reasons I'm going to get Natalie in here if we got time because I got great interviews by Jane Zirkel and great interviews by Joe Allen. I don't think I'll be able to use them. I got to figure out how to use those tomorrow because I want to get Natalie's thoughts on this Ukraine situation in the Pentagon. Is the tale here. Philip Patrick the central banks buying continue to buy gold maybe not at record rates but still at very high levels because correct me if I'm wrong, all of these bilateral deals, they want to do everything you want to do and we're going to take the one and we're going to take, you know, the shekel or we're going to take the yuan and or the Russian, the Russian currency, all of those are the rupee in India. All of those transactions somehow are going to have some sort of gold backup to it. I mean how these guys going to take the currency risk? How are they going to hedge this?
- [07:39]
Philip Patrick
It's Very simple. Like I said, I think last time I was on, gold becomes the store of value, right? Gold becomes the reserve account. We're reducing dollar holdings globally and that's being replaced by gold. What's going to happen is for individual transactions, for these bilateral trade deals, they'll use local currencies. The idea being Russia don't want to get stuck with a bunch of rubles or yuan. So what will happen on an annual, quarterly, biannual basis, they settle those currency excesses with gold. It's all built into their system through Enbridge. It's set up for that. So as I used the analogy before, local currencies become the checking account, gold becomes the savings account. That seems to be the model the BRICs are working with. And like I said, when you look at the mechanisms they've created, it reflects.
- [08:26]
Dave Walsh
That we're already working. You sent me the outline. It was absolutely brilliant of what you've derived from being down there on the deck plates. And we'll have you more on and talk about more of that later. But from somebody's personality, financial point of view, besides getting in contact with you guys now, I think now more than ever, because you got to understand, like we say, not the price of gold, but the process of how the price is driven and what that means for the value of gold going forward. What do you recommend now to our audience? What sort of thinking person, given that this Rio reset was pretty big and quite frankly, in the West Face, I would say, what should people do?
- [09:11]
Philip Patrick
Look, I think it's just a case of cautious preparation, right? We're struggling in this climate for a number of reasons. We have a lack of options. We've got, you know, the value of cash slowly being eroded by inflation. It's a tough climate to navigate. President Trump and his team have made, I think, a very good start, Right? We're attracting investment. Inflation looks under control for now, although we'll see if it rears its ugly head. But I think it's a case of preparation. It's a case of hedging, right? The BRICs are hedging their US dollar exposure. And I think as individuals to a degree, we need to do the same. You and I have talked before. Look at gold's performance this century. It's unheard of in modern history, but it's a reflection of what is happening, right? There is a direct correlation between growth in money supply and growth in gold. Until we can get a handle on our budget and deficit spending that's going to continue to explode, currency will continue Currency supply will continue to and gold will continue to go up. So I think all we have to do is watch central banks and follow suit. These are the smartest guys around. You know, I tell clients all the time, take everything I say with a pinch of salt and look at where the smart money is going. It's going into gold and it is not letting up.
- [10:28]
Dave Walsh
Yeah, and I tell, I think your visit there reiterated this. You look at these central banks and you know, the BRICS movement is the global south or what was called the developing country or the third world to a large extent. And I keep telling people, hey, these people are plenty smart. They all went to the best schools, you know, in Europe and in England, in the United States, they all picked the cream of the crop. They all know finance as well as anybody on Wall Street. And these people are smart and they're going to make decisions. And this is what nationalism is about. They're going to make decisions with they believe is in the best interest of their country in their sovereignty. And Lula was the first to throw that up there, right? To say, hey, you know, basically Trump, you're the populist nationalist, right? We don't like this global system, we're going to think of another way to do it. So it's quite interesting ideologically, particularly since Lula's a flat out Marxist and on the payroll of the Chinese Communist Party and obviously a puppet. Closing thoughts? Did this turn out to be what you thought it was going to be? Was the trip worth it?
- [11:34]
Philip Patrick
Oh, yeah, the trip was worth it. And I thought, you know, I was talking to my colleague who's out here with me, it was absolutely worth it, not only for the access, but also understanding sentiment and being able to look at it from an outside perspective. When I told you I was up last night sort of motivated, trying to think of how we can win, it's because of my experiences here. So absolutely it was worth it. And yeah, I've come back more motivated to try and find solutions. Steve, we talked for a long time about problems, problems, problems. Coming back from here, I want to find solutions. This is a war that we need to win.
- [12:14]
Dave Walsh
Philip, where do people go to make contact? We always say, hey, with our sponsors. What we want is the human touch. You guys have gone out of their way. I know I can actually say that we are working on the eighth free installment, the lucky eight, the hard eight on on the end of the dollar empire even as we speak. Where do people go to get it? Get access to you?
- [12:36]
Philip Patrick
Very simple. It's birchgold.com forward slash Bannon again birchgold.com Bannon or they can text Bannon to 989-898 that'll get them access to to, you know, the reports, how and why to invest in gold at end of the Dollar Empire series. So you know, birchgold.com forward slash Bannon they can get me on getter Philippatrick yeah, that simple.
- [13:05]
Dave Walsh
Thank you brother. Look forward to talking to you when you get back.
- [13:08]
Philip Patrick
Thank you.
- [13:08]
Dave Walsh
Steve Birch Gold. Amazing exercise. Been working it for months. It turned out very well. The level of depth of analysis and what these guys pick in the contacts. Extraordinary. Natalie Winters, Marjorie Taylor Greene just put a shot across a couple of people's bow this morning. Natalie, we had Teasel on Eric Tiesel from cra, one of the few guys remaining there, that great think tank that Russ Vogt helped form. So many guys from CRA actually in the administration. And, and it was about the NDA and how woke has not been codified. The Warren Posse using Bill Blaster has to make contact and particularly with like Tuberville and Rick Scott, people like Eric Schmidt out of Missouri, Jim Banks out of Indiana, these people that are very, you know, thoughtful about the defense budget and what has to happen here because it's increasing. And Marjorie Taylor Greene just put a shot across everybody's bow about Ukraine, Israel, she threw in Taiwan, everything. On a day where I'm going to play a clip for you in a second. On a day they had the Epstein situation in the Cabinet room that came off this debacle that they put out the other night. You've got this whole thing about work permits and amnesty. I want to go to the president of the United States because I think there's a bunch of core issues here, kind of MAGA issues that need to be worked through and they can only be worked through by the audience. Let's go ahead and play the clip from the president at the, at the cabinet meeting. There's no amnesty. What we're doing is we're getting rid of criminals, but we are doing a work program. Do you want to explain that, please?
- [14:47]
Unnamed White House Official
Yeah. This morning we talked about, of course this was a top of mind question. This morning we talked about protecting the farmers in the farmland. But obviously this president's vision of no amnesty, mass deportation continues, but in a strategic way and then ensuring that our farmers have the labor that they need. Secretary Chavez Durimo has been a leader on this. Obviously this comes out of the Labor Department, but moving toward automation, ensuring that our, our farmers have that workforce and moving toward an American workforce. So all of the above.
- [15:17]
Dave Walsh
Give the farmers the people they need, but we're not talking amnesty. Okay, so Natalie, the national security issues brought forward today in the press conference at 9 this morning, which we covered, and Navarre was there, this was about the CCP and about the food security, our land, et cetera, she was adamant there, no amnesty. You know, like I say, mass deportations now, amnesty never. They are saying that, hey, the deportations gotta be strategic. I think all of us are open to that since there's at least 10 million and Homan's 7,000 a day number, Natalie, I think gets you over the first term to nine or nine and a half million, if my math is correct. So that would say to the lower number, edge number, what Biden let in. President Trump said, Mark Green, the chairman of DHS, who I think today's his last day, said it's 13 million. President Trump says 21 million. And of course you've got many more tens of millions after that. Your hometown of Los Angeles, some people are saying part of it's a ghost town, part of east la. That's a huge firestorm out there about the continuation of the mass deportations. When you hear words like strategic deportations and work programs, because I've gotten, my phone is blown up over what are we talking about work programs? What is, what is your sense of things, ma'? Am?
- [16:44]
Natalie Winters
Well, I don't like it at all. Strategic deportations sounds like a cop out. And frankly, Steve, it's not something that we need to work through with this audience. I think our audience needs to hold the line in advance to what I thought were the bedrock principles of the MAGA movement, of everything that undergirds America First. And I think the press conference today in terms of CCP farm ownership, land ownership is very important. But in the same breath, when you're trying to allocate more weaponry and resources to Ukraine, that sort of goes against the idea that the PRC is the primary and existential geopolitical threat that the United States faces. For two points, one, we should be focusing on Indo paycom, but more importantly, it really should be, I think, a whole of country approach to countering the prc. That's what Eric Teetzel was talking about this morning. And I think you have not just two, but three camps sort of within the Pentagon, within the sort of national security apparatus. One is the group that thinks we should be having more meetings focusing on Iran and the Middle east in Ukraine as opposed to China. And then within the China camp, you have the people who use it as cover to push for a trillion dollar plus budget and the small contingent of people who are more aligned with the war room, who actually view the prc, right, as the threat that it is. And take the numbers of, what was it, 98 or so interceptors, right, that were used to shoot down those Iranian drones. That's about the number of interceptors that the United States can produce in two whole years. Blew that and a billion dollars, what, six? So we can defend another country. And more importantly, Right, Steve, if you extrapolate those numbers, it's very concerning. China builds 300 ships for every one ship that we produce. We can't even buy cheap drones because China dominates that market space so much. We obviously dominated the high price tag, $5 million drone. We aren't even buying munitions because we don't even have anything to strap them onto. Right. This is crisis level, I think, territory. And you see a more aggressive and sort of belligerent Taiwan. They're using words like independence. We are a approaching not, you know, in the far gone conclusion. We're talking in a month or so of really conflict heating up with the Chinese Communist Party. So to be sending more weaponry to Ukraine, to be trying to incite conflicts in the Middle east, getting entangled with Israel, I think it's extremely shortsighted. And I think perhaps the original sin, I think to go sort of Mearsheimer esque, right. And the concept of offshore balancing, this is not offshore balancing right there. The idea that we share the same priorities as foreign countries like Israel, like Ukraine, take your pick. There's some convergence, there's some synergy, but it's not 100%. And I think that's sort of the original sin of the neocon ideology, right. That there is just absolute glute affinity there. Our existential threat is the Chinese Communist Party. It's not Iran and it's not Russia. And we should be focusing from that perspective. And I just have to say, releasing the upside files. For people who spent their years talking a tough game against the establishment, it's a darn shame to see them become it.
- [19:50]
Dave Walsh
Let's continue. By the way, I'm trying to get Tom Finton to start the show tomorrow and Tom Finn talk about his lawsuit and what I think one of the things that has to happen, the Justice Department has to go in to the court and ask for the complete turnover, opening up of all the files and turning over of all the evidence. I think that has to happen. I think Finton's lawsuit gets to some of that, Tom Fenton is going to join us tomorrow. Netanyahu is going back over for another meeting tonight. He's been on Capitol Hill today. They're going to continue on this situation of a ceasefire with Hamas, the Muslim Brotherhood. There's clearly going to be additional talks in Iran. Hugo Lowell and the team at the, at the Daily, at the Guardian had this kind of blockbuster story out today. We've drawn down, I think, our patriot missile batteries 75%, principally by stripping them out of Korea and the Pacific. You talk about Indo Pacom. Our Thaad systems, I think, are down 25%. We're now looking. President Trump said today we're going to ship more arms. My fear, Natalie, is this is the same replay of the Israel situation where we send the arms, then we've got to send the air defense systems. Next thing you know, we're operating it. You got the, you've got the cruisers, the Arleigh Burke cruisers in the Eastern Med. You're doing combat air patrol. You become a combatant because you are providing defense and then all of a sudden you segue into an offensive capability. Now, the end of the 12 Day War was, you know, unbelievable, one of the greatest, I think the greatest military operation by a commander in chief since D Day. But my fear is we're inexorably drawn to that same logic of escalation as we get drawn into this situation in Ukraine. Your thoughts and observations, ma'? Am.
- [21:39]
Natalie Winters
Well, I would zoom out even one level further. Right. As you always say, we're already in World War Three. So if you view the United States not as a would be combatant against forces in the Middle east, but a combatant against the prc, this in some ways is I think, a textbook definition of unrestricted warfare, but everything that Sun Tzu would want, right? Weakening an enemy by draining us. Can't believe I even have to say it, of things like Patriot defense systems, missiles, drones, you name it. And it's truly absurd, I think, to the sort of corollary to a lot of this trade war stuff. We do retain a sizably significant upper hand when it comes to the semiconductors and the chips and the sort of AI technology as compared to China, but one of the sort of underreported, which I think follows Hugo's reporting sort of giveaways that the United States has engaged with with the Chinese Communist Party, is granting them previously unknown access to a lot of United States chip technology, particularly the super advanced kind of in the semiconductor space. In addition to comac, which is one of the state owned enterprise is working not just on military civil fusion type aircraft, but straight up, you know, Chinese, you know, pla, whether it's plarf, the rocket force or army military stuff, but actual technologies, but sending them the technology for our jet engines, which I don't think is necessarily a good idea to be sending overseas, let alone to the Chinese Communist Party. But it's just a misprioritization. I think when you look at us getting dragged into another forever war, the prime beneficiary of that would be the Chinese Communist Party. And I think too, right, you talk about a trillion dollar defense budget. Obviously you and I don't support that. But if you steel man the argument, right, that we're going to be imminently at war against China, then we should be allocating that trillion dollar defense budget not to help some weird pipe dream of democracy enthusiasts in Ukraine, but to be getting the United States ready for war, right? Not having Indo PAYCOM headquartered in Hawaii where when you have the PRC concurrently investing intensely in deep sea, you know, undersea cable cutters, where all you'd have to do is cut that or maybe drop, you know, do some sort of EMP attack and suddenly you have no command and control. That's what we should be investing in if we want to start spending trillions of dollars, right? Not giving Ukraine, who knows, whatever else they want. So it's just happy talk and it's more of what we're used to and it's disheartening. And if I could just make one more point, I think we talked about this with sort of the WMD comparison, Iraq to Iran, the lies about what was going on there. But I think we see that with the Epstein documents now too. For all this talk and hype of new media, you know, having a seat in the briefing room, I remember I took a barrage of, what, months of weird attacks on myself for being there. It's a real shame to not see other new media outlets holding the line, right? I thought that was why we were all there, to hold them to account for our audiences, not to shill for the administration when they're not following through on what they promised. So again, I voted for President Trump. We support President Trump, obviously, but I don't think we can let the movement be cheapened on very core principles and be destroyed, distracted by just a press conference about how we're now going to ban foreign ownership of Chinese farmland.
- [25:10]
Dave Walsh
I'm going to get you back tomorrow. I want to talk about la, your hometown, but I got to ask you your assessment of the response on the Epstein situation in the Cabinet Room today, on a scale from 1 to 10, 10 being perfection, 1 being we're not bringing our best, where did that fit?
- [25:30]
Natalie Winters
I will answer this. Not on a scale. I would say no amnesty for illegals and no amnesty for Epstein. And the fact that I even have to clarify that makes me want to put the answer to one. Look, I don't know what's going on. I don't think we all have to pretend like we know what's going on all the time. But I just know this audience elected President Trump to release the truth about a host of things. And I thought that the Epstein files were going to be a day one thing that's pretty easy compared to the USAID nest of vipers you have going on there. Everything that's going on at the Pentagon, I would think the Epstein list would be pretty simple. But I guess when it's involved, probably likely with foreign intelligence operations that we're actively arming, perhaps it gets a little trickier. But I think we need to have a serious, serious come to Jesus moment within the MAGA movement about what's going on.
- [26:24]
Dave Walsh
Amen. Dave Walsh is going to join me next. Natalie's going to punch out. Natalie, social media. We got 30 seconds. Where do people go?
- [26:32]
Natalie Winters
Natalie G. Winters on all platforms. Thank you as always for having me.
- [26:36]
Dave Walsh
You were on fire, ma'.
- [26:37]
Philip Patrick
Am.
- [26:38]
Dave Walsh
Thank you. See you tomorrow. I'm trying to get Fenton to tee it up tomorrow about what he's going to do. I think Tom Fenton is one of the key people. I think James o' Keefe and Tom Finn have been two of the key, key people. This entire Epstein situation.
- [26:51]
Stephen K. Bannon
Dave Walsh, couple of blockbusters coming out.
- [26:53]
Dave Walsh
Of the White House. A report in an EO next in the war room.
- [27:12]
Unnamed Guest
Go on, raise the.
- [27:15]
Stephen K. Bannon
This July, there is a global summit of BRICS nations. In Rio de Janeiro, the bloc of emerging superpowers including China, Russia, India and Persia are meeting with the goal of displacing the United States dollar as the global currency. They're calling this the Rio Reset. As BRICS nations push forward with their plans, global demand for US Dollars will decrease, bringing down the value of the dollar in your savings. While this transition won't not happen overnight, but trust me, it's going to start in Rio. The Rio reset in July marks a pivotal moment when BRICS objectives move decisively from a theoretical possibility towards inevitable reality. Learn if diversifying your savings into gold is right for you. Birch Gold Group can help you move your hard earned savings into a tax sheltered IRA and precious metals. Claim your free info kit on gold by texting my name Bannon. That's B A N N O N to 989-898 with an A plus rating with the Better Business Bureau and tens of thousands of happy customers led Birchgold army with a free no obligation info kit on owning gold before July and the Rio reset. Tex Bannon B A N N O N to 9,898 98 do it today. That's the Rio reset. Text Bannon at 989-898 and do it today. There's a lot of talk about government debt, but after four years of inflation, the real crisis is personal debt. Seriously, you're working harder than ever and you're still drowning in credit card debt and overdue bills. You need Done with debt and here's.
- [28:59]
Dave Walsh
Why you need it.
- [28:59]
Stephen K. Bannon
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- [30:07]
Dave Walsh
Steve Bannon here.
- [30:08]
Stephen K. Bannon
War Room listeners know Jim Rickards.
- [30:10]
Dave Walsh
I love this guy.
- [30:11]
Stephen K. Bannon
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, Money GPT, 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.
- [31:00]
Dave Walsh
You should read it.
- [31:01]
Stephen K. Bannon
Time is running out. Go to Rickards War Room.com that's all one word. Rickards War Rooms Rickards with an S. Go now and claim your free book. That's Rickards War room dot com. Do it today.
- [31:14]
Unnamed Guest
War Room.
- [31:15]
Stephen K. Bannon
Here's your host, Stephen K. Ban. Okay, Dave Walsh joins us.
- [31:22]
Dave Walsh
We didn't today with the cabinet meeting, Texas, all of it. The Dave Walsh Walk me through this. The energy I want us to do the study first in the executive order. I'm going to take some time to walk through this because it is important to what we've been trying to explain to people and understand the impact this is going to have on their life, the communities, their personal lives, communities life, family life and nation's life.
- [31:47]
Unnamed Guest
Sir well, the study is incredibly important Steve, because at the DOE study points out it's about grid reliability and security, meaning we are now massively, massively more exposed to loss of load, brownouts and blackouts. And that are brownouts and blackouts caused by not enough electrification. Not hurricanes, storms, winds, lightning strikes, but by simply not enough power being in the system to meet demand. Back in 2012 the country had like 24% reserve margins. That's more headroom of power production over demand on average. Now we're down to 14%. If you go to a football analogy, that's like instead of having a 40 man squad, you know, to facilitate injury, replacement and specialist in a ball game, now you'd have about a 23 man squad, two elevens and two extras. That's the significance of moving from 24% reserve margins down to 14 where we now are, where you're getting into now, massively exponential increasing probability of brownouts and blackouts in major parts of the country due to not enough electricity. All these coal plants that were shut down, nearly 130,000 gigawatts of them, 20,000 gigawatts of nuclear shutdown displaced with a little bit of combined cycle power that's baseload but a lot with battery storage, wind and solar that are very part time. So as we replaced 24 hour a day power plants because we didn't like their environmental characteristics deemed environmental characteristics, we haven't replaced them. So we now have a massive electrification shortage owing to my analogy on the ball teams, this is a disaster. So this study does a very good job of quantifying the massively accelerated probability in much of the country. And this has been chronicled by the grid organizations in miso, PJM and even out on the west coast. Chronicled by them the massive exposure statistically to many, many, many more brownouts, up to 100 times more because of the simple lack of electrification in the system. With all this part time solar and wind being very, very nominal, inconsequential contributors to overall energy.
- [34:02]
Dave Walsh
Okay, help me out here because I think the audience may be in the same situation I am.
- [34:10]
Stephen K. Bannon
When I read the report.
- [34:14]
Dave Walsh
What you just said doesn't come as a big surprise, but it shouldn't. Like how did we get in this situation when this set of mathematics off this set of physical properties about energy.
- [34:29]
Stephen K. Bannon
Have been known and they've known about.
- [34:32]
Dave Walsh
This for years from when they first started. How did the pixie dust like I'm kind of confused how this, this report shows you a process that got us here that's. And they talk about us being unreasonable. I mean this is a bigger fairytale than what they told about the vaccines. I mean it's because the math here is irrefutable. But we've known that now for a long time. Am I correct on that, Dave?
- [35:00]
Unnamed Guest
Totally, Steve. Yeah, totally Steve. We, we got here because administration's in charge. Over 12 of the last 16 years. Obama Biden specifically used the EPA to deconstruct coal power generation as a generation choice in the United States by intentionally and their DOE said this under both administrations making it too expensive to operate further with too much regulatory overhang that made those plants impossible to financially make it based on a theory of CO2. So we deconstructed in that 16 year period something like 130,000 megawatts of baseload all the time coal plants based on the way that they prosecuted overreach through the, the epa, which now thank God we've got our hands on. And, and in pushing, pushing very strongly for incentivization of low capacity, low energy, very part time, highly intermittent wind and solar power over that same time period.
- [35:59]
Stephen K. Bannon
Okay, but hang, but hang, but hang.
- [36:00]
Dave Walsh
On over that 12 year period. The point I want to make is they knew mathematically given the physical, the laws of physical manifestation that this couldn't work right?
- [36:15]
Stephen K. Bannon
At the same time our greatest enemy is doing the exact opposite. At the exact same time our greatest.
- [36:22]
Dave Walsh
Enemy in China is doing the exact opposite. Correct, sir?
- [36:26]
Unnamed Guest
Yeah, they are doing the exact opposite. They're permitting and in Construction on 400 more coal plants as we speak. Not because they're coal, but because they have A lot of coal that's a resource for them that they can exploit, that they have. But B, because those plants run all of the time, they're baseload plants. If you're going to have heavy industry, even light industry, a high population, you need continuous duty baseload electrification running all of the time. And they know that coal, nuclear and gas provide that. They happen to have a lot of coal, they don't have a lot of gas. This war and aligning them with Russia in Iran just solved that for them. The Chinese, but their build out on a percentage basis remains strongly oriented to baseload constant duty coal. Now they're not following what they have been preaching over here that engages us in buying their solar panels, thin film PV inverters and batteries.
- [37:20]
Stephen K. Bannon
But how did, how did, how did.
- [37:23]
Dave Walsh
How did the national security apparatus, how the intelligence apparatus, how like the CIA or DNI not step into this and say because if you look at this report, what's shocking is how we got here over over a decade with people kind of pretending that this is going to work clearly. And we're not conspiracy theory guys. But it can't be a coincidence that.
- [37:47]
Stephen K. Bannon
At the very moment you go down.
- [37:49]
Dave Walsh
This radical idea and plan which mathematically.
- [37:52]
Stephen K. Bannon
Can'T work and you know it can't work at the same time your greatest.
- [37:57]
Dave Walsh
Enemy'S taking the exact same information and doing the exact opposite to become a coal superpower. Was it 3500 coal burning plants that they've. And they ain't that clean because they just don't care. So I don't understand how this, that.
- [38:13]
Stephen K. Bannon
We did food as a national security issue this morning.
- [38:17]
Dave Walsh
This is like a massive, in fact energy is the basis of everything. We've seen that in Germany, the collapse of Germany is industrial power. Energy is the basis of everything. How could this possibly have been lost by. The guy stepping back is supposed to be looking at everything the national security in the intelligence community, sir.
- [38:37]
Unnamed Guest
Because you know, over the 12 years that they ran government, which is three fourths of the last 16 years, those security agencies reported directly to them and were subjugated, their views were subjugated to this environmental mantra, environmental fetish, anti CO2 fetish ahead of any efforts to strategically enhance energy capacity in this country. So they owned those agencies and they subjugated them to you know, Biden's administration was all about empowering every agency across his administration to be anti CO2, to have an anti CO2 mission, including the DOE, the EPA, even treasury, the IRS, all agencies were empowered to have an anti CO2 emission a mantra and strategy and that's insane. The strategy about energy has to be to increase it. So this was consciously ignored by security agencies who knew better by the DOD who knew better that even their bases being worse.
- [39:36]
Dave Walsh
The DoD was even worse. I had worked as a junior officer back in the eighties in Reagan administration after sea duty for the Chief of Naval Operations when the chief of Naval Operations and the Joint Chiefs of Staff are coming out from the DoD and.
- [39:49]
Stephen K. Bannon
Saying the number one threat to like the Pacific the Navy is climate change.
- [39:53]
Dave Walsh
What are you talking about?
- [39:55]
Stephen K. Bannon
Remember they took the mantra and completely.
- [39:58]
Dave Walsh
Embraced it that the anti CO2 mantra that climate change was one of the greatest national security threats that we had. Sir.
- [40:07]
Unnamed Guest
Yeah, absolutely. And let me this morning we were chatting about Brooke Rollins good commentary today on ag land. This has a direct connection to ag lands for example in the state of Florida continuing to this moment. This hasn't changed here with A neocon former governor Ron DeSantis PSC approving going forward the 10 year, the next 10 years for Florida indicate 299,000 more acres of Florida land will be reversed from farmland to use for solar farms as our energy plan for Florida for example a red state supposedly is 91% solar and battery storage going forward the next 10 years, 299,000 acres. FPL's 20 year plan is 1200 square miles of that which by the way is equivalency to the amount of arable farmland in Florida. 1200 square miles of solar farms they're planning to install across the state over the next 20 years all to enhance their EBITDA because this adds tremendous asset churn adds to their portfolio of their national pimped stock Nextera which is all about being the largest renewable company in the world. FPL's parent company therefore they want to impose this on Florida. The money in this for them is so substantial that four times the cost the capex on which they get an 11 1/2% rate of return. The money interest have pushed this wildly, wildly. And those money interests were behind our Senator Murkowski and ERNST Pushing this one year 5% commitment thing that guess what? You could, if you had a plan announced next year for solar wind, you could do it as long as you committed to 5% of the cost next year 2006.
- [41:47]
Dave Walsh
But, but, but doesn't this in this executive order part to make up for some of the sins of the reconciliation?
- [41:56]
Unnamed Guest
Yeah, yeah it does. It calls for a careful assessment of any.
- [42:02]
Stephen K. Bannon
Let's, let's, let's be very let's be very specific because a lot of people.
- [42:06]
Dave Walsh
Are still burned up about some of the on the green new scam and things are allowed in this walk me through how this executive order coming so quickly afterwards is to try to make up for some of the sins of that. Sir.
- [42:21]
Unnamed Guest
Well, the big beautiful bill calls out the terminus of incentives for projects executed after December 2027. That's a good guy. The bad part of it though, Ernst at the last minute with Murkowski and Kennedy helping her, came up with an amendment that said oh by the way, if you announce a project in 26 and it get only to a state of 5% completion, whether it's a deposit, financial commitments made, a contract commitment that can be deemed to be a completion state of 5%, that project can go on forever and be incentivized over 12, 15, 20 years of the life of finishing it. So this gets in the way by giving Besson, Treasury Sec. Besson the ability to get involved with these construction and other activities next year that can be manipulated and circumvented just for the purpose of dragging out incentives to be applied to projects started next year, surveillance over those to probably approve them one by one for application of the tax code that would allow incentives to make sure they're not being gerrymandered. So the EO directly names that the projects in the coming year that have this special get out of jail free pass on. Oh, if you commit to only 5% of a project, it can be completed whenever beyond 1227 to gather incentives. So this, this has teeth for Besson to be involved in approving those that circumvent are intentionally circumventing the intent of the big beautiful bill to terminate these incentives at the end of 27 on projects done in 27.
- [43:53]
Dave Walsh
What about what else in this executive order lays out kind of the theory, the case that you've been presenting to this audience for the last couple of years?
- [43:59]
Unnamed Guest
Years. Well, no, it makes very clear. I mean this is about part time intermittent energy drives a horrendous gap in national security for the, you know, production of equipment for manufacturing, for reshoring. All of the kinds of things that mass electrification is needed for are not being served by intermittent part time foreign sourced, AKA horrendous, horrendous Chinese supply chain without calling it out directly. Equipment flowing into the market that can stop at any time and or have have sensors included without saying that directly. But calling out foreign, foreign support from nations not aligned with this one on becoming the primary component supplier for Energy, which it now is China, is about 60%, 70% of the total value of power generation equipment supplied to this country in the last five years 2000 through 2020 through 2025. But 91% of what's been applied is now solar battery storage and wind, 60% plus emanating from China of all of that spending. So that's a horrendous risk position that this gets right at naming that we need domestically resourced equipment and supply, not, not nations hostile to us militarily and by their various positionings diplomatically.
- [45:21]
Dave Walsh
Does President Trump fully embrace now like he did in the first term, full spectrum energy dominance? And if he does, if you say he does, can you show us what he's been doing in that regard?
- [45:35]
Unnamed Guest
Well, he does. I mean look at all the actions he's taken on offshore drilling, drilling in the Arctic refuge, drilling in the, in the Gulf of Mexico, freeing up federal lands for the purpose of drilling and mining, by the way, in certain areas for uranium. For yellow Cake, the nuclear initiative he announced is way about allowing fuel reprocessing to occur in this country across many sites operated commercially by responsible utilities who have been involved in nuclear power for 60 years. Let them let OEMs get more involved in fuel reprocessing to allow more nuclear fuel at a lower cost level, be domestically sourced by reprocessing and be by mining, pushing that forward. So he's done. And then his coal initiative to allow acceptability of looking at supercritical coal, super high temperature coal, which is very clean, which is not what China uses by the way. Xi Jinping has addressed the cleanliness issue of the plants being built over there 10, 20 years ago. They're now mainly all ultra supercritical technology that was invented over here by the way. Super high temperature that have tremendously low emissions characteristics of nitrous oxide, so two heavy metals in the Chinese coal plants. President Trump pushed forward the acceptability of reengaging on that baseload power source, which is a very American fuel based coal. 400 years of coal on the ground here as an acceptable alternative going forward. What's been a little slow has been the action on solar and wind. But I think he's properly waited for the final best effort on a legislative basis to get in the way of this because all these tax code benefits to solar and wind and battery storage are buried in the tax code. Only Congress can repeal them. So he did his level best to. Let's see how they come out. They came out at the end of 27 projects that all goes away but with this loophole that now he's addressed through the eo. So no he's been, he's been judicious and I think a little bit early influenced by Musk in the opposite direction. He's gone now fortunately and I say him because he's a massive supporter and supplier in his business of utility scale battery storage. If you like battery storage, you love solar and wind because it creates the intermittency and part time that drive demand for batteries. That's what he was all about. He's admitted that very openly. Now his influence is off the table. So this strategy waiting for the congressional best effort to end these incentives now buttressed by the EO is yeah, he's, he hasn't changed. His basic philosophy on energy is at the core of reengaging the American economy and its dominance.
- [48:10]
Dave Walsh
Amazing. Where can people get this, your analysis of all of it and be able to chew on this? Because it's a major development. You've worked on this for years. It's incredible. Both the report and the executive order, sir.
- [48:25]
Unnamed Guest
I'll say too if anybody wants to look the miso, pjm, wecc, west coast energy grids are all over reporting out about this crisis of lack of electrification in their writings. Look at those. But I'm, I'm on getter True Social and X at Dave Walsh Energy. Thank you Steve. Appreciate the forum to talk about this.
- [48:46]
Dave Walsh
Thank you brother, always. You nailed it. That's what we're proud of this platform. The people that are contributors here, they Dave Walsh dead spot on in this and a huge massive issue. As Dave Walsh has taught us, until you get your energy right you can't get your economy right. And Dave Walsh have been at the forefront of this. Couple of things I want to make sure that my Patriot supply the folks there, my patriotsupply.com Bannon the end of their July 4th sale is going to be today. They're going to be open. You know you can call, go online, check it out. These are the best folks in the business for preparation. I don't think we need to reiterate to this audience. When you talk about grid sustainability, when you think about what's happened in Texas, what happened in North Carolina, these are biblical level events. It can happen anywhere at any time on so many different levels. The reporting from Geneva on artificial intelligence should make sure you understand what's going on. This interconnective surveillance state that's being put together off of data. You need to be more prepared and to make sure that your family is prepared more than ever. My Patriotsupply.com these are the best folks in the business and what they've got is consultants essentially when you go there. So go check it out today. My Patriotsupply.com go online right now. Check out everything they got there. They have really invented this vertical and now they have so many different product offerings. Not just simply the food but everything across the board including energy, batteries, everything. Just go check it out. It's pretty, pretty, pretty amazing. My patriotsupply.com also want to thank Philip Patrick and the team. Extraordinary reporting from there to put you ahead of the curve this bilateral situation. Remember the thing that underpins this as we came off the gold standard in 70 what one so many bad things happen after that and I'm not a gold bug but you just look at the math. The BRICS nations understand that all the people running their central banks and their finance ministries went to the University of Chicago, went to Harvard Business school, went to Stanford Business school. They got plenty of smart folks and they can work in HP12C, the old little handheld calculator that can do net cash flow right net present value birchgold.com.
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Stephen K. Bannon
Two ways you do it.
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Dave Walsh
Number one is kind of easy, quick and dirty. That is text Bannon at 989-898 get the ultimate guide which is free for investing in gold and precious metals in the age of Trump. And you get a contact and get relationship with Philip Patrick and his team. The team's been down in Rio. Or you can go to birchgold.com the end of the Dollar Empire, seven free installments. You also get contact with Philip Patrick team. I think there's something that unites that Philip Patrick, you want to talk to the guys at Birch Gold. It's not the price of gold. It's the process of how you derive that price, how they get to the price, how they get to the value of gold. It ain't the price of gold, it's the value of gold. Check it out today at Birchgold. Duck. We're back at 10:00am Eastern Daylight Time tomorrow morning when you will be back in the world.
- [52:14]
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Dave Walsh
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