REDISTRICTING WARS HEAT UP AS TRUMP HEADS TO ALASKA & BEIJING | THE WAR ROOM WITH STEPHEN K. BANNON - MAY 12th, 2026 (EP#5367)

Summary

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Episode Overview

Title: REDISTRICTING WARS HEAT UP AS TRUMP HEADS TO ALASKA & BEIJING | THE WAR ROOM WITH STEPHEN K. BANNON (May 12, 2026, EP#5367)
Host: Stephen K. Bannon
Date: May 12, 2026
Main Theme:
The episode centers on intensifying political battles over redistricting, the current legal and political scrutiny facing organizations like the Southern Poverty Law Center (SPLC), economic turbulence tied to U.S. war spending, and the global fight to maintain U.S. dollar supremacy as Trump travels to Alaska and prepares for diplomatic maneuvers in Beijing. Key guests include Tyler O’Neill (on SPLC and state legal action), Mary Holland (on public health, vaccines, and media narratives), Steve Cortez and Philip Patrick (on inflation, bond markets, and the future of the dollar).

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Key Discussion Points & Insights

1. FBI Leadership, Congressional Tensions, and Accusations

Timestamps: 00:34–03:47

• Congressional interrogation of FBI leadership focuses on alleged ineffectiveness and misconduct, with claims of misplaced priorities under Trump’s proposed budget.
• FBI representative (Patel) fires back, citing significant statistical improvements:
  • "20 point drop in the homicide rate. 45,000 violent offenders arrested last year. ... 2,900 child predators and human traffickers arrested ... 8 of the top 10 most wanted fugitives in the world in 14 months." (B, 01:50)
• Exchange devolves into mutual allegations of misuse of taxpayer funds and personal misconduct.
  • “[...] The only person that was slinging margaritas in El Salvador on the taxpayer dollar with a convicted gang banging rapist was you.” (B, 02:43)

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2. The Southern Poverty Law Center (SPLC) Under Fire

Timestamps: 04:06–14:02

• Focus: SPLC places Focus on the Family on their 'hate map,' fueling accusations they target mainstream Christian groups.
• Guest Tyler O’Neill explains:
  • "The SPLC puts conservative Christian groups on the hate map for the sin of disagreeing with LGBTQ ideology." (F, 08:16)
• Ongoing investigations:
  • State Attorneys General in Florida and Alabama pursuing subpoenas and investigations into SPLC donor money, allegations of wire fraud, and bank fraud.
  • "This organization ... has offshore accounts in the Cayman Islands. They have money and investments offshore that raise a lot of serious questions.” (F, 12:11)
• Major theme: Conservative groups feel targeted and liken SPLC’s methods to labeling ideological opponents as equal to violent hate groups.
• Tyler O’Neill promoting his books and upcoming testimony before Congress.

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3. Media, Pharma, and the Vaccine Narrative

Timestamps: 14:02–24:46

• Guest: Mary Holland, Children’s Health Defense.
• Holland critiques NYT and Politico for what she views as selective targeting and defense of big Pharma, particularly relating to vaccine injuries and mandates.
  • “New York Times is obsessed with Bobby Kennedy. ... We are living through a massive epidemic of vaccine injury.” (E, 17:14)
  • “If [vaccines are] so safe and so effective, let’s take away the liability shields … When there’s no liability shield for these products, they’re going to be decimated by a market.” (E, 18:13)
• Discussion on the shifting role of media: From corporate watchdog to, as Holland asserts, a defender of big Pharma and government narratives.
• Political impact: Health freedom is seen as a growing, possibly decisive voting bloc.

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4. Inflation, Bond Markets, and War Spending

Timestamps: 24:49–32:06

• Steve Cortez breaks down the economic data post-war:
  • “Real wages are now diving south in a very significant way. ... The bond market sold off hard in price meaning yields up … I believe we get above four and a half, we’ve got a very serious problem.” (D, 26:22)
• War spending is cited as the primary driver of economic distress and rising interest rates.
• Bond markets and U.S. debt: If yields rise above certain thresholds, the U.S. faces “dangerous” fiscal stress, possibly leading to a wider economic downturn.

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5. Debt, Dollar Dominance, and Global Economic Power

Timestamps: 32:06–43:04

• Cortez and Patrick discuss the U.S.'s economic “business model”—high debt, dependence on foreign investment, and the gamble on artificial intelligence.
  • “We have a debt to GDP ratio now that typically you have when you’re in the middle of a literal world war...” (D, 32:39)
  • “US financial markets, they don’t float in midair because they're magically superior. ... They're supported by a global dollar system that channels foreign savings back into American assets.” (G, 40:22)
• The challenge from China and transition to “contested dominance” for the U.S. dollar, particularly as the Chinese yuan and alternative assets gain global traction.
  • "The petrodollar isn’t dead, but our monopoly is weaker. ... Dollars settle transactions, but gold settles trust ultimately." (G, 44:40)

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6. Redistricting News & Political Warfare

Timestamps: 43:04–end

• Supreme Court upholds Missouri’s redrawn map, a win for the GOP and Bannon’s sphere.
• Ongoing “redistricting wars” in multiple states, with promises of detailed follow-up.
• Bannon closes by emphasizing the importance of understanding currency, capital markets, and money in wielding political agency.

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Notable Quotes & Memorable Moments

• On the SPLC labeling Focus on the Family a hate group:
  • "By their own reckoning now, you know, last year they put Focus on the Family on the hate map. ... for the sin of disagreeing with LGBTQ ideology." (Tyler O’Neill, 08:16)
• On media and vaccine safety:
  • "If they’re so safe and so effective, like just, let’s take away the liability shields. ... When there’s no liability shield for these products, they’re going to be decimated by a market. Decimated." (Mary Holland, 18:13)
• On U.S. debt and dollar dominance:
  • "US financial markets ... float in midair because they’re supported by a global dollar system that channels foreign savings back into American assets." (Philip Patrick, 40:22)
• On Ukraine aid and corruption:
  • “Zelensky and his team of mafia-like figures steal mountains of money from their own Ukrainian citizens and from you, America. ... This Black Sea war, it’s not our fight.” (Steve Cortez, 34:19)
• On the global economic challenge:
  • "The petrodollar isn’t dead, but our monopoly is weaker. And I think we’ve moved from a monopoly to an era of contested dominance. And it all depends on how we try and get through this contested dominance." (Philip Patrick, 41:46)

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Timestamps for Key Segments

• FBI Leadership and Congressional Testimony: 00:34–03:47
• SPLC 'Hate Map' and Legal Investigations: 04:06–14:02
• Vaccines, Pharma, and NYT Critique: 14:02–24:46
• Economics, Inflation, War Spending: 24:49–32:06
• Dollar Dominance, Global Economics: 32:06–43:04
• Redistricting Update and Political Strategy: 43:04–end

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Flow & Tone

The conversation is urgent, combative, and heavy on skepticism toward mainstream media, “establishment” institutions (SPLC, NYT, large corporations, government agencies), and U.S. war priorities. Hosts and guests adopt a blend of analytical, polemical, and occasionally conspiratorial tone, emphasizing their role as outsiders challenging prevailing narratives and power structures. Frequent attribution to statistical evidence and polling is meant to bolster credibility for skeptical or contrarian takes.

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For Further Information

• Tyler O'Neill: Find his writings and books at [his social handle], especially “Making Hate” and the upcoming “Woke to Puss”
• Mary Holland & Children’s Health Defense: childrenshealthdefense.org
• Steve Cortez: CortezInvestigates.com
• Philip Patrick & Birch Gold: birchgold.com/Bannon

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This summary provides a comprehensive yet engaging roadmap to the War Room episode’s major themes, allowing listeners and non-listeners alike to grasp the sweep, detail, and flavor of the discussion.

Transcript

[A]

This is an iHeart podcast.

[B]

Guaranteed Human.

[C]

This is the story of the One. As a maintenance tech at a university, he knows ordering from multiple suppliers takes time away from keeping their arena up and running. That's why he counts on Grainger to get everything he needs, from lighting and H vac parts to plumbing supplies, all in one place. And with fast, dependable delivery, he's stocked and ready for the next tip off. Call 1-800-GRAINGER, click grainger.com or just stop by Granger for the ones who get it done.

[A]

We need a serious budget, but we also need serious leadership. And I will say this. There is one clear priority in Trump's overall budget, and it isn't law and order. It is war. Because while Trump is proposing cuts to programs that really do keep people safe, he wants to increase war spending by half a trillion dollars. And I don't need to tell anyone here we are not going to bomb our way to safer communities. So I intend to help rip that budget up and write bills that keep families safe. But beyond that budget, we need serious leadership at the FBI that the American people can trust. And I am deeply concerned about the reports that your leadership has not been serious. We need somebody at this agency who's focused on solving criminal cases, not passing out branded bourbon or jetting around the globe. Your job is to be reachable. And I know Senator Van Hollen asked you about this, but I got to say, if you want to pass out liquor or pop bottles in a locker room, stick to podcasting. Leave law and order to people who really do care about justice and appearances. That is really critical. And it's what's I am really deeply concerned about, and so are many people. Thank you. Mr. Chairman.

[B]

Can I respond? This is what real leadership looks like at the FBI. Every one of you was given it. This is what's happened under my tenure at the FBI and the Trump administration. 20 point drop in the homicide rate. 45,000 violent offenders arrested last year. Twice as many as 2024. 2450 criminal gangs disrupted. That's a 322% increase from 2024. 6900 victims have been located since I've been in the seat. That's 144% increase. 2900 child predators and human traffickers arrested. That's a 70% increase. And we've arrested eight of the top 10 most wanted fugitives in the world in 14 months. That's twice as many in the four years combined. That is what the men and women of the FBI are doing well Resourced, Everyone should take a look at this. If people want to continue the baseless, fraudulent, false personal attacks at me, that's great. Keep the target on me, as I've always said. But the mission has never been better. Unlike. Unlike baseless reports. The only person that was slinging margaritas in El Salvador on the taxpayer dollar with a convicted gang banging rapist was you. You know, the only person that ran up a director bar tab in Washington D.C. lobby was you.

[D]

This in this room.

[B]

Allegations drinking on taxpayer dime during.

[C]

Are you polygraphing you, Director Patel?

[D]

Come on. These are serious allegations that were made against you.

[B]

They're allegations you drinking margaritas with a gang.

[E]

Actually true.

[C]

And on this goes to show you

[B]

running a $7,000 bar tab at the lobby bar has been filed by your own office. Goes to show during the day that's you. This is the ultimate example of hypocrisy.

[D]

Chairman.

[B]

I will not be tarnished by baseless allegations, fraudulent statements from the media.

[D]

The fact that you mentioned that indicates you don't know what you are talking about now here directly.

[B]

Thing I know is you're the one drinking margaritas with.

[C]

Actually that's a false statement.

[D]

And I'm asking you about your statements. I've answered that and I'm asking you

[C]

about a particular report. We have a lot of things to discuss. I wouldn't say Iran is one of them, to be honest with you, because we have Iran very much under control. We're either going to make a deal or they're going to be decimated.

[F]

One way or the other, we win. Did the Southern Poverty Law center just admit that it's anti Christian? A quick recap. The SPLC publishes a hate map that plots mainstream conservative and Christian groups alongside KKK chapters, suggesting a similar hatred between Klansmen and people who believe marriage is between one man and one woman. The FBI has cited this map. Critics said the SPLC is anti Christian. The SPLC said no to. To clear up this major misconception, the SPLC put this language on its website, noting that it doesn't put Focus on the Family on the hate map. Well, this year, you guessed it, SPLC added Focus on the Family to the hate map. And that language clearing up the misconception disappeared from its website. SPLC staffer R.G. cravens went on to explain why they put Focus on the Family on the map.

[D]

And like other hate groups at Split, they weaponize Christian rhetoric against LGBTQ people. And I think that's really important to mention because they sow division and ideas that tear families apart by perpetuating political notions that LGBTQ people can't be, for example, truly Christian unless they deny who they are. And that's one, just patently false. And two, it's really dangerous because it sets families against one another.

[F]

So it's both false and dangerous to say that you can't be a Christian if you disagree with the Bible and Christian tradition. You can't celebrate pride and be a Christian. And if that's the standard for a hate group, then every right thinking Christian church is a hate group. What do you think? Is the SPLC anti Christian?

[C]

Okay, a lot to get through. President is wheels up, en route to Alaska. And then Beijing said right there in the not going to discuss Iran. Don't know about that. But we'll figure all that out. Steve Pertez and Philip Patrick going to join us, talk about the economics of all this and some of the numbers that came out today. Also an update on South Carolina. We'll get to that in a moment. And the redistricting awards. Want to start with Tyler o'. Neill. Tyler in Alabama, I guess the attorney general of the state of Alabama is now engaged in, engaged in this. And we'll get to your article in a minute. But just explain this little video that's up. Explain the audience what's going on with our favorite target, the Southern Poverty Law Center.

[F]

Yeah, so the SPLC is the worst of the worst. I've long said they are the tip of the spear when it comes to demonizing conservatives and Christians in America today. And that video particularly highlights one of the worst examples to me where I grew up listening to Adventures in Odyssey. I think many of us on the conservative side know that Focus on the Family is this longstanding conservative Christian organization that calls for, you know, that pushes for family values, that encourages parents to raise their children in the admonition of the Lord. And you know, all of this is conservative Christian, but it's, it's also, it has implications and good lessons for those outside of the Christian community. But, you know, the Focus on the Family is the longest most well known conservative Christian nonprofit in America. And the SPLC for a long time said that they're not anti Christian. And the only ever piece of evidence they put for that was that they didn't put Focus on the Family on the hate map. So essentially, by their own reckoning now, you know, last year they put Focus on the Family on the hate map. They deep sixed that language, protecting themselves from the anti Christian charge. And then they had this guy R.G. cravens come out and justify putting focus on the hate map. And his justification essentially says what we've all known for years, that the SPLC puts conservative Christian groups on the hate map for the sin of disagreeing with LGBTQ ideology.

[C]

Talk to me about what does this mean in Alabama with an Attorney General? Because you've been saying, hey, you've done the analysis, you wrote the book, you've come out with these great articles, this piece right here about Focus on the Family. But is there action? You know, we had the federal, the federal issue, the warrants there, the indictments there, but what about, what about the state level, the state of Alabama getting involved here? Because they're headquartered in Alabama, correct?

[F]

Yes. So the SPLC's headquarters is in Montgomery. Actually, this isn't the first Attorney general to get involved after the indictment. First we had Attorney General Utmeyer in Florida who fought, filed an action here, also a subpoena demanding records for how the SPLC sells itself to donors and then where the SPLC takes that donor money and whether, you know, how much of that donor money ever went to these so called informants. These really, they're, they're called field sources. In the indictment, these are the members of the Ku Klux Klan and other groups that the SPLC says they exist to help dismantle where the SPLC was actually paying these people. The SPLC says that it was all just informants so that they could prevent violence from these people later on. And they have a couple of examples where there were federal charges against people in these groups that the SPLC says this was a tip from an SPLC informant. But the indictment also shows that, you know, people like an organizer of the Charlottesville Unite the Right rally, we're not just being paid by the splc, but also had their racist posts supervised by the splc. So we have to see exactly what the full truth is. And that's why it's good that we have these attorneys general taking action in addition to the federal indictment, demanding from the SPLC donors. Because in these situations, the splc, it doesn't just stand accused of committing wire fraud and bank fraud and conspiracy, but the facts of the indictment, the pleadings in the indictment lead to a reasonable suspicion that they're also violating deceptive practices acts in state level. On the state level. So particularly in Florida, particularly in Alabama, the SPLC has other offices throughout the South. So I'm, I'm curious to see if there, if we're going to see more attorneys general issuing these subpoenas. But this one, since it is Alabama and the SPLC is headquartered there, really underscores how serious this investigation is.

[C]

The, the, the, the, the Attorney General of Alabama could be very aggressive here, could they not? I mean, it's their, their headquartered there. They're domiciled in Alabama. They have access to, they could have access to all the information. I mean, do you anticipate that they're going to take the cutting edge of this investigation, at least at the state level?

[F]

Yeah, I, I think, look, we have a, a deadline here of June 1st where the SPLC before the, before the Attorney General goes to court and gets a court order to mandate it. I highly doubt the SPLC is just going to cooperate and turn over the information, but we'll have to see. I mean, the SPLC are smart lawyers. They're going to see exactly how they can massage this. They've already hired Abby Lowell, by the way, to represent them on the federal level. So we're going to have to see if they're fighting back on the state level as well.

[C]

Oh, no, they're going to hire the best. How much cash are they sitting on, sir?

[F]

Yeah, they're sitting on. And I think this is based on different parts of the 990 because I've always been focused on this 740 million dollar figure. That's their endowment. I think there's another section in the 990 that talks about $820 million in either case. This is an obscenely wealthy organization. And this organization, you know, they for years and years without raising another cent. And they also have offshore accounts in the Cayman Islands. They have money and investments offshore that raise a lot of serious questions. I mean, if you're a 501c3 nonprofit, why do you have offshore accounts? That's a question that I hope we're going to see an answer to in this federal indictment and in the investigations following. But there are many other things to look at the SPLC for, particularly. There are also important defamation lawsuits from the conservatives who have been branded hate groups and put on a hate map with chapters of the Ku Klux Klan, essentially for disagreeing with the SPLC agenda.

[C]

Tyler, you're doing the Lord's work here. Where do people go to keep up with all where they go? You wrote the definitive book on this. Where do they go to get all of your content, sir?

[F]

Thanks so much, Steve. You can follow me on axeyler2, the number two o', Neill, where you'll see there I have the Woke to Puss, which is my newer book, but Making Hate the Corruption of the Southern Poverty Law center was my first book that I wrote it back in 2020. We have a new update about to come out and I'm in talks with the House Judiciary Committee to testify later this month. So stay tuned for that as well.

[C]

Fantastic. Tyler, doing a great job. Daily Signal doing a great job. Thank you, sir. Appreciate you. The merchants of hate at the Southern Poverty Law Center. Speaking of merchants of hate, Mary Holland joins us. Mary, I got a minute on this side. I'm gonna hold you through the break. You're correct. You said the New York Times is obsessed with Bobby Kennedy. Vaccines in Defense of Big Pharma. Just talk to me about this article. We only got like 30 seconds. I'm gonna hold you because this is too good. You told me the last time you were on that they have a unhealthy obsession with children's Health defense. Vaccines in defense of big farmer Bobby Kennedy. And boy, did you prove it. They had another article they had the other day. Just insane. Mary Holland from Children's Health Defense. Just like Tyler o', Neill, these people are hammering, hammering, hammering every day. Philip Patrick's also going to join us later in the show. Birchgold.com promo code Bannon I got that right. God, I blew that this morning. Promo code Bannon End of the dollar empire. I think that's going to be on the table for discussions. Remember the Chinese Communist Party trying to destroy the United States dollar, destroy the petrodollar. President Trump says, hey, we're not going to discuss Iran. I don't know. Never know what's going to happen. Philip Patrick will be on later. Short break. Mary Holland next. This is the story of the 1. As a maintenance tech at a university, he knows ordering from multiple suppliers takes time away from keeping their arena up and running. That's why he counts on Granger to get everything he needs, from lighting and H Vac parts to plumbing supplies all in one place. And with fast, dependable delivery, he's stocked and ready for the next tip off. Call 1-800-GRAINGER click granger.com or just stop by Granger for the ones who get it done. War Room here's your host, Stephen K. Band. So Mary Holland joins us from the Children's Health Defense. Mary, you're so nice. You come on, you've been coming on for years now. I think five or six years, ever since the pandemic. You, you're always, you know, you're so nice. You're generous, you're calm, your demeanor, everything. But you get you Always hammer it. When you left last time, you kind of had a toss away line. You said, you know, because we're talking about the New York Times going to Bobby Kennedy and all the falsehoods in the reporting in their defense of big Pharma. And you said, hey, you know, they have an unhealthy obsession with Bobby Kennedy and particularly in defense of the undefensible. This about vaccines and about defending big Pharma. And lo and behold, they come up. This is the folks. This is the headline of the New York Times story. RFK Jr. Is driving a vast inquiry into vaccines despite his public silence. I said, hey, the guy, he doesn't say anything and they still got to go after him. Talk to me about this article, ma', am, because this shows you. You're correct. They're unhinged about this topic. Why is that?

[E]

This is vintage New York Times propaganda. This is based on reporting from six anonymous sources. Listen, they are basically a front for pharma here. You know, we are living through a massive epidemic of vaccine injury. We call it mevy. Half of kids are sick, over half of adults are on some kind of pharmaceutical product. We have a chronic disease epidemic that the New York Times won't even talk about, Steve. So instead they're talking about, you know, his positions are unpopular and even if he's silent, he's got people working on this issue. Guess who he is working on this, Steve. He has Martin Kulldor who left his position at Harvard. He's a biostatistician. He is like even the opposition, even pharma says this guy is a top notch vaccine safety scientist. And what's so funny is the New York Times and pharma want to say the vaccines are safe and effective. They're safe and effective. You know, these people are crazy.

[A]

You know what?

[E]

If they're so safe and so effective, like just, let's take away the liability shields. Let's just do away with the 1986 National Vaccine Injury Act. Let's just do away with the PREP act of 2005. And we're all good. Because you know what? When there's no liability shield for these products, they're going to be decimated by a market. Decimated.

[A]

That's the reality.

[C]

But it's, this is what I think, people, the disconnect. And even with me, sometimes when we think of the New York Times, besides being the paper of record of our beloved republic, it's liberal, it's progressive. Wasn't it years ago that they were the people warning about Big corporations and big Pharma. How did it flip that maga, the working class and middle class in this country are saying something's not right here. But the New York Times is obsessed by protecting Big Pharma and quite frankly, not having a conversation. But destroying this is the politics and the media personal destruction. How did that flip when the most progressive liberal paper in the country that used to, I thought before I was in politics used to go after big Pharma and all the big corporations all the time. They're now the lead. They're the tip of the spear of going on offense to destroy anybody that would actually bring this topic up.

[E]

Steve, I think there's a book to be written there. I still am perplexed by this transition. You know, I used to read the New York Times and think that it was really based on fact. But being a parent of a young man with autism, I have followed the New York Times on pharma and on autism for 25 years. It has never told the truth. It is always slanted. And it is, I think, you know, it's a deep state project, right? This is government and pharma and then the media coming in, the universities, the medical profession, they're afraid of the truth. They're afraid of the liability. They will be afraid that they will be shown to have been complicit in this massive epidemic of vaccine injury. Vaccines are dysregulating people's immune system. They're causing death. They're causing severe injuries of all kinds. Covid made this much more obvious to the American public. But, you know, this isn't the first time that medicine and government have been in collusion of really dangerous things like the opioid epidemic. This is really a redux of the way that the opioid epidemic went down. So I don't know the exact way in which it shifted, but I can tell you that for the last 30 years, they've been miserable on accountability for the vaccine injury that we see.

[C]

But can the audience take that? Bobby is. There's a team there, and we're still grinding through on all the objectives President Trump agrees with to get to the bottom of this vaccine problem.

[E]

I believe that President Trump really cares about the childhood vaccine schedule. I think he really cares about autism. I know that Bobby Kennedy cares deeply about those issues. And Bobby has said, and he means it, if vaccines are safe and effective, he's gonna be the first, first person to take them. It's just that there's ridiculous clinical trials. They don't test them against True placebos. There's no adverse event reporting and there's no part post marketing real surveillance. So none of the pillars of safety that you'd have to have for compulsory medicine with no liability, none of those safety provisions are there. And that's why, you know, both Bobby and Trump, I think really do want to get to the bottom of this. Who wants to see babies be injured? And why can't we look at this and talk about this as civil adults? You gotta be suspicious when they're like, oh, everything is perfect. We have a chronic disease epidemic. But it's not the compulsory medicine that has no liability. I mean it's, it's, it's, it's ridiculous.

[C]

And six anonymous sources, perfect fake news, New York Times reporting. Okay, my other favorite, my other favorite, Politico has not one, they have two. They have two articles a day. One, number one, how Congress has shut you guys down on all the junk food issues that you want to do right, the processed foods. And number two, the entire rest of the Maha agenda is stalled on Capitol Hill. And principally because the Maha movement, which is their new, you know, the media's obsession, you literally have no political stroke. Your response, ma'? Am?

[E]

I think that's wishful thinking, Steve. I definitely think that the health freedom movement is very strong and is only gaining members and gaining strength. Maha has been more explicitly political and I think you could say that there have been some fissures in Maga Maha. I think you could legitimately say that you cannot say that about the strength of the health freedom movement. There are millions of Americans who are going to vote to be able to make their own decisions about their own medical choices. And that's not changed one iota. And they have every reason to be afraid of a multi million person voting block when it comes to health free freedom.

[C]

And you know, it's a tell when Politico puts some of their best reporters on and they have two in one day, in fact two within a couple hours. It shows you the powers that be in this country, the corporate powers are quite concerned about the, about what you guys are revving up. And is it, when I read the articles, the polling is the exact opposite. It's almost like 50% of the people. This is a number one top priority for them.

[E]

So it's like at least 10 million people. This is a top priority. It's an 8020 issue that pharma should not have liability protection for vaccines. That's an 8020 issue based on a poll that ZOGHB did for health Freedom Defense Fund and for brownstone. But Politico's own poll, Steve, like not three weeks ago, is that 46% of Americans do not approve of medical mandates and they don't trust mainstream vaccine science. So we are so close to a tipping point. So it's not so surprising that they'd be coming out with kind of, you know, misguided fake news right now because we are really getting to be a majority of the population.

[C]

Mary, where do people go to find out more about children's health defense? All the work you're doing, I know you're putting up voluminous work. You've got your own TV channel. Where do folks go to get all your content?

[E]

Thanks, Steve. We go to childrenshealthdefense.org, no apostrophe and children's HD on X.

[C]

Thank you, ma'.

[D]

Am.

[C]

I appreciate you. Appreciate you punching back.

[E]

Thank you, Steve. Appreciate you.

[C]

This is just a story the other day about in Louisiana when the media targets that you realize they've got a problem, they know something is building momentum. And I gotta tell you, the make America healthy again and the health freedom movement is just at the very beginning stages of building political power. But it is quite powerful and it's absolutely essential for the midterm elections. So they did the other day in Louisiana. Oh, you never hear about it. It's Internet thing. I couldn't disagree more. Of course, Politico with two of those articles in South Carolina, the vote is no. Okay. That didn't agree to extend this session to get have the possibility of having a special session. I think the five we identified today, the five individuals we identified today, all voted no. We'll have more on that if I can't get Caroline Renner to grass up in this hour. We'll have him back first thing in the morning. Also, Orne Cass is going to join us. We're going to talk about some economics, China, also this there's a housing bill that is coming forward now by the White House that's going to really focus on about young people being able to buy to buy their own house. So Steve Cortez, we had some, we had some inflation numbers today. I know you've been running some math. Talk to me about President Trump said, hey, before if this thing would have been 1.7 if we hadn't gone to war. Is, is that correct? Is he getting the right information from Navarro and Bessant and the team?

[D]

Listen, I think the pre war trajectory for the economy was terrific. Real wages were growing very well, not as quickly as we wanted, but we were going in the right direction both on prices and in wages. And those are the two things that matter most to most Americans. Not the stock market, not asset prices. But unfortunately because of this war of choice, we're heading in the exact opposite direction now. And real wages are now diving south in a very significant way. We got a very troubling inflation report today. The bond market market sold off hard in price meaning yields up 10 year yield at 4.46 right now as we speak. As I've told you before, this has been the, the level that has held the market in recent months. I believe we get above four and a half, we've got a very serious problem. I think we quickly then get above 5%. 30 year yield is already above 5%. If we look at most forward looking inflation gauges and I'm talking real world ones, not you know, economist opinions, they are foreboding right now. So I think this just adds to the impetus that we need to wrap up this war as quickly as possible. Because I do not believe that Americans who are already in a foul economic mood pre war are going to long sustain this kind of economic pain for a mission that has not been sold to them as existential and truly necessary to the United States.

[C]

Yeah, I think that President Trump said he was not going to discuss in China. I think the way you get a solution that doesn't drag out through the midterms because the Persians right now, whether they do or not, they believe they have the upper hand and they're going to try to drag this thing out as long as possible. Philip Patrick and Birch Gold. Steve Cortez on economics and capital markets. On the other side,

[E]

this is the story of the 1. As a procurement manager for a hospital system, she keeps every facility in her network stocked and ready. That's why she counts on Grainger to be her single source for thousands of products from disinfectants to lighting, air filters and more. And with fast dependable delivery, Grainger helps her keep every facility stocked, safe and running smoothly. Call 1-800-GRAINGER Click grainger.com or just stop by Granger for the ones who get it done.

[D]

Here's your host, Stephen K. Band.

[C]

Okay, what Mary Holland was talking about. You don't have your medical freedom until you got the ability to break the stranglehold of the drug distribution. Big Pharma, the drug distribution companies like McKesson and the drug stores. Allfamilypharmacy.com Bannon 10 10% off. Go check it out today. They got the best customer service reps. They'll walk you through everything. They'll hook you up with a pharmacist and or a licensed medical professional. Make sure that you get the medicines you need at the price and the timing of when you need them. Allfamilypharmacy.com Bannon Bannon 10 10% off. Also want to thank Patriot Mobile, this huge grassroots battle down in Texas. We're going to be shifting the flag down next week to head to Texas. Patriot Mobile 972 Patriot Talk to somebody in the customer service that has a East Texas accent about why they're the best mobile service in the world. Check it out today. Also, you can ask them about their Christian values in the companies and efforts that they support. Stephen Cortez, you've been very concerned about bond market, particularly the 10 year bond going over 4.5%. Why should the audience care about that, sir?

[D]

Here's why they should care. With $39 trillion in debt, even small increases in interest rates become monumental for the United States. We're already spending more on interest than we are on defense and we spend a heck of a lot on defense. So it matters to every single American and it drives so much of their prosperity, even if they don't pay attention to bonds. Because every interest rate in your life, from a credit card interest to a car loan to a mortgage, all of it is based on that benchmark 10 year treasury yield. And what we have is bond markets right now globally. It's not just the United States, by the way. There is a global revolt against profligate governments all over the world. But I'm most concerned, of course, about right here and what the bond market has said since the beginning of this war is you already have a debt problem. If you pile on top of it, an extremely expensive war, we are going to punish you. We, meaning the borrowers. We're going to demand more interest to continue to loan this kind of money to the United States. So I think we're at a very precarious point here historically, just in recent months, I mean, I'm not talking decades back, this level, roughly 4.48%, but just under four and a half percent has been key. And I fear as somebody who traded bonds for 25 years and I believe that if we get north of 4.5%, we're going to quickly get to 5 and then we're going to really hit some significant pain points. This can get dangerous very quickly. The United States, because of dollar supremacy, which we have earned over a century plus. But because of dollar supremacy, we have had the luxury of being able to finance at times exorbitant debts and do so at low interest rates. That time may well now be passing because the dollar is holding its own against other fiat currencies, but it's getting killed against other alternatives. Property, crypto, gold. So wealthy people are saying, I want tangible investments or I want scarce investments, like crypto, things that cannot be inflated away. And I'm taking that over the dollar. So I think we're at a very, very precarious point here economically. The war is exactly exacerbating all that. Again, pre war, we were actually in a good spot towards starting to rectify this situation. Wrapping up the war would do not just good for America's security, I think, long term, but also for getting back to economic stability, not to mention the political benefits into November.

[C]

Philip Patrick Obersko is going to be on in a second to talk about many of these issues, particularly King Dollar and the pressure that the Chinese Communist Party, they would love to see come off the petrodollar. Your thoughts on helper care? Because I see this as we're risking the largest margin call in world history. And if that happens, we're going to have hell to pay. Because right now I view the business model of the United States as being a highly leveraged bet on artificial intelligence. Your thoughts are?

[D]

Yeah, that's exactly right. And so far, by the way, we have benefited from being the only game in town. And what I mean by that is that globally, capital looks at the world. China is totally uninvestable. Europe is falling apart in many ways, largely because of mass migration. Let's not follow that model. So when you look at the advanced economies of the world, there's not many alternatives to the United States, thankfully. And also, of course, historically, we've been the place to invest anyway, and that has been true for decades and centuries. So we are benefiting from global capital pouring into the United States. But you're exactly correct. In fact, far too much of that capital is concentrated into a massive AI bet. Now, is it going to work? It might. Okay. But if it doesn't, to your point, we are so indebted that there's no wiggle room. That is a very dangerous position to be in. In other words, we have a debt to GDP ratio now that typically you have when you're in the middle of a literal world war. And yes, we are at war right now, but we've been at war for weeks. Okay, we're at we're at debt levels that you should only be in in 1944. 5. Having just concluded a global conflagration that hasn't happened. Instead we have chosen to borrow and spend at a totally irresponsible level. And global bond markets are noticing again, not just in the US but around the world. But we are in a dangerous position right now. And we're in a singularly dangerous position because the rest of the world isn't fighting a major expensive war on the other side of the globe. That's us.

[C]

Let's play talk about wars and talk about our money being stolen from us. You got a short clip I want to play of something you put together. Talk about Ukraine. Let's hit it.

[D]

So Zelensky and his team of mafia like figures steal mountains of money from their own Ukrainian citizens and from you, America. Now corruption, it's a way of life in Ukrainian politics. But Zelensky's junta, they steal at a scale that would make a Chicago alderman blush. Andrei Yermak, he now faces corruption charges, crimes after resigning in disgrace as part of the Operation Midas scandal, so named because it involved toilets literally made of gold. Now Yermak, he wasn't just Zelenskyy's number two, he was effectively the co president of Ukraine, omnipresent and all powerful. This Black Sea war, it's not our fight. And Yermak and Zelensky, they sure as hell are not our fighters.

[C]

What should we do here on this situation in Ukraine the Europeans are now putting on, although we're still underwriting the Europeans. What's your solution to this? Because it's the eastern Russian speaking border of Ukraine is not in the vital national security interest of the United States. What should be done here, Stephen?

[D]

Well, Steve, we now have further evidence, you know, really bombshell evidence that both Yermak and Zelensky, these are the potentates of plunder. They are stealing not only from their own people, but stealing from us, from the United States. And we have shoveled hundreds of billions of dollars into escalating a war that is not in our national interest. Much of that money being pilfered by these corrupt mafia like figures. And by the way, credit to some of the honest cops, the diligent investigators in Ukraine who at great risk to themselves are taking this important action to try to crack down on that corruption. But what we should do from here is obviously no more aid to Zelensky. We will no longer shovel borrowed money that we don't have. Speaking of our debt and our obligations here we are borrowing money, money to send to a corrupt regime so that much of it can then be skimmed off by oligarchs and criminals at massive scale. Steve, you know I mentioned Chicago alderman, okay, they might have $10,000 in a shoebox. No, we're talking about hundreds and hundreds of millions of dollars being stolen at a time in these schemes. This new scheme involving your mock is over $100 million in total real estate, money laundering. And your mock, it's impossible to exaggerate just how important he is to Zelensky. People who know Ukraine well know that Zelensky, in many ways, is sort of the colorful, funny comedian frontman. Yermak was always the one pulling the strings, was always the strategist. Right. He had to resign in disgrace because of the Operation Midas scandal. Now he is facing very serious charges. We don't need any more evidence here in the United States to know stop sending money. And I think President Trump is taking the right steps to pressure both sides. Sides? Both Putin as well as Ukraine. And by the way, his trip to China could play an important part here, of course, because China has particular leverage with the Russian side of that equation that, look, Russia, you can't afford any longer. These kinds of human losses. I mean, it's catastrophic. They're losing as many people as World War II, at least at the front lines. Not civilians, but troops on the Ukraine side. You no longer have a sugar daddy in the United States. We will no longer throw money at. At a corrupt regime, provably corrupt regime. Both sides are going to give things they don't want to give. You are going to come to a negotiated solution, and the United States is going to extricate itself from the Black Sea because it was never in our national interest anyway. Our focus in foreign policy is going to return to the real threats, which are across the Pacific, not the Atlantic. And in terms of alliances, not Zelensky, but building up real alliances in our own hemisphere here at home.

[C]

Steve, where they get your investigation and where they get all your thoughts on the economy and particularly the bond market.

[D]

Yeah. Please go to Cortez Investigates.com all of my videos, all of my articles posted there, also my substack and then of course, my Twitter at Cortez. Steve Cortez with an S at the end.

[C]

Thank you, brother. Appreciate it.

[D]

Thank you, Philip.

[C]

Patrick, first off, I'd like you to respond to Steve Cortez's assessment of what the numbers show today, particularly these issues around the bond market. Sir?

[G]

Yeah, I mean, it's, it's Absolutely spot on. I agree with everything he said when it came to, came to bond markets. The Fed are in a very tough position. Obviously they cannot lower interest rates given what's happened to inflation. But I agree with him even.

[C]

Hold on, hang on, hang on, hang on, hang on. Don't bury the lead here. President Trump, you got, you got warsh is, is kind of rolling through confirmation now, getting a committee, going to have a vote. He's in. In June, President Trump is going to be looking for a rate cut. The numbers today tell us what, sir?

[G]

The numbers today tell us that the rate cut isn't on the horizon. We're seeing energy prices rise. And I agree with him. We have to end this war as soon as possible if we want any chance of rates coming down. But we're seeing a huge escalation in inflation and there just isn't the catalyst for the federal or the rationale rather for the Federal Reserve to lower rates. I also agree with Cortez because even if Walsh does it, he doesn't dictate the long end of the curve. Borrowing markets know rates needs to stay elevated and they're going to go up regardless of what the Fed do. So the key here is to curb inflation and give the Fed a rationale to lower rates. That'll do what it needs to do. But doing it when the markets don't dictate it, it's going to have the opposite effect.

[C]

Give me, I'm going to get to the New York Times piece after we get back from the break, but right now, Steve said something else that look, vis a vis other fiat currencies, the dollar is the world's tallest midget right now. But vis a vis physical assets, like real estate, like gold, like other things, right. That it's getting hammered. Your thoughts on that?

[G]

It's absolutely getting hammered. And the other thing he said that I thought was very interested was about capital. The United states, we had 25% of the world's GDP. We attract two thirds of the world's capital. And this is why protecting the dollar, protecting our reserve currency status longer term is so important. For decades, the deal was very simple, right? Oil was priced largely in dollars. Foreign countries needed dollars and they recycled those dollars back into US Financial markets and it gave us enormous power. But the US we have to understand, is heavily capitalized by foreign investors. Foreigners own about 70 and a half trillion dollars of US assets, which means two things, right? American prosperity has been subsidized largely by foreign confidence. And secondly, for that very reason, we're Also very exposed or overexposed to a capital flight if that confidence weakens. And that's my big concern. US Financial markets, they don't float in midair because they're magically superior. They float in midair because they're supported by a global dollar system that channels foreign savings back into American assets. And my big concern is that now is being challenged around the edges. Right. This isn't a direct challenge. The Chinese yuan is not going to take over the US Dollar's position, but they are pushing the yuan. We're seeing oil transactions now moving to alternative currencies or crypto sanctioned countries like Russia are actively bypassing the dollar. So the petrodollar isn't dead, but our monopoly is weaker. And I think we've moved from a monopoly to an era of contested dominance. And it all depends on how we

[C]

try and get through this contested dominance. Birchgold.com Bannon as CEO Mo Bannon keeps telling me slash band that'll take you right to the page. Most importantly, you get to talk to my man right here. Philip Patrick and the team. The feedback we've gotten from people over the many years we've been in business with Birchgold is just, just extraordinary. Philip Patrick and his team birchgold.com Bannon Phillip on the other side,

[E]

This is the story of the 1. As a procurement manager for a hospital system, she keeps every facility in her network stocked and ready. That's why she counts on Grainger to be her single source for thousands of products from disinfectants to lighting, air filters and more. And with fat, dependable delivery, Grainger helps her keep every facility stocked, safe and running smoothly. Call 1-800-GRAINGER clickranger.com or just stop by Granger for the ones who get it done.

[C]

War room, here's your host, Stephen K. Ban. Okay, breaking news. The Supreme Court just supported the state of Missouri in the map, the redrawn map that we fought so hard for. I think there may be even another seat in Missouri. I'll get to that that tomorrow. Gonna have Degrasse and Caroline Wren to the degree we can free them up from the ramparts to be on on this redistricting war. Folks, bad news out of South Carolina, but there's still a way we can get to those six. Walk you through that tomorrow. We started the show with one of our former hosts and colleagues and contributors, Cash Patel, getting hammered but giving as good as he got in the Senate today, which is pure cash. In fact, he notified me, he said, hey, that was pure war room there so that's why he played that great clip at the beginning. We're going to end it today with also one of our contributors, the current Secretary of Treasury, Scott Bessant. Philip Patrick has been a contributor now for five or six years. So there's a piece in the New York Times and this piece is about how the US Is trying to ensure the dollar's dominance during economic turmoil. Subheadling. As the government has been devising plans to keep the dollar dominant, China has been making its own moves to increase global influence in the Chinese currency, the yuan. You just said we used to have a monopoly. Scott Bessen has basically telling people that, hey, one of his principal responsibilities as Secretary of Treasury is defense of the dollar as the prime reserve currency. We are now in contested dominance. Is that the phrase you used? And is this the type of activity you expect to see in a world where this is now contested dominance?

[G]

Sir, this is exactly it. And I think this story in on itself was very telling because it's saying now the quiet part out loud. We are actively fighting now to defend the dollar's dominance. Bessant's been discussing currency swap lines for a while. I know we had a temporary one with Argentina. Now he's looking at it in the Gulf and Asia specifically. Now for the UAE to make sure that they have access to enough US dollars for trade and particularly oil trade. What a swap line is. For those who don't know, it's fairly simple. We give another country dollars and in return we get their local currency. And the idea is instead of letting China, as you mentioned, come in and say, hey, you can use our Chinese yuan, we kind of fill that gap. Now the UAE isn't broke, right? They just don't have ready cash right now. Obviously oil sales are getting hit shorter term. So a swap line is a way to give them liquidity today. Otherwise they may choose to do something else. Sell, for example, longer term US dollar exposure like Treasuries, which would put significant pressure on the bond market. So the point essentially is to keep the country inside of the dollar based system. This is is definitely smart moves from Besson, right? This is economic statecraft in action. I think Trump and Besson understand very well that when oil starts trading outside of the dollar, America starts to lose enormous leverage. And as I've said before, it's really encouraging, starting to see the administration using carrots along with sticks. And Bessen ultimately is doing what his number one job is, which is to defend the US US Dollar. However, we have to understand that there are Risks with this as well. By defending the dollar, we do create more obligations for ourselves, right? If Washington is constantly borrowing, constantly printing, constantly sanctioning, and now backstopping foreign dollar markets, people eventually start to ask the question, how strong is the dollar really, if it needs defending in this way? Now, as we've said many times, China's not replacing the dollar. The yuan has its own problems, lack of liquidity being probably the major one. But the world is clearly now starting to look for alternatives. You can see it in gold, you can see it in crypto, local currencies, bilateral trade systems, and that's why gold is becoming more and more important. Dollars settle transactions, but gold settles trust ultimately. So when confidence in paper system starts to fracture, central banks, investors, they move towards assets that don't depend on promises. So that's why we're seeing such an uptick in precious metals. It's why we're seeing central bank demand hitting record highs. And like I said, I think what Besson is doing is very smart, and I think it's slowing down. What is, as time passes, starting to feel more and more inevitable. So he's working with the tools he has. But like I said, the fact that we're having to defend the dollar shows us that the problem is mounting.

[C]

The problem is mounting, but this is why you're now in contestant dominance. Scott, being very smart, made a big deal. Alexander Prietis Comstein made a very big deal that he was not going on Air Force One with the president. He was going in advance and he was going to Japan first and then South Korea to talk to the finance ministers. What signal did that send to Beijing?

[G]

Sir, listen, Beijing know that these guys know what they're doing. It's not a fight that they want to get into. And ultimately, I think coordination is the way out. We still have allies, Japan, South Korea, and I think ultimately, if we want to deal with the ccp, it's going to be through strength and through alliance. So it's encouraging to see what Besson is doing. This guy understands the problem better than almost any anybody else. Like I said, I don't envy his job. I couldn't do anywhere near as good a job as him. This is about the best man we could have with about the toughest job anybody could have.

[C]

He is for this time. It's the reason we pushed him so hard. He was on the show as a contributor, and part of that was to get media training and media savvy. We are very fortunate to have Scott Bessant as the secretary of treasury, somebody that knows capital markets and particularly knows this part and has strong relationships for years as a, as a fund manager with the senior levels of South Korea's government on the finance side and the Japanese, because there's a, you know, to defend the dollar. Like I said, we can have a national conversation about should we be the prime reserve currency or not. But quite frankly, with the amount of debt we have and what we have to do right now, you have to stick with it and you have to defend it it real quickly. Where do they go to get you, Philip? Because people want to be able to contact you over at Birch gold.

[G]

Very simple. Birchgold.com Bannon again. Birchgold.com Bannon or text Bannon to 989898 and just get the information.

[C]

Okay. No obligation, totally free. You get to meet Philip Patrick and the team. The ownership of physical gold in times of geopolitical and financial turbulence. It's been a pretty good hedge for 3,000 years of man's recorded history. Philip Patrick, thank you. Why do we cover this so much and why do we start on the end of the dollar empire six years ago or five years ago? We knew this day was coming and we knew it was important for a blue collar and middle class audience to understand it and have access to that information and, and bang. Guess what worked out. It's one of the reasons the show is as powerful as it is, because without understanding currency and capital markets and money, you can't understand power. Once you understand money and power, you can use your agency to leave a big imprint on the political world. Stick around. Second hour of the War Room. We're going to do a special on trade in China from the the eyes of an entrepreneur. Next. Just a moment.