Podcast Summary: The War Room with Stephen K. Bannon, October 15, 2025 (Ep. #4853)

Episode Overview

On this episode of The War Room, host Steve Bannon delivers an impassioned overview of current global economic tensions, the changing perception of gold in international finance, and the shifting dynamics between the West and major global actors like China and the BRICS nations. The episode features in-depth commentary from recurring guest Philip Patrick, an expert on precious metals, as well as notable discussions with leaders from Moms for Liberty and Texas MAGA candidate Lee Wamsgan. Bannon situates the economic discourse within the context of a broader "third World War," highlighting converging crises in global debt, de-dollarization, and rising distrust in traditional financial institutions.

Key Discussion Points & Insights

1. The Changing Status of Gold and De-Dollarization

• Convergence of Major Global Events
  Steve Bannon stresses an “inflection point” in world history, arguing that a major shift is occurring as nations reconsider the foundations of the global financial system.
  • “Gold’s always been a hedge… through the end of the dollar empire.” (07:07)
• The Legacy of Globalization and Finance
  Bannon reflects on his own background in 1980s finance, explaining how institutions like Harvard Business School shaped an unwavering belief in shareholder value and globalization.
• Philip Patrick’s Observations
  Bannon credits Philip Patrick and Birch Gold’s team for recognizing two central trends:
  • BRICS’ De-Dollarization Efforts:
    At the recent Rio de Janeiro BRICS conference, Patrick and team observed that a key BRICS goal is to bypass the U.S. dollar, conducting bilateral deals and hedging risk through increased central bank gold reserves.
    • “The game is going to tie. It’s about de-dollarization.” (09:04)
  • Gold as a Financial Asset:
    Unlike the traditional view of gold as merely a hedge, central and money-center banks are increasingly treating gold as a core asset, especially against the backdrop of war in Ukraine and frozen Russian assets.
    • “It’s actually now going to be in the ranks of financial assets and central banks and money center banks are going to think about this very differently.” (11:08)

2. Global Debt, Economic Risks, and the Cycle of Crisis

• Historic Debt Levels and Systemic Leverage
  Bannon notes:
  • “$350 trillion of debt at every level… The world is a leveraged buyout.” (12:38)
  • Warns that any failure to meet global “business plans” could trigger a margin call, leading to a drastic reset worse than the Great Depression.
• Precedents from History
  He draws parallels to Germany’s recovery via rearmament in the 1930s and suggests that negative feedback loops and crises have always produced cataclysms or global resets, often through conflict.
  • “What better way to hit a reset? A global conflict.” (14:28)
  • “We’re in the beginning of the kinetic part of the third World War.” (14:52)

3. China and Economic Warfare

• Comparisons to 1930s America and Modern China
  Bannon claims the Chinese Communist Party is in a similar bind as pre-war America, having exhausted its options for domestic economic reform and instead turning toward strategic economic conflict.
  • “They are now at full scale economic war with the United States of America. An economic war, folks, I’m telling you, we can win it if we use every tool in the toolbox.” (15:44)

4. Gold in the Mainstream: Shifting Sentiment on Wall Street

• Jamie Dimon’s Notable Shift
  Bannon plays a clip where JP Morgan Chase CEO Jamie Dimon admits, for the first time, that it is “semi-rational” to own gold in the current climate.
  • Quote (Jamie Dimon via Bannon):
    “This is the first time in my life it’s semi-rational to have [gold] in your portfolio.” (23:07)
• Philip Patrick’s Analysis:
  • “Jamie Dimon saying it could easily go… to $5,000, $10,000 an ounce in environments like this – it’s incredibly telling.” (23:51)
  • Discusses how traditional safe assets (sovereign debt, cash, real estate) have eroded due to inflation and instability, with a broad global pivot back to gold underway.

5. U.S. Deficits, Bond Markets, and Potential Crisis Triggers

• Concerns of Failed Treasury Auctions
  Bannon raises the specter of the U.S. facing a failed Treasury auction in the near future due to declining faith in government debt—echoed by Philip Patrick.
  • Quote (Philip Patrick):
    “We either see a failed treasury auction… or what will happen is in the secondary market, banks will step in and buy the debt… Rates are just going to keep rising and rising until a bidder steps in.” (35:25)
  • Warns of a “negative feedback loop,” where rising yields increase debt costs, necessitating further borrowing and new auctions.
• Gross Interest Expense Warning
  Bannon: “$1.2 trillion gross amount of interest paid… It’s the gross number to focus on.” (36:29)

6. Parents Rights and Grassroots Political Activism

Moms for Liberty Summit

• Tina Descovitz (Moms for Liberty):
  Discusses the upcoming summit, their ongoing fight in blue and red states, and the recognition of conservative youth—including a tribute to Charlie Kirk.
  • “They are still fighting this… defying executive orders… streaming porn into the classrooms via library books and curriculum that hates America.” (40:11)
  • “Saturday morning, we’re doing a tribute to Charlie Kirk… 100 local TPUSA kids are going to go up on stage and accept our highest award, the Liberty Sword, on behalf of Charlie.” (42:00)

Texas Senate Race

• Lee Wamsgan (Texas Senate Candidate):
  Bannon interviews Wamsgan, who frames her campaign as a fight against establishment Republicans (“RINOs”) and out-of-state influence, emphasizing border security and anti-China stances.
  • “My opponent… voted for a DEI committee… didn’t finish his first term as mayor before he tried to carpetbag… approved budgets that gave thousands to taxpayer funded lobbyists.” (45:13)
  • “I was very vocal against allowing China to buy land in the United States. I’m the only candidate in this race that was during the session and they do not want me to be elected.” (48:17)

Notable Quotes & Memorable Moments

• Bannon’s Defiant Tone:
  “This is the primal scream of a dying regime. Pray for our enemies because we’re going medieval on these people… You’re not going to stop it. It’s going to happen.” (01:37)

• On Learning Macro-Economics:
  “If you never buy an ounce of gold, this is a way to learn how the world works. That’s why with Philip Patrick and the team, we’ve done this for four years.” (27:10)

• On Economic Reality vs. “Happy Talk”:
  “I just want to give it to you straight. I’m not going to give you happy talk because all DC, they’re living in a fantasy. Detached from reality of what’s happening in the world today.” (37:42)

• Patrick on the Changing Climate:
  “Any investment in capital markets today is essentially an enormous leveraged bet on AI… central banks are doing it to protect reserves, banks are doing it for investment, and individuals are doing the same.” (24:40–26:40)

Timestamps for Key Segments

| Timestamp | Segment | |-----------|---------| | 07:07–13:00 | Bannon’s overview: gold, globalization, and Harvard influence | | 09:04 | BRICS de-dollarization and central bank gold buying | | 12:38–14:52 | Systemic leverage, global debt, risk of economic collapse, and historical parallels | | 15:44 | China as economic adversary, “full scale economic war” | | 20:43–21:13 | Patrick’s praise for Bannon’s economic overview | | 22:51–23:51 | Jamie Dimon’s gold admission and mainstream financial sentiment shift | | 35:25–36:29 | Potential for a failed Treasury auction, negative feedback loops | | 40:11–42:00 | Moms for Liberty summit, featuring Tina Descovitz & Charlie Kirk tribute | | 43:54–49:39 | Lee Wamsgan’s Texas Senate run, campaign issues, and grassroots focus |

Conclusion

This episode of The War Room delivers a sweeping, high-stakes analysis of the global economic order at a possible breaking point, laying out the case for gold’s rise as a financial asset amid mounting debt, inflation, and geopolitical instability. Through Philip Patrick’s financial expertise and grassroots political discussions with Moms for Liberty and Texas MAGA candidate Lee Wamsgan, Bannon drills home his central message: the world is at an inflection point, traditional American institutions are under siege, and engaged, informed listeners are key to shaping the country’s future.