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Speaker 1: Toledo.

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Speaker 2: Look at this trend line here, US support for Ukraine

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Speaker 2: is too much. Back when the war began, back in

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Speaker 2: February of twenty twenty two, it was just seven percent.

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Speaker 2: Up like a rocket ship, my goodness. Up now in

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Speaker 2: February of twenty twenty five to forty one percent, and

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Speaker 2: the clear majority of Republicans, and of course Republicans are

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Speaker 2: in charge of the US government. Now sixty two percent

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Speaker 2: of Republicans say that the US support for Ukraine is

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Speaker 2: too much. What a difference from just three years ago.

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Speaker 2: I can remember, John, all those backyards in the United

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Speaker 2: States with there was Ukrainian flags, far few of them today,

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Speaker 2: as Americans opinions on Ukraine have changed dramatically.

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Speaker 3: What about opinions of the Ukrainian president? Right?

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Speaker 2: You know, obviously, if you would expect changes amongst the public,

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Speaker 2: feelings towards Ukraine, feelings towards Zelensky have changed also dramatically.

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Speaker 2: Look at this confidence Zlensky will do the right thing

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Speaker 2: when it comes to world affairs. Back in twenty twenty two,

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Speaker 2: it was the clear majority, seventy two percent, through the floor,

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Speaker 2: through the floor. By twenty twenty four, just forty eight

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Speaker 2: percent of Americans say that they're confident that Zelenski will

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Speaker 2: do the right thing when it comes to world affairs,

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Speaker 2: and GOP confidence has also plummeted dramatically. Now the clear

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Speaker 2: majority of Republicans are not confident, not confident that Zelenski

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Speaker 2: will do the right thing when it comes to world affairs.

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Speaker 2: Really a real trend line ones you rarely see in

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Speaker 2: the American public when it comes to Ukraine and Zelensky,

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Speaker 2: confidence in both going down.

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Speaker 3: Through the grow Some allies of President Trump have targeted

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Speaker 3: Zelenski with horror criticism over the last few years, and

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Speaker 3: he could be that that's.

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Speaker 2: Having any Absolutely, the Republican establishment, the Republican electorate has

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Speaker 2: moved as the Republican establishment and Republican.

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Speaker 1: Leaders have moved on.

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Speaker 3: All right, let's talk about the idea of a peace deal.

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Speaker 3: And again, the way you ask this matters, but.

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Speaker 2: The way you ask it is important. So we can

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Speaker 2: talk about this a little bit. So the pole question

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Speaker 2: essentially is do you support a Russia Ukraine negotiated peace deal?

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Speaker 2: The vast majority of Americans this is what they want.

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Speaker 2: Seventy eight percent say that they support this idea, versus

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Speaker 2: just sixteen percent of post of course, as we were

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Speaker 2: talking about, does this question actually get at what's going

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Speaker 2: on right now? I think you would say that it

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Speaker 2: probably does not necessarily get.

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Speaker 1: What's going out right now.

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Speaker 3: No, the question asked, do you support a Russia Ukraine

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Speaker 3: negotiate a peace deal? Ukraine's not there at the negotiations

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Speaker 3: in Saudi Arabia this week, so the people were not

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Speaker 3: asked this. And I do think in general, if you

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Speaker 3: ask anyone in any poll do you support peace, peace

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Speaker 3: tends to rate pretty highly.

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Speaker 4: Peace tends to win.

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Speaker 2: You rarely get seventy eight percent of the country agreeing

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Speaker 2: on anything. They do agree on the idea of negotiated

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Speaker 2: peace deal between Russia and Ukraine. Whether the majority would

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Speaker 2: agree on a Russia peace deal with Ukraine where Ukraine

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Speaker 2: has nothing to do with it, that might.

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Speaker 3: Be a different question. Hard to know, Harriet, and thank you.

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Speaker 1: This is the primal scream of a dying regime. Pray

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Speaker 1: for our enemies because we're going.

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Speaker 4: To medieval on these people.

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Speaker 1: There's not got a free shot. All these networks lying

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Speaker 1: about the people people have had a belly full of it.

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Speaker 1: I know you don't like hearing that. I know you

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Speaker 1: tried to do everything in the world to stop that.

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Speaker 1: But you're not going to stop it. It's going to happen.

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Speaker 5: And where do people like that go to share the

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Speaker 5: big line?

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Speaker 2: Mega media? I wish in my soul, I wish that

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Speaker 2: any of these people had a conscience.

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Speaker 1: Ask yourself, what is my task and what is my purpose?

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Speaker 6: If that answer is to save my country, this country.

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Speaker 1: Will be saved.

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Speaker 7: War Room. Here's your host.

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Speaker 1: Stephen K. Bath Monday, seventeenth February. Y're of villerd twenty

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Speaker 1: twenty five. It's President's Day, a day that we remember

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Speaker 1: all the presidents, but particularly General Washington and Abraham Lincoln.

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Speaker 1: That's what's so fascinating to talk about President Trump on

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Speaker 1: a daylight today, because he's the third in the triumvirate.

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Speaker 1: Ben Harnwell joins us, Ben, we have take a little

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Speaker 1: satisfaction of those numbers from Harry Inton because the war room,

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Speaker 1: Posse and the war room we have worked now for

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Speaker 1: three years to make sure the American people had all

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Speaker 1: the facts, and once given the facts, they come to

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Speaker 1: their own conclusion, and the conclusion as we got to

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Speaker 1: get the hell out of Ukraine. We should have never

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Speaker 1: been there. This has been a disaster. We just want

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Speaker 1: to go. Of course, the European folks in Europe are

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Speaker 1: about to come upon that because they're about to have

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Speaker 1: to pay the full freight. They're going to be given

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Speaker 1: an option, which we're going to talk about here momentarily.

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Speaker 1: The only thing Ben I question about Harry Inton is

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Speaker 1: he goes, oh, as a Republican establishment has come that way,

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Speaker 1: The republic establisher are not there. There's video over the weekend,

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Speaker 1: as you remember, Ben with a love fest of Zelensky

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Speaker 1: walking in a room and Roger Wicker and white House

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Speaker 1: it was a bipartisan of the warmongers, and white House

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Speaker 1: said Sheldon, wellhe has something was saying, you're among friends.

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Speaker 1: So it's not just the Republican establisher, it's it's the

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Speaker 1: warm established order of the United States that's still pushing

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Speaker 1: this against just as they said, a stunning transformation in

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Speaker 1: what the American people think about this entire war.

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Speaker 5: Ben Harnwell, Steve believing to you, I think Lindsey Graham

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Speaker 5: and Joany Ernst might have been in the room along

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Speaker 5: with the Green Goblin.

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Speaker 4: This weekend and two absolutely useless senators.

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Speaker 5: So in the morning show today, you'll ask me the

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Speaker 5: question about am I surprised by Europe's comeback.

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Speaker 4: Readiness so soon?

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Speaker 5: And I pivoted the question and look, let's just rephrase

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Speaker 5: this in terms of am I surprised by their ability

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Speaker 5: to be performative at such short notice? And I said,

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Speaker 5: I'm not remotely surprised. Well, since those words on this show, Steve,

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Speaker 5: we now have the confirmation of just how sadly performative

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Speaker 5: that the meeting in Paris is today with all the

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Speaker 5: various heads of government from Europe, along with a vonderline.

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Speaker 5: Let's go straight to British Prime Minister Sekire style. This

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Speaker 5: is what he says, and Steve, before I read the quote,

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Speaker 5: I just want the war in Posse to bear in mind.

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Speaker 5: This is exactly what this show said. Back in October November,

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Speaker 5: leaning on reportage from Foreign Policy magazine, Richard said that

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Speaker 5: the the Biden administration was making assurances to the European

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Speaker 5: capitals that if they stepped forward in their own names

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Speaker 5: offering the security guarantees, it would be the the US

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Speaker 5: would come to their aid in the situation that was

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Speaker 5: actually made an attack and support them.

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Speaker 4: Only one in the whole world.

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Speaker 5: And I followed this extremely closely that only Foreign Policy

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Speaker 5: had mentioned that. This is what Kissed Arma says today

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Speaker 5: to his European colleagues. Europe must play its role and

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Speaker 5: I'm prepared to consider committing British forces on the ground

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Speaker 5: alongside others if there's a lasting peace agreement. But there

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Speaker 5: must be a US backstop because a US security guarantee

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Speaker 5: is the only way to effectively to turn Russia from

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Speaker 5: attacking Ukraine again.

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Speaker 4: So there's the there's the Brits, the wiley Brits.

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Speaker 5: Basically saying that to President Trump, to the US, not

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Speaker 5: so fast, come back.

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Speaker 4: Here, because of course there's no money.

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Speaker 5: As we mentioned on the morning show today, one of

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Speaker 5: the facts that we realize that there's no mon is

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Speaker 5: that the European Union is ursal arsel of Wonderlion. Specifically, presidents,

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Speaker 5: an elected president of the European Commission, has said she's

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Speaker 5: looking into manipulating the Constitution and mending the constitution so

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Speaker 5: that the EU can borrow money, borrow money, put it

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Speaker 5: down onto the next generation of European citizens in order

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Speaker 5: to continue to fight in Ukraine. Because if there's one thing,

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Speaker 5: these corrupt, sociopathic overlord's no right down to the marrow

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Speaker 5: in their bones is that this hoax has not penetrated

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Speaker 5: through to the European peoples and they do not want

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Speaker 5: to be paying more taxes for a war that they

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Speaker 5: see no just course in fighting. One example of this, Steve,

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Speaker 5: and I have to say this is absolutely astonishing, is

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Speaker 5: the situation in Germany.

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Speaker 4: This is really a statement made by o.

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Speaker 5: Life Schultz, the German Chancellor, remembering of course that there

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Speaker 5: are federal elections coming up this Sunday on the twenty

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Speaker 5: third of February, which he is projected to lose, and

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Speaker 5: he has said that the Germans have a very obviously

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Speaker 5: very suchy passed when it comes to inflationary deficit spending

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Speaker 5: because of the rise of the Nazis in the twenties

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Speaker 5: and thirties. So it's hardwide into the German nature not

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Speaker 5: to do this, not like the UK and the US

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Speaker 5: are doing. And it's in the constitution that the government

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Speaker 5: can't borrow in any one year more than norz zero

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Speaker 5: point three to five percent of its annual gd puris

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Speaker 5: very low number by other standards. That is, of course

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Speaker 5: because of the German memory of how hyper inflation runaway.

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Speaker 5: Hyper Inflation led to necessarily to some extent to Totalitterranism

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Speaker 5: to bring everything back under control. So what Olaf Schultz

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Speaker 5: has said is that in order to circumvent this, to

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Speaker 5: get more money going for Ukraine, the next government after

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Speaker 5: the elections on some it will probably need.

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Speaker 4: To declare a state of emergency.

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Speaker 5: Astonishing thing for him to say, Steve. And of course

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Speaker 5: they're saying that this is the regime, the international regime,

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Speaker 5: saying that Donald Trump represents the great threat to norms,

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Speaker 5: checks and balances. And here is one of the leading

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Speaker 5: figures of your saying we need to declare a state

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Speaker 5: of emergency in Germany in order to get the spending

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Speaker 5: to the definit spending high enough to fill the gap

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Speaker 5: left by Americans.

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Speaker 1: That's how I think, Ben Ben. I think these things

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Speaker 1: are healthy. I think it's healthy that I think it's

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Speaker 1: healthy that they've they've finally come to It took shock treatment,

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Speaker 1: but it took this past week with Pete hegxa's speech,

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Speaker 1: JD's speech, Scott Besont having just just tough discussions with

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Speaker 1: these people about mineral rights over there and the and

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Speaker 1: of course Pasobic and the war room and others, to

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Speaker 1: let these guys know, hey, we've been talking about this forever.

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Speaker 1: We are not supplicants. The United States are not supplicants

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Speaker 1: coming to beg you to come. We don't. We're going

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Speaker 1: to cut the money off. We're not going to put

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Speaker 1: arms up. It's one of the reasons Keith Kellogg's now

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Speaker 1: on the plane to Reod. There's no more troops, there's

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Speaker 1: no more money. We're out, We're done, We're finished. We're

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Speaker 1: not going to do this anymore. And now when they

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Speaker 1: have to. I like the fact these call emergency measures

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Speaker 1: because the German people are going, what the hell are

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Speaker 1: you doing? You're going to start barring now to put

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Speaker 1: money into Ukraine. I think it's great that circure is

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Speaker 1: over there Starmer saying that, saying that, oh, I'm going

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Speaker 1: to commit combat troops for security. I want those people.

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Speaker 1: I want the Europeans to step up and then see

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Speaker 1: what they're people in their countries are going to say.

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Speaker 1: Because the people in the country haven't had, haven't been

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Speaker 1: hit with the economic reality of what it means to

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Speaker 1: pay five percent of your GDP for defense, they're paying

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Speaker 1: under two percent. They're basically getting a free ride off

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Speaker 1: the United States. So I believe this is healthy. They

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Speaker 1: are treating it as an emergency. Because it is an emergency.

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Speaker 1: They're reading it the right way. If they've read it

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Speaker 1: any other way, I would think, Wow, we've got to

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Speaker 1: tell them again. We've been telling them now since the

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Speaker 1: very first month, when Teressa May came over with Boris Johnson.

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Speaker 1: We told those guys. We told. Right after that, we told,

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Speaker 1: we told Merkel and her team. I sat down with

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Speaker 1: the National Security Advisor and gave it to him with

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Speaker 1: both barrels. Look, dude, we're gonna be out. You guys

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Speaker 1: are gonna have to step up to the play here.

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Speaker 1: And this is well before the invasion that if they

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Speaker 1: thought the Russians were such a threat, they got to

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Speaker 1: kick up the spending. They're not going to draft off

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Speaker 1: of us. I think it's positive they're taking it as

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Speaker 1: an emergency and looking for emergency measures.

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Speaker 5: Ben Harnwell, Well, obviously it's someone who lives here in

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Speaker 5: the European Union. I don't want to see myself living

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Speaker 5: under martial law in military paid ship in order for

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Speaker 5: our crooked regimes across Content and Europe to fight an

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Speaker 5: enemy Vladimir Putin than they themselves, as some extent created

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Speaker 5: in manufacturing this war.

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Speaker 4: Going back to twenty fourteen. Thank you.

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Speaker 5: I only think I pay enough tax as it is,

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Speaker 5: I should pay less in tax. I don't want to

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Speaker 5: be paying more. And as I said on the show

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Speaker 5: in the morning, in the European stock markets, in London,

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Speaker 5: in Berlin, in Italy, the various national sectors of defense

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Speaker 5: have all had a bounce between like four five nine

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Speaker 5: percent in expectation that these that their arms industries are

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Speaker 5: going to start gearing up. I don't have a problem

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Speaker 5: paying in tax. I don't think anyone has a put

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Speaker 5: not in Europe, not in the UK, not in Mega.

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Speaker 5: No one has a problem paying in tax when it

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Speaker 5: comes to legitimate areas of national defense.

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Speaker 4: But there has never been explained, as you pointed out,

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Speaker 4: from day one, there has never.

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Speaker 5: Been an explanation of what that national defense interest is,

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Speaker 5: what the vibal national interests are.

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Speaker 4: That isn't even formal.

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Speaker 1: Formerly an ally, Ben, it's very late in Rome. We

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Speaker 1: know you're tired. We appreciate you staying up to break

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Speaker 1: this news to us about the media this afternoon. Uh,

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Speaker 1: what's your social media? We'll let you get you, We'll

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Speaker 1: let you punch out.

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Speaker 4: What is it? Thanks Steve.

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Speaker 5: Get a social media platform?

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Speaker 4: So it's at Harnwell, which is my surup.

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Speaker 5: I have to quickly flag up is something that position

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Speaker 5: you should be looking into, which is this the Telegraph

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Speaker 5: has I've put the link on this videotip and it

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Speaker 5: appears on Rumbo Telegraph is reporting this leaked memo that

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Speaker 5: we've only seen traces of over the last couple of days.

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Speaker 5: People need to see what the US is trying to

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Speaker 5: do with just just.

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Speaker 1: Go ahead, go ahead and put it out. We're gonna

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Speaker 1: take a We're gonna take a short commercial break. You

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Speaker 1: he's your host, Stephen K. Bath. Okay, Birch Gold Philip

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Speaker 1: Patrick to join us at the bottom of the hour.

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Speaker 1: Light going on in Gold. I want to make sure

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Speaker 1: everybody gets up to date of all these things that

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Speaker 1: are happening. Make sure that the rumor mill you heard

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Speaker 1: it from Philip Patrick first, you know, Golden London, people

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Speaker 1: not delivering in the Bank of England, all of that.

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Speaker 1: So Birch Gold dot com we're gonna have a special

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Speaker 1: I think we'll have it by Thursday, excuse me, by Wednesday,

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Speaker 1: by the time we have the Force Multiplier Academy first

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Speaker 1: of go seepac dot org slash war Room seventy six

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Speaker 1: bucks is the ticket. I want to see all of

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Speaker 1: you there. Force Multiplier Academy. You're going to have a

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Speaker 1: party on Thursday night, a a brunch on Saturday. Besides

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Speaker 1: doing the show three days live, four days. If you're

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Speaker 1: throwing the Force multiple camera, we get to meet and

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Speaker 1: greet everybody, gets your selfies, get some one on one time,

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Speaker 1: just like we've had a great run at the Amfest

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Speaker 1: and the l c PAS. Looking forward to that. In fact,

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Speaker 1: we've got a video plemt me replay that at the

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Speaker 1: beginning the next hour or at the bottom of the er.

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Speaker 1: Uh birch gold dot com, slash Bannon into the dollar Empire.

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Speaker 1: Get all the free information including uh go to your

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Speaker 1: phone nine eight nine eight nine eight text Bannon nine

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Speaker 1: eight nine eight nine eight. Get the free brochure how

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Speaker 1: to invest in gold in the Age of Trump. I

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Speaker 1: think that'll be quite interesting. A lot of turbulence today,

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Speaker 1: A lot of turbulence. One is in the courts. So

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Speaker 1: you had one of your favorite judges. When did federal

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Speaker 1: courts start this? Have they done this for a while?

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Speaker 1: Done the audio? Another Supreme Court does it? Does does

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Speaker 1: the did the other federal courts also do it, Julie Kelly. Okay,

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Speaker 1: we're gonna have to. We're gonna have to, Julie, We're

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Speaker 1: gonna we're gonna have to reboot because I can't we

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Speaker 1: can't hear you. Uh. We'll get Julie Kelly back up.

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Speaker 1: Is that by phone? Okay, We're gonna have to get

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Speaker 1: her to a better cell zone or get it back

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Speaker 1: up because there's a lot going on there. Let's talk

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Speaker 1: about my other favorite time. Okay, Ukraine number one multi dimensional.

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Speaker 1: President Trump is trying to end the kinetic part of

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Speaker 1: the Third World War, and he's doing it with a vengeance.

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Speaker 1: The team, in fact, the Russian team I think, just

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Speaker 1: arrived to riodd led by Lavrof. He's an original gangster,

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Speaker 1: pretty tough owm bray, tough guy, been around forever. He

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Speaker 1: will be leading the team over there. We have Rubio,

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Speaker 1: we have Colonel waltz Or, a national security advisor, and

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Speaker 1: Steve Whitcoff. And Witcoff has kind of become the President's

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Speaker 1: go to guy. Who is Steve Witcoff early sixties buddy

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Speaker 1: of the President's friend of his colleague, plays golf. I

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Speaker 1: don't know, from the eighties, nineties, knows President Trump very

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Speaker 1: very very well and he's got a great demeanor disposition.

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Speaker 1: He is a tough negotiator, but a nice guy, a

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Speaker 1: good guy. People like him. He got the Gaza ceasefire done.

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Speaker 1: It wasn't crazy about all that, but he got it done.

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Speaker 1: It seems to have worked. It's been a framework that

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Speaker 1: was Witkoff working with Katar and going and really making

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Speaker 1: bb kind of heave too. You're gonna let me know.

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Speaker 1: We get Julie Beckoup. We're trying to reboot her right now.

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Speaker 1: He's leading the delegation with Secretary of State Rubio. National

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Speaker 1: Security Advisor Keith Kellogg didn't make that, didn't make the trip.

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Speaker 1: I think some of that is just a miscommunication or

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Speaker 1: a misunderstanding. They keep talking about combat troops, he said

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Speaker 1: the other day, And I love Keith General Kellogg, but

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Speaker 1: he said, if if Usia was to ever, you know,

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Speaker 1: not live to the agreement, we would send combat troops

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Speaker 1: into Russia. No, that's not going to happen. General Kellogg

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Speaker 1: in like a gazeon years. We're not going to go

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Speaker 1: to war directly with the Russian army and the Russian people.

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Speaker 1: Not going to happen. They are allying World War Two.

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Speaker 1: We broke them under the Bolsheviks in the Cold War.

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Speaker 1: Not gonna over Ukraine. American soldiers, airmen, whatever name it,

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Speaker 1: are not going to go into Russia over Ukraine. Not

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Speaker 1: going to happen. Ukraine is for the Europeans or the

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Speaker 1: two Slavic entities. They are figured out. And now we

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Speaker 1: finally got the the Europeans' attention. That's why I think

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Speaker 1: it's very positive what's happening in Europe today. They finally

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Speaker 1: they didn't believe. It took a long time for them

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Speaker 1: to get their attention. They didn't believe President trumpet first

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Speaker 1: and one of the very first things were said that

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Speaker 1: NATO has got to stand on its own. We're an ally,

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Speaker 1: but they've they've devolved into a protectorate, a vassal state,

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Speaker 1: and they still rip us off with the tariffs. Remember

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Speaker 1: yesterday one of the German senior German guys said, hey,

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Speaker 1: you know what, we should go to zero tariffs. Yeah, hello,

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Speaker 1: thank you. We could dig that. This is what President

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Speaker 1: Trump talks about, reciprocity. There's a whole new economic model,

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Speaker 1: in a national security model. And they should notice when

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Speaker 1: President Trump says hemispheric defense, he ain't kidding. From the

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Speaker 1: Panama Canal to the Arctic, with Greenland there to stand

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Speaker 1: watch over Russian submarines coming through the Greenland Iceland UK Gap.

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Speaker 1: That's what it's called, the gap between the Deep Fjord

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Speaker 1: basically between Greenland and Iceland Iceland kind of a volcano.

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Speaker 1: Put submarines right there, boom, you can track them, you

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Speaker 1: got them, or if the balloon goes up, it's a

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Speaker 1: shooting gallery. Just saying, but it means our defense and

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Speaker 1: they're not in the North Atlantic NATO. You worry about

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Speaker 1: the Russian Army. We got the Russian Navy, you know,

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Speaker 1: deal with it. We're there to help, but we're not

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Speaker 1: there to pay for the whole thing. That's what's gotten

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Speaker 1: their attention. Remember finally the German said, hey, a guy,

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Speaker 1: go to emergency message. We've got to change the constitution

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Speaker 1: to basically raise debt. Yeah, like the thirty sixth tree,

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Speaker 1: and we got from paying for dead beats like you

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Speaker 1: dead beats European elites. Julie Kelly, how was the How

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Speaker 1: was the hearing today? One of my favorite judges, if

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Speaker 1: not my favorite judge, was holding court. It takes a

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Speaker 1: lot to get a judge in a federal court to

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Speaker 1: open up on President's Day. They must have been hating this, ma'am.

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Speaker 1: What do you got Yeah, So this was.

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Speaker 8: Judge Tanya chuck in the Obama o'klint, who, of course

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Speaker 8: presided over Jack Smith adjacix indictment against the President that

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Speaker 8: was dismissed after he won. So she is now handling

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Speaker 8: the lawsuit filed by numerous Blue Democratic states Massachusetts, Michigan, California,

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Speaker 8: and a few others who are trying to prevent muscan

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Speaker 8: Doge from accessing data from seven agencies including Education, DHS, Energy,

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Speaker 8: et cetera, accessing that data and then using that of

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Speaker 8: course to advise or recommend UH employee cutbacks or program cutbacks.

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Speaker 8: So what these states are asking for Staves, like all

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Speaker 8: of these other lawsuits, is a temporary restraining order preventing

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Speaker 8: Elon Muskin does from accessing this data recommending the firing

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Speaker 8: of any government employees while she considers a preliminary injunction. Now,

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Speaker 8: Tanya chuck In, surprisingly, I would say, found it extremely

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Speaker 8: skeptical about the need for temporary restraining order, saying that

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Speaker 8: it is an extreme measure and that the defense the

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Speaker 8: plaintiff in this case is numerous Blue states really hadn't

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Speaker 8: demonstrated potential immediate or irreperable harm. That said, she could

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Speaker 8: deny the motion for a temporary restraining order, however, set

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Speaker 8: a schedule for preliminary injunction which would put this on

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Speaker 8: hold for who knows how long, but also seemed to

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Speaker 8: support the idea that Elon Musk's roles violates the appointments clause, which, ironically,

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Speaker 8: see that was what was the fatal blow in the

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Speaker 8: documents case in Florida wigated to Jack Smith that his

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Speaker 8: appointment violated the appointments clause, so anyway found it today? Again,

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Speaker 8: she may deny this temporary restraining order, however, set a

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Speaker 8: schedule for a preliminary injunction, and again consider the fact

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Speaker 8: that Elon Musk his role violates the appointment's clause, which

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Speaker 8: if she does that would set up a fight to

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Speaker 8: the Supreme Court, but could put Elon Musk's authority and

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Speaker 8: his task on hold for an unknown amount of time.

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Speaker 1: Let me ask you, so, did she slowly think anything

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Speaker 1: down to day? Is there tier or injunction? Where does

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Speaker 1: she actually stay? Is all engines stop? Are she letting

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Speaker 1: work for seed? As this goes through and they get

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Speaker 1: ready for more detailed arguments in front of her.

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Speaker 8: Right so she right now is contemplating this temporary restraining order.

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Speaker 8: She said that she would file her order within the

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Speaker 8: next twenty four hours. To your point, she scheduled this

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Speaker 8: safety hearing on President's Day, federal holiday, when of course

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Speaker 8: they're usually shut down. Nonetheless, build this hearing remote hearing

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Speaker 8: where the public actually call in and listen to what

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Speaker 8: has been happening. So either tonight or by tomorrow morning,

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Speaker 8: she will issue her order whether she's going to grant

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Speaker 8: or deny this temporary restraining order. That again sounded like

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Speaker 8: she would consider preliminary injunction. And of course, Steve, this

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Speaker 8: is what's happening, and most of these these courts where

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Speaker 8: these judges are instantly issuing temporary restraining orders, contemplating a

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Speaker 8: preliminary in junctions, which of course would be a more

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Speaker 8: permanent solution at least says it makes his way its

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Speaker 8: way to the appellate Court and the Supreme Court. But

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Speaker 8: this is what these judges are pretty much unilaterally doing

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Speaker 8: in Washington, DC is exercising their judicial authority to thwart

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Speaker 8: the article to authority of the President in deciding his

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Speaker 8: team and deciding what federal agencies need to be pair backs,

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Speaker 8: either funding wise or employee wise.

432
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Speaker 1: Did you think that the administration of the President Trump's

433
00:25:49,119 --> 00:25:51,600
Speaker 1: team have a pretty compelling argument or that was just

434
00:25:51,880 --> 00:25:53,439
Speaker 1: didn't even get into that level of detail.

435
00:25:54,280 --> 00:25:56,720
Speaker 8: I mean, I think that they do, because what you

436
00:25:56,920 --> 00:26:00,000
Speaker 8: have to prove for a temporary restraining order. And again

437
00:26:00,040 --> 00:26:02,639
Speaker 8: and Judge Chuck and was very skeptical of the Blue

438
00:26:02,720 --> 00:26:06,320
Speaker 8: state's argument here is that this restraining order has to

439
00:26:06,440 --> 00:26:10,879
Speaker 8: be imposed to prevent a reparable and immediate harm. And

440
00:26:10,960 --> 00:26:14,280
Speaker 8: she said, well, I really don't see how this will

441
00:26:14,560 --> 00:26:19,520
Speaker 8: where the immediate irreparable harm is. And the state's lawyer

442
00:26:19,880 --> 00:26:23,800
Speaker 8: versus the age from New Mexico said well, worse states,

443
00:26:23,800 --> 00:26:26,680
Speaker 8: we rely on federal funding. We need to know if

444
00:26:27,440 --> 00:26:30,560
Speaker 8: certain people are going to be fired, if these programs

445
00:26:30,600 --> 00:26:33,720
Speaker 8: are going to be defunded, because it impacts our abilities

446
00:26:34,080 --> 00:26:38,280
Speaker 8: to execute our own services at the state level. So

447
00:26:38,359 --> 00:26:42,040
Speaker 8: she did seem skeptical, but seve she pushed back on

448
00:26:42,119 --> 00:26:45,680
Speaker 8: the bo j's lawyer, of course representing the Trump administration,

449
00:26:46,400 --> 00:26:50,920
Speaker 8: demanded to know how many people have been fired so far?

450
00:26:52,720 --> 00:26:58,879
Speaker 2: If there were, We're.

451
00:26:56,359 --> 00:26:58,000
Speaker 1: Going to take a short break. We'll be back in

452
00:26:58,000 --> 00:27:06,320
Speaker 1: a moment. Your Stephen k back. Philip Patrick's gonna be

453
00:27:06,320 --> 00:27:08,480
Speaker 1: with us a second. Every day we have a try

454
00:27:08,640 --> 00:27:11,119
Speaker 1: don't talk about capital markets economics like a day with

455
00:27:11,160 --> 00:27:17,520
Speaker 1: that sunshine. There's a gap. The Hill newspaper today kind

456
00:27:17,560 --> 00:27:19,840
Speaker 1: of said what the secret was. Lindsey Graham is talking

457
00:27:19,840 --> 00:27:22,399
Speaker 1: to the president. Hey, we got to go two bills,

458
00:27:22,440 --> 00:27:24,560
Speaker 1: not one big beautiful bill, because we've got to get

459
00:27:24,560 --> 00:27:27,199
Speaker 1: the one hundred and seventy five billion dollars for the

460
00:27:27,240 --> 00:27:29,960
Speaker 1: wall and the deportations and a one hundred billion dollar

461
00:27:30,040 --> 00:27:32,640
Speaker 1: tip to the Pentagon. Let's round it up. It's three

462
00:27:32,720 --> 00:27:36,199
Speaker 1: hundred million dollars of new spending over and above the

463
00:27:36,240 --> 00:27:38,399
Speaker 1: six and a half. I kid you not. And the

464
00:27:38,480 --> 00:27:41,439
Speaker 1: Hill newspaper it showed that you gotta get it in

465
00:27:41,520 --> 00:27:43,840
Speaker 1: before I'm a pick a magic date. Midnight on the

466
00:27:43,840 --> 00:27:48,800
Speaker 1: fourteenth of March. We're hurtling down there, folks, get ready

467
00:27:48,800 --> 00:27:50,600
Speaker 1: for a big old cr that goes the end of

468
00:27:50,600 --> 00:27:56,159
Speaker 1: the year. Of course, we're gonna fight that because it's absurd.

469
00:27:56,440 --> 00:27:59,359
Speaker 1: It's Biden's numbers, it's his budget. It's two train dollars

470
00:27:59,359 --> 00:28:01,440
Speaker 1: a deficit, and none of the dough stuff gets included

471
00:28:01,440 --> 00:28:05,440
Speaker 1: in there if you just do it that way. Anyway,

472
00:28:05,440 --> 00:28:08,640
Speaker 1: they need tax they need taxes, they need tax revenue.

473
00:28:08,800 --> 00:28:15,600
Speaker 1: Tax Network USA slash Bannon. Go there right now and

474
00:28:15,680 --> 00:28:18,040
Speaker 1: get a free consultation on that letter. It's sitting in

475
00:28:18,080 --> 00:28:23,720
Speaker 1: your desk. That's like a cancer. Because the fees are growing,

476
00:28:23,760 --> 00:28:27,000
Speaker 1: the penalties are growing, the interest is growing. It's not

477
00:28:27,040 --> 00:28:30,480
Speaker 1: going to stop. Call the people. Contact the people a

478
00:28:30,600 --> 00:28:34,720
Speaker 1: Tax Network USA. Walk them through your tale of woe

479
00:28:34,720 --> 00:28:35,919
Speaker 1: and see if they can help you. If they can

480
00:28:35,960 --> 00:28:38,400
Speaker 1: help you, boom there, your guys. They can't help you,

481
00:28:38,480 --> 00:28:41,120
Speaker 1: then you got to contact the rs. But whatever you do,

482
00:28:41,160 --> 00:28:44,400
Speaker 1: you got to tear open the letter and address it today.

483
00:28:44,600 --> 00:28:49,400
Speaker 1: Tax Network USA slash Bannon, Julie Kelly. The point of

484
00:28:49,440 --> 00:28:52,520
Speaker 1: the exercise, ma'am, correct me if I'm wrong. They want

485
00:28:52,520 --> 00:28:55,200
Speaker 1: to know how many people Elon Musk and the Dose

486
00:28:55,240 --> 00:28:58,160
Speaker 1: team have laid off. Basically, they were hunting for that question,

487
00:28:58,200 --> 00:29:00,800
Speaker 1: including the judge from the bench, ma'am.

488
00:29:01,200 --> 00:29:04,440
Speaker 8: She was so she directly asked the PJA lawyer if

489
00:29:04,440 --> 00:29:08,200
Speaker 8: she'd read reports of mass firings left Side Day, who said,

490
00:29:08,240 --> 00:29:11,520
Speaker 8: I don't have confirmation on that, and she said, well,

491
00:29:11,560 --> 00:29:14,400
Speaker 8: I'm also reading reports of mass firings over the next

492
00:29:14,480 --> 00:29:17,080
Speaker 8: fourteen days. What can you tell me about that? And

493
00:29:17,200 --> 00:29:20,479
Speaker 8: he didn't have an answer. She got typically surly, as

494
00:29:20,560 --> 00:29:24,680
Speaker 8: Judge Chuckin is known to do, and said, well, I

495
00:29:24,800 --> 00:29:29,120
Speaker 8: want that information because why she wants it the ruses

496
00:29:29,840 --> 00:29:33,560
Speaker 8: to try to prove up this irreperable harm to the

497
00:29:33,680 --> 00:29:37,440
Speaker 8: states and then of course to the federal government. But

498
00:29:37,480 --> 00:29:40,320
Speaker 8: what I'm really going to flag here, see what's important

499
00:29:40,400 --> 00:29:43,920
Speaker 8: looking at hat besides this temporary streaming order are possible

500
00:29:43,960 --> 00:29:50,479
Speaker 8: preliminary injunction is Judge Tustin setting the stage to claim

501
00:29:51,000 --> 00:29:55,600
Speaker 8: to rule that Elon Musk will violate the appointments clost

502
00:29:56,520 --> 00:30:00,560
Speaker 8: That will sideline him, that will make get to the

503
00:30:00,640 --> 00:30:04,160
Speaker 8: Circuit Court and then the Supreme Court, but it will

504
00:30:04,200 --> 00:30:09,080
Speaker 8: do damage to him. With this idea that he should

505
00:30:09,120 --> 00:30:12,280
Speaker 8: have been Senate confirmed, she brought that up today. He

506
00:30:12,440 --> 00:30:17,440
Speaker 8: was not confirmed by Congress by Senate. He exercises tremendous authority.

507
00:30:17,560 --> 00:30:19,560
Speaker 1: But how does she But by the way, he's an

508
00:30:19,600 --> 00:30:22,720
Speaker 1: advisor the US Digital Service, and maybe they shouldn't have

509
00:30:22,720 --> 00:30:25,240
Speaker 1: done it that way, but they're there are things. They're

510
00:30:25,280 --> 00:30:30,840
Speaker 1: just advisors to Owen Bas he's a consultant's advisor. Correct, correct, But.

511
00:30:30,760 --> 00:30:33,160
Speaker 8: That's what she was pushing back on. She said at

512
00:30:33,200 --> 00:30:36,640
Speaker 8: least twice that the States the plaintiffs here had a

513
00:30:36,800 --> 00:30:41,160
Speaker 8: colorable plan, that Elon Musk was working outside of the

514
00:30:41,200 --> 00:30:44,960
Speaker 8: appointment clause, that as someone with this sort of authority,

515
00:30:45,440 --> 00:30:48,400
Speaker 8: he should have been nominated to a real position that

516
00:30:48,560 --> 00:30:52,760
Speaker 8: was created and confirmed by the Senate. That's the big

517
00:30:52,800 --> 00:30:56,440
Speaker 8: battle that Judge chuck Kin is teeing up today. The

518
00:30:56,480 --> 00:31:00,440
Speaker 8: temporary restraining order is just a minor issue. This is

519
00:31:00,440 --> 00:31:02,960
Speaker 8: the big battle that she's set in the stage four

520
00:31:03,280 --> 00:31:03,840
Speaker 8: my opinion.

521
00:31:05,560 --> 00:31:08,440
Speaker 1: Okay, Julie, where do people go? Your analysis is always

522
00:31:08,480 --> 00:31:10,880
Speaker 1: brilliant and spot on. Well, we'll put that.

523
00:31:12,200 --> 00:31:16,320
Speaker 8: Proceeding, especially headed to a Supreme Court on the firing

524
00:31:16,360 --> 00:31:18,960
Speaker 8: of the office of a Special Council. So I do

525
00:31:19,080 --> 00:31:22,040
Speaker 8: classify with you a Italian subsect. And then Acts July

526
00:31:22,120 --> 00:31:23,120
Speaker 8: underscore Kelly too.

527
00:31:24,920 --> 00:31:27,240
Speaker 1: Do we know if they've the Supreme Court on the

528
00:31:27,240 --> 00:31:30,880
Speaker 1: emergency docket? They have not. They have not notified the

529
00:31:30,920 --> 00:31:33,200
Speaker 1: government i e. Trump, that they're going to take this

530
00:31:33,280 --> 00:31:34,000
Speaker 1: case on yet.

531
00:31:34,080 --> 00:31:37,280
Speaker 8: Have they not yet? But this is related to a

532
00:31:37,360 --> 00:31:39,800
Speaker 8: split decision by the DC of Heel Court over the

533
00:31:39,840 --> 00:31:44,920
Speaker 8: weekend that the defensing opinion god Cassus the Trump appoint

534
00:31:44,960 --> 00:31:50,080
Speaker 8: c saying that Trump absolutely has the article to authority

535
00:31:50,360 --> 00:31:54,200
Speaker 8: to fire Hampton Dellinger at the Biden appointed Office of

536
00:31:54,280 --> 00:32:00,840
Speaker 8: Special Council, who also has tremendous power to bring Hatchack violations, investigations,

537
00:32:00,880 --> 00:32:03,640
Speaker 8: et cetera, and that the President was well within his

538
00:32:03,720 --> 00:32:07,240
Speaker 8: authority to fire him. On February seventh, Judge Any Bourbon

539
00:32:07,320 --> 00:32:12,640
Speaker 8: Jackson re stading Hampton Dellinger outrageously and this is what

540
00:32:12,880 --> 00:32:15,360
Speaker 8: looks like will be the first lawsuits to head to

541
00:32:15,440 --> 00:32:16,600
Speaker 8: the Supreme Court this week.

542
00:32:20,440 --> 00:32:22,520
Speaker 1: Julie Kelly one more time, where do folks get you?

543
00:32:23,520 --> 00:32:27,160
Speaker 8: Substact declassified with Julie Kelly and also at acts Julie

544
00:32:27,200 --> 00:32:28,240
Speaker 8: underscore Kelly too.

545
00:32:30,880 --> 00:32:33,600
Speaker 1: Thank you man, Appreciate you, Julie Kelly. On top of

546
00:32:33,640 --> 00:32:36,960
Speaker 1: these okay battles in the court, battles in the streets,

547
00:32:37,760 --> 00:32:40,280
Speaker 1: Philip Patrick's gone, A number of reports are coming out

548
00:32:40,280 --> 00:32:42,200
Speaker 1: Philip Patrick and I wanted to go to the smartest

549
00:32:42,200 --> 00:32:44,200
Speaker 1: guy I know about precious metals in gold, and that

550
00:32:44,240 --> 00:32:46,920
Speaker 1: would be Philip Patrick of Birch Gold. So a couple

551
00:32:46,880 --> 00:32:50,520
Speaker 1: of things over the last seventy two hours that I

552
00:32:50,600 --> 00:32:54,760
Speaker 1: think have a lot of interest in our audience and

553
00:32:54,760 --> 00:32:57,960
Speaker 1: a lot of interest online. Number One, there's a situation

554
00:32:58,200 --> 00:33:00,640
Speaker 1: where the Bank of England and people think, hey, the

555
00:33:00,680 --> 00:33:04,000
Speaker 1: Bank of England's like the Fed, right maybe even more responsible.

556
00:33:04,960 --> 00:33:07,520
Speaker 1: The Bank of England has been late or failed to

557
00:33:07,600 --> 00:33:12,560
Speaker 1: deliver on some clearing of gold and there's questions of

558
00:33:12,680 --> 00:33:15,480
Speaker 1: do they actually have the gold they think they have?

559
00:33:15,560 --> 00:33:20,120
Speaker 1: Is there anything to this? Is this is this commitment

560
00:33:20,160 --> 00:33:23,240
Speaker 1: they've had to clear this within the bounds of the

561
00:33:23,280 --> 00:33:25,760
Speaker 1: time frame or does something happen here with the Bank

562
00:33:25,800 --> 00:33:27,480
Speaker 1: of England Philip Patrick.

563
00:33:28,040 --> 00:33:32,080
Speaker 7: Yeah, we're working through it. It's certainly big news in

564
00:33:32,360 --> 00:33:34,920
Speaker 7: the industry. But the Bank of England right now is

565
00:33:35,280 --> 00:33:39,480
Speaker 7: under siege. The vaults aren't being emptied at a rapid pace.

566
00:33:39,520 --> 00:33:42,800
Speaker 7: About eight thousand bars now have been shipped and these

567
00:33:42,800 --> 00:33:46,840
Speaker 7: are the big commercial gold bullion bars. We're talking three

568
00:33:46,880 --> 00:33:50,280
Speaker 7: point two million ouncers. That's the equivalent of South Korea's

569
00:33:50,360 --> 00:33:54,800
Speaker 7: national gold reserves have now found a new home. The

570
00:33:54,920 --> 00:33:58,280
Speaker 7: media lapsed onto this because Deputy Governor of the Bank

571
00:33:58,320 --> 00:34:01,800
Speaker 7: of England, Dave Ramsden admitted that they wouldn't be able

572
00:34:01,840 --> 00:34:07,080
Speaker 7: to meet the fourteen day delivery requirement, which technically could

573
00:34:07,120 --> 00:34:09,960
Speaker 7: be considered now a default. The lawyers, i think will

574
00:34:10,000 --> 00:34:14,320
Speaker 7: work through and settle that question. At the moment, London

575
00:34:14,400 --> 00:34:16,880
Speaker 7: saying they need six to eight weeks to make a

576
00:34:16,920 --> 00:34:20,759
Speaker 7: two week delivery. So currently this is being described as

577
00:34:20,800 --> 00:34:25,319
Speaker 7: a liquidity crisis rather than a solvency crisis. But on

578
00:34:25,360 --> 00:34:27,680
Speaker 7: the other hand, the Bank of England has been begging

579
00:34:27,840 --> 00:34:31,799
Speaker 7: nations whose gold reserve that they custody to loan their

580
00:34:31,840 --> 00:34:34,839
Speaker 7: goal to the Bank of England, and that's obviously concerning.

581
00:34:35,440 --> 00:34:38,879
Speaker 7: In the current climate. It seems like when a liquidity

582
00:34:38,960 --> 00:34:43,000
Speaker 7: crisis becomes a solvency crisis, we only discover the truth

583
00:34:43,040 --> 00:34:46,880
Speaker 7: too late. So right now it is a technical default,

584
00:34:47,160 --> 00:34:49,759
Speaker 7: not a solvency issue. But we're going to have to

585
00:34:49,880 --> 00:34:51,960
Speaker 7: watch and see how this thing unfolds.

586
00:34:54,080 --> 00:34:58,759
Speaker 1: Hecker for a second hangar, a second liquidity crisis is

587
00:34:58,800 --> 00:35:01,880
Speaker 1: are pretty bad when it comes what is actually delivery?

588
00:35:01,920 --> 00:35:05,640
Speaker 1: What is this transaction about? And when's the last time, bro,

589
00:35:05,800 --> 00:35:07,279
Speaker 1: you're a professional of this, When was the last time

590
00:35:07,320 --> 00:35:10,879
Speaker 1: the Bank of England couldn't deliver and had, oh well,

591
00:35:10,920 --> 00:35:13,839
Speaker 1: we'll get to you in six to eight weeks. That's

592
00:35:13,880 --> 00:35:17,440
Speaker 1: a lot longer fourteen days, brother, what was actually this

593
00:35:17,719 --> 00:35:21,080
Speaker 1: delivery on? And when Philip Patrick starts off, Yeah, the

594
00:35:21,160 --> 00:35:24,560
Speaker 1: vaults of the Bank of England are empty, eing even

595
00:35:24,680 --> 00:35:27,719
Speaker 1: as we're speaking. Probably got the audience more worked out

596
00:35:27,760 --> 00:35:30,040
Speaker 1: now than when we started. So want me back through

597
00:35:30,080 --> 00:35:32,040
Speaker 1: that one more time. I take it this interview is

598
00:35:32,080 --> 00:35:35,200
Speaker 1: going to take longer. I thought, start the beginning, take

599
00:35:35,239 --> 00:35:36,359
Speaker 1: your time and walk through this.

600
00:35:37,280 --> 00:35:40,120
Speaker 7: So look, when we talk about physical delivery, you're talking

601
00:35:40,160 --> 00:35:44,440
Speaker 7: about physical delivery of a commodities contract. To two percent

602
00:35:44,440 --> 00:35:48,680
Speaker 7: of contracts usually request physical delivery. But what we're seeing

603
00:35:48,719 --> 00:35:52,839
Speaker 7: at the moment generally is gold is flooding out of

604
00:35:52,880 --> 00:35:55,840
Speaker 7: London and this was the center of the world's gold market.

605
00:35:56,239 --> 00:35:59,799
Speaker 7: There's a number of reasons why, right. First of all,

606
00:36:00,120 --> 00:36:04,480
Speaker 7: sort of the overarching theme is just massively increasing demand

607
00:36:04,520 --> 00:36:06,680
Speaker 7: and you and I have discussed this. It's being driven

608
00:36:06,719 --> 00:36:11,160
Speaker 7: by central banks and investors alike. Secondly, there's an arbitrage

609
00:36:11,360 --> 00:36:16,440
Speaker 7: play here and this is ultimately how markets respond to

610
00:36:16,600 --> 00:36:19,759
Speaker 7: price this locations. Right now, the gold futures price in

611
00:36:19,800 --> 00:36:23,280
Speaker 7: New York is high enough over the London cash price

612
00:36:23,680 --> 00:36:26,839
Speaker 7: that it is possible to rent a cargo plane fill

613
00:36:26,880 --> 00:36:30,279
Speaker 7: it with gold and ship it to the US Commodities Exchange.

614
00:36:30,520 --> 00:36:35,080
Speaker 7: This difference has always existed, but it's almost never profitable

615
00:36:35,200 --> 00:36:39,680
Speaker 7: enough to warrant shipping. Today. It is because US demand

616
00:36:39,880 --> 00:36:44,399
Speaker 7: is higher for precious metals, for gold specifically than anywhere else. Right,

617
00:36:44,440 --> 00:36:46,480
Speaker 7: a bar of gold is worth more here in the

618
00:36:46,600 --> 00:36:50,040
Speaker 7: US today than a bar of gold everywhere anywhere else,

619
00:36:50,440 --> 00:36:54,200
Speaker 7: making the trade profitable. On top of that, of course,

620
00:36:54,200 --> 00:36:57,840
Speaker 7: we've got the potential of tariffs driving up commodity prices

621
00:36:57,920 --> 00:37:02,880
Speaker 7: on all imports. There's massive pressure right now to onshore

622
00:37:03,000 --> 00:37:08,680
Speaker 7: product in anticipation of further demand surgers. Look at JP Morgan.

623
00:37:08,719 --> 00:37:12,239
Speaker 7: They just shipped three million ounces of gold bullion from

624
00:37:12,280 --> 00:37:15,480
Speaker 7: the London bullion market to the US. That's the second

625
00:37:15,560 --> 00:37:20,480
Speaker 7: largest gold bullyon delivery in history. What this tells me, though,

626
00:37:21,640 --> 00:37:25,080
Speaker 7: I think it's a reminder the gold is almost uniquely

627
00:37:25,120 --> 00:37:29,760
Speaker 7: a physical asset first and foremost, not just a financial asset.

628
00:37:29,800 --> 00:37:32,080
Speaker 7: We have to remember a lot of the trading we

629
00:37:32,160 --> 00:37:35,280
Speaker 7: see in the gold markets is imaginary, right, It's simply

630
00:37:35,360 --> 00:37:39,240
Speaker 7: made up for some numbers. In London, there's twenty million

631
00:37:39,280 --> 00:37:42,320
Speaker 7: ounces of gold that are traded every day. That's roughly

632
00:37:42,320 --> 00:37:46,560
Speaker 7: an entire years of production traded every week. We see

633
00:37:46,600 --> 00:37:50,040
Speaker 7: another twenty seven million ounces trading every day on the comics.

634
00:37:50,440 --> 00:37:54,640
Speaker 7: That's the entire world's production of newly mined gold traded

635
00:37:54,680 --> 00:37:58,600
Speaker 7: every two and a half days. Spoiler alert, There isn't

636
00:37:58,680 --> 00:38:02,400
Speaker 7: that much gold out there. So as a result, ninety

637
00:38:02,480 --> 00:38:05,080
Speaker 7: six percent of the gold traded daily in London and

638
00:38:05,160 --> 00:38:09,040
Speaker 7: New York markets has no physical reality. You could think

639
00:38:09,040 --> 00:38:12,560
Speaker 7: of it as schroding as cap right, But the problem is,

640
00:38:12,719 --> 00:38:15,759
Speaker 7: once the four percent of real gold has been delivered,

641
00:38:16,520 --> 00:38:17,680
Speaker 7: what's going to happen there?

642
00:38:17,840 --> 00:38:18,000
Speaker 1: Right?

643
00:38:18,120 --> 00:38:21,919
Speaker 7: At that point, it's a logistical nightmare. First of all,

644
00:38:22,000 --> 00:38:24,960
Speaker 7: I think investors who think they own gold are going

645
00:38:25,000 --> 00:38:28,880
Speaker 7: to discover that what they really own is an iou. Secondly,

646
00:38:28,920 --> 00:38:31,760
Speaker 7: I think we see a wave of defaults on physical

647
00:38:31,800 --> 00:38:35,480
Speaker 7: gold deliveries. Remember ninety six percent of them are by

648
00:38:35,600 --> 00:38:40,440
Speaker 7: definition impossible. And thirdly, I think those dynamics will amplify

649
00:38:40,520 --> 00:38:43,759
Speaker 7: demand for physical gold because investors will realize and be

650
00:38:43,880 --> 00:38:48,600
Speaker 7: reminded that only physical tangible gold matters it all. Roads

651
00:38:48,880 --> 00:38:52,279
Speaker 7: reminds me of the bank failures back in twenty twenty three. Right,

652
00:38:52,320 --> 00:38:54,279
Speaker 7: If I have a dollar in my pocket, it's really

653
00:38:54,280 --> 00:38:57,560
Speaker 7: a dollar. If it's in the bank, is it really

654
00:38:57,600 --> 00:39:00,479
Speaker 7: a dollar? Right? We already know that if everyone tries

655
00:39:00,520 --> 00:39:02,600
Speaker 7: to get their money out of the bank tomorrow, the

656
00:39:02,640 --> 00:39:05,799
Speaker 7: banking system will collapse, right Because banks don't have it,

657
00:39:05,840 --> 00:39:09,360
Speaker 7: they lent it to commercial real estate developers. And that's

658
00:39:09,440 --> 00:39:12,080
Speaker 7: what the gold market is feeling like right now. Gold

659
00:39:12,120 --> 00:39:15,600
Speaker 7: as a financial asset only really works as long as

660
00:39:15,640 --> 00:39:18,600
Speaker 7: everyone agrees they don't really want gold, right, they want

661
00:39:18,640 --> 00:39:22,359
Speaker 7: to speculate on its price moves. The moment people start

662
00:39:22,440 --> 00:39:26,880
Speaker 7: demanding physical gold deliveries on their commodity contracts, the market

663
00:39:26,920 --> 00:39:29,759
Speaker 7: falls apart. And I think we're starting to see the

664
00:39:29,800 --> 00:39:32,680
Speaker 7: beginnings of that right now. So in summer, if you

665
00:39:32,680 --> 00:39:35,200
Speaker 7: can't hold it in your hand, it isn't real. And

666
00:39:35,239 --> 00:39:37,680
Speaker 7: we're starting to feel the effects of that.

667
00:39:40,560 --> 00:39:43,319
Speaker 1: The bank, the phrase Bank of England should never be

668
00:39:44,600 --> 00:39:48,480
Speaker 1: the sentence should never end with liquidity crisis. I've got

669
00:39:48,480 --> 00:39:50,080
Speaker 1: a minute. I want to hold you over. How did

670
00:39:50,120 --> 00:39:55,200
Speaker 1: that happen? It shouldn't happen.

671
00:39:55,239 --> 00:39:58,560
Speaker 7: And it's a reflection of volatility around the globe. It's

672
00:39:58,600 --> 00:40:02,640
Speaker 7: a reflection of leverage going out of control, and we're

673
00:40:02,719 --> 00:40:05,480
Speaker 7: starting to feel the effective end. We have problems here

674
00:40:05,520 --> 00:40:07,840
Speaker 7: in the US as well. You sent me an article

675
00:40:07,840 --> 00:40:11,960
Speaker 7: about Elon pushing for an order of Fort Knox. We

676
00:40:12,080 --> 00:40:15,320
Speaker 7: got questions on on on US gold reserves as well.

677
00:40:15,440 --> 00:40:18,960
Speaker 7: So there's a lot at play in the current climate.

678
00:40:19,040 --> 00:40:21,439
Speaker 7: There's no question about it. But it's an interesting time

679
00:40:21,480 --> 00:40:22,000
Speaker 7: to be alive.

680
00:40:23,680 --> 00:40:25,640
Speaker 1: I know, I know you're busy, but I do want

681
00:40:25,640 --> 00:40:26,960
Speaker 1: to hold you just through the short break because I

682
00:40:26,960 --> 00:40:30,040
Speaker 1: want to talk about decided and how people can count.

683
00:40:30,160 --> 00:40:33,440
Speaker 1: I think, Philip, I think a couple of three people

684
00:40:33,560 --> 00:40:35,759
Speaker 1: might want to talk to the Birch. Call guys. I'm

685
00:40:35,840 --> 00:40:39,399
Speaker 1: just guessing. Okay, the Bank of England can't make good

686
00:40:39,440 --> 00:40:43,879
Speaker 1: under deliveries. I don't know. Get Philip Patrick on the phone.

687
00:40:43,920 --> 00:40:46,359
Speaker 1: Let's talk to the guys at Birch Goll short commercial break.

688
00:40:46,440 --> 00:40:49,760
Speaker 1: Philip Patrick on the other side.

689
00:40:50,680 --> 00:40:52,640
Speaker 4: We will fight to the rock God.

690
00:40:53,200 --> 00:40:58,600
Speaker 7: We will joice for the molistic.

691
00:40:57,520 --> 00:41:05,040
Speaker 1: Excuse your host Stephen came back. Okay, I know you

692
00:41:05,120 --> 00:41:08,040
Speaker 1: get a bounce, Philip. You guys at Birch. One of

693
00:41:08,080 --> 00:41:09,799
Speaker 1: the reasons I like you. You guys just deal in

694
00:41:09,840 --> 00:41:14,240
Speaker 1: physical delivery, right, You deal in people owning the goal itself.

695
00:41:15,320 --> 00:41:18,160
Speaker 7: That's all we deal with. Physical pressures, medals, they don't

696
00:41:18,160 --> 00:41:22,279
Speaker 7: sit on balance sheet, no counterparty risk. The individual owns them.

697
00:41:22,640 --> 00:41:25,240
Speaker 7: It's important for us absolutely.

698
00:41:26,800 --> 00:41:30,640
Speaker 1: Do the audit. Give me a minute on the audit

699
00:41:30,719 --> 00:41:33,960
Speaker 1: on Fort Knox. But the Ryan Paul and Rampop been

700
00:41:34,000 --> 00:41:37,279
Speaker 1: bugging on this forever. Why do you want to see it?

701
00:41:37,600 --> 00:41:39,840
Speaker 1: And what do you hope is the outcome for.

702
00:41:40,200 --> 00:41:42,520
Speaker 7: A long time. I mean, we need some transparency. Fort

703
00:41:42,600 --> 00:41:46,040
Speaker 7: Knox hasn't been audited for fifty years, basically. The last

704
00:41:46,080 --> 00:41:49,520
Speaker 7: audit was in nineteen seventy four, primarily because the US

705
00:41:49,600 --> 00:41:54,759
Speaker 7: government is refusing external audits on the grounds of national security.

706
00:41:54,840 --> 00:41:58,160
Speaker 7: And this is the part that concerns me. Right, they

707
00:41:58,200 --> 00:42:01,200
Speaker 7: say that, you know, goal reserves are seen as a

708
00:42:01,239 --> 00:42:04,840
Speaker 7: symbol of national credit and a public order. They fear

709
00:42:05,520 --> 00:42:10,080
Speaker 7: could trigger a crisis of trust. So here's the strange

710
00:42:10,120 --> 00:42:12,680
Speaker 7: thing in my mind, Right, how can an audit create

711
00:42:12,920 --> 00:42:15,880
Speaker 7: uncertainty unless it discovers discrepancies?

712
00:42:15,960 --> 00:42:16,080
Speaker 4: Right?

713
00:42:16,120 --> 00:42:19,160
Speaker 7: The whole point of an audit is simply to examine

714
00:42:19,280 --> 00:42:24,160
Speaker 7: financial records and to create certainty. Right. So this is

715
00:42:24,520 --> 00:42:26,800
Speaker 7: reminding me of the situation with the Bank of England.

716
00:42:26,840 --> 00:42:29,480
Speaker 7: If the goal's really there, why can't you ship it?

717
00:42:29,760 --> 00:42:33,440
Speaker 7: Why can't we see it? Right, Why does anyone resist

718
00:42:33,520 --> 00:42:36,520
Speaker 7: an audit if there's nothing to hide? That for me

719
00:42:36,640 --> 00:42:40,080
Speaker 7: conceptually is just difficult to get my head around. But

720
00:42:40,520 --> 00:42:42,360
Speaker 7: I want to see it, right. I want to confirm

721
00:42:42,400 --> 00:42:44,960
Speaker 7: that the US gold reserves are unincumbered, that they haven't

722
00:42:44,960 --> 00:42:48,680
Speaker 7: been leased or sold to foreign nations or stored on

723
00:42:48,719 --> 00:42:51,200
Speaker 7: their behalf. But like I say, the fact that they've

724
00:42:51,200 --> 00:42:54,320
Speaker 7: been resisting an audit for decades here in the United

725
00:42:54,360 --> 00:43:00,080
Speaker 7: States is in on itself very concerning despite public call

726
00:43:00,200 --> 00:43:02,799
Speaker 7: for one. So you know, this is just another move

727
00:43:02,880 --> 00:43:05,920
Speaker 7: for transparency and it must can pull it off. Like

728
00:43:05,920 --> 00:43:08,800
Speaker 7: I said, I'd be very interested to see the results.

729
00:43:09,840 --> 00:43:13,040
Speaker 1: Help me out here. Isn't there supposed to be seven

730
00:43:13,160 --> 00:43:16,920
Speaker 1: hundred and fifty b almost a trillion dollars of implied

731
00:43:17,040 --> 00:43:20,640
Speaker 1: value that it's on the books at forty two dollars

732
00:43:20,680 --> 00:43:23,600
Speaker 1: an ounce and actually today marked to market is twenty

733
00:43:23,719 --> 00:43:27,440
Speaker 1: nine over twenty nine one hundred dollars? Is that? Is

734
00:43:27,440 --> 00:43:30,759
Speaker 1: that not an issue with the audit? But that's reality, right,

735
00:43:30,800 --> 00:43:33,879
Speaker 1: it's on the books at forty two to forty nine

736
00:43:33,920 --> 00:43:38,319
Speaker 1: dollars and it's actually the marked to market's twenty nine,

737
00:43:38,360 --> 00:43:41,920
Speaker 1: So we have almost a trillion dollars of intrinsic value

738
00:43:41,920 --> 00:43:43,040
Speaker 1: in there, sir.

739
00:43:43,040 --> 00:43:46,480
Speaker 7: Yeah, it's exactly correct. Forty two to twenty two announces

740
00:43:46,520 --> 00:43:49,360
Speaker 7: the book price, which gives about eight hundred billion, but

741
00:43:49,440 --> 00:43:53,680
Speaker 7: at current prices over a trillion dollars, So that is

742
00:43:53,760 --> 00:43:57,719
Speaker 7: based on published gold reserves. Well, we'll have to see

743
00:43:57,719 --> 00:44:00,719
Speaker 7: the reality if Elon can get an audit, but yeah,

744
00:44:00,760 --> 00:44:02,000
Speaker 7: that's absolutely correct.

745
00:44:02,120 --> 00:44:08,120
Speaker 1: Yes, last thing, the gold ship to real quickly. I

746
00:44:08,120 --> 00:44:09,839
Speaker 1: know you get a bounced the gold. There was a

747
00:44:09,960 --> 00:44:13,719
Speaker 1: huge shipment from New York, from London to New York.

748
00:44:13,840 --> 00:44:16,000
Speaker 1: Was that the arbitrage you're talking about? Is that normal

749
00:44:16,040 --> 00:44:18,160
Speaker 1: course of business that people just sensitive to it?

750
00:44:18,200 --> 00:44:18,359
Speaker 2: Now?

751
00:44:18,480 --> 00:44:19,320
Speaker 1: What happened there?

752
00:44:19,960 --> 00:44:22,759
Speaker 7: It's a combination. So it's partly arbitrage they see a

753
00:44:22,760 --> 00:44:26,640
Speaker 7: profitable arbitrage in there, and it's partly demand as well. Right,

754
00:44:26,719 --> 00:44:29,120
Speaker 7: Like I said, they need to get gold to meet

755
00:44:29,120 --> 00:44:32,040
Speaker 7: domestic demand in the United States and they need to

756
00:44:32,040 --> 00:44:34,680
Speaker 7: do it before tariffs kick in. So I think they're

757
00:44:34,719 --> 00:44:39,359
Speaker 7: expecting a spike in demand and we're fulfilling so right now,

758
00:44:39,440 --> 00:44:42,640
Speaker 7: like I said, it looks like a logistics issue for

759
00:44:42,719 --> 00:44:45,400
Speaker 7: the Bank of England. But you know, reaching out to

760
00:44:45,480 --> 00:44:49,040
Speaker 7: foreign nations asking to lend gold reserves. That's a little

761
00:44:49,080 --> 00:44:51,520
Speaker 7: bit concerning. So I think we'll have more clanity good

762
00:44:51,560 --> 00:44:55,000
Speaker 7: ones we head through never good, but we'll see how

763
00:44:55,000 --> 00:44:55,600
Speaker 7: it shack.

764
00:44:57,680 --> 00:44:59,640
Speaker 1: I want people to come and talk to the experts.

765
00:44:59,680 --> 00:45:01,239
Speaker 1: I want people talk to you and your team where

766
00:45:01,280 --> 00:45:01,600
Speaker 1: they go.

767
00:45:02,560 --> 00:45:06,160
Speaker 7: Very simple, Burt's goold dot com forward slash Spannon. That'll

768
00:45:06,200 --> 00:45:09,240
Speaker 7: get them access to free information. If there was ever

769
00:45:09,320 --> 00:45:12,400
Speaker 7: a time to immerse yourself, not to steal your words,

770
00:45:12,400 --> 00:45:16,239
Speaker 7: Steve in information, now's the time from an economic standpoint,

771
00:45:16,320 --> 00:45:19,880
Speaker 7: So Burt's gold, dot com forward slash Spannon or Bannon

772
00:45:20,520 --> 00:45:23,839
Speaker 7: tech spanning to nine eight nine nine eight. That'll get

773
00:45:23,840 --> 00:45:26,480
Speaker 7: them access to free information. And they can reach me

774
00:45:27,080 --> 00:45:30,640
Speaker 7: at Philip Patrick on GETA. I'm putting this stuff out

775
00:45:30,760 --> 00:45:33,680
Speaker 7: all the time, all the articles, so it's there for

776
00:45:33,719 --> 00:45:35,680
Speaker 7: people to read.

777
00:45:36,320 --> 00:45:39,000
Speaker 1: And this is what tremendous amount of information of the

778
00:45:39,000 --> 00:45:42,000
Speaker 1: bridge call guys, get get smart and get smart today, Philip,

779
00:45:42,040 --> 00:45:43,600
Speaker 1: thank you for taking time. I know it's a crazy

780
00:45:43,640 --> 00:45:44,080
Speaker 1: day there.

781
00:45:44,760 --> 00:45:45,440
Speaker 7: Thanks for having me.

782
00:45:45,480 --> 00:45:52,760
Speaker 1: Statrick always on the desk. Sean Rolins joins us doctor

783
00:45:52,800 --> 00:45:55,920
Speaker 1: Sean talking about tariffs. I want to have you on here,

784
00:45:56,040 --> 00:46:00,000
Speaker 1: you know, Rosemary Gibson drop out of the other day

785
00:46:00,040 --> 00:46:03,120
Speaker 1: day we talked about the supply chains hasn't changed much.

786
00:46:03,120 --> 00:46:06,320
Speaker 1: They head this factory in Richmond really hasn't open. Everybody's

787
00:46:06,360 --> 00:46:10,800
Speaker 1: concerned about the terror war that's coming. CCPs making initial moves.

788
00:46:11,760 --> 00:46:15,919
Speaker 1: Jase Medical, You guys can conceive this after you read

789
00:46:15,920 --> 00:46:19,000
Speaker 1: the book and saw her on the show on active

790
00:46:19,040 --> 00:46:23,280
Speaker 1: pharmaceutical ingredients and generic drugs. How can you help people

791
00:46:23,360 --> 00:46:25,279
Speaker 1: calm people down and say, hey, we're here for you

792
00:46:25,320 --> 00:46:27,880
Speaker 1: and we can get you beyond the threats of the

793
00:46:27,960 --> 00:46:31,840
Speaker 1: Chinese Communist Party? Sir, Yeah, thanks, Steve.

794
00:46:31,880 --> 00:46:35,680
Speaker 6: You know, uh, this talk of tariffs when when when

795
00:46:35,719 --> 00:46:39,400
Speaker 6: we first heard about it, we figured that, you know,

796
00:46:39,440 --> 00:46:43,000
Speaker 6: typically pharmaceuticals are are exempt and traditionally have been exempt

797
00:46:43,040 --> 00:46:45,400
Speaker 6: from these these kinds of things. But what we're hearing

798
00:46:45,400 --> 00:46:47,239
Speaker 6: now is that that doesn't look like that will be

799
00:46:47,280 --> 00:46:51,359
Speaker 6: the case. Uh, that these tariffs may may very well

800
00:46:51,640 --> 00:46:56,320
Speaker 6: uh include pharmaceuticals. And we're starting to see more articles

801
00:46:56,360 --> 00:46:59,120
Speaker 6: written about this. It's I guess in some ways it's heartening.

802
00:46:59,200 --> 00:47:01,040
Speaker 6: It's it's heartening for me to see that this is

803
00:47:01,040 --> 00:47:03,839
Speaker 6: being brought to people's awareness. The fact that why does

804
00:47:03,840 --> 00:47:06,319
Speaker 6: it matter if there's terraffs. Well, it matters because all

805
00:47:06,360 --> 00:47:09,640
Speaker 6: of our medications, virtually one hundred percent of them come

806
00:47:09,680 --> 00:47:13,520
Speaker 6: from overseas, and most of those come from China. So

807
00:47:13,560 --> 00:47:15,680
Speaker 6: we're seeing this education is starting to pick up. People

808
00:47:15,680 --> 00:47:20,640
Speaker 6: are starting to realize, and you know, I suppose that

809
00:47:20,880 --> 00:47:23,520
Speaker 6: we may even see something similar to what we're seeing

810
00:47:23,640 --> 00:47:27,240
Speaker 6: in the gold industry, where you know, people are becoming

811
00:47:27,280 --> 00:47:30,960
Speaker 6: more aware, hyper aware of what's going on and wanting

812
00:47:31,000 --> 00:47:33,800
Speaker 6: to have these things on hand. I don't it wouldn't

813
00:47:33,800 --> 00:47:36,759
Speaker 6: surprise me if we start to see health systems, whether

814
00:47:36,800 --> 00:47:40,880
Speaker 6: that's hospitals, large pharmacies, seeing some of the stuff coming

815
00:47:40,880 --> 00:47:43,520
Speaker 6: down the pipe, whether it's tariffs, whether it's just simple

816
00:47:43,600 --> 00:47:47,680
Speaker 6: supply chain disruption as tensions are heating up between US

817
00:47:47,719 --> 00:47:52,160
Speaker 6: and China, that people start to hold larger stockpiles of

818
00:47:52,200 --> 00:47:56,359
Speaker 6: these medications, further exacerbating the problem. And this is all

819
00:47:56,400 --> 00:47:59,839
Speaker 6: information that we've been really out there trying to get

820
00:48:00,000 --> 00:48:02,040
Speaker 6: people to realize for years now.

821
00:48:02,560 --> 00:48:04,560
Speaker 1: And I think this simmering pot.

822
00:48:04,600 --> 00:48:06,719
Speaker 6: I don't know how much longer it will simmer before

823
00:48:06,719 --> 00:48:10,839
Speaker 6: it starts to boil over. So we're here, We're still here, uh,

824
00:48:11,040 --> 00:48:14,600
Speaker 6: trying to get people access to these medications to do

825
00:48:14,640 --> 00:48:15,960
Speaker 6: it in a way that they can get.

826
00:48:15,880 --> 00:48:18,960
Speaker 1: Doctor Sean, Yeah, hang on, I want you, I want

827
00:48:19,000 --> 00:48:20,359
Speaker 1: to stick I want you to stick around the first

828
00:48:20,360 --> 00:48:25,960
Speaker 1: of the hour, because these things are real. The CCP,

829
00:48:26,280 --> 00:48:27,879
Speaker 1: and they've said they're just not going to sit there.

830
00:48:27,880 --> 00:48:30,359
Speaker 1: President Trump's going to put it across tariffs, across them.

831
00:48:30,400 --> 00:48:34,280
Speaker 1: He said that that's going to happen, and they're already

832
00:48:34,280 --> 00:48:38,799
Speaker 1: making moves. So we needed to ramparts. We cannot have

833
00:48:40,040 --> 00:48:42,400
Speaker 1: your personal life and your issues and your anxiety about

834
00:48:42,400 --> 00:48:46,560
Speaker 1: certain things overwhelmed your ability to man the ramparts. Doctor Sean,

835
00:48:47,719 --> 00:48:50,560
Speaker 1: we're gonna take a short break. He'll be back with

836
00:48:50,640 --> 00:48:51,480
Speaker 1: us in just a moment.