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

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Speaker 2: Pray for our enemies because we're going to medieval on

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Speaker 2: these people.

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Speaker 1: There's not got a free shot.

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Speaker 2: And all these networks lying about the people, the people

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Speaker 2: have had a belly full of it.

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

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Speaker 2: I know you tried to do everything.

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Speaker 1: In the world to stop that, but you're not going

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Speaker 1: to stop it. It's going to happen. And where do

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Speaker 1: people like that go to share the big line? Mega media?

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Speaker 2: I wish in my soul, I wish that any of

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Speaker 2: these people had a conscience. Ask yourself, what is my

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Speaker 2: task and what is my purpose? If that answer is

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Speaker 2: to save my country, this country.

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Speaker 1: Will be saved. Warm use your host, Stephen k Ba.

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Speaker 2: It's Monday, sixteen December, the year over Lord, twenty twenty four.

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Speaker 2: We're going to go momentarily tomorrow Lago where President Trump's

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Speaker 2: about to make an announcement about some investments in the

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Speaker 2: United States, and well, I think it's Matsusan they had

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Speaker 2: a soft bank. I think rumor has it there's been

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Speaker 2: some tweets out that may be up to one hundred

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Speaker 2: billion dollars and US companies or investment in the United States,

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Speaker 2: particularly an AI I respectfully, respectuly, I'm not a fan

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Speaker 2: of any of this. I want foreign capital out of

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Speaker 2: the United States of America, not in I particularly don't

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Speaker 2: want it owning our farm land. I'm not really that

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Speaker 2: excited about owning the companies. But President Trump has a

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Speaker 2: huge task in front of him. President Trump's got pretty

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Speaker 2: broad shoulders, but this is going to be a tough one.

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Speaker 2: And I said that the fate of President Trump's second

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Speaker 2: term is going to be decided in New York City,

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Speaker 2: not Washington. DC's gonna be sited in New York City.

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Speaker 2: New York City. The global capital markets are going to

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Speaker 2: vote up or down on President Trump's plan. Now he's

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Speaker 2: put together I think one of the smartest teams has

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Speaker 2: ever been put together in the American government. With Scott

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Speaker 2: Bessen over treasure expert in capital markets. You've got Hassett,

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Speaker 2: the former head of the CEA, which is the economist

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Speaker 2: the Council of Economic Advisors, and President Trump's first term,

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Speaker 2: he now runs any seat. And let me just explain

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Speaker 2: the structure of that, so everybody stands it. In the

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Speaker 2: White House, you have a number of big groups of people.

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Speaker 1: That perform task.

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Speaker 2: You have Office of Management Budget which is I think

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Speaker 2: six or seven hundred people working NonStop, and RUSS vote

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Speaker 2: I think brings in I don't know, like one hundred

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Speaker 2: of those. You got a bunch of professionals that brings

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Speaker 2: in one hundred of those. By the way, my producers

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Speaker 2: will give me the heads up and go to mar

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Speaker 2: Lago Life and let's blow the brakes that we go.

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Speaker 1: To mar Lago.

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Speaker 2: Onb opposite Management Budget, RUSS vote absolutely central with the

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Speaker 2: doge guys on managing the government, managing the flow of

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Speaker 2: cash through the government, and also deconstruction the administrative state.

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Speaker 1: Then you have three big.

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Speaker 2: Councils, and these councils are staffed with both people President

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Speaker 2: Trump puts in there. They don't have to get Senate confirmed.

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Speaker 2: Nobody in the White House has to have Senate confirmation.

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Speaker 2: So the big counselor of the National Security Council, the

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Speaker 2: Domestic Policy Council, and the National Economic Council. So you

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Speaker 2: have three big, big groups and these really drive up

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Speaker 2: the policy alternatives for the President, of which he then

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Speaker 2: with the cabinet heads, in coordination with the cabinet heads,

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Speaker 2: force us through the system and of course, you do

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Speaker 2: an annual budget, and in that budget you kind of

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Speaker 2: agree a top line, and then you actually do the

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Speaker 2: appropriations process. And many of you a couple of years ago,

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Speaker 2: I guess it was last summer, or maybe the summer beforehand.

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Speaker 1: Sat DU we did the appropriations. We did the appropriations, you.

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Speaker 2: Know, meetings and debates all night long, all throughout the

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Speaker 2: night where every penny had six and a half trillion

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Speaker 2: dollars gets appropriated, gets debated, and.

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Speaker 1: It comes up. And this is why these bills are

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Speaker 1: so big.

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Speaker 2: National Security Council obviously handles everything with National Security Coordinator

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Speaker 2: between the CIA, the d and I a Director of

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Speaker 2: National Intelligence, and the Pentagon in some of the FBI,

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Speaker 2: also in.

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Speaker 1: Justice departments, state departments.

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Speaker 2: So the National Security Council is that you have in

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Speaker 2: that Congressman Mike Waltz, a former Green Beret Azrende have

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Speaker 2: Domestic Policy Counselor of the Domestic Policy Council, in which

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Speaker 2: I think Stephen Miller is both Stephen Miller's ahead of

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Speaker 2: all domestic policy and he's head of Immigration and works

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Speaker 2: directly with the Bordosol Sorry Tom Homan. Stephen is also

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Speaker 2: the Deputy Chief of Staff for policy. And then you've

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Speaker 2: got the National Economic Council, which is Hassett, who's economists,

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Speaker 2: very close to President Trump.

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Speaker 1: You have all the advisors in trade.

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Speaker 2: You've got Peter Navares in the White House, a senior

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Speaker 2: counselor from manufacturing in trade. He deals with President Trump

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Speaker 2: on Taro. So I'm bringing manufacturing jobs back. So that's

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Speaker 2: remember in a six and a half trillion dollars budget

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Speaker 2: that we're trying to get down, you have in the

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Speaker 2: government about two and a half million people roughly of civilians,

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Speaker 2: you have about two and a half three million militaries.

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Speaker 1: That comes to roughly five million.

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Speaker 2: Then you have contractors where nobody counts it as the contractor.

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Speaker 2: You have contractors I think approximately it's tough to tell precisely,

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Speaker 2: but about five million contractors at the executive level. So

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Speaker 2: essentially ten million people to run a government that has

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Speaker 2: six and a half trillion dollars of cash, come and

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Speaker 2: do it and runs everything from the National Weapons Labs

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Speaker 2: to like half of the west of the Apartment of

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Speaker 2: Interior to the Defense Department, which takes almost the trellion dollars. Now,

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Speaker 2: which you go to any military base, you see the

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Speaker 2: aircraft carriers, you go to Norfolk, you go to San Diego,

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Speaker 2: you go to the Air Force bases, you go to

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Speaker 2: the army bases. That's all comes through the federal budget.

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Speaker 2: It's all kind of manage that entity is what is

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Speaker 2: just too expensive right now?

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Speaker 3: I want to say two expensive cities they say. People said, well,

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Speaker 3: Steve had say that. Hey, say it's too expensive. I

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Speaker 3: know it's just not perfect. Well we're not prepared to

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Speaker 3: pay for it. And we say, well, why are you

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Speaker 3: not prepared to pay for it?

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Speaker 2: Wells said, hey, just all cash coming in from from

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Speaker 2: tariffs and from and from fees and from taxes amount

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Speaker 2: about four and a half trillion dollars. We spend six

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Speaker 2: to six and a half. So that gap every year,

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Speaker 2: that one and a half the two trillion dollar gap

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Speaker 2: has to be finance somehow, and how's it doing. This

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Speaker 2: goes to be part of the national debt. And we

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Speaker 2: either sell the bonds. You either create bonds government instruments.

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Speaker 2: We keep selling saying ten year bonds, thirty year bonds,

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Speaker 2: and you sell them to Japanese insurance companies or the

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Speaker 2: Chinese government, or the Saudi royal family or the Norway's

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Speaker 2: Wealth Fund anybody can buy these, and it's a big market.

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Speaker 2: And traditionally the Japanese, the Chinese, and the Saudis have

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Speaker 2: owned a pretty significant.

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Speaker 1: Part of this. Now, as you know, I'm not.

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Speaker 2: A huge believer in foreigners owning parts of the United States.

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Speaker 2: But listen, if you're going to finance this, you know,

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Speaker 2: there's only so much money, and so you go out

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Speaker 2: to this market.

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Speaker 1: Now, if you don't, you kind of have to. How

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Speaker 1: do you do it? Well, we can.

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Speaker 2: Actually print it ourselves and buy it ourselves, and you

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Speaker 2: would go, isn't that kind of a scamp? Well, this

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Speaker 2: is what being the prime reserve currency. The greatest export

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Speaker 2: of the United States is not our technology. The greatest

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Speaker 2: export is not the personal computer or all the great

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Speaker 2: things we did in our space.

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Speaker 1: Or all the advances.

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Speaker 2: Are the pharmaceuticals you take anywhere in this country that

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Speaker 2: we're the leading industry. That's not our top export. What's

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Speaker 2: the top export the United States dollar?

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Speaker 1: Because the world because of global trade.

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Speaker 2: Since kind of the beginning of global trade, you know,

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Speaker 2: sometime after Marco Polo with really the Spanish and the

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Speaker 2: Portuguese and the Italians Venice, You've everybody's wanted to convert

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Speaker 2: and had to have kind of a common currency of

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Speaker 2: currency they convert into. And it turns out at that time,

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Speaker 2: the dominant the hegemon or the dominant trading partner empire

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Speaker 2: at that time, where the Spanish was, the Dutch was,

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Speaker 2: the English or where the United States kind of takes

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Speaker 2: that role.

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Speaker 1: And now it comes with tons of obligations.

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Speaker 2: And we've never had a national debate about this. This

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Speaker 2: is why if you hear this concept of the which

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Speaker 2: I call kind of a fetish now the post war

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Speaker 2: international rules based order, the post war international rules based order.

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Speaker 2: In the destruction of World War Two, the British had

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Speaker 2: finally run out of steam between World War One losing

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Speaker 2: all those men in France and.

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Speaker 1: World War two being crushed.

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Speaker 2: They saved their liberty and for a while they saved

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Speaker 2: their empire, but it wasn't for too long. But in

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Speaker 2: Churchill had stood up to the Germans, but they were

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Speaker 2: a shattered nation and no longer had kind of the

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Speaker 2: depth the bank of England, which is you know, my

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Speaker 2: dad said when he grew up as a kid back

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Speaker 2: in the nineteen twenties, go and see the map in school.

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Speaker 2: And the British Empire was in pink, and it has

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Speaker 2: almost looked like a tiny island in the entire world

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Speaker 2: was controlled by the British or the Bank of England,

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Speaker 2: and solid as a pound was really the currency that

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Speaker 2: drove international commerce and drove when they were the world

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Speaker 2: power in the late nineteenth century and early twentieth century.

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Speaker 2: By the end of World War Two, they were shattered,

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Speaker 2: They were broken. They were broken on the battlefields of

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Speaker 2: essentially Europe, just like the French before them in World

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Speaker 2: War One had been broken shattered. This is what happens

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Speaker 2: when you lose millions of men, millions of young men.

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Speaker 2: Quite frankly, your best and brightest are churned up in war.

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Speaker 2: What's happened in Ukraine right now, or the best in

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Speaker 2: the brightest in Ukraine have been churned up in what

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Speaker 2: we call the Charnal house right which Professor Meerschaimer warned

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Speaker 2: him about. So in that post war order, since we

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Speaker 2: were kind of the last man standing, we had been

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Speaker 2: the arsenal for democracy and the bravery and the courage

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Speaker 2: of American troops, whether in the Eighth Air Force over Europe,

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Speaker 2: or in Normandy, or in North Africa as or at

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Speaker 2: Guadalcanal in the South Pacific and the whole fighting up

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Speaker 2: through through UH the Philippines and eventually Saipan to get

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Speaker 2: to to get to Japan. UH, and you know, the

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Speaker 2: submarines and the and the destroyers and the.

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Speaker 1: Navy, all of it.

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Speaker 2: We had relatively few casualties and our country really hadn't

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Speaker 2: been hit in any meaningful way outside of Pearl Harbor,

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Speaker 2: UH and one or two other things in the West

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Speaker 2: Coast had not really been and not in the story.

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Speaker 2: So we were there as kind of the American Empire.

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Speaker 2: That's where it began. And to be part of that

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Speaker 2: empire you had to have They had a meeting at

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Speaker 2: Bretton Woods, right, and they came up with a with

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Speaker 2: a way that the American dollar was now going to

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Speaker 2: be the prime reserve currency. So since that time you've

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Speaker 2: had two things. You've had this kind of this uh

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Speaker 2: this UH the metastasizing of the administrative state, the administrative

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Speaker 2: state that was really born somewhat in the Civil War

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Speaker 2: but kind of died of, but really born in World

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Speaker 2: War A little bit with FDR's Great Society, FDR's New

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Speaker 2: Deal to save capitalism, right, or some form of capitalism

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Speaker 2: to become kind of neoliberalism, but really the expansion of

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Speaker 2: the administrative state during the war to manage a global conflict.

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Speaker 1: Under General Marshall.

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Speaker 2: That entity, right. They got us into Korea, and got

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Speaker 2: us into Vietnam. He got us in Iraq and Afghanistan.

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Speaker 2: All of it is the price you pay for being

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Speaker 2: the Hedgemond price you pay.

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Speaker 1: We weren't to hedgemon obviously a big part of that.

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Speaker 2: They had the Soviet Union, although we found out when

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Speaker 2: President Raging came on that the CIA, hello, the CIA,

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Speaker 2: had radically miscalculated the size of the Soviet economy, had

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Speaker 2: kind of, wait for it, lied to policymakers and lied

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Speaker 2: to the American.

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Speaker 1: People about really the threat of the Russians.

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Speaker 2: Not that they didn't have a ton of nuclear weapons,

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Speaker 2: but they didn't really have an economy. Back in the

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Speaker 2: sixties and early seventies, they were sitting there, go, oh, command,

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Speaker 2: economy is the way of the future. What the United

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Speaker 2: States does is not the way of the future. Turns

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Speaker 2: out that was a bald face line that economy was

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Speaker 2: about I don't know one sixth of the size that

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Speaker 2: it really was. When President Reagan got in there and

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Speaker 2: Bill Case and actually did a analysis of the size

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Speaker 2: of it. This led to the takedown of the Evil Empire.

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Speaker 2: It was essentially an economic war out to destroy the Bolsheviks,

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Speaker 2: the Soviet Union and destroy it. We did in about

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Speaker 2: ten years, eight years to the fall of the Berlin

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Speaker 2: Wall because of President Reagan's focus. But that system is

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Speaker 2: a system now that has a spread over Hell's half Acre.

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Speaker 2: If you look the other day to the Secretary of

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Speaker 2: the Army bragging, thinking you're a good thing, put out

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Speaker 2: a tweet and said, we have one hundred and thirteen

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Speaker 2: thousand troops deployed in one hundred and forty countries, like

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Speaker 2: this is a good thing. This how we're ending the year.

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Speaker 2: I told Moe that when I did the changeover for

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Speaker 2: the kind of relieve the watch for and when President

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Speaker 2: Trump took over that when you add the Marines, you

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Speaker 2: had the Air Force, you had the Navy. I don't

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Speaker 2: know your round up, it is about one hundred and

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Speaker 2: fifty thousand troops, sailors, airman in about one hundred and

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Speaker 2: fifty countries.

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Speaker 1: You spread out all of Hell's half Acre. And trust me, folks,

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Speaker 1: that's expensive.

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Speaker 2: From the twenty five thousand troops we have in Korea

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Speaker 2: to the thirty thousand troops we have in Germany. I'm

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Speaker 2: not arguing they got to come home. I'm arguing that

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Speaker 2: we have to have a national debate, a partner's discussion,

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Speaker 2: and it has to happen now with full disclosure. This

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Speaker 2: debt and spending is a runaway train. It's a runaway

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Speaker 2: train that's going to run over Elon Musk. It's a

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Speaker 2: runaway train that's going to run over Vivek Ramaswami. It's

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Speaker 2: a runaway train that could run over Donald John Trump.

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Speaker 2: It's a runaway train that's not just going to run

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Speaker 2: over Maga, It's going to run over the American people

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Speaker 2: in this beloved republic. It has to be This is

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Speaker 2: the existential ticking time bomb that's before us. And here's

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Speaker 2: the thing in the long con that got us here,

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Speaker 2: and it as a con. The smartest guys in the room,

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Speaker 2: just like in the border, it's not chaos down there.

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Speaker 2: They knew exactly what they're doing to get fifteen million

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Speaker 2: illegal aliens in here, to drive down wages among blacks

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Speaker 2: and Hispanics, and to add to consumer spending. The folks

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Speaker 2: on Wall Street, the folks in corporate America, knew exactly

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Speaker 2: what was going on here.

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Speaker 1: They're puppets the political class, the.

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Speaker 2: Order takers in Washington and see knew exactly what the

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Speaker 2: orders were.

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Speaker 1: And they executed on it.

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Speaker 2: So the reason they hate Trump because Trump has given

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Speaker 2: the working man and woman a place in the room,

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Speaker 2: and not in the room, not in the deal with

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Speaker 2: this crowd. And he not only puts you in the room,

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Speaker 2: he puts you at the head of the table. So

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Speaker 2: now it's on you. You're the full faith and credit

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Speaker 2: of the United States of America. And now it's going

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Speaker 2: to come a time. It's going to come a time

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Speaker 2: for testing. Next in the war room,