Bannon’s War Room: Wheat and Oil Markets, Polling with Steve Cortes. March 21, 2022.
The Economy: Guest Steve Cortes. March 21, 2022.
Transcripts from Bannon’s War Room on Rumble: Whear and Oil Markets, Polling with Steve Cortes Published March 21, 2022.
Steve Bannon:
Steve is going to give us some market checks this morning because things are on fire right now. Cortes, here's what I want. I want Zelensky and I want that ex-president. The ex-president comes on Morning Joe and that he lays out four demands. We need more arms immediately we need to ship them in. you need to do close the sky, we need both MiGs and surface-to-air missiles to close the sky.
They'll start World War Three. We need a western front and some more economic warfare. And oh, by the way, let’s throw in a Marshall Plan on top of it. I want that guy representing us in the US Senate, and with Zelensky in the House. They got hutzpah. I'd like it though, they’re in your grill and they got a way about them. They’re kind of lecturing you. I like that, I'm not crazy about the content. I like the style because they're sitting there. This is what we need in American politicians, go ahead.
Steve Cortes:
See, it's not, it's not just the substance of course, is so wrong for the strategic interest of the United States or I should say the lack of strategic interest of the United States regarding the Eastern border of Ukraine. You're right, it's also, it's the condescension, its the demanding nature. And I do think it's finally starting to backfire a bit on Zelensky, somebody who the American left in the Davos dilettantes want to canonize. He, over the weekend he's doing his virtual tour of the world and over the weekend he really lectured Israel and tried to compare this to the Holocaust almost as offensive I should say actually more offensive even than coming to the United States virtually and comparing it to 911 for Americans. So, I think he's overplaying his hands certainly, but I want to also touch on financial markets right now and how it relates to the economic risk that America is taking here because we are at full scale economic war.
When people talk about the United States engaging, we have totally engaged. As a matter of fact, on the economic front we are using unprecedented actions. We have weaponized money in a way that we have never done in American history including even in World War Two. So, we’re in full-scale economic war. Realize that we already had a full-on fight Biden inflation imbroglio in this country and explosion even before things got hot in the Ukraine. Joe Biden already took us economically to a place of the 1970s.
I argue that he now risks through this escalation, and to this economic war versus Russia he risks taking America to place of the 1930s. Let me give you a couple of data points, actually I think three are very relevant quickly. Right now, one is crude oil is flying again today. West Texas Intermediate did have a brief visit below $100 unfortunately, we're right back above 100 materially, so. $111 right now as we speak of about six percent of the day.
Wheat, this doesn't get talked about enough. Wheat prices, right now, per bushel are above $11 per bushel. When Joe Biden took office on January 20th it was six dollars per bushel. Wheat was already flying, like every commodity before this crisis, but this crisis has put it on steroids.
Steve, if you double or almost double wheat prices, you are literally begging for a global food crisis. That is imminent and looming. And then the third issue for Americans that really hits home and hits main street today for the first time, we see 2-year treasury yield go above 2 percent first time since 2019. Ten-year treasury yield already did that weeks ago. Mortgages 30-year mortgage rates are above 4% now on average, for the first time since 2019.
So, my point here is to the people out there, realize you are a combatant and I'm sure an unwilling combatant right now, but you are a combatant in this economic war against Russia right now. We have already escalated far beyond any material interest of the United States actually has, in this fight in Ukraine.
We must stop it now. The economic risks alone are too severe to justify any further escalation of this process. Do not listen to corporate media and that includes Fox News. Do not listen to corporate media when they try to claim that quote freedom isn't free and that we need more escalation of the U.S. into what is clearly a regional struggle over a border.
Steve Bannon:
Steve Cortes, I’m hearing this polling “99% of people support this. MSNBC got some quote from me. And I said, they said, well, he didn't give a follow up example. Hey, in the Iraq war is 90% of the people. Just remember that. Go back in time particularly if you’re old enough. There's so many of our young colleagues that don't remember that were either not born or were young kids then in short pants, but the adults should remember. All the cheerleading for the Iraq War, it was all lies, all of it. They were all lies.
Not just, there's one thing about making bad decisions or the Kasserine pass or, you know, do you go Japan first or you go Europe first or you know, tactical decisions. There's another thing to just lie to you, reinforce the lie and then after its exposed, the lie, just try to say oh well, you know, we thought it was there or really was there etcetera. You were lied about Iraq and look at the debacle. We still have not recovered from Iraq. We haven’t recovered financially from it as a country. But when you ask the questions correctly, Mr. Cortes, what happens?
Steve Cortes:
It's a great point and Steve listen, I do not believe in policy by polling because you're exactly right. Some of the lonely voices like Patrick Buchanan, during the Iraq War. They were, right even though the polling favored that war, but my point is, if the questions are asked correctly right now, the polling actually is not pro escalation. It is not pro intervention. Let me give you some concrete data there and this is from economists you gov. This poll was just finished on March 8. So, things were extremely hot, full-on invasion of Ukraine.
At that point they said and if you ask this correctly, not no-fly zone. That phrase doesn't mean much to most people if they're not involved in the military or they don't think strategically about it. But they asked the question, Economist you gov, “Should the US shoot at Russian planes in Ukraine”? Okay, that's the actual question. Right? Should we engage in combat there? That's what a no-fly zone really means. Only fourteen percent said, they strongly support it. Seventeen percent said they somewhat supported. So, 31 percent in total of Americans say they either strongly or somewhat support of the US actually really enforcing a no-fly zone over in Ukraine. And, by the way, 14%, strong support twice as many strongly opposed 29% in The Economist you gov poll strongly opposed.
So, the good common sense of the American people. I think when the question is asked the right way that good common sense shines through. I think Americans instinctively, if they don’t use that phrase they instinctively maintain and embrace an America First foreign policy that, you know, we protect vital American interest. So, I think that the American people are despite all of the obstacles, put on their way. And I mentioned some of them there in my chalk talk.
Despite all those obstacles, despite all of the lies, all the fog, not a fog of war but fog a real disinformation coming from the corporate media from our own elected officials, including a lot of republicans. I think people are increasingly grasping the reality that there's no vital American interests at stake here. That we have already paid an enormous economic cost for the economic war that we've instituted that Biden has instituted against Russia. And that further escalation does not make sense for the American people. So again, I don't believe in policy by polling, but the polling is actually on our side on this issue. If the questions are asked correctly.
Steve Bannon:
You see it how we’re losing yesterday. On CBS on the I think it's Face the Nation show on CBS Sunday Morning Show with Miss Brennan. She gets read the riot act by the Chinese Ambassador. And these guys are all made to kind of be very polite, and boom just right back in your face. They have no respect for our leadership anymore. What they have done from Alaska till now is stunning.
They didn't do that on a Donald J. Trump. They flew over here after we took the phone call from Taiwan. They flew Tiger Yang. I sat with Tiger Yang for two days, not for six hours for two 12-hour days with that hombre right across the table from me. I didn’t let him, he wasn’t reading me the riot act, right? Not going to happen. This is why he hates me. This is one of the reasons why I'm sanctioned. I told him exactly what we're going to do. And people right now in the vital national security of our nation is the protection of our currency and not the weaponizing of it, right? If we're going to weaponize it, you got to go for the head of the snake. Am I wrong Steve Cortes?
Steve Cortes:
Listen, Steve we live in a world that is full of powerful vipers out there. And that's really, I'm not exaggerating, when I call them that. I'm talking about people like Xi, Putin, MBS others, right? We live in a world where America needs to be respected and or feared, and Joe Biden is neither. He is not respected and he is not feared, why? Well, for one reason, we're talking about Beijing specifically, because he is in all likelihood totally compromised by them a reality that we know from the Laptop from Hell.
A reality though, that was hidden from the American people, unfortunately, rather successfully hidden. So, there are real consequences to a rigged election. And by the way, I would say even if you're a person out there who actually believes that the legal votes were counted correctly. I'm certainly not in that camp far from it. But let's say you believe that, it was still a rigged election because the most bombshell story of the entire campaign was completely suppressed and hidden from the American people. A story that has again become incredibly relevant today because it's a story that involves China and Ukraine, two of the key players in this entire current conflict. And one of the reasons, perhaps the primary reason that the Chinese Communist Party neither fears nor respects Joe Biden is because they internally have the receipts.
They know exactly how compromised he is personally, as the quote “big guy”. His family is which I really prefer to refer to as the Biden Cartel and they know that the election of Joe Biden was rigged and they know that this is a time to press their bets and is a time to end in all likelihood, a century of the hegemony of the American dollar. And this is something which for regular everyday folks out there who don't follow capital markets I know you may not be easy, your eyes my glaze over.
When you start hearing currency talk, but please pay attention and know this. Your life has been made materially better because the dollar has been the reserve currency of the world. Because there's been an almost insatiable demand globally for United States dollars everywhere from corporations to central banks to drug dealers. Everyone transacted in dollars, that had great benefits for America because it was a lid on in inflation and the last couple of decades when we have run out of control and irresponsible deficits. It allowed us to finance those deficits at very reasonable rates.
Once we lose that status of King Dollar, that status of the reserve currency of the world and I believe it's already happening now under Joe Biden. The economic reality for America becomes nightmarish as our deficits and debts are totally unsustainable without the exorbitant luxury of King Dollar. We can quickly become Argentina and I think that probably sounds like an exaggeration to a lot of Americans, but realize that Argentina was as wealthy if not wealthier than America a century ago.
Economics can be a very harsh set of principles. And right now we are playing with fire, with unprecedented escalation economically against Russia and over what? over the eastern border of Ukraine, over a regional struggle in which America has no vital interest. And by the way, no one in American government, no one from Brussels, no one in the media has had the decency or the respect for the American people, to explain to us why we should be taking these monumental risks because of eastern Ukraine.
Why does this matter to the United States? They don't have the decency to try to make a case. I don't believe there is any case for them to make, but they should at least have the respect to try because every American is a combatant right now in this economic war and this economic war could very well lead to kinetic war if we don't cool it. So, stop listening, I implore the audience out there, stop listening to Davos dilettantes and DC dilettantes people like Ben Sasse, people like Mitch McConnell like Lindsey Graham. Notice, I'm naming all Republicans, like, most of Fox News like most of the Legacy Media because they are trying to get you into a hot shooting war.
Steve Bannon:
Cortes, you've got polling for us that because the Democrats are in a full scramble right now. There's an article in Politico today that basically says and correct me if I'm wrong that the US Senate hangs on the Hispanic vote in Arizona, and Nevada. And let me just tell the Democrats out there particularly the operatives that watch our show. If that's what you're hanging on guys you've got to have a plan B, you have to have a plan B, you're in deep trouble. That's the biggest tell I've seen so far. I've read that thing 10 times you know just loved it. Walk us through your analysis Cortes, right?
Steve Cortes:
And Steve I have to tell you, you know, I do take some personal glee in this as an American nationalist and a proud Hispanic nothing would be better than watching Hispanics in states like Arizona and Nevada tip the balance with amazing candidates, like Blake Masters and Adam Lacksaw all both of whom I think will make amazing senators. But let's look at some of the data here be and believe me, the Democrat operatives are pulling their hair out. Okay, because they see the same data here that I see. T
hey might be misguided. They might be evil, but they're not stupid. They see these numbers and they see the way Hispanics are rallying to the America First, agenda. Hispanics and I would say working-class of whatever persuasion, whatever ethnicity, whatever color, Americans of the working class and that comprises almost all this Hispanics are rallying to the combination of cultural conservatism plus economic populist nationalism. That is the winning formula, cultural conservatism plus economic populist nationalist. Now let's look at the numbers to try to prove my point.
In Arizona, and this is polling from Civics. In Arizona, among Hispanics in that state, when Joe Biden took office just over a year ago in January of 2021, he had a commanding positive approval ratio among Arizona Hispanics. 65 percent approved only 26 percent disapproved. That's really an amazing, he had an amazing font of goodwill among Arizona, Hispanics, +39, almost 40% his way. That has shrunk all the way now to only plus 12. He is right now at 51 39, according to Civics. Now I'm shocked that he still has a positive approval ratio at all because it is either shrunken to even or even - in other states, similar states like Texas and Nevada among Hispanics.
But if we take Civics number on its face, and again, I do think the polling, even if you don't believe in the outright number, as long as they haven't changed their methodology, Steve, I think the movement is valid. The movement is something to pay attention to. And the movement here is in just over a year's time in implosion - 27 percent in the state of Arizona, among bad Hombres, and among Latinas who have had enough of Biden's policies.
One other poll to give you at the national level, if we look again, at Economist you gov and I mentioned some of their other polling before. Economists you gov on the economy, nationally asked all Americans of what other at this, the to describe the economy. Five percent, a paltry five percent said that the economy was excellent. That's an amazingly bad number, of course, it's accurate but unfortunately, but that's the reality. They asked Hispanics, “Are you better off than you were when Joe Biden, took office?” The percentage of Hispanics, nationally, who said, yes, nine percent nine percent of Hispanics say they are better off.
So, the Democrats have a massive problem among working class constituencies in this country including Hispanics. It's not just the economy a little that's a crucial part of it. I think it's the economy plus the cultural issues. You know, Hispanics as a community tend to be more conservative than other demographics in America. And when the Democratic party which has really make political orphans of Hispanics in this country. When the Democratic party insists on fake reality on things like there are 50 genders and it's okay for men to crush women in sports, for example, I think all Americans have good sense, recoil, but particularly so, Hispanic Americans. So. I think we have the winning policy combination for a tidal wave to come in 2022 and 2024 among Hispanic Americans as the new real one of the new pillars of the America First movement.
Steve Bannon:
And I got to tell you for all working-class people out there you have the brunt with the 10-year, treasury going up. Your credit card interest rates are going to crush you. Your gasoline is going to crush you. And now with wheat blowing up, you're going to get crushed with basics like food, basics like gas to get to work and basics like, hey my credit cards. The very base of the credit card, Steve Cortes, that trifecta is going to wipe out working class people throughout this country.
Steve Cortes:
You're exactly right. Listen, the inflation is the most regressive of all punishments, right? In other words, it affects working class people the hardest, people who for them the percentage of the income that they spend on the essentials on the staples, is the highest. It might annoy the law partner or the investment banker who makes a seven or eight figure income, but it's not going to change his or her life. It is going to materially change the lives of the single working mom waitress who has a long drive to work and cringes when she puts her credit card into that gas pump knowing how high the tab is going to be.
Again, these are the these are the consequences of policy failures of Joe Biden and we are not going to allow him to use the beard of Putin. We're not going to allow him or Nancy Pelosi to lie to the American people and spin a narrative that this is because of Putin. Yes, the inflation has been exacerbated because of our needless escalation, but we had an inflation absolute Inferno before anything got hot in the Ukraine.
Steve Bannon:
Okay we're back here at 5:00 of tons of stuff to get through.
END
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