Hey Team,
Here’s a bonus edition of the podcast from a “hit” I did on Bannon’s war room.
Hey, Peter Navarro here with the Taking Back Trump's America Podcast and Substack.
A little bonus edition for you here.
I'm talking with Steve Bannon on The War Room.
Peter, I know you're here for Black Friday, but you were one of the architects with President Trump.
of this policy, and you're very specific about if we allow this to happen, you're going to destroy wages of the working class people in this country, particularly Hispanics and African Americans.
You're going to destroy the school system.
You're going to destroy their education.
These people are barely making it right now, right?
What we can't do is flood the zone with more untrained, uneducated, low-skill labor that people can exploit.
Dr. Peter Navarro,
Yeah, Steve, it's happening right before our eyes.
The Biden government statisticians are telling us that it is so.
We're seeing American workers being laid off by the hundreds of thousands and illegal aliens getting employed by the hundreds of thousands.
And guess what?
The net
is towards the illegals.
I mean, it's like over 2 million have come over just in the last year, and they're primarily skewed male and blue-collar low-wage workers.
I mean, it's carnage.
And this whole pressure, Steve, downward pressure on wages
is treating us to this phenomenon in Bidenomics.
It's like the worst possible thing.
This guy was supposed to be a Democrat supporting low-income, blue-collar people.
He's killing them.
He's literally killing them.
And he's figuratively killing them economically with this wave of illegals.
So
Here it is, I got my taxation picture behind me.
That's where we're at, 1970s.
I'm going to get to that in a minute, but Powell told us this.
The whole Fed and the Treasury Department, they said, the problem we have here is wages.
That's the problem with inflation.
It's not our massive spending.
Go figure.
The problem we have is wages.
No, the problem we have is wages.
And here's how we're going to do it.
They said it up front, we need more immigrant labor.
here they're doing and this is what they intend to do in New York City and this is why the elites today have been up there's okay that's fine because you're going to make my nanny cheaper and the grass cutter cheaper and all the people who provide the services all the serfs that run around uh all those all the debt slaves that run around and now it's blowing up on them they they planned on doing this this is this is not a bug of the system this is a feature of the system and you're finally seeing people step up Peter just hang her for one second yeah go ahead yeah yeah
Bannon
You've got this this equation is like guys with a slide rule go and say and okay The feds got to raise interest rates by this much to create this much unemployment to put this much downward pressure on Wages, so it's like the workers are bearing the entire burden of Biden Nomics, okay, and that will not stand sir Peter Navarro
a mini Black Friday yesterday.
Tell me what's going on because Paul Krugman, Peter, is telling me you're wrong that and he's got a Nobel Prize and you haven't gotten yours yet.
He's telling you you're wrong that the economy's never been better and that Peter Navarro is just a Cassandra.
Your thoughts, sir?
Paul Krugman is the same guy that, when Donald Trump was running for election in 2016, said that Trump would destroy the economy and the stock market.
And, of course, we had the best stock market for a very long time and a rip-roaring economy that beat all expectations.
Krugman's a clown.
He's a New York Times pimp.
Bannon
Economy and Market Wrap, and you and I often talk about it on Fridays.
And so I've had a bearish posture for a very long time, but for the last four out of five weeks, we've seen the markets go down.
And what happened this week was really instructive.
It's like for four days, it looked like it was back to bullish land.
And I'm looking at it, and yeah, all the news is bad, Steve.
Inflation is locking in, this, that, and the other thing.
And then on Friday, the it hit the fan.
A big, big bounce down.
The S&P, I think it's four out of five weeks now in a row has gone down, lost over 1% as did the NASDAQ.
The catalyst, interestingly enough, may well have been the announcement of the UAW strike against the autoworkers.
And it's apropos of what you and I talk about all the time.
The biggest issue in that whole strike
is re-institution of a cost of living adjustment, Steve, which the UAW lost in 2007 and didn't really need because inflation was so moderate for so long.
But, you know, we're supposed to be like deplorables, breathe through our mouth, we're too stupid enough to understand economics.
But every single one of those UAW workers understands that if they get 36 percent wage hike over the next four years and inflation's up 40 percent,
Guess what?
They've lost money yet again.
Their real wages are down.
And what the strike means, Steve, is that what's happening is the wage price spiral is institutionalizing now into the economy like we had here in the 70s.
I'm pointing to that picture.
And it's not a pretty picture, Steve.
So buckle up, baby.
We may well get that October correction that everybody fears.
I want everybody to go to... Your weekly report's amazing.
Where do they go to substack to get it?
And where do they go follow you on social media?
PeterNavarro.substack.com.
PeterNavarro.substack.com.
I've also got a column in there, Steve, about how four years ago, literally, things you don't know about Peter Navarro.
I literally solved the last auto strike from my perch in the White House on behalf of Donald Trump.
He told me to go in and get going after 30 days of chaos.
He's written for the Wall Street Journal and the New York Times, and now he's writing for you at peternavarro.substack.com.
Get the latest updates related to the Chinese Communist Party's invasion of America.
Read Peter Navarro's Weekly Market Recap to protect your wealth.
Get the inside scoop on all the things related to Trump 2024.
All this information can be found at peternavarro.substack.com.
Discover both the blueprint and the battle cry for taking back Trump's America.
Subscribe today at peternavarro.substack.com.
DEATH BY CHINA SONG
Look around and tell me what you see Every day, more people in the street Said I used to work in a factory Right now, I don't work for anything
It's not me, but my family I wish to feed Not much, cause we've got simple needs Too bad, they sent our jobs away As the CEOs get richer, their jobs all move offshore
Go to the store and spend our money Send all the dollars overseas This ain't the land of milk and honey This is the land of trading
My brother got his college degree He dreamed of running a factory Now he's back home living with mom again
Cause there's no bright future for a working man like him Go to the store and spend our money Send our dollars overseas And this ain't the land of milk and honey
This is the land of trade and greed We go to the store and spend our money Send all our dollars overseas This was the land of milking
Now it's the land of trade and greed
Bonus Edition: Bannon and Navarro on Biden's Open Border Debacle and UAW Strike