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Chapter 1: What is the significance of the primal scream of a dying regime?
This is the primal scream of a dying regime. Pray for our enemies, because we're going medieval on these people. I got a free shot on all these networks lying about the people. The people have had a belly full of it. I know you don't like hearing that. I know you've tried to do everything in the world to stop that, but you're not going to stop it. It's going to happen.
And where do people like that go to share the big lie? Mega media. I wish in my soul, I wish that any of these people had a conscience.
Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved. War Room. Here's your host, Stephen K. Bann. Thursday, 25 September, Year of Our Lord 2025.
Chapter 2: How does the concept of globalization relate to current political tensions?
Okay, we've got even more to cover in this hour than last hour, and we're going to have an interruption as the president of Turkey arrives. There's going to be a bilat, and I'm sure the president is going to make a few comments and maybe take a couple of three questions from the Oval, so we'll go to that. And I've got Mike Davis, the viceroy, coming up.
Also, we're going to go to the Maha Institute today has the roundtable about... autism, vaccines, all of it. It's going to take place from noon to 5. We're going to cover it all live. We're going to have a pregame if we can fit it in, and then postgame at 5 o'clock. So just stick around. We're going to get all this done.
But one thing I've wanted to do, I've had actually an in-studio interview scheduled. before the Charlie Kirk assassination, so we delayed it. But it was important enough for me that it's a book that is extraordinary and an author that kind of had a ringside seat.
Gibbons wrote The Decline and Fall of the Roman Empire, but he did it many centuries later from his interest in going back to Rome as a young man and seeing what had once been a great civilization and wanting to write about it. This is not the decline and fall. This is the rise and fall. It's called The World's Worst Bet. It's written by David J. Lynch.
I could not recommend this book higher to get you up to speed as quickly as possible about this. You just heard my rant on H-1B visas, as you hear every couple of days.
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Chapter 3: What insights does David J. Lynch provide about the rise and fall of globalization?
It's all part of globalization. David, I just want to toss it to you. Just give your background. You've kind of had a ringside seat for this, and you do The Rise and Fall, and it's extraordinary. It's an epic tale. I mean, it almost reads like a novel, right? It's an epic tale of just people, some who are well-intentioned, some who are not, who just...
made decisions and got us in a situation where it didn't work for people and now we're kind of in a populist nationalist uprising that we're very proud to be one of the the major platforms for and that's why i want people to read this so just how did you get the idea for the book uh what's your background in it uh and just talk to us about it Well, first, thanks for having me on.
I was struck a few years ago on the sidelines of one of the G20 global summits, which was a very messy affair. Nobody was really getting along. Vladimir Putin didn't even show up. Xi Jinping proved kind of prickly on some key issues.
And it struck me at the time that this was not at all the kind of harmonious environment that the architects of U.S.-led globalization had anticipated back at the end of the Cold War. by Francis Fukuyama.
Chapter 4: What was the impact of the 1990s globalization bet on American workers?
The idea that democracy and free markets were spreading around the world is sort of the natural end state, almost, of human evolution. And, you know, I lived through that, as you did, and I'll confess I was kind of part and parcel of that conventional wisdom, and it seemed like, why not?
You know, anybody who lived through the collapse of the Berlin Wall, the dissolution of the Soviet Union on Christmas Day,
of all things in 1991, it was easy to think that, you know, happy days were here again, and we were gonna end up with more and more globalization, more and more trade liberalization, and the result would be widespread shared prosperity here at home, but also a more peaceful world abroad,
as authoritarian nations like Russia and China opened up their political systems and joined a US-led international order. And of course, that's not where we've ended up. And I try to tell that story through the eyes of a half a dozen or so representative Americans, a worker, a venture capitalist, a couple of presidents. And I think it is the economic story of our time.
I think it's important to understand what's worked and what hasn't worked over the last 30 years so that we're better positioned for what comes next. Let's go back to that time in the 90s because you had a guy I worked for, and I didn't work directly for him. He kind of ran the trading side of the firm. Steve Friedman ran the investment banking side, and Bob Rubin ran the trading side.
But when I was at Goldman Sachs in the 80s, You had Bob Rubin and Bill Clinton. Because that kind of is the point of – initiates this. The Clinton – their concept of globalization and particularly this bet that everybody had that liberal democracy and free market capitalism –
Had actually won and that these other cultures and societies and everybody would just do it because Wall Street and the global corporate community thought it made sense. I mean, when I was at Harvard in the 80s, like I said, you got that was West Point camp. You got stamped out as a as a globalist. It was like a immutable fact. It was like the second law of thermodynamics. There was no debate.
It's just here's the way to do it, and here's how you perfect it with supply chains and labor that can go everywhere, capital that's borderless, et cetera. So take us back into the book in this concept of the decade of the 90s and the personalities that really were the initiating event.
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Chapter 5: How did the Clinton administration shape the narrative around globalization?
It was a heady time. And you go back now and you read what some of the main policymakers of the era were saying from both parties. And many of the quotes have not aged well. And I think of Bill Clinton as sort of the godfather of U.S.-led globalization. I think he understood the pros and potential cons of
better than anybody, certainly articulated it better than just about any other American politician I can think of. And he always warned at the time, well, he said a couple of things. He said, you know, globalization is a fact, not a choice. And I think he was referring there largely to the impact of technology. But he said, you know, this is going to be a good thing.
It's going to make the society wealthier and more prosperous overall, which it did, but there are going to be distributional effects. There's going to be so-called winners and losers. And that's okay because the winners are going to do so well that some of their gains can go to help the quote-unquote losers, the folks who otherwise might be left behind.
And we're going to make sure they get all the assistance they need, retraining, relocation, whatever sort of support might be equip a basic factory worker to fully participate in this brave new age, we're going to make sure they get that help. And as I say in the book, it was an attractive theory. And for a while, it looked like it might even be true. But the problem was it never happened.
It never happened under multiple administrations. Sorry. I want to go to that – I don't want to bury the lead you said about both political parties. If you read this, and that's why I think the book is very powerful now for people to go back and understand how we got here and how we – where this goes because we're hardcore economic nationalists and populists here in the war room.
There was no dissension. There was no meaningful dissent of both political parties.
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Chapter 6: What are the implications of the current political landscape on globalization?
People would say today we're so divided. Well, hey, we were united. I mean, there were cultural issues, but on this basic central fact. of the modern industrial economy, both parties essentially had the same outlook. Maybe on the margins they had some differences, but the same essential. You had unity.
You actually had unity in what was a business model for the United States, and it turns out that that business model, as we would argue here, was 1 million percent wrong. It's the reason I love the title of your book. I would call it the dumbest bet, but certainly the worst bet. But go back in time. There was no... there was no dissension on this.
This was essentially kind of Wall Street and corporate and political kind of mind meld, was it not? It largely was. And there's a quote from George W. Bush as he was running for the presidency in late 1999, I believe. And it's
I think I can quote it all from memory, but the paraphrase is something like, economic freedom, and he was talking here in terms of the opening to China, bringing China into the global trading system. Economic freedom, he said, creates habits of liberty, and habits of liberty will create pressure for democratic change. There was a very strong rhetorical narrative at the time
Not that China would necessarily become a Jeffersonian democracy or that that was even a formal objective of U.S. policy. But there was a clear sense in both parties that expanded trade by making China more prosperous would create a burgeoning middle class economy.
The Chinese middle class inevitably would demand more of a say in their governance, and that would lead over time to a more pluralistic China. And I think what happened there was we just, we collectively, the American policymakers, underestimated the extent to which the Chinese leadership, the leadership of the Chinese Communist Party, was not stupid.
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Chapter 7: How are autism rates and vaccine discussions framed in the current discourse?
They knew that was what folks in the West thought. Jiang Zemin, the then president of China, gave a speech to party officials and explained it and said, the Western powers think that by bringing us into this trading system, they're going to lay the seeds for our demise, but we're not going to let that happen. And we underestimated China.
the extent to which the Chinese leadership was intent on preserving not just its authoritarian political system, but also its non-market economy. And that's another key part of the story. I want to go back to your initial theory that, hey, the winnings are going to be so big that the losers will get taken care of.
Explain to the audience, when did that become pretty evident that that was not going to happen? That part of the deal was not going to be fulfilled, sir. I think it didn't take long. Within a few years of China joining the WTO, it was clear that the amount of Chinese imports was far exceeding what the US government estimates had been. There was a study by the International Trade Commission
as the US was taking up the legislation that facilitated China's joining the WTO, that estimated that after that happened, after China joined, imports of Chinese goods into the US would increase by 7% in the first year. Instead, they rose by 25%, and over three years, they rose by 50%. And A lot of those products had an impact on factory towns across the midsection of the United States.
Even as we were all benefiting from cheaper Chinese goods, from lower interest rates thanks to all the capital that was flowing into the country is the flip side of the trade deficit that that spread benefits across the economy almost like frosting on a cake but the problem was the costs of this transformation
were laid on the backs of folks in our society with the least amount of education, the fewest skills in basic manufacturing. They took the brunt of it, and what was left behind was almost the equivalent of economic tumors in some of these communities. But within, you know, by 2005, 2006, in the Bush administration, Treasury Secretary Hank Paulson was pushing for the administration to do more
to address the needs of the workers who were hurt by this. And I remember interviewing George Bush in 2006 or 2007, I think it was, and I put this question to him and asked whether more wasn't needed, whether the system should be more robust, and he said no.
He thought the existing program, which is called Trade Adjustment Assistance, always terribly inadequate, poorly funded, he thought that was sufficient, and of course it wasn't. David, can you hang on one second? We're going to take a short commercial break.
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Chapter 8: What actions are being proposed to address the ongoing issues related to autism?
David J. Lynch is with us, the author of The World's Worst Bet. If you want to understand the rise and fall. of globalization in a very accessible book. Tells it through stories, lots of data, but tells it through stories of individuals. This is the one that can be a very quick read and get you up to speed, up the learning curve.
Because this has not been sorted out yet, as you can tell, what we argue every day here in the world. Short commercial break. Also, the viceroy, Mike Davis, as we await the president of Turkey to arrive to the White House for a meeting with the president of the United States. Short break.
Back in a moment.
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