Central Banks Global Power is reshaping world politics, and Steve Bannon and Phillip Patrick explain how this power shift is driving instability and pushing nations toward gold.
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This clip aired on WarRoom’s morning show on December 5, 2025. Transcript begins below (lightly edited for clarity; may contain minor errors).
PHILLIP PATRICK: Gold Is Rallying Because It Doesn’t Care Who’s Sanctioning Or Seizing; It Only Cares That Geopolitical Risk Is Leaking Into The System
STEVE BANNON (HOST): Let’s go to Phillip Patrick. Phillip Patrick, Birch Gold. We just had the 56th Prime Minister of the United Kingdom, Great Britain, on the show. She’s launched a new show about the deep state. She says, point blank, it’s not MI5, it’s not MI6, it’s not the Crown, it’s the Bank of England working in conjunction with the party at Davos, with the International Monetary Fund, with the World Bank. She implies the Federal Reserve. What say you about that? Is that the deep state of the world? Is these central banks? And why is gold a hedge to all the madness of the money printing of the central bank, sir?
PHILLIP PATRICK (GUEST): I mean, look, the answer is absolutely yes. Bank of England is a good example. The European Central Bank is a good example. And when she talks about them being the deep state, I think she means not so much in a conspiratorial sense but more in a structural one. Look at the ECB as of the example. This is an unelected institution that essentially dictates fiscal discipline, banking rules, and now even geopolitical posture for 27 nations. In Europe we see governments change consistently, but the ECB never does. When a crisis hits, whether it’s debt, energy, inflation, sanctions, the ECB will step in and tell elected governments what is allowed and what isn’t. That for me is real power, a bureaucracy that nobody voted for steering the continent towards policies that voters never approved.
And today we’re seeing central banks use that power far beyond interest rates, specifically again the ECB, doing it through the financial system, not the ballot box. Look at what they’ve done with Russia recently. The ECB isn’t just setting interest rates. It’s weaponizing regulation. It’s pushing sanctions. It’s redefining ordinary commerce with Russia as dual use, meaning military relevant. They’re implying sanctions now. So once the financial system starts doing the geopolitical work that politicians won’t do, you end up exactly in the situation that Europe’s in now, treating business with Russia as a step towards war.
But I think central banks in general have stepped way beyond their mandate, and they’re huge political power now, which is very concerning given their unelected bodies or institutions.
STEVE BANNON (HOST): Talk to me about, you know, they got this Zero Hedge, and I put it up, has this conversation that was picked up among the European heads. And they’re talking about, you know, taking the 300, the 300 billion dollars, or 300 billion dollars that they’ve already confiscated, and using that to do as part of the peace deal, to do the reconstruction, the reconstruction of Ukraine. They’re also saying, we don’t believe the Americans are going to sell us out. They’re not going to support this. Medviv, and then also Putin implied that if you take our assets, if you take those 300 billion dollars, and use them to do anything to fund the war in Ukraine, that in itself is an act of war, and we’re going to respond. How big a deal is this and how also does this really point to gold as a hedge when you now have countries and transnational institutions like the ECB actually sitting there in the EU sitting there saying, we’re going to take a nation’s assets and use it to fund a war against them?
PHILLIP PATRICK (GUEST): I mean, we know how absurd that is. Look, when Europe seizes Russia’s assets, it hurts Moscow short term, but it’s not as much as it hurts the long term credibility of the West. Every country is watching what’s happening, from Riyadh to New Delhi to Brasilia. They all see the same message. Your money isn’t safe in the Western financial system. And I think this is the single fastest way to undermine the US dollar’s role as the global reserve currency. You cannot run a reserve currency system on fear. You just can’t, right? It’s run on trust, predictability, the rule of law. And the West is torching all three of those at the moment.
It’s exactly why the BRICS keeps growing, why gold buying is at record highs, why de dollarization is accelerating no matter what the Treasury Department says. And I think there’s a bigger danger as well. Look, after World War I, I think the world learned a very hard lesson. Intertwined economies make conflict much harder. Trade, shared financial systems, they act as a pressure valve, a stabilizing device if you will. But when those ties break down, when nations decouple, they build parallel financial systems. I think that’s when the probability of real conflict starts to rise. And we’re watching that, I think, happen in front of us. It’s the slow breakup of the global economic web that’s kept peace in Europe and the world for the last 50 years. Sanctions, seizures, weaponized finance, it all pushes the world towards blocks, not cooperation.
So I think these stories are not about Russia’s assets or EU sanctions. Quite frankly, neither of those are really our problem. What it’s about is the West accelerating the end of our own monetary dominance, whilst setting the stage, I think, at the same time for the same geopolitical fracture that historically leads to war. And that’s exactly why gold is rallying. Gold doesn’t care which side is sanctioning or seizing. It cares that geopolitical risk is leaking into the financial system. When assets face seizure, global capital will flow into the only thing that cannot be frozen. It’s exactly why central banks have been setting records for gold buying for the last three and a half years and exactly why I think they’re going to continue to do so.
STEVE BANNON (HOST): Okay, our audio at the FIFA. I know that Phillip Patrick and these folks are very excited about the FIFA drawings. As soon as the audio gets better, we’ll go back to President Trump at the Kennedy Center. We’re going to keep it live on the screen. Before we let you go, I want people to get access to work with you and the team, and particularly you’ve decided to do a special. I think it’s for a signed off on five thousand dollar purchase of gold. You throw in an ounce of silver. We talk about texting Bannon, B A N N O N to 89898 and getting the ultimate guide.
PHILLIP PATRICK (GUEST): But a lot of new applications, solar technology, electric cars, AI chips. So demand globally for silver is increasing aggressively, and supply has been shrinking for a while. So silver is a really interesting longer term growth play. Gold, I think, is a monetary hedge and a preservation play. So both work very well in tandem, both performing very, very well this year. And like I said before, I think set to continue.
STEVE BANNON (HOST): Okay, that is, that special goes till December 22nd, 22 December. Phillip, how do people get to you? I know every time I went to, I was on an event yesterday afternoon, everybody’s asking about Phillip Patrick and the team of Birch Gold. Some of these people have already signed up. How do the rest of the posse get access to you?
PHILLIP PATRICK (GUEST): It’s really simple. It is BirchGold.com/Bannon. Again, BirchGold.com/Bannon. Or they can text Bannon to 989898. As I say all the time, get the information, immerse yourself, learn, and then we’ll be here to fill in any gaps and answer any.
STEVE BANNON (HOST): Phillip Patrick, thank you so much, particularly taking time away from an active trading day. I know it’s crazy over there. Thank you, sir. The team at Birch Gold. Go check it out today. Also learn about silver. Don’t forget that. Also 401Ks, IRAs, all the tax deferred ways to it.
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