Episode 5014: Securing Our Elections For 2026; The True Value Of The US Dollar

Summary

Podcast Summary: Bannon's War Room - Episode 5014: Securing Our Elections For 2026; The True Value Of The US Dollar

Date: December 22, 2025
Host: Steve Bannon (WarRoom.org)
Guests: Garland Favrito (VoteGA), David Malpass, Steve Cortez

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Overview of the Episode

This episode of Bannon’s War Room focuses on two parallel themes:

1. The ongoing fight for election integrity—specifically the aftermath and new developments from the 2020 election, with a focus on Georgia.
2. The “true value” of the US dollar, exploring how central bank actions, global institutions, and federal monetary policies impact everyday Americans and the broader economy.

Steve Bannon interviews activist Garland Favrito for updates on legal challenges and investigations into the 2020 election in Georgia, and hosts economic heavyweights David Malpass (former president of the World Bank) and Steve Cortez to break down mounting concern over the Federal Reserve, dollar devaluation, and the implications for working-class Americans.

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Key Discussions & Insights

1. Georgia Election Integrity and Ongoing Legal Challenges

Latest in the Fulton County and Statewide Election Investigations

• Fani Willis Case “Exploded”

  • Garland Favrito asserts that the high-profile prosecution led by Fulton County DA Fani Willis against Republican electors is failing, citing a recent prosecuting attorney’s counsel document that systematically invalidates the indictment’s 41 counts.
  • Quote:
    “Her entire case was exploded by the prosecuting attorney's counsel... Nothing in this 41 count RICO indictment was legitimate.”
    —Garland Favrito [02:24]

• Political Motivations and Publicity Value

  • Favrito alleges Fani Willis used funds earmarked for reducing the murder case backlog to instead pursue political indictments, while tracking media attention and “publicity value”—recording figures of $150 million and $633 million in media exposure.

• State Election Board Action

  • Fulton County faces a criminal referral over missing or unsigned tabulator tapes for 315,000 early voting ballots.
  • A potential fine of $1.4 million is looming for 148 missing tabulator tapes plus the missing “zero tape.”
  • Favrito also points out that 1.7 million original 2020 ballot images were destroyed statewide—a violation of legal retention requirements.

• Shift in the State Election Board

  • The board now has a majority that prioritizes election integrity, enabling breakthroughs after years of alleged stonewalling by both Republican and Democrat officials.
  • Quote:
    “The dam is finally breaking... after five years.”
    —Garland Favrito [08:20]

New Federal Filing Against Dominion Voting Systems

• Favrito discusses filing in federal court to vacate Georgia’s Dominion Voting Systems certification, arguing that the machines were never legally certified:

  • Unrefuted expert testimony and forensic reports claim Dominion failed 2005 standards for encryption key protection and password management, violating election law.
  • Asserts the original certification was illegitimate, as the delivered system in 2019 didn't meet even 1984 standards.

• Quote:
  “The Dominion system was never legitimately certified... This is pretty rock solid concrete.”
  —Garland Favrito [11:22]

The Role of Grassroots “Patriots”

• Both Bannon and Favrito repeatedly hail the relentless efforts of Georgia’s volunteer election integrity advocates, arguing their persistence is what has finally forced these issues into the open.

  • Quote:
    “You folks in Georgia, you’re simply heroes... This is the manifestation of populism.”
    —Steve Bannon [20:24]
  • Favrito credits a large network of volunteers for achieving what party leadership did not.

• Populism & Legacy Analogies:
  Bannon compares the movement to the American Revolution, tying modern grassroots activism to the nation’s founding spirit:

  • “If we don’t quit, we win.” [25:43]

How To Watch Press Conference

• Favrito holds a livestreamed press conference at 2pm (Dec. 22, 2025) on voterga.org to outline technical details behind Dominion’s certification failures and take questions from the public.

2. Economic Analysis: The True Value of the US Dollar

How the Federal Reserve Is “Trump-Proofing” Itself

• Expansion of Fed Balance Sheet

  • David Malpass discusses the Fed’s December 11 announcement to expand its balance sheet, buying $40 billion/month of Treasury bills—a return to quantitative easing (QE).

  • Argues QE and Fed policy favor “big government, big corporations, and the rich,” while hurting the working and middle class.

  • Challenges the rationale that liquidity is the issue—insists this is artificial market manipulation.

  • Quote:
    “The Fed buys bonds and bills and has no limits on how much they can buy... What QE does... is protect the big guy.”
    —David Malpass [34:09]

• Political Entrenchment at the Fed

  • 23 new senior Fed officials appointed to 5-year terms, likely to outlast a new Trump administration. Malpass and Bannon agree this is an attempt to insulate the institution from populist reform.

• Dollar Devaluation and Asset Bubbles

  • The US dollar is being weakened against major currencies, hard assets, and crypto.
  • Housing affordability crisis in the US is partly attributed to the dollar losing value, making home buying and cost of living harder for middle America.
  • Quote:
    “The dollar has been broadly devalued... One key driver of housing affordability crisis here... is the diminution of the dollar.”
    —Steve Cortez [44:55]

• Gold & Silver All-Time Highs

  • Both assets are surging as central banks (notably China) hedge against anticipated further US dollar weakness and inflation—signal of falling global confidence in the dollar.

  • Quote:
    “Why gold is up is because people don’t trust the Fed... The Chinese have made a fortune by swapping out of the US Dollar into gold.”
    —David Malpass [40:22]

Critique of Fiscal and Monetary Policy

• Unsustainable Federal Debt

  • Bannon and Cortez highlight projections that by 2035, the US will spend $2 trillion per year just on debt interest payments.
  • Loss of dollar supremacy would force higher rates, leading to a potential debt crisis.
  • Quote:
    “If the United States continues... to keep devaluing the dollar, you reach a breakpoint where global bond markets... demand far higher interest rates. Therein lies the crash type risk.”
    —Steve Cortez [48:20]

• Global Institutions and U.S. Sovereignty

  • Multiple mentions of the need to reform or challenge globalist institutions (IMF, World Bank, OECD) which are perceived as both corrupt and incompetent.

  • Quote:
    “These global institutions... are largely clueless. Many of them are intrinsically corrupt. But in addition... also incompetent.”
    —Steve Cortez [44:55]

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Notable Quotes & Moments

• Bannon’s Call to Action:
  “What makes the difference here is in this populist movement is people that are prepared to roll their sleeves up and commit. What's your task and purpose? Well, it's to save this republic. This republic will be saved... Five years. You know how easy it is to quit.”
  [16:58]

• Patriotism and Persistence:
  “If we don’t quit, we win.”
  —Steve Bannon [25:43]

• Systemic Critique of the Establishment:
  “We have a uniparty in Georgia... the establishment Republicans don't care about election integrity. In fact, they are adamantly working against us. And they even pose a bigger threat than the Democrats.”
  —Garland Favrito [08:50]

• Call to Watch Live Filings:
  “2 o'clock today, we have a press conference... We want to walk through today why we believe the Dominion system is not legitimately certified.”
  —Garland Favrito [21:17]

• Economic Urgency:
  “The whole Fed is set up to Trump-proof itself... They get richer by really facilitating the top end of Wall Street, of big corporations and above all of big government.”
  —David Malpass [41:59]

• Dollar and Debt Warning:
  “Losing dollar supremacy, having King Dollar dethroned could have massive consequences, particularly for a country with $38 trillion in debt.”
  —Steve Cortez [44:55]

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Key Timestamps

• 00:02–[09:00]: Georgia election updates, Fani Willis case, State Election Board actions
• 11:14–14:33: Technical details on federal filing against Dominion, the volunteer grassroots movement
• 16:34–21:00: Bannon's populist analysis, connection to founding values, call to action
• 21:03–24:20: Details on upcoming press conference, activist logistics
• 33:41–34:09: Introduction of David Malpass & the Fed’s growing power
• 34:09–40:22: QE explained, critique of Fed policy, impact on middle America
• 40:22–42:07: Gold and silver records, distrust in the Fed, “Trump-proofing” monetary institutions
• 44:55–49:28: Steve Cortez on devaluation of the dollar, housing crisis, looming debt catastrophe

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Takeaways for Listeners

• The Georgia election integrity movement claims major new developments, including criminal referrals and a federal legal challenge against Dominion Voting Systems, after years of grassroots persistence.
• Bannon positions the struggle as a populist, patriotic effort directly connected to America’s revolutionary legacy.
• On the economic front, a consensus among guests warns that current Federal Reserve policies—especially renewed QE—benefit the elite while weakening the dollar and threatening long-term U.S. prosperity and sovereignty.
• The “fight” continues on both fronts: defending election integrity for 2026 and beyond, and pushing for reforms in monetary and global economic governance.

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For Full Details:

• Watch Favrito’s press conference at voterga.org/events
• Follow further economic commentary from guests at x.com/DavidRMalpass and via Wall Street Journal
• Keep updated on election and populist issues via Steve Bannon on Getter and WarRoom.org

Transcript

[Steve Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. Christians, I got a free shot. All these networks lying about the people. The people have had a belly full of it.

[Commercial Announcer]

I know you don't like hearing that.

[Steve Bannon]

I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen.

[Steve Cortez]

And where do people like that go.

[Steve Bannon]

To share the big lie?

[Steve Cortez]

MAGA MEDIA I wish in my soul.

[Steve Bannon]

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. Ban. It's Monday 20 to December in the Overlord 2025. We're so packed today. We came into a cold open. We've got a lot to talk about after Turning Point. We got a lot to get through there and we're going to get to we got economics, capital markets and most importantly, voter fraud, voter integrity, 2020 election, all of it. Tina Peters, that we're going to start the show off. I want to go to John Case, going to join me in a moment. The reason I'm starting the show off with this today is that there's filings, big filings going on both about the 2020 election and about the Tina Peters case, which is about the 2020 election. Let's start with an old friend of the show, Garland Favrido down in Georgia. Vote Georgia. Garland, correct me if I'm wrong, you're going to file in federal court today and let's talk about the filing in a second. But can you just give us the battlefield down there because we keep hearing there's 350,000 ballots here. They now admit they didn't count the ballots. Right. There's all types of things with the machine. Mike Davis is going to join us tonight. He's got all types of information, I guess, about Smartmatic. I mean, down in Georgia and Fulton county, you had, you had our favorite prosecutor last week get blown up by the Georgia Senate. I guess his inquiry just give us the big picture on exactly what's going on as cause I can tell you it's a very high priority for President Trump and a very high priority for the MAGA movement to get to the bottom of the 2020 election. Sir.

[Garland Favrido]

Yeah. Steve. So much going on. We would need three shows. But the three big items are major progress working on the Fulton county ballots, the state election board ruling against Fulton county, we can talk about that. As you said, Fani Willis was some amazing things. Came out with Fani Willis last week and would have to do a whole show. But just to give you the listeners a little bit of a backup, her entire case was exploded by the prosecuting attorney's counsel. There was Nothing in this 41 count RICO indictment that was legitimate. The document that they produced went point by point over all the issues, the Republican electors, the Jeffrey Clark, then Mark Meadows, and explain point by point why this prosecution that she tried to do of her 18 political adversaries was invalid. And that was all based on money she got from the Fulton County Board when she claimed that she wanted to use the money to reduce the murder case backlog, instead she used it to indict 18 of her political adversaries. So that blew up just a couple weeks ago. And that's a whole other subject we'll have to talk about sometime on your show. But then the last week, as you said, Steve, she testified before the Senate and there was more major things that came out there of how the White House was coordinating this and not only and the J6fani's team was coordinating with, with the J6 team even before she ever opened the investigation, the special investigation. So they showed that document as she had reached out to J6 to get information before the special investigation had ever started. And then as soon as President Trump declared they had more calls the next day. We've got the billing records from Nathan Wade on that. Happy to show those, but we probably need to do a whole segment on that, on all the information that came out. But one of the other incredible things that came out last week was the fact that she was tracking the publicity value of the case. And she had a guy who was working for Fulton county who was also essentially double dipping as a kind of a campaign strategist and he was tracking the media value of the case. And we have there's graphs with $150 million of value. Another one was 633 million. And they were tracking this, the immediate value of her name all the while she was conducting this prosecution into her political adversaries.

[Steve Bannon]

Tell me about can we go to the Fulton county ballots also? Now we're going to go back and go in depth more probably later in the week on all this because it is absolutely essential we get to the bottom in Georgia, Arizona, Michigan, Pennsylvania, all of it. But Georgia seems to be the one that the corruption is most up in your face. Talk to me about these ballots because I've heard there's 500,000 ballots in a trailer. I've been advocating send the U.S. marshals in there. Hermy Dillon and Main justice is sending strongly worded letters, which is fine, but where are. I heard now they've actually, they've. I guess Fulton county has admitted that there's hundreds of thousands that were not legitimately counted now, sir.

[Garland Favrido]

Well, yeah, that's. That. That's right. See. So the big. The big thing this past week. And by the way, I got to give some thanks to the. What I call the Voter J Posse. David Cross brought this case. Joe Ross, he's been another great one of the state election board, but he brought this case that the tabulator tapes were missing or unsigned for almost all of the early voting ballots that were cast, which was a total of 315,000 ballots. So they were able to get a referral to the attorney general, criminal referral over this matter, and a recommendation of $5,000 per missing tabulator tape, 148 missing tabulator tapes, plus they're missing the zero tape. So the total potential fine of that would be $1.4 million. If my math is correct, that is what Fulton county is now facing. And, Steve, that is only the tip of the iceberg. In Fulton county, there's many, many more investigations and things that are gonna come. Also, we know that 1.7 million original ballot images were destroyed statewide in that 2020 election. They should have been preserved for two years. That is another big thing. But the thing that's helped us so much is that the state election board has been reconfigured to have a majority of members who really care about election integrity. And they are real heroes and heroines, and they are under tremendous pressure. You know, the media is lying about them almost on a daily or weekly basis, but hats off to them for standing strong and making this referral. But I would predict that it's just one of many, many to come. I think you're seeing the dam finally break here, here in Georgia after five years.

[Steve Bannon]

Before I get to your filing today, this is what I think is so frustrating to people. Campus supposed to have a machine down there. They've been the biggest obstructionists against President Trump or maga, the new electees to the state election board. Of course, the Democrats in Fulton county are totally corrupt and gonna fight it. But why is the DAMDAM BREAKING now, five years after the fact? Particularly when, correct me if I'm wrong, the Republicans control the state apparatus, sir.

[Garland Favrido]

Well, you know this better than anybody, but basically, we have a uniparty in Georgia as we have in almost all the other states. And quite frankly, the establishment Republicans don't care about election integrity. In fact, they are adamantly working against us. And they even pose a bigger threat than the Democrats because the Democrats, you know, this is a majority Republican state. So if you have honest leadership at the top of the Republican Party, then you know you're going to make some significant headway. That hasn't happened. There's a lot of collusion up there and that is has really been a key stumbling block. But the dam is breaking in many different ways. One, as I mentioned, the state election board has been reconfigured and I think that was more by accident. But we've got great people there now and we have got new evidence has come out regarding the fact that back in September 30 of 24, there was a case unrefuted expert witness testimony showed that the Dominion system we're using here in Georgia was never legitimately certified by the EAC and the Election Assistance Commission. When I say eac, that is another key thing that has broken the dam here and has led to our filing to desalination decertify the system. Not decertify, but vacate the original certification because it was never properly certified in the first place. So that's another area where the dam is breaking. Of course, the Fani Willis thing had to run its course and that's now finally on the table. And we, by the way, have gotten the SB244, which was a bill that we got passed to provide compensation for these victims of prosecutorial misconduct. What Fani Willis did, and it was the greatest case of prosecutorial misconduct in American history. And this is not new. We said this back in two years ago when we called for her impeachment two years ago. And everything that we said then was echoed by this prosecuting attorney counsel report that came out just in the last month that caused the entire case to be dismissed.

[Steve Bannon]

Is that filing, Is that about the Dominion? I want to talk about your filing. I think you're filing in federal court today. What are the details of this?

[Garland Favrido]

Right. So. So the Dominion system was never legitimately certified. We have unrefuted expert witness testimony and we have the also forensic reports that show that it does not comply with the guidelines, the 2005 guidelines for encryption key protection and for secure password management. It's pretty much an open and shut case. This is pretty rock solid concrete. Tremendous expert witness testimony and forensics to back this up. This is a really serious deal. So we have filed to vacate that certification and provide all the expert witnesses reports, and we're going to explain that today as well as what's interesting about this, Steve, is that, you know, this testimony is unrefuted. And we found out later that the one of the organizations that has tried to refute not necessarily this testimony, but expert witness testimony regarding Dominion is this Colorado County Clerks Association. So we did an investigation into that, a little bit preliminary. And just see this is kind of a facade shell. It appears to be operating under the will of the Dominion Voting System Company, which is headquartered in Colorado. So we're going to lay out some of the evidence there that today that shows that that is really not a legitimate run organization.

[Steve Bannon]

Do we owe all this to five years after the fact that, you know, a couple hundred patriots that have been hammering this every day, from the state election board to your organization to others that have just pounded this? I mean, what's so amazing and going after Fani Willis, I mean, there's the corruption and the malfeasance is so deep. It's like President Trump said when he came out to Amfest last year, the reason he decided to come back and run again is he realized if we didn't actually tell the truth, if we didn't win and then had the opportunity to tell the truth, it would be the biggest catastrophe in the history of this republic that they were allowed to steal a presidential election and that so many people either cooperated and or looked the other way in Georgia. I'm going to tell you, this is a black mark on the Georgia political establishment of the Republican Party. I just think you guys are such heroes. It's such a massive story. Go ahead, sir.

[Garland Favrido]

You're absolutely right, Steve. We got a great volunteer organization. I mentioned people like David Cross, Joe Rothi, Kevin Monkla. There's, there's so many more. The heroes on the state election board we could go through, but it is they're basically volunteers. These are unpaid people that are doing the work of what the Republican Party, the RNC should have done to protect their own interests. It's beyond belief and but that's exactly what's happened. And then just want to mention that what were the press comments we talked about?

[Steve Bannon]

Yeah, hang on one second. We're going to keep you over. I want to get make sure Everybody for this 2 o' clock that people can see at 2 o'. Clock, a hat tip to the heroes in Georgia. Absolutely incredible. What warriors. Just incredible. Just incredible. Short commercial break Back in the Worm.

[Commercial Announcer]

In a moment.

[David Malpass]

In America's heart.

[Commercial Announcer]

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[Steve Bannon]

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[Commercial Announcer]

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[Steve Bannon]

Kill America's voice family. Are you on Getter yet?

[Garland Favrido]

No.

[Steve Cortez]

What are you waiting for?

[Garland Favrido]

It's free, it's uncensored and it's where all the biggest voices in conservative media are speaking, speaking out.

[Steve Bannon]

Download the Getter app right now. It's totally free. It's where I put up exclusively all of my content 24 hours a day. Want to know what Steve Bannon's thinking? Go to Getter.

[Garland Favrido]

That's right. You can follow all of your favorites.

[Steve Bannon]

Steve Bannon, Charlie Kirk, Jack Posobi and so many more.

[Steve Cortez]

Download the Getter app now.

[Steve Bannon]

Sign up for free and be part of the movement. Welcome back. Okay. And I tried to incorporate this in my speech the other day about Greater Israel and Israel first, about the signal and the noise, what's important and what's going to be important about saving this republic and since it was bequeathed to us, how we're going to pass it down in its best shape to future generations. And that battle is now. And you got influencers, you got people talking and yelling, screaming, all that. Hey, you got to get beyond that and get to the issues. You know all this and I think it's phony talk. Oh, we got to come together. This guy's thrown out. We got to come together. It's all nonsense. It's all nonsense. It's a lot of. It's all nonsense. What makes the difference here is in this populist movement is people that are prepared to roll their sleeves up and commit. What's your task and purpose? Well, it's to save this republic. This republic will be saved. The heroes in Georgia, and they are heroes. Folks, this has been five years. Five years. You know how easy it is to quit. You know how easy to say, I just can't do this anymore. I got to play golf. I want to play pickleball. I want to, you know, take up pickleball. I want to do something, but I can't do this anymore. I can't do it on my spare time, and I'm putting money in for travel and all that. I can't do it. Georgia, which has this big Republican apparatus, you got the RNC got all these fat cats running around, and they're this. They got titles. They're going to these conferences and they're talking, you know, on TV and talking. No, this populist movement goes back just like in the revolution. It goes back to a collection of people that are just too ornery to give up because they said this is not right. That's what drove Trump to come back. And as imperfect as we are today and everything that we're working on, I realize people are very frustrated. It's at least directionally, we are moving in the right direction. We're not getting enough done. We're not getting enough done quick enough, and there's so many other problems. I got that. But this republic is being saved by the work of these heroes in Georgia. If you watch the Fani Willis thing over the last couple weeks, and it's not getting any coverage, okay. Because the mainstream media doesn't want to touch it. Because then you go into the heart of the system. It's jaw dropping. And think about it. She was sending Trump to prison, but she broke so many people. Hell, it's one of the reasons Rudy went bankrupt. Rudy's beautiful. I don't know. 16 room apartment in New York City. I think he had to sell and didn't take any cash out of the deal because he had to pay it off to other things. You folks in Georgia, you're simply heroes. You're exactly like that revolutionary generation that has come down and had the back of Hamilton and had the back of Sam Adams. And had the back of Jefferson and Washington and the militias and the small continental army. It's just incredible. And it's. When you look at what went on, it is so awful on so many other levels. And that's why just with Harmey, Dylan, these guys stop. I realize you gotta go to court in this rule. So send the freaking marshals down there and just grab the ballots. It's time now you gotta take hard action. These people with five years have been hammering away and you people are heroes. You're American heroes. You tie directly back through every patriot's grave to the revolutionary generation. That's simply what's going to save this country. Not tick tock, not influences, not. No, no, no, no, no, you. This is the. This is the manifestation of populism. The manifestation of it. Garland.

[Commercial Announcer]

Extraordinary.

[Steve Bannon]

We're going to get more details for you. But now you got a filing in federal court. Tell me about 2pm today. I want everybody to tune into this and we'll put it up on both my account and Rumble Getter and also the War Room. So what's happening?

[Garland Favrido]

Will do. Steve and I just want to echo what you just said. You know, I get credit for a lot of things that the volunteers do. We have an amazing team just to shout out for them. You know, my wife Tamara has been incredibly active. Just done all sorts of things. We've got the best. Our social media executive admin has just been fabulous. Right on down the line. There's so many people I could talk with, our marketing person. They're all volunteers. It's just amazing. So just wanted to echo that for you. Thank you for the. We appreciate the compliment, but it certainly is not me, it's them. But to go to your point. So 2 o' clock today we don't have press conference. If y' all have never seen a voter ga press conference. We've got them all out there on the events tab. We try to. They're educational. We try to get as much information out we want to walk through today. Why we believe the Dominion system is not legitimately certified by the Election Assistance Commission. Specifically, it does not keep the encryption keys in an encryption module as it's required to do. And its password management was inappropriate for a variety of reasons which we'll describe today. But the standards. It was certified in 2019 according to 2005 standards, which it did not meet. And those standards were based on other standards that go back not only to 2001, but all the way back to 1984. So in 2019, a system was delivered in Georgia that doesn't meet 1984 standards. We're going to bring the receipts today. There won't be any question about it. In fact, we've already gotten the potential.

[Steve Bannon]

You might have a few questions for the guy was secretary of state back then. Kemp, the Kemp cabal is up to the next in this corruption. This is what's so maddening about it, right? They get a grip on Georgia. They get a grip on the Republican Party in Georgia and everybody in the in everybody in the in the precinct strategy will tell you they're absolutely brutal. They do not want any maga. They don't want any involvement of people. They got a machine down there tied to the business community. They're making money hand over fist and they don't want anybody breaking up their breaking up their little gatherings. That's what's so sick about this. And if it was not for these heroes, over five years of hammering, hammering, hammering. That's the cussedness that made this country what it is. Garland, we got to bounce. 2pm where they go today, sir? To your press conference?

[Garland Favrido]

Voterga.org events tab just you can pick it up there on the events tab. The live stream link is there. We love to have you in and you can ask questions in the Rumble chat. We'll answer those live on the air.

[Steve Bannon]

The rumble, the Rumble Chat is the rumble chat in the war room comes in a little hot. So make sure you're make sure you get your filter up. Garland Favrea, thank you very much, sir.

[Garland Favrido]

Thank you, Steve. Always a pleasure.

[Steve Bannon]

You know how far gone this thing is? If you told me years ago or if you told me in the, in the, in the, for the folks who've been watching the show for a while, if you had told me in November, November or December of 2020, when every day for hours a day we're going through this stuff. If you told me, if you had told me in December when they were getting ready to do the electorates, remember, in Georgia, in all the states. If you had told me, Steve, by the way, on December, on the 22nd of December of 2025, Garland Favreau is going to be in the show. In fact, he's going to start your Monday show after Amfest and he's going to talk about, you know, Fulton county and ballots and the machines and it's going to all be breaking news and going to federal court. Get the hell out of here. What are you talking about? Think about that. For you watching the show, this is the lesson back in December 2020 where we were hammering and by the way, then getting, remember, we're getting kicked off every platform that, that Covid and that threw us off every national platform, major platform. If you said, hey, Garland Favrido is going to lead your show on 22nd December 2025 with breaking news on all this. And here's the lesson. The lesson is you drive to politics, you drive it. If you give up, it's not going to happen and you're not going to know about Georgia. And finally Will is not going to be held account and the Kemp, Kemp's, you know, Rothenzburg and all that crowd. And the Democrats just can be a steel stock steal things. My point the other day, we're going to have, we have Malpass on. He's going to talk to you about the Fed. But you can start to see the beginning of an economic turnaround. Although Malpass makes the case, hey, the way the Fed structured now and the way they got in it, the more Trump, they're going to be the biggest headwind to Trump's growth strategy because things are not particularly in sync right now. But once the economics part gets worked out, which I think you see getting worked out, you think the Democrats is going to roll over and say, oh yeah, fine with the economy's work, I guess we're going to lose. Hell no. They're going to be stealing more than ever. They're going to be stealing more than ever. It's one of the reasons that Stefanik, I think, said I must take a step back in this year right now, because with Mondami, you got a Marxist jihadist running New York City. The apparatus. He put his hands on the apparatus. He's not denaturalized, which he could be with Hochul and that in that crowd in Albany and Mandami in New York, they just gonna, they're gonna create as many ballots as they need. You can raise all the money you want, you have the best message you want, you have the best team you want, you can be the best candidate. It doesn't matter. The 2020 election in Georgia was stolen, full stop. And now, five years after the fact, all the data is coming out, et cetera. But they're going to all want to go away. That's why the media. That's all been settled. There have been eight national elections, either primaries, midterm elections, which are national for Congress and or presidentials. Eight since Donald Trump came on the scene in really 2015 for the 2016, 2015, 2016 primary. We've won seven. Seven. You have won seven. You're not beatable. You're not beatable. The only one we lost is when everybody leaned on their shovels in 2018, and Nancy Pelosi went out throughout the country, says, let me win the house and I'll impeach Trump. And she was good for her word. Told people at the time, this is what's going to happen. You're not beatable. You know the reason you're not beatable of what these patriots in Georgia are showing you about Stick to itiveness, guts, tenacity, and good old American grit. Short break. Here's your host, stephen k. Ban. No, I'm not trying to. I'm not sliding. The influencers, they call us now a mega influencer, right? I guess that's a. A handle that we have. The influencers are very super important. They're. They're massive force multipliers in, in the information war, right? What is, what is Alex Jones great take on Shakespeare? Cry havoc and unleash the dogs of information war. It's very powerful. But populism is the people taking control of their destiny. That's the essence of populism, is people just saying, we're not going to do that. We're going to do this. That's the history of this country. When you cut through it, really look at it. Not the Howard Zinn interpretation, the real, the facts. You know, the strategy in the Revolutionary War was the great. You know what the grand strategy in the Revolutionary War was that eventually went global and had this. It would turn into another massive geopolitical global struggle from, from India to the capital markets in London, the city of London, all of it. The grand strategy of the revolutionary generation was simple. If we don't quit, we win. If we don't quit, we win. The British have the most powerful. In fact, they built an institution, the Royal Navy, that was one of the most powerful institutions in the history of mankind. Created one of the greatest empires ever. You had a British army that pound for pound was as tough and successful as any army at the time in the world. Plus mercenaries, plus money, plus thinking, right? I mean, although William the Pitt the Elder was not. He was actually more on our side than their side about how to think this thing through. You still had all that handed down generation after generation of really geopolitical thinking. And folks over here was very simple. If we don't quit, we win. Part of not quitting is we got to keep the Continental army. We got to keep it an army in being. We can't let that be destroyed because that's a little institution we got that rallies people around these militias, etc. If we don't quit, we win. And guess what? We didn't quit. War went from Fort Ticonderoga to Bunker Hill to Lexington, Concord, all of it tomorrow. You know, on Christmas Day. Patrick, Donald and I do what we've done every year for the last, I don't know, decade, the combat history of Christmas. We talk about the Christmas season through the eyes of some of the greatest battles in American history that were fought. We start always with Trenton. Having gotten his ass kicked for three or four months everywhere, Washington finally took a stand and turned this thing around. If you don't quit, you win. What is Georgia shows you exactly what the patriots at Trenton on Christmas night rolling up a bunch of drunk Germans was about. If you don't quit, you win. That's us. We've won seven of eight national elections in 20 over the last decade. No political movement in the history of this country has done this. You've won seven of eight national elections and nobody talks about. Because nobody wants you to understand it. That is you. That's nobody. That's you. There's no big strategies here. All the money, 80% of the time, the money was against you. If you don't quit, you win. What they want you to do now is discourage and all this, heck with it. Just focus on the work, see what you see. Don't be diverted, See what you see and act. Thereupon we're going to go from the sublime to the maybe less sublime. Normally the voter integrity and the grassroots stuff is a little gnarly. And I get to the capital markets. You have, you know, guys like David Malpass and Cortez and Navarro, they're thinking great thoughts, right? But there's a populist battle in the, at the capital market at the highest levels. And it's taken David Malpass, who was like the number three guy in treasury in President Trump's first term and head of the World bank, to kind of think, really think this thing through. He says, hey, not only he says, President Trump intuitively knows it, but there's a structure. We have a big time structural issue here that the bet that we made, the massive bet that we made on the big beautiful bill on the supply side, tax cut and the tariffs as a forcing function to drive capital expenditures here to bring high value manufacturing.

[Commercial Announcer]

Maybe.

[Steve Bannon]

Working against David Malpass, thank you so much for writing this, doing it. And I really want to thank actually also the Wall Street Journal, which is not a friend of populism and not particularly a friend of the war room. They have gone, I think, out of their way to allow you to start making this case on the pages of the along with the Financial Times of London, I would say is the most prestigious financial paper in the world. Sir, the floor is yours. You take it.

[David Malpass]

Hi, Steve, good to see you. Well, you've talked long and effectively about the importance of institutional reform and that includes, and I'm worried about the lack of reform going on at the IMF and the World bank and the WHO and the oecd. They're all growing bigger and especially the Fed, it's growing bigger. They've got their building, which President Trump highlighted, a $3 billion building. They just announced on December 11th that they're really expanding their balance sheet. So that puts them in directly confrontation or collaboration with the government as a whole in getting bigger. The Fed buys bonds and bills and has no limits on how much they can buy. What they also did December 11 was appoint 23 senior officials to five year terms in the Fed so they'll outlast President Trump. Two of those came out on Friday and said they wanted, they want, they were hawkish. They thought that the growth of the country was fast enough that they need, they didn't really want to be looking at any more rate cuts. So one of the worries is that we're done with the rate cutting cycle. You know, President Trump was right on both the buildings and the rates. And this goes to this issue of what the, who are the winners and losers out of the status quo? The Fed is running the status quo that has all these 50 year old models that don't work on inflation there. And I'll give you some names, you know, the gnarly Nairu and the Phillips curve, the inflation targeting model, the QE model, which they're reinstituting, which just means for the Fed and Washington D.C. to get big, bigger and more powerful over the private sector through this. China is one of the winners because they're seeing the dollar undercut. So very importantly in this, the Fed doesn't defend the dollar, it doesn't create sound money. And so that's a core part of what's hurting the lower part of the income scale. A lot of what's going on in Washington benefits the rich, but leaves the lower part and small businesses out of the, out of the mix. And so that's all just playing out right now. And there's nothing, I don't see anything that's going to stop it.

[Steve Bannon]

Don't bury the lead here. Why are we doing this? Audience Although you know, working class and middle class is very familiar with the terminology of the last five, six, seven years, we've explained to people, quantitative easing. Why are we expanding the balance sheet? I thought we were going to try to make sure we didn't have asset bubbles. I thought the purpose was to try to maybe tighten this thing up. Why is the Fed doing quantitative easing right now? Why are we expanding the balance sheet of the Federal Reserve?

[David Malpass]

They say they're worried about liquidity within the banking system. Here we are in this asset price escalation and the banks are really effective at taking care of themselves. Why are we worried about the banks and the money market funds? But the Fed says they have to be the center of the financial system. So what they announced on December 11th and you know, it's formally, it's on the Fed website that they're going to buy $40 billion per month of treasury bills just to create liquidity for, for the banks. That means they borrow from the banks and create a basis of, of lending for the banks to somehow help them. But what that means is the banks aren't going to be lending to small businesses. That would be a better choice for the country and for the people. The Fed's protecting the big guy in that decision and that's what QE does. Why do we need a Fed that's going to have $9 trillion of assets, all of it government bonds? Why do we want a central bank that only invests in the US government and it does it in such large portions that it manipulates capital markets?

[Steve Bannon]

Anytime they talk about liquidity issues and the repos and everything like that was very complicated to understand. Why should we be have. Isn't that kind of a flashing kind of red light for people that why, why are we having a liquidity issue that you have to go back and have to use the Fed's balance sheet to do this? Isn't that a question a lot of people are starting to ask?

[David Malpass]

And they should because the fed is the 800 pound gorilla. The private sector isn' doing the work that they used to do. That was the interbank market and the Fed funds market and their third party repo market that was all private sector that's been nationalized by the Fed. So it's all sitting in the Fed. So that means if the Fed does things good enough for government work, you know what that means? They're going to miss the whole point. So in, in 2019, famously they didn't anticipate there were going to be quarterly tax payments. And everybody in the world knew there were going to be quarterly tax payments that required cash. The Fed didn't set up in advance for that because it's, it's put itself in the center of markets and not letting independent action take care of things. And so, and that's what they're, they're saying now. They're worried about the, about, about the, these markets not operating properly. So then they want to put themselves in it. And that straight out hurts small businesses, it hurts the supply chain, it hurts mortgage rates. And that's what we're living with.

[Steve Bannon]

Is the gold today, I think is hitting 4400. You're looking at all time high. Silver's now through the roof. Central banks are buying gold, particularly the Chinese and others is part of that driven by this uncertainty. People just don't really understand, quite frankly what's going on.

[David Malpass]

That. That's right. Well, no, I, I think and I did a lot, you know, the Wall Street Journal ran my letter pointing out that why gold is up is because people don't trust the Fed. They think the Fed is going to keep doing what it's doing, which means periodic inflation catastrophes like they did in the, in the Biden and early Trump administrations. And so they buy gold to protect themselves from the Fed. The Chinese have been a master at this. They've made a fortune by swapping out of the US Dollar into gold. And today we've got gold and silver at all time records. And so that means the little guy who doesn't own very much of the gold and silver stock gets, gets hurt. I would rather, I think it would be much better if we had a growth program for that and that, you know, President Trump has very clear that he wants the little guy to do well. Median incomes to go up, wages to go up. That's the, you know, that's, each part of his program is aimed at trying to get a better shake for the, for the guy in the bottom half. And that would be much better. But the whole Fed is set up to Trump proof itself to be, to, to be able to outlast Trump and not, not go along with that. They do better, they get richer by, by really facilitating the top end of, of Wall street, of big corporations and above all of big government.

[Steve Bannon]

Dave, we got about 30 seconds. Where do people go? Your, your writings are up in the Wall Street Journal, but you're putting stuff up on social media all the time. Where did they go to get your writings.

[David Malpass]

I'm on X.com@David R. Malpass and Wall Street Journal. You can Google Malpass, WSJ and see a lot of this. One of the things they came out with last week was the idea that the Fed's no longer.

[Steve Bannon]

Hang on once. No, hang on one second. Just, just hang up.

[David Malpass]

War room.

[Steve Bannon]

Here's your host, Stephen K. Band. Yeah, David. David Malpas, whether. Give me a minute. I think it was Sternberg, the piece in the Journal about the, about the Fed not, not driving the thing anymore.

[David Malpass]

He, he made the case that somehow the Fed is losing control of what's going on. I see it differently that they've got this tight pinpoint control. People talk about their independence, but they're fully in control. Independence isn't the issue. It's the independence of the private sector that I think we have to defend. The Fed's models are inherently anti growth and the problem. President Trump has talked about restructuring the Fed, but from all I can see, nothing's going to be restructured in those, in the models. This inflation targeting model is going to be the law of the land and that means they'll lean against growth as President Trump tries to push forward.

[Steve Bannon]

I know it's a key, it's, it's insanity because that's the whole core of his program. One more time, David. Social media where they get you on Twitter for all your writings at DavidR.

[David Malpass]

Malpas Thanks, Steve. Great work.

[Steve Bannon]

Thank you, brother. Perfect. Yeah. Look forward to having you back on Birch Gold. Take your phone out now. With gold at an all time high and or near an all time high and silver at an all time high. Bannon B A N N O N 989-898 text that you get the ultimate guide for investing in gold. And we added precious metals in the age of Trump. These guys will help you understand. Plus the methodologies, you know, rolling over your 401k, your IRAs, all that. Check it out today and get with Philip Patrick and the team. You got a lot of questions. Ask the questions. Remember David just said the International bank, the central banks are learning how to use gold to hedge like people have done over 5,000 years. One of the reasons the price is being driven up. Steve Cortez, I had you on here because you're at OECD and I want to make sure people understand the institution. But your journey over there and what the globalists think about all this because they invited you as a populist nationalist to address them. But I got to ask you, you traded, you were in the Pits of Chicago trading this stuff for decades. Your current thought on where we are, sir?

[Steve Cortez]

Well, what I'm most worried about is the value of the US dollar because you've been talking about gold and silver, which is super important, of course, both of them at all time highs. But the dollar has been broadly devalued. Devalued even versus other fiat currencies, lost value versus the euro currency all year despite the systemic problems of Europe, which we're going to get into, but also losing incredible value versus crypto, losing value domestically versus hard assets like land and housing. One of the key drivers of the housing affordability crisis here that a lot of folks don't talk about and don't connect these dots is the, the diminution of the dollar. So it matters very much. You don't have to be a currency trader, you don't have to be a world traveler to care about what the dollar means. It means a lot to you for your trip to target, your trip to Walmart, your efforts to buy a home, young strivers who want to form a family, start having children and buy a home. So I'm really worried about the dollar. No one in Washington D.C. or very few voices in Washington D.C. either on the fiscal side of the ledger or on the monetary policy side, seem to care very much about the dollar. But believe me, while we're asleep at the switch, losing dollar supremacy, having King Dollar dethroned could have massive consequences, particularly for a country with $38 trillion in debt. The only reason that that debt load has been semi manageable, it's getting a lot less manageable, but it's been semi manageable is because of the primacy of the US dollar that is at risk right now. And these global institutions, whether it's the World bank or the OECD or the Fed or its counterparts, central banks around the world, to David Malpus's very smart point, they are largely clueless. Many of them are intrinsically corrupt. But in addition to that, not just corrupt, that would be bad enough, Steve. But in addition to corrupt, incompetent, and I would give as evidence of that, the Fed right here. Remember during the Biden administration, for purely partisan political reasons, the highly politicized, highly Washingtonian central bank of this country put its credibility on the line in backing Janet Yellen in her constant lie that inflation was transitory, when of course it was anything but. It was deeply embedded, it was systemic. We're still trying to deal with it now, but the Fed looked you in the eye and backed Yellen's grand lie that this was transitory. That alone should be enough, I hope, for regular Americans to say, hold on a second, not going to listen to this group. They might have hundreds of PhDs, but they don't have common sense, they don't have integrity, they don't care about Main street prosperity, they don't care about small businesses, they don't care about my personal financial well being. And so because of that, we need to make these institutions much less powerful, much less potent going forward.

[Steve Bannon]

You've got the monetary side and that's stacked against the American people because they say the Fed's totally independent. That's not the case. It's controlled by the globalists. This is one of the reasons President Trump's been going after it so hard. But then you have the fiscal side. They just had the analysis that rolled out on the path that we're, that we are now with Congress having been totally incapable of cutting spending at all, is that, is that they projected out the next 10 years and in 2035 we're going to be spending 2 trade over $2 trillion just in interest payments by this time. That time it would just be spinning out of control. Right. I mean, you can't. The path we're on, we've said before, is unsustainable. And people say, well, the system's still going well. What's happening is the dollar's getting crushed in value and that's one of the reasons people's financial and economic life is so hard. Correct?

[Steve Cortez]

Yeah, exactly. So in other words, the only reason that again I say it's semi manageable right now is because the dollar is still regarded as the reserve currency for the world, though losing that status in a steady way. So interest rates are not as high as they might be given this debt load. However, if the United States continues down this path of saying, well, we're effectively just going to keep devaluing the dollar, you reach a breakpoint where global bond markets then say, if I'm getting paid back in United States dollars, if I'm going to get back greenbacks, I'm going to demand far, far higher interest rates. And therein lies the risk. That's the crash type risk that is getting more real by the day. And what we see again from hard asset markets or more tangible, you know, limited quantity markets, whether it's gold or crypto or land, what we're seeing increasingly is institutional capital. Smart capital is flowing, flooding really into these assets. And that's wonderful for the already successful. It's wonderful for the credentialed managerial elites who own a lot of assets. It's brutal for Main street usa, and we see that reflected, by the way, in the polling.

[Steve Bannon]

Steve, can you hang over a second? I want to talk about the OECD in the impact these institutions have on the lives of Americans. People don't want you to understand this stuff because they want to. This is the way the globalists rule. We're going to take a short commercial break and leave you with the right stuff. Birch Gold. This is why four years ago when we partnered with Birch Gold, when I think gold was like a thousand bucks, we said, hey, we. It's not about the price of gold. We're not here to hog gold because of the price of day. It's about the process. When people understand the process of what drives the value of gold, then they can start making their own independent decisions. Birchgold.com promo code Bannon the end of the dollar empire. Now you have a hard copy if you wanted want to thank the Birch Gold guys for pulling that together. Make sure you get it either online or hard copy. Read it. Don't need to understand it the first time through. It's fine. Don't need to understand. Just get acclimated. Get accustomed to these terms and concepts and structures. Short break, back in the morning.