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

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.

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]

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]

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

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.

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