Podcast Summary: Bannon's War Room
Episode 5084: Live From Davos Cont; Leading The World Economy
Date: January 21, 2026
Host: Steve Bannon
Notable Guests: Jason Trennert (Strategas), Nigel Farage, Jack Posobiec, Ben Bergquam, Noor bin Laden, General Sisi (Egypt), Dr. Bradley Thayer, Brian Glenn
Overview
This episode of Bannon's War Room is broadcast live from Davos and centers on pivotal discussions from the World Economic Forum, President Trump’s economic and foreign policy moves in his second year back in office, and the ideological confrontation between nationalist and globalist camps. The show features real-time reports from key political and economic voices, street interviews at Davos, and insights into geopolitical flashpoints like the situation in Greenland, the U.S. deficit, the gold market, immigration policy, and peace efforts in the Middle East.
Key Discussion Points & Insights
1. The Soaring Gold Market and De-Globalization
Segments: [00:53]–[07:06]
Speakers: Steve Bannon, Jason Trennert
-
Gold Price Surge Analysis:
- Gold is nearly at $5,000/oz, and silver approaches $100/oz.
- Jason Trennert clarifies he is a “bit of a gold bug” and attributes current demand to macro themes:
- De-globalization: Disruptions in world order and growing distrust in fiat currencies.
- Central Bank Behavior: Global central banks are buying record amounts of gold amid concerns over currency instability.
- Hedging by “bad actors”: Oligarchs and sanctioned governments are reducing dollar exposure post-Russia/Ukraine asset seizures.
-
Notable Quote:
- “All currencies...are decreasing versus gold. Gold is rallying versus all fiat currencies. So it’s not just a U.S. problem…” — Jason Trennert [03:50]
-
Central Bank Motives:
- Trennert highlights that record official gold purchases are less about retail/investor panic and more about institutions hedging “weakening” G7 stewardship of money.
2. U.S. Deficit, Supply-Side Growth, and Trump’s Economic Plan
Segments: [07:06]–[12:56]
Speakers: Steve Bannon, Jason Trennert
-
Deficit Trajectory:
- U.S. announced a $2.17 trillion deficit in Trump’s first year back; supply-side believers claim strong Q4 (5%+) growth can “grow out” of debt.
- Trennert sees growth-oriented policies and a focus on manufacturing as the only path (excluding inflation or conquest) to reducing debt burden: “The best way to do this is... grow your way out. That’s what the U.S. is trying to do more than any other country…” [08:15]
-
MAGA Investment Fund:
- Trennert plugs a macro fund following “MAGA policies”—de-globalization, defense, space, natural resources.
- “If we hit that fourth quarter number... Jason and Scott Bessant are going to be lionized.” — Bannon [14:17]
3. On the Ground at Davos – Nigel Farage, Realignment, and Anti-Globalism
Segments: [09:09]–[11:46], [27:21]–[28:14]
Speakers: Brian Glenn, Nigel Farage
-
National Sovereignty vs Globalism:
- Farage highlights Trump as keynote, Milei of Argentina’s rising profile, and the rising tide against trans-national elites.
- “The main speaker is Donald Trump...the winds of change are hitting Davos.” — Nigel Farage [09:32]
-
Farage on Trump’s Achievements:
- Strong U.S. economic growth, pressuring NATO allies, resisting “sellout” of Diego Garcia military base, and highlighting the challenge in Greenland—emphasizing respecting its people’s will.
-
Memorable Moment:
- Farage’s assessment of Venezuela and support for Trump “taking on the enemies of the West” [11:29]
4. Second Amendment, Law Enforcement & Immigration – The Shot Show Check-In
Segments: [16:35]–[25:43]
Speakers: Ben Bergquam, Steve Bannon
-
Second Amendment Enthusiasm:
- The SHOT Show displays booming firearms demand as Americans react to perceived lawlessness in cities.
- “Anyone with a brain realizes we’re in a civil war... American citizens, we the people, ...realize if you live in one of those cities or states, the police aren’t there for your safety.” — Ben Bergquam [18:58]
-
Immigration Enforcement under Trump:
- ICE morale is high, priority is deporting the most dangerous illegals, but numbers are overwhelming: “1.2 million known illegals” in LA field office jurisdiction with just 400 officers [20:42].
- Berkgum calls for legislative change to make Trump’s executive orders “immutable,” highlighting ongoing left-wing “obstruction.”
-
Prosecutions of Church Attackers / NGOs:
- Ongoing indictments promised for attacks in Minneapolis; Berkgum wants RICO cases for NGOs “organizing attacks against ICE.” [23:35]
5. Street Atmosphere at Davos: Antiwar Protests & Social Issues
Segments: [26:14]–[28:14]
Speakers: Brian Glenn, Steve Bannon
- Reports of antiwar demonstrators (especially around Ukraine), and most Davos attendees reportedly supportive or indifferent to anti-trans surgery activism—“parents know their girls are girls and their boys are boys” [28:05].
6. European & Sovereignty Critiques – Noor bin Laden
Segments: [33:22]–[36:05]
Speakers: Noor bin Laden
- Noor slams European leaders’ hypocrisy for talking sovereignty on Greenland while undermining their own “through massive influx of immigrants.”
- Applauds Trump’s hardline immigration rhetoric and points out Davos elites' culpability for “maiming and mutilation of our children” by promoting trans/identity ideology and “climate scam.” [33:23–36:05]
7. Trump-Sisi Bilateral: Middle East Peace & The Nile Dam
Segments: [37:15]–[47:17]
Speakers: Trump, General Sisi, Bannon
-
Trump and Egypt’s Sisi discuss U.S.-brokered deals on Gaza and the Nile River dam dispute with Ethiopia.
- Sisi credits Trump for “achievements…on Gaza” and requests U.S. attention on the dam.
- Trump explains the dam blocks “a million years” of water flow and commits to negotiating a solution: “I’m going to try bringing the two of you together…” [44:02]
-
On Middle East Peace:
- “We have peace in the Middle East… If we didn’t bomb the Iran nuclear plant, they would have had a nuclear weapon within two months...” — Trump [45:01]
8. Reception to Trump’s Speech at Davos
Segments: [47:17]–[53:55]
Speakers: Jack Posobiec, Steve Bannon
-
Trump’s Presence:
- Standing ovation as he enters, but the room only stands (no applause) at end.
- European Parliament halts new trade deal negotiations post-speech; Denmark’s leader rules out sitting with the U.S. over Greenland.
- Trump’s “price for the U.S.” in NATO: “just a little bit of ice in a very strategic location.” — Jack Posobiec [51:10]
-
On-the-Ground Celebrities:
- Streets and halls full of world leaders, celebrities (Trudeau, Katy Perry, A-Rod), and major financial players (Jamie Dimon).
9. Strategic Significance of Greenland
Segments: [49:34]–[51:10]
Speakers: Jack Posobiec
- Defense of Greenland is vital for U.S. missile shield and history tracing back to WWII. Trump draws parallel to U.S. defending Greenland after Denmark’s Nazi occupation [“air bridge to Europe”].
Notable Quotes & Memorable Moments
-
On Gold’s Rise Globally:
- “Gold is rallying versus all fiat currencies. So it’s not just a U.S. problem…” — Jason Trennert [03:50]
-
Sovereignty at Davos:
- “Ten years ago…Davos didn’t believe it [Brexit/Trump]; they thought it would simply disappear. Here we are 10 years on, the main speaker is Donald Trump…” — Nigel Farage [09:32]
-
Trump’s Impact on NATO:
- “He has done more for NATO than anybody by pushing the Europeans into starting to pay their fair share…” — Nigel Farage [10:08]
-
On Second Amendment as Civil Defense:
- “The Second Amendment was primarily designed for a citizenry to stand up against a tyrannical government or…the tyranny within their own cities.” — Ben Bergquam [18:58]
-
On U.S. Foreign Policy Shift:
- “He was Copernicus…He went into Davos and he said—the Earth goes around the sun. The sun doesn’t go around the earth with his truth.” — Dr. Bradley Thayer [36:26]
-
On Middle East Peace:
- “We have peace in the Middle East…it’s an amazing thing. Nobody thought we’d ever speak.” — Trump [45:01]
Timestamps for Major Segments
- Gold & De-globalization: [00:53]–[07:06]
- U.S. Deficit & Economic Policy: [07:06]–[12:56]
- On the Street at Davos (Nigel Farage): [09:09], [27:21]
- SHOT Show/2A/ICE Interviews: [16:35]–[25:43]
- Brian Glenn & Davos Protests: [26:14]
- Noor bin Laden’s Critique: [33:22]
- Trump & President Sisi (Gaza, Nile Dam): [37:15]–[47:17]
- Trump’s Reception and Greenland: [47:17]–[53:55]
- Final Wrap-up/Celebrities at Davos: [52:56]–[54:31]
Tone & Language
The episode is delivered in Bannon’s forthright, combative style—urgent, anti-elite, and unapologetically nationalist. Guest commentary is candid and animated, especially during live reports from Davos and the SHOT Show. Politicians, analysts, and reporters alike embrace a “movement” mentality, seeing themselves as champions of popular and national sovereignty against “globalist elites.”
For Listeners Who Missed the Show
This episode encapsulates the populist, pro-Trump view on the current realignment of the global order, the strategic and economic stakes at Davos, and key flashpoints like gold, the U.S. deficit, immigration enforcement, and international power struggles (Greenland, Gaza, Nile Dam). The show’s live reports and interviews put listeners on the ground with policymakers and “movement” leaders directly challenging the establishment consensus.
If you want a real-time, inside-the-room look at the nationalist surge at Davos and how it ties into American and global economic policy, this is the episode to hear.