THE WAR ROOM WITH STEPHEN K. BANNON, DECEMBER 22, 2025 (EP.#5014)

Summary

Podcast Summary: THE WAR ROOM WITH STEPHEN K. BANNON, December 22, 2025 (EP.#5014)

Podcast: Real America’s Voice
Host: Steve Bannon
Guests: Garland Favorito (VoterGA), David Malpass (Former World Bank President), Steve Cortez (Economist, Commentator)
Date: December 22, 2025

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Episode Overview

This episode of War Room centers on two primary topics:

1. Developments in Election Integrity Efforts in Georgia — Led by Garland Favorito and the VoterGA team, particularly new federal filings against the certification of Dominion voting systems and fresh evidence of ballot mismanagement from the 2020 election.
2. Economic and Capital Markets Analysis — A deep conversation with David Malpass and Steve Cortez on the dangers posed by Federal Reserve policy, the declining value of the US dollar, asset price bubbles, and implications for working Americans.

The tone is populist, urgent, and combative, especially regarding establishment institutions, the GOP “uniparty” in Georgia, and the global financial system.

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Section 1: Georgia Election Integrity & The Battle Over 2020 Ballots

Battlefield Update from Georgia – Garland Favorito ([03:49]-[17:33])

Key Insights:

• Garland Favorito describes a "dam breaking" moment in Georgia’s election integrity battle, citing recent state election board rulings and blown-up indictments led by District Attorney Fani Willis.
• Accusations that 315,000+ early voting ballots in Fulton County lack required tabulator tapes or signatures; potential fines for the county could exceed $1.4 million.
• The destruction of 1.7 million ballot images statewide — although required by law to be preserved for two years — is highlighted as evidence of deeper problems.
• Favorito credits a small core of volunteers and state election board members, saying genuine progress comes from grassroots activism, not party elites.

Notable Quotes:

• Steve Bannon [03:02]: “This is the primal scream of a dying regime. Pray for our enemies because we’re going medieval on these people...The people have had a belly full of it.”
• Garland Favorito [05:24]: “Her [Fani Willis'] entire case was exploded by the prosecuting attorney’s counsel. There was nothing in this 41-count RICO indictment that was legitimate.”
• Garland Favorito [09:14]: “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... a criminal referral over this matter and a recommendation of $5,000 per missing tabulator tape...the tip of the iceberg.”

Timestamps for Major Segments:

• Fani Willis RICO Case Implodes: [05:24]–[08:28]
• Fulton County Ballots & Election Board Referral: [08:28]–[11:20]
• Why the Dam is Breaking Now: [11:20]–[14:14]
• Dominion Filing Details: [14:14]–[16:57]

The New Federal Filing Against Dominion

• Favorito’s group filing argues that Georgia’s Dominion voting system was never properly certified according to EAC standards.
• Unrefuted expert witness testimony and forensics back up claims of failures in meeting encryption and password management guidelines, going back to standards as far as 1984.
• Allegations that the Colorado County Clerks Association acts as a “shell” for Dominion’s interests.

Quote:

• Garland Favorito [14:21]: “The Dominion system was never legitimately certified...we have forensic reports that show that it does not comply with the guidelines, the 2005 guidelines.”

The Populist Backstory & Recognition ([16:01]-[17:59], [21:27]-[28:29])

• Both Bannon and Favorito hail the five-year persistence of grassroots activists versus obstruction by Republican “uniparty” elites.
• Bannon [25:10]: "This is the manifestation of populism. The manifestation of it, Garland: extraordinary."

Press Conference Information

• VoterGA scheduled a press conference at 2 PM to present new evidence and answer questions ([25:43]).

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Section 2: Capital Markets, The Fed, and the Fate of the US Dollar

David Malpass on Federal Reserve Policy ([41:44]-[49:43])

Key Points:

• The Federal Reserve is undertaking new rounds of Quantitative Easing (QE): $40 billion/month of Treasury bill purchases, expanding their balance sheet.
• Malpass warns the Fed’s models are “anti-growth,” benefit the rich, and undermine small businesses and the middle class.
• The Fed appoints senior officials to long terms to “Trump-proof” itself; global dollar instability grows, with central banks (notably China) buying gold to hedge risks.
• Malpass criticizes the lack of dollar defense: “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.” ([41:44])
• Asset bubbles — especially gold and silver at record highs — are seen as signs of public distrust and monetary system risk.

Notable Quotes:

• David Malpass [47:57]: “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.”
• Steve Bannon [44:13]: “Why are we expanding the balance sheet?...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?”

Steve Cortez on The Dollar, Debt, and Systemic Risks ([55:42]-[60:14])

Key Points:

• The US dollar is broadly devalued, losing ground even to other fiat currencies, as well as hard assets (crypto, real estate, precious metals).
• Deteriorating dollar value fuels the housing affordability crisis and threatens the dollar’s status as global reserve currency.
• Massive federal debt ($38 trillion) is only “semi-manageable” due to dollar supremacy — which itself is now at risk.
• Elite institutions (OECD, World Bank, Fed) are described as both “corrupt” and “incompetent,” having misled the public about the nature of inflation.

Notable Quotes:

• Steve Cortez [55:42]: “The dollar has been broadly devalued. Devalued even versus other fiat currencies…losing value domestically versus hard assets like land and housing.”
• Steve Cortez [57:03]: “The Fed looked you in the eye and backed Yellen’s grand lie that [inflation] was transitory — that alone should be enough...not going to listen to this group.”

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Section 3: Overarching Populist Message and Call to Action

Bannon’s Refrain: “If we don’t quit, we win” ([36:33]-[41:44])

• Bannon repeatedly parallels the Georgia activists with the American Revolution, insisting that determined grassroots effort is the only safeguard for the republic.
• Warns that institutions and elites — from state GOP machinery to the Fed to globalist organizations — will not give up power without relentless citizen action.
• Memorable Quote [39:09]: “If we don’t quit, we win. What does Georgia show you? Exactly what the patriots at Trenton on Christmas night were about.”

Seven of Eight Elections Won ([43:00]-[43:25]):

• Bannon claims that America First/populist forces have won seven of the last eight national elections since Trump’s emergence, attributing success to perseverance not establishment machinery.

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Timestamps for Key Segments

| Segment | Timestamp | |-----------------------------------------------------------------------------------------------|----------------------| | Georgia RICO case, Fani Willis, and state investigation | 05:24 – 08:28 | | Fulton County ballots: evidence, missing tabulator tapes, Attorney General referral | 08:28 – 11:20 | | Uniparty GOP, dam breaking, Dominion system certification challenges | 11:20 – 17:33 | | Bannon’s populist rallying cry: American grit and grassroots activism | 21:27 – 28:29, 36:33 | | Filing details, 2PM press conference info | 25:43 – 28:29 | | Reflections on five years since 2020, the lesson for activism | 28:43 – 32:55 | | Capital markets, Fed policy, David Malpass’s critique | 41:44 – 49:43 | | Steve Cortez on USD value, debt, and institutional failure | 55:42 – 60:14 | | Bannon’s closing populist message, economic warning, promotional info | 60:14 – end |

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Memorable Quotes & Speaker Attribution

• Steve Bannon [03:02]: “This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people.”
• Garland Favorito [09:14]: “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.”
• Steve Bannon [16:01]: “It's the cussedness that made this country what it is. Garland, we gotta bounce. 2PM, where do they go today, sir, to your press conference?”
• David Malpass [47:57]: “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.”
• Steve Cortez [55:42]: “What I’m most worried about is the value of the US Dollar…you don’t have to be a currency trader to care.”
• Steve Bannon [36:33]: “Populism is the people taking control of their destiny. That’s the essence…If we don’t quit, we win.”

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Final Takeaways

• For listeners concerned about the integrity of US elections: The episode spotlights alleged new breakthroughs and grassroots-driven legal actions in Georgia challenging both ballot handling and voting machine certification.
• On economics: There are warnings of asset price bubbles, a weakening dollar, and establishment institutions (including the Fed) pursuing policies that enrich the elite and threaten middle-class stability.
• Overarching message: Vigilant activism and refusal to acquiesce to elites is portrayed as the path to both political and economic renewal.

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For more details, the VoterGA press conference and evidence on election integrity can be found at voterga.org (events tab) ([28:14]).
David Malpass shares economic commentary at @DavidMalpass on X (Twitter) ([49:43]).

Transcript

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[Stephen K. Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. You're just not going to get 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 try to do everything in the world to stop that, but you're not going to stop it.

[Garland Favorito]

It's going to happen.

[Stephen K. Bannon]

And where do people like that go to share the big lie?

[Steve Cortez]

MAG I wish in my soul, I.

[Stephen K. Bannon]

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. Band. It's Monday, 22nd December in the year 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 in 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, in Fulton county, 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. 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 Favorito]

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 Willeth wassome of the 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 onlyand the J6fani's team was coordinating with the J6 team even before she ever opened the 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 grass with $150 million of value, another one with 633 million and they were tracking this the media value of her name all the while she was conducting this prosecution into her political adversaries.

[Stephen K. 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 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 Favorito]

Well yeah, that's that that's right. See so the big, the big thing this past week and by the way I gotta give some thanks to the what I call the Voter J Posse. David Cross brought this case. Joe Rossi has been another great one of the state election board but he brought 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 miss tabulator tapes plus they're missing the zero tapes. 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 and Steve, that is only the tip of the iceberg in Fulton county. There's many, many more investigations and things that are going to come. Also we know that 1.7 million original ballot images were destroyed statewide in that 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 in Georgia after five years.

[Stephen K. Bannon]

Before I get to your filing today, this is what I think 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. We're going to fight it. But why is the dam breaking now five years after the fact, particularly when, correct me if I'm wrong, the Republicans control the state apparatus, sir.

[Garland Favorito]

Well, you know this better than anybody, but basically we have a uni party 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, 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 there' sthe dam is breaking in many different ways. One, as I mentioned, the state election board has gotten 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 that's come out regarding the fact that the 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 and that is another key thing that has broken the dam here and it's led to our filing to 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 willisthain 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.

[Stephen K. 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 Favorito]

Right. So. So the Dominion system was never legitimately certified. We have unrefuted export 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 with 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, that shows that that is really not a legitimate run organization.

[Stephen K. Bannon]

Do we owe all this to five years after the fact? 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 Favorito]

You're absolutely right, Steve, we got a great volunteer organization. I mentioned people like David Cross, Joe Rothi, Kevin Monkla. 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, but that's exactly what's happened. And then just want to mention that with the press conference we talked about.

[Stephen K. Bannon]

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 in a moment.

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[Stephen K. Bannon]

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[Garland Favorito]

No.

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[Stephen K. Bannon]

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[Garland Favorito]

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

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[Stephen K. Bannon]

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 and 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 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 it is to say, I just can't do this anymore. I gotta. I want 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 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, realistic 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 Harmony, Dylan, these guys stop. I realize you gotta go to court in this rule so send the frickin marshals down there and just grab the ballots. It's time now you gotta take hard action. These people for 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 Extraordinary. 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 Favorito]

Will do. Steve and I just want to echo what you just said. I get credit for a lot of things that the volunteers do. We have an amazing team just to shout out for them. 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 and right on down the line there's so many people I could talk about, 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 two o' clock today we only have a press conference if you know y' all have never seen a voter ga press conference. We've got them all out there on the events tab. We try to. If 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 got any potential.

[Stephen K. 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, and 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 gathering. 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 Favorito]

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.

[Stephen K. 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 Favorito]

Thank you, Steve. Always a pleasure.

[Stephen K. 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 told me in December when they were getting ready to do the electors, 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 Favreito 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 when we were hammering and by the way, then getting, remember, we're getting kicked off every platform that, that Covid and that was off every national platform, major platform. 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's, you know, Rothstensberg and all that crowd and the Democrats just go steal stuff, steal things. My point the other day, we're going to have, we're going have Malpass on, he's going to talk to you about the Fed. But you 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 can see getting worked out, you think the Democrats is going to roll over and say, oh yeah, fine, but the economy's working, 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, putting his hands on the apparatus. He's not denaturalized, which he could be with Hochul and that in that crowd in Albany and Mondami in New York, they just going to, they're going to create as many balances 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, etc. But they're all going to 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 presidential election, 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 they Nancy Pelosi went out throughout the country and 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.

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[Stephen K. Bannon]

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[Stephen K. Bannon]

Here's your host, Stephen K. Band. No, I'm not trying to. I'm not slighting the influencers. They call us now a maga influencer. Right. I guess that's a handle that we have. The influencers are very super important. They're massive force multipliers in the information war. Right. 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 what the strategy in the Revolutionary War was? You know what the grand strategy in the Revolutionary War was that eventually went global and had this turn into another massive geopolitical global struggle. 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 gotta keep the Continental Army. We gotta 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, et cetera. 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 on Christmas Day. Patrick o' Donnell 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 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 you 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 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 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, you know, 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, you know, maybe 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 on December 11month 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 though, 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 Nairo and the Phillips curve, the inflation targeting model model, the QE model, which they're reinstituting, which just means for the Fed and Washington D.C. to get 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.

[Stephen K. 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 land. 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 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 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 11, 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?

[Stephen K. Bannon]

Anytime they talk about liquidity issues and the repos and everything like that was very complicated to understand. We should, 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 and, and.

[David Malpass]

They should because the fed is the 800 pound gorilla. The private sector isn't doing the work that they used to do. That was the interbank market and the Fed funds market and the 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. 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.

[Stephen K. 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's right. Well no, I think, and I did a, you know the Wall Street Journal ran my letter are 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 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 been 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.

[Stephen K. Bannon]

David, we got about 30 seconds. Where do people go? 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 avidr, 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.

[Stephen K. Bannon]

Hang on one, hang on one second. Just hang up.

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[Stephen K. Bannon]

Only one of you will leave here.

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[Stephen K. Bannon]

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[David Malpass]

Someone will be eliminated.

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Pressure is coming down.

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[Steve Cortez]

Watch the trailer on trainergames.com here's your.

[Stephen K. Bannon]

Host, Stephen K. Band. Yeah David David Malpass is with us. Give me a minute. I think was Sternberg the piece in the Journal about the Fed not not driving the thing anymore.

[David Malpass]

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 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 what I 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.

[Stephen K. Bannon]

I know it's a key. 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.

[David Malpass]

Avidr Malpass Thanks Steve. Great work.

[Stephen K. 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 about 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 if 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 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 is 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.

[Stephen K. 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 had the fiscal side, they just had the analysis that rolled out on the path that we're are that we are now, with Congress having been totally incapable of cutting spending at all, is that they projected out the next 10 years and in 2035, we're going to be spending 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 is 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, 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.

[Stephen K. Bannon]

Steve, can you hang on 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 globalist rule. We're going to take a short commercial break and leave you with the right stuff. First gold. This is my four year old 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 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 now season two of.

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