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

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.

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]).

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.”

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.

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 |

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.”

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.

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]).