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

00:00:00.000 This is the primal scream of a dying regime.

00:00:07.000 Pray for our enemies.

00:00:09.000 Because we're going medieval on these people.

00:00:12.000 I got a free shot at all these networks lying about the people.

00:00:17.000 The people have had a belly full of it.

00:00:19.000 I know you don't like hearing that.

00:00:20.000 I know you try to do everything in the world to stop that,

00:00:22.000 but you're not going to stop it.

00:00:23.000 It's going to happen.

00:00:24.000 And where do people like that go to share the big lie?

00:00:27.000 Mega Media.

00:00:29.000 I wish in my soul, I wish that any of these people had a conscience.

00:00:34.000 Ask yourself, what is my task and what is my purpose?

00:00:38.000 If that answer is to save my country, this country will be saved.

00:00:44.000 War Room. Here's your host, Stephen K. Bannon.

00:00:53.000 It's Monday, 22 December in the year of our Lord, 2025.

00:00:58.000 We're so packed today, we can't even do a cold open.

00:01:01.000 We've got a lot to talk about after Turning Point.

00:01:06.000 We've got a lot to get to there, and we're going to get to it.

00:01:08.000 We've got economics, capital markets, and most importantly, voter fraud,

00:01:12.000 voter integrity, 2020 election, all of it.

00:01:15.000 Tina Peters, that we're going to start the show off.

00:01:17.000 I want to go to John Case.

00:01:18.000 He's going to join me in a moment.

00:01:19.000 The reason I'm starting the show off with this today is that there's filings,

00:01:23.000 big filings going on, both about the 2020 election and about the Tina Peters case,

00:01:28.000 which is about the 2020 election.

00:01:30.000 Let's start with an old friend of the show, Garland Favrito down in Georgia, Vote Georgia.

00:01:38.000 Garland, correct me if I'm wrong, you're going to file in federal court today.

00:01:43.000 And let's talk about the filing in a second, but can you just give us the battlefield down there?

00:01:50.000 Because we keep hearing there's 350,000 ballots here.

00:01:53.000 They now admit they didn't count the ballots right.

00:01:55.000 There's all types of things with the machine.

00:01:57.000 Mike Davis is going to join us tonight.

00:01:59.000 He's got all types of information, I guess, about Smartmatic.

00:02:02.000 I mean, down in Georgia, in Fulton County, you had our favorite prosecutor last week get blown up by the Georgia Senate.

00:02:09.000 I guess it's inquiry.

00:02:10.000 Just give us the big picture on exactly what's going on as, because I can tell you,

00:02:16.000 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.

00:02:23.000 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,

00:02:34.000 the state election board ruling against Fulton County.

00:02:37.000 We can talk about that.

00:02:38.000 As you said, Fannie Willis was, some of the amazing things came out with Fannie Willis last week,

00:02:48.000 we would have to do a whole show, but just to give the listeners a little bit of a backup,

00:02:53.000 her entire case was exploded by the Prosecution Attorneys Council. 0.71

00:02:59.000 There was nothing in this 41-count RICO indictment that was legitimate.

00:03:05.000 The document that they produced went point by point over all the issues, the Republican electors,

00:03:15.000 the Jeffrey Clark thing, Mark Meadows, and explained point by point why this prosecution that she tried to do 0.97

00:03:23.000 of her 18 political adversaries was invalid.

00:03:26.000 And that was all based on money she got from the Fulton County board.

00:03:31.000 When she claimed that she wanted to use the money to reduce the murder case backlog, 0.83

00:03:36.000 instead she used it to indict 18 of her political adversaries. 0.91

00:03:39.000 So that blew up just a couple of weeks ago,

00:03:43.000 and that's a whole other subject we'll have to talk about sometime on your show.

00:03:46.000 But then the last week, as you said, Steve, she testified before the Senate,

00:03:53.000 and there was more major things that came out there of how the White House was coordinating this,

00:04:01.000 and not only in the J6, Fannie's team was coordinating with the J6 team,

00:04:08.000 even before she ever opened the investigation, the special investigation.

00:04:14.000 So they showed that document as she had reached out to J6 to get information

00:04:18.000 before the special investigation had ever started.

00:04:22.000 And then as soon as President Trump declared, they had more calls the next day.

00:04:33.000 We've got the billing records from Nathan Wade on that.

00:04:36.000 Happy to show those, but we probably need to do a whole segment on that, on all the information that came out.

00:04:42.000 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.

00:04:51.000 And she had a guy who was working for Fulton County who was also essentially double-dipping as a kind of a campaign strategist,

00:05:03.000 and he was tracking the media value of the case.

00:05:08.000 And we have, there's graphs with $150 million of value.

00:05:13.000 Another one was $633 million.

00:05:15.000 And they were tracking this, the media value of her name,

00:05:19.000 all the while she was conducting this prosecution into her political adversaries.

00:05:25.000 Tell me about, can we go to the Fulton County ballots also now?

00:05:32.000 We're going to go back and go in depth more probably later in the week on all this,

00:05:37.000 because it is absolutely essential we get to the bottom in Georgia, Arizona, Michigan, Pennsylvania, all of it.

00:05:44.000 But Georgia seems to be the one that the corruption is most up in your face.

00:05:49.000 Talk to me about these ballots, because I've heard there's 500,000 ballots in a trailer.

00:05:53.000 I've been advocating sending the U.S. Marshals in there.

00:05:56.000 Hermie Dillon at Maine Justice is sending strongly worded letters, which is fine.

00:06:03.000 But I heard now they've actually, I guess Fulton County has admitted that there's hundreds of thousands that were not legitimately counted now, sir?

00:06:14.000 Well, yeah, that's what I see.

00:06:17.000 So the big thing this past week, and by the way, I've got to give some thanks to what I call the Voter GA Posse.

00:06:26.000 David Cross brought this case.

00:06:28.000 Joe Rossi has been another great one on the state election board.

00:06:32.000 But he brought this case that the tabulator tapes were missing or unsigned for almost all of the early voting ballots that were cast,

00:06:44.000 which was a total of 315,000 ballots.

00:06:49.000 So they were able to get a referral to the attorney general, a criminal referral over this matter,

00:06:58.000 and a recommendation of $5,000 per missing tabulator tape, 148 missing tabulator tapes, plus they're missing the zero tapes.

00:07:08.000 So the total potential fine of that would be $1.4 million, if my math is correct.

00:07:16.000 That is what Fulton County is now facing.

00:07:19.000 And, Steve, that is only the tip of the iceberg in Fulton County.

00:07:25.000 There's many, many more investigations and things that are going to come.

00:07:29.000 Also, we know that 1.7 million original ballot images were destroyed statewide in that 2020 election.

00:07:36.000 They should have been preserved for two years.

00:07:38.000 That is another big thing.

00:07:41.000 But the thing that's helped us so much is that the state election board has been reconfigured

00:07:47.000 to have a majority of members who really care about election integrity.

00:07:53.000 And they are real heroes and heroines, and they are under tremendous pressure.

00:07:58.000 You know, the media is lying about them almost on a daily or weekly basis.

00:08:03.000 But hats off to them for standing strong and making this referral.

00:08:09.000 But I would predict that it's just one of many, many to come.

00:08:13.000 I think you're seeing the dam finally break here in Georgia after five years.

00:08:20.000 Before I get to your filing today, this is what I think is so frustrating to people.

00:08:25.000 Kemp is supposed to have a machine down there.

00:08:28.000 They've been the biggest obstructionists against President Trump or MAGA,

00:08:32.000 the new electees to the state election board.

00:08:36.000 Of course, the Democrats in Fulton County are totally corrupt and going to fight it.

00:08:39.000 But why is the dam breaking now five years after the fact, particularly when,

00:08:44.000 correct me if I'm wrong, the Republicans control the state apparatus, sir?

00:08:50.000 Well, you know this better than anybody, but basically we have a uniparty in Georgia,

00:08:56.000 as we have in almost all the other states.

00:08:59.000 And quite frankly, the establishment Republicans don't care about election integrity.

00:09:05.000 In fact, they are adamantly working against us.

00:09:09.000 And they even pose a bigger threat than the Democrats because, you know,

00:09:13.000 this is a majority Republican state.

00:09:15.000 So if you have honest leadership at the top of the Republican Party,

00:09:18.000 then, you know, you're going to make some significant headway.

00:09:22.000 That hasn't happened.

00:09:23.000 There's a lot of collusion up there.

00:09:25.000 And that has really been a key stumbling block.

00:09:31.000 But the dam is breaking in many different ways.

00:09:34.000 One, as I mentioned, the state election board has been reconfigured.

00:09:38.000 And I think that was more by accident.

00:09:41.000 But we've got great people there now.

00:09:43.000 And we have got new evidence that has come out that we're regarding the fact that the,

00:09:50.000 back in September 30th of 24, when it was a case,

00:09:53.000 unrefuted expert witness testimony showed that the Dominion system we're using here in Georgia

00:09:59.000 was never legitimately certified by the EAC and the Election Assistance Commission, when I say EAC.

00:10:05.000 And that is another key thing that has broken the dam here and has led to our filing to decertify the system.

00:10:14.000 Not decertify, but vacate the original certification because it was never properly certified in the first place.

00:10:22.000 So that's another area where the dam is breaking.

00:10:25.000 Of course, the funny Willis thing had to run its course.

00:10:28.000 And that's now finally on the table.

00:10:32.000 And we've, by the way, have gotten the SB 244, which was a bill that we got passed to provide compensation for these victims of prosecutorial misconduct.

00:10:46.000 What funny Willis did, and it was the greatest case of prosecutorial misconduct in American history.

00:10:53.000 And this is not new.

00:10:54.000 We said this back in two years ago when we call for her impeachment two years ago.

00:11:00.000 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.

00:11:10.000 Is that filing?

00:11:14.000 Is that about the Dominion?

00:11:16.000 I want to talk about your filing.

00:11:18.000 I think you're filing in federal court today.

00:11:19.000 What are the details of this?

00:11:21.000 Right.

00:11:22.000 So the Dominion system was never legitimately certified.

00:11:27.000 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.

00:11:45.000 It's pretty much an open and shut case.

00:11:48.000 This is pretty rock solid concrete.

00:11:50.000 Tremendous expert witness testimony and forensics to back this up.

00:11:54.000 This is a really serious deal.

00:11:56.000 So we have filed to vacate that certification and provide all the expert witnesses reports.

00:12:06.000 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.

00:12:16.000 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.

00:12:29.000 So we did an investigation into that a little bit preliminary and just see this is kind of a facade shell that appears to be operating under the will of the Dominion Voting System Company, which is headquartered in Colorado.

00:12:46.000 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.

00:12:57.000 Do we owe all this to five years after the fact?

00:13:06.000 You know, a couple of hundred patriots that have been hammering this every day from the state election board to your organization, to others that have just pounded this.

00:13:14.000 I mean, what's so amazing and going after Fonnie Willis.

00:13:18.000 I mean, there's the corruption and the malfeasance is so deep.

00:13:22.000 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 that we didn't actually tell the truth, that we didn't win and then had the opportunity to tell the truth.

00:13:35.000 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 look the other way.

00:13:46.000 In Georgia, I'm gonna tell you, this is a black mark on the Georgia political establishment of the Republican Party.

00:13:53.000 I just think you guys are such heroes.

00:13:55.000 It's such a massive story.

00:13:56.000 Go ahead, sir.

00:13:57.000 You're absolutely right, Steve.

00:13:59.000 We got a great volunteer organization.

00:14:00.000 I mentioned I mentioned people like David Cross, Joe Rossi, Kevin Moncla.

00:14:05.000 There's there's so many more of the heroes on the state election board we could go through, but it is they're basically volunteers.

00:14:12.000 These are unpaid people that are doing the work of what the Republican Party, the RNC should have done to protect their own interests.

00:14:20.000 It's it's it's beyond belief.

00:14:23.000 And but that's exactly what's happened.

00:14:26.000 And then I just want to mention that what were the press comments we talked about.

00:14:31.000 Hang on one second.

00:14:34.000 We're going to keep you over.

00:14:35.000 We're going to keep you over.

00:14:36.000 I want to get make sure everybody for this two o'clock that people can see at two o'clock.

00:14:41.000 A hat tip to the heroes in Georgia.

00:14:44.000 Absolutely incredible.

00:14:45.000 What warriors.

00:14:49.000 Just incredible.

00:14:50.000 Just incredible.

00:14:51.000 Short commercial break back in the worm in a moment.

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00:17:04.000 Welcome back.

00:17:05.000 Okay.

00:17:06.000 I tried to incorporate this in my speech the other day about Greater Israel and Israel First.

00:17:12.000 About the signal and the noise.

00:17:16.000 What's important and what's going to be important about saving this republic.

00:17:20.000 And since it was bequeathed to us, how we're going to pass it down in its best shape to future generations.

00:17:27.000 And that battle is now.

00:17:29.000 And you've got influencers and you've got people talking and yelling and screaming and all that.

00:17:32.000 Hey.

00:17:33.000 You've got to get beyond that and get to the issues.

00:17:36.000 You know, all this, and I think it's phony talk.

00:17:39.000 Oh, we've got to come together.

00:17:40.000 This guy's thrown out.

00:17:41.000 We've got to come together.

00:17:42.000 It's all nonsense. 0.75

00:17:43.000 It's all nonsense.

00:17:45.000 What makes the difference here is in this populist movement is people that are prepared to roll their sleeves up and commit.

00:17:59.000 What's your task and purpose?

00:18:01.000 Well, it's to save this republic.

00:18:03.000 This republic will be saved.

00:18:05.000 The heroes in Georgia.

00:18:07.000 And they are heroes.

00:18:09.000 Folks, this has been five years.

00:18:12.000 Five years.

00:18:13.000 Five years.

00:18:14.000 You know how easy it is to quit?

00:18:15.000 You know how easy it is to say, I just can't do this anymore.

00:18:18.000 I want to play golf.

00:18:19.000 I want to play pickleball.

00:18:20.000 I want to, you know, take a pickleball.

00:18:21.000 I want to do something.

00:18:22.000 But I can't do this anymore.

00:18:23.000 I can't do it on my spare time.

00:18:24.000 And I'm putting money in for travel and all that.

00:18:26.000 I can't do it.

00:18:27.000 Georgia, which has this big Republican apparatch.

00:18:32.000 You've got the RNC. 0.94

00:18:33.000 You've got all these fat cats running around and they're this. 0.63

00:18:35.000 They've got titles.

00:18:36.000 They're going to these conferences.

00:18:37.000 They're talking, you know, on TV and talking.

00:18:39.000 No.

00:18:40.000 This populist movement goes back just like in the revolution.

00:18:46.000 It goes back to a collection of people that are just too ornery to give up.

00:18:53.000 Because they said, this is not right.

00:18:56.000 That's what drove Trump to come back.

00:18:59.000 And as imperfect as we are today and everything that we're working on, I realize people are very frustrated.

00:19:06.000 It's at least directionally, we are moving in the right direction.

00:19:11.000 We're not getting enough done.

00:19:12.000 We're not getting enough done quick enough.

00:19:14.000 And there's so many other problems.

00:19:15.000 I got that.

00:19:16.000 But this republic is being saved by the work of these heroes in Georgia.

00:19:22.000 If you watch the Fannie Willis thing over the last couple of weeks, it's and it's not getting any coverage.

00:19:29.000 OK, because the mainstream media doesn't want to touch it because then you're going to the heart of the system.

00:19:32.000 It's jaw dropping.

00:19:34.000 And think about it.

00:19:35.000 She was sending Trump to prison, but she broke so many people.

00:19:39.000 Hell, it's one of the reasons Rudy went bankrupt.

00:19:42.000 Rudy's beautiful, I don't know, 16 room apartment in New York City.

00:19:46.000 Yeah, 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.

00:19:51.000 You folks in Georgia, you're simply heroes.

00:19:56.000 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.

00:20:12.000 It's just incredible.

00:20:15.000 And it's when you look at what went on, it is so awful on so many other levels.

00:20:21.000 And that's why I just with Harvey Dillon, these guys stop.

00:20:24.000 I realize you got to go to court and there's rules.

00:20:26.000 So send the frickin marshals down there and just grab the ballots. 0.84

00:20:29.000 It's time.

00:20:31.000 Now you got to take hard action.

00:20:33.000 These people are five years been hammering away.

00:20:35.000 You people are heroes.

00:20:37.000 You're American heroes.

00:20:38.000 You tie directly back through every patriot's grave to the revolutionary generation.

00:20:45.000 That's simply what's going to save this country.

00:20:47.000 Not tick tock.

00:20:48.000 Not influences.

00:20:49.000 Not.

00:20:50.000 No, no, no, no, no, no.

00:20:52.000 You.

00:20:53.000 This is the this is the manifestation of populism.

00:20:57.000 The manifestation of it.

00:21:01.000 Garland, extraordinary.

00:21:03.000 We're going to get more details for you, but now you got a filing in federal court.

00:21:06.000 Tell me about 2 p.m. today.

00:21:07.000 I want everybody to to tune into this and we'll put it up on both my account and rumble getter and also the war room.

00:21:15.000 So what's happening?

00:21:17.000 We'll do, Steve.

00:21:18.000 And I just want to echo what you just said.

00:21:21.000 You know, I get credit for a lot of things that the volunteers do.

00:21:26.000 We have an amazing team just to shout out for them.

00:21:30.000 You know, my wife, Tamara, has been incredibly active, has just done all sorts of things.

00:21:35.000 We've got the best.

00:21:37.000 Our social media executive admin has just been fabulous.

00:21:41.000 And right on down the line, there's so many people I could talk about.

00:21:45.000 Our marketing person.

00:21:46.000 They're all volunteers.

00:21:48.000 It's just amazing.

00:21:49.000 So just wanted to echo that for you.

00:21:51.000 Thank you for the.

00:21:52.000 We appreciate the compliment.

00:21:53.000 But it certainly is not me.

00:21:55.000 It's them.

00:21:56.000 But to go to your point.

00:21:57.000 So two o'clock today, we want to have a press conference.

00:21:59.000 If you know, y'all have never seen a Voter GA press conference.

00:22:02.000 We've got them all out there on the events tab.

00:22:04.000 We try to.

00:22:05.000 They're educational.

00:22:06.000 We try to get as much information out.

00:22:08.000 We want to walk through today why we believe the Dominion system is not legitimately certified by the Election Assistance Commission.

00:22:17.000 Specifically, it does not keep the encryption keys in an encryption module as it's required to do.

00:22:25.000 And its password management was inappropriate for a variety of reasons, which we'll describe today.

00:22:31.000 But the standards, it was it was certified in 2019, according to 2005 standards, which it did not meet.

00:22:40.000 And those standards were based on other standards that go back, not only to 2001, but all the way back to 1984.

00:22:47.000 So in 2019, a system was delivered in Georgia that doesn't meet 1984 standards.

00:22:54.000 We're going to bring the receipts today.

00:22:56.000 There won't be any question about it.

00:22:58.000 In fact, we've already got in the petition.

00:23:01.000 You might have a you might have a you might have a few questions for the guy was secretary of state back then.

00:23:06.000 Kemp, the Kemp, the Kemp cabal is up to the next in this corruption.

00:23:11.000 This is what's so maddening about it. Right.

00:23:14.000 They get a grip on Georgia.

00:23:15.000 They get a grip on the Republican Party in Georgia and everybody in the in the precinct strategy will tell you they're absolutely brutal.

00:23:23.000 They do not want any MAGA.

00:23:24.000 They don't want any involvement of people.

00:23:26.000 They got a machine down there tied to the business community.

00:23:29.000 They're making money hand over fist and they don't want anybody breaking up there, breaking up their little gathering.

00:23:34.000 That's what's so sick about this.

00:23:36.000 And if it was not for these heroes over five years of hammering, hammering, hammering.

00:23:42.000 That's the cussedness that made this country what it is. 1.00

00:23:46.000 Garland, we've got to bounce.

00:23:47.000 2 p.m. Where do they go today, sir?

00:23:49.000 To your press conference.

00:23:50.000 VoterGA.org events tab.

00:23:53.000 Just you can pick it up there on the events tab.

00:23:56.000 The live stream link is there.

00:23:59.000 We'd love to have you in.

00:24:00.000 And you can ask questions in the rumble chat.

00:24:02.000 We'll answer those live on the air.

00:24:05.000 The rumble chat in the war room comes in a little hot.

00:24:10.000 So make sure you get your filter up.

00:24:13.000 Garland Favria, thank you very much, sir.

00:24:16.000 Thank you, Steve.

00:24:17.000 Always a pleasure.

00:24:19.000 You know how far gone this thing is?

00:24:22.000 If you told me years ago, or if you told me in the, in the, in the, for the folks who

00:24:29.000 have been on watching the show for a while, if you had told me in November, November or

00:24:34.000 December of 2020, when every day for hours a day, we're going through this stuff.

00:24:39.000 If you told me, if you told me in December, when they were getting ready to do the electors,

00:24:44.000 remember in Georgia and all the states, if you had told me Steve, by the way, on December,

00:24:50.000 on the 22nd, December of 2025, Garland Favria is going to be in the show.

00:24:57.000 He, in fact, he's going to start your Monday show after AmFest.

00:25:01.000 And he's going to talk about, you know, Fulton County and ballots and the machines.

00:25:06.000 And it's going to all be breaking news and going to federal court.

00:25:09.000 I would tell you, get the hell out of here.

00:25:11.000 What are you talking about?

00:25:13.000 Think about that for you watching the show.

00:25:15.000 This is the lesson.

00:25:18.000 Back in December, 2020, where we were hammering.

00:25:20.000 And by the way, then getting, remember, we get kicked off every platform that, that COVID

00:25:25.000 and that there was off every national platform, major platform.

00:25:28.000 If you said, hey, Garland Favrito is going to lead your show on the 22nd of December of 2025

00:25:35.000 with breaking news on all this, then here's the lesson.

00:25:41.000 The lesson is you drive to politics.

00:25:45.000 You drive it.

00:25:46.000 If you give up, it's not going to happen.

00:25:48.000 And you're not going to know about Georgia.

00:25:49.000 And finally, Willis is not going to be held to count.

00:25:51.000 And the Kemp's, you know, the Roethlisberger and all that crowd.

00:25:55.000 And the Democrats are just going to be able to steal stuff, steal things. 0.99

00:26:00.000 My point the other day, we're going to have, we're going to have Malpass on.

00:26:04.000 He's going to talk to you about the Fed, but you start to see the beginning of an economic turnaround.

00:26:09.000 Although Malpass makes the case, hey, the way the Fed's structured now and the way they got in it,

00:26:13.000 the more Trump, they're going to be the biggest headwind to Trump's growth strategy

00:26:18.000 because things are not particularly in sync right now.

00:26:22.000 But once the economics part gets worked out, which I think you can see getting worked out,

00:26:27.000 you think the Democrats are just going to roll over and say, oh, yeah, fine.

00:26:31.000 But the economy's working.

00:26:32.000 I guess we're going to lose.

00:26:33.000 Hell no.

00:26:34.000 They're going to be stealing more than ever.

00:26:36.000 They're going to be stealing more than ever.

00:26:39.000 It's one of the reasons that Stefanik, I think, said, I must take a step back.

00:26:43.000 And this year right now, because with Mandami, you've got a Marxist jihadist running New York City, 0.92

00:26:49.000 the apparatus, putting his hands on the apparatus.

00:26:51.000 He's not denaturalized, which he could be.

00:26:54.000 With Hochul and that crowd in Albany and Mandami in New York, 0.87

00:26:59.000 they're going to create as many balances they need.

00:27:03.000 You can raise all the money you want.

00:27:04.000 You have the best message you want.

00:27:05.000 You have the best team you want.

00:27:06.000 You can be the best candidate.

00:27:08.000 It doesn't matter.

00:27:11.000 The 2020 election in Georgia was stolen.

00:27:16.000 Full stop.

00:27:17.000 And now, five years after the fact, all the data is coming out, et cetera.

00:27:23.000 But they're all going to want to go away.

00:27:24.000 That's why the media is saying, oh, that's all been settled.

00:27:28.000 There have been eight national elections, either primaries, midterm elections,

00:27:34.000 which are national for Congress and or presidentials.

00:27:39.000 Eight since Donald Trump came on the scene in really 2015 for the 2015-2016 primary.

00:27:46.000 We've won seven.

00:27:49.000 Seven.

00:27:50.000 You have won seven.

00:27:53.000 You're not beatable.

00:27:55.000 You're not beatable.

00:27:57.000 The only one we lost is when everybody leaned on their shovels in 2018.

00:28:04.000 And Nancy Pelosi went out throughout the country and says, let me win the House and I'll impeach Trump.

00:28:10.000 And she was good for a word.

00:28:12.000 I told people at the time this is what's going to happen.

00:28:14.000 You're not beatable.

00:28:15.000 You know the reason you're not beatable?

00:28:17.000 Of what these patriots in Georgia are showing you about stick-to-itiveness, guts, tenacity and good old American grit.

00:28:26.000 Short break.

00:28:27.000 You know, I'm not trying to, I'm not sliding the influencers.

00:28:41.000 They call us now a MAGA influencer, right?

00:28:44.000 I guess that's a handle that we have.

00:28:48.000 The influencers are very, super important.

00:28:51.000 The massive force multipliers in the information war, right?

00:28:58.000 What is Alex Jones' great take on Shakespeare?

00:29:03.000 Cry havoc and unleash the dogs of information war. 0.98

00:29:08.000 It's very powerful.

00:29:10.000 But populism is the people taking control of their destiny.

00:29:19.000 That's the essence of populism.

00:29:21.000 It's people just saying, we're not going to do that.

00:29:24.000 We're going to do this.

00:29:26.000 That's the history of this country.

00:29:28.000 When you cut through it, really look at it.

00:29:31.000 Not the Howard Zinn interpretation.

00:29:34.000 The real, the facts.

00:29:36.000 You know what the strategy in the Revolutionary War was?

00:29:38.000 You know what the grand strategy in the Revolutionary War was?

00:29:41.000 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.

00:29:53.000 The grand strategy of the revolutionary generation was simple.

00:29:58.000 If we don't quit, we win.

00:30:02.000 If we don't quit, we win.

00:30:05.000 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.

00:30:16.000 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?

00:30:30.000 I mean, although William Pitt, the elder, he was actually more on our side than their side about how to think this thing through.

00:30:38.000 You still had all that handed down generation after generation of really geopolitical thinking.

00:30:44.000 And folks over here was very simple.

00:30:47.000 If we don't quit, we win.

00:30:49.000 Part of not quitting is we've got to keep the Continental Army.

00:30:52.000 We've got to keep an army in being.

00:30:54.000 We can't let that be destroyed because that's a little institution we got that rallies people around, these militias, et cetera.

00:31:01.000 If we don't quit, we win.

00:31:04.000 And guess what?

00:31:07.000 We didn't quit.

00:31:08.000 We didn't quit.

00:31:09.000 War went from Fort Ticonderoga to Bunker Hill to Lexington Concord, all of it.

00:31:15.000 Tomorrow, you know, on Christmas Day, Patrick came, Donald and I do what we've done every year for the last, I don't know, decade, the combat history of Christmas.

00:31:26.000 We talk about the Christmas season through the eyes of some of the greatest battles in American history that were fought. 0.98

00:31:33.000 We start always with Trenton having gotten his ass kicked for three or four months everywhere. 0.96

00:31:43.000 Washington finally took a stand and turned this thing around. 0.98

00:31:46.000 If you don't quit, you win.

00:31:48.000 Georgia shows you exactly what the Patriots and Trenton on Christmas night rolling up a bunch of drunk Germans was about. 1.00

00:32:00.000 If you don't quit, you win.

00:32:03.000 That's us.

00:32:04.000 That's us.

00:32:05.000 We've won seven of eight national elections over the last decade.

00:32:09.000 No political movement in the history of this country has done this.

00:32:13.000 You've won seven of eight national elections.

00:32:17.000 And nobody talks about it because nobody wants you to understand it.

00:32:21.000 That is you.

00:32:22.000 That's nobody.

00:32:23.000 That's you.

00:32:24.000 There's no big strategists here.

00:32:25.000 All the money.

00:32:26.000 80% of the time the money was against you.

00:32:29.000 If you don't quit, you win.

00:32:32.000 And what they want you to do now is discourage and all this.

00:32:37.000 Heck with it.

00:32:38.000 Just focus on the work.

00:32:40.000 See what you see.

00:32:42.000 Don't be diverted.

00:32:44.000 See what you see.

00:32:46.000 And act there upon.

00:32:50.000 We're going to go from the sublime to the maybe less sublime.

00:32:53.000 Normally, the voter integrity and the grassroots stuff is a little gnarly.

00:32:56.000 And I get to the capital markets.

00:32:57.000 You have, you know, guys like David Malpass and Cortez and Navarro.

00:33:00.000 They're thinking great thoughts, right?

00:33:02.000 But there's a populist battle at the capital market at the highest levels.

00:33:08.000 And it's taken David Malpass, who was like the number three guy in Treasury in President Trump's first term

00:33:13.000 and head of the World Bank to kind of think, really think this thing through.

00:33:16.000 And he says, hey, not only did he says, President Trump intuitively knows it.

00:33:20.000 But there's a structure.

00:33:22.000 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.

00:33:39.000 You know, maybe working a Guinness.

00:33:43.000 David Malpass, thank you so much for writing this, doing it.

00:33:47.000 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.

00:33:54.000 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.

00:34:06.000 Sir, the floor is yours.

00:34:09.000 You take it.

00:34:10.000 Hi, Steve.

00:34:11.000 Good to see you.

00:34:12.000 Well, you've talked long and effectively about the importance of institutional reform.

00:34:17.000 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.

00:34:25.000 They're all growing bigger, and especially the Fed.

00:34:28.000 It's growing bigger.

00:34:29.000 They've got their building, which President Trump highlighted, a $3 billion building.

00:34:34.000 They just announced on December 11th that they're really expanding their balance sheet.

00:34:40.000 So that puts them in directly confrontation or collaboration with the government as a whole in getting bigger.

00:34:49.000 The Fed buys bonds and bills and has no limits on how much they can buy.

00:34:55.000 What they also did on December 11th was appoint 23 senior officials to five-year terms in the Fed.

00:35:04.000 So they'll outlast President Trump.

00:35:07.000 Two of those came out on Friday and said they wanted, they were hawkish.

00:35:12.000 They thought that the growth of the country was fast enough that they didn't really want to be looking at any more rate cuts.

00:35:20.000 So one of the worries is that we're done with the rate cutting cycle.

00:35:24.000 You know, President Trump was right on both the buildings and the rates.

00:35:28.000 And this goes to this issue of who are the winners and losers out of the status quo.

00:35:35.000 The Fed is running the status quo that has all these 50-year-old models that don't work on inflation.

00:35:42.000 They're, 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 bigger and more powerful over the private sector.

00:36:01.000 Through this, China is one of the winners because they're seeing the dollar undercut.

00:36:07.000 So, very importantly in this, the Fed doesn't defend the dollar.

00:36:12.000 It doesn't create sound money.

00:36:14.000 And so that's a core part of what's hurting the lower part of the income scale.

00:36:19.000 A lot of what's going on in Washington benefits the rich, but leaves the lower part and small businesses out of the mix.

00:36:28.000 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.

00:36:35.000 Don't bury the lead here.

00:36:39.000 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.

00:36:49.000 Quantitative easing.

00:36:50.000 Why are we expanding the balance sheet?

00:36:52.000 I thought we were going to try to make sure we didn't have asset bubbles.

00:36:55.000 I thought the purpose was to try to maybe tighten this thing up.

00:36:58.000 Why is the Fed doing quantitative easing right now?

00:37:02.000 Why are we expanding the balance sheet of the Federal Reserve?

00:37:05.000 They say they're worried about liquidity within the banking system.

00:37:09.000 Here we are in this asset price escalation.

00:37:13.000 And the banks are really effective at taking care of themselves.

00:37:17.000 Why are we worried about the banks and the money market funds?

00:37:21.000 But the Fed says they have to be the center of the financial system.

00:37:26.000 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 the banks.

00:37:41.000 That means they borrow from the banks and create a basis of lending for the banks to somehow help them.

00:37:48.000 But what that means is the banks aren't going to be lending to small businesses.

00:37:53.000 That would be a better choice for the country and for the people.

00:37:57.000 The Fed's protecting the big guy in that decision.

00:38:01.000 And that's what QE does.

00:38:02.000 Why do we need a Fed that's going to have $9 trillion of assets, all of it, government bonds?

00:38:10.000 Why do we want a central bank that only invests in the U.S. government and it does it in such large portions that it manipulates capital markets?

00:38:22.000 Any time they talk about liquidity issues and the repos and everything like that, it was very complicated to understand.

00:38:31.000 Why should we be having – isn't that kind of a flashing kind of red light for people that 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?

00:38:44.000 Isn't that a question a lot of people are starting to ask?

00:38:47.000 And they should. Because the Fed is the 800-pound gorilla, the private sector isn't doing the work that they used to do.

00:38:56.000 That was the interbank market and the Fed funds market and the third-party repo market.

00:39:01.000 That was all private sector. That's been nationalized by the Fed.

00:39:05.000 So it's all sitting in the Fed.

00:39:07.000 So that means if the Fed does things good enough for government work, you know what that means.

00:39:13.000 They're going to miss the whole point.

00:39:16.000 In 2019, famously, they didn't anticipate there were going to be quarterly tax payments.

00:39:22.000 Everybody in the world knew there were going to be quarterly tax payments that required cash.

00:39:28.000 The Fed didn't set up in advance for that because it's put itself in the center of markets and not letting independent action take care of things.

00:39:41.000 And that's what they're saying now.

00:39:44.000 They're worried about these markets not operating properly.

00:39:51.000 So then they want to put themselves in it.

00:39:54.000 And that straight out hurts small businesses.

00:39:57.000 It hurts the supply chain.

00:39:59.000 It hurts mortgage rates.

00:40:01.000 And that's what we're living with.

00:40:04.000 The goal today, I think, is hitting the 4,400.

00:40:09.000 You're looking at all-time highs.

00:40:10.000 Silver's now through the roof.

00:40:12.000 Central banks are buying gold, particularly the Chinese and others.

00:40:16.000 Is part of that driven by this uncertainty and people just don't really understand, quite frankly, what's going on?

00:40:22.000 That's right.

00:40:23.000 Well, no, I think, and I did, you know, the Wall Street Journal ran my letter pointing out that why gold is up is because people don't trust the Fed.

00:40:33.000 They think the Fed is going to keep doing what it's doing, which means periodic inflation catastrophes like they did in the Biden and early Trump administrations.

00:40:44.000 And so they buy gold to protect themselves from the Fed.

00:40:48.000 The Chinese have been a master at this. 1.00

00:40:50.000 They've made a fortune by swapping out of the U.S. dollar into gold.

00:40:55.000 And today we've got gold and silver at all-time records.

00:40:59.000 And so that means the little guy who doesn't own very much of the gold and silver stock gets hurt.

00:41:07.000 I would rather I think it would be much better if we had a growth program for that.

00:41:14.000 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.

00:41:24.000 That's the you know, that's each part of this program is aimed at trying to get a better shake for the for the guy in the bottom half.

00:41:32.000 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.

00:41:44.000 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.

00:41:57.000 David, we've 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.

00:42:06.000 Where do they go to get your writings?

00:42:08.000 I'm on X dot com at David arm at David, our Malpass and and Wall Street Journal.

00:42:15.000 You can Google Malpass WSJ and see a lot of this.

00:42:20.000 One of the things they came out with last week was the idea that the feds no longer.

00:42:24.000 Hang on. Hang on one. Hang on one second. Just hang up.

00:42:30.000 Hang on one second.

00:42:32.000 Here's your host, Stephen K.

00:42:34.000 Yeah, David. David Malpass is with us. Give it. Give me a minute.

00:42:39.000 I think it was Sternberg, the piece in the journal about the the about the Fed not not driving the thing anymore.

00:42:46.000 He made the case that somehow the Fed is losing control of what's going on.

00:42:51.000 I see it differently that they've got this tight pinpoint control.

00:42:55.000 People talk about their independence, but they're fully in control.

00:42:59.000 Independence isn't the issue. It's the independence of the private sector that we I think we have to defend.

00:43:05.000 The Fed's models are inherently anti growth.

00:43:09.000 And the problem is President Trump has talked about restructuring the Fed.

00:43:14.000 But from what I all I can see, nothing's going to be restructured in those in the models.

00:43:21.000 This inflation targeting model is going to be the law of the land.

00:43:26.000 And that means they'll lean against growth as President Trump tries to push forward.

00:43:32.000 I know it's the key. It's it's insanity because that's the whole core of his program.

00:43:38.000 One more time, David, social media, where they get you on Twitter for all your writings at David, our Malpass.

00:43:45.000 Thanks, Steve. Great work.

00:43:48.000 Thank you, brother. Perfect. Yeah. Look forward to having you back on.

00:43:52.000 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.

00:43:59.000 Bannon, B-A-N-N-O-N-9-8-9-8-9-8. Text that you get the ultimate guide for investing in gold.

00:44:05.000 And we added precious metals in the age of Trump.

00:44:09.000 These guys will help you understand. Plus the methodologies, you know, rolling over your 401k, your IRAs, all that.

00:44:14.000 Check it out today and get with Philip Patrick and the team.

00:44:19.000 You've got a lot of questions. Ask the questions.

00:44:21.000 Remember, David just said the the international bank, the central banks are learning how to use gold to hedge like people have done over 5000 years.

00:44:31.000 One of the reasons the price is being driven up.

00:44:34.000 Steve Cordes, I had you on here because you're at OECD and I want to make sure people understand the institution.

00:44:40.000 But your journey over there and what the globalists think about all this, because they invited you as a populist nationalist to address them.

00:44:47.000 But I got to ask you, you traded you're in the pits of Chicago trading this stuff for decades.

00:44:52.000 Your current thought on where we are, sir.

00:44:55.000 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.

00:45:01.000 Of course, both of them at all time highs. But the dollar has been broadly devalued, devalued even versus other fiat currencies,

00:45:08.000 lost value versus the euro currency all year, despite the systemic problems of Europe, which we're going to get into.

00:45:14.000 But also losing incredible value versus crypto, losing value domestically versus hard assets like land and housing.

00:45:21.000 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 diminution of the dollar.

00:45:29.000 So it matters very much. You don't have to be a currency trader.

00:45:31.000 You don't have to be a world traveler to care about what the dollar means.

00:45:34.000 It means a lot to you for your trip to Target, your trip to Walmart, your efforts to buy a home.

00:45:39.000 Young strivers who want to form a family start having children and buy a home. 0.97

00:45:43.000 So I'm really worried about the dollar. No one in Washington, D.C., or very few voices in Washington, D.C.,

00:45:48.000 either on the fiscal side of the ledger or on the monetary policy side seem to care very much about the dollar.

00:45:54.000 But believe me, while we're asleep at the switch, losing dollar supremacy, having king dollar dethroned could have massive consequences,

00:46:02.000 particularly for a country with thirty eight trillion dollars in debt.

00:46:05.000 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 U.S. dollar.

00:46:14.000 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,

00:46:23.000 to David Malapis is very smart point. They are largely clueless.

00:46:27.000 Many of them are intrinsically corrupt. But in addition to that, not just corrupt, that would be bad enough, Steve. 0.96

00:46:32.000 But in addition to corrupt, incompetent. And I would give as evidence of that the Fed right here, remember, during the Biden administration,

00:46:38.000 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

00:46:49.000 in her constant lie that inflation was transitory, when, of course, it was anything but.

00:46:54.000 It was deeply embedded. It was systemic. We're still trying to deal with it now.

00:46:58.000 But the Fed looked you in the eye and backed Yellen's grand lie that this was transitory.

00:47:04.000 That alone should be enough, I hope, for regular Americans to say, hold on a second.

00:47:08.000 Not going to listen to this group. They might have hundreds of PhDs, but they don't have common sense.

00:47:12.000 They don't have integrity. They don't care about Main Street prosperity.

00:47:15.000 They don't care about small businesses. They don't care about my personal financial well-being.

00:47:19.000 And so because of that, we need to make these institutions much less powerful, much less potent going forward.

00:47:27.000 You've got the monetary side and that's stacked against the American people because they say the Fed's totally independent.

00:47:33.000 That's not the case. It's controlled by the globalists.

00:47:36.000 The globalists. This is one of the reasons President Trump's been going after it so hard.

00:47:39.000 But then you have the fiscal side. They just had the analysis that rolled out on the path that we are now with Congress having been totally incapable of cutting spending at all.

00:47:50.000 Is that is that they projected out the next 10 years.

00:47:55.000 And in 2035, we're going to be spending to trade over two trillion dollars just in interest payments.

00:48:02.000 By this time, that time will just be spinning out of control. Right.

00:48:06.000 I mean, you can't the path we're on. We've said before is unsustainable.

00:48:10.000 And people say, well, the system's still going. Well, what's happening is the dollar is getting crushed in value.

00:48:15.000 And that's one of the reasons people's financial and economic life is so hard. Correct.

00:48:20.000 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.

00:48:33.000 So interest rates are not as high as they might be given this debt load.

00:48:37.000 However, if the United States continues down this path of saying, well, we're effectively just going to keep the value in the dollar, you reach a break point 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.

00:48:53.000 And therein lies the risk. That's that's the crash type risk that is getting more real by the day.

00:48:59.000 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.

00:49:10.000 Smart capital is flowing, flooding really into these assets. And that's wonderful for the already successful.

00:49:17.000 It's wonderful for the credentialed managerial elites who own a lot of assets. It's brutal for Main Street USA.

00:49:23.000 And we see that reflected, by the way, in the polling.

00:49:27.000 Steve, can you hang on for a second? I want to talk about the OECD and the impact these institutions have on the lives of Americans.

00:49:36.000 People don't want you to understand this stuff because they want to.

00:49:39.000 This is the way the globalists rule. We're going to take a short commercial break and leave you with the right stuff.

00:49:44.000 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, it's not about the price of gold.

00:49:51.000 We're not here to hog gold because of the price of the day. It's about the process.

00:49:57.000 When people understand the process of what drives the value of gold, then they can start making their own independent decisions.

00:50:05.000 Birchgold.com, promo code BANNON, the end of the dollar empire.

00:50:08.000 Now you have a hard copy if you want it.

00:50:12.000 I want to thank the Birch Gold guys for pulling that together.

00:50:14.000 Make sure you get it either online or hard copy. Read it.

00:50:18.000 Don't need to understand it the first time through. It's fine.

00:50:21.000 Don't need to understand it. Just get acclimated, get accustomed to these terms and concepts and structures.

00:50:27.000 Short break back in the month.

Bannon's War Room - December 22, 2025

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

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