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Feb. 13, 2026 - Bannon's War Room
48:52
Episode 5141: Exposing The Fraud In Georgia; Democrats Try To Shut Down DHS

Stephen K. Bannon exposes Georgia’s 2020 election affidavit flaws—6,000 inflated absentee ballots, 17,852 missing images, and 3,930 double-scanned ballots—while framing Tina Peters as a "political prisoner" and David Perdue’s testimony as proof of Kemp’s obstruction. Democrats’ panic over FBI/DNI scrutiny mirrors their push to shut down DHS, risking $7B FEMA fund depletion and ICE stand-downs amid radicalization fears. Meanwhile, Philip Patrick debunks Bitcoin’s "digital gold" claim, citing its 50% volatility drop, while central banks buy record gold—$6,500 (Goldman Sachs) or $10,000 (JP Morgan) predicted. The episode ties election fraud, mass migration, and financial collapse to a broader systemic crisis, urging action before "the biggest crime in American history" is buried. [Automatically generated summary]

Participants
Main
h
harry w macdougald
11:51
s
steve bannon
r 22:38
w
wade miller
06:01
Appearances
f
forrest zhou
00:34
j
joyce vance
00:46
m
mike lindell
r 01:29
p
phillip patrick
03:37
s
stephanie ruhle
msnow 00:52
Clips
j
jake tapper
cnn 00:08
|

Speaker Time Text
Bruno Wu And Shanghai 00:04:18
steve bannon
This is the primal scream of a dying regime.
Pray for our enemies because we're going medieval on these people.
You're not going to free shot 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're trying to do everything in the world to stop that, but you're not going to stop it.
It's going to happen.
jake tapper
And where do people like that go to share the big lie?
wade miller
MAGA Media.
jake tapper
I wish in my soul, I wish that any of these people had a conscience.
steve bannon
Ask yourself, what is my task and what is my purpose?
If that answer is to save my country, this country will be saved.
unidentified
Waru, here's your host, Stephen K. Bannon.
steve bannon
Okay, welcome back.
It's February, it's 13 February in the year of our Lord 2026.
It is Friday.
Forrest, we're going to spend a lot more time on Bruno Wu and Singam and Bruno Wu's wife.
Can't forget her, the Oprah Winfrey of China, the CCP.
And you don't get in those positions unless you are signed, either a member of or signed off by the Chinese Communist Party.
And the Chinese Communist Party, as we say over and over again, is the existential threat.
Don't take it from me.
Just read Schweitzer's book has been number one New York Times for three weeks in a row.
Peter Schweitzer, we've worked together for years.
He's had a lot of huge, I think he's had, I don't know, eight or nine New York Times bestseller.
He's actually been on the New York Times number one bestseller list.
I think this is the fourth or fifth book in a row.
He's never had one ever that had been three weeks in a row.
And the way they suppress conservative books that shows you, and Peter Schweitzer makes the case in here that elites coupled with the Chinese Communist Party and the Mexican government are using mass migration as a weapon.
Forrest, new federal state, where do we get your newscast every day up on Getter, social media?
And then we'll have you back next week.
We're going to drill down a lot more on Bruno Wu and his wife and Sigam from Shanghai.
forrest zhou
Okay.
You can find us on FSC at Getter and FSC TV, FIC Speaks at Getter, and also on FIC Speak at X.
And then one last thing, Steve, you just asked about the right question.
unidentified
Why Shanghai?
forrest zhou
Because CCP is behind everything.
CCP is the enemy.
I think we have to acknowledge that.
We have to, you know, take them as the enemy and take action.
And we need to take down CCP.
Otherwise, they are not coexist with freedom in this country.
They're not.
steve bannon
The Shanghai was their power base.
Beijing, they took Beijing.
They seized Beijing, but their power base has always been Shanghai.
Now that has a kind of a phony form of state capitalism there, why all the Western banks, everybody flooded there.
But it is Shanghai where that is where I think the deep evil really comes.
And particularly, you got to ask a question.
How are two guys that hate the United States and are working against the United States, how do these guys have American citizenship?
Just ask yourself that.
How's that happen?
Forrest, thank you so much.
Look forward to having you back next week.
We'll work over the weekend, sir.
Appreciate you.
unidentified
Okay.
forrest zhou
Thank you so much.
Have a nice weekend.
steve bannon
Programming note, tomorrow in the morning show at 11 o'clock, we're doing a special.
I'm going to have a graphic up here shortly.
I don't have it quite yet.
Oh, I do have it.
The 500 days of Tina Peters.
Sunday, Tina Peters will have been in this, what, maximum security, medium security, the highest security.
They've got women's prison in Colorado for 500 days, 500 days, 499 tomorrow and 500 on Sunday.
We're doing a special.
Going to run all weekend, 11 o'clock tomorrow, a special on Tina Peters uh, what life is like for her and what the efforts are to get her out of prison, and it'll be rerun uh 2 p.m Eastern time on sunday.
So, really proud of this, we're putting it together uh now, and uh couldn't be, uh couldn't be happier that we're there to assist a gold star mother that I think 70, 72 years old, that's in a high security, very dangerous prison.
Def Con 5 Crisis 00:14:55
steve bannon
Uh and um is a political prisoner.
Let's be blunt, the 500 Days Of Tina Peters tomorrow.
Okay, we've got a very special guest.
I think something's cooking up in Maricopa County.
Something already happened in uh, the Great state of Georgia.
Why are, why is the Democrats in complete in the media, in complete meltdown about what went on in Georgia?
Well, there's a lot more to do and we still got a lot of wood to chop in Georgia.
On this topic, let's go ahead and play the cold open.
I'm gonna bring in Harry Mcdougal, one of the lawyers that has been there from the beginning.
stephanie ruhle
There's a new election rule that would make it a lot harder for millions of Americans to vote, and it is working its way through congress.
Yesterday, House Republicans rushed to pass the Save Act, which requires very strict proof of citizenship to vote, and while it's highly unlikely to make it through the Senate, it is raising serious red flags.
It all comes as the president remains fixated on rewriting the 2020 election.
A newly unsealed affidavit shows that much of the evidence used to justify the Fbi's seizure of Fulton County's ballots relied on debunk theories and that search.
It was spurred by a referral from Kurt Olson.
You might not know this name.
He was a staunch 2020 election denier, also known as Trump's new director of election security.
I want to talk about Georgia.
You look through that 19-page affidavit.
It was unsealed on tuesday.
What was your main takeaway?
joyce vance
The main takeaway is wondering where the probable cause is in the affidavit at least two critical junctures where you're expecting the agent right.
This is an affidavit.
This is very routine.
An FBI agent writes an affidavit explaining to the judge what the evidence the government has is that supports the search warrant.
That has to be probable cause to believe that there was a crime that was committed and evidence of it will be found in the location to search.
And in this affidavit, at two places, the agent says, if so-and-so happened, then there would be probable cause, and that's just not how this works.
The affidavit is deficient.
No clue how this got out of the U.s attorney's office.
steve bannon
The FBI office in Georgia put a pin in this.
We're going to come back to play this Harry.
You've been involved in this, working with Caroline Jeffers and others.
Heard Mcdougal joins us now.
You've been at the beginning this.
That is a.
We're going to get to that in a second because something's happening in two weeks uh, where they've got Norm Eisen and Abby Low, and when you got Norm Eisen and Abby Lowell, they're bringing in the heaviest guns they have.
Well, let's start there.
Why is this?
Why is all of a sudden, MSMB very specific, got their top legal people focused on this issue, Issue about the ballots, about the affidavits, about the search warrant, all of THAT.
And Abby Lowell and Norm Eisen pop up as the lawyers in this, sir.
harry w macdougald
We're looking at a five-alarm fire on the narrative that they have constructed around the 2020 election over the last five years.
And the walls of Jericho are coming down.
And now they have gone to DEF CON 5 to try to shore this up.
It's a total information war.
And one of their bombs is to use the word debunked over and over and over.
And so when they have this hearing in federal court, they'll be seeking return of the evidence.
And they've got to show that this affidavit is unlawful.
And to do that, they have to show that it's based on knowingly false or recklessly false statements.
And prior determinations made by state agencies do not control the federal determination of probable cause as to the commission of a federal crime.
So we have different sovereigns.
The state determinations do not control.
But they're sending Abby Lowell and Norm Eisen and their whole gang down here to represent Fulton County and the election board to see if they can put Humpty Dumpty back together again.
unidentified
I just want to make sure.
steve bannon
Hang on.
I just want to make sure the audience understands this.
What they're trying to do is get back the ballots and the tapes and everything back into their purview so we can't see them.
You guys fought Caroline Jefferson, these heroes and patriots and folks and guys, people like Harry.
This has been a five-year fight of essentially citizens saying, because the state of Georgia didn't help you at all.
In fact, they worked against you to say, no, we have to do this.
They understand how this gets to the heart of the stealing of the 2020 election.
You ain't sending Norm Eisen and Abby Lowell and that entire team down there unless you know you've got a five alarm fire, correct?
And what they're trying to do is get it all back from the FBI and from DNI, correct, sir?
harry w macdougald
Yes.
Give us back these ballots so that we can continue to obstruct access to them in response to state election board subpoenas and in response to the discovery in Caroline Jeffords case, which was filed at the end of 2020.
And the prior judge said that the plaintiffs could get the documents.
Well, we can't get them now because the FBI has them.
But if the county gets them back, they're not going to be bending over to give them to us, right?
They have blocked access to these materials for five years in the Jeffords case.
They have blocked access to the SEB even in response to subpoenas.
They went out and spent about $350,000 to try to quash that subpoena with outside counsel.
Then Harmeet Dillon, Assistant Attorney General for the Civil Rights Division, wrote a letter and asked for them.
County said, oh, you know, sorry, we can't help you.
Then she filed a lawsuit in federal court.
They're resisting that and playing a shell game about who had custody of the documents, who needed to be a defendant in that case.
And the federal government, I guess, just got fed up with it and said, well, okay, here's a subpoena.
You know, here's a search warrant.
And we're taking them.
And so that's what happened.
And now they're acting like the sky is falling and that they've got to get their precious ballots back.
But their story is contradictory over time.
So I don't know what's going to happen when they have this hearing, but I believe they're going to have a hard time showing the affidavit is unlawful.
steve bannon
Let's go back.
I want to go back in time.
Just walk us through the major events of why this is so important that we have to go through the ballots, go through the machines, go through the tapes.
Just take it, and I'll hold you through the break.
Just walk us through the kind of chain of custody of events or the critical path of events that got us here.
unidentified
Sure.
harry w macdougald
Okay.
So there's to put this stuff in context, to frame it up so that people can understand it.
There were three counts here in Georgia.
There was the machine count, number one, that was election night.
There was a hand count, also called a risk-limiting audit.
And then there was a second machine count, which was an official recount.
And it is often said by the Secretary of State and others that all these three counts were the same, and therefore there could not have been anything wrong.
That is emphatically not true.
In the hand count, it was demonstrated that within Fulton County, just within the subset of absentee ballots, that the numbers submitted as the result of the hand count were inflated by more than 6,000 votes.
In other words, there were not enough ballots to match the number of votes.
And they, instead of saying, hey, we've got a problem, we have more votes than ballots, they faked up the number of ballots to make it match the original count.
Okay, that happened.
That's been proven.
It's been confirmed by an independent investigation in the governor's office and essentially admitted by Fulton County.
So when they say it's debunked, that is proven.
steve bannon
Hang on.
Correct me if I'm wrong.
And on that one, that was that initial recount because you had the first official vote, then you had that.
The governor's office itself, correct me if I'm wrong, sent a letter to Roffensberger and saying, yo, there's looked like they admit it's a 6,000 ballot differential.
You guys, you guys, I'm tossing it back to you to investigate and sort this thing out, correct?
harry w macdougald
That is exactly correct.
The original complaint was brought by a great American named Joe Rossi, who took the time to inspect every single batch of absentee ballots in the hand count and compare them to the tally sheets that purported to say what was in those batches.
And he discovered discrepancies totaling over 6,000 votes.
Now, so what happened?
They came up short when they did the hand count.
And so they padded the numbers to make it look like they did not come up short.
So when we get to the second machine count, they came up short again.
In the second machine count, they have a shortage of ballot images.
So they have a number of votes and they have a number of ballots and they are not the same, ballot images, and they are not the same.
The difference is 17,852 more votes than ballot images.
steve bannon
Hang on a second.
That should be impossible.
Hang on a second.
harry w macdougald
Yes, sir.
steve bannon
The Fulton County folks are both malicious, malevolent, and incompetent.
They stuffed the ballot box and then couldn't back it up.
And when they had to go back a second time to back it up, it only got worse.
Why do you think they're sending Abby Lowell and Norm Ison down to Georgia?
Why do you think they're representing Fulton County?
They understand this is the smoking gun.
Short commercial break, we're going to leave you with Bruce Springsteen.
We know you love that.
Sure commercial break.
Harry back on the other side.
unidentified
Here's your host, Stephen K. Bannon.
steve bannon
This is why I keep talking about Maricopa County.
I believe it's either today or it'll be very shortly.
You're going to have some activity in Maricopa County.
Why did I play Bruce Springsteen, the streets of Minneapolis?
Why did he make that song?
We put different images up than his music.
Why did ICE just have a stand down and they're pulling back there?
Because of this issue of mass deportations and criminals in the country.
Oh, how did that happen?
Oh, that happened because the Biden regime, the illegitimate Biden regime, you heard that phrase before?
Didn't we start using that phrase at high noon on the 20th of January, 2021?
Yes, we did.
Why?
Because as we sat here for hours and hours and hours from the election night all the way through the high noon of the 20th when President Trump left to Mar-a-Lago to go to basically exile, they thought they exiled him forever in the illegitimate Biden regime, of which that whole year 2021, you remember this, the count in Arizona, the fights, and this is why these patriots in Georgia, and Dr. Jan Johnson, I mean,
she's 4'11, 5'1.
She's banned, but man, she's tough as bootleather, right?
With all these patriots down there, they would not give up.
Guy like Rossi, a chemical engineer that's just so detailed.
That all came, the invasion of the country all came from the stolen election.
And what did it show?
That if they can steal a presidential election, they can do anything.
How do you think you got 15 to 20 to 25 million illegal alien invaders in the country in a couple of years, of which they told you every day, oh, the border's not open.
The border's not open.
Yeah, we have 15 to 20 million people here.
President Trump sealed the border.
How long did it take him to seal it?
30 days?
Remember that?
There was nothing here.
This is all inextricably linked.
And this is why we have, and they keep saying, oh, this is not about 2020.
This is about 2026.
Hey, this is about 2020 because 2020 is going to show to the nation why you guys have to be turfed down and kept out of power in 2026.
This is the biggest crime in American history.
And if it was not for a handful of folks in places like Georgia and places like Arizona and places like Pennsylvania, we would be nowhere in this.
And you're damn right.
We're going to get back to the railhead of the entire thing, the 2020 election.
So Harry, why are they, because they're in panic mode now.
The only change I want to make to you think DEF CON goes in opposite direction.
So they're a DEF CON, they're a DEF CON 2, about to go to DEF CON 1, but it's a house of fire.
They're sending the two heaviest guys they can send, Norm Ison and Abby Lowell.
I'm sure Mark Elias is in the background somewhere, right?
So tell us the reason they need to get those ballots and those tapes, they need to get it all back, right?
It ain't to share it with the Caroline Jeffers and the Rossi's and the Garland Favaritos.
It's everything opposite.
And so you can't get to the 6,000, the 17,000.
And not just that, in that process, ask Roffensberger and Kemp, what in the hell went on here?
Where were you guys?
I think this is one of the reasons that people are sitting there going, you want us to believe in these institutions, but when the crisis comes and the defining moment comes for your institution, you crater, you fail, you break to the mainstream media.
Harry McDougal, your thoughts.
harry w macdougald
Well, you know, that's a subject for history books, but maybe it's a little bit of Trump derangement.
Maybe it's a little bit of not being willing to admit that a mistake was made.
But in terms of the failure of the institutions of state government to get to the bottom of this, it's abject and complete.
Every branch of government basically has failed.
And that's a perfect situation for the federal government to step in to protect the civil rights of the people of Georgia, the voters from a violation of their rights under the Equal Protection Clause and the voting rights laws and so forth.
Governor's Failure Revealed 00:10:14
harry w macdougald
But getting back to the role of the governor, you know, now it can be told.
The then director of the Georgia Bureau of Investigation, GBI, called David Perdue on the phone and told him that the governor had told him to shut down his investigation of the ballot mules question that was raised by the movie 2000 Mules.
They had previously delivered the data that they had collected, videos and an informant to the GBI.
Vic Reynolds had said he would investigate that.
Six, seven months later, he calls up David Perdue and says, Well, the governor asked me to close this down.
I'm a team player, and so I just want to let you know.
Well, that's a big, that's a big deal.
Okay.
That is a lesson.
unidentified
Harry, hang on.
steve bannon
But Harry, that's just something you heard.
That's actually in a deposition or in testimony.
Where do you pull that nugget?
harry w macdougald
That is special purpose grand jury testimony from former Senator David Perdue, current U.S. Ambassador to China.
steve bannon
Pretty damning testimony, is it?
Pretty damning testimony, is it not?
harry w macdougald
Yes.
And that certainly would have come out if state v. Trump had been tried.
steve bannon
Why was it not tried?
harry w macdougald
Because it was dismissed following the disqualification of Fannie Willis and her office.
steve bannon
So what is your recommendation here?
This people, so in a couple of weeks, this hearing is just not perfunctory.
They're sending heavies down there because Fulton County and the Democratic Party have got to get their hands on the evidence and take it back away from the FBI, DNI, and anybody else that can review it.
If not, we're going to get there.
They're not down there because they're not afraid.
If they weren't afraid, they would say, fine, look at it.
We finally want to rub your nose.
We're tired of the war room and we're tired of Garland Favarito and we're tired of Caroline Jeffers.
We're tired of all these folks down in Georgia whining about this.
We're tired of Trump.
We're Trump's big mouth.
He's whined about this all the time.
We're going to rub your nose in how you lost.
It's the exact opposite, sir.
harry w macdougald
Yeah.
So what needs to happen is DOJ needs to do their job.
They need to analyze the information that they acquired, determine if there are any prosecutable crimes shown by the evidence, conduct interviews and do what they do in law enforcement investigations, and then make a decision about whether they choose to prosecute.
None of that's been decided yet.
They've got to get on top of it.
They've got to understand it and they've got to follow the evidence where it leads and then apply the law in a neutral manner so that justice is done.
And all the wailing and screaming from Normisen and Abby Lowell should not be able to stop that.
steve bannon
Harry, we know we're under new management at the Maine Justice.
You've got some really solid folks there.
You've got U.S. attorneys.
But the track record, I mean, Bill Barr was specifically asked, I think, by the president, I actually think it's in his book where he told the president that they checked with every field office of U.S. attorneys in, and we know they lied about Philadelphia because later the U.S. attorney sat there and said he definitely lied because he sent him a memo, the exact opposite.
But Bill Barr, I believe, looked the president of the United States in the eye in the Oval Office and said, there's nothing to do with any of this stuff.
It's all nonsense and there's nothing to do there.
Am I correct?
So justice has not, until now, under new management, has really not been on top of this?
harry w macdougald
Correct.
I mean, there was zero interest in aggressively pursuing any of this at the end of the Trump administration.
In fact, my client, Jeffrey Clark, was criminally prosecuted by Fannie Willis, and the DC Bar seeks his disbarment because he internally and confidentially recommended further investigation.
And the president ultimately decided not to send the letter.
That was the end of it.
But yet, here we are.
Five years later, Jeff is facing disbarment.
His case is in front of the DC Court of Appeals.
And as we speak, DOJ is carrying out an investigation quite like what he recommended.
So it's actually being disbarred for recommending something that's actually being done right now.
steve bannon
He's a hero.
In fact, the CRA guy is going to be on in a little while.
harry w macdougald
He's an incredibly courageous guy, and he is a brilliant lawyer.
He's one of the smartest lawyers I've ever met.
steve bannon
I agree with you.
Jeff Clark's a very special guy.
Just give it, can we just take a second of Rossi and Caroline Jeffers and Dr. Jan and all the folks, the new elections board folks?
Just give us, I just want people to understand.
If it was not for the citizen patriots who were mocked and ridiculed by the official Republican Party, not that Democrats were terrible, Fanny Willis, you saw her in all her glory.
I'm talking about establishment country club Republicans mocked and ridiculed these guys.
This is one of the greatest examples since the revolution in this country of people standing up and saying, I'm not backing down.
I know what's right here, and I'm going to stick on this thing until we get it right, sir.
harry w macdougald
Yeah, you've got ordinary, extraordinary people who looked at this and thought something was wrong, and they weren't willing to take a BS answer from the government.
And they dug in, and through their unbelievable efforts and persistence, they have gotten this thing to where it is now, where we know about the padded, the fraudulently padded hand count numbers.
We know about the missing ballot images in the second machine count.
We know that 3,930 ballots in the second count were scanned twice and counted twice.
So if you want probable cause, got 3,930 examples of it right there.
And these people have stood up against intimidation and threats and lawfare and mocked and scorned and ridiculed in the mainstream media called conspiracy nuts and deniers.
And they have persisted through all of it.
steve bannon
And potential, like Concord Bridge, and potential bankruptcy and federal prison and prison.
harry w macdougald
Well, some of them face prison.
I mean, Jeff Clark faced prison in Georgia for a letter inside DOJ that never left the office.
steve bannon
Harry, hang on for one second.
I'm going to hold you back through here.
We're going to juggle a little bit of this schedule.
This is important.
What did Harry just say?
It was Concord Bridge.
You damn right.
Maurice would play the Concord Bridge hymn when they're doing the count in Arizona.
And hey, Maricopa County, your day is coming.
This is spreading.
We got to get to, look, you got to get to the railhead of this thing.
If I said it from the beginning, you got to get to the 2020 election.
You got to lance that ball and let all the pus run out for everybody to see.
Short commercial break back in the warm in a moment.
unidentified
I still believe in free.
Here's your host, Stephen K. Bannon.
steve bannon
You look at this color revolution we've got.
You look at the Trump White House now surrounded by these institutions from the Senate to the law fair to all of it, trying to squeeze it.
It all gets back.
This is why Georgia and Arizona are so vitally important to get to just get to the facts.
Biggest crime in the history of this country.
Harry, I'm going to have you back on.
This is just not a preliminary hearing.
This kind of goes the trial.
I mean, they're going to be arguing this thing in a couple of weeks about the evidence here.
harry w macdougald
Well, it's really an ancillary proceeding.
There's no indictment yet.
There's no criminal case yet.
This is a motion for return of seized property filed by Fulton County, the election board, which are not actually the legal custodians of the documents.
It's very curious that the actual legal custodian, which is the clerk of Superior Court, is not a party to this motion last I checked.
I imagine tremendous pressure is being put on her to join this, but she's not.
So they may have a little problem.
steve bannon
Hang on.
Harry, hang on, hang on.
Do they even have standing?
If she's not party to this, she's supposed to.
Do they even have standing to bring this?
harry w macdougald
Arguably no.
I mean, the county has been playing a shell game with these entities, the county, the election board, or the clerk, in their dealings with us in the Jeffers case, and their dealings with the State Election Board and their dealings with the Department of Justice Civil Rights Division.
Okay, so they've been playing this shell game.
All three of those efforts to get the documents.
Oh, well, you got the wrong defendant.
unidentified
Okay.
harry w macdougald
So the warrant was issued to the clerk because the clerk had custody.
Well, this motion is filed by the county and the election board, but not the clerk.
steve bannon
Sir, what's your social media?
This has been very enlightening.
We're going to do this in even more detail because, like I said, they ain't got Abby Lowell and Norm Eisen down there because they like paying massive legal fees.
Where do they go to get more about you, sir?
harry w macdougald
I'm on X, Harry McDougald.
It's at Harry MacD, M-A-C-D.
That's it.
steve bannon
That comes in a little hot sometimes.
Dollar Fund Volatility 00:15:30
steve bannon
So everybody ought to get that, load up on it, and make sure you stay on top of this.
Harry, look forward to having you back on.
Fantastic job today.
I know the audience really appreciates it.
Philip Patrick, we're going to have a little truncated because we've got Wade Smith.
I've got to get on here.
The reason we couldn't get you up in your slot, and this happened last night when I was dealing with some people in Los Angeles.
The power just goes out.
I mean, I've never, I said, are we in another continent?
The power, the power, you're in LA.
The power's going out all the time.
What the hell is the problem in California?
How's Newsom going to run for governor when he's turning into a third world hell?
Seriously, you're having meetings or Zoom and the power just goes out.
And I say, what's up?
And they go, oh, the power's out.
It happens all the time.
What is going on in Los Angeles, sir?
phillip patrick
It's an absolute disaster.
And Newsom for president as a California resident, that is a frightening prospect.
Yeah, my power goes out all the time.
Last night, it was a little bit windy, Steve.
And apparently we just can't handle that here in California.
So it is what it is.
steve bannon
The seventh biggest economy in the world.
We're actually in Texas, where it's the eighth biggest economy in the world.
And they're always focused on their grid.
But California, I mean, you'll be in the middle of a meeting.
It's gone.
I had a bunch of stuff.
We got a coal open, but I want to get to that next week to talk to you about immigration, the economy, and where the economy is going and how gold plays into that.
But today I just want to ask you, you know, people are saying, hey, did I miss out?
It's already at 5,000.
You guys start at the end of the dollar empire was $1,000.
We've got the Patriots edition.
If you go to birchgold.com, promo code Bannon right now with a qualifying investment purchase, you can get a free edition of the Patriots edition of the end of the dollar empire, kind of a classic now.
The first seven, the first seven installments.
And of course, as you know, as soon as we get total sign off on the graphics, we're coming out with the digital version of the eighth probably next week.
People, they often consider crypto what they call the digital gold, and that was an alternative.
What we've seen here with kind of the drop in the value of the dollar, the purchasing power of the dollar, to be accurate, the 25% drop during Biden's regime with all that massive federal spending is that they anticipated that crypto was going to track with gold and be an alternative as a hedge.
It's turned out, and correct me if I'm wrong, gold has not only been a hedge, they're now looking at it, as you keep saying, and Brantley told us from right after you got back from Rio, that he said, hey, I think we're seeing it as a new financial class from the central banks and particularly as the Euro and maybe people are concerned about government bonds.
It's going to be a new financial class like it was back in the 19th century.
At the same time, crypto has imploded.
I think it's wiped out over $2 trillion of value in the last couple of weeks.
Is crypto digital gold?
And what does this tell you about gold as a hedge?
And what does it tell you about crypto as a hedge?
phillip patrick
It's a great question.
I think that the digital gold story just isn't holding up anymore.
And honestly, it hasn't for a while.
Gold performs best during times of stagflation, right?
Things like higher inflation, weaker growth, monetary instability.
It's defensive.
It's boring.
It's insurance.
Bitcoin doesn't behave that way at all, right?
When liquidity is abundant and rates are low and speculative appetite is high, Bitcoin soars and it outperformed almost every other asset class.
But what we've seen is that when liquidity tightens, when real rates rise and sentiment starts to turn from risk on to risk off, it plunges, right?
50, 70, even 90% drawbacks.
Right now, Bitcoin's down about 50% from its peak and analysts are warning that it's got more to go.
If historical precedent is anything to go by, we should see Bitcoin hit around 38,000.
This obviously is not how a store of value behaves.
For 15 years, the narrative was dollar down, Bitcoin up.
This time, the dollar's weakened and Bitcoin has fallen alongside with it.
It tells you it's not anti-dollar insurance.
It's liquidity sensitive speculation.
And that matters, right?
A true safe haven asset, it has to be countercyclical.
It has to gain credibility when the system looks shaky.
And that's why central banks are buying gold at record levels today and not Bitcoin.
Bitcoin certainly has a role, but I think that role is as a speculative asset as technology exposure and as a volatility trade.
But calling it digital gold, I think confuses speculating with saving.
A store of value is not something you cross your fingers and hope it doubles, right?
It's something that you hope doesn't plunge, even when liquidity dries up.
And I don't think the distinction between the two has ever been clearer than it is.
steve bannon
Well, no, to me, the tell was when President Trump won the second time and you had the tech bros and all of a sudden they're talking about a Bitcoin reserve.
They want to buy, I don't know, $5 billion of Bitcoin or 5 million Bitcoins, whatever it was, the one that the Federal Reserve have it.
And I said, hang on for a second.
And they said, oh, it'll be using the liquidity events.
I said, you got 12 guys that own all the crypto.
They basically want the taxpayers to set up and have a, for an event like this, when it's plunging, hey, maybe we buy some Bitcoin for the, for the Fed.
It felt like a scam at the time.
It felt like I said some very serious people are quite concerned.
And this is before I had the run-up, we're quite concerned about the liquidity.
Is there anybody on the other side of the trade?
And right now, you're finding out there's a lot of people on the other side of the trade of gold because central banks are buying it in record rates.
Real quickly, we've got qualifying purchase.
You go to birchgold.com, promo code Bannon.
You do a qualifying purchase.
You get, talk to Philip Patrick and the team, you get the Patriots edition of the end of the dollar empire.
We're quite proud of it.
Just for people that see this thing at 5,000 and Grace did some charts for me the other day.
I mean, it's been a rocket shot.
I think it was at 1,021 when we started 1,100.
A lot of people say, well, hold it.
I missed the move here.
What are you guys telling me, sir?
phillip patrick
Not at all.
I think what we're seeing, and I've said this many times, I think gold has been heavily, gold and silver, heavily undervalued for a long time.
I think the world forgot their value for a short space of time.
And I think we've been realized, you know, realizing today what that is.
So I think what we're seeing ultimately is a repricing to the reality of the current economic situation.
I think we've got a lot of scope for movement.
Goldman Sachs is saying $6,500 by the end of the year.
JP Morgan predicts $10,000 within the next few years.
I think they're absolutely on track.
And what we saw with gold and silver prices coming up, tracing down a little bit, I think it's reset the floor.
It's created new resistance levels.
And I think we've got a lot of scope for movement.
So for those out there, look at the fundamentals for precious metals.
They are strengthening every day.
They will drive prices longer term and continue to do so.
steve bannon
So I'll get Philip on a couple other people next week, Mayor Navarro, because the business model of the country and the companies in the country, I don't think you can avoid talking about it anymore.
It's a highly leveraged bet on artificial intelligence and technologies like that.
A highly leveraged bet, kind of to work your way out of this cul-de-sac, I think.
And I'll be able to walk through that.
But quite, I think it's a lot of concern that people ought to be quite focused on both the companies, both in the capital markets.
When I say highly leveraged bet, not just the country at 39 trillion, but editing as hard as President Trump and Scott work on this.
Maybe it's a trillion dollars this year, but the CBO says it's going to be something different.
But the companies, $800 billion to $900 billion right now forecasting capex, a lot of that's going to be borrowed money.
So you're having a highly leveraged bet on artificial intelligence.
I'll talk more about that either tomorrow or maybe next week.
Philip, where do they go if they want to talk to you and your team at Birch Gold?
phillip patrick
Very simple.
Birchgold.com forward slash Bannon.
Again, birchgold.com forward slash bannon.
That'll get them access to free information, all of the guides, end of the dollar empire, or they can text Bannon to 989898.
Text, get the information, and we'll be here to help.
steve bannon
And talk to Philip Pett.
The team is fantastic.
Sir, thank you so much.
I appreciate you doing this for the Warren Posse.
I know you got a lot of people that are quite happy.
phillip patrick
Thank you so much, Steve.
steve bannon
We told you we weren't going to sell you gold.
We're going to give you information and let you make your own decision, but understand it.
You got to understand.
Understand the process.
Understand the pattern recognition.
I'll take you a long way.
Wade Miller from CRA.
Wade, sorry calling you Wade Smith.
You've definitely Wade Miller.
Wade, is the 260,000 employees of Department of Homeland Security, do they have jobs as of, I think, midnight tomorrow night?
Or they're getting paid?
I don't feel because we've got terrorism support.
We got TSA, we got FEMA, we got ICE, we got customs and border.
What in the hell is happening, sir?
wade miller
Well, I think that the left is feeling a lot of pressure on all sides of this.
And I think that they're getting ready to go down a very risky political path for themselves.
I think that they think that right now they have the upper hand.
But again, the FEMA fund is the emergency fund is about $7 billion.
It's being spent down very quickly.
There's snowstorms, floods, previous fires that they're still spending down on that fund for.
They're one major emergency event away from political disaster for themselves.
Same thing with TSA, same thing with Coast Guard, same thing.
There's all sorts of political peril for the left.
And I think that the calculus here, if you're the Trump administration, is, look, we've got them to agree to fund the entire government at lower levels.
When was the last time that happened?
And now they think that they're going to have the upper hand on the issue of deportations, but this isn't going to be about deportations because deportations are still going to continue.
ICE and CBP are still going to operate.
The processes that need to be deemed essential will be.
And so this is going to come down to the American people on the ground level are going to start seeing the impacts of this in other ways and they're not going to like it.
And I think that the Trump administration's calculus is that that's going to be a really difficult position for the left to argue.
And it could be suicidal if something really bad happens in that timeframe and Democrats aren't there to fund DHS.
And that could bleed into the midterm.
So I think that that's the posture and I think that's the strategy that the Trump administration is looking for.
Now, I do think that it's incumbent on those on the other side of the aisle to articulate this correctly.
steve bannon
Hang on, because I want to go back through this one more time.
I want you to set the chessboard up for us because this is high stakes.
This is about the security of the country.
And quite frankly, radical Democrats are playing around with that.
Bruce Springsteen, we know what's your favorite song.
Takes you out the streets of Minneapolis.
Back with Wade Miller, CRA, next.
unidentified
Here's your host, Stephen K. Bannon.
steve bannon
Wade, because this is going to actually be one of the things that the focus politically about this.
I know President Trump is very focused on he doesn't want a government shutdown.
He thinks the economy will get off Kelter.
He's driving, although this is just a partial shutdown about national security.
So just walk me through, take a minute and just walk me back through your calculus because the left, they think they got Trump cornered right now.
They think they got him boxed in on this.
You begged a different.
Walk me through your idea again.
wade miller
Yeah, my guess is that for the first four or five days, potentially two weeks, the left in terms of talking points will have the upper hand.
I think that that starts to get really weak very quickly.
As we saw with Lyons' testimony in Congress about how cartels are targeting our federal agents, all it takes is one credible threat against them and to say, now, why do you want them to take their masks off?
And that's why you're shutting down the government to make our troops, our federal agents, put them in danger.
And, you know, if any catastrophe happens, FEMA's in a bind.
We're not going to have the funds to be able to operate and to go in and do life-saving activities at scale.
So I think that their position becomes very quick, very weak, very quickly.
And I think that the Trump administration knows that.
And what they're basically going to say is, we just want to fund DHS at the levels that the Democrats have already approved previously.
Why is this controversial?
You want body cams?
Fine.
Like we don't oppose body cams, but all of the rest of your arguments, it's political posturing.
You're actually just trying to endanger our country.
You're trying to endanger our federal agents.
You're putting our national disaster preparedness at stake.
You're putting our TSA security at risk.
The Coast Guard, there's all sorts of operations that they are putting at risk.
And why again?
Because you don't want the law enforced and all of these negative externalities are now occurring because of it.
You know, stop your baby-like whining and let's be responsible and fund the government.
And I think that after five, six, seven days, two weeks, that becomes a very strong narrative.
And the left starts to look very, you know, juvenile or worse.
And if again, if any of those bad externalities occur in this timeframe, it's going to be a disaster for the left coming into the next general election season, going into the fall.
And that's a huge risk to them because right now they think that they have the upper hand.
And so there's a lot of volatility to their strategy.
And I just don't see the wisdom of it beyond a few days.
Beyond a few days, they are risking a lot politically for no real reason.
They should just come to the table now, avoid all that, vote for a clean CR on DHS and get it over with.
steve bannon
You agree that we shouldn't fold.
We already talked about body cameras, but the other list, the 10 things ahead, they're non-starters, judicial warrants, all of this, the unmasking of the officers so they can be docked.
Do you agree we take a hard stand on this?
wade miller
Absolutely.
I mean, look, if we want to look at one or two more and a softer version, but the law is clear.
The due process is already being followed.
We don't need additional hurdles on the ability of our federal agents to enforce the law.
There's no due process that's being violated with current processes and procedures.
We should continue forward.
What the left really doesn't want is they just don't want the law enforced.
Their entire theory of great replacement of the American people with foreigners who are friendly to their socialistic worldview is imperiled and they know that.
And so they're just grasping at straws here.
Enough is enough.
This is about the security of the country.
This is about the safety of our federal officers.
Stop playing games.
Fund DHS.
This is literally about the security of the nation.
And they're playing around with it like children.
steve bannon
Wade, where do people go to CRA?
Security Of The Nation 00:03:51
steve bannon
Because you've got tons.
We're down here in Texas to the 3rd of March on this run-up to the Don't Sharia My Texas.
It's on the battle of Prop 10 of Sharia law to make sure it's banned in Texas.
You guys have a wealth of reports, studies, articles you've done.
Where do people go to get it?
wade miller
Yeah, you can go to Americarenewing.com.
That's Americarenewing.com.
We've got, like you said, a lot of good studies on the legal arguments against Sharia law, on the radicalism of Muslim populations that are coming from certain parts of the world and the high propensity of very radicalized and violent positions that they hold.
That I don't think that they're being vetted when they come here originally.
They're not being asked, you know, do you believe that apostates should be killed if they leave the religion of Islam?
I think anyone who says yes to that question should be automatically barred, but they're not even asked that question.
They come into the United States.
They have that opinion.
And I think that Texas is, you know, getting ready to lead the nation and standing up against this radicalized ideology.
And its entire position is to destroy the American culture and government as it exists and supplant it with an Islamic theocracy.
And look, are they doing that tomorrow?
No, but they're starting to put the seeds.
And we already see what's happening in Europe.
They're decades ahead of us on this.
It is going really badly for them.
And we have an opportunity now.
And Texas needs to have some tough conversations and start leading the way on this.
steve bannon
Thank you, brother.
Appreciate you.
Wade Ben.
Let's put it up.
Let's get over there.
Brilliant analysis of this political standoff.
I want to thank Sally Grubbs, Dr. Jan.
Was it Jamal King?
The new members of the Georgia Election Board.
You people are heroes and patriots for standing up here.
Mike Lindell, you've been fighting this forever.
We've got a big court case in Georgia.
Maybe some things happen in Maricopa County today or early next week.
Mike Lindell, you're making a hell of a run for governor.
You've been at the forefront of actually funding.
I mean, Kurt Olson, your guy is in the White House.
But this morning, before I turn over to Charlie Kirk's show, people want to talk about deals.
What do you got for us?
mike lindell
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steve bannon
Appreciate you, sir.
We'll see you back on the uh on the morning show tomorrow.
The uh Tina Peters, the 500 Days of Tina Peters, will play a special tomorrow, regular war room at 10 a.m.
Uh, we're gonna see you back here at five.
Charlie Kirk shows next.
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