Flashback to Wednesday's days as an MC at a burlesque hall in Chicago as Al Grimnir.
In the present, Shadow wakes him up. They go looking for dwarves in a rundown strip mall.
Mr. World orders New Media to harness the power of her worshippers.
In the past, Mr. Nancy manages the backstage at the burlesque hall. The star act, Donar the Great and Miss Columbia, discuss leaving the show and going to California.
In the club, a young Technical Boy is courted by Wednesday/Grimnir. During Donar's strongman routine, Wednesday/Grimnir is approached by a young Nazi.
The Nazis want to sponsor Donar to be a weightlifting champion, representing the Sons of New Germany. Technical Boy is fascinated by Miss Columbia's performance.
In the present, the dwarves require Lou Reed's leather jacket in order to etch the war runes Wednesday needs on Gungnir. Wednesday and Shadow run a con to procure it. After the con works, Shadow asks Wednesday about his son. Once they deliver the coat to Dvalin, he etches the runes.
Mr. World senses when the runes are etched and cuts the power to the Caretaker and New Media's efforts to mobilize her worshippers. He informs her their "new friend" will be ready in time.
In the past, Donar is upset that he is asked to throw the world championships. He decides to run away with Columbia instead but then Wednesday/Grimnir introduces her to Technical Boy who wants her to represent the American War Effort.
When Wednesday/Grimnir tells Donar that Columbia isn't coming with him, they fight and it's Donar's hammer, Mojlnir, that breaks Gungnir in two. Donar leaves his father then and there.
In the present, Wednesday tells Shadow that Donar died of suicide in 1942 although the flashback shows him being murdered.