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All text outputs are done on the language files, unless it has to do with products or a page you have created by yourself.

Steps:

1. Go to your Admin Panel
2. Click on Languages in Administration
3. Edit English Language
4. In the Edit Language Entries Select topic "TEXT" and apply filter "privacy" (for your case).
5. You will see three fields like this:
Variable Description Value
txt_privacy_statement Privacy statement message text OUTPUT*

* Output is what is displayed on screen when a user hits Privacy Statement (in this case). If this value is empty nothing will show, so modify this value and you will see the output.

NOTE: If you have accidently deleted the variable txt_privacy_statement then add it again (like that) in the Add New Entry field below the edit option.