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00:16:13.080That's why I advise you prepare before the first cough starts.
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00:16:51.360This is the best of the Glenn Beck program.
00:16:58.480All right, so let me tell you about a story that I have that I just shared with you about half an hour ago, and it is on the Bubba effect.
00:17:09.000Now, if you don't know what the Bubba effect is, the Bubba effect comes when there is absolutely no credibility left in a government because the government has failed to enforce the laws and disorder persists.
00:17:32.260Now that can be with terrorism, that can be at the border, that can be the crime that you see in your streets, that can be, honestly, that can be corruption at the highest levels and that people just keep getting away with it.
00:17:49.820And the voter, the average voter says, this has got to stop. And so the public trust completely collapses. And then the public says, well, I got to do something about this.
00:18:02.260And when somebody does something about this, the government acts.
00:18:09.680And the government's like, no, we have to stop this.
00:18:12.040And that's when the people who no longer trust the government say, well, wait a minute, wait a minute, wait a minute.
00:18:17.860Yeah, I know Bubba was wrong for what he just did.
00:28:12.000We have lent that right to our government.
00:28:15.320And until we have no elections left, until we have somebody who actually says, like Zelensky, no more elections, you must work through the election process.
00:28:33.860And for as frustrated as you might get, we are making progress.
00:28:38.260you know where where Bubba is is missing the next step Bubba is missing the next step at the at the
00:28:52.520ballot box now in England I think it's a little different because they're not really having
00:28:58.520elections they're they're just appointing the next prime minister they're just they're just
00:29:03.660handing it to the next guy. It's insane what's happening. They don't have free and fair election,
00:29:09.040in my opinion, the way I understand what's going on over there. They're not having free and fair
00:29:13.960elections. You're not getting a choice. They're just handing the baton to the next guy. That's
00:33:49.840How are you? I am. I'm good, boy. I have to tell you, I was watching what was happening in France
00:33:54.320this weekend, just freaking out because I'm like, this is a dry run. This is coming here.
00:34:00.740If we're not careful, this is coming here. So can you give us an update? Yesterday,
00:34:06.880I said that the French were supposed to vote on their new budget. They decided yesterday to
00:34:15.280postpone that, what does that mean? Because I thought they were out of time.
00:34:21.320Well, you know, politicians are never out of time until you vote them out of office. And obviously,
00:34:27.720they never want to do the right thing, because it often conflicts with them having some
00:34:33.780accountability. They don't want to have accountability, they want to kick that
00:34:37.000accountability down the road. But what we're seeing in France is, you know, the non-economic
00:34:44.020version of this is weak men create hard times the economic version is too much government creates
00:34:51.080too much debt creates hard times and then they're not willing to do anything until everything
00:34:56.400collapses so i i saw an amazing stat maybe you can tell me if this is true that more than half
00:35:04.120of the population of france gets their income from the government yeah this is exactly the
00:35:11.300problem that France, which, by the way, is a meaningful economy in the EU. It's the second
00:35:17.880largest. It's three and a half trillion, which sounds like nothing to us, right? It's like 10%
00:35:22.700of our size. But when you compare it to Greece, that's like 300 billion. So within the Eurozone,
00:35:28.440they're very important. But the breakdown of what's happened there is that they have too
00:35:32.960little capitalism. And they do have some great companies, right? They've got the luxury goods,
00:35:37.100They've got agriculture. Airbus? Yeah, Airbus. They had tourism. I don't know how that's going
00:35:42.940to be impacted now. But the reality is, and this is staggering, Glenn, that 57% of their economy,
00:35:51.760so almost 60% of their economy comes from public spending. Compare that to the US. So at the
00:36:00.020federal level, we're at about 23%, which is too much. Overall, about 35 plus percent. So they are
00:36:08.780about 50% or more public spending as a percentage of their economy than we are. And as you said,
00:36:16.180that then trickles down to meaning more than half the people get their pay from the government.
00:36:22.620Everybody works for the government there. And that means that politicians, as you mentioned,
00:36:27.840And they're beholden to the people who don't want the government to have any sort of austerity or cutbacks.
00:36:34.880And so they're going to vote for their own interest.
00:36:37.800And so it ends up being this vicious cycle, which has led to really bad outcomes.
00:36:43.720If you look at France and just their basic data, we're talking about growth this year that's projected at about half a percent,
00:36:51.160which is even for the eurozone is less than half what everybody else is projecting.
00:36:55.760their unemployment is double ours. So even with everybody working for the government,
00:36:59.900it's about, you know, 8.3 to 8.4% for the year. And then they still have the same problems that
00:37:05.980we do, like debt to GDP of 120% and deficits running like 5.5% of GDP. The problem is they're
00:37:14.700not the world's reserve currency and the world's trading currency. So it hits them harder. And
00:37:20.800they have all of these demographics they have an aging population you know with bigger pensions
00:37:26.300and all of these you know big issues the aging population drives more health care spending and
00:37:31.880whatnot so they're in kind of the same familiar spot that we're in but they don't have all of
00:37:38.980the benefits that we have as well so uh rob snyder um uh tweeted something i want to read it to you
00:37:45.160France has free health care, paid parental leave, paid family leave, free child care, free preschool, five weeks paid vacation, 35 hour work week, generous unemployment and housing benefits, heavily subsidized higher education.
00:38:02.260Everything the left says they want and they're still protesting and burning crap down.
00:38:23.440Well, if you can't cut 2% out of your budget without people rioting in the streets and rioting for even more, how do you save that country?
00:38:37.600Yeah, I mean, it's a really big issue.
00:38:40.020You know, I referenced Greece earlier. You know, Greece had the economic issues back in 2010, 2011. And they were able to stem that because it was a smaller country. It wasn't as sort of important to the EU. Not to say it's not important, but not as important as France is at three and a half trillion dollars now of GDP.
00:39:01.340So you would need to have their central bank, which is the ECB, get involved if there is some sort of a contagion.
00:39:09.740And a contagion is likely because the analogy is imagine the eurozone is an office building and the second biggest tenant is in financial trouble, where you're an investor.
00:39:21.040Now, all of a sudden, the entire office building project is in financial trouble.
00:39:27.680The problem, as you mentioned, is with the ECB, if they do a bailout, which we know is printing money and stoking inflation, they require austerity.
00:40:24.420Or is it Greece is number one in debt.
00:40:26.800i thought greece was taken care of but apparently that was just a band-aid so greece is still bad
00:40:32.680spain is bad italy is bad how long does this go on you know i'm gonna say something shocking to
00:40:42.780you glenn but the u.s is bad the u.s has 123 percent of debt to gdp and is running you know
00:40:50.740close to six percent deficits to gdp still it is spending a trillion dollars a year on interest
00:40:56.600in servicing the debt. And there's no, you know, no hope for fixing that. And you have all of these
00:41:02.600DSA people running on these same platforms that we're talking about now about, hey, let's find a
00:41:08.180way to increase government spending. So, I mean, part of, you know, what may or may not give you
00:41:13.760comfort is that everybody, you know, around the world is in the same position. We have more
00:41:19.600strengths because we have deeper financial markets. What does that mean, Carol? I mean,
00:41:24.400yes, we're all in the same. So do we all just back away and say, okay, all right, we're just
00:41:29.320going to call it all even. I mean, what does it mean? I mean, so that's sort of a layman's
00:41:34.980way of saying what could potentially happen here is that you could end up with some sort of a
00:41:41.860financial reset, which I know is not a surprise to you because we've been talking about this.
00:41:47.480You've been writing books about this. I've been talking about writing books about this.
00:41:50.840So there is a very likely financial reset. It's a question, I think, of when, not if. And then we're going to find a way, you know, whether it's making gold play a bigger role in the economy so that the reset isn't so obvious or finding other ways to inflate away the debt.
00:42:12.400there's going to be a scenario and a lot of people are going to be hurt in this scenario
00:42:18.320because as we know, there's no free lunch. We can't just call a mulligan, a do over without
00:42:24.140there being consequences. And that's going to end up hurting people all over the world. And as we
00:42:30.860know, when these things happen, it's not just France that could have unrest. It could spread
00:42:37.120to other places very easily. And then, you know, that could end up impacting bigger issues. It
00:42:43.700could end up creating issues that impact the food supply or energy or other things. And it just
00:42:48.620becomes a, you know, sort of a vicious cycle. So when you said maybe gold plays a higher role,
00:42:54.040I mean, even if gold was at $10,000 an ounce, that's still what we have, what, three or four
00:42:59.940trillion dollars? That doesn't even pay for one year. We're using all of the gold that we have.
00:43:06.060So what do you mean gold might play a bigger role?
00:43:21.140So what's the most likely, and what does that look like?
00:43:25.260I mean, I personally think if you look at the banks that have been stockpiling gold,
00:43:31.480And if you look at some of the stockpiles, you know, Europe actually is doing very well when it comes to gold holdings, including Italy, which, you know, had a former ECB director as its president that said, we love gold and, you know, we're never getting rid of it.
00:43:49.140I think that it will end up being, you know, one of, if not, you know, a key, a key reserve
00:43:56.360currency, you may see some trade and settlement done in gold. Like you said, the price of gold
00:44:02.520will have to be allowed to go significantly upward to sort of rebalance everything out.
00:44:10.920And what will probably happen is that the different countries will get together as they've
00:44:15.540done many times in the past, and create some sort of an accordant agreement, and this is how
00:44:21.380this is going to work, and here's who's going to be in charge of what. The exact path of that
00:44:27.740could take. We can have a choose-your-own-adventure book and have 20 different lanes,
00:44:33.020but there will probably have to be a sit-down. The other option, which we certainly hope doesn't
00:44:39.700happen, is war. Because a lot of times when we have these financial resets, every time we have
00:44:45.400a war, we don't have a financial reset. But every time we've had a major financial reset, not just
00:44:50.280a, you know, a court, war has been the catalyst. And then it's like, okay, well, now we've got a
00:44:55.820new regime. So hopefully, you know, if you're picking a door, let's make a deal that you're
00:45:00.520picking door number one, and you're getting a sit down, and they're letting, you know, gold float to
00:45:05.600an appropriate price, and you're doing something to try to get everything under control. The
00:45:11.140The challenge is, though, without people facing the consequences and without getting the muck out of the system, it's just a bandaid, right?
00:45:20.920If you don't fix the underlying problem, which is the too much government spending, the big government debt piles, you just end up in the same place in a very short period of time.
00:45:33.300And especially at the levels we're at now with compounding, that's just going to grow and grow more quickly.
00:45:40.380So, you know, you can let you can come up with all of these small fixes that we pay the price for on a short term basis.
00:45:49.060But without fixing the underlying problem, nothing changes.
00:45:53.220And in my opinion, Glenn, without some sort of accountability, I don't know what the incentive is for the politicians to fix the problem.
00:46:01.080OK, so I'm going to take a one minute break. I want you to just pick it up there.
00:46:04.660What does that look like? Accountability for who? What does it look like?