The Glenn Beck Program - Best of the Program ｜ Guests： Carol Roth & Luis Valdes ｜ 3⧸14⧸23

00:00:00.000 A really good show for you today. I talked to Carol Roth, who we kind of went into a different

00:00:07.200 conversation than I thought we were going to have, because I thought we were on the same page

00:00:12.420 about the FDIC. We're not. We ended up at the same place, both gravely concerned that the

00:00:22.440 average American does not have any idea what a full banking collapse does, what it will look like

00:00:32.420 afterwards. You don't want to miss that conversation with Carol Roth. Also, we talk about

00:00:37.640 the Second Amendment and the government still coming after your guns. We'll talk about that

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00:01:44.120 podcast. You're listening to the best of the Glenn Beck program. So much, so much to talk about with

00:02:00.740 Carol Roth. She is a former investment banker, but she speaks the language of Main Street and

00:02:07.380 cares about Main Street over Wall Street. Are we at the end of this? Are we at the beginning

00:02:14.020 of something bigger? What happened to Silicon Valley Bank for the English? Did they actually

00:02:23.000 buy this bank for a pound? Is it the same bank? What is happening? Also, bailing out by using

00:02:34.200 the FDIC. The FDIC is now out of money and it didn't even cover what they bailed out. So who's

00:02:43.380 stuck with that bill? Oh, and if treasuries were the problem, aren't all banks kind of in the same

00:02:53.120 boat? Isn't even the Fed in the same boat and all of our allies that buy treasuries? Carol Roth, 0.86

00:03:01.860 welcome back. Hi, Glenn. What a crazy couple of days here. Never, never ceases to amaze, does it?

00:03:09.540 No, it really doesn't. First of all, let me get you, get your reaction. We spoke on Friday,

00:03:16.820 on the Friday exclusive that I do for Blaze TV. And this story was just breaking. So they bailed

00:03:25.760 everything out with the FDIC. But this isn't just the depositors that they bailed out. I'm for FDIC

00:03:35.180 covering depositors. But they just changed the law with a stroke of a pen, did they not? I mean,

00:03:45.440 you had $400 million in that bank. It says clearly on the door, deposits up to $250,000.

00:03:54.000 Yeah, you know, it's funny. I have a different take on this than a lot of people that I've been

00:03:59.940 talking to, some friends and colleagues. They did not do what I would consider to be a full bank

00:04:07.180 bailout. They did not protect the shareholders. They showed management, the door. So you're the

00:04:13.520 people who should be taking on risk took on the risk. In terms of the depositors, I mean, you could

00:04:20.000 say, oh, why should these tech companies be saved? But I challenge people to change the name. If it

00:04:26.920 wasn't called Silicon Valley Bank, if it was called the Small Business Bank of Iowa, would you want those

00:04:33.460 small businesses' money to be at risk? Well, there is a difference in those small businesses. And I'll

00:04:41.640 tell you what the difference is. There's no way in hell this federal government would bail out a

00:04:48.380 small business bank in a red state. I just don't believe it.

00:04:54.080 That may be the case. But at the same time, if you think about the potential contagion effect,

00:04:59.900 and we can use this now as a benchmark to say they've done it before, that God forbid the small

00:05:04.820 business bank of, you know, red state were to fail in the future. But if you think about just the

00:05:10.060 ripple effects, the example I like to use is Etsy. Etsy is a marketplace where artisans and small

00:05:18.420 entrepreneurs do crafts and they sell them. Etsy had all of their working, or not all of their

00:05:23.980 working capital, a large portion of their working capital with Silicon Valley Bank. So if that money

00:05:29.520 were to have gone away, they wouldn't have been able to pay all of the entrepreneurs. The same thing

00:05:35.000 with a payroll company, they had their money with Silicon Valley Bank. And so another company wouldn't

00:05:41.000 have been able to pay their entrepreneurs. So that kind of reverberation throughout the system,

00:05:46.600 and then, you know, not quelling the fears that this could happen again, and potentially taking down

00:05:52.600 not just other regional banks, but having contagions up to big banks, it would have been really bad for

00:05:58.840 everyone. And so wait, but wait, wait, wait, wait, wait, wait, wait, I agree with you. I agree with you

00:06:05.020 that it would have been horrendous. Okay. However, I had under the FDIC limit in Silicon Valley Bank for

00:06:16.260 one of my businesses, we ran our payroll through Silicon Valley Bank. I, we never put more than 250

00:06:25.340 grand in that we never do it unless we care to lose it. So why do I have to play by the rules and

00:06:34.560 expect that I'm not going to get something, but all of the big guys will always expect, oh, well,

00:06:42.620 they're going to bail me out. I'm too big to lose. I'm too big to fail. Yeah. I mean, listen, this is,

00:06:47.680 I think, sort of an expectation sort of game. But the reality is that we didn't want to have that

00:06:57.340 failure happen. And this was a bank that was very different than some of the other failures that had

00:07:02.820 happened before. I mean, this was not about making toxic loans or derivative products. This was really

00:07:09.600 a liquidity issue that should have never gotten to the panic. And I think that's the bigger issue that

00:07:14.600 the way this was communicated, the hubris, I mean, the fact that the head of Silicon Valley Bank

00:07:20.960 sat on the board of directors of the San Francisco Fed and didn't anticipate that it might not be a

00:07:27.480 good idea to lock up money for 10 years in Treasury. I mean, there are a lot of really weird questions

00:07:32.540 here. And I think we can certainly debate, you know, what, what we should do on a go forward basis.

00:07:38.840 But we have to have faith in the banking system. And for companies to take their cash management and

00:07:45.020 now have to go through paperwork and you chop it up into little blocks so that they can be covered and

00:07:51.060 have this in all different kinds of banks and all different kinds of accounts isn't particularly

00:07:54.820 efficient. So I think that the, I think the insurance program probably needs to be relooked at.

00:08:01.380 But you can't, but you can't just write the rules as you go. That's the problem.

00:08:08.660 They do all the time, Glenn. This is not the first time that they've done it.

00:08:12.500 And it's wrong to do that.

00:08:15.260 So fundamentally, it is definitely wrong to do that, but if they're going to continue to do it

00:08:22.760 on an ongoing basis, this was not the time to put the flag down and go, nope, this isn't the time

00:08:27.860 that we should do it. That's just, you know, it was a very sort of practical decision. Yes,

00:08:32.540 in principle, we need to fix the underlying system. But as I said, let's not pretend that we

00:08:38.140 have capitalism here in the United States. You've had the Fed who's been interfering.

00:08:41.700 Oh, no, it's not capitalism.

00:08:43.580 From Main Street to Wall Street on a historic basis. So, you know, I'm not going to sit and pretend,

00:08:48.800 oh, this was, you know, some affront to capitalism that didn't actually exist.

00:08:52.720 No, no, the Fed is, you know, the Fed is completely out of control, overstepped and all of the,

00:08:58.660 you know, the big banks, the really big banks, they are rolling with our cash and we're rolling

00:09:04.660 a dough. Yeah, literally. So, so let me go back to the bonds here for a second. They lock these

00:09:10.800 treasuries up for 10 years. And they, when the interest rates go up, they lost about 25%

00:09:19.580 on their bonds. If they tried to sell them in an emergency, they were going to lose 25 cents on

00:09:25.600 the dollar. That's what caused the panic. Cause if you lose 25 cents on the dollar, you don't have

00:09:31.260 enough to cover all of, all of the things that you have to cover. Let me, let me, let me add one

00:09:35.960 other thing that added into the panic because this was on paper. Should they had held them to maturity,

00:09:40.780 there wouldn't have been no problem. Like you said, only in an emergency, what happened is that

00:09:46.340 within Silicon Valley, um, because interest rates were rising and the bank was only paying a,

00:09:52.480 you know, a small amount on deposits, you could pull your money out and park it into a treasury

00:09:57.340 bill now and get, you know, 5% without very long duration. So you had more depositors pulling their

00:10:05.100 money out than they had modeled and expected in this rising interest rate environment, as well as

00:10:10.560 probably companies that needed more operating cash because of the economy. So they didn't have

00:10:15.440 that expectation and that sort of mismatch and say, Oh wait, we have a liquidity need because we

00:10:22.440 didn't estimate for this. That's what forced them to sell the bonds at that loss and then created this

00:10:28.820 panic. And that's where this boob that is sitting on the, uh, federal reserve board in San Francisco, 0.89

00:10:35.420 these guys are, I I'm convinced these guys are arrogant morons. Um, however, um, how many other banks

00:10:45.000 have put their, uh, their money into longer term treasuries? Oh, I mean, it's throughout the system.

00:10:55.140 I mean, if you think about, so, so wait, wait, wait, wait, wait, go ahead. If you take, you know,

00:11:00.340 Bank of America, they also had a situation where they had to take a big loss on selling treasuries.

00:11:06.340 The difference is that they have a large and diversified business. You know, they only had

00:11:11.780 69% of their liabilities being deposits where Silicon Valley bank, it was 89%. They have a lot

00:11:19.560 of retail deposits that were under the threshold. They have investment banking and trading and all

00:11:24.660 these wealth management, all these other things. So for them, it wasn't an issue, but on a smaller

00:11:30.500 scale for a bank that, you know, really does rely on that deposit business. And because they had so

00:11:36.540 much of that as these, you know, smaller business deposits that were uninsured, that made it different

00:11:42.820 than it was for, let's say some of these bigger banks or banks that are structured.

00:11:47.780 Right. So, uh, but I mean, I'm looking at banks, uh, like, you know, JP Morgan chase, all of that.

00:11:54.500 They're fine. They got plenty of money and they're going to get all the depositors as the little banks

00:12:00.000 go out. Exactly. Right. So what I'm asking, what I'm, what I'm asking you is

00:12:06.540 how, what gives us any indication that this is, uh, that it's over that we're safe now. I mean,

00:12:16.180 it might be because right now, but this is going to happen again. So that's exactly why they put out

00:12:24.260 the press release that they did, you know, the fed and the treasury and that very comforting

00:12:29.320 statement from our president. I'm sure that gave you all the confidence in the world.

00:12:33.120 Oh my gosh. Oh yeah. I'm stuffed.

00:12:33.540 But that, but that was the point is the reason that, that those depositors pulled out their

00:12:40.080 deposits is because they were worried it wasn't going to be backstop. And if there was this,

00:12:44.020 this liquidity issue that was incurred, oh boy, you know, what are we going to do? So yes,

00:12:49.640 there are other banks who are probably in the same situation, but if their customers don't panic

00:12:55.380 and pull their deposits and they have the time to plug that liquidity hole, um, then that's what

00:13:01.860 that statement was meant to do. Now, it really just depends on the temperament of individuals and

00:13:08.100 businesses. If you believe that, if you believe they're going to step in and backstop, then you're

00:13:12.260 not pulling out the money. These companies can, the banks can deal with it. And if you don't,

00:13:17.220 then we're going to see more of this. Certainly, I think, um, you know, particularly Silicon Valley

00:13:22.360 bank was different than silver gates, um, and signature that had more crypto exposure.

00:13:28.080 I would imagine those that have more exposure to crypto, we're probably going to see some

00:13:33.000 additional issues, but Silicon Valley bank being that second largest bank to fail in history. One

00:13:39.880 of the top 20 banks in the U S, um, systemically important as, as you said, obviously plugged in and

00:13:45.900 connected, um, was just a different, a bit of a different animal. I do want to go to that point

00:13:52.740 that you make, cause I think this is really huge, just like they closed down the small businesses

00:13:57.720 during COVID and all of that went over to the big guys, you know, the big guys couldn't really step

00:14:04.960 in there. There's some laws in place about them buying more deposits, but what has happened in letting

00:14:11.760 this play out the way it does as people have just decided to organically move their deposit.

00:14:17.880 So JP Morgan and Citigroup, like they're having a field day so much so that Jamie Dimon just bought

00:14:24.760 something like $26 million worth of JP Morgan stock because he's doubling down because he knows all

00:14:31.240 of those depositors are rolling in and he did not have to pay a red cent for them. The great

00:14:36.680 consolidation continues. This is the best of the Glenn Beck program. And don't forget rate us on

00:14:42.960 iTunes. Okay. So as the, as the, uh, fed rate goes up, these treasuries are worth less and less

00:14:57.960 if you have to sell them, correct? Yeah. So, you know, obviously the, not to get too wonky,

00:15:04.280 but the, the interest rates or the yield on the bond trades in inverse to it. And if you think

00:15:09.100 about it, you know, why would you buy a 10 year that was, you know, on the market from a long time

00:15:13.760 ago, that's yielding one point, something percent interest when you can buy something that's at two

00:15:20.000 years right now, that gives you like, you know, 5% interest. So the, so their current value on the

00:15:26.120 market, um, is lower, but again, if you hold them to maturity, if they hold them the 10 years,

00:15:31.660 you still get the full amount of the face value plus the interest. It's just the tradable value

00:15:37.460 today in that interim time period, because there's not a lot of demand. Right. So for any small bank

00:15:44.080 that is holding these, if there's trouble, they could be in trouble just like Silicon Valley bank.

00:15:50.480 Now the FDIC, we were told, you know, that's the insurance. And, and he said, well, don't worry.

00:15:58.360 You don't have to worry about it. The banks have paid into it. Well, they don't have enough money

00:16:04.060 just to cover what they covered, uh, yesterday. So they're already upside down. So that means if

00:16:11.240 we do have runs on the bank in future, you know, near future, they don't have any money, which leads

00:16:18.540 me to believe we will just print the money. Doesn't the, I mean, the inflation rate of what

00:16:26.660 we're doing is crazy. Are, are we, is this the beginning of the currency death cycle?

00:16:35.020 Well, the currency death cycle began a long time ago. Um, I'd say a couple of things. So from an FDIC

00:16:42.040 standpoint, you know, they are saying we're going to put a fee out to other banks. So when Joe Biden

00:16:49.580 comes out and says, the taxpayer is not paying for this, you're not paying for it directly,

00:16:53.140 but you certainly will be, whether it's a lower interest rate on your money or more fees or whatnot,

00:16:57.960 if all the other B banks have to go in, what I do think can happen here in the meantime is,

00:17:04.140 you know, with the bank, they're trying to sell off pieces of it. Um, and they're trying to find new

00:17:10.620 homes for it. So the FDIC is covering it. It's insurance if it needs to make it whole,

00:17:16.660 but if somebody else were to buy it or to, you know, buy other assets, there, there's a way to,

00:17:22.260 you know, that that structure sort of happens. And obviously that's the best case scenario.

00:17:25.840 And again, frankly, we should have just never gotten to the point, um, where we had this panic,

00:17:31.220 but you know, the, the idiots, um, didn't, didn't prevail there. You should there be a God forbid

00:17:38.240 wide run. Yes. Then, you know, in terms of trying to solve this, it would be money printing,

00:17:44.100 which is again, if I can respond, cause you know, some people did not like what I had to say.

00:17:48.920 That's sort of my point. I, someone's saying I'm a paid show. I'm not, I'm not paid by anybody.

00:17:54.320 I'm saying that we wanted to say, we wanted to stem this because what would happen to everybody,

00:18:02.100 people who were not involved at all would have cost you a lot more than this, you know,

00:18:07.000 kind of temporary pin here. I don't think people understand, um, the destruction that is coming

00:18:17.100 our way. It's coming. This is going to happen. It's just a matter of when, and people are like,

00:18:24.200 um, you know, I'm fine. Bring it on. No, you really don't understand. You, you should be

00:18:31.420 in a healthy way, terrified of what is coming. And I use the word terrified. Do you remember

00:18:40.040 our grandparents went through something that they, they were 50 years away from, and they were still

00:18:48.000 like, it could happen at any time. That's the kind of pain that America is about to go through. And

00:18:54.460 remember those people grew up without indoor toilets. Okay. They grew up without all the

00:19:01.220 fancy stuff that we have now. They didn't have that far to fall back. We have an enormous way

00:19:09.240 to go back. You should be terrified of it. The best of the Glenn Beck program.

00:19:16.140 We're with Carol Roth. Uh, she is the, uh, author of the new book that is coming out this summer.

00:19:24.840 You will own nothing. Um, and, uh, I, you know, Carol, I want to talk to you about where we were here

00:19:32.540 a second ago, because I, I think it is important to discuss nuance here. Um, with, cause I am against

00:19:44.760 bailing everybody out. And I know there's a difference. They didn't bail out the, the crooks

00:19:50.800 that were running it or the stupid people that were running it or anything else they did. They 0.52

00:19:56.160 bailed out the people who were doing business with the bank, not the bank itself. Correct.

00:20:02.140 Well, I wouldn't say they bailed them out. They offered to backstop. They created, and we don't

00:20:07.460 know, we don't know if any of that is going to be required. You know, they're going to go through a

00:20:12.300 process. They're going to look to sell assets. That money is going to be used to cover things,

00:20:17.680 but they stepped in and said, you know, if this needs to be covered, we're going to find a way

00:20:22.680 to spread that out through the banking system. So it does it. So again, this is a highly nuanced

00:20:28.440 discussion. They did not bail. They did not save the bank. The bank closed. They did not save the

00:20:33.660 shareholders. They did not save the management who made the bad decisions. I personally think that

00:20:39.020 they should go back after any of the stock sales that the senior management made in the weeks

00:20:44.440 leading up to this. So it's not that it's about, you know, not completely burning down the system.

00:20:49.820 And there's some people who say, you know what, we should just light a match. Let's burn down the

00:20:53.700 entire system today. I'm more in the camp of let it burn slowly because there are more people who need

00:20:59.440 to get prepared. And the, like you said, in our previous segment, the amount of carnage that would be

00:21:05.860 happening to everyone, people who are not directly related to this. This is not about the people who

00:21:10.740 are related to this. This is about the contagion effect to everybody else, including the people

00:21:15.800 who are listening to this program. And it is a nuanced discussion about the interconnectedness

00:21:20.680 and, you know, the how messed up our financial system is.

00:21:24.140 It is, it is in the worst case scenario, it is the end of the Western way of life for at least a

00:21:31.220 while. Yes. Um, and I don't think people really understand that. I was for TARP for about two days.

00:21:39.500 I had a friend who was in the meeting, uh, with the treasury that Sunday night and he called me and

00:21:46.240 he's a really reasonable buttoned up, you know, guy. Um, and he was a CFO and he called me in tears.

00:21:56.020 He was walking home from it in New York. And he said, I'm walking up Broadway and I'm looking at

00:22:04.180 the cars coming down. And he said, I'm looking at the faces of people. They have no idea what's

00:22:08.680 about to happen. Yeah. Well, it's funny. Cause I was actually against TARP and against those bank

00:22:13.880 bailouts because it was a different situation. Well, I was, hear me out. I was for it for about

00:22:19.620 two days after talking to him because I saw what was happening and what it meant and no one was

00:22:28.420 prepared. And I thought, okay, he said to me, Glenn, we're going to slam into the side of a mountain.

00:22:34.620 This will allow us to come down in the trees. But then I realized nobody was actually doing that.

00:22:41.660 They weren't preparing to bring it down. They had another scheme up their sleeve. And that's why

00:22:48.300 I immediately changed my mind. I went, wait a minute, wait a minute. This is a game being played.

00:22:53.140 Correct. So the, there's part of me that, um, I want to slow it down in any way possible and,

00:23:02.880 and land in the trees. Um, however, um, the more time that goes on, the worse it's going to be,

00:23:11.000 a B the more prepared the, the government is to fall into digital currency and everything else,

00:23:22.480 which is going to be the end of freedom as the world knows it.

00:23:28.780 Yeah. And that's actually my concern. Um, as I've expressed to you before that having a bank run and

00:23:35.320 having, you know, wide bank runs gives the government the perfect cover story for CBDC.

00:23:41.720 They can say, you know, you can't have a bank run if there isn't a bank. So if we control this,

00:23:46.920 then you're completely, you know, quote unquote secure because the government is here to help you.

00:23:51.560 And that just gives them, you know, that crisis to be able to push central bank digital currency,

00:23:57.780 which is the end of freedom and independence and individual rights and property rights here in the

00:24:04.180 United States, which as we both know is coming. It's a matter of time. I just want more people

00:24:10.700 to understand this, to get into some level of hard assets, to, to really be prepared because

00:24:17.000 people are not prepared for this to happen tomorrow.

00:24:20.180 They think that it's just going to, they, we haven't seen anything like this since the 1930s.

00:24:26.200 And this is, um, probably more destructive than what we had in the 1930s because of the scale of

00:24:35.760 debt all around the world.

00:24:38.120 Correct. And think about this, you know, the, the U S has been the global center of the universe,

00:24:44.140 the world's reserve currency for only about 80 years. So people who are alive today have never

00:24:49.840 been in a situation where we have not been in the center of the financial universe. And as that

00:24:56.720 shifts, that's going to have severe implications for the quality of life, for the actions of the

00:25:02.500 government. And Oh, by the way, every time there has been one of these shifts in modern history

00:25:07.600 from the Dutch empire to the British empire, to the U S empire, there's usually a catalyst for that,

00:25:13.640 which is war. So there are really bad things that go along with the shifting of the,

00:25:19.260 of the financial world order. And it you're right. It is, it is going to happen. It's a question of,

00:25:25.400 of when, not, uh, if it's going to happen, but everybody needs to be prepared. And this weekend

00:25:32.160 was not the time for that to happen.

00:25:34.220 I will tell you that, uh, I'm always, thank God, I'm always wrong on timing, but direction

00:25:39.140 I'm usually right on. Um, but I, I really feel that, uh, war collapse, whatever is coming before

00:25:48.420 the next president is sworn in. Um, because if I'm China, why wouldn't I do it at our weakest point?

00:25:57.200 Um, one other thing that did you get the, uh, email I sent you from seeking alpha?

00:26:02.840 So I did. Um, I, it's about the, you didn't get a chance to read it. I didn't get a chance to get

00:26:09.680 in there yet. Okay. So it is, um, for the first time in the feds history, uh, they are lost. They

00:26:17.500 are operating in a loss. Uh, the last quarter of 22, they, uh, posted a loss of 15 billion. So

00:26:27.380 usually all of their profits go to the treasury and that helps, you know, our, our deficit. Um,

00:26:34.000 but they are now expecting losses this year of gosh, what was it like? A hundred and

00:26:41.840 15 billion dollars. Um, uh, and, and they're kind of in the same kind of situation, uh, where

00:26:52.480 we're not getting the money. And then they also said they're, uh, carrying a huge unrealized loss

00:26:59.820 in their Soma portfolio. Do you know anything about that? What, what does that mean?

00:27:05.520 Yeah. So, I mean, a few things is that the fed over time operates at losses and also at,

00:27:12.200 you know, quote unquote profits. And like you said, when they have profits, they give it back

00:27:16.800 to the U S treasury, which is why I always laugh when people tell me that the fed is an independent

00:27:21.760 organization, what independent organization gives their profits when they seem to have them back

00:27:27.700 to the U S guys, this is, this is all tied in together. Um, in terms of the unrealized losses,

00:27:33.220 I mean, you, you know, the fed has, uh, you know, close to still like it's over eight trillion,

00:27:38.240 close to $9 trillion on their balance sheet from this funny nut money that they've printed from

00:27:43.420 nowhere and they've gone out in the market and they purchased, you know, the same kinds of

00:27:47.340 securities. But again, in terms of unrealized, we've talked about in the before, in terms of

00:27:53.420 tax policy, unrealized doesn't mean anything. It's theoretical. It's only when it becomes

00:27:58.460 realized that it's an issue and the fed has no incentive. If they have things that have unrealized

00:28:05.040 losses on their balance sheet, they'll just keep them on their balance sheet forever. Um, the bigger

00:28:09.860 issue is the fact that they have anything, let alone that level on their balance sheet and everything

00:28:15.300 that they have done to put us in the situation we are today to transfer epic amounts of wealth

00:28:21.460 from main street, from the working class, from the middle class to wall street. I mean, that's the 0.99

00:28:27.240 issue. We've got the fed who, you know, alongside the government is the arsonist who burns her house

00:28:33.040 down and then is standing there with like a little bucket of water being like, Oh, look at me. I'm

00:28:37.740 helping. I'm trying to put this out. I mean, this is the crux of the issue. This is what we need to be

00:28:43.720 addressing systemically. If anything is going to change their powers. Um, it's not just about

00:28:49.340 abolishing the fed, which a lot of people are talking about. It's abolishing their powers because

00:28:53.560 the only thing that would be worse than the fed having these ridiculous powers that they have

00:28:58.740 would be for Congress to take them over. So we have to be very, very specific. We want those powers 0.57

00:29:05.300 abolished. We should be letting the market dictate things like interest rates and not having a committee

00:29:10.640 of people play God. The, the problem that people will say is, well, then you'll have crashes all the

00:29:16.060 time, but the crashes we used to have were very short lived. Um, and the recovery always came back

00:29:25.560 because it is part of free, the free market to burn out the, the, you know, the underbrush that is

00:29:34.360 dying. You let the trees die and it burns out and that replenishes the soil. And so we had short

00:29:42.140 crashes. They are not, uh, preventing crashes. They are, they are building these crashes and that,

00:29:51.820 you know, used to be the mantra. These banks are way too big. Well, they keep making everything

00:29:58.980 bigger. They're going to push it into four banks. Then it will be the federal reserve and the federal

00:30:04.800 reserve will eventually become a global thing. Uh, and you know, then what, I mean, there's no place

00:30:11.900 to push it other than God after that. Yeah. I mean, I think about the scope of the boom and the bust

00:30:18.400 cycles. Like you said, you're not only do they get perhaps more frequent, but they get huger in scope,

00:30:24.860 the huge bottoming out. And then, then that huge bubble run up. And what this does, most people

00:30:30.400 don't realize this is that I call it sort of the, the vulturing of these boom and bust cycles,

00:30:35.840 because it wipes out the wealth of the average person who panics and says, you know, I've had

00:30:42.140 enough of this. Then they run the prices up and who benefits from that. It ends up being the wealthy

00:30:48.620 and well-connected. Then everything busts out again. It goes down to lower prices, the vultures that have

00:30:54.500 all the money they put their money in and they keep putting it in these huge, huge cycles. So

00:30:59.940 they're creating not necessarily just more frequent cycles, but these larger cycles. If we had a stable

00:31:06.180 currency that was backed by something like gold, like it used to be, it would be a very different

00:31:11.520 situation. And it would take the moral hazard away from the fed and the government to just do whatever

00:31:17.840 they wanted and destroy the purchasing power of the people who've worked so hard to earn that money.

00:31:23.360 You're listening to the best of the Glenn Beck program.

00:31:29.600 Senator Mark Kelly called for social media to censor anyone to prevent bank runs.

00:31:36.040 You know, don't, don't censor, but don't, don't, don't cause a run on the bank. It's a probably a good

00:31:41.780 safety tip. Bitcoin is being blamed for a lot of this. Although Bitcoin went up, gold went up.

00:31:48.140 Carol, I, I talked to so many friends and family. They were all calling me yesterday. What do we do?

00:31:53.960 What do we do? Gold and silver. I mean, if, if that, I mean, that's the only thing that you can count

00:32:01.120 on. Right. Yeah. I mean, we had a Twitter spaces on this last night. I'm going to actually put a,

00:32:06.900 a, um, video out today for gold virgins, people who've never bought precious metals before,

00:32:12.360 because it can be a little bit intimidating, but yeah, I mean, this is, um, you know, when there

00:32:17.660 are changes in the new financial or the financial world order, historically, it has always been

00:32:22.460 something that goes back to a commodity that everyone agrees on. You know, that's been gold.

00:32:27.440 Central banks, we know have bought a record amount of gold last year. So, you know, the idea is to get

00:32:33.460 yourself into hard assets, a form factor that you can control, because particularly, as we said,

00:32:40.140 if this rolls into things like central bank, digital currencies, you want to be able to control and have

00:32:45.440 access to a portion of your wealth, hard assets, physical metals, use a reputable dealer. I know,

00:32:52.160 Glenn, you and I both work with gold by not to be a commercial here, but you know, you want to have

00:32:57.040 physical, not ETF, something that you can hold. And then certainly, you know, things like land,

00:33:03.860 water rights, you know, real estate, that things that are tangible and hard that don't have that

00:33:10.000 same manipulation factor. But for that buying, that bartering, the trading, putting some of your

00:33:16.340 long-term wealth in precious metals, I think is imperative. And just as Carol said, we're both

00:33:22.160 spokespeople for gold line, but we're only spokespersons for gold line because we believe

00:33:28.640 it. So this is not a commercial. I mean, go ahead and buy your, I think you'll regret it, but go ahead

00:33:35.580 and buy your gold or silver wherever. But if you're not awake to gold or silver and, you know, people say,

00:33:43.480 I don't have the money for gold. Well, maybe not. But silver, you have the money for. And silver will

00:33:51.600 be probably more usable in the short run because you're not going to be buying huge, you know, huge

00:34:00.380 things. You need to barter. If you are really down and I can't afford gold, well, you have to just think,

00:34:06.280 how do I, how do I barter? How do I get something of value for my family that I need? And, you know,

00:34:13.780 it's most likely not going to be in $5,000 chunks. Yeah. And you can get, you know, smaller gold coins

00:34:19.760 and fractional amounts of golds as well, which are important to you. If you think about a situation

00:34:24.240 like Venezuela, those metals are what they're using for things like food and hospital visits and things

00:34:30.000 like that. So, you know, it happened to them. Just don't panic, but be prepared. Yeah. Look at

00:34:36.700 Venezuela. Once they started nationalizing things in Venezuela, it was over quickly. We, they were on

00:34:44.940 about a 20 year timeline and we're headed towards 20 years now of this timeline. That's kind of the

00:34:53.120 outcome that could come here to America and don't think that it can't. Prepare so you don't worry

00:34:59.900 about it. You're listening to the best of the Glenn Beck program.

00:35:09.440 Welcome to the Glenn Beck program. Last hour we had Carol Roth on and I was a little surprised,

00:35:14.980 Pat, I don't know about you, when she agreed with me that digital currency is coming and it means the

00:35:23.440 end of freedom for mankind. I mean, that's frightening. That's terrifying. And you know,

00:35:31.400 the, the only thing this in a hundred years from now, historians are going to look back and see

00:35:37.800 the systematic dismantling and destruction of this country and our rights as citizens. And they will

00:35:47.720 look at it in horror and also in, uh, in awe. I mean, it is so well done that, uh, and executed it is,

00:35:59.560 it's remarkable. And the one thing that make no, make no mistake, they are coming for your guns.

00:36:08.800 I think it's just going to be the last thing. They need a huge crisis and everything else to go along

00:36:14.220 with it, but they have the ways to do it. If you don't strengthen your state, Florida,

00:36:20.540 the legislature there just moved a step closer to passing constitutional open carry, which I don't

00:36:28.440 know why we didn't call it constitutional carry forever. Um, that just means it's a brilliant,

00:36:33.640 brilliant, brilliant to say it's like, uh, no, no, no. I'm just, uh, I'm pro-choice. It's that

00:36:41.100 brilliant. Yeah. Um, Luis Valdez is, uh, with us now. Uh, he is from gun owners of America,

00:36:47.220 the Florida state director of gun owners of America. Hi Luis, how are you?

00:36:52.200 Doing very good. And I just want to say long time listener going all the way back to when, uh,

00:36:57.320 you even did the pitchfork, uh, Oh my gosh, that was, boy, do we need the pitchforks and the torches now?

00:37:02.860 Huh? Yeah. I was part of the group that sent you the, uh, pitchfork with a tactical weapons

00:37:07.840 light attached to it. So it's going way back. Can I tell you something? I got in so much trouble

00:37:14.100 at CNN because I said, they sent us pitchforks and so many came into the mail and CNN was out of

00:37:24.280 their mind. We, you have people sending you pitchforks. Yeah. Just, you know, just a reminder

00:37:29.600 to the politicians. You have to stop that right now. It was, it was a badge of honor to get in

00:37:35.820 trouble there. Um, anyway, Luis, um, the, uh, constitutional open carry it, it's the ones

00:37:43.340 who are standing in the way seem to be the Republicans. It's very much that, um, Florida

00:37:50.860 has been under Republican super majority control now for the last two decades. And the horrible

00:37:58.460 part is it's been Republicans that have been blocking pro-gun legislation, solid, real pro-gun

00:38:05.640 legislation for over a decade. Now, um, you've had various committee chairs and speakers and Senate

00:38:12.560 presidents just refuse to move forward bills like campus carry open carry constitutional carry, um,

00:38:20.320 the repeal of gun free zones, uh, the passage of second amendment protection acts. And instead they,

00:38:26.940 they either just kill it or they give us watered down bills. And that's currently what's going on here

00:38:32.320 with the Florida legislature right now, the governor pledged that he would enact constitutional carry

00:38:39.500 before he leaves office, whether that means he runs for the white house in 2024 or his second

00:38:44.240 term is up, but he made that pledge to Floridians and the current Senate president, Kathleen Pasademo

00:38:52.420 has basically said she refuses to move forward on a real constitutional carry bill. She will only allow

00:38:59.380 a permit list concealed carry only bill, which while a step in the right direction is a very small step.

00:39:06.100 It's not the large leap we've been promised. What is the difference between constitutional

00:39:11.180 open carry and what she's saying, a permit list open carry? It's not even open carry. Oh,

00:39:19.680 Florida, Florida, this bill will only allow you to conceal carry a firearm. And just to put things into

00:39:27.220 perspective, 47 states have open carry on the books in one form or another, only Florida,

00:39:35.200 New York and Illinois outright ban it. California is ambiguous. They let their counties determine

00:39:43.740 whether or not you could open carry. But just put that into perspective, 47 states have open carry

00:39:50.640 legalized on the books. Florida, the only Republican state has it outright banned.

00:39:56.580 So what is her problem?

00:39:57.600 Her problem is very simple. The Florida sheriffs are against it. The Florida Sheriffs Association

00:40:04.100 has historically been anti-gun going all the way back to 1987 when Florida became shell issue with

00:40:09.980 concealed carry permits. They were against that all throughout the 2010s. They were against any bill

00:40:15.640 that would either advance campus carry or open carry or permit list carry.

00:40:19.760 Usually, the sheriffs are our last light of defense for the Constitution. It's odd that they would be

00:40:27.780 against, you know, the Bill of Rights.

00:40:30.800 Well, in Florida, these are Republican sheriffs that are against the Second Amendment rights. The

00:40:37.140 Democrats have no power in Florida. This is all Republicans.

00:40:41.180 See, you know, I tell you, we have this problem in Texas. You know, people just think they're safe.

00:40:46.620 He got an R after his name, so I'm safe. And in states where you have super majorities like that,

00:40:53.720 people don't run as Democrats. And you get progressive Republicans who really are Democrats

00:41:01.780 or they're just such slimy Republicans. And they get in because they have an R and everybody thinks

00:41:08.140 they're safe. And the reddest of red areas are the ones in the most danger.

00:41:14.640 Very much so. And just to really give you a shocker, the bill sponsors for both the House

00:41:23.680 and the Senate, they don't even know what's their own bills. The bill sponsor, Representative

00:41:29.580 Chuck Brannon, this past weekend, you had some political activists. They were distributing flyers

00:41:37.860 through his neighborhood, and they stopped by his house. And Brannon literally told them,

00:41:41.900 I don't know what constitutional carry is. Just take the win. He was berating the person that was

00:41:50.620 handing out the flyers. And look, personally, I don't agree with going to politicians' houses in

00:41:56.420 their neighborhoods. But look, there was nothing criminally wrong. There was nothing wrong. They

00:41:59.860 were distributing flyers in a neighborhood. And again, he's the bill sponsor for the House.

00:42:07.220 And he was caught on film literally saying, I don't know. I don't even know constitutional carry.

00:42:12.380 And the person that was passing out said, look, we want a real Second Amendment bill. We want open

00:42:19.960 carry. We want this. We want that. And he just said, maybe I'll just pull the bill. How about that?

00:42:26.220 You could always vote for Democrats. And on the Senate side, during debate,

00:42:32.040 a couple of Democrat senators asked Senator Jay Collins questions about the bill. And one such

00:42:40.120 question was, OK, well, what about gun-free zones? Is that still going to be upheld? And he was like,

00:42:45.800 well, yeah, basically. And she says, oh, so the state capitol, that could still be a gun-free zone?

00:42:50.520 And he said, yes, mind you, the state capitol under Florida law is not a gun-free zone.

00:42:55.800 Another question that was asked of him was, well, what about securing firearms in the vehicle? And he's

00:43:00.720 like, well, you know, you have to keep it in a safe in your car. Again, that's not part of state law.

00:43:06.820 These guys, man, I got to tell you that it is shameful that people go to work in our state houses

00:43:15.900 and especially in Congress and the Senate, and they literally are clueless about many, many things.

00:43:24.940 Most of them revolve around the Bill of Rights and the Constitution.

00:43:30.240 I've only got a couple of minutes left, and I want to ask you about the ATF pistol brace rule.

00:43:37.460 There are 40 million of these firearms, and anyone who has one is, I think we're probably 60 or 80

00:43:46.220 days away now from being a felon, if you have one. What's the latest on that? Do you know?

00:43:55.200 Well, the latest on that is we've teamed up with your attorney general,

00:44:00.300 Ken Paxton, out of Texas to file a lawsuit against the overreach from the Bureau of Alcohol,

00:44:05.980 Tobacco, Firearms, and Explosives. What the Biden administration doing is arbitrary,

00:44:11.380 is capricious, and is a direct violation of millions of American civil liberties. This is

00:44:19.340 draconian and despotic in basically bypassing Congress, bypassing the Bruin decision, bypassing

00:44:29.100 previous Supreme Court decisions that reinforce and enumerate the Second Amendment as an inalienable

00:44:36.360 right belonging to all the people. And basically, the Biden administration is saying,

00:44:40.360 I don't care. I'm going to try to do what I want to do. And if Congress won't even work with me,

00:44:45.320 fine. I'll do it with the stroke of a pen, as if I was a dictator.

00:44:49.780 That's crazy.

00:44:50.420 But we're here fighting it, and we will prevail.

00:44:53.500 Okay. Last thing. How can people help if you're in Florida? What do you need to do to get this thing

00:45:02.980 voted on for the constitutional carry?

00:45:05.880 Well, the best thing that they could do is they could call the governor, they could call the Senate

00:45:10.760 president, and they could call the House Speaker. The bills have already passed committee, so they're

00:45:15.400 going to the House and Senate floor here in Florida, and they need to hammer their legislators. 0.97

00:45:20.520 But especially the governor and the Senate president, the House Speaker, that they want a

00:45:24.520 real open carry, a real constitutional carry bill that includes open carry. The governor even said he

00:45:31.100 wants open carry included in this bill. And when I asked him about that, he said, absolutely,

00:45:37.560 I'd do it, but I don't think they'll do it, meaning the legislature. He, as a Republican governor,

00:45:44.900 governing a state with a supermajority, he thinks his own legislature under his own party

00:45:50.420 won't pass a real pro-gun bill.

00:45:52.240 Wow. Well, call the three of them. House, the Senate leader, and Governor DeSantis. Thank you so

00:46:00.920 much for everything you guys are doing to keep our guns in our hands. Appreciate it.

00:46:06.400 Thank you very much for having me on the air, and thank you for being a beacon of freedom in

00:46:10.500 these dark and troubling times, Glenn.

00:46:12.020 You got it. Thanks, man. Gunowners.org. Gunowners.org.

00:46:16.640 Na Na Na Na Na

00:46:18.880 Na Na Na Na Na Na

The Glenn Beck Program - March 14, 2023

Best of the Program ｜ Guests： Carol Roth & Luis Valdes ｜ 3⧸14⧸23

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