Best of the Program ｜ Guests： Carol Roth & Luis Valdes ｜ 3⧸14⧸23
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Summary
Glenn Beck talks with Carol Roth about the FDIC and what a full banking collapse would look like. Also, we talk about the Second Amendment and the government still coming after your guns. You don t want to miss that!
Transcript
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A really good show for you today. I talked to Carol Roth, who we kind of went into a different
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conversation than I thought we were going to have, because I thought we were on the same page
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about the FDIC. We're not. We ended up at the same place, both gravely concerned that the
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average American does not have any idea what a full banking collapse does, what it will look like
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afterwards. You don't want to miss that conversation with Carol Roth. Also, we talk about
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the Second Amendment and the government still coming after your guns. We'll talk about that
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podcast. You're listening to the best of the Glenn Beck program. So much, so much to talk about with
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Carol Roth. She is a former investment banker, but she speaks the language of Main Street and
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cares about Main Street over Wall Street. Are we at the end of this? Are we at the beginning
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of something bigger? What happened to Silicon Valley Bank for the English? Did they actually
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buy this bank for a pound? Is it the same bank? What is happening? Also, bailing out by using
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the FDIC. The FDIC is now out of money and it didn't even cover what they bailed out. So who's
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stuck with that bill? Oh, and if treasuries were the problem, aren't all banks kind of in the same
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boat? Isn't even the Fed in the same boat and all of our allies that buy treasuries? Carol Roth,
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welcome back. Hi, Glenn. What a crazy couple of days here. Never, never ceases to amaze, does it?
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No, it really doesn't. First of all, let me get you, get your reaction. We spoke on Friday,
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on the Friday exclusive that I do for Blaze TV. And this story was just breaking. So they bailed
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everything out with the FDIC. But this isn't just the depositors that they bailed out. I'm for FDIC
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covering depositors. But they just changed the law with a stroke of a pen, did they not? I mean,
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you had $400 million in that bank. It says clearly on the door, deposits up to $250,000.
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Yeah, you know, it's funny. I have a different take on this than a lot of people that I've been
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talking to, some friends and colleagues. They did not do what I would consider to be a full bank
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bailout. They did not protect the shareholders. They showed management, the door. So you're the
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people who should be taking on risk took on the risk. In terms of the depositors, I mean, you could
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say, oh, why should these tech companies be saved? But I challenge people to change the name. If it
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wasn't called Silicon Valley Bank, if it was called the Small Business Bank of Iowa, would you want those
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small businesses' money to be at risk? Well, there is a difference in those small businesses. And I'll
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tell you what the difference is. There's no way in hell this federal government would bail out a
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small business bank in a red state. I just don't believe it.
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That may be the case. But at the same time, if you think about the potential contagion effect,
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and we can use this now as a benchmark to say they've done it before, that God forbid the small
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business bank of, you know, red state were to fail in the future. But if you think about just the
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ripple effects, the example I like to use is Etsy. Etsy is a marketplace where artisans and small
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entrepreneurs do crafts and they sell them. Etsy had all of their working, or not all of their
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working capital, a large portion of their working capital with Silicon Valley Bank. So if that money
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were to have gone away, they wouldn't have been able to pay all of the entrepreneurs. The same thing
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with a payroll company, they had their money with Silicon Valley Bank. And so another company wouldn't
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have been able to pay their entrepreneurs. So that kind of reverberation throughout the system,
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and then, you know, not quelling the fears that this could happen again, and potentially taking down
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not just other regional banks, but having contagions up to big banks, it would have been really bad for
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everyone. And so wait, but wait, wait, wait, wait, wait, wait, wait, I agree with you. I agree with you
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that it would have been horrendous. Okay. However, I had under the FDIC limit in Silicon Valley Bank for
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one of my businesses, we ran our payroll through Silicon Valley Bank. I, we never put more than 250
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grand in that we never do it unless we care to lose it. So why do I have to play by the rules and
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expect that I'm not going to get something, but all of the big guys will always expect, oh, well,
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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,
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I think, sort of an expectation sort of game. But the reality is that we didn't want to have that
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failure happen. And this was a bank that was very different than some of the other failures that had
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happened before. I mean, this was not about making toxic loans or derivative products. This was really
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a liquidity issue that should have never gotten to the panic. And I think that's the bigger issue that
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the way this was communicated, the hubris, I mean, the fact that the head of Silicon Valley Bank
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sat on the board of directors of the San Francisco Fed and didn't anticipate that it might not be a
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good idea to lock up money for 10 years in Treasury. I mean, there are a lot of really weird questions
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here. And I think we can certainly debate, you know, what, what we should do on a go forward basis.
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But we have to have faith in the banking system. And for companies to take their cash management and
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now have to go through paperwork and you chop it up into little blocks so that they can be covered and
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have this in all different kinds of banks and all different kinds of accounts isn't particularly
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efficient. So I think that the, I think the insurance program probably needs to be relooked at.
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But you can't, but you can't just write the rules as you go. That's the problem.
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They do all the time, Glenn. This is not the first time that they've done it.
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So fundamentally, it is definitely wrong to do that, but if they're going to continue to do it
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on an ongoing basis, this was not the time to put the flag down and go, nope, this isn't the time
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that we should do it. That's just, you know, it was a very sort of practical decision. Yes,
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in principle, we need to fix the underlying system. But as I said, let's not pretend that we
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have capitalism here in the United States. You've had the Fed who's been interfering.
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From Main Street to Wall Street on a historic basis. So, you know, I'm not going to sit and pretend,
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oh, this was, you know, some affront to capitalism that didn't actually exist.
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No, no, the Fed is, you know, the Fed is completely out of control, overstepped and all of the,
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you know, the big banks, the really big banks, they are rolling with our cash and we're rolling
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a dough. Yeah, literally. So, so let me go back to the bonds here for a second. They lock these
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treasuries up for 10 years. And they, when the interest rates go up, they lost about 25%
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on their bonds. If they tried to sell them in an emergency, they were going to lose 25 cents on
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the dollar. That's what caused the panic. Cause if you lose 25 cents on the dollar, you don't have
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enough to cover all of, all of the things that you have to cover. Let me, let me, let me add one
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other thing that added into the panic because this was on paper. Should they had held them to maturity,
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there wouldn't have been no problem. Like you said, only in an emergency, what happened is that
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within Silicon Valley, um, because interest rates were rising and the bank was only paying a,
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you know, a small amount on deposits, you could pull your money out and park it into a treasury
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bill now and get, you know, 5% without very long duration. So you had more depositors pulling their
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money out than they had modeled and expected in this rising interest rate environment, as well as
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probably companies that needed more operating cash because of the economy. So they didn't have
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that expectation and that sort of mismatch and say, Oh wait, we have a liquidity need because we
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didn't estimate for this. That's what forced them to sell the bonds at that loss and then created this
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panic. And that's where this boob that is sitting on the, uh, federal reserve board in San Francisco,
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these guys are, I I'm convinced these guys are arrogant morons. Um, however, um, how many other banks
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have put their, uh, their money into longer term treasuries? Oh, I mean, it's throughout the system.
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I mean, if you think about, so, so wait, wait, wait, wait, wait, go ahead. If you take, you know,
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Bank of America, they also had a situation where they had to take a big loss on selling treasuries.
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The difference is that they have a large and diversified business. You know, they only had
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69% of their liabilities being deposits where Silicon Valley bank, it was 89%. They have a lot
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of retail deposits that were under the threshold. They have investment banking and trading and all
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these wealth management, all these other things. So for them, it wasn't an issue, but on a smaller
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scale for a bank that, you know, really does rely on that deposit business. And because they had so
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much of that as these, you know, smaller business deposits that were uninsured, that made it different
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than it was for, let's say some of these bigger banks or banks that are structured.
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Right. So, uh, but I mean, I'm looking at banks, uh, like, you know, JP Morgan chase, all of that.
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They're fine. They got plenty of money and they're going to get all the depositors as the little banks
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go out. Exactly. Right. So what I'm asking, what I'm, what I'm asking you is
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how, what gives us any indication that this is, uh, that it's over that we're safe now. I mean,
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it might be because right now, but this is going to happen again. So that's exactly why they put out
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the press release that they did, you know, the fed and the treasury and that very comforting
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statement from our president. I'm sure that gave you all the confidence in the world.
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But that, but that was the point is the reason that, that those depositors pulled out their
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deposits is because they were worried it wasn't going to be backstop. And if there was this,
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this liquidity issue that was incurred, oh boy, you know, what are we going to do? So yes,
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there are other banks who are probably in the same situation, but if their customers don't panic
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and pull their deposits and they have the time to plug that liquidity hole, um, then that's what
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that statement was meant to do. Now, it really just depends on the temperament of individuals and
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businesses. If you believe that, if you believe they're going to step in and backstop, then you're
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not pulling out the money. These companies can, the banks can deal with it. And if you don't,
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then we're going to see more of this. Certainly, I think, um, you know, particularly Silicon Valley
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bank was different than silver gates, um, and signature that had more crypto exposure.
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I would imagine those that have more exposure to crypto, we're probably going to see some
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additional issues, but Silicon Valley bank being that second largest bank to fail in history. One
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of the top 20 banks in the U S, um, systemically important as, as you said, obviously plugged in and
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connected, um, was just a different, a bit of a different animal. I do want to go to that point
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that you make, cause I think this is really huge, just like they closed down the small businesses
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during COVID and all of that went over to the big guys, you know, the big guys couldn't really step
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in there. There's some laws in place about them buying more deposits, but what has happened in letting
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this play out the way it does as people have just decided to organically move their deposit.
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So JP Morgan and Citigroup, like they're having a field day so much so that Jamie Dimon just bought
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something like $26 million worth of JP Morgan stock because he's doubling down because he knows all
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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
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iTunes. Okay. So as the, as the, uh, fed rate goes up, these treasuries are worth less and less
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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
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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
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market, um, is lower, but again, if you hold them to maturity, if they hold them the 10 years,
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you still get the full amount of the face value plus the interest. It's just the tradable value
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today in that interim time period, because there's not a lot of demand. Right. So for any small bank
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that is holding these, if there's trouble, they could be in trouble just like Silicon Valley bank.
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Now the FDIC, we were told, you know, that's the insurance. And, and he said, well, don't worry.
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You don't have to worry about it. The banks have paid into it. Well, they don't have enough money
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just to cover what they covered, uh, yesterday. So they're already upside down. So that means if
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we do have runs on the bank in future, you know, near future, they don't have any money, which leads
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me to believe we will just print the money. Doesn't the, I mean, the inflation rate of what
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we're doing is crazy. Are, are we, is this the beginning of the currency death cycle?
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Well, the currency death cycle began a long time ago. Um, I'd say a couple of things. So from an FDIC
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standpoint, you know, they are saying we're going to put a fee out to other banks. So when Joe Biden
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comes out and says, the taxpayer is not paying for this, you're not paying for it directly,
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but you certainly will be, whether it's a lower interest rate on your money or more fees or whatnot,
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if all the other B banks have to go in, what I do think can happen here in the meantime is,
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you know, with the bank, they're trying to sell off pieces of it. Um, and they're trying to find new
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homes for it. So the FDIC is covering it. It's insurance if it needs to make it whole,
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but if somebody else were to buy it or to, you know, buy other assets, there, there's a way to,
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you know, that that structure sort of happens. And obviously that's the best case scenario.
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And again, frankly, we should have just never gotten to the point, um, where we had this panic,
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but you know, the, the idiots, um, didn't, didn't prevail there. You should there be a God forbid
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wide run. Yes. Then, you know, in terms of trying to solve this, it would be money printing,
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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,
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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,
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um, you know, I'm fine. Bring it on. No, you really don't understand. You, you should be
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in a healthy way, terrified of what is coming. And I use the word terrified. Do you remember
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our grandparents went through something that they, they were 50 years away from, and they were still
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like, it could happen at any time. That's the kind of pain that America is about to go through. And
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remember those people grew up without indoor toilets. Okay. They grew up without all the
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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
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
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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
00:24:38.120
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
00:25:34.220
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
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
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.
00:39:57.600
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
00:40:30.800
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.
00:44:50.420
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
00:45:05.880
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.
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
00:45:52.240
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
00:46:12.020
You got it. Thanks, man. Gunowners.org. Gunowners.org.