The Glenn Beck Program - March 13, 2023


Best of the Program ｜ Guests： Gov. Kristi Noem & Rep. Thomas Massie ｜ 3⧸13⧸23


Episode Stats


Length

43 minutes

Words per minute

155.91411

Word count

6,745

Sentence count

499

Harmful content

Misogyny

2

sentences flagged

Hate speech

4

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Vivek Ramaswamy is on the Glenn Beck show to talk about all the financial stuff the government is doing to make sure we are prepared for a possible financial crisis. He also talks about the situation with Silicon Valley Bank and how they are dealing with it.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Hey Pat, do you think tomorrow we can maybe, I don't know, not do so much death and destruction?
00:00:12.360 I'd love that.
00:00:13.260 Yeah, wouldn't it be great?
00:00:14.120 It'd be great, yeah.
00:00:15.400 All right, Pat's here for the podcast.
00:00:17.880 You're going to like it.
00:00:19.300 Lots of death and destruction today.
00:00:21.420 A lot of good information.
00:00:22.900 Vivek Ramaswamy is on with us.
00:00:25.360 We go over all the financial stuff and what the government's doing.
00:00:29.320 And it's, you know, it's just another day on the Glenn Beck program.
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00:00:35.580 Very recently, we shot down a Chinese spy balloon.
00:00:38.700 Now that can mean a lot of things.
00:00:40.300 But one thing it definitely means is that our relationship with China isn't getting any cozier.
00:00:46.540 We talked about the, you remember the lasers that were over Hawaii that came from space and quote,
00:00:53.720 NASA said they were just measuring the earth.
00:00:57.240 Turns out not true.
00:00:59.320 But don't worry.
00:01:00.880 It has nothing to do with hypersonic missiles in China.
00:01:04.380 Nothing to do with that.
00:01:05.900 Anyway, I was talking about us relying on overseas for 18 out of the 21 critical antibiotics and just only 72% of active pharmaceutical ingredients.
00:01:16.880 So if things get bad, you know, with China, don't worry, don't worry about, I mean, hey, they lived.
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00:02:00.660 So I think I'd like to start with CNBC.
00:02:16.100 They put together a little video here on the timeline and how things began with Silicon Valley Bank.
00:02:24.420 Before we can even talk solutions and what to do, we have to understand what caused this and what happened.
00:02:33.220 Here it is.
00:02:33.580 Cut one.
00:02:33.940 When money came gushing in during the COVID crisis with all of the stimulus money, Silicon Valley Bank put a lot of that to work in what were at the time high yielding assets.
00:02:51.280 That averaged only 1.6% or 1.7%.
00:02:55.460 Today, in order to attract and maintain deposits, you have to pay up.
00:03:03.560 And banks are not paying up.
00:03:06.400 And they are all seeing their bank deposits go down.
00:03:10.680 The most likely direct impact is just on the tech community itself, which has been battered by valuation.
00:03:16.120 But a lot of these companies have relied on this particular bank for liquidity.
00:03:20.520 They'll have to go elsewhere and expect some dislocation from that.
00:03:26.200 Silicon Valley Bank is unique because they were always willing to lend against securities that haven't come public yet.
00:03:34.040 So you can even call them, you know, pre-IPO.
00:03:36.820 No one had that exposure.
00:03:38.100 So they are unique, just like Silvergate was unique with crypto.
00:03:43.420 But I do think that they're big enough to be more like what Art Cashin said.
00:03:46.660 It does feel like Penn Square, maybe hoping to be contained before it gets caught in Illinois.
00:03:51.660 I just wanted to share that what I'm hearing is that, in fact, they are moving very quickly in terms of deposits moving out, making it very or more difficult for any buyers to really assess and consider a purchase of the bank.
00:04:05.580 Perhaps a bit too early to say, but nonetheless, it would already appear that those attempts to potentially sell this company.
00:04:13.080 And again, there were a lot of interested buyers based on the franchise, but the attempts to potentially sell it certainly seem to be running into the reality of the moment, which is it's hard to buy something when all the deposits are fleeing.
00:04:28.380 And so, you know, again, we have to, I think the market has to prepare and prepare for the possibility that there will not be a sale.
00:04:39.300 And then you can leave it to your own imagination as to what that means.
00:04:42.620 We have to assume the government regulators are already in there as well.
00:04:47.940 Silicon Valley Bank Santa Clara was closed today by the California Department of Financial Protection and Innovation, which appointed the FDIC,
00:04:56.520 the Federal Deposit Insurance Corporation, as the receiver to protect depositors.
00:05:00.840 The FDIC has created a deposit insurance National Bank of Santa Clara at the time of closing.
00:05:06.620 The FDIC, as receiver, immediately transferred to this new receiver bank all of the insured deposits that were held at Silicon Valley Bank.
00:05:17.360 OK, so what so what really happened here?
00:05:20.900 That's the way CNBC will explain it to the people who know what the hell they're talking about and all the acronyms and everything else.
00:05:30.540 Here's what happened.
00:05:31.840 A couple of things.
00:05:33.640 First of all, we're raising rates.
00:05:36.440 We had the COVID money coming in, right?
00:05:39.460 And you just heard there, all this COVID money.
00:05:41.900 Well, they wanted to invest it.
00:05:44.560 They needed to put it someplace and invest it because they had Silicon Valley Bank had so much money coming in from,
00:05:50.020 from COVID.
00:05:52.600 And so what did they do?
00:05:53.940 They bought treasuries.
00:05:56.000 And at the time, you could buy a 10-year treasury and you would get 2% interest guaranteed at the end of 10 years.
00:06:05.500 That was pretty good back then.
00:06:08.000 But now, treasuries are selling for about 5% interest.
00:06:13.360 And you don't get that until the end of the 10 years.
00:06:16.880 So when you buy something, a 10-year treasury, you're buying it for 10 years.
00:06:23.020 If you have only eight years on it, you can sell it.
00:06:28.500 But you're going to probably have to sell it at a discount if the new ones are paying more.
00:06:34.880 So they invested the money in treasuries at 2%.
00:06:40.260 Just let's remember that.
00:06:43.620 What they had in the bank, if you will, they owed $195 billion.
00:06:52.940 That's to the people who have put their money into checking accounts and savings accounts, mutual funds.
00:07:03.440 They owed $195 billion.
00:07:08.320 They had $208 billion on the books.
00:07:13.700 That's a $17 billion.
00:07:16.980 When you have people all over the world starting to say, I think the bank is going to collapse, they start to take their money.
00:07:23.620 $17 billion can go that fast.
00:07:27.860 There was a clog in the system.
00:07:30.140 They couldn't get the money wired out fast enough.
00:07:33.820 So they decided they needed to sell.
00:07:39.100 And then they announced, we're going to sell some treasuries.
00:07:43.900 Well, once they saw that they were selling 10-year bonds at 2% interest,
00:07:51.280 and the market was saying, well, that's only worth 75 cents on the dollar now,
00:07:57.260 and Silicon Valley Bank was taking it, they knew this is a fire sale.
00:08:03.820 This bank is in trouble.
00:08:06.760 That's what started all of the run on the bank.
00:08:11.120 Now, you probably have FDIC insurance.
00:08:17.940 If you have FDIC insurance, it's to stop runs on the bank.
00:08:23.880 However, Silicon Valley Bank is different.
00:08:27.600 It's very different.
00:08:29.160 I think it's 88% of their accounts are not covered by FDIC.
00:08:36.600 Why?
00:08:38.260 Because they're giant companies that are using payroll and keeping their money in the bank as the place where they can run their company.
00:08:50.720 So they have more than $250,000 in account.
00:08:55.580 If they also use the bank for a mutual fund, they found out Friday they were also screwed.
00:09:03.660 See, this bank loans money to these companies, these tech companies, and they loan them out venture capital.
00:09:12.860 And so they loan them the money to operate and to be able to do everything they can over the next year.
00:09:19.400 Well, they've got to put that money somewhere.
00:09:22.020 So the bank loans it out.
00:09:24.940 It's basically the depositor's money.
00:09:27.460 They loan that savings account of yours, per se, and loan it to this venture capital firm or the tech startup.
00:09:38.900 And the tech startup then says, where do I put all this money?
00:09:42.860 And Silicon Valley Bank says, oh, just in my other hand, just give me that money back, and we'll invest it in mutual funds for you.
00:09:51.020 We'll invest it in very safe things like BlackRock.
00:09:55.600 So they did.
00:09:57.260 And the tech companies thought they were safe because it's invested in very secure places like BlackRock.
00:10:02.900 BlackRock, except what the bank didn't say, except in fine print, is that all the money that you had invested in BlackRock was not yours anymore.
00:10:16.280 It was under the name Silicon Valley Bank.
00:10:21.640 So when people started to call and say, hey, BlackRock, my money's safe, they said, you don't have any money.
00:10:29.400 Your money's invested in Silicon Valley Bank, and because their name is on it, they're counting that as an asset.
00:10:37.680 And now that asset has to go to pay creditors.
00:10:42.140 So they lost their money.
00:10:43.480 This is a giant shell game.
00:10:49.940 We have created nothing but a shell game.
00:10:55.040 And the Fed is the one that's causing this collapse by the raising of the rates.
00:11:01.460 But if you don't raise the rates, what happens?
00:11:06.840 Inflation goes out of control.
00:11:10.400 Why?
00:11:11.040 Because we have printed and loaned too much money out.
00:11:16.680 Okay, we'll pull it back in.
00:11:19.100 Well, the way you pull it back in is raising interest rates.
00:11:22.640 If you raise the interest rates, bonds have to pay a higher yield.
00:11:29.040 And so when you buy a bond, you get more money back.
00:11:34.540 And if somebody gets into trouble, they have to sell their bonds exactly like Silicon Valley, and they have to take a haircut, and then the entire thing collapses.
00:11:44.500 But here's the scariest thing.
00:11:46.920 This is what the Fed has set out to do.
00:11:50.980 They want to see risky things go away.
00:11:56.620 They want to see failure.
00:11:59.900 They need people who are not stable to go out of business.
00:12:06.220 Stop spending money.
00:12:07.700 So we can suck all that money back in.
00:12:12.080 But when they do collapse it, and our economy is in this kind of shape, you then have a domino effect.
00:12:19.600 Because nobody's in great shape.
00:12:21.940 And the banks are playing a giant game.
00:12:30.080 So then people can't pay the paycheck.
00:12:33.960 And then that paycheck causes you to default on your auto loan or your house loan.
00:12:41.500 And that makes another bank fail.
00:12:44.080 We're at the place, I told you in 2008, we would be.
00:12:53.020 We've made the 2008 problem much bigger.
00:12:59.100 And there's no way out.
00:13:00.660 Once you start printing money, there's no way out.
00:13:03.400 And what did we do?
00:13:05.200 Well, the Fed said, we're not doing TARP.
00:13:07.580 No, no, no.
00:13:07.980 We've got something entirely different.
00:13:10.760 It's got a different name and everything.
00:13:14.080 But we're going to cover all of those accounts.
00:13:18.740 Oh, oh, okay.
00:13:19.900 So we're backing that now.
00:13:23.200 Yeah, but it's not your money.
00:13:25.080 It's not your money.
00:13:25.780 It's the Fed's money.
00:13:27.780 It's the Fed's money?
00:13:29.040 Yeah, it's the money that the banks gave to us to put aside for insurance in case something like this happened.
00:13:37.480 Oh.
00:13:38.880 Where did the banks get that money?
00:13:42.860 Well, I don't know.
00:13:43.380 You know, don't business and stuff.
00:13:45.940 Well, I mean, are these the banks you bailed out?
00:13:48.960 Well, yeah.
00:13:49.920 And weren't you just giving them trillions of dollars?
00:13:54.100 Well, yeah.
00:13:54.540 Of course we did.
00:13:55.480 But they were paying into this account.
00:13:58.660 Oh, okay.
00:13:59.440 So the money you printed that I'm on the hook for, you gave to the bank.
00:14:05.720 But they didn't use any of that money for that insurance.
00:14:09.800 No.
00:14:11.300 No.
00:14:12.180 This is totally different.
00:14:15.100 Okay.
00:14:15.620 So now they're going to be protected.
00:14:23.520 And I don't have an answer for you today.
00:14:26.040 Because all of the answers are bad answers.
00:14:29.520 Should we back that?
00:14:33.560 No.
00:14:34.780 No.
00:14:35.480 The constitutionalist capitalist in me says that's really bad.
00:14:40.720 Okay.
00:14:41.180 So we don't back it.
00:14:42.540 Well, no.
00:14:43.900 No.
00:14:44.500 Because the guy who would like to see the entire Western world not burn down to the ground
00:14:49.940 would like you to bail it out just to give us some more time.
00:14:54.180 But that puts us right back where we were.
00:15:00.740 So I don't have, I prayed hard today.
00:15:05.280 What do I tell people?
00:15:11.420 Work on your spiritual health.
00:15:14.660 Because this is coming at some point.
00:15:17.540 It's coming.
00:15:18.600 It has to.
00:15:20.280 It has to.
00:15:21.380 Now, the Washington Post said today that the bank's death marks both a sobering and salutary
00:15:34.520 moment here.
00:15:35.460 The central bank has sharply increased interest rates over the past year, hoping higher borrowing
00:15:40.440 costs would slow the economy down and take the steam out of high inflation.
00:15:44.620 This is what the Fed wants to see.
00:15:46.640 They want to see a tightening of the financial conditions.
00:15:50.460 Great.
00:15:50.780 They're on it.
00:15:51.380 The Washington Post.
00:15:52.820 With $209 billion in assets, the bank was just one-eighteenth the size of J.P. Morgan
00:15:58.080 Chase, the nation's largest.
00:16:00.320 Still, Wall Street was rattled by their abrupt end.
00:16:05.200 Bank of America was down nearly 12% in the past five trading sessions.
00:16:09.700 They're down another five or about four and a half percent today.
00:16:14.660 Some banks are down as much as 10% today before trading even started.
00:16:20.300 The banks that serve the riskiest part of the economy are the ones in trouble.
00:16:30.000 Now, this is the Washington Post.
00:16:31.500 Now, this is the Washington Post.
00:16:31.520 I want you to listen to this.
00:16:32.520 Banks like SVB and Silvergate Capital, San Diego-based bank that catered to cryptocurrency
00:16:39.260 users, are the ones getting into trouble.
00:16:42.600 Oh, it's not a run on the business model of the banking industry in general.
00:16:56.880 It's just the business model of this bank.
00:16:59.000 So, in other words, if you are making risky loans to tech or if you're investing and doing
00:17:08.420 anything at all with cryptocurrency, you're the problem.
00:17:12.100 This is the best of the Glenn Beck Program.
00:17:17.500 Governor Kristi Noem.
00:17:19.200 Hi, Kristi.
00:17:19.680 How are you?
00:17:20.860 I'm doing great, Glenn.
00:17:22.000 How's your morning going?
00:17:23.060 Well, you know, a little banking collapse thing, but...
00:17:26.440 I know.
00:17:27.960 You have any thoughts?
00:17:28.720 Well, I'll tell you what.
00:17:30.640 We're in tenuous times here with quite a few different situations, threats at the national
00:17:36.180 security level, financial level, and people's basic freedoms.
00:17:39.520 It is coming faster and faster every day.
00:17:48.280 First, can we just talk?
00:17:49.580 I've got a lot of things I'd love to talk to you about, but let's make sure that we cover
00:17:53.420 this.
00:17:54.100 You just vetoed a bill, and you don't do that very often, do you?
00:17:59.480 Is veto kind of rare with you?
00:18:01.820 It is pretty rare.
00:18:03.060 Usually, I have one or two every legislative session.
00:18:05.880 I've had several already this session, which is strange.
00:18:10.560 I've never had a veto be overridden, which means every time I've vetoed a bill, the legislature
00:18:16.220 has read my reasons why, looked at the policy, and agreed with me.
00:18:20.320 I'm hopefully well on this bill then, too.
00:18:22.580 This is a bill that came...
00:18:24.360 It was over 110 pages long.
00:18:26.260 It was sold as an update to the UCC, the Uniform Commercial Code, and something we just needed
00:18:33.940 to adopt to be in federal compliance and put a rubber stamp on.
00:18:38.540 It was interesting.
00:18:39.180 It didn't get introduced until halfway through our legislative session and went through pretty
00:18:44.360 overwhelmingly through the House, ended up in the Senate.
00:18:47.240 And when I started reading it and digging into it with my policy team, the Senate was extremely
00:18:53.660 upset that I expressed concerns.
00:18:57.120 And why were they upset?
00:19:00.640 Well, I think, you know, South Dakota is a smaller state.
00:19:03.940 They had the same folks up in committee testifying from the Banking Association, from a financial
00:19:09.380 institution.
00:19:10.160 South Dakota is the best state in the country to have a credit card company, to have a trust.
00:19:14.780 Financial services is our third largest industry here.
00:19:18.620 So they are used to seeing the same familiar faces come up and sell policy.
00:19:23.180 The interesting thing about this bill is that it has a section in it buried in the bill that
00:19:28.280 talks about the definition of money.
00:19:30.280 And it specifically says that CBDCs are allowed in the future when it comes to digital currency,
00:19:36.280 but any former definition of digital currency would be allowed to be discontinued or not recognized.
00:19:44.780 It specifically is paving the way for a government-controlled digital currency, should that be
00:19:49.700 adopted, and should be alarming to every American.
00:19:53.060 After what we've seen the last several years with the federal government being willing to
00:19:58.740 trample on people's freedoms to control them, I would think them coming out with a definition
00:20:05.020 of money that allows them to control your assets would be extremely concerning.
00:20:08.520 So I vetoed the bill.
00:20:10.920 I'm hopeful that the legislature will agree with me, and they'll become educated on the
00:20:15.180 actual policy that's wrapped up inside of it and really understand that it's a threat
00:20:20.500 to the American dream.
00:20:22.100 When will that go back to the legislature?
00:20:26.220 We go back into legislative session in a little less than two weeks for one day.
00:20:30.940 It's called Veto Day.
00:20:31.720 And that's when they consider the vetoes that I have put forward, and they either choose
00:20:37.600 to sustain them, agree with the veto, and the bill would go away, or they would override
00:20:41.960 me.
00:20:42.820 I can do style and form vetoes as well.
00:20:45.320 And I also have the budget yet that I have to look at and decide if that's going to be
00:20:48.860 something that will move forward.
00:20:49.920 So you need people to call in a couple of weeks, or should they call now?
00:20:55.140 I need them to start calling now.
00:20:56.880 I think that a lot of legislators didn't read this bill before they voted on it.
00:21:02.300 It was a pretty extensive piece of legislation.
00:21:06.580 They also, you know, did not really understand the threat that we're seeing, especially now
00:21:11.420 with the financial crisis we see going on.
00:21:14.640 And then also we saw the credit card companies recently come out and say they're going to
00:21:17.540 start coding gun purchases separately and tracking them.
00:21:21.780 For me, it's a direct tie to the federal government saying that if we don't like what you're
00:21:26.480 purchasing, well, then if you're using digital currency any time in the future, we can control
00:21:31.380 your access to your dollars in order to even purchase what we like or don't like.
00:21:37.400 So it is something that is, you know, everything I look at is setting precedent for the future.
00:21:43.120 And this is paving the way for federal government control over people's personal dollars and
00:21:47.860 assets.
00:21:49.000 So just call your statehouse.
00:21:50.900 If you happen to be in South Dakota, call your statehouse.
00:21:52.900 I will tell you that what Christie has done here is extraordinarily brave.
00:21:59.040 She is standing up against a very powerful industry.
00:22:03.560 As you know, today, more definitely not bailouts happening through the Fed today.
00:22:12.000 They're very, very powerful.
00:22:13.660 And a lot of these legislators and senators listen to these guys and trust them.
00:22:20.720 And you really need to speak out and let them know you are not for anything that paves the
00:22:28.240 way for a central bank digital currency, especially when that's the only thing to find is money.
00:22:34.800 Very bad.
00:22:36.300 Glenn, specifically, this bill is being proposed in many other states.
00:22:40.280 I think there's probably 20 other states that are talking about this policy.
00:22:43.620 So even the more that people pay attention and bring awareness to it, we need to educate
00:22:48.000 people in other states, too.
00:22:49.340 I think that's one of the main reasons for chatting with you today, too, is to let my people
00:22:53.320 in the state know what's going on.
00:22:55.220 But also, you know, we're the first legislative session, I think, to complete its work in the
00:23:00.100 year.
00:23:00.800 And we're always the first ones to kind of deal with these kinds of bills and have to veto
00:23:05.780 them or sign them into law.
00:23:07.360 If people can pass them in South Dakota, they know that makes it easier in other states.
00:23:11.740 So we're off in the battleground here.
00:23:13.860 And we did make the right decision here in South Dakota.
00:23:17.940 And then I hope these other states are paying attention and we educate those folks, too,
00:23:21.380 so they don't go ahead and adopt these without really thinking about the consequences.
00:23:24.500 Well, I got a phone call.
00:23:25.960 I think it was maybe it was Friday.
00:23:28.400 They said, I've got good news and bad news.
00:23:30.200 And I said, yeah.
00:23:30.720 And they said the UCC bill in every state is dead.
00:23:36.100 And I thought that was the good news.
00:23:38.180 And he said, no, no, no, no.
00:23:39.460 I mean that all of the advances we had made last week, the the banking committees and all
00:23:48.700 of the people that were for the UCC just descended on all these state houses and talked
00:23:56.340 to all of these guys out of stopping this in their state.
00:24:00.020 So I said, what's the good news?
00:24:03.060 Kristi Noem, she vetoed.
00:24:05.460 So you were the only bright spot there.
00:24:07.860 And I thank you for that.
00:24:08.800 But you have to call your state legislature and say no on the uniform commercial code changes.
00:24:16.440 No, absolutely not.
00:24:18.340 It is the authoritarian tool that is required to control absolutely everything in your life.
00:24:27.460 Well, Glenn, the one thing that people should know, too, is that there's no rush on this.
00:24:31.100 It doesn't get enacted until 2024.
00:24:33.800 So a lot of what their testimony was is we need to hurry up and adopt this.
00:24:38.400 It's fine.
00:24:39.220 Don't worry about it.
00:24:40.100 But there's no rush.
00:24:41.320 We should have a full debate on the policy.
00:24:43.480 If people have concerns, we should be able to talk about them.
00:24:46.680 And if they don't, we should give them time to be educated, make wise decisions, especially
00:24:52.580 in light of what we've been through the last several years.
00:24:55.440 So I am back to the same place I was in 2008.
00:25:02.000 Nobody is prepared for what's coming.
00:25:05.840 Nobody is prepared for what's coming.
00:25:07.600 We are going to see a crash of biblical proportions.
00:25:11.020 And all the things they said in 2008, it'll shut down the global economy and everything
00:25:16.700 else, is on our horizon at some point.
00:25:19.500 It has to.
00:25:20.440 We just can't get out of this trap we're in now.
00:25:23.460 Um, and we have definitely not a tarp bailout, but the, but the Fed is covering everything
00:25:30.940 and the treasury is guaranteeing everything for these banks that went under.
00:25:35.000 There are people that say absolutely not.
00:25:38.380 We cannot do this.
00:25:40.240 Others are saying again, the same thing they said before we have to, or this chapter is
00:25:46.280 over.
00:25:46.580 Do you have any thoughts on this?
00:25:51.360 Well, listen, I'm, I'm much more focused constantly on problem solving and being, making
00:25:58.400 the best and wise decisions looking into the future.
00:26:01.320 So I do think we have economic financial crisis coming our direction.
00:26:07.460 My job is to protect my state as much as possible.
00:26:09.960 So we have a extensive briefing that'll happen this week with all of our banks and institutions
00:26:14.520 gathering as much information as we possibly can.
00:26:17.140 I think that if anybody is looking to the federal government to help secure their future, they
00:26:21.380 should stop fooling themselves right now.
00:26:24.020 Any kind of bailout, anything that this federal government's going to do is not going to shore
00:26:28.160 up your life, your livelihood, your finances, or your family.
00:26:32.380 It is time for people to start.
00:26:34.320 Yes.
00:26:34.800 It is time for people to start taking personal responsibility for themselves and their neighbors
00:26:39.820 and churches to start getting engaged and involved.
00:26:42.480 People don't have to feel like they've lost their foundation.
00:26:47.340 It's just, we put it on the wrong thing.
00:26:49.000 Everybody has been looking for the government for all the solutions.
00:26:51.820 And that is how this world has got tipped on its ear and why we're so unstable right now.
00:26:56.640 So yes, people should be wise and plan for the future and start looking for a better place
00:27:01.440 for, for their foundation rather than this government.
00:27:04.200 Because this government is only coming to steal your future.
00:27:06.920 Um, last couple of things.
00:27:10.180 One, uh, uh, our treasury secretary was, was over in Ukraine.
00:27:14.500 I think it was last week, wasn't it?
00:27:16.560 What are we doing in Ukraine?
00:27:18.060 Yeah.
00:27:18.340 What is happening?
00:27:20.460 Why is Hillary Clinton over there today? 1.00
00:27:22.200 What, what, what, what is this?
00:27:23.580 We've sent more money there than we have securing our border for the last five years.
00:27:28.920 And it is a corrupt regime.
00:27:31.100 Just the history of Ukraine is that, um, you know, we can't be certain of how they're spending
00:27:38.080 all these dollars that we sending them and their, their track record is not great.
00:27:42.660 So I understand, uh, pushing back on Russia.
00:27:46.120 We're just, and using financial sanctions certainly is a helpful tool, although we've
00:27:51.340 relied on it too heavily and, uh, we've had a weak foreign policy, uh, the last couple
00:27:57.420 of years when it comes to Europe.
00:27:58.780 And, and so I, I do believe that it is time to, for us to wake up and understand that Ukraine
00:28:06.080 has some issues.
00:28:06.980 Uh, we need to put America first again and start focusing on what we do and that it shouldn't
00:28:12.980 be to the detriment of the American people.
00:28:15.380 Um, you know, I don't know what the plan is.
00:28:17.300 We've never had this president articulate a plan for Ukraine.
00:28:20.160 He's just reacting.
00:28:21.280 And then in that way, digging a bigger hole for us in the long run.
00:28:25.520 Um, we're talking to governor Christie Noem last, last thing.
00:28:28.660 Are you at all considering throwing your hat into the ring for 2024?
00:28:34.020 No, I'm focused here right now, Glenn.
00:28:37.520 I do think this country needs a leader that makes tough decisions.
00:28:41.680 I don't know who that is yet.
00:28:43.860 Um, so I know all, all these people personally that are talking about it.
00:28:48.520 I always get a little nervous about people who spend their whole life dreaming about being
00:28:51.620 president.
00:28:52.580 Most of the time, I think they, they're the last person you should want to be president.
00:28:57.020 So, um, you know, I just want, I wish we had a guy who could speak like Ronald Reagan
00:29:03.840 again, or a woman who could speak like Ronald Reagan again, and somebody who actually cared 0.99
00:29:08.120 about what our founders gave us.
00:29:09.480 Cause if we lose this country, where do we go?
00:29:11.600 Yeah.
00:29:12.180 So good to talk to you, Christie.
00:29:13.480 Thank you so much.
00:29:14.360 Governor Christie, uh, governor Christie Noem, please in any red state, call your legislature
00:29:21.580 now and say no to the UCC bill.
00:29:26.440 No, it cannot be Gandalf.
00:29:29.260 You shall not pass.
00:29:33.580 This is the best of the Glenn Beck program.
00:29:37.220 From Kentucky, Congressman Thomas Massey joins us.
00:29:40.700 He, uh, sent it as a, a really, um, disconcerting, uh, tweet last night.
00:29:47.940 I saw, uh, just got off a zoom meeting with fed treasury, FDIC house and Senate, a democratic
00:29:54.120 Senator essentially asked whether there was a program in place to censor information on
00:29:59.780 social media that could lead to a run on the banks.
00:30:04.080 Welcome Thomas Massey.
00:30:06.420 Thanks for having me on Glenn.
00:30:08.320 That's terrifying.
00:30:08.960 That really happened.
00:30:10.460 Yeah.
00:30:11.120 Now he may have, uh, he may say if people ever figure out who he is, that he was talking
00:30:17.860 about foreign influence and he was worried about foreign influence, but, uh, I, he didn't
00:30:23.660 count, he didn't qualify it that way.
00:30:25.500 And I presume he meant to censor true information that could be harmful to banks that may or may
00:30:33.720 not be put out by Americans.
00:30:35.800 I will tell you, Thomas, this is exactly right.
00:30:38.960 Exactly what they war gamed.
00:30:40.620 I think it was in December.
00:30:42.340 I can send this information to you if I, if I look it up, um, and you want it, it was
00:30:46.780 from, uh, the world economic forum.
00:30:48.860 They did a war game.
00:30:50.100 And that's one of the first things in a banking collapse that the world economic forum said
00:30:56.100 they had to develop a way to stop all voices that are, uh, are, um, offering anything other
00:31:03.780 than the central bank narrative.
00:31:06.800 Also, uh, this is, uh, within DHS, there's something called CISA, C I S A. And Michael
00:31:15.020 Schellenberger, who's one of the people who exposed the Twitter files, he showed me that
00:31:19.940 it's in their charter to, uh, to censor stuff that could be harmful to the financial system
00:31:26.360 of our country.
00:31:27.120 They consider that, you know, national security.
00:31:30.780 So, uh, you know, then I think they may have scrubbed that off their website since then,
00:31:35.420 but this is really chilling.
00:31:37.360 And I'm not trying to cause a run myself by exposing that a Senator suggested that the
00:31:43.180 Congress or these agencies should be censoring Americans when they talk about the financial
00:31:48.360 health of banks, but it needs to be out there.
00:31:51.480 I think it's the Senator himself who suggests the censorship that is causing concern among
00:31:56.800 Americans.
00:31:57.720 I really think Thomas, if people were just told the truth and treated like adults, we
00:32:03.600 would be fine and we would be able to handle it.
00:32:06.040 I think there's a lot of people who are like, let's just get this over with.
00:32:09.220 Um, we have made this so much worse and I don't understand what, what's happening now.
00:32:15.440 So the FDIC is just, if I got $400 million in a bank account, they're going to cover it.
00:32:22.000 Here's the problem.
00:32:23.320 The money they've gotten in the bank was premiums that were paid to cover insure people who've
00:32:29.380 deposited less than $250,000.
00:32:31.800 So the FDIC is pushing all their chips on the table because they don't have enough money
00:32:37.280 to cover everything.
00:32:38.540 They've only collected premiums to cover $250,000.
00:32:42.200 They're pushing all their chips on the table because they know they can cover it for two
00:32:45.760 or three banks.
00:32:46.980 But after that, then what, then what?
00:32:49.860 Well, then they've spent all the money that's supposed to protect the people under $250,000,
00:32:54.820 like common American.
00:32:56.980 So the, the treasury has this program that they announced last night as well.
00:33:02.720 Uh, I'm sorry, the federal reserve.
00:33:04.840 They're like a hand in a glove.
00:33:06.280 The federal reserve has a program where if banks bought treasury bonds at low, low rates
00:33:13.180 and got themselves locked in for 10 years and can't pay their depositors back because
00:33:18.400 these treasury bonds are only worth 80 cents on the dollar, then the federal reserve will
00:33:22.720 loan the bank's money at a dollar on a dollar.
00:33:25.280 Not the real value of those bonds, but whatever they bought them for.
00:33:30.740 So that's going to be inflationary because the federal reserve is going to kick more money
00:33:36.500 in.
00:33:37.220 Who is, you know, this is, I want to quote the president from his speech today.
00:33:41.160 No losses will be, and this is an important to make this point.
00:33:44.320 No losses will be borne by the taxpayer.
00:33:47.300 Let me repeat that.
00:33:48.720 No losses will be borne by the taxpayer.
00:33:50.960 Instead, the money will come from the fees that banks pay to the deposit, deposit insurance
00:33:56.160 fund.
00:33:56.820 Well, have you seen that fund?
00:33:59.080 How much money is, is on that balance sheet?
00:34:02.700 Uh, why hasn't it ever been raided to save social security or whatever?
00:34:06.960 Um, but, um, how much is there?
00:34:09.820 How much can they cover?
00:34:11.060 And if they can't cover it, I know the fed will say they're going to do it, but aren't
00:34:15.460 we the one that is on the hook for everything the fed spends or prints?
00:34:22.400 The liberals hate it when, when, when Republicans say thoughts and prayers, but I heard Chuck
00:34:27.820 Schumer last night said that he hopes and prays that what they're doing is enough.
00:34:35.020 The reality is they can't do this for every bank.
00:34:38.420 So they're going all in on the first few banks to instill confidence, but for the president
00:34:43.740 to say no taxpayer dollars, that's, uh, ignoring the, the, uh, federal reserve program that's
00:34:51.080 kicking in because if that causes inflation, the fact that the federal reserve is going
00:34:55.500 to loan to banks using as collateral, their bad debt that they got from the U S government,
00:35:01.440 by the way, it's not bad because the government will default.
00:35:03.540 It's bad because they're locked in for 10 years at pitifully low interest rates.
00:35:09.420 And, um, if they try to sell those on the market, they're not going to get the money
00:35:13.280 they paid for it.
00:35:14.540 So that's going to, that's going to dilute the value of your money.
00:35:19.120 If I could go real quickly through four roles that the federal reserve has played in causing
00:35:24.360 this problem.
00:35:25.060 Sure.
00:35:25.160 First, they were Santa Claus, the federal reserve was Santa Claus.
00:35:28.100 They kept interest rates at 0% or damn near close so that, wow, we could borrow money at
00:35:34.180 the U S government and spend it and everybody can invest.
00:35:36.640 And it's, and it like heats up your economy, by the way, it also drives the venture capitalists
00:35:42.080 into the venture capital market, uh, because they can't get any money on safe investment.
00:35:47.040 Then the fed becomes the arsonist when they, when they create $5 trillion out of thin air during 0.61
00:35:52.720 COVID that's what's caused this inflation.
00:35:55.200 But don't worry.
00:35:56.040 The federal reserve shows up a couple of years later as the firefighter and they're going to
00:35:59.840 douse the economy by raising interest rates faster than they've ever been raised before.
00:36:05.160 So now they've been Santa Claus, the arsonist, the firefighter to last night, we found out
00:36:09.860 they're going to be a trauma doctor.
00:36:11.280 They're going to come in and do triage on these banks by loaning the money for things as that are
00:36:17.340 collateral, that aren't worth what they say they are.
00:36:20.140 So, and now we're going to rinse and repeat.
00:36:22.020 This will, this will just keep happening.
00:36:24.420 The federal reserve is largely responsible for this.
00:36:28.560 Uh, there needs, somebody needs to account for it.
00:36:31.760 And, uh, that's, that's the problem.
00:36:34.440 This is long COVID response.
00:36:36.520 You know, they talk about long COVID.
00:36:38.100 This is a result of the cares act and all the other stuff that spent $5 trillion we didn't
00:36:43.620 have.
00:36:44.020 It's now coming home to roost.
00:36:46.340 So you're a smart guy.
00:36:48.360 This is a smart audience.
00:36:49.880 Um, what, what, what do we do to prepare?
00:36:54.020 Because this is going to, it will fail.
00:36:57.920 And I fear that they are setting us up for a new currency, a new digital currency, which
00:37:04.660 every time the United States has changed currencies, uh, you've lost at least 40% of everything
00:37:11.580 that you have.
00:37:12.500 Uh, but this will put us into a digital currency, which has all kinds of ramifications.
00:37:19.460 What do we do to prepare?
00:37:21.080 Well, I wouldn't run on your own bank.
00:37:24.980 Okay.
00:37:25.780 Yes.
00:37:26.280 Uh, I haven't, I have, I have not taken any money out of my bank.
00:37:30.520 I don't have a lot of money in the banks.
00:37:33.520 Uh, so maybe that's not too comforting one way or the other, but I wouldn't make a run
00:37:38.920 on the bank, but longer term in your life plan, I wouldn't keep a lot of money in cash.
00:37:44.660 I wouldn't keep a lot of your resources in cash.
00:37:47.420 Uh, land is a good investment.
00:37:49.860 You know, I don't want to be an investment advisor either, but, uh, have durable goods
00:37:55.680 and things that people always want would, would be my recommendation.
00:37:59.060 Not today.
00:38:00.060 We will get through this somehow.
00:38:02.280 The clowns who are, who are managing this crisis will clown their way through in some
00:38:07.280 way.
00:38:07.980 And at the end of the day, probably they're going to cause more inflation is what's going
00:38:12.080 to happen at the end of the day, because they're going to use your money to protect
00:38:16.180 the banks and the high dollar investors.
00:38:19.280 It's, it's socialism.
00:38:21.220 They are, they are, uh, it's not capitalism.
00:38:23.800 It is crony capitalism.
00:38:26.360 The, the investors, well, if they do well, they get to keep their profits.
00:38:30.540 If they do poorly, we use the Americans through the federal reserve to, uh, to make them whole
00:38:36.420 for their bad investment.
00:38:37.760 And isn't it, isn't it interesting that they are the bank for most of the green new deal
00:38:43.900 stuff?
00:38:44.860 Uh, they are, they're the bank that's, that's funding all of the, all of these harebrained
00:38:50.520 ideas.
00:38:51.780 Yeah, that was part of the, uh, here's the irony.
00:38:54.840 The venture capital money that was supposed to fuel the startups in our economy is stuck
00:38:59.980 in our federal debt right now.
00:39:02.500 They, it, our, our debt, our desire to spend money at Congress is so overwhelming that we
00:39:08.700 eventually sucked in that venture capital money that was supposed to fund these startups
00:39:12.720 that ended up stuck in our treasury.
00:39:16.540 So let me switch subjects.
00:39:18.540 Um, there is a story that I have never, I've done this for almost 50 years.
00:39:22.860 I've never seen a story like this.
00:39:27.220 Congress votes unanimously on a bill.
00:39:33.260 The Senate votes unanimously on a bill.
00:39:37.940 And then the president's not sure he's going to sign it.
00:39:41.080 The, the closest to unanimous, I think was world war two.
00:39:45.720 And there was one person that stood against it.
00:39:48.520 How did Congress all vote every single one of them to investigate the origins of COVID COVID?
00:39:57.860 What's going on there?
00:40:00.000 I asked this same question in a hearing in the rules committee, like the president could
00:40:05.420 declassify the origins of COVID information that we have, uh, and it's relation to the
00:40:11.800 Wuhan Institute of Virology.
00:40:13.340 He could do that today.
00:40:14.520 He could have done it a year ago, two years ago.
00:40:17.060 He's chosen not to do it.
00:40:18.600 Now the entire Senate and the entire house has voted for him to do it.
00:40:23.520 Uh, he could veto it, but his veto is going to be overridden.
00:40:27.760 What the answer I was given, uh, in a hearing that's not much watched.
00:40:34.000 Uh, so it is public, but it's still kind of hidden is that the president, because of foreign
00:40:39.520 relations with China, it needs to look like he's forced to do it.
00:40:42.980 Uh, so that he doesn't disrupt the relationship with China.
00:40:47.780 If he, if he did this on his own, it would, and I guess I'm spoiling the whole punch right
00:40:53.040 now, but surely.
00:40:53.880 We're running this whole thing on Tik TOK.
00:40:58.900 So it's going right to presidency.
00:41:01.920 Surely.
00:41:02.840 But I mean, these are like, uh, little kids could come up with these plans.
00:41:07.840 Surely the Chinese see through that. 1.00
00:41:10.260 Uh, but that was the only reason that I was given that made any little bit of sense.
00:41:15.540 Well, it's also weird that every single person voted for it out of, out of what?
00:41:24.560 520 people, uh, and the, and the viewpoints that a lot of people have that this is absolutely
00:41:32.040 not from China and, uh, and, uh, the lab.
00:41:35.760 It's absolutely.
00:41:36.380 I mean, they have made such a stink.
00:41:39.000 Every single one of them said, yes, we want the house to investigate.
00:41:44.640 We want people to, uh, we want the president to release all of the classified information.
00:41:49.620 Just release the classified information on the origin.
00:41:52.720 I think this is not a conspiracy.
00:41:55.680 You can theory.
00:41:57.120 It's not a conspiracy theory.
00:41:58.580 You can find evidence of this everywhere, but I think it's going to lead back to the
00:42:03.160 United States that, you know, we were working with them on this virus.
00:42:09.200 Yep.
00:42:09.680 We were funding it.
00:42:11.280 I mean, that's going to, you know, and so I think they're trying to slow walk that realization
00:42:16.640 that the American government used your tax dollars to create a disease that killed hundreds
00:42:23.780 of thousands of Americans.
00:42:25.620 They like, that is the biggest argument against growing government I have ever seen.
00:42:31.540 And they're trying to, they're trying to keep by delaying the release of all of this stuff.
00:42:37.180 They're hoping you forget why grandma died.
00:42:40.100 Uh, when you come around to realize that we created the virus.
00:42:46.640 Uh, when you have tobecauseffee drug Mike racing, the reason why we're trying to enjoy
00:42:50.320 the fatto gun is different fromanta so other people.
00:42:51.660 We didn't trust that Israel would have to be involved. 0.76
00:42:52.540 We didn't trust it yet.
00:42:53.420 You didn't trust it anymore.
00:42:54.320 You can tweet.
00:42:55.800 We didn't trust that Israel would have to retain such amemory life and they stop 1.00
00:43:13.140 and keep going close to the lives of one of our ships.