The Glenn Beck Program - Best of the Program ｜ Guests： Larry Keane & Carol Roth ｜ 6⧸21⧸22

00:00:00.000 Hey, great podcast today. The Supreme Court came out with something really, really good

00:00:04.000 for religious freedom and school choice. Stu will have all of that in today's program.

00:00:10.040 We also told you about what's going on with ammunition and Winchester. The government is

00:00:17.200 in a public-private partnership. Somebody at Winchester has leaked what's going on. That's

00:00:23.260 why you're finding it very difficult to be able to find 556 or 223 in the last few days.

00:00:30.080 That's the number one ammunition for the modern sporting rifle, otherwise known as the IR-15.

00:00:35.740 The government is trying to stop the commercial sales on that. That's first out of the shoot.

00:00:42.080 We also talk about Bitcoin, what's coming in our economy with Carol Roth, and so much more. Today

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00:01:37.460 You're listening to The Best of the Glenn Beck Program.

00:01:44.860 So there was a story, I think it was last week in The Federalist, and we saw it, and we began to do

00:01:50.660 our own homework on it, because it was very, very disturbing. And it came out of The Federalist.

00:01:59.260 While Democrats claim to engage in talks on bipartisan gun legislation in good faith,

00:02:03.620 the White House is behind the scenes trying to shut down nationwide ammunition sales.

00:02:09.220 In northwestern Missouri, major government-owned ammunition plant is now facing closure as the

00:02:15.900 Biden administration escalates its war on American gun owners. The Lake City Ammunition Factory is one

00:02:22.080 of the largest manufacturers of 556 and 223 ammunition, which is the most popular caliber for

00:02:30.880 the most targeted firearm in the country, the AR-15. In operation since 1941 to produce ammunition for

00:02:37.980 the U.S. Army, the government contracts with the private firm Winchester to run the enterprise and

00:02:43.920 sell any excess supplies to the open market. So here's what happened. Winchester called them,

00:02:51.100 I'm sorry, the government called Winchester, apparently, allegedly, and said, you know,

00:02:58.020 you got a cute little business going on here, and it'd be horrible for something to happen to that

00:03:04.920 business, you know what I'm saying? So what I'd like you to do is maybe stop selling the 30%

00:03:13.160 of the ammunition to the private market. And Winchester said, most likely, well, if we do

00:03:21.640 that, then if there's a war, we can't ramp up to be able to make more ammunition for the war machine.

00:03:29.340 I don't think you heard me. You're gonna stop selling that ammunition.

00:03:33.900 Now, celebrity voices are impersonated in this scenario, but I think that's pretty much what

00:03:40.660 happened there. Otherwise, maybe we find somebody else to make our ammunition, you know what I'm

00:03:45.960 saying? So public-private partnerships always work out so very well. So we started doing our homework.

00:03:53.720 It looks like Susan Rice was involved in this. But again, nobody's talking because they're all

00:04:01.760 afraid of their legs being broken. One group that we have spoke to that knows the situation very well

00:04:11.780 is the National Shooting Sports Foundation. And we have Larry Keene on with us. Hello, Larry, how are you?

00:04:21.580 Good to be with you, Glenn. How are you?

00:04:23.580 Very good. Very good. So, you know, I know, I know it wasn't quite as mob-like, perhaps with Susan Rice

00:04:34.280 involved, maybe it was more. But can you tell me, is the gist of what I just said, correct?

00:04:42.320 I mean, basically, yes. Winchester was contacted by the army that runs or owns the Lake City

00:04:51.680 ammunition facility that Winchester runs under a contract. And they were told that the army

00:05:00.440 is considering issuing a policy edict in which Winchester would no longer be able to sell into

00:05:10.360 the commercial market excess ammunition above the needs of the military to the commercial market,

00:05:18.720 which accounts for between 30 and 40% of the market for 556 ammunition, which is the caliber

00:05:29.540 most commonly chambered for modern sporting rifles, including AR-15. So it would have a devastating effect

00:05:39.260 on the commercial market for gun owners, as well as to harm national security and military preparedness.

00:05:50.460 So there's a couple of things here. First of all, let's talk about the commercial side.

00:05:54.020 The commercial side, you drop 30 to 40%. Your price, I've read your price of ammunition

00:06:00.480 would go up three to four times. Is that true?

00:06:04.140 Obviously, economics being supply and demand, if you cut the supply that is already strained by

00:06:14.960 30 plus percent, it's going to have a significant impact on the price in the commercial market,

00:06:21.400 for sure. It's also going to have an impact on what the military pays for ammunition manufactured

00:06:29.560 at the Lake City facility, because the cost, the economics of running that business for Winchester

00:06:39.140 would change dramatically.

00:06:42.180 So the other part of this is for the military, not just in cost, but the reason why, if I'm not mistaken,

00:06:48.720 the reason why Winchester has that 30% and they make 30 or 40% of the commercial market,

00:06:57.220 is so they have the staff in case there's ever a major war. They have the staff. They don't have

00:07:03.260 to ramp up. They can just shift all of that over to the military immediately. So we have enough

00:07:10.120 ammunition to be able to fight a war. Is that true?

00:07:13.700 That's precisely correct. And if they can't sell into the commercial market, those employees are gone.

00:07:18.900 That production capacity is gone. And in a surge situation, let's say hypothetically,

00:07:25.460 we were engaged in a shooting war with an adversary like Russia, China, or something.

00:07:30.880 The ability of Winchester to meet that surge in demand would not exist. We would not be able to

00:07:36.260 meet that need. Whereas now they can, they can simply shift that production from the commercial market

00:07:42.200 to the priority of meeting the needs of the warfighter. So that ability is gone. Then we can't meet

00:07:50.800 surge in demand. And the price that the military pays for the ammunition they get now, even in a

00:07:57.140 non-surge situation would go up considerably. And the sale to the commercial market also helps to fund

00:08:05.220 capital expenditures at the Lake City facility. So it's not just, you know, that they, Winchester sells

00:08:12.880 that ammunition, um, in the commercial market. They, they also are putting money back into the

00:08:19.420 DOD to, for capital improvements, capital expenditures at Lake City, so that it is state of the art and

00:08:27.120 can meet surge demands for the military.

00:08:29.660 So as this was revealed last week, we had, um, some congressmen, um, start to write some, uh, write

00:08:40.680 some letters to the White House. Um, some press started to, uh, sniff around, at least on, you know,

00:08:47.780 on the, on the right side, uh, we started to sniff around and immediately the gates are closed to the

00:08:53.660 White House and they say, this is, and I want to quote them here. Um, the reports on a possible ban

00:09:01.200 are way off. Uh-huh. Uh, do you believe that? I mean, the person making that go ahead is either

00:09:12.240 woefully uninformed of the facts because there was a meeting at the highest levels of the military on

00:09:19.400 Friday to discuss this very issue, uh, or, uh, they are not being truthful, but it, it did happen.

00:09:28.940 It is happening. Um, and there is a letter from 50 house members that has gone to the White House

00:09:35.580 yesterday led by Congresswoman Vicki Hartzler in whose district the Lake City facility is located.

00:09:43.480 And Senator Blunt's office from Missouri has been engaged in this issue as well.

00:09:49.020 So, uh, you know, in 2015, the Obama administration tried to ban this ammunition, um, under this

00:09:59.280 incorrect legal theory that it was somehow armor-piercing ammunition. It is not by definition

00:10:05.580 armor-piercing ammunition. Okay. Hold on, hold on, hold on just a second, because that,

00:10:10.280 because that's really important because I just read another story today that said that this is armor-piercing

00:10:17.300 ammunition. Um, and you can find the definition for armor-piercing ammunition. And if you look at

00:10:33.520 this M855 green tip ammunition, it does not meet the definition of armor-piercing ammunition. It is not

00:10:41.100 by law armor-piercing ammunition. So the Obama administration's effort in 2015 to somehow

00:10:47.700 declare it armor-piercing ammunition, uh, was withdrawn. And when there was a reaction by Congress

00:10:54.080 and, uh, there were over 300,000 comments, public comments to a notice that ATF had put out,

00:11:01.040 they backed off, unable to, to make it illegal. The Biden administration now is trying to make it

00:11:07.600 unavailable. And this is all because they can't, uh, pass a ban on modern sporting rifles.

00:11:14.820 So if you can't ban the ammunition, ban the ammunition. Without burning any bridges here,

00:11:21.360 because I think it's very important that we know the truth, and I, I certainly don't want to cause any

00:11:27.160 trouble. How do we know your information is accurate? How, how do we know the White House is

00:11:34.740 lying here? We have had direct conversations with officials at Winchester, and we have had

00:11:41.200 conversations with, uh, staff from Senator Blunt and, uh, Congressman Hartzler's office. So this is in

00:11:48.280 fact, uh, happening, uh, and, um, a moderation. Again, either the person making that statement is

00:11:55.240 woefully uninformed of the true facts or is misleading the public.

00:11:59.440 Um, another way of saying that is lying. Uh, the White House has been lying about many things.

00:12:05.940 They continue to say things are conspiracy theories or they're, uh, or inaccurate. And then all of a

00:12:13.580 sudden, what do you know? It turns out to be true. Has this stopped? Do you know, is the,

00:12:19.280 is the pressure off of, of Winchester? Is this not going through now that they've been nabbed?

00:12:27.000 Uh, we have not been informed, um, that, um, that this, uh, has definitively been withdrawn and

00:12:35.620 is no longer being considered. Um, but this is, you know, this is not the first time we've seen an

00:12:41.420 effort by, um, first Obama, now Biden, uh, to ban this ammunition and to make it unavailable. So we are

00:12:49.520 going to continue to pursue this issue to ensure that this is not, uh, no longer a recurring problem

00:12:57.020 and that, um, that whoever holds the contract for the Lake City facility has the right to sell this

00:13:05.540 excess, uh, ammunition into the commercial market. Because again, it's necessary for military

00:13:12.560 preparedness. It's important for the taxpayer and it helps to fund capital expenditures at the

00:13:19.260 facility. And it's important, obviously, for second amendment rights to be exercised.

00:13:24.740 Exactly right. Exactly right. Larry, is there anything the public can do?

00:13:29.420 They should contact their, uh, elected representatives in Washington, their congressmen

00:13:35.120 and their representatives and insist that this, uh, this issue be fixed once and for all.

00:13:41.580 So we don't have to revisit this every couple of years. And how do we fix it once and for all?

00:13:47.580 Uh, we make it clear in statute that whoever holds that contract has the right to sell this

00:13:52.700 excess ammunition in the commercial market for the reasons we've just talked about.

00:13:58.180 Okay. Uh, thank you so much, Larry. I appreciate it. I appreciate everything that you guys are doing,

00:14:03.720 uh, keeping, uh, keeping our second amendment right, uh, safe. Thank you. Um, appreciate it. We'll stay

00:14:10.240 in touch. That's Larry King. He's from the National Shooting Sports Foundation about the, uh, Missouri

00:14:16.340 ammunition plant that the Biden administration is trying to curtail, which would, uh, cut off a third

00:14:24.280 to 40% of the two, two, three and five, five, six ammunition, which is the ammunition used by modern

00:14:31.800 sporting rifles. This is the best of the Glenn Beck program. And we really want to thank you for

00:14:40.060 listening. What I'm about to talk to you about today will not be mentioned by the mainstream media.

00:14:52.740 They definitely, uh, will not be addressing it in the Biden administration. And I doubt the

00:14:59.460 department of justice is doing Jack squat. This is the closest to a mainstream media outlet that

00:15:06.640 anyone, uh, will get for Jane's Jane's revenge. Two weeks ago, the department of Homeland security

00:15:13.040 issued a terrorism threat advisory bulletin where they warned, and I quote individuals who advocate

00:15:20.460 both for and against abortion have on public forums encouraged violence. So if you are pro-life,

00:15:28.020 apparently you're just as dangerous as some of these insane abortion enthusiasts that are showing 0.90

00:15:34.120 up to the Supreme court justice's home, um, Biden's DOJ has equated the current breakout of violent

00:15:44.440 acts surrounding abortion to both sides of the equation. How many participants of the March of

00:15:51.280 Life have showed up to a Supreme court justice's home, you know, to, to even March, let alone show up to

00:15:56.900 kill the family research council tallied up, uh, over the recent violent attacks and found that there

00:16:03.700 have been over 40 incidents involving pro-life organizations and churches since the leak on the

00:16:11.520 Dobbs decision. And the attacks span the entire country, Washington DC, Washington state, Georgia,

00:16:18.220 Texas, Maryland, Virginia, Wisconsin, New York, Michigan, it's everywhere. Now imagine if a wave

00:16:26.120 of terror attack spanning the entire country began breaking out over the cause considered right wing

00:16:32.320 or conservative. How do you think Biden's DOJ would react? How do you think the media would react to

00:16:39.620 this? We know the answer, but this is a relatively new phenomenon when it comes to terror. Back in the

00:16:47.640 1960s, seventies and eighties, we knew exactly what the left wing extremists were all about. We were

00:16:54.980 fighting a war against global communism and we knew that fear was their weapon and both the government

00:17:02.380 and the media called them on it. Here's just a short list of some of the left wing extremist groups,

00:17:10.160 the weather underground, the simonese liberation army, the United freedom front, FALN, and the may 19th

00:17:18.740 communist organization that included members of the black Panthers, even with an active campaign to

00:17:25.700 expose them and catch them and prosecute them. These left wing terrorists, uh, were responsible for an

00:17:34.260 insane amount of criminal acts and bombings and murders. Imagine what would happen if the government

00:17:42.100 and the media of today were operating back then? Well, we've got a little taste as the Democrats began

00:17:50.280 to turn a blind eye to the left wing violence in the 1990s. Things began to spiral out of control.

00:17:55.260 Have you ever heard of the animal liberation front or the earth liberation front? Most haven't, but

00:18:02.500 between 1996 and 2002, they were responsible for 600 criminal acts that caused over $42 million in

00:18:12.100 damages. But those guys are rookies. The black lives matter and Antifa violence in 2020 alone resulted in

00:18:21.520 multiple deaths and one to $2 billion in damage. We went from a nation of laws and law enforcement

00:18:30.200 to a nation of, no, I'm re-imagining this violence is mostly peaceful. It's mostly peaceful firebombs,

00:18:37.380 murders, and chaos. The problem is, is the democratic party just stopped caring. They realized that fear is

00:18:47.000 a very powerful weapon. And in 2001, Bill Clinton pardoned Patty Hearst, who helped one radical

00:18:53.600 Marxist group commit armed robberies. Then he pardoned Weather Underground members, Susan Rosenberg and

00:19:01.320 Linda Evans. Rosenberg was convicted of possessing 740 pounds of dynamite and Evans was convicted for

00:19:10.240 helping to bomb the U.S. Capitol. You've seen the pictures recently. It was much, much, much,

00:19:16.920 much worse than anything that happened on January 6th. So in 2017, Obama then commuted the sentence of

00:19:27.400 Oscar Lopez Rivera. He helped lead the Marxist group FALN. That group from 1974 to 1983, as he was leader,

00:19:39.180 they were responsible for more than 130 bombings, four deaths, and dozens wounded. Are you noticing

00:19:46.360 a pattern here? The people who are getting released by our democratic presidents are all terrorists. 0.90

00:19:54.860 This is the modern American left. They pardon or commute the sentences for Marxist terrorists,

00:20:03.100 but a nationwide campaign to attack churches and pro-life organization, that goes on now in

00:20:09.080 silence. Why? Well, I think it's consistent. They've refused to bat an eye when the son of two

00:20:16.800 Weather Ground, Underground members, Chesse, how do you say his last name, Budin? Yeah, Chesse Budin,

00:20:26.840 who runs the district, who runs for district attorney in San Francisco, that is, that is the son.

00:20:33.860 Then they try and run PR as he's blamed for massive crime waves that ultimately ended in

00:20:41.960 his recall. The Democratic Party. They see fear as a weapon. Maxine Waters told her supporters to

00:20:50.940 follow the GOP politicians everywhere they go. It's why Keith Ellison tweeted a photo of himself

00:20:56.960 holding a copy of the Antifa handbook. It's why Jen Psaki would never say the Biden administration

00:21:03.040 condemned the abortion protests outside of Kavanaugh's home. They want you to be afraid.

00:21:08.860 They want you to be subdued. They want you to be broken.

00:21:14.960 Over 40 attacks on pro-life organizations and churches, and it appears that the Justice

00:21:21.260 Department is ignoring it. Where are they? Let me show you again a poster from the Night

00:21:30.120 of Rage. This is a poster that is on the streets of the District of Columbia today as we wait

00:21:36.960 for more results from the Supreme Court. Posters everywhere in New York. DC call to action. Night

00:21:43.500 of Rage. The night SCOTUS overturns Roe versus Wade hit the streets. You said you'd riot.

00:21:51.260 To our oppressors, if abortions aren't safe, neither are you. Jane's Revenge. 1.00

00:21:59.980 Where's the DOJ on this? In May, a pro-life organization, Madison, Wisconsin, attacked with a

00:22:05.840 Molotov cocktail. Also vandalized with the words, if abortions aren't safe, then neither are you.

00:22:10.940 Hmm. Sound familiar? Now, it wasn't immediately known who was responsible, but an anonymous

00:22:18.540 intermediary reached out to investigate journalist Robert Evans claiming responsibility. I'm sorry.

00:22:26.520 They reached out to investigative reporter Robert Evans claiming responsibility. It was titled

00:22:32.220 The First Communique, and that first communique was found on the dark web, you know, where nobody I

00:22:40.120 know lives. The group calls themselves Jane's Revenge. That comes from a 1970s era group that performed

00:22:47.760 illegal abortions called the Jane's Collective. Now, listen to some of their own words from the

00:22:54.140 First Communique. Quote, this is not a declaration of war. War has been upon us for decades. This was

00:23:04.040 only a warning. As you continue to bomb clinics and assassinate doctors with impunity, so too

00:23:11.700 shall we adopt increasing extreme tactics to maintain freedom over our own bodies. We are forced to adopt

00:23:21.480 the minimum military requirement for a political struggle. Again, this was only a warning. Next time,

00:23:29.320 the infrastructure of the enslavers will not survive. Medical imperialism will not face a passive enemy.

00:23:37.060 Wisconsin is the first flashpoint, but we are all over the U.S., and we will issue no further warnings,

00:23:44.100 and we will not stop. We will not back down, nor will we hesitate to strike. We are not one group,

00:23:52.200 but many. We are in your city. We are in every city. Jane's Revenge. Is that not terror? Is that not the

00:24:05.500 very definition of a terrorist group? This warning came out May 8th. On May 30th, Jane's Revenge issued

00:24:13.300 another communique announcing a night of rage, which they are holding secret for the near term and the

00:24:20.460 near future. We believe, because of the posters that have just been put out, that that is for the night

00:24:26.540 of broken glass, if you will, the riot, the night that Roe v. Wade may be overturned. Now, imagine what would

00:24:37.800 happen if the Weather Underground or May 19th Communist Organization bombed a government building, then announced

00:24:43.940 a night of rage in the near future. If they were stalking our Supreme Court justices, the FBI, the DOJ,

00:24:52.720 and every other alphabet agency would have been all hands on deck in all of government response to find

00:25:01.060 them and to take them down. Again, where's the Department of Justice? Where was Joe Biden's address to let the

00:25:10.860 public know that they condemned this group and they're actively investigating? The warnings have

00:25:17.380 gone unanswered, and one week later, a pro-life facility operated by Compass Care in Buffalo was

00:25:24.540 the next to be firebombed. One week later, Jane's Revenge took credit for the attack. They were also

00:25:31.200 listed, uh, listing other attacks that they were involved with. Quote, you may have seen us in

00:25:39.260 Madison, Wisconsin, Fort Collins, Colorado, Risertown, Massachusetts, Olympia, Washington, Des Moines,

00:25:45.600 Iowa, Linwood, Washington, Washington, D.C., Asheville, Buffalo, Hollywood, Florida, Vancouver, Washington,

00:25:53.300 Frederick, Maryland, Denton, Texas, Gresham, Oregon, Eugene, Oregon, Portland, Oregon, among,

00:25:59.280 and among many others, and we work in countless locations invisibly. Quoting, your 30 days expired

00:26:08.440 yesterday. We offered an honorable way out. You could have walked away, but now the leash is off,

00:26:15.160 and we will make it as hard as possible for you to campaign and continue your campaign of aggression,

00:26:22.400 oppression. We have demonstrated in the past month how easy and fun it is to,

00:26:29.280 attack. From here forward, any anti-choice group who closes their doors and stops operating will no longer

00:26:36.480 be a target. But until you do, it is open season, and we know where your operations are.

00:26:44.520 Again, where is the Department of Justice? They've already claimed responsibility for at least 17 attacks.

00:26:53.480 There are more than 2,800 pregnancy clinics in the country. How far does this have to go before Biden does

00:27:02.360 his job? We've been looking into this organization, trying to find its funding. It appears their structure

00:27:10.500 is specifically designed to be vague. It's also suspiciously exactly the way Antifa operates.

00:27:18.200 We spoke to some pro-life organizations that voiced suspicion that Jane's Revenge could, in fact,

00:27:23.700 be members of Antifa. We're still looking into it. But their organization, as well as their graffiti,

00:27:29.360 is very telling. Some of the buildings that they have attacked have been tagged with the anarchist

00:27:33.980 A, common with Antifa. They also spray-painted the numbers 1312, which stands for A-C-A-B,

00:27:43.900 A-C-A-B, all cops are bastards. Does that sound like a pro-abortion person talking to you? 0.99

00:27:52.960 For years, we have asked the government to do something about Antifa. President Trump tried to

00:27:58.700 label them as domestic terrorists, but it never went through. That inaction contributed to the

00:28:04.140 summer of rage in 2020, and their further inaction has now put pro-life organizations even at greater

00:28:10.660 risk. And at this point, the only way to get Biden's DOJ to take notice is if you're a parent

00:28:16.480 that doesn't like CRT or sexually explicit material in your kids' schools. Or if you happen to be on

00:28:23.640 Washington, D.C.'s mall on January 6th, and that's about it. If a leftist terrorist group violently

00:28:32.440 attacks a pro-life organization, declares more attacks in the future, no big deal.

00:28:36.840 If you just follow the trends from the Democrats over the past few decades, this is not surprising,

00:28:45.840 nor will it be surprising, what happens when the left unleashes war on our streets. For fear is their

00:28:56.440 weapon. And congratulations, who everybody wanted to return to normalcy with Joe Biden.

00:29:02.680 Welcome to Joe Biden's America.

00:29:08.720 You're listening to the best of the Glenn Beck program.

00:29:11.860 What is happening with Bitcoin? Is the cryptocurrency thing over or what? What's happening?

00:29:35.000 Well, as I always like to say, you know, if I had the perfect crystal ball, I would be on my yacht

00:29:39.840 in the Mediterranean. So I think that the answer is there is an interesting bull case and an interesting

00:29:48.440 bear case, and we have to kind of leave it up to the people to decide. What's happening with the

00:29:54.440 price now is really, you know, the contagion of, you know, what goes on when there is fear in the

00:30:01.140 markets. And Bitcoin, for all the times that people said it was a hedge, it's never been a hedge. This

00:30:07.120 has been a speculative asset that's trying to find its footing and maybe become a hedge in the future,

00:30:13.700 but it has been a speculative asset. And as we've had all of this money pumped into the markets via

00:30:20.700 the Fed, via the stimulus, everything has gone up and Bitcoin has been a beneficiary. So now that the

00:30:28.280 Fed is reversing course, we don't have stimulus, we're getting tightening monetary policy. Everything is

00:30:35.640 going down and Bitcoin is going down with it. Plus, there is this sort of spiral effect. You know,

00:30:42.380 I don't know if you know this, Glenn, but people are greedy and they can't just be happy with the

00:30:48.920 prices of things going up. So when they see stuff going up, they often want to double down. And so

00:30:55.320 they'll take on loans or they'll pledge some of their assets as collateral to get loans in order to buy

00:31:02.120 more Bitcoin, which is great when it's going up. But when it starts to come down, then you get the margin

00:31:08.780 call from your financial institutions that you don't have enough collateral to back this. You know, what are you

00:31:14.080 going to do? And so that creates a lot of downward selling pressure. So I think there's a lot of flushing

00:31:18.780 out of the leverage. There is, you know, kind of that contagion effect between the markets. And, you know, I think that

00:31:26.460 for a lot of the novices who have been lured in, in some cases by bad actors, because there are some

00:31:34.500 very smart people who are in Bitcoin and there are some really questionable actors who are in Bitcoin.

00:31:40.560 For those who have kind of had this marketing machine and lured in the novices that, you know,

00:31:45.280 can explain to you what a gold chain is, but they can't explain what a blockchain is, but they're still

00:31:49.940 doubled down in Bitcoin. I think a lot of those people, you know, tend to be the first ones to go out

00:31:55.780 because they don't have an underlying conviction and underlying investment thesis. They're just

00:32:00.860 trying to, they're the FOMO people, the fear of missing out.

00:32:04.940 So I have, you know, I bought Bitcoin, unfortunately, not when Mark Andreessen sitting in his office told me

00:32:13.580 to buy it, which was, I mean, tenths of pennies. I bought it later. And my wife has said to me,

00:32:22.460 this is long-term. We're not pulling it out. We're not pulling it out. We're not pulling it out.

00:32:26.820 And so we haven't pulled it out. And it's a little freaky, but I wouldn't pull it out because

00:32:31.800 I do believe that something like Bitcoin is going to be the future. My only fear is what the government

00:32:39.740 can do to it. That's the only thing that is a doubt in my mind. Otherwise, I'd be buying more

00:32:46.520 Bitcoin today, you know, because I believe, I believe in it except for the government.

00:32:54.680 Yeah. And that's a huge exception because governments around the world retain power by

00:33:00.700 having control over the money supply. And they're actually trying to use the interest in Bitcoin

00:33:06.160 to kind of trick people into supporting the central banks, creating their own digital currency,

00:33:12.460 which is not crypto. It's not decentralized. They own it, but it's digital. And a lot of people

00:33:17.480 don't really sort of appreciate the nuance there. So I think that is a huge risk. There's no way

00:33:23.980 sovereign nations want decentralized finance to become a thing. So they're going to do everything

00:33:30.520 they can to fight it. We've already seen, you know, potential proposals and potential legislation.

00:33:35.980 So I think that makes it a very, very serious risk. And, you know, there's a topic I think that's

00:33:42.320 related to this that people need to understand. And it's the concept of total returns versus risk

00:33:48.440 adjusted returns. You know, you can go out and spend a dollar on a lottery ticket and you could

00:33:54.320 win the Powerball. You could win it. A hundred million dollars. Your return is phenomenal. But on a

00:34:00.340 risk adjusted basis for every person who does that, most people are going to lose the dollar.

00:34:05.560 And so when you're looking at these speculative assets, a lot of times people are looking at total

00:34:10.740 returns. Oh, look at how much it's returned. But you're taking on a lot of risk to do it.

00:34:15.920 So it really needs to be treated in that asset class, that speculative asset class. And like you

00:34:22.360 said, you know, maybe it's a small amount of your portfolio, but you have to look at risk adjusted

00:34:28.240 returns, not total returns.

00:34:30.740 Carol, I want to talk to you about something that I've been reading a lot about from from people like

00:34:39.980 you and economists, etc. And some are saying and some are denying that deflation is coming. And as I was

00:34:49.220 reading, I've been studying up on the Great Depression recently. And as I was reading what what happened

00:34:56.280 there, the the stock market crashed, and everybody freaked out. And they ran to the banks, we saw

00:35:04.480 it's a wonderful life, they ran to the banks, they got their money out. The banks closed, they had to

00:35:10.000 reset everything. But people were so fearful that they held on to their dollars, and they weren't spending

00:35:16.900 those dollars. And so, as I'm reading this, and I'm thinking, this seems like a no brainer to think

00:35:26.160 this is coming. And I'd like you to talk me down from this tree. I could very easily see a situation

00:35:34.740 where our food and our fuel is so expensive, it breaks the back of most consumers. They just are,

00:35:44.100 they're, they're just living for food and fuel and heat. And you know, they're living at the bare

00:35:48.760 necessity, which means they don't have any money to go out and buy new clothes, they don't have

00:35:54.260 anything to buy non essentials. Would it not be is it not possible to have super high inflation on some

00:36:03.980 products, and super low deflation prices that are, are crazy, because they, nobody's buying them

00:36:15.360 in other categories? Is that possible? Have both of those?

00:36:19.760 Yeah, I think that the the best analogy for that was would be, you know, kind of the 70s. And you're

00:36:25.240 something that looks like stagflation, where the economy stagnates, and it's stagnating, like you said,

00:36:30.800 because all of the money is being sucked up in a couple of categories. And there really isn't a lot

00:36:36.320 to go around in other places, there's not a lot of investments being made and whatnot. But we still

00:36:42.480 end up having high inflation. And we are certainly a lot of people feel like we are in that sort of

00:36:47.200 stagflation, you know, arena right now, you know, and it can continue on the trajectory. But you have to

00:36:53.480 remember, in terms of deflation, I mean, that's what the Federal Reserve is trying to do,

00:36:58.860 they are actively trying to deflate, you're not just the bubbles and assets, but they're trying to

00:37:04.580 deflate spending to cool off the economy. That's why they're shedding their balance sheet. That is

00:37:09.900 why they're raising their interest rates, it is meant to cool off demand. And that's the math problem

00:37:16.600 that I keep talking about, you know, they keep saying, oh, the consumer and businesses are going

00:37:21.420 to save us from a recession. But at the same time, the policy is meant to do the exact opposite,

00:37:27.820 the policy is meant to make it so that people aren't able to spend in the same way. So those

00:37:34.780 two objectives are at odds with each other. And so I do think that we could end up in this prolonged

00:37:40.860 period, like you said, where the inflation hasn't quite got under control, especially because we have

00:37:46.820 so many supply demand imbalances in our economy. You know, we have a labor imbalance, we have a food

00:37:53.140 imbalance, we have a housing imbalance, we have an energy imbalance, and we have a commodity imbalance.

00:37:58.400 And that is not going to be, you know, solved by any monetary policy that requires real action.

00:38:05.020 And we don't have leadership that's willing to to lead or frankly, do anything.

00:38:09.760 So, so we have, as I see it, we're looking at a situation again, I'm going back and please correct

00:38:18.200 me where my thinking is off. But I'm going back to the Great Depression. So people were afraid,

00:38:23.600 they held on to their money, they spent what they had to and what they could afford. But nothing else

00:38:31.040 that caused the labor market to shoot out of control to under to about 25% unemployment.

00:38:40.400 Because the factories were closing down because no one was buying anything from the factories,

00:38:45.980 which then in turn made FDR say, we're going to build the Hoover Dam to give people jobs,

00:38:52.280 but it was all the government money, which would have just caused more inflation,

00:38:58.340 inflation, if I'm not mistaken, had it not been for the, and I hate to say it this way,

00:39:04.640 but the saving grace of the Second World War, right? We were were we in a death spiral?

00:39:10.900 I mean, the war was definitely a different kind of reset. And I think that, you know,

00:39:16.900 a lot of the logic that you're talking about makes sense, your consumer sentiment is really important.

00:39:22.040 And it becomes a self fulfilling prophecy. If people don't feel confident, they don't go out

00:39:28.760 and spend if they're worried about their inflation and being able to feed their family and get to work,

00:39:34.860 they aren't going to spend. I think there are a couple of things that we have that are different.

00:39:39.340 And it's not necessarily better for the average American. So I just want to be clear that I'm on

00:39:44.260 your side. And I'm not saying that it's better. But because of this huge supply demand and balance

00:39:50.040 in the labor market, you know, we have two jobs available for every person looking,

00:39:54.980 the likelihood is that that probably contracts to be, you know, a better match than having massive

00:40:02.020 unemployment just because, you know, that that scenario is going on. And we also have a whole

00:40:09.040 slew of Americans who are doing, you know, have done very well, you know, they've been the beneficiaries

00:40:15.000 of this giant wealth transfer from Main Street to Wall Street. So I think we're going to have,

00:40:19.780 you know, a lot of, you know, different outcomes, you know, that inequality that's been driven by

00:40:25.700 government policy. And that's never a good thing because of, you know, the social unrest that comes

00:40:31.580 with it. And rightfully so, because, you know, these policies have really put the middle class, 0.94

00:40:38.080 the working class, and in some cases, the lower class at risk to the benefit of the people on the

00:40:45.040 inside. And so the numbers on average may not show how dire the situation is. And so they're going to

00:40:52.300 be able to spin and say, Oh, everything's great. And the consumer is doing well, when people are

00:40:57.080 really struggling. And, you know, that's where we're going to continue to just be furious and demand

00:41:04.300 something be done about that.

00:41:05.880 Carol, thank you so much for everything you do. She's just issued a new paper, a new piece for

00:41:13.380 The Blaze, what the heck is going on with Bitcoin. And you can find that at theblaze.com,

00:41:20.080 theblaze.com, what is going on with Bitcoin by Carol Roth. Thanks, Carol. God bless.

00:41:25.100 Thank you.

The Glenn Beck Program - June 21, 2022

Best of the Program ｜ Guests： Larry Keane & Carol Roth ｜ 6⧸21⧸22

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