The Glenn Beck Program - Can the Average American Survive the Banking Crisis？｜ Guests： Carol Roth & Luis Valdes

00:00:00.000 Pat, we were talking about Jace Medical yesterday, and you had not heard of them.

00:00:05.060 I think this is an amazing thing.

00:00:08.420 This is the Jace Medical are the ones that are providing antibiotics

00:00:15.480 so you can have a storehouse of antibiotics, at least five different antibiotics,

00:00:21.620 which would come in handy.

00:00:23.900 Oh, yeah.

00:00:24.400 Especially with China.

00:00:27.100 You know, I'm just saying.

00:00:28.400 You know, they don't seem to be liking us so much.

00:00:31.520 Look, here's the thing.

00:00:33.340 If we have shortages of any kind, like medicine, do you have antibiotics?

00:00:38.400 I mean, sure, the 1700s were fun, but...

00:00:42.300 Weren't they?

00:00:43.860 I'd like to be able to control some infections.

00:00:46.400 Go to Jace Medical, J-A-S-E medical.com.

00:00:50.180 Enter the promo code BECK at checkout, discount on your order of a Jace case.

00:00:54.620 That'll give you five different antibiotics that you can have on hand.

00:00:58.940 It's promo code BECK at J-A-S-E medical.com.

00:01:03.620 Jace medical.com.

00:01:06.620 Jace medical.com.

00:01:07.620 Jace medical.com.

00:01:08.620 Diff.com.

00:01:09.620 Jace medical.com.

00:01:10.620 Oh, yeah.

00:01:12.800 Oh, oh, oh.

00:01:13.140 Oh, oh.

00:01:14.440 Oh, oh, oh.

00:01:15.080 Oh, oh, oh.

00:01:16.300 Oh, oh.

00:01:17.460 Oh, oh, oh.

00:01:19.900 Oh, oh, oh.

00:01:21.860 Oh, oh.

00:01:23.140 Oh, oh, oh.

00:01:23.720 Oh, oh, oh.

00:01:23.800 Oh, oh, oh.

00:01:24.200 Oh, oh, oh, oh.

00:01:27.320 Oh, oh, oh, oh.

00:01:28.520 Oh, oh, oh, oh.

00:01:29.740 Oh, oh, oh, oh.

00:01:30.560 � pequeno hammer, oh, oh, oh, oh.

00:01:32.340 Oh, oh, oh, oh, oh.

00:01:34.940 Oh, oh, oh, oh.

00:01:35.780 What you're about to hear is the fusion of entertainment and enlightenment.

00:01:52.740 This is the Glenn Beck Program.

00:01:58.500 Hello, America.

00:02:00.700 Welcome to the Glenn Beck Program.

00:02:02.620 Uh, we've got an update from, uh, uh, from yesterday that, uh, not really a fun one, but I can guarantee you this will be the only place that you hear about it, at least in mainstream.

00:02:18.020 It's very important that you understand this, and I'm kind of on the edge of understanding it, but we have experts on today, and I'm doing a special on this tomorrow at 9 p.m.

00:02:29.720 You don't want to miss.

00:02:30.540 We begin in 60 seconds.

00:02:31.920 Molly lives in Idaho.

00:02:33.960 She writes in about her dog's experience.

00:02:35.660 She said, I wanted to let you know how much I appreciate, uh, rough greens, Glenn.

00:02:40.140 Our dog Darby, a very large 11-year-old German Shepherd, is doing much better since he's, uh, we've been supplementing, uh, her diet with rough greens.

00:02:50.200 Her skin issues have cleared up.

00:02:51.580 She's perkier, less lethargic.

00:02:53.560 Uh, she's also on joint supplements, but her joints actually seem to bother her a lot less ever since she started taking rough greens.

00:03:01.520 Um, I, I gotta tell you, Molly, I have a German Shepherd, too, and the, the hardest thing to watch is when their joints, uh, start to go, and they always have hip problems.

00:03:11.000 It is so hard to watch them struggle, and I have found the same thing by putting rough greens on his, uh, dry kibble food.

00:03:18.920 I have seen a difference in, uh, the way he walks, and he doesn't seem to have the hip pain that he was just beginning to struggle with.

00:03:28.800 Rough greens is, uh, confident your dog's gonna love it.

00:03:31.280 They want to give you the first bag free.

00:03:32.780 It's a trial bag.

00:03:33.900 You just, uh, feed it to your dog.

00:03:35.440 If your dog loves it, you'll get the next bag, and you will see the differences over the coming months.

00:03:40.260 So, all you pay for is shipping for the first bag.

00:03:43.060 Just go to rough greens, ruffgreens.com slash beck, or call 833-G-L-E-N-N-33, roughgreens.com slash beck, 833-G-L-E-N-N-33.

00:03:54.760 Okay, so, you know, I've been doing some thinking here.

00:03:59.200 Now, I'm not an economist, but I am a thinker.

00:04:02.660 And, uh, if the problem was Silicon Valley, with Silicon Valley Bank, the problem was what?

00:04:14.500 They bought treasuries, and they held treasuries, and the treasuries are becoming worth less and less if you had them.

00:04:27.440 Now, the first thing I thought of was, gee, if that's the case, when everybody panics, where do they put their money?

00:04:43.120 Where is the safest place to put your money?

00:04:47.840 In treasuries.

00:04:49.580 The entire world runs to treasuries, U.S. treasuries.

00:04:55.360 Our debt is all in U.S. treasuries.

00:05:00.760 So, if you're, if you bought a 10 or 20 or 30-year treasury, uh, you know, in the last, I don't know, 10 years,

00:05:10.340 and you have time on it, and you need to sell it, you're going to lose money.

00:05:16.560 Right now, today, 25%.

00:05:19.200 So, it's not really a safe bet now, is it?

00:05:28.040 And if that was the problem with Silicon National Bank, how many of our banks are holding those 10-year treasuries?

00:05:36.600 Who else is holding them?

00:05:40.080 Because if there's any strain on the financial system, then they're going to have to start selling those treasuries.

00:05:47.880 Who is going to buy them?

00:05:50.180 I want to, there's a website, uh, called Seeking Alpha, uh, SeekingAlpha.com, and it is deep, deep Fed and, and, uh, monetary stuff.

00:06:05.900 Um, and I want to give you just, uh, the highlights of an article, Fed Update, The Losses Keep Rolling In.

00:06:13.260 Last week, there was a press release from the Fed for their results of 2022.

00:06:21.100 Listen to this.

00:06:22.900 The Federal Reserve Act requires reserve banks to remit excess earnings to the U.S. Treasury.

00:06:30.100 So, here's what happens.

00:06:32.040 After they pay for their operating costs and the payments of dividends and everything else,

00:06:36.660 anything that is a surplus, and I didn't know this, anything that was a surplus for the Fed goes to the U.S. Treasury.

00:06:46.580 Now, when they don't have, uh, any profit, they, they have a deferred asset and recorded.

00:06:56.800 Basically, it's the amount of net earnings the reserve banks will need to realize before they start paying.

00:07:03.220 So, they just go, uh, we were short this amount, so we have to make up this amount before we start paying the Treasury again.

00:07:11.020 Okay?

00:07:12.760 It wasn't said in the press release, um, but the deferred asset is an accounting gimmick

00:07:22.660 which allows the Fed to hide their operating losses on their balance sheet as a negative liability.

00:07:29.220 Nowhere in the statement do they mention operating losses, but operating losses they do have.

00:07:36.640 For the first time since the beginning of the Fed, 107 years, the Federal Reserve just recorded an operating loss in the fourth quarter.

00:07:49.180 A three-month period.

00:07:51.780 The Fed lost $15 billion.

00:07:55.540 $15 billion, okay?

00:07:58.060 Now, remember, this is the bank of last resort.

00:08:03.520 The Federal Reserve is the world's, pretty much the world's bank, because we're the ones directing pretty much all of the Western central banks.

00:08:16.520 We're the ones spreading our wealth out.

00:08:19.260 We're the ones rescuing everybody else, and the Fed is the one that is selling the Treasuries.

00:08:27.280 They're selling the bonds.

00:08:29.560 So, if I'm a sovereign fund, I've bought all that debt, and I have a Treasury bond.

00:08:37.360 Okay, when the bonds go bad, like they just did, who picks up the bill?

00:08:46.860 The Federal Reserve.

00:08:49.140 Okay.

00:08:50.420 So, they, for the first time, are losing money, which means that we aren't getting the money.

00:08:59.960 And I'll get back to that.

00:09:01.800 This past year, when inflation spiked to a 40-year high, the Fed did what their mandate requires them to do, to raise interest rates to combat inflation.

00:09:12.440 The Fed raised rates seven times.

00:09:15.920 This is the fastest rate hike in history.

00:09:19.460 Totally predictable, the article at Seeking Alpha says.

00:09:24.980 The rise in short rates due to the Fed tightening created a negative net interest margin.

00:09:30.740 With $8.5 trillion on their books.

00:09:36.120 $8.5 trillion that we know of.

00:09:39.980 They have $8.5 trillion in fixed rate bonds, earning 2.0%.

00:09:46.940 The cost of the Fed's variable rate liabilities, $5.7 trillion in bank reserves, reserve reverse repurchase agreements.

00:09:57.980 Everything began to rise.

00:09:59.960 The break-even rate is roughly 3%.

00:10:03.260 Okay.

00:10:06.440 Now, the rate is, the rate hike is now up to 4.5%.

00:10:15.440 They're talking about yet another rate hike.

00:10:20.860 The interest margin is negative.

00:10:24.880 And the Fed will continue to book operating losses until the Fed funds rates drop below 3%.

00:10:34.700 Nobody's expecting that to happen.

00:10:36.440 They're not going to bring the Fed rate down below 3%.

00:10:41.000 Now, the net income for the year for the Fed fell to $58.4 billion from $107 billion the year before.

00:10:53.980 That's almost a 50% decline in revenue.

00:10:57.700 And the main reason that their income dropped was the increase in the cost of their variable rate liabilities.

00:11:06.460 This is getting really complex.

00:11:07.020 This is getting really complex.

00:11:09.020 Let me just say this.

00:11:15.620 If you are watching Blaze TV, can you get a shot of this?

00:11:20.340 Maybe you can get a shot of it on my screen here.

00:11:22.800 This is the remittances due to the U.S. Treasury.

00:11:31.260 This is when they make profit, they give money to the U.S. Treasury.

00:11:37.300 Now, this is important because that helps defray our deficit.

00:11:44.180 That goes right directly to our bottom line.

00:11:48.580 So, we have even more money that we owe because the Fed is going under.

00:11:55.460 And I want to show you how much money they're losing.

00:11:59.180 If you look at the chart, you'll see that they're always just above the line giving us some money here and there.

00:12:05.460 Now, you see a straight line down.

00:12:09.080 Al Gore would call it a hockey stick, I believe.

00:12:12.720 Wouldn't he, Pat?

00:12:14.340 Mm-hmm.

00:12:14.740 Kind of a reverse hockey stick.

00:12:16.340 Reverse hockey stick.

00:12:17.360 Okay.

00:12:18.080 So, they are now losing $2.2 billion a week.

00:12:25.760 That's an annual loss of $114 billion.

00:12:28.920 That we know of.

00:12:31.080 And that's if they don't tighten anything.

00:12:33.300 The Fed has a total capital of $42 billion.

00:12:39.420 42.

00:12:41.440 That means they're upside down.

00:12:44.960 This is the bank bailing everyone out.

00:12:51.400 So, that's not good news.

00:12:56.040 Last year, they sent the Treasury $64 billion.

00:12:59.520 When we have a, when, if the Fed starts to fall apart like this, we're the ones that are on the hook.

00:13:08.900 They also have a huge loss in something called the SOMA portfolio.

00:13:18.240 And I'm going to get Carol on here in just a minute.

00:13:23.540 She's going to be joining us in about an hour from now.

00:13:25.960 And she is, she can break all of this stuff down.

00:13:31.020 But the loss at year end, just in that, is $1.1 trillion.

00:13:41.000 So, the bank, the bank of the banks, is in trouble.

00:13:50.840 If bonds are the problem, can somebody tell me how many of our banks are holding those bonds?

00:14:00.760 Because the Federal Reserve itself can't make money now because of the bonds.

00:14:10.480 We are, I think, at the beginning of this.

00:14:15.360 We are not at the end.

00:14:18.680 The only thing that they will have, they'll be able to do, is print more money.

00:14:31.660 What's that going to do?

00:14:33.260 You can't raise the rates because we focused on the United States government

00:14:39.280 not being able to meet the obligation of the interest on our debt.

00:14:46.680 Little did I think, or many people think,

00:14:50.160 wait a minute, what happens to the value of all of that really safe place to park your money?

00:14:57.440 What happens to that?

00:14:59.780 It's already lost 25%.

00:15:02.300 If they keep raising the rates, the banks will lose even more money.

00:15:09.280 But if they don't raise the rates, your inflation rate will go up.

00:15:16.320 Why?

00:15:16.920 Because we won't stop spending.

00:15:22.240 The federal government, Joe Biden, just said his next budget, he's asking for $6 trillion.

00:15:33.680 $6 trillion.

00:15:36.180 So if the Federal Reserve has to create new reserves, print more money just to meet their

00:15:46.880 obligations, let alone printing money to meet our obligations, and more people are backing

00:15:54.360 out of treasuries, are you beginning to see how deep this problem really is?

00:16:01.820 More in a second.

00:16:05.580 First, let me tell you about Relief Factor Sleep.

00:16:08.640 After that monologue, you going to sleep tonight?

00:16:13.000 Let me recommend Relief Factor Sleep.

00:16:16.000 I absolutely hate taking any kind of sleeping medication at all because it just whacks you

00:16:24.760 out the next day.

00:16:26.080 I'm just not clear.

00:16:27.900 It just, it's the only thing, it's the only drug that seems to just stay in my body for

00:16:33.440 a while.

00:16:35.320 Relief Factor Sleep is not a drug.

00:16:37.660 It's a lot like Relief Factor, the pain reliever.

00:16:41.380 It is healthy sleep, reducing anxiety and distress.

00:16:46.580 It improves mood, promotes relaxation, and it does not whack you out.

00:16:52.700 You can take it and it's natural and the next morning you just feel, you just feel refreshed.

00:16:58.820 You don't notice that you had anything in your body.

00:17:01.660 Unleash the power of a great night's sleep.

00:17:05.420 Call 800-4-RELIEF.

00:17:07.420 That's 800-4-RELIEF.

00:17:09.660 Or go to relieffactor.com.

00:17:11.760 Dream big, sleep tight.

00:17:13.420 It's relieffactorsleep at relieffactor.com.

00:17:18.000 10 seconds, station ID.

00:17:19.060 I want to get into more of that with Carol Roth, because she'll be able to really explain

00:17:35.400 all of this, but this is something that you need to be aware of.

00:17:39.380 So, I don't know if you saw this, Pat, but the New York Times and the German newspaper

00:17:49.020 Die Zeit have published stories now on the Nord Stream bombing plot.

00:17:57.700 And I just want to go over, you know, we heard that, well, we think we know what it is, New

00:18:05.860 York Times, they have reviewed newly collected intelligence, and they say that a pro-Ukrainian

00:18:16.880 group carried out the attack on the pipeline, okay?

00:18:20.920 And they were opponents of Vladimir Putin of Russia, but they don't know who directed or

00:18:27.960 paid for the operation.

00:18:29.260 So, that's, I mean, that's pretty damning.

00:18:33.440 Although, I will say, in the same report, U.S. officials declined to disclose the nature

00:18:40.220 of the intelligence, how they got the intelligence, any of the details of the intelligence, or the

00:18:49.340 strength of the evidence that it contains.

00:18:52.400 Huh.

00:18:53.120 Yeah.

00:18:53.800 So, it's pretty solid.

00:18:54.960 It's a pretty solid case.

00:18:57.000 Yeah, I would say it's really, it's really solid.

00:19:00.520 According to the investigation, they say it was a yacht rented from a company based in

00:19:06.860 Poland, apparently owned by two Ukrainians.

00:19:09.420 According to the investigation, the secret operation at sea was carried out by a team of

00:19:14.540 six people, said to have been five men, one woman.

00:19:18.820 The group consisted of a captain, two divers, two diving assistants, and a doctor.

00:19:25.940 And they transported the explosives to the crime scene, placed them there, and then blew

00:19:33.460 things up.

00:19:35.480 How do they know that detail, but they don't know who the group is?

00:19:38.320 Well, they also know that they use professionally forged passports.

00:19:42.060 Okay.

00:19:42.620 Okay.

00:19:43.000 But, again, they don't know who it is.

00:19:46.640 They don't, yeah, they can't comment, they won't disclose the nature of the intelligence,

00:19:52.120 how it was obtained, any details, or even the strength of the details here.

00:19:59.060 But they do know that it's a pro-Ukrainian group who took a yacht from Poland.

00:20:06.660 They don't really know.

00:20:08.920 Okay.

00:20:09.660 You know, they said, we're still looking in to make sure it was a Ukrainian group.

00:20:17.320 But if it was, their intelligence, which they have low confidence in, all of this intelligence,

00:20:28.240 they say if it was Ukrainians, they did it without the government's knowledge.

00:20:33.620 Well, naturally.

00:20:34.620 Sure.

00:20:34.860 That goes without saying, doesn't it?

00:20:36.620 Right, right.

00:20:37.320 They also said that they can't rule out a false flag operation to blame pro-Ukrainian

00:20:43.520 troops.

00:20:44.120 Oh, so it could be somebody else entirely.

00:20:46.560 Yes.

00:20:47.320 You know, that makes me suspect the Zimbabweans.

00:20:52.080 I think it was Zimbabwe who was behind this.

00:20:54.360 Really?

00:20:54.880 I do.

00:20:55.680 Do you have any evidence?

00:20:56.840 That's based on, well, I can't tell you what kind of evidence or why I'm basing it on that

00:21:02.880 evidence.

00:21:03.500 Right.

00:21:04.000 Or necessarily why Zimbabwe would be involved in this in any way.

00:21:09.800 Sure.

00:21:09.940 So it's pretty solid intelligence that I have, but that's what I'm basing it on.

00:21:15.060 Okay.

00:21:15.360 So now they said we should be very clear that we know very little.

00:21:22.440 The group remains a mystery to us.

00:21:25.280 Yeah.

00:21:25.440 Uh, and it's mysterious, not just to us, but also the U S government officials that they

00:21:31.560 have spoken to, uh, you know, they, they know that the people involved were either Ukrainian

00:21:36.540 or Russian or a mix or a mix or a mix.

00:21:40.820 All right.

00:21:41.320 They also could be anti-Putin and pro-Ukraine, but they're not sure.

00:21:47.660 Or they might be pro-Putin and anti-Ukraine.

00:21:50.160 Yeah, they might be.

00:21:51.080 They might be.

00:21:51.340 They might be.

00:21:51.940 What about the Zimbabweans?

00:21:53.340 Where do they, where do they?

00:21:54.440 I do know that there were, uh, three of them.

00:21:58.400 Uh-huh.

00:21:58.840 One was a, uh, trans woman.

00:22:02.220 Okay.

00:22:02.680 Another was a Catholic nun.

00:22:05.540 Okay.

00:22:05.840 So do you have, do you have like video?

00:22:07.940 How did you, I mean.

00:22:08.960 I just, I can't tell you where my source is or who it is or why they told me anything,

00:22:15.520 but I have, I have a really high confidence in the low quality that I was provided.

00:22:20.440 Okay.

00:22:21.020 So.

00:22:21.440 You didn't even get to the real story because I believe it was chicken scuba divers.

00:22:26.320 Oh, wow.

00:22:26.740 That went there.

00:22:27.120 It's definitely not the United States.

00:22:28.780 Wow.

00:22:29.240 No.

00:22:29.660 Definitely not.

00:22:30.280 It's not us.

00:22:30.780 No.

00:22:31.340 No.

00:22:31.640 We wouldn't do that kind of thing.

00:22:32.040 And we had nothing to do with Wuhan, the labs there either.

00:22:34.400 No.

00:22:34.840 Nothing.

00:22:35.580 Nothing.

00:22:36.480 I don't even know why you brought that up.

00:22:38.080 Well.

00:22:38.380 Well, just to give some credibility to the chicken scuba divers.

00:22:43.600 Okay.

00:22:44.040 The Glenn Beck program.

00:22:45.160 They're very anti-Putin.

00:22:47.860 Anyway, let me tell you about Patriot Mobile.

00:22:50.220 Have you had enough yet?

00:22:51.760 As an American, how are you feeling about, you know, everything?

00:22:55.600 How about all of these big companies that are raking in millions of dollars, sometimes billions of dollars, while publicly hating the country and talking us to a cliff?

00:23:07.640 I love that.

00:23:08.360 Don't you?

00:23:09.400 Oh, it's fantastic.

00:23:10.940 It's no chicken scuba diver, but it's pretty great.

00:23:13.600 It's pretty great.

00:23:15.200 Patriot Mobile is there.

00:23:16.300 They're the only Christian conservative wireless provider.

00:23:20.380 They offer deplorables like you.

00:23:23.520 Dependable nationwide coverage on all three major networks.

00:23:26.760 So you're not giving up any coverage.

00:23:30.220 The 100% U.S.-based customer service team will make your switching easier.

00:23:36.000 They also support free speech, the sanctity of life, the Second Amendment, our military first responder heroes.

00:23:43.600 No need to put up with the woke companies anymore.

00:23:46.080 Switch today.

00:23:47.460 Stand with the people who are standing with you.

00:23:49.220 PatriotMobile.com slash Beck.

00:23:51.280 Or call 878-PATRIOT.

00:23:53.560 878-PATRIOT.

00:23:55.060 Or PatriotMobile.com slash Beck.

00:23:58.000 Promo code Beck.

00:23:59.020 Glenn Beck, Stu Bergear, Steve Dase, Chad Prather, and me, Pat Gray.

00:24:02.700 Listen to all your favorite conservative voices at BlazeTV.com.

00:24:06.800 Promo code will not be censored.

00:24:13.600 Welcome to the Glenn Beck program.

00:24:28.000 Uh, I don't know if you saw this story, uh, yet.

00:24:32.480 Uh, January 6th attorney alleges the FBI criminally altered evidence.

00:24:39.360 And they are asking now that a special master review the leaked messages.

00:24:44.200 Um, they were, they had on the stand special agent Nicole Miller, who is involved in the agency's investigation of the January 6th defendants.

00:24:53.460 When cross-examining, uh, Nick Smith, the attorney representing the Proud Boys member, um, revealed classified FBI emails that were hidden in a tab in an Excel spreadsheet,

00:25:07.480 which includes a directive to Miller to destroy 338 pieces of evidence and edit out an FBI agent from an informant report.

00:25:19.540 Uh, isn't that a federal crime?

00:25:24.360 Wow.

00:25:26.680 Wow.

00:25:27.300 I would have thought so.

00:25:28.280 Yeah.

00:25:28.700 Mm-hmm.

00:25:28.980 Yeah.

00:25:29.400 Well, the judge is looking into it.

00:25:31.080 He's not sure that it, uh, you know.

00:25:33.300 We don't want to be too hasty.

00:25:34.020 We don't want to be hasty.

00:25:35.260 I mean, how many pieces of evidence can you destroy before it becomes a real problem?

00:25:39.760 I mean, what's 338 between friends?

00:25:42.420 Probably virtually nothing.

00:25:43.420 That is, we, what is it going to take to wake our neighbors up?

00:25:48.680 I don't know.

00:25:49.340 My gosh, people, the country is completely out of control.

00:25:54.560 By the way, uh, I have to correct myself.

00:25:57.640 I, I said that the, uh, budget, uh, from Biden is $6 trillion.

00:26:02.620 Pat corrected me.

00:26:04.000 It is 6.9, but that's just, I'm used to, I'm used to talking to my wife.

00:26:08.860 You know what I mean?

00:26:09.320 I'm going, honey, it's only six.

00:26:11.060 It's rounded down.

00:26:11.360 Yeah, it's only $6 trillion.

00:26:13.040 You know, you don't say the seven number or the $6.9 because she immediately rounds up.

00:26:18.040 It's $7 trillion.

00:26:18.820 I'm like, it's in the sixes.

00:26:20.440 Six trillion.

00:26:21.620 That's it.

00:26:21.940 And besides, it's a measly $900 billion difference.

00:26:24.780 That's just a little more than TARP.

00:26:26.860 Right.

00:26:27.240 Okay.

00:26:27.780 And that's nothing now.

00:26:29.800 That's nothing.

00:26:30.360 Um, so the Department of Defense's comptroller believes that it is only a matter of time, uh, that the, uh, Pentagon budget is over a trillion dollars.

00:26:44.320 It's already, I think, $875 billion in the budget, but they're having a hard time making ends meet, uh, and, uh, and they have a lot of things that they have to rebuy.

00:26:58.320 So Pentagon's budget, trillion dollars.

00:27:01.640 Hey, I was just thinking about something completely unrelated.

00:27:05.200 Do you remember when Ronald Reagan, uh, you know, kind of was threatening war and, uh, he was making the Soviets all crazy and they were like, we've got to get in there.

00:27:16.820 We've got to build a bunch of new stuff cause Reagan's going to destroy us.

00:27:21.200 And then they collapsed financially.

00:27:22.560 I do remember that.

00:27:23.680 Yeah.

00:27:24.120 Yeah.

00:27:24.340 Yeah.

00:27:24.520 I don't know what made me think of that, but trillion dollars a year now in our defense budget.

00:27:30.380 And, and the Pentagon is trying to find ways to buy massive amounts of ammunition.

00:27:40.560 Cause we don't, we don't have enough ammo right now.

00:27:43.520 Well, we depleted ours, um, by giving it to Ukraine.

00:27:47.620 Yeah.

00:27:48.120 Yeah.

00:27:48.320 Yeah.

00:27:49.060 So it used to be that my theory was, I, I'm almost okay with any amount you spend on the military because it's so important.

00:27:57.500 Our defense is critical.

00:27:59.360 Yeah.

00:27:59.460 However, in this particular case where we're giving everything to Ukraine and sparing nothing, including if it makes us weaker, then I think it might be a little bit of a problem.

00:28:10.500 Yeah.

00:28:10.780 We don't, we don't have tactical missiles.

00:28:13.160 Um, yeah.

00:28:13.720 Cause we gave them to Ukraine.

00:28:15.040 Yeah.

00:28:15.500 Yeah.

00:28:16.020 We, we need $5.6 billion for ammunition.

00:28:21.160 Um, and I'm sorry, that's, I'm sorry.

00:28:24.300 Uh, that's what the administration has budgeted, but apparently we need, I don't know, like a billion dollars more, uh, for ammunition.

00:28:34.300 Uh, and that's just for the bullets, you know, forget the fact that our howitzers have no shells.

00:28:40.120 Now we are literally out of howitzer shells.

00:28:44.560 Why would you need howitzer shells?

00:28:46.800 We're going to shoot with them.

00:28:47.940 Right.

00:28:48.360 Come on.

00:28:48.800 We're not at war.

00:28:49.640 We're not at war.

00:28:50.160 Nobody's threatening war.

00:28:51.560 Right.

00:28:52.040 You know, that's crazy.

00:28:54.200 It's a proxy war.

00:28:55.920 And the Russians don't know that.

00:28:59.160 They don't know we're helping the Ukrainians.

00:29:01.360 No, they have no idea.

00:29:03.440 By the way, speaking about being flush with money, um, you know, the president came out yesterday and he said the economy is great.

00:29:13.320 In fact, here he is.

00:29:14.400 Cut to please.

00:29:15.840 Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe.

00:29:23.920 Oh, and I do.

00:29:24.540 Your deposits will be there when you need them.

00:29:26.720 Yeah.

00:29:27.060 Small businesses across the country that deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills.

00:29:35.980 And their hardworking employees can breathe easier as well.

00:29:38.720 Isn't that great?

00:29:40.820 I am so, I mean, I have confidence now.

00:29:43.980 Do you?

00:29:44.120 I am stuffed with confidence.

00:29:45.460 I couldn't have another bite of confidence.

00:29:47.880 I am just, I have to push away from the table and loosen my belt a bit.

00:29:51.220 And it's just based on that, right?

00:29:52.440 Oh, just based on what you just heard.

00:29:53.700 Well, that and, I don't know if you saw the end.

00:29:56.260 Here he is at the very end of his speech, uh, just walking away.

00:30:00.040 And when he walks away, it just, again.

00:30:04.380 Fills you with confidence.

00:30:05.240 I can't have another bite.

00:30:07.580 Here it is.

00:30:08.200 President, what do you know right now about why this happened?

00:30:10.960 And can you assure Americans that there won't be a ripple effect?

00:30:13.080 Do you expect other banks to fail, Mr. President?

00:30:16.260 Should all depositors be protected at all banks?

00:30:19.220 I mean, that's a nursing home exit.

00:30:22.060 That's a nursing home exit.

00:30:23.560 That is a nursing home patient getting up and going, I gotta go party.

00:30:28.340 And walk into the little bathroom there in the room.

00:30:31.720 It's beautiful.

00:30:33.340 Seriously.

00:30:34.180 Seriously.

00:30:34.620 By the way, he said that, don't worry, the FDIC is going to cover all this.

00:30:39.660 Because banks pay into that.

00:30:41.740 And they have almost unlimited funds.

00:30:44.060 Well, no.

00:30:45.160 No.

00:30:45.840 They have $128 billion on hand.

00:30:49.860 Okay.

00:30:50.220 Okay.

00:30:50.420 But the deposits at these banks are $264 billion.

00:30:58.920 So they're a little short.

00:31:00.560 A little short.

00:31:01.560 Signature had $88.6 billion.

00:31:05.040 Silicon Valley Bank has $175.4 billion.

00:31:10.460 And FDIC has $128.

00:31:14.820 So I'm not good at math.

00:31:17.120 But I think, I feel secure.

00:31:21.400 Brimming with confidence right now.

00:31:22.660 Brimming with confidence.

00:31:23.220 I really am.

00:31:23.900 It's not going to cost you a dime.

00:31:26.080 No, right.

00:31:26.440 The FDIC is going to cover it.

00:31:27.340 They're going to take care of it.

00:31:28.260 Yeah.

00:31:28.620 Now, let me ask you, Pat.

00:31:30.160 When another bank collapses, okay, and the FDIC just spent all of their cash.

00:31:40.140 Yeah.

00:31:40.500 On the first two?

00:31:41.480 On the first two.

00:31:42.060 How do they bail everybody else out?

00:31:46.340 Well, I'm sure the taxpayers won't have to, you know, we won't have to carry any of that

00:31:50.940 burden.

00:31:51.340 Really?

00:31:51.740 Yeah.

00:31:51.960 I'm brimming with confidence on that.

00:31:53.960 Because he said the banks are fine.

00:31:55.840 Okay.

00:31:56.540 And that was due to the very swift action that his administration took.

00:32:01.240 I could see the urgency in his step as he was walking away.

00:32:05.260 Yeah.

00:32:05.720 Yeah.

00:32:06.020 So where do they get that money?

00:32:08.580 The FDIC money?

00:32:10.380 Yeah.

00:32:11.100 The new money.

00:32:12.460 Magic fairy dust.

00:32:13.740 Really?

00:32:14.260 Yeah.

00:32:14.580 Really?

00:32:15.060 Yeah.

00:32:15.340 Wow.

00:32:15.720 That's great.

00:32:16.840 You know what?

00:32:18.120 I really...

00:32:19.960 This is a growth industry, and it's going to sound crazy, but I just want to give you

00:32:23.640 a tip.

00:32:24.420 If you're looking for a job, get into the business of selling green ink.

00:32:30.220 Because I have a feeling, at least for a short period of time, green ink is going to be really

00:32:38.040 super needed.

00:32:39.720 And then they'll probably not use green ink anymore.

00:32:43.680 We'll just have it, I don't know, sewn into our forehead or something like that.

00:32:50.680 Yeah.

00:32:50.960 The wrist would work, too.

00:32:53.460 Yeah, it would.

00:32:54.720 Your wrist, your forehead.

00:32:55.980 It would.

00:32:57.300 It would.

00:32:57.960 Hey, some more good news.

00:33:00.680 Government agencies.

00:33:02.860 Government agencies that were definitely not doing anything in the Wuhan lab.

00:33:10.560 They weren't doing anything, let alone gain of function.

00:33:15.060 Gain of function is, like, so crazy.

00:33:17.940 I don't even know what that is.

00:33:19.300 You'd think that, you know, you'd play, oh, they're doing a gain of function.

00:33:23.800 No, we weren't doing that.

00:33:25.600 In fact, we weren't doing anything with Wuhan and the lab.

00:33:30.500 Except CBS News has just obtained records that appear to show the U.S. government may have been paying for projects in Wuhan.

00:33:45.360 Some of those research projects may be tied to labs implicated in the lab leak of the COVID-19 origin theory.

00:33:55.800 Now, here's the exciting news.

00:33:58.440 It looks like we are so efficient that when they billed us, the NIH paid the bill, but so did USAID.

00:34:11.880 They were both like, let me pay it.

00:34:13.960 No, I'll get the check.

00:34:14.860 You get the check.

00:34:16.060 You get the check next time.

00:34:17.360 No, I want to pay it.

00:34:18.420 And they ended up both paying it.

00:34:20.640 So we paid twice.

00:34:23.340 Wow.

00:34:23.820 For, you know, it's just double billing.

00:34:28.540 And it's the government.

00:34:31.960 Former federal investigator said it is concerning.

00:34:39.200 It's a powerful statement.

00:34:40.680 Yeah, it is concerning.

00:34:42.300 I would use.

00:34:43.340 I mean, we are.

00:34:44.860 We are.

00:34:45.500 We are talking about something that involves, you know, a deadly disease and risky research.

00:34:51.540 But and millions of people having died.

00:34:53.840 Yeah.

00:34:54.260 Yeah.

00:34:54.540 But world over.

00:34:55.720 She is right.

00:34:57.240 It is concerning.

00:35:01.220 All right.

00:35:01.980 Let me tell you about American financing.

00:35:03.680 Uh, now seem like a really good time not to owe money to anyone.

00:35:10.260 Bueller.

00:35:11.860 It's, uh, it's difficult just keeping track of all of the directions our money is moving

00:35:18.160 away from us, not to mention how much more of it is moving these days.

00:35:22.880 If you've got debts, especially if you have credit card debts with high interest, you've

00:35:27.980 got to get yourself a break.

00:35:30.180 Refinancing of your mortgage might sound scary, um, but it, it could lock you into a much,

00:35:36.980 much lower interest rate and help you pay off a ton of debt.

00:35:40.640 And this is where American financing comes in.

00:35:43.260 If you pay down your credit cards, you are going to stop paying 21% interest.

00:35:48.820 You're going to be paying a lot more than that in the end, uh, 21% interest.

00:35:53.460 How are you going to pay that off?

00:35:54.380 You have $10,000 in, uh, credit cards and they are at 21% interest.

00:36:01.120 It's going to take you about 10 years to pay that off.

00:36:03.940 Look, you could end up being able to pay it all off, delay up to two mortgage payments

00:36:09.480 and close in as little as 10 days, please no obligation.

00:36:13.680 Just call them at 800-906-2440 and see if they can help American financing, 800-906-2440

00:36:22.040 or go to Americanfinancing.net.

00:36:24.860 American financing, NMLS 1-823-34, www.nmlsconsumeraccess.org.

00:36:31.560 This is the Glenn Beck Program.

00:36:33.280 Remember that song, uh, things that make you go, hmm, I think this is one of those.

00:36:58.000 California Governor Gavin Newsom, facing pushback as state lawmakers, California lawmakers,

00:37:07.900 progressive crazy-ass Democrats in California, began demanding details of his nearly $1 billion

00:37:16.180 deal to receive 200 million masks per month from a Chinese factory.

00:37:24.760 Now, I don't know about you, but as the world is clamoring for masks right now, I can understand

00:37:33.080 this, you know, uh, now that the world is clearly understands the masks make no difference

00:37:41.420 at all.

00:37:42.360 I can see why he's like, we got, we have to have 200 million masks a month coming into California

00:37:49.660 a month.

00:37:51.180 So, he won't talk about the deal, um, and, uh, you know, his advisors won't talk about

00:37:59.420 the deal.

00:38:00.180 The Los Angeles Times, uh, just, you know, they said, this, this deal is with the Chinese electric

00:38:07.600 car company called BYD, which stands for build your dreams.

00:38:12.460 Oh, that's beautiful.

00:38:13.400 And that's what they're doing in China is building dreams.

00:38:15.820 Your dreams to have a mask.

00:38:16.900 Right.

00:38:17.460 Uh, BYD formed in 95, it was making batteries and then Warren Buffett got involved.

00:38:24.340 He owns 25% of this company and it's one of the largest electric car makers, uh, and just

00:38:30.100 partnered with Toyota.

00:38:31.800 So, and they, they're doing a joint venture for electric car batteries.

00:38:36.040 And he paid them, um, a billion dollars for 200 million masks.

00:38:45.640 Now you could say, Glenn, that doesn't make a lot of sense.

00:38:48.840 Hey, car seats, they have fabric masks have fabric.

00:38:53.440 It's the same thing.

00:38:54.320 Yeah.

00:38:54.720 Okay.

00:38:55.200 Um, they're kind of going under a bit.

00:38:57.960 They saw a 42% drop in profits, um, from, uh, 2019.

00:39:04.560 And so they took one of their facilities and, uh, they transformed it into the world's largest

00:39:12.560 mass produced face masks plant.

00:39:15.240 They make 5 million masks per day.

00:39:18.980 Uh, and they said this, this is their fight against the spread of coronavirus, which.

00:39:24.100 Well, it's, I mean, as you said, the masks have been proven to be so, so non-effective.

00:39:31.480 So I'm not sure why they need 200 million masks a month.

00:39:38.180 Um, oh, by the way, this car company, they do have, uh, just a little factory in California,

00:39:45.180 uh, you know, employs a thousand people.

00:39:47.980 So he might want to, you know, Hey, let's keep these people employed, which I would prefer

00:39:52.940 giving everyone 10, you know, those thousand employees, give them all $10 million.

00:39:57.780 Let's call it.

00:39:58.880 Let's just call it.

00:39:59.740 You know what?

00:40:00.620 Close the factory.

00:40:01.480 Keep it open.

00:40:02.140 Let's give you, we'll save money.

00:40:04.400 We'll save money.

00:40:06.620 Um, but, uh, I don't know.

00:40:09.920 Hmm.

00:40:11.160 One of those things that make you go.

00:40:14.260 Hmm.

00:40:16.340 And there's so many of those.

00:40:17.700 So many money saving projects from this administration that you're just, you sit back and you're really

00:40:24.520 proud because yeah, the mask thing has been really good for us.

00:40:29.580 Yeah.

00:40:29.940 And yeah, yeah.

00:40:32.620 Um, uh, so, uh, um, the, we have a, uh, a college in Cupertino.

00:40:41.060 What else is in Cupertino?

00:40:42.980 Oh, Apple.

00:40:43.840 So we have a college there, uh, and, uh, the director of the office of equity, social

00:40:51.120 justice, and multicultural education, uh, has been fired because, uh, she questioned

00:40:58.900 the institution's woke anti-racism and diversity and equity and inclusion initiatives.

00:41:06.340 Huh.

00:41:06.920 Kind of bigot, was she?

00:41:07.960 I know.

00:41:08.300 And she also declined to join the socialist network.

00:41:14.160 So, I mean, you can't have that.

00:41:16.740 No.

00:41:17.000 She doesn't want equity?

00:41:18.300 No.

00:41:18.600 She doesn't want equality?

00:41:19.640 She doesn't want socialism?

00:41:20.880 Right.

00:41:21.320 What?

00:41:21.820 Huh.

00:41:22.100 We're all socialists now.

00:41:23.860 Exactly.

00:41:25.400 Exactly.

00:41:26.080 So, I think that's, uh, I think that's good.

00:41:29.940 California, you are on the right track, baby.

00:41:34.180 In the 1960s, 95% of the clothing Americans bought was made here in America.

00:41:42.300 Now, 97% is made overseas.

00:41:45.540 Complete reversal.

00:41:47.480 I want to welcome American Giant back as a sponsor this year.

00:41:50.640 American Giant is all about American workers and the products that they make.

00:41:55.720 It's about good-paying jobs that allow people to take pride in their hard work.

00:42:00.200 It's about America being independent.

00:42:02.640 They began in 2012 when a clothing factory in North Carolina was going to shut down.

00:42:07.380 They worked with the factory and invested in new machinery, and they now make some of

00:42:12.280 the best clothing.

00:42:13.340 The best hoodie you will ever, ever own.

00:42:16.680 You will pass it on to your kids.

00:42:19.440 Buy American today.

00:42:21.280 American-giant.com.

00:42:23.960 It's American Giant.

00:42:24.980 American-giant.com slash Glenn.

00:42:28.740 Make sure you add the slash Glenn for all kinds of specials.

00:42:33.060 We got no room to compromise.

00:42:49.700 We got to stand together.

00:42:51.700 It's the course of mine.

00:42:53.200 What you're about to hear is the fusion of entertainment and enlightenment.

00:43:12.040 This is the Glenn Beck Program.

00:43:16.880 So much.

00:43:21.520 So much to talk about with Carol Roth.

00:43:25.120 She is a former investment banker, but she speaks the language of Main Street and cares

00:43:30.940 about Main Street over Wall Street.

00:43:33.820 Are we at the end of this?

00:43:36.300 Are we at the beginning of something bigger?

00:43:38.140 What happened to Silicon Valley Bank for the English?

00:43:45.020 Did they actually buy this bank for a pound?

00:43:49.120 Is it the same bank?

00:43:51.820 What is happening?

00:43:53.780 Also, bailing out by using the FDIC.

00:43:58.840 The FDIC is now out of money, and it didn't even cover what they bailed out.

00:44:04.860 So, who's stuck with that bill?

00:44:08.840 Oh, and if treasuries were the problem, aren't all banks kind of in the same boat?

00:44:16.960 Isn't even the Fed in the same boat?

00:44:20.420 And all of our allies that buy treasuries?

00:44:23.840 We go there with Carol Roth in 60 seconds.

00:44:27.920 Every time you hear about one of those massive data breaches in the news,

00:44:31.640 you should breathe a sigh of relief that you weren't one of the victims.

00:44:36.420 Don't worry about things that you really don't have time to deal with.

00:44:42.760 This is why LifeLock is here.

00:44:44.500 Now, LifeLock can't stop everything,

00:44:46.240 but they do a much better job of monitoring your data than you can ever on your own.

00:44:51.760 Cybercrime is going up and becoming a bigger and bigger problem

00:44:55.500 because everything we do is online.

00:44:58.600 Get 25% off a subscription to LifeLock now, top of the line in cybersecurity,

00:45:03.120 both preventative measures to keep you safe,

00:45:05.200 and access to a restoration team if you do end up having your information hacked into.

00:45:09.540 Nobody can prevent all identity theft or monitor all transactions in all businesses,

00:45:13.480 but you can protect what's yours with LifeLock by Norton.

00:45:17.780 Join now and save up to 25% off your first year with the promo code BECK,

00:45:22.420 1-800-LIFELOCK, 1-800-LIFELOCK, or lifelock.com.

00:45:26.300 Make sure you use the promo code BECK, 1-800-LIFELOCK, or lifelock.com.

00:45:32.120 Carol Roth, welcome back.

00:45:34.500 Hi, Glenn.

00:45:35.400 What a crazy couple of days here.

00:45:38.240 Never ceases to amaze, does it?

00:45:40.520 No, it really doesn't.

00:45:42.940 First of all, let me get your reaction.

00:45:45.940 We spoke on Friday, on the Friday exclusive that I do for Blaze TV,

00:45:50.980 and this story was just breaking.

00:45:53.860 Correct.

00:45:54.920 So they bailed everything out with the FDIC,

00:45:58.720 but this isn't just the depositors that they bailed out.

00:46:05.000 I'm for FDIC, covering depositors.

00:46:09.400 But they just changed the law with a stroke of a pen, did they not?

00:46:16.200 I mean, you had $400 million in that bank.

00:46:20.220 It says clearly on the door, deposits up to $250,000.

00:46:25.160 Yeah, you know, it's funny.

00:46:26.580 I have a different take on this than a lot of people that I've been talking to,

00:46:31.720 some friends and colleagues.

00:46:33.180 You know, they did not do what I would consider to be a full bank bailout.

00:46:39.000 They did not protect the shareholders.

00:46:41.380 They showed management, the door.

00:46:44.040 So, you know, the people who should be taking on risk took on the risk.

00:46:48.240 In terms of the depositors, I mean, you could say,

00:46:51.880 oh, why should these, you know, tech companies be saved?

00:46:54.980 But I challenge people to change the name.

00:46:57.800 If it wasn't called Silicon Valley Bank,

00:46:59.920 if it was called the Small Business Bank of Iowa,

00:47:03.100 would you want those small businesses' money to be at risk?

00:47:07.460 Well, there is a difference in those small businesses.

00:47:12.320 And I'll tell you what the difference is.

00:47:13.960 There's no way in hell this federal government

00:47:17.220 would bail out a small business bank in a red state.

00:47:22.580 I just don't believe it.

00:47:25.180 That may be the case.

00:47:26.700 But at the same time, if you think about the potential contagion effect,

00:47:30.940 and we can use this now as a benchmark to say they've done it before,

00:47:34.760 that God forbid the Small Business Bank of, you know,

00:47:37.080 red state were to fail in the future.

00:47:39.620 But if you think about just the ripple effects,

00:47:42.000 the example I like to use is Etsy.

00:47:44.660 Etsy is a marketplace where artisans and, you know,

00:47:49.160 small entrepreneurs do crafts and they sell them.

00:47:52.220 Etsy had all of their working capital,

00:47:54.440 or not all of their working capital,

00:47:55.540 a large portion of their working capital with Silicon Valley Bank.

00:47:59.240 So if that money were to have gone away,

00:48:02.000 they wouldn't have been able to pay all of the entrepreneurs.

00:48:05.360 The same thing with a payroll company.

00:48:07.480 They had their money with Silicon Valley Bank.

00:48:10.520 And so another company wouldn't have been able to pay their entrepreneurs.

00:48:13.900 So that kind of reverberation throughout the system,

00:48:17.500 and then, you know,

00:48:19.160 not quelling the fears that this could happen again,

00:48:21.720 and potentially taking down not just other regional banks,

00:48:25.820 but having contagions up to big banks,

00:48:28.020 it would have been really bad for everyone.

00:48:31.480 So wait, but wait, wait, wait, wait, wait, wait.

00:48:33.560 I agree with you.

00:48:35.040 I agree with you that it would have been horrendous.

00:48:38.040 Okay.

00:48:39.040 However,

00:48:40.420 I had under the FDIC limit in Silicon Valley Bank for one of my businesses,

00:48:48.360 we ran our payroll through Silicon Valley Bank.

00:48:52.640 I,

00:48:53.480 we never put more than 250 grand in that.

00:48:58.080 We never do it unless we care to lose it.

00:49:01.920 Uh, so why do I have to play by the rules and expect that I'm not going to get something,

00:49:09.440 but all of the big guys will always expect,

00:49:13.440 oh, well, they're going to bail me out.

00:49:14.520 I'm too big to lose.

00:49:15.480 I'm too big to fail.

00:49:17.240 Yeah.

00:49:17.640 I mean, listen, this is, I think, sort of a, an, an expectation sort of game.

00:49:22.780 Um, but the reality is that we didn't want to have that failure happen.

00:49:29.700 And this was a bank that was very different than some of the other failures that had happened

00:49:34.160 before.

00:49:34.700 I mean, this was not about making toxic, uh, loans or derivative products.

00:49:39.960 This was really a liquidity issue that should have never gotten to the panic.

00:49:43.900 And I think that's the bigger issue that the way this was communicated, the hubris.

00:49:48.860 I mean, the fact that the head of Silicon Valley bank sat on the board of directors of

00:49:54.040 the San Francisco fed and didn't anticipate that it might not be a good idea to lock up

00:49:59.720 money for 10 years and treasury.

00:50:01.220 I mean, there are a lot of really weird questions here.

00:50:04.380 And I think we can certainly debate, you know, what, what we should do on a go forward basis,

00:50:09.880 but we have to have faith in the banking system.

00:50:12.660 And for companies to take their cash management and now have to go through paperwork and you

00:50:18.840 chop it up into little blocks so that they can be covered and have this in all different

00:50:23.260 kinds of banks and all different kinds of accounts isn't particularly efficient.

00:50:26.460 So I think that the, I think the insurance program probably needs to be relooked at.

00:50:32.560 But you can't, but you can't just write the rules as you go.

00:50:38.860 That's the problem.

00:50:39.980 They do all the time, Glenn.

00:50:41.300 I know, and it's wrong.

00:50:42.480 This is not the first time that they've done it.

00:50:43.520 And it's wrong to do that.

00:50:46.340 So fundamentally, it is definitely wrong to do that.

00:50:51.780 But if they're going to continue to do it on an ongoing basis, this was not the time

00:50:56.080 to put the flag down and go, nope, this isn't the time that we should do it.

00:50:59.880 That's just, you know, it was a very sort of practical decision.

00:51:02.960 Yes, in principle, we need to fix the underlying system.

00:51:06.620 But as I said, let's not pretend that we have capitalism here in the United States.

00:51:11.020 You've had the Fed who's been interfering.

00:51:12.740 Oh, no, it's not capitalism.

00:51:14.560 From Main Street to Wall Street on a historic basis.

00:51:18.100 Yeah.

00:51:18.240 So, you know, I'm not going to sit and pretend, oh, this was, you know, some affront to capitalism

00:51:22.380 that didn't actually exist.

00:51:24.100 No, the Fed is, you know, the Fed is completely out of control, overstepped.

00:51:28.800 And all of the, you know, the big banks, the really big banks, they are rolling with our

00:51:34.300 cash.

00:51:35.100 And we're rolling and dough.

00:51:36.280 Yeah.

00:51:36.620 Literally.

00:51:36.920 So, so let me go back to the bonds here for a second.

00:51:40.760 They lock these treasuries up for 10 years.

00:51:44.720 And they, when the interest rates go up, they lost about 25% on their bonds.

00:51:52.380 If they tried to sell them in an emergency, they were going to lose 25 cents on the dollar.

00:51:57.640 That's what caused the panic.

00:51:59.340 Because if you lose 25 cents on the dollar, you don't have enough to cover all of all of

00:52:04.700 the things you have to cover.

00:52:05.620 Let me, let me, let me add one other thing that added into the panic, because this was

00:52:09.120 on paper.

00:52:09.900 Should they had held them to maturity, there wouldn't have been no problem.

00:52:13.560 Correct.

00:52:13.900 Like you said, only in an emergency.

00:52:16.120 What happened is that within Silicon Valley, because interest rates were rising and the

00:52:22.280 bank was only paying, you know, a small amount on deposits, you could pull your money out

00:52:26.780 and park it into a treasury bill now and get, you know, 5% without very long duration.

00:52:32.740 So you had more depositors pulling their money out than they had modeled and expected in this

00:52:39.040 rising interest rate environment, as well as probably companies that needed more operating

00:52:43.600 cash because of the economy.

00:52:45.300 So they didn't have that expectation.

00:52:47.680 And that sort of mismatch and saying, oh, wait, we have a liquidity need because we didn't

00:52:53.720 estimate for this.

00:52:54.640 That's what forced them to sell the bonds at that loss and then created this panic.

00:53:00.440 And that's where this boob that is sitting on the Federal Reserve Board in San Francisco.

00:53:07.140 These guys are, I'm convinced these guys are arrogant morons.

00:53:11.760 Um, however, um, how many other banks have put their, uh, their money into longer term treasuries?

00:53:23.880 Oh, I mean, it's throughout the system.

00:53:26.200 And if you think about, so, so wait, wait, wait, wait, wait, wait, go ahead.

00:53:29.920 If you take, you know, bank of America, they also had a situation where they had to take a

00:53:35.840 big loss on selling treasuries.

00:53:37.380 The difference is that they have a large and diversified business.

00:53:42.080 You know, they only had 69% of their liabilities being deposits where Silicon Valley Bank, it

00:53:48.320 was 89%.

00:53:49.460 They have a lot of retail deposits that were under the threshold.

00:53:53.380 They have investment banking and trading and all these wealth management, all these other

00:53:57.120 things.

00:53:57.960 So for them, it wasn't an issue, but on a smaller scale for a bank that, you know, really

00:54:03.680 does rely on that deposit business.

00:54:06.680 And because they had so much of that as these, you know, smaller business deposits that were

00:54:11.280 uninsured, that made it different than it was for, let's say some of these bigger banks

00:54:17.200 or banks that are structured.

00:54:18.840 Right.

00:54:19.400 So, uh, but I mean, I'm looking at banks, uh, like, you know, JP Morgan chase, all of the,

00:54:25.760 they're fine.

00:54:26.340 They got plenty of money and they're going to get all the depositors as the little banks

00:54:31.060 go out.

00:54:32.540 Exactly.

00:54:33.200 Right.

00:54:33.620 So what I'm asking, what I'm, what I'm asking you is how, what gives us any indication that

00:54:42.260 this is, uh, that it's over that we're safe now.

00:54:46.840 I mean, it might be because right now, but this is going to happen again.

00:54:52.400 So that's exactly why they put out the press release that they did, you know, the fed and

00:54:57.840 the treasury and that very comforting statement from our president.

00:55:01.820 I'm sure that gave you all the confidence in the world.

00:55:04.240 I'm stuffed.

00:55:04.980 But that, but that was the point is the reason that, that those depositors pulled out their

00:55:11.140 deposits is because they were worried it wasn't going to be backstop.

00:55:14.260 And if there was this, this liquidity issue that was incurred, oh boy, you know, what are

00:55:19.080 we going to do?

00:55:19.900 So yes, there are other banks who are probably in the same situation, but if their customers

00:55:25.460 don't panic and pull their deposits and they have the time to plug that liquidity hole,

00:55:30.700 um, then that's what that statement was meant to do.

00:55:35.060 Now, it really just depends on the temperament of individuals and businesses.

00:55:39.580 If you believe that, if you believe they're going to step in and backstop, then you're

00:55:43.320 not pulling out the money.

00:55:44.400 These companies can, the banks can deal with it.

00:55:46.860 And if you don't, then we're going to see more of this.

00:55:50.420 Certainly, I think, um, you know, particularly Silicon Valley Bank was different than Silver

00:55:55.300 Gate, um, and Signature that had more crypto exposure.

00:55:59.120 I would imagine those that have more exposure to crypto were probably going to see some additional

00:56:04.720 issues.

00:56:05.320 But Silicon Valley Bank being that second largest bank to fail in history, one of the top 20

00:56:11.620 banks in the U.S., um, systemically important.

00:56:14.520 And as, as you said, obviously plugged in and connected, um, was just a different, a bit

00:56:20.020 of a different animal.

00:56:21.380 But Glenn, I do want to go to that point that you make, because I think this is really huge.

00:56:25.920 Just like they closed down the small businesses during COVID and all of that went over to the

00:56:33.000 big guys, you know, the big guys couldn't really step in there.

00:56:36.400 There's some laws in place about them buying more deposits.

00:56:39.340 But what has happened in letting this play out the way it does is people have just decided

00:56:46.040 to organically move their deposits.

00:56:49.000 So JP Morgan and Citigroup, like they're having a field day, so much so that Jamie Dimon just

00:56:55.520 bought something like $26 million worth of JP Morgan stock because he's doubling down because

00:57:01.660 he knows all of those depositors are rolling in and he did not have to pay a red cent for

00:57:06.660 them.

00:57:06.940 The great consolidation continues.

00:57:09.800 All right.

00:57:10.060 Hang on just a sec.

00:57:11.140 Could you spend the hour with me?

00:57:13.180 Yeah, of course.

00:57:13.620 Because I've got a ton of questions on this.

00:57:17.780 Um, we'll come back in just a second.

00:57:19.580 Certain kind of person out there and you know them when you see them.

00:57:23.180 One that fits into the category of above and beyond.

00:57:26.120 Somebody who is, who they usually just love their job and they love serving people.

00:57:33.040 They love to see their customers really, really happy.

00:57:36.020 Those are the kinds of people that we look for when we're looking for real estate agents,

00:57:42.640 uh, that can represent you when you're buying or selling your home.

00:57:47.140 You need somebody who really loves serving people, has compassion for people and cares about people

00:57:55.900 and wants to do the best for them.

00:57:59.680 That's also the best way to make money.

00:58:01.780 Best way to be successful is just to serve and over serve your customer.

00:58:06.160 Um, because they're, they always go away happy and then you've got more customers coming your way.

00:58:12.460 We look for the people like that who also have the best track record, uh, and they meet our standards and we have pretty high standards to recommend.

00:58:22.760 These people don't work for us.

00:58:24.240 So we don't have any skin in the game on, you know, who we pick and who we don't other than I want to super serve you and give you the best person.

00:58:33.860 Real estate agents, I trust.com is a referral service.

00:58:38.280 Just go there, tell us where you're buying, selling, and we'll get you some, uh, of the best real estate agents in the country.

00:58:45.140 Real estate agents, I trust.com 10 seconds, station ID.

00:59:01.080 Okay.

00:59:01.600 So as the, as the, uh, fed rate goes up, these treasuries are worth less and less.

00:59:13.940 If you have to sell them, correct?

00:59:17.660 Wait, we're missing you.

00:59:19.060 Hang on just a second.

00:59:21.020 Okay.

00:59:21.580 Can you get there?

00:59:22.080 Yeah.

00:59:22.340 Okay.

00:59:23.380 Yeah.

00:59:23.900 So, you know, obviously the, not to get too wonky, but the, the interest rates or the yield on the bond trades in inverse to it.

00:59:31.800 And if you think about it, you know, why would you buy a 10 year that was on the market from a long time ago?

00:59:37.420 That's yielding one point, something percent interest.

00:59:41.200 When you can buy something that's at two years right now, that gives you like, you know, 5% interest.

00:59:46.280 Correct.

00:59:46.660 It doesn't make any sense.

00:59:47.380 So the, so their current value on the market, um, is lower.

00:59:51.320 But again, if you hold them to maturity, if they hold them the 10 years, you still get the full amount of the face value plus the interest.

00:59:58.740 It's just the tradable value today in that interim time period, because there's not a lot of demand.

01:00:05.240 Right.

01:00:05.440 So for any small bank that is holding these, if there's trouble, they could be in trouble just like Silicon Valley bank.

01:00:14.040 Now the FDIC, we were told, you know, that's the insurance.

01:00:19.280 And, and he said, well, don't worry.

01:00:21.760 You don't have to worry about it.

01:00:23.220 The banks have paid into it.

01:00:24.880 Well, they don't have enough money just to cover what they covered, uh, yesterday.

01:00:30.580 So they're already upside down.

01:00:33.020 So that means if we do have runs on the bank in future, you know, near future, they don't have any money, which leads me to believe we will just print the money.

01:00:46.120 Doesn't the, I mean, the inflation rate of what we're doing is crazy.

01:00:52.800 Are we, is this the beginning of the currency death cycle?

01:00:57.680 Well, the currency death cycle began a long time ago.

01:01:02.800 Um, I'd say a couple of things.

01:01:04.040 So from an FDIC standpoint, you know, they are saying we're going to put a fee out to other banks.

01:01:11.620 So when Joe Biden comes out and says the taxpayer is not paying for this, you're not paying for it directly, but you certainly will be, whether it's a lower interest rate on your money or more fees or whatnot, if all the other banks have to go in.

01:01:23.720 What I do think can happen here in the meantime is, you know, with the bank, they're trying to sell off pieces of it, um, and they're trying to find new homes for it.

01:01:35.020 So the FDIC is covering it, it's insurance, if it needs to make it whole, but if somebody else were to buy it or to, you know, buy other assets, there, there's a way to, you know, that that structure sort of happens.

01:01:47.160 And obviously that's the best case scenario.

01:01:49.300 And again, frankly, we should have just never gotten to the point, um, where we had this panic, but you know, the, the idiots, um, didn't, didn't prevail there.

01:01:58.680 You know, should there be a God forbid wide run?

01:02:03.760 Yes.

01:02:04.160 Then, you know, in terms of trying to solve this, it would be money printing, which is again, if I can respond, cause you know, some people did not like what I had to say.

01:02:12.240 That's sort of my point.

01:02:13.660 I, someone's saying I'm a paid show.

01:02:15.740 I'm not, I'm not paid by anybody.

01:02:17.660 I'm saying that we wanted to say, we wanted to stem this because what would happen to everybody, people who were not involved at all,

01:02:27.140 would have cost you a lot more than this, you know, kind of temporary pin here.

01:02:32.400 I don't think people understand, um, the destruction that is coming our way.

01:02:41.200 It's coming.

01:02:42.080 This is going to happen.

01:02:44.280 It's just a matter of when, and people are like, um, you know, I'm fine.

01:02:49.200 Bring it on.

01:02:49.960 No, you really don't understand.

01:02:52.740 You, you should be in a healthy way, terrified of what is coming.

01:03:00.020 And I use the word terrified.

01:03:02.420 Do you remember our grandparents went through something that they, they were 50 years away from, and they were still like, it could happen at any time.

01:03:13.140 That's the kind of pain that America is about to go through.

01:03:17.780 And remember, those people grew up without indoor toilets.

01:03:22.460 Okay.

01:03:22.920 They grew up without all the fancy stuff that we have now.

01:03:26.700 They didn't have that far to fall back.

01:03:29.740 We have an enormous way to go back.

01:03:34.540 You should be terrified of it, um, in a healthy way.

01:03:39.620 All right.

01:03:40.320 When we come back, I, I want to, want to ask you about the Fed itself and the sell, the sale for a pound Silicon Valley bank in UK.

01:03:53.580 What was that all about?

01:03:55.960 Um, back with more Carol Roth in just a second.

01:04:04.340 The Glenn Beck program.

01:04:06.100 Sadly, it, uh, probably comes as no surprise to anyone that even after the overturning of Roe versus Wade, um, abortion is still the number one killer among infants.

01:04:17.020 This is craziness.

01:04:19.460 You want to know one of the reasons we have lost all sense, all sanity, and all morality when we are just killing our children.

01:04:28.920 I mean, it's the least we could do.

01:04:32.260 What do you say?

01:04:33.300 We stop killing children.

01:04:35.780 Dan Steiner, a friend of mine founded the life-saving ministry of pre-born 16 years ago.

01:04:42.780 They have saved over 200,000 babies since then.

01:04:45.840 Now they have partnered with us and we have a new goal just for this audience of being able to save 80,000 babies this year.

01:04:53.260 This, I think, will bring great blessings upon all of our heads.

01:04:58.100 Uh, for $140, you can introduce moms to their babies on ultrasounds and help rescue five babies' lives.

01:05:06.180 When moms see their babies on ultrasound, it changes everything.

01:05:10.840 28 bucks for one.

01:05:12.640 You do five for 140.

01:05:14.900 Help them out in any way you can.

01:05:16.900 Pound 250 keyword baby or preborn.com slash Beck.

01:05:21.640 Check out my show, Pac-Ray Unleashed.

01:05:23.800 Every weekday, 7 to 9 a.m. Eastern Time, live or anytime and anywhere you get your podcast.

01:05:48.400 We're with Carol Roth.

01:05:49.900 Uh, she is the, uh, author of the new book that is coming out this summer, You Will Own Nothing.

01:05:57.680 Um, and, uh, you know, Carol, I want to talk to you about where we were here a second ago.

01:06:04.300 Because I, I think it is important to discuss nuance here.

01:06:10.160 Yes.

01:06:10.720 Um, with, because I am against bailing everybody out.

01:06:17.600 And I know there's a difference.

01:06:19.080 They didn't bail out the, the crooks that were running it or the stupid people that were running it or anything else.

01:06:24.920 They did, they bailed out the people who were doing business with the bank, not the bank itself.

01:06:31.780 Correct?

01:06:32.840 Well, I wouldn't say they bailed them out.

01:06:34.620 They offered to backstop.

01:06:36.480 Yeah.

01:06:36.580 And, and we don't know, we don't know if any of that is going to be required.

01:06:41.720 You know, they're going to go through a process.

01:06:43.780 Right.

01:06:44.020 They're going to look to sell assets.

01:06:45.820 That money is going to be used to cover things.

01:06:48.340 But they stepped in and said, you know, if this needs to be covered, we're going to find a way to spread that out through the banking system.

01:06:55.940 So it doesn't.

01:06:56.500 So, again, this is a highly nuanced discussion.

01:07:00.400 They did not bail.

01:07:01.520 They did not save the bank.

01:07:02.560 The bank closed.

01:07:03.560 They did not save the shareholders.

01:07:05.180 They did not save the management who made the bad decisions.

01:07:08.400 I personally think that they should go back after any of the stock sales that the senior management made in the weeks leading up to this.

01:07:16.480 So it's not that.

01:07:17.540 It's about, you know, not completely burning down the system.

01:07:20.520 And there are some people who say, you know what, we should just light a match.

01:07:23.560 Let's burn down the entire system today.

01:07:25.660 I'm more in the camp of let it burn slowly because there are more people who need to get prepared.

01:07:31.020 And like you said in our previous segment, the amount of carnage that would be happening to everyone, people who are not directly related to this.

01:07:40.140 This is not about the people who are related to this.

01:07:42.400 This is about the contagion effect to everybody else, including the people who are listening to this program.

01:07:48.200 And it is a nuanced discussion about the interconnectedness and, you know, how messed up our financial system is.

01:07:54.800 It is, in the worst case scenario, it is the end of the Western way of life.

01:08:01.020 For at least a while.

01:08:02.840 Yes.

01:08:03.520 And I don't think people really understand that.

01:08:07.640 I was for TARP for about two days.

01:08:10.480 I had a friend who was in the meeting with the Treasury that Sunday night.

01:08:15.120 And he called me and he's a really reasonable, buttoned up, you know, guy.

01:08:21.880 And he was a CFO.

01:08:23.940 And he called me in tears.

01:08:27.080 He was walking home from it in New York.

01:08:29.820 And he said, I'm walking up Broadway and I'm looking at the cars coming down.

01:08:36.020 And he said, I'm looking at the faces of people.

01:08:37.980 They have no idea what's about to happen.

01:08:40.980 And it's funny because I was actually against TARP and against those bank bailouts.

01:08:45.260 Right.

01:08:45.460 Because it was a different situation.

01:08:46.920 Well, I was.

01:08:47.720 Hear me out.

01:08:48.520 I was for it for about two days after talking to him because I saw what was happening and what it meant.

01:08:57.560 And no one was prepared.

01:08:59.540 And I thought, OK, he said to me, Glenn, we're going to slam into the side of a mountain.

01:09:04.620 This will allow us to come down in the trees.

01:09:08.660 But then I realized nobody was actually doing that.

01:09:12.420 They weren't preparing to bring it down.

01:09:14.740 They had another scheme up their sleeve.

01:09:18.520 And that's why I immediately changed my mind.

01:09:20.800 I went, wait a minute.

01:09:21.640 Wait a minute.

01:09:22.000 This is a game being played.

01:09:23.820 Correct.

01:09:24.220 So there's part of me that I want to slow it down in any way possible and land in the trees.

01:09:36.100 However, the more time that goes on, the worse it's going to be, A.

01:09:42.360 B, the more prepared the government is to fall into digital currency and everything else, which is going to be the end of freedom as the world knows it.

01:09:58.800 Yeah, and that's actually my concern, as I've expressed to you before, that having a bank run and having wide bank runs gives the government the perfect cover story for CBDC.

01:10:12.720 They can say, you know, you can't have a bank run if there isn't a bank.

01:10:16.420 So if we control this, then you're completely, you know, quote unquote secure because the government is here to help you.

01:10:22.240 And that just gives them, you know, that crisis to be able to push central bank digital currency, which is the end of freedom and independence and individual rights and property rights here in the United States, which, as we both know, is coming.

01:10:38.700 It's a matter of time.

01:10:40.180 I just want more people to understand this, to get into some level of hard assets, to really be prepared because people are not prepared for this to happen tomorrow.

01:10:50.860 They think that it's just going to be – we haven't seen anything like this since the 1930s, and this is probably more destructive than what we had in the 1930s because of the scale of debt all around the world.

01:11:08.940 Correct, and think about this.

01:11:10.340 You know, the U.S. has been the global center of the universe, the world's reserve currency, for only about 80 years.

01:11:18.280 So people who are alive today have never been in a situation where we have not been in the center of the financial universe.

01:11:26.660 And as that shifts, that's going to have severe implications for the quality of life, for the actions of the government.

01:11:34.040 And, oh, by the way, every time there has been one of these shifts in modern history from the Dutch Empire to the British Empire to the U.S. Empire, there's usually a catalyst for that, which is war.

01:11:45.280 So there are really bad things that go along with the shifting of the financial world order.

01:11:52.420 And you're right.

01:11:53.780 It is going to happen.

01:11:55.280 It's a question of when, not if it's going to happen, but everybody needs to be prepared.

01:12:02.060 And this weekend was not the time for that to happen.

01:12:05.000 I will tell you that I'm always – thank God.

01:12:07.720 I'm always wrong on timing, but direction I'm usually right on.

01:12:12.060 But I really feel that war, collapse, whatever, is coming before the next president is sworn in.

01:12:21.560 Because if I'm China, why wouldn't I do it at our weakest point?

01:12:28.280 One other thing.

01:12:29.520 Did you get the email I sent you from Seeking Alpha?

01:12:34.360 So I did.

01:12:36.580 It's about the – you didn't get a chance to read it?

01:12:39.340 I didn't get a chance to get in there yet.

01:12:40.960 Okay.

01:12:41.280 So it is – for the first time in the Fed's history, they are operating in a loss.

01:12:50.320 The last quarter of 22, they posted a loss of $15 billion.

01:12:56.980 So, usually, all of their profits go to the Treasury, and that helps our deficit.

01:13:04.500 But they are now expecting losses this year of – gosh, what was it?

01:13:11.560 Like $115 billion.

01:13:14.680 And they're kind of in the same kind of situation where we're not getting the money.

01:13:25.360 And then they also said they're carrying a huge unrealized loss in their SOMA portfolio.

01:13:33.000 Do you know anything about that?

01:13:34.260 What does that mean?

01:13:36.380 Yeah.

01:13:36.700 So, I mean, a few things is that the Fed, over time, operates at losses and also at, you know, quote-unquote profits.

01:13:45.060 And like you said, when they have profits, they give it back to the U.S. Treasury, which is why I always laugh when people tell me that the Fed is an independent organization.

01:13:53.280 What independent organization gives their profits when they seem to have them back to the U.S.?

01:13:59.300 Guys, this is all tied in together.

01:14:01.840 In terms of the unrealized losses, I mean, you know the Fed has close to still – like it's over $8 trillion, close to $9 trillion on their balance sheet.

01:14:11.400 That we know of.

01:14:11.960 From this funny money that they've printed from nowhere.

01:14:14.800 Right.

01:14:14.940 And they've gone out in the market and they've purchased, you know, the same kinds of securities.

01:14:18.640 But, again, in terms of unrealized, we've talked about before in terms of tax policy, unrealized doesn't mean anything.

01:14:27.140 It's theoretical.

01:14:27.940 It's only when it becomes realized that it's an issue.

01:14:31.540 And the Fed has no incentive if they have things that have unrealized losses on their balance sheet.

01:14:37.180 They'll just keep them on their balance sheet forever.

01:14:39.280 The bigger issue is the fact that they have anything, let alone that level on their balance sheet and everything that they have done to put us in the situation we are today, to transfer epic amounts of wealth from Main Street, from the working class, from the middle class to Wall Street.

01:14:57.260 I mean, that's the issue.

01:14:58.280 We've got the Fed who, you know, alongside the government, is the arsonist who burns her house down and then is standing there with like a little bucket of water being like, oh, look at me.

01:15:08.160 I'm helping.

01:15:08.960 I'm trying to put this out.

01:15:10.460 I mean, this is the crux of the issue.

01:15:12.580 This is what we need to be addressing systemically if anything is going to change.

01:15:17.900 Their powers, it's not just about abolishing the Fed, which a lot of people are talking about.

01:15:22.640 It's abolishing their powers because the only thing that would be worse than the Fed having these ridiculous powers that they have would be for Congress to take them over.

01:15:32.520 So we have to be very, very specific.

01:15:34.760 We want those powers abolished.

01:15:36.560 We should be letting the market dictate things like interest rates and not having a committee of people play God.

01:15:42.320 The problem that people will say is, well, then you'll have crashes all the time.

01:15:47.100 But the crashes we used to have were very short-lived and the recovery always came back because it is part of the free market to burn out the underbrush that is dying.

01:16:05.700 You let the trees die and it burns out and that replenishes the soil.

01:16:11.500 And so we had short crashes.

01:16:13.620 They are not preventing crashes.

01:16:17.880 They are they are building these crashes.

01:16:21.120 And that, you know, used to be the mantra.

01:16:24.300 These banks are way too big.

01:16:27.120 Well, they keep making everything bigger.

01:16:30.280 They're going to push it into four banks.

01:16:32.140 Then it will be the Federal Reserve and the Federal Reserve will eventually become a global thing.

01:16:38.740 And, you know, then what?

01:16:41.300 I mean, there's no place to push it other than God after that.

01:16:45.320 Yeah.

01:16:45.500 I mean, I think about the scope of the boom and the bust cycles.

01:16:49.520 Like you said, you know, not only do they get perhaps more frequent, but they get huger in scope.

01:16:55.720 The huge bottoming out and then then the huge bubble run up.

01:16:59.420 And what this does, most people don't realize this is I call it sort of the vulturing of these boom and bust cycles because it wipes out the wealth of the average person who panics and says, you know, I've had enough of this.

01:17:13.660 Then they run the prices up and who benefits from that.

01:17:18.020 It ends up being the wealthy and well connected.

01:17:20.420 Then everything busts out again.

01:17:22.160 It goes down to lower prices.

01:17:24.240 The vultures that have all the money, they put their money in and they keep putting in them in these huge, huge cycles.

01:17:30.420 So they're creating not necessarily just more frequent cycles, but these larger cycles.

01:17:35.540 If we had a stable currency that was backed by something like gold, like it used to be, it would be a very different situation.

01:17:42.800 And it would take the moral hazard away from the Fed and the government to just do whatever they wanted and destroy the purchasing power of the people who have worked so hard to earn that money.

01:17:54.120 OK, if you'll stay with me just a couple more minutes, I want to ask you about Bitcoin and gold, because I think those assets are working the way they're supposed to when we come back in an emergency situation.

01:18:08.340 You're going to have a lot of things on your mind, especially if you've got a family to take care of.

01:18:12.900 People laugh at preppers.

01:18:14.760 Oh, they won't one day.

01:18:16.500 They won't take this concern off of your plate.

01:18:20.860 How do you survive in crazy situations?

01:18:23.180 Well, mypatriotsupply.com can help you right now.

01:18:27.340 You can stock up on their three month emergency food kit.

01:18:30.600 You'll also get two hundred dollars worth of survival gear as a free bonus with every three month kit that you would purchase.

01:18:38.500 Something goes wrong.

01:18:39.680 The whole family is is their war grid goes down.

01:18:44.660 Snowstorm.

01:18:46.100 Everything you'll get when you see it, you'll know you'll be prepared and you'll sleep better.

01:18:51.560 My Patriotsupply.com.

01:18:54.160 Two hundred dollar bonus right now.

01:18:56.860 My Patriotsupply.com.

01:18:58.260 You also get free shipping.

01:18:59.780 Order today.

01:19:01.220 My Patriotsupply.com.

01:19:03.060 The Glenn Beck Program.

01:19:06.520 Sign up for the free newsletter today at Glenn Beck dot com.

01:19:10.440 Senator Mark Kelly called for social media to censor anyone to prevent bank runs.

01:19:32.280 You know, don't censor, but don't don't don't cause a run on the bank.

01:19:36.780 It's probably a good safety tip.

01:19:38.240 Bitcoin is being blamed for a lot of this, although Bitcoin went up.

01:19:43.240 Gold went up.

01:19:44.500 Carol, I talked to so many friends and family.

01:19:47.760 They were all calling me yesterday.

01:19:49.200 What do we do?

01:19:49.820 What do we do?

01:19:51.000 Gold and silver.

01:19:52.700 I mean, if if I mean, that's the only thing that you can count on.

01:19:57.540 Right.

01:19:58.520 Yeah.

01:19:58.760 I mean, we had a Twitter spaces on this last night.

01:20:01.660 I'm going to actually put a video out today for gold virgins, people who have never bought

01:20:07.100 precious metals before because it can be a little bit intimidating.

01:20:10.600 But yeah, I mean, this is, you know, when there are changes in the new financial or the financial

01:20:15.840 world order.

01:20:16.820 Historically, it has always been something that goes back to a commodity that everyone agrees

01:20:21.460 on.

01:20:22.100 You know, that's been gold.

01:20:23.460 Central banks, we know, have bought a record amount of gold last year.

01:20:27.300 So, you know, the idea is to get yourself into hard assets, a form factor that you can

01:20:33.360 control.

01:20:33.880 Because particularly, as we said, if this rolls into things like central bank digital currencies,

01:20:38.780 you want to be able to control and have access to a portion of your wealth, hard assets, physical

01:20:44.920 metals, use a reputable dealer.

01:20:47.840 I know, Glenn, you and I both work with Goldline, not to be a commercial here.

01:20:51.280 But, you know, you want to have physical, not ETF, something that you can hold.

01:20:56.840 And then certainly, you know, things like land, water rights, real estate, things that

01:21:02.860 are tangible and hard that don't have that same manipulation factor.

01:21:07.440 But for that buying, that bartering, the trading, putting some of your long-term wealth in precious

01:21:13.900 metals, I think, is imperative.

01:21:16.120 And just as Carol said, we're both spokespeople for Goldline, but we're only spokespersons for

01:21:23.140 Goldline because we believe it.

01:21:25.280 So, this is not a commercial.

01:21:27.780 I mean, go ahead and buy your, I think you'll regret it, but go ahead and buy your gold or

01:21:32.320 silver wherever.

01:21:33.060 But if you're not awake to gold or silver and, you know, people say, I don't have the

01:21:39.840 money for gold.

01:21:41.100 Well, maybe not.

01:21:42.880 But silver, you have the money for.

01:21:46.420 And silver will be probably more usable in the short run because you're not going to be

01:21:53.980 buying huge, you know, huge things.

01:21:56.620 You need to barter if you are really down and I can't afford gold.

01:22:01.080 Well, you have to just think, how do I, how do I barter?

01:22:04.560 How do I get something of value for my family that I need?

01:22:08.940 And, you know, it's most likely not going to be in $5,000 chunks.

01:22:12.980 Yeah.

01:22:13.420 And you can get, you know, smaller gold coins or fractional amounts of golds as well, which

01:22:18.060 are important to you.

01:22:18.940 If you think about a situation like Venezuela, those metals are what they're using for things

01:22:23.800 like food and hospital visits and things like that.

01:22:26.700 So, you know, it happened to them.

01:22:28.640 Just don't panic, but be prepared.

01:22:31.720 Yeah.

01:22:32.080 Look at Venezuela.

01:22:34.560 Once they started nationalizing things in Venezuela, it was over quickly.

01:22:40.060 We, they were on about a 20 year timeline and we're headed towards 20 years now of this

01:22:45.860 timeline.

01:22:46.300 timeline, uh, that's kind of the outcome that could come here to America and don't think

01:22:52.560 that it can't prepare.

01:22:54.860 So you don't worry about it.

01:22:56.540 The Glenn Beck program.

01:23:07.560 Uh, there's a movie I've been telling you about.

01:23:09.640 It's just about to come out.

01:23:11.020 Um, last night I saw the Jesus revolution, which is fantastic.

01:23:15.560 Another movie that's coming out is nefarious.

01:23:18.340 Uh, and it's a modern day screw tape letter.

01:23:21.700 It is a story of good versus evil.

01:23:23.660 And it's coming from the, uh, the filmmakers that brought you God is not dead and unplanned.

01:23:28.280 And it's based on the book written by our very own Steve days.

01:23:33.120 Uh, the trailer is terrifying.

01:23:36.060 You can find it at who is nefarious.com.

01:23:38.840 Um, it opens in theaters nationwide, April 14th.

01:23:42.820 I mean, if the 15th would have probably been a better opening day, you know, tax day, all

01:23:48.120 you're thinking about is hell.

01:23:49.860 Anyway, nefarious, uh, uh, opens, uh, April 19th.

01:23:54.000 Save the date.

01:23:54.900 Don't miss it.

01:23:55.980 See the trailer.

01:23:57.120 Go to who is nefarious.com.

01:24:00.840 Yes, I play a role in the, and I apologize for every second I'm on the screen.

01:24:06.100 Thank goodness.

01:24:06.900 I'm not on very long.

01:24:07.800 Uh, who is nefarious.com.

01:24:10.780 See the trailer now.

01:24:13.080 We got no room to compromise.

01:24:30.860 We got to stand together.

01:24:33.000 It's a course of life.

01:24:36.860 Stand up, stand, hold the line.

01:24:39.860 What you're about to hear is the fusion of entertainment and enlightenment.

01:24:55.640 This is the Glenn Beck program.

01:25:00.840 Hello, America.

01:25:01.920 Uh, well, there are some other things going on besides our banking crisis.

01:25:06.580 Uh, there's a war to look after.

01:25:09.240 There is also a president who, I mean, might be peeing in a corner of the Oval Office.

01:25:17.640 I can't find the corner.

01:25:19.940 Okay.

01:25:21.140 Um, we, uh, we've got a lot of issues that are going on.

01:25:24.300 We want to cover some of the rest of the news.

01:25:26.280 Uh, we begin in 60 seconds.

01:25:30.760 Uh, we were just talking about the banking crisis and, uh, where do you go?

01:25:37.500 So, if treasuries are something that are a problem, where do you go?

01:25:45.580 Scariest three words of the week, Silicon Valley Bank.

01:25:50.280 Feel the goosebumps?

01:25:52.000 Uh, may I strongly suggest that you don't panic.

01:25:57.560 You have a plan and you, you call Goldline.

01:26:01.940 Please just find out if it's right for you.

01:26:05.160 What, I don't think this is the big event, but it's going to look and feel and happen

01:26:11.420 this fast when it does.

01:26:13.660 Uh, and I would highly recommend you call Goldline.

01:26:17.300 It is going to be the thing that stores value, gold and silver.

01:26:21.300 Right now, 150 of the original one ounce copper great seal rounds with every qualifying order

01:26:28.320 of $5 gold liberty or Indian coins.

01:26:31.920 $5 Indians, they are beautiful and fantastic, hold their value.

01:26:36.860 You buy the Indians or the liberty coins in tubes or boxes of 20.

01:26:40.960 Just ask Goldline about the difference.

01:26:43.520 You're going to get a boatload of free copper as a thank you just for supporting the show

01:26:47.500 and going to Goldline.

01:26:48.920 Please just ask them for information now.

01:26:51.780 866-GOLDLINE, 866-GOLDLINE.

01:26:57.040 You notice gold went up like $40 yesterday.

01:27:00.300 I don't know why people are, you know, I, I've been saying for a long time, look, I, I don't,

01:27:07.100 I, I don't do it as an investment, although it's been a good investment.

01:27:11.160 I don't do it as an investment.

01:27:12.520 Listen, it's a, it's a hedge against insanity.

01:27:16.580 How much insanity are we going to have to take before people are like, you know, there

01:27:23.180 might be something up.

01:27:24.360 Yeah.

01:27:24.920 Might be trouble.

01:27:26.220 I'm always fascinated too, that most of us wait until it skyrockets before you're interested

01:27:32.860 in buying gold.

01:27:33.880 So stupid.

01:27:34.700 It's really so stupid.

01:27:36.520 Weird.

01:27:36.840 It's, we're the only country that does it.

01:27:38.680 It's America.

01:27:39.140 $2,500 an ounce.

01:27:40.540 I want it now.

01:27:41.320 I know it's Bitcoin is $60,000.

01:27:44.280 I gotta get in weird.

01:27:46.640 No, really.

01:27:48.240 We're the only, do you know that?

01:27:49.700 We're the only country that does that.

01:27:51.700 Every other society is built the other way.

01:27:54.900 It's weird.

01:27:55.340 We are motivated when things are hot and expensive.

01:27:59.780 Yeah.

01:28:00.080 So bizarre.

01:28:01.140 So bizarre.

01:28:02.400 There's a couple of things going on.

01:28:04.780 First of all, you know, one of the signs, and I mean this sincerely, I don't mean, I don't

01:28:08.760 say this to be mean or, or, you know, poking fun.

01:28:13.080 But one of the signs of senility is just blurting things out.

01:28:17.620 That's kind of a bad trait for a president to have.

01:28:22.640 Yesterday, he was delivering a speech and he was at a fundraiser and he was speaking about

01:28:32.800 the health of Jimmy Carter and he said, you know, Jimmy Carter, you know, he, he's asked

01:28:41.820 me to deliver his eulogy.

01:28:44.160 Oh, I'm sorry.

01:28:45.980 I shouldn't have said that.

01:28:47.060 No, you shouldn't have said that.

01:28:48.600 Oh, yeah.

01:28:49.200 You shouldn't have said that.

01:28:50.160 And the time to realize that is before you say that, he'd be good in negotiations with

01:28:55.820 President Z, wouldn't he?

01:28:57.020 Oh, yeah.

01:28:57.700 Yeah.

01:28:58.000 I'm bluffing.

01:28:59.000 Oh, wait a minute.

01:28:59.840 I shouldn't have said that.

01:29:00.560 I shouldn't have said that.

01:29:01.780 Forget I said that.

01:29:03.320 Oh, my gosh.

01:29:05.840 Something else.

01:29:06.700 And I just, I pray Donald Trump will stop doing this.

01:29:15.060 Please.

01:29:16.060 We love you, Mr. President.

01:29:17.880 And we, we also love Ron DeSantis.

01:29:22.980 We, we love, you know, I love Vivek Ramaswamy.

01:29:27.460 I want somebody we can vote for.

01:29:30.640 And maybe that's you.

01:29:32.100 Maybe that's not you.

01:29:33.340 I don't know what the American people are going to, but I'll support you.

01:29:37.740 Please stop taking Ron DeSantis apart.

01:29:41.980 And especially in the way you're doing it.

01:29:44.840 And he said yesterday in a video, for those of you that didn't notice, Florida was doing

01:29:52.120 great long before Ron DeSantis.

01:29:55.320 That's what he said there.

01:29:57.100 He said people are fleeing from New York to Florida and other places because of high taxes

01:30:02.920 and out of control crime.

01:30:04.740 It's really bad, not because of the governor.

01:30:11.020 No, no, it's not true.

01:30:15.380 It's not because of the governor.

01:30:17.000 Florida was doing fantastically.

01:30:19.260 You had a governor named Rick Scott who did a very good job.

01:30:22.600 Even Charlie Crist, a Democrat, did a good job and he had very good numbers.

01:30:28.520 Yikes.

01:30:28.980 Come on.

01:30:30.140 Yikes.

01:30:30.880 Please don't do this.

01:30:32.600 Please don't do this.

01:30:34.580 Charlie Crist, really terrible.

01:30:37.980 Which is why Ron DeSantis beat him by 19.4 points just a few months ago.

01:30:44.320 Almost 20 point victory.

01:30:46.700 Unheard of in Florida, especially.

01:30:49.020 Nobody in the GOP is appreciative of any job that Charlie Crist has done.

01:30:59.300 No, no, no.

01:31:02.120 And I'm appreciative of what Ron DeSantis did in Florida and what Donald Trump did in Washington.

01:31:08.460 As president, yeah.

01:31:09.700 I love them both.

01:31:12.340 Please.

01:31:13.180 The scorched earth policy is not good.

01:31:15.880 We have to win this election.

01:31:18.720 We have to be able to come together.

01:31:21.460 Regardless of who that is.

01:31:22.680 Right.

01:31:23.340 Whether it's one of the three, and I hope it is, because I could go with any of the three.

01:31:29.020 But it can't be Biden.

01:31:30.740 It can't be any Democrat.

01:31:32.700 Can't be.

01:31:33.580 In fact, my belief is that no Democrat should ever win a national election again.

01:31:38.600 Well, if we were Democrats, we could clearly just fix the democratic system so we could make sure that we never got in again.

01:31:51.200 Right.

01:31:51.800 I mean, I tell you, if Joe Biden runs and he wins.

01:31:58.740 Oh.

01:32:00.580 I think that almost seals our fate.

01:32:02.340 Oh, it does.

01:32:03.220 Yeah.

01:32:03.380 Oh, it does.

01:32:04.300 This is.

01:32:05.160 We're done.

01:32:05.580 I really.

01:32:07.140 You know, everybody said, this is the most important.

01:32:08.960 I think this is the last election of the republic, as we know it, as we know it.

01:32:13.940 If we don't get somebody in that can actually do the job.

01:32:20.160 And turn things around.

01:32:21.060 And turn things around, but not through executive order, but can get the laws passed and do the things that have to be done and do it the right way.

01:32:33.520 We're done.

01:32:34.880 Yeah.

01:32:35.100 We're just done.

01:32:35.960 I just don't think there's any question about that.

01:32:37.960 You can't do eight years of this.

01:32:40.260 I mean, six point nine trillion dollars.

01:32:44.220 Yeah, it's incredible.

01:32:45.540 It's just incredible.

01:32:46.340 Look at the interest rates.

01:32:47.400 The interest rate was two point nine percent.

01:32:49.940 It was under three percent when Trump left office.

01:32:53.980 It's it was it just went above seven percent.

01:32:56.820 I think it just went down because of this banking situation, but it went down to like six point seven percent or something.

01:33:02.920 Yeah.

01:33:03.180 I mean, we we're in a terrible position.

01:33:06.220 Terrible.

01:33:06.660 He continues to brag about it.

01:33:09.160 Every time something goes up that he pushed to the highest level and then it goes down slightly temporarily the next month, then he takes credit for it.

01:33:18.740 I know.

01:33:19.820 I know.

01:33:20.200 It's incredible.

01:33:20.960 He yesterday he blamed the banking crisis on Trump.

01:33:23.920 Yeah.

01:33:24.960 My gosh.

01:33:25.580 Do you remember when Obama used to do that?

01:33:27.600 Everything was Bush's fault.

01:33:28.840 Yeah.

01:33:29.100 For eight years, everything was Bush's fault.

01:33:31.880 This president is exactly the same.

01:33:33.720 Yep.

01:33:34.120 Everything is Trump's fault.

01:33:35.680 Yep.

01:33:35.900 And do you remember that it was shortly before the election?

01:33:40.680 He said, when I'm president, I will I will take responsibility.

01:33:44.520 Well, here he will stop with me.

01:33:46.060 Yeah.

01:33:46.280 Well, here's here he is taking responsibility yesterday.

01:33:48.980 During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again.

01:34:04.020 Unfortunately, the last administration rolled back some of these requirements.

01:34:09.440 I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again.

01:34:17.240 Uh-huh.

01:34:19.560 Okay.

01:34:20.400 Well, I believe you because, you know, you're on top of everything, quite honestly, and seem to have the right answer.

01:34:28.400 By the way, we had a Democratic Senator, Mark Warner, yesterday, say the quiet part out loud that the Ukraine war is just a United States proxy war against Russia.

01:34:45.500 He's right about that.

01:34:46.180 But why he wants to continue it?

01:34:48.260 Why would we say that?

01:34:49.340 Why would we say that?

01:34:51.620 It's crazy.

01:34:52.140 What is wrong with us?

01:34:54.840 I mean, I just don't see how you don't have a massive collapse of the dollar because $7 trillion budget.

01:35:09.360 I mean, we're spending money.

01:35:11.220 You can't print that much money and not have it affect inflation.

01:35:19.120 The only way to pull that money back into the, you know, crematorium that we need, the only way to pull that money back in is through higher interest rates.

01:35:30.740 But we're now at the place I told you we'd come to where you can't raise the rates or it will collapse everything.

01:35:38.440 Well, we're spending the money and we say we're trying to raise their interest rates.

01:35:46.140 Those two work against each other.

01:35:48.800 The Fed can't do anything if the federal government won't.

01:35:52.620 The Fed should if they were at all responsible and reasonable people, which I don't think they are anymore.

01:35:59.320 I think they are I think they are just out of control megalomaniacs that think they can control absolutely everything because of their brains and their powers.

01:36:12.920 But they would just say to the United States, no more spending.

01:36:17.080 No, we're not going to underwrite any of this stuff.

01:36:20.700 No.

01:36:21.040 I mean, what that's what a bank, that's what a good bank does, a bank that is just going to enslave you, just keeps loaning you money.

01:36:31.460 I don't keep him, keep him.

01:36:33.240 He's he'll he'll need us and we'll own him eventually.

01:36:37.640 That's that's what nefarious people do.

01:36:40.960 Good people say you have a problem and I can't finance it anymore.

01:36:45.780 I'm not going to do it.

01:36:47.140 We're giving all of our all of our weapons over to Ukraine.

01:36:53.800 We're running short on bullets, as we discussed earlier.

01:36:57.320 We don't have any rockets that will go into our our howitzers, you know, any shells.

01:37:04.900 Patriot missiles are running low.

01:37:06.320 Patriot missiles.

01:37:07.340 We are low on everything.

01:37:09.600 And why wouldn't China just take Taiwan?

01:37:14.420 What are we going to do about it?

01:37:15.360 This would be the time.

01:37:16.480 Right.

01:37:17.140 Yeah, right.

01:37:18.320 This is the time where you're the people who have wanted to collapse you all look and go.

01:37:23.860 They are so weak right now.

01:37:25.720 Take it.

01:37:26.820 Take it.

01:37:27.980 The last thing you do is wait until there's a new president, because that new president, you know, may not be on the take like this one is.

01:37:37.140 By the way.

01:37:38.400 Whatever happened to the was it?

01:37:41.940 The it wasn't the Mueller report.

01:37:44.040 It was the what was the other report that was supposed to come out?

01:37:48.080 Remember, yeah, the Durham report ever happened to that.

01:37:53.400 Well, why didn't why didn't we?

01:37:55.000 How many millions did we pay for that?

01:37:58.220 And why did it just end?

01:38:00.500 You know, they had a court battle and then it was just over.

01:38:02.980 We didn't we didn't see any report.

01:38:05.820 He didn't present the report.

01:38:07.460 Why?

01:38:07.720 Why we paid for that.

01:38:11.500 I'd like to see the report.

01:38:13.860 Why didn't that come out?

01:38:15.140 Didn't fit their agenda.

01:38:19.420 Didn't fit the narrative.

01:38:20.700 I guess.

01:38:21.920 I guess that's usually the case when we don't see high profile reports and documents that we've been highly anticipating and then nothing.

01:38:32.260 That's usually the case.

01:38:33.520 Sorry, didn't fit the agenda.

01:38:35.180 It's just like the 40,000 hours of video from J6.

01:38:38.820 It didn't fit the agenda.

01:38:40.540 So they weren't going to show it to us.

01:38:41.840 And I have to tell you, Republicans will be done if they don't actually do something about all of this stuff.

01:38:54.320 You know, they keep coming out and say, look at this.

01:38:57.160 Look at this.

01:38:57.940 Look how guilty.

01:38:59.440 You know, who was the congressman that came out last week and said, oh, the stuff we now have on Hunter Biden and Joe Biden.

01:39:09.240 It is clear that they were taking money from China and were in bed with the Chinese Communist Party.

01:39:17.720 It's clear.

01:39:19.020 Well, when are you going to present that?

01:39:22.740 What what when are you going to actually do anything about this?

01:39:27.740 Are you waiting until the next election so you can smear him during the next election?

01:39:32.980 Because we may not make it there if we don't stop the insanity.

01:39:39.120 I mean, Kevin McCarthy's is signaling all the right things to make me believe that there's a chance.

01:39:47.160 And down that road.

01:39:48.080 But we have.

01:39:48.940 You're saying there's a chance.

01:39:50.980 Yeah.

01:39:51.480 I mean, they did the same thing to us on Obamacare.

01:39:54.920 Yep.

01:39:55.560 And then did nothing.

01:39:56.520 Did nothing.

01:39:57.520 They had all the power.

01:39:59.060 They did nothing.

01:40:00.080 And if they do it this time.

01:40:04.200 They're dead to me.

01:40:05.580 Dead to me.

01:40:06.300 I mean, they almost are anyway.

01:40:07.740 Yeah, they are dead to me.

01:40:09.420 I won't write a check to GOP.

01:40:12.140 Never, never will I write a check to GOP.

01:40:16.000 I'll support local people.

01:40:19.560 I'll support.

01:40:20.620 I'd write checks to the Freedom Caucus.

01:40:22.380 But I'm not spending a dime on the GOP.

01:40:27.200 That's a problem.

01:40:28.320 It is.

01:40:28.740 They don't seem to care.

01:40:30.360 They don't seem to care.

01:40:31.420 They got their big numbers, you know, I guess from big donors.

01:40:34.820 And they don't really care about, you know, the average person.

01:40:38.300 Because they can't hoax us anymore.

01:40:40.500 We're done.

01:40:41.760 All right.

01:40:42.320 Back in just a minute.

01:40:43.200 Let me talk to you a little bit about Relief Factor.

01:40:45.020 Brian lives in Alabama.

01:40:46.480 It wasn't that long ago that he was on the verge of losing his mobility entirely.

01:40:50.560 Whenever he would try to move around his house, get things done, the pain in his body would flare up.

01:40:55.820 He'd be forced to take a break.

01:40:57.900 The breaks began to get longer and longer.

01:41:00.460 And he was starting to worry about his quality of life.

01:41:03.480 Then one day, he heard me talking about Relief Factor.

01:41:06.860 And Brian decided to give it a try.

01:41:08.820 Within three weeks, he said, I felt 90% of my pain melt away.

01:41:14.680 And he says it's still getting better every day that he continues to use Relief Factor.

01:41:21.180 Brian got his life back.

01:41:23.420 I got my life back.

01:41:25.240 Will you just try this?

01:41:26.540 70% of the people who try it go on to order more.

01:41:30.160 Maybe Brian's experience, my experience, will be yours, your experience.

01:41:34.520 And you can go do the things you want to do again.

01:41:37.660 About 70% of the people who order it go on to order more.

01:41:40.580 ReliefFactor.com.

01:41:42.220 Call 800-4-RELIEF.

01:41:45.120 800-4-RELIEF or ReliefFactor.com.

01:41:49.100 Relief Factor.

01:41:50.160 Feel the difference.

01:41:51.540 10 seconds.

01:41:52.420 Station ID.

01:42:03.320 Welcome back to the program.

01:42:05.000 Did you see that Moody's has downgraded their outlook on the American economy?

01:42:09.660 At least the banking system.

01:42:12.000 They changed it to negative from stable after, of course, the collapse of Silicon Valley Bank,

01:42:20.480 Silvergate Bank, and Signature Bank.

01:42:22.940 You didn't see that as negative before it happened?

01:42:28.340 You know, they just came.

01:42:30.400 They did a stress test on Silicon Valley Bank.

01:42:33.400 Like two weeks before.

01:42:34.840 Passed.

01:42:35.440 Fine.

01:42:36.600 What good are these people?

01:42:37.860 They're not.

01:42:38.720 They're not.

01:42:39.440 They're not.

01:42:40.020 They don't help at all.

01:42:41.820 No.

01:42:41.900 So, our banking situation before last Friday was stable.

01:42:48.600 Right.

01:42:48.880 But now on Tuesday.

01:42:50.460 Sorry, we got a negative outlook on it now.

01:42:52.580 Well, here.

01:42:53.080 Because banks are collapsing all over the place.

01:42:55.380 Here's our Commerce Secretary.

01:42:57.540 Cut eight, please.

01:42:58.980 Are we out of the woods?

01:43:02.440 I'd say mostly.

01:43:05.260 You know?

01:43:06.000 The ports are flowing.

01:43:07.900 Congestion's down.

01:43:09.540 You know, that extreme crisis that we lived, that's all settled down.

01:43:16.640 Yeah.

01:43:16.880 But, you know, there's still issues in certain industries.

01:43:22.660 Yeah.

01:43:23.480 Where their suppliers, they're still bottlenecks.

01:43:28.780 Huh.

01:43:30.640 I was going to say, you know, we're almost out of the woods.

01:43:34.760 I mean, but you're still bottlenecks.

01:43:36.960 Yeah.

01:43:37.320 Like banks are collapsing.

01:43:39.580 But don't worry about it.

01:43:40.900 I mean, at the edge of the woods is a giant cliff that goes into an abyss, a never-ending

01:43:46.860 abyss.

01:43:47.780 So, we're almost there.

01:43:49.860 Right.

01:43:50.260 We're almost.

01:43:50.860 But not quite.

01:43:51.240 Not quite.

01:43:51.840 I haven't gone over it yet.

01:43:52.680 Not quite.

01:43:53.340 She didn't say being out of the woods was a good thing.

01:43:57.260 And can you imagine?

01:43:58.600 Nobody even talks about the other elephant in the room, and it's a pretty big one.

01:44:03.200 $31.4 trillion in debt.

01:44:06.700 A debt we could never in a million years pay off.

01:44:10.380 There's just no way.

01:44:11.580 We're not going to pay off a $31 trillion debt.

01:44:14.280 Can I make a stupid prediction that I just think is going to happen?

01:44:19.520 These guys are going to, we're going to get into a war.

01:44:23.520 Everybody's sovereign debt is going to be so high.

01:44:26.360 They're just, we have to reset everything.

01:44:28.340 So, they'll reset everybody's debt except the average person's.

01:44:34.680 I could see that happening.

01:44:36.260 I mean, you'll still have to pay for your mortgage.

01:44:38.720 Of course.

01:44:39.080 You know, you'll still have all your debt, but everybody else's debt will be wiped out.

01:44:43.620 Because they're too big to fail.

01:44:45.000 We need them.

01:44:46.520 That's exactly what will happen.

01:44:48.020 Don't you think?

01:44:48.880 Yeah, I do.

01:44:49.380 I mean, that's just the way it has been working.

01:44:52.940 And they already have said, we'll own nothing by 2030.

01:44:57.400 The way to do that is enslave you to debt.

01:45:00.760 Yep.

01:45:02.480 Yep.

01:45:02.900 That's exactly what will happen.

01:45:04.700 You know, I like it when Stu's here because he occasionally disagrees with me.

01:45:10.200 Especially on the dark, dark places I can go.

01:45:13.080 I'm kind of in those dark places right now.

01:45:16.040 You didn't used to be.

01:45:16.440 I'd like not to be, but...

01:45:17.680 Yeah, yeah.

01:45:18.540 What is lighting up our path right now?

01:45:24.200 The Lord.

01:45:25.080 The Lord.

01:45:25.660 I have faith in the Lord.

01:45:27.700 Right.

01:45:28.280 Me too.

01:45:28.680 Thank you.

01:45:29.180 Thank you.

01:45:29.940 Come soon, will you, Lord?

01:45:31.740 Please?

01:45:32.660 Soon.

01:45:33.180 The Glenn Beck Program.

01:45:47.960 I was just going to tell Pat, you have to see the Jesus Revolution.

01:45:51.180 We have to talk about that.

01:45:52.220 I was just saying to Jackie, we should go to that.

01:45:55.180 It's so good.

01:45:55.900 Anyway, sometimes the awful effects of a terrible event, you know, keep manifesting long after the event is over.

01:46:02.300 On 9-11, there were 3,000 people almost that lost their lives.

01:46:06.100 But over two decades, people are still dying from 9-11 illnesses.

01:46:11.620 For a whole new generation of young people, they are growing up right now.

01:46:15.360 They know nothing about what happened on that day.

01:46:18.280 Literally nothing.

01:46:20.380 This is why the Tunnel to Towers 9-11 Institute is giving educators access to nonfiction 9-11 resources for K-12 learning.

01:46:30.760 Full curriculum units built around first-person accounts, scripted social studies, lessons, activities, backgrounds for teachers.

01:46:39.100 These guys are really putting heroes back in their place and teaching history that cannot be forgotten and is being erased.

01:46:49.400 We have to educate future generations.

01:46:52.340 Help Tunnel to Towers do just that.

01:46:54.380 Donate $11 a month at T2T.org.

01:46:58.020 That's T, the number 2T.org.

01:47:00.720 Help us fight against big tech and government censorship.

01:47:04.020 Use the code WILLNOTBECENSORED at blazetv.com slash Glenn and save $20.

01:47:09.380 Welcome to the Glenn Beck program.

01:47:31.900 Last hour, we had Carol Roth on.

01:47:34.100 And I was a little surprised, Pat, I don't know about you, when she agreed with me that digital currency is coming and it means the end of freedom for mankind.

01:47:48.320 I mean, that's frightening.

01:47:49.300 That's terrifying.

01:47:50.300 And, you know, the only thing, in a hundred years from now, historians are going to look back and see the systematic dismantling and destruction of this country and our rights as citizens.

01:48:06.680 And they will look at it in horror and also in awe.

01:48:13.540 I mean, it is so well done and executed.

01:48:19.920 It's remarkable.

01:48:23.160 And the one thing that, make no mistake, they are coming for your guns.

01:48:29.900 I think it's just going to be the last thing.

01:48:32.040 They need a huge crisis and everything else to go along with it.

01:48:35.320 But they have the ways to do it if you don't strengthen your state.

01:48:40.820 Florida, the legislature there, just moved a step closer to passing constitutional open carry, which I don't know why we didn't call it constitutional carry forever.

01:48:52.740 That just means.

01:48:53.940 It's a brilliant, brilliant, brilliant to say.

01:48:56.660 It's like, no, no, no.

01:48:58.800 I'm just I'm pro choice.

01:49:01.240 It's that brilliant.

01:49:02.280 Yeah.

01:49:03.620 Luis Valdez is with us now.

01:49:06.020 He is from Gun Owners of America, the Florida State Director of Gun Owners of America.

01:49:11.300 Hi, Luis.

01:49:11.720 How are you?

01:49:12.980 Doing very good.

01:49:14.000 And I just want to say, long time listener, going all the way back to when you even did the pitchfork.

01:49:19.980 Oh, my gosh.

01:49:21.220 Boy, do we need the pitchforks and the torches now, huh?

01:49:23.840 Yeah, I was part of the group that sent you the pitchfork with the tactical weapons light attached to it.

01:49:29.440 Oh, my gosh.

01:49:30.320 It's going way back.

01:49:32.100 Can I tell you something?

01:49:33.540 I got in so much trouble at CNN because I said they sent us pitchforks and so many came into the mail and CNN was out of their mind.

01:49:45.920 You have people sending you pitchforks.

01:49:48.500 Yeah.

01:49:48.680 Just, you know, just a reminder to the politicians.

01:49:51.540 You have to stop that right now.

01:49:54.060 It was a badge of honor to get in trouble there.

01:49:57.440 Anyway, Luis, the constitutional open carry.

01:50:02.900 It's the ones who are standing in the way seem to be the Republicans.

01:50:07.860 It's very much that Florida has been under a Republican supermajority control now for the last two decades.

01:50:17.540 And the horrible part is it's been Republicans that have been blocking pro-gun legislation, solid, real pro-gun legislation for over a decade now.

01:50:28.960 You've had various committee chairs and speakers and Senate presidents just refuse to move forward bills like campus carry, open carry, constitutional carry, the repeal of gun-free zones, the passage of Second Amendment Protection Acts.

01:50:46.720 And instead, they either just kill it or they give us watered-down bills.

01:50:51.360 And that's currently what's going on here with the Florida legislature right now.

01:50:55.140 Now, the governor pledged that he would enact constitutional carry before he leaves office, whether that means he runs for the White House in 2024 or his second term is up.

01:51:05.840 Yeah.

01:51:06.360 But he made that pledge to Floridians.

01:51:09.540 And the current Senate president, Kathleen Pasademo, has basically said she refuses to move forward on a real constitutional carry bill.

01:51:19.080 She will only allow a permit-less, concealed carry-only bill, which, while a step in the right direction, is a very small step.

01:51:27.360 It's not the large leap we've been promised.

01:51:29.260 What is the difference between constitutional open carry and what she's saying, a permit-less open carry?

01:51:38.260 It's not even open carry.

01:51:40.180 Oh, it's...

01:51:40.780 Florida, this bill will only allow you to conceal carry a firearm.

01:51:46.460 And just to put things into perspective, 47 states have open carry on the books in one form or another.

01:51:54.900 Only Florida, New York, and Illinois outright ban it.

01:51:59.720 California is ambiguous.

01:52:01.440 They let their counties determine whether or not you could open carry.

01:52:06.700 But just put that into perspective, 47 states have open carry legalized on the books.

01:52:12.900 Florida, the only Republican state, has it outright banned.

01:52:17.100 So what is her problem?

01:52:19.640 Her problem is very simple.

01:52:21.320 The Florida sheriffs are against it.

01:52:23.260 The Florida Sheriffs Association has historically been anti-gun, going all the way back to 1987, when Florida became shell-issue with concealed carry permits.

01:52:32.240 They were against that.

01:52:33.640 All throughout the 2010s, they were against any bill that would either advance campus carry or open carry or permit-less carry.

01:52:40.520 Usually, the sheriffs are our last light of defense for the Constitution.

01:52:46.940 It's odd that they would be against, you know, the Bill of Rights.

01:52:51.580 Well, in Florida, these are Republican sheriffs that are against the Second Amendment rights.

01:52:57.720 The Democrats have no power in Florida.

01:52:59.760 This is all Republicans.

01:53:01.940 See, you know, I tell you, we have this problem in Texas.

01:53:05.620 You know, people just think they're safe.

01:53:07.380 He got an R after his name, so I'm safe.

01:53:11.000 And in states where you have super majorities like that, people don't run as Democrats.

01:53:16.400 And you get progressive Republicans who really are Democrats or they're just such slimy Republicans.

01:53:26.320 And they get in because they have an R and everybody thinks they're safe.

01:53:29.440 And the the reddest of red areas are the ones in the most danger.

01:53:36.500 Very much so.

01:53:38.220 And just to just to really give you a shocker, the bill sponsors for both the House and the Senate, they don't even know what their own bills.

01:53:47.920 The bill sponsor, Representative Chuck Brannan, this past weekend, you had some political activists.

01:53:56.840 They were distributing flyers through his neighborhood and they stopped by his house.

01:54:01.520 And Brannan literally told him, I don't know what constitutional carry is.

01:54:05.760 Just take the just take the win.

01:54:08.140 He was berating the person that was handing out the flyers.

01:54:12.400 And look, personally, I don't I don't agree with going to politicians houses in their neighborhoods.

01:54:17.640 But look, there was nothing criminally wrong.

01:54:19.800 There was nothing wrong.

01:54:20.520 They were distributing flyers in a neighborhood.

01:54:23.700 And.

01:54:25.280 Again, he's the bill sponsor for the House, and he was caught on film literally saying, I don't know.

01:54:31.020 I don't even know constitutional carry and the person I was the person I was passing out said, look, you know, we we want a real Second Amendment bill.

01:54:40.140 We want open carry.

01:54:41.140 We want this.

01:54:41.800 We want that.

01:54:42.340 And he just said, you know, maybe I'll just pull the bill.

01:54:45.860 How about that?

01:54:46.780 You know, you could always vote for Democrats.

01:54:49.480 And on the Senate side, during debate, a couple of Democrat senators asked Senator Jay Collins questions about the bill.

01:54:59.940 And one such question was, OK, well, what about gun free zones?

01:55:04.260 Is that still going to be upheld?

01:55:05.960 And he was like, well, yeah, basically.

01:55:07.420 And she says, oh, so the state capitol, that could still be a gun free zone.

01:55:11.280 And he said, yes, mind you, the state capitol under Florida law is not a gun free zone.

01:55:16.540 Another question that was asked of him was, well, what about securing firearms in the vehicle?

01:55:21.200 And he's like, well, you know, you have to keep it in a safe in your car.

01:55:24.220 Again, that's not part of state law.

01:55:27.580 These guys, man, I got to tell you.

01:55:29.520 It is shameful that people go to work in our state houses and especially in Congress and the Senate,

01:55:39.440 and they literally are clueless about many, many things.

01:55:46.060 Most of them revolve around the Bill of Rights and the Constitution.

01:55:50.980 I've only got a couple of minutes left.

01:55:53.280 And I want to ask you about the ATF pistol brace rule.

01:55:57.380 There are 40 million of these firearms.

01:56:02.100 And anyone who has one is, I think we're probably 60 or 80 days away now from being a felon, if you have one.

01:56:11.600 What's what's the latest on that?

01:56:14.780 Do you know?

01:56:16.020 Well, the latest on that is we've teamed up with the with your attorney general.

01:56:20.340 Ken Paxton out of Texas to to file a lawsuit against the overreach from the Bureau of Alcohol, Tobacco, Farms and Explosives.

01:56:28.080 What the Biden administration doing is arbitrary, is capricious and is a direct violation of millions of American civil liberties.

01:56:39.120 This is draconian and despotic in basically bypassing Congress, bypassing the Bruin decision, bypassing previous Supreme Court decisions that reinforce and enumerate the Second Amendment as an inalienable right belonging to all the people.

01:56:58.460 And basically, the Biden administration is saying, I don't care.

01:57:01.940 I'm going to try to do what I want to do.

01:57:04.020 And if Congress won't even work with me, fine, I'll do it with the stroke of a pen as if I was a dictator.

01:57:10.540 Crazy.

01:57:11.180 But but we're here fighting it and we will prevail.

01:57:14.280 OK, last thing.

01:57:16.600 What do you how can people help if you're in Florida?

01:57:19.540 What do you need to do to get this thing voted on for the constitutional carry?

01:57:27.100 Well, the best thing that they could do is they could call the governor, they could call the Senate president and they could call the House speaker.

01:57:33.620 The bills have already passed committee.

01:57:35.620 So they're going to the House and Senate floor here in Florida and they need to hammer their legislators.

01:57:40.780 But especially the governor and the Senate president, the House speaker, that they want a real open care, a real constitutional carry bill that includes open carry.

01:57:50.340 The governor even said he wants open carry included in this bill.

01:57:54.600 And when I asked him about that, he said, absolutely, I'd do it.

01:57:59.500 But I don't think they'll do it.

01:58:00.860 Meaning the legislature.

01:58:02.040 He, as a Republican governor, governing a state with a supermajority, he thinks his own legislature under his own party won't pass a real pro-gun bill.

01:58:13.700 Wow.

01:58:14.480 Well, call the three of them House, the Senate leader and and Governor DeSantis.

01:58:20.960 Thank you so much for everything you guys are doing to keep our guns in our hands.

01:58:25.800 Appreciate it.

01:58:26.400 Thank you very much for having me on the air and thank you for being a beacon of freedom in these dark and troubling times, Glenn.

01:58:32.780 You got it.

01:58:33.240 Thanks, man.

01:58:34.680 Gunowners.org.

01:58:36.340 Gunowners.org.

01:58:38.520 When you've been in business for over a quarter of a century, it's not surprising if you're really, really good at what you do.

01:58:44.100 I mean, it'd be surprising if you were still in business and you were sucked at it.

01:58:48.780 But Blinds.com has thousands and thousands and thousands of five-star reviews.

01:58:57.020 They were the first to do shade shutters, drapes and blinds online.

01:59:03.620 And they have learned a lot.

01:59:05.020 They did this.

01:59:06.520 I mean, it's a quarter of a century.

01:59:09.180 25 years ago.

01:59:10.560 They were in the 90s doing this.

01:59:13.100 Can you?

01:59:13.460 I mean, I can't even imagine what it was like when they first started it online.

01:59:17.020 They are so good now.

01:59:19.180 Forget all the multiple trips to the store and the trips of some designer to your house.

01:59:23.560 This is the 21st century.

01:59:26.260 And Blinds.com doesn't have guesswork.

01:59:29.360 There's no hassle.

01:59:30.760 I've used them several times now.

01:59:32.740 They're the number one online retailer of custom window coverings.

01:59:36.860 40,000 five-star reviews.

01:59:39.080 100% satisfaction guarantee.

01:59:41.700 Their anniversary sale is happening right now through March 15th.

01:59:45.300 That's tomorrow, isn't it?

01:59:46.440 Blinds.com, 50% off site-wide.

01:59:51.100 Up to 50% off site-wide right now through tomorrow.

01:59:56.840 So do it now.

01:59:58.360 Custom made easy since 1996.

02:00:01.740 It's Blinds.com.

02:00:03.300 Rules and restrictions may apply.

02:00:05.720 Glenn Beck.

02:00:06.880 Glenn Beck.

02:00:06.940 Glenn Beck.

02:00:08.940 Glenn Beck.

02:00:10.940 Glenn Beck.

02:00:12.940 Glenn Beck.

02:00:14.940 Glenn Beck.

02:00:15.440 Glenn Beck.

02:00:16.420 The Glenn Beck program.

02:00:24.520 Billionaire hedge fund manager, Ken Griffin, has slammed the U.S. government's decision to backstop all the depositors who had money in SVB, the Silicon Valley bank.

02:00:36.620 He said it was a sign that capitalism is breaking down before our eyes.

02:00:43.560 That's a really good point.

02:00:44.900 The U.S.

02:00:45.600 The U.S. is supposed to be a capitalist economy, said Griffin, whose net worth is right around $32.6 billion, according to Forbes.

02:00:57.760 He blasted the Biden administration for pledging to make depositors, including those with accounts totaling more than $250,000 federally insured threshold.

02:01:07.320 He's going to make them whole following the meltdowns of Silicon Valley bank and Signature over the weekend.

02:01:15.080 He said, there's been a loss of financial discipline, bailing out depositors, he said, and that's been true for some time now.

02:01:26.260 Which is why, when people take shots at capitalism, you need to remind them, yeah, we haven't really been capitalists for quite a while.

02:01:35.460 Well, we've got some kind of hybrid going on right now with the government and capitalism.

02:01:42.580 He suggested that allowing the banks to fail while backstopping only those accounts that are federally insured would have been a great lesson in moral hazard.

02:01:53.380 Losses to depositors would have been immaterial, and it would have driven home the point that risk management is essential.

02:02:00.860 Yeah, there'd be some pain, but again, it would serve as a deterrent for this to happen again.

02:02:08.440 People need to be more responsible with their banks, with the banks that they run.

02:02:18.620 He said, we're at full employment, credit losses have been minimal, and bank balance sheets are at their strongest ever.

02:02:25.660 However, we could address the issue of moral hazard from a position of strength.

02:02:31.100 Now, he stands in contrast to other hedge fund billionaires like Bill Ackman, who's been really vocally demanding that the government protect all depositors.

02:02:44.320 And Ackman defends the Fed's intervention and claims this was not a bailout.

02:02:50.960 Had the Federal Deposit Insurance Corporation, the Treasury, and the Federal Reserve not intervened, we would have had a 1930s bank run, continuing first thing Monday, causing enormous economic damage and hardship to millions.

02:03:07.260 Our government did the right thing.

02:03:08.700 Yeah, they just won't allow us to feel any short-term pain, which actually might be a really good thing in the long run.

02:03:21.580 But we'll never know, because they continue to bail out.

02:03:24.320 They bailed out in 2008, and they continue to bail out today.

02:03:28.800 Also, another interesting move by our government, President Biden will announce that Australia is purchasing several U.S.-manufactured nuclear submarines.

02:03:41.840 We just continue to sell or give away more and more and more of our arsenal, our military arsenal.

02:03:54.360 Are we going to have anything left for us?

02:03:56.060 It's interesting, because they have said, American officials said, that, yeah, we're not selling them to provoke or try to fight wars.

02:04:12.060 Oh, okay, what exactly are you going to use a nuclear submarine for in Australia?

02:04:17.080 Fishing expeditions?

02:04:18.740 Underwater tourist tours?

02:04:20.700 What?

02:04:21.540 I mean, amazing.

02:04:24.020 We will have more for you right here on the Glenn Beck Program tomorrow.

02:04:30.940 We'll see you then.

02:04:32.160 And we'll see you in the morning on Pat Gray Unleashed.

02:04:36.020 The Glenn Beck Program.

The Glenn Beck Program - March 14, 2023

Can the Average American Survive the Banking Crisis？｜ Guests： Carol Roth & Luis Valdes ｜ 3⧸14⧸23

Episode Stats

Length

Words per Minute

Word Count

Sentence Count

Misogynist Sentences

Hate Speech Sentences

Summary

Transcript