Glenn Beck on the Supreme Court ruling in favor of gay wedding cake baker Jack Phillips and the Colorado Civil Rights Commission is now after him for his refusal to bake a cake in the shape of a penis for Halloween because it's against his religious beliefs.
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00:18:58.300The other thing I said is our debt and our dollar is going to eventually crush the rest of the world because everything is traded in dollars and debt is in dollars with other countries.
00:19:09.580And so as our dollar is strong and our debt is huge and their debt is huge, when things start to become unbalanced, people will start to starve, economies will start to crash.
00:19:23.160And because everything's traded in a dollar, if ours is the strongest, most floaty piece of poop in the toilet bowl, our currency, everybody else is going to point to us and blame this on us and our lifestyle and our mistakes, because whether it's right or wrong, politicians will have to point to a villain and it will be us.
00:19:47.080They will look at their starving people and say, this is America's fault.
00:19:53.160Um, there's an analyst that I read just this morning and I wanted to get him on as soon as possible.
00:20:00.980Uh, he is a, an analyst of, of note that says this may be the beginning of something very bad.
00:20:13.420Uh, so, uh, I came in this morning and one of my, uh, researchers, uh, said, Glenn, there's a guy I really respect.
00:20:24.460And, um, and I read something from him and then I read people saying that I really respect, this is probably the most important thing this guy has ever written.
00:20:32.920Uh, and it, uh, it goes into a long standing, uh, fear of mine that when the currencies begin to collapse, uh, the dollar, because it's the floatiest piece of poop in the toilet bowl, um, is, uh, uh, everybody will rush into the dollar, which will make our dollar stronger, make the problem worse.
00:20:58.360Um, because, you know, if your debt is in dollars and your currency is going down as a country and you're trying to buy stuff from the U S food or whatever, it's going to be a disaster for people all over the world.
00:21:12.720And when that happens, those politicians will not want to take the blame.
00:21:18.160They'll look right directly to us and say, it's their fault.
00:21:22.220Um, but we, we could be on the verge of a real currency crisis.
00:21:28.140I wanted to bring in Jacob Shapiro, uh, who just wrote about this.
00:21:33.560He is the director of, uh, analysis, uh, for geopolitical futures.
00:21:38.220Uh, it was with Stratfor for a while and, uh, and welcome to the program.
00:21:46.640Uh, so tell me your, tell me your concern here.
00:21:50.480Well, look, my concern is that if you look at the growth and as you said, U S dollar denominated debt from about starting at about 1990 to today in 1990, it was about something like 600 billion in the entire world.
00:22:43.120But if you start poking around and you start looking at other national balance sheets, uh, you know, four countries that look kind of like Turkey are Chile, Argentina, Mexico, Indonesia.
00:22:54.340Those are four major countries, four major countries with major economies.
00:22:57.940And that's before we even get into any kind of, of the other countries.
00:23:01.020So that's why I'm so worried about this.
00:23:39.960Number one, for daily Joe Schmo on the street, it becomes harder to buy things.
00:23:44.740The things that you are used to buying are going to cost more, especially those nice things that you're importing, not just from the United States, from Europe and other places.
00:23:52.340But what's more concerning is especially for a country like Turkey is you're losing the ability to actually pay back the debt you've incurred in the first place.
00:24:00.340So that's not something Joe Schmo is necessarily going to feel until a little bit down the line.
00:24:04.280But when you start looking at the relationships between different countries, you start talking about Turkey not being able to make good on the roughly $200 billion of U.S. dollar-denominated debt it's got in its system.
00:24:17.500And as you said, then the United States has to decide what is it going to do.
00:24:21.720Is it going to try and pressure Turkey?
00:24:23.800Is it going to try and move Turkey in the direction that it wants to?
00:24:26.520Is Turkey going to eventually have to default if there is enough of a crisis and if investors really run for the sidelines?
00:24:33.200Those are the two main ways to think about what's going to happen.
00:24:36.760And so we become kind of Germany to the last crisis, Greece.
00:24:44.020Well, in a way, although Germany is a slightly different case, and the big difference between the United States and Germany is that Germany's economy is built off of exports.
00:24:54.960Something like half of Germany's GDP comes from exporting and getting people to buy their goods.
00:25:00.080What Germany did was Germany was lending out a bunch of money intentionally to get these European countries that otherwise wouldn't have been able to afford German goods to buy them.
00:25:09.760And then when those countries suddenly couldn't pay the Germans back, the Germans were very shocked.
00:25:15.440They shouldn't have been, because if you're loaning to the Greeks, you might expect that the Greeks eventually aren't going to be able to make good on it.
00:25:25.560I mean, they're dealing with it with the Italians right now, too.
00:25:27.980So when you think about, you know, should Greeks have the same monetary policy as Germany?
00:25:33.140That's the whole problem of the European Union, but that's a rabbit hole.
00:25:36.160The difference is that the United States does not depend that much on exports.
00:25:39.760I know that the current U.S. presidential administration has been focusing a lot on trade and a lot on trying to build up U.S. exports and making U.S. exports more competitive.
00:25:48.960But right now, exports as a percentage of U.S. GDP just aren't that big.
00:25:53.500So this wasn't like the United States Federal Reserve or the United States decided that it was going to lend out all this money so that people would buy U.S. goods and prop up the economy.
00:26:02.360This was really people saw the dollar.
00:26:05.120They saw really loose monetary policy in the United States, but also in other places.
00:26:09.680And they took the dollar and they were running with it.
00:26:11.780What you have now is the United States is saying, OK, this has been 10 years since 2008.
00:26:16.140We're going to start raising interest rates.
00:26:17.860We're going to start really rationalizing this economy and making sure that this recovery doesn't just continue on in the back of government stimulus forever.
00:26:25.440And when you have that, the U.S. acting its own self-interest, it's causing problems for a lot of different countries.
00:26:30.860So the real difference between U.S. and Germany here is that I would say Germany was kind of screwed in 2008.
00:26:36.460The United States is not screwed here.
00:26:38.240It might get caught holding the bag, but that just means the dollar is going to strengthen.
00:26:42.040You're going to see, as you said, more dollars coming into the United States.
00:26:45.200The underlying basis of the U.S. economy is fairly well insulated as opposed to where Germany was in 2008.
00:26:51.360So, Jacob, are we looking at the real possibility of currency collapse in these countries?
00:27:01.940And, you know, I mentioned those four countries.
00:27:03.840The four that I'm most concerned about are Chile, Argentina, Mexico, Indonesia.
00:27:08.580The only one of those countries that has not seen its currency waver in a big way so far this year is Mexico.
00:27:14.840And they're sitting on $270 billion worth of U.S. deed debt.
00:27:18.720That's the second highest total of any country in the world right now.
00:27:22.040When you look at their gross external debt, you've got a more populous president who's coming in with a lot of ideas about social spending.
00:27:31.160But if Mexico, if Mexico's currency fails, what does that look like?
00:27:38.400In real life to us, what does that mean?
00:27:42.180Well, that means a lot of political instability in Mexico.
00:27:45.220That means that you're going to have a, you know, if we think that the migrant issue across the Mexican border and the United States is serious now, you ain't seen nothing yet.
00:27:53.960If this actually comes to pass, because people are going to be fleeing to try and get some semblance of stability.
00:27:59.540The Mexican government itself, whether the previous administration and the new one coming in, has been under pressure for a host of other different reasons.
00:28:06.920This is the last thing that they sort of need.
00:28:08.860But, you know, Mexico would be a very serious one for the United States, and it's one of the ones I'm most worried about.
00:28:15.120But the real reason this is so worrying is because, like I said, there's $11.5 trillion of this debt floating around out there.
00:28:24.840Some of the countries we know, some of the countries don't report it.
00:28:27.560I tried to email the Bank of International Settlements yesterday and asked for some more clarity on some of the countries that were holding this debt.
00:28:34.180And they said, well, for confidentiality reasons, some countries we can't even release.
00:28:38.120So in some sense, you know, it's hard to get a real scope of the problem.
00:28:42.540This is something like the Asian financial crisis of 97, 98, 2008 subprime global crisis.
00:28:48.340It could have that kind of transformative political impact across the world if it nosedives.
00:28:53.540Does the trade war play a role in this at all?
00:28:55.980The trade war plays a role in the sense that the trade war, in addition to raising interest rates in the United States, all of that is strengthening the U.S. dollar.
00:29:08.280So the trade war is sort of one small part of a number of different things that are causing a stronger U.S. dollar.
00:29:14.920So I wouldn't call it even one of the main movers, but you can't dismiss it.
00:29:18.600And it's one of the things that in these countries is causing some panic.
00:29:21.780One thing that I've been concerned about is this allegiance between Russia, Turkey, and Iran.
00:29:32.420And they're all having currency problems.
00:29:36.760They're all, you know, being pushed into a corner.
00:29:40.480And desperate people do desperate things.
00:29:44.460Are you concerned at all about, you know, the unholy alliance here that when pushed into a corner in a currency crisis that they might strike out?
00:29:56.160Well, you know, I'm not worried about the unholy alliance striking in any particular place the way that you say, mostly because I think that alliance is mostly fake and mostly for it's mostly a PR bit.
00:30:10.460Russia and Iran in particular do not trust each other farther than they can throw each other.
00:30:15.220Russia has been trying to get Iran to pull back in Syria because Russia doesn't want all these issues with Israel and with the United States in the Middle East.
00:30:21.920Russia was really looking to help kick Islamic State's butt, to just get Assad sort of stabilized and then to pull out and declare mission accomplished.
00:30:31.480They've been trying to do that for a while.
00:30:33.680Now, I would say I'm very worried about Iran in terms of its internal domestic stability.
00:30:38.300You've had political competition there between sort of more reformists and pragmatists.
00:30:44.140This is, of course, you know, in Iran.
00:30:45.540And so what we would think of as reformists, it's not exactly what they're right, right.
00:30:50.220The ones that are more on the reformist side are currently in the government.
00:30:53.560They staked a lot on the Iran nuclear deal.
00:30:56.160And when the Trump administration pulled the United States out of the Iran nuclear deal, it sent the Iranian economy into a tailspin.
00:31:02.060And you can see the sort of push and pull inside of Iran.
00:31:05.380So I'm much more worried from Iran's perspective, not about where it's going to lash out, but whether the current regime can survive.
00:31:12.160So does that look, is there a chance that that looks like 1979 in reverse, that there is a freedom movement afoot?
00:31:22.060Well, the reason I don't think it can look quite like 1979 is because the IRGC, which is the Iranian Revolutionary Republican Guard,
00:31:31.600they are sort of the guarantor of the 1979 revolution, right?
00:31:36.540And what's different between 79 and now is that in 79, the Shah, even with all of his domestic security apparatus,
00:31:43.620he didn't have the same level of control right now that the IRGC does.
00:31:47.600There was a recent, I think it was even an Iranian government study that said that the IRGC controls something like 60 to 70 percent of the Iranian economy.
01:02:41.420Well, while he saw the struggle of his own people, the racist things he said about people in Africa when he was in South Africa is astonishing.
01:03:08.160You look at the bad, the dark sides of Gandhi and he's not a great man, but you have to look at the totality of the man and the time that he lived in.
01:04:14.600Are you telling me that you are because I don't think she's a good person because there there comes a point to where you're like, yeah, she was trying to kill an entire race.
01:04:27.000She was kind of in with the whole liquidation of people.
01:04:31.460I'm going to say I don't care how many other nice things you did.
01:04:57.000She's a great person because I don't agree with everything she did.
01:05:01.880Now, I can guarantee you at this women's speech that Cuomo would say, if you stood and said, excuse me, do you think that Margaret Sanger was a great woman?
01:05:12.400I can guarantee you his answer would have been, look, she did some great things.
01:05:19.140That doesn't mean I agree with everything she did, but she did some great things.
01:05:23.640But no one will give this country that same standard.
01:09:20.020You're too busy blaming them for what they failed to see 250 years ago to even notice that you are the biggest hypocrite to possibly ever live.
01:14:13.740In Fort Wayne, Indiana, which holds a very special place in my heart.
01:14:18.740And it's it reminds me of how radio used to be when radio was great and it was local and and the people were decent and they were there forever.
01:18:11.660They believe in the overthrow of the United States government, create enough anarchy to be able to pull this government down so a new communist government can start.
01:18:24.640These are the people from, remember, the World Trade Organizations where they used to have to fence these people in because they were just, they would burn your city to the ground when the World Trade Organization would come.
01:18:43.740The press has given them a pass because the enemy of my enemy is my friend.
01:18:49.180If you're against conservatives, and I want you to understand, they're not against conservatives for any other reason other than this.
01:18:59.680Conservatives believe in the Constitution of the United States.
01:19:03.440The Constitution was born out of the Age of Enlightenment.
01:19:06.960The Age of Enlightenment is the Age of Reason.
01:19:10.820Science, everything that came out of the Dark Ages where it was all about fear and somebody ruling and you could be snatched off the street at any time and you were under the thumb of whoever had power.
01:19:26.900All of that stuff went away when the candle of reason was lit and people said, no, wait a minute.
01:20:11.200So the only reason why they can hate police or they can hate you or conservatives or or the media is because it was created in the modern era and it has kept it propped up.
01:20:25.040Now, the media is so foolish to think that, oh, we're just like you.
01:22:07.360So, yesterday, Secret Service came to your offices to look at the tape, get the tape and, you know, see if they were going to pursue anything.
01:22:17.420We don't know what the Secret Service is going to do.
01:22:19.660Hopefully, they are watching a lot of these people.
01:22:46.920And it's important to understand one so you can understand the other.
01:22:50.360The point of not covering Antifa is because there is such a confirmation bias on the left that if you're against the neo-Nazis or the white supremacists, then you're on the right.
01:23:13.360And that confirmation bias leads to a major default, Glenn, in reporting.
01:23:17.020So, there's not many reporters who go and do proper journalism on Antifa to show the kind of tactics they're using, the kind of tactics you just spoke about, which are extremely violent.
01:23:27.660I only spent 40 minutes with Antifa this weekend, and I got five death threats on the president.
01:24:15.420So, do they think that, or do they just not want to recognize it because it puts them in cognitive dissonance?
01:24:23.560So, let's talk about that cognitive dissonance.
01:24:26.160Let's have a little thought experiment here.
01:24:29.100If a Trump supporter, or better yet, let's try the Tea Party.
01:24:33.920If a Tea Partier in 2010 were to have grabbed the camera of a reporter, said, F you to the reporter, thrown the camera on the ground, cut the camera cables, then that would be a month-long news cycle.
01:24:58.240If a Vox.com or a ThinkProgress reporter had asked Tea Partiers what they would do if they met President Obama, and they all said they'd murder him, and they'd do him like Gaddafi, then again, this would be a 24-hour, seven-day-a-week, month-long news cycle about the hatred inside the Tea Party.
01:25:19.060And no one knows the Tea Party better than you, Glenn.
01:25:22.120However, you have NBC News reporters just this weekend having that exact same thing happen.
01:25:26.720NBC News had one of their crews in Charlottesville, their cameras were grabbed, they were told to F off, their cameras were thrown on the ground, their reporters were assaulted, their reporters were harassed, an absolute attack on journalism, on the freedom of the press, and nothing, Glenn, nothing.
01:25:43.660NBC News didn't even cover their own reporter's assault.
01:26:30.020Yes, and I agree, and thank goodness, even though it's under attack and we're on shaky territory with social media platforms right now
01:26:40.660and the deplatforming of conservative ideas and principles, I believe that it's been very important to watch the virality of these kind of clips.
01:26:48.860It's amazing what happens when you just tell a true story.
01:26:51.940So if you tell a true story and let these people speak in their own words, then you get Secret Service in my office taking my videos of these people,
01:27:03.580and hopefully that will affect change.
01:27:04.980Hopefully it won't be smiled upon to say you want to murder the president.
01:27:09.220And this video has been seen by millions and millions of people around the country.
01:27:13.140Even though the mainstream media blacked it out, I haven't got a single request to go on MSNBC, a single request to go on CNN.
01:27:20.260I haven't seen this covered at all for center-left publications.
01:27:24.560However, the center-right, Fox News, yourself, people like Rush, have really – the person who started The Daily Caller, Tucker Carlson.
01:27:33.340And it has proven that conservatives have been able to do an end-around on mainstream media,
01:27:39.360and millions and millions of people have now seen this.
01:27:41.460And thank you, Glenn, for playing it and bringing attention to it on your program.
01:27:46.440Benny, one quick question, and then we'll let you go.
01:27:50.340You mentioned the squashing of conservative voices.
01:27:53.100I was with Ben Shapiro last night, and it was quite an interesting conversation.
01:27:57.620It was a private conversation, but there is growing concern, real concern, that we've crossed a threshold of some sort,
01:31:40.920So this is the Maple Flex bar made by the Royal Canadian Mint.
01:31:44.980And it's meant to snap it apart and there you go, snap it apart and you break it up into the different pieces so you could barter or use it as currency.
01:31:56.380You can see that they have like video of how you do this, because I think hearing it on the radio, I don't know how to describe.
01:32:02.380You're actually breaking apart a piece of silver and these little it's really cool.
01:32:05.880And they're all like individual, I don't know, square coins, if you will, from, you know, they're all marked by the Royal Canadian Mint.
01:32:15.580They got, you know, Queen Elizabeth's face on it, which is, you know, she's, it's always, it's always hot to have Queen Elizabeth in your pocket.
01:32:23.960You're a big Elizabeth fan, big Elizabeth head.
01:34:45.900Like, you're kind of just going around patrolling the streets, taking care of the problem, putting them into some sort of high-tech containment device.