The Glenn Beck Program - What the Federal Reserve Rate Hike Will Cost YOU ｜ Guests： David Buckner & Carol Roth ｜ 3⧸17⧸22

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00:01:07.960 Got no room to compromise.

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00:01:35.980 What you are about to hear is the fusion of entertainment and enlightenment.

00:01:56.820 This is the Glenn Beck program.

00:02:02.700 Yeah. Yeah, this is getting good.

00:02:05.500 I think Putin, I think Putin just said that Russia needs to be cleansed of all traitors.

00:02:14.140 So this is going well.

00:02:16.320 This is, no, he's stable.

00:02:18.600 He's totally stable.

00:02:19.900 Nothing to say here.

00:02:21.780 Uh, we are, we've got some amazing things going on today that, you know, it's a good thing.

00:02:30.500 My hope is in the Lord and not men. 1.00

00:02:33.820 Because I don't know how we are going to settle this one, you know, as men.

00:02:39.080 Uh, let's go there in 60 seconds.

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00:03:57.360 So I just wanted to start with this because we've been going back and looking a lot of the things that I have said, um, over the past few years, because they all seem to be coming true right now.

00:04:06.540 Um, but every January, I put a list out of things that I'm predicting and they're never really, um, I don't know.

00:04:17.240 They're well thought out, but they're not something I'm willing to bet my life on.

00:04:21.180 You know what I mean?

00:04:22.660 Um, they're just, we would call those in the sports talk industry, bold takes, bold takes.

00:04:28.280 They're bold takes.

00:04:29.240 So my bold take in January was that Russia, Ukraine, and NATO would be at war by the end of this year.

00:04:40.740 I also said Iran, Israel, and the United States would be at war by the end of the year.

00:04:50.600 I also said China, Taiwan, Japan, Australia, and America would be at war.

00:04:59.420 So it's kind of looking like that might happen.

00:05:02.660 Well, so the Ukraine, Russia one is pretty self-explanatory.

00:05:05.420 Well, yeah, Ukraine, Russia, and NATO.

00:05:07.940 Right.

00:05:08.140 The NATO part hasn't happened yet, but we can see the clear thread of that being close.

00:05:12.020 Yeah, it's coming.

00:05:12.520 Give me, what's the Australia situation?

00:05:15.440 Uh, China, Taiwan, U.S., Japan, and Australia.

00:05:18.740 This is mainly, as I saw it, this is mainly about Taiwan.

00:05:23.540 And then U.S., Japan, and Australia coming up and saying, whoa, whoa, whoa.

00:05:27.680 Because if they take Taiwan, the next thing they're going to do is New Zealand and Australia, their power just is unstoppable.

00:05:34.520 But they're also having problems, uh, with China.

00:05:39.200 Um, they were, one of the problems is they were selling coal, uh, to China.

00:05:47.960 And now China is backing away from that.

00:05:50.840 There's some other things that are also going on, uh, with Australia and China.

00:05:55.260 They're not necessarily the friendliest of neighbors with each other.

00:06:01.100 And Australia is kind of worrying about this, right?

00:06:03.520 Yeah.

00:06:03.740 They're coming out and saying, this is a real risk.

00:06:06.460 Yeah.

00:06:07.000 Uh, which is, I don't, I, I honestly, with everything else going on in the world, uh, was not following that part of.

00:06:12.180 No, if, if China goes into Taiwan, I mean, for all those rich people, like, I'm just going to take my G5 and I'm going to fly to New Zealand.

00:06:21.300 And hope you can speak Chinese because it's coming, uh, isn't that weird? 1.00

00:06:27.700 I mean, look at that.

00:06:28.820 These were, these were reaches.

00:06:31.480 These were reaches.

00:06:32.780 Put this together in December and, um, you know, sent them out in a newsletter right after the news, uh, right after the new year.

00:06:42.460 My predictions for the year, they're always bold takes, not predictions, bold takes.

00:06:48.200 Uh, I could see all three of these happening out normally because, you know, my success in life is somewhat tied to yours.

00:06:57.940 Unfortunately, I root for you to be right on your predictions this time.

00:07:03.420 No, I want you to fail miserably.

00:07:05.680 I would love to be wrong on these again.

00:07:08.200 Again, that's not something because there's some things that I feel and then sometimes I think, and, uh, when I'm telling you, I feel this, uh, that's usually something that I feel through prayer.

00:07:22.480 And I bet on those ones when I think things, they're usually wrong, usually wrong.

00:07:29.640 What an admission about yourself.

00:07:31.180 Yeah.

00:07:31.420 Well, I think it's bad.

00:07:33.460 Yeah.

00:07:33.760 I mean, you know, I got up this morning and I thought this would be a good show.

00:07:37.700 Check it out.

00:07:38.540 See if that's right.

00:07:39.660 You know what I mean?

00:07:41.000 Uh, all right.

00:07:42.120 Um, there is some good news.

00:07:43.920 A couple of things.

00:07:44.780 Uh, Romney has not, uh, discussed his 2024 plans, uh, but you know, he's going to run, but, uh, somebody else is going to run against him.

00:08:01.700 Uh, he's a Trump loyalist.

00:08:04.060 Nah, that's not really how I would, uh, describe Sean Ray as the attorney general.

00:08:10.240 I would say he's a fighter.

00:08:12.300 However, he's a guy who understands, uh, freedom and law and order.

00:08:19.400 And, uh, you know, he's the attorney general of, uh, of Utah and he is now running against Romney.

00:08:26.520 Is that, is that confirmed?

00:08:28.100 Is he, is he definitely in the race or I thought it said it was going to announce his plans coming soon.

00:08:33.600 Yeah.

00:08:34.160 Well, I'm sure you, why would there be a story about him announcing his plans if those plans were not, uh, you know, right in the works.

00:08:41.760 But yeah, I mean, I don't, I, I don't know.

00:08:44.580 I don't know.

00:08:45.560 I certainly, so that's good.

00:08:47.340 Anyway, why would you need to specify that?

00:08:49.720 Uh, it's interesting because he, because I think Mitt could use a challenge.

00:08:53.620 Oh, I think he could.

00:08:54.900 And I don't know, you know, I don't know, you know, I don't know what would happen.

00:08:59.380 And I, I, I'd like to see, I'd like to think that, uh, Romney would lose to a conservative challenger though.

00:09:06.200 Romney, that name in, in Utah is still mud.

00:09:10.780 Maybe to some, to many, you know, there's a lot of, I mean, you know what, the GOP is running a squishy Republican against Mike Lee.

00:09:18.760 I mean, I can't believe that, that, that just, that just blows my mind.

00:09:24.140 Mike Lee is the most kind, gentle, honest, non-bomb throwing kind of guy I know.

00:09:32.480 I mean, he, I've never, I think you could set him on fire and he would go, I hate to bring this up, but I am on fire now.

00:09:42.620 If somebody, and I don't want to disturb you, but if you could help put me out, it would be great.

00:09:47.540 Yeah.

00:09:47.780 And it's not the, and the thing that's, it can be misleading to say that about Mike Lee, because it makes it sound like he's not a fighter.

00:09:54.300 He is a fighter.

00:09:55.360 He just does it politely.

00:09:56.860 Yeah.

00:09:57.100 He does it very politely.

00:09:58.580 And he holds the line better than anybody else in the Senate.

00:10:01.260 Anyone, anyone.

00:10:02.700 And I would say anyone in Washington.

00:10:06.280 Yeah.

00:10:06.480 I mean, he is, there's nobody, there's nobody that is a bigger defender, but they're running this, this woman who,

00:10:12.620 um, you know, it's supposed to be a real conservative.

00:10:15.080 She voted, ready?

00:10:18.060 She voted against the bill to, uh, protect children with down syndrome from abortion.

00:10:28.660 Okay.

00:10:29.140 So you can't, yeah, you, the bill was, if you find out your child has down syndrome, you cannot abort them because of that.

00:10:37.460 Now, most conservatives are against abortion for any reason, but to abort a baby because of down syndrome.

00:10:48.340 Nope, nope, nope.

00:10:50.280 That's just a little too crazy for me.

00:10:53.700 So who knows what's going to happen?

00:10:56.820 Who knows what's going to happen?

00:10:58.220 I'm thinking about moving there just to vote, just to be able to vote.

00:11:01.780 Cause I have no idea what they're doing, by the way.

00:11:04.580 Um, speaking of that part of the country, we've been watching, uh, a couple of things.

00:11:09.980 Uh, one is the ESG bill all over the country.

00:11:13.780 There are 20 States working on one, uh, had great hope for Idaho, but let me tell you what is really happening in Idaho and Idaho.

00:11:22.440 You should pay attention to this because, uh, the GOP, the squishy GOP is in control.

00:11:33.720 The treasury in Idaho filed a bill yesterday, an ESG bill, SB, uh, 1405.

00:11:41.400 It's sailed through the committee, just went through.

00:11:45.000 All right.

00:11:45.720 There was no banking, uh, the lobbyist that showed up to pressure people on not signing this one.

00:11:52.600 No, the treasurer, he, she just, she's like, I'm going to put this one through.

00:11:57.700 We're going to get, I'm strong on this thing has no teeth to it at all.

00:12:03.260 It is a joke.

00:12:04.620 There was no opposition at all for this bill.

00:12:08.580 None, none, none in the committee.

00:12:12.060 And that's because it's, it's not, it's a, it's, it's a, it's a showpiece.

00:12:17.800 That's all it is.

00:12:18.360 It's something that they can go, I, I voted, I voted for that ESG bill.

00:12:23.260 This is not for the one from the heritage foundation or heartland foundation or anything else.

00:12:27.940 This is a, this will gum you to death.

00:12:31.760 Okay.

00:12:32.180 This is like an apple and, uh, you know, Nancy Pelosi without her teeth.

00:12:37.340 The apple's not afraid of it.

00:12:39.700 This is no, this is nothing.

00:12:42.680 Um, by the way, she also, uh, claimed, uh, in committee that she was with treasurer Moore

00:12:49.220 from West Virginia along with the 16 other.

00:12:52.060 But, uh, I talked to the treasurer, uh, Moore and, um, yeah, he, he hasn't heard from her.

00:13:00.860 Um, this isn't the bill.

00:13:02.140 He doesn't approve of this bill.

00:13:03.700 He, he, that's weird.

00:13:05.840 Uh, and I said, Hey, would you like to come on the air?

00:13:07.980 And so he's going to come on the air here in the next couple of days, but, uh, that's

00:13:12.820 really great.

00:13:13.340 Oh, one more thing you should know.

00:13:16.260 Um, uh, one of the, uh, well, I, I'm going to give you a list of the people that are now

00:13:23.260 coming under attack.

00:13:24.640 One of them is, uh, representative Earhart and, uh, she was instrumental in fighting

00:13:32.620 ESG in Idaho.

00:13:34.180 And guess who has new challengers with lots of new money now?

00:13:39.220 So they are going to take out anybody who is serious about ESG.

00:13:44.720 Farmers, you're in trouble in Idaho.

00:13:47.180 And I say that not with a happy heart because I have a farm in Idaho.

00:13:51.700 Um, this is not going to go well.

00:13:54.580 You've got to change these weasel Republicans out. 0.90

00:13:57.620 And I say that with, uh, a lot of trepidation because there are crazy people that want to 0.62

00:14:05.200 be governor in the state of Idaho.

00:14:07.740 And as I told the Republicans, and let me say this to every Republican from coast to coast,

00:14:13.720 if you are someone who doesn't get it, if you're not protecting the people and the constitution,

00:14:23.760 not these big banks, not doing the bidding of all these lobbyists, but you are doing the

00:14:30.000 bidding for the average citizen in America, uh, conservatives have had enough.

00:14:35.720 They've had enough of it and, um, we'll vote you out and I'm going to make it my mission

00:14:43.060 in life to help sort the wheat from the chaff.

00:14:49.180 Uh, and, um, they're going to vote you out.

00:14:52.140 And the, if you betray people, if you lie to them, like this treasurer is doing now in

00:14:59.060 Idaho, oh, I'm all for, I'm all against the SG.

00:15:02.380 No, you're not.

00:15:03.260 No, you're not.

00:15:04.140 Stop it.

00:15:05.680 Um, if you lie to the people, you will not only lose an election. 0.58

00:15:11.800 You have a very good chance of putting somebody who is crazy because people don't know who

00:15:19.540 to believe and they'll start going to people who will say, I'll just clean the whole place

00:15:24.740 out.

00:15:26.340 So there's your warning call.

00:15:28.860 And it's a warning to, to all of us.

00:15:32.880 If you don't tell people the truth and do the right thing, you will be horrified.

00:15:41.620 And so will I and everybody else at the people that the American people will find to stop the

00:15:51.280 madness.

00:15:52.120 It is a spiral and it is a death spiral.

00:15:56.580 And you've got to stop doing the things that many of the people in Idaho, uh, in, in power

00:16:06.340 just did.

00:16:08.960 Warning.

00:16:10.400 Gee, who's running for governor?

00:16:12.180 Who would be your worst nightmare and a nightmare for all the people in Idaho?

00:16:17.880 Hmm.

00:16:19.180 You just made that individual stronger.

00:16:23.520 Congratulations. 1.00

00:16:24.560 You fricking dopes. 1.00

00:16:27.900 Okay. 0.99

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00:18:03.940 Hey, Saudi Arabia welcomed Boris Johnson yesterday.

00:18:09.840 Isn't that great?

00:18:11.400 Yeah.

00:18:12.000 I mean, they won't even take the phone call from Joe Biden.

00:18:17.920 I don't want to call him.

00:18:21.660 I don't want to call him.

00:18:22.700 Why won't they do it?

00:18:23.760 Because of the Iran negotiation?

00:18:25.560 Yeah.

00:18:25.900 That's partly because of the Iran negotiations.

00:18:28.100 There's about three real strong complaints that Saudi Arabia has about Joe Biden.

00:18:32.240 One of them is he said that they were, well, he didn't use the word evil.

00:18:37.720 I don't remember miscreants.

00:18:39.860 And I don't know if I even want to talk to those people.

00:18:42.120 So they remember that, you know, and now he's like, please, we need some oil.

00:18:48.340 They won't even take his phone call, but they did meet with Boris Johnson yesterday.

00:18:52.700 By the way, the new deal with Iran.

00:18:56.480 Oh, it is going to be so great.

00:18:58.560 It's letting Russia cash in on a $10 billion contract to build nuclear sites in Iran.

00:19:07.080 Isn't that great?

00:19:09.360 Oh, man.

00:19:10.400 Also, the IRGC, the Islamic Revolutionary Guard, which anytime you have Islamic Revolutionary,

00:19:20.740 that could be kind of a bad thing, you know, kind of like Marxist revolutionary, just entirely different.

00:19:28.800 One is convinced God is telling them to do it.

00:19:31.860 The other one is convincing that Gaia, the planet, is telling them to have a revolution.

00:19:37.300 But anyway, the Islamic Revolutionary Guard, that, it looks like it might come off the terror blacklist because of the negotiations.

00:19:48.780 I'm not sure what we're getting out of this, but I'm sure it's like Afghanistan. 1.00

00:19:58.460 It's going to work out.

00:19:59.400 You know, it's going to be like, oh, there's the, there's the method in the madness, you know, because at first you look at Afghanistan, you're like, oh, there's the madness in the madness. 0.88

00:20:12.680 And then, you know, you finally, at some point, maybe historians will go, ah, that's why he did that.

00:20:23.400 You think?

00:20:25.840 Seemed optimistic on that one.

00:20:27.320 Yeah, no, not really, not really, but it's a good thing, good thing.

00:20:31.920 Kind of goes back into the Iran-Israel-U.S. war kind of thing, doesn't it?

00:20:39.220 It's terrifying.

00:20:40.580 We don't, we cannot, we're obviously, we've obviously shown that we are not as strong as we once were.

00:20:48.500 We have shown a level of vulnerability that everyone around the globe seems to be willing to exploit at their earliest opportunity.

00:20:56.280 I was, I, a friend of ours just had a baby and I was over looking, not to change the subject, but just looking at the baby and holding the baby so cute.

00:21:04.100 And you're like, Dapa, United States, it's so weak right now.

00:21:09.040 So it's weird.

00:21:10.100 Really?

00:21:10.600 Yeah.

00:21:10.880 New babies have noticed that.

00:21:12.880 Mm-hmm.

00:21:13.200 Mm-hmm.

00:21:13.600 Yeah.

00:21:14.720 That's a pretty fascinating turn of events.

00:21:17.560 I mean, you know, just Afghanistan on its own.

00:21:22.980 Yeah.

00:21:23.260 Did so much to make this worse.

00:21:25.700 Oh, yeah.

00:21:26.160 And you can sit here and say all you want, you know, and there were people who made this argument at the time.

00:21:31.240 I know we pushed back against it that like, well, look, we just need to get out of there and we're never going to get out of there if we don't just leave and we need to just get out.

00:21:38.860 And it's like, no, you can't do that.

00:21:40.600 No.

00:21:40.720 Even if you think that's the right call to leave completely and just, you know, leave the region, which there were even conservatives, many who believe that, you can't do it like that.

00:21:53.200 Nature abhors a vacuum.

00:21:55.900 Mm-hmm.

00:21:57.340 And so do I.

00:21:57.940 And that's why I don't do it on Saturdays.

00:21:59.400 My wife will be like, can you please? 0.96

00:22:02.320 And I'm like, no, nature abhors this.

00:22:04.600 I will not be part of your unnatural witchcraft. 0.97

00:22:08.860 You showed her. 0.99

00:22:10.140 So I showed her, you darn right. 0.92

00:22:12.360 The good news is, biblically speaking, Gog and Magog on a map, that would be called Russia and Iran. 0.92

00:22:25.560 A couple of cats, kind of like the key master and the gatekeeper.

00:22:30.300 I think it might be a really bad idea to get those two together.

00:22:35.420 Thank you, Joe Biden, for strengthening that.

00:22:38.860 The Glenn Beck Program.

00:22:43.960 American Financing, NMLS, 1-823-34, www.nmlsconsumeraccess.org.

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00:23:05.900 How many times did they say they were going to raise the rates yesterday?

00:23:08.960 Six or seven.

00:23:09.940 Six or seven.

00:23:10.940 Yeah.

00:23:11.080 Yeah.

00:23:11.300 Yeah.

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00:24:06.180 Hello, America.

00:24:15.820 Welcome to the Glenn Beck program.

00:24:17.920 There is a massive lie that you are being told, and that is that ESG and the Great Reset

00:24:26.980 is not what you think it is.

00:24:28.820 It's not what these crazy people say it is.

00:24:30.740 Well, those crazy people that say what it really is are the people that are at the top

00:24:37.720 of the food chain, the elites that have put it together and put it into action.

00:24:42.180 Uh, and you know, when we were working on this, um, ESG legislation up in, uh, up in Idaho,

00:24:50.100 we're working with 20 different States, Idaho folded like a cheap suit.

00:24:55.020 Um, and it's because they, the, the lobbyists are coming out and they are spending a fortune

00:25:02.860 to lobby against anyone who is trying to pass any kind of legislation against ESG.

00:25:10.660 It, it is, it's a lie when they say, oh, no, this is just the free market.

00:25:15.660 No, it's not.

00:25:16.480 No, it's not.

00:25:16.940 It's the opposite of the free market.

00:25:18.700 It is 21st century fascism.

00:25:21.520 Vivek Ramaswamy is, uh, with us.

00:25:23.860 He's the author of woke Inc.

00:25:25.680 And, um, Vivek, I wanted to get you on cause you've had a couple of really great articles

00:25:30.480 and tweets lately.

00:25:31.900 And I just wanted to, um, kind of mind this and, and have you explain what you mean by

00:25:36.980 this.

00:25:37.760 I wish CEOs would say in public what they say in private about their views on ESG and DEI.

00:25:46.220 It would go a long way towards restoring our trust in leaders.

00:25:50.800 ESG represents the greatest social credit scoring system in human history.

00:25:57.940 Wow.

00:25:59.200 Welcome to the program.

00:26:00.360 You want to go into that?

00:26:03.220 Yeah, absolutely.

00:26:03.940 Glenn, thanks for having me.

00:26:04.940 And, and I, and I'm really glad that a voice like yours is on top of what I think is the

00:26:08.660 defining issue of our time, which is the use of the private sector to do through the back

00:26:14.180 door, what government cannot do through the front door. 0.90

00:26:17.540 That is what the three let, I call this the three letter acronymized version of capitalism.

00:26:22.820 Some call it ESG.

00:26:24.400 Some will say DEI.

00:26:25.980 Some will say CCR behind it all is the CCP, but whichever three letter acronym you prefer,

00:26:31.720 it is actually the definition of modern crony capitalism, which works in reverse.

00:26:37.520 It's not just companies bribing the government to do their work.

00:26:39.940 It is also the government bribing companies in return to do their work back for them.

00:26:44.840 And so, you know, look, I mean, I, I'm an author.

00:26:47.040 I've written these books, but I've also been a CEO, right?

00:26:48.780 I'm a founder and CEO, fortunately of a multi-billion dollar company.

00:26:52.100 I was a hedge fund partner for years before that, and I wasn't born into lead America,

00:26:56.280 but I've lived it for the last 15 years.

00:26:57.880 I know how the game is played.

00:26:59.060 And I will tell you, I had lunch with the CEO of one of the largest companies in his

00:27:04.880 industry, a publicly traded company.

00:27:07.440 And it was actually the day that I put out that first tweet.

00:27:09.700 It was just, I was so frustrated coming out of it because he, I felt like a therapist the

00:27:13.600 whole time where he had read my book and wanted to complain to me about all the things that

00:27:17.840 he had to go through.

00:27:18.980 He's the CEO of the company, mind you.

00:27:20.720 And yet at the end of the day, actually, I look back at some of the statements he's been

00:27:24.860 making, it's a carbon copy footprint of diversity and equity inclusion must be part of our agenda.

00:27:30.580 ESG is the way of the future, but it's clearly he doesn't mean the things he's saying, but

00:27:36.240 the actual loss of public trust in many ways comes from the fact that even when the words

00:27:41.520 are coming out of the CEO's mouth, whether you're on the right or the left, you know that

00:27:45.540 you can't believe them.

00:27:46.500 And so that's a big part of what I meant by that, that particular remark.

00:27:49.020 So it is, it is truly terrifying when I was working, um, against these lobbyists, small

00:27:56.160 banks, local banks were coming to, uh, the representatives in the state and saying, please, I cannot say

00:28:04.460 this out loud, um, but please pass anti ESG legislation or we're all toast.

00:28:12.160 Please pass this.

00:28:13.400 People are not willing to say it out loud and that's killing us.

00:28:17.320 It's killing us.

00:28:18.260 That is, that is the culture of fear.

00:28:20.440 And look, to me, the best health of the measure of any democracy, especially American democracy

00:28:25.480 is the percentage of people who are willing to say what they actually think in public.

00:28:31.140 And when there is no doubt that we are doing worse than any time I can remember in my lifetime

00:28:35.700 on that metric, because we have combined the use of economic force with the normative questions

00:28:42.020 that we settle through a democracy.

00:28:43.460 And so, you know, look at democracy, you're supposed to settle questions through persuasion,

00:28:47.240 through free speech and open debate in the public square.

00:28:49.780 Maybe you and I would have one view on climate change and appropriate policy towards it.

00:28:54.120 And maybe somebody else would have a different view or how do we correct for racial injustice?

00:28:58.060 Somebody else has a different view.

00:28:59.040 Great.

00:28:59.580 In a democracy, we talk in the open, in the civic sphere and persuade each other.

00:29:03.460 What the ESG and related stakeholder capitalist movement do is they substitute economic force

00:29:10.320 firing you, excluding you from the economy, et cetera.

00:29:13.800 They use that force as a substitute for free speech and open debate.

00:29:17.560 And the ESG movement in particular uses the force of capital ownership in companies to do it,

00:29:23.280 where you have an ideological cartel of $20 trillion in the hands of the top three asset

00:29:28.980 managers in this country, BlackRock, State Street and Vanguard, that go to the top companies

00:29:33.240 in this country, show up as the shareholder and say that we are the shareholders.

00:29:36.960 We want you to implement diversity, equity, inclusion, cut your carbon emissions.

00:29:41.740 If you're an oil company, stop producing oil.

00:29:44.500 But guess what?

00:29:45.720 The people whose money they are using to wield that power are your listeners, are me, are you,

00:29:51.100 are everyday Americans whose money is being weaponized back against them in ways that would

00:29:56.220 make their blood boil if they actually knew what was going on.

00:29:59.720 That's why.

00:30:00.420 Kudos to you for teaching them what's going on.

00:30:02.260 Well, that's why it is so frustrating.

00:30:04.440 We just had a secretary of or the state treasurer of Idaho fold and take a tough ESG bill and

00:30:14.320 just put one in it without any teeth.

00:30:16.880 And the whole idea was don't invest in places like BlackRock that are working against the

00:30:25.180 people of our state by.

00:30:27.840 Is this Julie Ellsworth you're talking about?

00:30:30.220 Why do you why do you ask?

00:30:31.960 Oh, there's a state treasurer of Idaho you were mentioning.

00:30:34.760 Yeah.

00:30:35.100 I mean, it's just that these are.

00:30:36.420 Do you know her?

00:30:37.340 I mean, I spoke to a conference of the state treasurers a couple of months ago and most

00:30:42.920 of them were in the audience and I was explaining to them, look, it's not BlackRock's money.

00:30:47.160 It's not your money either.

00:30:48.700 It is the money of your citizens.

00:30:50.340 Thank you.

00:30:50.840 That ultimately actually find their way into the public's fisc, which in turn finds its

00:30:55.440 way into the fisc of BlackRock, which then uses that money to vote those shares and to

00:31:01.680 whisper campaign in the ears of the top 500 CEOs of this country to say that this is what

00:31:06.400 we as the investors want, betraying the idea that it is not the state treasurer's money.

00:31:10.560 It is not the actually it is not the BlackRock manager's money.

00:31:14.820 It is the money of those everyday citizens.

00:31:16.780 Now, here's what I'll say about state treasurers is many of their hearts are in the right place.

00:31:20.820 Actually, many of them are starting to wake up to this phenomenon because they're hearing

00:31:24.420 from their constituents.

00:31:25.620 Many are unlike BlackRock, unlike Larry Fink, they are politically accountable.

00:31:29.720 And that is a good thing.

00:31:30.960 That is how a democracy works.

00:31:32.380 Yes.

00:31:32.680 So that mechanism of political accountability has caused them to wake up.

00:31:36.160 But they're also accountable to the force of dollars through lobbying and political

00:31:40.000 contributions that pull them in the other direction.

00:31:42.240 But I think that at the end of the day, they're accountable to the people.

00:31:45.260 And what we need to educate people on is the fact that it is their own money that they

00:31:50.100 get to vote as well, not just vote every November at the ballot box, but their second vote and

00:31:55.300 their third vote come through the capital they spend, the way their shares are voted in the

00:31:59.880 marketplace of corporate America.

00:32:01.520 And I think that that tide is getting ready to ship.

00:32:04.300 So I'm optimistic that even though many of these people, it's going to take a lot of courage

00:32:07.800 for the first few state treasurers to sort of jump in the deep end of the pool and go

00:32:11.180 the other way.

00:32:12.180 But I think that that's what the people are demanding.

00:32:14.200 And the more we shine a sunlight on the problem, the more we make progress towards the solution.

00:32:19.460 And I'm personally working on actually creating alternatives in the marketplace here to provide

00:32:24.780 consumers with actually bringing a voice to the table.

00:32:28.240 Thank you.

00:32:28.700 The most important problem.

00:32:29.560 Thank you.

00:32:30.100 Thank you.

00:32:30.600 Thank you.

00:32:30.960 I agree.

00:32:31.460 I think this is this is it.

00:32:33.600 I mean, if this is implemented, we become China and it's it's over.

00:32:38.740 The freedom that we have, the Constitution means nothing.

00:32:42.020 And I think the best example of this and people aren't tying this together.

00:32:47.660 We're not the ones that that have decided to go to war against Russia.

00:32:55.660 These sanctions.

00:32:56.940 These are not governmental sanctions.

00:32:59.660 This is ESG.

00:33:01.480 McDonald's pulling out after they said they didn't want to.

00:33:05.480 And then they they they announced I thought this was amazing that they're they had real

00:33:10.620 reputational risk that they had to consider.

00:33:13.260 So they close McDonald's.

00:33:15.560 These decisions are not being made through public pressure.

00:33:20.140 They're not being made through our elected officials.

00:33:24.120 They're not being made by by people, voters, regular people.

00:33:27.320 They are being made by the boardrooms after they get the calls from the banks and the financial

00:33:33.420 industry.

00:33:34.100 Exactly.

00:33:35.960 And you know what?

00:33:36.840 This is how both sides are duped into submission, liberals and conservatives.

00:33:40.580 Liberals used to be skeptical of corporate power, but they've accepted it as corporate

00:33:44.540 powers now used to advance their own objectives.

00:33:47.520 We conservatives, for our part, are duped into submission because they say the free market

00:33:51.200 can do no wrong.

00:33:52.200 Right.

00:33:52.640 Not recognizing that that free market does not exist today.

00:33:56.180 And both sides are duped to the rise of this woke industrial ESG industrial complex.

00:34:00.520 That's actually far more powerful than big government alone, because it can work with the private

00:34:05.020 sector to do what big government cannot do. 0.74

00:34:08.060 And I think when you're on this, I don't need to.

00:34:09.940 I feel I feel shy preaching to you.

00:34:11.960 But I think the I think the defining political force of our time and struggle is not left versus

00:34:17.740 right.

00:34:18.000 Actually, yep.

00:34:18.780 It is the everyday citizen versus the managerial class.

00:34:22.620 It is the great reset, which calls for dissolving the boundaries between institutions globally.

00:34:28.200 Yes.

00:34:28.620 Those institutional leaders work together towards their vision of the common good versus

00:34:32.460 what I call the great uprising, which is also a transnational movement of everyday citizens

00:34:38.820 beginning to say, no, we make those decisions in a democracy together.

00:34:43.240 It is our voice that matters equally to Larry Fink or anyone else sitting in a corner office.

00:34:47.920 And those two forces, Glenn, I believe, are on a collision course.

00:34:52.520 You know, we won't see it in 2022 because it's the Let's Go Brandon agenda or whatever in

00:34:56.280 partisan politics in the United States.

00:34:57.520 That's boring to me.

00:34:58.300 But in the couple of years after this is coming to a head, it is an existential question for

00:35:04.480 democracies in the West.

00:35:06.360 And, you know, look, I'm on the side of the great uprising, but I want to channel that

00:35:09.640 energy in a productive direction to I think we can do that, you know, and I think I think

00:35:13.780 it's the most important question of I just said a few minutes ago that Republicans, you

00:35:19.480 better wake up to this right now because the people will go if they don't find somebody

00:35:25.740 that's reasonable to lead them and to tell them the truth.

00:35:29.320 I'm telling you both sides, both sides of reasonable people that work for a living.

00:35:35.360 I don't care how you voted.

00:35:37.000 They're going to find out what this is all about and they're going to be hurting financially

00:35:41.680 and God help us.

00:35:44.760 God help us.

00:35:46.300 We are headed for real trouble.

00:35:47.820 And you know what, Vivek, you're the only person that I've heard that really talks about

00:35:53.560 the whole world is in it.

00:35:55.160 We're so we're we're so focused on ourselves that we don't understand that Brexit is about

00:36:03.220 the same kind of thing.

00:36:05.760 And the truckers in Canada know the same thing in their bones.

00:36:09.080 This is a this is a transpartisan, transnational issue.

00:36:13.440 And you know what?

00:36:13.880 I don't have much faith in the Republicans, actually, at the end of the day, there most

00:36:18.520 of them are institutionalists.

00:36:20.080 Most of them are bought and sold, just like the other side.

00:36:22.900 Yeah, that's why I think the partisan politics of this is boring.

00:36:25.940 It misses the issue.

00:36:26.840 It almost deflects the issue by retrofitting a model, a historical model onto a phenomenon

00:36:31.540 right now that's totally different.

00:36:33.400 It is the everyday citizen versus the managerial class.

00:36:36.760 And there are members of both parties in each camp.

00:36:39.140 I mean, you and I both spoke at CPAC.

00:36:41.060 Tulsi Gabbard, she spoke at CPAC.

00:36:42.680 She ran for president of the United States on the Democratic Party ticket.

00:36:45.060 Correct.

00:36:45.280 She still is best I could tell from her comments on the side of the everyday citizen.

00:36:48.780 And so there's people and there's a God knows there's a lot of Republicans on the side of

00:36:52.040 the managerial class.

00:36:52.940 And so I think that we need to rethink the boundaries.

00:36:55.520 And I think it's everyday citizen versus managerial class.

00:36:58.140 It is great reset versus great uprising.

00:37:01.240 That's the way we need to be recognizing this beyond partisan, beyond beyond national boundary

00:37:07.180 issue.

00:37:07.680 And last point I will make is Glenn, you're one of the few people who I've heard actually

00:37:11.440 put his finger on the international dimension of this.

00:37:15.220 You just did a little bit ago, but I think China is really, really an important factor

00:37:19.360 to watch because they understand that capitalism, all right, is the Trojan horse through which

00:37:25.280 they win the great power struggle.

00:37:27.100 Greece would have never defeated Troy militarily.

00:37:30.120 China will never defeat the United States militarily.

00:37:32.160 But they have recognized that the ESG link movement creates an opportunity to turn our

00:37:38.280 own multinational companies based here into Trojan horses to undermine our own agenda from

00:37:44.420 within.

00:37:44.860 And I'll give you a very specific example.

00:37:46.560 OK, I could give you countless examples.

00:37:48.500 I talk about countless examples in my book, but a recent one even for my book or not for

00:37:51.800 my book after my book is BlackRock.

00:37:54.720 OK, they take they take three seats, vote in favor of three changed seats on the board

00:38:00.340 of Exxon, OK, and they tell Exxon that you need to cut oil production when they call that

00:38:05.140 ESG friendly.

00:38:05.900 Let's see what that's done for gas prices here.

00:38:07.600 Let's see what that's done for our reliance on foreign producers of oil one year later.

00:38:12.240 But put that to one side.

00:38:13.840 You think those projects are still going to happen or are they not going to happen?

00:38:16.800 Whatever you think about climate change and carbon emissions, those projects are still

00:38:20.700 going to happen and better positioned to take on those projects are going to be none other

00:38:25.460 than the likes of PetroChina, which can take on the projects that Exxon draws.

00:38:30.260 And guess who is an almost equally large shareholder of PetroChina?

00:38:35.060 I'm sure you can guess it's the same guys who wanted us to cut oil production here in the

00:38:40.220 United States.

00:38:41.300 BlackRock.

00:38:42.100 Unbelievable.

00:38:42.460 And so this is this is unbelievable, where at the end of the day, China is able to use 0.96

00:38:47.040 capital force and the carrot of market access to the to the golden goose of the Chinese market

00:38:53.060 as a weapon to get those same companies to weaken the United States within by applying

00:38:58.860 so-called ESG standards without applying those same standards to China abroad.

00:39:03.260 And so that's how they're playing this game.

00:39:05.020 And they're playing us like a Chinese mandolin and it is working, but it'll only work for as

00:39:09.220 long as we don't see it.

00:39:09.980 Vivek, I would love to have you on again soon.

00:39:13.200 You 100 percent get it and your voice needs to be heard.

00:39:17.820 Vivek Ramaswamy, he is the author of Woke Inc.

00:39:21.880 If you haven't read it yet, you should get it.

00:39:23.940 Great to talk to you, Vivek.

00:39:25.380 We'll we'll talk again hopefully soon.

00:39:27.780 Our sponsor this half hour is Legacy Box.

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00:40:25.260 This is the Glenn Beck program.

00:40:28.080 Welcome to the Glenn Beck program.

00:40:45.380 OK, we are next hour going to talk a little bit about a collapsing currency.

00:40:52.000 What is happening with Russia and India, China, Saudi Arabia selling their oil for anything outside of a dollar outside of the petrodollar?

00:41:06.340 What does that mean?

00:41:07.360 Is it happening?

00:41:09.160 What is the effect of what we are doing now through ESG on the world's currency, the U.S. dollar?

00:41:19.360 The Glenn Beck program.

00:41:21.700 I have been lucky enough to become friends with Chuck Norris.

00:41:25.020 I love the guy. 0.99

00:41:26.120 He is kind and gentle and he kicks ass. 0.96

00:41:31.000 There is nobody that I am happier for on finding water on his property than Chuck Norris because he is a good portion of of all the money he makes from Seaforce Water goes directly to kickstartkids.org, 0.98

00:41:48.100 which is a fantastic organization.

00:41:50.440 So this is water that they found and it dates back to twenty three thousand years ago to the last ice age.

00:41:57.540 That's what this water is.

00:41:59.160 It's bottled right there, right across the street from his ranch.

00:42:02.740 It's crazy.

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00:42:04.660 Unlike many alkaline waters, Seaforce's pH is made by nature, not with salt, not with source chemicals.

00:42:14.360 This is some of the best water out there.

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00:42:18.620 Yes.

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00:42:25.180 Check Seaforce, Seaforce.com for a location near you.

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00:42:32.720 I'm sorry.

00:42:33.160 I laughed. 0.97

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00:42:36.840 We got no room to compromise. 0.93

00:43:00.080 We got to stand together.

00:43:04.200 What you are about to hear is the fusion of entertainment and enlightenment.

00:43:25.520 This is the Glenn Beck Program.

00:43:30.480 Hello, America.

00:43:31.620 If you don't know about Bretton Woods 1, you certainly don't know about Bretton Woods 2.

00:43:38.320 And so then the question, are we experiencing a Bretton Woods 3, makes no sense to you.

00:43:44.700 Let me rephrase it.

00:43:46.920 Are we at the end of the U.S. petrodollar?

00:43:50.440 Are we at the end of being the world's reserve currency?

00:43:55.120 If you don't understand that, let me say it this way.

00:43:59.260 Are we approaching a time when the dollar will be worthless?

00:44:03.480 The answers in 60 seconds.

00:44:06.000 The people who lay down their lives in the service of us, it is a blessing that we have those people.

00:44:17.480 And we have been living on the fumes of what they have done, the work that they have done, the blood that they have shed.

00:44:31.900 There's so many heroes that have sacrificed.

00:44:35.200 Can we give back to them?

00:44:36.480 Well, when a first responder or military service member doesn't come home and young children are left behind, there is an organization called Tunnel to Towers.

00:44:45.340 They are a fantastic organization that was started right after 9-11.

00:44:49.820 They will pay off the mortgage to lift the financial burden from that family to bring some stability.

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00:45:12.900 And I'm tired of waiting for anybody else to do whatever it is we're supposed to do.

00:45:17.460 It's on our shoulders.

00:45:18.960 It's on our shoulders.

00:45:20.360 Let's help these heroes.

00:45:21.900 Join Tunnel to Towers on its mission to do good in their honor.

00:45:25.180 Donate $11 a month now at T2T.org.

00:45:28.520 That's T, the number two, T, dot org.

00:45:33.860 We're welcoming back to the program a very dear friend who I let fall to the ground on my Fox show, David Buckner.

00:45:44.400 Welcome, David.

00:45:45.360 How are you?

00:45:46.720 Really good.

00:45:47.780 Good to be with you, Glenn.

00:45:49.160 Yeah, I told somebody just the other day, one of the producers that wasn't with me at the time, and they said, David Buckner.

00:45:59.240 Who's David Buckner?

00:46:00.060 And I said, he's the guy that passed out on my show at Fox.

00:46:04.640 And they were like, oh, man, he's on.

00:46:06.680 I'm like, yeah.

00:46:07.880 I mean, you're known for that.

00:46:09.320 Sorry about that, David.

00:46:10.580 It lives on forever, Glenn.

00:46:12.400 Yeah, I know.

00:46:12.940 David, I want you to break down.

00:46:16.920 By the way, David is a professor adjunct.

00:46:21.640 Are you adjunct or are you full professor yet?

00:46:23.840 No, I'm a full professor, but adjunct at Columbia University.

00:46:27.300 Okay.

00:46:27.900 Columbia University.

00:46:29.400 You're the president of Bottom Line Training and Consulting.

00:46:32.080 You train CEOs and companies on how to run their business better, blah, blah, blah.

00:46:39.700 It's been institutionalized in the program that you created for Columbia University, and it's now taught in every region of the world.

00:46:48.520 But you understand economics like few do because you can cut through the BS.

00:46:55.080 I am having a hard time getting people to understand what is happening with Russia, China, Saudi Arabia, India, and what's happening to the petrodollar and why that's important.

00:47:10.180 So where should we start on this, David?

00:47:13.000 It's a powerful transformation that we're watching.

00:47:15.860 And unfortunately, to your point, most people are not privy to understanding a little bit of the history.

00:47:22.420 So very simply, Glenn, when we started back in 1944, the desire to make sure that we went kind of from this post-World War II period, the Bretton Woods relationship or the Bretton Woods conference that led to the dollar being linked to gold was a standard by which we had a currency where we could exchange with something that was underlying.

00:47:44.320 It was substantive.

00:47:45.480 So that was easy.

00:47:46.500 People could see that.

00:47:47.560 They go, okay, when I'm exchanging paper, I have something substantive.

00:47:50.420 I have a mineral that supports that.

00:47:53.780 Then in 1972, when France actually started calling in our bluff and exchanging dollars for gold, which was linked at, I think, $35 the ounce at the time, that's when Nixon took us off the gold standard.

00:48:06.920 So that kind of became Bretton Woods, too.

00:48:09.540 That's where we took the dollar and linked it to our exchange of oil.

00:48:14.300 So we call those petrodollars.

00:48:16.040 It was always linked to the value of oil.

00:48:18.540 Okay, wait, wait, wait, wait, wait, wait.

00:48:20.460 That's when we did that in 1972?

00:48:23.480 That's correct.

00:48:24.640 1972 to the present is what we would call the petrodollar.

00:48:27.820 That's where the U.S. dollar was linked to the price of oil.

00:48:31.880 And we said at the time that you can't buy oil anywhere in the world outside of U.S. dollars.

00:48:42.280 That was the only currency that would buy that oil?

00:48:45.660 And that was the currency by which it was a nominal currency by which it was quoted.

00:48:51.660 Okay.

00:48:52.120 All right.

00:48:52.440 So even if the exchanges went between currency A and currency B, it was always through the quotation of a U.S. dollar.

00:49:01.260 So that linked us to that exchange, which really was no longer a hard asset like gold, but it was what we would call inside money.

00:49:11.820 Everybody agreed that it's going to go through a term, which is the dollar, using that as the foundation, even if I was exchanging from a euro or a ruble or a yuan.

00:49:26.240 Okay.

00:49:26.640 But the dollar was the anchor.

00:49:28.600 Now, and the world was hang on just a second.

00:49:31.460 The world was upset at us in 72 because we had promised them that we would always in Bretton Woods one, we would always keep to the dollar, you know, standard with gold.

00:49:46.420 And and then when we violated that, we did the oil thing.

00:49:51.320 And then we also said, but the good news is we're going to be consumers, so we'll start shipping jobs your way because we're just going to buy.

00:50:00.080 We have everything we need.

00:50:01.520 We're just going to buy your stuff now.

00:50:03.480 So we'll build your economy.

00:50:05.440 Right.

00:50:06.000 It was a global.

00:50:07.200 Yes.

00:50:07.500 To your point, Len, it was the way of saying that we depend upon this being as stable as you do.

00:50:13.720 So we're all in this together.

00:50:15.740 Okay.

00:50:16.000 So there was, you're right, there was an anchor that even though we've gone off this mineral, this gold, we've gone to something that we can't let fail and you can't let fail.

00:50:26.520 So kumbaya, we're all in this together.

00:50:29.040 Right.

00:50:29.520 So even though they were upset with us, they bought that principle of trust that no one could betray each other because, well, we all need oil.

00:50:39.020 Right.

00:50:39.260 So that leads us to where we are today, which is this, and I call it the thesis because it really is, it's transitioning, but we're in a vacuum where we go to Bretton Woods 3, okay, which is the next step.

00:50:51.980 That next step now shifts us to something that just occurred this last week, which was sanctions on the very element that we promised would be the bedrock of exchange.

00:51:06.200 When you sanction Russian oil, be it good or bad, that's a policy, that's above my pay grade. 0.69

00:51:13.220 I'm an economist, right?

00:51:14.400 When you sanction it based upon a policy, you have just now made oil that has an R in front of it, Russian, cheap, and oil that has other in front of it, very expensive.

00:51:29.020 So now you've created what we call arbitrage, the concept that you don't have stability.

00:51:36.120 There's no stability like gold would have given us or even petrol would have given us before.

00:51:42.240 Because gold would have held its value no matter where it was from, and you had that value there in your own home country?

00:51:51.620 Authentic and organic, yes.

00:51:53.020 Even though the U.S. carried the largest amount of gold, which is how we negotiated the dollar to be linked to that gold, right?

00:51:59.480 Yeah.

00:52:00.440 It's still, you still could mineral, I mean, right now China is the one that is mining more gold than any other country in the world, okay?

00:52:08.480 So you still could mine that mineral and you could have it.

00:52:12.480 But when we linked it to the dollar will be linked to oil in the way in which we barter and negotiate, and then we change the pricing of that oil based upon sanctions, we just threw Brenton Woods 2 or the petrodollar into the tank.

00:52:30.780 We threw it away.

00:52:31.720 It's gone.

00:52:32.920 Now, can it be recovered?

00:52:34.220 Well, if sanctions were to go away today, you might be able to recover, but now you have enormous instability in the comfort level of the world saying, wait, if I buy Russian oil, it's really, really cheap, but I can't because sanctions say I can't.

00:52:50.900 Black market enters, okay? 0.70

00:52:52.960 Or now I can buy expensive Western oil, which we shut down the pipelines and other things based upon individual policies of countries, right?

00:53:03.000 But that's very expensive.

00:53:04.860 So what do we do?

00:53:06.280 What do you have or who do you have that can come in and fix this arbitrage, fix this difference?

00:53:12.100 There's nobody large enough, most hypothesized, except for China.

00:53:16.320 So what does China do?

00:53:18.400 They can go in and buy Russian oil cheap.

00:53:21.620 They could sell Russian oil expensive.

00:53:24.860 And now we create a completely different monetary basis.

00:53:29.480 No longer is it gold.

00:53:31.180 No longer is it oil.

00:53:33.000 It's commodity.

00:53:34.940 So we shift into a completely different monetary system based on commodities of which the U.S. no longer has a voice.

00:53:45.280 It can offer commodities, but it no longer controls the narrative.

00:53:49.660 And that changes an entire monetary system whereby the dollar now either becomes incredibly worthless or the dollar could become weaponized where the dollar becomes useful to the U.S.

00:54:04.900 It's amongst its friends.

00:54:06.740 So those that we exchange dollars with, that becomes a dollar based economy.

00:54:11.980 Those that China exchanges with, that becomes a commodities based economy.

00:54:17.520 You end up with two completely different monetary systems and a world disrupted without any continuity that was established in Bretton Woods 1.

00:54:25.540 Okay, so yes, it does so far.

00:54:28.040 But I want to, I'm going to take a quick one minute break, let you catch your breath.

00:54:31.900 And then I want to, I want to understand yesterday, technically, Russia went into default because they had to pay for their bonds in dollars, but they couldn't change their rubles into dollars.

00:54:45.740 And, and I don't understand exactly how this works, but I do know after a 30 day waiting period, what this has made the rest of the world say is, wait, I can't trust the central banks, the Western banks, because if they will, if I have the money, but they won't let me pay for it, then they just, then my gold and everything is, my money is not safe outside of my own country.

00:55:14.420 You can't just do that.

00:55:17.320 That's my understanding of it, but I don't think I have it right.

00:55:20.160 And I'll ask you to explain it here in just a second.

00:55:22.760 Back with more from David Buckner, good friend and very wise counsel.

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00:56:53.180 All right.

00:56:54.800 So, David Buckner is with us.

00:56:57.780 David, did that question even make sense that I just asked you?

00:57:02.820 Yeah.

00:57:03.300 In fact, Glenn, as you stated the question about trust, right, and the idea that people can't rely upon, or even countries can't rely upon, or trust the system, the monetary system to pay.

00:57:15.520 You're spot on.

00:57:16.560 Think about it this way.

00:57:17.560 You have central banks that have always relied upon the fact, whether it was the gold or petrol in Brenton, too, they've always relied upon the fact that they could liquidate.

00:57:27.920 They could liquidate and pay their bills.

00:57:30.860 We just froze, when we talk about that, the sanctions that have been imposed, we've frozen the reserves, and Russian reserves, now frozen, are effectively creating, as you noted, the inability for Russia to pay its bills.

00:57:47.220 There's your default.

00:57:48.400 That was the question of default.

00:57:50.820 Well, now, if you're saying, but hold on, if central banks and the reserves can be frozen by, and I can't pay my bills because I can't resource that, now I don't even know if my resources could be frozen.

00:58:06.640 So, all of a sudden, you created a sense that individual countries might be concerned that they can't trust the reserve system to allow them to have access.

00:58:18.720 Okay, wait a minute, wait, wait, wait, wait.

00:58:20.540 So, when we put sanctions on the money from Iran, that was just held in banks and not a central bank.

00:58:28.700 Is that the difference?

00:58:30.240 Correct.

00:58:30.540 And those reserves were frozen.

00:58:34.020 Each of these are held in individual banks or, to your point on central banks, it could be in central banks if, indeed, the country has a centralized bank like China.

00:58:46.300 Okay?

00:58:46.440 So, where they are or where they're frozen is a matter of whether the sanctions can touch them.

00:58:54.340 And we've been able to, with the sanctions that have been imposed broadly, not just by the U.S., but other countries, we've been able to freeze the reserves wherever they are by Russian reserves.

00:59:07.140 So, now Russia says, hold on, I don't have the money.

00:59:09.960 I can't get access to my reserves.

00:59:12.220 What do I do?

00:59:13.160 And here's where it becomes a domino.

00:59:15.980 Other countries look at that and say, I wonder if my reserves could be next.

00:59:19.840 There's your trust question.

00:59:21.540 And then, secondly, they start to say, okay, if Russia is not going to pay me, are they going to default because they can't get access to their reserves?

00:59:29.100 That's a trust question.

00:59:30.340 And then, number three, the question might be, okay, if these things are frozen, how does Russia make money?

00:59:37.380 Well, if they can somehow exchange with China, and China takes their commodities, but how is China going to be able to liquidate enough where they could get liquidity to pay for it?

00:59:50.900 They sell U.S. treasuries.

00:59:53.500 China's holding a trillion dollars in U.S. treasuries.

00:59:56.040 Now, tell me, Glenn, you and I both know, when you dump something on the market, the price goes down.

01:00:03.400 So, immediately, if U.S. starts to see that China is dumping treasuries, Russia's got U.S. treasuries.

01:00:11.080 They dump U.S. treasuries.

01:00:12.780 All of a sudden, our treasuries start to tank.

01:00:16.200 And what happens?

01:00:17.120 We start to see hyperinflation.

01:00:19.100 So, the domino here is not only that trust piece that you identified of a reserve, trust of being able to get money from Russia, but even if we could get money, the method they may use to get that money to pay it could be damaging largely to certain countries when they start to dump the treasuries.

01:00:39.320 And that becomes the problem, kind of the ripple effect, that the stone drops, and then you see the ripple in the water.

01:00:46.500 So, David, I can't tell you how many people I talk to, and I'll talk to them about what the Treasury's own white papers and the Fed's own white papers, the Hamilton project up in Boston,

01:00:58.980 what they are talking about with a digital currency, which would replace the current currency and be a reset for us, or I talk about, you know, hyperinflation, and people just say it can't happen here.

01:01:12.500 It just won't happen.

01:01:13.620 It won't happen.

01:01:14.460 There's – nobody has that control.

01:01:17.060 The politicians or whoever won't let that happen.

01:01:19.760 I'm like, wait, but that's what they're telling us that they are going to do.

01:01:24.640 Well, what we're betting on, Glenn, we're betting on the fact that we're the largest consumer in the world, so everybody needs us.

01:01:32.720 I think that's a risky bet, but we are, okay?

01:01:35.620 We don't pay our bills fully.

01:01:38.180 I mean, we pay them, but then we run our debt, and then we raise our debt ceiling.

01:01:41.800 So that's number one.

01:01:43.280 Number two, we're betting on the fact that the dollar still has significant value because so many countries are holding it.

01:01:48.840 And we think, well, you're holding our dollar.

01:01:50.900 If you devalue it, you guys are going to hurt yourself.

01:01:53.040 Well, that's a risky bet.

01:01:55.140 They could go into other – they could either go commodity-based or – somebody could really get aggressive here and play cryptocurrency games and move completely out of the dollar, right?

01:02:06.480 And then the third part is we're betting on the fact that we're strong.

01:02:10.640 We're the global police officers.

01:02:12.500 Well, we've had a couple of events this year that haven't manifest our ability to really rise up and be trusted in that area to where we're not being seen as that strength that they can rely upon.

01:02:26.100 So those have been the three things that we're kind of going to the market with some swagger, saying, you know what?

01:02:31.520 You can't afford to allow us to have hyperinflation.

01:02:34.680 You're not going to dump the dollar.

01:02:36.520 You're not going to dump treasuries.

01:02:38.440 In reality, you're starting to see many of them kind of on the sidelines doing it without us paying a lot of attention to it in a way.

01:02:47.460 Could it be immediate?

01:02:48.480 I don't think it's going to be immediate because they're holding too many of our dollars.

01:02:52.700 But over time, you're going to start seeing them divest themselves, just like Russia and China are doing, of our treasuries to liquidate and get out of dollars.

01:03:01.940 So when they do that, we're only betting on, hey, we're consumers.

01:03:05.640 You need us.

01:03:06.660 And at that point, I'm not sure we've got a leg to stand on that is as firm as we think we have.

01:03:11.620 How much time do I have, sir?

01:03:12.540 I have one minute.

01:03:13.620 There's so many questions I have.

01:03:15.280 I saw something frightening yesterday, and perhaps I don't understand it, but they're saying if Russia defaults, there won't be enough liquidity to cover the CDOs.

01:03:27.860 And that's what caused all the problem in 2008, right?

01:03:33.000 This is analogous, Glenn.

01:03:35.840 It's analogous, but it is a much larger institutional piece of which I'm not sure China and others would want to see Russia default.

01:03:44.220 I've seen so many players.

01:03:45.980 Okay.

01:03:46.300 All right.

01:03:46.880 Hang on just a second, David.

01:03:48.700 I have much more to ask you about.

01:03:52.060 Coming up in just a second, we have David Buckner on with us to explain the monetary system and what is really happening that I don't think anybody in the media is actually explaining to the average person.

01:04:06.200 More in a minute.

01:04:06.640 The Glenn back program.

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01:05:46.420 In hour one, I had Vivek Ramaswamy on with us and he talked about ESGs.

01:05:52.560 And it was so good, so solid.

01:05:57.360 And he really boiled it down.

01:05:59.960 Anybody who thinks, oh, ESG has a free market system.

01:06:03.040 No, it is not.

01:06:04.680 And take it from him.

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01:06:18.060 Make sure you grab that.

01:06:19.300 We've been talking to David Buckner.

01:06:21.620 He is a professor at Columbia University.

01:06:24.980 He's one of the only professors that I would ever trust, especially from Columbia University.

01:06:31.900 He is a president of bottom line training and consulting.

01:06:34.860 He works with companies all over the world.

01:06:37.680 He has been a guy that has been explaining, you know, the economy and how money works for me for a very, very long time.

01:06:46.060 I used to see him on Fox News with me.

01:06:49.340 We were just talking about what has happened because of the war and what's going on with our money.

01:06:55.420 So let me – I've got three questions for you, David.

01:06:58.640 Let me start with this.

01:06:59.800 I keep reading that this war and everything that's going on is an anti-globalist movement.

01:07:08.620 But I think that's elite talk because I think what this actually is, you know, to the average person, it's not anti-globalist.

01:07:18.300 It is dividing the world into an axis and allied power where it would be the United States and Europe, and then there would be China, Russia, you know, Afghanistan, India, Pakistan, all the way to Saudi Arabia. 0.55

01:07:31.740 And God forbid, Taiwan, and if we lose Taiwan, maybe we lose the Southern Pacific as well with Australia.

01:07:41.160 But that is – there's a group that will have their own economic system and their own way of doing business, and then there will be the West.

01:07:51.280 Am I reading this right or wrong?

01:07:53.520 Well, we're dealing with something right now, Glenn.

01:07:57.240 You're not wrong in your observations of kind of where it's going.

01:08:01.740 We're in a position where the United States was kind of the only superpower remaining.

01:08:10.100 Correct.

01:08:10.760 And you see many that are observing it see the division within the United States.

01:08:14.460 There's so much discombobulation and discomfort in the U.S.

01:08:17.020 because it's a country that was kind of built on the idea of fighting something.

01:08:21.040 You know, the whole idea of the founders, et cetera, was we're here fighting tyranny, et cetera.

01:08:26.820 And there was nothing else to battle.

01:08:29.540 And so there's kind of a psychology of where does the U.S. go?

01:08:33.040 And as you start to look at this world, you end – you've always established systems, and systems have worked.

01:08:40.920 We had a monetary system.

01:08:42.540 We had a political system.

01:08:43.980 We had – even the United Nations was kind of a system.

01:08:46.780 And now we're starting to see systems cannot – they're not broken.

01:08:52.340 They're circumvented.

01:08:54.560 Cryptocurrencies have circumvented monetary systems to where we don't have systems that have to be relied upon for people to make exchanges.

01:09:03.120 You're getting a barter market where they no longer – I mean, Facebook marketplace.

01:09:08.920 You know what I mean?

01:09:09.800 Yeah.

01:09:10.380 Systems are being blown up to where either that lends itself to a natural system of chaos, okay, which some would love to have, I'm sure, or a system where a pure market overtakes the old structure of planning.

01:09:25.740 And you're starting to see with some of the commentaries coming out of leadership in Russia that they don't want to lose their – I mean, even that the leader has suggested he doesn't want to lose his position.

01:09:38.380 He wants to go back to the old Soviet Union in some ways.

01:09:41.580 But I don't know if he's seeing that you can't un-market something.

01:09:46.500 It becomes a black market, perhaps, but you can't un-market it.

01:09:51.920 Well, I mean –

01:09:53.620 It's a market, you know?

01:09:54.720 I think that's why we're talking about, you know, a digital programmable dollar from the Fed, because they think they can kill the black market.

01:10:06.840 They can control it all the way down to the very bottom level.

01:10:12.580 But that would assume adoption.

01:10:14.700 That would assume that we all adopt that.

01:10:16.860 You're finding the youth of today, Glenn, they don't have bank accounts, and they don't carry currency.

01:10:24.720 Now, to your point, they use digital exchange, Venmo, and other things, right?

01:10:30.320 Right.

01:10:30.940 So they may be being wooed into a system that could be monitored, but I dare venture that I'm not sure that they're being wooed into a system that – and it could be manipulated as well, to be fair.

01:10:43.460 But I'm not sure – as soon as they were to find that that system is being managed, they might adapt to a different system.

01:10:50.940 You're finding more pure market movement that you would have to adopt a digital currency.

01:10:57.380 And people would have to assume that that's the only mechanism by way we would exchange for that to be truly as viable and productive as many of those, you know, that are building it would say.

01:11:08.940 So you're seeing movement in this market, which is really quite fascinating, and it's disconcerting for those who want control.

01:11:16.680 Correct.

01:11:17.680 It's heartening for those who think they're going to be controlled, and it's enabling for those who think, oh, my gosh, if this doesn't work, I can try something else.

01:11:27.000 I mean, you go from – if you go to social media, it used to be Facebook, and then it went to – now you're getting Snap, and now you're getting – everybody moves.

01:11:35.580 They keep moving, moving, moving away from less control to more individual control.

01:11:41.680 So that may be the one redeeming component of all this.

01:11:44.300 David, do you agree that we are operating now in the United States under modern monetary theory?

01:11:51.560 We are moving away from traditional structured monetary components.

01:11:57.800 That's the way I identify it because while the monetary structures are in place, they're less relevant today than they've ever been, and that changes the whole dynamic and the conversation.

01:12:13.300 When you say liquidity, the youth of today, there's just no mindset around, I've got to go to a bank.

01:12:20.080 I've got to show my credit rating.

01:12:22.500 I mean, they're Venmo-ing each other loans all over the place.

01:12:26.020 That's a completely informal market, and that's the way it's going to transform exchanges globally.

01:12:32.200 I'm talking not just in our neighborhood.

01:12:34.800 Global transactions, and cryptos are going to play into this a bit to the degree we don't know, okay?

01:12:41.800 But it's going to – it's going to remove the formality.

01:12:45.780 So to your question, yes.

01:12:47.340 So it will remove – it will remove the formality unless the nations decide they want that control, and they're moving that way through ESG, whether they can actually pull it off before people rise up and go, whoa, whoa, whoa, whoa, whoa, wait, what?

01:13:05.640 But, you know, that remains to be seen.

01:13:09.860 I accept that.

01:13:10.820 I accept that, Glenn, with this exception.

01:13:13.960 In many countries that are highly planned, where I've been – I mean, you know, we've been friends for a long time, and the number of countries I've traveled in that are supposed to be planned.

01:13:25.540 They're supposed to be very closed and structured.

01:13:27.280 And to be fair, I've not been to places that are closed, okay?

01:13:30.940 Right.

01:13:31.240 But the ones that are highly planned are more market internally than you'd ever imagine.

01:13:36.620 Now, we would call it a black market, and they might even call it an observed market because as long as they don't disrupt the governance, they allow them to occur.

01:13:46.440 But they're highly market-driven by barter systems.

01:13:51.020 So even with this, can they control us, I think the box is open, and you can't un-market a place.

01:14:01.840 It will be a black market, but we don't have the controls that we once had or the closed borders or the boundaries or the walls.

01:14:08.820 You can't even build a wall anymore around a marketplace when you have a mindset of a Venmo use of today that can exchange in 15 seconds,

01:14:17.460 something that we used to have to transfer through transactions and a bank.

01:14:21.440 They don't use a bank.

01:14:22.740 They're using these clearinghouse mechanisms that are so fluid that they don't understand, really, that you actually have to have one centralized look.

01:14:32.980 That's why some of these crypto conversations are so fascinating is because they've overtaken the structure.

01:14:41.220 And to your point, can we re-box that?

01:14:44.860 I don't know.

01:14:45.700 I don't think so.

01:14:46.520 I think you can until it hits critical mass.

01:14:50.120 And I don't know what that number is, that market cap is.

01:14:52.920 But as soon as you have too many people with way too much money into it, then I don't think you can put it into a box.

01:15:04.220 David, last question.

01:15:05.280 I've only got a couple of minutes.

01:15:06.700 Your thoughts on inflation and where we're headed?

01:15:09.620 Well, we're dealing with a debt that is frightening.

01:15:16.360 The $30 trillion with the debt ceiling that continues to increase, we're double spending every year.

01:15:23.220 And anytime you hear leaders suggesting that they're going to reduce our deficit by a trillion, they don't explain the fact that we're spending $4 trillion more than we're taking in.

01:15:33.540 So reducing that down to only spending $3 trillion.

01:15:36.440 The expenditures, the inordinate amount of expenditure into the economy in the name of what we've gone through, which is COVID.

01:15:43.480 And the reality of that is organically setting us up for a significant hit on inflation.

01:15:53.480 It's not just a checkmark for 15 seconds.

01:15:56.960 We're dealing with significant inflationary pressures.

01:16:00.500 And now you're going to start seeing that that will increase, especially with interest rates and other things dominoing.

01:16:06.660 I worry for the next period of time that the disparity between rich and poor will become even greater.

01:16:12.480 Because those who hold property where real estate goes up in an inflationary time and those who are renters where rent goes up and they can't pay for it.

01:16:20.040 That disparity gap is going to be enormous, creating even greater problems and discomfort on this inflation.

01:16:25.760 So it's real, Glenn.

01:16:27.220 It's real.

01:16:28.200 Thank you, David.

01:16:29.140 It's good to talk to you again.

01:16:31.020 Thank you so much.

01:16:31.640 Always good.

01:16:32.280 Yeah.

01:16:32.680 God bless you.

01:16:33.660 God bless you.

01:16:34.260 My best to your family.

01:16:35.180 David Buckner from Columbia University.

01:16:37.960 Don't hold that against him.

01:16:40.040 He's the guy who I met years ago who came up to me at some event.

01:16:45.980 And he walks up to me and I'm, of course, at the food table.

01:16:49.960 And he said, where'd you get your economic degree?

01:16:55.380 And I thought, you.

01:16:57.660 I said, I don't have one.

01:16:59.140 He said, I knew it. 0.99

01:17:00.200 And I was about to punch him in the face.

01:17:01.720 And that's when he said, I cannot get my students to think like you. 0.59

01:17:06.280 He said, you've got to think out of the box.

01:17:08.640 And this higher education, all it does is put you in a box, put you in a box, put you

01:17:13.520 in a box.

01:17:14.060 And the only way you see trouble is if you don't think that way.

01:17:17.960 You know, that's a good David Buckner story.

01:17:20.200 And of course, the David Buckner story, maybe most famous is the one where he passes out on

01:17:24.420 Fox News.

01:17:25.140 However, my favorite David Buckner story is when we did a stage show and you were going

01:17:31.300 to explain the economy and you decided you were going to explain it like the economy was

01:17:35.640 a car.

01:17:36.180 It was a convertible and you had this grand.

01:17:40.960 Of course, you're getting us to run around and try to find a convertible like 10 minutes

01:17:44.240 before the show.

01:17:45.020 They bring out this old school convertible and David Buckner is going to be part of the

01:17:48.680 show.

01:17:48.880 He's going to help explain the economy.

01:17:50.900 And so, I don't know, 15 minutes before the show, thousands of people out there all in

01:17:55.040 their seats.

01:17:55.860 You decide instead of instead of me calling out David, you know, a half an hour into the

01:18:01.020 show like I was going to what I'm thinking of doing is I'm going to just have him out

01:18:04.620 there and I'll just bounce ideas off of him the entire time.

01:18:07.560 We'll go back and forth.

01:18:08.760 And David, I want you to just come out and you just start in the car.

01:18:11.280 You're sitting in the convertible on stage and then I'll just go back and forth with

01:18:15.260 you the whole time.

01:18:16.880 And he's like, yeah, absolutely, whatever you need.

01:18:19.240 So, he goes out there.

01:18:19.960 He sits up.

01:18:20.540 The curtain goes up.

01:18:22.900 Yeah.

01:18:23.060 David Buckner, this economist that no one, you know, they know him from the show maybe,

01:18:27.460 but like, you know, they don't know why he's sitting in this car.

01:18:30.180 Or why the car is even there.

01:18:31.420 Or why the car is even there.

01:18:32.460 So, Glenn comes out, does a totally unrelated monologue for like 45 minutes without introducing

01:18:40.620 David at all.

01:18:41.720 Or the car.

01:18:42.560 Or the car.

01:18:43.240 So, there's just a car with a guy sitting on stage with no explanation for the entire

01:18:49.740 show.

01:18:50.620 The curtain goes down and then, oh, sorry, David.

01:18:54.460 I'm sorry.

01:18:55.060 I never got to the car.

01:18:56.140 I don't think you ever got to him and asked him a question the entire show.

01:19:01.880 Oh, David.

01:19:03.360 I don't know why you're still my friend.

01:19:04.720 I don't know either.

01:19:05.780 I apologize for that.

01:19:07.380 All right.

01:19:07.860 Let me tell you about it.

01:19:10.280 Patriot.

01:19:13.240 Oh, that has happened more than once, hasn't it?

01:19:16.100 Oh, yes.

01:19:16.860 This is part of knowing you.

01:19:20.160 It's love and life.

01:19:21.400 I'll tell you that much.

01:19:22.540 All right.

01:19:23.320 Patriot.

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01:19:25.840 Have you switched your mobile carrier yet?

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01:19:41.020 I think it exceeds their customer service is all American. 0.70

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01:19:50.640 You will save money with Patriot Mobile.

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01:20:31.580 Sign up for the free newsletter today at GlennBeck.com.

01:20:36.820 Happy St. Patrick's Day.

01:20:54.700 I look forward to this day every year because our technical director, Sarah, this is the one day she likes to switch it up.

01:21:03.500 This is the one day she's not hammered.

01:21:05.800 Yeah, it's interesting.

01:21:08.820 It's a little bit different.

01:21:09.440 If you notice the show was going well today, it's St. Patrick's Day.

01:21:12.700 Right.

01:21:12.980 That's why.

01:21:13.280 This is our most efficient day of the year.

01:21:15.260 Yeah.

01:21:15.760 Anyway.

01:21:16.180 I have some breaking news.

01:21:19.620 Top books on Amazon right now.

01:21:22.160 Number four, Atomic Habits.

01:21:24.300 Great book.

01:21:24.740 We've talked about it before.

01:21:25.580 Yeah.

01:21:25.940 Number three, Run, Rose, Run, a novel by Dolly Parton and James Patterson.

01:21:31.200 Oh, yeah.

01:21:31.660 Big book.

01:21:32.640 Yeah.

01:21:33.060 Huge.

01:21:33.520 Lots of publicity on that one.

01:21:34.940 Yeah, yeah.

01:21:35.300 Number two, as you mentioned, St. Patrick's Day is How to Catch a Leprechaun, which, okay.

01:21:40.500 All right.

01:21:40.640 I mean, it's themed for the day, I would think.

01:21:42.380 Good, good, good.

01:21:42.820 And back on top, number one, The Great Reset by Glenn Beck.

01:21:46.700 That's great.

01:21:47.060 And it is out in paper.

01:21:49.080 It's amazing how much better it sells when it's available.

01:21:51.820 It's like way better.

01:21:54.600 It is a great problem to have.

01:21:55.880 That's what they're saying at Ford with all of those Broncos sitting there for like 15 football

01:22:01.380 fields.

01:22:01.940 Great problem to have.

01:22:02.620 People really want them.

01:22:03.240 Yeah.

01:22:03.460 People can't get them, but they really want them.

01:22:05.520 We could sell them like crazy, but can't.

01:22:08.960 Yeah.

01:22:09.120 No, I think this is something that, you know, I know there's been a lot of economic turmoil

01:22:12.460 around.

01:22:13.220 And I don't know if companies have thought of this.

01:22:14.580 What if you have the product available you want to sell?

01:22:17.420 Yeah.

01:22:17.580 It's just an idea.

01:22:18.200 I know.

01:22:18.440 It's crazy.

01:22:18.700 I don't know.

01:22:19.320 It's crazy.

01:22:19.540 If you're running a McDonald's, like maybe have Big Macs and stuff.

01:22:22.760 Right.

01:22:23.120 You know?

01:22:23.520 It's just an idea.

01:22:24.500 It is out now.

01:22:25.440 You can get it again in hardcover.

01:22:27.820 It's available wherever you get your books.

01:22:29.940 Please get it in hardcover right now.

01:22:32.880 Please get it in hardcover.

01:22:35.400 You may understand why I'm saying that now.

01:22:38.380 You probably will really understand that maybe someday in the future.

01:22:41.740 Hopefully not.

01:22:43.500 The Great Reset.

01:22:44.720 Available everywhere.

01:22:47.080 Another great hour coming up next.

01:22:49.780 This is the Glenn Beck Program.

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01:24:06.480 We've got no room to compromise.

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01:24:35.220 What you are about to hear is the fusion of entertainment and enlightenment.

01:24:56.580 This is the Glenn Beck Program.

01:25:02.560 Hello, America.

01:25:03.620 Yesterday, the Fed raised the the interest rates and they said they're going to do it,

01:25:10.860 I think, six or seven times more this year.

01:25:13.900 This could get dicey in many ways for everyone.

01:25:18.340 And I want you to understand what happened yesterday and not in terms of, well, you know,

01:25:23.640 us traders believe I don't I don't care.

01:25:26.840 I don't watch CNBC because I only understand about half of it.

01:25:29.980 Uh, I want to know what this means to the average person.

01:25:33.960 Carol Roth joins us, the author of the war on small business.

01:25:37.400 She gets it and can explain what it all means in 60 seconds.

01:25:41.800 So what would you do if one day you woke up and all the people who made things had just decided to quit?

01:25:52.900 The consumers remained.

01:25:54.720 It was just the producers just went off to do other things.

01:25:58.140 All of a sudden, you had to make your own car, your own clothes, your own alcohol.

01:26:02.980 At that point, I would have to make alcohol.

01:26:05.000 I mean, I would.

01:26:06.320 You get a you get a perspective on what you and everyone else deserves.

01:26:13.720 Right.

01:26:14.280 I mean, you really are like, oh, wait, that's that's kind of a this is what happened with Atlas Shrugged by Ayn Rand.

01:26:21.960 The Tuttle Twins books tackle it in the Tuttle Twins and the search for Atlas.

01:26:27.180 That's what these Tuttle Twins books are all about.

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01:27:06.520 Carol, welcome to the welcome to the Glenn Beck program.

01:27:11.480 Hey, Glenn.

01:27:12.660 Lots of things to talk about.

01:27:14.040 Yeah, boy, I've got a long list for you, too.

01:27:17.100 So let's let's start with what happened yesterday and why people should care.

01:27:21.740 So I want to take a step back and talk about, you know, why the Fed did what it did in terms

01:27:28.800 of raising interest rates, what we call twenty five basis points or a quarter of a percent.

01:27:34.840 One hundred basis points is one percent.

01:27:36.920 And basically they were undoing the at least attempting to start to undo the effects of what they in part cost their monetary policy, zero interest rate policy, printing trillions of dollars.

01:27:53.180 The government spending trillions of dollars in terms of fiscal stimulus, turning parts of the economy off and wrecking the labor market and the supply chain.

01:28:04.220 All of those things are the reasons we have inflation today exacerbated by decisions that the Biden administration made around oil and gas dependence and whatnot.

01:28:15.780 So basically we had inflation, which we've all been talking about and seeing as we go to the grocery store and certainly at the fuel pump and whatnot.

01:28:25.240 And so finally they said we have to do something.

01:28:28.860 Now, I'm going to tell you, this is a little bit of window dressing because they were doing accommodation.

01:28:34.220 They were in the market purchasing securities last week.

01:28:38.820 So last week they were being accommodative.

01:28:41.820 But this week we have to maintain our credibility and we need to do something.

01:28:46.500 So they decided to raise what is called the Fed funds rate.

01:28:50.840 It's a rate where banks lend to each other overnight in terms of their reserves.

01:28:55.460 And that reverberates through the market.

01:28:58.040 So they had brought that down to a target of zero to a quarter of a percent.

01:29:03.940 And they had held it there for the last couple of years.

01:29:06.740 And they said, OK, well, you know, inflation is getting away.

01:29:09.900 We better raise some interest rates, one of our tools in order to do that.

01:29:13.440 And they took the huge step of a whole quarter of a point increase to do.

01:29:19.180 Yeah, very, very, very meaningful because they need to be credible.

01:29:22.180 Right. The last time we had this problem of this size, it took an interest rate of about 19 or 20 percent, if I'm not mistaken.

01:29:32.800 Raising it a quarter is is really is is a joke.

01:29:37.280 Where do you think these interest rates should be?

01:29:42.300 Not not considering killing the economy, I just where it should be.

01:29:46.800 Should it if we were in a healthy country still, would it be 20 percent or more?

01:29:53.020 So there are a couple of things to unpack there.

01:29:55.800 First of all, this is an unprecedented situation.

01:29:58.400 We don't have a benchmark because we've never had central banks, not just in the U.S., but around the world, printing trillions upon trillions of dollars.

01:30:08.300 This has just never happened before.

01:30:09.840 We've never had governments turn off the economy.

01:30:12.980 You never have a situation where there's one point seven jobs available for every job seeker because of what the government did.

01:30:21.560 So we're flying a little bit blind.

01:30:24.020 I've always been a fan of normalized interest rates.

01:30:27.980 I think it's a horrible idea to have the Fed meddling and trying to direct things.

01:30:33.200 I want you know, I want the market to set it.

01:30:34.940 And so before all of this nonsense started, before the financial crisis, the Great Recession financial crisis in 07, 08, which was really the first time we we went totally off the rails with the zero interest rate policy and the purchase of securities.

01:30:49.900 The interest rates were around, you know, that seems to be a healthy place where things should be.

01:30:59.320 We should not be in a place where we're saying, you know, when you take risk, you shouldn't be getting rewarded for it.

01:31:04.460 You know, zero percent interest.

01:31:05.840 It makes no sense.

01:31:07.020 So in reality, I mean, we're still at very historically low interest rates and in a healthy economy, you know, to have three, four or five percent would be completely acceptable.

01:31:19.700 We just have been so addicted to this easy money and this free money for so long.

01:31:25.420 I'm not sure how we get out of it.

01:31:27.160 OK, so there's a couple of problems with five percent interest rates right now.

01:31:33.180 One would be that people would not be able to afford a new house, et cetera, et cetera, because of inflation, everything else.

01:31:38.500 But the other that nobody ever talks about is we now have a national debt over 30 trillion dollars.

01:31:45.680 And that is just like buying a house.

01:31:48.480 You have an interest rate on that.

01:31:50.740 If we had an interest rate of five percent, how much more money do we have to pay?

01:31:59.380 Bingo.

01:32:00.220 This is the dilemma that the Fed has gotten themselves into by keeping down interest rates.

01:32:06.280 They've basically given the government a free pass to just spend and spend and to rack up more and more debt.

01:32:12.580 And we're at a point where the debt is completely out of control and has exceeded our level of GDP.

01:32:19.500 So if you think about 30 trillion of debts and obviously the Fed funds rates and the interest rate on the debt isn't a one to one correlation.

01:32:28.660 But we know that as one moves up, the other moves up.

01:32:31.440 So in terms of the interest on our national debt, I want everyone to pay very close attention because this is staggering.

01:32:38.380 For every one percent increase, that is another three hundred billion dollars that we have to pay in interest on the national debt.

01:32:49.860 That is our tax dollars that are going to pay more for things that we have already purchased.

01:32:56.440 It is not new purchases.

01:32:58.940 It's literally a finance charge, a almost like credit card interest rate on stuff we have already bought.

01:33:05.400 And this is the dilemma the Fed has because they know as they raise interest rates, this is going to get out of control.

01:33:13.320 The CBO had made a projection that saying that this is going to get out of control.

01:33:18.640 But in their projection, they said, well, you know, we think the yield on the 10 year treasury note gets to about two point one percent in 2025.

01:33:27.900 So, you know, we're going to have to really be concerned maybe in 2029.

01:33:33.200 The yield on the 10 year treasury note is at that two point one percent today.

01:33:39.260 So I don't know.

01:33:40.320 Please talk down to me like I'm in kindergarten.

01:33:42.960 I don't understand the yield thing with the treasury, how that works, how that's affected.

01:33:48.260 So can you explain that?

01:33:50.760 Yeah.

01:33:50.940 So basically, it's, you know, how much the government has to pay on the debt on debt.

01:33:56.400 So it's what the market demands.

01:33:59.300 And obviously, you know, if there is a lot of demand for treasury securities, the prices that go up, then the yield or the interest that you demand is lower because there's a lot of demand.

01:34:12.280 You have to pay a lot for your debt.

01:34:13.700 But we had been at very, very, very low, even because the Fed was buying up.

01:34:20.420 There was no demand for our our treasuries, which is our loan.

01:34:25.480 So let me put it in context.

01:34:26.680 What we are paying currently on our national debt in terms of a combined interest rate is somewhere in the neighborhood.

01:34:34.320 I've seen projections of, you know, one point four percent to one point six percent.

01:34:38.740 So they've been able to finance that at a very low rate, but that number is starting to creep up.

01:34:45.560 And with the Fed increasing interest rates, it will further creep up.

01:34:50.060 And every one percent is three hundred billion dollars.

01:34:53.720 So if we have an interest rate of five or five or six percent, we're talking like between two and three trillion dollars more than the entire budget.

01:35:05.720 Exactly. It's just completely untenable at that point in time.

01:35:10.360 So I would I would imagine other things happen in the interim.

01:35:16.240 But, you know, this is why when we talk about things like MMT, modern monetary theory or why I call it magic money trade that says, well, you can just print into infinity because we can just print more.

01:35:28.620 Well, we are now living through that real time experiment.

01:35:31.120 As we've all said, no, you can't.

01:35:33.560 It causes inflation.

01:35:34.720 It has real costs for the average American and it decreases the value of every dollar that you hold.

01:35:40.900 All right.

01:35:41.380 So the best thing you can do is get out of credit cards.

01:35:46.380 You should cut those up if you can and pay them off if you can get a refi right now, because you're probably paying about 16 percent for your credit cards.

01:35:55.800 Correct.

01:35:56.040 Yeah, I mean, and it could be going up and anything that has that adjustable interest rate associated with some people may have something called an arm and adjustable rate mortgage where it's, you know, it adjusts over time.

01:36:12.100 Maybe it's fixed for a certain number of years, but then it starts to float anything that is adjustable rate debt is going to increase in price.

01:36:19.600 And if you if you need financing, let's say you have a business and you haven't taken advantage of low rates yet, you're going to want to lock that in on a fixed basis now because it's not going to get cheaper anytime soon.

01:36:32.360 Now, the other problem, the problem with raising interest rates is let's say you have a business and you need a loan.

01:36:38.800 If if if the interest rates start to go up, that kills that business, they can't afford that loan, just like we can't afford our national debt or you want to buy a house.

01:36:51.220 Yesterday, mortgages, the new mortgages fell immediately or just on the the whisper that it was coming.

01:36:59.600 We are seeing a slowdown in mortgages, which means that people are going to buy fewer houses.

01:37:05.760 The the scary thing about this is you don't know where that switch is.

01:37:11.120 You just kind of have to guess and it might shut everything down.

01:37:15.700 That's the needle that the Fed is trying to thread.

01:37:19.240 In addition to dealing with the consequences of the national debt, what happens is as they raise interest rates,

01:37:26.600 their intention is to slow down the economy.

01:37:30.620 I mean, that's basically what it is.

01:37:31.900 They want to slow down consumer demand.

01:37:34.280 But the question is, you know, how do you do that without creating a recession or without creating reverberations for the economics of the average American?

01:37:45.200 Can I be really, really cynical?

01:37:48.600 I mean, in fact, let me go beyond cynical.

01:37:51.300 Let me go into I'm a thriller writer.

01:37:53.980 OK, and I'm writing a thriller.

01:37:55.840 And for some reason, this country needs to slow down the economy, but they can't slow down the economy because then businesses will fail.

01:38:05.320 But they don't really care about the average person.

01:38:08.420 You know what I mean?

01:38:09.300 That's going to fail.

01:38:10.120 That's fine.

01:38:10.520 We'll print more money.

01:38:11.260 We'll put them on welfare. 0.79

01:38:12.360 Tell them to stay home or whatever.

01:38:13.600 Wouldn't one way to slow the economy for the consumer but not slow the economy for the big corporations, would a war do that?

01:38:28.380 I think that would completely change the tenor of the economy.

01:38:36.440 But I think that raising the interest rates does that because kind of like we saw over the last couple of years, if you are a big corporation, you take an advantage of that debt.

01:38:48.900 You have that war chest.

01:38:50.240 You have that strong balance sheet.

01:38:52.160 So in terms of the transfer of wealth, you know, that is one way to do that.

01:38:57.720 But the war, you know, that would completely change the tenor of, you know, who benefits.

01:39:04.520 And certainly it would be the bigger guys versus the smaller guys, but it would probably be folks in defense rather than the financial services industry, for example.

01:39:14.620 Okay, Carol, hang on.

01:39:16.480 I've got some more questions and like you to explain a couple of other things coming up in just a second.

01:39:21.620 Give me 60 seconds.

01:39:22.680 We're back with Carol Roth.

01:39:24.400 The name of her book is The War on Small Business, a must read.

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01:40:39.140 So I want to talk to you about the dollar being the world's reserve currency, because I'm watching the sanctions that are being put on.

01:40:51.540 And I'm seeing things happen to where if I'm another country, especially Russia, I'm going to China immediately saying, I want to partner with you because they just made my money worthless.

01:41:04.000 I can't get my money out of the central bank, the Federal Reserve.

01:41:09.460 That that's my money.

01:41:10.600 And they won't let me get to my money.

01:41:14.420 If that starts to happen and then Saudi Arabia starts to sell oil off of the petrodollar, that's really bad news.

01:41:23.240 And let's say the West holds together, but half the world is off the petrodollar.

01:41:29.120 What does that mean for us, Carol?

01:41:30.820 It potentially means the end of the U.S. dollar as a reserve currency.

01:41:39.600 Explain what that means, because to the average person, forget about, you know, the central banks and everything else.

01:41:47.080 What does it mean to the average person to have half the world get off our dollar, ship them back? 0.84

01:41:52.300 So this is why I love you, Glenn, is because we take the most complicated concepts in the world and try to explain them as if, you know, it's Elmo and Big Bird here.

01:42:03.180 The idea of being the reserve currency, it's something that has sort of long history.

01:42:11.060 And it means particularly in the case of goods and services, but also in the case of oil, that everyone in the world pretty much agreed to use dollars for settlement.

01:42:22.780 And that puts some responsibility on the United States.

01:42:26.820 There's something that is called the Triffin Dilemma, and it's an economist back in the 1960s who basically said, there's a conflict.

01:42:36.080 If you are going to be the world reserve currency, you're going to have to make tough choices, and you're not always going to be able to do what's right at home in order to make sure you're doing what's right in the national sphere.

01:42:50.440 Yeah. And unfortunately, this has been an issue that's been going on for a long time, but in recent times, as we've been talking about with the Fed and the decisions that they've made, they actually haven't done right by either party.

01:43:06.160 They've been screwing over the average American with their policy and transferring wealth, but they've been doing the same thing in the national sphere.

01:43:14.120 And frankly, a lot of countries are getting sick of it.

01:43:18.080 And so there have been predictions for quite some time that there was going to be an event.

01:43:24.100 An advisor actually to the OECD said that it's probably not an economic event.

01:43:29.300 It's a geopolitical event that's going to expose this system, you know, wink, wink, nudge, nudge.

01:43:35.500 And so a lot of folks feel like the sanctions that were made against Russia were potentially a cover story that we know we are potentially going to lose this reserve currency status.

01:43:50.060 So we're going to say, well, we did it because we had to take a stand.

01:43:55.500 But the reality is, you know, as we've now shown the world, you can put your money in our central bank and you can buy treasuries and U.S. dollars and hold them.

01:44:05.720 But you might not be able to access them, which is not a really good thing if you're going to be the world reserve currency.

01:44:12.000 So there are a couple of potential outcomes.

01:44:15.360 I know that you've been talking about this, Glenn.

01:44:19.120 But, you know, one thing that folks have been talking about is, you know, does China potentially step into the reserve currency position?

01:44:27.780 There is an issue around that, because usually if you have the reserve currency, you run a trade deficit.

01:44:35.640 And we know that China is a nation of exporters.

01:44:38.680 So are they really going to step into that?

01:44:40.280 I'm not sure.

01:44:40.900 The other thought is, listen, we've seen so many banks, central banks around the world, print so much money.

01:44:48.000 There's all of this debt.

01:44:49.380 You can't really just say we're going to cancel it all because there's counterparties.

01:44:54.780 There are people on the other side of the debt.

01:44:57.060 So what could you do to offset that?

01:45:00.620 Well, if everybody...

01:45:02.060 Hold on, hold on.

01:45:02.940 Okay.

01:45:03.560 Okay.

01:45:04.000 Elmo and Big Bird have to stop because there's...

01:45:05.980 Okay.

01:45:06.500 Elmo says there's only 20 more seconds left.

01:45:09.280 Okay.

01:45:09.620 So we will come back because I really want to hear this other new plan.

01:45:16.760 And canceling debt just opens up Pandora's box, at least in my head.

01:45:21.820 We'll talk about that coming up with more.

01:45:23.900 Carol Roth in just a second.

01:45:25.640 Stand by.

01:45:26.020 That's right.

01:45:27.020 That's right.

01:45:27.900 Did you get the vaccines yet?

01:45:38.080 The Glenn Beck Program.

01:45:42.860 American Financing NMLS 182334.

01:45:45.440 www.nmlsconsumeraccess.org.

01:45:49.500 Okay.

01:45:49.660 If you're listening to today's show, if you missed a minute of today's show, you need to

01:45:54.200 get the podcast.

01:45:55.220 But if you've been listening, you understand now why I have been saying American financing,

01:46:00.900 why I'm still saying today, get out of those high interest credit card debt.

01:46:06.580 If you can get a consolidation loan and lock your debt into 4% interest instead of 16, which

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01:46:38.400 Go to American Financing right now, 800-906-2440, 800-906-2440, or AmericanFinancing.net.

01:46:48.200 Go there now, AmericanFinancing.net, 800-906-2440.

01:47:08.400 We're with Carol Roth.

01:47:14.580 She is the author of the book, The War on Small Business.

01:47:20.600 She's a former investment banker.

01:47:22.320 Don't hold that against her.

01:47:23.300 She calls herself a recovering investment banker.

01:47:27.100 She worked on Wall Street for years and years and then kind of went, ooh, I might be on the

01:47:31.640 wrong side here.

01:47:32.340 Carol, you were just saying that one of the options in this nightmare scenario, which I

01:47:48.260 think is unfolding in front of us, where the world reserve currency is not going to be

01:47:54.320 the dollar.

01:47:54.880 I don't know what it is, but they're going to change the dollar from what it is to a

01:47:59.280 digital dollar, and I don't know how it all shakes out, but probably not very well.

01:48:06.880 But you brought up, there's all this debt that we just can't cancel because there are

01:48:11.580 people on the other side of that debt.

01:48:14.340 Yeah.

01:48:14.760 Okay.

01:48:15.160 So explain what you think.

01:48:17.060 That can't happen, you say.

01:48:19.500 Well, I mean, nothing is a never scenario, right?

01:48:23.260 Not anymore.

01:48:23.640 We're in an unprecedented situation.

01:48:26.600 And for people who are students of history, despite all of the wreckage that could come

01:48:31.720 from this, it's a very interesting point in time that especially financially, you know,

01:48:36.060 you had the U.S. dollar as the world reserve currency.

01:48:39.860 You had then us going off the gold standard.

01:48:42.800 Then you had us, you know, with the petrodollar basically saying we will manage the dollar as

01:48:48.400 good as gold for oil.

01:48:49.740 And then you had the Fed basically go completely rogue and not do that.

01:48:55.560 And anybody who is holding reserves that they're supposed to say, well, the U.S. dollar is safe

01:49:00.660 and it's a good store of value and we keep devaluing it, you know, that's not a good thing

01:49:04.520 and good outcome from that.

01:49:06.240 So, and these are, by the way, these are not my theories.

01:49:09.140 I'm just communicating what is out there from people who are far smarter than I am.

01:49:13.620 But one of the theories is that if you can't cancel the debt, then you can make everybody

01:49:21.220 whole by writing up another asset.

01:49:24.240 So is there a neutral asset that central banks have access to that's on their balance sheet

01:49:30.660 that maybe they have been buying at really good prices that all of a sudden everybody

01:49:35.320 comes together and says, well, we're just going to write up the value of that instead of writing

01:49:39.380 down the debt, gold.

01:49:41.040 So central banks have been buying tons of physical gold.

01:49:47.340 By the way, billionaires have been buying a lot of physical gold as well.

01:49:52.240 And I use the determination physical because it's different than the market that's traded

01:49:57.760 ETFs because that's done in dollars, right?

01:50:01.400 So if the dollar, you know, who's backing that?

01:50:04.540 But physical gold.

01:50:05.880 So there is a theory going around that potentially that on a standalone basis or a basket of neutral

01:50:13.360 metals, which by the way was, you know, thrown out as an idea early on when it was pushed

01:50:18.000 aside for the U.S. dollar, that maybe there is this, you know, come meeting of the minds.

01:50:23.660 And, you know, this is the way that you make all of these other central banks and countries

01:50:27.980 whole as you just write up the value of that gold.

01:50:31.320 So if you think that that's going to happen and you think that the financial system is

01:50:35.660 going to collapse, you know, then you want to be owning physical metals because and have

01:50:41.740 a store because when you say they're going to write off debt, you don't mean people's

01:50:47.000 houses, you know, government debt, they cannot write up.

01:50:51.700 They cannot write up government debt because, you know, when you take that's a loan, it's

01:50:57.020 you owe the money back to somebody.

01:50:59.400 So the other side of potentially doing some sort of, oh, we're going to have mass forgiveness

01:51:04.480 is that we take something else that everybody has and we just say that it's more valuable

01:51:09.100 overnight magic.

01:51:12.520 That doesn't sound like it's a bad magic trick.

01:51:16.120 Yeah, it sounds like that.

01:51:17.060 We're dealing with a lot of black magic.

01:51:19.180 It was Stu and I were talking about this story that came out of Britain.

01:51:22.040 We haven't heard anyone talk about this.

01:51:25.280 Explain what happened.

01:51:26.480 Okay.

01:51:26.640 Yeah.

01:51:26.820 So just a little background.

01:51:29.260 It's in the London Metal Exchange and it's the price of nickel.

01:51:33.020 Now, I know you don't.

01:51:33.900 No one cares about the price of nickel, but just to give you the basis here.

01:51:38.440 Tesla does.

01:51:39.180 Yeah, that's true.

01:51:39.860 If you're buying an electric car, you certainly do.

01:51:41.760 So from 10,000, it's basically the last five years.

01:51:44.040 It's bounced back and forth between 10,000 and 20,000 per metric ton.

01:51:49.080 Okay.

01:51:50.280 It got up to a little bit above 20,000 here in the last few weeks.

01:51:53.380 And then obviously all this stuff going on in Russia, Russia, Ukraine, big places, you

01:51:56.820 know, sources of where all the nickel comes from for these electric car batteries.

01:51:59.860 It goes from basically 20,000 to 80,000 in basically a day.

01:52:05.440 Okay.

01:52:05.760 So four times up in one day.

01:52:08.440 So let me read this.

01:52:09.520 This is from the Wall Street Journal.

01:52:10.860 Listen to this.

01:52:11.600 Have you read this, Carol?

01:52:12.940 Oh, I know this.

01:52:13.640 I know this story.

01:52:14.560 This is crazy.

01:52:15.260 I do know this story, so we can talk about it.

01:52:16.600 Yeah.

01:52:16.940 Listen to this, America.

01:52:19.080 This is craziness.

01:52:21.280 Yeah.

01:52:21.740 So traders on the London Metal Exchange smelled blood and nickel prices almost doubled in

01:52:25.840 a short period of time.

01:52:26.640 A Chinese company faced a $1 billion margin call that exchange officials feared it couldn't

01:52:34.580 meet.

01:52:35.540 Rather than let it fail, which would probably have taken down several of the smaller brokers

01:52:39.840 that serviced them, the London Metals Exchange decided to cancel all of the day's trading

01:52:46.580 more than 9,000 trades worth about $4 billion.

01:52:51.300 It canceled the trades, not because of a fat finger error, which exchanges often can't

01:52:56.640 cancel, not because of a rogue algorithm, as regulators claimed in the 2010 flash crash

01:53:01.300 in U.S. stocks, but because someone with too much leverage was going to blow up with

01:53:05.840 effects on some members of the exchange.

01:53:08.000 This is moral hazard taken to extreme.

01:53:10.760 It has always been true that if you face a $100 margin call, it's your problem, while

01:53:14.780 if you have a $1 billion margin call, it's the broker's problem and the authorities might

01:53:18.920 save them.

01:53:19.360 What is almost unprecedented here is that the exchange authorities decided to save them with

01:53:24.920 money taken from other traders who otherwise would be sitting on fat profits.

01:53:30.400 I mean, you won.

01:53:32.380 You picked it in the right direction.

01:53:34.060 You've got these huge profits and they cancel your trade to save someone else.

01:53:38.860 And it's China.

01:53:40.180 And it's China.

01:53:40.980 I mean, there is no such thing as a free market with this.

01:53:43.800 No, I mean, this is another too big to fail scenario.

01:53:48.020 It happened to be, I believe it was an individual billionaire who had made a short bet against

01:53:54.520 nickel.

01:53:55.400 So he went in the other direction.

01:53:57.800 And that's why.

01:53:58.300 I mean, then you don't, you don't put the money down on the table if you don't know what

01:54:03.260 the odds are and you're not willing to lose your money.

01:54:05.980 That's like going to Vegas and, and place in a huge bet.

01:54:10.600 And when you lose it, you're like, Hey, you know, Caesars, I mean, this is crazy.

01:54:16.080 And Caesars says, Oh, we're not going to count that bet.

01:54:20.240 That doesn't happen.

01:54:22.060 It's, it's horrendous.

01:54:23.180 And it goes back to the integrity of the markets and some of the issues that so many of the

01:54:27.920 retail investors have been rallying against.

01:54:30.380 And it's just another example.

01:54:31.940 And there are big name banks involved.

01:54:34.600 Um, the, the exchange was actually shut down for multiple days, I believe, before it started

01:54:39.340 trading again.

01:54:40.240 Um, and the people who made a bet and decided to participate in the market ended up getting

01:54:46.460 screwed out of their profits, but they're never going to get the leniency if it happens

01:54:50.760 to them on the other side.

01:54:52.520 And, uh, you know, just the, the overall integrity, like you said, this is not a free market.

01:54:57.160 It is not a fair market.

01:54:58.800 Um, and you know, we have too many of these big guys who are being saved at the expense,

01:55:05.620 sometimes literally, sometimes figuratively of the small guys over and over again.

01:55:10.780 And that's what I think people are so sick of.

01:55:13.880 And when they see this next crash, especially with Janet Yellen saying, it will be equitable.

01:55:19.260 When we reassemble, it will be equitable.

01:55:22.300 What the hell does that even mean?

01:55:24.260 Probably stuff like this.

01:55:25.940 Um, and when they see the rich getting richer, and I don't mean, I don't mean the person who

01:55:31.500 runs a business and may have a million dollars.

01:55:33.940 I mean, the rich, the, the elite of the elite, the black rocks of the world, the, the banks

01:55:43.360 of the world.

01:55:44.140 I just, when their debt is being bailed out and real Americans are paying huge money for

01:55:55.100 their food and their gas, and then their home is taken, there's trouble.

01:56:01.720 That's real trouble.

01:56:04.240 Yeah.

01:56:04.760 And unfortunately that is the scenario.

01:56:07.060 I mean, there's one thing to become wealthy because you earned it in a fair playing field.

01:56:12.460 That's something that we want to celebrate, but we do not want to celebrate when the playing

01:56:17.500 field is tilted, when somebody has got their thumb on the scale, when we have this transfer

01:56:22.160 of wealth from main street to wall street, which has been going on for, you know, in a very

01:56:28.080 large part for a decade and a half, but has been accelerated over the last year and a half.

01:56:33.920 And, you know, if we talk about all of this coming to fruition and us losing reserve currency

01:56:38.440 status, you know, it's going to mean a slower economy for us because we are not in a position,

01:56:44.320 we don't have the strong manufacturing base or competitive pricing to be able to export.

01:56:51.080 So all of these people are like, Oh, it's great.

01:56:52.620 We'll reassure the jobs.

01:56:54.460 I don't think they're thinking in context of our existing economic structure.

01:56:58.720 It's going to be unfortunately very painful, but just to have a moment of hope here, Glenn,

01:57:03.360 because this is really doom and gloom is you have to remember in any time of pain, there

01:57:08.660 is always opportunities.

01:57:10.880 And so it is incumbent upon you to find where those opportunities are.

01:57:16.800 So average person is saying, what is that opportunity?

01:57:21.960 Yeah, it's finding the things that have inelastic demand, meaning that people will pay prices even

01:57:29.220 when they're continuing to increase and making investments in those kinds of things or retooling

01:57:34.580 your business to be servicing those markets.

01:57:37.580 It's those kinds of shifts where you have to look for those hidden opportunities in what

01:57:44.580 could be a completely new economic scenario for us going forward.

01:57:50.880 I think what you just said translates to what I just told my kids.

01:57:58.220 Because you get into the job market, you have to be the most effective, efficient, and hardworking

01:58:09.620 employee.

01:58:10.540 Even if you're not at the top of the food chain, you have to be the one that the boss says,

01:58:15.560 Oh, he can't because he'll do everything.

01:58:17.440 I mean, he's, he's a little bit, I mean, he's works like crazy.

01:58:20.960 You have to be that person.

01:58:23.400 Right.

01:58:23.840 Absolutely, absolutely.

01:58:25.300 Invest in yourself and make yourself indispensable to somebody else, whether it's a customer or

01:58:31.800 to somebody that you're working for.

01:58:33.580 It's a, it's a, a huge competitive differentiation.

01:58:36.260 That's only going to get more important.

01:58:38.300 Um, I, I would love to have you on, uh, maybe early next week.

01:58:42.540 I, I just had one of my producers put some stats together on, uh, inflation and what that

01:58:50.260 actually means to people.

01:58:52.780 I mean, when, when Biden got in a hamburger, average hamburger was $4 and 40 cents, uh, today,

01:59:00.200 that average burger is six Oh one.

01:59:03.020 Uh, and if we look at what they say, uh, things are going to be, um, you know, with, with,

01:59:11.860 uh, the, what are they saying?

01:59:13.680 7.9% inflation.

01:59:15.860 That number is going to be, uh, $7 for a burger by the time the next election.

01:59:21.240 But I don't think those stats are right.

01:59:23.220 I think we're, if you want to compare apples to apples, look at how we measured it back

01:59:28.520 in the 1970s and eighties when we hit it before that would mean that that hamburger would go from

01:59:34.840 $4 and 40 cents to almost $8 by the time we hit a presidential election.

01:59:41.240 I just want to talk to you about inflation and, uh, how to beat that.

01:59:46.580 Plenty to talk about.

01:59:47.740 Would love to.

01:59:48.400 Thank you very much, Carol.

01:59:49.300 Appreciate it.

01:59:49.780 Appreciate it.

01:59:50.760 Carol Roth.

01:59:51.700 Uh, the name of the book is war on small business.

01:59:55.180 Make sure you pick it up.

01:59:56.420 Uh, all right.

01:59:57.220 I, do I need to say much about gold line here?

02:00:00.060 Really?

02:00:00.460 I mean, did you hear what she just said?

02:00:04.460 And I know there's a lot of people that, you know, or I don't know what's going to happen.

02:00:10.660 I don't think anybody knows.

02:00:12.140 I mean, I think you heard that this is unprecedented.

02:00:15.800 There's no model for this, but when the world goes insane, it world usually goes back to gold.

02:00:23.380 So, please find out now if this is right before gold takes off even more.

02:00:31.680 China is buying tons of gold.

02:00:34.240 Russia has been buying tons of gold.

02:00:36.840 They know what's coming.

02:00:38.920 Why would billionaires are buying gold?

02:00:41.300 What do they know that you don't know?

02:00:43.340 Find out.

02:00:44.540 This week only, with every graded $5 gold Indian purchased, you're going to receive one of the unique silver mind your business bars at no cost.

02:00:51.920 Call GoldLine at 866-GOLDLINE to find out what kind of gold I buy, why I buy it that way.

02:00:59.420 See if it's right for your family.

02:01:00.820 It's right for mine.

02:01:02.080 May not be.

02:01:03.220 Find what's right for your family.

02:01:05.460 If you're already a client of GoldLine, there's additional bonuses this week.

02:01:08.500 Just call them and find out.

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02:01:11.920 866-GOLDLINE or goldline.com.

02:01:17.380 The Glenn Beck Program.

02:01:21.920 You know, when I was 20, I didn't understand how the Germans couldn't see what was going on. 0.96

02:01:43.860 And then I couldn't understand why the Jews didn't leave when they kept doing it and it got worse and worse and worse. 1.00

02:01:50.660 I couldn't understand.

02:01:51.540 Ah, well, it can't get any worse than this.

02:01:54.680 I do now.

02:01:55.980 I didn't understand why the world, why America didn't get involved and why the world let Germany march right into the Sudetenland and take it. 0.93

02:02:08.760 And then, surprise, when he took Poland.

02:02:14.560 I didn't understand how important a Churchill was.

02:02:19.260 We don't have a Churchill.

02:02:21.560 We do have a Stalin. 0.84

02:02:23.260 We do have a Hitler. 0.94

02:02:24.460 But we don't have a Churchill.

02:02:27.080 Gosh, we do have a Neville Chamberlain.

02:02:29.580 He's in Washington.

02:02:30.520 And when you look at this, and this is what age does for you, gives you the wisdom to go, wait a minute, wait a minute, wait a minute.

02:02:38.420 I see all the parallels.

02:02:40.820 But this is so delicate that you may not want to get involved deeper than this.

02:02:48.620 You know what I mean?

02:02:49.160 Yeah.

02:02:49.720 In years from now, it'll be very clear.

02:02:52.680 It turns into World War III.

02:02:54.320 It'll be very clear what the answer should have been.

02:02:56.880 Right.

02:02:57.220 But it's not right now.

02:02:59.340 It's not.

02:02:59.740 It really is harder in the moment.

02:03:01.200 And it's difficult.

02:03:02.180 I think a lot of people on the right have kind of faded away from the hawkish view of these things.

02:03:07.340 And I think that's probably the right, in many cases, is the right way to go.

02:03:12.420 But it's hard.

02:03:13.320 I feel there's a lot of people just dismissing that view completely.

02:03:17.240 There is a good argument for the hawkish view here.

02:03:19.820 There is.

02:03:20.260 However, with the people managing it, there is not a view for it.

02:03:25.700 Like, you could say there's an argument for a no-fly zone, in theory.

02:03:29.140 But, like, not with these people managing it.

02:03:32.140 It's like, is it a good idea, Glenn, for you to open up a burger stand tomorrow?

02:03:37.540 Sells cheeseburgers.

02:03:38.720 Yeah.

02:03:39.080 Well, maybe, maybe not.

02:03:40.120 There's an argument.

02:03:40.620 It could be a good business.

02:03:41.480 Maybe it might not be.

02:03:42.500 Well, what if I tell you a heroin addict is going to run it? 0.67

02:03:45.000 Well, then you know right away you're not going to open the burger stand.

02:03:48.140 And that's where I feel like we are with the hawkish debate here.

02:03:51.480 Like, with, they're sending literally Kamala Harris to deal with these issues. 1.00

02:03:57.000 And look at the Pentagon.

02:03:59.500 The people who brought you Afghanistan. 1.00

02:04:02.000 Oh, my gosh.

02:04:03.140 Millie?

02:04:03.420 I mean.

02:04:04.080 Millie is still there.

02:04:05.440 I mean, and was never really held responsible for anything.

02:04:09.420 Really?

02:04:10.140 Come on.

02:04:10.380 That's how you want to go in.

02:04:12.500 Avoid at all costs.

02:04:13.780 Yes.

02:04:14.860 I am afraid I have to agree with you.

02:04:17.560 Avoid at all costs.

02:04:20.280 This is the Glenn Beck Program.

The Glenn Beck Program - March 17, 2022

What the Federal Reserve Rate Hike Will Cost YOU ｜ Guests： David Buckner & Carol Roth ｜ 3⧸17⧸22

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Transcript