The Real Villains in the Silicon Valley Bank Failure | Guests: Gov. Kristi Noem & Vivek Ramaswamy | 3/13/23

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This is the Glenn Beck program.

Hello, America.

So, a banking collapse?

What?

A bailout?

Huh?

It had something to do with the Federal Reserve?

Shut up.

I'll tell you exactly what happened in 60 seconds.

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All right, so I think I'd like to start with CNBC.

They put together a little

video here on

the timeline and how things began with Silicon Valley Bank.

Before we can even talk solutions

and what to do, we have to understand what caused this and what happened.

Here it is, cut one.

When money came gushing in during the COVID crisis

with all of the stimulus money,

Silicon Valley Bank put a lot of that to work

in what were at the time high-yielding assets.

That averaged only 1.6 or 1.7%.

Today, in order to attract and maintain deposits, you have to pay up.

And banks are not paying up and they are all seeing their bank deposits go down.

The most likely direct impact is just on the tech community itself which has been battered by valuation but a lot of these companies have relied on this particular bank for liquidity.

They'll have to go elsewhere and expect some dislocation from that.

Silicon Valley Bank is unique because they were always willing to lend against securities that haven't come public yet.

So you could even call them pre-IPO.

No one had that exposure.

So they are unique,

just like Silvergate was unique with crypto.

But I do think that they're big enough to be more like what Art Cashin said.

It does feel like Penn Square, maybe hoping to be contained before it gets cut in all annoying.

I just wanted to share that what I'm hearing is that in fact they are moving very quickly in terms of deposits moving out, making it very or more difficult for any buyers to really assess and consider a purchase of the bank.

Perhaps a bit too early to say, but nonetheless, it would already appear that those attempts to potentially sell this company, and again, there were a lot of interested buyers based on the franchise, but the attempts to potentially sell it certainly seem to be running into the reality of the moment, which is

it's hard to buy something when all the deposits are fleeing.

And so, you know,

again, we have to, I think the market has to prepare and prepare for the possibility that there will not be a sale.

And then you can leave it to your own imagination as to what that means.

We have to assume the government regulators are

already in there as well.

Silicon Valley Bank, Santa Clara, was closed today by the California Department of Financial Protection and Innovation, which appointed the FDIC, the Federal Deposit Insurance Corporation, as the receiver.

To protect depositors, the FDIC has created a deposit insurance national bank of Santa Clara.

At the time of closing, the FDIC as receiver immediately transferred to this new receiver bank all of the insured deposits that were held at Silicon Valley Bank.

Okay.

So what really happened here?

That's the way CNBC will explain it to the people who know what the hell they're talking about and all the acronyms and everything else.

Here's what happened.

A couple of things.

First of all, we're raising rates.

We had the COVID money coming in, right?

And you just heard there, call this COVID money.

Well,

they wanted to invest it.

They needed to put it someplace and invest it because they had Silicon Valley Bank had so much money coming in from COVID.

And so what did they do?

They bought treasuries.

And at the time, you could buy a 10-year treasury and you would get 2% interest guaranteed at the end of 10 years.

That was pretty good back then.

But now,

treasuries are selling for about 5%

interest.

And you don't get that until the end of the 10 years.

So when you buy something, a 10-year treasury, you're buying it for 10 years.

If you have only eight years on it, you can sell it.

But you're going to probably have to sell it at a discount if the new ones are paying more.

So they invested the money in treasuries at 2%.

Just let's remember that.

What they had

in the bank, if you will, they owed

$195 billion.

That's to the people who have put their money into checking accounts and savings accounts, mutual funds.

They owed

$195 billion.

They had $208 billion on the books.

That's a $17 billion.

When you have people all over the world starting to say, I think the bank is going to collapse, they start to take their money.

$17 billion can go that fast.

There was a clog in the system.

They couldn't get the money wired out fast enough.

So they decided they needed to sell.

And then they announced, we're going to sell some treasuries.

Well, once they saw that they were selling 10-year bonds

at 2%

interest

and the market was saying, well, that's only worth 75 cents on the dollar now.

And Silicon Valley Bank was taking it, they knew this a fire sale.

This bank is in trouble.

That's what started all of the run on the bank.

Now,

you probably have

FDIC insurance.

If you have FDIC insurance, it's to stop runs on the bank.

However, Silicon Valley Bank is different.

It's very different.

I think it's 88%

of their accounts are not covered by FDIC.

Why?

Because they're giant companies that are using payroll and

keeping their money in the bank

as the place where they can run their company.

So they have more than $250,000 in account.

If they also

use the bank for a mutual fund, they found out Friday they were also screwed.

See, this bank loans money to these companies, these tech companies, and they loan them out venture capital.

And so they loan them the money to operate and to be able to do everything they can over the next year.

Well, they've got to put that money somewhere.

So the bank loans it out.

It's basically the depositor's money.

They loan the that savings account of yours per se

and loan it to this venture capital firm,

or the tech startup.

And the tech startup then says, where do I put all this money?

And Silicon Valley Bank says, oh, just in my other hand.

Just give me that money back and we'll invest it in mutual funds for you.

We'll invest it in very safe things like BlackRock.

So they did.

And the tech companies thought they were safe because it's invested in very secure places like BlackRock.

Except what the bank didn't say, except in fine print, is that all the money that you had invested in BlackRock was not yours anymore.

It was under the name Silicon Valley Bank.

So when people started to call and say, hey, BlackRock, my money's safe, they said, you don't have any money.

Your money is invested in Silicon Valley Bank and because their name is on it

they're counting that as an asset.

And now that asset has to go to pay creditors.

So they lost their money.

This is a giant shell game.

We have created nothing but a shell game.

And the Fed is the one that's causing this collapse.

by the raising of the rates.

But if you don't raise the rates,

what happens?

Inflation goes out of control.

Why?

Because we have printed and loaned too much money out.

Okay, we'll pull it back in.

Well, the way you pull it back in is raising interest rates.

If you raise the interest rates, bonds have to pay a higher yield.

And so when you buy a bond,

you get more money back.

And if somebody gets into trouble, they have to sell their bonds exactly like Silicon Valley and they have to take a haircut and then the entire thing collapses.

But here's the scariest thing.

This is what the Fed has set out to do.

They want to see risky things go away.

They want to see failure.

They need people who are not stable

to go out of business, stop spending money, so we can suck all that money back in.

But when they do collapse it and our economy is in this kind of shape,

you then have a domino effect because nobody's in great shape.

And the banks are playing a giant game.

So then people can't pay the paycheck.

And then that paycheck

causes you to default on your auto loan or your house loan.

And that makes another bank fail.

We're at the place I told you in 2008 we would be.

We've made the 2008 problem much bigger.

And there's no way out.

Once you start printing money, there's no way out.

And what did we do?

Well, the Fed said, we're not doing TARP.

No, no, no.

We've got something entirely different.

It's got a different name and everything.

But we're going to cover all of those accounts.

Oh, oh, okay.

So

we're backing that now.

Yeah, but it's not your money.

It's not your money.

It's the Fed's money.

It's the Fed's money?

Yeah, it's the money that the banks gave to us to put aside for insurance in case something like this happened.

Oh.

Where did the banks get that money?

Well, I don't know.

You know, I'm doing business and stuff.

Well, I mean, aren't these the banks you bailed out?

Well, yeah, yeah.

And weren't you just giving them trillions of dollars?

Well, yeah, of course we did.

But but but they were paying in to this account.

Oh, okay.

So the money you printed that I'm on the hook for

you you gave to the bank, but they didn't use any of that money for that insurance.

No.

No.

This is totally different.

Okay.

So now they're going to be protected, and I don't have an answer for you today, because all of the answers are bad answers.

Should we should we back that?

No.

No, the the constitutionalist capitalist in me says that's just that's really bad.

Okay, so we don't back it.

Well, no,

no, because the guy who would like to see the entire Western world not burned down to the ground

would like you to bail it out just to give us some more time.

But that puts us right back where we were.

So I don't have I prayed hard today.

What do I tell people?

Work on your spiritual health.

Because this is coming at some point.

It's coming.

It has to.

It has to.

Now, the Washington Post said today

that

the bank's death marks both a

sobering and salutary moment here.

The central bank has sharply increased interest rates over the past year, hoping higher borrowing costs would slow the economy down and take the steam out of high inflation.

This is what the Fed wants to see.

They want to see a tightening of the financial conditions.

Great, they're on it, the Washington Post.

With $209 billion in assets, the bank was just 1/18th the size of J.P.

Morgan Chase, the nation's largest.

Still, Wall Street was rattled by their abrupt end.

Bank of America was down nearly 12% in the past five trading sessions.

They're down another five or about four and a half percent today.

Some banks are down as much as 10% today before trading even started.

The banks that serve the riskiest part of the country and the economy are the ones in trouble.

Now, this is the Washington Post.

I want you to listen to this.

Banks like SVB and Silvergate Capital, San Diego-based bank that cater to cryptocurrency users, are the ones getting into trouble.

Oh,

it's not a run on the business model of the bank.

I'm sorry, it's not a run on the business model of the banking industry in general.

It's just the business model of this bank.

So in other words, if you are making risky loans

to

tech, or if you're investing and doing anything at all with cryptocurrency, you're the problem.

Hmm.

That's interesting.

I'm going to tie some of this together here.

We've got a lot to go over in just a second.

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Okay, so

here's something you probably didn't know.

The New York Times is reporting today

that good thing this bank has been saved.

Silicon Valley Bank was in many ways a climate bank.

When you have the majority of the market banking through one institution, there's going to be a lot of collateral damage.

Community solar projects appear to be especially hard hit.

Silicon Valley Bank said it led or participated in 62% of financing deals for community solar projects.

Their smaller-scale solar projects also often serve lower-income residential areas.

Don't worry.

Don't worry.

The Fed is covering all of this.

The devastation comes at a critical moment.

It is central to cut the greenhouse gases that are dangerously heating the planet, says the New York Times.

The federal government depends on climate tech companies to develop the innovations needed.

This is going to set

the climate change industry down and set them back

for years.

Hmm.

Gee, well, good thing we're not drilling for oil.

Good thing we're getting rid of all of our backup power plants, isn't it?

Home Depot co-founder said the global lending firm Silicon Valley Bank

went broke because it was woke.

Now, the rising interest rates are really wide, but if you want to look at their business model, These guys are woke activists.

He said instead of protecting the shareholders shareholders and their employees, they're more concerned about the social policies.

As recently as this month, just days before it went into receivership with the FDIC, Silicon Valley Bank discussed decarbonization, gay rights, the black venture ecosystem, and so much more.

Well, they were woke.

Good thing.

Good thing.

By the way, they were purchased this morning by a British bank because Great Britain was worried about their tech industry as SVP

funded a lot of their stuff too.

So it's good news.

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Wow.

You know, you're going to find this really comforting.

Just so you know,

Silicon Valley Bank,

you know, right before it went down,

they were able to pay pay all of the bonuses to the people

between $12,000 and $140,000.

Um, so they, they got those bonuses.

So, so that was a close one.

Good.

I feel, don't you feel better?

Much.

Seriously?

Yeah.

Yeah, me too.

Yeah.

Me too.

Me too.

Uh, so, hey, there's a couple of other things that I, I, I found kind of interesting.

You know, the guy who

was on the board of directors happened happened to be the guy who was

running Lehman Brothers when it collapsed.

What an incredible

boy, that guy's run into some bad luck, hasn't he?

Right, right.

And I think it's, is it Sovereign or what's the other First Republic?

It's either First Republic.

Signature.

Signature or First Republic.

Barney Frank was on the board of that one.

Right.

Yeah.

So it's good to see the old gang coming back together.

Well, they did such a good job in 2008.

You want them back.

Right.

I mean, please.

By the way, we're going to continue our conversation on this with people who really know what they are talking about on this coming up in

just a few minutes.

Do you remember,

Pat, the China,

the

lasers that were

quote, measuring Hawaii?

Right.

Yeah, yeah, yeah, yeah.

So that happened, Sarah, about a month ago, Zabao.

Yeah, about a month ago.

This video came out that showed this green laser kind of just

tracking Hawaii, just all these little laser beams coming down from the sky.

And

what they said was, don't worry, but we do this all the time.

It's NASA.

We're measuring the Earth.

And I thought...

Because I thought we knew a while ago

how big the Earth is.

Yeah, I thought so too.

I thought so too.

But no, no, no, this is for global warming.

Apparently, you know, the water weight, you know, we're losing some water weight.

So we, you know, tighten our belt a little bit, I guess.

I don't know.

But that didn't seem like a logical answer to me because I've lived a few times, you know, a few days

since we've had lasers.

And I've never seen us measure the Earth.

And you'd think if we do that all the time.

You would see it from time to time.

Some of us might have seen it.

Yeah.

You know?

Okay.

So that one didn't fly.

So then

after the balloon happened with China,

it came out that that wasn't a NASA satellite.

No.

Yeah, it wasn't a NASA satellite.

So apparently our government lied to us yet again.

Not a government satellite.

It was a weather satellite, but it's a Chinese weather satellite.

Oh, okay.

So they were just inspecting the weather with lasers?

Well, what they do, they were worried about the pollution

in Hawaii.

And so they were measuring.

The Chinese were worried about the pollution in Hawaii.

Yeah, of course.

Okay.

And so they were measuring the amount of.

It's sweet of them, isn't it?

It is very nice.

Very kind.

Well, they're very, very global warming conscious.

Oh, I know.

I heard that.

I heard that from Jennifer Granhold.

Right.

So we have a lot to learn from them.

They can measure the particles in in the air with a satellite with green lasers.

We don't do that.

No.

So

that one seemed

a little odd.

Yeah.

And maybe a little too nice for China to do.

It has now come out and said, well, okay, all right.

That satellite has a dual purpose.

Okay.

It not only can measure, you know, pollution.

It can clean it up?

Well, no, it can just measure it.

Yeah.

And not only can

it do that, but it also

can

be used

to

target their new hypersonic missile because it needs very accurate targeting.

So

what this

climate change satellite does is it comes down and it measures, sure, it measures all the pollution but it also could

measure exactly the topography and okay and make sure that the the hypersonic missiles have an exact location to hit but fortunately we're talking about the Chinese here and we know they have no ill will no toward us no so no you don't need to worry about that particular aspect of it no it's just a measurement thing they they're measuring the density of the atmosphere.

That's what they're doing.

Okay.

How dense is it?

The atmosphere is pretty well dense.

Over America, I think it's pretty dense.

Very dense.

You know what I mean?

I do.

So, yeah, apparently it's the hypersonic missile.

It doesn't like weather, you know?

And sometimes there's weather.

Yeah.

So they need to do the

laser thing, which is kind of nice, you know?

You hit like a, I don't know, it's like a pink Floyd Floyd moment right before you're vaporized.

You know, like,

whoa, look at the cool lasers in the sky.

And you hold your lighter up or your phone.

You're like, yeah, rock.

It's great.

You don't even get to on.

No, you don't.

On.

No, of rock.

Okay.

Of course you don't.

Of course you don't.

By the way, you remember Naomi Wolf?

Yes.

Okay.

Author, liberal,

part of feminist.

Yeah, and third wave feminist, and I believe part of the Clinton administration at one point, wasn't she?

She came out and

wrote a letter to conservatives.

Yeah, I love it.

And

she said, Republicans and conservatives, I'm sorry.

I believed wholesale so much else that has turned out to be not as I was told it was by NPR, MSNBC, and the New York Times.

Anyone in leadership who has misrepresented to the public the events of January 6th so as to distort the complexity of the actual history must be held accountable.

Holy cow.

Wow.

That's a brave statement from somebody on the list.

Are you kidding me?

Wow.

Yeah.

Well, you should see.

I think it was in the

Times or Huffington Post.

I can't remember where I read it, but they were talking about, well, you know,

she went on Tucker Carlson about a year ago.

So we we worried about her bona fides back then.

Oh, did you?

She was seen with Tucker Carlson.

She's sold out.

Obviously a nut job now.

Well,

of course.

I mean, only nutjobs would say, I am sorry to conservatives.

By the way, I don't know if you've been following what they're looking at in

Washington about, you know,

the government silencing speech,

the government lying about January 6th.

But your friends should probably pay attention to it.

If you're not, you should too.

But I have a feeling you are.

But your friends should probably pay attention to it.

Somebody needs to bring that to their attention because the people I talk to that have absolutely who are only listening to the New York Times and CNN and 8 NPR have no idea

how corrupt our government has become.

And I would be saying this if it was happening under a Trump administration.

I'd be ringing the bell.

You are in deep trouble.

The government has gone awry

just a little bit.

Maybe it's maybe it's just me, but I don't think it is.

By the way, we're going to talk to,

who's the senator we have?

Massey.

We have Massey on with us.

And

he asked, I don't know if you saw his tweet last night.

He was talking to

getting a briefing on what was happening with the banks.

And he's on this phone call.

And apparently, one of the senators or representatives said,

hey,

do we have a plan to make sure that we're silencing anybody who is you know

stepping out of line and and causing damage to the market yes we're working on that we're gonna have to get back to you oh really what

you remember I told you back in December or January that there was another war game do you remember event 201 that was for COVID something like a something like COVID might happen

set your watches in maybe about a month and a half half.

And what do we do?

And so they brought everybody together, the Treasury, the Federal Reserve, the central banks from all over the world, and they came up with exactly what they implemented all over the world with COVID.

And in it, they set up all of the things to be able to be as effective as possible, as quickly as possible.

And that meant shutting down some voices and having some control.

Well, they just did another one at the World Economic Forum.

They did it, I think it was in December, and it was on a banking collapse.

And what are we going to do if there's a banking collapse?

Well,

we're going to rush in there.

We're going to do everything we can to make sure that we got that shored up.

Now, by the way.

This is hurting your small banks.

We're going to end up, I think, with four banks, and then we'll end up with one.

And then there was one, the Federal Reserve.

But you got to make sure today you have coverage with FDIC.

If you have, I mean, if you have more than $250,000 in your bank account, good for you.

But make sure that you have coverage of FDIC up to $250,000.

Now,

what

happens?

What happens when they start just picking the banks off?

If the Fed continues to raise rates,

that's probably a problem.

But dare I say that?

Because at the little,

you know,

practice, if you will, for a financial collapse and a banking collapse, they all agreed that there would be those who would deviate from the central bank's

plan and strategy and

truth.

And that would hurt the global financial markets.

So they would need to be silenced.

So when Thomas Massey asked last night,

you have any plans to silence people?

They said, we'll get back to you.

The plan already exists.

They just have to see if this time this is the one.

Make sure your money is insured by the FDIC.

Make sure your bank is not involved in risky loans.

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This is the Glenn Beck program.

Well, we were

flagged again by Facebook, and I'm just broken up about it.

On Friday, we found out after I got off the air,

there was something else that we said.

I don't even know what it was, so I'll say it again.

But

something absolutely ridiculous

on the January 6th thing.

Like, I think I said it was in Washington, D.C.

And, you know, PolitiFac was like, I was not in Washington, D.C.

It was someplace else magical.

And I don't know.

And

so

we're being hammered

by Facebook and not only all of my posts, but all of the Blaze, all of Pat's posts, everything is being downgraded.

So you're going to have a hard time finding any of your favorite hosts,

any of our posts, because we will not retract what we say unless it's wrong.

And I'm sorry.

We haven't said anything that was wrong, that we haven't corrected.

We're not playing this game.

We are not the tool

of the federal government.

The biggest tool is Zuckerberg and Facebook of, you know, I mean tool of the government, of course.

So

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This is the Glenn Beck Program.

Hello, America.

We are

definitely safe.

We're not in a banking crisis.

Joe Biden came out and said, and I quote,

Hey, little girl, you're cute.

Okay, so I feel better about it.

That was his statement, something like that, this morning.

However, there's something else going on that we talked to you about, and that is the UCC revisions.

You may not know what this is, but it's the

Uniform Law Commission that has a code on how we're supposed to do business and everything else.

Well, they're changing that code, and they're asking states to sign on, come on, pass this legislation, hurry, don't think.

And it changes the definition of money,

makes it so the central bank can have a digital currency, but all other digital currency that may have come out, you know, prior to,

we can't accept that as money anymore.

So,

wait a minute, what?

No, don't worry about pass it.

Hurry up.

Well, there was a veto that just

happened from Christine Ohm because

the state of South Dakota decided hurry hurry let's pass this and she said not so fast and vetoed

She is leading the way.

There are other states that had this on the right track to get rid of it.

And the banking community has come out and said, you gotta do it.

Don't you realize we could be headed for a crisis?

Oh, okay.

So I'll hurry up and pass that then.

Don't do it.

Christy Noam is with us here in just a second.

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Governor Christy Noam.

Hi, Christy.

How are you?

I'm doing great, Glenn.

How's your morning going?

Well, you know, a little banking collapse thing, but

I know.

You have any thoughts?

I'll tell you what,

we're in tenuous times here with quite a few different situations, threats at the national security level, financial level, and people's basic freedoms.

It is coming faster and faster

every day.

First, can we just talk?

I've got a lot of things I'd love to talk to you about, but let's make sure that we cover this.

You just vetoed a bill, and

you don't do that very often, do you?

Is a veto kind of rare with you?

It is pretty rare.

Usually I have one or two every legislative session.

I've had several already this session, which is strange.

I've never had a veto be overridden, which means every time I've vetoed a bill, the legislature has read my reasons why, looked at the policy, and agreed with me.

I'm hopefully well on this bill then, too.

This is a bill that came, it was over 110 pages long.

It was sold as an update to the UCC, the Uniform

Commercial Code, and something we just needed to adopt to be in federal compliance and

put a rubber stamp on.

It was interesting.

It didn't get introduced until halfway through our legislative session and went through pretty overwhelmingly through the House, ended up in the Senate.

And when I started reading it and digging into it with my policy team, the Senate was extremely upset that I expressed concerns.

And

why were they upset?

Well, I think, you know, South Dakota is a smaller state.

They had the same folks up in committee testifying from the banking association, from financial institutions.

South Dakota is the best state in the country to have a credit card company, to have a trust.

Financial services is our third largest industry here.

So they are used to seeing the same familiar faces come up and sell policy.

The interesting thing about this bill is that it has a section in it buried in the bill that talks about the definition of money.

And it specifically says that CBDCs are allowed in the future when it comes to digital currency, but any former

definition of digital currency would be allowed to be discontinued or not recognized.

It specifically is paving the way for a government-controlled digital currency, should that be adopted, and should be alarming to every American.

After what we've seen the last several years with the federal government being willing to

trample on people's freedoms to control them, I would think them coming out with a definition of money that allows them to control your assets would be extremely concerning.

So

I vetoed the bill.

I'm hopeful that the legislature will agree with me and they'll become educated on the actual policy that's wrapped up inside of it and really understand that it's a threat to the American dream.

When will that go back

to the legislature?

We go back into legislative session in a little less than two weeks for one day.

It's called Veto Day, and that's when they consider the vetoes that I have put forward and they either choose to sustain them, agree with the veto, and the bill would go away or they would override me.

I can do style and form vetoes as well.

And I also have the budget yet that I have to look at and decide if that's going to be something that will move forward.

So

you need people to call in a couple of weeks or should they call now?

I need them to start calling now.

I think that

a lot of legislators didn't read this bill before they voted on it.

It was a

pretty extensive piece of legislation.

They also

did not really understand the threat that we're seeing, especially now with the financial crisis we see going on.

And then also we saw the credit card companies recently come out and say they're going to start coding.

gun purchases separately and tracking them.

For me, it's a direct tie to the federal government saying saying that if we don't like what you're purchasing, well, then if you're using digital currency anytime in the future, we can control your access to

your dollars in order to even purchase what we like or don't like.

So it is something that is,

you know, everything I look at is setting precedent for the future, and this is paving the way for federal government control over people's personal dollars and assets.

So just call your statehouse.

If you happen to be in South Dakota, call your statehouse.

I will tell you that

what uh christy has done here is extraordinarily brave she is standing up against a very powerful industry as you know today

uh more

definitely not bailouts happening uh through the fed um today they're very very powerful and a lot of these uh legislators and senators listen to these guys and trust them.

And

you really need to speak out and let them know you are not for anything that paves the way for a central bank digital currency,

especially when that's the only thing to find is money.

Very bad.

Glenn, specifically, this bill is being proposed in many other states.

I think there's probably 20 other states that are talking about this policy.

So even the more that people pay attention and bring awareness to it, we need to educate people in other states, too.

I think that's one of the main reasons for chatting with you today, too, is to let my people in the state know what's going on.

But also, you know, we're the first legislative session, I think, to complete its work in the year.

And we're always the first ones to kind of deal with these kinds of bills and have to veto them or sign them into law.

If people can pass them in South Dakota, they know that makes it easier in other states.

So we're often the battleground here.

And we did make the right decision here in South Dakota.

And then I hope these other states are paying attention and we educate those folks, too, so they don't go ahead and adopt these without really thinking about the consequences.

Well, I got a phone call, I think it was, maybe it was Friday, that said, I've got good news and bad news.

And I said, Yeah.

And they said, the UCC bill in every state

is dead.

And I thought that was the good news.

And he said, no, no, no, no.

I mean, that all of the advances we had made

last week, the banking committees and all of the people that were for the UCC just descended on all these state houses and

talked all of these guys out of stopping this in their state.

So I said, what's the good news?

Christy Noam, she vetoed.

So you are the only bright spot there, and I thank you for that.

But you have to call your state legislature and say no on the uniform commercial code changes.

No, absolutely not.

It is

the authoritarian tool that is required to control absolutely everything in your life.

Well, Glenn, the one thing that people should know, too, is that there's no rush on this.

It doesn't get enacted until 2024.

So a lot of what their testimony was is we need to hurry up and adopt this.

It's fine.

Don't worry about it.

But there's no rush.

We should have a full debate on the policy.

If people have concerns, we should be able to talk about them.

And if they don't,

we should give them time to be educated, make wise decisions, especially in light of what we've been through the last several years.

So I am back

to the same place I was in 2008.

Nobody is prepared for what's coming.

Nobody is prepared for what's coming.

We are going to see a crash of biblical proportions

and all the things they said in 2008, it'll shut down the global economy and everything else, is on our horizon at some point.

It has to.

We just can't get out of this trap we're in now.

And we have definitely not a tarp bailout,

but the Fed is covering everything and the Treasury is guaranteeing everything for these banks that went under.

There are people that say absolutely not.

We cannot do this.

Others are saying, again, the same thing they said before.

We have to, or this chapter is over.

Do you have any thoughts on this?

Well,

listen, I'm much more focused constantly on problem solving and making the best and wise decisions looking into the future.

So I do think we have economic financial crisis coming our direction.

My job is to protect my state as much as possible.

So we have a extensive briefing that will happen this week with all of our banks and institutions gathering as much information as we possibly can.

I think that if anybody is looking to the federal government to help secure their future, they should stop ruling themselves right now.

Any kind of bailout, anything that this federal government is going to do is not going to shore up your life, your livelihood, your finances, or your family.

It is time for people to start, yes, it is time for people to start taking personal responsibility for themselves and their neighbors and churches to start getting engaged and involved.

People don't have to feel

like they've lost their foundation.

It's just we put it on the wrong thing.

Everybody has been looking for the government for all the solutions, and that is how this world has got tipped on its ear and why we're we're so unstable right now.

So, yes, people should be wise and plan for the future and start looking for a better place for their foundation rather than this government, because this government is only coming to steal your future.

Last couple of things.

One,

our Treasury Secretary was over in Ukraine.

I think it was last week, wasn't it?

What are we doing in Ukraine?

Yeah, what is happening?

Why is Hillary Clinton over there today?

What is this?

We spent more money there than we have securing our border for the last five years, and it is a corrupt regime.

Just the history of Ukraine is that,

you know, we can't be certain of how they're spending all these dollars that we're sending them, and their track record is not great.

So I understand

pushing back on Russia.

We're just and using financial sanctions certainly is a helpful tool, although we've relied on it too heavily.

And we've had a weak foreign policy the last couple of years when it comes to Europe.

And so I do believe that it is time for us to wake up and understand that Ukraine has some issues.

We need to put America first again and start focusing on what we do and that it shouldn't be to the detriment of the American people.

You know, I don't know what the plan is.

We've never had this president articulate a plan for Ukraine.

He's just reacting and in that way digging a bigger hole for us in the long run.

We're talking to Governor Christinoam.

Last thing.

Are you at all considering throwing your hat into the ring for 2024?

No, I'm focused here right now, Glenn.

I do think this country needs a leader that makes tough decisions.

I don't know who that is yet.

So I know all these people personally that are talking about it.

I always get a little nervous about people who spend their whole life dreaming about being president.

Most of the time, I think they are the last last person you should want to be president.

So,

you know, I just want-I wish we had a guy who could speak like Ronald Reagan again, or a woman who could speak like Ronald Reagan again, and somebody who actually cared about what our founders gave us.

Because if we lose this country, where do we go?

Yeah, so good to talk to you, Christy.

Thank you so much, Governor Christie.

Governor Christie, Noam, please, in any red state, call your legislature now and say no to the UCC bill.

No, it cannot be Gandalf.

You shall not pass.

Or we're going to get our digital currency.

No way out.

It's an unfortunate fact of life that simply ignoring a problem doesn't make it go away.

Right now, you're feeling the effects of inflation.

Well, inflation doesn't.

I mean, you're filling up your gas and sure,

it costs more of your tank, but that's not inflation.

Groceries, they're just

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10 seconds station ID.

Let me say hello to Mr.

Pat Gray, who's filling in for

a stew today.

Hello.

You bring so much to the table.

Right.

And would you have had that hello for

not?

I don't think so.

No.

I don't think so.

No.

so what are your thoughts on what's going on uh today with the what do you think is is the SVP thing the the uh I think it's really bad but I don't I don't think this is the catastrophe that we've kind of been worried about I don't either foresee on the horizon yeah I don't either they're not ready with the CBC

yet not yet yeah

uh but it's a big deal it's the second largest bank collapse in American history that's

substantial yeah and it's the biggest since 2008.

Yeah.

When Washington, I think it was Washington Mutual that went down and got gobbled up by Chase Bank, which, you know,

they weren't nearly big enough to begin with.

And so they really needed to gobble up.

Can I tell you what I think would be really good?

Is if we could get some of these local banks to collapse

and then just have the bigger banks absorb them.

Yeah.

So we could have

four banks.

Or even whittle that down to one central

centralized bank.

What would you call it, though?

Just one central bank?

Yeah.

Is what you're calling?

Yeah.

Huh.

I don't know.

Something federal.

Well,

wouldn't it

really, when you get down to four banks, wouldn't you have that anyway in reality?

You really would.

And what is the Fed but a conglomeration of the 12 biggest banks?

Right.

Which would end up being the four biggest because

the others are going to go out.

Yeah.

And be gobbled up by the other, by the four existing.

And then

the Federal Reserve will gobble up the four.

And then it'll be so easy.

We can all have the same bank.

It'd be great.

And

they can just digitally put money into our accounts.

And then they can digitally.

take it out of our accounts too.

Or,

you know, if there's inflation, I learned this from modern monetary theory.

If there's inflation in one sector,

all they have to do is, if they have control of the money, is just

stop the money from working in that sector, except for those people that the central bank thinks really needs that.

What a wonderful idea.

It's a really you could print as much money as you want if you do it that way, they say.

Oh, wow.

Yeah.

That's really convenient for us since we're doing that anyway.

yeah right so right yeah we'll just keep doing it right and it'll be a it'll be considered a good thing correct that way you don't have to raise interest rates you just shut people down you know what i mean you need to slow the economy down your digital currency just stops working at certain places and eventually we'll all own nothing and like it

I can't wait for the future.

It's a beautiful utopia they're working towards.

Really?

Beautiful.

And you know what?

They say utopias never come true, but that's just because the right people weren't in charge.

Hasn't been done right yet.

Right.

And when I look at the people who are leading us right now, I think, right people, right?

Right?

These guys are competent.

You put Pete Buddhajudge in charge of a few things, and you're going to see how perfect it is.

The Glenn Beck program.

Yep, it's hard to...

It's hard to improve on perfection.

I mean, where do you go from Pete Buddhajudge?

Where do you go?

Where do you go?

It's nearly impossible.

You know, Mike Lindell found a way to improve on the My Pillow, but I don't think he could improve on Pete Buddha Judge.

My Pillow has a new 2.0, My Pillow 2.0.

It's perfection improved.

What it has is temperature regulating technology.

I think that's the wrong word for a pillow.

I don't like, I don't want to sleep with technology.

It's thread.

That's what it is.

And it took technology to make the thread because the thread is temperature regulating.

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Letter to Bank of America.

Greetings.

Nationally syndicated radio host and best-selling author Glenn Beck covered this story on radio that alleges via a whistleblower Bank of America data mined its customer base and turned over private records to the federal government in regards to January 6th.

We continue to follow this story and have a few questions regarding this section of the testimony.

Bank of America provided the FBI's D.C.

field office a huge list of individuals who use Bank of America credit or debit cards in D.C., yada, yada, yada.

So we asked, why would Bank of America violate the privacy of their customers without a subpoena or evidence that they had committed crimes?

Now, I believe Bank of America, when we first covered this, said, what are you talking about?

We didn't, what?

We no, well,

we were working with the they, you know,

jingle, jingle, hello, hi, it's the FBI, we'd like some records.

We can't, okay.

Uh, so I think that was pretty much the story the last time, but we've just found out that

it went more like this:

FBI, yeah, hi, it's Bank of America.

We've got some dirt for you.

Uh, so we'd like to know why Bank of America would violate the privacy of

the customers without a subpoena or evidence that they committed a crime.

Just everybody who used their card.

Did BOA volunteer the information?

Are there or have there ever been any data mining efforts by Bank of America?

Assuming this testimony is true, and I just don't believe it, why should Bank of America customers trust their banking services with you?

How will Bank of America repair this this breach of trust?

You know, we understand that you didn't provide a comment to the Federalist or weren't able to by their deadline, so we're extending ours until last Friday.

Yeah.

So that's what we sent to Bank of America this time last week.

They didn't, they're just too busy and big.

I mean, they answer questions to their customers.

What are you talking about?

We can't

FBI.

Yeah, they're on the phone with the FBI all the time.

Now, somebody who did get a couple of answers is Riley Moore.

He is the West Virginia state treasurer.

He has been, this guy is a pit bull on

anti-ESG stuff.

By the way, Riley, you got the anti-ESG proxy voting reform.

It passed on Friday, did it not?

It did.

It did pass, Glenn.

Thank you very much.

Thank you.

I'm going to support on that.

It was a huge battle, but you and your listening audience played a big role in that.

Thank you.

I will tell you, please, I just talked to you about the UCC bill and this bill for anti-ESG.

It's now passed in West Virginia.

This bill and the UCC, they have doubled down on them, and all of the progress that we had made is starting to slip through state legislators' fingers.

You've got to call them and tell them we want the toughest anti-ESG bill out there.

Riley, let me ask you about Visa and MasterCard because last week you guys got this done.

Visa and MasterCard has decided to pause their plan that would track gun and ammunition sales.

Can you?

Yeah, that's right.

So House Bill 2004 just passed last week.

This bill, Glenn, what it does is protect our Second Amendment rights and information.

So what credit card companies, working through the banks, so this goes back to the banks again, of course.

The banks like Amalgamated Bank of New York, working with Senator Elizabeth Warren, pushed this idea of, well, I know how we can create a national gun registry.

Why don't we have credit card companies do it?

So they got the International Organization on Standardization, yes, that's a real thing,

to come up with this new merchant category code that will

code specifically guns and ammunition.

So things like Bank of America could say, hey, I think we have suspicious activity here.

I don't have a warrant or subpoena, but I'm going to turn this over to the feds just because I think it's bad.

We're not going to let them do that here in West Virginia.

We have outlawed the sharing of that data specifically.

And I'll tell you what was very interesting about this.

We also created a cause of action,

cause of action.

So people can sue if their data has been shared without being subject to a warrant or a subpoena.

And this, I believe, is what got them to back off is the potential for massive, massive lawsuits.

Please thank your legislature and everybody involved for this.

This is the one thing that you and Utah really are leading the way on, on protecting people.

You know, a lot of times these legislatures will talk about, for instance, an anti-ESG bill, and they'll protect the oil companies or the energy companies, but they won't give you fair access.

So you can sue yourself if something happens to you.

So thank you for including that.

And the merchant can sue as well.

So let's say the credit card company won't let them use a terminal because they're a gun shop.

they can sue for that as discrimination.

If your credit card won't work at a gun shop, you can sue.

We have multiple lines here in terms of causes of action that we've put into this legislation.

Now, I will point out something very interesting.

Some of the people in the financial services sector, in the credit card industry, said, why don't you just ban the MCC code?

And I said, hmm, I wonder why they want that.

Well, our lawyers started looking into it.

And since the MCC code is actually created, the merchant category code is created by the banks, this would push the liability to the banks, and they could have likely sued us over an interstate commerce clause.

That's why we went the direction they were setting us up, felt like it was a trap.

That's why we went the direction of cause of action on sharing the data.

It is

amazing to me how far

they have gone and how well planned all of this is.

This is, you know, all coming fast and furious to people who are actually just doing the work for America.

And there's teams out there that have been thinking these things through and are years ahead of anybody else.

And

just by the grace of God, I think we're figuring out some things and being able to maneuver like that.

Does it bother you at all that they said they're just pausing this work?

That does.

That does bother me a little bit.

And I'm not sure if they're trying to speak out of both sides of their mouth to not get the liberals to go bananas on them or us or both.

So

we're certainly going to be keeping an eye on this.

This bill has passed.

The governor will sign it.

And if we need to start bringing lawsuits, we're going to start bringing lawsuits.

And the Attorney General has authority to place injunctions in this as well on behalf of individuals.

So

we are loaded for Bear if they decide to try to pull this stuff in West Virginia.

Certainly encourage everybody listening, encourage your state to adopt the same type of legislation because we have to create a fortress around our Second Amendment rights.

So

does this affect anything like I was talking about Bank of America, just

turning over records, not being,

no subpoena, not nothing, just turning over the records of everybody who is in Washington, D.C.

Violating everybody,

their privacy.

If Bank of America were to turn over gun purchases of any individual in the state of West Virginia just cuz, they will be sued.

Right.

But

is there anything in the law now that they just did this for September, I mean, for January 6th?

They just turned over anybody who was using one of their credit cards and said, hey, we just want to help you guys out.

They weren't asked for it.

They just turned it over, apparently.

You know, not in West Virginia, and I'll tell you, is when we looked into this,

just generally, as it relates to data that they collect, and now what they're going to say, this is how they do the record keeping,

and this is, which is a fact, look, banks need to record keep, but they're weaponizing that requirement of record keeping.

There's not a lot of laws and regulations around how that data can be used.

Jeez.

Scary times.

Riley Moore, he is the Virginia State Treasurer.

I wish you would continue to be the treasurer, but I know you're running for Congress.

You think you can make a difference there.

And

I just thank you so much for all the hard work that you've done.

Oh, thank you so much, Glenn.

And look, these are the type of ideas I'm going to bring to Congress.

We need people that want to fight and just not sit on the sidelines.

Absolutely.

Thank you so much, Riley.

Riley, thank you, Glenn.

You bet.

Riley Moore, one, I mean, he is a leader in the country on anti-ESG.

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888-727 back.

The Glenn Beck Program.

Welcome to the Glenn Beck program.

So

I'm thinking

the closest story to this

in history, at least of the 20th century, was probably the vote to go to war with Germany and Japan.

That was unanimous, I think, except for one, one person, a communist, I think, probably from Maine, might have been Bernie Sanders, voted against it.

But you want to talk about a bipartisan bill.

The House voted 419

to zero.

How's that even happen?

419 to 0.

And I believe the Senate was 100 to 0, wasn't it?

Yeah, it was unanimous, so everybody who was there voted for it.

Have you ever heard of

it?

519 people in Congress all voting the same way.

What they voted was

to declassify all the information on COVID-19 origins.

So Republicans and Democrats were in on this bill.

Now, Joe Biden comes out over the weekends like, I'm not sure I'm going to sign.

I might veto that bill.

Well, dude, you don't have the vote.

I mean, if this is a real vote, you don't have the votes to override it.

It's not even close.

Not even close.

So what is happening there?

I mean, I haven't seen anything like that.

Have you ever seen anything like this?

No.

Especially now in this environment when they can't agree on anything.

Whether the sky is blue or water is wet.

What is that all about?

This is interesting.

It's very interesting.

If it were real, I would be shaking in my boots if I were Fauci.

Because Fauci, I mean, this shows everybody just wants the truth.

Now, I don't believe that, but that's what this would say.

In the utopia world of America, that's what it would mean.

I don't know what it means in this America, but...

uh Fauci should be worried and he already is.

He's already changing, he's already changing his mind.

You know, I don't know if if you saw this over the weekend.

He's like, yeah, well, I mean, their lab leak is ridiculous, unless you mean that,

you know, they went out and collected some bats and brought them back to the lab and somebody might have been bitten or they were doing some experiments on how to stop this stuff.

And then he left the lab.

Yeah, that's exactly what we mean by a lab leak.

Except,

did he say you had to be bitten outside of the lab?

Yeah.

Oh, outside of the lab.

Yeah, while you were collecting the

poop or whatever you were doing.

You were bitten.

You got bitten and you got infected and then you went back to the lab and then you left the lab.

Yeah.

Bizarre explanation of a lab leak.

That's not what we're talking about.

He did say the other possibility is that this virus accidentally escaped a lab after being taken from the environment.

But in seeing that we've never found a bat or an animal or anything else that has this, The only environment that it seems to come from is a lab.

What if it was from another lab

and they took it from another lab?

That would be an environment taken from an environment and then brought to the Wuhan lab.

Right.

And then it escaped.

Huh.

Wow.

That'd be naturally occurring.

Right.

Naturally occurring.

We're just the definition of is.

That's all we're looking at here.

My gosh, this guy is crazy.

He's trying to cover his butt because he doesn't want to get anywhere near

the gain of function research that was being funded.

Still is.

By us.

We still are.

In fact, we're doing more than we did.

I mean, we are suicidal.

The people that are in charge of this nation and our security are absolutely crazy.

They're crazy people.

They're either incompetent, you know, the Buddha judge and the and the Joe Bidens, or they're crazy and evil.

I mean,

who's who does this?

You've got a virus out.

It came from a lab, it's clear.

It came from a lab.

And you were like, you know what?

We need to do?

We need to keep doing more of these things.

We should do, you know, we've been doing a lot.

I think we should do a lot more.

Can anybody

pick up a sloth on the way in and let's just dig under its fingernails, see if we can find something to kill people?

I mean, holy cow.

So irresponsible.

Hopefully, America wakes up.

Before the next pandemic that Bill Gates is talking about, it's almost like he knows something, but he definitely doesn't.

He's just a farmer.

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What you're about to hear here is the fusion of entertainment and enlightenment.

This is the Glenn Beck program.

Hello, America.

I don't know about you, but I feel very comfortable that Joe Biden came out today and said,

ever covered.

And I thought, wow,

he's on top of it.

He's on top of it.

Should we be covering everybody's deposit?

At any limit now, I guess.

FDIC, when it first started, it was, I think, $2,500.

That's what you were, and then it was $100,000 back in the 80s.

Now, well, it was $250,000.

Now I think it's whatever.

I'm not sure how all of this works Vivek Ramashwami who is running for president says we should not be bailing these people out

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but very frightening

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Well, we have our good friend Vivek Rameshwami on with us.

Hello, Vivek.

How are you?

Good morning, Glenn.

How you doing?

Very good.

So

you came out and explained

the Silicon Valley Bank nightmare and what it's turned into.

Now there are three banks,

and you have a different solution than the federal government.

First, can you in layman's terms explain what happened and then what your solution would be?

Yeah, so let me just lay it out.

Okay, what happened was Silicon Valley Bank took a lot of risks with depositor money by buying what are called mortgage-backed securities that are sensitive to interest rates, that when interest rates go up, they go down in value.

The problem for Silicon Valley Bank is they also had their depositors, the customers of the bank, were a lot of these tech startups in Silicon Valley who also lose money or lose the opportunities to get money when interest rates go up.

So that put them in a really tough spot when the interest rates went up.

As a consequence, the bank collapsed.

Now, a lot of those depositors, those tech startups, put way too much money in this one bank.

It was a risk management failure.

It was a mistake.

Roku, the publicly traded tech company, put over $400 million in Silicon Valley Bank.

Why would you do that?

Sincerely, why would you do that?

Well, I think Silicon Valley has suffered this hubris to think that they basically can do whatever they need to.

Financial risk management is passe.

So the way capitalism works, Glenn, is that those who make bad decisions are held accountable and their competitors are able to eat their lunch as a consequence.

But here's actually what happened.

The government stepped in and said we're going to bail out those tech companies, those tech startups that banked at Silicon Valley.

And then here's the dirty little secret.

Silicon Valley lobbied for years saying that it was actually not a systemically important financial institution, so they could actually have lower capital limits, allow them to take greater risk.

But in their hour of need, that same Silicon Valley crowd said, no, no, no, this is systemically important, and we actually need to get a bailout for those depositors.

And then they spun up this narrative saying it's about the workers.

Well, we need to make payroll.

And if we can't pay our workers, if our money is lost as depositors, then it's not about us.

It's really just about the workers.

Bunk.

Don't believe it because you don't know how it works.

I mean,

I know this game well, Glenn.

The way it works is those businesses are the same businesses they were three weeks ago, or a month ago, or three days ago.

So that means if the business model actually works, investors can put in money to make up for the losses in the bank account.

Now, that's not pleasant if you're a founder or a venture capitalist because you take dilution from those new investors.

That means you own less.

That means you make less money on the upside.

But that's no justification for a public bailout.

That would teach you not to put

$400 million into one bank.

That's what it would teach you.

Let alone Silicon Valley Bank, which itself was engaging in this kind of risky behavior.

Okay, so

first of all,

this is not just guaranteeing FDIC

$250,000.

This, I guess, is for the $400 million.

It's for everybody.

Yes.

Right?

Yes.

If it's $400 million, it's $400 million.

And that's what irritates me, Glenn.

There's two sets of rules in this country.

The one set of rules is everybody says there's a $250,000 maximum.

On the other hand, if you're one of the favored darlings, after the fact, if things don't go well your way, they'll say, ah, we'll waive that.

Just any of those depositors, if they're tech companies, we'll give them the bailout.

Now, I personally, Glenn, had multiple multi-billionaires, Silicon Valley elites calling me over the weekend.

They were worried about some of the stuff I was saying.

They did not like my Wall Street Turtle op-ed, which ran yesterday online.

And what they said is, no, no, no, listen, this is, they tried every argument.

I mean, they're like throwing spaghetti against a wall trying to convince me.

What they're saying is, oh, no, no, we're the engine of American innovation.

Why would you want to hurt this segment of the economy above all?

That really reveals the hubris, that they're the special chosen ones that somehow deserve to be bailed out.

Well, that didn't work.

So then they said, no, no, no, no, no, this is going to start a bank run across the rest of the United States.

Well, as I laid out in my Wall Street Journal piece today, you don't have to conflate how you handle Silicon Valley Bank with how you handle the rest of the country.

So my view is the Federal Reserve can step in and be a lender of last resort.

And if you really need to raise that FDIC deposit insurance threshold, which is a good debate to have, if you want to do it, do it for everybody prospectively, not by just playing willy-nilly picking favorites after the fact, which is exactly what they're doing here.

And I just think that most Americans understand that's a game.

This is what fuels populism.

It is justified populism because there's two sets of rules.

And in my case, it's just that I understand how that other side works, right?

How this game is played.

But what disappoints me, Glenn, is a lot of Republicans.

I mean, they're really hiding in a cave on this issue.

I haven't heard anybody else who's really out there taking a principled stand on this.

And I can see why, because you know what?

I lost many donors or prospective donors this weekend.

People who are allies, love what I'm saying.

When it hits too close to home, when it hits them in the home nest at the level of their personal self-interest, even if they agree with me on principle, you know, I lose those people.

And that's a cost of actually being principled.

But unfortunately, many in the Republican Party are captured by this Silicon Valley donor class.

And it's part of the reason why you see this muted, tepid response where everyone else in this GOP field is hoping and quietly waiting for this to pass like a passing storm.

I think it's an opportunity to actually stand on principle, just like we should have done back in 2008 when a Republican administration bailed out those banks, which was a sin we're still paying for.

So

I was texting back and forth to David Sachs over the weekend, and he was adamant.

You are irresponsible for saying these kinds of things because it would collapse us down to four big banks.

So David Sachs is a good human being.

I really like him.

Blinded.

He is blinded by self-interest.

And that's not, I mean, just human nature, right?

You're blind.

And even he says it on his podcast all the time, actually.

Follow your self-interest.

So in some ways, he's following his own advice.

But this is what you saw is a lot of fear-mongering in the country.

They were almost rooting for the bank-run risk because that then increases the likelihood of the bailout for their depositors, which include their venture-backed portfolio companies, and they got it.

So, kudos to them for winning the game of crony capitalism.

But I'm not playing the game of capitalism, I'm running for president of the United States.

We have to look for what's actually right for the country.

And I think what's right for the country is to have the same set of rules apply to everyone.

And these were the very same people, Glenn, who not very long ago, you know, the libertarian Silicon Valley crowd, David Sachs types included, would say that, no, no, no, we need lower risk requirements for these kinds of banks because they're not systemically important, only to now argue that in fact they are systemically important.

Now, here's what I'll say something in favor of what folks like him and I probably agree with.

The deeper problem here is a Federal Reserve that has tried to play God for too long, but playing God with a fat finger, right?

So they haven't even done a good job of playing God.

One of the things that I'm focused on as a presidential candidate and hopefully as the president of the United States is to finally reform the Federal Reserve, part of that managerial bureaucracy, but to go back to its role of ensuring the dollar as a unit of measurement, period.

None of this other inflation versus unemployment godplaying.

No, they're done with that.

They've proven themselves to be catastrophically bad at it.

And I think that's something that you have to deeply understand and have conviction in as a president, because the system will come back for you and tell you all the reasons you can't do that.

My conviction in this is deep.

Okay, so wait, wait, wait, wait.

Just a second.

Vague.

I mean,

I'm with you.

I love it.

But look what the system did to Donald Trump, just destroyed him.

And I'm convinced it was because he wouldn't put up with a lot of the stuff that is great reset stuff, just wouldn't have done it.

And they needed to get him out.

You know, Ronald Reagan tried to take on the Fed and they made his life quite miserable for a while.

How with this strength and the kind of money now that

is sloshing around with the Federal Reserve and all of the banks and the power the government has given these banks, how do you expect to pull this off without them just tubing it and getting their way?

So I'd say something.

I don't fault Donald Trump from it.

I want to learn from his experiences, and I already have, Glenn, in understanding that you can't just reform some of these managerial bureaucracies.

Excuse me, I just sneezed.

I'm so allergic to this idea.

Allergic to the administrative state.

So you can't just reform them.

You have to actually gut them all the way.

And so what they told Donald Trump and what a usual president will be told is, no, no, no, no, you can't fire them due to civil service protections.

I disagree.

In fact, I'm going to be extensively on the legal and constitutional analysis here.

Article 2 of the Constitution and even the statutes themselves empower the chief executive to actually run the government.

That's why this has to be done by an outsider.

Somebody who's risen through the political ranks, they've already had been indoctrinated by, even if they want to do it, they believe they can't.

I think you have to come in as an outsider to understand that the right way to do it is you fire them, you fire the managerial industrial complex around them, you fire the legions of people under them.

Reform is impossible.

You have to actually gut the whole thing and replace it with something new built from scratch.

And, you know, after I've called for shutting down the Department of Education, I'm glad that in recent days, President Trump said the same thing that he would favor it.

Now, he didn't do it four years in office.

I'm not blaming him for that.

We're learning from his experiences to lay the foundation.

But I I think you get to be an outsider once.

And I want to come in and as the new outsider break the system.

And I don't aspire to be president for, you know, my end goal of my career.

There's more things to go on and accomplish in life than that.

But this is a moment that demands that kind of outsider who operates with their own personal understanding, not because an advisor told you, not because some sort of team prepped you with a policy binder with nine points in it.

In many ways, they come from the swamp itself.

You need somebody whose first personal conviction is so deep that they can actually see it through and get it done.

And that's what motivates me to do this.

As a combination of a constitutional scholar on one side, but actually somebody who's built businesses on the other, that's what compels me to say.

It's not some hubris that I believe I want to be a politician.

I just think that this is what it takes to get the job done in this moment.

Vivek Ramaswamy.

Thank you so much, Vivek.

What's your website in case somebody wants to get involved in your campaign?

Yeah, Vivek2024.com, V-I-V-E-K2024.com.

And I guide people to the $1 or the $5 number.

Small is perfectly good.

But join the movement and elevate these ideas in the debate stage.

That's the next goal.

Thank you very much, Vivek.

Appreciate it.

God bless.

Thank you, Glenn.

Be back.

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So,

Stu, or Pat, Pat's sitting in for Stu this week, who's on vacation.

You know, you listen to him, and I'm all with him,

but I don't think America understands

the pain that is coming.

No.

Because nobody's talking about it.

It will be substantial, too, that pain.

Oh, oh, my gosh.

But it'll be game-changing for us.

Yeah.

And so there's that little mixed emotion you feel.

Bail him out, saves you the pain for now.

It'll just be worse down the road.

Yeah.

Or do you want to experience some pain now?

Just go through that, but maybe wind up in a in a better place.

Well, I will tell you, it's

if we would have had the pain back in 2008, it would have been a lot better because we wouldn't have had the moral hazard and we wouldn't have been so far away from the Constitution with so many Marxists and everything else.

You know what I mean?

We would have had the pain and gotten it over and reset things.

Now,

you know, there is all kinds of infrastructure with the great reset and everything else that's just waiting for us to fall.

Had that been done in 2008 as well, you would have had consequences that people

would realize that I can't do that again.

Correct.

They're doing it all again.

I know.

And the same people in many cases.

And this time, it might be better to have it happen now than it would be in two years.

Yeah.

I mean, you know,

we talked to Christy Noam today and notice when that UCC bill goes through, when they actually declare that central bank digital currency is money and things like Bitcoin is not, that starts in 2024.

That's the year you would do it.

If you think you might lose the White House and the Senate,

you do it then.

Yes.

So, you know, part of me, I don't, I hate pain.

It's, you know,

we all do.

Yeah.

It's like ripping the band-aid off.

You just got to rip it off because it's ugly and bloody and it's going to be horrible.

And nobody wants to do that, though.

Right.

Well,

I think if Americans were given the choice and they

were what's going to happen.

Look, this is what's going to happen.

This is what it's going to look like.

But who would do that?

Who's going to explain it to them?

Well, I mean, other than us.

Yes.

But like elected officials.

Are any elected officials going to say, look, we're in trouble?

Or I think even people like us without a media that is saying, you're a conspiracy theorist.

Yeah.

You know, it's so easy.

Nobody wants to believe this stuff.

You know, you don't want to believe this.

And so the minute somebody gives you, well, it's conspiracy theory.

Oh, that's not going to happen.

Oh, it wouldn't be like that.

You are likely to take that vote.

Yep.

You know, and that's what's killing us is all of the disinformation and misinformation that's coming from our own government.

That to me is just outrageous.

By the way, on this very issue, we have Thomas Massey, Congressman from Kentucky on with us in just a minute.

And he's talking about

night he was in a meeting and a Democrat asked, We are silencing people that are talking down the economy, right?

And they said, Well, we're working on it.

We'll get back to you.

That's crazy.

Unbelievable.

Just crazy.

It's just not America anymore.

And by the way, wasn't Thomas Massey the one who was asked when he was talking about disagreeing with the,

I think it was MSNBC host?

She was saying to Thomas Massey that

things were going to spiral out of control.

And he said, well, I disagree with that.

And she said, well, yeah, but do you have a degree in economics?

Yes.

Yes.

Yes, I do.

The highest, yeah.

What kills me is they keep saying that they're not censoring people, that these Twitter files are nothing but gobbledygook made up by the right, and yet they are coming out and saying

to disciples, we need to silence people.

Yeah.

You know, Tucker Carlson is dangerous.

We got to silence him.

I mean,

this is an honest question.

How do our friends who are on the left, not on the left, but are liberal and have, you know, they're Democrats, how are they missing this?

How do they not see it?

I honestly don't understand.

How do they not see it?

I wonder that every day

about various topics, not just economic, but I mean, you look at a president who's cognitively declined the way he has.

How do you not see that?

How do you not get it?

I mean, there's no words.

Yeah, I mean, I guess you just, I mean, you have to at this point

either have intentionally tuned everything out

and you're like, it's not going to make a difference anyway.

And they're just arguing and you you tune out, which is so dangerous.

Or you're just butt stupid.

Is that the other alternative?

Well, there is that alternative, too.

And I fear a lot of times that that is exactly what is happening in this country.

Yep.

All right.

Back with Thomas Massey here in a second.

The Glenn Beck Program.

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From Kentucky, Congressman Thomas Massey joins us.

He sent

a really

disconcerting tweet last night, I saw, just got off a Zoom meeting with Fed, Treasury, FDIC, House, and Senate.

A Democratic senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.

Welcome, Thomas Massey.

Thanks for having me on, Glenn.

That's terrifying.

Yeah.

Now,

he may say, if people ever figure out who he is, that he was talking about foreign influence and he was worried about foreign influence.

But

he didn't qualify it that way.

And I presume he meant to censor true information that could be harmful to banks that may or may not be put out by Americans.

That is chilling.

I will tell you, Thomas, this is exactly what they war gamed.

I think it was in December.

I can send this information to you if I look it up

and you want it.

It was from the World Economic Forum.

They did a war game.

And that's one of the first things in a banking collapse that the World Economic Forum said they had to develop, a way to stop all voices that are

offering anything other than the central bank narrative.

Also, this is within DHS, there's something called CISA, C-I-S-A.

And Michael Schellenberger, who's one of the people who exposed the Twitter files, he he showed me that it's in their charter

to censor stuff that could be harmful to the financial system of our country.

They consider that, you know, national security.

So,

you know, and I think they may have scrubbed that off their website since then, but this is really chilling.

And I'm not trying to cause a run myself by exposing that a senator suggested that the Congress or these agencies should be censoring Americans when they talk about the financial health of banks.

But it needs to be out there.

I think it's the senator himself who suggests the censorship that is causing concern among Americans.

I really think, Thomas, if people were just told the truth and treated like adults, we would be fine and we would be able to handle it.

I think there's a lot of people who are like, let's just get this over with.

We have made this so much worse.

And I don't understand what's happening now.

So the FDIC is just, if I got $400 million in a bank account, they're going to cover it?

Here's the problem.

The money they've gotten the bank was premiums that were paid to cover

people who've deposited less than $250,000.

So the FDIC is pushing all their chips on the table because they don't have enough money to cover everything.

They've only collected premiums to cover.

$250,000.

They're pushing all their chips on the table because they know they can cover it for two or three banks.

But after that,

then what?

Well, then they've spent all the money that's supposed to protect the people under $250,000, like common Americans.

So the Treasury has this program that they announced last night as well.

I'm sorry, the Federal Reserve.

They're like a hand in a glove.

The Federal Reserve has a program where if banks bought Treasury bonds at low, low rates and got themselves locked in for 10 years and can't pay their depositors back because these Treasury bonds are only worth 80 cents on the dollar, then the Federal Reserve will loan the banks money at a dollar on a dollar.

Not the real value of those bonds, but whatever they bought them for.

So that's going to be inflationary because the Federal Reserve is going to kick more money in.

Who is, you know, this, I want to quote the president from his speech today.

No losses will be, and this is important to make this point, no losses will be borne by the taxpayer.

Let me repeat that.

No losses will be borne by the taxpayer.

Instead, the money will come from the fees that banks pay to the

deposit insurance fund.

Well, have you seen that fund?

How much money is on that balance sheet?

Why hasn't it ever been raided to save Social Security or whatever?

But

how much is there?

How much can they cover?

And if they can't cover it, I know the Fed will say they're going to do it.

But aren't we the one that is on the hook for everything the Fed spends or prints?

The liberals hate it

when Republicans say thoughts and prayers, but I heard Chuck Schumer last night said that he hopes and prays

that

what they're doing is enough.

The reality is they can't do this for every bank.

So they're going all in on the first few banks to instill confidence.

But for the president to say no taxpayer dollars, that's ignoring the Federal Reserve program that's kicking in.

Because if that causes inflation, the fact that the Federal Reserve is going to loan to banks using as collateral their bad debt that they got from the U.S.

government, by the way, it's not bad because the government will default.

It's bad because they're locked in for 10 years at pitifully low interest rates.

And if they try to sell those on the market, they're not going to get the money they paid for.

So

that's going to dilute the value of your money.

If I could go real quickly through four roles that the Federal Reserve has played in causing this problem.

First, they were Santa Claus.

The Federal Reserve was Santa Claus.

They kept interest rates at 0% or damn near close.

So that, wow, we could borrow money at the U.S.

government and spend it, and everybody can invest, and it heats up your economy.

By the way, it also drives the venture capitalists into the venture capital market.

because they can't get any money on safe investment.

Then the Fed becomes the arsonist arsonist

when they create $5 trillion out of thin air during COVID.

That's what's caused this inflation.

But don't worry, the Federal Reserve shows up a couple years later as the firefighter.

They're going to douse the economy by raising interest rates faster than they've ever been raised before.

So now they've been Santa Claus, the arsonist, the firefighter.

Last night, we found out they're going to be a trauma doctor.

They're going to come in and do triage on these banks by loaning them money for things that are collateral that aren't worth what they say they are.

And now we're going to rinse and repeat.

This will just keep happening.

The Federal Reserve is largely responsible for this.

Somebody needs to account for it.

And

that's the problem.

This is long COVID response.

You know, they talk about long COVID.

This is a result of the CARES Act and all the other stuff that spent $5 trillion we didn't have.

It's now coming home to Roost.

So you're a smart guy.

There's a smart audience.

What do we do to prepare?

Because this is going to,

it will fail.

And I fear that they are setting us up for a new currency, a new digital currency, which every time the United States has changed currencies,

you've lost at least 40% of everything that you have.

But this will put us into a digital currency, which has all kinds of ramifications.

What do we do to prepare?

Well, I wouldn't run on your own bank.

Okay.

Yes.

I have not taken any money out of my bank.

I don't have a lot of money in the banks.

So maybe that's not too comforting one way or the other, but I wouldn't make a run on the bank.

But longer term, in your life plan,

I wouldn't keep a lot of your resources in cash.

Land is a good investment.

I don't want to be an investment advisor either.

But

have durable goods and things that people always want would be my recommendation.

Not today.

We will get through this somehow.

The clowns who are managing this crisis will clown their way through in some way.

And at the end of the day, probably they're going to cause more inflation is what's going to happen at the end of the day.

Because they're going to use your money to protect the banks and the high-dollar investors.

It's socialism.

It's not capitalism.

It is crony capitalism.

The investors, well, if they do well, they get to keep their profits.

If they do poorly, we use the Americans through the Federal Reserve to

make them whole for their bad investments.

And

isn't it interesting that they are the bank for most of the Green New Deal stuff?

They're the bank that's funding

all of these harebrained ideas.

Yeah, that was part of it.

Here's the irony.

The venture capital money that was supposed to fuel the startups in our economy is stuck in our federal debt right now.

Our debt, our desire to spend money at Congress is so overwhelming that we eventually sucked in that venture capital money that was supposed to fund these startups.

It ended up stuck in our treasury.

So let me switch subjects.

There is a story that I have never seen.

I've done this for almost 50 years.

I've never seen a story like this.

Congress votes

unanimously on a bill.

The Senate votes unanimously on a bill.

And then the President's not sure he's going to sign it.

The closest to unanimous, I think, was World War II, and there was one person that stood against it.

How did Congress all vote, every single one of them, to investigate the origins of

COVID?

What's going on there?

I asked this same question in a hearing in the rules committee.

Like the president could declassify the origins of COVID, the information that we have

and its relation to the Wuhan Institute of Virology.

He could do that today.

He could have done it a year ago, two years ago.

He's chosen not to do it.

Now the entire Senate and the entire House has voted for him to do it.

He could veto it, but his veto is going to be overridden.

The answer I would give

in a hearing that's not much watched,

so it is public, but it's still kind of hidden, is that the President, because of foreign relations with China, it needs to look like he's forced to do it

so that he doesn't disrupt the relationship with China.

If he did this on his own,

and I guess I'm spoiling the whole punch right now, but surely

We're running this whole thing on TikTok, so it's going right to presidency.

Surely, but I mean, these are like

little kids could come up with these plans.

Surely the Chinese see through that.

But that was the only reason that I was given that made any little bit of sense.

Well, it's also weird that every single person voted for it.

Out of what, 520 people,

and the viewpoints that a lot of people have that this is absolutely not from China

and the lab, it's absolutely...

I mean, they have made such a stink.

Every single one of them said, yes, we want the House to investigate.

We want the president to release all of the classified information.

Just release the classified information on the origin.

I think this is not a conspiracy.

You can, theory, it's not a conspiracy theory.

You can find evidence of this everywhere, but I think it's going to lead back to the United States.

That, you know, we were working with them on this virus.

Yep.

We were funding it.

I mean, that's going to, you know, and so I think they're trying to slow walk that realization that the American government used your tax dollars to create a disease that killed hundreds of thousands of Americans.

That is the biggest argument against growing government I have ever seen.

And

they're trying to keep by delaying the release of all of this stuff, they're hoping you forget why grandma died

when you come around to realize that we created the virus.

Good God.

God bless you for being there, man.

I don't know how you do it, but I am grateful you're there.

Thomas Massey.

Thanks, Glenn.

Thank you for having me on.

You bet.

Bye-bye.

Bye-bye.

Should talk to him more often.

He is really, really smart.

Way back in January, I told you the U.S.

breached our debt ceiling eight months ahead of schedule.

Fast forward to today, absolute zero progress has been made by the Biden administration in negotiating a meaningful increase and

any kind of decrease in our spending.

In fact, they've managed to go backwards.

I know, shocking.

Business Insider put out a great report recently.

It says,

you can find it on the Gold Line website.

It says, Deal of the week page.

A debt default could happen as soon as July.

If so, the country would face its biggest financial crisis in history.

We don't need that.

We already are dealing with this today.

And you know what happened to gold?

Huh, gold went up.

Hmm.

Who would have thunk it?

Please protect some of what you have in a bank with precious metals.

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Just go to goldline.com.

Call them now, 866 Goldline, 866Goldline.

This is the Glenn Beck program.

Okay,

as if we needed something else.

A giant seaweed bloom, so large it can be seen from outer space, may be headed towards Florida's Gulf Coast.

The sargassum bloom is 5,000 miles wide, twice the width of the United States, believed to be the largest in history.

It drifts between the Atlantic coast of Africa and the Gulf of Mexico.

It has a thick mat of algae, but here's the good news.

It can provide a habitat for marine life and absorb carbon dioxide.

So it's good for the planet.

Oh, good.

The problem is it's bad for coral because it can be deprived of sunlight.

And as the seaweed decomposes, it releases hydrogen sulfide.

Oh.

Well, don't worry about that.

Just get

our Secretary of Transportation down there, Buddha Judge.

He'll be there

in no time.

And it negatively impacts the air and the water, causing respiratory problems for all the people in the surrounding area.

It also makes swimming difficult.

Right.

You know,

nobody wants to swim through seaweed.

Well,

and it's also going to clog the valves of power plants and desalinization plants.

But the good news is it will suck in some of the carbon.

So

the planet will be cooler.

Perfect.

So, screw the people.

It's the people that screwed it up.

The planet knows it's been

sent

by the fish people.

All right.

Don't panic.

Everything is fine.

We'll get through this together and we'll see you tomorrow.

I mean, I don't know if we're going to get past the seaweed thing.

No.

That's probably everybody's going to die from that, probably.

But you don't need to worry about the banking thing.

The Glenn Beck program.