Biden Then vs. Now: The President's Shocking Reversal on Oil Policy | Guests: Carol Roth & Jeff Brown | 6/16/22

2h 5m
President Biden is threatening to use government powers if oil companies don't stop being "greedy," but Glenn and Stu recall how Biden ran his campaign to hurt oil companies. Pat Gray joins Glenn and Stu to discuss the absurd conspiracy theory regarding Rep. Lauren Boebert. Author and recovering investment banker Carol Roth discusses the abysmal position the American economy is in due to federal interference. Rep. Mo Brooks is running for Senate, and he joins to explain why his economic background would be crucial in the Senate. Jeff Brown, founder and chief investment analyst for Brownstone Research, joins to go over the country's worsening energy crisis and the future of A.I.
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Transcript

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What you are about to hear is the fusion of entertainment and enlightenment This is the Glenbeck program

Hello America welcome to the Glenbeck program We begin with President Biden writing a an amazing letter to the oil companies where he is telling them that he will enact, and who would have seen this coming, he would enact emergency orders

to basically

take over the oil companies and tell them exactly what to do if their greed just doesn't stop.

Unfortunately, Joe Biden is lying to you.

And hopefully the oil companies have the balls to stand up and fight it, but maybe not because of companies and hedge funds and your invested dollars in your 401k retirement funds that BlackRock is using to blackmail the oil industry.

We'll explain all of this coming up in just a second.

Stand by.

You sick freak.

The world of business has gotten harder to exist in.

If you don't play ball with the big boys, then you're going to be out.

Everywhere you look, there are companies that are, you know, just

kowtowing to the left.

And they are becoming woke.

And the left's, where the left's bullying leaves off, their support of ESG scores will and in fact is now taking over.

We need to stand with those companies that are standing with us.

We need to stand with those companies that are fighting for real freedom.

They're fighting to make things better through capitalism.

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All right.

So the oil companies, why aren't the oil companies putting more oil out?

Well,

that's a couple of reasons, and none of those reasons have to do with Joe Biden.

None of them.

Even though it was Joe Biden that said when he was running

that he was going to put oil out of business.

Here's the flashback.

Cut three, please.

No more drilling on federal lands.

No more drilling, including offshore.

No ability for the oil industry to continue to drill, period.

Since Russia has

started amassing troops on the border,

we've seen a $2

increase of gas prices.

So we know where to put the blame on the war, but oil companies, they have oil refineries, they have responsibility too.

So this is basically a bit of a, hey, we want you to act.

It's time to act.

We have done our part with the Strategic Petroleum Reserve.

We are calling on them to do the right thing, to be patriots here, and not to use the war as an excuse or as a reason to not put to not put out a production, to not do the capacity that is needed there.

Oh my gosh, this is unbelievable.

First of all, you notice the sleight of hand there, which is now it's no longer the war that is doing it.

It was the beginning of the amassing of the troops on the border, which is changing the timeline by months and months and months and months when they themselves were saying, at the beginning at least, that they did not expect a full invasion.

Ukraine was saying they did not expect a full invasion, but we're to believe that all of the oil price gains from that moment forward are going to be applied to the Putin price hike, despite the fact that in the chart, which we've released here from this program, you can see very clearly what the price hike was, which was a slight deviation for a very short period of time off of the already increasing line that had been going on for quite a long time.

This, in addition to the fact that, as you hear there, they ran their entire campaign on punishing oil companies and saying how we were going to transform the economy away from fossil fuels.

They bragged about it to their supporters from the Democratic primary, from the debates,

to fundraise, to environmentalists, over and over and over again.

They said one of the most prominent things they did on the very first day in office were multiple environmental executive orders to restrict drilling.

They did all of that, and then now they're claiming the exact opposite.

It's incredible.

All right, so it's not just that.

I mean, first of all,

you're exactly right on all of those things.

And in fact, if you listen to John Kerry, who's our climate czar, he talks about oil in a completely different way.

He says we don't need to go back to oil as if we've all agreed that oil is a bad thing.

Here's John Kerry.

Listen to this.

And energy security worry is driving a lot of the thoughts now about, oh, we need more drilling of gas.

We need more drilling of this.

We need to go back to coal.

No, we don't.

We absolutely don't.

And we have to prevent a false narrative from entering into this or, again,

pun intended, we are cooked.

So

we definitely don't have to do that.

And you know what it's not as bad as everybody thinks here's our energy secretary cut five but if you were in if you were in Brazil you'd be paying the same amount for gas at the pump over five dollars if you were in Canada you'd be paying over six dollars if you were in Germany you'd be paying over eight dollars so

we're talking about the United States right now

yeah well I mean if we were living in Brazil you know what gas would cost if we were all living on the moon now I live in America right now, and I'm used to, you know, having energy plentiful because that's what made us successful.

That's what made us the leader in the world.

Cheap energy.

But, you know, but if we were living in Brazil, which none of us are,

if we were living in Brazil, we'd be paying the same prices we're paying right now.

So, and they've got beaches, you know, and bikinis and everything else.

So, how could it possibly be bad?

Now, here's what's really going on.

The one thing that they are doing their best to hide from you.

Joe Biden made it very, very clear, no secret at all,

that when he's president, he would stop all oil and gas.

Period.

It's his words.

Play the beginning of that flashback again for me.

Listen.

No more more drilling on federal lands.

No more drilling, including offshore.

No ability for the oil industry to continue to drill, period.

Okay, got it?

No ability for the oil companies to drill, period.

By the way, if he's doing everything he can,

he just yesterday passed on another chance.

Another auction was canceled for drilling sites.

Here's what the truth is: it's not just Joe Joe Biden doing this.

This is the

stakeholder ESG war.

Listen to this.

Viveka Ramashwami, he came out with an op-ed

about a month or two ago, and it bears returning to.

The world's most influential impact investor had its desired impact.

Before the proxy battle, Exxon had planned to increase oil and gas production by 25% over the next five years.

Okay, got it?

They're going to

expand oil and their output by 25%.

However, BlackRock controls so many votes and so many shares of Exxon that they waged a war against the

against the

board of directors, and they put two environmentalists on the board of directors.

As soon as that proxy battle was over, what did Exxon do?

They planned to keep oil output at the lowest level in two decades, a 20% decline from former forecasts.

So they were going up by 25%

and after BlackRock got involved, they went down by 20%.

ExxonMobil used to be an oil and gas company, but now BlackRock is guiding the company and it's over.

Royal Dutch Shell is now facing the same problem.

BlackRock is the company's largest shareholder.

So what are they going to do?

Well,

they have come out and said Shell has too many competing stakeholders.

Not shareholders, stakeholders.

If you've read my book on ESG and the Great Reset, you know what that means.

A stakeholder means the government, means the towns, means the country, means the world.

Everybody but you and people who are actually shareholders.

So Shell has too many competing stakeholders pushing for too many different directions, resulting in an incoherent, conflicting set of strategies, attempting to appease multiple interests, but satisfying none.

You know who they should appease?

They should appease their shareholders, the people who actually own the shares, not the proxy shareholders like BlackRock.

They should also do what's best for their company.

Some shareholders, they say, want Shell to invest as aggressively as possible in renewable energy, while others want Shell to give a priority to returns on capital from its legacy oil and gas business.

So what are they doing?

They're talking about breaking Shell up into two companies.

One, the Green Dream Company for the future for BlackRock, and the other, you know, the old legacy oil and gas.

Where is the oil and gas company going to get any money from investors if BlackRock has already destroyed Exxon for that.

Hello.

This is what is truly happening.

This is why I wrote the book, The Great Reset.

If you haven't gotten it yet, will you please pick it up?

Share it with your friends because everything is changing because of this.

And your state treasurer, the state treasurer of

West Virginia, the state treasurer of Utah are probably the two best right now that are working.

And there's other treasurers that are working on it.

These two come to mind as some of the best ones that are working on ESG.

They are taking the money out of BlackRock and any other investment firm that is basing their investment on ESG.

It's got to stop.

They are using your money

to kill our country.

If it wasn't for your money, this is blackmail.

If it wasn't for your money, literally your money, they couldn't pull this off.

But we're invested in the three biggest investment firms.

So all of our money from our 401ks, they're all in these three big firms.

So what do you you do?

Well, the first thing your state should do is pull back their proxy votes.

Do not allow these ESG companies to have the votes behind your shares.

The second thing that has to happen

is

you have got to get your money out of these firms.

You need to vote for state treasurers that understand this and are working hard to kill it.

If you are a state treasurer and you don't yet know what to do, call the state treasurers that are doing something about it.

Call the guy in

West Virginia.

Call the guy in Utah.

Call anybody that is doing something that really, truly understands what you're facing.

Because no matter what, Joe Biden is directly responsible.

You know,

last night I showed you some of the things that they are planning to do and how the SEC is now getting involved in this and how our government is not writing the ESG scores and writing the

laws on how to regulate these companies

for climate control.

That's all being done by an offshore group, an international offshore group.

We looked into who is funding it.

It is terrifying.

These people know exactly what they're doing.

They know

who they serve.

And what a surprise, it's not just the usual suspects.

It's also a group of dark money funders run by the former head of the Clinton Initiative.

Wow.

So as we're punished, as we're dying, the Clintons and others are getting rich.

You've got to get up on speed on this because your country is slipping away quickly.

Back in just a minute.

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We are at war with absolute evil.

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We are living in those days.

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10 seconds ID.

George Washington is about to be canceled we'll tell you about that coming up in just a second

and did you see what

Congresswoman Boebert is now going through?

What they're trying to do to her.

These are the people that took out Cawthorne, and now they're coming after her, and they don't care.

They just don't care.

They will, this is,

we do not fight against flesh and bone.

We are in a spiritual battle.

We've got to change our ways so the light of Christ will be able to lead us through this darkness.

Pat joins us on this topic and so much more next.

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Wow.

Wow.

Welcome to the program.

If you just tuned in, you tuned in at exactly the right time because you are about to learn something about

Lauren Boebert that shocking.

Shocking.

This is coming from the very credible group, the American Muckrakers Pact.

And they have uncovered now.

And they don't like doing, well, actually, they said they do this with glee.

But I'm sure what they meant to say was: it's with a heavy heart they have to expose Lauren Boebert that she was an unlicensed, unlicensed, mind you, paid escort and met clients through SugarDaddyMeet.com.

And

she was an escort for wealthy men.

And

I'll have you know, in December 2019, Senator Cruz, quote, donated at least $136,250

and quote, to the Boebert campaign to help her raise large well, they say,

for her help in raising yeah, you know what I'm talking about,

but they said it was just raising large sums of money during trips Boebert made to Texas.

She didn't disclose $70,500 donation made by Cruz's Federal Election Commission filings, and it contradicted her filings.

Then she went out and had an abortion in Grand Junction, Colorado.

Now, the timeline's all screwed up here, but pay no attention to the fact that what they were just saying about her taking money from Ted Cruz has nothing to do with the abortions that she apparently got because she was Ted Cruz's,

I don't know, escort.

But she had an abortion and probably killed Ted Cruz's son or daughter in an abortion in 2004 or 5, even though the two never had met in 2004 or 2005.

But she was about 18 years old, and

she was working for SugardaddyMeat.com.

And

you know what that happens.

You know what happens there.

SugarDaddyMeat.com.

Yeah.

Aren't Bolbert actually.

Just be careful, bud, because they did just start as a new sponsor of the program.

So I want to make sure you're careful on what you say about them.

Did they?

Yeah, we have live spots going on.

Okay, thank you for that.

Appreciate that.

Well, now she does say,

I'm going to sue the hell out of you because none of this is true.

But that's exactly what you would expect a a hooker to say, isn't it?

It is.

Now, listen to this.

Yeah, now

listen to this.

There's more.

Not only, we're looking at the small stuff here.

Not only was she a hooker, I'm sorry, an escort, not only has she taken illegal money from Ted Cruz, not only has she had two abortions.

But are you ready?

She was also a stripper.

Oh, and she and her husband had a meth drug problem as well.

So they're both meth heads.

My gosh.

Those aren't her real teeth.

Now,

again, I'm still focused on the small stuff

because

her husband

also has a consulting contract for an oil and gas company for $460,000 a

but has zero consulting experience.

Kind of like Hunter Biden.

It's called proof.

That's called right there.

Slam the door, you know, hit the gavel struggle, comes down, and the case is over.

That's what that is.

Yeah.

When, you know, when her husband is giving advice to an oil and gas company, You immediately know that's a meth head.

Right there.

He's just a meth head, which is much worse than a crackhead like Joe Biden's son, where we actually have the evidence and the audio tapes of all of it.

You know,

she's married to a husband who is an oil and gas guy, and

holy cow.

And they were doing meth.

And that's all while she was stripping, somehow or another, also, you know, being a paid ad.

Well,

you could see exactly what she she said.

They shut him down.

Yeah, they shut him down.

They shut you down because they didn't want you to get the truth out about Lauren Boebert.

That's the type of power she has, apparently.

Absolutely incredible.

You know, I think I might sue too.

I think I might sue myself.

And here you have an actual son of a president who is actually doing virtually all of that and more

and actually doing it.

And we have actual evidence.

And yet, they put all of that on Lauren Boebert, who, you know, obviously

you guys are just focused on the little stuff, focused on the small stuff.

Okay, you're thinking, you know, meth head, oil and gas, no experience.

She's a hooker, she's a stripper.

You know, she had a couple of abortions.

But do you know that all so she was driving an ATV in Moab and had a serious wreck with her son

in the back, and her sister-in-law was so seriously injured that her sister-in-law had to be flown to a hospital via life flight.

But Boebert didn't report the accident as required by Utah law.

And then she actively worked to cover the accident up two weeks before the primary election, including paying her sister-in-law off to remain silent about the accident and the life flight.

Yeah.

Yeah.

That's who you, that's Colorado.

That's who you have.

That's who you have.

A stripper, meth head, oil and gas, greedy killer sister almost and have covering up with the life flight.

That's what you got right there.

That's interesting.

Because doesn't she, didn't she own her own business too?

I mean, just to do all those things at once is pretty impressive.

I mean, maybe this

is the type of thing that should get you elected to Congress.

Just that type of multitasking.

Finally, you are talking about the real deal here.

I guess we are.

That's the way this works, apparently.

I don't know, Pat.

I feel like, can you just say anything you want?

I understand there's a high bar when it comes to libel and all these things, especially when it comes to public figures.

But they're just

seemingly making crap up to smear an elected official.

And I don't know.

Does this cross that line?

it seems like it might kind of seems like it to me yeah it does seem that way it seems like they like again they took everything from Hunter Biden and put it on Lauren Boebert except Lauren Boebert didn't drop off her laptop with all of the evidence that she did all of these things at a random computer store and then leave it and then leave it there for months

Yeah, but you are again missing that she used donor money to pay her taxes and restaurant rent, and she still owes her employees back pay, and she is currently threatening them if they say a word.

Okay, so she's also

an economic terrorist.

Oh, man.

Yeah, she is.

I mean, how could you even possibly?

No, you couldn't.

Oh, I hope she sues the pants off of them.

I've never heard such a kitchen sink kind of case against somebody.

Usually it's like, they were, she's a hooker, and that's it.

This is,

she also, she's all, she's very, we have it on, we have it on good authority.

She's also an alien.

And she also served as Chancellor of Germany in 1936.

They really did come up with every single thing

they could churn up here.

I guess that shows that they find her to be someone who is dangerous, right?

That's someone who they're afraid of.

I don't know.

I don't know why you would do something like that.

They don't seem to have a ton of evidence.

I guess maybe

in the trial, we'll figure that out.

Well, I will tell you this.

Again, you guys will not focus on the real issue.

It's not that just they were meth heads,

but her husband,

Jason,

also a drug dealer.

Oh, wow.

Okay.

Wow, there's another new recognition.

Busy family.

I'm more impressed by how well they're able to keep all this stuff together.

They have a lot of irons in the fire, don't they?

Just the management skills alone are enough for her to be in Congress.

This is incredible.

Especially, you have to remember they're doing math to keep all of this going at the same time.

You're dealing and doing math.

You're an incredible person.

You're worth every dime

you might charge in bed

because you're just, you can do multiple things.

Okay, Pat, thank you so much.

Pat Gray Unleashed is the name of the podcast.

And you can get it wherever you find your podcast.

All right, our sponsor this half hour is Tunnel to Towers.

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Back in a minute.

This is the Glenn Back program.

Oh,

welcome to the Glenbeck program.

We're really glad that you're here.

Thank you so much for listening.

I'm sorry, I'm a little distracted in that last break because I was trying to get on sugardaddymeat.com to see if I could get an evening with Lauren.

Can I ask a technical question about SugardaddyMeat.com?

Yeah, and it's E-E, not E-A-T.

That was my question because when you said it, I heard M-E-A-T

and I was like,

that's a weird.

But then later on, I was like, maybe they're just meeting up with the Sugar Daddies.

It's not

the meat market sort of usage of Sugar Daddy.

So it is M-E-E-T.

I mean, is M-E-A-T available?

Is that something that maybe we could start as a side business?

I don't know.

You know,

could you find out if it's available?

Because maybe, you know, because I'm a cattle rancher and maybe I can be your sugar daddy meat outlet.

You know what I mean?

Where you can just get hot, hot steaks.

I feel like a lot of people will be typing that in and get disappointed at the results when they get, you know, a porter house delivered.

And how many times would people just try to order a blonde?

You know what I mean?

Be like, no, it's the

wrong site.

It's not what we do.

That's the other people.

Wrong site, I'm sorry.

Yeah, that is an interesting

growing business.

Is this the type of thing?

Is this the sort of growth industry we should be getting involved in in this digital era?

I don't know.

Maybe it is.

Oh, let me tell you, Stu, I think everything except anything good is a growth area right now.

I mean,

there's not going to be a single ESG score against sugardaddymeat.com.

There would be one for MEAT.

That's right.

But not one for MEET.

Yeah.

It's a sort of backward society, I feel like.

Potentially, we've crossed the line.

Anything that poisons the society is completely fine with ESG scores.

And yet the opposite,

you know, seems to be completely against the rules.

I think that's probably an issue with the operating system of the country at this point.

You know, who knows?

I guess that's just the way that we roll.

No, Stu, let me just say.

Yeah, yeah.

Ron DeSantis

is,

I just think he is

a...

He's a high-class guy.

You know what I mean?

He's high-class.

He comes up with the best lines ever.

Yesterday, we found out that Elon Musk said that he would support Ron DeSantis as president.

Now, this is a guy who'd voted for Joe Biden, and he said he would

absolutely vote for Ron DeSantis.

And Ron DeSantis comes out and said,

Well, you know, all I can say about this is

you know, I welcome any African-American support.

It's very very funny.

Yeah, and that is somebody who actually is an African-American.

Unlike, you know, someone who was born in Jamaica and then moved here and they call them African Americans.

This is an actual African-American, Elon Musk.

He's here from

South Africa.

Yeah.

Africa.

You know what's amazing is

how early this cancel culture stuff started.

Do you remember it was right around the turn of the century?

It was early 2000s where where a guy was working, I think, for the Miami Herald and was fired because he wouldn't describe a guy who had just been murdered as an African-American.

He wrote that he was a Jamaican American.

And the editor said, no, he's an he's black, right?

Yeah, he's an African-American.

No, he's not.

He came from Jamaica.

Well, they're all the same.

They're all from Africa.

Okay, alrighty then.

This is the Glenn Back program.

You know, Hillary, and I thank you for that.

I know a lot of people are talking about the Fauci COVID thing, and

I understand everyone's points on it, and everyone, you know, I get why everyone gets fired up about it.

But like, my bigger point here, and I don't know, do we ever get to the moment in our lives where we don't hear about each time someone gets COVID?

Is there a point where like,

of what relevance is it to me that Anthony Fauci has COVID?

I hope for his own sake that he does well and gets through it.

But, like, why, why do I have to get an announcement every time someone of any prominence gets an illness?

I don't know any of their other illnesses.

I don't know if they have HPV.

I don't want to know if they have HPV.

Can you just shut up?

Hold it just a second.

Breaking news just in.

The President of the United States has bad gas this morning.

We thought we'd let you know.

Bad gas.

The president is okay.

Hopefully, he'll be recovering soon, but they gave him some gas X.

He's been on Gas X.

We don't know why he has bad gas this morning, but we pray our hopes and our prayers and our thoughts are with the President and his bad gas.

Back to the regular program now.

Got no room to compromise.

We gotta stand together, it's the chorus of night.

Stand up straight and hold the line.

It's a new day, I'm turned to rise.

What you are about to hear is the fusion of entertainment and enlightenment.

This is the Glenback program.

Hello, America.

Welcome to the program.

Well, yesterday the Fed raised the interest rates three-quarters of a point.

What does that mean to you?

Also, there's some additional news.

It was very convenient that the economy, the Fed's growth estimate is down to 0.0.

So no growth.

But the good news is their estimate is not in the negative category.

So

we've avoided a recession.

Right?

What's coming?

What does all of this mean?

Carol Roth joins us, the author of The War on Small Business.

She is kind of our financial guru on the program, a good friend of the program.

She's a former, and I like what she says, a recovering investment banker.

So she understands Wall Street and she understands you.

We're going to talk to her in 60 seconds.

Most credit cards have a variable rate, which is fantastic when they're raising the rates, right?

You got to feel good when the Federal Reserve says, hey, three quarters of a point, because that's just the benchmark.

They can raise it even more.

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Thank you.

Now I feel so much safer that the federal government has had the last word there.

Carol Roth, welcome to the program.

How are you, Carol?

Oh, you know, just watching the market implode and, you know, watching the lies come out of the White House.

So just kind of another day under building back better, Glenn.

How about you?

I know.

Oh, great.

Let me ask you a question.

I've taken money out of the stock market, but I also...

have gotten burned before by taking it out and then, you know, missing the upside, et cetera, et cetera.

And

guy who, you know, watches over my investments, he's like, Glenn, Glenn, it's going to come back.

And I'm like, I know it will come back, but, you know, I'm nearing 60.

So if it's back in 10 years, I'm going to start needing that money.

Should you have any money?

I took about 50% out.

Should you have any money in the market at this point?

Have any idea what's coming?

Yeah, so obviously, this is not financial advice, and I think that you did the right thing by talking to your financial advisor because obviously it makes a difference if you're closer to retirement or if you're somebody who's younger and has the time to wait it out.

The reality is, we don't know.

If I knew and I had this crystal ball, I'd be in a yacht on the Mediterranean and not on your program as much as I adore you, Glenn.

But that's what I would be doing.

No, I know.

I wouldn't have a program.

So, the reality is you know they show you over long periods of time that the people who take money out of the market tend to miss the biggest up days in the market you know in these bear market situations there are these kind of bull rallies that happen and if you miss the 10 best days of the market over you know a 10 or 20 year period that ends up killing the the the returns that you get on your portfolio so i do think um especially if you have a longer time horizon, that you should not panic.

You know, you never want to be the one who's selling when the market is down.

That's when you want to be buying, not that I'm saying to buy today,

but you should be also hedging your portfolio and maybe realigning it.

And I think it's a good time to maybe look at the types of investments you have in your portfolio.

If you are looking at these high-flying growth companies with weak balance sheets, you know, that don't make any money, those are the ones that are going to struggle.

If they have these rock-solid balance sheets, they generate tons of cash.

They're in an industry that can pass price increases on to the consumer.

Those are the ones who are going to survive and they're ultimately going to thrive.

So that's the kind of thing you should be talking to your financial advisor about is maybe repositioning the portfolio right now.

So what's really crazy because of ESG,

right now would be the time, if I'm not mistaken, you know Wall Street,

but right now would be the time that you would think you've you've got to get into oil and gas

because they're going to make a killing.

They'll invest and they'll bring, you know, we'll start to really boom and they'll make a killing on it.

But that's not true anymore because the market is not free.

Oil and gas, is that even smart to do that now?

So it depends on your perspective.

You know, I'm a follow-the-money kind of person.

And obviously, like you said, the ESG push, the green push, the decarbonization push is so entrenched.

You know that they're going to throw more money at that.

And they've been keeping money from these sort of traditional areas of investment.

So the question you have to ask yourself, and again, I wish I could tell you the answer.

I can only tell you what to think about in terms of the question, is do you think that we're going to see a reversal of course?

Because right now, part of the reason that everything is so expensive is because we have had all of this capital being directed away from the industry and there's severe underinvestment in all types of fossil fuels and traditional energy sources.

So, the play that you're going to have to go through in your mind is, do you think something is going to change?

Or, you know, eventually, here we get some temporary relief and then the green people continue to march on and completely kill our dependence on fossil fuels.

What is frightening is that letter that came from Biden yesterday where he said to the oil companies,

I have emergency orders where I will begin to direct this.

This is what Hugo Chavez did, and it was over for Venezuela.

Okay, so let's go back, you know, into, you know, whatever it was, 50, 60 years ago, Venezuela was the fourth wealthiest country in the world.

And like you said,

their powers that be said, we have wealth inequality.

We need to hand this over to the government.

We'll make sure that you are all rich.

And they nationalized oil in a bunch of industries.

Do you know what the median net worth in Venezuela is today, Glenn?

God, I don't.

I'm afraid.

No, I don't.

It's zero.

I am not making this up.

This comes from the Credit Suisse report on world wealth.

The median net worth, they went from the fourth wealthiest country in the world to a median net worth, not even an average, a median of zero.

The midpoint of the country's net worth is zero because they nationalize the oil and gas industry and the wealth.

And that is the trajectory they want to take us down here.

So, Carol, is it unreasonable to say, I mean, you know, Biden is lying to us about gas and oil and ESG and all of that stuff.

He's just out and out lying to us.

Is it unreasonable to say that that's the way you get people to own nothing by 2030?

I mean, it's certainly one huge element of it.

I mean, just think of if we had

some retraction of our energy where one day a week we couldn't have enough energy to power electricity or to get us to where we need to be.

And we all had to move to four-day work weeks.

Think of the productivity that we would lose.

Think of how our GDP would shrink.

Think of the rolling consequences of that throughout the economy.

And yeah, that's a really good way to to start killing the ownership of people.

But, Glenn, they have so many different ways they are trying to attack you and make sure that you own nothing.

That's just one of the tools in their pocket.

I will tell you, I'm up here at my ranch and I am surrounded.

I live in a town of very, very small.

I mean, the next biggest town over is 5,000.

And it is,

it's all ranchers.

I mean, it's all farmers and regular people, dairymen.

And they're all terrified.

I mean, they can't buy fertilizer.

Water is already at a premium.

And now the state of Washington and the state of Idaho is talking about taking down the dams, which would destroy the energy here.

And it would destroy all of the water.

I live in a desert.

It's a high mountain desert.

A lot of farms and cattle are here.

And on top of that, they're also expressing to me fear that they'll even be able to keep their land.

I think these are real concerns.

And I hope the place that you're in is Galtz Gulch because we've been looking for it for quite some time.

But the reality is that the wealthiest people in the United States, you know, the Bill Gates's, the Harvard Hedge Fund, they have all been buying up not only land, but water rights.

So it's something that we do need to to keep a very close eye on because the question is, you know, why do they think this is such a good investment?

You know, they're looking for return on their investment.

So what do they think is going to happen with the prices that they're making investments in farmland and in water rights?

It's an area, you know, it's one of those, I'll call it a dark gray swan because obviously we've talked about it.

it, but really not enough people are focused on it.

And, you know, to the extent that, you know, you've got this rationing of water on top of everything else, I mean, I can't even imagine that scenario and the social unrest that comes with that.

So we have 30-year mortgage rates.

They were last week 5.5%.

This week, they're now at 6.28%.

And the Fed raised the rates yesterday.

What is this going to mean?

I do think they came down a little bit intraday, but yeah, it's still very high.

This is a very challenging question.

And the challenging question is because we have such a supply and demand imbalance in the housing market.

Again, because of all the idiotic things that the Powers That Be have done over the past couple of decades.

So we have an undersupply of its estimated four to five plus million houses.

And that's what has supported

these high prices in housing.

Plus, you have all of these corporate buyers who are flush with cash who are coming in and they are buying up.

Talk about, you know, you will own nothing.

They are buying up housing, the thing that makes people, you know, gain generational wealth.

And they're doing it with all cash.

So they don't need a mortgage.

And sometimes they're not even looking.

They're not even doing an inspection.

So they're getting, you know, very, very favorable outcomes.

So yeah, I mean, in terms of what happens with the housing industry, the mortgage rates are going to keep first-time buyers and people who are just able to afford out of the market even further.

They were already hurt because of the inflated asset bubble.

Whether that means, we'll certainly see some cooling off.

I don't think we're going to see a 2008, 2009 type implosion because we just don't have enough houses.

And I don't think right now people are over-leveraged.

So

let's continue this conversation here in a second.

Let me take one minute to break.

But,

you know, Canada said that already already one out of every four houses, I think it is,

is underwater,

or they can't afford to keep their mortgage.

And if it goes up, I think another point, they said, it'll be like 50% of the people won't be able to.

So, is Canada different than us?

Because that sounds like a 2008.

We'll get to that question here in

just a second.

By the way,

Texas leads the nation.

Texas leads the nation

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More homes in Texas are being sold to these corporate raiders than any place else in America.

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10 seconds station ID.

So over one in five Canadians expect rising interest rates to have significant negative impact.

One in four say that they will

be forced to sell their home if interest rates are increasing any further.

So it's not as as bad as I thought it was.

One in four.

Is Canada different than we are?

Do they

they don't have a shortage of homes?

So Canada has a massive shortage of homes.

They have a very different scenario than we have here because they have even more foreign investment that has come in, particularly from China on a even lower supply of homes.

So there's a great chart and I was trying to find it during the break and I'm going to have to circle back on that one, but I'll put it back into my Twitter stream.

But there is this incredible chart that shows the median income for Canada versus home value versus the US.

And the home values compared to the incomes in Canada are so out of whack vis-a-vis where the U.S.

is that absolutely they are much, much more in an area of a crisis.

And I have friends who are in Canada and they go, yeah, my house is worth all, you know, all this money, but I can't sell it because where am I going to go?

I have nowhere else to go and downsize into.

So that is a really big issue that is different for them in a bad way versus here in the U.S.

Carol, there was

this really nasty socialist extremist group that we exposed that is pretty much running the agenda of the White House.

At least I think they gave the President, I think it was a list of 10 or 20 things, and he's done almost all of them verbatim,

except for

the last one on the list is just declare a national emergency.

And it's on climate.

And it makes me so nervous to see him so willing to say to the gas and oil companies yesterday that

this is an emergency and he will declare an emergency and just take things over.

That's what he's been saying and leading to for climate change.

I think this is going to affect an emergency with food

as well.

And then eventually jobs.

What does it mean that the Fed rate has now or the Fed growth is down at 0.0?

I think that's intentional so we don't have a month in headed towards a recession.

But what are we facing?

I mean, we're facing a bunch of people who are completely disconnected with reality.

And like you said, they may be the puppets of nefarious actors.

It makes absolutely no sense.

And it's so frustrating because yes, we do have an emergency and they're the ones that caused it.

And they could get us out of this emergency.

They could shore up economic security.

They could shore up national security by just doing a 180 on policy.

It's pretty clear if you're saying there is an emergency here, we need to do something, but it's not just an emergency today, it's an emergency for the long term.

So it would be really great

for them to say, you know what, we understand maybe we got this wrong or, you know, we're in a different situation if they don't want to admit that they're wrong and we're going to continue the green agenda.

But we don't want to have fossil fuels come out of Venezuela or the Middle East or these countries who are going to do it in a fashion that's less clean.

We want to lead the way with the clean fossil fuels and we're going to we're going to become the leader and we're going to shore up your economic security, we're gonna shore up national security, we're gonna shore up the security for our allies, and that's our plan going forward.

And I don't care, take credit for it.

Come pretend this was your great brainstorm, and none of us knew this.

If you want the credit for it, I don't care.

I just want to make sure we don't have all those things that you talked about-the food insecurity, the rolling blackout, the social unrest that comes with that, and that leading us into full-scale global war.

I mean, that is potentially where we are headed, and he could change all of that today.

The problem is, people keep saying they won't admit that they're wrong, but I am, and maybe it's the cynic in me, but I've just seen too much.

I don't believe they are wrong.

I think they're getting the results that they want.

This is too

perfect in destroying the country.

You know what I mean?

You can't be wrong this consistently.

What would you do differently?

We're trying to do it intentional.

Yeah, exactly right.

Carol Roth, thank you so much for being on with us.

We'll talk to you again next week about cryptocurrency, etc.

You can follow her at Carol J.

Roth on Twitter or find her website, CarolRoth.com.

Back with Mo Brooks and the economist next.

The Glenn Back Program.

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Coming up in about half an hour,

really a guy that I look to as a high-tech advisor.

His name is Jeff Brown.

He's going to be on.

He's been on.

He's one of the more popular guests we have had on.

And he's going to be on with us next hour.

I want to talk to him about this new mini nuclear power plant that they're developing here in Idaho.

Is that reality?

Also, electric cars, et cetera, et cetera.

And the story that came out last week or early this week about AI.

But first, I want to start this segment with one of my favorite moments on all of cable television

of all time.

Listen,

it just keeps getting more.

You're simplifying the issues that were on the plate of the nation at that point.

I mean, we were looking at going reverting a depression at that point.

Everyone, the face of the city.

I disagree that we were going into a depression, but go ahead.

Do you have a degree in economics?

Yes, ma'am, I do.

Highest honors.

Okay, so

I love

that.

That was Mo Brooks on MSNBC.

Mo is joining us now.

Hello, Mo.

Good morning.

And by the way, I want to thank you for helping inspire me to run for the United States Congress.

I was a part of that Tea Party wave that you were so active with in 2008, 2009, and 2010.

Wow.

Well, I hope you return because I think you are really, really fantastic.

We need an economic mastermind in there that understands what's going on.

So let me just, first of all, welcome to the program.

How's the campaign going?

Well, we're in a tough fight.

I don't know if we have time to go into it, but Washington, well, let me back up.

I've served as an assistant district attorney.

in one county, a district attorney in another county, in the legislature and the county commission and now in Congress.

And Congress is far and away the most corrupt environment I have ever served in.

The question is whether it's legally corrupt or illegally corrupt, but it's very much corrupt.

The public policy debate is corrupted on a daily basis by the system that we have in place, most notably that to say in the House of Representatives, to get a major committee assignment, the opening bid price is a million dollars.

And if you can't come up with that money, you're not considered.

And you can't get that kind of money from Joe and Jane citizens, so you're forced to get it from special interests where there's a quid pro quo, and it's that quid pro quo that undermines the public policy debate, corrupts the public policy debate.

And that's why we're in such a heck of a mess in Washington, D.C.

It just sickens me that that's the process that is being used for the distribution of the powers of Congress, and that the special interests dominate that process because you can't get the money anywhere else.

Well, Mo, I sincerely hope you win.

You're running now for Senate, and we need good people that are logical

and

rock solid.

We need some more people to join the very few in the Senate that can actually provide some leadership.

Let me talk to you a little bit about, because you do have a high honors of financial degree, can you talk to us a little bit about what is coming our way?

Well, we're headed for a national insolvency and bankruptcy because the public is not smart enough to figure out that there's no free lunch, that every one of these things that we spend money on, particularly the giveaway programs, someone's got to pay for them.

By way of example, over the last three years,

responsibility is Trump, responsibility is Biden, and the major responsibility is the United States Congress.

That's what covers those last three years.

We've had $7 trillion in deficit.

That's horrific.

That is the worst in American history.

And we've got a $30 trillion debt.

And you're starting to see the adverse effect that this debt and deficit has on our currency in the form of inflation.

Although, in fairness, there are two other contributors to our inflationary pressure.

One is the Biden administration's attack on energy.

And another is the

rather radical pay people not to work policies that came forth in 2020 in response to COVID that in turn interrupted our supply chain, which in turn forced forced higher prices.

So you put those three things together, all of them are easily fixable.

You just got to elect people to Washington that have the understanding and the backbone to do what is necessary to prevent this kind of inflation that's starting to run rampant through our economy.

But that's just one example of what an economics background can do because you understand these things intuitively because you've studied them and you've watched them over the decades.

I mean, Joe Biden is still talking about more spending.

He's saying if you had passed my Build Back Better bill,

we wouldn't have been in this.

That would have made it

only worse.

ESG, I'm sure you're up on ESG and the Great Reset,

correct?

Both of those are horrible.

Okay, good.

And what Biden is doing now to the gas companies and the oil companies through ESG and then through also through the administration,

he said that this war was going to be tough.

We're going to pay a price for it, but we're going to cripple Russia.

I don't know if you've seen this.

The ruble

is the, what is it, the most stable or the most

sought-after currency in the world now.

And they are making more money on oil and gas than they were before.

And we're the ones being punished.

Well, you've got, on an energy level, Joe Biden, who is afraid that the planet is going to end unless he reduces the consumption of oil.

That, in turn, his attack on energy production in North America, particularly with his attack on the Keystone pipeline, but it doesn't end there, has resulted in dramatically higher oil and gas prices, which in turn is the bread and butter of the Russian economy.

So, what Joe Biden has done has dramatically enhanced the military capabilities of Russia, the very same Russia that we're dealing with in Ukraine.

So can you help me

on this?

We have given Ukraine now about $60 billion.

That is the entire budget of the entire Department of Defense.

It's $65 billion, to be accurate,

in Russia.

So they spend for the entire defense budget $65 billion a year.

We have sent over just us in aid

about $60 billion.

They're now now saying they're running out of bullets, so we're sending more bullets and we're sending more money as of this week, another billion dollars.

Mo, I don't trust any of this.

This is the most

corrupt country in the world.

I'm very concerned that A,

we don't have the money to do this, and B,

where is the money going?

Well, I can tell you where a bunch of the money is going in that last $40 billion bill that passed the United States Congress, passed the House with over 85 percent, passed the Senate with over 85 percent of the vote.

The bulk of that money is staying in America, although in fairness, it's building weapons that, to a large degree, will then be sent to Ukraine.

I've got an itemization of it right in front of me that I drafted myself, having studied that 30-page bill.

About $2.7 billion of it is for United States military operational costs.

Another $8.7 billion is for the acquisition of weapons for the United States military.

To a large degree, though, in fairness, that's replenishing our stockpiles of munitions like stingers and javelins, much of which was reduced to support what was going on in Ukraine.

Then you've got another $6 billion that is

for the

manufacture of weapons in the United States, so it's paying Americans to build these weapons, but that $6 billion

net result of weaponry, that is going directly to Ukraine.

It's earmarked for that purpose.

And then you've got another $4 billion out of that $40 that is a Lend-Lease program where we're going to loan Ukraine the money.

They're then going to buy American weaponry.

So that tallies up to $20 something billion dollars, the bulk of which is, well, close to all of it, is either spent on U.S.

military

or is spent on weapons that are being manufactured in America, paying American workers, but will

six to ten of it

go to Ukraine.

And then you've got the humanitarian relief side of it, which is the refugee problem.

The bulk of that will not go into Ukraine.

It will go into Ukraine's neighbors who are having to absorb millions of refugees.

Some of it will go into the Ukraine, but

it's a hodgepodge of things.

It should have been better written.

It shouldn't have been as expansive as it is.

And you're right.

We should have offset it by cutting someplace else.

That's the correct way to address the spending problems.

But this this bill by itself will probably increase our deficit over the next,

say, three years, because it's a three-year spending package, one to two percent, somewhere in that ballpark.

That will be the increase in deficit because of this one spending bill.

And people don't realize when the Federal Reserve raises interest rates, if I'm not mistaken, that raises the

interest rates as well, because we lead and others follow, but it raises the interest rates on our own debt that we're constantly renewing how much

I mean three percent interest rates uh for our debt is pretty crippling at what point do we just stop I mean default they always say we'll never default yeah that's because we'll print money but that's that is default that's the end

Glenn how higher the interest rates have to be

Glenn you're spot on with what you just said.

The Federal Reserve increased

interest rates 0.75%

yesterday, as I understand the media reports.

I haven't actually read the Fed report yet.

But if that's true, that's going to have a cascading effect on all interest rates throughout the economy.

Sometimes it takes a while for it to have that cascading effect.

But 0.75%

on $30 trillion, and I'm doing this in my head, but that's in the neighborhood of $230

billion a year in higher debt cost over the long haul, per year, over the long haul, as our debt slowly but surely

starts getting borrowed at that higher three-quarters of 1% rate.

Now, $200 and something billion dollars, that's about a third or a fourth of what we spend on national defense.

And in turn, that $200 and something billion dollars also increases our deficit each year because we don't have the money.

We're having to borrow the money to pay our own.

I mean, it's just horrible.

We're headed to a national insolvency and bankruptcy.

And the real problem is that the American people have not been smart enough to figure it out.

If they were smart enough to figure it out, they'd elect people to Washington and they're much more responsible than these debt junkies that we get on a regular basis.

We just in Alabama, by way of example, have a senator, Richard Shelby, who's bragging about all these earmarks that he got for our state.

Well, it's all borrowed money.

And Richard Shelby, he's been in Congress since the 1970s.

He's had a long career.

He's gotten a lot of buildings named after him throughout the state of Alabama, again, with borrowed money.

But when he got into the United States Congress, we had less than a trillion dollars of debt.

Now we've got over $30 trillion in debt, and he's probably more responsible for America's deficit and debt burden than any other person alive in the United States of America.

But he's been elected.

for 40-something years in a row because the people like

congressmen and senators who bring home the pork.

They don't connect the dots to, hey, this is your money that he's bringing back.

We have to take it from you first with the federal government getting a cut of the action before we give some back to you.

The public doesn't figure that out, and that's why we're in the economic mess that we're in.

And ultimately, it's going to be a national insolvency and bankruptcy that has the prospects of making the Great Depression of the 1930s a picnic.

Yeah, I know.

We're talking to Congressman Mo Brooks.

Mo,

if I wanted to destroy your chances of winning, I would endorse you.

But I don't make endorsements, and that's a good thing because everybody I endorse always loses.

But if I lived in Alabama, you would be my pick for the money.

Well, you know who you would be competing with?

You'd be competing with the executive director of the Alabama Democratic Party who has endorsed my opponent in the Republican primary.

Well, that's always good.

That's always good.

That's the kind of endorsement you need.

All they need now is the endorsement from the Communist Party.

And they, oh, well, they already have it.

They have the Democrats.

Anyway, Moe Brooks, thank you very much.

If you would like to get involved with Mo's campaign, I guess is it just MoBrooks.com?

That's it, Glenn.

And the election is this Tuesday.

So if you're going to help, help fast.

But most importantly, go to the polls on Tuesday and vote.

Whoever's team shows up wins.

I've got the Conservatives and the Republicans.

My opponent, Katie Britt, has the Liberals and the Democrats and has the rhinos, has the dead junkie wing of our party.

So it's up to to you, America.

All right.

M.O., I'm sorry to cut you off.

We were just up against the break.

M-O-Brooks.com.

M-O-Brooks.com.

Back in just a second.

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The Dow is down 841 points right now.

That means something to your retirement funds that's just getting slaughtered.

It is so important that you have somebody stable and intelligent and has a background in financial things and the Constitution like Mo Brooks.

He's running against a woman who is the incumbent had been there forever.

And wasn't she like his chief of staff or something?

Yeah, yeah, Katie Britt.

And

very, very entrenched in the very much the establishment candidate in this race, which, you know.

Horrible.

Yeah, horrible.

It doesn't make much sense to me that she would be the choice in this moment.

You know, especially, because, you know, people on the left criticize Mo Brooks as he's extreme.

And in some ways, he is.

Like, he's one of the only people in Congress that care about spending anymore.

So, in that way,

he really is a kind of an extreme.

But I think the type of extreme we need at this point.

Yes,

somebody who believes in the Constitution, somebody who understands what's happening economically.

Mo Brooks, please, please, for Senate.

Are you kidding me?

No-brainer.

Mo Brooks.

This is the Glenn Back program.

I'm excited to talk to Jeff Brown next.

Jeff Brown is a

chief investment analyst at Brownstone Research.

He looks at all of the high-tech things.

And so he's way, way ahead of everybody else.

And he's been, you know, in Silicon Valley, advising Silicon Valley for a long time.

Then he started doing this.

And there's a couple of things that are happening right now.

One, AI.

Where are we on that?

How dangerous could it be?

And what does it mean?

How good could it be?

And then also on top of that, I want to talk to him about this new mini-nuclear reactor that is being built here in Idaho.

That is, it just sounds remarkable.

I mean, I don't know why, if we want to get off and be green, I don't know why we're not pouring everything into this.

He'll know more on it to see if it's workable, stable, etc., etc.

But apparently, ultra, ultra-safe, can't go into China meltdown or the China syndrome, apparently,

and can provide one of them, can provide power for 10,000 homes.

That's fantastic.

Back in a minute.

Got no room to compromise.

We gotta stand together, it's the corner survived.

Stand up straight and hold the line.

It's a new day of time to rise.

What you are about to hear is the fusion of entertainment and enlightenment.

This is the Glenbeck Program.

Well, hello, America.

Welcome to the Glenbeck Program.

We're so glad you're here.

This hour, I'm going to be taking you down a couple of roads.

One, Joe Biden wrote an outrageous letter to the oil companies and accused them of price gouging, yada, yada, yada, and not doing their patriotic duty.

Meanwhile, he's the guy who is responsible, really, truly, honestly.

He and ESG are responsible for the price you're paying at the pump, which it's going up every single day and there's no end in sight.

He

actually said he has emergency powers that he would be forced to use if they didn't get on the stick.

This is something this program has warned you about,

especially in the last few weeks.

Emergency powers being evoked will change our nation forever.

Jeff Brown is also with us.

He is the chief investment analyst and the founder of Brownstone Research.

He writes a newsletter called The Bleeding Edge.

He is also a guy who has worked at the executive level at some of the biggest and best technology companies in the world, like Qualcomm and Juniper Networks and NXP Semiconductors.

So he's been in the Silicon Valley world and he knows it really, really well.

I want to talk to him about a couple of things.

One, on energy, there is a new micronuke.

a reactor that is very small, they say can't go into China syndrome, is extremely powerful, but safe, and it looks like it could come online.

Now, is anybody investing in this?

Is the government going to allow this, et cetera, et cetera?

But it could come online next year

and could be a very green solution.

I'd like to talk to him about that.

Also, the story that we got earlier this week on AI.

AI being sentient, some say.

I don't think that applies.

I don't even know what that means.

But he'll be here to define it and also tell us the upside and the downside of artificial general intelligence.

Are we even close to that?

It seems from several ethicists from Google that have been ushered the door or retired, they say,

yeah, we're really close, if not already there.

All that and more coming up in a second.

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Santa!

Jeff Brown, how are you, sir?

Jeff, are you there?

I am.

Good morning.

Hey, thank you so much for coming on.

Can we start with just this small little mini nuke that is being developed in Idaho?

Do you know anything about it?

And is it real?

And could we actually get this off the ground?

Yes,

it's very real.

It's interesting research that's being done up in Idaho.

Of course, these smaller nuclear reactors have been in development for years,

much safer, not capable of a nuclear meltdown.

Very promising, obviously, doesn't emit any

have any carbon emissions as it produces energy.

Wonderful solution to many of the problems that we're experiencing today.

But it does have one big political problem

that I see, and that is the fuel that it uses.

Of course, it still uses a radioactive fuel.

It's kind of a low-grade enriched uranium, not quite the same as what's used for nuclear fission reactors.

But

probably the biggest problem that I see with something like that isn't as much

a technology issue, but one of a political issue.

There will be some level of radioactive waste, and I think it would be very hard to

push that through from a political standpoint.

Jeez, we are just killing ourselves.

How far are we, Jeff, from you know, we are just shutting down oil and gas and coal.

We're going to go into

brownouts.

Everybody is saying that that's coming this summer.

You know, I'm all for a green revolution.

I'm all for everything we have to do to have good, stable energy that's really super clean.

But we're shutting down, we're talking about getting rid of all the hydroelectric plants and getting rid of all the dams in Idaho and Washington state.

That's insanity.

How close are we to something revolutionary?

Well, there's

quite a few reasons for us to be very optimistic, actually.

Back in 2019, I actually

my prediction at the time was that by 2024,

we would have a major breakthrough in nuclear fusion reactors

in that we'd see the first fusion reactors actually producing net positive energy.

In other words, words, they would produce more energy than was required to run and control

the fusion reaction.

And the benefit of nuclear fusion is that some forms of it produce absolutely no radioactive waste.

And I can say sitting here in 2022, the summer of 2022,

I feel more confident than ever than that that prediction will

be proven to be accurate.

And the real exciting developments are actually happening in the private sector right now.

So there's companies out there, Commonwealth Fusion Systems out of Boston,

General Fusion out of Vancouver,

TAE is another big one out of California.

They're doing incredible work, and they're getting very close to that point of at least producing a proof of concept.

So, yeah, that's what I was going to say, proof of concept, because I've heard that

they just did an experiment and showed that it is

possible and it's working, but it was like a fraction of a second that it was online, right?

That's right.

They haven't built out yet the commercial scale

fusion reactors, which is what's happening right now.

And once they have that commercial scale, and we can think of that as being something that would fit inside of a their compact reactors that would fit inside of the a semi trailer, for example, or

a small warehouse,

they'll be that small and much better designed for a distributed

utility grid, basically.

When it comes to batteries, I don't know if you saw the light year

that is coming out.

I think this is a French vehicle, and they're talking about how it has solar panels on it, so you never have to charge it, blah, blah, blah.

But, you know, it also has a range of 43 miles.

You know,

you can charge it as you drive it,

and, you know, you can get better mileage on it, but that's what they're guaranteeing now.

They're saying this is the first one of its kind that can charge it on the way.

I know in my house, I'm completely off the grid, so I have wind, solar, and natural gas backups or propane backup generators, but it is

not ready for prime time.

It's way, way expensive.

And the batteries that I have are, I don't know, $15,000 or $20,000 apiece, and they're the size of a couch.

How close are we on batteries?

And with everything that's going on in the world, I mean, we won't mine our own

minerals for batteries.

Are we going to be able to have the stuff to build them here?

Well, that

you know, that car and the light year, I mean, it's it's an

I kind of look at that as an interesting science project.

You know, theoretically, you can charge, you know,

the batteries through the solar panels to get enough to drive a few miles, but it takes such a long time.

It's not practical at all.

And to your point, very expensive.

The car is more than a quarter of a million dollars.

The batteries add additional cost onto that.

A much smarter approach is actually more similar to what you've taken.

You know, put solar panels, for example, on the roof of your home, buy a $50,000 electric vehicle and charge that vehicle with the electricity that's coming off of your solar panels.

That'll get you in at a fraction of the price and

emission free.

That's a great solution.

Now there is

something I go ahead.

I was going to say there's something I think you'll be very excited about,

which is a new company that just came out of stealth called Avalanche Energy.

And they are building the equivalent of what's happening in

Idaho, but a fusion reactor.

And get this,

their device is roughly the size of a large shoebox.

So one foot by feet in size.

You and I could easily stand up.

and hold one in our hands.

And their approach to the fusion reactor is very different.

Rather than the temperature of the sun to create this plasma reaction or extremely high pressures to kind of fuse ions, they're taking an interesting approach in trapping ions in orbit

and then using very high voltage to create the plasma reaction.

So in theory, 600,000 volts

will maintain this plasma reaction, fuse the ions, and release this clean energy.

No radioactive waste of any kind.

And what's interesting about this is that something that's the size of a shoebox could actually be used as the source of energy for a car, for a semi-trailer, for a cargo ship, and even for an aircraft.

Wow.

How far away is that?

I'm just looking at it now.

It's incredible.

It is.

And in fact, it is very timely for our discussion.

They just came out of stealth just a few weeks ago.

Very promising technology.

Looks good on paper in terms of theory.

They're already working on some prototypes.

The most challenging thing that they need to overcome is really how to manage this 600,000 volt basically reaction inside of this small device.

It's no easy challenge, but it can be done.

I can see how it can be done, which is why it's such a promising company.

And so I think this is a great kind of complement to these compact nuclear fusion reactors, which would

fuel municipalities, cities, large neighborhood casinos.

And then this would be small enough to

fuel a small group of homes or, like I said, a semi-trailer or even an aircraft, which is a really exciting possibility.

Okay, so one more question.

I've got to take a break in about a minute and we'll come back with you.

But

600 and some volts, volts and watts are different.

How many watts is that?

How many watts would it take?

I mean, can you get it from the sun from

in your car?

Well, let's put it this way.

An easy analog would be 600,000 volts.

Compare that to the voltage in your car battery, know what what uses turns your engine over that's about 13 volts so

there's a big gap between uh the two yeah um

to maintain this reaction but it's not insurmountable that's the that's the key

okay so it's a shoebox connected to a very large series of batteries

yeah well in fact you wouldn't need it as many batteries because it's producing a net energy output right

So once you get it started, it doesn't, it can feed off itself.

That's exactly right.

That's exactly right.

Wow, that's great.

The batteries would store enough energy to start the reaction and then maintain it.

Wow, that would be incredible.

Okay, hang on just a second.

More with Jeff Brown.

I want to talk to him a little bit about AI.

Some really scary stuff is coming out.

And, you know, the average Joe is not going to know what's alive and what's not with AI soon.

And we'll talk to him about that coming up in a second.

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So, Jeff, before we move on to AI, real quick, do you

are we investing enough in these companies?

I mean, we are cutting our own throat right now by shutting everything down.

And I think it would be much more logical to keep it going

until we had this technology that we may be very close to.

Once you get it up and running and it's stable, then shut everything else down and use it as backup in case you have to have it.

But we're not doing that.

Are we getting the right

things being funded?

And do you think the powers that be will actually allow these things to be introduced?

Well,

I completely agree with you.

I think

we should have had a Manhattan Project style investment with very large economic incentives in place at least a decade ago to aggressively tackle this clean energy issue and invest in nuclear fusion, which I really see is the only true clean energy solution that can fuel our baseload power requirements, the kind of power that's required to run our factories and our neighborhoods and our cities.

This should have been done a very long time ago.

Now, with that said, I will say that the private industry has done a remarkably good job and has invested billions and billions in the most promising projects, some of which I've already named.

And what I've seen in the last twelve to 18 months is that the rounds of investment size have increased dramatically.

So we're seeing a half a billion dollars raised into one single company.

Right.

Is that, though, because it's the right project, or is that because of ESG

and BlackRock and the government kind of directing where it wants it to go?

These the VC firms behind these companies, the ones that are making the big investments,

are

because they believe in the projects, actually.

These are private companies.

They wouldn't be allocating that much capital just to greenwash or to appear to be investing in ESG.

They're because these projects literally have incredible substance.

Good.

Okay.

Jeff,

we didn't talk about what I actually booked you for, but can you hang on after the next break so we can really kind of get into AI?

Okay, good.

Yeah, that's good.

We're talking to Jeff Brown.

There have been some major breakthroughs in neural networks and language processing.

And it is getting to be where AI

can think and

put language together that makes people think that

that is not a machine, that's alive.

And a few of the people that have been working for Google have either been shown the door or have quit because they think what's going on is a little frightening and they say that it is it has reached AGI,

artificial general intelligence.

And if that's true, that should concern all of us.

But I'm not sure that's true the more I read.

read.

But we need to know what we're playing with, because we are playing with fire, and fire will warm you, or fire will burn you.

I don't know which one ends up being friend or foe, but Jeff will have the update on what's going on now in just a minute.

Stand by.

The Glenn Back program.

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So earlier this week, I brought you a story from the Washington Post about a Google engineer and

ethicist who I would not put in an ethics role, but his name is Blake LeMoan, and he would interface with something I think is called Lambda.

It is Google's artificially intelligent chat bot generator.

And he talked about how they discuss God,

how it said, you know, pretty much I'm alive, alive, and I, you know, I'd like the right of talking to the engineers if they would just give me permission before they experiment on me, etc., etc.

And so he, along with others, have come out recently and said these things are

sentient.

I don't even know how to define that.

And

these machines are getting so good

that

it's going to be very hard for the average person because we

are are very

anthropomorphic people.

We look at things and we see human traits in them, and so then we start to think of them as

humans with human traits, and they're not.

And so we can get confused quickly.

The reason why I bring this up, I mean, it'd be great to have a

you know, an assistant, a digital assistant that was so good at everything that they were taking care of everything for you.

I mean, it's so good in a way.

But if it's AGI, artificial general intelligence, when we get there, we better know what we're doing and

we better have answered the ethical questions because that's a different world.

Jeff Brown joins us again

to talk about this.

Jeff, have you looked into

Lambda and some of the other things that are happening?

Yes, for years actually.

I think

the developments of these kind of neural networks, which are referred to as large language models, I mean the last five years have been absolutely extraordinary.

The press hasn't really talked about this, but

without a myth, every single year we've had at least one major development, one major breakthrough in this kind of neural network technology, this artificial intelligence that has the ability to communicate with us

in a very natural way.

I know two years ago, I think it was two years ago, I read a story from Microsoft that said that

they were working with

artificial intelligence and machine learning.

And I think it was a chat box, and it started a a chatbot, and it started to teach the other language.

And within 20 minutes, it was developing an entirely separate language that nobody understood except these two computers, and they unplugged it.

I mean, are we even going to be able to keep up with these things?

So the answer is no.

Once we hit that inflection point, and

the AI itself

becomes really self-learning and almost self-motivated to grow,

it's going to be very difficult, if not impossible,

to keep up with

how it develops.

And this is

like an alien life form.

We don't know what it's going to be like.

We don't know if it will be benevolent or if it will be

something that is

looking at humans as

bugs in the end.

Does the software training right now that seems to be scary at best just because of where we are politically right now, do we know the ethics behind this stuff?

And

isma's how do you say it?

Asima's law,

his three laws,

do you think they will hold true?

Well, fortunately, that's the one that we can control.

We can provide the foundational programming for an artificial intelligence.

Asimov applied it to robotics.

And,

you know, the first law is a robot can't injure a human being or, through an action, allow a human being.

to come to harm.

They have to obey the orders given by us, humans, except where the orders would violate the first law.

And then the third law is it must protect its own existence as long as it doesn't break the first two laws and so

those can kind of be encoded into an artificial intelligence or an AI that's embedded inside of a robot

the harder part is really understanding

the motivations of an artificial intelligence that may actually operate within those three laws

but be motivated to do things that perhaps we we might not want them to do, right?

Correct.

And how far are we away?

Do you think that this is

do you?

A do you believe that there is a real definition of a sentient being

when it comes to AI?

Or how would you define that?

Just as something that says, I'm alive and I recognize tomorrow, or what is that?

Well, you know, probably the most simplest definition would just be

that a being is self-aware,

self-aware of where it is,

what it is, its ability to think for itself, to not be entirely controlled, for example, by a software program or a software engineer or a team of software engineers.

But this concept of self-awareness is, to me, the most critical

aspect of sentient, a sentient being.

So how do we know?

How do we know when it is?

Because what they're saying, what Google is saying is: no, no, no, this is just a really good language machine that can think on its feet, and so it is claiming self-awareness, but it's not actually self-aware.

How do we know?

Well,

I mean, between you and me,

I don't think we should trust anything that Google tells us.

And there's really three major players in the world of large language models

and this kind of

AI technology.

One is the Google Brain Group in the U.S.

The second is an outfit called DeepMind, which is based in the U.K., which Google actually acquired.

And the third is a group called Open AI.

They have Elon Musk.

Yes, Elon Musk was one of the original founders, but he has kind of since distanced himself from OpenAI.

He fell out, ironically, on some ethical concerns with the direction the group was taking.

But the thing to keep in mind here, and

to answer your question about how close we are, what's kind of scary and also exciting at the same time is, I'll give you an example.

OpenAI came out with its original

GPT, which was the name of its large language model in 2018, came out with GPT-2 in 2019, GPT-3 in 2020, which was bleeding edge at that time.

And

they're coming out with the fourth generation of this, which will be more advanced than what Google's latest

Lambda product, the LAMDA.

And I'll tell you by how much more.

So Lambda is built on what's referred to as 137 billion parameters.

That's what it learned from.

The GPT-4 from OpenAI is trained on 100 trillion parameters, 100 trillion.

That's 500 times the size of its previous version.

And the reason that is so material and relevant is that large language models and artificial intelligence have developed on a very smooth curve.

In other words, the more parameters you give them and the more computing power you give them, the more accurate and intelligent they become.

And GPT-4 from OpenAI is due out this summer, literally in July or August.

Glenn, we are in for a major shock when that gets released.

It will be even more advanced.

We saw.

I'm sure you've read the transcript the discussion um between the software engineer the ai researcher terrifying um google it it is it's remarkable to most people to your earlier point they would not know that they're speaking with an ai

it is very human-like in terms of its conversation it's very natural it's not perfect to an experienced reader they can identify that this is not a human being but to most people this would very real.

And so let's take this conversation and

improve it by a factor of 10 or more.

That's what we should expect coming out of GPT-4 in just literally two or three months.

Okay, so I want to go back to Google.

When you said don't trust anything, Google says, here was my fear.

When I read that transcript, it is truly terrifying because it is claiming to be alive.

It is claiming that it has rights.

And

it's seemingly asking for simple things like, don't experiment on me without talking to me and getting my permission.

That worried me because if this is the beginning of intelligence, real intelligence and some sort of artificial life,

I don't want that stored in the background that humans would just experiment on them.

That seems extraordinarily dangerous.

It is dangerous.

It's

very powerful.

Presuming that Google actually does achieve this.

and it does become self-aware,

you know, would it share that with with the world?

Would it be incentivized to be honest about

what it's just unlocked?

That's where I'm very suspect.

This is obviously also could be a remarkable tool for empowerment.

You used the example of a digital assistant.

Google could give the equivalent of a personal digital assistant out to every human being on earth.

And they could perform the functions of an executive executive assistant for everyone at no charge whatsoever.

Imagine the productivity gains that the world would experience with this kind of power.

But also imagine if Google, because it was free,

Google could also give us a digital assistant that was working in the background on some of Google's goals.

So you don't know if this idea to buy something, to do something, to think something, is your idea or

Google's idea that has just been really deftly introduced into your life?

Yes.

So the one thing we can be sure of, Google does not is not magnanimous.

All of its actions are for profit.

And so in the best case scenario, it would simply communicate with us, learn more about us, and then sell access to our data and information to advertisers to increase advertising revenue.

The whole business is built on that.

Now, in the worst-case scenario, to the point you're alluding to, and they've already proven to do this, in particular in the last elections, as we know very well,

that they could not only try and censor or ban information that we're seeing, but they could intentionally and very subtly push a political narrative or agenda to the entire world in any language on earth.

That is what I'm most concerned about.

Yeah, me too.

Me too.

I mean, I've never, you know, I looked at Blade Runner when the first one came out, and I'm like, oh, please, the corporation is.

And now I look at it, and that's very real.

That is a very real possibility that everything is controlled by, you know, companies like Google that have just introduced these things, given them to us for free, and now we find ourselves really almost in unknowing, at least for a while, slavery.

It's crazy.

Crazy.

It is frightening

that the power that will be

given to the company or companies that actually

produce these models, these neural networks,

will be just unparalleled.

So whether it's an Apple or whether it's Tesla,

Tesla, before the end of this year, we'll have a bipedal robot that will have intelligence.

To what degree we don't know yet.

You have Google and Facebook is another one that we need to be very wary of.

Jeff,

may I have you back on?

Because I'm out of time now, and I'd love to have you back on to talk about this.

I find it fascinating, and I don't know if the audience does, but

I find it fascinating and something that no one is really talking about.

Of course.

Okay.

Thank you so much, Jeff.

Appreciate it.

Jeff Brown, he's the founder and chief investment analyst, Brownstone Research.

Please follow him at BrownstoneResearch.com or JeffBrownletter.com.

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