What the Federal Reserve Rate Hike Will Cost YOU | Guests: David Buckner & Carol Roth | 3/17/22

This episode is brought to you by Progressive Commercial Insurance.

Business owners meet Progressive Insurance.

They make it easy to get discounts on commercial auto insurance and find coverages to grow with your business.

Quote in as little as eight minutes at progressivecommercial.com.

Progressive Casualty Insurance Company, coverage provided and serviced by affiliated and third-party insurers.

Discounts and covered selections not available in all states or situations.

American Home Shield.

Shield, When it comes to repairing or replacing parts of your major home systems and appliances, you kind of need a warranty.

Nobody likes surprises.

American Home Shield offers a choice among three great plans.

So whatever your budget is, it's affordable.

Nobody likes to think about something in their household breaking down, but the truth is it happens.

American Home Shield's been around for 50 years, and if they can't repair it, your covered item, they'll replace it.

Keep in mind, you got to keep your home up and running and you don't wanna have big surprises.

Keep your budget on track with American Home Shield.

And right now, you can take $50 off their most comprehensive plans ever.

Go to ahs.com/slash Beck right now and save 50 bucks.

That's ahs.com slash Beck.

You know, you have medical insurance for a reason.

You can't handle those big things when you get sick.

Well, the same thing with all your appliances and systems in your home.

Service freeze, limitations, limitations, exclusions to apply, seize, plan for details.

It's American Home Shield, ahs.com/slash back.

Got no room to compromise.

We gotta stand together, it's the corner survey

stand up straight and hold the line.

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

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

This is the Glen Back program.

yeah yeah this is getting good i think putin j

i think putin just said that russia needs to be cleansed of all traitors so this is going well this is no he's stable he's totally stable nothing to see here

uh we are we've got some amazing things going on today

that

you know it's a good thing my hope is in the lord and not men because i don't know how we are gonna settle this one you know as men uh let's go there in 60 seconds

rosie wrote in she said i've been taking uh relief factor now for four weeks i suffered from neck and shoulder pain for the last 15 years and four days ago i just experienced life without pain again thank you for

giving me my life back and hours with my friends and the joy of dancing again.

Thank you for giving me a hope for a better future.

Rosie, you are welcome.

You did all the work.

You picked up the phone or you went online and you ordered the three-week quick start.

For a dollar a day, it's like a trial pack.

Hundreds of thousands of people have ordered this and about 70% of them go on to order more.

Rosie said, what was it,

four weeks.

She was taking it for four weeks.

You should see some difference in four weeks or in three weeks.

If you don't, it's probably not going to work for you.

It happened for her in four weeks.

800, the number four relief.

800, the number four relief.

Do what Rose just did.

Go to relieffactor.com and get your life back.

ReliefFactor.com.

Feel the difference.

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

But every January, I put a list out of things that I'm predicting.

And they're never really,

I don't know, they're well thought out, but they're not something I'm willing to bet my life on.

You know what I mean?

They're just...

We would call those in the sports talk industry bold takes.

Bold takes.

They're bold takes.

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

I also said Iran, Israel,

and the United States would be at war by the end of the year.

I also said China, Taiwan, Japan, Australia, and America would be at war.

So it's kind of looking like that might happen.

Well, so the Ukraine-Russia one is pretty self-explanatory.

Well, yeah, Ukraine, Russia, and NATO.

Right.

The NATO part hasn't happened yet, but we can see the clear thread of that being

coming.

What's the Australia situation?

China, Taiwan, U.S., Japan, and Australia.

This is mainly, as I saw it, this is mainly about Taiwan.

And then U.S., Japan, and Australia coming up and saying, whoa, whoa, whoa, because if they take Taiwan, the next thing they're going to do is New Zealand and Australia.

Their power just is unstoppable.

But they're also having problems

with China.

One of the problems is they were selling coal

to China.

And now China is backing away from that.

There's some other things that are also going on with Australia and China.

They're not

necessarily the friendliest of neighbors with each other.

And Australia is kind of worrying about this, right?

They're coming out and saying this is a real risk.

Yeah.

Which is, I don't, I, I honestly, with everything else going on in the world, I was not following that part of.

No, if China goes into Taiwan,

I mean, for all those rich people, like, I'm just going to take my G5 and I'm going to fly to New Zealand.

Hope you can speak Chinese because it's coming.

Isn't that weird?

I mean, look at that.

These were, these were reaches.

These were reaches.

Put this together in December and

sent them out in a newsletter

right after the new year.

My predictions for the year.

They're always bold takes.

Not predictions, bold takes.

I could see all three of these happening.

Now, normally,

because

my success in life is somewhat tied to yours, unfortunately, I root for you to be right on your predictions.

This time, no, I want you to fail miserably.

I would love to be wrong on these.

Again, that's not something, because there are some things that I feel, and then sometimes I think.

And

when I'm telling you, I feel this,

that's usually something that I feel through prayer.

And I bet on those ones.

When I think things, they're usually wrong.

Usually wrong.

What an admission about yourself.

Yeah.

Well, when I think it's bad.

Yeah.

I mean, you know, I got up this morning and I thought, this will be a good show.

Check it out.

See if that's right.

You know what I mean?

All right.

There is some good news.

A couple of things.

Romney has not

discussed his 2024 plans,

but you know he's going to run.

But

somebody else is going to run against him.

He's a Trump loyalist.

That's not really how I would describe Sean Reyes,

the Attorney General.

I would say he's a fighter.

He's a guy who understands freedom and law and order.

And,

you know, he's the attorney general of Utah, and he is now running against Romney.

Is that confirmed?

Is he definitely in the race?

I thought it said it was going to announce his plans coming soon.

Yeah, which Peter.

Why would there be a story about him announcing his plans if those plans were not

already in the works?

I mean,

I don't know.

I don't know.

I certainly.

Well, that's good.

Anyway, why would you need to specify that?

It's interesting

because I think Mitt could use a challenge.

Oh, I think he could.

And I don't know.

I don't know.

I don't know what would happen.

see, I'd like to think that Romney would lose to a conservative challenger.

Though Romney, that name in Utah is still

mud.

Maybe it's his sub.

No, I mean, you know, there's a lot of, I mean, you know what?

The GOP is running a squishy Republican against Mike Lee.

I mean, I can't believe that.

That just, that just blows my mind.

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

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

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

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

He is a fighter.

He does it politely.

Yeah, he does it very politely.

He holds the line better than anybody else in the Senate.

Anyone.

Anyone.

And I would say anyone in Washington.

Yeah.

I mean, he is.

There's nobody, there's nobody that is a bigger defender.

But they're running this woman who,

you know, supposed to be a real conservative.

She voted again.

Ready?

She voted against the bill to

protect children with Down syndrome from abortion.

So you can't.

Okay.

Yeah, the bill was, if you find out your child has Down syndrome, you cannot abort them because of that.

Now, most conservatives are against abortion for any reason.

But to abort a baby because of Down syndrome?

Nope, nope, nope.

That's just a little too crazy for me.

So who knows what's going to happen?

Who knows what's going to happen?

I'm thinking about moving there just to vote, just to be able to vote, because I have no idea what they're doing.

By the way, speaking of that part of the country, we've been watching a couple of things.

One is the ESG bill all over the country.

There are 20 states working on one.

I had great hope for Idaho, but let me tell you what is really happening in Idaho.

And Idaho, you should pay attention to this

because

the GOP, the squishy GOP,

is

in control.

The treasurer in Idaho filed a bill yesterday, an ESG bill, SB 1405.

It sailed through the committee.

Just went through.

There was no banking

lobbyist that showed up to pressure people on not signing this one.

No.

The treasurer,

she's like, I'm going to put this one through.

We're going to get, I'm strong on.

This thing has no teeth to it at all.

It is a joke.

There was no opposition at all for this bill.

None.

None.

None in the committee.

And that's because

it's not,

it's a showpiece.

That's all it is.

It's something that they can go,

I voted for that ESG bill.

This is not for the one from the Heritage Foundation or Heartland Foundation or anything else.

This is a,

this will gum you to death, okay?

This is like an apple and, you know, Nancy Pelosi without her teeth.

The apple's not afraid of it.

This is no, this is nothing.

By the way, she also claimed in committee that she was with Treasurer Moore from West Virginia, along with 16 other, but

I talked to...

the treasurer more and

yeah,

he hasn't heard from her.

This isn't the bill.

He doesn't approve of this bill.

That's weird.

And I said, hey, would you like to come on the air?

And so he's going to come on the air here in the next couple of days.

But

that's really great.

Oh, one more thing you should know.

One of the, well,

I'm going to give you a list of the people that are now coming under attack.

One of them is Representative Earhart, and

she was instrumental in fighting ESG in Idaho.

And guess who has new challengers with lots of new money now?

So they are going to take out anybody who is serious about ESG.

Farmers, you're in trouble in Idaho.

And I say that not with a happy heart because I have a farm in Idaho.

This is not going to go well.

You've got to change these weasel Republicans out.

And I say that with

a lot of trepidation because there are crazy people that want to be governor in the state of Idaho.

And as I told the Republicans, and let me say this to every Republican from coast to coast, if you are someone who doesn't get it, if you're not protecting the people and the Constitution, not these big banks, not doing the bidding of all these lobbyists, but you are doing the bidding for the average citizen in America.

Conservatives have had enough.

They've had enough of it.

And

we'll vote you out.

And I'm going to make it my mission in life to help

sort the wheat from the chaff.

And

they're going to vote you out.

And

if you betray people, If you lie to them like this treasurer is doing now in Idaho.

Oh,

I'm all against ESG.

No, you're not.

No, you're not.

Stop it.

If you lie to the people,

you will not only lose an election, you have a very good chance of putting somebody who is

crazy because people don't know who to believe.

And they'll start going to people who will say, I'll just clean the whole place out.

So there's your warning call.

And it's a warning to all of us.

If you don't tell people the truth and do the right thing,

you will be horrified, and so will I and everybody else

at the people

that the American people will find to stop the madness.

It is a spiral, and it is a death spiral, and you've got to stop doing the the things that many of the people in Idaho

in power just did.

Warning.

Gee, who's running for governor?

Who would be your worst nightmare and a nightmare for all the people in Idaho?

Hmm.

You just

made that individual stronger.

Congratulations, you freaking dopes.

Okay,

now let's go to our sponsor sponsor this half hour.

Do you know how far you have to walk to burn off the calories from one Snickers bar?

It's like two and a half miles.

I haven't walked two and a half miles collectively in like a year.

I mean, I, honestly, I want the times where rich people were carried around in those, you know, throne chair things, you know, and you had like four people that are footmen.

I need footmen.

Anyway, it's kind of depressing, you know, when you have to walk that far to burn off, you know,

five Snicker bars.

You know what I'm saying?

So here's the good news: you can replace the Snickers bar with a Bilt Bar.

I know what you're thinking.

Right, protein bar.

Yeah, I'd rather open up my steering wheel and eat the airbag.

I know, I'm with you.

I'm with you.

But built bars are different.

They taste like a candy bar and they're just delicious.

And if you haven't tried their puffs, I want you to imagine flavored marshmallows

covered in real chocolate.

Yes, yes, it exists, my friend.

Built.com, built.com.

Go there now.

Built.com.

They're low-calorie, high-protein, built bars.

Find out all the flavors.

You're going to love them.

Built.com.

Use the promo code Beck15, get 15% off your order.

Built.com, promo code BEC15.

10 seconds, station ID.

Wow.

Hey, Saudi Arabia welcomed Boris Johnson yesterday.

Isn't that great?

Yeah, I mean, they won't even take the phone call from

Joe Biden.

Why won't they do it?

Because of the Iran negotiations?

Yeah, that's partly because of the Iran negotiations.

There's about three real strong complaints that Saudi Arabia has about Joe Biden.

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

I don't remember.

Miscreants, and I don't know if I even want to talk to those people.

So they remember that, you know, and now he's like, oh, please, we need some oil.

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

By the way,

the new deal with Iran, oh, it is going to be so great.

It's letting Russia cash in on a $10 billion

contract to build nuclear sites in Iran.

Isn't that great?

Oh, man.

Also,

the IRGC, the Islamic Revolutionary Guard, which anytime you have Islamic revolutionary,

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

One is convinced God is telling them to do it.

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

But anyway,

the Islamic Revolutionary Guard,

that

it looks like it might come off the terror blacklist

because of the negotiations.

I'm not sure what we're getting out of this,

but

I'm sure it's like Afghanistan.

It's going to work out.

You know, it's going to be like, oh,

there's the, there's the method in the madness.

You know, because at first you look at Afghanistan, you're like, oh, there's the madness in the madness.

And then, you know, you finally, at some point,

maybe historians will go, ah,

that's why he did that.

You think?

Seemed optimistic on that one.

Yeah, no, not really.

Not really.

But it's a good thing.

Good thing.

Kind of goes back into the Iran-Israel-U.S.

war kind of thing, doesn't it?

It's terrifying.

We cannot.

We've obviously shown that we are not as strong as we once were.

We have shown

a level of vulnerability that everyone around the globe seems to be willing to exploit at their earliest opportunity.

A friend of ours just had a baby, and I was over looking, not to change the subject, but just looking at the baby and holding the baby so cute and you're like, God,

United States is so weak right now.

So it's weird.

Really?

Yeah.

New babies have noticed that.

Yeah.

It's a pretty fascinating

turn of events.

I mean, you know,

just Afghanistan on its own

did so much to make this worse.

Oh, yeah.

And you can sit here and say all you want.

You know, there were people who made this argument at the time.

I know we pushed back against it.

That, like, well, look, we just need to get out of there.

And we're never going to get out of there if we don't just leave.

And we need to just get out.

And it's like, no, you can't do that.

Even if you think that's the right call to leave completely and just, you know,

leave the region, which there were even conservatives, many who believe that.

You can't do it like that.

Nature abhors a vacuum.

And so do I.

And that's why I don't do it on Saturdays.

My wife will be like, can you please?

And I'm like, no, nature abhors this.

I will not be part of your unnatural witchcraft.

You showed her.

I showed her, you darn right.

The good news is, biblically speaking,

Gog and Magog,

on a map, that would be called Russia and Iran.

Couple of cats, kind of like the key master and the gatekeeper.

I think think it might be a really bad idea to get those two together thank you joe biden for strengthening that

the glenn back program american financing nmls one eight two three three four www.nmlsconsumeraccess.org your day is busy i know time flies but i want you to take a few minutes out of one day that day is today and call american financing it takes 10 minutes and you can get a free mortgage review from Americans Home for Home Loans.

How many times did they say they were going to raise the rates yesterday?

Six or seven.

Six or seven.

Yeah, yeah.

So they raised them yesterday

and now

they announced that they got another six or seven coming.

So that's going to be seriously.

Get out of your high interest credit cards right now.

Pay those things off.

I know, I know, you can't.

But if you have a mortgage, you may be able to get American Finance to find the right loan to consolidate and you can get out of that high interest rate.

If you have

a variable rate, please get out of that.

Please see how you can save money right now.

American Financing at 800-906-2440.

800-906-2440.

AmericanFinancing.net.

Blazetv.com slash Glenn.

The promo code is Glenn for $10 off your subscription to Blaze TV.

Hello, America.

Welcome to the Glenn Beck program.

There is a massive lie

that

you are being told, and that is that ESG and the Great Reset is not what you think it is, is not what these crazy people say it is.

Well, those crazy people that say what it really is

are the people that are at the top of the food chain, the elites that have put it together and put it into action.

And, you know, when we were working on this ESG legislation

up in Idaho, we're working with 20 different states.

Idaho folded like a cheap suit.

And it's because

the lobbyists are coming out and they are are spending a fortune to lobby against anyone who is trying to pass any kind of legislation against ESG.

It is

a lie when they say, oh, no, this is just the free market.

No, it's not.

No, it's not.

It's the opposite of the free market.

It is 21st century fascism.

Vivek Ramaswamy is with us.

He's the author of Woke Inc.

And Vivek, I wanted to get you on because you've had a couple of really great articles and tweets lately, and I just wanted to kind of mine this and have you explain what you mean by this.

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

It would go a long way towards restoring our trust in leaders.

ESG represents the greatest social credit scoring system in human history.

Wow.

Welcome to the program.

You want to go into that?

Yeah, absolutely, Glenn.

Thanks for having me.

And I'm really glad that a voice like yours is on top of what I think is the defining issue of our time,

which is the use of the private sector to do through the back door what governments cannot do through the front door.

That is what the three letter, I call this the three-letter acronymized version of capitalism.

Some call it ESG.

Some will say DEI.

Some will say CCR.

Behind it all is the CCP.

But whichever three-letter acronym acronym you prefer, it is actually the definition of modern crony capitalism, which works in reverse.

It's not just companies bribing the government to do their work.

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

And so, you know, look, I mean, I'm an author.

I've written these books, but I've also been a CEO, right?

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

I was a hedge fund partner for years before that.

And I wasn't born into Elite America, but I've lived it for the last 15 years.

I know how the game is played.

And I will tell you, I had lunch with the CEO of one of the largest companies in his industry, publicly traded company.

And it was actually the day that I put out that first tweet.

It was just, I was so frustrated coming out of it because I felt like his therapist the whole time where he had read my book and wanted to complain to me about all the things that he had to go through.

He's the CEO of the company, mind you.

And yet, at the end of the day, actually, I look back at some of the statements he's been making.

It's a carbon copy footprint of diversity and equity inclusion must be part of our agenda.

ESG is the way of the future.

But it's clear, I mean, he doesn't mean the things he's saying.

But the actual loss of public trust, in many ways, comes from the fact that even when the words are coming out of the CEO's mouth, whether you're on the right or the left, you know that you can't believe them.

And so that's a big part of what I meant by that particular remark I made.

So

it is truly terrifying.

When I was working against these lobbyists, small banks, local banks, were coming to the representatives in the state and saying, please, I cannot say this out loud, but please pass anti-ESG legislation or we're all toast.

Please pass this.

People are not willing to say it out loud, and that's killing us.

It's killing us.

That is the culture of fear.

And look, to me, the best health of the measure of any democracy, especially American democracy, is the percentage of people who are willing to say what they actually think in public.

And Glenn, there is no doubt that we are doing worse than any time I can remember in my lifetime on that metric because we have combined the use of economic force with the normative questions that we settle through a democracy.

And so, you know, look, at democracy, you're supposed to settle questions through persuasion, through free speech and open debate in the public square.

Maybe you and I would have one view on climate change and appropriate policy towards it, and maybe somebody else would have a different view.

Or how do we correct for racial injustice?

Somebody else has a different view.

Great.

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

What the ESG and related stakeholder capitalist movement do is they substitute economic force, firing you, excluding you from the economy, et cetera.

They use that force as a substitute for free speech and open debate.

And the ESG movement in particular uses the force of capital ownership in companies to do it, where you have an ideological cartel of $20 trillion in the hands of the top three asset managers in this country, BlackRock, State Street, Street, and Vanguard, that go to the top companies in this country, show up as the shareholder, and say that we are the shareholders.

We want you to implement diversity, equity, inclusion, cut your carbon emissions.

If you're an oil company, stop producing oil.

But guess what?

The people whose money they are using to wield that power are your listeners, are me, are you, are everyday Americans whose money is being weaponized back against them in ways that would make their blood boil if they actually knew what was going on.

That's why

that's why it is so frustrating.

We just had a secretary of

or the state treasurer of Idaho fold and take a tough ESG bill and just put one in it without any teeth.

And the whole idea was don't invest in

places like BlackRock that are working against the people of our state by...

Is this Julie Ellsworth you're talking about?

you why do you ask I was that the state treasurer Idaho you're mentioning yeah I mean it's just that these are

intentioned people they're well I mean I spoke to a conference of the state treasurers yeah a couple of months ago and most of them were in the audience and I was explaining to them look it's not BlackRock's money it's not your money either it is the money of your citizens thank you that ultimately actually find their way into the public's fisc which in turn finds its way into the Fisk of BlackRock which then uses that money to vote those shares and to whisper campaign in the ears of the top 500 CEOs of this country to say that this is what we as the investors want, betraying the idea that it is not the state treasurer's money.

It is not the actually it is not the BlackRock manager's money.

It is the money of those everyday citizens.

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

Many of them are starting to wake up to this phenomenon because they're hearing from their constituents.

Many are.

Unlike BlackRock's CEO, unlike Larry Fink, they are politically accountable.

And that is a good thing.

That is how a democracy works.

So that mechanism of political accountability has caused them to wake up, but they're also accountable to the force of dollars through lobbying and political contributions that pull them in the other direction.

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

And what we need to educate people on is the fact that it is their own money that they get to vote as well.

Not just vote every November at the ballot box, but their second vote and their third vote come through the capital they spend, the way their shares are voted in the marketplace of corporate America.

And I think that that tide is getting ready to shift.

So I'm optimistic that even though many of these people, it's going to take a lot of courage for the first few state treasurers to sort of jump at the deep end of the pool and go the other way.

But I think that that's what the people are demanding.

And the more we shine a sunlight on the problem, the more we make progress towards the solution.

And I'm personally working on actually creating alternatives in the marketplace here to provide.

consumers with

actually bringing a voice to the table.

Because I think it's the most important problem of our Thank you, thank you, thank you.

I agree.

I think

this is it.

I mean, if this is implemented, we become China.

And

it's over.

The freedom that we have, the Constitution means nothing.

And I think the best example of this, and people aren't tying this together.

We're not the ones

that have

decided to go to war against Russia.

These sanctions, these are not governmental sanctions.

This is ESG.

McDonald's pulling out after they said they didn't want to, and then

they announced, I thought this was amazing, that they had real reputational risk that they had to consider.

So they closed McDonald's.

These decisions

are not being made through public pressure.

They're not being made through our elected officials.

They're not being made by by people, voters, regular people.

They are being made by the boardrooms after they they get the calls from the banks and the financial industry.

Exactly.

And you know what?

This is how both sides are duped into submission, liberals and conservatives.

Liberals used to be skeptical of corporate power, but they've accepted it as corporate powers now used to advance their own objectives.

We conservatives, for our part, are duped into submission because they say the free market can do no wrong

without recognizing that that free market does not exist today.

And both sides are duped to the rise of this woke industrial, ESG industrial complex.

That's actually far more powerful than big government alone because it can work with the private sector to do what big government cannot do.

And I think, Glenn, you're on this, so I don't need to, I feel a little shy preaching to you, but

I think the defining political force of our time and struggle is not left versus right, actually.

It is the everyday citizen versus the managerial class.

It is the great reset, which calls for dissolving the boundary between institutions globally and say those institutional leaders work together towards their vision of the common good versus what I call the Great Uprising, which is also a transnational movement of everyday citizens who are beginning to say, no, we make those decisions in a democracy together.

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

And those two forces, Glenn, I believe are on a collision course.

You know, we won't see it in 2022 because it's the Let's Go Brandon agenda or whatever in partisan politics in the United States.

That's boring to me.

But in the couple of years after, this is coming to a head.

It is an existential question for democracies in the West.

And, you know, look, I'm on the side of the great uprising, but I want to channel that energy in a productive direction.

Me too.

And I think we can do that.

You know, and I think it's the most important question of our

I just said a few minutes ago that Republicans, you better wake up to this right now because the people will go.

If they don't find somebody that's reasonable to lead them and to tell them the truth, I'm telling you, both sides, both sides of reasonable people that work for a living.

I don't care how you voted, they're going to find out what this is all about and they're going to be hurting financially.

And

God help us.

God help us.

We are headed for real trouble.

And you know what?

Vivek, you're the only person that I've heard that really talks about the whole world is in this.

We're so, we're

so focused on ourselves that we don't understand that Brexit is about the same kind of thing

as the truckers in Canada.

Yeah,

same thing in their bones, too.

This is a trans-partisan, transnational issue.

And you know what?

I don't have much faith in the Republicans, actually.

I don't either.

And at the end of the day,

most of them are institutionalists.

Most of them are bought and sold, just like the other side.

That's why I think the partisan politics of this is boring.

It misses the issue.

It almost deflects the issue by retrofitting a model, a historical model, onto a phenomenon right now that's totally different.

It is the everyday citizen versus the managerial class.

And there are members of both parties in each camp.

I mean, you and I both spoke at CPAC.

Tulsi Guevart, she spoke at CPAC.

She ran for president of the United States on the Democratic Party ticket.

She's still, as best I could tell from her comments, on the side of the everyday citizen.

And so there's people, and

God knows there's a lot of Republicans on the side of the managerial class.

And so I think that we need to rethink the boundaries.

And I think it's everyday citizen versus managerial class.

It is great reset versus great uprising.

That's the way we need to be recognizing this beyond partisan,

beyond national boundary issue.

And last point I will make is, Glenn, you're one of the few people who I've heard actually put his finger on the international dimension of this.

You just did a little bit ago, but I think China is really, really an important factor to watch because they understand that capitalism, all right, is the Trojan horse through which they win the great power struggle.

Greece would have never defeated Troy militarily.

China will never defeat defeat the United States militarily.

But they have recognized that the ESG-linked movement creates an opportunity to turn our own multinational companies based here into Trojan horses to undermine our own agenda from within.

And I'll give you a very specific example.

I could give you countless examples.

I talk about countless examples in my book, but a recent one even for my book, not from my book, after my book, is BlackRock.

They take three seats, vote in favor of three changed seats on the board of Exxon.

Okay.

And they tell Exxon that you need to cut oil production.

Well, they call that ESG friendly.

Let's see what that's done for gas prices here.

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

But put that to one side.

You think those projects are still going to happen or are they not going to happen?

Whatever you think about climate change and carbon emissions, those projects are still going to happen.

And better positioned to take on those projects are going to be none other than the likes of PetroChina, which can take on the projects that Exxon drops.

And guess who who is an almost equally large shareholder of PetroChina?

I'm sure you can guess.

It's the same guys who wanted us to cut oil production here in the United States.

Blackrock.

Unbelievable.

This is unbelievable where at the end of the day, China is able to use capital force, the carrot of market access to the golden goose of the Chinese market, as a weapon.

to get those same companies to weaken the United States within by applying so-called ESG standards without applying those same standards to China abroad.

And so that's how they're playing this game.

And they're playing us like a Chinese mandolin, and it is working, but it'll only work for as long as we don't see it.

Vivek, I would love to have you on again soon.

You 100% get it, and your voice needs to be heard.

Vivek Ramaswamy, he is the author of Woke Inc.

If you haven't read it yet, you should get it.

Great to talk to you, Vivek.

We'll talk again hopefully soon.

Our sponsor this half hour is Legacy Box.

Do your wedding and family vacations and babies' first steps.

What do they all have in common?

Well,

are they safe or are they fading right now?

They're fading away into nothingness because a VH tape was designed to last about 10 years,

not several decades.

One minute you have your family memories.

The next minute they're dust in Rewind.

Digitizing your old media with Legacy Box, stop the fading process.

Make sure you preserve your family's legacy.

That's why this is called Legacy Box.

They're running a $9 videotape special, regular $27 to $30.

Special price, never been a better time to convert your entire collection.

They're running exclusive offers on film rails and photos as well.

It's legacybox.com/slash back.

Legacybox.com/slash back.

Do it now.

This is the Glenn Back program.

Welcome to the Glen Beck Program.

Okay, we are next hour going to talk a little bit about

a collapsing currency.

What is happening with Russia and India, China, Saudi Arabia selling their oil for

anything outside of a dollar, outside of the petro dollar?

What does that mean?

Is it happening?

What is the effect of what we are doing now through ESG

on

the world's currency, the U.S.

dollar?

The Glenn Back program.

I have been lucky enough to become friends with Chuck Norris.

I love the guy.

He is kind and gentle, and he kicks ass.

There is nobody that I am happier for on finding water on his property than Chuck Norris, because he is a good portion of

all the money he makes from Sea Force water goes directly to kitskickstartkids.org, which is a fantastic organization.

So this is water that they found, and it dates back to 23,000 years ago, to the last ice age.

That's what this water is.

It's bottled right there, right across the street from his ranch.

It's crazy.

It's crazy.

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

This is some of the best water out there.

It really is.

Better than Fiji?

Yes.

Seaforce, it is available in many retailers all across the U.S.

and Amazon.

Check

Seaforce.com for a location near you.

Seaforce.com.

I'm sorry, I laughed.

I just thought it'd give you a roundhouse kick to the face when you drink it.

Got no room to compromise.

We gotta stand together.

It's the corner surviving.

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 Glen Back program.

Hello, America.

If you don't know about Bretton Woods 1, you certainly don't know about Bretton Woods 2.

And so then the question, are we experiencing a Bretton Woods 3, makes no sense to you?

Let me rephrase it.

Are we at the end of the U.S.

petrodollar?

Are we at the end of being the world's reserve currency?

If you don't understand that, let me say it this way.

Are we approaching a time when the dollar will be worthless?

The answers in 60 seconds.

The people who lay down their lives in the service of us,

it is a blessing that we have those people.

And we have been living on the

fumes.

of what they have and what they have done.

The work that they have done,

the blood that they have have shed.

There's so many heroes that have sacrificed.

Can we give back to them?

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

They are a fantastic organization that was started right after 9-11.

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

For catastrophically injured veterans, first responders, Tunnel to Towers builds mortgage-free smart homes.

There's also now Operation Home Base.

Tunnel to Towers is giving tiny homes to homeless veterans.

These are our nation's heroes.

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

It's on our shoulders.

It's on our shoulders.

Let's help these heroes.

Join Tunnel to Towers on its mission to do good in their honor.

Donate $11 a month now at t2t.org.

That's t, the number2t.org.

We're welcoming back to the program a very dear friend who

I let fall to the ground on my Fox show,

David Buckner.

Welcome, David.

How are you?

Really good.

Good to be with you, Glenn.

Yeah,

I told somebody just the other day,

one of the producers that wasn't with me at the time, and they said,

David Buckner, who's David Buckner?

And I said,

He's the guy that passed out on my show at Fox.

And they were like, Oh, man, he's on.

I'm like, Yeah, I mean, you're known for that.

Sorry about that, David.

It lives on forever, Glenn.

Yeah, I know.

Does it?

David, I want you to break down.

By the way,

David is a

professor-adjunct.

Are you adjunct?

Are you full professor yet?

No, I'm not a full professor, but adjunct at Columbia University.

Okay, Columbia University.

You're the president of bottom line training and consulting.

You train

CEOs and companies on how to run their business better, blah, blah, blah.

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

But you understand

economics like few do, because you can cut through the BS.

I am having a hard time getting people to understand what is happening with Russia, China, Saudi Arabia,

India, and what's happening to the petrodollar and why that's important.

So where should we start on this, David?

It's a powerful transformation that we're watching.

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

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

It was substantive.

So that was easy.

People could see that.

They go, okay, when I'm exchanging paper, I have something substantive.

I have a mineral that supports that.

Then in 1972, when France actually started calling in our bluff and exchanging dollars for gold, which was linked at I think $35

the ounce at the time.

That's when Nixon took us off the gold standard.

So that kind of became Bretton Woods 2.

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

So we call those petro dollars.

It was always linked to the value of oil.

Okay, wait, wait, wait, wait, wait.

That's when we did that in 1972?

That's correct.

1972 to the present is what we would call the petro dollar.

That's where the U.S.

dollar was linked to the price of oil.

And we said at the time that you can't buy oil

anywhere in the world outside of US dollars.

That was the only currency that would buy that oil.

And that was the currency by which it was nominated.

It was a nominal currency by which it was quoted.

Okay.

So even if the exchanges went between currency A and currency B, it was always through the quotation of a US dollar.

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

Everybody agreed that it's going to go through

a term, which is the dollar, using that as the foundation, even if I was exchanging from a Euro or a ruble or a yuan, okay?

But the dollar was the anchor.

Now, and the world was, hang on just a second.

The world was upset at us in 72 because we had promised them that we would always, in Bretton Woods one, we would always keep to the dollar,

you know, standard with gold.

And

then when we violated that,

we did the oil thing.

And then we also said, but the good news is we're going to be consumers.

So we'll start shipping jobs your way because we're just going to buy, we have everything we need.

We're just going to buy your stuff now.

So we'll build your economy.

Right?

It was a global, yes, to your point, Lenn, it was the way of saying that we depend upon this being as stable as you do.

So we're all in this together.

Okay.

So there was, you're right.

There was an anchor that even though we've gone off this mineral, this gold, we've gone to something that we can't let fail and you can't let fail.

So kumbaya, we're all in this together.

So even though they were upset with this, they bought that principle of trust that no one could betray each other because, well, we all need oil, right?

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

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

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

I'm an economist, right?

When you sanction it based upon a policy, you have just now made oil that has an R in front of it, Russian, cheap.

and oil that has other in front of it, very expensive.

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

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

Because gold would have held its value no matter where it was from

and you had that value there in your own home country?

Authentic and organic.

Yes.

Even though the U.S.

carried the largest amount of gold, which is how we negotiated the dollar to be linked to that gold, right?

Yeah.

It's still, you still could mineral.

I mean, right now, China is the one that is mining more gold than any other country in the world, okay?

So you still could mine that mineral and you could have it.

But when we linked it to the dollar will be linked to oil in the way in which we barter and negotiate, and then we change the pricing of that oil based upon sanctions, We just threw Bretton Woods 2 or the petro dollar into the tank.

We threw it away.

It's gone.

Now, can it be recovered?

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

Black market enters, okay?

Or...

Now I can buy expensive Western oil, which we shut down the pipelines and other things based upon individual policies of countries, right?

But that's very expensive.

So, what do we do?

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

There's nobody large enough, most hypothesize, except for China.

So, what does China do?

They can go in and buy Russian oil cheap.

They could sell Russian oil expensive.

And now we create a completely different monetary basis.

No longer is it gold, no longer is it oil, it's commodities.

So we shift into a completely different monetary system based on commodities of which the U.S.

no longer has a voice.

It can offer commodities, but it no longer controls the narrative.

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

amongst its friends.

So, those that we exchange dollars with, that becomes a dollar-based economy.

Those that China exchanges with, that becomes a commodities-based economy.

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

Okay, so yes, it does so far.

But

I'm going to take a quick one-minute break, let you catch your breath, and then

I want to understand.

Yesterday, technically, Russia went into default because they had to pay for their bonds in dollars, but they couldn't change their rubles into dollars.

And I don't understand exactly how this works, but I do know.

After a 30-day waiting period, what this has made the rest of the world say is, wait, I can't trust the central banks, the western banks, because if they will, if I have the money, but they won't let me pay for it, then they just, then my gold and everything is, my money is not safe outside of my own country.

You can't just do that.

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

And I'll ask you to explain it here in just a second.

Back with more from David Buckner, good friend and very wise counsel.

Terry wrote in about her dog's experience with Rough Greens.

She says, my dogs, I have two of them, have been on rough greens for four months.

I no longer have to give them an allergy pill.

I stopped probiotic when I was using rough greens because it already has a probiotic.

Also,

Tilly, the fur is less greasy and smells better.

And Tucker, who wasn't eating much at all, now has a great appetite.

Boy, I found both of those things with my dog.

Rough Greens has paid for itself, allowing me to discontinue other products.

I felt I had to give a good review because this is the one product that actually does what it says it will do.

Thank you.

Rough Greens is not a dog food.

It's a supplement that you put on the food and it contains all the vitamins and minerals your dog needs for a healthy life.

The folks at Rough Greens are so confident that your dog's going to love it that they have a special deal.

You just go to roughgreens.com, r-u-f-f-greens.com/slash back,

and they will give you your first bag free.

All you do is pay for shipping.

Just go to ruffgreens.com/slash slash beck rough greens dot com slash back or call 833 g L E N N 33 that's 833 Glenn33 or roughgreens.com slash Beck 10 seconds station ID

all right so

David Buckner is with us.

David, did that question even make sense that I just asked you?

Yeah, in fact, Glenn, as you stated the question about trust, right?

And the idea that

people can't rely upon or even countries can't rely upon or trust the system, the monetary system to pay.

You're spot on.

Think about it this way.

You have central banks that have always relied upon the fact, whether it was the gold or petrol and Bretton II, they've always relied upon the fact that they could liquidate.

They could liquidate and pay their bills.

We just froze when we talk about that, the sanctions that have been imposed, we've frozen the

reserves

and Russian reserves now frozen are effectively creating, as you noted, the inability for Russia to pay its bills.

There's your default.

That was the question of default.

Well now if you're saying but hold on if central banks and the reserves can be frozen by and and and I can't pay my bills because I can't can't resource that.

Now I don't even know if my resources could be frozen.

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

Okay, wait a minute.

Wait.

Wait, wait, wait.

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

Is that the difference?

Correct.

And

those reserves were frozen.

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

Okay?

So

where they are or where they're frozen is a matter of whether the sanctions can touch them.

And we've been able to, with the sanctions that have been imposed broadly, not just by the U.S.

but other countries, we've been able to

freeze the reserves wherever they are by Russian reserves.

So now Russia says, hold on, I don't have the money.

I can't get access to my reserves.

What do I do?

And here's where it becomes a domino.

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

There's your trust question.

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

That's a trust question.

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

Well, if they can somehow exchange with China and China takes their commodities, but how is China going to get liquid?

How are they going to be able to liquidate enough where they could get liquidity to pay for it?

They sell U.S.

treasuries.

China's holding a trillion dollars in U.S.

treasuries.

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

Correct.

So immediately, if U.S.

starts to see that China is dumping treasuries, Russia's got U.S.

treasuries, they dump U.S.

treasuries, all of a sudden our treasuries start to tank.

And what happens?

We start to see hyperinflation.

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

And that becomes the problem, kind of the ripple effect.

The stone drops, and then you see the ripple in the water.

So, David, I can't tell you how many people I talked to, and I'll talk to them about what the Treasury's own white papers and the Fed's own white papers,

the Hamilton project up in Boston, what they are talking about with a digital currency, which would replace the current currency and be a reset for us, where I talk about, you know, hyperinflation, and people just say it can't happen here.

It just won't happen.

It won't happen.

Nobody has that control.

The politicians or whoever won't let that happen.

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

What we're betting on, Glenn, we're betting on the fact that we're the largest consumer in the world, so everybody needs us.

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

We don't pay our bills fully.

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

So that's number one.

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

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

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

That's a risky bet.

They could go into other, they could either go commodity-based or somebody could really get aggressive here and play play cryptocurrency game and move completely out of the dollar right and then the third part is we're betting on the fact that we're strong we're we're the global police officers well we've had a couple of events this year that haven't manifest our ability to really rise up and and be trusted in that area to where we're not being seen as that strength that they can rely upon.

So those have been the three things that we're kind of going to the market with some swagger saying, you know what, you can't afford to allow us to have hyperinflation.

You're not going to dump the dollar.

You're not going to dump treasuries.

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

Could it be immediate?

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

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

So when they do that, we're only betting on, hey, we're consumers, you need us.

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

How much time do I have, Sarah?

I have one minute.

There's so many questions I have.

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

And that's what caused all the problem in 2008, right?

This is analogous, Glenn.

It's analogous, but it is a much larger institutional piece of which I'm not sure China and others would want to see Russia default, seeing so many players.

Okay, all right.

Hang on just a second, David.

I have much more to ask you about.

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

More in a minute.

The Glenn Back program.

Connie wrote in about Relief Factor.

She said, I just want to say how wonderful this product is.

She said, I have

back issues.

And

the back issues and now hip issues continually gotten worse over the years.

A while back, I saw the ad for Relief Factor.

I decided to try it.

After two days, I could already feel the pain subsiding.

Thank you, thank you, thank you.

Connie, I'm glad you took your life back, took control of your own life again.

If you're dealing with pain, you can get out of pain.

Please give Relief Factor a try.

It's not a drug, but developed by doctors, and it has four key ingredients that work with your body to fight inflammation.

And that's the secret.

It attacks it four different ways.

They have a three-week quick start developed for you at $19.95.

You take it for three weeks, as directed.

If you don't see any results, it's probably not going to work for you.

But in those three weeks, 70% of the people see results and they go on to order more month after month.

ReliefFactor.com, ReliefFactor.com or call 800, the number for relief.

800 for relief.

ReliefFactor.com.

Feel the difference.

The new book from Glenn Beck is the great reset.

It's available now in bookstores everywhere or at GlensnewBook.com.

Miss a minute, miss a lot.

Make sure you get the podcast today.

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

And

it was so good, so solid, and

he really boiled it down.

Anybody who thinks, oh, IESG is a free market system, no, it is not.

And take it from him, you know, a CEO and a founder of a billion-dollar company and hangs with all the people who he says behind the scenes are all saying, this thing is a nightmare.

Make sure you grab that.

We've been talking to David Buckner.

He is a professor at Columbia University.

He's

one of the only professors that I would ever trust, especially from Columbia University.

He is the president of bottom line training and consulting.

He works with companies all over the world.

He has been a guy that has been explaining

the economy and how money works for me for a very, very long time.

Used to see him on Fox News with me.

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

So let me, I've got three questions for you, David.

Let me start with this.

I keep reading that this war and everything that's going on is

an anti-globalist movement.

But I think that's elite talk because I think what this actually is,

you know, to the average person, it's not anti-globalist.

It is dividing the world into an Axis and allied power, where it would be the United States and Europe, and then there would be China, Russia,

Afghanistan, India, Pakistan, all the way to Saudi Arabia, and God forbid, Taiwan.

And if we lose Taiwan, maybe we lose the Southern Pacific as well with Australia.

But that is, there's a group that will have their own economic system and their own way of doing business.

And then there will be the West.

Am I reading this right or wrong?

Well, we're dealing with something right now, Glenn.

You're not wrong in your observations of kind of where it's going.

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

Correct.

And you see many that are observing it, see the division within the United States.

There's so much discombobulation and discomfort in the U.S.

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

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

And there was nothing else to battle.

And so there's kind of the psychology of where does the U.S.

go?

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

We had a monetary system.

We had a political system.

We had even the United Nations was kind of a system.

And now we're starting to see systems cannot, they're not broken, they're circumvented.

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

You're getting a barter market where they no longer, I mean, Facebook marketplace, you know what I mean?

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

And you're starting to see with some of the commentary that's coming out of leadership in Russia that they don't want to lose their,

I mean, even that the leader has suggested he doesn't want to lose his position.

He wants to go back to the old Soviet Union in some ways.

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

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

Well, they might.

I think that's why we're talking about

a digital programmable dollar from the Fed because they think they can kill the black market.

They can control it all the way down to the

very bottom level.

But that would assume adoption.

That would assume that we all adopt that.

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

Now, to your point, they use digital exchange, Venmo and other things, right?

Right.

so they they may be being wooed into a system that could be monitored but i i dare venture that i'm not sure that they're being wooed into a system that and it could be manipulated as well to be fair but i'm not sure as soon as they were to find that that system is being managed they might adapt to a different system you're finding more pure market movement yeah that you would have to adopt a digital currency and people would have to assume that that's the only mechanism by way we would exchange for that to be truly as viable and productive as many of those that are building it would say.

So you're seeing movement in this market, which is really quite fascinating.

And it's disconcerting for those who want control.

It's disheartening for those who think they're going to be controlled.

And it's enabling for those who think, oh, my gosh, if this doesn't work, I can try something else.

I mean, you go from, you know, if you go to social media, it used to be Facebook, Facebook and then it went to, now you're getting snap and now you're getting everybody moves.

They keep moving, moving, moving away from less control to more individual control.

So that may be the one redeeming component of all this.

David,

do you agree that we are operating now in the United States under modern monetary theory?

By default.

We are moving away from traditional structured monetary components.

That's the way I identify it because while

the monetary structures are in place, they're less relevant today than they've ever been.

And that changes the whole dynamic and the conversation.

When you say liquidity, the youth of today,

there's just no mindset around, I've got to go to a bank, I've got to show my credit rating.

I mean, they're Benmoing each other loans all over the place.

That's a completely informal market.

And that's the way it's going to transform exchanges globally.

I'm talking not just in our neighborhood, global transactions and cryptos are going to play into this a bit to the degree we don't know, okay?

But

it's going to remove the formality.

So to your question, yet.

So

it will

remove the formality unless the nations...

decide they want that control and they're they're moving that way through ESG, whether they can actually pull it off before people rise up and go, whoa, whoa, whoa, whoa, whoa, wait, what?

You know, that remains to be seen.

I accept that.

I accept that, Glenn, with this exception.

In many countries that are highly planned, where I've been, I mean, you know, we've been friends for a long time.

And the number of countries I've traveled in that are supposed to be planned, they're supposed to be very closed and structured.

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

Right.

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

Now, we would call it a black market, and they might even call it an observed market, because as long as they don't disrupt the governance,

they allow them to occur.

But they're highly market-driven by barter systems.

So even with this, can they control us,

I think that the

box is open

and you can't un-market a place.

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

You can't even build a wall anymore around a marketplace when you have a mindset of a Venmo use of today that can exchange in 15 seconds something that we used to have to transfer through transactions and a bank.

They don't use a bank.

They're using these clearinghouse mechanisms.

that are

so fluid that they don't understand really that you actually have to have one centralized look.

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

And to your point, can we re-box that?

I don't know.

I don't think so.

I think you can until it hits critical mass.

And I don't know what that number is, that market cap is, but as soon as you have

too many people with way too much money into it, then

I don't think you can put it into a box.

David, last question.

I've only got a couple of minutes.

Your thoughts on inflation and where we're headed?

Well,

we're dealing with a debt that is frightening.

The $30 trillion with the debt ceiling continues to increase.

We're double spending every year.

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

So reducing that down to only spending $3 trillion.

The expenditures, the inordinate amount of expenditure into the economy in the name of what we've gone through, which is COVID, and

the reality of that

is organically setting us up for a significant hit on inflation.

It's not just a check mark for 15 seconds.

We're dealing with significant inflationary pressures, and now you're going to start seeing that that will increase, especially with interest rates and other things dominoing.

I worry for the next period of time that the disparity between rich and poor will become even greater

because those who hold property where real estate goes up in an inflationary time and those who are renters where rent goes up and they can't pay for it, that disparity gap is going to be enormous, creating even greater problems and discomfort on this inflation.

So it's real, Glenn.

It's real.

Thank you, David.

It's good to talk to you again.

Thank you so much.

Always good.

Yeah, God bless you.

God bless you.

My best to your family.

David Buckner from Columbia University, don't hold that against him.

He's the guy who I met years ago who came up to me at

some

event, and he walks up to me, and of course at the food table, and he said,

where'd you get your economic

degree?

And I thought, you.

I said, I don't have one.

He said, I knew it.

And I was about to punch him in the face.

And that's when he said, I cannot get my students to think like you.

He said, you've got to think out of the box.

And this higher education, all it does is put you in a box, put you in a box, put you in a box.

And the only way you see trouble is if you don't think that way.

You know, that's a good David Buckner story.

And of course, the David Buckner story, maybe most famous is the one where he passes out on Fox News.

However, my favorite David Buckner story

is when we did a stage show and you were going to explain the economy and you decided you were going to explain it like the economy was a car.

It was a convertible.

And

you had this grand, of course, you're getting us to run around and try to find a convertible like 10 minutes before the show.

They bring out this old school convertible and David Buckner is going to be part of the show.

He's going to help explain the economy.

And so, I don't know, 15 minutes before the show, thousands of people out there all in their seats.

You decide,

instead of me calling out David, you know,

a half an hour into the show, like I was going to, what I'm thinking of doing is I'm going to just have him out there and I'll just bounce ideas off of him the entire time.

We'll go back and forth.

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

You sitting in the convertible on stage, and then I'll just go back and forth with you the whole time.

And he's like, yeah, absolutely, Glenn, whatever you need.

So he goes out there, he sits up, the camera, the curtain goes up.

David Buckner, this economist that no one, you know, they know him from the show, maybe, but like, you know, they don't know why he's sitting in this car or why the car is there?

Or why the car is even there.

So Glenn comes out, does a totally unrelated monologue for like 45 minutes without introducing David at all.

Or the car.

Or the car.

So there's just a car with a guy sitting on stage with no explanation for the entire show.

The curtain goes down.

And then, oh, sorry, David.

I'm sorry.

I never got to.

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

Oh,

David, I don't know why you're still my friend.

I don't know either.

I apologize for that.

All right.

Let me tell you about

Patriot.

Oh, that has happened more than once, hasn't it?

Oh, yes.

This is part of

knowing you.

It's love and life.

I'll tell you that much.

All right.

Patriot, Patriot Mobile.

Have you switched your mobile carrier yet?

Please do.

First of all, you're most certainly paying way too much.

Way too much.

And the level of service that Patriot Mobile will give you will at least match.

I think it exceeds their customer service.

It is all-American.

They're great.

And I can tell you that their prices are better as well.

You will save money with Patriot Mobile.

And they have the same nationwide coverage because they're using the same cell towers as all the other major carriers.

Everybody's on the same stick.

Patriot Mobile.

They have plans to fit anyone's budget, and they're not funding abortions.

Isn't that great?

Yay!

I really want a phone company that will help Planned Parenthood out.

Or not,

if it's or not for you, go to patriotmobile.com slash Beck.

Get free activation with the promo code Beck.

It is patriotmobile.com/slash Beck or 972 Patriot.

Switch today, 972 Patriot or PatriotMobile.com/slash Beck.

Stay informed.

Sign up for the free newsletter today at GlennBack.com.

Happy St.

Patrick's Day.

I look forward to this day every year because our technical director,

Sarah, this is the one day she likes to switch it up.

This is the one day she's not hammered.

Yeah.

It's interesting.

It's a little bit different.

If you noticed the show was going well today, it's St.

Patrick's Day.

Right.

That's why.

This is our most efficient day of the year.

Yeah.

Anyway.

I have some

breaking news,

top books on Amazon right now.

Number four, Atomic Habits.

Great book.

We've talked about it before.

Number three, Run, Rose, Run, a novel by Dolly Pardon and James Patterson.

Oh, yeah.

Big book.

Yeah.

Lots of publicity on that one.

Number two, as you mentioned, St.

Patrick's Day is How to Catch a Leprechaun, which, okay,

it's theme for the day, I would think.

Good, good.

And back on top, number one, The Great Reset by Glenn.

That's great.

And it is out in paper.

It's amazing how much better it sells when it's available.

It's like it's way better.

It is a great problem to have.

That's what they're saying at Ford with all of those Broncos sitting there for like 15 football fields.

Great problem to have.

People really want them.

People can't get them, but they really want them.

We could sell them like crazy, but can't.

Yeah, no, I think this is something that, you know, I know there's been a lot of economic turmoil around, and I don't know if companies have thought of this.

What if you have the product available you want to sell?

Yeah, it's just an idea.

I don't know.

Like, if you're running out of McDonald's, like, maybe have Big Macs in stock.

Right.

You know, it's just an idea.

It is out now.

You can get it again in hardcover.

It's available wherever you get your books.

Please get it in in hardcover right now.

Please get it in hardcover.

You may understand why I'm saying that now.

You probably will really understand that maybe someday in the future.

Hopefully not.

The Great Reset available everywhere.

Another great hour coming up next.

This is the Glenn Back program.

I want to talk to you a little bit about a new sponsor called Sweatblock.

I am thrilled to have them on.

This is a product that actually really, really works and it's completely different.

I mean, they have the deodorant and the antiperspirant that you just would, you know, roll on your arms, but they have sweat block wipes for people who really sweat.

You use them once a week.

I just gave them to my daughter because

she's in a production, a theater production.

She has like four or five less than a minute costume changes, and she just sweats up a storm with this running around and doing everything she is doing.

Gave her sweat

and she's using that now, which is a tremendous, tremendous help.

You don't have to have the sweat tacos under your arms

to try it, but if you do suffer from that, I mean, this is really it.

Try their deodorant stick, best I've ever tried.

Get it all today.

20% off at sweatblock.com.

Sweatblock.com.

Probably the most

accurate name for a product I have ever seen.

Sweatblock.com.

Promo code Beck.

You can also pick it up at Amazon.

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 Glen Back program.

Hello, America.

Yesterday, the Fed raised the

interest rates, and they said they're going to do it, I think, six or seven times more this year.

This could get dicey in many ways for everyone.

And I want you to understand what happened yesterday and not in terms of, well, you know, us traders believe.

I don't care.

I don't watch CNBC because I only understand about a half of it.

I want to know what this means to the average person.

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

She gets it and can explain what it all means in 60 seconds.

So what would you do if one day you woke up and all the people who made things had just decided to quit?

The consumers remained.

It was just the producers just went off to do other things.

All of a sudden, you had to make your own car, your own clothes, your own alcohol.

At that point, I would have to make alcohol.

I mean, I would.

You get a perspective on what you and everyone else

deserves, right?

I mean, you really are like, oh, wait a minute.

That's kind of a...

This is what happened with Atlas Shrugged

by Ayn Rand.

The Tuttle Twins books tackle it in the Tuttle Twins and the Search for Atlas.

That's what these Tuttle Twins books are all about.

I mean, you you know, you're not going to read Atlas Shrugged to your kid.

First of all, it's like 1,200 pages.

But it's really an important book to understand things.

That's what you can teach your little kids about how things really work.

Tuttle Twins are offering three great bonuses if you order their set today.

Go to tunneltwinsbeck.com, get a 35% discount plus all the bonuses.

TuttleTwinsbeck.com.

Keep your kids sane and understanding what is really right and and what is wrong.

TuttleTwinsbeck.com.

Do it now.

Carol,

welcome to the Glenn Beck program.

Hey, Glenn, lots of things to talk about.

Yeah, boy, I've got a long list for you, too.

So let's start with what happened yesterday and why people should care.

So I want to take a step back and talk about why the Fed did what it did in terms of raising interest rates, what we call 25 basis points or a quarter of a percent.

100 basis points is 1%.

And basically, they were undoing the,

or at least attempting to start to undo the effects of what they in part cost.

Their monetary policy, zero interest rate policy, printing trillions of dollars, the government spending trillions of dollars in terms of fiscal stimulus, turning parts of the economy off off and wrecking the labor market and the supply chain.

All of those things are the reasons we have inflation today, exacerbated by decisions that the Biden administration made around oil and gas dependence and whatnot.

So basically, we had inflation, which we've all been talking about and seeing as we go to the grocery store and certainly at the fuel pump and whatnot.

And so finally, they said we have to do something.

Now, I'm going to tell you, this is a little bit of window dressing because they were doing accommodation.

They were in the market purchasing securities last week.

So last week they were being accommodative, but this week we have to maintain our credibility and we need to do something.

So they decided to raise what is called the Fed funds rate.

It's a rate where banks lend to each other overnight in terms of their reserves, and that reverberates through the market.

So they had brought that down to a target of zero to a quarter of a percent.

And they had held it there for the last couple of years.

And they said, okay, well, you know, inflation's getting away.

We better raise some interest rates, one of our tools in order to do that.

And they took the huge step of a whole quarter of a point increase to do it.

Yeah, it's very, very, very meaningful because they need to be credible.

Right.

The last time we had this problem of this size, it took an interest rate of about 19 or 20 percent, if I'm not mistaken.

Raising it a quarter is really

is a joke.

Where do you think these interest rates should be?

Not considering killing the economy, just where it should be.

If we were in a healthy country still, would it be 20%

or more?

So there are a couple of things to unpack there.

First of all, this is an unprecedented situation.

We don't have a benchmark because we've never had central banks, not just in the U.S., but around the world, printing trillions upon trillions of dollars.

This has just never happened before.

We've never had governments turn off the economy.

You never have a situation where there's 1.7 jobs available for every job seeker because of what the government did.

So we're flying a little bit blind.

I've always been a fan of normalized interest rates.

I think it's a horrible idea to have the Fed meddling and trying to direct things.

I want the market to set it.

And so before all of this nonsense started, before the financial crisis, the Great Recession financial crisis in 07, 08, which was really the first time we went totally off the rails with the zero interest rate policy and the purchase of securities, the interest rates were around

five plus percent.

And that seems to be a healthy place where things should be.

We should not be in a place where we're saying

when you take risk, you shouldn't be getting rewarded for it, 0% interest.

It makes no sense.

So in reality,

we're still at very historically low interest rates.

And in a healthy economy,

to have 3, 4, 5% would be completely acceptable.

We just have been so addicted to this easy money and this free money for so long.

I'm not sure how we get out of it.

Okay, so there's a couple of problems with 5% interest rates right now.

One would be that people would not be able to afford new house, et cetera, et cetera, because of inflation and everything else.

But the other that nobody ever talks about is we now have a national debt over $30 trillion,

and that is just like buying a house.

You have an interest rate on that.

If we had an interest rate of 5%,

How much more money do we have to pay?

Bingo.

This is the dilemma that the Fed has gotten themselves into by keeping down interest rates.

They've basically given the government a free pass to just spend and spend and to rack up more and more debt.

And we're at a point where the debt is completely out of control and has exceeded our level of GDP.

So if you think about 30 trillion of debts, and obviously the Fed funds rates and the interest rate on the debt isn't a one-to-one correlation, but we know that as one moves up, the other moves up.

So in terms of the interest on our national debt, I want everyone to pay very close attention because this is staggering.

For every 1% increase, that is another $300 billion

that we have to pay in interest on the national debt.

That is our tax dollars that are going to pay more for things that we have already purchased.

It is not new purchases.

It's literally a finance charge, a almost like credit card interest rate on stuff we have already bought.

And this is the dilemma the Fed has because they know as they raise interest rates, this is going to get out of control.

The CBO had made a projection that's saying that this is going to get out of control.

But in their projection, they said, well, you know, we think the yield on the 10-year treasury note gets to about 2.1% in 2025.

So, you know, we're going to have to really be concerned maybe in 2029.

The yield on the 10-year treasury note is at that 2.1%

today.

So multiple years ahead of time.

Please talk down to me like I'm in kindergarten.

I don't understand the yield thing with the treasury, how that works, how that's affected.

So can you explain that?

Yeah, so basically it's, you know, how much the government has to pay on the debt, on debt.

So it's what the market demands.

And obviously, you know, if there is a lot of demand for treasury securities,

the prices of that go up, then the yield or the interest that you demand is lower because there's a lot of demand.

You don't have to pay a lot for your debts.

But we had been at very, very, very low, even because the Fed was buying up.

There was no demand for our

treasuries, which is our loan.

So let me put it in context.

What we are paying currently on our national debt in terms of a combined interest rate is somewhere in the neighborhood.

I've seen projections of 1.4% to 1.6%.

So they've been able to finance that at a very low rate, but that number is starting to creep up.

And with the Fed increasing interest rates, it will further creep up.

And every 1%

is $300 billion.

So

if we have an interest rate of

5% or 6%,

we're talking like between two and three trillion dollars more, the entire budget.

Exactly.

It's just completely untenable at that point in time.

So

I would imagine other things happen in the interim, but you know, this is why when we talk about things like MMT modern monetary theory, or why I call it magic money tree, that says, you, well, you can just print into infinity because we can just print more.

Well, we are now living through that real-time experiment.

experiment.

As we've all said, no, you can't.

It causes inflation.

It has real costs for the average American, and it decreases the value of every dollar that you hold.

All right.

So, the best thing you can do is get out of credit cards.

You should cut those up if you can, and pay them off if you can, get a refi right now, because you're probably paying about 16% for your credit cards, correct?

Yeah, I mean, and it could be going up, And anything that has that adjustable interest rate associated with, some people may have something called an arm, an adjustable rate mortgage, where it's, you know, it adjusts over time.

Maybe it's fixed for a certain number of years, but then it starts to float.

Anything that is adjustable rate debt is going to increase in price.

And if you, if you need financing, let's say you have a business and you haven't taken advantage of low rates yet, you're going to want to lock that in on a fixed basis now because it's not going to get cheaper anytime soon.

Now, the other problem, the problem with raising interest rates is, let's say you have a business and you need a loan.

If the interest rates start to go up, that kills that business.

They can't afford that loan, just like we can't afford our national debt.

Or you want to buy a house.

Yesterday, mortgages, new mortgages fell immediately, or just on the whisper that it was coming.

We are seeing a a slowdown in mortgages, which means that people are going to buy fewer houses.

The scary thing about this is you don't know where that switch is.

You just kind of have to guess, and it might shut everything down.

That's the needle that the Fed is trying to thread in addition to dealing with the consequences of the national debt.

What happens is as they raise interest rates, their intention is to slow down the economy.

I mean, that's that's basically what it is.

They want to slow down consumer demand.

But the question is, how do you do that without creating a recession or without creating reverberations for the economics of the average American?

Can I be really, really cynical?

I mean,

in fact, let me go beyond cynical.

Let me go into, I'm a thriller writer.

Okay.

And I'm writing a thriller.

And for some reason, this country needs to slow down the economy, but they can't slow down the economy because then businesses will fail.

But they don't really care about the average person.

You know what I mean?

That's going to fail.

That's fine.

We'll print more money.

We'll put them on welfare or tell them to stay home or whatever.

Wouldn't one way to slow the economy for the consumer, but not slow the economy for the big corporations?

Would a war

do that?

I think that would completely change the tenor of the economy.

But I think that raising the interest rates does that because, kind of like we saw over the last couple of years, if you are a big corporation, you've taken advantage of that debt.

You have that war chest.

You have that strong balance sheet.

So, in terms of the transfer of wealth,

that is one way to do that.

But the war,

that would completely change change the tenor of, you know, who benefits.

And certainly it would be the bigger guys versus the smaller guys, but it would probably be folks in defense

rather than the financial services industry, for example.

Okay.

Carol, hang on.

I've got some more questions and like you to explain a couple of other things coming up in just a second.

Give me 60 seconds.

We're back with Carol Roth.

The name of her book is The War on Small Business, a Must Read.

There are some things in life that you just can't prepare or protect against.

Having your identity stolen by cyber criminals does not have to be one of them.

Your information is all over the place online every day.

There's no shortage of people out there

looking for your money, looking for your stuff.

So how do you protect it?

Well, nobody can follow everything.

Nobody can protect against everything or catch everything.

But the best group out there, I think, they've been, I think they're the first in this line.

I think they invented,

you know, identity theft protection, and they've been doing it for decades.

Is Life Lock?

Lifelock.

Right now, if you join, you can save up to 25% off your first year with the promo code Beck.

Call 800 Life Lock, 800LifeLock, or Lifelock.com.

If you use the promo code BEC, you'll save 25%.

So do it now.

Promo code Beck, lifelock.com.

10 seconds station ID.

All right.

So I want to talk to you about the dollar being the world's reserve currency

because I'm watching the sanctions that are being put on and I'm seeing things happen to where if I'm another country, especially Russia, I'm going to China immediately saying, I want to partner with you because they just made my money worthless.

I can't get my money out of the central bank, the Federal Reserve.

That's my money.

And they won't let me get to my money.

If that starts to happen and then Saudi Arabia starts to sell oil off of the petrodollar, that's really bad news.

And let's say the West holds together.

But half the world is off the petrodollar.

What does that mean for us, Carol?

Carol?

It potentially means the end of the U.S.

dollar as a reserve currency.

Explain what that means.

Okay, so I mean, to the average person, forget about, you know, the central banks and everything else.

What does it mean to the average person to have half the world get off our dollar?

Ship themselves.

So this is why I love you, Glenn, is because we take the most complicated concepts in the world and try to explain them as if you know it's Elmo and Big Bird here.

The idea of being the reserve currency, it's something that

has sort of long history and it means particularly in the case of goods and services, but also in the case of oil, that everyone in the world pretty much agreed to use dollars for settlement.

And that puts some responsibility on the United States.

There's something that is called the Triffin dilemma.

And And it's an economist back in the 1960s who basically said there's a conflict.

If you are going to be the world reserve currency, you're going to have to make tough choices.

And you're not always going to be able to do what's right at home in order to make sure you're doing what's right in the national sphere.

Yeah.

And unfortunately, this has been an issue that's been going on for a long time.

But in recent times, as we've been talking about with the Fed and the decisions decisions that they've made, they actually haven't done right by either party.

They've been screwing over the average American with their policy and transferring wealth, but they've been doing the same thing in the national sphere.

And frankly, a lot of countries are getting sick of it.

And so there have been predictions for quite some time that there was going to be an event.

An advisor actually to the OECD said that it's probably not an economic event.

It's a geopolitical event that's going to expose this system, you know, wink, wink, nudge, nudge.

And so a lot of folks feel like the sanctions that were made against Russia were potentially a cover story that we know we are potentially going to lose this reserve currency status.

So we're going to say, well, we did it because we had to take a stand.

But the reality is, you know, as we've now shown the world, you can put your money money in our central bank and you can buy treasuries and US dollars and hold them, but you might not be able to access them, which is not a really good thing if you're going to be the world's reserve currency.

So there are a couple of potential outcomes, and I know that you've been talking about this, Glenn.

But one thing that folks have been talking about is, does China potentially step into the reserve currency position?

There is an issue around that because usually if you have the reserve currency, you run a trade deficit.

And we know that China is a nation of exporters.

So are they really going to step into that?

I'm not sure.

The other thought is, listen, we've seen so many banks, central banks around the world print so much money.

There's all of this debt.

You can't really just say we're going to cancel it all because there's counterparties.

There are people on the other side of the debt.

So what could you do to offset that?

Well, if everybody hold on, hold on.

Okay, Elmo and Big Bird have to stop because there's okay.

Elmo says there's only 20 more seconds left.

Okay, so

we will come back because I really want to hear this

other new plan.

And canceling debt just opens up Pandora's box, at least in my head.

We'll talk about that coming up with more.

Carol Roth in just a second.

Stand by.

That's right.

Did you get your vaccines yet?

The Glenn Back Program.

American Financing, NMLS 1-8-2-3-3-4, www.nmlsconsumeraccess.org.

Okay, if you're listening to today's show, if you missed a minute of today's show, you need to get the podcast.

But if you've been listening, you understand now why I have been saying American Financing, why I'm still saying today, get out of those high interest credit card debt.

If you can get a consolidation loan and

lock your debt into 4% interest instead of 16, which is not locked, it'll be 20 quickly.

Please call American Financing.

Find out.

Just give them your situation.

They'll shoot straight with you.

There's no obligation.

There's no fees or anything else.

Just talk to them.

If they can find something that will help you out, you could skip up to two mortgage payments and close in as little as 10 days.

That'll take some pressure off.

Go to American Financing right now, 800-906-2440, 800-906-2440, or AmericanFinancing.net.

Go there now, AmericanFinancing.net, 800-906-2440.

We're with Carol Roth.

She is the author of

the book, The War on Small Business.

She's a former investment banker.

Don't hold that against her.

She calls herself a recovering

investment banker.

She worked on Wall Street for years and years and then kind of went, ooh, I might be on the wrong side here

and is trying to do everything she can to strengthen individual businesses, small businesses all across the country.

And I love her for it.

Carol,

you were just saying that one of the options in this nightmare scenario, which I think is unfolding in front of us, where the World Reserve currency is not going to be the dollar.

I don't know what it is, but they're going to change the dollar from what it is to a digital dollar.

And I don't know how it all shakes out, but probably not very well.

But you brought up there's all this debt that we just can't cancel because there are people on the other side of that debt.

Yeah.

Okay.

So explain what you think.

That can't happen, you say.

Well, I mean, nothing is a never scenario, right?

We're in an unprecedented situation.

And, you know, for people who are students of history, despite all of the wreckage that could come from this, it's a very interesting point in time, especially financially.

You had the US dollar as the world reserve currency.

You had then us going off the gold standard.

Then you had us with the petro dollar basically saying we will manage the dollar as good as gold for oil.

And then you had the Fed basically go completely rogue and not do that.

And anybody who is holding reserves that they're supposed to say, well, the US dollar is safe and it's a a good store of value and we keep devaluing it, you know, that's not a good thing and good outcome from that.

So, and these are, by the way, these are not my theories.

I'm just communicating what is out there from people who are far smarter than I am.

But one of the theories is that if you can't cancel the debt, then you can make everybody whole by writing up another asset.

So is there a neutral asset that central banks have access to that's on their balance sheet that maybe they have been buying at really good prices.

That all of a sudden everybody comes together and says, Well, we're just going to write up the value of that.

Is that writing down the debt?

Gold.

Gold.

So central banks have been buying tons of physical gold.

By the way, billionaires have been buying a lot of physical gold as well.

And I use the determination physical because it's different than the market that's traded

because that's done in dollars, right?

So, if the dollar, you know, that who's backing that?

But physical gold.

So, there is a theory going around that potentially that on a standalone basis or a basket of neutral metals, which, by the way, was

thrown out as an idea early on when it was pushed aside for the US dollar, that maybe there is this, you know, come meeting of the minds.

And, you know, this is the way that you make all of these other central banks and countries whole is you just write up the value of that gold.

So if you think that that's going to happen and you think that the financial system is going to collapse, you know, then you want to be owning physical metals

and have a store of because when you say they're going to write off debt, you don't mean people's houses.

You mean

government debt.

They cannot write off government debt because, you know, when you take, that's a loan, right?

It's you, you owe the money back to somebody.

So the other side of potentially doing some sort of, oh, we're going to have mass forgiveness is that we take something else that everybody has and we just say that it's more valuable.

Poof, overnight, magic.

That doesn't sound like

a bad magic term.

Yeah, it sounds like bad.

We're dealing with a lot of black magic.

Stu and I were talking about this story that came out of Britain.

We haven't heard anyone talk about this.

Explain what happened.

Okay, yeah.

So just a little background.

It's in the London Metal Exchange, and it's the price of nickel.

Now, I know no one cares about the price of nickel, but just to give you the basis here.

Tesla does.

Yeah, that's true.

If you're buying an electric car, you certainly do.

So from 10,000, it's basically the last five years, it's bounced back and forth between 10,000 and 20,000

per metric ton.

It got up to a little bit above 20,000 here in the last few weeks.

And then obviously all the stuff going on in Russia, Russia, Ukraine, big places, you know, sources of where all of the nickel comes from for these electric car batteries.

It goes from basically 20 000 to 80 000 in basically a day okay so four times up in one day so let me read this is from the wall street journal listen to this have you read this carol oh i know this i know this story this is

yeah it's listen to this america this is craziness yeah so traders on the lendard metal exchange smelled blood and nickel prices almost doubled in a short period of time uh a chinese company faced a one billion dollar margin call that exchange officials feared it couldn't meet.

Rather than let it fail, which would probably have taken down several of the smaller brokers that serviced them, the London Metals Exchange decided to cancel all of the day's trading, more than 9,000 trades worth about $4 billion.

It canceled the trades, not because of a fat finger error, which exchanges often cancel, not because of a rogue algorithm, as regulators claimed in the 2010 flash crash in U.S.

stocks, but because someone with too much leverage was going to blow up with effects on some members of the exchange.

This is moral hazard taken to extreme.

It has always been true that if you face a $100 margin call, it's your problem.

While if you have a $1 billion margin call, it's the broker's problem, and the authorities might save them.

What is almost unprecedented here is that the exchange authorities decided to save them with money taken from other traders who otherwise would be sitting on fat profits.

I mean,

you won.

You picked it the right direction.

You've got these huge profits and they cancel your trade to save someone else.

And it's China.

It's China.

I mean, there is no such thing as a free market with this.

No, I mean, this is another too big to fail scenario.

It happened to be, I believe it was an individual billionaire who had made a short bet against nickel.

So he went in the other direction.

And that's what he's doing.

I mean, then

you don't put the money money down on the table if you don't know what the odds are and you're not willing to lose your money.

That's like going to Vegas and place in a huge bet.

And when you lose it, you're like, hey,

you know, Caesars, I mean, this is crazy.

And Caesar says, oh, we're not going to count that bet.

That doesn't happen.

It's horrendous.

And it goes back to the integrity of the markets and some of the issues that so many of the retail investors have been rallying against.

And it's just another example.

And there are big name banks involved.

The exchange was actually shut down for multiple days, I believe, before it started trading again.

And the people who made a bet and decided to participate in the market ended up getting screwed out of their profits, but they're never going to get the leniency if it happens to them on the other side.

And just the overall integrity, like you said, this is not a free market.

It is not a fair market.

And we have too many of these big guys who are being saved at the expense, sometimes literally, sometimes figuratively, of the small guys over and over again.

And that's what I think people are so sick of.

And when they see this next crash, especially with Janet Yellen saying, it will be equitable.

When we reassemble, it will be equitable.

What the hell does that even mean?

Probably stuff like this.

And when they see the rich getting richer, and

I don't mean the the person who runs a business and may have a million dollars.

I mean the rich,

the elite of the elite, the BlackRocks of the world, the banks of the world.

I just,

when their debt is being bailed out and real Americans are paying huge money for their food and their gas, and then their home is taken,

there's trouble.

That's real trouble.

Yeah, and unfortunately, that is the scenario.

I mean, there's one thing to become wealthy because you earned it in a fair playing field.

That's something that we want to celebrate.

But we do not want to celebrate when the playing field is tilted, when somebody's got their thumb on the scale, when we have this transfer of wealth from Main Street to Wall Street, which has been going on for, you know, in a very large part for a decade and a half, but has been accelerated over the last year and a half.

And, you know, if we talk about all of this coming to fruition and us losing reserve currency status, you know, it's going to mean a slower economy for us because we are not in a position.

We don't have the strong manufacturing base or competitive pricing to be able to export.

So all these people are like, oh, it's great.

We'll reshore the jobs.

I don't think they're thinking in context of our existing economic structure.

It's going to be unfortunately very painful.

But just to have a moment of hope here, Glenn, because this is really doom and gloom, is you have to remember in any time of pain, there is always opportunities.

And so it is incumbent upon you to find where those opportunities are.

What are the things?

Average person is saying, what is that opportunity?

Yeah, it's finding the things that have inelastic demand, meaning that people will pay prices even when they're continuing to increase and making investments in those kinds of things or retooling your business to be servicing those markets.

It's those kinds of shifts where you have to look for those hidden opportunities in what could be a completely new economic scenario for us going forward.

I think what you just said

translates to what I just told my kids.

You get into the job market, you have to be the most

effective, efficient, and hardworking employee.

Even if you're not at the top of the food chain, you have to be the one that the boss says, oh, he can't, because he'll do everything.

I mean, he's a little bit, I mean, he works like crazy.

You have to be that person.

Right?

Absolutely.

Absolutely.

Invest in yourself and make yourself indispensable to somebody else, whether it's a customer or to somebody that you're working for.

It's a huge competitive differentiation that's only going to get more important.

I would love to have you on maybe early next week.

I just had one of my producers put some stats together on

inflation and what that actually means to people.

I mean, when Biden got in, a hamburger, average hamburger, was $4.40.

Today, that average burger is $6.01.

And if we look at what they say

things are going to be,

you know, with

the, what are they saying, 7.9% inflation, that number is going to be $7 for a burger by the time the next election.

But I don't think those stats are right.

I think we're, if you want to compare apples to apples, look at how we measured it back in the 1970s and 80s when we hit it before.

That would mean that that hamburger would go from $4.40

to almost $8

by the time we hit a presidential election.

I just want to talk to you about inflation and how to beat that.

Plenty to talk about.

Would love to.

Thank you very much, Carol.

Appreciate that.

Appreciate it.

Carol Roth, the name of the book is War on Small Business.

Make sure you pick it up.

All right.

Do I need to say much about Goldline here?

Really?

I mean, did you hear what she just said?

And I know there's a lot of people that, you know,

I don't know what's going to happen.

I don't think anybody knows.

I mean, I think you heard that.

This is unprecedented.

There's no model for this.

But when the world goes insane,

the world usually goes back to gold.

So please, find out now if this is right before gold takes off even more.

China is buying tons of gold.

Russia has been buying tons of gold.

They know what's coming.

Why would billionaires are buying gold?

What do they know that you don't know?

Find out.

This week only, with every graded $5 gold Indian purchased, you're going to receive one of the unique silver mind your business bars at no cost.

Call Goldline at 866GoldLine to find out what kind of gold I buy, why I buy it that way.

See if it's right for your family.

It's right for mine.

May not be.

Find what's right for your family.

If you're already a client of Goldline, there's additional bonuses this week.

Just call them and find out.

It's 866Goldline, 866Goldline, or goldline.com.

The Glenn Back Program.

You know, when I was 20,

I didn't understand how the Germans couldn't see what was going on.

And then I couldn't understand why the Jews didn't leave when they kept doing it.

And it got worse and worse and worse.

I couldn't understand, ah, well, it can't get any worse than this.

I do now.

I didn't understand why the world, why America didn't get involved and why the world let

Germany march right into the Sudetenland and take it.

And then, surprise, when he took Poland,

I didn't understand how important a Churchill was.

We don't have a Churchill.

We do have a Stalin.

We do have a Hitler, but we don't have a Churchill.

Gosh, we do have a Neville Chamberlain.

He's in Washington.

And when you look at this, and this is what age does for you, it gives you the wisdom to go, wait a minute, wait a minute, wait a minute.

I see all the parallels, but

this is so delicate that you may not want to get involved deeper than this.

You know what I mean?

In years from now, it'll be very clear.

It turns into World War III, it'll be very clear what the answer should have been.

But it's not right now.

It's not.

It really is harder in the moment.

And it's difficult.

I think, you know, a lot of people on the right have kind of faded away from the hawkish view of these things.

And I think that's probably the right,

in many cases, is the right way to go.

But it's hard.

Like, I feel there's a lot of people just dismissing that view completely.

There is a good argument for the hawkish view here.

There is.

However, with the people managing it, there is not a view for it.

Like you could say there's an argument for a no-fly zone in theory, but like not with these people managing it.

It's like,

is it a good idea, Glenn, for you to open up a burger stand tomorrow?

Sells cheeseburgers.

Yeah.

Well, maybe, maybe not.

There's an argument.

It could be a good business.

Maybe it might not be.

Well, what if I tell you a heroin addict is going to run it?

Well, then you know right away you're not going to order or open the burger stand.

And that's where I feel like we are with the hawkish debate here.

Like, with they're sending literally Kamala Harris to deal with these issues.

And look at the Pentagon.

The people who brought you Afghanistan oh my gosh Millie I mean Millie is still there I mean and was never really held responsible for anything

really come on that's how you want to go in avoid at all costs yes I am afraid I have to agree with you avoid at all costs

this is the Glenn Back program Take the next 30 seconds to invest in yourself with Vanguard.

Breathe in.

Center your mind.

Recognize the power you have to direct your financial future.

Feel the freedom that comes with reaching your goals and building a life you love.

Vanguard brings you this meditation because we invest where it matters most in you.

Visit vanguard.com/slash investing in you to learn more.

All investing is subject to risk.