Best of The Program | Guest: Harry Dent | 2/3/21

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Hey, Stu!

It's another Andrew Cuomo Day, yeah?

Uh, it is.

The dumbest governor retire

in

the United States area, which might include Canada.

I don't really know.

America's dumbest mobster.

Andrew Cuomo, yes, he's here.

And not only being called out by us now, it seems like it's spread a little bit.

A little bit.

Yeah, it's going viral.

You know, when people in your own party and then the ones

in your own office, it's kind of a problem.

We also have one of the scariest, we should have done it on Halloween, one of the scariest guests we've had in a very long time, Harry Dent, the economist who has really called the direction of this economy, he's gotten some of the timing wrong,

but

he has called the direction of this economy.

In fact, he was on in, I think it was October of 2019, and he said, by spring of 2020, something will happen, and this whole economy is going to turn, and we're going to have unemployment.

And I thought, that's

crazy.

And that's exactly what happened.

He now says we're 45 days away from the Great Depression.

You don't want to miss that and what he says you should do about it.

This and so much more on today's program.

You're listening to the best of the Blenbeck program.

Coca-Cola has sent out notices now to law firms demanding that the company will require diversity among all of the law firms who bill it for work in the United States and reduce payments if they don't comply.

They later went on to say that

the Coca-Cola Company's chief of diversity, equity,

equity, not equality, equity and inclusion officer, Laurie George Billingsley, who sounds very diverse,

explains how Coca-Cola is creating a culture of diversity and inclusion.

Coca-Cola's general counsel is urging law firms to effect real systematic change by adhering to new requirements that mandate that outside counsel allocate a portion of work to diverse

attorneys, specifically black lawyers, or risk losing money or even future Coca-Cola legal business.

Koch said it will require quarterly reporting about the makeup of legal teams that do work for it and self-identify as American Indian, Alaskan Native, Asian, black woman, black or woman, Hispanic, Latinx.

I want a Latino, man, woman, child, it.

I don't care what your pronouns are.

Stop with the Latinx.

I don't know a single Latino person that doesn't think Latinx

is insulting.

It is directly from the Sopranos.

You're hanging out in some strip club going, yay, bring that Latinx away.

It's enough with Latinx.

LGBTQ, native Hawaiian, Pacific Islander, and persons with disabilities.

30%

of each billed associate and partner time will be from one of these attorneys.

And at least half have to be from black attorneys.

Holy cow.

Now,

here's why.

Can you see if you can get Tanya on the phone?

Do you have her?

No?

See if you can get Tanya on the phone.

Because no more Coca-Cola.

No more Coca-Cola.

And that is like gold at my house.

But that includes a lot of stuff.

Now, I'm not leading a campaign against Coca-Cola.

I wouldn't mind being responsible for that, but I don't lead boycotts.

I personally.

It was incredibly subtle there, Glenn.

I don't know if people picked up on it.

No, I'm fine with it.

But everybody has to make their own personal choice.

This is the line for me.

This is the line for me.

I will not cross this line.

And here's why.

Think of the impact.

that Coca-Cola is going to have a company this large.

And this is only the first.

They've they've already said over at the great reset, they're all in.

And so they're going to require this of all of their partners.

So when a company like Coca-Cola says, we're not going to do business with you unless you adhere to these things,

how many companies are just going to fold?

Most of them, because they need Coca-Cola's business.

So think of this.

Think of the truckers.

Think of the bottling plants.

Think of the people who, you know, supply them with water.

Everything else, everything

they do.

A company the size of Coca-Cola.

Tanya's on the phone.

Tanya?

Hey.

I always think of these things, and then I get home and I forget because we are talking about so many other crazy things.

Wipe Coca-Cola off the list.

I know we haven't bought any for a while, but we buy Topochi.

What is it?

Topochico, right?

We buy buy that water.

That's a Coke product.

Can you go through the Coke products?

No more in our house.

No more Coca-Cola products.

What happened?

I didn't hear about it.

Does she get a voice in this at all?

Is she just an edicts of no Coca-Cola?

No, no, no.

We're on the same page on this kind of stuff.

They've just, they're just going totalitarian as a corporate kid.

Yeah.

So go ahead.

What are the products?

Hang on, hang on.

Listen to this.

Okay, here you go.

Poor Tanya.

She's not even.

Yeah, I got it.

I got it.

I got it.

When you forget later, I won't have it anymore, but I got it.

Coca-Cola, Sprite, Fanta, Dasani, Smart Water, Minute Made,

Innocent.

I know that sounds like some creepy website.

Simply,

Georgia, Costa, Fuse Tea, Honest Tea, Fair Life, PowerAid,

CL.

So far, we're good except for the sodas.

Schweps, vitamin Water,

Gold Peak,

Appletizer.

I don't know what that is.

Topo Chico, Aquarius, Fresca

Barks.

Barks.

Oh, man.

Barks root beer.

That's really good root beer.

Peace tea, which is a bringing.

This segment's just making me thirsty.

Yeah.

Well, hang on.

They have restaurants too, don't they?

Or is that PepsiCo?

I know Pepsi has a bunch of those.

I don't know.

This is just the Coca-Cola company, but I mean, the beverage

better not do it because they're that right.

Paco Bell.

Yeah.

There's like 200 companies that they directly own, and there's 500 that they own all or part of.

So

it's going to be difficult.

You're not going to be able to eat or drink anymore, that's for sure.

Honey, do me a favor.

Write to Selwyn and say,

isolate Coca-Cola Company from

our stocks.

No more Coca-Cola.

Now, are you aware, does, do these other companies that have you checked into their backgrounds?

Coca-Cola Company.

It's the Coca-Cola Company.

You know what I'm saying?

Like, what's your alternative to Topo Chico, right?

A Perrier?

You think Perrier is some conservative company?

I don't.

I don't.

I don't.

So, what do you do in those situations?

I'm going to eventually run out of things.

Right.

Okay.

I'm going to eventually run out of things, but I am going to look for those companies that support.

What about Hanks?

Hanks isn't going to go down.

Hanks, Root Beer is the best.

Hank's root beer is the best.

I'll buy Hanks.

Absolutely.

It's always a good idea.

Right.

I mean, just, I'm not going to do it anymore.

You know what you should do with it?

Thanks, honey.

Buy more cookies and less Coca-Cola.

You are

shameless.

Kexi Cookies.

Kexie.com.

Well, you know what?

They probably cooked it.

Kexi, K-E-K-S-I.

Yeah.

It's cookie in Finnish.

Now, my understanding, Pat, is

the first.

First, what was it?

Scrumpt-diliscious cookies.

And you were like, I don't know how to spell that.

Scrumptious.

Scrumptious cookies.

You know how many Americans can't spell scrumptious?

And now it's Kexie.

Kexi.

Because it's in Finnish?

Oh, well, yes.

There are so many catchphrases in American that are Finnish.

For the love of Pete, make it easy to find these cookies.

Kexicookies.com.

Oh, hexie.

It is easy.

You just go there and you'll find them.

And you spell it K-E-K-K-S-I.

Yeah.

Now, are you requiring diversity training for all of your attorneys?

No, I'm not.

Oh, my gosh.

No, I'm not.

I'm in.

Are you going to start doing that?

No, I'm not.

Are you going to be part of the Great Reset?

No, I'm not.

Okay.

No, I'm completely against the Great Reset.

Good, good, good.

I'm glad.

I'm glad.

You're allowed so you can eat cookies and Hanks root beer, and that's all your food sustenance.

That sounds like a dream world to me.

That sounds good.

Like, I have absolutely no problem with that dream world.

Anybody join me on this?

Yes.

Because it's absolutely not.

And

just so we're clear, I knew Stu wouldn't.

Let me currently take a drink of Diet Coke right now.

Do you have a line?

You know, I think if Coca-Cola sponsored ISIS directly, I would think

to consider drinking less

Diet Coke.

Yeah, really.

But just.

If they even said the red in our logo is the blood of Christians killed by ISIS, you'd still think about that.

Well, I mean, I would, you know what?

I would no longer buy caffeine-free Diet Coke

in that circumstance.

Right or New Coke drawn.

New Coke, you're out.

And I know, look, we've talked about this a million times, and I know you're really sincere here.

I think

it's a tough thing to do in this world, right?

Like,

because as we point out, every single thing that you do has people that disagree with you strongly and

are backed by companies that totally disagree with you.

I mean, like, if you find some amazing company that you want to do business with, probably all their suppliers.

are doing these types of things.

So they're selling all their product to the product that you're buying.

But you can do things like if you have a 401k, if you have any kind of money that is invested in the stock market, most likely you're a shareholder of Coca-Cola.

Probably true.

I mean, Coca-Cola is a big company and

solid.

It's probably in a portfolio of yours if you're buying a bunch of companies in a mutual fund.

Get Coca-Cola off your sell your stock.

Sell your stock.

I mean,

you can still, I guess, use their product, but refuse.

I'm not going to.

I can't continue to go down this road.

And there's lots of things like I can't, what am I going to do?

I can't cut out all the entertainment in my life.

And there is just no real entertainment that doesn't come from Hollywood.

You know, it's getting better, but we're 10 or 15 years away from a real replacement for these things.

So I haven't given up, you know, on some of of these things.

I've given up on certain shows.

I've given up on certain things, but I just can't, I can't, but this I can do.

Yeah, I mean, look, you could, you could do what makes you feel like you're, you're, you know, what makes you feel good, basically, right?

I mean, that's really what this comes down to.

There's no way to actually avoid all the products of people and ideas that you disagree with.

I mean, you know,

you're addicted to your iPad.

Like, you think Apple doesn't have this policy?

Of course they do, right?

Ice cream is a really good example of that.

All of the premium ice creams, except for the ones we've been talking about from Brookers, Brookers Ice Cream, they're all raging progressives.

Yes.

You know, the Ben and Cherries of the world and

those brands in Ohio, I forget what her name is, but they're all big-time progressives.

I will tell you.

It's hard.

It's hard.

Brookers

Founders Ice Cream is just so good.

So good.

Yeah.

And it's now only available

by shipping, but that just became available like a few weeks ago, didn't it?

Yeah.

How do you get it?

Brookersicecream.com.

It is so good.

Click on the nation, ship nationwide table.

They won't let me invest.

I've asked them to invest.

Oh, really?

Yeah, I've asked Pat, let me invest in your company.

Nope.

No.

Well, Brookers, let me invest.

Nope.

Just like you're avoiding Coca-Cola, he's avoiding you.

I mean, he's like, we've got our lines, Glenn.

That's the line we shall not cross.

All right.

Don't forget about Pat Gray Unleash.

It's available on the Blaze.

And, of course, Kexi Cookies.

What is it?

Kexi?

K-E-K-S-I.

S-I.

You can search for it.

Do that.

This is the best of the Glenbeck program.

This revolution brought to you by Facebook.

We're glad that you're here today.

I want to talk to you about a song that has taken on a whole new meaning to me.

I've been listening to

Hello Darkness, my old friend.

And I've always liked that song, Sound of Silence.

But my son turned me on to the version by Disturbed.

And you should hear this.

The way he sings it is completely different.

And it took on new meaning because of some things that have been going on

in my life with my family.

But I've been doing a little bit of research just on

what does this song mean?

We've all sung it a million times.

What does it really mean?

What Paul Simon wrote

is a warning about these times.

What he wrote was what the hippies used to believe in.

What all of these people said, hey, this is going to turn into a problem.

And people like me for years dismissed them and said, Come on, it's never going to be that way.

And now it is.

What he was talking about was a brave new world.

I want you to listen to the lyrics here, and I can't play them without any kind of real restrictions, so I'm just going to read them to you.

Hello, Darkness, my old friend.

I've come to talk with you again.

He's alone.

He feels alone.

Important.

He's talking to the empty darkness.

He says, because a vision softly creeping left its seeds while I was sleeping.

Have you ever had a dream that you just can't shake?

Where it's with you all day and you're just like, oh man.

That's what he's talking about.

I had a vision softly creeping left its seed while I was sleeping, and the vision that was planted in my brain

still remains

within the sound of silence.

In the restless dreams, I walked alone.

Narrow streets of cobblestones, neath the halo of a street lamp.

I turned my collar to the cold and damp

when my eyes were stabbed by the flash of a neon light that split the night

and touched the sound of silence.

What does that mean?

He's walking alone again.

He has no one to talk to.

He's completely alone.

Everything is abandoned.

He's walking down the street at at night, and a neon sign stabs his eyes and touches the sound of silence.

What is the neon sign?

Is it just a flashing bar?

Cocktails?

What is it?

You'll understand by the end.

And in the naked light I saw, this is the light of the neon sign.

And in the naked light, I saw 10,000 people, maybe more.

He was alone on the street, but the neon sign it flashes, and he sees 10,000 people, maybe more.

Listen to this: people talking without speaking,

people hearing without listening,

people writing songs that voices never share,

and no one dared disturb the sound of silence.

In the naked light of that sign,

people were talking.

No one was listening.

People were talking, but they weren't really speaking.

They weren't...

It was nonsense.

They were talking about things that didn't matter.

And nobody was listening to each other.

And there were a few that were writing songs, but no one would ever sing those.

They were never going to be sung.

Because no one dared disturb the sound of silence.

What is the sound of silence?

And what does it have to do with the neon sign?

Fools, said I,

you do not know.

Silence like a cancer grows.

Hear my words that I might teach you take my arms that I might reach you

But my words like silent raindrops fell and echoed in the well of silence

And then the people bowed and prayed

to the neon God

they had made

And the sign flashed out its its warning in the words that it was forming.

And the sign said, The words of the prophets are written on the subway walls and tenement halls.

What

now?

I find out what the neon sign says, and it says the words of the prophets are written on the subway walls and tenement halls.

What the hell is he even talking about?

And the people bowed and prayed to the neon God they had made.

Wait a minute.

What does a neon sign do?

A neon sign draws your eyes away from everything,

and it advertises.

And this sign was advertising that the words of the prophets are written on the subway walls.

Well, when you hear phrase written on the subway walls, and you've ever been to New York, at least lately,

that means spray paint.

That's not what he's talking about.

The words of the prophets are written on the subway walls.

He was talking about advertisement.

He was talking about giant corporations that were controlling everything and were making it so wonderful, so comfortable, that no one was even talking to each other anymore.

Everyone was talking nonsense, and he was standing there saying, People, wake up!

And no one would.

And those words of the prophets were whispered in the sound of silence.

Paul Simon

saw

in his generation,

he saw the things and stood

against the things my grandfather didn't understand.

My grandfather said, you know, they're all hippies.

Well, no, no, some of them, grandpa, have a good point.

Some of them are just dope-smoking, orgy-loving hippies.

But a lot of them saw problems with the 1950s and the 1960s and they wanted to change society.

And some of them were really quite smart.

But it seems as though those people have completely sold out

because maybe they became rich and now they're in charge of the machine.

Now they're writing the words on the subway walls.

Now they're in charge of the neon sign.

And they are demanding that people talk without speaking, people hear without listening.

And anyone who writes a song that doesn't go with the neon sign,

no voice is going to share that song.

What was true then is true today,

unless you choose

to dare break and disturb the sound of silence.

This is the best of the Glenn Beck program.

Harry Dent, the author of Zero Hour, an economist who I think has called many things in the last 20 years,

even longer than that, 30 years,

really right on the money.

Harry, welcome.

How are you?

Oh,

Glenn.

So I want to talk to you a little bit about GameStop because, you know, I've been saying that the system has been gamed for a long time.

I mean, when George Bush had to violate the free market to save the free market, and we bailed all these banks out, et cetera, et cetera.

And then we just continue to do it.

You and I talked about

in what, 2019, you said in the spring,

something will happen and

the stock market will fall and the economy will totally change.

It was COVID that was that something that happened.

And you've been right.

Now,

what does this mean, this GameStop thing?

Some people say it's the beginning of the end and it's a real revolution.

Some people say it was no big deal.

Some people say that it is going to change and the oligarchs.

are going to rule because of this.

Well, you know, I see it more on the revolution side because we're in a very important cycle, like the American Revolution that brought in democracy and knocked down the monarchs for the first time.

Before that, it was the Protestant Revolution that took down the all-powerful Catholic Church of the time.

I think it's the central banks going down this time, and I cannot wait.

Because this whole GameStop thing only happens

in an environment I call the markets on crack.

So people think the insiders are manipulating the market.

A poll just showed 66% of people, insiders are manipulating the market.

Well, it's worse than that.

It starts with the Federal Reserve and central banks.

They've been pumping money nonstop.

Now you've got to realize this is not lowering interest rates and inducing people to borrow a little more.

This is literally putting trillions of dollars direct created out of nowhere into the markets, which means now more money chasing the same financial assets that pushes them up.

But that's not all because they say we're going to constantly buy these bonds, which pushes down long-term and short-term rates.

That means bonds go up.

Oh, and that means stocks go up.

So the traders, the big traders, the real manipulators, see, oh, my gosh, now we can leverage even more.

And oh, because we know the direction Fed's going to push stuff, and we're not going to see downturns for long, it reduces the risk.

Oh, and now it costs almost nothing with fake interest rates, zero rates, to finance this leverage.

So what has been happening?

I've been seeing this for years, and you have two good.

the big money, the hedge funds and the leverage traders, they throw their weight around.

They have the best information.

They know what everybody is doing.

You, me, little traders, other funds, everything.

And when they see people going in one direction, like bullish, they jump on it and they short.

And the problem is, I don't mind that they short.

Anybody should be able to go long or short.

The problem is they can do it on high leverage with options and futures and literally just push a market down until the people that are long capitulate.

So they've been doing this for a long time.

So I saw

it's hard to do.

Harry, what's really disturbing to me is, I mean, first of all, you're exactly right.

The Fed has been just, they call it investing.

They have been dumping money into the stock market, which creates a bogus stock market.

They are putting money in, not little people.

And

what happens is when the Fed just starts to buy the stock market, the Fed has gone to advisors.

Their advisors on who to invest in has been BlackRock.

Well, now BlackRock,

all of the heads of BlackRock, I think except for one, are now

in the Biden administration.

The chief economic advisor

for the president, Biden, is now BlackRock executive.

The chief economic advisor for Kamala Harris is now a BlackRock executive.

The right-hand man for Yellen in the Treasury Department is a BlackRock guy.

Even Goldman Sachs didn't have this.

Former Fed chairman, which puts a Fed chairman and a Fed person in the Treasury.

So yeah, we got everything locked towards endless stimulus, and this just invites leverage.

So again, Fed adds money to the markets, pushing up prices.

Traders add a lot more leverage, pushing up prices anymore.

You know what the most important number in the economy right now, Glenn?

Nobody's talking about it.

$520 trillion in financial assets globally, 6.2 times global GDP at $84 million, and way more than money and everything else.

This is the biggest bubble.

It's worse than the debt bubble at $253 trillion.

See, in a normal economy, a growth economy, debt might be 1.5 times GDP, GDP, and financial assets might be two, two and a half.

Now there's 6.2 debts over three times.

This is the greatest bubble, but the bubble now, because the central banks use quantitative easing, putting the money in, as you were saying, this is what's created the financial asset bubble, which is a bigger monster than the debt bubble, and that can deleverage and disappear money even faster than the debt deleveraging.

So these guys are creating a monster that's going to kick them very hard.

And I think it's coming literally in weeks or months.

No more than that.

So

I did a report back in 2006 or 20 when I was on CNN and I did a monologue on the money bubble.

I said, look,

the housing bubble is coming and it's going to burst and it's going to be ugly.

And then here's what's going to happen.

And they've done all of those things.

And I said at the end of that monologue, before the housing market bubble, I said the next bubble is going to be the money bubble or the everything bubble.

Everything will be put in and grossly abused.

And then everything comes down.

Do you agree with that?

Yes.

Yes, and that everything comes down by history.

And I'm the guy that studies history and what actually happens instead of ideology, okay?

At least 40 to 50% of those financial assets will disappear forever.

That is 200 to 250 trillion dollars, two and a half to three times global GDP, is going to disappear.

And if that's not going to cause a recession, Glenn, that's called a depression when you have that much deleveraging.

And of course, then the debt deleverages.

A lot of economic experts say, well, we kind of handled some of the debt stuff last time.

That's not going to be as bad.

No, no, the debt will deleverage.

It's this bubble that's going to deleverage first and trigger the debt deleveraging.

And the whole thing comes down.

Glenn, I can see nothing other than something like 29 to 32 coming in the next two to three years, but that'll be it.

We've been in this slow state.

Unless we go to the Great Reset.

I mean, are you following what they're doing in Davos with the World Economic Forum?

I don't even follow those guys.

Oh, you got it.

You have to.

The Great Reset is happening here in America.

It is,

it's incredible what they're doing.

And I think they,

you know, they're all just banning together for the Build Back Better campaign, which is not a Joe Biden campaign.

That's the World Economic Forum.

And all these prime ministers and world leaders are using it.

And it is to, I think it's the biggest theft of wealth in all of human history.

But, you know, this bubble bursting, though, it's a good thing.

In the 29 to 32 crash, it was horrible.

But we eliminated about 40 to 50% of the private debt, which was off the charts back then.

We got rid of a lot of zombie companies.

You know, 19% of public companies, these aren't small businesses.

Public companies, large public companies, can't even pay their debt service.

And they keep limping along with this liquidity.

GameStop goes up and down, you know, 482 points down to 112 in one day because there's so much liquidity that hedge funds can short it big time and knock it down.

And then now small traders, which is a really great thing, could band it together and say, Look, we're sick of you guys beating on us.

They shoved those shorts up these guys and they lost $5 billion

in a matter of days, Melbourne Capital and some other hedge funds, because they did the same thing.

When these guys were heavily short on high margin, they just bought

and pushed the stocks up to force them to cover their shorts and lose money and push the stock up.

So, here's so, Harvey.

So, Harry,

let me take you you here

because I'm really torn on this because I think that, look, I think you should be able to go long.

I think you should be able to bet that a company is going to go down, go short, and you should be able to use your money.

But that's not what they really do.

They borrow.

They have all kinds of devices that the average person doesn't have.

And so when the Reddit people got on, they looked at that and said, they're 40%

more.

than all of the shares.

These guys are just pigs at the trough.

They're not even thinking.

They're just money, money, money, money, money.

So

I have no problem with them figuring that out.

But what I'm concerned about is a foreign country could come in and leverage the stock market and play these games.

Should we have any kind of rules here for this or just leave it alone and let the system be what it is?

Absolutely.

Free market capitalism does not work without rules, but they need to be simple.

Simple rule.

You do not have margin and leveraged investing except to hedge commercial, all these options and futures and margin was so legitimate companies that need to deliver or purchase things in the future, investments or commodities, can hedge that and guarantee the price at a small cost.

And they need margin and options and stuff to do that.

It should not be used for what I call, I'm calling what you just described, predatory investing.

You see people people leaning in one direction, and you just come down and dive-bomb them until they capitulate and sell, and then you turn around and buy.

That is not good for the markets.

And again, hedge funds have been doing this big money forever.

Now, the small traders are doing the other end, and they're actually teaching the hedge funds, you better be careful next time you do this, because we're now watching you and doing the same thing.

Now, but the problem is this creates this on both sides.

You would eliminate all this stupid stuff if you you didn't allow leveraged investing.

Just you go short or long.

Leverage is only for legitimate hedgers and not for predatory investing.

So Harry, what does this mean,

you know, 29 to 33 kind of crash you say coming in the next 45 days or so?

And I've heard others say exactly the same thing.

What does that mean for the average person?

Like the banks and your loans, can they call them in?

What does does that mean?

What's going to happen to the Homer Simpsons of the country?

Okay.

First thing, it hits the rich the hardest.

So that's the good news for everyday people.

But every day, what happens, these assets will go down, businesses will fail, loans will fail.

And then businesses will lay off workers and people will be foreclosed on.

Real estate will go down 30 to 50 percent.

Stocks will go down 60 to 90.

So most people don't have a lot of assets.

Wait, wait, wait, wait, wait, wait, wait, wait.

You say stocks will go down 90%?

Yeah, 89% is what happened 29 to 32.

That was just simply a long-term debt bubble deleveraging.

It's the most powerful downturns.

This, Glenn, this is what causes depressions instead of recessions.

Recessions are cleaning out companies and ordinary debt.

These are bursting major bubbles, and it's always ugly.

So you have to get out of the way.

The best thing, okay, real quick, get out of all leveraged asset, you know, stocks, real estate that that you can, and do not get out of a loan.

Do not pay back a loan because when loans fail this time, they're not going to be able to bail out the banks like last time.

That didn't work.

That's not going to be even possible.

And you may get your mortgage written down 40 or 50 percent down to market this time.

So get out of the money.

Which is what they is what they should have done last time called mark to market.

Mark to market, and they suspended that.

See, that's why these things are good.

These debts get written down at the expense of the banks.

These financial bubbles go down at the expense of the rich and the traders and stuff.

The everyday person may lose their job for several months or more

and maybe have some foreclosures, but they end up coming out the winners when mortgages are more affordable again and they can invest for the future and stocks are more reasonable.

Why do you think they'll return to mark to market when they didn't do it the last time?

And that was what they always did.

But okay, I said it earlier.

They created a bigger, but to save the debt bubble from deleveraging and the banks with it,

they started quantitative easing.

It only worked with driving up assets, so they kept doubling down on that.

This financial asset monster is bigger than the central banks.

Remote I said, 6.2 times GDP.

When this, the next phase of this, you should notice every stock crash since the peak in January

early 2018, which was the beginning of this crashing process.

Every crash has gone to lower lows after a higher high.

And the next crash is due to be 45 to 50%.

And that's when the central banks lose control.

It goes down so much that people say, well, wait a minute.

You keep pumping in money.

You keep saving companies.

And we keep going lower.

There's something wrong here.

And they lose their credibility.

I think central banks are going to go down like the Catholic Church and the monarchs did in the past two major terms.

I mean in a way I hope you're right about

what they're going to do about it.

I just don't think they're going to.

I just think they're going to try to...

I think they're going to have a choice, Glenn.

When you face it,

they're going to try to consolidate globally.

They're going to make it bigger than it is now.

They can't do it.

This is bigger than them.

How can they control a 520 trillion monster where, as we observed in February, March of last year, stocks alone dropped 40% globally in five weeks.

That was like 40 trillion hits to the global economy right there.

And I'll say, do they pump again?

But there's a point where you keep doing this and it keeps going lower every time.

There is a point where it is seen as a failure and not a success.

People still think the central banks are saving the economy.

No, they're creating

twice as big a bubble as we had in 2007 and they will lose control.

All bubbles go out of control because you can't keep doubling everything every several years and without it finally blowing, even without a trigger.

And COVID is the perfect trigger because, Glenn, we have gotten back 80% V.

The other 20%, we don't get back.

There's many industries, travel, entertainment, a lot of retail that is not coming back for years.

So we are not going to get back to normal, and yet the stock market's priced like we're going to have the greatest boom in history.