A Tough Two Weeks Ahead | Guest: Stephen Moore | 4/1/20

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I have a feeling today

in

my heart, in my gut, and I'm not sure I can put it into words,

but I'm going to try.

America today is full of confusion,

full of fear, deep sadness, some anger out there.

But none of this is who we are.

None of this matters.

So

let me try to take you to what matters and what you really need

to embrace today.

We'll do that in one minute.

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So I feel like,

you know, when you're driving and you hit a patch of ice,

and your first instinct is to slam on the brakes.

And all of your instincts are wrong because you're trying, you feel out of control and you want to have control.

So you slam on the brakes and when there's ice on the road, it's the worst thing you can do.

You steer in the opposite direction.

All of your instincts are upside down.

And people don't like that feeling.

And that's the way America is right now.

But can I take you out of the driver's seat for a second and look at the bigger picture?

Let's take one place

in America.

Let's look at New York York City.

I know New York City.

We all kind of do.

When I was growing up in Mount Vernon, Washington, a small town just north of Seattle, it's where I wanted to live.

I knew nothing about it except what I had seen on television.

And it would take me almost 40 years to get there.

And it's the best city and the worst city it is.

Even though I didn't grow up there, I grew to know it.

And I think

as much as anyone can know New York City, because it's the kind of place where every block has seen lifetimes of stories.

Every block contains a million movies that were never made.

Some of them never even noticed, but all of them worth telling.

And nowhere in America is like New York.

It's bigger than all of the rest, and it has been attacked over and over and over, and not just by terrorists or COVID,

but it heals every time.

It survives.

It thrives, in fact.

Every time you start to count it out, it grows bigger and reaches higher heights.

Nowhere on earth is like New York City.

It's America in five boroughs, Queens, Brooklyn, Staten Island, the Bronx, Manhattan.

It's the snow globe.

of life in America.

So much hate and love, intelligence and stupidity, so much history, so much humor, music, food, human complexity, the entire human race almost at every crosswalk.

The artwork, Bob Dylan, the Beatles in the park, Warhol, Studio 54, the Rockettes, the Christmas tree, and Rockefeller Center, the streets full of ticker tape as the war heroes return home because somehow or another they survived that war.

It's a city where $2 pizza that you buy on the street is better than any pizza you've ever eaten.

Every culture, every smell, both good and bad, every food, both good and bad, every nuance,

it's all there.

And it's all within a six-block radius.

I guess it's as old world as America gets.

And then every once in a while, all of a sudden, out of nowhere it seems, something happens.

All of a sudden, out of nowhere, a triage unit on the east meadow of Central Park in the middle of New York.

Here it is, the big apple, the city that never sleeps,

never stops, never depletes, never gets sick.

Now it is gasping and sleeping.

Not enough masks, not enough hospital beds.

Food is low, as temperatures rise.

A lifelong New Yorker's hand trembles as he captures one of the 45 refrigerated trucks parked outside of one of the hospitals and makeshift morgues on his cell phone.

Trailers, meat trailers for an unprecedented number of dead.

And we hear that and our heart rate rises.

It should.

It's unparalleled.

A white painted naval ship painted with a red cross drifting into the harbor, but

the red of the logo could represent the 20% of this or that, the 2%, more or less, thousands, hundreds of thousands.

We don't know how many will die.

Now, this isn't what I wanted to say.

But there's a reason I'm starting here.

Starting specifically in Central Park, the patch of Eden in an unrelenting city.

It's a place of relief.

relief, the rare gasp of nature in the concrete jungle.

It's pure,

and now suddenly infected by 68 beds at an impromptu field hospital, bone-white cots that you would have seen in the medic tents in World War II or that we all saw in MASH.

10 ICU beds, each with their own ventilators.

Earlier this week, and a week that seems like it's been a month, Governor Cuomo suggested the city would likely need 140,000 beds and ventilators, now a precious commodity like ground beef and Lysol wipes.

It all seems to be something for the movies, the cinema, perhaps just the cinema of the mind, and one right now that America doesn't want to buy a ticket to.

I just want to escape.

And I think we're all doing it.

We gather alone,

apart,

and we feast on documentaries about the underworld of big cats in America.

14 tents along the eastern edge of Central Park near Fifth Avenue and 97th Street.

Triage Hospital, a respiratory care unit.

Across the street from Mount Sinai Hospital, a triage unit.

Organized by Samaritan Peirce from Boone, North Carolina.

It's Franklin Graham's group.

Some New Yorkers are protesting because it's Franklin Graham's group.

Nothing new, especially in this park.

This park had seen it all.

You can't imagine how big this thing is.

Central Park stretches from 59th Street to 110th Street, and it was conceived as an emblem of democracy.

Europe has its royal parks.

They're huge playgrounds of land once owned by kings and queens used as hunting grounds.

But America, we have the greens of democracy.

And it's important, and they knew about it 150, 200 years ago.

Nature has a refining power.

And Central Park is a place to lose yourself, lose your worries, and quite honestly, lose time.

Because the space is timeless.

The chalk of midnight air, caught in some infinite gray cloud wall.

Flowers on tables, children's voices in the air, lovers on benches.

And if you're still enough, you can still hear the pulse and the voices of the past when the sky shook with paper pamphlets that read, Preventatives of cholera.

Get the preventatives of cholera.

Be temperate in eating and drinking.

Take no medicine without advice.

Those pamphlets were everywhere in the same park.

If you listen closely, you can hear the riots of the 1840s.

It was the riot of 1849 that led to the creation of Central Park.

New York is full of riots over and over again in political drama and murder and drugs and rampant prostitution and corruption, every crime imaginable played out like a soap opera on the national stage.

It's New York City.

A place you just have to see to believe.

If you're quiet enough in the park, you can see the New Yorkers.

The New Yorkers of the past that

would drag their mattresses out into the park where their entire neighborhood would camp out in the heat of the summer when there was no such thing as air conditioning.

Right there, where a few years later, Simon and Garfunkel would play.

John Lennon was murdered right over there.

This is where the Central Park 5 happened.

1989, a jogger was raped in murder.

As is the way in America, the murder trial coincided with racial and class tensions that finally began to boil over.

This is the place where people found respite after September 11th, 2001, and you can still hear the sounds.

You can still sense the feelings, the confusion, and the anger and the betrayal that many felt that day.

This isn't what I wanted to say.

As of yesterday, three billion people globally have been told to stay home.

It's a game of numbers, and it's a scary one.

And if you see the white tents of the triage unit in the east meadow of Central Park, it's fair to say the numbers are dwindling.

The pace of the heat is accelerating, the gasp of uncertainty, the anxiety of tomorrow, the anxiety about the next trip outside.

But

this is Central Park, this is New York, this is America, damn it.

That's what I want to say to to you today.

This is what I mean, most of all,

that I believe in the captivating power of Americans, in the ever-thriving cadence of the American heart, of the vast and multiform country that includes all of us, every single one of us.

I hear the national anthem and I cry, and I mean it.

I hear the pledge, and I feel a deep ache inside at times.

I feel a deep love for America, every single corner of it.

It's broad, it's rich, it thrives.

It means something

truly, deeply powerful.

America.

That's what I mean.

I read a poem the other day.

Last lines clung to me.

See how they wake without a question,

even though the whole world is burning?

See how they wake without a question.

We can persevere better than we ever can even imagine.

That's a human triumph, but it's also ruggedly American.

Plenty of Americans have died face down in the mud somewhere far from their home, forgotten.

We know sadness.

We've fallen.

We have collapsed.

And yet, America is different.

It's not the old world, it's the new world.

We have immense youth,

a unique power,

driven by an ability to fight and overcome.

We have a heart, we have a passion, we have a purpose.

That

is what I mean.

Ever.

Always.

I see the harmony of America played out every single day.

Every moment.

The harmony.

See the collection of voices.

I see the dissonant chords from time to time.

But it's a symphony.

We know

what's happening in New York

is coming.

It's coming for all of our towns.

But today we're watching our tougher, older brother, New York City, City, a city that is full of grit and determination.

It's under attack again.

And we've seen our older brother gasp like this.

But this one feels different.

Maybe it's because we've never seen it quite like this, but

those who came before us have.

And there in Central Park, the trees and the stones and the fields of Central Park have seen this come

and go.

They have seen much worse

come and go.

And if you will, just for a minute, imagine the park.

And listen closely enough, because if you do, those trees, those stones, those fills, those fields whisper the truth that New York,

America,

you

will not just survive,

but like what happens every time that New York is down, it

we thrive.

We as a people, we as a country, New York as a city goes on to reach even higher heights to once again be the top of the heap,

king of the hill,

and a number one.

So let me ask you a question.

When the bowling ball slips from your hands and falls on your foot, do you leave it there?

Do you spend the rest of your evening standing in one place, not bowling with your friends, just wincing and desperately wishing you didn't have a bowling ball on your foot?

I'm guessing not.

You'd help yourself first by removing the ball, then you might massage your foot.

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Welcome to the program.

Stu is with me today, and before we went on the air, he's been looking at all of the numbers

and all of the projections.

And I've always looked to Stu to balance me because

I'm somebody who goes, you know, I shoot from my hip, I go with my gut, and uh and when i see things over the horizon uh you know usually it's not it's not always the most pleasant and stu is always the guy who kind of balances me and he's been very he's been very steady uh and has provided me with a great deal of hope until today

and uh

stu

uh

I I just I want you to say the opposite things that you have found today, please.

Please, just everything's fine.

These numbers are all askewed.

And

that everything

is awesome.

Everything is cool when you're part of the team.

All right.

Yeah, we should be fine.

Good.

That worked out.

That worked out.

Yeah, I mean,

I don't know that I've been, I don't think I've been a I mean, compared to you, everybody's a feel-good, you know, happy song under a rainbow.

Right, okay,

right.

But I mean, I think compared to a lot of people,

I don't consider myself a skeptic on this by any means.

You know,

looking at this, I think it's going to be, look, this is going to be ugly.

You know, a couple of things.

Take it away from the data for a second.

A couple of things.

Watch Donald Trump.

You think Donald Trump wants to shut the economy down for six weeks in the middle of an election year?

I guarantee that is

not how he saw his presidency playing out.

Look, remember, look at him.

He's the guy who has been very optimistic.

This too shall pass.

Don't worry about it.

Here's what he said yesterday.

I want every American to be prepared for very hard days that lie ahead.

We're going through a very tough two weeks.

There is real light at the end of the tunnel, but this is going to be a very painful, a very, very painful couple of weeks.

Yeah.

I mean, this is not

no president goes into their presidency thinking they're going to deal with something like this.

But, you know, this is the last thing in the world he wants to be be doing, particularly in election year, right?

Like, even if you have the worst possible opinion of Donald Trump, you know, and of course the left does, they still can't give him credit for how seriously he's taking this.

And I think it is really serious.

And then the other two things I'll give you, just outside of the data, why on earth are Gavin Newsom and Andrew Cuomo saying nice things about Donald Trump in the middle of this?

That's got to terrify you because they know

they don't want to, you know, he's got the control, you know, and a lot of control of the resources, and they want those resources, and they realize how badly they need them to the point, to the extent they will go on television and say he's doing a good job.

That should scare you.

So Stu is a stats guy, and I would like you to go over the stats and give me what you think are the best numbers that we have.

We'll do that next.

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This is the Glenn Beck program.

Hey, tonight at 9, our response to the coronavirus has crippled our economy and it could get much worse because of some of the bad players there that are profiting off of America's demise, if you will.

Stakes are way too high.

We need to get back into the fight as soon as we can and turn the American engine on.

When that is possible, I don't know, but you need to know what's coming beyond the coronavirus.

Tonight, we look at that and the effects of the mainstream media and how the mainstream media is, in my opinion, more dangerous than the coronavirus.

Tonight, 9 p.m., America's most dangerous virus, the media.

You can see it at blazetv.com slash Glenn, Blaze TV YouTube, on demand only.

And by the way, you have to be there from the beginning.

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All right, Stu,

let's look at, let's start with what

do the numbers show us where people think,

how many people

are going to be dead?

What people think this is actually going to look like?

And then let's compare them to what the experts are predicting.

Yeah, I'd love to get that.

So I'm looking for the average person.

Yeah, I'd love to get your thoughts on this, Pat, too, because it's Pat Gray joins us from Pat Gray Unleashed.

You know, it's one of these things where this has moved really fast, right?

Like you look at, this is

March 11th, okay?

That's mid-March, three weeks ago.

So

they asked, if you had to guess, how many people do you think will die in the United States because of coronavirus over the next year?

Okay.

18% of people said less than 100 people.

This is most

than 100?

Less than 100.

Oh, wow.

Okay.

This is as of March 11th.

More than a thousand.

Three weeks ago?

Yeah, three weeks ago.

More than 100, but less than 1,000

was 37%.

So half of the people in the United States believed less than 1,000 deaths.

I'll remind you, we're at 4,000 now.

Okay.

So they've already, we've obviously exceeded that by quite a bit in the three weeks.

More than 1,000, but less than 10,000.

That was another 32%.

So you're at 87%

of people who believed it was going to be less than 10,000.

There's almost no chance it's going to be less than 10,000.

We should hit 10,000 next week with this, the way it's going on.

Oh, I bet we hit it earlier than that, don't you think?

Maybe I was thinking

almost 1,000 deaths yesterday.

Yesterday was the second highest total of any country during the entire coronavirus scare.

With the exception, I mean, you can't count China, which is obviously lying about their numbers.

I would expect they probably had bigger days than this.

But there was one day in Italy that was higher than our yesterday.

So, I mean, like, it is, you know, it is.

And we're not even at the peak yet.

We're not even at the peak yet.

No, as Trump talked about yesterday,

they believe the peak's going to be in a couple weeks, where it could be multiple thousands per day.

So only 12% of the people, only 12% believed it would be over 10,000 dead in the next year.

They redid the exact same poll in March 26th, and it's revealing that the poll on March 11th, the highest answer you could give, was over 10,000.

So they didn't even have a category above that.

They had to add that when they asked the poll again.

So they asked again, which this is just at some point humorous,

less than 100.

5% still thought it would be less than 100.

Now, at this point, we were going to be able to get it.

Even though it was way beyond that.

Another 19% thought it would be less than 1,000.

And again, we

had to less less than 1,000 as well on March 26th.

46% still believed it would stay below 10,000.

Again, I don't think that's going to happen.

And

31% said it would be more than 10,000 dead the next year.

So they broke out that category and said, okay, if you believe it's more, if you're in that 31%, you believe it's more than 10,000, what do you think it will be?

Will it be more than, or less than 100,000?

A third of people believed that.

So about 10% of the total populace.

About 15% of the total populace believed between 100,000 and a million, and the rest was more than a million.

So again,

I don't think it's going to get that high, but still, that is, you realize how fast this comes.

We were at a point where half the country was like, oh, less than a thousand deaths three weeks ago, and now we're at 4,000.

And a lot of times I think this moves just at the pace where it doesn't seem shocking to you on a day-to-day basis, but when you look at it over a multiple week basis, you're like, holy crap, this is moving quickly.

So, that is, it is scary.

So, what are the real because first of all, I think we're going to hit between 100,000 and a million.

I think a million is a long shot, but I think we hit between 100,000 and a million.

Yeah, a million would be

no model predicts a million unless we do nothing.

Yeah.

Like, they all,

you know, there are a lot of models that will say that if we basically just kind of go free-for-all and, and, and, and nothing, and no good news comes.

There's no treatment that pops up or anything like that.

Uh, Pat, what's your number?

I mean, I.

Less than 100?

100,000?

Or 100 people?

No, 100,000.

I think around 100,000.

Okay.

Damn,

that's still a lot.

That's a lot.

That's a lot.

That's a lot.

Now, Fauci says

between 100 and 240,000.

Yeah.

And that's based on the Imperial College model, which is the one that also predicted up to 2.2 million if we did nothing.

Yeah.

So, what is the Seattle model?

What is the one that's coming out of Washington State?

Yeah, University of Washington has one that I think has been more reserved and also updates every day, unlike the Imperial College model, which they did.

This one I think is interesting.

They predict the total death count to be 93,765.

Now, it's interesting because they update it every day with new information.

Yesterday, they were predicting 83,000.

So, in one day, they've upped it by 10,000, which I would say is a a good sign.

No.

Now, that's their best guess.

The high-end and low-end is about 40,000 to about 175,

I would say, is their estimate.

And that's an interesting one because they really do go and they give state-by-state estimates as to when they think the peak of each state will hit.

I'll tweet this out at Stu DoesAmerica if you want to kind of go through it and nerd out on the data as well.

But at least kind of gives a sense, and this is why you see Trump, you know, I mean, dead serious yesterday, talking about, hey, the next couple of weeks are going to be awful.

Prepare yourself for it mentally.

And of course, obviously, physically by not, you know, so when is our peak?

Our governor yesterday here in Texas came out and said schools are not going to return until May.

We're closing everything down until May.

And what is it, May 15th?

Do you guys know?

I mean,

when is it supposed to hit and peak in Texas?

Because

it's not really...

I mean, it's here.

A couple of people in my town.

We have a small town of about 900 people.

There's two people that I heard of just last weekend, so there's got to be more now.

But two in my town that have it.

When is it supposed to peak here?

In early May.

according to the models,

according to this University of Washington model.

May 7th would be be a Texas peak.

It's interesting to note that Washington seems to be on the decline already.

They went through a really bad time,

and it looked like they were going to be the state that was out of control, but New York took that from them, and so did New Jersey.

But

their numbers are actually starting to decline now.

And that's California.

Yeah, it is.

How's California?

California.

You're saying what peak date for California?

Yeah, what peak?

And I'd like to know Chicago, too.

I mean, we haven't heard much about Chicago.

Yeah, well, first of all, Chicago, actually, not a state.

It's a city

in the United States.

Illinois, sorry.

Oh, I know.

April 29th for California would be, or actually, it looks like May 2nd, maybe, is the California peak.

Again, these are all approximations.

They change every day.

Yeah, yeah, yeah.

Give you an idea.

Illinois is a little earlier than that,

April 20th.

But you could see there's massive, still bars of error here.

And as as Dr.

Fauci talked about yesterday, Trump has echoed this as well.

We hope to do a lot better than this, right?

But this is with all of the social distancing stuff that we're doing.

This does not include if we all kind of give up on it.

If we give up on it, all their numbers get uglier, whether you believe that.

Well, if we give up on it now, I mean, we've already done the damage, man.

Let's not pull out of this thing too early.

You know what I mean?

I think that there's a chance that we come roaring back with all the pent up everything.

There's a chance that we just come roaring back because we'll want to go out and do things.

We'll want to go out and shop and spend money and go to restaurants.

So,

you know, as soon as this thing comes back, if there is a clear kind of cut ending to it,

it will really help the economy.

And there are some positive things that are the

there, for instance, there's a new study by the medical journal, The Lancet, Infectious Diseases, which I usually wait for the swimsuit edition, but I got this a little bit early.

Yeah.

Really?

The Lancet Infectious Diseases Swimsuit Edition is unreal.

Unbelievable.

It's almost too explicit.

Too hot for it.

They did the swimsuit edition on leprosy.

Right.

Remember that?

Gosh.

It was my good.

Leper prison

fire.

Yeah.

But

they've done a study, and they found this.

The mortality rates have been overstated, is what they're saying.

They said that the mortality rate right now looks like it's going to wind up to be about 0.66%,

which is really promising.

Oh, wait, wait.

Did you hear CNN talk about this?

Oh, no.

CNN reported on this.

And CNN, they did all kinds of stuff about how the mortality rate is too high and it's going to come in way under 1%, blah, blah, blah.

See, was I the only one that was screaming going, wait a minute, you guys were just saying that the president, how dare the president say that when he came out and said it will be under 1%.

I did a great show on that

stupid, because they were all bashing him at the same time.

It was when the World Health Organization announced it was 3.4% worldwide.

But

every expert was aligned saying it was not going to be 3.4%.

Everything was about 1% is where they thought it would wind up.

So 0.66 is great.

I think there's a good chance it gets even lower than that

when it comes to the end of this.

I think there's a chance that even that's high.

I got to give you this last story, too.

I mean, you just want to talk about the press and

watch tonight's show.

It's just agonizing.

Try this one on.

Here's the New York Times.

This is from Monday.

New York Times headline: More Americans probably should wear masks for protection.

They were just telling us, we told you.

No, why would they be saying they need them for the hospital if they do no good?

Of course you should be wearing a mask.

They're trying to make sure that they have enough for the hospitals.

Instead of saying that, they just kept saying they're no good.

People won't, it won't, it's not effective at all.

Now they're coming out and telling you, you know what, maybe you should wear masks.

Absolutely.

That's worse.

We all should have been wearing masks.

That's unbelievable that's disgraceful, though.

Look, you could say, I think the American people would say look we're not gonna hoard masks there you know like we of course want the health workers to have them first but i mean to tell us that they're not effective and then say that they are just a little bit later on is disgraceful you can't do that well to say they're not effective at the same time you're saying we need them for the hospitals

hello

gosh they just think we're just idiots just idiots thanks pat pat gray unleashed you can find him on the podcast and don't forget stu's podcast podcast every day as well.

Stu does America really, really funny and a lot of great information.

And he's focusing on this tonight.

And he will air on Pluto TV right before my special.

He's at 8 p.m.

Central.

No, Eastern.

I'm at 9 p.m.

Eastern tonight.

Okay.

Well, let me see.

Why don't we spend a few minutes just talking about getting your house ready?

You know, there's something to be said about preparing because I think there is, I mean, trying to sell your house right now, incred, I mean, hello,

who's coming over to look at your house?

So selling it now is going to be tough.

And we could sit here and speculate about all the doomsday things that are happening.

But I really do believe that when we are released from this, there is going to be a move to feel good.

We could hit a roaring 20s kind of scenario.

That's what happened after after the flu of 1918.

And

hopefully, that's what we hit.

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Prepare for the good times.

Get your house in order and find the right real estate agent that can help you do this right now.

You can still do social distancing.

They don't have to necessarily come into the house.

They can just look at the curb appeal at this point.

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Arguing with Socialists, the new book from Glenn Beck.

Pre-order now on Amazon.

This is the Glenbeck program.

You know, Donald Trump yesterday said we needed another phase of stimulus.

He was looking and asking for another $2 trillion

in stimulus.

The same day, the Fed comes out and says that by June 1st, we're going to have 32.5%

unemployment.

The height of the depression was 25 percent unemployment, and that's by June 1st.

We talk to Stephen Moore about what's really coming in the economy.

What does this look like on the other side

when we come back?

You're listening to Glenn Beck.

Stephen Moore in an op-ed said,

when all the losses are tallied, don't call this a recession.

Recessions are ordinary, even predictable contractions in activity that mark the end of normal business cycles.

But this is not that.

So, what is this?

We'll talk to Stephen Moore about the economy, what's coming.

The Fed saying that by June 1st, 32% unemployment rate by June 1st.

So, you know, it took three years in the Great Depression to get to 25%.

America's never seen this before.

What happens when you just turn all of the engines off of a 747?

How do you make sure it doesn't crash and kill everybody on board?

Stephen Moore, in one minute.

This is the Glenbeck program.

Sionia?

So

yesterday, I started telling you about the short-term T-bill auction the government's putting on right now, and it's really alarming.

They are selling treasury bills left and right.

The value of the dollar is starting to shoot down, and this is how it always works.

The Fed is now becoming the central bank of the world.

They also announced yesterday that they're just buying our treasuries back from other countries.

If other countries need the money and they're holding holding our treasuries, our debt, the Fed is just buying them back, printing money and giving it to them so they can pump money into their own.

So

we're now, our Fed is now floating the entire world.

Do you think they're going to buy those treasuries back?

I mean, the Fed is making them pinky promise.

Who wants our debt?

May I suggest now, right

now, stop what you're doing.

Call gold line right

now.

I don't know.

I mean, cryptocurrency should be going through the roof.

It's not.

This is a massive failure for cryptocurrency.

It should be going through the roof.

Where are you putting your money?

Where are you putting your money?

What do you know is going to be there?

Well, I know gold.

In fact, I can tell you I know this because there's such a run on gold, you can't get physical gold right now.

There are many places they'll say, okay, delivery in X number of weeks because they don't have it yet.

There's not enough gold for the money that's going into gold right now.

Goldline is one of those places that still has it while it lasts.

You don't ever want to panic by, and I'm not asking you to panic by.

I'm asking you to use reason, fix it firmly in her seat, and question with boldness and look at the unthinkable.

And

call them right now.

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Call them at 866Goldline, 1-866-GOLDLINE or Goldline.com.

All right, Stephen Moore, the most unpredictable guest we have ever tried to book on this program,

has just been called in to some sort of an emergency meeting and has to reschedule for next hour.

So he'll be with us next hour.

Stephen Moore is our Matt Damon on the Jimmy Kimmel show where he used to say at the end of every show, ah, sorry, we ran out of time for Matt Damon.

We'll get him tomorrow.

Every time Stephen Moore, we book him, he has something important that comes up and then we have to push him back and we never actually get to him.

So we're not actually booking Stephen Moore.

He's not actually at the top of next hour.

Just set your expectations there.

And if he pops on, it'll be fantastic.

I really want to talk to him today, too, because

one thing I find really fascinating about the economy right now is tomorrow we get the weekly unemployment, new unemployment claims.

This is the report that came out last week.

Last week we had 3.2 million.

Yeah, 3.2 million, which was above, even higher than people expected.

This one's going to be big as well.

We know that.

On Friday is the unemployment report, the real one where we see the unemployment rate for the first time.

Now, that'll be be reflected.

You know, we won't have this entire shutdown thing reflected.

We'll only have about half of that reflected.

About half a month of the damage will be in that report.

But that will be very, very interesting, and all eyes will be there on Friday.

And what I found was, what I thought was interesting was what Trump did yesterday, where he tweeted about a $2 trillion

infrastructure plan.

Now, of course, I would point out, I am not a huge fan of a $2 trillion infrastructure plan.

I wasn't a fan of the $1 trillion infrastructure plan that he ran on.

I mean, I don't think.

I wasn't a fan of the $775 infrastructure plan that Joe Biden oversaw under Barack Obama.

Yeah, it was $775 billion,

the stimulus plan in late or early 2009.

We obviously oppose that.

I wasn't a fan of the stimulus plan that George W.

Bush passed towards the end of his presidency either, or the bailout.

All of that is

something that we are pretty consistent on here, and I don't like the spending levels of our government by any means.

But stepping back from that for just a second, I mean, we just spent $2.2 trillion.

Where does this end?

Stepping back from that for one second, though.

Donald Trump is going to have a lot more information than any of us do, right?

He knows the situation better than any of us do.

He

has an idea as to how this is going to look.

The fact that two days before these reports come out, he starts tweeting tweeting about another $2 trillion he wants to spend on jobs programs is

terrifying.

Maybe I'm reading too much into it, but I mean, Trump knows this stuff.

It almost feels like Trump is

getting everybody prepared for what

they feel they are going to need to do once this unemployment picture actually is visible to everybody.

Well, if the Fed is right,

32% unemployment, a jobs program is going to be needed.

I mean,

it's terrifying.

But here's what I really want to focus on today.

And it's in my new book, Arguing with Socialists.

And we actually, I mean, we've done a lot of work on

modern monetary theory because it sounds like an absolute joke.

Until you understand its socialist underpinnings, this is the way that socialists believe they can just completely take over an economy.

And I want to quote from the book, according to modern monetary theory, if you've not heard about this,

you need to know about this right now.

According to modern monetary theory, MMT proponents, policymakers have not properly taken advantage of government's ability to print its own money.

They think lawmakers are spending

far too much time worrying about fiscal responsibility and balanced budgets.

Instead, they say the government should print the money it needs to accomplish important public policy goals regardless of how much debt is being incurred.

Now, that sounds insane, right?

Because if we could just print money and not worry about anything, well, then what's the problem?

I mean,

why haven't the kings and the queens a thousand years ago done this?

Because it doesn't work.

But listen, these new socialist MMT economists say debts and deficits don't matter if government controls its own currency like we do in the United States.

Because MMTers want the government to spend the money, go deeper into debt, and keep interest rates at near zero.

Now, you would say, well, that's going to lead to inflation.

This is the catch.

Listen to this.

MMT supporters say they are very concerned about inflation.

And that's what happens when you print trillions of new dollars.

But instead of controlling it by raising interest rates, usually the strategy employed by the Fed, they instead use price controls, regulations, subsidies, and taxes.

Hmm.

Stephanie Kelton, now she's, I believe she's the one that is working for Bernie Sanders, says, in general, the MMT solution to inflation is to increase government control of economic activity.

The more actively we regulate big business for public purpose, the tighter full employment we can achieve.

They also advocate limiting customers' abilities to borrow to buy specific goods and services if their prices are rising too quickly.

Somebody else says income policies and wage rules could also hold down inflation if needed.

So you know, this is the policy of FDR.

It didn't work.

It creates an underground black market and it makes everybody a criminal

because it doesn't work.

It is complete government control of an economy.

And that's why socialists want it because they get you with, don't worry, you can spend two trillion dollars don't worry we're in this we're in this together gang we have to print it there's no there's no chance that we can get out of this you you you you're now saying that we have to cut back on all the things that were promised to our old people how dare you say that of course we can afford it we can just print the money

this is how it always starts

and i believe stu and help me out please talk me out of this.

I think this is, we're already doing this.

I think Congress

is already way down

this road.

I totally think they're down this road.

I mean, this is,

you know, what's kind of, you know, and it goes back to what we were just talking about, there doesn't seem to be opposition to it.

We go into these areas, we launch all of these things that are presented as emergencies, and many of them are.

I I mean, like, this is a legitimate, we're in a legitimate emergency situation right now.

You do what you have to do to get through it,

as is always the case, and it's a case you've been making going back to 9-11, at least that I can remember, as long as I've known you, which is these things get put in place without sunsets.

And

if there is no ending to it built into the bill in which they have to go in and redo it and reauthorize it over and over again, they will stay forever.

Now, the sunset

is not a full protection because they do reauthorize it over and over again, and they will continue to do it, as they've been doing for a long time with all those 9-11 programs,

some of which are okay, some of which are really bad.

And

that is something that there doesn't seem to be much of an appetite for right now on either side of the aisle.

There's not a lot of people questioning how far this should go.

I mean, look at Thomas Massey just wanted people to vote on it, and people got angry at him.

And this is why Thomas Massey is going to end up being a hero to everybody, I think.

He is absolutely right that they need to vote on it.

Nancy Pelosi just said yesterday that she doesn't want any kind of computerized voting for Congress.

Even though five people, five members of Congress already have COVID-19, they should all be staying at home, working from home.

We're doing it.

They're telling us to do it.

But for some reason, they all have to get onto an airplane and come in and vote, which she says, no, they shouldn't.

We should just pass these things with

consent.

So all they're doing now is they're cutting Congress completely out.

There is no debate on these things.

It's just the leadership deciding and then,

okay, yep, looks like we have a quorum, but there's nobody in Congress.

Okay,

we just want to, everybody just ready to pass this?

Yep, okay, good.

The eyes have it.

And they pass it.

That is the end of the republic.

That is the end of the republic.

And that cannot happen.

And you need to get on the phone with your congressman, who's probably at home, and say, you've got to get

some sort of a vote digitally.

You shouldn't have to go back to Washington, but do not miss any of these votes.

You put pressure on Nancy Pelosi and on the government.

You have to have votes in Congress because I'm telling you right now, you are going to see things that they would have never been able to get through.

You're going to see a basic minimum wage.

You'll see it.

Universal basic income.

Income.

Oh, yeah.

Okay.

Yeah.

Yeah.

You'll see a basic basic universal income where everybody will get a check.

And right now, it'll seem like, okay, well, that's good.

We're going to send you $1,200 a month.

Okay, that's good.

Well, that's not a universal basic income.

That is something to tide you over while you're not working.

That's different.

If they put this in and they don't have a hard, fast end, this program ends when this happens.

Not an end when the crisis is over, because crisis, they can never end it has to have a hard end we do this until june 1st and then it's over

and we don't just vote to do it again it has to start all over again um

that's really what you have to do on some of these things but stew i think you're exactly right

the the democrats are looking at

i mean

This book is going to be history.

This book that I just put out comes out next week, arguing with socialists.

It could become just nothing but a history book, a roadmap

on

what finally ended America.

Because all of these things are going to be in these bills.

You're going to see all of them.

Because we talk about in this book,

we interviewed and

we took former interviews, We took articles written by all of the people that are socialists, hardcore socialists, and the designers of all of the bills and everything else that's going on for the hardcore socialist.

And we took them at their word.

What is it you're trying to do?

It's all in here.

And you will see.

I mean, there's one whole chapter.

I think the last chapter is just on modern monetary theory.

And, you know, we basically call it the nuclear bomb.

This is the way everything goes off track.

This is the one that if this

would ever happen, you just lose everything.

You lose everything.

Well,

you better know what it is because

I think we're doing it.

I think the Fed is doing it right now.

And I really want to talk to

Stephen Moore about that and get his opinion

because the Fed is

now just printing money for the entire world,

for the entire world.

They're buying their treasuries back.

And any central bank can call up the Federal Reserve now and say, hey, we've got all these T-bills here that we bought.

We were holding your debt.

You know, it's like gold.

Hey, you know, it's like gold.

Would you guys take your debt back and can you give us dollars back?

I know we're not supposed to do this.

Sure, sure, but will you promise to buy them back after this crisis pass?

Oh, yeah, absolutely.

Holy cow.

Holy cow.

The world awash with money.

There was plenty of money, but nothing our money could buy,

as Rudyard Kipling once said.

More in just a second.

By the way, that book goes on sale next week.

You can get it.

If you order it at Amazon today, you're probably going to get it over the weekend.

It goes supposed to go in bookstores, which are closed on Tuesday, but you'll probably get it now.

It's arguing with socialists, Glenn Beck.

Get it wherever you buy your books and do it right now.

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So, Stu, we were just talking about

cryptocurrency.

What is cryptocurrency up to now?

6,000?

You're talking about Bitcoin, yeah.

I think it's been around 5,000 to 6,000.

Yeah.

Has not exploded as many would have predicted in a situation like this.

Yeah.

How?

With people looking for places to put their money, how is that not exploding?

What has happened?

The easy explanation is the people who are invested in cryptocurrency are people with excess regular currency.

So the fact that the economy is in shambles is meaning that they're not spending as much on that either.

It's not really,

it's not a great case use for it, though.

I mean, here's a situation where you'd think

where a place where like handing each other actual money is a problem, it would be a good

indication or a good use for cryptocurrency to thrive, and it has not really done that.

So it's been, I know a lot of people are disappointed in that so far.

I mean, it hasn't fallen apart completely either, but it's just kind of mirrored the market, which is not as encouraging as you would think if there's an actual use for it.

Gold hasn't.

See, this is what kills me.

Gold is right now almost impossible to get.

If you didn't have, like Goldline has a big supply of gold, and they're one of the biggest suppliers of gold in America.

So they have these vaults with a lot of gold in it.

But you go and try to get physical gold in a lot of places.

You can't right now.

There's a shortage of gold.

And that's because people are not buying the ETFs, although they're doing that too.

They're trying to get their hands on physical gold.

So

how is there such a rush on gold that I've never seen before?

And yet cryptocurrency, I mean, it shows that there's something fundamentally wrong, I think, with cryptocurrency.

And

it's just not going

anywhere.

And I think it hasn't helped also that the federal government,

at least the Democrats, are trying to have a new US dollar in cryptocurrency.

You're listening to Glenn Beck.

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Interesting.

Will you be hiding the information there, too?

Because I know you make money off of fear, so I'm curious if you're going to hide

the information of the real cure to this or not.

Oh, do we have a cure?

I wasn't aware that there was a cure, but

multiple in the pocket of big

pharmaceuticals.

There's one treatment, I would say, and one cure, one complete cure.

And if you want to hide it, we can do that.

We can keep playing this game.

No, go ahead.

No, no, go ahead.

You want to get the information out to the people.

Okay, good.

Yeah, yeah, yeah, yeah.

The president of Belarus is letting his people know that vodkas and saunas will cure coronavirus.

Wow.

Okay.

Vodka and saunas.

And he also is saying, because they are still doing sporting events there.

And he said that the best antivirus remedy is sports.

So if you were to play sports drunk and then go into a sauna, there'd be almost no chance.

How about play sports drunk in a sauna?

I'm just saying.

That's the ultimate cure, maybe.

Well, that's it.

You know what's amazing is this is Joe Rogan talked about this on his podcast a couple of weeks ago.

He was like, I hear saunas are good for the.

And the doctor's like, no, Joe.

No.

But I mean, I'm breathing in the hot air.

No, Joe, to sterilize it, your lungs would burn up.

Yeah, no.

Okay, no, it wouldn't work.

A lot of people do believe that one.

That one is actually passed around a lot on the internet, the sauna part of it, the vodka part of it, I guess you could see, you know, it's as a disinfectant.

Sometimes alcohol would be, I could say it does make you feel better for at least a short period of time.

I don't think that's a cure.

Do you see that alcohol sales have gone up like 45%?

I think this is going to be

in all honesty, the lasting legacy, or one of the lasting legacies of this is there's going to be a hell of a lot more alcoholism.

And as my wife was telling me, she saw something online where they said,

you know think about the generation in 20 or 30 years that has been homeschooled by alcoholic parents and then yeah it's true it's going to be ugly it's true that you know that your your entertainment is watching the tiger king yeah you know it's like it's not a healthy it's not a healthy thing for america right now no although curing this completely would be and that's why we as we always do when we want a real cure and real news, we go to Turkmenistan.

There's another cure.

Yes, this is the real cure.

That's just a treatment, I think.

You're going to have some vodka.

That'll treat the problem.

The cure, though, has been found in Turkmenistan with Gurbangale.

Bullet to head.

Yes, exactly.

Gurbangali Berde Muka Madoff.

As you know, he's the president

of him of Turkmenistan.

And, of course, the current issue.

Any relation to Bernie Madoff?

No, actually, no relation.

No.

He was the dentist of the former president, though.

And think of how good of a dentist you'd have to be to be handed the presidency when the old guy dies.

There's like, you know what?

Who Who are we going to go with?

The dentist.

He'll be great.

So he's running the country there.

He's going to be a dentist.

Yeah.

Yeah.

Hermes should have gone there.

That would have been a good idea.

So they have done something there that has completely cured coronavirus.

And what they've done is they have banned the word coronavirus.

Ah.

So now

literally no one can get it because it is completely banned from all existence.

They are actually arresting people in the streets if they discuss it

or if they wear a particular protective clothing.

They are getting arrested by the police there.

And look, I think, I don't know why we don't go this way.

This is kind of like, this seems like the right sort of solution.

It's like when you, if you fan certain words, we all know they go away.

Well,

that's the way the left has always taught us.

If you don't say the mean words about a certain group, that means that the racism goes away or whatever.

So you're right.

I think we take the Turkmenistan approach.

I think that's a, I think that's, I mean, that is right in there with

lefty logic.

It is.

It is.

Stu, can I, can I please assign some homework to you?

Oh, I love that.

That sounds like a great idea.

I know you do.

I know you do.

I want you to watch at least three episodes of The Tiger King today.

Today?

Okay.

Three episodes?

Today.

Yeah, what are you doing with your day?

I have

a lot of work.

I work for a living.

I still am working.

You're working for a living.

I got a show too.

You're working at home.

You don't have to come into work on these very busy roads with the cars.

I know.

Yeah, it's impossible to get away.

Okay, so anyway, listen, I want you to watch at least two episodes, okay?

At least two episodes of Tiger King, because I have to ask you a question.

I think Carol

is a killer.

Now, this is Carol Baskin.

You're just accusing someone of murder on national radio.

Oh, yeah, but you'll be there with me.

You'll be there with me.

Okay, so here's the thing.

They're starting to look into this now

because her husband just disappeared.

He was a millionaire, blah, blah, blah.

And he just disappeared.

And

she thought that this whole documentary, she was part of this because she thought it would raise awareness and people would hate

Joe the Tiger King.

And you don't necessarily fall in love with him, but you certainly don't fall in love with her.

And she wanted this whole thing to stop, and so she started this big cat preserve in Tampa.

By the way, I'd love to hear from people in Tampa.

Do you know Carol?

Have you been there?

I mean, it looks horrible.

Anyway,

she is

her husband just disappeared.

And

she had just called, like, let me see if I can find this here.

He had just called, or she had just called the police.

She had been trying to get a divorce off and on from him for a while.

And the Hillsborough County Sheriff's Department

had heard from her, and she said that

her husband was trying to kill me.

And then all of a sudden, he just disappears.

And she said, oh, he had the early onset Alzheimer's and

van was found at the airport.

No sign of him, nothing.

And they think that maybe she killed him and then fed him to the lions.

She says that's ridiculous.

Tigers are

in Tiger King.

Is it

lions?

They're all big.

Yeah, there's all big cats.

And she's got eight of them.

Joe, I think, has like a hundred and I don't know, 40, something like that.

Seems like a reasonable number of tigers to show.

Yeah, of course, of course.

Okay, so now

the sheriff's department is investigating and saying, we want any new leads on

her missing husband.

So this is totally turned around on her.

Where she really thought it was going to hurt him.

He's actually coming out looking like the good guy to some degree.

And she's now, people are starting to say, I think she did it.

I personally, I think her current husband, I see him on camera and I'm like, he's waiting for death, too.

He's just like, please kill me.

I'm living with Carol.

I don't know what I was thinking when I got married, but look at me now.

I'm living with her on this stupid animal preserve.

Ugh.

So, will you watch this tonight?

Because I want to know what you think about Carol.

I desperately want to watch it, so I will try to watch it tonight.

You're saying I'll try to get through as many episodes as I can.

There is no try.

There is no try.

Do or do not.

I will say that.

My wife also really wants to watch it too, so it's been one of those things that we've been trying to

watch at the same time.

You can't Netflix cheat.

You don't want to do that.

That's bad for Mars.

No, I know.

I was ready to watch it last night, and Tanya couldn't make it, so we didn't watch it as a family last night.

Oh, we got the family gathered around the old television set watching Joe the Tiger King.

It's a freak show.

By the way, the Kardashians think it's a freak show.

Okay?

That should tell you something.

The Kardashians are watching it going, these people are crazy, crazy.

But Kim Kardashian

said,

you know,

I think that Carol killed her husband.

Do you think, what are your thoughts?

Do you think she killed her husband?

And the internet exploded, exploded.

And I think she did.

This is our justice system, though, now.

I don't understand how we got here as a country, but it's like if

crimes don't get investigated unless there's a documentary about them.

If there's a podcast, if you've got a lengthy podcast where they go into the details, then you get some investigation going on.

I just feel like now it's like separate.

It's like they don't get calls for crimes, they get calls for documentaries at the police office.

Like, guys, I've been watching this thing on Netflix.

Can you guys look into this?

That's really like where

we're how we're running things now.

That's that's not a good idea, is it?

I mean, shouldn't there be an investigation into the crime?

I feel like it's a bad idea to have Netflix as our justice department.

They did investigations

at Netflix.

Don't you trust the justice system of Netflix or Amazon Prime?

I say slap a badge on their chest.

We need this old-fashioned kind of

criminal justice system.

We all know it doesn't work.

I would love to hear from somebody in Tampa who

knows Carol.

If you know her and maybe you don't think she

you don't think she, this is probably a reach, you don't think she fed her husband to the lions.

I'd love to hear from you.

She just, you know, I think I just don't, I just don't like her.

And so it's weird because when it's television, If you're an unlikable character,

you're willing to believe anything, you know, you just don't don't like her.

Yeah, and of course, her argument is, as is everybody's argument in these situations, they've designed the documentary to make you have strong feelings about these people, and so they've presented her in the worst possible light.

I don't think so.

No, I don't think so.

I mean, I really don't.

I mean,

this documentary, they spent enough time with these people that I think you're getting a pretty fair representation of them.

I could be wrong, but because there those moments where

they're not saying she's a villain in this.

I mean, people are calling her Mother Teresa in this deal.

She's showing with all volunteers and what she's doing with the cats.

You just don't, she's just not likable.

She is, she's Hillary Clinton with cats, giant cats.

And,

you know.

Oh, wait a minute.

We have Honey in Florida.

She volunteers at Big Cat Rescue.

Hello, honey.

Hi, Glenn.

I have been a listener of yours for many, many years, and I love what you do, and I love that you normally do a lot of research when you're talking about certain things.

But I've been a volunteer at Big Cat Rescue for 15 years.

I would never volunteer my time for someone who I thought killed somebody.

I honestly

don't know what she said.

And it clearly

because she dealt with this for over 23 years.

So that was nothing new for them to ask her a question.

So

it's very interesting.

Right.

I know, and she says that.

He's been asking her for years.

Right.

And she says that.

And I've heard this over and over and over again.

But

her husband did disappear.

It is suspicious, you know, and she does have a way to get rid of the body.

Right.

And do you know her, honey?

Yes, I have known her for 15 years.

I volunteer there daily.

I'm actually going to be volunteering there tonight.

Okay, so do you think

org, it's an organization that has, hold on, it's an organization that has cameras all over the world for animals.

We are the only big cat sanctuary that has cameras in it.

These are actual enclosures.

They are not what they depicted on that program.

What she was sitting in front of was what's called a lockout.

It is where the animals can eat and drink.

They have much larger enclosures.

Even our small cats have enclosures the same size as a small house.

Our big cats have much larger enclosures.

We have a two and a half acre vacation rotation that our cats go through.

They stay out there for a month at a time, so they get even more space.

Okay.

All right.

So

no, I'm doing the research right now.

This is the research.

You're listening to it.

There's no research on this one.

But I will tell you, I appreciate you calling, honey.

And

you answered the question on whether getting a fair view or not.

And that's why I wanted people to call in.

And we'll do more on this probably tomorrow.

But I wanted to get Stu's view on this.

It's a show, and I know it's got human beings' lives involved in it, but it's a show.

You know what I mean?

Honey, thank you very much.

I appreciate it.

It's not really helpful, is it?

No.

Not for her.

Not for her.

Not for her.

That's the problem.

We watch these things, and it's it's not real people.

Right, but this is my complaint about why we're running the justice system this way.

It's not a

piece intentionally.

Pipe down, pipe down.

All right.

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This is the Glenbeck program.

I'll see what I've, see what I've, I've opened, uh, I've opened a can of tigers now.

Uh, I've got people on the phone saying, that

honey is crazy.

She, of course, she killed her husband.

Oh, boy.

Oh, boy.

Oh, boy.

I apologize.

We shouldn't have.

But, Stu, I think she killed her husband.

So would you just check on that?

The only thing worse than doing, you know, Justice Department work through documentary is doing it through talk radio.

I think both.

I mean, but that's what everybody is doing all across the country.

Everybody is doing it.

And, you know, if you don't like Carol, hang on because you give that documentary five more minutes and you're going to find somebody even more unlikable.

It's, it's, you know, the only ones that make any sense in it are the lions and the tigers and the bears.

And you just look at them and you're like, I know, brother.

I know.

And you're the one in the cage.

Doesn't make sense, does it?

All right.

The economy, our coronavirus update, and how we restart this engine next.

Hello America, welcome to the program.

Today our coronavirus update, I'm going to try to keep it a short, as my Uncle Leo used to say, keep it a short.

We'll do that here in just a second.

And Stephen Moore is going to join us because I am

really concerned about what does this mean in the future for the economy and how do we get out of the now and become futurists and start looking at new possibilities and new ways to capture the spirit of America as we go through through this coronavirus update and so much more in one minute.

This is the Glenbeck program.

So yesterday we had the founder and owner of My Pillow on the news and or on the show and he's been in the news for

going up in the Rose Garden and while he was being thanked by the president

for making 50,000 surgical masks a day, they've totally repackaged My Pillow

and they've taken and stopped making pillows and everything else for a while, and they're just retooling one of their big factories just to make surgical masks.

50,000 every day now.

And he did it because he wanted to help out.

And the media just bashed him because he dared to mention God and that we should use this time to go back to God and study our scriptures, et cetera, et cetera.

He's a real American hero, and he makes great products when he isn't trying to save the country.

I think he is extraordinarily brave.

I don't know what happened to his business or what's going to happen to his business as he's just retooled all of this.

And when half the country is told to hate him, he's got a different life in front of him.

If you need a pillow, if you need new sheets, Would you do me a favor?

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He's going to to be on my podcast this Saturday.

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My Pillow, he felt back in the day that he was given this design, if you will, of a pillow

because he was going to have to use that money to do good things.

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All right, I want to give you a quick update here as we get ready for Stephen Moore joining us.

The daily stats: total confirmed deaths now worldwide, 43,271.

That's up from 38,000 yesterday.

What's amazing is we're now talking about in America alone, a death count over 100,000, between 100 and 200,000 just in America.

Total confirmed cases now we approach 1,872,000 up from 799, so almost about 80,000 new cases yesterday.

We now have 188,000 confirmed cases and 4,000 deaths.

That's up 20,000 in

the case count.

and up almost a thousand in deaths just in the last 24 hours.

We now lead the world in total confirmed cases with 78,000.

That's more cases than Italy, although Italy leads the world in deaths with 12,428.

11% of the U.S.

confirmed cases are requiring hospitalization, roughly on par with Italy.

We may have a lot of cases, but not per capita.

We are 24th in total confirmed cases per 1 million people, with 507 cases per 1 million.

Spain has 2,185 cases, more than four times the amount per million.

We are 28th in total confirmed dead per 1 million with 12 dead per 1 million citizens.

Italy has 206 dead per 1 million.

Now, here's the thing that we want to transition into with Stephen Moore.

The U.S.

energy industry is on the verge of a massive collapse.

For the the first time in my lifetime, it could be said three weeks ago that the United States was free from all foreign energy.

We were energy independent.

For the first time in my lifetime, we have been trying to get that monkey off of our back forever.

Well, under Trump, we finally accomplished it.

Now, the U.S.

energy market is on the verge of massive collapse.

Here's why.

Russia and the Saudis have just been pumping oil like there is no tomorrow.

They've been trying to collapse the United States energy independence.

They need us to be hooked on their energy.

Well, they did that as soon as the airlines started to collapse all around the world.

Transportation is down 45%.

So that's why you're seeing gas prices going so low.

In fact, they're going so low.

There's so much oil now.

We are literally swimming in oil, the world is, that they're thinking now that the price could even go into the negative range for a price of a barrel of oil.

So they'd pay you five bucks to take the oil because there's no place to store all of the oil.

Rick Perry has recommended that U.S.

refineries be restricted now from importing and refining any foreign petroleum products for at least 60 days as a means to help domestic energy producers in Texas, North Dakota, Pennsylvania, and Colorado.

I think this is something that, as an emergency step, the president should do.

If independent energy producers go out of business, we are handing the market back to Russia and Saudi Arabia.

Rick Perry says it's 1974 all over again.

In our bailout nation, now the car industry needs a bailout.

Year over year, automobile sales in the U.S.

are off as much as 90%.

Analysts say April is going to be worse.

Dan Ferguson said everything you need to know.

He's the manager of a Ford dealership in Arizona.

He said he may have to lay off his entire staff of 48 employees.

He said, We hear there are supposed to be government loan programs for small businesses, but that money may be weeks away.

I can't make payroll today.

One other:

it looks like in

New York, 40%

of renters are not going to be able to make rent this month, and it's expected to be worse next month.

The problem with that is stick it to the landlord, right?

Except the landlord's not getting any relief.

How is the landlord, if he's not getting rent, going to be able to pay for all the water, garbage, electricity, everything that it takes to run one of these apartment buildings?

buildings.

There is a meltdown coming.

Stephen Moore is joining us now.

Hello, Stephen.

How are you?

Well, hi, Glenn.

I just listened to what you were saying, and

it is just so catastrophic.

I mean, it makes my heart drop to hear these stories about business after business going bankrupt.

And,

you know, it's just, it's heartbreaking.

And, you know, I can't tell you how many businessmen and women have called me in the last few days and said the same thing.

I can't meet payroll, you know, revenues and customers out of the oxygen supply of the business.

And,

you know, I'm sorry.

I think this, I haven't talked to you about it recently, Glenn, but I just don't think that this lockdown of our economy is the right thing to do.

I think that the suffering, the human suffering, the trillions of dollars of losses, the millions of people who've spent the heroes of our economy, the people who've built up businesses from ground floor to put their whole life into it to see it ruined in a matter of weeks.

Again, it's unspeakable.

It's horrible.

We've got to get our economy reopened.

So, Stephen, I agree with you.

I just don't see a way of doing that safely.

And the problem is,

there might be 200,000 dead, but if we destroy the engine of the world,

If we destroy this and we can't get back online and start really jumping back in, how many millions will die because America

is in wreckage?

Well, that's the question we should be asking.

And these are tough questions.

I apologize for being a little late for your show today.

I was on the phone with some of the folks at the White House talking about this.

And I said, you know, the president's got some really tough decisions to make.

And this is his Trichillian moment.

He has to guide us through this.

I think the idea, you know, I live in Virginia.

Our governor insanely has said that he wants to keep the economy locked down until the middle of June.

That to me is not

going to be an economy.

It's crazy.

It's a lunatic.

I mean, you do that, there's not going to be an economy left to rebuild

in June when the things are reopened.

So, you know, it's interesting.

I'm going to give you some rays of sunlight here.

I had a long conversation, Glenn, with one of my heroes, Fred Smith, the CEO of FedEx, one of America's great, great companies, one of our largest companies and biggest employers.

And we spoke for about an hour, and he has, he's up and running.

And they're up and running not just in the United States, but throughout the world, as you know.

They have 350,000 employees in the United States.

350,000.

That's a lot.

That's like a pretty medium-sized city.

And I said, how many of those people, because they've been working for the last six, eight weeks.

I said, how many have come out down sick?

He said, less than 400.

So that's one in a thousand.

You know, that's one in a thousand.

And what he's saying is they're using all the best practices, the medical practices.

They're doing sterilizations and disinfectants, and they're wearing masks, and they're wearing gloves, and they're doing social distancing in the workplace.

And I'm here to tell you, Glenn, I think we can do this in a smart way that reduce the risk of death.

We may have to tolerate some additional deaths, but that's the kind of decision we make every day and every policy decision we make.

But, you know, there's a rule of thumb.

Every 10,000, every one percentage point increase in the unemployment rate, and this is your rule of thumb, but it's fairly

accurate historically.

Every one percentage point increase in the unemployment rate is associated with 10,000 additional deaths in the United States.

Some economists are saying we're going to see a 25% unemployment rate in this country, and that's very conceivable if we continue to lock down our economy.

So there, we've just caused 200,000 more deaths just from raising the unemployment rate.

So we have to be very smart about this and calibrated in our decisions.

And I just don't think that this idea of there's this trade-off between our economy and our health is being discussed in a responsible manner.

So, Stephen, the Fed came out with their prediction of 32.5%

unemployment by June 1st.

That is,

I mean, the height of the depression was, I think, 25%.

We've never seen anything like that.

What should Americans

expect or prepare for?

Well, God, let's pray that that doesn't happen because then you're talking, you go back to my rule of thumb news, I have about 300,000 additional jobs just from the rise in the unemployment rate.

And that also is revolution.

That's revolution territory.

Yeah.

Yeah, see, this is what worries me, is I think you're going to get social chaos in that situation when you have that many people unemployed.

Look, Glenn, let me start from the beginning here because none of the pennies in Washington understand this.

They keep thinking, oh, we're just going to keep having one bailout bill after another, one stimulus bill after another, $2 trillion, $3 trillion, $4 trillion, $5 trillion.

And then the Fed says, we're just going to keep printing money.

And I'm here to tell you, Glenn, it doesn't matter how much money the Fed prints.

It doesn't matter how many of these rescue plans, how many trillions of dollars they put into helicopters and dump over cities.

If the American economy isn't producing, it collapses.

It doesn't matter how much money they're.

I mean, they're acting.

We only need

this is the crazy thing stephen i don't understand why they just didn't say moratorium on rent and and mortgages and everything else for for two months or whatever it is because what people need to know right now is I can pay my I can pay my basic bills.

I can pay for

the rent and my company doesn't have to worry about their mortgage on their building and those big items.

I don't know why we're not covering that that because we're not going out and spending.

We're not doing it.

And so all we need right now is just to not lose our place.

That's what we need.

Just don't lose our place.

Don't let me lose my restaurant that I've worked my whole life to build because I can't afford the rent.

And that's happening as we speak, and it's heartbreaking.

It's happening in neighborhoods everywhere around the country and towns.

Is there any talk in Washington about doing anything for that?

Well, we just sent out $1,200 per adult and $500 per child.

And we've got

the unemployment insurance that is paying people 100% of what their paychecks are.

So we're providing a lot of aid.

But the problem isn't the aid.

We need our businesses to be functioning.

Open.

I mean,

they need to be functioning.

They need to be open.

You mentioned that story about

I was listening to what you were saying before I came to the people not paying their rent.

I just got up the phone with a woman who owns apartment buildings throughout the country.

She is not rich by any means.

This is how she makes money.

And she says, basically, starting two weeks ago, zero.

Everybody stopped paying their rent because the government's saying, hey, you cannot pay your rent and you won't be evicted.

And people are making the decision, well, I'm just not going to pay.

Well, think about that.

Means now she doesn't have any income, right?

Because nobody's paying her rent.

So she can't pay her bills.

So she has to foreclose on the, you know, on the bank, the loan she has from the bank.

The bank now doesn't have any money.

I mean, I worry this cascades in a really ugly way if we don't

have this up and running again.

Yeah.

It reorders everything.

And

the only ones that might win are at the very, very top or at the at the at the government level.

Nobody wins in this one.

Nobody wins in this one.

All right, Stephen, hang on just a second.

Hang on just a second.

We'll be back in just a second.

Let me just take one minute and tell you about gold.

I'd love to hear his opinion on gold.

What is going to be left?

Would you please call Gold Line and do your own homework?

Don't do anything in a panic.

Don't do anything in a panic.

Don't put everything in anything right now.

You don't know.

We've got to start, we have to stop thinking as nowists and start thinking about

thinking of things more as futurists.

What are the opportunities that are ahead of us?

How can we reimagine things?

And what right now is happening is not as important as what's coming in the future.

Please do your homework.

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There's a shortage of gold in some places.

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We break for 10 seconds and back to Stephen Moore.

So, Stephen,

I look at what is being talked about in Washington, D.C.

I'm worried that we're already starting down the road of modern monetary theory,

and that just leads to

the loss of freedom, the loss of our country.

If it's not that,

how do we just print all of this stuff?

And they announced yesterday, the Fed announced yesterday, they're buying the federal or the treasuries back from central banks banks all around the world and printing cash for them, too.

How do we

say we've never seen anything like this before?

I mean, the most amazing thing is the Fed is doing this.

They're printing trillions and trillions of dollars.

And yet, here's the mystery to me, Glenn.

People are buying 30-year Treasury bills at 1.3% interest rate.

That's insane.

And it's a stupid thing.

Wait, wait, wait.

I heard the only buyer was the Fed.

I heard the only buyer was the Fed for the 30-year Treasuries.

Yeah, but you know, the Fed can't, long-term interest rates in the economy are not dictated by the Fed.

I mean, the Fed,

you would think you would start to see this in rising prices and

higher long-term interest rates, and you're not.

And

I can't even get my head around this.

I mean, it is a bizarre world we're living in.

And, you know,

we are saved in part by the fact that we do have these long-term long-term rates so low.

I mean, I've been advising the Treasury to buy, you know, to refinance all the national debt at 1.3% interest rates.

And

because, you know, does anybody in the right mind think for the next 30 years, the inflation rate in the United States can be less than 1.3%?

No.

No.

I mean, if we could, is Donald Trump thinking about things like that?

For instance, I was glad to hear him say we're buying all this petroleum for our reserves.

Now's the time to just stock up on everything because it's so cheap.

Are they thinking about buying our debt and refinancing all of our debt at a lower interest rate?

Well, you know, I had a piece in the Wall Street Journal about that about two months ago, and I think that it's under serious consideration.

If we do this infrastructure bill that Trump is talking about, and what I would do is suspend the payroll tax for every worker and employee

employer in this country for the next nine months.

Thank you.

That would provide

what's that.

Thank you for that.

You're exactly right.

Thank you for that.

Is there a chance he's going to do that?

Yeah, he wants to, but

here's the problem.

I mean, Nancy Pelosi are really using this as an excuse to do the Green New Deal and the Bernie Sanders agenda.

So their ideas

would actually make the economy worse, not better.

And that's a real handicap Trump has.

But

he can fight that.

I mean, I think the American people are with him, and they were really disgusted by Nancy Pelosi and Chuck Schumer on that last attempt.

So, this is exactly what I've advised President Trump to do.

You know, I was on the phone earlier today with some of the White House officials, and I said, what Trump has to do now, what great leaders have done, whether it's FDR or, you know,

Reagan or Abraham Lincoln, you know, to go above the head of Congress, to go straight to the American people, say, this is what we need to do.

Demand that

pass this bill.

Okay, hang on just a second.

More with Stephen Moore in just a moment.

This is the Glenbeck program.

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Tonight at 9 p.m.

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But there's one group of Americans who stand to profit off of America's demise.

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Tonight at 9 p.m.

Eastern, only on Blaze TV.

Welcome to the program.

We have Stephen Moore with us.

He was just on the phone with White House economic advisors

trying to work his way through all of this.

Stephen,

what are we expecting for the unemployment numbers tomorrow?

Gosh,

you know, they're going to be high.

They're going to be rotten.

You know, it's amazing because I think Friday we come out with

the new unemployment rate numbers.

I think

Thursday we get the new unemployment insurance claims.

They're going to be rotten.

Terrible.

We're going to see, you know, 5 million more people signing up for unemployment insurance.

I mean, this is just a natural.

So

you don't think it will be bigger than last week?

Yeah, I do think it will.

I think we'll go from

3 million something last week, and I think we could see 5 million this week.

Hard to tell, I mean, how fast people sign up for these benefits.

But,

you know, I mean, look, it's very simple, folks.

Without businesses, you don't have jobs.

I don't know why AOC and Minnesota

and so forth don't understand that, but they keep demonizing businesses in that aid pack.

Oh, we can't help businesses.

I mean, I'm the biggest, I hate poor welfare and I hate business handouts, but you got to give some loans to these businesses so they don't go bankrupt, so they can be up and running when we get through this.

So

when you look at

the unemployment new claims at 5 million, maybe,

what kind of number is that?

We went from the lowest unemployment in 50 years, 3.5 or 6.

What are we looking at when that new number comes out this Friday?

You know, I almost feel like this is some bad nightmare that I'm going to wake up from because it was just a month ago, it seems like 10 years ago, that we had the best jobs report, you know, ever.

We had 350,000 jobs in February,

counting the revisions from the previous months.

We had the lowest unemployment rate in 50 years.

We had rising wages.

We had the Federal Reserve Bank was saying we were growing a 3% to 4%.

And we're just booming, and now we hit this wall, and it's just, it depresses me.

I'm sorry I'm so depressed this morning, but I just, I feel so horrible for our country in terms of the

misery that this is going to cause people.

And I just want to get it over with.

I want to get us up and running again because

it's horrible when you know, I'm a

I know you run a business.

I'm on the board of a business.

We had about 30 employees, and we had to lay them all off this week, Glenn.

And that's just a heartbreaking thing to have to do.

But we don't have any money.

How can we pay people if we don't have any revenue?

So, Stephen,

is there a point to where

if we could print enough masks, you know, make enough masks, get everybody, you know, to wear them, wear gloves, you know, practice safely, is there a chance in the next four weeks that we could go back to work and we would see the engine just flame up because I think there'd be a lot of people that would be,

you know, there's a lot of pent up spending and creativity and everything else.

When does that flame kind of, do you worry, go out

and we're at a point of no return?

Yeah.

That is my worry where you get this cascading effect where, you know, once a business goes bankrupt and has to sell their assets, but a good business doesn't exist anymore.

It can't, it can't resurrect itself.

And so that's happening.

So that's why I keep telling the White House, every week that

you keep the economy shut down, this is not like a fine-tuned engine where you can just click the ignition, it starts up again.

So it's a hard

question to answer.

Look, I have nothing but respect for the resilience of the American people, the American workers, and especially our great entrepreneurs.

We are going to get out of this.

And hopefully, going

six months from now, when you and I are talking, we're only talking about coronavirus.

But these are tough times.

And all I'm saying is every day that goes by with this shutdown, it gets harder to start it up again.

So, Stephen,

the frightening thing for me is, you know, FedEx is going to be fine.

Amazon is doing great.

All of these big, huge businesses are doing fine.

But anyone with brick and mortar, anyone who is on a small level,

are they going to, is there anything that is

coming for real

significant relief for like that?

Even that woman who owns those apartment buildings, she's not rich, but I can guarantee you she's not going to be eligible for the $1,200 check.

And who's helping her?

Who's helping the people who are trying to make

the basic payment on their building, on their equipment,

and just can't do it until the engine's turned on again because they didn't turn it off.

The United States government told them to turn it off.

Nobody, nobody's helping those people right now, and they're facing real

hardship.

And, you know, this woman I talked to said, well, she thinks she can get through the next few months, you know, but what if people don't start paying their rent?

You know, it's one thing if they don't pay their March rent, maybe not their April

rent, and maybe even not their May rent, but then you go past that, there's no revenues.

Again, this is the oxygen supply of any business.

So,

you know, I do think we can get this thing going again.

And we've got a great leader in Trump on the economy.

I'll give you one example.

One of the things I'm in favor of.

I mentioned the payroll tax suspension for the rest of the year.

How about this?

Why don't we put a suspension, a blanket immunity from lawsuits for every business in America for the next year so that when they put people back to work?

Because I've talked to employers saying, I'm afraid to bring our,

employers back employees back to work, but I'm afraid of lawsuits if they get sick.

So, why don't we have a blanket immunity so that let's say you employ me, Gwan, and I sign the document that says I'm willing to go back, and you say I'm willing to hire you, but there's no lawsuits

in case I do get sick.

And that way, you'll encourage, we want to get, look, the American people want to get back to work.

We're all going straight crazy.

Right, right.

The $2 trillion in infrastructure bill, phase four

of this, Donald Trump is saying,

he's saying, you know, the interest rates are at zero, so now is the time to borrow.

And so

we're going to borrow $2 trillion.

I think that number is going to go up, but that's a stunning, stunning number to come out with to start the negotiations with Nancy Pelosi and Chuck Schumer.

Is that

because the president is seeing the future and knows that he needs to get ahead of this because the news is going to be shocking?

I don't know his motivation.

I worked for Trump during the campaign.

I've worked with him as an informal advisor, and

I find when it comes to the economy,

not always, but most of the time makes very wise decisions.

Look, the problem with this infrastructure thing, and there's something to what Trump is saying, is if people are going to lend us money for free, now's not a bad time for the government to be borrowing, although we've been doing a hell of a lot of it already.

But, you know, the problem with this issue of infrastructure is when you and I say infrastructure and the left says infrastructure, we're talking completely past each other.

So what I want to see in this country, yeah, we should fix the roads.

We should fix our highways.

We should modernize our airports and our ports.

And we need pipelines in this country so we can get all the oil and gas to the markets that we need to, so we could be exporting this stuff at a faster pace.

That's not what the left is talking about.

They want

energy subsidies, they want public transit projects, they want

things of that nature that don't really add much.

And of course, the union wages for all of these

jobs that require 30-40% higher costs to the projects.

So

I worry that this becomes

pardon the pun, but a runaway train of spending that doesn't really accomplish much.

Stephen,

are you in Texas?

Are you in Texas?

I am in Texas.

So I'll give you an example.

So in Texas,

your cost of building a mile of road is about one-half the cost of what it is in California and New York.

Think about that.

Right.

You know why?

Because you're efficient.

You don't have all these crazy

union work rules and regulations and so on.

So if we're going to build the infrastructure, let's do it the way Texas does it, not the way New York does it.

Correct.

Correct.

Let me ask you while we're on Texas, the oil situation.

Is it possible for the president to tell refineries no more foreign oil for the next 60 days just to keep our energy independence?

Is there thought about that?

I'm afraid these oil companies and the shale and everything else, they're just, they're not coming back.

We're going to set ourselves back 50 years.

Gosh, this is the toughest question you could ask me.

This is keeping me up at nights, too, about what do we do.

And some of my best friends in the world, my friend Harold Hamm in

Oklahoma City, who really was the kind of inventor of the whole fracking process and the horizontal drilling and

the Bach and Shale there that became one of the biggest oil fields in the world.

And they're just shutting east side of it.

We're shutting just about everything down.

And you're there in Texas, you're seeing it.

And

the price is as low as it's been in 40 years.

And we may see an oil price go below $15 a barrel, which would be,

then you're talking about

virtually every well in America closing down.

First of all, if we're going to do something like that to keep out the foreign oil, then what we ought to do is not just basically have a $25 a barrel import fee, right?

And then we could use that money to pay for the infrastructure.

So, yeah, you know, if the Saudis and the Russians want to keep cutting the price to

cut off the needs of our producers, let's slap them with a huge import fee, and why not use that money to help people here?

And by the way, that would be the price for our domestic producers.

Right.

I would just hate to see us lose our energy independence.

That, to me, is that was a huge accomplishment and

not even foreseeable when

we were talking

under Barack Obama.

They had done everything they could to destroy it.

And I'd like to see that continue.

I'm with you with you.

I mean, this was was one of the great advances of our decade was the fact that we were the number one oil gas producer in the world.

So we've got to keep it up and running.

Thank you so much, Stephen.

We'll talk again.

God bless.

You bet.

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