Glenn Beck, Carol Roth, and Luis Valdes dissect the banking crisis, arguing that Silicon Valley Bank's collapse exposed a $15 billion Fed loss and an FDIC fund depleted by $264 billion in failed deposits. They warn this necessitates money printing or fees, creating a "currency death cycle" and potential Central Bank Digital Currency threats. The discussion critiques Biden's $6.9 trillion budget, Florida's blocked constitutional carry laws, and the ATF's pistol brace rule, while contrasting Ken Griffin's moral hazard concerns with Bill Ackman's defense of systemic stability. Ultimately, the episode suggests these economic and civil liberty failures signal a broader breakdown of capitalism and individual rights. [Automatically generated summary]
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Oh, yeah.
Especially with China.
You know, I'm just saying, you know, they don't seem to be liking us so much.
Look, here's the thing.
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What you're about to hear here is the fusion of entertainment and enlightenment.
This is the Glenn Beck program.
Hello, America.
Welcome to the Glenn Beck program.
We've got an update from yesterday that not really a fun one, but I can guarantee you this will be the only place that you hear about it, at least in mainstream.
It's very important that you understand this.
And I'm kind of on the edge of understanding it, but we have experts on today, and I'm doing a special on this tomorrow at 9 p.m.
You don't want to miss.
We begin in 60 seconds.
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I got to tell you, Molly, I have a German Shepherd too, and the hardest thing to watch is when their joints start to go and they always have hip problems.
Fed Rate Hikes and Deep Losses00:12:52
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Okay, so, you know, I've been doing some thinking here.
Now, I'm not an economist, but I am a thinker.
And if the problem was Silicon Valley, with Silicon Valley Bank, the problem was what?
They bought treasuries and they held treasuries.
And the treasuries are becoming worth less and less if you had them.
Now, the first thing I thought of was, gee, if that's the case, when everybody panics, where do they put their money?
Where is the safest place to put your money?
In treasuries.
The entire world runs to treasuries, U.S. treasuries.
Our debt is all in U.S. treasuries.
So if you bought a 10 or 20 or 30-year treasury, you know, in the last, I don't know, 10 years and you have time on it and you need to sell it, you're going to lose money right now, today, 25%.
So it's not really a safe bet now, is it?
And if that was the problem with Silicon National Bank, how many of our banks are holding those 10-year treasuries?
Who else is holding them?
Because if there's any strain on the financial system, then they're going to have to start selling those treasuries.
Who is going to buy them?
I want to, there's a website called SeekingAlpha, seekingalpha.com, and it is deep, deep Fed and monetary stuff.
And I want to give you just the highlights of an article, Fed update, the losses keep rolling in.
Last week, there was a press release from the Fed for their results of 2022.
Listen to this.
The Federal Reserve Act requires reserve banks to remit excess earnings to the U.S. Treasury.
So here's what happens.
After they pay for their operating costs and the payments of dividends and everything else, anything that is a surplus, and I didn't know this, anything that was a surplus for the Fed goes to the U.S. Treasury.
Now, when they don't have any profit, they have a deferred asset and recorded.
Basically, it's the amount of net earnings the reserve banks will need to realize before they start paying.
So they just go, we were short this amount.
So we have to make up this amount before we start paying the Treasury again.
Okay.
It wasn't said in the press release, but the deferred asset is an accounting gimmick which allows the Fed to hide their operating losses on their balance sheet as a negative liability.
Nowhere in the statement do they mention operating losses, but operating losses they do have.
For the first time since the beginning of the Fed, 107 years, the Federal Reserve just recorded an operating loss in the fourth quarter, a three-month period.
The Fed lost $15 billion.
Okay?
Now remember, this is the bank of last resort.
The Federal Reserve is the world's, pretty much the world's bank because we're the ones directing pretty much all of the Western central banks.
We're the ones spreading our wealth out.
We're the ones rescuing everybody else.
And the Fed is the one that is selling the treasuries.
They're selling the bonds.
So if I'm a sovereign fund, I've bought all that debt and I have a treasury bond.
Okay.
When the bonds go bad, like they just did, who picks up the bill?
The Federal Reserve.
Okay.
So they, for the first time, are losing money, which means that we aren't getting the money.
And I'll get back to that.
This past year, when inflation spiked to a 40-year high, the Fed did what their mandate requires them to do, to raise interest rates to combat inflation.
The Fed raised rates seven times.
This is the fastest rate hike in history.
Totally predictable, the article at Seeking Alpha says.
The rise in short rates due to the Fed tightening created a negative net interest margin with $8.5 trillion on their books, $8.5 trillion that we know of.
They have $8.5 trillion in fixed rate bonds earning 2.0%.
The cost of the Fed's variable rate liabilities, $5.7 trillion in bank reserves, reserve reverse repurchase agreements, everything began to rise.
The break-even rate is roughly 3%.
Okay.
Now, the rate hike is now up to 4.5.
They're talking about yet another rate hike.
The interest margin is negative, and the Fed will continue to book operating losses until the Fed funds rates drop below 3%.
Nobody's expecting that to happen.
They're not going to bring the Fed rate down below 3%.
Now, the net income for the year for the Fed fell to $58.4 billion from $107 billion the year before.
That's almost a 50% decline in revenue.
And the main reason that their income dropped was the increase in the cost of their variable rate liabilities.
This is getting really complex.
Let me just say this.
If you are watching Blaze TV, can you get a shot of this?
Maybe you can get a shot of it on my screen here.
This is the remittances due to the U.S. Treasury.
This is when they make profit, they give money to the U.S. Treasury.
Now, this is important because that helps defray our deficit.
That goes right directly to our bottom line.
So we have even more money that we owe because the Fed is going under.
And I want to show you how much money they're losing.
If you look at the chart, you'll see that they're always just, you know, above the line, giving us some money here and there.
Now you see a straight line down.
Al Gore would call it a hockey stick, I believe.
Wouldn't he, Pat?
Kind of a reverse hockey stick.
Reverse hockey stick.
Okay.
So they are now losing $2.2 billion a week.
That's an annual loss of $114 billion that we know of.
And that's if they don't tighten anything.
The Fed has a total capital of $42 billion.
$42.
That means they're upside down.
This is the bank bailing everyone out.
So that's not good news.
Last year, they sent the Treasury $64 billion.
When we have a, if the Fed starts to fall apart like this, we're the ones that are on the hook.
They also have a huge loss in something called the SOMA portfolio.
And I'm going to get Carol on here in just a minute.
She's going to be joining us in about an hour from now.
And she can break all of this stuff down, but the loss at year end just in that is $1.1 trillion.
So the bank, the bank of the banks, is in trouble.
If bonds are the problem, can somebody tell me how many of our banks are holding those bonds?
Because the Federal Reserve itself can't make money now because of the bonds.
We are, I think, at the beginning of this.
We are not at the end.
The only thing that they will have, they'll be able to do is print more money.
What's that going to do?
You can't raise the rates because we focused on the United States government not being able to meet the obligation of the interest on our debt.
Little did I think or many people think, wait a minute, what happens to the value of all of that really safe place to park your money?
What happens to that?
It's already lost 25%.
If they keep raising the rates, the banks will lose even more money.
But if they don't raise the rates, your interest rate or your inflation rate will go up.
Why?
Because we won't stop spending.
The federal government, Joe Biden, just said his next budget, he's asking for $6 trillion.
$6 trillion.
So if the Federal Reserve has to create new reserves, print more money just to meet their obligations, let alone printing money to meet our obligations, and more people are backing out of treasuries.
Are you beginning to see how deep this problem really is?
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10 seconds station id i want to get into uh more of that um with carol roth because she'll be able to really explain all of this but this is something that you need to be aware of uh
So I don't know if you saw this, Pat, but the New York Times and the German newspaper Die Zeit have published stories now on the Nord Stream bombing plot.
And I just want to go over, you know, we heard that, well, we think we know, we think we know what it is, New York Times.
They have reviewed newly collected intelligence.
And they say that a pro-Ukrainian group carried out the attack on the pipeline.
Okay.
And they were opponents of Vladimir Putin of Russia, but they don't know who directed or paid for the operation.
So that's, I mean, that's pretty damning.
Although, I will say in the same report, U.S. officials declined to disclose the nature of the intelligence, how they got the intelligence, any of the details of the intelligence, or the strength of the evidence that it contains.
Huh.
Yeah.
So it's pretty solid.
It's a pretty solid case.
Yeah, I would say it's really solid.
According to the investigation, they say it was a yacht rented from a company based in Poland, apparently owned by two Ukrainians, according to the investigation.
The secret operation at sea was carried out by a team of six people, said to have been five men, one woman.
The group consisted of a captain, two divers, two diving assistants, and a doctor.
And they transported the explosives to the crime scene, placed them there, and then blew things up.
How do they know that detail, but they don't know who the group is?
Well, they also know that they use professionally forged passports.
Okay.
Okay.
But again.
They don't know who it is.
Yeah, they can't comment.
They won't disclose the nature of the intelligence, how it was obtained, any details, or even the strength of the details.
But they do know that it's a pro-Ukrainian group who took a yacht from Poland.
They don't really know.
You know, they said we're still looking in to make sure it was a Ukrainian group.
But if it was their intelligence, which they?
They have uh, low confidence in all of this intelligence.
Uh, they say if, if it was Ukrainians, they did it without the government's knowledge.
Well naturally sure, that goes without saying, doesn't it right?
Right, they also said that they can't rule out a false flag operation to blame Pro-Ukrainian troops.
Oh, so it could be somebody else entirely.
Yes, you know yes, that makes me suspect the Zimbabweans.
I think it was Zimbabwe who was behind this.
Really, I do you have any evidence that's based on?
Well, I can't, I can't tell you what kind of evidence or why i'm basing it uh-huh, on that evidence right, or necessarily uh, why Zimbabwe would be involved in this in any way.
Sure, so it's pretty solid right, intelligence that I have uh, but that's what i'm basing it on okay, so now they said we should be very clear that we we, we know very little.
Uh, the group remains a mystery to us yeah uh, and it's mysterious not just to us but also the U.s government officials that they have spoken to.
Uh, you know they, they know that the people involved were either Ukrainian or Russian, or a mix, or a mix or a mix.
All right, they also could be Anti-putin and Pro-Ukraine, but they're not sure.
Or they might be Pro-Putin and Anti-Ukraine yeah, they might be.
They might be, they might be.
What about the Zimbabweans?
Where do they?
Where do they?
I do know that there were uh, three of them, uh-huh.
One was a uh, trans woman, okay.
Another was a Catholic nun, okay.
So do you have?
Do you have, like video?
How did you?
No, I just I can't tell you where my source is or who it is or why they cost me anything, but I have, I have really high confidence in the low quality that I was providing.
Okay, so you didn't even get to the real story, because I believe it was chicken scuba divers.
Oh wow, it's definitely not the United States.
No, definitely not us.
No no, we wouldn't.
We had nothing to do with Wuhan, the labs there, either?
No nothing, nothing.
I don't even know why you brought that up.
Well, just to give some credibility to the chicken scuba divers.
Okay, the Glenn Beck program.
They're very Anti-putin.
Uh anyway, let me tell you about patriot mobile.
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Oh, it's fantastic.
It's no chicken scuba diver, but it's pretty, it's pretty great.
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Welcome to the Glenn Beck program.
Nursing Home Funding Crisis00:09:47
Uh, I don't know if you saw this story.
Uh, yet a January 6TH attorney alleges the FBI criminally altered evidence and they are asking now that a special master review the leaked messages.
Um, they were.
They had on the stand special agent Nicole Miller, who is involved in the agency's investigation of the january 6TH defendants when cross-examining.
Uh, Nick Smith, the attorney representing the Proud BOYS, member UM revealed classified FBI emails that were hidden in a tab in an excel spreadsheet, Which includes a directive to Miller to destroy 338 pieces of evidence and edit out an FBI agent from an informant report.
Not a federal crime?
Wow.
Wow.
I would have thought so.
Yeah.
Yeah.
Well, the judge is looking into it.
He's not sure.
All right.
We don't want to be too hasty.
We don't want to be hasty.
I mean, how many pieces of evidence can you destroy before it becomes a real problem?
I mean, what's 338 between friends?
Probably virtually nothing.
That is, what is it going to take to wake our neighbors?
I don't know.
My gosh, people, the country is completely out of control.
By the way, I have to correct myself.
I said that the budget from Biden is $6 trillion.
Pat corrected me.
It is $6.9, but that's just, I'm used to talking to my wife.
You know what I mean?
Going, honey, it's only $6.
Yeah, it's only $6 trillion.
You know, you don't say the seven number or the $6.9 because she immediately rounds up.
It's $7 trillion.
I'm like, it's in the sixes.
$6 trillion.
That's it.
And besides, it's a measly $900 billion.
That's just a little more than tarp.
Right.
Okay.
And that's nothing now.
That's nothing.
So the Department of Defense's comptroller believes that it is only a matter of time that the Pentagon budget is over a trillion dollars.
It's already, I think, $875 billion in the budget, but they're having a hard time making ends meet.
And they have a lot of things that they have to rebuy.
So Pentagon's budget, trillion dollars.
Hey, I was just thinking about something completely unrelated.
Do you remember when Ronald Reagan was threatening war and he was making the Soviets all crazy?
And they were like, we've got to get in there.
We've got to build a budget new stuff because Reagan's going to destroy us.
And then they collapsed financially.
I'm sure I do remember that.
Yeah.
Yeah.
I don't know what made me think of that, but trillion dollars a year now in our defense budget.
And the Pentagon is trying to find ways to buy massive amounts of ammunition.
Because we don't have enough ammo right now?
Well, we depleted ours by giving it to Ukraine.
Yeah.
Yeah.
So it used to be that my theory was I'm almost okay with any amount you spend on the military because it's so important.
Our defense is critical.
However, in this particular case where we're giving everything to Ukraine and sparing nothing, including if it makes us weaker, then I think it might be a little bit of a problem.
Yeah, we don't have tactical missiles.
Yeah, because we gave them to Ukraine?
Yeah, yeah.
We need $5.6 billion for ammunition.
And I'm sorry.
I'm sorry.
That's what the administration has budgeted.
But apparently we need, I don't know, like a billion dollars more for ammunition.
And that's just for the bullets.
You know, forget the fact that our howitzers have no shells now.
We are literally out of howitzer shells.
Why would you need howitzer shells?
Why are you going to shoot with them?
Right.
Come on.
We're not at war.
We're not at war.
Nobody's threatening war.
Right.
You know, that's crazy.
It's a proxy war.
And the Russians don't know that.
They don't know we're helping the Ukrainians do this.
They have no idea.
By the way, speaking about being flush with money, the president came out yesterday and he said the economy is great.
In fact, here he is.
Cut two, please.
Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe.
Oh, and I do.
Your deposits will be there when you need them.
Yeah.
Small businesses across the country, the deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills.
Okay.
And their hardworking employees can breathe easier as well.
Isn't that great?
I'm so, I mean, I have confidence now.
I am stuffed with.
I couldn't have another bite of confidence.
I am just, I have to push away from the table and loosen my belt a bit.
And it's just based on that.
Oh, it's just based on what you just heard.
Well, that end, I don't know if you saw the end.
Here he is at the very end of his speech, just walking away.
And when he walks away, it just, again, fills you with confidence.
You can't have another bite.
Here it is.
President, what do you know right now about why this happened?
And can you assure Americans that there won't be a ripple of exit?
Do you expect credit banks to fail, Mr. President?
Should all depositors be protected at all banks?
I mean, that's a nursing home exit.
That's a nursing home exit.
That is a nursing home patient getting up and going, I got to go, buddy, and walk into the little bathroom there.
It's beautiful.
Seriously, seriously.
By the way, he said that, don't worry, the FDIC is going to cover all this because banks pay into that.
And they have almost unlimited funds.
Well, no.
No, they have $128 billion on hand.
Okay.
But the deposits at these banks are $264 billion.
So they're a little short.
A little short.
Signature had $88.6 billion.
Silicon Valley Bank has $175.4 billion.
And FDIC has 128.
So I'm not good at math, but I think I feel secure.
They're brimming with confidence.
Brimming with confidence.
It's not going to cost you a dime.
No, right?
The FDIC is going to cost.
They're going to take care of it.
Yeah.
Now, let me ask you, Pat, when another bank collapses, okay, and the FDIC just spent all of their cash.
Yeah, on the first two.
On the first two.
How do they bail everybody else out?
Well, I'm sure the taxpayers won't have to.
You know, we won't have to carry any of that burden.
Really?
Yeah, I'm brimming with confidence on that.
Because he said the banks are fine.
Okay.
And that was due to the very swift action that his administration took.
I could see the urgency in his step as he was walking away.
Yeah.
Yeah.
So where do they get that money?
The FDIC money?
The new money.
Magic fairy dust.
Really?
Yeah.
Really?
Yeah.
Wow, that's great.
You know, you know what I really, this is a growth industry, and this is going to sound crazy, but I just want to give you a tip.
If you're looking for a job, get into the business of selling green ink because I have a feeling, at least for a short period of time, green ink is going to be really super needed.
And then they'll probably not use green ink anymore.
We'll just have it, I don't know, sewn into our forehead or something like that.
The wrist would work too.
Yeah, it would.
Your wrist, your forehead.
It would.
It would.
Hey, some more good news.
Government agencies, government agencies that were definitely not doing anything in the Wuhan lab.
They weren't doing anything, let alone gain of function.
Gain of function is like so crazy.
I don't even know what that is.
You'd think that, you know, you'd play, oh, they're doing a gain of function.
No, we weren't doing that.
In fact, we weren't doing anything with Wuhan and the lab, except CBS News has just obtained records that appear to show the U.S. government may have may have been paying for projects in Wuhan.
Some of those research projects may be tied to labs implicated in the lab leak of the COVID-19 origin theory.
Now, here's the exciting news.
It looks like we are so efficient that when they billed us, the NIH paid the bill, but so did USAID.
They were both like, let me pay it.
No, I'll get the check.
You get the check.
You get the check next time.
Double Billing Concerns00:02:34
No, I want to pay it.
And they ended up both paying it.
So we paid twice.
Wow.
For, you know, it's just double billing.
And it's the government former federal investigator said it is concerning.
It's a powerful statement.
Yeah, it is concerning.
I would use.
I mean, we are talking about something that involves, you know, a deadly disease and risky research.
And millions of people having died.
Yeah.
Yeah.
But world over.
She is right.
It is.
It is concerning.
All right.
Let me tell you about American financing.
Now seem like a really good time not to owe money to anyone.
Mueller.
It's difficult just keeping track of all of the directions our money is moving away from us, not to mention how much more of it is moving these days.
If you've got debts, especially if you have credit card debts with high interest, you've got to get yourself a break.
Refinancing of your mortgage might sound scary, but it could lock you into a much, much lower interest rate and help you pay off a ton of debt.
And this is where American financing comes in.
If you pay down your credit cards, you are going to stop paying 21% interest.
You're going to be paying a lot more than that in the end.
21% interest.
How are you going to pay that off?
You have $10,000 in credit cards and they are at 21% interest.
It's going to take you about 10 years to pay that off.
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This is the Glenn Beck Program.
Masks, Bailouts, and Panic00:14:53
Remember that song, Things That Make You Go, hmm.
I think this is one of those.
California Governor Gavin Newsom, facing pushback as state lawmakers, California lawmakers, progressive crazy ass Democrats in California, began demanding details of his nearly $1 billion deal to receive 200 million masks per month from a Chinese factory.
Now, I don't know about you, but as the world is clamoring for masks right now, I can understand this.
Now that the world is clearly understands the masks make no difference at all, I can see why he's like, we have to have 200 million masks a month coming into California a month.
So he won't talk about the deal.
And, you know, his advisors won't talk about the deal.
Los Angeles Times just, you know, they said this deal is with the Chinese electric car company called BYD, which stands for Build Your Dreams.
Oh, that's beautiful.
And that's what they're doing.
China is building dreams.
Your dreams to have a mask.
Right.
BYD formed in 95.
It was making batteries.
And then Warren Buffett got involved.
He owns 25% of this company.
And it's one of the largest electric car makers and just partnered with Toyota.
So, and they're doing a joint venture for electric car batteries.
And he paid them a billion dollars for 200 million masks.
Now, you could say, Glenn, that doesn't make a lot of sense.
Hey, car seats, they have fabric.
Masks have fabric.
It's the same thing.
They're kind of going under a bit.
They saw a 42% drop in profits from 2019.
And so they took one of their facilities and they transformed it into the world's largest mass-produced face masks plant.
They make 5 million masks per day, and they said this is their fight against the spread of coronavirus, which— Well, it's—I mean, as you said, the masks have been proven to be so, so non-effective.
So I'm not sure why they need 200 million masks a month.
Oh, by the way, this car company, they do have just a little factory in California, you know, employs a thousand people.
So he might want to, you know, hey, let's keep these people employed, which I would prefer giving everyone 10, you know, those thousand employees, give them all $10 million.
Let's call it, let's just call it, you know what?
Close the factory, keep it open.
Let's give you, we'll save money.
We'll save money.
But I don't know.
Hmm.
One of those things that make you go, hmm.
And there's so many of those.
So many money-saving projects from this administration.
Really?
You're just, you sit back and you're really proud because the mask thing has been really good for us.
Yeah.
So we have a college in Cupertino.
What else is in Cupertino?
Oh, Apple.
So we have a college there.
And the director of the Office of Equity, Social Justice, and Multicultural Education has been fired because she questioned the institution's woke anti-racism and diversity and equity and inclusion initiatives.
Kind of bigot, was she?
I know.
And she also declined to join the socialist network.
So, I mean, you can't have that.
No.
She doesn't want equity?
No.
She doesn't want equality?
She doesn't want socialism?
Right.
What?
We're all socialists now.
Exactly.
Exactly.
So I think that's good.
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What you're about to hear is the fusion of entertainment and enlightenment.
This is the Glenn Beck program.
So much, so much to talk about with Carol Roth.
She is a former investment banker, but she speaks the language of Main Street and cares about Main Street over Wall Street.
Are we at the end of this?
Are we at the beginning of something bigger?
What happened to Silicon Valley Bank for the English?
Did they actually buy this bank for a pound?
Is it the same bank?
What is happening?
Also, bailing out by using the FDIC.
The FDIC is now out of money and it didn't even cover what they bailed out.
So who's stuck with that bill?
Oh, and if treasuries were the problem, aren't all banks kind of in the same boat?
Isn't even the Fed in the same boat?
And all of our allies that buy treasuries?
We go there with Carol Roth in 60 seconds.
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Carol Roth, welcome back.
Hi, Glenn.
What a crazy couple of days here.
Never ceases to amaze, does it?
No, it really doesn't.
First of all, let me get your reaction.
We spoke on Friday on the Friday exclusive that I do for Blaze TV.
And this story was just breaking.
They bailed everything out with the FDIC, but this isn't just the depositors that they bailed out.
I'm for FDIC covering depositors.
But they just changed the law with a stroke of a pen, did they not?
I mean, you had $400 million in that bank.
It says clearly on the door, deposits up to $250,000.
Yeah, you know, it's funny.
I have a different take on this than a lot of people that I've been talking to, some friends and colleagues.
You know, they did not do what I would consider to be a full bank bailout.
They did not protect the shareholders.
They showed management the door.
So, you know, the people who should be taking on risk took on the risk.
In terms of the depositors, I mean, you could say, oh, why should these tech companies be saved?
But I challenge people to change the name.
If it wasn't called Silicon Valley Bank, if it was called the Small Business Bank of Iowa, would you want those small businesses' money to be at risk?
Well, there is a difference in those small businesses.
And I'll tell you what the difference is.
There's no way in hell this federal government would bail out a small business bank in a red state.
I just don't believe it.
That may be the case.
But at the same time, if you think about the potential contagion effect, and we can use this now as a benchmark to say they've done it before that, God forbid the small business bank of Red State were to fail in the future.
But if you think about just the ripple effects, the example I like to use is Etsy.
Etsy is a marketplace where artisans and small entrepreneurs do crafts and they sell them.
Etsy had all of their working capital, or not all of their working capital, a large portion of their working capital with Silicon Valley Bank.
So if that money were to have gone away, they wouldn't have been able to pay all of the entrepreneurs.
The same thing with a payroll company.
They had their money with Silicon Valley Bank.
And so another company wouldn't have been able to pay their entrepreneurs.
So that kind of reverberation throughout the system.
And then, you know, not quelling the fears that this could happen again and potentially taking down not just other regional banks, but having contagions up to big banks.
It would have been really bad for everyone.
So wait, but wait, I agree with you.
I agree with you that it would have been horrendous.
Okay.
However, I had under the FDIC limit in Silicon Valley Bank for one of my businesses, we ran our payroll through Silicon Valley Bank.
We never put more than 250 grand in that.
We never do it unless we care to lose it.
So why do I have to play by the rules and expect that I'm not going to get something?
But all of the big guys will always expect, oh, well, they're going to bail me out.
I'm too big to lose.
I'm too big to fail.
Yeah, I mean, listen, this is, I think, sort of an expectation sort of game.
But the reality is that we didn't want to have that failure happen.
And this was a bank that was very different than some of the other failures that had happened before.
I mean, this was not about making toxic loans or derivative products.
This was really a liquidity issue that should have never gotten to the panic.
And I think that's the bigger issue that the way this was communicated, the hubris, I mean, the fact that the head of Silicon Valley Bank sat on the board of directors of the San Francisco Fed and didn't anticipate that it might not be a good idea to lock up money for 10 years in treasury.
I mean, there are a lot of really weird questions here.
And I think we can certainly debate, you know, what we should do on a go-forward basis, but we have to have faith in the banking system.
And for companies to take their cash management and now have to go through paperwork and chop it up into little blocks so that they can be covered and have this in all different kinds of banks and all different kinds of accounts isn't particularly efficient.
So I think that the, I think the insurance program probably needs to be re-looked at.
But you can't just write the rules as you go.
That's the problem.
They do all the time.
I know.
And it's wrong.
And it's wrong to do that.
So fundamentally, it is definitely wrong to do that.
But if they're going to continue to do it on an ongoing basis, this was not the time to put the flag down and go, nope, this isn't the time that we should do it.
That's just, you know, it was a very sort of practical decision.
Yes, in principle, we need to fix the underlying system.
But as I said, let's not pretend that we have capitalism here in the United States.
You've had the Fed who's been interfering with the USA.
Oh, no, it's not capitalism.
From Main Street to Wall Street on a historic basis.
So, you know, I'm not going to sit and pretend, oh, this was some affront to capitalism that didn't actually exist.
No, the Fed is completely out of control, overstepped.
And all of the, you know, the big banks, the really big banks, they are rolling with our cash and we're on.
Rolling a dove.
Yeah.
Literally.
So let me go back to the bonds here for a second.
They lock these treasuries up for 10 years.
Uninsured Deposits Spark Panic00:07:17
And when the interest rates go up, they lost about 25% on their bonds if they tried to sell them in an emergency.
They were going to lose 25 cents on the dollar.
That's what caused the panic because if you lose 25 cents on the dollar, you don't have enough to cover all of all of the things you have to do.
Let me add one other thing that added into the panic because this was on paper.
Should they had held them to maturity, there wouldn't have been no problem.
Like you said, only in an emergency.
What happened is that within Silicon Valley, because interest rates were rising and the bank was only paying a small amount on deposits, you could pull your money out and park it into a treasury bill now and get 5% without very long duration.
So you had more depositors pulling their money out than they had modeled and expected in this rising interest rate environment, as well as probably companies that needed more operating cash because of the economy.
So they didn't have that expectation.
And that sort of mismatch is saying, oh, wait, we have a liquidity need because we didn't estimate for this.
That's what forced them to sell the bonds at that loss and then created this panic.
And that's where this boob that is sitting on the Federal Reserve Board in San Francisco, these guys are, I'm convinced these guys are arrogant morons.
However, how many other banks have put their money into longer-term treasuries?
Oh, I mean, it's throughout the system.
Oh, yeah.
So think about it.
So wait.
Go ahead.
If you take, you know, Bank of America, they also had a situation where they had to take a big loss on selling treasuries.
The difference is that they have a large and diversified business.
You know, they only had 69% of their liabilities being deposits where Silicon Valley Bank, it was 89%.
They have a lot of retail deposits that were under the threshold.
They have investment banking and trading and all these wealth management, all these other things.
So for them, it wasn't an issue.
But on a smaller scale for a bank that really does rely on that deposit business, and because they had so much of that as these smaller business deposits that were uninsured, that made it different than it was for, let's say, some of these bigger banks or banks that are structured different.
Right.
So, but I mean, I'm looking at banks like JP Morgan Chase, all of the.
They're fine.
They got plenty of money and they're going to get all the depositors as the little banks go out.
Exactly.
Right.
So let's understand.
What I'm asking you is what gives us any indication that this is that it's over, that we're safe now.
I mean, it might be because right now, but this is going to happen again.
So that's exactly why they put out the press release that they did, you know, the Fed and the Treasury and that very comforting statement from our president.
I'm sure that gave you all the confidence in the world.
I'm stuck.
But that was the point is the reason that those depositors pulled out their deposits is because they were worried it wasn't going to be backstop.
And if there was this liquidity issue that was incurred, oh boy, you know, what are we going to do?
So yes, there are other banks who are probably in the same situation.
But if their customers don't panic and pull their deposits and they have the time to plug that liquidity hole, then that's what that statement was meant to do.
Now, it really just depends on the temperament of individuals and businesses.
If you believe that, if you believe they're going to step in and backstop, then you're not pulling out the money.
These companies can, the banks can deal with it.
And if you don't, then we're going to see more of this.
Certainly, I think, you know, particularly Silicon Valley Bank was different than Silvergate and Signature that had more crypto exposure.
I would imagine those that have more exposure to crypto were probably going to see some additional issues.
But Silicon Valley Bank being that second largest bank to fail in history, one of the top 20 banks in the U.S., systemically important.
As you said, obviously plugged in and connected was just a bit of a different animal.
But I do want to go to that point that you make because I think this is really huge.
Just like they closed down the small businesses during COVID and all of that went over to the big guys, the big guys couldn't really step in.
There's some laws in place about them buying more deposits.
But what has happened in letting this play out the way it does is people have just decided to organically move their deposits.
So JP Morgan and Citigroup, like they're having a field day, so much so that Jamie Diamond just bought something like $26 million worth of JP Morgan stock because he's doubling down because he knows all of those depositors are rolling in and he did not have to pay a red cent for them.
The great consolidation continues.
All right.
Hang on just a sec.
Can you spend the hour with me?
Yeah, of course.
Because I've got a ton of questions on this.
We'll come back in just a second.
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The Currency Death Cycle00:06:55
So as the Fed rate goes up, these treasuries are worth less and less if you have to sell them, correct?
Wait, we're missing you.
Hang on just a sec.
I know.
Okay.
Yeah, now I can hear you.
Yeah.
So, you know, obviously, not to get too wonky, but the interest rates or the yield on the bond trades in inverse to it.
And if you think about it, you know, why would you buy a 10-year that was on the market from a long time ago that's yielding 1 point something percent interest when you can buy something that's at two years right now that gives you like 5% interest make any sense?
So their current value on the market is lower.
But again, if you hold them to maturity, if they hold them the 10 years, you still get the full amount of the face value plus the interest.
It's just the tradable value today in that interim time period because there's not a lot of demand for that.
Right.
So for any small bank that is holding these, if there's trouble, they could be in trouble, just like Silicon Valley Bank.
Now, the FDIC, We were told, you know, that's the insurance.
And he said, don't worry.
You don't have to worry about it.
The banks have paid into it.
Well, they don't have enough money just to cover what they covered yesterday.
So they're already upside down.
So that means if we do have runs on the bank in future, you know, near future, they don't have any money, which leads me to believe we will just print the money.
Doesn't the, I mean, the inflation rate of what we're doing is crazy.
Are we, is this the beginning of the currency death cycle?
The currency death cycle began a long time ago.
I'd say a couple of things.
So from an FDIC standpoint, you know, they are saying we're going to put a fee out to other banks.
So when Joe Biden comes out and says the taxpayer's not paying for this, you're not paying for it directly, but you certainly will be, whether it's a lower interest rate on your money or more fees or whatnot, if all the other banks have to go in.
What I do think can happen here in the meantime is, you know, with the bank, they're trying to sell off pieces of it and they're trying to find new homes for it.
So the FDIC is covering it.
It's insurance if it needs to make it whole, but if somebody else were to buy it or to, you know, buy other assets, there's a way to, you know, that that structure sort of happens.
And obviously that's the best case scenario.
And again, frankly, we should have just never gotten to the point where we had this panic, but the idiots didn't prevail there.
Should there be a, God forbid, wide run, yes, then, you know, in terms of trying to solve this, it would be money printing, which is again, if I can respond, because some people did not like what I had to say.
That's sort of my point.
Someone's saying I'm a paid show.
I'm not paid by anybody.
I'm saying that we wanted to stem this because what would happen to everybody, people who were not involved at all, would have cost you a lot more than this kind of temporary pin here.
I don't think people understand the destruction that is coming our way.
It's coming.
This is going to happen.
It's just a matter of when.
And people are like, you know, I'm fine, bring it on.
No, you really don't understand.
You should be, in a healthy way, terrified of what is coming.
And I use the word terrified.
Do you remember our grandparents went through something that they were 50 years away from and they were still like, it could happen at any time.
That's the kind of pain that America is about to go through.
And remember, those people grew up without indoor toilets.
Okay.
They grew up without all the fancy stuff that we have now.
They didn't have that far to fall back.
We have an enormous way to go back.
You should be terrified of it in a healthy way.
All right.
When we come back, I want to ask you about the Fed itself and the sell, the sale for a pound, Silicon Valley Bank in UK.
What was that all about?
Back with more Carol Roth in just a second.
The Glenn Beck Program.
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Bust Cycles and the End of Freedom00:15:34
And, you know, Carol, I want to talk to you about where we were here a second ago, because I think it is important to discuss nuance here with because I am against bailing everybody out.
And I know there's a difference.
They didn't bail out the crooks that were running it or the stupid people that were running it or anything else.
They did, they bailed out the people who were doing business with the bank, not the bank itself, correct?
Well, I wouldn't say they bailed them out.
They offered to backstop.
They created, and we don't know.
We don't know if any of that is going to be required.
You know, they're going to go through a process.
They're going to look to sell assets.
That money is going to be used to cover things.
But they stepped in and said, you know, if this needs to be covered, we're going to find a way to spread that out through the banking system.
So it does it.
So again, this is a highly nuanced discussion.
They did not bail.
They did not save the bank.
The bank closed.
They did not save the shareholders.
They did not save the management who made the bad decisions.
I personally think that they should go back after any of the stock sales that the senior management made in the weeks leading up to this.
So it's not that.
It's about, you know, not completely burning down the system.
And there's some people who say, you know what, we should just light a match.
Let's burn down the entire system today.
I'm more in the camp of let it burn slowly because there are more people who need to get prepared.
And like you said in our previous segment, the amount of carnage that would be happening to everyone, people who are not directly related to this.
This is not about the people who are related to this.
This is about the contagion effect for everybody else, including the people who are listening to this program.
And it is a nuanced discussion about the interconnectedness and how messed up our financial system is.
It is in the worst case scenario.
It is the end of the Western way of life for at least a while.
Yes.
And I don't think people really understand that.
I was for TARP for about two days.
I had a friend who was in the meeting with the Treasury that Sunday night.
And he called me and he's a really reasonable, buttoned up, you know, guy.
And he was a CFO.
And he called me in tears.
He was walking home from it in New York and he said, I'm walking up Broadway and I'm looking at the cars coming down.
And he said, I'm looking at the faces of people.
They have no idea what's about to happen.
Yeah, well, it's funny because I was actually against TARP and against those bank bailouts because it was a different situation.
Well, I was, hear me out.
I was for it for about two days after talking to him because I saw what was happening and what it meant and no one was prepared.
And I thought, okay, he said to me, Glenn, we're going to slam into the side of a mountain.
This will allow us to come down in the trees.
But then I realized nobody was actually doing that.
They weren't preparing to bring it down.
They had another scheme up their sleeve.
And that's why I immediately changed my mind.
I went, wait a minute, wait a minute.
This is a game being played.
Correct.
So there's part of me that I want to slow it down in any way possible and land in the trees.
However, the more time that goes on, the worse it's going to be, A, B, the more prepared the government is to fall into digital currency and everything else, which is going to be the end of freedom as the world knows it.
Yeah.
And that's actually my concern, as I've expressed to you before, that having a bank run and having wide bank runs gives the government the perfect cover story for CBDC.
They can say, you know, you can't have a bank run if there isn't a bank.
So if we control this, then you're completely quote unquote secure because the government is here to help you.
And that just gives them that crisis to be able to push a central bank digital currency, which is the end of freedom and independence and individual rights and property rights here in the United States, which as we both know is coming.
It's a matter of time.
I just want more people to understand this, to get into some level of hard assets, to really be prepared because people are not prepared for this to happen tomorrow.
They think that it's just going to, we haven't seen anything like this since the 1930s.
And this is probably more destructive than what we had in the 1930s because of the scale of debt all around the world.
Correct.
And think about this.
You know, the U.S. has been the global center of the universe, the world's reserve currency for only about 80 years.
So people who are alive today have never been in a situation where we have not been in the center of the financial universe.
And as that shifts, that's going to have severe implications for the quality of life, for the actions of the government.
And oh, by the way, every time there has been one of these shifts in modern history from the Dutch Empire to the British Empire to the U.S. Empire, there is usually a catalyst for that, which is war.
So there are really bad things that go along with the shifting of the financial world order.
And you're right.
It is going to happen.
It's a question of when, not if it's going to happen, but everybody needs to be prepared.
And this weekend was not the time for that to happen.
I will tell you that I'm always, thank God, I'm always wrong on timing, but direction, I'm usually right on.
But I really feel that war, collapse, whatever is coming before the next president is sworn in.
Because if I'm China, why wouldn't I do it at our weakest point?
One other thing.
Did you get the email I sent you from Seeking Alpha?
So I did.
It's about the chance to read it?
I didn't get a chance to get in there yet.
Okay, so it is for the first time in the Fed's history, they are operating in a loss.
The last quarter of 22, they posted a loss of 15 billion.
So usually all of their profits go to the Treasury and that helps our deficit.
But they are now expecting losses this year of, gosh, what was it?
Like $115 billion.
And they're kind of in the same kind of situation where we're not getting the money.
And then they also said they're carrying a huge unrealized loss in their SOMA portfolio.
Do you know anything about that?
What does that mean?
Yeah.
So, I mean, a few things is that the Fed over time operates at losses and also at, you know, quote unquote profits.
And like you said, when they have profits, they give it back to the U.S. Treasury, which is why I always laugh when people tell me that the Fed is an independent organization.
What independent organization gives their profits when they seem to have them back to the U.S.?
Guys, this is all tied in together.
In terms of the unrealized losses, I mean, you know, the Fed has close to still like it's over $8 trillion, close to $9 trillion on their balance sheet from this funding money that they've printed from nowhere.
They've gone out in the market and they purchased the same kinds of securities.
But again, in terms of unrealized, we've talked about before in terms of tax policy, unrealized doesn't mean anything.
It's theoretical.
It's only when it becomes realized that it's an issue.
And the Fed has no incentive if they have things that have unrealized losses on their balance sheet.
They'll just keep them on their balance sheet forever.
The bigger issue is the fact that they have anything, let alone that level on their balance sheet and everything that they have done to put us in the situation we are today to transfer epic amounts of wealth from Main Street, from the working class, from the middle class to Wall Street.
I mean, that's the issue.
We've got the Fed, who, you know, alongside the government is the arsonist who burns your house down and then is standing there with like a little bucket of water being like, oh, look at me.
I'm helping.
I'm trying to put this out.
I mean, this is the crux of the issue.
This is what we need to be addressing systemically if anything is going to change.
Their powers, it's not just about abolishing the Fed, which a lot of people are talking about.
It's abolishing their powers because the only thing that would be worse than the Fed having these ridiculous powers that they have would be for Congress to take them over.
So we have to be very, very specific.
We want those powers abolished.
We should be letting the market dictate things like interest rates and not having a committee of people play God here.
The problem that people will say is, well, then you'll have crashes all the time.
But the crashes we used to have were very short-lived.
And the recovery always came back because it is part of the free market to burn out the underbrush that is dying.
You let the trees die and it burns out and that replenishes the soil.
And so we had short crashes.
They are not preventing crashes.
They are building these crashes.
And it used to be the mantra, these banks are way too big.
Well, they keep making everything bigger.
They're going to push it into four banks.
Then it will be the Federal Reserve.
And the Federal Reserve will eventually become a global thing.
And, you know, then what?
I mean, there's no place to push it other than God after that.
Yeah.
I mean, I think about the scope of the boom and the bust cycles.
Like you said, you know, not only do they get perhaps more frequent, but they get huger in scope, the huge bottoming out, and then the huge bubble run up.
And what this does, most people don't realize this, is I call it sort of the vulturing of these boom and bust cycles because it wipes out the wealth of the average person who panics and says, you know, I've had enough of this.
Then they run the prices up, and who benefits from that?
It ends up being the wealthy and well-connected.
Then everything busts out again.
It goes down to lower prices.
The vultures that have all the money put their money in and they keep putting it in these huge, huge cycles.
So they're creating not necessarily just more frequent cycles, but these larger cycles.
If we had a stable currency that was backed by something like gold, like it used to be, it would be a very different situation.
And it would take the moral hazard away from the Fed and the government to just do whatever they wanted and destroy the purchasing power of the people who have worked so hard to earn that money.
Okay, if you will stay with me just a couple more minutes, I want to ask you about Bitcoin and gold because I think those assets are working the way they're supposed to when we come back.
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Senator Mark Kelly called for social media to censor anyone to prevent bank runs.
You know, don't censor, but don't cause a run on the bank.
It's probably a good safety tip.
Bitcoin is being blamed for a lot of this, although Bitcoin went up, gold went up.
Carol, I talked to so many friends and family.
They were all calling me yesterday.
What do we do?
What do we do?
Gold and silver.
I mean, if I mean, that's the only thing that you can count on, right?
Yeah, I mean, we had Twitter spaces on this last night.
I actually put a video out today for gold virgins, people who've never bought precious metals before because it can be a little bit intimidating.
But yeah, I mean, this is, you know, when there are changes in the new financial or the financial world order, historically, it has always been something that goes back to a commodity that everyone agrees on.
You know, that's been gold.
Central banks, we know, have bought a record amount of gold last year.
So, you know, the idea is to get yourself into hard assets, a form factor that you can control, because particularly, as we said, if this rolls into things like central bank digital currencies, you want to be able to control and have access to a portion of your wealth, hard assets, physical metals.
Use a reputable dealer.
I know, Glenn, you and I both work with Goldline, not to be a commercial here, but you want them to have physical, not ETF, something that you can hold.
And then certainly, you know, things like land, water rights, real estate, things that are tangible and hard that don't have that same manipulation factor.
But for that buying, that bartering, the trading, putting some of your long-term wealth in precious metals, I think is imperative.
And just as Carol said, we're both spokespeople for Goldline, but we're only spokespersons for Goldline because we believe it.
So this is not a commercial.
I mean, go ahead and buy your, I think you'll regret it, but go ahead and buy your gold or silver wherever.
Venezuela's Silver and Gold00:03:28
But if you're not awake to gold or silver, and people say, I don't have the money for gold.
Well, maybe not.
But the silver, you have the money for.
And silver will be probably more usable in the short run because you're not going to be buying huge, you know, huge things.
You need to barter.
If you are really down and I can't afford gold, well, you have to just think, how do I barter?
How do I get something of value for my family that I need?
And, you know, it's most likely not going to be in $5,000 chunks.
Yeah.
And you can get, you know, smaller gold coins and fractional amounts of golds as well, which are important.
If you think about a situation like Venezuela, those metals are what they're using for things like food and hospital visits and things like that.
So it happened to them.
Just don't panic, but be prepared.
Yeah, look at Venezuela.
Once they started nationalizing things in Venezuela, it was over quickly.
They were on about a 20-year time line, and we're headed towards 20 years now of this timeline.
That's kind of the outcome that could come here to America.
And don't think that it can't.
Prepare so you don't worry about it.
The Glenn Beck Program.
There's a movie I've been telling you about.
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Last night I saw the Jesus Revolution, which is fantastic.
Another movie that's coming out is Nefarious, and it's a modern day screw tape letter.
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See the trailer.
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Yes, I play a role in the, and I apologize for every second I'm on the screen.
Thank goodness I'm not on very long.
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This is the Glenn Beck program.
Hello, America.
Goldline: A Hedge Against Insanity00:03:02
Well, there are some other things going on besides our banking crisis.
There's a war to look after.
There is also a president who, I mean, might be peeing in a corner of the Oval Office.
I can't find the corner.
Okay.
We've got a lot of issues that are going on.
We want to cover some of the rest of the news.
We begin in 60 seconds.
We were just talking about the banking crisis and where do you go?
If treasuries are something that are a problem, where do you go?
Scariest three words of the week, Silicon Valley Bank.
Feel the goosebumps?
May I strongly suggest that you don't panic, you have a plan, and you call Goldline.
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I don't think this is the big event, but it's going to look and feel and happen this fast when it does.
And I would highly recommend you call Goldline.
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Right now, 150 of the original one-ounce copper great seal rounds with every qualifying order of $5 Gold Liberty or Indian coins.
$5 Indians, they are beautiful and fantastic, hold their value.
You buy the Indians or the Liberty coins in tubes or boxes of 20.
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You're going to get a boatload of free copper as a thank you just for supporting the show and going to Goldline.
Please just ask them for information now.
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You notice gold went up like $40 yesterday?
I don't know why people are, you know, I've been saying for a long time, look, I don't do it as an investment, although it's been a good investment.
I don't do it as an investment.
It's a hedge against insanity.
How much insanity are we going to have to take before people are like, you know, there might be something up.
Yeah.
Might be trouble.
I'm always fascinated, too, that most of us wait until it skyrockets before you're interested in buying gold.
So stupid.
It's really weird.
We're the only country that does it.
It's $2,500 an ounce.
I want it now.
I know.
Bitcoin is $60,000.
I need it.
I got to get in.
Weird.
No, really.
We're the only, do you know that?
We're the only country that does that.
Every other society is built the other way.
It's weird.
We are motivated when things are hot and expensive.
So bizarre.
So bizarre.
There's a couple of things going on.
Why We're Motivated by High Prices00:14:56
First of all, you know, one of the signs, and I mean this sincerely, I don't say this to be mean or, you know, poking fun.
But one of the signs of senility is just blurting things out.
That's kind of a bad trait for a president to have.
Yesterday, he was delivering a speech and he was at a fundraiser and he was speaking about the health of Jimmy Carter.
And he said, you know, Jimmy Carter, you know, he's asked me to deliver his eulogy.
Oh, I'm sorry.
I shouldn't have said that.
No, you shouldn't have said that.
No, yeah.
You shouldn't have said that.
And the time to realize that is before you say that.
He'd be good in negotiations with President Z, wouldn't he?
Oh, yeah.
Yeah.
I'm bluffing.
Oh, wait a minute.
I shouldn't have said that.
I shouldn't have said that.
Forget I said that.
Oh my gosh.
Something else, and I just, I pray Donald Trump will stop doing this.
Please, we love you, Mr. President.
We also love Ron DeSantis.
We love, you know, I love Vivek Ramaswamy.
I want somebody we can vote for, and maybe that's you.
Maybe that's not you.
I don't know what the American people are going to, but I'll support you.
Please stop taking Ron DeSantis apart.
And especially in the way you're doing it.
He said yesterday in a video, for those of you that didn't notice, Florida was doing great long before Ron DeSanctis.
That's what he said there.
He said, people are fleeing from New York to Florida and other places because of high taxes and out-of-control crime.
It's really bad, not because of the governor.
No.
No, it's not true.
It's not because of the governor.
Florida was doing fantastically.
You had a governor named Rick Scott who did a very good job.
Even Charlie Crist, a Democrat, did a good job, and he had very good numbers.
Yikes.
Come on.
Yikes.
Please don't do this.
Please don't do this.
Charlie Christ was really terrible.
Which is why Ron DeSantis beat him by 19.4 points just a few months ago.
Almost 20-point victory.
Unheard of.
In Florida, especially.
Nobody in the GOP is appreciative of any job that Charlie Crist has done.
No.
And I'm appreciative of what Ron DeSantis did in Florida and what Donald Trump did in Washington.
President.
Yeah.
Yeah.
I love them both.
Please.
The scorched earth policy is not.
It's not good.
We have to win this election.
We have to be able to come together.
Regardless of who that is.
Right.
Whether it's one of the three, and I hope it is, because I could go with any of the three.
But it can't be Biden.
It can't be any Democrat.
Can't be.
In fact, my belief is that no Democrat should ever win a national election again.
Well, if we were Democrats, we could clearly just fix the Democratic system so we could make sure that we never got in again.
Right.
I mean, I tell you, if Joe Biden runs and he wins.
I think that almost seals our fate.
Oh, it does.
Yeah.
Oh, it does.
This is.
We're done.
I really, you know, everybody said this is the most important.
I think this is the last election of the republic as we know it.
As we know it, if we don't get somebody in that turn that can actually do the job and turn things around and turn things around, but not through executive order, but can get the laws passed and do the things that have to be done and do it the right way.
We're done.
Yeah.
We're just done.
I just don't think.
I don't think there's any question about that.
You can't do eight years of this.
I mean, $6.9 trillion.
Yeah, it's incredible.
It's just incredible.
Look at the interest rates.
The interest rate was 2.9%.
It was under 3% when Trump left office.
It just went above 7%.
I think it just went down because of this banking situation, but it went down to like 6.7% or something.
Yeah.
I mean, we're in a terrible position.
Terrible.
He continues to brag about it.
Every time something goes up that he pushed to the highest level and then it goes down slightly temporarily the next month, then he takes credit for it.
I know.
I know.
Incredible.
Yesterday he blamed the banking crisis on Trump.
Oh, yeah.
My gosh.
Do you remember when Obama used to do that?
Everything was Bush's fault.
For eight years, everything was Bush's fault.
This president is exactly the same.
Yep.
Everything is Trump's fault.
Yep.
And do you remember that it was shortly before the election he said, when I'm president, I will take responsibility?
Well, he will stop with me.
Yeah, well, here he is taking responsibility yesterday.
During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again.
Unfortunately, the last administration rolled back some of these requirements.
I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again.
Uh-huh.
Okay.
Well, I believe you because you're on top of everything, quite honestly, and seem to have the right answer.
By the way, we had a Democratic senator, Mark Warner, yesterday say the quiet part out loud that the Ukraine war is just a United States proxy war against Russia.
He's right about that.
But why wants to continue it?
Why would we say that?
Why would we say that?
It's crazy.
What is wrong with us?
I mean, I just don't see how you don't have a massive collapse of the dollar because $7 trillion budget.
I mean, it's just we're spending money.
You can't print that much money and not have it affect inflation.
The only way to pull that money back into the crematorium that we need, the only way to pull that money back in is through higher interest rates.
But we're now at the place I told you we'd come to where you can't raise the rates or it will collapse everything.
Well, we're spending the money and we say we're trying to raise the interest rates.
Those two work against each other.
The Fed can't do anything if the federal government, well, the Fed should if they were at all responsible and reasonable people, which I don't think they are anymore.
I think they are just out of control megalomaniacs that think they can control absolutely everything because of their brains and their powers.
But they would just say to the United States, no more spending.
No.
We're not going to underwrite any of this stuff.
No.
I mean, that's what a good bank does.
A bank that is just going to enslave you just keeps loaning you money.
No, keep him.
Keep him.
He'll need us and we'll own him eventually.
That's what nefarious people do.
Good people say, you have a problem and I can't finance it anymore.
I'm not going to do it.
We're giving all of our weapons over to Ukraine.
We're running short on bullets, as we discussed earlier.
We don't have any rockets that will go into our howitzers, any shells.
Patriot missiles are running low.
Patriot missiles, we are low on everything.
And why wouldn't China just take Taiwan?
What are we going to do about it?
This would be the time.
Right.
Yeah.
Right.
This is the time where the people who have wanted to collapse you all look and go, they are so weak right now.
Take it.
Take it.
The last thing you do is wait until there's a new president because that new president may not be on the take like this one is.
By the way, whatever happened to the, was it the, it wasn't the Mueller report.
It was the, what was the other report that was supposed to come out?
Remember?
Yeah, the Durham report.
Whatever happened to that.
Why didn't we, how many millions did we pay for that?
And why did it just end?
You know, they had a court battle and then it was just over.
We didn't see any report.
He didn't present the report.
Why?
Why?
We paid for that.
I'd like to see the report.
Why didn't that come out?
Didn't fit their agenda?
Didn't fit the narrative?
I guess.
I guess.
That's usually the case when we don't see high-profile reports and documents that we've been highly anticipating and then nothing.
That's usually the case.
Sorry, it didn't fit the agenda.
It's just like the 40,000 hours of video from J6.
It didn't fit the agenda, so they weren't going to show it to us.
And I have to tell you, Republicans will be done if they don't actually do something about all of this stuff.
You know, they keep coming out and say, look at this.
Look at this.
Look how guilty.
You know, who was the congressman that came out last week and said, oh, the stuff we now have on Hunter Biden and Joe Biden, it is clear that they were taking money from China and were in bed with the Chinese Communist Party.
It's clear.
Well, when are you going to present that?
When are you going to actually do anything about this?
Are you waiting until the next election so you can smear him during the next election?
Because we may not make it there if we don't stop the insanity.
I mean, Kevin McCarthy is signaling all the right things to make me believe that there's a chance to do the things.
But we have.
So you're saying there's a chance.
Yeah.
I mean, they did the same thing to us on Obama camera.
Yep.
And then did nothing.
Did nothing.
They had all the power.
They did nothing.
And if they do it this time, they're dead to me.
Dead to me.
I mean, they almost are anyway.
Yeah, they are dead to me.
I won't write a check to GOP.
Never, never will I write a check to a GOP.
I'll support local people.
I'll support, I'd write checks to the Freedom Caucus, but I'm not spending a dime on the GOP.
That's a problem.
It is.
They don't seem to care.
They don't seem to care.
They got their big numbers, you know, I guess, from big donors, and they don't really care about the average person because they can't hoax us anymore.
We're done.
All right, back in just a minute.
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10 seconds.
station ID.
Welcome back to the program.
Did you see that Moody's has downgraded their outlook on the American economy?
At least the banking system.
They changed it to negative from stable after, of course, the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank.
You didn't see that as negative before it happened?
You know, they did a stress test on Silicon Valley Bank like two weeks before.
Passed.
Fine.
What good are these people?
They're not.
They don't help at all.
So our banking situation before last Friday was stable, but now on Tuesday.
Sorry, we got a negative outlook on it now.
Banks are collapsing all over the place.
Here's our commerce secretary.
Cut eight, please.
Florida's Constitutional Carry Push00:15:48
Are we out of the woods?
I'd say mostly.
You know, the ports are flowing, congestion's down, you know, that extreme crisis that we lived.
That's all settled down.
Yeah.
But, you know, there are still issues in certain industries where their suppliers still, they're still bottlenecks.
Huh.
We're almost out of the woods.
I mean, there are still bottlenecks.
Yeah.
I mean, like banks are collapsing.
But don't worry about it.
I mean, at the edge of the woods is a giant cliff that goes into an abyss, a never-ending abyss.
So we're almost there.
Right.
Or almost quite.
She didn't say being out of the woods was a good thing.
And can you imagine?
Nobody even talks about the other elephant in the room, and it's a pretty big one.
$31.4 trillion in debt.
A debt we could never in a million years pay off.
There's just no way.
We're not going to pay off a $31 trillion debt.
Can I make a stupid prediction that I just think is going to happen?
These guys are going to, we're going to get into a war.
Everybody's sovereign debt's going to be so high.
They're just, we have to reset everything.
So they'll reset everybody's debt except the average person's.
I could see that happening.
I mean, you'll still have to pay for your mortgage.
Of course.
You know, you'll still have all your debt, but everybody else's debt will be wiped out because they're too big to fail.
We need them.
That's exactly what will happen.
Don't you think?
Yeah, I do.
I mean, that's just the way it has been working.
And they already have said we'll own nothing by 2030.
The way to do that is enslave you to debt.
Yep.
Yep, that's exactly what will happen.
You know, I like it when Stu's here because he occasionally disagrees with me, especially on the dark, dark places I can go.
I'm kind of in those dark places right now.
You'd like not to be, but what is lighting up our path right now?
The Lord.
Faith in the Lord.
Right, me too.
Thank you.
Thank you.
Come soon, will you, Lord?
Please.
soon.
The Glenn Beck Program.
I was just going to tell Pat, you have to see the Jesus Revolution.
We have to talk about that.
I was just saying to Jackie, we should go to that.
That's so good.
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Welcome to the Glenn Beck Program Lab.
Last hour we had Carol Roth on, and I was a little surprised, Pat, I don't know about you, when she agreed with me that digital currency is coming and it means the end of freedom for mankind.
I mean, that's frightening.
That's terrifying.
And, you know, the only thing, in a hundred years from now, historians are going to look back and see the systematic dismantling and destruction of this country and our rights as citizens.
And they will look at it in horror and also in awe.
I mean, it is so well done and executed.
It's remarkable.
And the one thing that make no mistake, they are coming for your guns.
I think it's just going to be the last thing.
They need a huge crisis and everything else to go along with it.
But they have the ways to do it if you don't strengthen your state.
Florida, the legislature there just moved a step closer to passing constitutional open carry, which I don't know why we didn't call it constitutional carry forever.
That just means brilliant to say it.
It's like, no, no, no.
I'm just, I'm pro-choice.
It's that brilliant.
Yeah.
Luis Valdez is with us now.
He is from Gun Owners of America, the Florida state director of Gun Owners of America.
Hi, Luis.
How are you?
Doing very good.
And I just want to say, longtime listener, going all the way back to when you even did the pitchfork.
Oh, my gosh.
Boy, do we need the pitchforks and the torches now, huh?
Yeah, I was part of the group that sent you the pitchfork with a tactical weapons light attached to it.
Oh my gosh.
It's going apart.
It's going way back.
Can I tell you something?
I got in so much trouble at CNN because I said they sent us pitchforks and so many came into the mail and CNN was out of their mind.
You have people sending you pitchforks?
Yeah, just, you know, just a reminder to the politicians, you have to stop that right now.
It is a badge of honor to get in trouble there.
Anyway, Louise, the constitutional open carry, it's the ones who are standing in the way seem to be the Republicans.
It's very much that.
Florida has been under Republican supermajority control now for the last two decades.
The horrible part is it's been Republicans that have been blocking pro-gun legislation, solid, real pro-gun legislation for over a decade now.
You've had various committee chairs and speakers and Senate presidents just refuse to move forward bills like campus carry, open carry, constitutional carry, the repeal of gun free zones, the passage of Second Amendment Protection Acts.
And instead, they either just kill it or they give us watered down bills.
And that's currently what's going on here with the Florida legislature right now.
The governor pledged that he would enact constitutional carry before he leaves office, whether that means he runs for the White House in 2024 or his second term is up.
But he made that pledge to Floridians.
And the current Senate president, Kathleen Pasademo, has basically said she refuses to move forward on a real constitutional carry bill.
She will only allow a permitless concealed carry-only bill, which while a step in the right direction is a very small step, it's not the large leap we've been promised.
What is the difference between constitutional open carry and what she's saying, a permitless open carry?
It's not even open carry.
Florida, this bill will only allow you to conceal carry a firearm.
And just to put things into perspective, 47 states have open carry on the books in one form or another.
Only Florida, New York, and Illinois outright ban it.
California is ambiguous.
They let their counties determine whether or not you could open carry.
But just put that into perspective, 47 states have open carry legalized on the books.
Florida, the only Republican state, has it outright banned.
So what is her problem?
Her problem is very simple.
The Florida sheriffs are against it.
The Florida Sheriffs Association has historically been anti-gun, going all the way back to 1987 when Florida became Shell issue with concealed carry permits.
They were against that.
All throughout the 2010s, they were against any bill that would either advance campus carry or open carry or permitless carry.
Usually the sheriffs are our last line of defense for the Constitution.
It's odd that they would be against, you know, the Bill of Rights.
Well, in Florida, these are Republican sheriffs that are against the Second Amendment rights.
The Democrats have no power in Florida.
This is all Republicans.
See, you know, I tell you, we have this problem in Texas.
You know, people just think they're safe.
He got an R after his name, so I'm safe.
And in states where you have super majorities like that, people don't run as Democrats.
And you get progressive Republicans who really are Democrats or they're just such slimy Republicans.
And they get in because they have an R and everybody thinks they're safe.
And the reddest of red areas are the ones in the most danger.
Very much so.
And just to just to really give you a shocker, the bill sponsors for both the House and the Senate, they don't even know what's their own bills.
The bill sponsor, Representative Chuck Brannon, this past weekend, you had some political activists.
They were distributing flyers through his neighborhood, and they stopped by his house.
And Brannon literally told him, I don't know what constitutional carry is.
Just take the win.
He was berating the person that was handing out the flyers.
And look, personally, I don't agree with going to politicians' houses in their neighborhoods, but look, there was nothing criminally wrong.
There was nothing wrong.
They were distributing flyers in a neighborhood.
And again, he's the bill sponsor for the House.
And he was caught on film literally saying, I don't know, I don't even know constitutional carry.
Oh, my God.
The person that was passing out said, look, you know, we want a real Second Amendment bill.
We want open carry.
We want this.
We want that.
And he just said, you know, maybe I'll just pull the bill.
How about that?
You know, you could always vote for Democrats.
And on the Senate side, during debate, a couple of Democrat senators asked Senator Jay Collins questions about the bill.
And one such question was, okay, well, what about gun-free zones?
Is that still going to be upheld?
And he was like, well, yeah, basically.
And she says, oh, so the state capitol, that could still be a gun-free zone.
And he said, yes, mind you, the state capitol under Florida law is not a gun-free zone.
Another question that was asked of him was, well, what about securing firearms in the vehicle?
And he's like, well, you know, you have to keep it in a safe in your car.
Again, that's not part of state law.
These guys, man, I got to tell you, it is shameful that people go to work in our state houses and especially in Congress and the Senate, and they literally are clueless about many, many things.
Most of them revolve around the Bill of Rights and the Constitution.
I've only got a couple of minutes left, and I want to ask you about the ATF pistol brace rule.
There are 40 million of these firearms, and anyone who has one is, I think we're probably 60 or 80 days away now from being a felon if you have one.
What's the latest on that?
Do you know?
Well, the latest on that is we've teamed up with your Attorney General Texas to file a lawsuit against the overreach from the Bureau of Alcohol, Tobacco Farms, and Explosives.
What the Biden administration doing is arbitrary, is capricious, and is a direct violation of millions of American civil liberties.
This is draconian and despotic in basically bypassing Congress, bypassing the Bruin decision, bypassing previous Supreme Court decisions that reinforce and enumerate the Second Amendment as an inalienable right belonging to all the people.
And basically, the Biden administration is saying, I don't care.
I'm going to try to do what I want to do.
And if Congress won't even work with me, fine.
I'll do it with the stroke of a pen as if I was a dictator.
Crazy.
But we're here fighting it, and we will prevail.
Okay.
Last thing.
How can people help?
If you're in Florida, what do you need to do to get this thing voted on for the constitutional carry?
Well, the best thing that they could do is they could call the governor, they could call the Senate president, and they could call the House Speaker.
The bills have already passed committee, so they're going to the House and Senate floor here in Florida, and they need to hammer their legislators, but especially the governor and the Senate President, the House Speaker, that they want a real open care, a real constitutional carry bill that includes open carry.
The governor even said he wants open carry included in this bill.
And when I asked him about that, he said, absolutely, I'd do it, but I don't think they'll do it, meaning the legislature.
He, as a Republican governor governing a state with a supermajority, he thinks his own legislature under his own party won't pass a real pro-gun bill.
Wow.
Well, call the three of them, House, the Senate leader, and Governor DeSantis.
Thank you so much for everything you guys are doing to keep our guns in our hands.
Appreciate it.
Thank you very much for having me on the air, and thank you for being a beacon of freedom in these dark and troubling times, Glenn.
You got it.
Thanks, man.
Gunowners.org, gunowners.org.
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Glenn Beck.
The Glenn Beck program.
Billionaire hedge fund manager Ken Griffin has slammed the U.S. government's decision to backstop all the depositors who had money in SVB, the Silicon Valley bank.
He said it was a sign that capitalism is breaking down before our eyes.
I think that's a really good point.
The U.S. is supposed to be a capitalist economy, and that's breaking down before our eyes, said Griffin, whose net worth is right around $32.6 billion, according to Forbes.
He blasted the Biden administration for pledging to make depositors, including those with accounts totaling more than $250,000 federally insured threshold.
He's going to make them whole following the meltdowns of Silicon Valley Bank and Signature over the weekend.
There's been a loss of financial discipline with the government bailing out depositors in full, he said.
And that's been true for some time now, which is why when people take shots at capitalism, you need to remind them, yeah, we haven't really been capitalists for quite a while.
We've got some kind of hybrid going on right now with the government and capitalism.
He suggested that allowing the banks to fail while backstopping only those accounts that are federally insured would have been a great lesson in moral hazard.
Losses to depositors would have been immaterial, and it would have driven home the point that risk management is essential.
Yeah, there'd be some pain, but again, it would serve as a deterrent for this to happen again.
People need to be more responsible with their banks, with the banks that they run.
He said, We're at full employment, credit losses have been minimal, and bank balance sheets are at their strongest ever.
We could address the issue of moral hazard from a position of strength.
Now, he stands in contrast to other hedge fund billionaires like Bill Ackman, who's been really vocally demanding that the government protect all depositors.
And Ackman defends the Fed's intervention and claims this was not a bailout.
Had the Federal Deposit Insurance Corporation, the Treasury, and the Federal Reserve not intervened, we would have had a 1930s bank run continuing first thing Monday, causing enormous economic damage and hardship to millions.
Our government did the right thing.
Yeah, they just won't allow us to feel any short-term pain, which actually might be a really good thing in the long run.
But we'll never know because they continue to bail out.
They bailed out in 2008, and they continue to bail out today.
Also, another interesting move by our government: President Biden will announce that Australia is purchasing several U.S.-manufactured nuclear submarines.
We just continue to sell or give away more and more and more of our arsenal, our military arsenal.
Are we going to have anything left for us?
It's interesting because they have said, American officials said that, yeah, we're not selling them to provoke or try to fight wars.
Oh, okay, what exactly are you going to use a nuclear submarine for in Australia?
Fishing expeditions?
Underwater tourist tours?
What?
I mean, amazing.
We will have more for you right here on the Glenn Beck program tomorrow.
See you then.
And we'll see you in the morning on Pat Gray Unleashed.