GLENN

Want to Help Stop Sex Trafficking in Thailand? Here's Your Chance

Bangkok remains a lightning rod for sex trafficking with one of the most active networks for selling and buying children. Tim Ballard with Operation Underground Railroad (OUR) likened the ease of buying a child for sex with ordering Chinese food from a menu.

"You walk down the street, you're going to see window displays of half nude women and minors dancing. If you go into the places . . . you're going to see a stage with minors and adults mixed," Ballard explained about an upcoming trip he'll be taking to that very spot with Glenn.

RELATED: Finding Virtue in Hell: Glenn Headed to Bangkok With Operation Underground Railroad

"You're going to see westerners everywhere. You're going to see people, they're going to come up to you with a laminated menu like they're selling Chinese food. Would you like number one, two or four, and you're going to see on the laminated menu sex acts."

Glenn's response was visceral.

"Oh, my god. Why do they not shut this down?" he asked.

Ballard is trying to do just that in partnership with the government of Thailand --- but he needs help.

"We're looking for somebody that we desperately need," Ballard appealed.

OUR is currently looking to hire someone with experience in undercover work, child exploitation and digital forensic, preferably a former undercover operator from the government who is perhaps retired. The cherry on top would be someone who speaks Thai.

"It's kind of a long list, but we need someone over there . . . the Thai government wants it. They want us to provide someone who can provide guidance. They would work as an informant, signed up and certified by the Thai police."

Interested parties may contact OUR online.

GLENN: Welcome to the program. Tim Ballard is with us. Tim is an author, multibooks. One of them is the Covenant, which was the first book that I was introduced to you with, which talks about the covenant that this -- that George Washington made at the time of our founding. Cover this real quick.

TIM: Yeah, he believed that there was a power. He tapped into the power of ancient Israel. I mean, he believed that the ancient Israelites have created something, a society with god, and it brought miracles and created a foundation of liberty. He utilized that, got the office to make those same covenants, got the army to make those same covenants, and the theory goes that that's how we won, earned independence.

GLENN: Right.

So we were in Haiti a couple of months ago, Pat was with us. And it is evil. I mean, there is something very dark in Haiti that you just -- your heartbreaks for the people that are there. I mean, look at Haiti. It's always destroyed over and over and over again. I understand weather patterns and everything else. But they have been from the beginning, they were a slave station, and then they had a revolution. And I found out this time when I was there -- and this is kind of hearsay -- they teach this in Haiti, don't they?

TIM: Oh, they teach it. It's part of their culture. Part of the society.

GLENN: So at the time, we were making the American covenant, Haiti made the Haitian covenant, but it's the exact opposite.

TIM: Yeah.

GLENN: Do you know the story?

TIM: They teach the political leaders got together and made a pact with the dark side. I mean, they teach -- this is not me talking. It's what they're telling me. They believe it. It's taught. It's believed and so many good people there are trying to get out from under this.

GLENN: And this is really where voodoo and everything else comes from; right?

PAT: That's creepy.

TIM: Totally. There's voodooism in there and there's a lot of darkness around that.

GLENN: Right. And the slaves, they killed -- wasn't Haiti French?

TIM: Right the -- it's a great story. I mean, it's the only country that gained its independence through a slave revolution. They rose up. The same year I believe our bill of rights.

GLENN: Yeah, 1791.

TIM: 1791. They rose up and pushed the French up. The French then moved over to New Orleans. That's how we got all of that voodoo in New Orleans from that revolution because that's where they ran away. And then they never fully got all of the slave mentality.

GLENN: Yeah, they just started enslaving each other.

TIM: Until today, it's still going on.

GLENN: It's absolutely crazy. And I don't know. I mean, Tim and I were just talking about this while we were over there, and I would love to find a scholar on Haiti that really knows to find out if there's truth to that. You know, a lot of people will dismiss that, but people dismiss that the American covenant.

TIM: Of course.

GLENN: I absolutely believe in the American covenant. What's the rabbi's name that wrote the book on the covenant the harbinger. Have you ever read that?

TIM: Yeah. I actually introduced it to Jonathan, our books came out at the same time.

PAT: So have you heard of it?

GLENN: Tim, let me tell you something about the harbinger.

STU: Let me tell you about something called operation rescue. It's incredible.

GLENN: Okay. Smart guy. So we're getting ready in just a couple of hours to get onto a plane and spend 20 hours on a plane to get to Bangkok.

TIM: Yes.

GLENN: But you're not taking me to the nice places in Bangkok.

TIM: Oh, no.

PAT: Are there nice places in Bangkok?

GLENN: It's supposedly beautiful.

TIM: The city's beautiful. Yeah.

GLENN: You're taking me to a place in Bangkok -- can you say the name?

TIM: I'm not going to say the name we're taking you.

GLENN: So we're going some place that has been described -- not only by you, but several other people not with the organization who say there is no place on earth or in hell that is quite as bad as this.

TIM: True. This is true.

GLENN: Explain.

TIM: We're going to take you to a place, that I think I described earlier today. It's a small world ride add Disneyland but imagine as all those kids are -- this is horrible. But they're being sold for sex. You walk down the street, you're going to see window displays of half nude women and minors dancing. If you go into the places, and I don't know -- guide me how far you want to go.

GLENN: I want to see it. I want to see it all.

TIM: You're going to see a stage with minors and adults mixed.

GLENN: And they're selling them.

TIM: They're selling them. It's like an auction block. There's a Russian sector, a Japanese sector, an Arab sector.

GLENN: That is for who is being bought or who is buying?

TIM: It's for who is being sold.

GLENN: So the Russian. This is a Russian boy.

TIM: Right.

GLENN: This is an Arab boy.

TIM: What do you want? A Russian boy on Friday? And we'll show you the Arab boy you can take. And it's mostly westerners. You're going to see westerners everywhere. You're going to see people, they're going to come up to you with a laminated menu like they're selling Chinese food. Would you like number one, two, or four, and you're going to see on the laminated menu sex acts, and they're going to try to entice you --

GLENN: Oh, my god. Why do they not shut this down?

PAT: Yeah.

TIM: Thailand thrives -- its economy thrives on this tourist industry. But they are serious about getting into the underbelly of this, which is the child part of it. And we have met -- we worked very hard to vet out who we can work with and the government. We have found some amazing people. We just built a digital forensic lab.

GLENN: We're cutting the ribbon on that, are we not?

TIM: Yes, absolutely.

GLENN: So explain what this is. We have a job for somebody. Everybody says, oh, I wish I could help. I'm going to give you two ways that you can help. And one is really getting into it. But you have to have special qualifications.

TIM: Yes.

GLENN: So explain that.

TIM: So we just built together with some U.S. agencies a state-of-the-art digital forensic lab, which you can't -- see, all of these kids are being sold online. They're being sold on escort sites, sold on places the only way you can preserve and identify and grab the evidence is through forensic tools. And it's this beautiful lab that they can now go in and find these guys. What happens is westerners come over, Americans come over, they get online, they know where to go, and they get introduced into these networks. So if they don't have a lab to be able to intercept these dark deals going on on the dark net and other places.

GLENN: This is on dark net?

TIM: A lot of it is on dark net. Absolutely. But we've given them the tools so that they can intervene in the deals.

GLENN: So to keep it clean to make sure it's good and to oversee it, you're looking for who?

TIM: We're looking for somebody that we desperately need. Somebody who has -- preferably former undercover operator from the government who is perhaps retired, has a lot of experience in -- not only undercover work but child exploitation, digital forensic if possible. And preferably speaks Thai. So it's kind of a long list, but we need someone over there that the Thai government wants it. They want us to provide someone who can provide guidance. They could work as -- they would work as an informant signed up and certified by the Thai police.

GLENN: Now, here's the challenge, audience. When he said this, he said to me we so desperately need it, and I said come on our show. We'll talk about it. You'll have somebody by the end of the week.

He didn't tell me he had to also speak Thai. I mean, I can't --

TIM: That's a cherry on top. That's not a requirement.

GLENN: We are looking for somebody who really has not only the experience but the soul of steel because honestly, you know, I don't know how you do it. I don't know how -- how many times before you had the perspective of anything I'm going through is nothing compared to the kids? How many times a week or a day did you think I can't do this another second?

TIM: All the time. There's -- I was thinking about that as you were talking earlier. I remember times -- especially in the beginning where I would see an image -- I see my kids faces in all the kids that we see. I can't see it. I used to hate it. I now appreciate it because it keeps my heart fully in the game. But there were times when I would literally get in my car, leave work, drive to my kids school, check my kids out, take them home, and just put my arms around them and hug them and not let them leave me. I mean, that's -- that was a lot in the beginning times and the beginning part of my career. But I appreciate that. I appreciate that I see my kids faces. We all should. Because there are kids that they don't have -- if any child that has no parent --

GLENN: What is suicide rate among your colleagues in the world? I mean, what is the drinking rate? There has got to be a number of people who do not have faith like you do that just can't take the daily beating.

TIM: They don't usually allow someone to stay in that work for more than a couple years before they rotate them out. There's a required psychological evaluation that we have to go through and my guys go through -- we have a psychologist who's volunteer but resident psychologist who regularly checks up on us. It's devastating. You're in hell. I mean, you have to go in hell to pull these kids out.

GLENN: So if you really want to make a difference, you would have to relocate to Thailand.

TIM: Yes.

GLENN: But you would be working at this state-of-the-art digital lab. I've heard a lot of people say Glenn, you can't work with the Thai government. And they've said that about the Haiti government and everything else. You are very careful on who you're working with. You know this game because you've seen it from the governmental side.

TIM: Absolutely. We've taken months and months to make sure we're working with the right people in the government and that we are working with the --

GLENN: And, Pat, when we were in Haiti, talk about the guy that we saw at dinner that came in and the -- that guy, I don't know how that guy doesn't get killed at some point in his life. Do you remember him, Pat?

PAT: Which one.

GLENN: The guy who came in, and he had just arrested the president's bodyguard for abuse of children and put him in prison and then the president, the old president said, no, I pardon him. Let him out. And this guy went back and rearrested him.

PAT: Yeah.

TIM: Yeah.

PAT: The courage of that guy.

GLENN: Oh, my gosh.

PAT: Just really amazing.

GLENN: I mean, there are some of these guys that are really dedicated.

TIM: What happened with that guy, he was the detective on the first rescue we did. You know, how they -- a lot of Haitian traffickers set up these fake orphanages where people bring in the kids, and they sell them. And he helped us liberate 28 children. The very first operation, we got 28 kids out, and you met a lot of them. That -- he was a detective at the time. He just became a chief of the child crimes unit for Haiti and one of his first calls was to us and said, guys, I'm in charge now. Get down here. Let's operate. That's what led to the Super Bowl rescue.

GLENN: We're going to talk about that here in a second. And I want to tell you something really, really -- and I think really exciting and something you want to get involved with. Operation underground railroad. It's OurRescue.org. You can get involved a million different ways from giving $5 a month to being on a prayer team. Go to OurRescue.org. Back in just a second.

[break]

GLENN: I said to Tim, I don't remember where we were, and I think he thought I was joking or would like it if I was joking, but I wasn't. I think the time will come that you there -- somewhere in the world, there will be a statute built of Tim Ballard.

TIM: You promised with me you would never share that thought.

JEFFY: I believe it.

STU: That is Glenn Beck. He will tell you that off the air and then on the air, it doesn't count.

GLENN: Because I have a bad memory, and I don't remember things like that.

PAT: And because he wants to say it.

STU: He wants to say it. That's a good reason not to make the promise; right? If you can't remember not to say it later.

GLENN: So I want to say this blanket for anybody in my life that doesn't already know this, I mean, there's a reason I have very few friends.

STU: Right.

PAT: Yes.

STU: I'm kind of interested in this trip. Because you've got Glenn Beck going to Bangkok while you're doing slums.

GLENN: The slums of bang cock.

STU: You're doing this amazing work to try to rescue these children, and you're saying that this area is loaded with westerners. I mean, Glenn, people -- wouldn't you think that someone might recognize him. This is not the time to come up for an autograph, by the way.

TIM: Yeah, we were talking to Glenn's security earlier. How do we prevent -- before we get the message out with the headlines and tabloids Glenn Beck caught in brothel. Pictures. And I thought, oh, my gosh what if that happens?

GLENN: Jeez. I never thought of it that way.

TIM: You can use it to your advantage later, though. Because once you come up with the truth --

GLENN: The press would never report the truth. They would never report the truth. Glenn Beck caught buying 6-year-old boys. I never even thought of that.

PAT: Yeah, that could be bad.

GLENN: I just thought of the westerners. I heard Glenn, you need to do some things. And I thought somebody might recognize me, and it could queer what we were trying to do.

JEFFY: Are you taking three or four planes? I don't know if you've ever traveled with Glenn before, but he doesn't necessarily travel light.

GLENN: So here's the thing. So --

STU: You want to go there. Look, he's doing actual work there.

GLENN: I'm doing actual work too.

STU: You want to tell these stories and see -- I mean, because it's one thing to talk about this in the abstract. It's another thing to actually be there and --

JEFFY: No kidding.

GLENN: See your life going to Haiti? Yeah, changes your life to see this. And this something I really want to -- I really want to talk about. Let me ask you this question, and I ask this of everybody of the floor crew.

If we went back in time, and it was, you know, 1860, and we were fighting against slavery, it is 1840, and you find out about slavery, how many of us say we would definitely be an abolitionist, and we would stand against it?

STU: Absolutely.

GLENN: Absolutely. Raise your hand if that's right. Everybody in the room would say I'm an abolitionist. I think that's bull crap.

STU: Yeah, because of the pressures of the time.

GLENN: Pressures of the time. It's easy to overlook it. It's easy to say oh, you know. And people --

JEFFY: They're fine.

GLENN: I met somebody yesterday that was on the television show with me who sat in the front row, didn't know what the show was about, it was about this, and he said I can't thank you enough for doing this show today. I'm here. And every time you guys talk about this, I turned the TV channel because I don't want to see any of the pictures. I don't want to see any of it. And I'm forced now to sit here and watch it. I couldn't walk out from the studio. And couldn't ask you guys to talk about something else, so I've looked at it, and he said life changing. What am I doing? What am I doing?

And I think most of us wouldn't be doing anything because there are more slaves today than all of the slave trade from the beginning of the western slave trade to the end, all of those combined. It's only a fraction of those who are actually enslaved today.

STU: That's one of those stats that you hear and don't believe.

GLENN: Do you have the numbers? Do you have the actual numbers? Or anywhere close to the numbers?

TIM: Yeah, the estimates are around 30 million -- that's conservative.

STU: Yep.

TIM: 30 million people.

GLENN: Today.

TIM: Alive right now. Are in slavery.

STU: And there was something like 15 million in the -- slave trade from the 1500s to the 1880s.

GLENN: Right.

STU: That's incredible.

GLENN: That's spread out over hundreds of years, and we're double the number today.

PAT: Yeah.

GLENN: So what is it we're doing about it? OurRescue.org.

[break]

GLENN: I'm leaving the studio and heading to Bangkok, and I will be back Monday afternoon, so I'll be back on the air Tuesday. 40 hours in the air, less than 30 hours on the ground and hope to bring back some stories, not of the vice but of the virtue. The things that are really happening, that are a bright light, and we are concentrating on this over the world because we're all connected to this. And in Bangkok, we are one of the main sources of the buyers. I mean, we are --

PAT: We as Americans; right?

GLENN: As Americans.

PAT: Uh-huh.

GLENN: It is -- I've only seen the stats. I have not experienced it myself. But looking at the stats, America and the west, we ship all of our dirtbags over there. They're all taking dirt bag vacations, and I don't know how you stop that. I mean, other than drying up the source. But we -- I can't even imagine what people in Bangkok think of American men because it's so grotesque what happens over there.

TIM: Well, you arrest enough of them, and you start creating a deterrent.

GLENN: Well, what was it? Columbia?

TIM: Yeah, in Columbia we did about three or four operations, big ones. Got the media, and we went back a month later after that and no one would sell kids. They wouldn't even talk about it, referencing all of these Americans keep getting arrested. And I was an undercover operator in Columbia, and we walked around the corner, and he was crying. He said Tim, this is worked. We shut it down, at least for a time. We have to keep hitting it. Keep hitting it. And empowering law enforcement until a deterrent is laid.

GLENN: I'm telling you, this changes lives, and this is something that all of us can agree on. I'm taking Samantha, she was supposed to come to Bangkok with me, Samantha B. She couldn't because of scheduling at the last minute. But she has said definitely I'm coming to Uganda, where we're going to find these devil worshipers and free these children from being human sacrifices. But this is something that we considering on and come together. This -- being an abolitionist will heal our wounds. It will heal our wounds and heal our country. I'm convinced of it. We just have to get the word out. And every time anybody gets involved at the smallest level, all of a sudden they want -- for instance, the guy who -- and I don't want to say anything about him. I don't want to say what agency he came from or anything else. But he gave up a gigantic gig.

TIM: Huge gig.

GLENN: Huge gig. And walked away from it and said "I think I have a skill to be able to help find the bad guys."

And he is -- he's one of the nicest, most prayerful guys you can imagine, and we were just in Haiti. Your team could not find the big kahuna, if you will. He said let me go, he took a plane, flew over, within what? Two hours?

TIM: Yep within two hours, he found the...

GLENN: Kingpin.

TIM: The kingpin of the whole thing. How he operates, he sent the police of the nightclub, we sent three teams in. We couldn't find it. This guy says let me try. He goes outside, says a prayer with his small team. And he walks in. And he's like it's like Finding Dory. Just keep swimming. And the lord literally guides him to the right person who then introduces him to the other person. He might have to go a mile down the street to the house with the red door and boom.

GLENN: He's most unlikely. You would meet this guy.

PAT: I didn't realize he completely walked away from his business?

TIM: Pretty much the whole thing.

GLENN: Okay. Enough.

PAT: Amazing.

GLENN: Yeah, he's an amazing man. He's going with us.

TIM: He'll be there.

GLENN: Yeah. One thing because we're getting ready to go on a plane, you've got to go as well. But I want to leave with this. I look at my life differently than I have. I believe we're living in a time in history where scholars like Tim who wrote about George Washington and the covenant, those scholars are going to be looking back at these times. And we're going to be studied either because we made it or because we failed. This is the moment of truth for the United States. We're either going to make it, or we're not. This is the pivot point. And scholars will study for generations what did the people do?

We're going to be remembered horribly on things like abortion. Horribly. It's only a matter of time before science just proves all of these lies that it's not really a baby. Completely untrue.

Slavery. To be so entertained with the things that were entertained and to argue about the things we're arguing about now, think of that and then think of 35 million slaves and children as young -- literally. You've pulled them out at 2 years old.

TIM: Absolutely.

GLENN: People having sex with a 2-year-old. What are we doing? People say every time they're involved a little bit, I want to go. I want to help. I want to do.

I don't. I really don't want to see the bad stuff. I don't want to go on a bus. I don't want to be a part of any of that. I want to be part of the good stuff, of the healing afterwards. But I really don't even have the skill to do anything there, but I have my resources that I can apply to this, my talent. There are people who have no talent to help in this regard. They may not have any money to help in this regard. But there are different ways and Tim has just posted them on the website. They're up now?

TIM: Yeah, they are.

GLENN: At our rescue. Different ways for you to get involved. As simple as I want to be on the prayer team. I want to pray when things will going down, I want to be on my knees and just praying for the teams.

So simple things like that all the way to working in Bangkok. We're looking -- is that job going to be posted up on the website? Or how do they find out?

TIM: We're going to start with this.

GLENN: Okay.

TIM: And see what happens.

GLENN: Okay. And, again, you need to be somebody who has worked in this industry for an agency.

TIM: Yes.

GLENN: Have some experience, hopefully computer experience.

TIM: And undercover operations.

GLENN: Undercover operations.

TIM: And then they would go to OurRescue.org and send an e-mail and say I heard it on Glenn Beck, here's what I want. Here's my rÈsumÈ. We'll be waiting.

GLENN: They do use retired Special Forces, but that's not -- you can't just call up and say, hey, I want to go on a mission. Here's what they really need. $5. Literally $5. Almost everyone that they have freed and are -- we not only take them and free them, the most important part is they're put into a safe house and sometimes they're kept until they're 18, until they are out of trouble, and they have schooling, they have a family, if you will, and they are deprogrammed from all of this stuff. $5 a month. You can go to OurRescue.org and just sign up and say I want to do $5. You can do more. But $5 has Abraham Lincoln's face on it.

It's one thing to say I want to give $500. Okay. Great. But why not give $10 a month for the next year? Give $5. Give 25. Give 100. Almost everyone has been rescued from donations less than $40; is that right.

TIM: Yeah, that's right.

GLENN: Most of everybody in this audience. I would imagine that this audience is the main funder for our rescue?

TIM: Oh, yeah. Yes.

GLENN: And I know this -- he won't say this, but I know this because I've talked to people around him that are trying to get this story out. This is such a hard thing to talk about that, you know, CNN, fox, while they'll cover things, they do not want to cover it because they know it's impossible. I'm not talking about their heart. I'm talking about ratings. They know this is a kiss of death to, hey, let's come on the morning show, and let's talk about sex slavery. Nobody wants to talk about it.

This is the moment of abolition. This is the moment where we can actually change the world and come together. I'm asking if you will go to OurRescue.org and donate and become a monthly supporter of rescue -- of our rescue and operation underground railroad. OurRescue.org. Tim, I will see you in a little while at the airplane.

TIM: Yes, we will.

GLENN: As we go to Bangkok.

TIM: Excellent.

GLENN: Thank you, sir.

TIM: Thank you.

TV

The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

RADIO

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.


JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

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