Glenn Beck: No follow up question?

Related Video

Visit the Nine Points Capital Partners website…

GLENN: I saw a video and this is from I don’t know a couple of weeks ago, on CNBC and I saw this a guy named Damon Vickers. He runs a hedge fund out of Seattle and listen to this interview and then notice the lack of a follow up question.

Vickers: This is the time to play ping pong to, you know, pick up on, you know, get involved in model making or something ridiculous. I mean, this is the time where you make money, where the trend develops, and so there’s really not a lot to do with it. I mean, oil looks higher, gold looks higher, currently looks weaker, all of the for the reasons we talked about. We have huge wake disparities, I don’t know how it resolves itself. It may resolve it in some type of a global currency crisis and then if the globe globe unfolds, then inevitably you, I guess, an alignment under a global world government, a new global currency, and a new world order. So, we may be moving towards that

Voice: Talk to you a little bit more about this

Glenn: Stop. Is that the way as a human being you would respond? Wouldn’t you say, way wait, wait, wait. What did you just say is it so, we wanted to get Damon on. Is he on with us now? Damon?

Vickers: Hey.

Glenn: How are you, sir?

Vickers: Great to join you, Glenn, and I you know, I heard the bit when you had that on the air the other day.

Glenn: Yeah.

Vickers: And, really, just screaming funny, yeah. Really good.

Glenn: Yes. Screaming terrifying, if you are a I mean, I’m hoping that you’re nuts, quite honestly, I’m hoping you’re nuts.

Vickers: Well, I probably definitely am a little nuts, but

Glenn: Yeah.

Vickers: Maybe even the Federal Reserve and the growth of our government in the United States is even crazier.

Glenn: Okay. I for one think they are. I’ve just never heard anybody actually say these things. First of all, when you said this, did you expect a follow up question on, Wright, wait, wait. Wait. Collapsing of the currency and then one a new world order, one world government? Did you expect a follow up question on that?

Vickers: Well, I mean, that would have predisposed that my comments were prepared and they really weren’t. I mean, when I do an interview

Glenn: Okay. Okay. Wait, wait

Vickers: Like right now, I come in ready to be, you know ready to be flexible to whatever we talk about.

Glenn: Okay. But hang on just a second.

Vickers: Yeah.

Glenn: After you were leaving the interview, did you think, gosh, they should have followed up on that one world government thing?

Vickers: Yeah. I guess. I guess he should have. You know, I guess it went over his head, but maybe these ready, maybe he’s ready to embrace the new world and, you know.

Glenn: Okay. Are you one of these guys, have you been saying this since, like, 1963?

Vickers: No, I haven’t. I mean, it just we have this kind of a momentum, Glenn, that’s going on in the world and that is that we have systems in the United States and in westernized Europe that are really unsustainable. We continue to print money, not just us, but those countries around the world. We have huge wage disparities in terms of unit costs of production. What does that mean? It meanings that it’s cheaper to make something in Vietnam and knew even Bangladesh? Did you know they are making things in Bangladesh? That it’s cheaper to makes things there than in the United States, but how do we actually earn any earn anything in the United States, earn reserves, earn currency? We really don’t have a means of doing that right now. We are exporting IOU’s and promises, but not just us, also westernized Europe and we are consumers of goods that are manufactured elsewhere, with no means on an increasing basis to provide employment for our burgeoning population and inevitably, that has an end game. Now, we’re keeping this illusion of prosperity alive through debt and the printing presses, but at some point, as we’re seeing, this is not sustainable and we’re seeing that

Glenn: Damon, may I say something to you?

Vickers: Yeah.

Glenn: And, again, you may turn out to be a complete nut job and I hope you don’t, but you are the only person that I have talked to on the air oh, I’ve had people say these things to me off the air who are very big, very big financial people, but nobody has had these this conversation with me on the air. Nobody wants to. You are you not only get it but I think you should be commended for your honesty on whether this happens or not, at least this is the way this is the way it sure looks to me.

Vickers: Yeah, it does look like that. And I didn’t mean it to be shocking. I didn’t mean it it is honest. It’s an honest assessment.

Glenn: It is shocking now.

Vickers: It should be shocking. I mean, I don’t what we’re talking about is a scary amount of change. I mean, for me it’s always about health. Last year we had a great good year. I mean, our fund went up 63 percent and we did this by being short in the market and the AIG’s, the Wa Ma’s, the General Motors, we shorted all those things and we made a lot of money to your investors but the teller for me, there was a day, a Friday whereby the banking index broke support and I sent out a release to the media, including FOX, side which basically the title of it was on the eve of destruction. The following week we had the worst week in market history. When we’ve been watching gold now for better than a year. We did not take the position. We were looking to take a position when it broke through a thousand. And for me that was also a tell. If gold was going to breakthrough to a thousand, there may be other things that would be coordinated with that. What also would that be telling us? And what I believed and what it appears to be presenting to us is an increasingly distressed dollar condition, how bad does it get? It could get really bad.

Glenn: You tell me. You tell me. The last time Ben Bernanke comes out this on a regular session and says, By the way, we just want to reconfirm, we’re not going to change the interest rate here

Vickers: That was yesterday. Yeah.

Glenn: It will me the last time, though, besides yesterday. That doesn’t happen. And that is

Vickers: No, it doesn’t. It’s really surprising. In fact, I think if you were a betting man, you would have anticipated that Bernanke would come out and actually say the opposite.

Glenn: Yeah.

Vickers: That after all the weakness in the dollar, somebody would somebody would stand up for that dollar that is just every day that market is open, is another opportunity to dump some dollars.

Glenn: Damon, can you hang on just a second? How much time do I have with you? Can you hang for a second?

Vickers: Yes, sir.

Glenn: I would like to continue I don’t know what you have planned tonight, but I would like to continue this conversation with you tonight because, America, I don’t know anything about this guy, but what he has just said toy on the air is true. This is the only person that I have heard that seems to have the total picture and the guts or the insanity to actually say it out loud. This is an important message not for you just to hear but for you to understand because you’re not going to get this message everywhere, because they’ll say that’s dangerous, it will cause people to freak out. You only freak out when you don’t know what’s coming.

Vickers: Exactly.

Glenn: All right. We’ll be back in just a second.

(Out at 10:44 a.m.)

Glenn: 1 888 727 BECK, 1 888 727 BECK. We have Damon Vickers on. The name of your hedge fund is, what, Nine Points?

Vickers: Nine Points Capital Partners.

Glenn: Okay. And you’re located in the Seattle area?

Vickers: We are in Seattle. I’m looking at the space needle as we speak.

Glenn: Very well. That’s the town I grew up.

Vickers: Yeah. That’s why they gave you the key to the city, huh?

Glenn: Yeah.

Vickers: Yeah.

Glenn: Okay. So, David, I want to go back to the destruction of wealth. You’re a guy who said on CNBC. I don’t know when a couple of weeks ago that, you know, we’re moving towards a global government and one world currency and the new world order and they didn’t feel it necessary to do a follow up question. So, I’d like to have a few follow up questions.

Vickers: Okay.

Glenn: I see what is happening with the carry trade, with we are creating correct me if I’m wrong we are creating the housing bubble on a global scale and it is the last bubble and there’s no warning signs when this thing starts coming down and that’s why Bernanke came out yesterday to get people to be to try to stabilize that market somewhat. Yes or no?

Vickers: I don’t think it was stabilization. They’re happy to see the dollar go down. They believe

Glenn: But they’re stabilizing the aren’t they stabilizing the commodities market? They don’t it’s my understanding, if they pull all that money out of the commodities, we’ve created a massive bubble that pops and destroys everything or at least we’re beginning to.

Vickers: Well, they didn’t stabilize the commodities. Gold went up $23 an ounce yesterday and we own gold and we own gold in the fund and oil went up about $3 a barrel and we own oil and we own oil in the fund. So, no, actually the commodities really liked what Bernanke had to say.

Glenn: Yeah. I don’t know how to phrase this question. You’re misunderstanding what I’m trying to say.

Vickers: Okay.

Glenn: What I’m trying to say is there is only people are betting that the dollar is going to tank and so they borrow this dollar at, you know, 0 percent interest and they’re actually making money by borrowing that dollar because then they turn around, they buy gold or to him. That goes up so far, they make that money and then they pay those dollars back. They’re betting on the dollar going down, but in Bernanke’s

Vickers: Well, we are, too, but you don’t if I buy gold or if I buy oil, right, yes, essentially we are. By virtue of doing that, I am making a bet on two things. One is I’m making a bet on the breakout of gold in a thousand but also, certainly, the weakness in the dollar, I’m benefitted from that. You’ve got it kind of feeds on itself, Glenn. It’s like any market that’s rising, right, people want to be in it and so as gold is rising, more and more people want to buy it. As the dollar is declining, you see countries like India buying what they buy 200 metric tons. You’ve got, perhaps, the ( commodities out there. This is people around the world and nations around the world. There are trillions of dollars of dollars that we have, quote, sprinkled all over the planet. Everybody is aware that the dollar is in this funk and the government doesn’t want to do anything about seeing it go down. They, like prior administrations, believe that a weak dollar is good for export and employment. I guess until it gets to the point that there is no value in the dollar at all and then you don’t even have a currency and then you have civil unrest and, you know

Glenn: So, Damon, I’ve only got 90 seconds and less than 90 seconds and I’d like to have you back and talk about some other things, but give me the biggest warning sign, something that we are going to see in the future that you say, if you start seeing these things, you’re if trouble. We’ve only got about a minute now.

Vickers: Well, nobody’s in trouble if they do the right things and the right things is not to own dollars but, well, here’s how it could happen. You’ll find you may come in on a Monday morning, Glenn, and you may find out the dollar is down not just a percent but down maybe 10, 15 percent overnight and it’s not just the dollar. It’s also the pound because if it happens like that, it will be a domino effect.

Glenn: Yeah.

Vickers: It won’t just be one currency. It will be multiple currencies. What the governments will then do is they will rash shun up interest rates to try to support the dollar. You may see interest rates go up 5, 6 percent in one shot. I think that when that happens, what you’ll also find is that even though they have raised interest rates, it still doesn’t support the dollar. Then you get, I guess, a meeting of, perhaps, the G 20.

Glenn: 10 seconds.

Vickers: To try to come together to try to formulate some kind of a plan and that plan will probably be some kind of new global currency.

Glenn: Damon, we’ll talk to you again. Nine Points what is it? Strategies?

Vickers: Nine Points Capital Partners.

Glenn: There it is. And we’ll talk to you again. Thank you.