GLENN: I want to frame I think everything that we do for the next few weeks and the next few months under the Rahm Emanuel comment that happened on Wednesday. He was speaking to the Wall Street Journal and he made this comment about the economy. He said quote: You never want a serious crisis to go to waste, and what I mean by that is an opportunity to do things that you didn’t think you could do before.
This should be burned into everybody’s head. This should be the one thing that everybody remembers because this is not just the Obama administration. This is the banking community, this is giant global corporations, this is the United Nations, this is anyone who has a different point of view on the world. This is anyone, any of our enemies, from Al-Qaeda to Russia to China. You never want a serious crisis to go to waste and what I mean by that is it’s an opportunity to do things you didn’t think you could do before.
People said for the last five years that the Perfect Storm was crazy, I was just a pessimist, I just wanted to see the world that way, I always saw the worst in everything. No, I’ve never been that way, but after 9/11 I changed. After 9/11 I said I would actually look at the truth, I would look at the things, I would, as I did in 1999, stand up for the things that I thought were a danger. In 1999 I was on the air in New York and I said — and I didn’t even know his name. I mispronounced his name. I said Osama Bin Laden would come after us and if we didn’t take it seriously, there would be blood and bodies and buildings in the streets of Manhattan. That was on WABC 1999. Did people listen? No. In fact, the audience called and said that I was a hate monger, fearmonger, I was just trying to stick up for the Clinton administration, yada, yada, yada. The Perfect Storm is coming onshore.
There’s a new update now. This is a U.S. economic and political update. It was put together by the CIA and the National Intelligence Council. It’s global trends 2025. They say the world is going to be much more dangerous, food and water is going to be scarce, advance weapons plentiful. They said the financial crisis — listen to this. The financial crisis on Wall Street is just the first phase of a global economic reordering. The U.S. dollar’s role as the major currency would weaken to become "A first among equals." Let this please fully sink in. The outlook is intended to inform U.S. President-elect Barack Obama of the factors that will include global events. The next 20 years is a transition to a new system and it is fraught with risks. The report is more pessimistic about U.S. influence and potential for conflict. It is not beyond the minds of human beings or political systems or in some cases the working market of mechanisms to address and alleviate or solve these problems. We could have a better world in 2025.
I love that. I mean, it’s not beyond the minds of human beings. "China and India following state capitalism economic model were likely to join the United States atop a multipolar world. Russia was less certain depending on its energy wealth and internal investment. Iran, Turkey and Indonesia are also going to gain power. A world with multiple power centers — quoting from the study — has been less stable than one with a single or two rival superpowers. Remember all the people that just wanted to make sure the evil United States was done, there should be more, uh-huh. Strategic rivalries are the most likely to resolve around trade, investments and technological innovation and acquisition. We cannot rule out a 19th century-like scenario of arms races, territorial expansion and military rivals. The types of conflicts we have not seen for a while such as over resources could emerge. Global wealth was seen to be shifting from the West to the energy states in the gulf, Russia, and Asia. A reordering of the world’s financial system is now happening faster than the authors of the report have envisioned. A shift away from oil-based energy will be underway or complete by 2025. There is a greater risk of nuclear attack. Iran, if it were to acquire nuclear weapons, it could set off an arms race in the Middle East which is the beginning of the Arc of instability. The risk that militant groups would use biological weapons was greater than the risk of nuclear terrorism. The appeal of terrorism could decline over the next two decades, particularly if Middle Eastern countries provide — you ready? — productive education and opportunities for their young people. Yeah, that’s going to happen. But with a growing population, the policy of potential terrorism recruits is likely to be larger and access to dangerous weapons will arise.
You never want a serious crisis to go to waste and what I mean by that is it’s an opportunity to do things you didn’t think you could do before.
CitiBank is now down $5 a share. Yesterday the stock market fell 444 points. We’re down to 7500, which is where I said that we would be when everybody was saying we were at 14000. I said you’ll be at 7500 and everyone said I was crazy. We’re at 7552. By the way, I don’t think this is the bottom. I have changed that and God help us all. I believe 5000 is more likely and it may be below that. We are headed for dangerous times and this is the Perfect Storm that I have been warning about. Now you’ve got the real — you have everything coming ashore that I’ve warned you about and now the real game begins and that is everything is unstable. So now who makes a move? Who is out there saying, "You never want a serious crisis to go to waste. We can do things we couldn’t do before." Who’s out there saying it? Is it Russia, is it Venezuela, is it the Middle East, is it extremists, is it anarchists here in America, is it the United Nations, is it our own Progressives here in America that would like to overturn much of the Constitution, that would like to change America into a socialistic state? Who is it? What is it?
I will tell you that my gut tells me that what’s happening in the market right now is people know what I’ve known for a long time. There ain’t any turning this back, man. There’s no turning back. We have hit the debt limit. This whole thing, with the bailouts and everything else, was designed to slow it down, I believe, to slow everything down so you could get a handle on what’s coming our way, so you could be prepared. Well, are you preparing? Because what I believe is happening in the market is others are preparing. Those who have gigantic power and gigantic access to gigantic sums of money, they are preparing. I don’t think people are doing the best for the country anymore, I don’t think they’re doing the best for their own businesses anymore. I wonder if they’re not doing the best for some other goal of just survival: Let us be one of the ones that actually survive; we’re going to be able to have whatever power, whatever money we need to be able to survive. The whole world could change. The whole world could change, but there are answers. There are plenty of answers. In fact, there are 300 million answers right here in America. You just have to find your voice. What’s coming with the Fairness Doctrine? The Fairness Doctrine most likely, unless it’s an event, will happen slowly. It’s called localism. Localism. They are going to have little boards set up everywhere in every local market that says you’ve got this license because you’re supposed to help the local market. What is it you are supposed to do? You are supposed to help us locally. How does that Rush Limbaugh help this city? How does that Glenn Beck help this town? How does Sean Hannity help you in any way? Believe me it’s coming and you’ll be left with your local radio station, you’ll be left with your, God bless them, get on your knees and pray for those local hosts every day. They don’t have the access to the people or the information necessarily that I have or anybody else has. They are going to be your voice. I know a lot of these guys locally. They are up to it. They can do it. And they are going to be standing alone and the radio station’s not going to be able to handle it. The radio station’s not going to be able to afford to do it. It is intent — we are entering a brown shirt time. But again, there are answers.