GLENN: I have told you on this program that our debt is over $130 trillion, $130 trillion. I have told you there’s no way in hell we can afford $130 trillion, but I don’t think people really understand because billions, trillions, it doesn’t have you noticed that in this administration and I want to make it very, very clear. I do not blame Barack Obama for $130 trillion. I blame him for about $20 trillion of the $130 trillion, and that’s in the added debt. The actual debt I think I blame him for, what, is it $4 trillion so far?
STU: Is that it? I mean
STU: I mean, jeez, you’re talking about this guy like he’s the worst guy in the world and it’s like $4 trillion.
PAT: Come on.
STU: You go to Vegas for a weekend and you blow around that, right? I mean, I don’t know the numbers exactly.
PAT: About 40, $40 trillion.
GLENN: In 2008 Forbes came out with an article that said that we are $70 trillion in debt. But I just want to show you how much trouble we’re in. $70 trillion. Let’s say, let’s say that Forbes is right. And let’s have a party. It’s only 70 you ready? At the time of the 2008 Forbes article, the entire supply of money in the world that’s the broad money supply, the M3, it means cash, consumer account deposits, checkable accounts, CDs, long term deposits, travelers checks, the money market funds. So in other words, anything that is actual cash, that was under $60 trillion. So what that means is if it’s only $70 trillion, our outstanding obligations amount to more than all of the money in the world.
PAT: Combined. All money from everywhere, all forms combined.
GLENN: But it’s only the global GDP.
PAT: But that’s only $10 trillion more.
PAT: So that’s not bad.
STU: Didn’t you say it was really $130 trillion?
GLENN: Yeah, but let’s be so be so pessimistic, oh, the sky is
STU: Your whole optimistic number above what all numbers
GLENN: The sky is falling, the sky is falling.
PAT: How many trillion dollar bills do you have to print up?
GLENN: Okay. So here’s
PAT: Ten. That’s all.
STU: That’s a little paper. You don’t have to worry about using too much paper but
PAT: A little ink. It doesn’t cost that much.
GLENN: So the global GDP in 2008 was $60 trillion. All the money in CDs and checking, everything. Every single dollar out there is under $60 trillion. The global GDP, every single dollar, the entire annual economic output of human civilization is $60 trillion.
STU: Yeah, he does make a good point there, Pat, that you can’t just start printing trillion dollar bills but if you print one $10 trillion bill, that’s a lot more efficient.
PAT: There you go.
STU: And then you can just pay it the one time.
PAT: There you go.
GLENN: Okay. So now, why do I bring this up to you? Because I want to show you how much trouble we’re in and the decisions that we’re going to have to make. Because we are going to have to make tough decisions, and no one is talking about the tough decisions. They are still telling you that you can have it all. They are still telling you, if you vote for the Republicans, they’re going to cut off education. They’re going to yes! I got news for you. Everything’s going to they’re going to turn off the lights one of these days. I can’t believe the irresponsibility I’m not going to say. There was I said in Alaska this and, of course, people took it out of context. I said to the Alaskan audience on Saturday, I said, do you know who you are? Do you know what you are? You are Fort Knox. That’s what you are. You are always intended to be Fort Knox. You are a state rich with natural resources. And, of course, we’re not going to exploit them. But here’s the bad thing. If the economy collapses and the United States of America has no money to defend anything, make sure you grab your guns and your knives and your forks and your spoons because the Russians, the Chinese, everyone is coming to Alaska! Because that’s where the money is. Now, that’s not begging for World War III. That’s called giving you the facts. But see, there are those people that really want this to collapse. And they are planning on violence. They’re planning on it. We’ve already shown you. We’ve already seen it with SEIU. We’ve shown it to you over in Europe. There’s a new story over in Europe about the labor unions. Remember my theory is they are ahead of us. The labor unions are now saying, get out on the streets.
PAT: Yeah. They warned a crowd today as 150,000 public sector jobs, job losses, are already in the pipeline. So they are telling everybody that they are going to lose 150,000 jobs. And, of course, police, the councils, the courts, the hospitals are all laying off workers. Those, they have got to be the first to go. You’ve got to start, you’ve got to start with teachers.
GLENN: And the hospitals.
PAT: And the police and hospitals. You have to. There’s no other cut you can possibly make. I mean, you wouldn’t want to cut garbage service, you wouldn’t want to cut pensions.
GLENN: Here’s the thing. This is the unions that are saying this. This sounds familiar. The unions that have set this whole system up, after World War II, this is why Road to Serfdom was written. It was written in England and he wrote it because he said, you’re on the Road to Serfdom; this won’t work. And so this was why the Road to Serfdom was written. They are still now trying to say it’s the evil capitalists. And so what are they doing? Pat, what are they doing?
PAT: They’re cutting. And they said, the Labor Party is saying that they’re militant about these extreme cuts.
GLENN: Militant, keyword militant.
PAT: So they are sending people out in the street to protest and potentially riot, and you know that’s what’s going to break out.
PAT: There will be
GLENN: It’s exactly what happened in Greece.
PAT: Molotov cocktails, there will be, you know, overturned cars, there will be rioting in the streets, somebody’s
GLENN: Dogs and cats will be living
PAT: Right, exactly.
STU: And in Europe as they go, you know, on this path, as you said, Glenn, they’re ahead of us, you know, they go this path of making their countries just solvent. I mean, they are not trying to, you know they are still going to be in debt by a lot.
STU: Even though these movements are going on.
GLENN: They are just trying to let their country survive.
PAT: They are just trying not to drown right now in the debt that they have.
STU: As you point out the labor unions are talking about this. Also all you hear about in Europe is, oh, the extreme rightwing, the far right and all their violent tendencies. Yet the European police office has released a report on violence from terrorist violence in Europe and it is increasing at a fairly alarming rate.
GLENN: Isn’t it like 40% over last year, something like that?
PAT: It is, let’s see, I had the number here somewhere. I’ll get you that number here in a second.
GLENN: All right.
STU: But the categorizing of the people who are doing the attacks is really the most alarming part which is leftwing violence, they had 39 leftwing attacks in Europe in 2009.
GLENN: I have seen this violence before in the Sixties.
STU: I know.
GLENN: Leftwing violence.
GLENN: Okay, 39. But how many on rightwing violence?
STU: Right, how many more of rightwing violence?
STU: Actually, no, it was 38 less. There was one attack from rightwing sources in Europe in 2009, and 39 from leftwing.
GLENN: How many from Islamic terrorists?
STU: And, of course, Islamists, they beat both groups at 89 total attacks. And separatists were even further.
GLENN: Look at that.
STU: That’s amazing.
PAT: But that’s only 89:1.
GLENN: It’s 89:1.
STU: And 39:1.
GLENN: And 39:1 and yet it is the evil rightwing.
GLENN: I mean, that’s incredible.
PAT: We’ve seen this before.
PELOSI: I have concerns about some of the language that is
GLENN: All right. Stop, I can’t take it.