Cyprus reaches ‘deal’, set to confiscate money from private bank accounts

Well, after over a week of trying to figure out how much money to take of of the bank accounts of private citizens in Cyprus, a deal has finally been reached. Depositors with over $100,000 are seeing their accounts frozen as Cyprus plans to use a percentage of their funds to help pay for a bailout. Glenn reacted to the news on radio this morning. 

Reuters explained the latest on the Cyprus bailout:

Backed by euro zone finance ministers, the bailout plan will spare the Mediterranean island a financial catastrophe by winding down the largely state-owned Popular Bank of Cyprus, also known as Laiki, and shifting deposits under 100,000 euros to the Bank of Cyprus to create a "good bank", leaving problems behind in, effectively, a "bad bank".

Deposits above 100,000 euros in both banks, which are not guaranteed by the state under EU law, will be frozen and used to resolve Laiki's debts and recapitalize the Bank of Cyprus, the island's biggest, through a deposit/equity conversion.

Many analysts fear that Cyprus was not a unique case and that depositors with uninsured bank accounts in other indebted countries could see a "haircut" applied to in future bailouts.

Bill Gross, who runs the Pacific Investment Management Co. in ,California, tweeted “Cyprus haircuts prove just 1 thing: without growth, highly indebted EU countries will eventually suffer a similar fate.”

"Here's what's kills me - nobody sees the gulf that they are making.  Anybody under $100,000 they're leaving alone. Well I got news for you,  In the grand scheme of things, those who have $25,000 in the bank, at the end of their life they have $25,000 in the bank, those are the ones that need the government at the end of their life.  They're going to need the government because they didn't save or whatever.  So they have that much money in the bank.  And then there's this giant gulf between them and they're destroying all the wealth between those guys and everybody else up to like the Soroses and Bloombergs."

"You are re-creating Europe. Overnight we are re-creating it. We are making serfs and lords. That's it. There's nobody on the road in between," Glenn said

Glenn encouraged listeners to find small, local banks that won't be engaged in the practices that led to the "haircut" penalty in Cyprus.

Sen. Ted Cruz: NOBODY should be afraid of Trump's Supreme Court justice pick

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Sen. Ted Cruz (R-Texas) joined Glenn Beck on the radio program Wednesday to weigh in on President Donald Trump's potential Supreme Court nominees and talk about his timely new book, "One Vote Away: How a Single Supreme Court Seat Can Change History."

Sen. Cruz argued that, while Congressional Democrats are outraged over President Trump's chance at a third court appointment, no one on either side should be afraid of a Supreme Court justice being appointed if it's done according to the founding documents. That's why it's crucial that the GOP fills the vacant seat with a true constitutionalist.

Watch the video below to hear the conversation:

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Sen. Mike Lee (R-Utah) joined Glenn Beck on the radio program Wednesday to talk about why he believes President Donald Trump will nominate Judge Amy Coney Barrett to fill the Supreme Court vacancy created by Justice Ruth Bader Ginsburg's death.

Lee, a member of the Senate Judiciary Committee that will consider and vote on the nominee, also weighed in on another Supreme Court contender: Judge Barbara Lagoa. Lee said he would not be comfortable confirming Lagoa without learning more about her history as it pertains to upholding the U.S. Constitution.

Watch the video below to hear the conversation:

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This week on the Glenn Beck Podcast, Glenn spoke with Vox co-founder Matthew Yglesias about his new book, "One Billion Americans: The Case for Thinking Bigger."

Matthew and Glenn agree that, while conservatives and liberals may disagree on a lot, we're not as far apart as some make it seem. If we truly want America to continue doing great things, we must spend less time fighting amongst ourselves.

Watch a clip from the full interview with Matthew Yglesias below:


Find the full podcast on Glenn's YouTube channel or on Blaze Media's podcast network.

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'A convenient boogeyman for misinformation artists': Why is the New York Times defending George Soros?

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On the "Glenn Beck Radio Program" Tuesday, Glenn discussed the details of a recent New York Times article that claims left-wing billionaire financier George Soros "has become a convenient boogeyman for misinformation artists who have falsely claimed that he funds spontaneous Black Lives Matter protests as well as antifa, the decentralized and largely online, far-left activist network that opposes President Trump."

The Times article followed last week's bizarre Fox News segment in which former House Speaker Newt Gingrich appeared to be censored for criticizing Soros (read more here). The article also labeled Glenn a "conspiracy theorist" for his tweet supporting Gingrich.

Watch the video clip below for details:


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