Introducing the latest bubble about to burst: The Money Bubble

Glenn has been warning for some time that our current system is unsustainable and simply cannot last. Today Glenn saw a chart that should strike fear into every American citizen. It shows the latest bubble that appears to be approaching the moment where it will burst -- the money bubble.

On Sunday, USA Today published a article by John Maxfield from The Motley Fool, featuring a terrifying chart showing the internet bubble, the housing bubble, and an unnamed bubble that Maxfield said was being called a stock market bubble.

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Now, Maxfield's article doesn't say there is a stock market bubble happening in the United States. He explains, "the fact that the Fed's monetary policies have caused stock prices to soar, doesn't mean there's a bubble."  He does say, however, that they will most likely deflate as part of an overall correction.

Now, why does Glenn think the above chart is so important?

"I'm not sure if the stock market bubble and the money bubble will be exactly the same, but I think they are. It's being propped up by bogus money. You are borrowing money from the Fed at zero interest rates, and that money is worthless. It's not backed up by anything. And when we really do hit the money bubble, we're out. We're out."

"I wanted to show this to you, because for those of you listening to me for a long period of time, you know I'm wrong on timing. I'm always wrong on timing, but I'm not wrong usually in direction," Glenn said.

Later in the show, Glenn pulled out the transcript from March 2008 when he was on Headline News where he described how "the money bubble" would come about and collapse.

"If you see what was in USA Today, you will see that they are now talking about the money bubble. We built a bigger bubble than that housing bubble in 2008. Remember when we said if we don't fix this, this will get much, much worse? And when it gets much worse, when it finally pops, what do we do as a people?" Glenn asked.

Way back in 2008, Glenn warned that the policy of the Federal Reserve could result in a "money bubble". The transcript from that segment is below via CNN.com:

BECK: Welcome to the real story. I want you to look at your newspaper today and you will see all kinds of headlines in there trumpeting the great news that home sales were unexpectedly higher in February. Hey, that`s great, until you start looking under the hood of those headlines, you`ll find a very different story. Yes, sales were up slightly in February, but they were down nearly 24% from last year. And prices, which are now just a little more important are now down 11% from last year, biggest drop in the history of the S & P index. I know, details, details, shut up guy on TV.

The Dow now was up another 180 points yesterday, nearly 8% in the last nine trading days alone. I mean, that`s great. Everybody`s happy, what recession? If I may introduce you, one more time, I`m sorry to do this to Mr. Gloomy Pants. The real story is that we are now witnessing the birth of our next bubble. Just like communists, financial bubbles don`t ever go away, they just change their look.

The internet bubble shaped, shifted into the housing bubble and then the housing bubble has now shifted into something, I`m officially declaring, the nanny state money bubble. For the last few years, America has been, if I may, on a Las Vegas binge. Wall Street would be, were like out with hookers every night, Main Street doing blow and eating caviar off of somebody`s belly and then the bill claim and we just handed over our credit card. You take American Express? Then the party ended and the bills started to come in. And you know, we didn`t go home because the bill collectors were waiting for us at the front door. We just stood there in the bar and now we`re holding our hands out.

You know, looking, hey, Paris Hilton, she by the way in this analogy is playing the federal government, Paris Hilton, you`ll cover us right? Well, for now, Paris Hilton is happy to do that. She is cutting rates. She is bailing out company. She is printing out money in the basement, anything to make us all forget that the open bar is now over. But sooner or later, we`re all going to realize, wait a minute, Paris Hilton is not only unemployed, but her credit is actually worse than ours is. She doesn`t have any cash and more importantly, she has no ability to earn any cash. She`s been paying our tab by borrowing money, in fact, Paris Hilton, I believe, is the perfect analogy for this economy, neither have any real substance and both look far better in night vision, I`m just saying.

Bruce Bartlett this is former U.S. treasury official. Bruce, you`re kind of regretting coming on this program after I just equated the economy to Paris Hilton.

BRUCE BARTLETT, FORMER U.S. TREASURY OFFICIAL: Wow.

BECK: The federal government, aren`t you? You can be honest. That`s OK.

Bruce, tell me, the Fed is printing money, dumping money, the government is. Everybody is doing this. The stimulus package. They`re now looking for more, they`re bailing out companies and now they want to bail out borrowers. How do you -- this is bogus. What`s happening here is bogus money. There`s no real creation of anything here except debt.

BARTLETT: Look, the Federal Reserve, basically, is responsible for all of these bubbles and credit cycles, whatever you want to call them because it always overdoes things. You know, when the economy is hurting, it shovels money out any way it possibly can, and then they just keep shoveling more and more because they`re never sure that they`ve done enough because there`s always enormous political pressure to do something. And then eventually, you get inflation, they start to tighten. They always tighten a little too much. And so you`ve always got this boom and bust cycle that basically, I think, comes back to the Federal Reserves` money creation policy.

BECK: Here`s the problem. It seems to me that we are always popping a bubble. And in retrospect, you always go back and go, yes, $900 a share for pets.com. That wasn`t such a smart idea. It all makes sense after you get past it. How is it that nobody is seeing that the Fed right now is dumping money or shoveling money, as you say, but they`re not paying attention to inflation at all. What they`re doing is going to cause more inflation and then they got a really Sinbad belt tight, you know, tighten the belt on us to the point to where it`s going to hurt the other direction.

BARTLETT: Well, the problem is what the Fed does to the economy always takes -- there`s always a lagged effect. What the Fed is doing today will ultimately impact on the economy two years from now. But by then, people will have forgotten that that was the root cause. By then, they`ll talk themselves into believing it`s something else all together. Remember, Alan Greenspan gave his famous irrational exuberance speech about the tech bubble in 1996, but it wasn`t until 2000 that the bubble finally burst.

And in the meantime, people talked themselves into believing it wasn`t really a bubble that it was all real.

BECK: I get it.

BARTLETT: And the same thing in the housing sector.

BECK: I have to tell you, it`s like we`re taking political rufies all the time but we just what? I don`t remember that at all. Bruce, thanks a lot.

 

Glenn Beck has been warning since last summer that you would not recognize your country in a year. Well, it's not even summer yet, and he says he already doesn't recognize the country.

Do you recognize an America in which people are making more money off government unemployment benefits than they can make by working, inflation is ramping up, housing, supply and labor shortages are widespread, and the current administration gives cybercriminals from Russia a free pass after the biggest cyberattack on our nation's infrastructure to date?

On the radio program this week, Glenn pointed out that while businesses all over the nation are downsizing, one brand store is actually booming — and it says a lot about the state of the economy and what it means for our country's future.

Watch the video clip below to hear more from Glenn:

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The largest American gas pipeline shut down on Friday due to what experts told the media was the "most dramatic cyberattack on U.S. soil to date." Investigators are looking at a group believed to be based in Russia known as "DarkSide."

It's time our leaders in the White House take national security seriously because this isn't the first time enemies of the U.S. — namely Russia and China — have used the cyber world to attack our nation and weaken our infrastructure, Glenn Beck argued on the radio program. Between Russia, China, and Iran — which President Joe Biden is now trying to make another nuclear deal with — it looks like the "Axis powers" of a "digital World War III" are lining up

"The journalists seem to care about the price of gasoline for the first time. Is it because they actually care? Or is it because they're trying not to focus on the fact that this was an attack most likely from Russia? And it isn't the first cyberattack from Russia of the year ... maybe we should be paying attention, to Vladimir Putin," Glenn began.

"And by the way, the pipeline going down, that's not the only [cyberattack] happening now," he added later. "Thirty thousand U.S. victims, small businesses and local governments, were hacked by cyber espionage units backed by the Chinese government in January of this year."

"There is an 'Axis power.' It is Russia and China. And, by the way, who is also aligned with Russia and China? Iran. Wow, this is weird," Glenn surmised. "But don't worry about that. Just leave your dog tags on another table. Let's not talk about China. Let's not talk about who actually crashed the jugular of our oil pipelines. I don't want war. But I got news for you ... this Biden administration is doing the job for our enemies."

Watch the video below to hear more from Glenn:


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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Canadian clinical psychologist, author, and cultural firebrand Jordan Peterson is no stranger to cancel culture. Ever since he was thrust into the culture war, he has faced one controversy after another, stirred up by the woke elites who hate him with a passion. But although they have tried to make him pay for speaking out so fearlessly against their message, he refuses to back down and he believes you should, too. He joined "The Glenn Beck Podcast" this week to explain why.

"There is a growth of the reluctant hero in all stories ... so many people think that they don't have what it takes, that they're not the hero," Glenn said to Peterson. "How do you get people to recognize and then have the courage to stand? You've taken a beating ... why is it worth it and how do you get there?"

"I think it's worth it because I believe the alternative is worse ... to stay silent when you have something to say," Peterson replied. "You don't know what it is within you that requires your voice, right, because you feel like 'I have something to say.' Where does that come from exactly, that feeling that you have something to say?

"Maybe you're disgruntled at work and you're choking on your own bile because the situation is not just in your estimation," he continued. "You're dying to say something, but you won't. Well, you'll die if you don't say it. Maybe it's a death by a thousand cuts. I don't like deferred punishment. I'd rather take it now and keep the future clean, which is why I encourage people to have the fights now, not to hide things in the fog for later. They grow and metastasize. It's better to confront what you need to confront when it's small and you have some possibility of victory."

Watch the video clip below to catch more of the conversation, or find the full podcast with Jordan Peterson here:

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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Top officials at the Federal Reserve are doing what they can to sugar coat what's ahead for our economy, telling Americans we may hit a "transitory" period of inflation that will settle by 2022. But Bank of America is saying something different. The bank's latest earnings call commentary warned "at the very least" transitory hyperinflation is ahead.

Watch the video clip below to hear Glenn Beck explain what this means for prices and for our economy.

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.