Should you prepare for a run on the banks?

As the world continues to become more and more unstable, people continue to live life as if everything is going along just fine. Banks, however, are aware of just how unstable the globe is financially. The IMF has warned policy makers to prepare for massive ‘runs’ on the banks. Can that really happen?

The IMF has come out and said, "The extended period of monetary accommodation and the accompanying search for yield are leading to credit mispricing and asset price pressures, increasing the chance that financial stability risks could derail the recovery."

So what does that mean? Glenn explained on radio that it means prepare for a run on the banks.

Below is a transcript of this segment

Glenn: Here's what's happening. We have a shadow banking system. And we've told you about this, that the way we do banking credit, the way we are not shoring up the assets that our banks claim they have, it's all bogus. It's all bogus. You know, we thought we were in trouble and we thought we would clear this up. We didn't clear this up after 2008. We made it much, much worse. We're going to be doing a show on this later this week. But how we have made this much worse than it was in 2008. And so now there's a growing share of liquid credit in mutual fund portfolios. What does that mean? That means your mutual fund says it has all of this stuff, but it's a illiquid.

In other words, if they had to liquidate it-- you don't have money -- for instance, how much are you worth? Well, what you're supposed to do is say, how much money do you owe and then separate that from how much money do you actually have and then you'll see if you're upside down or not. If you actually have anything. And then how much of that is liquid?

So in other words, let's say you have your house paid for. You're really fortunate. You have your house paid for and your car paid for. Okay. Those are assets but they're not liquid assets. Those aren't things that you can actually go and say, hey, I need some money. Okay. Well, here you go. Here's the money. No, I have to sell my house or sell my car and so it's only worth what I can get for it at that time. And there's no fast way to get out of that. Let's say the credit -- the banking system starts to fail. And everybody says, who has a mutual fund, your 401(k), you start to fail and you say, okay, well, I got to get my money.

Here's the problem. The mutual funds are illiquid, meaning they can't get that money. They don't have access to that money. There's not enough money. It's growing illiquid. And so you can't go in and get your money at the bank. You can't turn it in. And so what's going to happen is they'll have to close these mutual funds and say, wait, wait, wait, do your Jimmy Stewart. But you don't understand how this works.

So that's what -- that's what they're saying. So now they're saying, you better prepare for runs on the bank, because when it starts to happen, and people start to say, well, I need my money, the banks are going to say, well, it's not here. It's not here. And that will make them run to their other bank, not their mutual fund, not their 401(k), but they'll start pulling money out from anything that they have, which will drive the price of housing town, drive the price of assets down, because everyone will be selling.

PAT: And in a savings and loan like with the Jimmy Stewart movie, it's -- it's suppose to be that way. Because you sign an agreement with them at the beginning that, okay, if you ever want to get your money back, you sign this agreement and then there's a certain period of time the bank has to return your money --

GLENN: That's why he said in the movie --

PAT: That's why he says, you sign right here and you'll is have your money in 20 days.

GLENN: That's what you -- that's --

(overlapping speakers).

PAT: And they didn't care because it was a panic and they want their money now. With a bank, though, you're suppose to be able to go get your money because it's suppose to be cash.

GLENN: Here's the problem. Here's how bad the banking system is. In our business if I were only 30% liquid in my business, if -- if I had crushing debt that everything was 70 or 80% a liability, and I didn't have -- I didn't have any real cash or any real assets, if it was all leveraged assets, I wouldn't be able to do business. I just wouldn't be able to do business. And I don't know -- I don't remember the ratio, but I think it's like 70/30 for average businesses. 70/30 you have to have the hard assets. And that's a healthy business. The banks are like at 10 and 20%. And that's raising it up from where it was. So the banks are not even doing business like regular businesses would do business. Any business would go out of business if we did business like the banks do business.

So now what they're doing is they're doing a run. Now, this is the first real international war game that they have ever done that we know of like this. And they're doing it this week. And what they're doing is if the banks fail in Spain, what happens to the banks in Germany? And if the banks fail in Germany, how do we shut things down so it doesn't spread to England? And if it goes to England, how do we shut it down so it doesn't come to America?

And they're going to do these things and they're trying to try to make everybody feel better but it won't work because it's all a shell game.

Now the International Monetary Fund is now warning a run on the bank -- this is the quote. Expect runs -- prepare for runs. Now, that's what you're reading if you're reading a website like Zero Hedge, which if you -- it will make your head hurt, because anybody who reads Zero Hedge, the way I've just tried, and everything else, I'm making their head explode. But I don't claim to have an expert on any of this stuff. I barely can keep my head above water on this stuff. And I read Zero Hedge and I only get about 30% and only understand about 30% of it. But that 30% is enough to give you the indication of the truth of what's coming.

Shortly after appearing on "The Glenn Beck Radio Program" last Thursday, Los Angeles-based emergency medicine specialist Dr. Simone Gold got a call saying she was fired for speaking out about the efficacy of hydroxychloroquine in a now-banned viral video.

Dr. Gold returned to the radio program Monday to detail exactly what happened, the reason the hospitals gave for her firing, and how they threatened to fire her colleagues as well if she "didn't go quietly."

"Most emergency physicians work at more than one [hospital], as I do, and I've actually been fired from both," she told Glenn. "They told me that I appeared in an embarrassing video, and therefore, I would no longer be welcome to work there ... then they said, if I didn't go quietly and I made a fuss, they would have all the doctors in the group, you know, they'd have to go and they'll get a whole new doctor group."

Dr. Gold said she does not regret speaking out about hydroxychloroquine during the controversial "White Coat Summit" news conference held in Washington, D.C., last week. A video of the news conference quickly went viral on social media before being removed by Facebook, Twitter, YouTube, and others for allegedly making false claims related to COVID-19.

"Bring it on," she said. "I want to continue to live in America. I want my children to continue to live in America. I don't want them to grow up in a place like China. When you get to a point where, not only can I not speak as a scientist, as a doctor, for what I know to be absolutely true, but you then want to cancel me and my colleagues, this is not okay. I would much rather fight than not fight ... and I want everybody to know that there are literally millions and millions of Americans who are on our side. Millions. I believe it's the majority."

Glenn then asked Dr. Gold to weigh in on the Centers for Disease Control and Prevention's new guidelines encouraging schools to reopen in the fall and the left's relentless drive to keep them closed.

"There's no actual scientific debate whatsoever if schools should open. None. There's no scientific debate. There's no serious person who thinks schools shouldn't open. Now, [through] some governors and policy makers, there's pressure being brought to bear on school districts, but there's no actual scientific debate. So it's going to come down to parents pressuring their local school districts to act in a responsible fashion."

Watch the video below to catch more of the conversation:

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Fox News host Greg Gutfeld joined Glenn on "The Glenn Beck Podcast" this week to talk about his new book, "The Plus: Self-Help for People Who Hate Self-Help."

Greg admits he is probably the last person who should write a self-help book. Nevertheless, he offers his offbeat advice on how to save America during what has become one of the most tumultuous times in history, as well as drinking while tweeting (spoiler: don't do it).

He also shares his "evolution" on President Donald Trump, his prediction for the election, and what it means to be an agnostic-atheist.

In this clip, Greg shares what he calls his "first great epiphany" on how dangerous cancel culture has become.

"I believe that cancel culture is the first successful work-around of the First Amendment," he said. "Because freedom of speech doesn't protect me from my career being ruined, my livelihood being destroyed, or me getting so depressed I commit suicide. Cancel culture is the first successful work-around of freedom of speech. It can oppress your speech with the scepter of destruction. We don't have freedom of speech anymore."

Watch the video clip below or find the full Glenn Beck Podcast with Greg Gutfeld here.

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Dr. Simone Gold joined Glenn Beck on the radio program Thursday to set the record straight about hydroxychloroquine -- what it is, how it works, and the real reason for all the current controversy surrounding a centuries-old medication.

Dr. Gold is a board certified emergency physician. She graduated from Chicago Medical School before attending Stanford University Law School. She completed her residency in emergency medicine at Stony Brook University Hospital in New York, and worked in Washington D.C. for the Surgeon General, as well for the chairman of the Committee on Labor and Human Resources. She works as an emergency physician on the front lines, whether or not there is a pandemic, and her clinical work serves all Americans from urban inner city to suburban and the Native American population. Her legal practice focuses on policy issues relating to law and medicine.

She is also the founder of America's frontline doctors, a group of doctors who have been under attack this week for speaking out about hydroxychloroquine during a news conference held outside the U.S. Supreme Court in Washington D.C.

On the program, Dr. Gold emphasized that the controversy over hydroxychloroquine is a "complete myth."

"Hydroxychloroquine is an analogue or a derivative of quinine, which is found in tree bark. It's the most noncontroversial of medications that there is," she explained.

"It's been around for centuries and it's been FDA-approved in the modern version, called hydroxychloroquine, for 65 years. In all of that time, [doctors] used it for breast-feeding women, pregnant women, elderly, children, and immune compromised. The typical use is for years or even decades because we give it mostly to RA, rheumatoid arthritis patients and lupus patients who need to be on it, essentially, all of their life. So, we have extensive experience with it ... it's one of the most commonly used medications throughout the world."

Dr. Gold told Glenn she was surprised when the media suddenly "vomited all over hydroxychloroquine", but initially chalked it up to the left's predictable hatred for anything President Donald Trump endorses. However, when the media gave the drug Remdesivir glowing reviews, despite disappointing clinical trial results, she decided to do some research.

"[Remdesivir] certainly wasn't a fabulous drug, but the media coverage was all about how fabulous it was. At that moment, I thought that was really weird. Because it's one thing to hate hydroxychloroquine because the president [endorsed] it. But it's another thing to give a free pass to another medicine that doesn't seem that great. I thought that was really weird, so I started looking into it. And let me tell you, what I discovered was absolutely shocking," she said.

Watch the video below for more details:

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According to the mainstream media's COVID-19 narrative, the president is "ignoring" the crisis.

On tonight's "Glenn TV" special, Glenn Beck exposes the media's last four months of political theater that has helped shape America's confusion and fear over coronavirus. And now, with a new school year looming on the horizon, the ongoing hysteria has enormous ramifications for our children, but the media is working overtime to paint the Trump administration as anti-science Neanderthals who want to send children and teachers off to die by reopening schools.

Glenn fights back with the facts and interviews the medical doctor Big Tech fears the most. Dr. Simone Gold, founder of America's Frontline Doctors, stands up to the media's smear campaign and explains why she could no longer stay silent in her fight against coronavirus fear.

Watch a preview below:

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