Is something really bad about to happen to the U.S. dollar?

Sec. John Kerry said that if America stops the Iran nuclear deal, the US dollar could no longer be the world’s reserve currency. What does that really mean? Glenn feels like something really bad is coming for the U.S. dollar and the global economy, and asked economist David Buckner to come onto the radio show and discuss.

GLENN: Just two days ago, we had John Kerry say this about the deal with Iran.

JOHN: That is a recipe very quickly, my friends, businesspeople here, for the American dollar to cease to be the reserve currency of the world, which is already bubbling out there.

GLENN: So what does that even mean? I asked an audience last night what they thought that meant, and nobody really had any idea. I have somewhat of an idea, but I don't even know if I understand it. David Buckner is here. David Buckner is adjunct professor at Columbia University. An economist who goes all over the world trying to work with businesses and trying to hold things together. And he's been a consultant on this program for quite some time. David, welcome to the program.

DAVID: Good to hear from you, Glenn. How are you doing?

GLENN: Where are you in the world today?

DAVID: I'm upstate New York in the backwoods somewhere in the mountains right now. Life is pretty good, pretty sunny.

GLENN: Okay. Sorry to bother you. We just wanted to know exactly what that meant, David. I have this feeling that something really bad has begun especially with the devaluation of the currency in China and with Secretary Kerry saying that. It's almost like a shot across our bow that they know that we're on a course for something, and they're just -- they're going to use it to blame it on something that is convenient for them.

DAVID: Well, it actually started two or three years ago when China signed its first agreement. Do you recall that the reserve currency back prior to, you know, World War II was the sterling. Was the pound sterling. And it was the Bretton Woods Act in '44 and thereon through '55 that we transitioned to the dollar. And all that really meant was that we were going to exchange the dollar for oil. So it's the currency used for the exchange of oil. This is where Secretary Kerry starts pulling in ISIS in the Middle East.

Well, two years ago, China signed an agreement with Russia to no longer use the dollar. And within 17 days, Australia signed the agreement with China as well, that they would only -- it was almost like a unilateral treatment of currencies where they would decide between the yen and the Australian dollar or the yen and the ruble and other currencies. That they would exchange without the dollar being the global entity.

So we've already started down this path. What he identifies there is a little bit frightening because he's indicating that we have to make a decision, aligned with the current policy with ISIS, Iran, and others, or we're going to be -- we're going to lose the dollar. We're already on that path. And quite candidly, we're being held hostage by suggesting we have to capitulate or the dollar is going to be gone.

The dollar is already being comprised. And the question you asked regarding China is evidence of that. The fact that China has so much of our debt and that we're beholden to any movement they make in their currency indicates that any time they do something, like they did yesterday -- they did a 5 percent shift in their currency.

Their currency has been selling about 6.1 or 6.2 yen to the dollar. They moved up to 6.4, 6.5. There's a shift that immediately does two things to us: One, is makes their goods 5 percent cheaper. So that means our goods become expensive compared to them. That means more people are going to buy directly. Which, by the way, puts them in a better position to negotiate more of those deals to get rid of the dollar. That's one thing.

The second thing it does that nobody is talking about, that's more frightening for me personally, from a macroeconomic perspective, and what you and I have been talking about, Glenn, for probably three years now. And that is that what we owe China, all of that debt, we're talking trillions of dollars of debt, the largest percentage to China and a big chunk in Japan. What we owe them now has become 5 percent more expensive overnight.

Now, it doesn't mean the interest rates have changed, but the money that we borrowed -- and borrowed it when it was worth six, we now have to repay that same amount of money that if we were to use it to buy goods would be worth more. But we can't.

So we lose 5 percent on every dollar we're returning to them. That is an overnight shift in interest rates, if you will. Even though the interest hasn't changed, the buying ability of that piece of paper. So we're in a position where overnight, China made our commitment to them 5 percent more expensive. And made all of their goods 5 percent cheaper. So we're fighting -- we're fighting this -- this is crazy, Glenn.

GLENN: So tell me, David, what it means -- explain to somebody -- because what Secretary Kerry was saying, not getting off the dollar as the exchange rate for oil. But he's saying the reserve currency, which means people are not -- they're not generally having a bunch of gold in their bank. What they have is a bunch of US dollars. And if everybody gets rid of the reserve currency and goes off that, all those dollars come flooding back into the system. Am I wrong?

DAVID: No, you're correct on that. And the reason -- and you're correct. Let me blend the two words though, that we're aligned in this.

You're correct when we're talking reserve currency. That is because it is -- it has always been the global currency.

GLENN: Correct.

DAVID: So when we no longer -- the reason I linked in the oil is not because it's changing anything there or anybody has agreed differently. But the reality is, if there's other ways to purchase oil, we no longer need a large reserve, if I'm a foreign country, of US dollars.

GLENN: Correct.

DAVID: Consequently, I can then --

GLENN: Hang on just a second. So people understand that. That's because you were only allowed to buy oil in US dollars. So countries had to have that huge cash of the US dollar because if you wanted to buy something like oil, you had to buy it in dollars. That's quickly going away.

DAVID: Exactly.

GLENN: So how much money is in the -- the central banks of countries? How much -- how many dollars are there?

DAVID: Okay. Now, that's a question without my precise answer for this reason.

What we know we have put out there into a secondary market. You know, when we're shoving dollars out. When the fed shoves money out by buying bonds, that money goes out. And while we can say it's traceable, it's not traced. In other words, what goes out into the U.S. in a bond may make its way by others buying from China, from India, from other places.

So when we're talking about central banks holding them, they'll have what you might call an official number. But the unofficial market is unwieldily. So we know how much is out there. And that we've been flooding. That's been the damaging and frightening part of this, Glenn, is that we keep shoving it out there. And if it gets aggregated into one place, if China starts reserving it and holding it, then they have a huge club. And we keep saying, no, surely, surely they wouldn't have it. We've diffused it. The money is going out broadly. But nobody can track where it's actually being collected and held because the public announcement -- just like China has indicated that they devaluated their own currency, but they control their banking. So when you go to China -- you know I spend a lot of time there.

GLENN: Yes.

DAVID: And when you go to China, you have a variety of different ways in which currencies can be exchanged. When you go to Brazil, there are three totally different currencies: The dollar at the bank, the dollar on the street, and the dollar you pay in a hotel, which is the government rate. And they are vastly differing numbers.

So I'm not wobbling other than to suggest that I can -- I could give you formalized numbers. We could go back and look those up. They're irrelevant. The money that's out there could be aggregated by these central banks, and we do not know which central bank is truthfully aggregating the largest in their formal and informal economy.

GLENN: So here's what I really want to know, and I'm hoping that you're going to say I'm wrong. But this to me, when I heard this, what I heard was the equivalent economically of him saying, by the way, if you disagree, it is total nuclear war. This is an economic -- if the dollars that other countries have are no longer being used as the global currency and the world's reserve. That means that all those dollars are out and we're in hyperinflation and it is -- it's the end of the West or the western commerce as we know it. At least for -- at least until we can settle on what we're doing.

DAVID: Right. There are three things -- we talked about this before. But there are three things that America offers right now. One is that we offer the dollar. Okay? And if that goes away, that's frightening, right?

GLENN: Wait. Wait. Wait. Explain why -- tell people what that means, if the dollar goes away, to them.

DAVID: Well, right now because every exchange is principal for oil, which is the central currency of everything. Energy is everything, okay. Because that exchange must go through us and we control the medium or the piece of paper that you can use to exchange, we control -- I don't want to say control the world. But we control that exchange. And if that's the central exchange, then we still have some significant control on the markets of the world. If that is removed, you no longer have control. If you go into, you know, Germany and you're not using euros and you're using a Brazilian currency that nobody cares whether you have or not, you don't buy anything in Germany. So if our dollar is no longer viewed as the global necessity, we don't have that to offer.

GLENN: So hang on. Before you go on, on that. So, in other words, we become like Iceland. What was it, the kronas, that when it crashed and went away. They couldn't buy meat for McDonald's. Everything had to shut down. We wouldn't be able to buy oil from anybody because no one would accept the US dollar because it would be worthless.

DAVID: It's an irrelevant piece of paper. Most people would say that because there's so much debt being held of US debt, we're betting on our bankers not letting us fail. Now, that scares me, just to be honest. I don't want to bet on my bank not wanting me to fail especially if my house goes up in value and they'd rather take the house rather than to default on what I owe them. Okay? Our house is our natural resource in the U.S. So if we default and we have collateralized our -- the assets of our country, which are our natural resource. Then technically, just like they did in the 1980s when Manhattan, a good percentage of the real estate had to go to foreign entities. We hit such a downside, that you would see Chinese and Japanese signs in front of banks because the real estate was owned by them. We've collateralized what America has against our debt. And our debt is in crazy land. You know that. We've talked about that before.

GLENN: Right.

DAVID: So if the dollar goes away and they go technically after the assets and we then defend the assets, then you are correct that the next thing we offer is war. And that's not where -- and, by the way, I'll give you just one side note that may be contrary to what you think or it may be differing than what you think or it may simply augment it. I actually think the next real battle issue will not be metal against building. I think we can do more with cyber and banking zeros. Ones and zeros in the electric world than we can ever do with weapons.

GLENN: Yes, I agree.

DAVID: I think the next war will be a cyber disaster. And the frightening thing about that is, if you are the one that owes the rest of the world, they have control over your assets. It doesn't take much for them to be able to access all of those buttons. And that's where it gets crazy. So, Glenn --

GLENN: Go ahead. Wrap it up here, David.

DAVID: I was in Hiroshima a week ago. I was there for the 70th anniversary for the disaster there. And they talk about one bomb. And we talk about 15,000 warheads that exist if the world. All it takes is one finger to push buttons to get things crazy. And one one and one zero in the banking world or the economic world to get people desperate. I don't know when we get to that point. But I will tell you, this move by China to shift things by 5 percent in 15 minutes is a daunting look at where we go and what America has to see in the economic future.

GLENN: Thank you a lot, David. I appreciate it. Go back to the mountain and enjoy the sunshine.

DAVID: Good talking to you.

GLENN: God bless you. David Buckner.

Trump's 3 BIGGEST border victories

SAUL LOEB / Contributor | Getty Images

The Southern Border is healing!

Just hours after his inauguration on January 20, 2025, President Donald Trump declared a national emergency at the southern border. A little over a month later, the tide of migrants pouring into the United States has been significantly stemmed. Trump is delivering on his major campaign promises: stopping illegal crossings, rolling back Biden-era border policies, and using every available resource to fortify the border against future challenges.

In his recent congressional speech, Trump highlighted these border security successes—achievements often overshadowed by the flood of other news stories this past month. To spotlight this monumental progress, we’ve compiled a list of Trump’s three most significant border victories.

1. Significantly reduced border encounters

ANDREW CABALLERO-REYNOLDS / Contributor | Getty Images

When Trump took office, it was clear—the sheriff was back in town. According to the Department of Homeland Security, daily border encounters have plummeted by 93 percent since his inauguration. Meanwhile, Immigration and Customs Enforcement has ramped up its efforts: in the past month alone, ICE doubled arrests of criminal aliens and tripled apprehensions of fugitives at large. This dramatic shift stems from reinstating strict border policies, restoring common-sense enforcement, and unleashing the full capabilities of ICE and Border Patrol.

2. Major policy changes

John Moore / Staff | Getty Images

President Trump has also made sweeping strides in border policy. He reinstated the “Remain in Mexico” policy, requiring immigrants to wait in Mexico during their immigration proceedings instead of being released into the U.S. He also terminated the controversial “catch and release” practice, which had allowed millions of illegal immigrants to stay in the country pending court dates. Additionally, Trump signed the Laken Riley Act, mandating detention for all illegal immigrants accused of serious crimes.

Another key victory was designating cartels like MS-13 and Tren de Aragua as terrorist organizations. This classification empowers law enforcement and border agencies to tackle these ruthless gangs with the seriousness and resources they demand.

3. Deployed major muscle

John Moore / Staff | Getty Images

Trump is doubling down on border security—and he’s not holding back. He deployed 1,500 U.S. troops to secure the southern border and restarted construction of the border wall. Among the forces sent is a Stryker Brigade, a rapid-response, high-tech mechanized infantry unit equipped with armored ground and air vehicles. This brigade’s mobility and long-range capabilities make it ideal for patrolling the rugged, remote stretches of the border.

Fort Knox exposed: Is America's gold MISSING?

Christopher Furlong / Staff | Getty Images

President Trump promised that we would get a peek inside Fort Knox, but are we ready for what we might find?

In this new era of radical transparency, the possibility that the Deep State's darkest secrets could be exposed has many desperate for answers to old questions. Recently, Glenn has zeroed in on gold, specifically America's gold reserves, which are supposed to be locked away inside the vaults of Fort Knox. According to the government, there are 147.3 million ounces of gold stored within several small secured rooms that are themselves locked behind a massive 22 ton vault door, but the truth is that no one has officially seen this gold since 1953. An audit is long overdue, and President Trump has already shown interest in the idea.

America's gold reserve has been surrounded by suspicion for the better part of a hundred years. It all started in 1933, when FDR effectivelynationalized the United States's private gold stores, forcing Americans to sell their gold to the government. This gold was melted down, forged into bars, and stored in the newly constructed U.S. Bullion Depository building at Fort Knox. By 1941, Fort Knox had held 649.6 million ounces of gold—which, you may have noticed, was 502.3 million ounces more than today. We'll come back to that.

By 1944, World War II was ending, and the Allies began planning how to rebuild Europe. The U.N. held a conference in Bretton Woods, New Hampshire, where the USD was established as the world's reserve currency. This meant that any country (though not U.S. citizens) could exchange the USD for gold at the fixed rate of $35 per ounce. Already, you can see where our gold might have gone.

Jump to the 1960s, where Lyndon B. Johnson was busy digging America into a massive debt hole. Between the Vietnam War and Johnson's "Great Society" project, the U.S. was bleeding cash and printing money to keep up. But now Fort Knox no longer held enough physical gold to cover the $35 an ounce rate promised by the Bretton Woods agreement. France took notice of this weakness and began to redeem hundreds of millions of dollars. In the 70s Nixon staunched this gushing wound by halting foreign nations from redeeming dollars for gold, but this had the adverse effect of ending the gold standard.

This brings us to the present, where inflation is through the roof, no one knows how much gold is actually inside Fort Knox, and someone in America has been buying a LOT of gold. Who is buying this gold? Where is it going and for what purpose? Glenn has a few ideas, and one of them is MUCH better than the other:

The path back to gold

Mario Tama / Staff | Getty Images

One possibility is that all of this gold that has been flooding into America is in preparation for a shift back to a gold-backed, or partial-gold-backed system. The influx of gold corresponds with a comment recently made by Trump's new Treasury Secretary, Scott Bessent, who said he was going to:

“Monetize the asset side of the U.S. balance sheet for the American people.”

Glenn pointed out that per a 1972 law, the gold in Fort Knox is currently set at a fixed value of $42 an ounce. At the time of this writing, gold was valued at $2,912.09 an ounce, which is more than a 6,800 percent increase. If the U.S. stockpile was revalued to reflect current market prices, it could be used to stabilize the dollar. This could even mean a full, or partial return to the gold standard, depending on the amount of gold currently being imported.

Empty coffers—you will own nothing

Raymond Boyd / Contributor | Getty Images

Unfortunately, Glenn suspects there is another, darker purpose behind the recent gold hubbub.

As mentioned before, the last realaudit of Fort Knox was done under President Eisenhower, in 1953. While the audit passed, a report from the Secretary of the Treasury revealed that a mere 13.6 percent was checked. For the better part of a century, we've had no idea how much gold is present under Fort Knox. After the gold hemorrhage in the 60s, many were suspicious of the status of our gold supply. In the 80s, a wealthy businessman named Edward Durell released over a decade's worth of research that led him to conclude that Fort Knox was all but empty. In short, he claimed that the Federal Reserve had siphoned off all the gold and sold it to Europe.

What would it mean if America's coffers are empty? According to a post by X user Matt Smith that Glenn shared, empty coffers combined with an influx of foreign gold could represent the beginning of a new, controlled economy. We couldstill be headed towards a future where you'll ownnothing.

Glenn: The most important warning of your lifetime—AI is coming for you

NurPhoto / Contributor | Getty Images

Artificial intelligence isn’t coming. It’s here. The future we once speculated about is no longer science fiction—it’s reality. Every aspect of our lives, from how we work to how we think, is about to change forever. And if you’re not ready for it, you’re already behind. This isn’t just another technological leap. This is the biggest shift humanity has ever faced.

The last call before the singularity

I've been ringing this bell for 30 years. Thirty years warning you about what’s coming. And now, here we are. This isn’t a drill. This isn’t some distant future. It’s happening now. If you don’t understand what’s at stake, you need to wake up—because we have officially crossed the event horizon of artificial intelligence.

What’s an event horizon? It’s the edge of a black hole—the point where you can’t escape, no matter how hard you try. AI is that black hole. The current is too strong. The waterfall is too close. If you haven’t been paying attention, you need to start right now. Because once we reach Artificial Super Intelligence (ASI), there is no turning back.

You’ve heard me talk about this for decades. AI isn’t just a fancy Siri. It isn’t just ChatGPT. We are on the verge of machines that will outthink every human who has ever lived—combined. ASI won’t just process information—it will anticipate, decide, and act faster than any of us can comprehend. It will change everything about our world, about our lives.

And yet, the conversation around AI has been wrong. People think the real dangers are coming later—some distant dystopian nightmare. But we are already in it. We’ve passed the point where AI is just a tool. It’s becoming the master. And the people who don’t learn to use it now—who don’t understand it, who don’t prepare for it—are going to be swallowed whole.

I know what some of you are thinking: "Glenn, you’ve spent years warning us about AI, about how dangerous it is. And now you’re telling us to embrace it?" Yes. That’s exactly what I’m saying. Because if you don’t use this tool—if you don’t learn to master it—then you will be at its mercy.

This is not an option anymore. This is survival.

How you must prepare—today

I need you to take AI seriously—right now. Not next year, not five years from now. This weekend.

Here’s what I want you to do: Open up one of these AI tools—Grok 3, ChatGPT, anything advanced—and start using it. If you’re a CEO, have it analyze your competitors. If you’re an artist, let it critique your work. If you’re a stay-at-home parent, have it optimize your budget. Ask it questions. Push it to its limits. Learn what it can do—because if you don’t, you will be left behind.

Let me be crystal clear: AI is not your friend. It’s not your partner. It’s not something to trust. AI is a shovel—an extremely powerful shovel, but still just a tool. And if you don’t understand that, you’re in trouble.

We’ve already seen what happens when we surrender to technology without thinking. Social media rewired our brains. Smartphones reshaped our culture. AI will do all that—and more. If you don’t take control now, AI will control you.

Ask yourself: When AI makes decisions for you—when it anticipates your needs before you even know them—at what point do you stop being the one in charge? At what point does AI stop being a tool and start being your master?

And that’s not even the worst of it. The next step—transhumanism—is coming. It will start with good intentions. Elon Musk is already developing implants to help people walk again. And that’s great. But where does it stop? What happens when people start “upgrading” themselves? What happens when people choose to merge with AI?

I know my answer. I won’t cross that line. But you’re going to have to decide for yourself. And if you don’t start preparing now, that decision will be made for you.


The final warning—act now or be left behind

I need you to hear me. This is not optional. This is not something you can ignore. AI is here. And if you don’t act now, you will be lost.

The next 18 months will change everything. People who don’t prepare—who don’t learn to use AI—will be scrambling to catch up. And they won’t catch up. The gap will be too wide. You’ll either be leading, or you’ll be swallowed whole.

So start this weekend. Learn it. Test it. Push it. Master it. Because the people who don’t? They will be the tools.

The decision is yours. But time is running out.

The coming AI economy and the collapse of traditional jobs

Think back to past technological revolutions. The industrial revolution put countless blacksmiths, carriage makers, and farmhands out of business. The internet wiped out entire industries, from travel agencies to brick-and-mortar retail. AI is bigger than all of those combined. This isn’t just about job automation—it’s about job obliteration.

Doctors, lawyers, engineers—people who thought their jobs were untouchable—will find themselves replaced by AI. A machine that can diagnose disease with greater accuracy, draft legal documents in seconds, or design infrastructure faster than an entire team of engineers will be cheaper, faster, and better than human labor. If you’re not preparing for that reality, you’re already falling behind.

What does this mean for you? It means constant adaptation. Every three to five years, you will need to redefine your role, retrain, and retool. The only people who survive this AI revolution will be the ones who understand its capabilities and learn to work with it, not against it.

The moral dilemma: When do you stop being human?

The real danger of AI isn’t just economic—it’s existential. When AI merges with humans, we will face an unprecedented question: At what point do we stop being human?

Think about it. If you implant a neural chip that gives you access to the entire internet in your mind, are you still the same person? If your thoughts are intertwined with AI-generated responses, where do you end and AI begins? This is the future we are hurtling toward, and few people are even asking the right questions.

I’m asking them now. And you should be too. Because that line—between human and machine—is coming fast. You need to decide now where you stand. Because once we cross it, there is no going back.

Final thoughts: Be a leader, not a follower

AI isn’t a passing trend. It’s not a gadget or a convenience. It is the most powerful force humanity has ever created. And if you don’t take the time to understand it now, you will be at its mercy.

This is the defining moment of our time. Will you be a master of AI? Or will you be mastered by it? The choice is yours. But if you wait too long, you won’t have a choice at all.

Editor's Note: This article was originally published on TheBlaze.com.

Trump's Zelenskyy deal falls apart: What happened and what's next?

SAUL LOEB / Contributor | Getty Images

Trump offered Zelenskyy a deal he couldn’t refuse—but Zelenskyy rejected it outright.

Last Friday, President Donald Trump welcomed Ukrainian President Volodymyr Zelenskyy to Washington to sign a historic agreement aimed at ending the brutal war ravaging Ukraine. Joined by Vice President J.D. Vance, Trump met with Zelenskyy and the press before the leaders were set to retreat behind closed doors to finalize the deal. Acting as a gracious host, Trump opened the meeting by praising Zelenskyy and the bravery of Ukrainian soldiers. He expressed enthusiasm for the proposed agreement, emphasizing its benefits—such as access to Ukraine’s rare earth minerals for the U.S.—and publicly pledged continued American aid in exchange.

Zelenskyy, however, didn’t share Trump’s optimism. Throughout the meeting, he interrupted repeatedly and openly criticized both Trump and Vance in front of reporters. Tensions escalated until Vance, visibly frustrated, fired back. The exchange turned the meeting hostile, and by its conclusion, Trump withdrew his offer. Rather than staying in Washington to resolve the conflict, Zelenskyy promptly left for Europe to seek support from the European Union.

As Glenn pointed out, Trump had carefully crafted this deal to benefit all parties, including Russia. Zelenskyy’s rejection was a major misstep.

Trump's generous offer to Zelenskyy

Glenn took to his whiteboard—swapping out his usual chalkboard—to break down Trump’s remarkable deal for Zelenskyy. He explained how it aligned with several of Trump’s goals: cutting spending, advancing technology and AI, and restoring America’s position as the dominant world power without military action. The deal would have also benefited the EU by preventing another war, revitalizing their economy, and restoring Europe’s global relevance. Ukraine and Russia would have gained as well, with the war—already claiming over 250,000 lives—finally coming to an end.

The media has portrayed last week’s fiasco as an ambush orchestrated by Trump to humiliate Zelenskyy, but that’s far from the truth. Zelenskyy was only in Washington because he had already rejected the deal twice—first refusing Vice President Vance and then Secretary of State Marco Rubio. It was Zelenskyy who insisted on traveling to America to sign the deal at the White House. If anyone set an ambush, it was him.

The EU can't help Ukraine

JUSTIN TALLIS / Contributor | Getty Images

After clashing with Trump and Vance, Zelenskyy wasted no time leaving D.C. The Ukrainian president should have stayed, apologized to Trump, and signed the deal. Given Trump’s enthusiasm and a later comment on Truth Social—where he wrote, “Zelenskyy can come back when he is ready for peace”—the deal could likely have been revived.

Meanwhile, in London, over a dozen European leaders, joined by Canadian Prime Minister Justin Trudeau, convened an emergency meeting dubbed the “coalition of the willing” to ensure peace in Ukraine. This coalition emerged as Europe’s response to Trump’s withdrawal from the deal. By the meeting’s end, UK Prime Minister Keir Starmer announced a four-point plan to secure Ukrainian independence.

Zelenskyy, however, appears less than confident in the coalition’s plan. Recently, he has shifted his stance toward the U.S., apologizing to Trump and Vance and expressing gratitude for the generous military support America has already provided. Zelenskyy now says he wants to sign Trump’s deal and work under his leadership.

This is shaping up to be another Trump victory.