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.

Imagine sometime next year, getting called before HUWAC – the House Un-Woke Activities Committee.

"Are you or have you ever been a member of the un-woke?"

Something like that is not as far-fetched as you might think.

Last week, Robert Reich, the former Secretary of Labor during the Clinton administration, now a UC Berkeley professor, tweeted this:

Since the 1970s, there have been dozens of "Truth Commissions" around the world like the kind Robert Reich wants in America. Most of these have been set up in Africa and Latin America. Usually it happens in countries after a civil war, or where there's been a regime change – a dictator is finally overthrown, and a commission is set up to address atrocities that happened under the dictator. Or, as in the commissions in East Germany and Czechoslovakia, atrocities under communism. Or, in the most famous example, South Africa's Truth and Reconciliation commission addressed the decades of apartheid that ravaged that nation.

These commissions usually conclude with an official final report. These commissions and reports have served as a means of governments trying to close a dark chapter of their country's history, or provide emotional catharsis, as a way to generally move on. Sometimes it kind of works for people, most of the time it leaves people clamoring for more justice.

Here's how one professor described truth commissions in an article in The Conversation last year. He wrote:

The goal of a truth commission… is to hold public hearings to establish the scale and impact of a past injustice, typically involving wide-scale human rights abuses, and make it part of the permanent, unassailable public record. Truth commissions also officially recognize victims and perpetrators in an effort to move beyond the painful past… Some have been used cynically as tools for governments to legitimize themselves by pretending they have dealt with painful history when they have only kicked the can down the road.

See, this is the problem with a lot of "Truth" commissions – they are inherently political. Even if you trust your government and give them all the benefit of the doubt in the world that their Truth commission is trying to do the right thing, it is ALWAYS going to be political. Because these truth commissions are never set up by those who have LOST power in government. They're always established by those who have WON power.

The Deputy Executive Director of the International Center for Transitional Justice says one of the main points in these Truth commissions is that "the victims become protagonists."

A Department of Anti-racism is entirely within the realm of possibility.

So, who are the victims in Robert Reich's America? People like him, members of the far-Left who had to endure the atrocities of four years of a president with different political ideas. What an injustice. I mean, the left's suffering during the Trump administration is almost on the level of apartheid or genocide – so we totally need a Truth commission.

There have been lots of calls for the U.S. to have its own Truth and Reconciliation commission, especially around racial injustice.

This past June, Democratic Congresswoman Barbara Lee of California introduced legislation to establish the " United States Commission on Truth, Racial Healing, and Transformation."

Ibram X. Kendi – the high priest of anti-racism, and author of Target's current favorite book " Antiracist Baby" – proposes a Constitutional anti-racism amendment. This amendment would:

establish and permanently fund the Department of Anti-racism (DOA) comprised of formally trained experts on racism and no political appointees. The DOA would be responsible for pre-clearing all local, state and federal public policies to ensure they won't yield racial inequity, monitor those policies, investigate private racist policies when racial inequity surfaces, and monitor public officials for expressions of racist ideas. The DOA would be empowered with disciplinary tools to wield over and against policymakers and public officials who do not voluntarily change their racist policy and ideas.

If you think that is far-fetched, you haven't been paying attention to the Left's growing radicalism. In a Joe Biden-Kamala Harris administration, a Department of Anti-racism is entirely within the realm of possibility. And of course, such a DOA would never stop at policing government.

We're in a dangerous, precarious moment in our history. Given the events of 2020, should Democrats gain the White House, the Senate, and the House, how many commissions will be in our future? They will suddenly have plenty of political capital to drag the nation through years of commission hearings.

And the Left's form of justice is never satisfied. You think it will stop at a T&R commission on race? MSNBC's Chris Hayes tweeted this month about the need for a commission to deal with Americans who are skeptical about wearing masks:

Or what about a Truth commission on religion? I mean, look at those reckless churches spreading Covid this year. Or this would be a big one – a T&R commission on climate change deniers.

The Left is highly selective when it comes to truth. That's why they are the very last group you want in charge of anything with "Truth and Reconciliation" in the title.

This is one of the most incredibly frustrating things about the Left in America today. The Left insists there is no such thing as absolute truth, while simultaneously insisting there are certain approved truths that are undeniable.

So, you can't question "Science" – even though that's pretty much what every great scientist in history did.

You can't question racism as the explanation for all of existence – because, well, just because.

You can't question third-party "Fact-checkers" – because the powers that be, mainly Big Tech right now, have decided they are the Truth referees and you have to trust what they say because they're using certified external fact-checkers. They just forgot to tell you that they actually fund these third-party fact-checkers. It's like if McDonald's told you to trust third-party health inspectors that they were paying for.

The Left thinks it has a monopoly on Truth. They're the enlightened ones, because they've had the correct instruction, they're privy to the actual facts. It's psychotic arrogance. If you don't buy what they're selling, even if you're just skeptical of it, it's because you either don't have the facts, you willingly deny the facts, or you're simply incapable of grasping the truth because you're blinded by your raging racism problem. It's most likely the racism problem.

The Left never learns from its own preaching. For the past 60-plus years they've decried the House Un-American Activities Committee for trying to root out communists, getting people canceled, ruining Hollywood careers, etcetera. But a HUAC-type committee is precisely what Robert Reich is describing and many on the Left want. It's not enough for Trump to be voted out of office. Americans who helped put him there must be punished. They don't want reconciliation, they want retribution. Because the Left doesn't simply loathe Donald Trump, the Left loathes YOU.

President Donald Trump's performance at last night's final presidential debate was "brilliant" and "the best he's ever done," Glenn Beck said on the radio program Friday.

Glenn described the moments he thought President Trump came across as "sincere," "kind," and "well-informed," as well as Joe Biden's biggest downfalls for of the night — from his big statement on wanting to eliminate the oil industry to his unsurprising gaffes as the debate neared the end. But, the question remains: was Trump's "brilliant performance" enough to win the election?

Watch the video be low to get Glenn's take on the final debate before the November 3 election:


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.

This is a moment "Cynical Theories" author James Lindsay probably hoped would never come. The liberal mathematician and host of the "New Discourses Podcast" recently came out as "unhappily" voting Republican, including for President Donald Trump, because the Democratic Party is now being controlled by a far-left movement that seeks to destroy our country and the U.S. Constitution.

He joined Glenn Beck on the radio program Thursday to explain why this election isn't "Trump versus Biden." It's Trump versus a "movement that wants to tear apart American society at its very foundation." Lindsay warned that if it isn't stopped, the left can toss out our rights by rewriting the Constitution — or abolishing it altogether.

"A lot of people don't understand what's happening with the election we have right now," he said. "They think it's a choice between Donald Trump and Joe Biden. And at the surface level, of course, it is. We're voting for each candidate to be duly put into the office of president. But that's not what we really have going on. We have, in Donald Trump, a man who's going to govern as we've all seen — the way he feels like he's going to govern. And we have in Joe Biden, a man captured by a movement that wants to tear apart the American society at its very foundation."

Lindsay noted the popular leftist narratives that call to "abolish anything they don't like," which now includes the U.S. Constitution. He added that "this is the movement that is controlling the Democratic Party."

"It is my belief, that there has been a largely effective kind of silent coup of the Democratic Party, that's turned it completely under the control of this movement. And that's what we're going to be electing with Joe Biden. So I can't do it," he said.

Watch the video below for more details:

Tonight at 9 p.m. ET, 8 p.m. CT, Glenn Beck goes straight to the source of the biggest story in the country with Mayor Rudy Giuliani, who takes us directly into Hunter Biden's alleged laptop.

Despite Big Tech's attempts to squash this story, there should be a mad scramble in the media to get to the bottom of major corruption allegations, but they're willfully ignoring it. However, this is not just a story about Hunter Biden. This is all about Joe Biden. It's a story Glenn has been investigating for over a year that traces back to Ukraine and China. It goes directly to the root of corruption within our political system: How politicians use their family members to enrich the entire clan and sell out their country. While the media looks the other way, Glenn asks Mayor Giuliani to show us the evidence. Giuliani details the chain of possession of the laptop and reveals news that he only had possession of the laptop days before the New York Post story broke. He says, "I reported this the day after I saw it."

He also drops a major bombshell on the show and says Big Tech doesn't want you to see evidence that "establishes with texts, documents, contracts" that "Joe Biden was a 10% partner with a Chinese communist … and there are witnesses that will come forward and testify to it."

Big Tech censorship is out of control. So to watch tonight's explosive episode of Glenn TV, you must be a BlazeTV subscriber. Because Big Tech is doing whatever it can to limit free speech, we're offering our most important discount on BlazeTV ever. Use promo code GLENN to get $30 off a one-year subscription, so you'll have 24/7 access to news and entertainment completely free of biased "fact-checks" and censorship.

Watch a preview of the show below:

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.