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Will Main Street Get a Tax-Free Holiday Next Year?

February 07, 2017
 Staff

WRITER

Chris Martenson from PeakProsperity.com joined The Glenn Beck Program on Monday talk about what Glenn calls a "weird switching of musical chairs."

"The right is now convinced that everything is fine, and the left is now convinced we're on the precipice," Glenn said.

Martenson predicted another change given that the Federal Reserve is terrified of even the slightest market correction.

"We're still accumulating debt at more than twice the rate that the economy is growing," Martenson warned. "So to get around that math problem, they're going to have to give money to Main Street. And I'm talking like complete tax holiday next year. A check from the Federal Reserve. Something like that."

If that's the case, get your shopping lists ready to buy because hyperinflation will be just around the corner.

Listen to this segment from The Glenn Beck Program:

GLENN: All right. So Chris Martenson is here from peakprosperity.com. And we're talking a little bit about the economy and what is to come. And there is this weird switching of musical chairs, where the right is now convinced that everything is fine.

CHRIS: Uh-huh.

GLENN: And the left is now convinced we're on the precipice. And I'm happy to say that I haven't changed my position in two presidents.

CHRIS: Yeah.

GLENN: What was coming in 2006, that we felt coming, is still coming.

We propped it up. It's still coming, and it's going to be worse.

You said that there's two parts to this. There's the downside.

CHRIS: Uh-huh.

GLENN: Right? And, part two?

CHRIS: Well, economically, there's first the downside and then the Federal Reserve has to print more and more and more. They're going to keep trying the same thing over and over again. And it's not really going to work. I haven't changed my position over a couple of presidents either because there's deeper structural things that we need to attend to. And that's part two. That's the part of the story I'm actually excited about, is can we finally have the conversation to say, "Who do we want to be?" You know, where do we want to go as a country? And have that vision and really bring that forward.

GLENN: Okay. Before we get there, tell me -- they've printed all this money, and it went all to the Wall Street fat cats.

CHRIS: Right.

GLENN: I was just told by Wall Streeters, that this is not true, Glenn. They're not buying back their own stock. The fundamentals are sound. And I said, "You're starting to see the beginnings of inflation. There's no inflation on chicken. There is inflation in the stock market. That's inflation. That is inflated money. Funny money had by all the fat cats. They're dumping it in there. That's making the stock market go up, and everybody feels good."

CHRIS: Right.

GLENN: But the average person didn't get that money. Banks never lent that money. Go try to get a business loan.

Now you're saying that they're going to print again. Where are they going to give the money this time?

CHRIS: This time it's got to go to Main Street. They've tried giving all this money to Wall Street. They'll keep doing that. The Federal Reserve and the other central banks are scared to death of even the most minor market correction. When the markets start to go down, even a little bit, they come out, and they use words. And I think they might even be using other means to drive the markets back up again. They're scared of that. But it hasn't really worked. When you look at overall economic growth, worldwide United States, it's not there.

GLENN: Right.

CHRIS: We're still accumulating debt at more than twice the rate that the economy is growing. Try doing that -- you know, your credit card is growing at twice as fast as your income. It doesn't work. It's a math problem.

So to get around that math problem, they're going to have to give money to Main Street. And I'm talking like complete tax holiday next year. A check from the Federal Reserve. Something like that.

GLENN: For everybody?

CHRIS: Everybody. They'll have to do something like that.

PAT: Yay!

GLENN: I mean, it would be hard to -- to be disappointed on a tax holiday.

PAT: Yeah, it would. A complete tax holiday. That would be really hard to say no to.

PAT: Yes, it would.

GLENN: And they expect us to just dump it into the system.

CHRIS: And I not only would expect people to do that, I would encourage them to do that. As soon as that tax holiday comes, run, don't walk. And make sure you know what your buy list is going to look like because that's when we're starting down to act two of the story, which is hyperinflation. All of that.

GLENN: Inflation. Hyperinflation.

Okay. Because when they start dumping -- you know, this is one of the guys who said, "Glenn, these corporations, you're going to get tax breaks. And these corporations are going to repatriot their money." I said, "That's $15 trillion repatrioted to the United States. Where is all that money going to go?" It's either going to go to the stock market, or they're going to start building factories and everything else. Then that's $15 trillion that is going to be seeping through the system. How do you not have inflation?

CHRIS: Uh-huh.

GLENN: And they said that wasn't a concern.

And I didn't understand the math on that one. But that's what the experts told me.

CHRIS: Now, look, everybody fights their last battle. So when we say inflation, people think about back to the '70s, where you had a wage-price spiral, right?

GLENN: No, I'm thinking '30s.

CHRIS: Or '30s. Right? But we're not having that world. So you're absolutely right in identifying, look, if you dump money into a market, you get inflation.

GLENN: But we are getting inflation.

CHRIS: We are.

GLENN: To the people who got the money. It's the stock market, right?

CHRIS: Look at the trophy properties in Manhattan and San Francisco and London.

Look at the price for rare gems. Fine art. Gulfstream Vs. All very hard to come by. Trophy Islands, right?

They dumped the money in to the fat cats, and they bid up everything they care about. Right?

All of those things I just mentioned, through the roof inflation. But people aren't recognizing that because we don't measure that when we look at the inflation measures. We measure chicken.

This next part of this story is they start pushing the money into the people, and that's where we get the other inflationary parts.

Now, the real question is, does the rest of the world say, "Yeah, I'll continue to hold US dollars under that circumstance?" So you have corporations rushing their money back.

Hey, but maybe the Bank of Iraq says we don't want dollars anymore. We don't like what you're doing. They start selling. China starts selling.

That's when you start getting the external inflation that comes back into this country. Because we've been great exporters. Fantastic. Of dollars. We've done a lot of that. And we're just kind of hoping that that won't stop. Like everybody will just continue to want to hold our dollars, forever and ever, no matter what. And that's an assumption that really needs to be tested.

GLENN: Well, preferably not in my lifetime. But it's going to be tested. It's going to be tested.

CHRIS: Uh-huh.

GLENN: You just said that coming to this realization has been the best thing in your life.

CHRIS: Uh-huh.

GLENN: Really? Because it always makes me really miserable.

CHRIS: Uh-huh.

GLENN: I mean, I look at it and I think, "Holy cow, I don't want to go through that."

JEFFY: Who cares? And what's the use?

GLENN: Yeah, what's the use? What am I going to do about it?

CHRIS: So, listen, there's a lot of things I can't control in this story. I can't control what the Federal Reserve is going to do about money printing. I have some ideas. I think I know what they're going to do. What can I do about that? Nothing.

I can, however, control my exposure to the dollar. So I have a lot of my assets out of the dollar. I have a lot of gold, a lot of silver, I own real estate. Tangible things. Because we've seen this story before, right?

In -- from 1918 to 1923, in Austria, they went through the Weimar hyperinflation. They write books about it. And they talk about it as if the great wealth destruction, the middle class was wiped out. And they still talk about it, oh, it's a wealth destruction. But not if you understand what wealth really is. Wealth is productive farmland, factories, hotels, the productive enterprises of the nation. Those didn't go away because they went through hyperinflation. But who owned them, that changed a lot.

So, yes, in this story, it's already happening. You know who the largest landlord in America is right now? The Federal Reserve.

JEFFY: The government. Yeah.

CHRIS: They own $1.75 trillion in mortgage-backed securities, which makes them the largest landlord in America.

Where did they get that 1.75 trillion to own more real estate than anybody else in this country? Well, they printed it out of thin air. We should be talking about that.

So this ownership is going to change a lot. So this is my advice to everybody is watch the trends, understand this is coming, and then own real assets.

GLENN: But doesn't that -- doesn't the ownership of more property in America, by the Federal Reserve, isn't that just now once again the rich getting richer?

I mean, this income -- what was it? Somebody last night was doing income redistribution for the Super Bowl. That's not the answer. But there is a problem here. And I don't know -- I don't know how to solve that. You do have the uber, uber fat cats. Not the guy who are living in the fancy houses in most -- in most towns. But the uber, uber billionaires that are up at the top of this banking problem and Wall Street problem. There's where they're sucking up all of the money.

CHRIS: Right.

GLENN: So how do we solve that without riots in the street?

CHRIS: But we're getting there already because they have -- that sucking sound is them sucking the economic oxygen out.

Let's look at, like -- rental prices in all the major cities have been going up at 8, 9, and 10 percent for the past five or six years.

And the reason for that is you have big, giant private equity companies. They get to borrow at 1 percent. So their rate of mortgage is a 1 percent mortgage. And they're competing against you or I, who might want to try and buy those apartments, who are not renting it, but our cost of capital is four, 4.5 percent on a mortgage. So they borrow at 1, unlimited. And then buy up all these things because they can make that number work at 1 percent. And for you, it's harder to make it work at 4 percent, right?

So they just have access to capital, and this is what Janet Yellen and the central bank of the United States, this is what they're defending.

This is what they're saying has had no economic harm, that they haven't been driving this wealth gap that exists in America. But it's happening structurally because we haven't been able to face it -- it doesn't exist.

GLENN: Right. We can't borrow the money that they can borrow.

CHRIS: Right. It's totally unfair playing field. It's shaped like this.

GLENN: So how do we fix that? How does that fix it, when they hold all the cards?

CHRIS: Well, this is a very big topic.

But in my mind, we have to first confront the problem, understand it for what it is, and I think this is almost a cultural piece. I think it's time to actually not say, "Oh, it's this big private equity company," but let's call out the CEO of that company. And let's make them understand that we have -- we're watching them. I mean, maybe public shame used to be a feature, right?

CEOs used to be ashamed to take more money than their workers back in the '50s and '60s. It was a thing that you wouldn't do that. Today, we've become shameless.

GLENN: See, I don't necessarily have a problem. You know, if you are the -- if you're the wealth creator -- like I'm the wealth creator here. Everybody is working for me. We all know key man insurance, I die, the company dies. So why should I -- why should I not make more than the people who work?

CHRIS: Well, let's separate people who actually are generating, creating value and people who are skimming. All right?

What I'm talking about, these people are just running skimming operations. They don't create anything. They're just running a skimming operation. I might pick on, for instance, in the Affordable Care Act, Obamacare, they went after everything. I'm getting killed by this, by the way.

GLENN: We all are.

CHRIS: Sixty-one and half percent increase this year, 25 percent last year.

PAT: Wow.

GLENN: Jeez. Holy cow.

CHRIS: Right? And that's dialing my way down through the bronze plans and all kinds of, like, deductible increases. All that.

GLENN: Right.

CHRIS: Where my anger, if not rage comes up, is when I open it up and discover that the CEO of Humana Health Care took home $66 million last year. 66 million. And that's just him. You look at the rest of the C-suite, they might have skimmed a billion dollars out of this. They weren't asked to contribute anything to this story, right? You would have to have over 4,500 families at my level paying into that system, just to pay that one person's salary. What did he actually do? He skimmed.

This is -- so there's a level, beyond which -- there's a tougher story we have to get to here, but that's just gone off the rails. It's -- you ever see that old game show where they put somebody in a plexiglass thing and dollars around them and trying to grab them as fast as they can?

I feel like that's the part of the story we're in. That's what it feels like. Everybody is just grabbing money as fast as they can because we all know that you can't print your way to prosperity. The money machine turns off at some point so you might as well grab as much as you can, while the fans are still growing and the money is swirling.

PAT: Isn't that -- that's market value though, right? I mean, if his company is willing to pay him $66 million, then pay him $66 million.

GLENN: Because who else is going to do it?

PAT: Right?

GLENN: They can make $65 million someplace else.

PAT: Isn't that the free market system? I'm not sure how you get around that.

GLENN: How do you solve that?

PAT: You can't make it equitable for everybody. It's never going to be. That's not capitalism. That's not communism. We can make it equitable if it's bad for everybody. But we can't make it equitably good for everybody.

GLENN: Yeah.

PAT: So the CEO of a major corporation is going to make a heck of a lot more than a worker with less education, with less skill.

GLENN: And I'm concerned because there are some --

PAT: Less work ethic.

GLENN: There are things -- some of these CEOs. You know, the banks really bother me. Because they know exactly what they're doing. They know exactly what's happening. They know the game that's being played. They know it's not going to work. And they're not warning anybody. They're out there, while they're taking tons of cash.

However, I hate to say CEOs. Because how do we know -- I mean, that just gets into the mob mentality of, get 'em.

CHRIS: Well, in this particular case, I'm talking about a highly regulated industry. So in my state -- and I live in Massachusetts.

PAT: There's your problem right there: Highly regulated. That's the problem.

CHRIS: I know. Well, it's regulated to the point that in my state, there's no competition allowed. Right? I can't buy certain levels of insurance because they've been lobbied out of my state.

PAT: Right. That's the problem.

GLENN: Correct.

PAT: But that's not the CEOs fault. That's the government's fault.

CHRIS: Well, no, the CEOs create this --

PAT: We need them out of it.

GLENN: I will tell you, I'm with both of you here. It is the government, Pat, but it is the CEOs.

What did Bill Gates just say his biggest problem was? His biggest problem was that he didn't feel -- at the time he created Microsoft, that they needed government. His deal was, I'm going to create what I create. You do your job. Leave me alone.

PAT: Uh-huh.

GLENN: Where Apple went and they partnered with the government.

CHRIS: Hmm.

GLENN: He said, "Microsoft is paying the price right now because they didn't feel they needed somebody to go in."

So you're kind of like the free market. If you have a fiduciary responsibility. I'm the CEO. I'm going to go -- if my business competitor is going the other direction and they're going to the government, my fiduciary responsibility, isn't it to go to the government as well? I mean, we just -- this whole system is broken.

PAT: But, again, that's government intervention. And it shouldn't be there. It shouldn't be there.

GLENN: Right. But how many people have the principles to be able to hold fast, especially when you have shareholders beating you down the door? I mean, I don't have the answer.

Glenn Beck Presents: The 1776 Report the Left Didn't Want You to See

We've heard a lot about the 1776 Commission over the past several months. From the mainstream media, you've heard lies and slander: It was a racist panel put together by President Trump to peddle a whitewashed version of American history.

In reality, the 1776 Commission was established by President Trump in the fall of 2020 with the purpose of promoting "patriotic education." Not to mandate it, not to propose legislation – simply to PROMOTE it. The media and academia lost their minds over this now controversial idea that we should teach young Americans to appreciate the nation they've inherited. And predictably, just hours after Biden took the oath of office, he signed an executive order to dissolve the 1776 Commission, calling the commission's report "offensive and counterfactual."

Glenn Beck presents the 1776 Commission's report in its entirety, because unlike the media and President Biden who want to hide it from you, Glenn wants you to seek the truth and celebrate Independence Day with pride.

Watch a preview below or catch the FULL, 5-part presentation of the 1776 Report on BlazeTV.com or Glenn Beck's YouTube channel.

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.

5 reasons WHY the Declaration of Independence defined America as exceptional

I am an Irishman and in 2006, I was blessed with the opportunity to spend Independence Day in America. It was a magical experience I will never forget and one I am desperate to repeat.

Everything about the day was magical. I can remember every little detail: seeing the pure joy on people's faces when they saw family members, not seen since Christmas; enjoying burgers and hot dogs being grilled to perfection in the mid-afternoon; jumping on a boat and witnessing an awe-inspiring fireworks display with the feel of a cold beverage in my hand; coming ashore and sitting around an open fire, toasting marshmallows.

As fun as these activities were, they are NOT what made the day magical.

The day was and is made magical remembering WHAT Americans are celebrating: being thankful for the 56 men who signed the Declaration of Independence and the idea of America which improved EVERY aspect of our world.

I would be honored if you would allow me to share five pivotal points from the Declaration, explaining how they started America on the path to becoming an exceptional nation, and how you can learn from the founders' example today.

1 The Layout

Take a look around society today, and you will notice a prevalent theme. The majority of people are angry, upset, and frustrated. They love to highlight the parts of society they view as a problem and tear it down. This requires zero talent. Even newborn babies with no verbal skills and very little knowledge of the outside world will let you know when they are unhappy by crying for a clean diaper, food or attention.

History is filled with people complaining and starting wars because they feel they have been wronged and sought a future "free from their oppressor".

Thomas Jefferson and your founders were different. Before mentioning any issues with the King (they waited 1338 words), they first explained their vision and how America would be different from other nations. They boldly declared that all men were created equal and have a God-given right to life, liberty, and the pursuit of happiness.

This principle of explaining what you are for has a long track record in American society and has long lead to effective change.

This principle of explaining what you are for has a long track record in American society and has long lead to effective change. This includes famous speeches by John F. Kennedy declaring, "We will go to the moon by the end of this decade," or the great Martin Luther King Jr. telling everyone how he "had a dream."

LESSON: Tell the world what you stand for -- not what you stand against!

2 Role of Government

I have spent over seven years with The Blaze, promoting your founding principles and explaining how America is unique and different to every other nation in the world. Every principle, policy, plan and idea can be traced back to one core principle: How we view government and its role in society.

On the surface of history, it is very easy to believe that our world is very different and would provide many different answers to this simple question.

Just look at our world today and you see many different power structures. England retains a monarch. European countries, like mine, are democracies. Iran is a theocratic-controlled country. Russia is an oligarchy. Inside those countries, you will notice differences in ideologies between communism, socialism, fascism, liberalism and even conservatism.

YES, they all look very different. However, if you look deeper into those countries, you will notice they all view government the exact same.

Government is a central agency that possesses the power to be the moral arbiters of society, the ability to be the great equalizer and most importantly they are the provider of rights.

Does this mean every government uses this power every day?

NO.

Clearly, there are governments around the world who are more open to freedom and view government as the last resort. However, every country believes government always has that power and there are situations when government must take control for the "greater good".

If you doubt this, look at the response to the coronavirus pandemic. Even countries that love to talk about freedom and identify as freedom-loving, removed their citizens' rights in the name of public safety. You witnessed everything from governments shutting down businesses, banning you from traveling more than three miles from your home, limiting the number of people you could have to visit your own house and enforcing you to wear a mask.

How could they do this? Because government is the power structure of all these countries and providers of rights. Any government that has the power to confer can also rescind them under the right circumstances.

Your founders were very clear that they did not share the world vision of an all-powerful government.

The idea of America is different. Your founders were very clear that they did not share the world vision of an all-powerful government. You can see this by reviewing the structure of the Constitution, but that foundation was started in the Declaration of Independence when they spoke about the Law of Nature and Nature's God, which highlights ALL rights come from God. You are born with these rights and it is the government's sole responsibility to ensure these rights are never taken away.

3 RIGHTS AND RESPONSIBILITIES

Take a step back and look at the public discourse today. You will notice the majority of people love to talk about their rights. My friends on the right love to talk about their right to free speech and guns. My friends on the left love to talk about their right to healthcare and abortions. When was the last time you saw anyone online talk about their duty and responsibilities? It's not a very popular topic.

Your founders were not dumb men.

Their genius was understanding the laws of nature and basic first principles. They researched world history -- from the great empires of the past to senates that were supposed to last forever, examining why they failed. While there are countless reasons for each, understanding one concept is critical. When freedom becomes all about rights and forgets about responsibilities, it creates a vacuum. Historically, the government always fills that vacuum. This creates a prime opportunity for a tyrant to come to power and solve a public need and always ends the same way - gaining more power and stripping you of your individual rights.

Your founders feared this vacuum and warned against it TWICE in the opening paragraphs of the Declaration of Independence. They spoke about your right to alter and abolish your government, instituting new safeguards. Then they spoke about your right, and duty, to throw off the government and provide new guards.

LESSON: Freedom without responsibility will always lead to tyranny.

4 RACIST FOUNDERS

As an outsider, nothing annoys me more than the constant attacks on your founders and their brilliance. Were they perfect? NOPE. Should they be worshipped like Idols? NOPE. Are there things we can improve upon? Yes. For example, it's 2021; why does the post office need to be included in Article 1, Section 8 of the Constitution?

Despite their flaws, they provided America with a great platform on which to build. If America is to survive and prosper, the IGNORANT attacks that America's founders were old racist white men with wooden teeth must stop. Why? Because it is a LIE!!!

I could write at length about this issue alone, but I will provide two simple facts.

Firstly, please close your eyes and imagine an actual racist (no, not your typical Donald Trump supporter). Imagine how they look, how they sound, what words they use and everything down to what aftershave they wear. Got that vision? Good. Now try imagining that vile, disgusting racist say the following:

ALL MEN ARE CREATED EQUAL!

Did your vision say those words? Do you think people like David Duke would say them, let alone sign their name to a statement declaring this as a self-evident principle for the world to see?

Answer: NO!

The second fact requires you to have a reading of history before America. Thomas Jefferson could have very easily left these five powerful words out entirely or just use the accepted language of the day from the Magma Carta which stated:

"All FREE men are created equal."

If Jefferson and the founders were racist, why did they improve on the language of the day and declare this truth as self-evident?

If ...the founders were racist, why did they improve on the language of the day and declare this truth as self-evident?

5 FORGOTTEN FOUNDERS

If you look at culture and politics today, you will notice a common theme where everyone just wants to win, regardless of the cost. Society tells us winning is everything, and there is no room for failure. Is this true? Can society progress really progress without failure and sacrificing everything they have for the greater good?

American history is so vast and deep that it can be straightforward to focus on the great and famous leaders who survived like Washington, Jefferson, Adams, Madison and Franklin.

This particular weekend, I would like to briefly highlight three patriots who took the ultimate risk by signing the Declaration of Independence. They lost everything, and are sadly forgotten by many who teach history.

JOHN HART: John was a widowed farmer in New Jersey with 12 kids. He was rich, well-known in society, and employed many. When he signed the Declaration, troops attacked his farm with orders to execute him in Hopewell. He fled and eventually died in hiding.

FRANCES LEWIS: Frank was involved in international business and made a fortune on the mercantile exchange. Like John, he was rich, powerful and employed many. When he signed, he returned to find armed troops at his home, taking possession of it. They arrested his wife, starved and mistreated her and although she was later released, she soon passed away due to the horrific treatment.

RICHARD STOCKTON: Richard was a wealthy lawyer who studied at Princeton. He served on the New Jersey Supreme Court and had the respect of his peers. After signing, he was locked up, starved, tortured, and robbed of his possessions. His treatment was so bad that his final days were spent living on the charity of friends.

These brave men could have chosen a much easier road in life. They could have ignored the calls for Independence, paid any additional taxes to the King and still lived a great life. They had everything you would deem desirable in society -- money, earthly possessions, name recognition, and respect.

...these men... risked everything they had so everyone could have a brighter and freer tomorrow.

When they signed the Declaration of Independence, the only thing they could gain was an opportunity for absolute freedom. This ideal was so powerful that these men, and countless others, risked everything they had so everyone could have a brighter and freer tomorrow.

LESSON: Pursuing a higher aspiration is more important than winning.

Personal Request:

It is popular for Americans to say "Happy 4th" or "Happy 4th of July."

PLEASE STOP SAYING IT!

After reading this, realize how important and significant your founders to America and the world. It is disrespectful to them, their memory, their sacrifice, and everything they fought for. After all, would you go up to a Christian and say "Happy 25th?"

NOPE.

May I wish you and your exceptional nation a very HAPPY INDEPENDENCE DAY!

If you enjoyed this column, I released a special on The Blaze this week where I did a deep dive into the Declaration of Independence with KrisAnne Hall. You can listen for free on Apple or Spotify or The Blaze.

No BEEF for you? Here's how we can SOLVE the impending beef crisis

Glenn Beck predicts average Americans will not be eating beef in the future, thanks to America's current monopoly on meat processing that is all but destroying the small farmer.

There's already talk of switching to lab-engineered or plant-based "meat" and severely limiting how much land is used for cattle grazing. One of the strongest voices in Congress pushing back against these plans is Congressman Thomas Massie (R-Ky.).

Rep. Massie joined Glenn on the radio program to explain how farmers are being demolished by big-market regulations, but also to share some ways Congress can fight back. He gives an update on his efforts to pass the PRIME Act and solve the looming meat crises, without getting the government too involved.

Watch the video clip below for more details:

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.

'Highly unusual and frankly IMPOSSIBLE': Retired Navy chief who witnessed Nimitz UFOs shares details

Retired U.S. Navy Chief Master-at Arms Sean Cahill is an eyewitness to the well-documented "Nimitz encounters" with unidentified aerial phenomena, or UPA — otherwise known as UFOs.

Cahill joined Glenn Beck on the radio program to detail exactly what he — and others — witnessed and to explain why the nine-page report on UFOs recently released by Congress isn't as lacking in information as some are saying.

In 2004, Cahill was stationed on board the missile cruiser USS Princeton, which along with the nuclear aircraft carrier USS Nimitz, was part of a Navy carrier strike group conducting training exercises off the coast of Southern California. He told Glenn that Senior Chief Operations Specialist Kevin Day reported multiple "strange and worrisome" anomalous contacts on the Princeton's state-of-the-art radar system.

"[Day] had been picking up anomalous contacts on the AEGIS radar system that were coming in at sub-orbital altitudes, then going down to 80,000 feet," Cahill said. "And then, what was spectacular, was that they were immediately translating down to sea level. And then there were groups of them proceeding in a southerly direction, against the wind."

"This was so strange and worrisome to Kevin, that he began a series of diagnostics," he continued. "He and a radar tech named Voorhis, both rebooted the system numerous times. They double-checked everything, triple-checked. And finally, Kevin went to our captain and said, 'Sir, I'm pretty sure that we have real contacts. These are not ghosts in the system, based on the upgrade.'"

"It's highly unusual and frankly impossible for most of our vehicles that aren't ballistic weapons systems, because to de-orbit a craft requires a certain specific set of maneuvers to reenter the atmosphere," he added. "So, not only were these appearing beyond where the AEGIS radar system could pick them up, they were in space. They were then translating down to an altitude that even our best aircraft don't operate very well at."

Cahill went on to explain how air defensemen, sent to attempt an intercept of the UAP, observed an area of "roiling" water approximately the size of a 737 aircraft. "And around it, were these Tic Tac-shaped objects that were matte white in color, approximately 30 feet long, with no control surfaces. No means of compulsion. No markings, whatsoever. And they were darting around, instantaneously, like ping-pong balls" he said.

"What we encountered that week was unlike anything we had ever seen before," Cahill continued. "The night that the pilots returned with the gun camera footage, before we had seen it on board Princeton, I was out on the port side bridge wing with the port watch. Approximately 45 degrees up in the sky, at 2,000 feet off the port bow, I saw five to seven lights in a completely clear and cloudless sky. It was about 10 o'clock at night, and these five to seven lights all moved toward the center of their formation that they were in, and each instantaneously disappeared. They blinked out. But they didn't show any kind of movement or propulsion."

"This action completely matched what we were seeing on radar. And completely matched what the pilots returned with on the gun camera footage," he said. "The next morning, when myself and the other chief petty officers witnessed that video, we were astonished. We knew that immediately what we were looking at."

Watch the video clip below for more details:

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