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Former Federal Reserve Insider Danielle DiMartino Booth Predicts Another Crash Is Coming

What does the average American need to know about the next economic crash? Will it be worse than 2008? 1987? 1929? Danielle DiMartino Booth, former insider at the Federal Resserve and author of the book Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America, joined Glenn in studio to explain what's coming and why it frightens her.

Enjoy the complimentary clip or read the transcript for details.

GLENN: Hello, America. Welcome to the Glenn Beck Program. Today, an unconventional kind of program, one that you really need to listen to and digest as we have the President of the United States saying "Yes, it is possible we could have a major, major conflict with North Korea." And who doesn't feel good about Donald Trump making that decision? We also have to worry about our economy. Danielle DiMartino Booth has written a book that is a must-read called "Fed Up." The insider take on why the Federal Reserve is bad for America. What is coming? What is your retirement look like? What does America look like when the lie is finally revealed? Somebody from the inside who predicted the 2008 crash is here to tell us what's coming next. Danielle DiMartino Booth joins us right now.

Daniel, welcome to the program.

DANIELLE: Happy to be here.

GLENN: I had you last week on television, and you took the breath away from the audience that was in for the show, and you are somebody that I wish I would have known in 2006 as I searched the world for anyone who was brave enough to say the emperor has no clothes. And now you're doing it again, except this time you really have a ton of credibility because you've already predicted the last one. And you became really very important to the Dallas fed, and you were on the inside doing all of the research and really trying to warn everyone inside. This thing is -- the emperor has no clothes part two.

I want to start -- before we get to your dire warning and some of the amazing stories of what it was like behind the scenes with tarp and everything else, I want to start with you looking up at the stars in Maine saying "I'm an accomplice. I'm complicit in this. I've got to get out and warn people.

DANIELLE: Except I had just signed on for four more years at the time. Richard Fisher was certainly considered to be a maverick, and it had become exceedingly difficult to do my job. The Ph.D.s, the academics, and the research department were increasingly saying "Somebody's got to put a muzzle on this woman. She's saying things that are going to embarrass us in Washington, D.C. of the most elite of the elite. So what Fisher did was recognize what was going on. He wanted to maintain this one voice of objectivity, if you will. So he jettisoned me from the research department and gave me autonomy in exchange for staying through his last year at the fed. He said"I'll give you freedom, you give me four more years."

And I said, "Fine. Deal."

GLENN: So why did you do that? What did that feel like? You knew at least after you signed it you started to reflect and go "I am part of this."

DANIELLE: Well, I was part of the bacterial.

GLENN: If it's not me, who will?

DANIELLE: The fight kept going until the day I walked out the door.

GLENN: Right.

DANIELLE: At which point they were, like, don't let it hit you on the way out. Bye-bye.

GLENN: You were feeling -- because we hear this from people all the time in Washington. If it's not me, who's going to fight? Somebody has to be the dissenting voice.

DANIELLE: And, you know, there were people who came on in Washington, and they ended up leaving after their minimum of two years. Because -- even people from academia, Jeremy Steyn was on the board for two years. And he took an out because he said I better get going now because Harvard is giving up on me. The door is always going to be open at Harvard. But he did his minimum of two years, and he left because he tried to push back and failed. So Fisher was not alone, there were others who tried to speak up, but the majority was so overwhelming that it was just impossible to make your way and be heard.

GLENN: Would you say -- would you agree that the biggest highest, the biggest theft in all of human history is being perpetrated right now by the fed?

DANIELLE: The fed, the bank of Japan, the European central bank, the bank of England, it helps to understand that even though the Federal Reserve stopped its quantify easing campaign, so to speak. Stopped expanding the size of its balance sheet by buying U.S. treasuries, by buying mortgages. That's been over two years now.

But there are other central banks -- we've just come through a record period, a record period of buying throughout the world and investors know generally speaking that their back is covered. Their losses will be contained. It's the assumption they work under. I said investors. I didn't say Main Street.

GLENN: So let's start here with a warning of what is to come. And then I want to go backwards. Okay? I want to take you back to when you first saw this housing bubble is going to break and nobody would listen and take you also back -- because you started on Wall Street, and you found that to be a circumstance and wanted to expose that.

DANIELLE: Yes, I have worked in multiple sausage factories, thank you. Yes, I have.

GLENN: Let me first take you to the warning to the average American of what you believe is coming.

DANIELLE: So if you turn on any business news network, you're going to hear all kinds of comforting commercials. We're going to take a commercial break now. And inevitably, you're on a beach and life is looking good and the dog is running alongside you, and they'll say X, Y, Z firm, you know? Retirement. It's yours for the taking.

GLENN: Uh-huh.

DANIELLE: And what are they selling, exactly? They're selling the beauty of diversification. As long as you spread your risk throughout your bonds and your equities, and your real estate, you're going to retire just fine.

GLENN: That's not what happens when central banks are manipulating prices, which they are. The price of interest, the most important price out there. When that inevitably ends poorly, which it has several times since Alan Greenspan took office in 1987. What investors find out and baby boomers have found out not once but twice, there's nowhere to hide. Everything in your 401(k), everything in your IRA, they all behave the same, and that is badly.

GLENN: And you're talking about a crash much different than 2008.

DANIELLE: The problem today as I see it is that in 2007, 2008, by then, the bogeyman had been identified and housing rolled over. You know, a good friend of mine is Arthur Cash, and he's been on the floor of the New York stock exchange for over 50 years, so he's seen a few things in his time. And he said recently this feels a lot more like 1987 to him, and it feels a lot more like -- he wasn't around in 1929, but had he been from what he heard when he was a young man on the floor of the exchange, it's that kind of -- it's the meltups that we see in the market. It's the days when we have back-to-back and the DOW Jones industrials puts on 500 points. And on that same day, the Wall Street Journal will be out with a story that says "You know, we're going to have to start valuing stocks differently because it's different this time."

And the hair on the back of your neck just stands up, and you're, like, whoa. Don't use those words. Don't say it's different this time. That doesn't work well. But it's the sensation that everybody's got to get in. These are the times that really frighten me.

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With Texas' recent elimination of state-mandated COVID regulations, Major League Baseball was back full swing in the Lone Star State; the Texas Rangers just held the first full-capacity sporting event since the start of the pandemic. In this clip, Stu details the non-strict 'mask police' that were at the game, and Pat makes an interesting prediction: could mask regulations for vaccinated Americans actually be phased out by Memorial Day?

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Did Joe Biden tell America to stop praying?

Enough prayers? Why is supposed Catholic Joe Biden suggesting that Congress ought to stop praying for after someone commits acts of gun violence?

On Friday, Stu Burguiere and Pat Gray filled in for Glenn and discussed President Joe Biden's remarks during his speech on gun control. "Enough prayers. Time for some action," Biden said. Stu and Pat were surprised how dismissive Biden appeared to be on the idea of prayer.

Watch the clip to hear more. Can't watch? Download the podcast here.

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WATCH this pastor chase 'communist' cops out of his church: 'Gestapo is not allowed here!'

Just days after Canadian pastor James Coates was released from prison for refusing to bow to COVID-19 lockdown restrictions, several police officers showed up at another church to ensure restrictions were being followed. But Polish pastor Artur Pawlowski of the Cave of Adullam Church in Alberta, Canada, knew his rights, telling the cops not to come back until they had a warrant in hand.

Filling in for Glenn Beck on the radio program this week, Pat Gray and Stu Burguiere played a video of the interaction.

"Please get out. Please get out of this property immediately. Get out!" Pawlowski can be heard yelling at the six officers who entered his church.

"Out! Out! Out! Get out of this property immediately until you come back with a warrant," he continued. "Go out and don't come back. I don't want to talk to you. You Nazis, Gestapo is not allowed here! ... Nazis are not welcome here! Do not come back you Nazi psychopaths. Unbelievable sick, evil people. Intimidating people in a church during the Passover! You Gestapo, Nazi, communist fascists! Don't you dare come back here!"

Watch this clip to see the heated exchange:

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.