Glenn Beck: Market madness


The Little Book of Bull Moves in Bear Markets

by Peter D. Schiff

GLENN: From Radio City in Midtown Manhattan, third most listened to show in all of America. Hello, you sick twisted freak. Welcome to the program. We have Peter Schiff on the phone from Euro Pacific Capital, and I wanted to get Peter to explain first of all what happened last night. We had all of the futures markets freeze up and you couldn't, you couldn't buy your way out last night. The market's pretty much closed. Is that an accurate?

SCHIFF: You couldn't sell your way out if you were trying to sell any futures because they were lock limit. But seems like the event that precipitated the decline was the near 10% decline in the Nikkei and what happened is a lot of the major exporters, right, that export to the United States came out with some bad earnings numbers and that clobbered Japanese stocks and also sent the Japanese Yen, you know, soaring.

GLENN: Okay. Peter, remember this isn't CNBC. This is -- you know, this is not a financial show at all. So if you can break down everything as much as you can. Why were we expecting the market to open and people were full-fledged panic this morning?

SCHIFF: Well what happened is, you know, with all the selling that was happening in Asia, people who trade stocks started anticipating more weakness in U.S. stocks when they opened the following morning and so people started selling U.S. stock index futures and that drove them to limit down and that's what got everybody frightened because we hadn't seen a limit down move in the stock market. I can't even remember when that's happened.

GLENN: Okay. So why didn't it shut down and trip? What happened? Why is it now at only, you know, 350 points?

SCHIFF: Well, you know, buyers came into the market. So it wasn't, the opening wasn't nearly as bad as people had feared. But remember the day is still early. You know, we can still go a lot lower. I don't think -- you know, people keep bringing up, oh, people who bought in October 1987, they made a lot of money. So people should just come in and buy, and the same thing is going to happen. But the big difference is in 1987 we were still in a bull market. The bull market began in 1980 and it went until 2000. So that was a correction in a bull market. Now we're in a bear market. We've been in a bear market since 2000. So buying a big dip in a bear market, maybe it would work for a trader, but for a long-term investor, stocks are going to continue to lose value over time.

GLENN: I have to tell you, Peter, it's driving me nuts. You know, people will watch these traders and these people on television. They're salesmen. I mean, it benefits them when they say, "Hey, you know, getting in..." I mean, I had people say on my show -- I think you were on the same show with me on the day where the Dow came close to hitting 14,000 and people were saying there's lots of room left in this thing and I'm like, you're out of your mind.

SCHIFF: Of course, look, you are not going to walk into a used car lot and the dealer's not going to tell you not to buy any of these cars. I mean, that's the same thing that goes on in Wall Street. They want to sell stocks. No matter what the price is, it's always time to buy. And it's either a bull market or it's the end of a bear market. I mean, it's always time to buy if you listen to Wall Street.


GLENN: All right. So Peter, if you had a 401(k) or, you know, if you had anything right now, what should you -- if you had a financial advisor and you got him on the phone, what would be the tip-off that your financial advisor got it? What are the questions that you should ask? Or what would be the telltale signs?

SCHIFF: Look, they would have to understand that the U.S. economy is a complete disaster, that in the future it's going to look nothing like it did in the past, therefore corporations, many of them are not going to earn the type of money that they used to earn. Many companies that have been here for years are going to go out of business. Our earnings are going to collapse and stocks are going to be worth a lot less in real terms than they are now and that riding this bear market out is not a good idea. So he would have to basically give you some whole new ideas to try to reallocate your portfolio for the way the world is going to look, not the way the world used to look.

GLENN: Okay. How much of a role are the hedge funds playing on dumping their assets? For instance, gold has been --

SCHIFF: I think they are playing a major role because right now everything is going down. Regardless of the fundamentals, regardless of the value, people are saying whatever they've bought with borrowed money. And since we have thousands of hedge funds -- and also it's not just hedge funds. You also have mutual funds and other investors that are all simultaneously trying to get out the door at the same time and everybody is selling. And, of course, you've got fire sale prices. But the U.S., the Dow is not on a fire sale. I still have I many U.S. stocks are expensive even after the decline considering what is likely to happen to their earnings. But I think people who still hold U.S. stocks, one thing they can do is when they're selling their U.S. stocks, they can go and buy some of the stocks in other countries where the valuations are a lot better. And you have to remember what's actually going on right now in the global economy is the countries that loaned us a lot of money are having financial problems because we can't pay that money back. So there's trillions of dollars of loss --

GLENN: Wait, wait. Wait, wait. Explain that. Where have we defaulted on paying money back?

SCHIFF: Well, we borrowed, you know, trillions of dollars from the rest of the world to buy houses, to remodel houses, to import cars, to buy consumer electronics, to buy clothing and furniture, to do all sorts of things. Every American has a dozen credit cards in his wallet, he's got car loans, student loans, mortgages. Where is all that money coming from? The money is coming from the rest of the world because that's where all the savings are. And, of course, Wall Street came up with all these products to put together Asian savers with American borrowers and arranged all these cross-border loans. But the world is starting to realize that Americans are not going to be able to pay the money back. We haven't defaulted on all of it yet, but people are starting to connect the dots and realize that it's impossible for Americans to pay this money back. They don't have the income, they don't have the assets. And so this whole dynamic is imploding. So in the short run the people who loaned us the money are suffering but ultimately the change is going to be much worse for us because in the near future, our economy's going to have to function without credit. People are not going to be able to use credit cards and borrow money to buy cars or to buy big screen TVs or to, you know, buy furniture. Our whole economy is going to change. And when Americans can only spend the money they actually have, this whole phony service sector economy that grew up around access to foreign savings and credit is going to crumble. But meanwhile the rest of the world still has a viable economy. They still have all their infrastructure, all their factories, all their savings. All they are doing is losing money on what they loaned us. But going forward, their economies are viable. Ours is not, and we've got a major, major transformation ahead of us and unfortunately we know the Obama administration is coming in and everything they are going to do is going to try to interfere with what the market is trying to do to correct the economy, and we know how that worked in the 1930s. It's not going to work any better now, especially when you've got the printing press nature of our money now that we didn't have back then and we have the potential for an inflationary depression that would be much worse than a depression that we had in the Thirties.

GLENN: All right. You know, I just said on the air that I'm not convinced that -- I'm not an economist. I don't know, you know, I don't know what labels mean and everything else. So I can just tell you that what I said on the air is I've been concerned about a depression, but I'm more concerned of a Weimar Republic at this point. I don't know what the event is. I just know -- or what anybody's going to call it. I just know we are headed for a major event and within 24 months this country doesn't -- I mean, I'm not saying that the country is wiped out or anything else and we all survive and we're not out eating leaves, but it is dramatically different than it is today.

SCHIFF: Oh, exactly. And the real bigger crisis that is going forward is the one that we are in the process of creating right now with all the bailouts and all the money we're printing and all the stimulus packages because ultimately when the dollar stops rising, which it's doing now as a result of all these hedge funds and all this unwinding. When the real move in the dollar is down, when the price of gold is not going down but going up $100 or $200 or $300 a day and the dollar is dropping 10 or 20% every time we go to bed, that's the real crisis. The real crisis isn't when you go to the bank and you can't get your money out. The real crisis is when you go to the bank and you do get your money out but you can't buy anything with it. And that's what's coming.

GLENN: So Peter, explain the price of gold. Price of gold is down $713 now. To most people that doesn't make any sense. My research shows that it is from these giant firms that are dumping bars of gold to be able to have some sort of liquid asset.

SCHIFF: Yeah. I mean, everybody is selling everything, but if you look at on a relative basis, gold has held up relatively better than most assets. If you look at how much the Dow is down on the year, it's down more than gold. So in terms of gold, the Dow has lost value. So people who are holding gold rather than stocks are preserving more of their wealth. But ultimately I think this is purely a function of the market.

GLENN: Right.

SCHIFF: If you actually look at the physical demand for gold, the demand for coins, for actual gold bullion by real people who are trying to save money is going through the roof.

GLENN: Right.

SCHIFF: And what's happening is you are seeing the big players, the leverage players who were selling their gold.

GLENN: At a fire sale because they got it --

SCHIFF: People are buying gold.

GLENN: Right. Because the reason why it's going down is because there are people who are in panic mode that have to liquidate huge sums of gold, right?

SCHIFF: Yeah. And a lot of times it's not a panic. If you borrowed a lot of money to go out and buy gold -- and a lot of people like myself who forecast these events correctly as far as from an economic macro call and they tried to think of, okay, what can I do to profit from this or to benefit from it, they went out and bought gold. Now, the thing was in the hedge fund community, you just don't buy stuff. You borrow money. You use leverage because you get a big incentive.

GLENN: Right.

SCHIFF: So all of a sudden the people who anticipated this major collapse, who bought a bunch of gold, maybe they even bought a bunch of gold to hedge some of their long stock positions. Now they are losing on everything, and the bankers who owned them the money are giving them a call and saying, "Hey, you've got to pay this money back because your assets are falling." And now they have to sell stuff. So it's not a panic. It's a situation where they are required to sell and they have no choice.

GLENN: Right.

SCHIFF: At whatever the price is.

GLENN: I didn't mean to say it was necessarily panic as much as it is they have no choice. They have got to sell it. No matter what the cost is, they have got to sell it because they have to raise the money. And that would cause --

SCHIFF: They don't really want to sell their gold. They would rather sell some other stock but there's no market for it. There's no bids. At least there's buyers for gold. So if you need to raise money in a hurry, you can always raise it by selling gold because there are always people who want to buy it.

GLENN: One last question here on the gold thing. If we look back to the 1980s when inflation really truly kicks in, is there any way, Peter, that massive inflation doesn't start coming our way within the next eight to twelve months?

SCHIFF: No, I mean, it's coming. I mean, we already have pretty high inflation. The government lies about it. Asset prices are coming down but goods prices are going to come up. They are going to come up. In terms of gold, sure, we're going to have big deflation in terms of -- if you want to figure out what things cost new terms of ounces of gold, things are going to get cheaper. But in terms of little pieces of paper, the Federal Reserve notes we're cranking off the presses, in fact if you read all the things the central banks are doing, they are talking about supplying unlimited quantities of dollars, unlimited. They are going to run them off, you know, until they run out of trees, run out of ink, run out of paper. And if they are going to do that, how can it have any of its value? And how can people around the world continue to accept the money we're printing in exchange for all the products they are producing? They are not going to do it.

GLENN: But if we go back to the 1980s when Voelker came in and he tried to bring the money supply in and, you know, bought into a strong dollar, Barack Obama says he believes in, that's why he has Voelker as one of his guys, A, you can't bring that money in because you'll stop all of the money supply. You'll choke the economy to death. I mean, the deal is do I choke it to death or do I just bleed it to death.

SCHIFF: But the thing is believing in the strong dollar is one thing but actually pursuing the policies that are going to give us a strong dollar, it's like you could say I believe in getting A's. You know, I can go to school and say I believe in getting all A's. Well, that's great but if I don't actually study and I cut, doesn't matter how much I believe in getting A's, I'm going to get out. So in order to have a strong dollar, we have to have a sound economy which means we have to manufacture, we have to export, we have to save, we have to cut regulations, we have to cut taxes. We have to do all the things that are consistent with a strong dollar. But Barack Obama doesn't want to do any of those things. So, you know, he wants to cut class but he still wants to get an A. It ain't gonna happen.

GLENN: How much better do you think John McCain would be, or do you?

SCHIFF: I don't know how much better he would be. I think he would be less bad but one of the things I wrote about him, you know, the little book that just came out, The Little Book of Bull Moves in Bear Markets, my idea there was that Obama would actually be the lesser of the evils because I thought that if we put McCain in charge, with all his, you know, get the government off your back, with all that nonsense that he says but he doesn't actually believe, if we had four years of McCain and then the situation got really bad, I could just imagine what would replace him, whereas if we put Obama in right now and let him try to fix the problem with big government, and when it's so much worse in four or five years, then maybe we can react the other direction and say, okay, we tried big government; now let's try less government; let's bring in a real reformer. So in a way, you know, maybe that can be a positive. But then again I could just be grasping for straws here.

GLENN: No, I have played those scenarios in my head over an over again and that's one of the main things that stops me from committing and filling out my vote today is I haven't really decided that yet. I mean, I just wonder. My question is do we survive an administration that doesn't -- is going the complete opposite direction. I mean, does the dollar survive four years.

SCHIFF: And that's the problem. We can survive the economic problems. They are severe. We've dug ourselves into a big ditch. But you know what? We can survive it. We don't need to buy more cars. We don't need to -- we have so much stuff, we're fine. It's okay if we stop spending money for a while and start saving. It will cause, you know, some pain and maybe a lot of people who are retired are going to have to go back to work. I mean, that's unfortunate but, you know, they can do it. But what we can't survive is all the government cures. All the things that government is going to do in the name of making the situation better that is going to make it much worse. That's the danger.

GLENN: And that doesn't even --

SCHIFF: We end up killing ourselves.

GLENN: Right. And that doesn't include anything in the scenario that I've been calling the perfect storm, that doesn't include what would happen to our economy with civil unrest. That doesn't include what would happen to our economy if we were hit again.

SCHIFF: You can imagine, you know, with what's happening in the market, Barack Obama could win in a landslide. This could be the biggest lopsided victory since Reagan. He can sweep in all kinds of Democrats. And what is the big mandate? The mandate is to undo the perception of free markets, that government is the answer, that we're in trouble because of all this unbridled greed in capitalism and we need the government to do everything.

GLENN: Yeah.

SCHIFF: And that's the problem.

GLENN: Peter Schiff, thank you, sir. I appreciate it.

SCHIFF: Thank you.

GLENN: Book of bull moves and bear markets is his book. He is from Euro Pacific Capital, Peter Schiff.

Joe Biden's administration is getting ready for something historic, but we're all being distracted. And now that Biden has hired at least 14 former or current executives from Big Tech — experts at colluding to censor unflattering news about Biden — Americans must be laser-focused on what's coming.

On January 20, the most corrupt president in American history will be inaugurated, and it looks like some of his cabinet choices were picked specifically so everything just – poof – goes away. The administration nominees appear to be all about preserving corruption, crony capitalism, and executing a Great Reset. Those same people also have one more thing in common: Ukraine.

On his Wednesday night special this week, Glenn exposes their radical agenda in their own words and gives U.S. senators the questions they must ask before confirming corrupt nominees to some of the highest offices in the country.


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I want to talk to you about something that probably didn't make a lot of sense a long time ago. In fact, I can't tell you how many program directors and how many stations threatened to cancel. Or how many calls I got from the average listener saying; What the hell are you even talking about when I talked about, the leadership of Martin Luther King.

I have done everything I can — as much as I possibly can — to teach you about Martin Luther King and nonviolent protests. And I don't think there's anybody in the media who has talked about nonviolence longer and more in-depth on commercial airwaves than me. Preachers, certainly. But commercial airwaves — I don't think anybody has.

Now I think many are beginning to understand why I tried to lay that foundation. I have told you since September 11th that I have this feeling you are going to be the group of people that will, in the end, save the republic.

I've always believed that. I don't know how it's saved. It might just be preserved in our hearts, I don't know. But I believe it now.

I never wanted us to get to this point — everything I've done is to prevent us from getting here. But everybody is so politically tied to their side that no one will let their shields down and actually listen to one another.

And we're at that desperate point now.

You are equipped to save the republic because you at least hopefully have a fundamental understanding of the Constitution and the Bill of Rights. And you have at least a basic understanding of American history. More importantly, what makes this audience so phenomenal is that it is the most generous and service-minded audience of any show in America and perhaps the world.

That's part of what continues to be so frustrating about the Capitol invasion last week. Because you're being maligned.

You.

I know who you are. This is the most peaceful, generous, loving, God-fearing, authentic and patriotic audience in America. And you are frustrated and you are tired of being hit in the face and being called bigot and everything else no matter what you do.

I've been called an anti-Semite just in the last 24 hours by everybody, unjustly.

I get it.

You are now being tainted by the actions of complete imbeciles who do not represent you and me. It's not fair. But that's the hand that we're being dealt and God is in charge and He is not surprised.

We know the left's current tactics fail in the long run. Silencing. Canceling. Taking away rights.

We know the left's current tactics fail in the long run. Silencing. Canceling. Taking away rights. These are the hallmarks of regime, after regime, after Marxist regime on the ash heaps of history. Now China is still there because they've taken the so-called free market and took the capitalist system and they combined it with their Marxist utopia.

I don't know what's going to happen to the people over there. Especially seeing that our high-tech has joined them to weed out the dissidents. But it's not inevitable that we join them.

And it is going to require us to take a stand. Just not in the way that most people — especially if they're angry — think is most effective. Look at the ratings of BLM. 78 percent of Americans, at the beginning of the summer, thought that they were swell.

That number is in the low 20s now. Why? Because violence doesn't work.

I don't know if you saw the fellowship of the ring, but if you did, do you remember when Frodo said: "I don't want to do this!"

He's lamenting having to face down the evil and he's just one guy. I'll never forget it because it was right after 9/11, that the movie came out. I'll never forget Gandalf's reply. He said: "So do we all who live to see such times. But that is not for them to decide. All we have to decide is what we're going to do with the time that is given us."

We can't decide what others are going to do. We can't control the dangerous Orwellian darkness that seems to be descending on America. All we can control is our response and strive to lead by example. If you know anyone in your sphere of influence who might be planning to attend one of these armed rallies in the coming days, beg them not to go. Do everything you can to stop them.

That's not a way to take a stand and it will not protect anything you hold dear and it will endanger the republic. It is what the other side wants.

So how do we take a stand?

The first thing I need you to do today is to help lower the temperature. It has been so hard for me not to respond to people on Twitter who have called me every name under the sun because I quoted the leading Holocaust historian last night on Tucker Carlson.

But see, that wasn't an attack on me, that was an attack on Tucker. If you can scare the guests from coming on to Tucker, you destroy Tucker. That's what they're doing.

Do not vent your anger on social media. At this point, it is probably just going to get your account shut down.

I want you to write this down and I want you to keep this in front of you.

Blessed are the peacemakers. For they will be called the children of God.

That means something today, much more than it did six months ago.

Blessed be the peacemakers.

Be a peacemaker.

And this is the hard part, you can't disconnect. Because things are moving too rapidly. You must stay plugged in.

But I want you to reach out to someone in kindness on social media. Encourage someone. Do not engage with the darkness. Be the light in the corner of your world.

You need to be a leader for what is to come.

And I know I'm asking you almost the impossible. I know you're angry and frustrated and it is gut-wrenching to feel that you're powerless to stop your nation from what you believe is sliding into the abyss.

You are not powerless. You are not voiceless.

I believe it too, with everything in me. I wish I was wrong. I hope that I am. I pray that I am. But know this: You are not powerless. You are not voiceless. You may be the only voice that anyone hears. Voices like mine will go away. I am trying to think of what I need to share with you before, God forbid, that ever happens. Because I cannot live with myself if I talked about something stupid politically and I find my voice silenced and then saying, I wish I would have said this or I wish I would have told them that.

You wield more power than you know. Not because of your voice or being able to call your congressman. You're more powerful than you know because you understand the real problem in America. The real problem in America is not political.

It is spiritual.

If you're like me when you get angry, you think that you are going to take on this challenge on your own — you are not being humble. You think you'll fix it. Everything that is happening to us is because we are an arrogant, out of control people.

We must humble ourselves. Please, you have the skill and the strength to endure the fiery darts that are going to come your way or already are. But this is a problem with our hearts.

You cannot reach someone's head without capturing their heart and no one is going to capture anyone's heart through violence.

Start in your own home and then reach out and if you're able, serve your neighbor. If you can, serve your local community. You must be a beacon of light in a very dark place. I'm going to ask you to do something you're really not going to like. And that's how I know things are from God. When I hear something or I think something and I'm like — oh crap, I don't want to do that — and you just know it it's right. You just know it's what God wants. And you're hoping that maybe you didn't hear it.

And it's so horrible. Because it's the last thing you want to do. But God is unlike many of our churches and preachers, He doesn't tell us what we want to hear. He doesn't have to pay for the church or get collection. Or be judged by how many people go.

Rise above the fray, with service and love, with malice toward none and charity toward all.

He'll say the same thing and he'll lose whole flocks. And they'll eventually start to go — oh wait, where is the Shepherd again?

But I have to tell you now some things that I want you to do. And they're not new. But I need you to hear me. I am asking you if you want to stand for the republic, I need you first to pray.

Pray like you've never prayed before. Pray for humility. Pray for guidance. Pray for peace. Pray for those people who you think you hate. Because you don't. Because hatred does not come from any good place.

Then I want you go out and serve someone in any way possible. On inauguration day especially, get your family and your children involved. Volunteer somewhere, take someone a meal. Do something to lift the spirits of hospital workers or your local police department.

Help a stranger mow a lawn, fix someone's car, pick up trash on the side of the highway. Do what you can do. But the most important thing is to do it with a sincere heart. And if someone asks you, why are you doing this? Just say, because I love my country.

Rise above the fray with service and love, with malice toward none and charity toward all.

Watch how the conversation went on radio HERE:

A pre-Inauguration Day plea: You wield MUCH more power than you know youtu.be


Early Monday morning, Amazon Web Services removed social networking platform Parler from its cloud servers. This comes just after Apple and Google removed the Parler app from their app stores over the weekend.

"You can't find them on the internet anymore. They're gone," Glenn Beck said on his radio program Monday.

"This is something I warned you of four years ago ... because a profound technological change is coming," he continued. "I told you, at the time, high tech will need the government, and the government will need high tech. And they will work together to preserve their power and their position. This is what's happening, today."

Glenn said he believes the "far left" has been talking about breaking up companies like Parler for years, and that the Capitol riots provided the opportunity they needed.

"This is not the end of this. This is where the Left is starting," he warned. "Those who persist in standing for freedom of speech, freedom of expression, freedom to assemble, freedom to keep and bear arms, those people will be targeted for deletion. You will be hounded, boycotted, fired, ostracized, and de-platformed. And the louder and the more significant and effective your voice is, the bigger the target is on your back.

"But, let me say this: I will never stop standing for freedom of speech, freedom of expression, freedom to assemble, freedom to keep and bear arms, and all of the rest of the Bill of Rights. That is the American thing to do."

Watch the video below for more from Glenn:


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Glenn Beck: This is the REAL Raphael Warnock and our new 'national religion'

Photo by Justin Sullivan/Getty Images

Multiple news outlets have called one of Georgia's Senate runoff elections for the Rev. Raphael Warnock, the Democrat who defeated Republican incumbent Sen. Kelly Loeffler.

So, on the radio show Wednesday, Glenn Beck looked into what this "radical preacher" has been saying in the past — and what he'll likely bring to the U.S. Senate in the future.

"Warnock is in one of the most influential and powerful stages of the country. And I use the word 'stage' intentionally," Glenn said. "It's the pulpit. He's the guy who says, if you voted for Donald Trump, well, you're a sinner."

Glenn introduced a video clip in which Warnock asserts:

If it is true that a man who has dominated the news and poisoned the discussion for months needs to repent, then it is doubly true that a nation that can produce such a man and make his vitriol go viral, needs to repent. I know, no matter what happens next month, more than a third of the nation that would go along with this, has reason to be afraid. America needs to repent for its worship of whiteness!

"So, (according to Warnock) you should be afraid," Glenn said. "Oh, and whiteness is evil. And, somehow or another, America has been worshiping whiteness ... see, critical race theory is now our new national religion."

Watch the video clip below to hear more from Glenn:


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