Smarter than Glenn?


Sherry Cooper, Chief Economist at BMO Capital Markets

GLENN: Let me go to Sherry Cooper. She's a chief economist at BMO Capital Markets. Sherry, how are you?

COOPER: Well, I'm fine but this is really a rough day, I can tell you. Markets have sold off very sharply and there's great concern about what has turned out to be the most pervasive financial crisis in decades.

GLENN: You know, I said I don't know when, a long time ago we could be facing something that is akin to the Great Depression if there is significant downward pressure on a market this fragile and everybody says it's crazy. Now Alan Greenspan comes out where he says that this could be the biggest financial crisis since World War II. Well, gee, that's awfully darn close.

COOPER: Yeah.

GLENN: To where we were.

COOPER: Even the Fed has been doing research into the Great Depression and what actions could have been taken by the Federal Reserve at that time to have mitigated the situation, and one of the reasons that the Fed is doing what it's doing in terms of providing liquidity now for securities dealers is because the Fed estimates that about a third of all the banks that went under during the Depression actually would not have disappeared if there had been a lending facility available to them.

GLENN: But Sherry, here's the problem. I mean, first of all, socialism is socialism. The second thing is, you know, everybody says that, oh, there just has to -- CNBC today they're saying, "Oh, well, gee, you know, every bubble has to have one big purge and Bear Stearns was it." Last week, at this time last week nobody even was recognizing that Bear Stearns has a problem. There was whispers of it but it wasn't --

COOPER: No, absolutely. I mean, what we saw is there had been rumors about Bear, Bear denied the rumors which turned out to be true, but there really hadn't been a material change in their balance sheet but rumors become self-fulfilling when they cause a run on the bank. And what had happened is their customers absolutely wanted their money back. And when that happens, there's no institution that can survive it unless they can go to the Central Bank and borrow the money to meet with interest.

GLENN: So here's my question. Last week there was just rumors about Bear Stearns and it -- I mean, Bear Stearns just doesn't collapse, and it did. All of these institutions say, oh, no, we're fine. You've got extra fear in the market now. These are all dominoes.

COOPER: Yeah.

GLENN: Right next to each other. What is to prevent us or what is to give us any reassurance that there are a lot more dominoes to fall?

COOPER: The Fed. That's exactly what they did last night. What they said was that anybody who wants their money back, be it from Lehman Brothers or Merrill Lynch, the Fed is going to make sure they get their money back and so they have a less likelihood therefore of actually demanding their money back. It's psychology. Will it work? We're about to see.

GLENN: Okay. Then tell me what the means. I'm reading, this is in London Telegraph and it says Asian Mideast European investors stood aside at last week's auction, ten-year U.S. Treasury notes saying this is a disaster. We may be close to the point where uglier consequences of benign neglect towards the currency are revealed. Rightly or wrongly, the view has taken hold that Washington is cynically debasing the coinage hoping to export its day of reckoning through beggar thy neighbor policies. What is Europe afraid? What does this mean?

COOPER: Well, we've seen a surge in the Euro and the Yen, not the Canadian dollar interestingly. And that's going to be very difficult for those economies. Those economies as well that are pegged to the U.S. dollar like China are experiencing enormous inflation. The U.S. dollar is falling. The Fed is running the risk of triggering significant inflation pressure down the road. But at this stage they are -- they consider that to be secondary risk. Their number one concern right now is to the lender of last resort to prevent a global financial crash.

GLENN: And when you're saying that, are you saying a global market crash akin to the Great Depression?

COOPER: Well, I mean, of course. Now, there are a lot of things that have changed since then. For example, there is deposit insurance. As well commercial banks, particularly Canadian charter banks have very strong capital positions. They are regulated very highly and so it is very unlikely that we would see depositors go to institutions with deposit insurance and demand their money back. There's no need to. Their money is fine.

GLENN: Right. But their dollar may be worthless.

COOPER: Well, our dollar isn't worth less but the U.S. dollar has declined for sure.

GLENN: Right.

COOPER: And for good reason. Look what's going on in the U.S. The U.S. economy is in recession, the U.S. has enormous trade and current account deficits and foreigners have been financing this.

GLENN: Right.

COOPER: And there is a real question as to how much more foreign money is going to move into the U.S. Government bond market to help finance these deficits.

GLENN: Okay. Sherry, let me ask you this one more question and then this may be the dumbest question, all of these questions may be the dumbest questions that you receive all day, but I just last week took my money and I went for the index and I'm betting on the down because I just, I think we're in real, real trouble. What made me break out into a cold sweat today is that there's so much fear in the market, what would stop people from short-selling banks? What would stop people from trying to make money on the down side --

COOPER: That's what people are doing. That's exactly what people are doing. They are preying on the weakest institutions and public companies. And that's not just banks, by the way. Ford Motor Company is a great example. People -- there is a concept of insurance against declining prices of stock.

GLENN: Right:

COOPER: And that's called a credit defense swap. It's just an insurance policy that you can buy to pay off any loss that you would have in owning a particular company. Well, we can look at those credit default spreads which is really the premium to see how risky the market is perceiving a company to be. Well, there are a number of companies that have seen enormous increases in this premium just in the last couple of weeks.

GLENN: Can you give me the top couple?

COOPER: Well, the only one I can remember right now is Ford, but no doubt, you know -- I mean, these lists are available. They're out there. It's public information. And what's happening is investors, mostly hedge funds and institutional investors, are shorting these stocks, which means that, as you say in capitalism, people prey on the weakest of companies and that just makes those companies even weaker still. It drives down the price of their stocks even further.

GLENN: I just, I was --

COOPER: And even more selling.

GLENN: Right. I was concerned in particular about the financial institutions this week because, you know, I mean, that's what the Fed is really trying to -- I mean, they can't have the financial institutions break down and have another run on the bank. I mean, how long, how long can you keep going with dominoes falling before the Fed says, okay, I've got no more money, before our money really is worth less?

COOPER: Well, it is worst less but it's not worthless, if you know what I mean.

GLENN: I do.

COOPER: We have more to go but will it work is the question. I think it will work. I don't think the world's coming to an end. I don't think there's going to be literally a significant global Depression but for sure there's a recession in the U.S. and there's a risk that it could be quite deep and long.

GLENN: Okay. Thank you very much. Sherry, appreciate it. Sherry Cooper, chief economist at BMO Capital Markets.

Nearly two years after the January 6 riot at the Capitol, the mystery of who planted two pipe bombs outside the Republican and Democratic National Committee offices remains unsolved. Thankfully, the bombs were found and disabled before they could cause any harm, but with their potential for devastating consequences — not to mention the massive investigations into all things relating to Jan.6 — why does it seem like this story has practically fallen off the face of the earth?

No one in the corporate media has even tried to look into it, and the government's narrative that the bombs were meant to be a diversion for the Capitol riot doesn't make sense when you look at the timeline of events.

So, on this week's episode of "Glenn TV," Glenn Beck broke down the timeline of events that led up to the discovery of the bombs and how the facts appear to point toward one sinister conclusion:

  • Security footage reportedly shows that the two pipe bombs were planted in front of the DNC and RNC the day before the riot.
  • Neither bomb was concealed.
  • Then-Vice President-elect Kamala Harris entered the DNC headquarters at approximately 11: 30 am on January 6.
  • At approximately 12:40 pm on January 6, the first pipe bomb was discovered sitting in plain sight outside the DNC headquarters, raising questions as to why the incoming vice president didn't have better security.
  • The pipe bomb had a one-hour kitchen timer that had apparently stopped with 20 minutes left on the timer. (Remember, the bombs were planted on January 5.)
  • The Secret Service reportedly erased their communications from January 5t and January 6 by "accident."

"It doesn't really hit you unless you look at it as a timeline, and then you're like, 'wait a minute that doesn't seem right.' The unsolved mystery of the pipe bomb has been used by the government to show that January 6 riot was part of a larger coordinated attack ... that the bombs were a diversion to get the Capitol police away from the Capitol," Glenn explained.

"But the bomb had a one-hour timer and it was planted at 8 p.m. the night before. So the bomb would have to go off the night before at about 9 p.m. on January 5. How's that a diversion? It's not physically even possible."

Watch the video clip below to hear more or find the full episode of "Unsolved Mysteries: 7 Deep-State SECRETS Biden Wants Buried" here.


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The Biden administration has weaponized the federal government against the American people. But officials have hidden most of their attacks behind a secretive and cavernous bureaucracy.

There are so many unsolved mysteries that Joe Biden and the Democrats not only refuse to answer, but in some cases appear as though they are ACTIVELY trying to cover up. Like what happened on January 6? Who is Ray Epps? Who planted the pipe bombs? What’s in Biden’s executive order on elections? What happened to the SCOTUS Dobbs leaker? What’s the COVID origin story? What’s happening with crypto, FTX, and the Central Bank Digital Currency?

These are just a few of the unsolved mysteries that we need to DEMAND answers on. On his Wednesday night special, Glenn Beck outlines a chalkboard that will leave you convinced the DOJ and FBI are LYING to the American people. The more secrets the Deep State holds, the more its power over us grows.

Watch the full episode of "Glenn TV" below:

Unsolved Mysteries: 7 Deep-State SECRETS Biden Wants Buried | Glenn TV | Ep 238

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.

'I NEVER thought I'd talk about this': Was Glenn Beck's CHILLING dream actually a WARNING?

(Left) Photo by Charles McQuillan/Getty Images/(Right) Video screenshot

On the radio program this week, Glenn Beck decided to share a very unusual, extremely vivid dream he had ten years ago — a dream he thought he'd never talk about on the air until he began to see it as a warning that we should all know about.

"I never ever thought I would talk about this on the air, but I feel compelled to tell you that seasons have changed again, and it is becoming more and more apparent. You need to know what you're dealing with," Glenn began.

"If you are a long-time listener of this program, you know that one of the reasons I left New York ... was that I had a medical condition. Part of it was brought on by no REM sleep for about 10 years ... and for 10 years, I never had a dream," he explained. "However, during this period I had what could be described as a dream. I do not believe it was."

"In this 'dream' ... I am in a hallway of the White House. And I'm walking into a big room where there's a bunch of cubicles, and people look up like, 'who's walking in?' There are people behind me, but I don't know who they are yet. I just know I'm being pushed forward by them," Glenn continued. "I realize that everybody in the White House is terrified of who's ever behind me ... I glance back and I see people that are in uniforms that I've never seen before. I have seen them since, but that will be for some other time...."

"So, these guys in the uniforms are in the hallway, and one guy says, 'him, him, and him, take them out' ... and I'm the only one still sitting at the table. They go out ... then I hear three gunshots and they say, 'yeah, that happened pretty quickly for them. However, you, we're going to get to know ... because you really have no idea who you're dealing with.' And that's when one of them ... ripped off his face and he was Satan. Or, he was a demon, okay? Horrifying. Then I wake up."

Glenn went on to explain that, while the dream was so vivid and disturbing that he thought about it almost daily for well over a year, it was what happened next — during a discussion with a prominent religious leader — that really hinted his "dream" might actually have been a vision of the future and a warning.

"I will never forget it, and I will never dismiss it," Glenn said of what he learned. "I'm sharing it with you today because you must not dismiss what you're dealing with. We are not in a battle [of] politics ... our whole culture has become evil."

"You have to get to a point where you are going to choose a side. There will be no one left on the benches, and if you think you can sit it out you will end up on the wrong side. I urge you to know who you serve. This is a different time in human experience. This is not normal. None of this is normal," he warned.

Watch the video clip below to hear more from Glenn. Can't watch? Download the podcast here.

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.