Glenn Beck: Peter Schiff on the economy


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The Armageddon Gang

GLENN: Peter Schiff, not one of the most optimistic men I've ever met in my life. He has been a bull even when bulls weren't cool and now he's -- you know, now everybody seems to be turning into a bull -- I'm sorry, a bear, yeah. He was a bear when bears weren't cool. Peter, how are you, sir?

SCHIFF: I'm fine but, you know, I am optimistic on a lot of things. I'm just not optimistic on the U.S. economy or U.S. dollars in unlimited assets but there's a whole world out there that I am optimistic on.

GLENN: Give me something you're optimistic on.

SCHIFF: Well, I mean, you know, I'm optimistic on foreign economies, on foreign currencies, on precious metals, on commodities. You know, so I'm not negative on everything.

GLENN: How about the new Indiana Jones movie this summer? Is it going to be good?

SCHIFF: I have no clue. I haven't seen one of those movies in a long time. But probably, I mean, that's one thing America still does manage to make and export to the rest of the world. That's entertainment.

GLENN: We're not really that good at it anymore but that's a different story. So Peter, what is the mood, what is the mood down, you know, in the Wall Street area today?

SCHIFF: Well, these guys are still in denial on what's going on. Obviously there's some people at Bear Stearns that are not very happy to get $2 a share for their stock although, you know, the whole thing is ridiculous because, you know, $30 billion of this deal is being financed by the Federal Reserve which means Americans are going to have to foot the bill for this buyout even though J.P. Morgan, you know, gets the cream of the crop there. They get all the assets. It's American savers not only just Americans but people all around the world who are unfortunate enough to have U.S. dollars who are going to be stuck with this bill because we're paying for it with inflation. The Fed is debasing our money and the cost of living is going up as a result of these type of bailouts and it's going to continue to go up.

GLENN: So Peter, let me ask you this question because I'm seeing now in foreign press, I'm seeing now that the other countries, especially in Europe, are saying that we are intentionally debasing our money, that they think that we are, we're trying to devalue the dollar.

SCHIFF: Whether we're trying or not, the dollar is going to go down based on what we're doing. Obviously I made the analogy in my book, you know, Crash Proof that if you're a student and you don't study for your exams and you smoke pot and you skip class, you are probably not going to get good grades. Maybe you want A's but the fact that you are not studying and skipping class means you are going to get an F. Sure, we would like a strong currency, a strong currency is definitely in our national interest but as long as we keep having huge budget deficits, we are going to have a weak currency. There is no way around it.

GLENN: So what would you do? If you are the chairman of the Fed and, you know, everybody's looking at you saying you can't let these banking institutions fail, et cetera, et cetera.

SCHIFF: Why not. Because the cost of bailing them out is worse than letting them fail. For the politicians they don't want to admit they have been lying to us all these years. They want to create the U.S. economy as if we had a good economy. You know, sub crime wasn't just a problem that happened in a healthy economy. The sub prime was the pin that predicted the bubble. The problem was we had a bubble economy in the first place. It wasn't viable. You can't have an economy where everybody runs deficits, where we just import things that we didn't make and give the world an IOU. And we all live on a giant credit card. That can't end. That can't happen forever and, you know, it's finally come to an end and so rather than trying to recreate that bubble, rather than going deeper into debt and sending everybody, you know, checks and hoping that there's a stimulus package so they go out and spend more money, we need to address the fundamentals that got us into this mess. We need to return to a nation where people save money, not spend money. And where we actually produce stuff. But, you know, the transition back to a viable economy from a bubble economy cannot happen without a recession. It can't happen without a lot of people losing money. But the Fed doesn't want to fess up and politicians don't want to admit the mess that we're in. So they want to prepare that they can make it all better by printing money and they can't.

GLENN: What does the average Joe do?

SCHIFF: Well, the average Joe has to understand the mess we're in. Just like you had the heads of Bear Stearns on television last week saying, hey, there's no problem, everything is great, these rumors are false and next thing you know the stock falls through the floor. Well, it's the same thing with the entire U.S. economy. You get, you know, the big wigs, the Ben Bernanke and you get Henry Paulson going on all the Sunday morning shows ensuring us that the fundamentals are sound, that everything is great. They are just as fundamentally sound as Bear Stearns were. So people have to understand they are getting lied to by Wall Street, they are getting lied to by the government. Most of the financial shows out there that they think they are getting advice, they are not. They are getting Wall Street propaganda. So people have to take action. They have got to do what I wrote with my book, Crash Proof. People have to get rid of the U.S. dollar or get into other currencies like the Swiss franc or the Singapore dollar or the -- they have got to buy gold.

GLENN: Peter, I'm talking about the average person. I'm talking about the guy who is bustin' his butt, the family is living paycheck to paycheck.

SCHIFF: You want the average person who has no savings.

GLENN: I'm talking about, yeah, the average person in America that is just barely squeaking by. What do they do?

SCHIFF: You know, I don't know. It's going to be tough. I mean, maybe one thing they can do is stop making their mortgage payments because that's a waste of money and maybe they can do something constructive with that money. I mean, certainly people can start stockpiling things.

GLENN: Wait, wait, wait, wait. Wait, wait, I can't just have you say on national radio stop making your mortgage payments. What do you mean by that?

SCHIFF: You are throwing money down a rat hole. It's going to be tough for people that don't have any savings and they are working paycheck to paycheck. Certainly they can stockpile things. Things are going to get more expensive. So, you know, don't wait to buy, you know, your food items, things are nonperishable, fill up your cupboards. You can buy things like razor blades and shaving cream, things you know you are going to need because they are going to get more expensive.

GLENN: I don't think we also need to be recommending to people buying razor blades.

SCHIFF: Not to slit their wrists but just so they can shave. It's going to get tough. What it means to be American, our whole standard of living is going to decline because of years of living beyond our means. It should be no surprise that when you live on debt and eventually when the bills come due and you can't afford to pay them that you are going to have to reduce your standard of living. You know, a lot of Americans are going to have to find more viable forms of employment. There's going to be a lot of Americans who are retired right now who a couple of years from now are going to be looking for work because the savings they have are just not going to be adequate to afford the higher cost of living that we're all going to be stuck with.

GLENN: You have money in a 401(k). What should be the thing that you look to do with it?

SCHIFF: If you have money in one of those, you've got to immediately look at what your options are within that 401(k). Usually if you have a 401(k), there are various choices among your investments and usually they are in mutual funds. So you want to look at your choices. You want to own foreign funds. You want to own natural resource funds, precious metals funds, foreign bond funds. You want to get as far away from U.S. dollar-based investments as you can because that's where the brunt of this is going to be borne out, in a weaker dollar. And so if you have dollars, you don't want them, you want to get to stronger currencies. I've talked to some people who have said it makes sense to actually sometimes quit a job if you don't have good enough options. If you have a big enough 401(k), it might make sense to quit, roll it over into an IRA so you can take control of it and then maybe look for a different job because some people who have been working, you know, they are four or five years away from retirement, they don't want to watch that nest egg blow up because they left it in U.S. dollars because their employers didn't give them a good enough choice with where to invest their money.

GLENN: All right, Peter. We'll talk to you again. Thanks so much for the advice and checking in. We'll go to the phones here in just a second. If we also have time, I've got to play this audio, too, of the Planned Parenthood thing that is circling now on some television programs. You have to hear that. And Jeff Foxworthy is going to be with us on Friday for a full hour. Don't miss it. We'll give you all the details coming up.

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.

'The Fedcoin is HERE': Glenn Beck reveals what the Fed was up to while YOU weren’t watching

Photo by Nicolas Economou/NurPhoto via Getty Images

While Americans were preparing for Thanksgiving last Wednesday afternoon, the Federal Reserve moved forward with its "Central Bank Digital Currency" program, and that wasn't the only controversial policy that was rolled out while you weren’t watching.

On the radio program, Glenn Beck reviewed the latest financial stories you may have missed over the holiday weekend, including how Biden's pause on student loan payments may be extended again and yet another sketchy Hunter Biden investment.

"You might have missed what happened Wednesday afternoon at the Fed," Glenn began. "They started their CBDC, Central Bank Digital Currency. Yes, the Fedcoin is here. Now they rolled it out on Wednesday — I mean, that was the only day they could do it, you know, because they've been denying that any of this stuff was happening. But they could only get it [launched] when no one was paying attention. So they rolled it out, and it's in its beta test now."

"By the way, India just rolled out its retail pilot program for digital rupees as well. But don't worry," he continued. "Maybe we should start having the conversation of, 'Gosh, this looks like the mark of the beast.' I mean, doesn't it? But surely it's not. Of course not. Not from the U.S. government. They never do anything underhanded or evil. Never."

Watch the video clip below. 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.

BIGGER than Tiananmen Square? Here's what the China protests are REALLY about

(Left) Photo by Kevin Frayer/Getty Images/ (Right) Video screenshot

China has been locking its citizens down for over two years under its zero-COVID policy, and it's becoming more and more clear that this isn’t just about COVID but something much more serious: slavery and control. Now it looks like many citizens have had enough. Protests are currently spreading throughout China and, unlike during the Tiananmen Square protests, the word is getting out.

On Monday's radio program, Glenn Beck looked into the protests' "real motivations," explained how they’re different from the 1989 protests at Tiananmen Square, and predicted how these events are a "game-changer for the entire world."

Watch the video clip below. 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.