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.

Glenn Beck can't help but wonder, "What is wrong with us?" in light of the Left's latest move — canceling six Dr. Seuss books due to "hurtful and wrong" illustrations — that takes America one step closer to complete insanity. And now, school districts are jumping on board after President Joe Biden seems to have dropped Dr. Seuss from the White House's annual "Read Across America Day" proclamation.

On the radio program Tuesday, Glenn argued that deleting books is the perfect example of fascism, and asked when we as a country will finally realize it.

"They are banning Dr. Seuss books. How much more do you need to see before all of America wakes up? ... This is fascism!" Glenn said. "We don't destroy books. What is wrong with us, America?"

Watch the video below to hear more from Glenn:


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Former Democratic presidential candidate and Hawaii representative Tulsi Gabbard and Glenn Beck don't agree much on policy, but they're in lockstep on principles.

On "The Glenn Beck Podcast" this week, Tulsi spoke with Glenn about one of her last acts in Congress, introducing the "Protect Women's Sports Act," which she says would "strengthen, clarify, and uphold the intent of Title IX to provide a level playing field for girls and women in sports." But since then, the Biden administration has gone in the opposite direction, and has supported allowing biological men to compete in women's sports.

Watch the video clip below to hear why Tulsi took a stand for female athletes:


Watch the full interview with Tulsi Gabbard here.

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Later this week, former President Trump will attend CPAC and give his first major policy appearance since leaving office. Sources close to the President reveal he will focus on "the future of the Republican Party and the conservative movement."

The future of the GOP is a question that demands real discussion before elections in 2022 and 2024. Right now, I can see three possible answers for how you act:

  1. Those in power and senior positions will ignore the reasons behind Donald Trump winning in 2016. They will be vindicated in their minds because they outlasted him, as they view DC as a job for life. These leaders will go back to business as usual and seek forgiveness from the left, hoping for unity and acceptance in the future.
  2. The second outcome is another section of the party that is understandably very angry over the left's Presidents treatment. They still support and believe in Trump. They think it's time to take off the gloves and treat Biden/the left exactly how they treated Trump.
  3. The few policy positions offered in public will be centered solely around opposing the left. They will also make the case how the left suck, are dangerous, and how you need them in power. The next four years are merely a countdown for Trump to run again and right the wrong of 2020.
  4. The third outcome is very similar to the second, but with one key difference. While they appreciate everything Trump accomplished while in office, they feel it's time to unite behind another candidate.
Question

Which of these three positions will work best for the American people? Which helps built a political base for elections in both 2022 and 2024?

If you seek to help save America, it is critical to do some soul searching. Whether you love or hate him, Donald Trump got 75 million votes and made advancements in key demographics. What did he do well that you can develop further? In what areas was he poor, and how can you improve?

I want to raise six principled points everyone on the right should be forced to consider in the run-up to 2024.

1 - Understanding American Exceptionalism

FACT: America is an exceptional nation. If you read enough of world history, you will find ample evidence that America acted in ways that made it unique and significantly different from other countries in the past and modern times. These reasons must be understood and promoted through the culture and body politic.

One of those reasons is the layout of your Declaration of Independence. If you look around politics today, you will see people on all political sides telling you what they hate, why the other side is the enemy, and how they must be defeated.

In the Declaration of Independence, Jefferson also made that case against the English when he listed 27 grievances against the King. So how is the layout key? It took Jefferson 357 words to get to those grievances. Your Declaration is your mission statement: it tells everyone in the world what America aspires to be. It states the belief that all were created equal, all had certain rights that come directly from God, and that it is the government's job to protect rights -- not give people rights.

The left is successfully painting everyone on the right to be a terrorist who enjoyed the Capitol Hill riots. If you ever want to win another election, it will be critical to explain what you stand for to the American people.

After all, ask yourself which makes you the most passionate to vote - removing someone from office or voting for a vision and change you believe in?

2 - The Constitution

Is there a better place to start this vision than the Constitution? Yes, it is mostly ignored today by those in power and is only referenced by politicians and media when it fits a narrative.

The Constitution is a beautiful and complex document but is primarily based on a straightforward principle. The government should be extremely limited in its power, but it should be as close to the people as possible where there is a clear need for government. Who can argue with this principle?

Who wants someone they have never met, dictating how they live their life?

This is why the Constitution grants the President no real power, and gives Congress 18 clauses of power, listed under Article 1, Section 8. Any and every power not mentioned there belongs at the state level.

3 - Finances

The power structure in DC has changed many times over the last twenty years, with both parties having the opportunity to rule the different federal branches. There have been two periods where one party controlled all the power in DC:

  • 2008-2010: Obama / Dem
  • 2016-2018: Trump / GOP

Despite these changes, your government continually grows, you continue to spend money you don't have, and in ten out of the last thirteen years, you have added over $1,000,000,000,000 to your national debt, which now sits just under $28 trillion. Does this seem sustainable to you? Of course not, but sadly your finances only get worse.

America has revenue of over $3.2 trillion every year, yet DC has not passed a budget since 2008. Can you imagine any business running that way? Do you think Apple, Amazon, or Disney have a budget? It is time to get America on a path to financial sustainability, work towards a balanced budget, and explain to the American people how you will achieve it.

4 - Taxes

Do you remember discussing taxes during the Tea Party?

We used to make the simple moral case to the American people: any money you earn is yours, you should use it to plan your life, and the government has no right to take it from you. This was so successful around 2012 that Herman Cain ran for President with one primary policy: the 9-9-9 plan.

If America is to return to prosperity after Covid, lower taxes and a simpler tax code must be a central theme.

5 - Cutting Government

Look at the size of the US government in 2021. Are you happy? Can you name the numerous departments? Is it now the freedom-loving Americans' position that agencies like Education, Energy, EPA, and Commerce are constitutional bodies of government and are well-run?

How about the IRS, which targeted Tea-Party groups under President Obama? Do they deserve support, or is it time to start sharing a vision of the departments that should be abolished?

This principle used to be a big part of the Conservative platform. It played a massive role in 2012 when Rick Perry ran for President. His campaign was destroyed in 45 short seconds when he could not remember the three agencies he would abolish.

Maybe it's time to refresh this debate but change the parameters. How about we discuss the agencies that should be kept?

6 - Bill of Rights

Today, the Bill of Rights is under constant attack. The far-left/woke mob hates free speech, and they seek to cancel anyone with an opposing view. However, the attacks on the Bill of Rights don't always come from the left.

America has a second amendment that guarantees you the right to bear arms. The last time the GOP held both houses of Congress and the Presidency, they banned bump stocks - but who really NEEDS a bump stock?

As the years have passed, some have admitted they are open to red flag laws. Is this still the case?

While the second amendment may be under attack, it is clear the fourth amendment is dead. Regardless of which party holds power in DC, the NSA is given continuous ability to spy on Americans. The simple, principled case from Rand Paul of "get a warrant" always falls on deaf ears.

The Bill of Rights should be a unifying document for most Americans, as the principles are self-evident and a significant part of any freedom platform going forward.

Conclusion

America will face significant challenges over the coming years. As the government continues to grow, the far left get more hostile, and central planners seek a great reset. If you share my concern, then now is the time to forget our tribes and ignore the debate on who should be President in 2024.

It's time to work hard to build a platform by raising a banner of bold colors, not pale pastels. We must share a clear vision to the American people of a bright future where they are free, prosperous, and can pursue their happiness.

When the platform is built and successful, people can identify the best candidate to run in 2024.

"First, you win the argument, and then you win the election." — Margaret Thatcher

Jonathon Dunne is a keynote speaker, weekly podcast host on Blaze Media, and published author on major platforms such as The Blaze, Glenn Beck, Libertarian Republic, Western Journalism, and Constitution. Since 2012, he has reached millions with his message of American exceptionalism.

You can find him on social media – Facebook, Twitter, MeWe

Sen. Rand Paul (R-Ky.) is under fire for questioning President Joe Biden's nominee for an assistant health secretary position, Dr. Rachel Levine, about her alleged support for giving children puberty blockers and sex-change surgeries.

During a confirmation hearing Thursday, Paul pointedly asked Levine, who is a transgender woman, about her support for allowing children to change their sex, and whether she believes children are capable of making such life-altering decisions.

Levine evaded the question, answering instead with a vague statement about the complexities of transgender medicine, which she would again reiterate for Paul's subsequent questions.

Watch a video clip of the confirmation hearing here.

Predictably, Paul has been labeled "transphobic" and accused of trying to derail Levine with "transphobic misinformation" by the leftist media.

On the Glenn Beck Radio Program Friday, Paul said his questioning Levine had nothing to do with who she is or the fact that she is a transgender adult, but was about the question of gender changes for children.

"The interesting thing is, none of it was directed towards her personally or who she is. It was directed towards the question of whether children can consent. And this is an intellectual question. It's not an inflammatory question. It's a question of serious consequences," he explained. "Most people would argue that children can't really make an informed consent. You know, we have laws against a man having sex with a 12-year-old, even if the 12-year-old says 'yes', because we don't think a 12-year-old is capable of consenting. They just aren't old enough to make the decision."

Paul went on to add, "I guess the danger is, you have to have some chutzpah. You have to have some guts, some courage to stand up because it is a culture out there where ... everybody is saying I made transphobic comments yesterday. All I did was ask whether a minor could consent to this kind of dramatic surgery. Nothing I ever said was hateful. I said nothing hateful about these people. I said nothing hateful about adults who choose to do this. But the culture is out there is so strong that so many in office are afraid to speak out. And it's getting worse.

"There's a handful of us that will speak out in the Senate. There's a handful in the House, and we just have to grow our ranks. But we have to resist or it just will roll over us. And we'll live in this terrible cancel culture world where nobody speaks out, and everybody is afraid to say anything."

Watch the video below to catch more of the conversation:

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