Glenn Beck talks to the lady caller about 'the economy' and 'world currency'... if you know what we mean
GLENN: Let's go to Carmen listening to us on WIOD. Hello, Carmen.
CALLER: Hi, Glenn, I wanted to just apologize and thank you at the same time.
GLENN: Okay, what are you apologizing for?
CALLER: I'm apologizing for a couple of months ago when you were on the radio station here in WIOD and you were saying some things and I was laughing and saying what a kook and --
GLENN: Wait, wait, wait. You have to tell me what I was saying. What was I saying that you were laughing at?
CALLER: Well, you weren't actually, you were talking to this person that you've talked to that you were saying what's coming, what's coming. And I mean, I said, oh, God, this is another Y2K kook, whatever. I saw your show on CNN when you had Peter Schiff and I said it --
GLENN: Stephen Moore.
CALLER: Uh-huh. I started seeing what was going around and I started investigating -- I joined your newsletter and I've got to tell you thank you because I am going to be making decisions for my family for what is coming and you're not a kook anymore but, you know, when I --
GLENN: Let me ask you, what was the turning point, Carmen? What was it that you went, okay -- first of all, explain what you were thinking when you thought I was a kook, why was I a kook?
CALLER: Because I guess nobody wants to really look at things because the thought of something so bad seems kooky and unreal but when you actually start --
GLENN: Okay. So you just thought I was chicken little and we've been there before, we've had all these problems before; please don't hype it?
GLENN: That's what you were thinking?
CALLER: And that's when I started seeing things change. And it's obvious. If people actually open their eyes and look at things.
GLENN: It's amazing, I know. It's amazing. I stand here every day and look at it and go, how is this not completely obvious to everyone. Okay, so what were the pieces that started to come into play with you where you said, "Okay, wait a minute, no, this isn't kooky, this is obvious?" What was it that was your first kind of eye-opening fact?
CALLER: The bailout. The bailout which I couldn't believe how many people didn't want it. I was one of them that didn't want it. Then I started researching how we got into this mess. Then I started saying to myself, wait a minute. About a year or two ago I told my husband, this is insane. These prices are so artificial with the housing, this is going to burst. I mean, I knew it two or three years ago but I didn't want to see it. I mean, I didn't invest in a mortgage that I couldn't afford. I've had my husband that I've had for years but I bought it the way that you're supposed to buy it. And I just saw people buying houses that couldn't afford it and I'm saying, there's something wrong here. And then when the bailout came in and I researched it, I thank you for the letter that you sent to your family and I started saying, oh, my God, if you tie in the bailout, if you start tying in where all this money's coming from, they are printing out money and all that, I'm thinking to myself, we're in for something really, really bad.
GLENN: Okay. Carmen, let me take you one more step here because you are right on the phone. You are there. Think of it this way. You said a keyword. You said two years ago you knew that this was a bubble and it was going to burst. Can you think of the bubble that we are now -- what is the bubble we're in right now? Everyone is focusing on the housing bubble but when everyone was focusing on the dot-com bubble, that's when we created the housing bubble, right?
GLENN: The housing bubble was created, we moved all of that, worry and debt and obligation, everything else to the housing market. So while everybody's looking at the housing and credit, what is the new bubble that is being created? And I believe quite possibly the last bubble. What is it? Do you know?
CALLER: I don't know.
GLENN: You've got all of the pieces. You've already said it. You've got all of the pieces there. You just have to tie it together now.
CALLER: Well, my biggest fear from looking at everything is government is going to be printing all this money and the rest of the world is waking up and I think the next bubble that's going to burst is actually going to be the U.S. dollar. I see it being a new world currency come April when they meet again.
GLENN: It is -- boy, Carmen, for eight weeks thinking I was a kook to where you are now, congratulations. You are exactly the kind of listener that I hope is listening to me, somebody who will not listen just to me, they will think I'm kooky, whatever, and then do your own homework and really research it. Congratulations. You have it all. What it is is the money bubble. Expand your vision, though, Carmen, because it is not just the U.S. dollar. It is the entire global economic system. They are printing too much money. They are spending too much money all around. No matter what the media tells you right now, "well, this is an American problem," no, it's not. Talk to somebody who was over in England. They were giving these kinds of loans long, long before the United States was doing it. Everyone is starting to collapse. The bubble that we are creating right now is the money bubble. It comes from being on the debt standard. And I want to explain that. Carmen, if you don't mind hanging on just a second, I want to explain the debt standard. We'll do it in just a second.
VOICE: And now another message from the latest Al-Qaeda announcement that you may have missed.
GLENN: Carmen, I'm sure you her in the break the guys were making fun of our phone call here.
STU: Well, I mean, it was a little -- it was, I would say, the happiest moment of Glenn Beck's life. When he gets a call like this, I mean this is like --
DAN: It was touching. It was touching.
STU: Yeah, it is. It's like if you're -- it's like a first kiss. You know what I mean? It's like the birth of your child. It was such a life-changing moment. It was nice to witness that. It was like a Hallmark movie.
GLENN: As somebody who dismissed as a kook, then did their own homework, which I challenge the audience to do all the time and most people don't. Challenge them all the time: Don't take my word for it. You want to say I'm a kook, good. Come back and tell me I'm a kook for what reason. But follow the pattern. Look at all of the details. Don't look just at that one little dot. Look at the whole picture and follow it. Carmen has. And then Stu said during the break, "Glenn, this is a pattern with him, anybody who does this." Then he always asks, you know, what they should know. What did you say?
STU: You give them a pop quiz about what they're supposed to know now. Like what's coming next. You always pop quiz them.
GLENN: She passed it, though!
STU: That's what I mean.
GLENN: Because that is the key. That is the key of you're not being spoon-fed something by me. You now have -- you have now moved into your own space and you've gone and said, well, wait a minute, that leads to this and this and this. It shows that your brain is engaged. And Carmen, oh, your brain is engaged.
So now, tell me -- help people walk through the debt standard. Do you know what the debt standard is?
CALLER: Yes. Because we're on a fiat currency which is basically you are saying like the United States is saying to the world, we will pay you back eventually. But the dollar is only based on the government's promise, not based on what it used to be, on the gold standard. A dollar used to be worth a dollar of gold.
GLENN: Stu, I need porno music, I need Barry White.
STU: This is getting ridiculous.
GLENN: I can light a candle, turn down the lights and just listen to Carmen talk to me about the debt standard all day. I love you, Carmen.
STU: Glenn, this is a family show. You need to get Carmen to stop it.
GLENN: Just somebody who is engaged? Thank you, thank you, Carmen.
So now, explain if you will, have you thought this through on the debt standard that you are on as an individual. Most Americans are on a debt standard. What does that mean?
CALLER: They are -- you know, I may have to burst your porno bubble but I think what you're trying to say to me is how much do I owe, how much of debt do I owe.
GLENN: Yes, right. And what does that mean? There is a standard for you. You have money, you have credit cards out there, you have your house and your cars. You have money that you owe and you have made an arrangement with the banks, with your family and you've said, okay, we can have this much debt and we can still survive. And even if things get bad, if you haven't gone too far out on the limb, even if things get bad, we can afford this amount of debt; this amount of debt is reasonable. So you've been on a debt standard.
CALLER: Yes, we have.
GLENN: Right. Now, what's happened with the government and happened with a lot of Americans but more importantly what's happened with the government, the debt standard has a ceiling just like your family has a ceiling. You can't just keep racking up debt because at some point somebody in the family looks at the other one and says, "Guys, it doesn't matter if we all of a sudden become the President of the United States or the president of Exxon -- "maybe that's different because they're evil. They can't afford this, we could take every dollar from our budget and we could apply it just to paying off the credit cards, not buying food, gas or anything else, just apply just to pay for the debt that we now owe and we still can't make it, we can't pay it off. That is the point of collapse for the family. This is the point of where the government is now. We are at the place to where the rest of the world is going to look at us and say, "Guys, if you take everything that you owe and everything that you have outstanding balances on, you could take every dime from everybody in America and you're not going to be able to pay for that" and that's when the debt standard no longer works.
GLENN: And that's the real, that's the reason why they're creating this money bubble now. They're just pumping out this money. They are printing this money because it doesn't matter. After a while it ain't gonna matter anymore because we can't pay it off anyway and these countries are going to stop financing our debt.
Carmen, I love you. You keep thinking and you keep spreading the word, will you? We'll talk to you again.