Glenn Beck: The Demise of the Dollar




Watch Glenn Beck weekdays at 5p & 2a ET on FOX News Channel

Did you wake up and read about what's going on with the dollar? Probably not, especially if you still get your news from the paper. And if you get your news from American newspapers, then you definitely didn't read about what's going on with the dollar.

If you only get the paper, you probably know the names of David Letterman's interns and the latest with "Jon & Kate Plus 8." But the demise of the American dollar? Please. Didn't you hear they arrested the Erin Andrews stalker? Why would we waste time talking about the dollar?

Here's why: Because whenever I ask people how it is they believe we can possibly sustain our out-of-control spending and foreign debt, they always respond the same way: "We'll be fine. We just will. It's America."

OK, that's nice optimism. I'm sure you are going to be a favorite with Lindsey Graham — he's optimistic about stuff too. But that doesn't quite provide comfort after what I read in The Independent on the "Demise of the Dollar."

The British paper claims that Arab states have launched secret moves with China, Russia and France to stop using the U.S. currency for oil trading. They plan to instead move towards a "basket of currencies." Oh, that sounds so inclusive, doesn't it?

The basket includes the euro, yen, pound sterling, Canadian dollar, Swedish crown krona and the Swiss franc.

Hmmm, what's missing?

Now, just so you know, the Saudi Central Bank governor denies the secret talks took place. Oh, well if they said so, we can all assume the dollar is here to stay and everything is peachy. But, in the off-chance the Saudi Central Bank governor isn't *reliable*, what does that mean for our dollar and our country if it is no longer pegged to oil? What does that mean for you?

Well, the dollar has lost nearly 29 percent of its value in the last seven years — 29 percent is gone, you just haven't noticed it. Nine percent of that drop was in the last six months alone. Also, in six months it's lost 19 percent to the Australian dollar, 13 percent to the Canadian dollar and 12 percent to the Japanese yen.

So, how come you haven't heard about it?

Well, most people haven't minded that much. Our attitude has long been one of: "It doesn't matter how much the dollar goes down in value. Hey, it's good for business and we'll be able to make more stuff and sell it to people! We'll just keep buying oil with it. After all, it is America and they'd never destroy themselves!"

What happens when China and Gulf Arabs and get their way and end dollar dealings for oil and replace the dollar with a new reserve currency? Well, the world will dump its dollars. And that leaves us with all of this money and that's called hyper-inflation: Your 100 bucks is now worth one.

Now, if you are one of those people who think America will always be there because "we are America," let me make one thing very, very clear to you: America can fail. It is possible. Wasn't it only back in January that we had a United States congressman say America was "three hours away from complete economical and political collapse that would bring about martial law"?

I don't know if he was right, but is it possible? Let me ask you this: Do you remember what you felt like on September 11? Do you remember how fragile this country felt? Are you telling me we are in better shape than we were September 9, 2001? You are living in a fantasy land if you think so.

Out in the Redwood Forest, in California, these giant trees stood for hundreds and hundreds of years. They were immovable. They weathered great storms fires. They are a wonder of the world. Nothing could take them down — until suddenly, they started to collapse. We found that there was a tiny beetle that had started to infect the trees. Little by little — from inside — they started to consume and weaken the trees. And, before we knew it, what mighty winds and storms and earthquakes and fires could not take down, a tiny beetle did — from the inside.

Our society, our government, our financial and business system is infested with tiny beetles.

Lindsey Graham said I'm a pessimist and he doesn't listen to pessimists:

(BEGIN VIDEO CLIP)

SEN. LINDSEY GRAHAM, R-S.C.: You can listen to him if you like. I choose not to because, quite frankly, I don't — I don't want to go down the road of thinking our best days are behind us.

(END VIDEO CLIP)

But, let me make it clear: I'm not a pessimist. If I was a pessimist, I wouldn't be living in New York City. I would be living on a farm, someplace far from here, in an underground bunker. I am an optimist — no, let me take that back. I'm a realist.

We must recognize that the body is infested with beetles or a cancer. Stop ridiculing the doctor telling you this and telling you to get chemotherapy or telling you to call Terminix and start getting treatment.

Because I am a realist — an optimist — I know what the disease is: It's corruption and it can be treated. It can be cured. But not if we don't band together. Not if we waste time and scream at each other.

I am an optimist because I know we are the people that conquered the West, crossed the mountains and put a man on the moon. We certainly can defeat corruption. But if we don't, we will go the way of the Soviet Union, the last big superpower and empire.

For 70 years the Soviet Union was a world superpower with a military of 5 million and over 30,000 nuclear weapons. They were feared and played a big role on the world's stage. Does anyone remember what happened to the Soviet Union? It came crashing down and it didn't take long for it to fall either.

They were saddled with soaring budget deficits and foreign debt during the '90s and then the price of oil sharply declined, inflation was at 20-25 percent, the ruble's international strength declined, the country was embroiled in an endless conflict with Afghanistan… any of this sounding familiar?

We've got all of these similar problems in place, yet our government still has no problem jamming through $1 trillion health care plan? Or spending hundreds of billions on bank bailouts and stimulus money? And they don't even flinch at the billions in cost of a massive cap-and-trade program? One that, in the face of rising energy costs, would raise energy prices *on purpose*?

(BEGIN VIDEO CLIP)

THEN-PRESIDENTIAL CANDIDATE BARACK OBAMA: Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket.

(END VIDEO CLIP)

It's important to note that the Soviet Union didn't collapse, it was transformed. When three Soviet leaders met in the woods and they decided the Soviet system wasn't working and would eventually implode, they drafted a document and transformed the Soviet model. They presented the plan to the Supreme Soviet Council, who had one hour to debate.

They are going to come to you and tell you: "You had to do this." They wont take you farther into freedom, they are going to take you farther into control. You don't want your life and your freedom and your children's freedom in the hands of the people you don't trust now.

— Watch Glenn Beck weekdays at 5p & 2a ET on FOX News Channel

In light of the national conversation surrounding the rights of free speech, religion and self-defense, Mercury One is thrilled to announce a brand new initiative launching this Father's Day weekend: a three-day museum exhibition in Dallas, Texas focused on the rights and responsibilities of American citizens.

This event seeks to answer three fundamental questions:

  1. As Americans, what responsibility do we shoulder when it comes to defending our rights?
  2. Do we as a nation still agree on the core principles and values laid out by our founding fathers?
  3. How can we move forward amidst uncertainty surrounding the intent of our founding ideals?

Attendees will be able to view historical artifacts and documents that reveal what has made America unique and the most innovative nation on earth. Here's a hint: it all goes back to the core principles and values this nation was founded on as laid out in the Declaration of Independence and the Bill of Rights.

Exhibits will show what the world was like before mankind had rights and how Americans realized there was a better way to govern. Throughout the weekend, Glenn Beck, David Barton, Stu Burguiere, Doc Thompson, Jeffy Fisher and Brad Staggs will lead private tours through the museum, each providing their own unique perspectives on our rights and responsibilities.

Schedule a private tour or purchase general admission ticket below:

Dates:
June 15-17

Location:

Mercury Studios

6301 Riverside Drive, Irving, TX 75039

Learn more about the event here.

About Mercury One: Mercury One is a 501(c)(3) charity founded in 2011 by Glenn Beck. Mercury One was built to inspire the world in the same way the United States space program shaped America's national destiny and the world. The organization seeks to restore the human spirit by helping individuals and communities help themselves through honor, faith, courage, hope and love. In the words of Glenn Beck:

We don't stand between government aid and people in need. We stand with people in need so they no longer need the government

Some of Mercury One's core initiatives include assisting our nation's veterans, providing aid to those in crisis and restoring the lives of Christians and other persecuted religious minorities. When evil prevails, the best way to overcome it is for regular people to do good. Mercury One is committed to helping sustain the good actions of regular people who want to make a difference through humanitarian aid and education initiatives. Mercury One will stand, speak and act when no one else will.

Support Mercury One's mission to restore the human spirit by making an online donation or calling 972-499-4747. Together, we can make a difference.

What happened?

A New York judge ruled Tuesday that a 30-year-old still living in his parents' home must move out, CNN reported.

Failure to launch …

Michael Rotondo, who had been living in a room in his parents' house for eight years, claims that he is owed a six-month notice even though they gave him five notices about moving out and offered to help him find a place and to help pay for repairs on his car.

RELATED: It's sad 'free-range parenting' has to be legislated, it used to be common sense

“I think the notice is sufficient," New York State Supreme Court Judge Donald Greenwood said.

What did the son say?

Rotondo “has never been expected to contribute to household expenses, or assisted with chores and the maintenance of the premises, and claims that this is simply a component of his living agreement," he claimed in court filings.

He told reporters that he plans to appeal the “ridiculous" ruling.

Reform Conservatism and Reaganomics: A middle road?

SAUL LOEB/AFP/Getty Images

Senator Marco Rubio broke Republican ranks recently when he criticized the Tax Cuts and Jobs Act by stating that “there's no evidence whatsoever that the money's been massively poured back into the American worker." Rubio is wrong on this point, as millions of workers have received major raises, while the corporate tax cuts have led to a spike in capital expenditure (investment on new projects) of 39 percent. However, the Florida senator is revisiting an idea that was front and center in the conservative movement before Donald Trump rode down an escalator in June of 2015: reform conservatism.

RELATED: The problem with asking what has conservatism conserved

The "reformicons," like Rubio, supported moving away from conservative or supply-side orthodoxy and toward policies such as the expansion of the child and earned income tax credits. On the other hand, longstanding conservative economic theory indicates that corporate tax cuts, by lowering disincentives on investment, will lead to long-run economic growth that will end up being much more beneficial to the middle class than tax credits.

But asking people to choose between free market economic orthodoxy and policies guided towards addressing inequality and the concerns of the middle class is a false dichotomy.

Instead of advocating policies that many conservatives might dismiss as redistributionist, reformicons should look at the ways government action hinders economic opportunity and exacerbates income inequality. Changing policies that worsen inequality satisfies limited government conservatives' desire for free markets and reformicons' quest for a more egalitarian America. Furthermore, pushing for market policies that reduce the unequal distribution of wealth would help attract left-leaning people and millennials to small government principles.

Criminal justice reform is an area that reformicons and free marketers should come together around. The drug war has been a disaster, and the burden of this misguided government approach have fallen on impoverished minority communities disproportionately, in the form of mass incarceration and lower social mobility. Not only has the drug war been terrible for these communities, it's proved costly to the taxpayer––well over a trillion dollars has gone into the drug war since its inception, and $80 billion dollars a year goes into mass incarceration.

Prioritizing retraining and rehabilitation instead of overcriminalization would help address inequality, fitting reformicons' goals, and promote a better-trained workforce and lower government spending, appealing to basic conservative preferences.

Government regulations tend to disproportionately hurt small businesses and new or would-be entrepreneurs. In no area is this more egregious than occupational licensing––the practice of requiring a government-issued license to perform a job. The percentage of jobs that require licenses has risen from five percent to 30 percent since 1950. Ostensibly justified by public health concerns, occupational licensing laws have, broadly, been shown to neither promote public health nor improve the quality of service. Instead, they serve to provide a 15 percent wage boost to licensed barbers and florists, while, thanks to the hundreds of hours and expensive fees required to attain the licenses, suppressing low-income entrepreneurship, and costing the economy $200 billion dollars annually.

Those economic losses tend to primarily hurt low-income people who both can't start businesses and have to pay more for essential services. Rolling back occupational licenses will satisfy the business wing's desire for deregulation and a more free market and the reformicons' support for addressing income inequality and increasing opportunity.

The favoritism at play in the complex tax code perpetuates inequality.

Tax expenditures form another opportunity for common ground between the Rubio types and the mainstream. Tax deductions and exclusions, both on the individual and corporate sides of the tax code, remain in place after the Tax Cuts and Jobs Act. Itemized deductions on the individual side disproportionately benefit the wealthy, while corporate tax expenditures help well-connected corporations and sectors, such as the fossil fuel industry.

The favoritism at play in the complex tax code perpetuates inequality. Additionally, a more complicated tax code is less conducive to economic growth than one with lower tax rates and fewer exemptions. Therefore, a simpler tax code with fewer deductions and exclusions would not only create a more level playing field, as the reformicons desire, but also additional economic growth.

A forward-thinking economic program for the Republican Party should marry the best ideas put forward by both supply-siders and reform conservatives. It's possible to take the issues of income inequality and lack of social mobility seriously, while also keeping mainstay conservative economic ideas about the importance of less cumbersome regulations and lower taxes.

Alex Muresianu is a Young Voices Advocate studying economics at Tufts University. He is a contributor for Lone Conservative, and his writing has appeared in Townhall and The Daily Caller. He can be found on Twitter @ahardtospell.

Is this what inclusivity and tolerance look like? Fox News host Tomi Lahren was at a weekend brunch with her mom in Minnesota when other patrons started yelling obscenities and harassing her. After a confrontation, someone threw a drink at her, the moment captured on video for social media.

RELATED: Glenn Addresses Tomi Lahren's Pro-Choice Stance on 'The View'

On today's show, Pat and Jeffy talked about this uncomfortable moment and why it shows that supposedly “tolerant" liberals have to resort to physical violence in response to ideas they don't like.