Glenn Beck: Dems raise debt ceiling


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GLENN: Oh, man, all right. So here is the, here's the latest, if I may. On its face, the probability of the U.S. defaulting on its spiraling debts seems highly unlikely. But that's not what the market now thinks. The price of insurance against a default, using derivatives uh oh, there's a bad word, using derivatives known as credit default swaps uh oh, there are three words that got us into trouble has jumped by more than 50% in the private market in recent months. According to CMA Datavision in London, a specialist in these kinds of contracts, it will now cost you .34% of the principal per year to buy default insurance on U.S. Government bonds. If you held $1 million in treasuries, insuring against the default will cost you $3400 for the year. Just a few months back, insuring those bonds would have cost less than $2,000 a year.

Let me explain this. You buy these, you buy an insurance policy. It's like you buy an insurance policy for your house. You're going to have to pay it off. You are going to have to you know, you are going to be stuck with it. So if something happens to it, you want to make sure you can get your investment, right? It's the same thing, except the only way your houses burn down is usually, you know, there has to be an electrical problem or a toaster or, you know, there's an arsonist or whatever. When you have a million dollars in treasuries, you just have to worry about the arsonist that is the United States congress, treasury, the Fed and the president. I've been warning you about the arsony that is arsony? Larceny.

STU: I like that because that is

GLENN: It should be arsony actually because it is larceny and arson at the same time combined.

STU: I like it, yeah.

GLENN: Arsony, larceny. Arsony. You have to worry about the arsonists that are burning down the U.S. dollar. So you would have to buy insurance for that. Well, you don't really need a lot of insurance. The U.S. dollar ain't going anywhere... right?

Let me continue to read: For investors the greatest danger is not that America could formally default on its debts. Why is that? Why is there no fear that America will default on their debts? We're concerned that banks would default, homeowners would default, California could default. Why doesn't the United States, why is no one worried that the United States will default on their debts?

PAT: We have printing presses.

GLENN: Exactly right. Governments don't default because they can print the money. For investors the greatest danger is not that America could formally default on its debts. It's that the government may informally default by unleashing inflation. It's hard now to see any other outcome. Anyone holding long term treasury bonds should demand pretty high listen to this. Now, here's the other shoe to fall. Make sure you have it. Investors are now saying this is risky. The insurance companies are now saying we need more money to insure a million dollars worth of treasuries because it's becoming more risky that the United States government will informally default by printing too much money and hyperinflation. Remember, I told you this at least a year ago, maybe two years ago. Read the Weimar Republic. That was insane. That was a conspiracy theory. That will never happy. Now the people if you believe in the free market, the people who have their money at stake are now saying, "Maybe we should increase that. Anyone holding long term interest treasury bonds should demand pretty high annual interest rates to compensate for the risks. So in other words, what are they saying? Don't take a 30 year treasury at 4.4% interest rate. I need an 8% interest rate, or whatever, 6%, 8%, 10%, 12%. Whatever the people who buy 30 year bonds and we're not talking about you.

PAT: Can I get 1600%?

GLENN: Yeah, I know. Talking, not talking about you. We're talking about the people who buy them in bulk. Who are those people? Remember, we now, most of our debt, or at least most of our new debt is on six can you imagine getting a six month revolving loan? These aren't 30 years. These are six months. So every six months we have to go and ask the bank basically, China, for another loan: Okay, could you guys carry this over another six months? Oh, and by the way, we want to add this to it. We're now trying to get anybody to buy longer term treasuries. What they're saying is don't do it. If you're going to try, if you are going to hold that money for 30 years, do you think 4% is worth that risk? Demand more. Why is that a bad thing? Because that means to borrow money, we have to pay it's just like your home loan. If you get a mortgage and it's 4% interest, that's what the yield is. This is our mortgage for our country. 4% interest, okay, that's not bad. For a 30 year house loan? Okay, that's good. I'll pay 4%. Now, are you going to be able to afford that house at 6%? 8%? 10%? The people who can buy the house, especially if you're somebody who you're already mortgaged to the limit, you just don't have any more money, what caused this financial problem? The reset of the loan. The reset of the mortgage interest rate. That's when people started losing their home. That's what this means. The 30 year treasury. The 10 year treasury. It's too low of an interest rate, and the world needs to demand a higher interest rate. That means anything they're conning you into believing that we can now afford, the loans are about to reset. And when they do, can we afford to make that payment? The answer is no. If you look at what our interest payment will be, you read about it in Common Sense, it is worse than what I described in Common Sense. That's now out. There's two million copies now that have sold. Common Sense is almost at the two million books sold. That doesn't happen. Two million books sold. I described that when people read it back in the summer, people said, that can't be right. I looked at some of the research: That can't be right. It's now worse because of the things that we have done. And those aren't my numbers. Those are from, like, whitehouse.gov. What I wrote about in Common Sense six or eight months ago was that we are going to have an interest payment about the size of the stimulus package every single year, an interest payment. If I said at the time, if everything goes well, we are guaranteed by, I think it's 2019, to pay almost $800 billion every month in interest alone. That's one stimulus package every single year... if the interest rate doesn't go up. The interest rate is going to go up. I am having now the same conversation that I had in 2003? I remember it vividly. I was in Philadelphia. And Stu, I was looking at you just like I'm looking at you now and said, help me out with the math. That doesn't work. Because if you can only afford the payment of that house now when there is 0% interest, what happens when you have 4% interest? Or 6 or 8. Oh, don't worry, things will get better. Don't do it. Do you remember? I am now having the same conversation with you about our federal government. We can afford this no, no, we cannot afford this. We cannot afford what we have now. We are bankrupt. The only reason why we don't, you don't see the stories on the news is because we have a printing press! We are in worse shape than California, but we have a printing press! And we haven't had an upgrade in our interest rates, but the banks of the world, the Chinas of the world, the individual investors of the world are going to begin to demand soon higher interest rates. When that happens, our loans reset. Then what do we do? There will only be one thing we can do: Inflate the money. Or... tax at, what, 80% for everyone? Remember, to pay off just the first debt, the first $12 trillion which next year will be $14.4 trillion, to pay the first $12 trillion, we have to take last year's Fortune 500 companies' profit, all 500 of them, all of the profit that they made and seize every dollar of that profit, for 145 years. That would pay off the first $12 trillion. We have unfunded liabilities, which means we have no funding for it whatsoever. The $12 trillion is what we owe China. We owe them that. What we have promised we are going to give people is $106 trillion. Please, please, buy gold! Sell everything you have and just buy gold! Buy it now! It's crazy!

STU: (Laughing).

GLENN: Please, get out of debt and look at the world with different eyes. Somebody's got to be a leader. Somebody's got to be a leader.

CRYPTO CRASH: The REAL story behind Sam Bankman-Fried's FTX scandal

(Left) Photo by OLIVIER DOULIERY/AFP via Getty Images (Right) Tom Williams/CQ-Roll Call, Inc via Getty Images

The fall of FTX and Sam Bankman-Fried has sent shock waves through the cryptocurrency world. But is this just another failed Ponzi scheme, or is there more to this story? On this episode of "The Glenn Beck Podcast," Glenn got a “Bitcoin for Dummies” guide from Marty Bent, who explained what actually happened with FTX, where he believes the markets will go from here, and whether this is connected at all to Bankman-Fried's massive donations to the Democrat Party.

Marty has devoted his career to safeguarding financial freedom from the tyranny of the government and elites — a major focus of his newsletter “Marty’s Bent” and podcasts, including “Tales from the Crypt.” He’s critical of the globalist vision for our financial future, which he sees as the result of a “progressive” movement to get rid of God.

On the podcast, Marty warned that the FTX scandal could make a convenient excuse for centralizing Bitcoin and ushering in more state control, mass surveillance, ESG, and social credit scores. In fact, he said, the Federal Reserve’s push for a digital dollar has already begun.

Watch the full podcast with Marty Bent below:

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Glenn once warned that one day you’d wake up and not recognize your country any more. Are you there yet?

Governments at every level have been weaponized against Americans. The FBI shows up in full tactical gear at the homes of pro-lifers, terrifying young children and grandmas for the "crime" of peacefully protesting abortion. The ATF surprises legal gun owners on their doorsteps, demanding to see their firearms. State governments are trying to sneak in laws that allow the sexual mutilation of children — without the parents’ consent.

When we become confused as to what the government can and cannot do, we become numb to tyranny and take it on the chin, as we did with the COVID-19 mandates. And when the state comes knocking, we don’t know how to deal with it because we haven’t lived in that kind of country since 1791. But tyrants can only exist when the people they are trying to subjugate forget that there are fundamental rights granted not by the state, but by a higher power. And we have the blueprint to stop tyranny dead in its tracks.

The founders armed us with the tools — we just need to know how to wield them.

So how do peaceful Americans stand up to tyranny that comes in the disguise of “law”? Glenn and a panel of legal experts including Sen. Mike Lee arm you with the answers — so you'll know what to do when the government comes knocking on YOUR door next …

Sign up to get the "Targets of Tyranny" audience Q&A document now:

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DITCH MITCH? Why McConnell has 'GOT TO GO'

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Glenn Beck on Monday tore into Senate Republican Leader Mitch McConnell (Ky.) for allocating $7 million from the Senate Leadership Fund to Alaska — a race that would "go to a Republican either way" — instead of the Arizona Senate race, saying "if there's one person who's responsible for the Democrats keeping control of the Senate, it's McConnell."

As McConnell pushes to hold an election for Republican leadership as soon as possible, several Republican senators are calling for the postponement of internal leadership elections, which are currently slated to occur this week even though several races still don't have winners.

"Mitch McConnell has got to go," Glenn stated. "Why did [he] put so much money in the Murkowski [R-Alaska] race when we knew it was going to be a Republican either way? ... We all know why he did that. He did that because he wanted to make sure he had Murkowski, who would kowtow to him. [...] We also know why he didn't put money into [Arizona Republican candidate] Blake Masters, who could've won that race. He didn't put any money there because he knew Blake Masters would not kowtow."

Glenn went on to suggest it's time for each of us to call our state's Republican senators and make it clear that if they plan to vote for Mitch, they can plan on not having your vote when the next election rolls around.

"Let's see who's on the side of Mitch McConnell, who's a member of the Mitch's B***hes Club ... who is it that will actually stand with this guy, because ... he was instrumental in getting nothing done. Nothing," he said. "Mitch McConnell and his ilk are going to be exactly the same as they have always been."

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

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Immediately following the mostly disappointing 2022 midterm elections, many conservatives have rushed to back either rising GOP star Gov. Ron DeSantis or former President Donald Trump for the Republican presidential nomination in 2024.

But Glenn Beck cautioned conservatives not to engage in the post-midterm debate between Trump and DeSantis, saying instead that we are blessed to have both men fighting on the side of freedom.

"I am not going to engage in this and I urge you not to engage in this. We have an opportunity right now to have both of these guys on our side. I want both of them in the fight," Glenn said on the radio program.

"Let's count our blessings of having two great fighters. Can you name one on the Democratic side?" he asked.

"Let's celebrate that we have two of them and let the system work it out. We cannot separate ourselves from one another. If Donald Trump wins the nomination, I am all in. If Ron DeSantis wins the nomination, I am all in. It is really important that we don't divide ourselves. That's what the Democrats do. That's what they need us to do," Glenn continued. "Don't give them what they want."

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


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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