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.

The conditions in Afghanistan under the Taliban rule — for Americans, allies, Christians, women and more — continue to deteriorate, and the people there continue to plead that we will not forget them. On the radio program Monday, Glenn Beck gave an emotional update on current evacuation efforts, including the tragic story of one girl — an American passport holder — who was not rescued in time.

"I have a pit in my stomach like I haven't had in a while. What is happening in Afghanistan is both miraculous and horrendous," Glenn began. "What's going on right now one of the most amazing things I've ever personally witnessed — the evacuation of Americans, those [Afghans] who helped us, Christians that are dying, women that are under incredible conditions. I see things that I can't show you. I see the pleadings from people who are in safe houses, 'Please, don't forget us.' I see what they're being sent by the Taliban.

"If I die today, my entire life will have been worth it for what you have helped get done, in just the last three weeks. You have saved well over 5,000 people," he continued.

Fighting back tears, Glenn added, "I ask that you pray for those in the Middle East, that are in the midst of doing work, that a Moses-style miracle will happen. ... There are several people that are in dire need of medical care. Friday, we told you — along with the congressman from Oklahoma [Rep. Markwayne Mullin] who had just returned — [about] a father and two daughters that were blue passport Americans, and a mother who had a permanent residence, a Green Card. The daughter was very ill. And they thought, that if we couldn't get her out of there, that she would lose her legs. I got a call on Saturday morning, that we were too late, that she didn't lose her legs. She lost her life, waiting. There are now two Americans, instead of three."

Glenn showered his audience with gratitude, repeating that "well over 5000" lives have already been saved because of their incredible generosity, but lamented that there are still thousands more people yet to be saved.

Watch the video clip below to hear more updates from Glenn:

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To donate to these rescue efforts, visit NazareneFund.org or MercuryOne.org.

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Megyn Kelly pulled her sons out of the private elementary school they attended after she learned that the boys were asked "weekly" if they were still sure they were boys. But that's not all that this "experimental transgender education program" taught.

Megyn joined Glenn Beck on the radio program to tell the story, which she thought had ended when the school apologized, and to talk about what's next for America as our leaders refuse to promote actual psychological support for our kids and instead "parade" transgenderism as the solution to their problems.

"When [my son] was in third grade, I found out they unleashed a three-week experimental transgender education program on these boys, with really inappropriate videos. The kids were confused. These are 8- and 9-year-olds, Glenn. They have no idea what the school is even talking about with the trans thing. They got really in-depth, with really in-your-face videos — and then parents complained. And the school did something it hasn't done in its 400-year history, which was they apologized. Even they realized they had done wrong," Megyn explained.

"But, then I said to my son a year later, so did they ever round back to the trans thing? Like, whatever happened with it? And he said ... they bring it up every week. ... [They ask] how many people here still feel confident that they're a boy? Do you still feel sure you're a boy?" she continued. "This is not support. This is not nonbullying. This is indoctrination. And it's deeply confusing to the children, and wrong."

Megyn went on to give examples of how she's seen trans ideology turn "support, nonbullying, kindness, friendship, allyship, on its head."

"The absolute surrender of the medical community to this insanity is a scourge on this nation. It's disgusting what is happening with our doctors," she added. "There are people who are legitimately transgender, or who have gender dysphoria. And for those people, we should be supportive and they should get the care that they need. But what we've done instead, is taken everyone who expresses any kind of gender confusion and said, you're trans. You're trans. And we have our psychiatrists doing this."

"It's crazy," Megyn asserted. "The fact that we're doing this so willy-nilly in the name of allyship and support, it's abusive. It's criminal."

Watch the video clip below to catch more of the conversation:

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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.

"Never forget" is not only a tribute to those we've lost, it's a warning that it could happen AGAIN. On "Glenn TV" Wednesday, Glenn Beck looks back 20 years ago to the modern generation's Pearl Harbor moment. A day of infamy we're STILL feeling repercussions from.

But in remembering 9/11, we need to look toward the future because the Biden administration is setting us up for the NEXT 9/11. They bungled the Afghanistan withdrawal, and now we have video of top al Qaeda commanders — who served with Osama bin Laden — returning to the country. But could America survive another terror attack?

Glenn asks former NYC Mayor Rudy Giuliani, the leader who brought America back from the brink. He tells Glenn about the moment he learned the Twin Towers were struck, the actions he took to prevent more terrorism, and if he thinks NYC could survive another attack under Mayor de Blasio's leadership.

Glenn is also joined by Rev. Johnnie Moore, author of "The Next Jihad." He warns that Biden's policies in the Middle East are Obama 2.0, and "if you thought ISIS was bad, you haven't seen anything yet. We must keep our eyes on Iran."

Watch the full episode of "Glenn TV" below:


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.