Learn more about Glenn Beck's Broke
GLENN: But because of quantitative easing, and let me give you the warning
yesterday, from the Chinese, the unbridled printing of dollars is the biggest
risk to the global economy. This is according to an advisor of the Chinese
Central Bank. He said: Quote as long as the world issues no restraint in global
currencies such as the dollar and this is not easy, then the occurrence of the
crisis is inevitable as quite a few westerners lament." So what does that mean?
Most people don't understand when you read these headlines on the drudge report
today. Oil above 87 -- I'm sorry, oil at $87. Backlash builds against Feds
pumping. Dollar at risk of crashing, triggering inflation. Brazil ready to
retaliate for U.S. move in currency war. Chinese warns Fed move is a huge risk.
Germany concerned. Most people don't understand what any of that means. I'm
going to be cryptic here, because I cannot tell you the names of the people
involved, because I don't have the permission of all of the people involved to
tell you this story. But you know me. You know me well enough to know that I'm
not talking to -- I'm not talking to fringe players. I am talking to people --
when I have told you things about TARP, when I've told you things, it is because
I have enough contacts with people who are not peripheral players but players
that have been in these rooms as things have happened. Yesterday I had a
conversation with somebody. And I had a conversation with somebody who two weeks
ago wouldn't have believed me. And this is a -- help me out here, guys -- this
is an individual who.
STU: Very well connected.
GLENN: Very well connected.
PAT: Knows people in financial circles at upper levels.
GLENN: And has a history that you would know, that you would recognize. And is
in the know. Is in the game with the highest levels. She came to me and she said
to me yesterday that, after the TV show -- and I have been teasing this chart
that is being built for tonight's television show, that shows in 15 days, not
the next 15 days, in any given 15-day period.
PAT: After some major event.
GLENN: Major event, a 9/11 happens, a big event or China. And this is the event
we use. China just says we're not going to buy any more of America's debt. Now,
it could be -- the event could be the Congress and the republicans keep to their
promise and do not raise the debt ceiling. That's a big enough event to trigger
this. From the day that event happens, it will take about 13 days for the world
to change as you know it. And when I say that, I mean everything changes. Global
catastrophe. Global panic. What I told you three years ago, four years ago was
coming, three years ago when it started to happen and they were talking about
TARP, was that three years ago? I think it was. Wasn't it?
STU: Two, right?
GLENN: Two years? When that started to happen, I told you we're headed for a
mountain and we're going to crash into the mountain. You've got to prepare. What
they're trying to do with TARP was take us down into the trees. Well, they have
prepared. Again, the question is, have you? What happens? China says we're not
going to buy any more bonds. The world freaks. And in the few days, the Fed
comes in and they say: We're going to raise rates. We're going to raise the
yield on bonds. So you can make a lot of money. Everybody buy bonds. What
happens? Europe raises them faster than we do, because as soon as people lose
confidence in our bonds, the rest of the world says: Wait a minute, wait a
minute, buy us. So they start competing. Pour your money here. Everybody is
competing. Gold is competing. Food is competing. Everything is competing for all
these dollars that are now no longer going to go into bonds. And so the world
gets spooked. And it lasts about a week. Then things just start coming apart at
the seams. And Asia starts to crash. The Asian markets crash. The European
markets crash. The Dow crashes. I mean, we're talking about serious crashes.
PAT: And this person said that a week ago they wouldn't have believed any of
this scenario, right?
GLENN: Listen to my monologue. Listen to me explain it over the last couple of
days what quantitative easing means and what it means to your food prices, and
then laying out on the board, which I have in the last couple of days, what's
coming tonight, I'm going to show you this tonight, I'll show you this 15-day
scenario. She said she was in a room and she said there were three speakers
there. And these were -- how would you describe these three speakers?
PAT: Heavy weights. Financial heavy weights.
GLENN: Heavy weights. Governmental and outside financial heavy weights.
STU: Non-partisan. Not a partisan group.
GLENN: Yes, people who have been -- people who are viewed as keels, wouldn't you
STU: If I knew what you meant by "keels," then yes.
GLENN: An even steady keel of a ship.
STU: Even keel?
STU: That's what that means. I just knew even keel meant even. I went with the
even part of keel.
GLENN: Something that keeps the ship upright. Somebody that's not one side or
the other. They're just right down the center.
PAT: Even keeled people.
STU: People paid a lot of money to make sure they're making measured decisions.
GLENN: Very measured. First one gets up and they're having this little breakfast
and the first one gets up and says, hey, I want to tell you what I think is
coming. She says -- we're all sitting around going: You gotta be kidding me. She
said the next person gets up and says -- it's actually a little worse than what
he said. She said -- she said now the real guy, who is like rock solid, nobody,
everybody in the room was expecting him to get up and say: These guys, I
disagree with. Instead he got up and he said: It may not happen that way, but
there's a good shot that this stuff happens. And people have to be prepared.
STU: You might expect me to disagree with these two.
GLENN: Yes. But I can't disagree with them. I think there's a chance that this
stuff happens. And people must be prepared.
PAT: And this guy said it wasn't inevitable, right? But there's a good shot.
GLENN: I'm not saying it's inevitable either. I'm just saying that these things
are growing, growing concerns. What people said about they would never -- they
testified a year ago that they would never buy their own debt and they testified
under oath. They're doing it in historic records.
PAT: Because these things are possible, this is why you're shining the light on
it, not to fear monger, but to get people -- I've always disagreed with the
world renowned FDR statement: We have nothing to fear but fear itself. What does
that even mean? We have nothing to fear but being unprepared. If you are
prepared, you need not fear anything, because you've got something -- you've got
a fall-back position.
GLENN: You don't have to worry about -- you don't have to worry about your
retirement if you prepared for your retirement.
PAT: Right. What's scary is retiring and you've got nothing. You're looking
around thinking I've got Social Security, 900 a month?
GLENN: If you've put nest eggs away and you're not in great debt, because you
prepared for the possibility of unemployment, you don't fear unemployment.
PAT: So how do you get prepared in something like this? You get food.
GLENN: You buy food.
PAT: If nothing happens, good.
GLENN: The thing we do know is coming is inflation on food. You'll have
deflation in some things and inflation wherever there's a hard commodity. Oil.
So that means your tires are going to be more expensive. That means anything
made with an oil-based product.
STU: Which is everything.
GLENN: Which is everything, that is going to be more expensive. Gold is going to
be more expensive. But wheat, flour, sugar. Sugar has gone up like 58 percent in
three months, did you know that.
STU: No. How much?
GLENN: Like 58 percent.
STU: Has it really?
GLENN: But the price of sugar hasn't. The commodity sugar has. So what's
happened here is what you're paying for on the shelf has not been passed on to
you yet. And all of these producers, they know -- they've been holding on and
they're like, okay, I can't -- I'm General Mills, I'm hoping this is going to
pass. We'll eat it for a while because, for instance, if we pass on this then
it's going to hurt the restaurants and everything else. And the restaurants are
going to -- they're going to have to pass it on to their customers. Everybody's
been holding on as much as they can because people start to hold onto their
money tighter and that makes things worse. General Mills just came out and said,
it's, what, a five percent increase in cereal. This is before the quantitative
easing. Five percent increase in cereal. Sugar is now going up I think 10, 12,
or 18 percent. All of these things are really starting to climb in price. The
best case scenario is it's going to be more expensive to buy food and gasoline
and oil-based products in the coming months. Tonight I will show you
catastrophic collapse and what it means. In 15 days from an event, a 9/11, let's
be crazy and let's say somebody sends packages with bombs all around the world
and planes fall out of the sky.
STU: That would never happen, come on.
GLENN: I know. A catastrophic event, and how it leads in 15 days to a new world
order. This woman said -- she came up to me yesterday and said: A week ago, a
week ago I wouldn't have believed you. But I sat in this meeting and these guys
said that's what's coming. They think it's a possibility that's really coming.
We all sat there with our mouths open. Now, no one will tell you these things
because they believe that, oh, well, it's crazy and the people are too stupid,
they'll panic. No you won't. You panic when you don't have information. You
panic when you can't see what's around the corner.
PAT: You panic when it's too late to do anything about it.
GLENN: Exactly right.
PAT: That's why this is so important.
GLENN: It's not too late to do anything. Because you -- and I've said this to
you now for a long time. You must be a leader. You must be a leader, because
there will be people that will pull us apart. We must stay together.