Glenn Beck: Dollar reacts to Fed rate cut

GLENN: 888-727-BECK, 888-727-BECK. Go to Stephen Moore who is chief editorial writer of the financial section of the Wall Street Journal. Hello, Stephen.

MOORE: Good morning, Glenn.

GLENN: I know this is out of your purview here but I have to ask you your thoughts on Obama's speech yesterday.

MOORE: I didn't see it. You know where I am? I'm in the Colorado mountains trying to get away from it all for a few days.

GLENN: Oh, no, you are kidding me. Well, then why would -- I'm sorry, Stephen. I didn't know that you were on vacation. You shouldn't be answering your phone.

MOORE: Did this have to do with his minister?

GLENN: Yeah, you are not even watching -- you are so disconnected from the news, you are not watching any of this?

MOORE: Only the financial news.

GLENN: Oh, goodness, yeah. It's about as good, it's out of control.

MOORE: Look, I think this is a big problem for Barack Obama because, you know, people -- he has been the candidate who's trying to bring the races together but it just makes him look so hypocritical, the fact that he's been a member of this church and he's gone to this -- you know, it's not like he chose -- this pastor chose him. He chose this pastor.

GLENN: Yeah. And you know what's really weird is he's denying, you know, that he had -- you know, he's never been a political advisor. "He's my pastor" was one of the quotes, but that's not true. According to Bloomberg he was on an advisory committee and he forced him to resign. I mean, you know, the guy who's, you know, a more straight talker than John McCain is lying about this and it's just, it's not good. It's not going to --

MOORE: It also reinforces the fact that, you know, I always called Barack Obama the Manchurian candidate because we don't know anything about this guy. Three years ago he was a back bencher in the Illinois state Senate.

GLENN: All right. Let me change subject here. I know you've been away. So hopefully you've been following everything. Real quick nutshell question here is everybody's celebrating Bernanke, everybody's saying this is all great, this is great for Wall Street, yada, yada, yada. I know you and I have talked before about the dollar. I'm concerned about the falling dollar. I saw three stories today in the Netherlands: They are no longer exchanging the dollar unless it's a major bank because these currency places don't want the dollar. Vietnam is trying to unpeg completely now from the dollar and the Gulf region is saying now their inflation is so bad, they may have to unpeg from the dollar.

MOORE: Yeah. And, you know, one of the reasons the U.S. economy has been so strong over the last 20 years is because the dollar has been strong. And as Reagan put it, you know, we were going to make the dollar as good as gold again. And if you look at the numbers right now, if you look at, you know, 2001, gold was selling at $300 an ounce. Today it's selling at $1,000 an ounce. So that is the very definition of a currency that is falling in value and a currency that is inflated, and we have inflation now in the economy and we have a extremely weak dollar and this is, I think, the biggest problem with the U.S. economy, even bigger problem than the housing crisis. We can get beyond this housing crisis but we cannot get beyond -- we're not going to grow as an economy if our currency is devaluing in value.

GLENN: Right. And so the only way to revalue your currency is to do the opposite of what the Fed is doing.

MOORE: I could not agree more. You know, the Fed, I think, made a big mistake yesterday. I think lowering interest rates just pumps more dollars into the economy at a time that the Fed probably should be pulling back on the number of dollars. I mean, it goes back to your basic Economics 100 course which is that inflation is too many dollars chasing too few goods. There are too many dollars out there right now, Glenn, and it makes no sense for the Fed to be putting more dollars out there.

GLENN: Okay. I'm doing a story tonight, Stephen, on TV about, we have an expert on the Japanese financial crisis.

MOORE: Yes.

GLENN: And, you know, how they were just leading the world and everything was great. The Fed is doing exactly what the Japanese did which destroyed their economy for a long, long time. But the one fundamental difference is that they were savers and they were selling us televisions. So their economy kept going because they were selling us cars and televisions. We're consumers. We're buying the televisions and the cars. So once we stop -- and we don't save. Once we stop spending, there is no more engine left in this car. Right or wrong?

MOORE: Well, I think that's the reason why if the U.S. economy goes into a recession -- I think we are in a recession right now -- the rest of the world cannot delink from the United States because we're the consumers who buy all the products from the rest of the world. But, you know, your Japan analysis is an interesting one because Japan went through a ten-year recession, a ten-year recession because, you know, the stock market in Japan fell by 2/3 over 10 years. Now, I don't think we're headed into that kind of dire situation but it shows what happens when you lose control of your currency.

GLENN: You and I sat down to dinner, I don't know, eight months ago, six months ago and you said you're worried about a spiral of the dollar that all of a sudden it could just spiral out of control. Are we at the same place? Is your fear less, greater, or about the same?

MOORE: Oh, my goodness. I mean, back then when you and I had dinner, I think the dollar was selling -- I mean, gold was selling at about $750 an ounce. Now it's $100. I mean, the reason we have $110 oil today, a barrel of oil sells for, like, $110 is because of the devaluation of the U.S. dollar.

GLENN: What happens, Stephen, if these countries unpeg from the dollar?

MOORE: It makes our economy weaker. We've always benefitted from the fact that the dollar has been the reserve currency around the world. I mean, it used to be that you could go anywhere in the world from, you know, Russia to Cuba and what everybody wanted was dollars. I know you've traveled around the world. You know that. And now people thumb their nose at the dollar. I mean, my goodness, the Canadian dollar's now worth more than the U.S. dollar.

GLENN: Stephen, you're a smart guy. I'm a self-educated guy. I can see this. You can see this. All you have to do is read history. It's almost as if we're being devalued intentionally. Any chance -- I mean, I know this is conspiracy lane, but how are these really smart people doing these things?

MOORE: You know, I was just wondering that. You asked the same question. I've been scratching my head wondering the same thing. I mean, what I'm very worried about, Glenn, is not so much a recurrence of what happened in Japan but rather what happened in the U.S. economy in the bad old days of the 1970s. You know, think about the 1970s. We had high inflation, rising taxes and government spending out of control. Now, gee, doesn't that sound familiar. That's exactly what's happening today. We've got rising inflation, we've got the Democrats talking about raises every tax they can get their hands on, we've got the government spending out of control. This is the 1970s all over again. It's the 1970s show.

GLENN: You've got to -- you go to the nearest town and get a copy of today's Wall Street Journal and read the editorial by Rahm Emmanuel, a new deal for the new economy.

MOORE: It's horrible.

GLENN: You read it?

MOORE: Yes. It's unbelievable. These guys really think that we can spend our way out of this crisis. I was watching CNN the other night and they had Al Franken. Do you know who Al Franken is?

GLENN: Unfortunately, yes.

MOORE: He's running for state Senate in Minnesota. The guy does not have his tray table in the upright locked position. This is a guy who thinks all we have to do in the government is spend more money and we won't have a recession.

GLENN: I'm going to let you go back to vacation. Sorry to get you all riled up so early in the morning out in Colorado. I appreciate it, Stephen, we'll talk to you again soon.

MOORE: Okay, see you, Glenn.

GLENN: All right. Bye-bye.

On the radio program Friday, Glenn Beck discussed the recent news that a primary source for the Steele Dossier — the document on which much of the Trump-Russia collusion investigation was based — had been investigated by the FBI for contacts with suspected Russian spies. Glenn also shared several previously unpublished texts and emails from FBI agents have recently been released.

According to a letter sent by Attorney General William Barr to Senate Judiciary Committee Chairman Lindsey Graham (R-S.C.) on Thursday, the FBI knew early on that the research compiled by ex-British intelligence agent Christopher Steele relied on a "Primary Sub-source" that had been "the subject of an FBI counterintelligence investigation from 2009 to 2011 that assessed his or her contacts with suspected Russian intelligence officers" — but still used it to obtain warrants to spy on former Trump campaign-aide Carter Page.

But, it gets even worse. Now, new leaked texts and communications from FBI agents within the department at the time of the entire Russian collusion effort were disclosed in federal court filings on Thursday. According to the court documents, FBI agents purchased "professional liability insurance" to protect themselves in January 2017, just weeks before Donald Trump was inaugurated president, because they were concerned about the agency's potentially illegal activity during the Russia collusion investigation.

"Trump was right," one FBI employee wrote in response to then-President-elect Trump's Jan 3, 2017 tweet which read: "The 'Intelligence' briefing on so-called 'Russian hacking' was delayed until Friday, perhaps more time needed to build a case. Very strange!"

Watch the video below for more details:

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Chief researcher Jason Buttrill joined Glenn Beck on the radio program Thursday to discuss an "explosive" new report released Wednesday by Senate Republicans on Democratic presidential nominee Joe Biden's son, Hunter Biden, and the Ukrainian energy company Burisma.

Among other serious allegations, the 87-page report claims that "Hunter Biden received a $3.5 million wire transfer from Elena Baturina, the wife of the former mayor of Moscow," and the richest woman in Russia.

"The transactions discussed [in the report] are designed to illustrate the depth and extent of some questionable financial transactions. Moreover, the financial transactions illustrate serious counterintelligence and extortion concerns relating to Hunter Biden and his family," the report stated.

Jason suggested the Senate's findings provide additional evidence to back allegations of a money-laundering scheme, which Glenn detailed in a four-part series about Biden's shady connections to Ukraine. Learn more on this here.

"Laundered money is very hard to track to its finality," Jason explained. "I'm sure the Biden camp is really hoping that it just looks suspicious, but [investigators] don't ever find the eventual end point. But, if they do – and it's possible they already have – this is going to be explosive, very explosive."

Watch the video below for more details:

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Revolutions rarely happen overnight. The Left started laying the groundwork for November 3, 2020, the moment Hillary Clinton had to concede the 2016 election to Donald Trump. It was always solely about getting rid of President Trump — and there's a playbook for that.

Last week, Glenn Beck showed you the "Seven Pillars of Color Revolution" written by a former U.S. diplomat, which are the conditions that must be in place for a successful Eastern European-style "Color Revolution." The left seems to be pushing for a Color Revolution this election because they are using the exact same playbook.

In part two of this series, Glenn peels back the layers on the first four of these Color Revolution pillars to show you how they work and what the end goal is. And he reveals one of the architects of the playbook – a Color Revolution specialist, former ambassador, and former Obama administration official who is one of the key masterminds of this revolution.

Joining Glenn is political campaign veteran and BlazeTV host Steve Deace who says the polls that claim Biden is leading the race "are trash." We're being set up to believe that if Trump wins in spite of the polls, it must be an invalid election.

Watch the full video below:


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Sen. Ted Cruz: NOBODY should be afraid of Trump's Supreme Court justice pick

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Sen. Ted Cruz (R-Texas) joined Glenn Beck on the radio program Wednesday to weigh in on President Donald Trump's potential Supreme Court nominees and talk about his timely new book, "One Vote Away: How a Single Supreme Court Seat Can Change History."

Sen. Cruz argued that, while Congressional Democrats are outraged over President Trump's chance at a third court appointment, no one on either side should be afraid of a Supreme Court justice being appointed if it's done according to the founding documents. That's why it's crucial that the GOP fills the vacant seat with a true constitutionalist.

Watch the video below to hear the conversation:

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