The next step toward 'Modern Monetary Theory'

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One of the cruel realities of the COVID-19 emergency spending measures so far by the Federal Reserve is that over 90% of Fed-launched stimulus programs (totaling well over $4 Trillion in asset purchases and loans, YTD) went directly into the hands of the mega-rich. 82% of CARES PPP loans went to business owners who averaged over $1 Million per year in personal income, and over 95% of Federal Reserve loans went to businesses with more than 500 employees, rather than true small mom & pop businesses.

What the Fed discovered was that the mechanisms it has in place to provide economic stimulus and rescue were inherently limited and targeted to the wealthiest corporations - those that issue stock, issue corporate bonds or debt, and those who already bank at Federal Reserve member banks. The fed launched stimulus-buying programs, but in order to have your company's stocks or bonds rescued by The Fed, you had to have publicly issued debt (Bonds) for the Fed to purchase, or you already had to have stock being traded on one of the various publicly traded US stock exchanges (NASDAQ, NYSE or Chicago Mercantile Exchange). Starting in March, and with 10% cash-backing from the US Government as part of the CARES Act, The Federal Reserve Bank issues trillions of new funds into financial markets, buying stocks (via ETFs) and Bonds directly, to the tune of nearly $4 Trillion.

So, by default, companies that were already large enough to be listed on those types of exchanges got a Fed rescue, whereas smaller businesses, like local restaurants, salons, print shops, dress-makers, etc, those that don't issue stocks or bonds, couldn't be rescued by The Fed. Of the 45 Million jobs lost from March to June, 2020, nearly 90% of those occurred at businesses that employed fewer than 500 employees.

Now, Congress is negotiating a Phase IV economic rescue plan.

What is new in the plan is language that would provide every American a "free" Bank Account at a Federal Reserve Charter-Member bank. The plan is that the US Federal Reserve would work with the IRS to identify, by Taxpayer ID or Social Security number, all Americans who had filed a tax return in the past 3 years, and automatically set up a Federal Reserve Bank account for each of them. This would give The Fed a way to get cash payments directly to each US Taxpayer (or Tax Filer), so the Fed can simply automatically deposit new funds directly into each person's account.

Note this would effectively short-circuit smaller local or regional Banks, Credit Unions, online Banks (eTrade, Ally, etc). Small business owners who had filed Taxes as a Company would also have a Small Business Administration account set up for their business at a Fed Charter bank.

Fed Charter Banks are the megabanks, like Chase Bank, Bank of America, and Wells Fargo.

And poof, just like that, we're 1 step closer to so-called Modern Monetary Theory, also known as Chartalism, where the Government can effectively print money at will (in this case "digitally" print money) and distribute it to citizens and small businesses as they see fit. It's worth noting, the one nuance here, is that The Fed is technically NOT issuing Sovereign Currency.

Remember that The US Federal Reserve is a PRIVATELY-owned banking cartel.

Modern Monetary Theory holds that a Government can never effectively go bankrupt because it can always issue new currency to cover any obligations. However, under the Federal Reserve System, adopted by the US Government in 1914, Congress turned over the right to issue legally recognized "fiat" currency in the US to a private banking cartel. Federal Reserve Notes are legal tender, but technically they are NOT Sovereign Currency, as only a government can issue that. Under the Federal Reserve system, the government would maintain quasi-control over the Banking Cartel in that the President would have the power to nominate the 12 regional Fed chairs along with the Federal Reserve Chairman, and those nominations would require approval by the US Senate. However, that is where the authority of the US Government ends. The Federal Reserve board of governors determines how much currency to issue, and how to spend it - to whom it goes. Their decisions are independent of any elected government body or officials.

Remember that The US Federal Reserve is a PRIVATELY-owned banking cartel. It has dozens of Charter Member banks divided into 12 ' geographic regions' around the US. When new banks are chartered in the US, they can do so as a Fed member bank (they join the Federal Reserve banking cartel), or they can petition to join as a Fed Charter member bank, where they actually agree to buy a certain amount of Federal Reserve stock - which is NOT publicly traded but privately owned by Fed Charter Member banks.

With the Phase IV plan now in front of us, which Trump has indicated he is likely to sign, the provision to automatically set up an individual Bank Account at a Fed member bank indicates Uncle Sam has fully committed itself to MMT and The Fed's monopoly on US Banking, started over 100 years ago, is now nearly complete. They can now issue new currency at will, and decide who would get what funds at their own discretion.

A Russian submarine equipped with a “doomsday weapon” — a nuclear bomb that Russia claims can create a "radioactive tsunami" — has apparently vanished from its base in the White Sea, according to reports.

NATO has reportedly warned that the "Belgorod," a massive nuclear submarine, has "gone missing" from a Russian base in the Arctic Circle, and officials are concerned that Russia could be gearing up to test its advanced weapon system known as "Poseidon" or the "weapon of the Apocalypse."

Meanwhile, the U.S. Navy's newest aircraft carrier, the USS Gerald R. Ford, has suddenly been declared combat-ready after years of setbacks, technology issues, and delays.

On the radio program Tuesday, Glenn Beck detailed just how powerful Russia's "missing" submarine really is and broke down how these "coincidental" current events mirror those that led up to World War II.

"It's really not a good thing ... but the world has gone through things like this before," Glenn said. "In the end, after it's all over, good things can happen. You just gotta get to the other side."

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

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Did the FBI just get away with the BIGGEST armed robbery in US history?

Photo by Joe Raedle/Getty Images

In 2021, an armed group broke into a U.S. Private Vaults store in Beverly Hills and stole $86 million worth of valuables — the largest armed robbery in U.S. history. That "armed group" was the FBI. Now, it appears that the FBI and U.S. attorney’s office in Los Angeles "misled" the judge who signed the warrant for the seizure and still haven't returned the stolen goods to the 700 customers affected, according to newly disclosed court filings.

The details of the government’s alleged deception have come to light in a class-action lawsuit by U.S. Private Vaults customers who say the raid violated their rights, the Los Angeles Times reported. The FBI and U.S. attorney’s office denied misleading the judge, and a spokesperson claimed the warrants were lawfully executed.

On the radio program, Glenn Beck and producer Stu Burguiere reviewed some of the shocking story's details and discussed why incidents like this may become more common.

"None of the customers have been charged with any crimes. Not a single customer, out of the 700, not a single customer has been charged with a crime, but they can't get their stuff back," Glenn noted. "And this is going to happen more and more."

"It's incomprehensible that this stuff goes on in the United States of America," Stu said. "If you were to tell me this happened, you know, in Russia, I'd expect it. The fact that the United States government is claiming and just taking stuff from citizens all around the country with no crime, many times without even being charged, let alone ... conviction."

"Listen to this," Glenn continued. "The lawsuit also claims that some of the box holders who came forward to reclaim their seized property were then subjected to another investigation. If you went to the FBI and said, 'I want my stuff back,' the FBI examined their bank accounts, their DMV records, their tax return, and any criminal history checks."

However, box holders who decided to forfeit their property were also suspected of trying to "avoid becoming an FBI target," Glenn noted.

"So, you're guilty if you walk away and you're guilty if you ask," Stu added.

"This is America, gang," Glenn said. "It doesn't seem like it because it's not a constitutional America. But this is the America we now live in, and it is important that you wake up and stand up. ... God's people have got to start standing up, or we'll lose freedom. The world's freedom will be on our heads."

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

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Glenn Beck: One TERRIFYING thing is clear no matter who caused the Nord Stream pipeline leaks

Photo by Danish Defence/Anadolu Agency via Getty Images

Evidence strongly suggests that the Nord Stream pipeline leaks were the result of sabotage, and U.S. and European officials have been working to discover who could be behind the explosions that damaged the natural gas pipelines running from Russia to Germany under the Baltic Sea.

Was it Russia? Ukraine? Germany? But no matter who carried this out, it has put the entire world in grave danger, because if this is indeed an attack, it means that non-military key infrastructure outside Ukraine is now on the "target menu," warned Glenn Beck on the radio program.

"It is so important for you to understand, this is now a non-military key infrastructure that has been destroyed," Glenn explained. "If Russia thinks we did it, they've already said, 'Nukes are now on the table.' That gives us a green light to use nukes," he added.

"This is non-military key infrastructure outside of the borders of Ukraine. To date, as far as we know, combat targets were either in Ukraine, or were military targets hit inside of Russia by Ukrainian Air Force or special forces. But the target menu now includes key civilian infrastructure: electricity, water utilities, energy production. That makes Russia more dangerous than ever. And that would be true no matter who carried out the attack," Glenn stated.

Now, the Russians are saying the Unted States did it, and the U.S. is saying it was Russia. But no matter who carried out the attack, "We are facing a Cuban Missile Crisis," said Glenn.

"This could end up being the biggest story of our lifetime and ... if it isn't played calmly by every side, this could be World War III," he continued. "Russia has already said that this gives them the right to use nuclear weapons as soon as they find out for sure who did it. That would be catastrophic, absolutely catastrophic."

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

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The White House can try to spin inflation all day long (and it's trying very hard). But you feel the effects of President Joe Biden’s disastrous leadership every time you go to the grocery store or fill up your car. The American economy is on the brink of disaster after less than two years of a Democrat-controlled Congress and White House. And they’ve got plenty more destruction in the works.

The bottom line is they WANT you to get used to a lower living standard. So, what do you do? How do you prepare? What will food and fuel cost in the months ahead? What would the next Great Depression look like? How are you going to feel the effects of ESG and the Left’s war on oil?

On Wednesday night's "Glenn TV," Glenn Beck brings in a panel of economic experts to answer those questions. He’s joined by Carol Roth, former Wall Street investment banker and author of “The War on Small Business,” and Jim Iuorio, a small business owner, stockbroker, and managing director of TJM Institutional Services. While both forecast the worst-case scenario for average Americans, they also offer a glimmer of hope to get us out of this mess.

Watch the full episode below:


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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.