The next step toward 'Modern Monetary Theory'

Wikimedia Commons

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.

For the first time in the history of "The Glenn Beck Program," former President Donald Trump joined Glenn to give his take on America's direction under President Joe Biden compared to his own administration. He explained why Biden's horrific Afghanistan withdrawal was "not even a little bit" like his plan, and why he thinks it was "the most embarrassing event in the history of our country."

Plus, the former president gave his opinion on China's potential takeover of Bagram Air Base, the Pakistani Prime Minister, and Gen. Mark A. Milley, chairman of the Joint Chiefs of Staff.

Glenn asked President Trump how similar the Biden administration's withdrawal from Afghanistan was to his administration's plan.

"Not even a little bit," Trump answered. "We had a great plan, but it was a very tenuous plan. It was based on many conditions. For instance, you can't kill American soldiers. ... You have to understand, I did want to get out. But I wanted to get out with dignity, and I wanted to take our equipment out. And I didn't want soldiers killed. ... What [Biden] did was just indefensible. He took the military out first and he left all the people. And then we became beggars to get the people out. I had a plan to get them out very quickly. But first, the Americans would go out."

Trump told Glenn that his plan included maintaining Bagram Air Base and explained why he would not have left "a single nail" behind in Afghanistan for the Taliban to seize.

"We were going to keep Bagram open," he explained. "We were never going to close that because, frankly, Bagram is more about China than it is about Afghanistan. It was practically on the other border of China. And now we've lost that. And you know who is taking it over? China is taking it over. We spend $10 billion to build that base. It's got the longest, most powerful runways in the world. And China has now got its representatives there and it looks like they'll take it over. Glenn, it's not believable what's happened. You know, they have Apache helicopters. These are really expensive weapons, and they have 28 of them. And they're brand-new. The latest model."

Glenn mentioned recent reports that Gen. Milley, America's top military officer, made "secret phone calls" to his counterpart in China while President Trump was in office.

"I learned early on that he was a dope," Trump said of Gen. Milley. "He made a statement to me — and I guarantee that's what happened to Biden — because I said, 'We're getting out of Afghanistan. We have to do it.' And I said, 'I want every nail. I want every screw. I want every bolt. I want every plane. I want every tank. I want it all out, down to the nails, screws, bolts ... I want every single thing. And he said, 'Sir, it's cheaper to leave it than it is to bring it.'

"The airplane might have cost $40 million, $50 million ... millions and millions of dollars. So, you think it's cheaper to leave it than to have 200 pilots fly over and fly all the equipment out? ... I said, you've got to be nuts. I mean, give me a tank of gas and a pilot and I just picked up a $40 million-dollar airplane. It was amazing. So, I learned early that this guy is a dope. But what he did, is he hurt our country ... and he shouldn't have been allowed to do it. And bad things should happen to him."

Watch the video clip below to catch more of the conversation or find the full interview on BlazeTV:


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.

In a shocking but underreported conversation ahead of the G7 Speakers' meeting in London last week, Democratic House Speaker Nancy Pelosi admitted that the administration knows China is committing "genocide" against the Uyghurs in the Xinjiang region, but thinks working with the regime on climate change is more important.

On the radio program, an outraged Glenn Beck dissected Pelosi's speech and broke down how — along with the Biden administration's abandonment of Americans in Afghanistan, and the Democrat decision to follow measures of medical "equity" — the far left is revealing how little they really care about human life.

Glenn played a video clip of Pelosi making the following statement:

We've always felt connected to China, but with their military aggression in the South China Sea, with their continuation of genocide with the Uyghurs in Xinjiang province there, with their violation of the cultural, linguistic, religious priority of Tibet, with their suppression of democracy in Hong Kong and other parts of China, as well – they're just getting worse in terms of suppression, and freedom of speech. So, human rights, security, economically [sic].

Having said all of that ... we have to work together on climate. Climate is an overriding issue and China is the leading emitter in the world, the U.S. too and developed world too, but we must work together.

"We have Nancy Pelosi admitting the United States of America knows that they're not only committing [genocide], they're continuing to commit it. Which means, we've known for a while," Glenn noted. "And what does she say? She goes on to say, yes, they're committing genocide against the Uyghurs, but having said that, I'm quoting, 'the overriding issue,' is working together on climate change.

"Would we have worked with Hitler on climate change? Would we have worked with Hitler on developing the bomb? Would we have worked with Hitler on developing the Autobahn? Would we have worked with Hitler on his socialized medicine? Would we have worked with Hitler on any of his national, socialist ideas?" he asked.

"The answer is no. No. When you're committing genocide, no! She said 'we have to work together on climate,' because climate is the 'overriding issue.' The overriding issue? There is no way to describe this mindset. That, yes, they are killing an entire group of people because of their ethnicity or religion. They are systematically rounding them up, using them for slave labor, and killing them, using their organs and selling them on the open market. They are nothing more than cattle. For us to recognize it and do nothing about it is bad enough. But to say, 'we recognize it, but we have bigger things to talk to them about,' is a horror show."

Glenn went on to urge Americans to "stand up together in love, peace, and harmony," or risk watching our nation become the worst plague on human life yet.

Watch the video clip below to hear more from Glenn:


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.

The fall of Lehman Brothers in 2008 marked the largest bankruptcy filing in U.S. history and economic collapse was felt throughout the world. But now China's own version of Lehman Brothers, Evergrande, is teetering closer and closer to that edge, too. On the radio program Thursday, Glenn Beck gave the latest update and predicted how it will affect Asian markets and what it could mean for America's economy.

Glenn explained why he believes a major collapse that is happening now in China will have a cascading effect into a "controlled collapse," a managed decline that will dramatically change America's economy and the way we all live.

"You will not recognize your lifestyle. Hear me," Glenn warned. "And that's not a right-left thing. That's a right-wrong thing. We're on the wrong track. I'm telling you now, there's new information and you are not going to recognize the American lifestyle. ... It could happen tomorrow. It could happen in five years from now, but it will happen. We are headed for a very different country. One where you don't have the rights that you have. And you certainly don't have the economic privileges that Americans are used to."

"The same thing that happened in 2008 is now happening in China," Glenn continued. "This time, it's going to take everything down. When it collapses, it will take everything down."

Watch the video below to hear Glenn break down the details:

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.

Justin Haskins, editorial director of the Heartland Institute, joined Glenn Beck on the radio program to expose a shocking conversation between two Great Reset proponents — Klaus Schwab, chairman of the World Economic Forum, and Christine Lagarde, president of the European Central Bank (Europe's equivalent to the Fed).

The way Schwab and Lagarde discuss the role central banks should play in establishing societal norms, determining your way of life, and defending against potential crisis is proof that the Great Reset is upon us, Justin explained. And the scariest part is that they're not even trying to hide it. The entire, unbelievable conversation has been published on the WEF website, which you can read here.

Glenn read an excerpt from the conversation:

Christine Lagarde: At the ECB, we have now wrapped up and concluded our strategy review, which was the first one in 17 years. And I was blessed to have an entire Governing Council unanimously agree that the fight against climate change should be one of the considerations that we take when we determine monetary policy. So at least the European Central Bank is of the view that climate change is an important component in order to decide on monetary policy. ...

Can we arrive at that trade-off between fighting climate change, preserving biodiversity and yet securing enough growth to respond to legitimate demands of the population? And my first answer, Klaus, to be firm, is that to have a way of life, we need life. And in the medium term, we do have major threats on the horizon that could cause the death of hundreds of thousands of people. So we have to think life, first. We have to think way of life, second. ...

So we have to think life, first. We have to think way of life, second. How can we come together to make sure that we secure the first priority, which is life, and also protect the way of life that people have? And make sure that the cost of it is not so high for some people, that they just cannot tolerate it. I think that the trade-off that we reach will probably require some redistribution, because it is clear that the most exposed people, the less privileged people are those that are going to need some help.

"Do you understand, America, what that means?" Glenn exclaimed. "You have elites, that you never elected, that are having these meetings ... deciding what is a legitimate need for you. And telling you that your needs are going to go away in your lifetime. You may not see a time where you get wants again. Just your needs are going to be addressed. Am I reading this wrong?"

"This is absolutely what is being said here," Justin agreed. "She's very clear that we need to make sure that way of life is second to life. We have to save all these people, hundreds of thousands of people are going to die from this supposedly existential threat of climate change. And their wants, and their desires, and their quality of living, all of that has to come second."

"This is a central bank saying this. This is not an elected official, who is accountable directly to the people. This is a central bank saying, we're going to print money. We're going to use monetary policy, to impose these ideas, to rework society in order to accomplish our goals," Justin added, addressing Lagarde's call for "some redistribution."

Will Great Reset elites — not elected by the U.S. — soon be dictating to the rest of the world? Watch the video clip below to hear Glenn and Justin break it down:

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.