What caused Venezuela to succumb to such destructive poverty? Well its inflation rate of over 900 PERCENT and its GDP decrease of 35 percent likely is to blame. Now, 85 percent of Venezuelans live in poverty. And Glenn is worried America may be heading for the same reality. In this clip, Glenn explains how today’s banking crisis — which began recently with the SVB collapse — inflation, and record-breaking spending by our federal government is sending America down a dark path. But it’s imperative we do NOT panic. Instead, Glenn says, start to prepare your family for what may come…
Below is a rush transcript that may contain errors
GLENN: Hey, I have good news for you. Moody's -- Moody's Investor Service has now downgraded its rating of the entire US banking system. In the latest sign that what president Biden is telling you is not true. Moody's, one of the three major rating entities, downgraded its outlook for the U.S. banking system from stable to negative.
They did this yesterday, to reflect the rapid deterioration of the operating environment following deposit runs at Silicon Valley Bank, Silvergate Bank, and Signature Bank.
In addition to downgrading the entire banking system, Moody's also issued warnings for several individual banks with substantial unrealized security losses. What is an unrealized security loss?
My son is collecting cards. You know, like baseball cards. And he's like, Dad, this one is worth -- and I said, son, it is only worth it, when you sell it.
You can say it's worth anything. And it can even be marked as worth as this. But until you sell it, you don't know what it's really worth.
In the case of bonds, an unrealized loss is: I'm counting on it on my sheet here, to be worth this.
But if I have to sell it today in a panic, I'll lose 25 percent. That's an unrealized loss.
You haven't realized it yet, because you haven't had to sell it. But you, and everyone else knows, that is not worth what you say it's worth today.
That's what's happening. So they say, there is substantial unrealized security losses. With non-retail and uninsured US depositors, that still may still be more sensitive to depositor competition, or ultimate flight.
What that means is: You're not getting paid for your savings, like you could get at Chase. And Chase is seeing all of these people, that are moving over because they're offering more incentive to put your money there and save your money there and have a checking account there.
And so you're making more money over there. Plus, people are worried about their local bank now. And so they're taking their money out, and going to Chase.
I will tell you, if you are in an FDIC insured bank, don't take your money out of the bank. Don't.
What do you -- if all of these banks start to fail, the first thing that will happen are all the local banks will fail.
And they'll fail, because people panic. And they go and take their money out. It's just like It's a Wonderful Life. Mr. Potter is JP Morgan Chase.
They're offering more for your money. They'll give you money now.
Uh-huh. And what happens? Mr. Potter gets more powerful and more wealthy. Don't take your money out of the local bank. Unless it's not FDIC insured.
Once this collapse comes, and it is going to happen, your money, your dollars are going to be worth less and less.
We are headed towards Venezuela. You have to understand that. Hope you live by a zoo, because you'll get the big cat. You'll be able to make lion stew for a while.
We are headed towards a Venezuelan-style collapse. And I don't know when it happens, but it is coming.
There is no way out of this. Just don't panic. And don't pull your money out, unless it's not insured.
You will get the money, just like the people did in Silicon Valley Bank. If it's insured. However, there won't be any money, so they'll have to print the money so you'll only get a fraction of it.
This is why I've told you, please, consider gold or silver, land, anything that has value.
Now, land will have an unrealized loss. Because if you've got land, and you put all your money in land, if you need that money and sell it. You'll sell it for less than you're paying now.
But your money will become worthless. So they are warning -- Moody's is in Trust Financial, Western Alliance. What is it? Comerica, Zions, and First Republic.
European banks are taking a huge hit today. Credit Suisse looks like they may collapse.
And the Dow is down, I don't have the number right here. Last time I looked, it was down 622 points.
This is nothing to panic about. This is exactly what we told you would come.
I, again, do not think that this -- I'm always wrong. Wouldn't it be wild if I was like, this is not it. It will be, you know, a year from now. And this is it.
I'm always wrong on timing. Always wrong on timing.
But this is what it's going to look like.
Meanwhile, you have conservatives, who are on television. In the House. On radio. Everybody saying, we've got to go after Putin and have war!
Please, please, do not march for war. War powers give people all kinds of tools at their disposal.
One thing you have to do, is get on the phone, with your local -- your state, House member. Your state Senate member. And your governor.
And tell them, you must not pass the UCC legislation. I'll give you all the information on this.
But it is -- it is flying through the House and Senate. And governors are ready to sign this stuff.
It has got to be stopped. That will allow only the digital currency, coming from the central bank, to be considered money.
Once the government has this, they control your life entirely.
That is not an overstatement. You need to understand, that right now, your freedom and the freedom of your children are being decided at the highest levels.
And you are not being told the truth, because they won't trust that you won't panic.
I'm telling you the truth on what is going on. And I'm telling you, don't panic.
We make it, if you don't panic. I trust the American people. Now, in 2022, about 20 percent of the US retirement savings, disappeared. Gone.
You lost 20 percent in your retirement fund last year. This last few days, I don't know what the number is.
But you've lost a lot of your retirement savings again. Also, 1939, what portion of the United States wanted to invade Germany, because they invaded Poland? 1939.
12 percent. After December 7th, that number was 96 percent. We are on the verge of a global disastrous war. Financial collapse, very much like Venezuela, is coming.
An AI revolution is at hand, right now. And what is our government doing? Making sure that their money, their power, their wealth, with all of the wealth of their connected friends, goes up, while you and your friends get poorer.
They're going to do this by continuing to destroy our currency, through inflation. Cut one.
VOICE: I can't talk about next week or even next month, but inflation is the worst thing the economy could have, and I think that people underrate that.
If you look in history, every hegemony has been destroyed by inflation, or almost every one. I mean, just go back to Rome. That's what happens. And we have major problems, I think, in this economy right now.
GLENN: Is inflation. Okay.
Now, where is inflation coming from? Spending.
The United States government is trying to restrain your spending by raising interest rates. They're trying to get your small business to stop hiring people. Meanwhile, what are they doing?
They are spending money at a record unheard of in all of human history. This isn't just out of whack with the United States spending. This is the most any people have ever spent in all of human history.
And then they're telling you things like, there was no risk, Officer, at SVB. Did you hear that?
There was nobody that was in charge of the risk. Well, it depends on how you define risk.
I keep hearing this story over and over again. And I thought, there is -- there was a risk manager there. They just weren't looking at the same risk, that you and I would be looking at. You and I would be looking at the risk, to the bank.
To the depositors.
To all the people that have invested. But that's no longer the risk they care about.
They care about the ESG risk. That's why they can't do business with people. You can't do business with people, because their ESG score is not right. Because they're on the wrong side of an issue.
But if they're on the right side of an issue, an extraordinarily risky, financially speaking, it doesn't matter.
Their risk is not as great, as the ESG risk is. That's what happened.
They had -- they had a CRO. A chief risk officer.
They had a risk -- a risk officer at their -- at their bank in -- their -- their arm in England.
And Jay Ersapah, I think is his name.
He was -- his -- his risk. He was looking over the pro diversity initiatives.
Or is it a she? And I don't know.
I mean, it might be a him, who calls herself a -- I don't know anymore, what people are.
But they were the CRO for the Silicon Valley Bank in Europe and Africa and the Middle East.
And she organized a range of LGBTQ+ initiatives. A month-long pride campaign. A safe space for catch-ups with staff.
She moderated the Pride Town Hall, served as a panelist at the banks Global Pride Town Hall. Shared her experience as a lesbian of color.
Her LinkedIn profile indicates that she's had a very successful career, including at Citibank and Barclays and Deloitte. What risk was she managing?
The risk that is the only risk that matters, to the banks, the insurance companies.
Our -- apparently, every -- every part of our government now. And that's an ESG risk.
This is poison. Everything that you have gone through, in the last 12 years, specifically the last five years, you've known this is poison.
But people haven't been willing to stand up and say, and it is killing all of us.
It will enslave our children. People will die, because of the insanity, that is going on.
Just with oil.
Let alone, with the Pentagon. More in a second.
Ruff Greens. If you every day, ate things like potato chips, pizza, ice cream, you would look a little like me.
And probably wouldn't last the longest either. You want to know something crazy? You still probably would be getting more nutrition out of that food, than your dog does out of the kibble you feed him. It's not good.
All of the nutrition is cooked out of kibble food, so it can have a long shelf life.
Your best friend deserves much better than that, don't you think?
I want you to try giving your dog Ruff Greens. It's a supplement, invented by naturopathic doctor Dennis Black, and you pour it on his food.
It's full of all the nutrition, that things like kibble food lack. And most dogs love it.
Ruff Greens wants to make sure your dog loves it. As much as Uno does. They'll give you the first bag for free. You just pay for shipping.
So you order your first bag, feed it to your dog. The next bag will come in. If your dog likes it, great. If not, cancel it.
But I'm telling you, in just a few months, you'll see a huge difference in your dog.
RuffGreens.com/Beck. Ten-second station ID.
Here is the latest on -- from -- sorry.
This is from Joe Biden. Cut five, please.
BIDEN: If we don't keep the temperature from going above 1.5 degrees Celsius, raised. Then we're in real, real trouble. That whole generation is damned. I mean, that's not hyperbole.
Really, truly, in trouble.
GLENN: No. Not hyperbole, to say an entire generation is damned, if we don't stop the temperature from rising.
They actually believed this, or have said it so much, for their own gain, that they now believe it.
Here's what CNN reported, yesterday. Cut four.
VOICE: Look at the fact that oil won't start flowing out of Willow for six years. And at the current rate of electrification and the price of renewables coming way down, the country is not going to need a national petroleum reserve in six years. Experts would say -- energy experts would say.
VOICE: And so practically, who knows how much damage it would do?
GLENN: Who knows how much damage it would do?
But let's go with the experts who have been right about, what?
Tell me what they've been right about. Can you tell me what an expert has been right about in the last five years?
Were they right about COVID? Were they right about global warming?
Because remember, as California is getting dumped on with snow in unbelievable amounts. They were the ones that told you, there would be no snow on any mountaintop in America by 2020.
So what experts has gotten anything right? And we're going to take the word of the experts, that in six years, we're not going to need petroleum.
Well, that doesn't seem like too big of a risk. We're headed towards Venezuela. What happened with Venezuela?
Well, they have an inflation rate of 946 percent.
Their GDP went down 35 percent. Don't worry, only 85 percent of the people live in poverty.
So I wouldn't worry about it.
That's exactly what they did to Venezuela. Is what this group of dangerous clowns, are doing to us now.
It's got to stop!
Please, prepare your family for impact.