Glenn: Bank collapses & inflation hint it’s time to PREPARE

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.

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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.

833-Glenn-33. 833-Glenn-33. 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.


How They'll Use the Banking Crisis to Control YOU | Glenn TV

A few days ago the White House tweeted: “Our economy is moving in the right direction under President Biden’s leadership.” Does it feel that way to you? Or does it feel like the administration is moving it in a direction that ENSLAVES people like you and me? Glenn heads to the chalkboard to show the ACTUAL state of our economy and asks: Were the collapses of Silicon Valley Bank, Signature Bank, and Silvergate Capital fluke closures, or were they part of a much larger, systemic problem? And will the Biden admin use the banking crisis to move us closer to nationalization and a central bank digital currency? Forbes magazine editor in chief Steve Forbes tells Glenn that central banks “must NOT have digital currencies.” It will be the ULTIMATE oppression and the end of privacy and freedom as we know it. He also slams the Fed’s moves to “create money out of thin air,” warns the audience of other economic problems yet to come, and reveals the REAL way to fight inflation.


WATCH: Biden won’t answer questions & then BLABS too much?

In typical Joe Biden fashion, the president refused to answer reporters' questions about the Silicon Valley Bank closure — and about our potentially imminent banking crisis — after his speech on Tuesday. But he DID blab about something else…watch this clip to find out what Joe said that he probably should’ve kept to himself…


Glenn: Be ‘healthily’ TERRIFIED of the coming banking CHAOS

‘I don’t think people understand the destruction that is coming our way,’ Glenn says. ‘This is going to happen. It’s just a matter of when.’ In this clip, Glenn is joined by financial expert and author of ‘The War On Small Business,’ Carol Roth. They discuss the recent Silicon Valley Bank (SVB) closure, why it occurred, and how small entrepreneurs have to ‘play by the [banking] rules,’ whereas big businesses do not. Plus, Glenn explains why he thinks Americans should be terrified of what’s to come…terrified in a ‘healthy way,' of course.


Below is a rush transcript that may contain errors

GLENN: Carol Roth, welcome back.

CAROL: Hi, Glenn. What a crazy couple of days here, never -- never ceases to amaze. Doesn't it?

GLENN: No, it -- it really doesn't.

First of all, let me get your reaction. We spoke on Friday. On the Friday exclusive, that I do for the Blaze TV.

And this story was just breaking.

CAROL: Yes. Correct.

GLENN: So they bailed everything out, with the FDIC.

But this isn't just the depositors, that they bailed out.

I'm for FDIC, covering depositors. But they just changed the law, with a stroke of a pen. Did they not?

I mean, you had $400 million in that bank. It says clearly on the door, deposits up to 250,000.

CAROL: Yeah. You know, I have a different take on this, than a lot of people that I've been talking to. Some friends and colleagues.

You know, they did not do what I would consider to be a full bank bailout. They did not protect the shareholders. They showed management the door. So, you know, the people who should be taking on risk, took on the risk. In terms of the depositors. I mean, you could say, oh, why should these tech companies be saved?

But I challenge people to change the name. If it wasn't called Silicon Valley Bank. If it was called the small business bank of Iowa, would you want those small businesses to be at risk?

GLENN: Well, there is -- there is a difference.

In those small businesses. And I'll tell you what the difference is. There's no way in hell, this federal government would bail out a small business bank, in a red state. I just don't believe it.

PAT: That may be the case. But at the same time, if you think about the potential contagion.

And, in fact, we could use this now as a benchmark. To say they've done it before. That God forbid, the small business bank of red state were to fail in the future.

But if you think about just the ripple effects, the example I like to use is Etsy.

Etsy is a marketplace. Where artisans and small entrepreneurs do crafts. And they sell them. Etsy had all of their working -- or not all of their capital. A large portion of their capital with Silicon Valley Bank.

So if that money were to have gone away, they wouldn't have been able to pay all of the entrepreneurs.

The same thing with a payroll company. They had their money with Silicon Valley Bank. And so another company wouldn't have been able to pay their entrepreneurs.

So that kind of reverberation throughout the system. And then not quelling the fears, that this could happen again, and potentially taking down not just other regional banks, but having contagions up to big banks. It would have been really bad for everyone.

GLENN: So, but wait.

I agree with you. I agree with you, that it would have been horrendous. Okay?

However, I had under the FDIC limit in Silicon Valley Bank for one of my businesses.

We ran our payroll through Silicon Valley Bank.

CAROL: Okay.

GLENN: We never put more than 250 grand in that. We never do it. Unless we care to lose it.

So why do I have to play by the rules, and expect that I'm not going to get something, but all of the big guys, will always expect, oh, well, they're going to bail me out. I'm too big to lose. I'm too big to fail.

CAROL: Yeah. Listen. This is sort of an expectation sort of game. But the reality is, that we didn't want to have that failure happen. And this was a bank that was very different than some of the other failures that had happened before.

I mean, this was not about making to their I can do loans or derivative products. This was really a liquidity issue, that should have never gotten to the panic. And I think that's the bigger issue. The way this was communicated.

The hubris. The fact that the head of Silicon Valley Bank. Sat on the board of directors, on the San Francisco fed. And didn't anticipate, that it might not be a good idea to lock up money for ten years of treasury.

There are a lot of really weird questions here.

And I think we can certainly debate, you know, what -- what we should do on a go-forward basis. But we have to have faith in the banking system, and for companies to take their cash management and now have to go through paperwork. And chop it up into little blocks so that they can be covered. And have it in all kinds of different banks and different accounts. Isn't particularly efficient.

So I think the insurance program, probably needs to be relooked at. And I think that's --

GLENN: But you can't just write the rules as you go.

CAROL: They do all the time, Glenn.

GLENN: That's wrong. I know. And it's wrong to do that.

CAROL: This is not the first time.
So it's definitely wrong to do that, but they're going to do it on an ongoing basis. This was not the time to put the flag down and go, no. This isn't the time to do it. It was a very sort of practical decision. Yes, in principle, we need to fix the underlying system.

But as I said, let's not pretend that capitalism in the United States. We've had the fed who is --

GLENN: Oh, no, it's not capitalism.

CAROL: On a historic basis. So I won't sit and complain, oh, this is some affront to capitalism, that didn't actually exist.

GLENN: No. The Fed is completely out of control. Overstepped. And all of the -- you know, the big banks. The really big banks.

They are rolling with our cash.

CAROL: Rolling in dough. Literally.

GLENN: Yeah. So let me go back to the bonds, a second.

They locked these treasuries up for ten years. And they -- when the interest rates go up, they lost about 25 percent on their bonds. If they tried to sell them in an emergency.

They were going to lose 25 cents on the dollar.

That's what caused the panic.

Because if you lose 25 cents on the dollar, you don't have enough to cover all of the things that you have covered.

CAROL: Let me add one more thing that added into the panic, because this was on paper.

Should they held them to maturity, there would have been no problem.

Like you said, only in an emergency. What happened, is that within Silicon Valley, because interest rates were rising and the bank was only paying a small amount on deposits, you could pull your money out. And park it into a Treasury bill now. And get, you know, 5 percent without very long duration.

So you had more depositors pulling their money out, than they had model and had expected, in this rising interest rate environment. As well as probably companies that needed more operating cash because of the economy.

So they didn't have that expectation.

And that sort of mismatch, in saying, oh, wait. We have a liquidity need. Because we didn't estimate for this.

That's what forced them to sell the bonds. At that loss.

And then created this panic.

GLENN: And that's where this boob, that is sitting on the Federal Reserve Board, in San Francisco.

These guys are -- I'm convinced, these guys are arrogant morons.

However, how many other banks have put their -- their money into longer term treasuries?

CAROL: Oh, I mean. It's throughout the system.

GLENN: So wait.

CAROL: Wait. Wait. Wait.

GLENN: Go ahead.

CAROL: If you take Bank of America. They also had a situation, where they had to take a big loss on selling treasuries.

The difference is they have a large and diversified business. They only had 69 percent of their liabilities being deposits. Where Silicon Valley bank it was 89 percent. They have a lot of retail deposits, that were under the threshold. They have investment trading. And wealth management. And all these other things.

So for them, it wasn't an issue. But on a smaller scale, for a bank, that really does rely on that deposit business. And because they had so much of that, as these smaller business deposits, that were uninsured, that made it different, than it was for let's say some of these bigger banks or banks that were --

GLENN: Right. But, you know, I'm looking at banks, like, you know, JP Morgan Chase.

All of that. They're fine.

They have plenty of money. And they're going to get all the depositors, as the little banks go out.

CAROL: Exactly. Let's underscore that point.

GLENN: What I'm asking you is: How -- what gives us any indication that this is -- that it's over?

That we're safe now? I mean, it might be because right now.

But this is going to happen again.

CAROL: So that's exactly why they put out the press release, that they did. You know, the fed and the Treasury.

And that very comforting statement from our president. I'm sure that gave you all the confidence in the world.

GLENN: Oh, yeah. I'm stuffed.

CAROL: But that was the point. Is the reason that those depositors pulled out their deposits, is because they were worried it wasn't going to be backstopped. And if there was this liquidity issue that was incurred. Oh, boy. What are we going to do?

Yes. There are other banks that are probably in the same situation. But if their customers don't panic and pull their deposits, and they have the time to pull the liquidity poll.

Then that's what that statement was meant to do.

Now, it really just depends on the temperament of individuals and businesses. If you believe that, if you believe they'll step in and back us up, then you're not pulling out the money, these companies -- the banks can deal with it.

And if you don't, then we will see more of this. Certainly, I think particularly Silicon Valley Bank was different than Silvergate and Signature that had more crypto exposure.

I would imagine those that have more exposure to crypto will probably see some additional issues.

But Silicon Valley Bank being that second largest bank to fail in history, one of the top 20 banks in the US. Systemically important.

As you said, plugged in and connected. It was just a different -- a bit of a different animal.

But, Glenn, I do want to go to that point you made.

This is really huge. Just like they closed down the small businesses during COVID. And all of that went over to the big guys.

You know, the big guys couldn't really step in. There's laws in place, about buying more deposits.

But what has happened in letting this play out, the way it does, is people have just decided to organically move their deposits. So JPMorgan and Citigroup. Like, they're having a field day. So much so, that Jamie Dimon just bought something like 26 million dollars' worth of JPMorgan stock. Because she's doubling down, because he knows all those depositors are rolling in. And he did not have to pay a red cent for them. The great consolidation continues.

GLENN: All right. Hang on just a second. Can you spend the hour with me?

CAROL: Yeah, of course!

GLENN: Because I've got a ton of questions on this.

We'll come back in just a second. Certain kind of person out there, and you know them when you see them.

One that fits in the category of above and beyond. Somebody who is -- they usually just love their job, and they love serving people.

They love to see their customers really, really happy.

Those are the kinds of people that we look for, when we're looking for real estate agents, that can represent you, when you're buying or selling your home. You need somebody who really loves serving you, who has compassion for people. And cares about people. And wants to do the best for them.

That's also the best way to make money. Best way to be successful is just to serve and overserve your customer.

Because they're -- they always go away happy. And then you've got more customers coming your way. We look for the people like that, who also have the best track record.

And they meet our standards. And we have pretty high standards to recommend. These people don't work for us. So we don't have any skin in the game, on, you know, who we pick and who we don't. Other than, I want to super serve you, and give you the best person. Is a referral service. Just go there. Tell us where you're buying, selling. And we'll get you some of the best real estate agents in the country. Ten-second station ID.

So as the -- as the Fed rate goes up, these Treasuries are worth less and less. If you have to sell them. Correct?

Wait. We're missing you. Hang on just a second. I don't --

CAROL: Okay. Did you get it? Yeah. So, you know, obviously, the -- not to get too wonky. But the interest rates, or the yield on the bonds trades an inverse on it. And if you think about it, why would you buy a ten-year that was on the market from a long time ago, that's yielding 1.1 something percent interest, when you can buy something that's at two years right now, that gives you 5 percent interest. That doesn't make any sense.

So their current value on the market is lower. Again, if you hold them to maturity, if they hold them to 10 years, you still get the full amount of the face value, plus, the interest. It's just the tradable value today, in that interim time period. Because there's not a lot of demand for that.

GLENN: Right.

So for any small bank that is holding these, if there's trouble, they could be in trouble just like Silicon Valley Bank.

Now, the FDIC, we were told, you know, that's the insurance.

And he said, we're -- don't worry. You don't have to worry about it.

The banks that paid into it.

Well, they don't have enough just to cover what they covered yesterday. So they're already upside down.

So that means, if we do have runs in the bank, in the future, you know, near future.

They don't have any money. Which leads me to believe, we will just print the money.

Doesn't -- I mean, the inflation rate of what we're doing is crazy. Is this the beginning of the currency death cycle?

CAROL: Well, the currency death cycle began a long time ago.

I would say a couple of things. From an FDIC standpoint. They are saying, we are going to put a fee out to other banks.

So when Joe Biden comes out and says, the taxpayers aren't paying for this. You aren't paying for it directly.

But you certainly will be, whether it's a lower interest read on your money, or more fees or whatnot, if all the other banks have to go in.

What I do think can happen here, in the meantime, is, you know, with the bank, they're trying to sell off pieces of it.

And they're trying to find new homes for it. So the FDIC is covering it. Its insurance, if it needs to make it whole. But if somebody else were to buy it or buy other assets. There's a way that that structure sort of happens. And obviously, that's the best-case scenario.

And again, frankly we just should have never gotten to the point, where we had this panic. But, you know, the idiots didn't prevail there.

You know, should there be a God forbid, wide run?

Yes. And in terms of trying to dissolve this would-be money printing. Again, if I can respond.

Some people did not like what I had to say. That's sort of my point.

Someone is saying -- I'm not paid by anybody. I'm saying, we wanted to stem this, because what would happen to everybody.

People who are not involved at all, would have cost you a lot more than this, you know, kind of temporary pin here.

GLENN: I don't think people understand the destruction that is coming our way. It's coming.

This is going to happen. It's just a matter of when.

And people are like, you know, I'm fine. Bring it on.

No. You really don't understand.

You should be in a healthy way, terrified of what's coming. And I use the word terrified.

Do you remember, our grandparents went through something, that they were 50 years away from.
And they were still like, it could happen at any time.

That's the kind of pain that America is about to go through. And remember, those people grew up without indoor toilets. Okay?

They grew up without all the fancy stuff that we have now.

They didn't have that far to fall back.

We have an enormous way to go back.

You should be terrified of it.

In a healthy way.


Mysterious Hawaii lasers UPDATE: What is China DOING there?

Around the same time the China weather balloon made its appearance over the U.S., mysterious, green lasers were spotted in the skies of Hawaii. First, government told us the lasers were part of a routine NASA exercise to measure the size of the earth. But then the story changed. And now, in this clip, Glenn presents more information about what China potentially could’ve been doing with a duel-purpose supersonic sattellite over Hawaii…