RADIOFebruary 24, 2025

Bud Light Insider Reveals What Led to Dylan Mulvaney Controversy

The American pushback against wokeness really took off after the Bud Light-Dylan Mulvaney controversy. But how did that partnership even happen? How did the working man’s beer go work? Glenn speaks with Bud Light insider Anson Frericks, who is the former president of Anheuser-Busch Sales & Distribution Co. and saw the company’s culture shift firsthand. He lays it out in his new book, “Last Call for Bud Light.” And he tells Glenn that the driving force behind the wokeness wasn’t business data or the will of customers. It was major shareholders like BlackRock, who pushed the World Economic Forum’s Great Reset principles. So, now that Trump is pushing back against the ”ESG Industrial Complex,” he argues, many CEOs are abandoning these failed policies.

Transcript

Below is a rush transcript that may contain errors

GLENN: Anson Frericks, I think I have his name right. He's the author of a new book called Last Call for Bud Light.

He was -- he is the Strive asset manager cofounder. He is with Vivek Ramaswamy.

He has written a great book that I think everybody should read. Anson, welcome to the program!

ANSON: Thanks for having me this morning, Glenn. Really excited to be on the show.

GLENN: Oh, you bet. Your book is fascinating. It's a great, great business book. To kind of get into how a great brand is built. And how it's dismantled. And how it went horribly, horribly wrong.

ANSON: Yeah. You know, Glenn, it's really interesting.

If you think about all the pushback on ESG and DEI, and really just, in my mind, it really started with the collapse of Bud Light.

That's when I think you had all these regular, everyday folks that were saying, man, you know, you act like you did not like when the NFL and all the players kneeling. Yeah, I hated it when Disney got involved in the parental rights issues. But, man, when Bud Light, which is the working man, everyday citizen beer, when all of a sudden, they're promoting Dylan Mulvaney, and everything going on with Dylan Mulvaney, that's when I think people said enough is enough. They stopped buying the beer.

Customers left by the millions. The stock price cratered. It's crazy that they still haven't figured out, and there hasn't been a comeback at all.

GLENN: You know, I wrote a book a few years ago, about The Great Reset.

ANSON: Yeah.

GLENN: And how that was changing everything. And all of these companies would be beholden, not to you, the consumer, but would be beholden to people like BlackRock. And as I'm reading your book, I'm like, yes. Yes.

I can't believe how right we were. Because that's really what seemed to have happened. The culture changed. You moved from St. Louis to New York.

You started caring about BlackRock. Not the consumer.

And you were there, watching this happening, knowing what was coming. Or at least it seems that you really kind of knew what was coming.

ANSON: Yeah. No. Absolutely. And, Glenn, you were ahead of everybody on this. With the Great Reset, the phenomenal book on your end. And seeing what's happening. When you have the World Economic Forum. Klaus Schwab, and all these individuals that were pushing more for this European form of corporate governance. Stakeholder capitalism. Companies. They're supposed to create value for all stakeholders. Which is very distinct. For the American -- Milton Friedman view of the world, that said, you have to put the shareholders first, and you have to do what's right for the shareholders, which is create products, services, that actually create more sustainable businesses.

But as many corporations over the last five to ten years adopted this Klaus Schwab, European fake order view, which was foisted on them by the BlackRock world, who were taking money from very progressive pension funds in California, in New York, and in European sovereign wealth funds. We saw this as the least sustainable thing that a business can do. Is try to get involved in all these political and social issues.

GLENN: Right.

ANSON: To fracture your customer base. It's bad.

GLENN: Was that something that you think these business leaders actually believed in? Or were they just saying, hey, it's a new world. And everybody has to do this. Or we're not going to get the money from the banks.

And we're not going to get the funding that we need, et cetera, et cetera.

ANSON: Yeah. I don't think many of these people believed in these programs. But unfortunately, they were foisted by them, by the black rocks. The state streets. And the Vanguards.

They're the single largest shareholders in most of these companies. And then you have this whole ESG industrial complex, built around this.

McKinsey. One of the most influential management consulting companies, had their diversity matters. Diversity wins.

DEI studies, that told companies that they needed to improve their DEI. And, of course, they could hire McKinsey for millions of dollars to figure out how to do that. You had the human rights, which is this activist non-profit organization, that started scoring companies. You know, you talk a lot about the social credit scores. Human rights campaigns are doing to the companies that's shaming them, if they didn't have the right transgender policies in place. If they didn't have the right amount of advertising to the LGBTQ+ community. I mean, there was this whole complex that was built up.

That's why I think you were starting to see a lot of CEOs backtrack on these policies. They had nothing to do with actually creating more value for the shareholders, or actually promoting the business.

It was all about promoting the political agenda. I think most of them didn't want to believe in, but they were most compelled and forced to do over the last couple of years.

GLENN: So the Bud Light, you know, the end of, I think, I agree with you, the end of ESG. At least not -- at least the end of it being the knee-jerk reaction of, no. Of course, we have to have transgender people in every commercial.

The end of that, yeah. I'm reading your book, last night.

And I'm like, okay.

I think maybe -- maybe we've hit the end of this. Maybe this is the beginning of looking back and saying, look how insane all of this was.

Are we on sure footing now, leaving that time period? Or is it still a real lurking danger?

ANSON: No. I think the pendulum is definitely swinging back. You really see businesses dividing in two camps. You have certain companies that have realized, that these policies have failed. And they want to get back to the bottom line. You've seen companies like Meta and Walmart and Tractor Supply Company and a bunch of other people that hold back their programs. But then you have companies that are more in progressive cities. I mean, Costco has doubled down. Costco is based out of Seattle. They're doubling down on their DEI programs.

You have other companies, and I talk about this a lot. But even Anheuser-Busch, which is owned by a Belgium corporation called InBev, that they haven't necessarily publicly backed down. It's just the company that lost the most from this whole movement. And they still haven't publicly backtracked, even though a lot of their American counterparts have. Because, again, they are owned by a European company that promotes more of these -- more of these values. And I think that's where you're starting to see this divide.

And the companies that continue to hold on for to, I think the DEI and ESG philosophies are going to continue to fall behind their American counterparts.

GLENN: So how much of a role did just being out of step, with the Bud Light customer. How much of that played a role before ESG. I mean, if you don't understand the Clydesdales. You don't -- you don't get Budweiser. Would you agree with that?

ANSON: You know, 100 percent, I think there was a dangerous cocktail that was mixing for almost ten years at Anheuser-Busch. And we kind of found this firsthand. So going back, Anheuser-Busch was created by an American family, by the Busch family. It was taken over by a European company called InBev in 2008. And InBev was based in Belgium, and then it was also run by a couple of Brazilian individuals. And they came here to the US. And over 5 years, really dismantled what Anheuser-Busch was.

Even including in the year 2015, they moved the corporate headquarters from St. Louis to Missouri.

And they thought they couldn't have the right talent in -- in -- in St. Louis. They couldn't attract the right people. Even though, St. Louis, Missouri, they had great talent that built this company, essentially the world's largest beer company.

GLENN: Oh, yeah, Anheuser-Busch, St. Louis, Missouri. You heard that your life.

ANSON: That's it. So they moved from the epicenter, away from the middle of the country.

Where there's always a saying -- you know, generally placed for American. Peoria, Illinois, is very close to St. Louis. You have all of a microcosm of the US around there.

Which helps you understand the center of the US.

When you move to New York. You hire New York agencies. New York marketing. New York folks. That has really changed.

I think the outlook of the company, combine that with the rise of really ESG and DEI, which really took off, in that 2015 to 2021, 2022 time frame made for a dangerous cocktail, that they just lost who their customer was. And who that core American beer drinker was.

GLENN: I have to tell you, one of the best parts has nothing to do with ESG, of the book. Is moving the company to New York. Because I moved my company out of New York. But at first I left the -- the headquarters in New York. And the company really split. You know, once a founder leaves, things can go awry quickly. And especially if you're in New York, and the founder is in Texas. And we really had some really tough times, because of that. And I -- you know, businesspeople, I hope they -- I hope they recognize the effect. But in your book, it shows, a company like InBev could not. It didn't get that at all.

ANSON: No. They didn't really get it at all. I saw firsthand, the company changing. You read more about this, in the book last call for Bud Light. One of the things I was frustrated with, especially in the 2020, 2021 time frame, after COVID, after George Floyd. And the company which was this meritocracy. That's what I joined. Hey, if you work hard, you get promoted. And one of the key principles of the company was, we promote based off the results you get. And all of a sudden that principle was changed to, we promote based off the diversity of your team.

Then you sort of have diversity dashboards coming in. To see the diversity of your team. On top of that, we couldn't even just get partnerships done. I thought that made tons of sense.

I talk about this in the book a lot. I tried to do a distribution agreement with Black Rifle Coffee Company. And you probably Black Rifle Coffee company, its mission is to serve culture and coffee to firefighters, first responders, police, people who love America.

But that was too controversial of a partnership in 2021 and early 2022.

GLENN: That's crazy!

ANSON: And for me -- for me, it was kind of our external affairs team in New York. They essentially scuddled this deal based off their own political leanings. I said, guys, the same person drinking a six pack of Budweiser at night is the same person drinking six cups of Black Rifle Coffee Company the next morning.

GLENN: Yes.

ANSON: And what do you mean we can't do a distribution deal, where we're putting the same Black Rifle Coffee cans on the Budweiser trucks? This makes sense for everybody.

But that was too controversial of a partnership. And that's where you saw just that center of gravity, when you're looking at America through the lens of Fifth Avenue in New York, versus St. Louis Missouri, where I think you really lose sight of who your customer is.

GLENN: You know, when you talk about how Bud Light sent that can to Dylan Mulvaney, that may surpass. In fact, I think it does, surpass the boob move of, we've reinvented our recipe. Now it's the new Coke!

I mean, just dumb as a box of rocks. You say, I -- you outline clearly how bad it was for Anheuser-Busch, but the average person, I think would think that Bud Light has kind of recovered, and that's kind of past. But that's not true!

ANSON: No, I mean, it really hasn't.

You know, I get into this in the book a lot. About that same organization, that same sort of external affairs team that canceled that Black Rifle Coffee deal. They were the one that green lit the Dylan Mulvaney partnership.

And unlike the Coca-Cola. Coca-Cola, they were in the state. But what do they do? They took accountability for it? Did they apologize for it?

GLENN: Right.

ANSON: They killed new Coke, I don't know, within a couple of months.

GLENN: Oh, yeah.

ANSON: One of the big problems. You make bad, bone-headed marketing mistakes regularly in business. The real problem here is, yes, the marketing decision was wrong. But even more importantly, the company's response to it is the reason, Glenn. Like sales are still down 40 percent, 50 percent.

They still lost $40 billion of value, and have not recovered before this. Because the company never took responsibility and accountability, and has not made any changes. The same CEO is still there. They still have not come out. They rolled back publicly DEI policies. They haven't apologized to their loyal customer base. And they haven't been able to admit, and say, we screwed up.

And I think part of it is, is because of this kind of European ownership they have. And, you know, my feeling is that they're not going to actually get their Bud Light customers back, no matter how much money they throw at it. Dana White, the ultimate fighting championship, which I think they gave him $100 million. They have Shane Gillis, they have others. Because the real path to redemption, I mean, goes through forgiveness. You know this. But the only way to be forgiven is actually to admit there was a mistake and there was an area. And they have yet to do that. Until they do that, I don't think a lot of these customers are coming back, no matter what marketing you give folks.

GLENN: So the name of the book is last call for Bud Light. The fall and future of America's favorite beer. I need to take a one-minute break and then come back. And I want to talk to you about what does the future look like, and not necessarily for Budweiser.

I mean, you are -- you cofounded strive asset management with Vivek. A good friend and a really smart guy. Who I think has a really bright future. And so you're looking at these companies and trying to find the right companies that align with the values of their customers.

Tell me, the advice that you give for companies, now that are still kind of in this weird zone. What the future looks like. And what is the path forward?

GLENN: If -- if I could catch hope in a jar and put a lid on it. And give it away, I would. Our nation has been far too short on hope. Especially when will it comes to the economy and our personal ways.

Maybe things are finally starting to get better. Maybe we will have more trouble before it gets better. We have a lot of debt we have to pay.

We made a lot of really bad mistakes. But now that we have good leadership in office, you know, it's going to be a little less worrisome, maybe.

A little more hope.

But you are still in charge of your own personal economy.

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Ten-second station ID.
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GLENN: So what do you see as the current situation, and the path forward in the next three to four years, for American companies and brands?

ANSON: Yeah, so it's funny. I left one year before that Dylan Mulvaney partnership, after they wouldn't let me do the Black Rifle Deal.
I saw the company changing from a diversity standpoint. And Vivek and I, we started a company called Strive Asset management. Which was, we were going to invest everyday citizen dollars into businesses and have them be focused once again on meritocracy. Have them be focused on their mission.

Don't necessarily get involved in a lot of political and social issues, like we saw. I was looking Atlanta, Georgia.

If you remember, Glenn, in 2021, when the governor passed the Georgia rights act. You have to have an ID to vote.

And corporate America lost. BlackRock. One of the companies said, we're pushing back against it. Then they kind of compelled Coca-Cola, Delta to get involved in this pushback. And Major League Baseball cancelled the All-Star Game.

In 2021, in Atlanta, over this Georgia voting rights. You need to have an ID to vote. So we saw a lot of these problems happening. And we came out, and we said we're going to start a new asset manager, compete against BlackRock.

Let's have companies just focus on whatever their mission is. Stay out of politics. That will be good for business, because you will not fracture your customer base, and it will be good for our democracy as well. Because we should have individuals -- are the ones that should be deciding what rules they live by, not these secret national organizations or ESG-promoting asset managers. It's funny.

When we originally launched, this is not even a contrarian position. But this was almost like a subversive position 20 years ago. People called us anti-ESG, anti-DEI, anti-woke. I mean, you name it.

GLENN: Anti-everything.

ANSON: Anti-everything, and I said, guys, we are just pro-American, free market shareholder capitalism. That's what we are pro. We are anti-European stakeholder capitalism. We're anti-the World Economic One. We're anti-the European agendas, yes, we are. But we're very much pro-American. Free market shareholder capitalism.

And there are a lot of people that wouldn't even work with us. Marketing agencies wouldn't work with us. People wouldn't engage with us early on.

And it's so funny now, because now three years later, what was a very contrarian idea has become very mainstream, and the pendulum again has swung back for most of corporate America, who has now -- who has now once again been able to focus on the business.

GLENN: I think this is a book for every businessperson, even just someone who has watched Anheuser-Busch through the years. It's an amazing story, and something that every businessman should read, going forward. Last Call for Bud Light. The fall and future of America's favorite beer. Anson, thank you so much. God bless.

ANSON: Thanks, Glenn.

The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.

JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

THE GLENN BECK PODCAST

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