Glenn warned just days ago that governments would suggest a disturbing solution to the worldwide energy crisis: nationalizing energy companies. Now, Germany is weighing doing just that. Meanwhile, the Biden administration has recommended creating a digital dollar, England is talking about printing more money, and Russia and China are discussing creating a new currency. Glenn breaks down all these terrifying economic changes, plus President Biden's latest excruciating lie about inflation.
Below is a rush transcript that may contain errors
GLENN: So last night, our president was -- was on television, on 60 minutes. And it was an amazing softball game.
But the -- the president announced a couple of things. The pandemic is over. You know, he's -- I know. Did you know that?
STU: I didn't.
GLENN: Yeah. It's oar.
STU: I'm surprised to hear that. I've been saying it for a long time. I know you have as well, but I'm surprised to hear the president saying say that.
GLENN: Yeah. Yeah. He also says he invoices to get in control of inflation. But inflation is basically even. Here's cut four, please.
VOICE: Mr. President, as you know, last Tuesday the annual inflation rate came in at 8.3 percent. The stock market nosedived. People are shocked by their grocery bills. What can you do better, and faster?
BIDEN: Well, first of all, let's put this in perspective. Inflation rate month to month, was just an inch. Hardly at all.
GLENN: Stop. Stop right there. Month to month, is not how you measure inflation. He knows this. It's -- it's not 8.2 to 8.2 month to month. Meaning, it's flat. It's 8.2 percent higher than last -- what? September or August. Last August. A year ago.
So remember the high inflation that we all had, and we're all like, whoa. Prices are out of control!
It's up another 8.2 percent. It's not flat.
STU: An annualized rate.
GLENN: Gosh. These people. The lies. I don't know how they sleep at night. All right. Here you go. Next.
VOICE: Oh, you're not arguing that 8.3 is good news?
BIDEN: No, I'm not saying it's good news. But it was 8.2 or 8.24. I can make it sound like, all of a sudden, my God, it went to 8.2 percent.
VOICE: That's the highest inflation rate, Mr. President, in 40 years.
BIDEN: I got that, but guess where we are? We're in a position, where in the last several months, it hasn't spiked. And it's been barely, it's been basically even.
GLENN: This is incredible.
He's basically arguing the fact that the inflation has hit the American people for a longer period of time, is good news.
GLENN: Like, hey. You've dealt with this terrible problem for six months, or 12 months. Not just the one. So therefore, you shouldn't worry about it.
No. The problem is existing. And has peaked. And we've stayed right near the peak here for month after month after month. That just keeps hitting families over and over and over again. If it was just a one month spike, and it went away. It wouldn't be that big a problem. The problem is, it's going on for now a year or more, and he has seeming no way of controlling it.
GLENN: Okay. He went on to talk about gas prices. Look, core inflation. And you know this. I don't have to say this. If somebody has to do their own homework. Just go grocery shopping. Grocery shopping. What were you paying last year? What were you paying two years ago?
The prices are through the roof. Now, gasoline has come down off of its five-year high. Why?
Because gasoline, he has been draining our strategic oil reserves. Do we still have that chart, I showed last week?
Stu hasn't seen it yet. This is amazing. Our oil reserves are on a reverse hockey stick.
It is just plummeting down. And what are we going to do? We are getting rid of our strategic oil reserves. For, what?
In an election. That's why. Now, energy crisis in Europe, is going to spread here. Because it's not just what Russia is doing. That's not the only problem. The problem is. They are ahead of us, on all this ESG stuff. I told you -- I told you last week, and I've always told you, that I'm bad at timing. And I am.
I mean, this time, I was three days ahead. I couldn't believe it, when I opened up the paper on Saturday. And I am reading about how Germany is now nationalizing three of their power plants. Practice have I told you nationalization would come. Nationalization will come here, as well. And then we become Venezuela.
What's going to happen, is these energy prices are not going to be affordable by any stretch of the imagination. They're already going through this in England.
But England right now, is so focused and the media is so focused on, can we put the poor woman into the ground, please?
But they're so focused on all of this, and I don't know if the media will really ever tell you what's really going on. But they're now talking about printing in the central bank. The Bank of England. They're now talking about more money printing, because they didn't have the money in their coffers. To be able to pay for everybody's electric bills. Because they've promised. They would pay anything over 2500 pounds a month.
Well, so that's just going to drive inflation in the UK, through the roof. It will devalue their British pound.
And it will them to nationalize these companies. Because these companies will not be able to deal with the price caps.
And so the government will say, see, they can't do it. The free market just doesn't work. And they will nationalize. This is coming. It's coming here.
By the way, something else, you probably didn't know is last week, Putin met with President Xi. President Xi, they are meeting about a new currency.
I have told you for 20 years, the currency will be debased. It is -- that's why we have inflation. Our currency is being debased. So, what do you do about it?
Everybody told me, Glenn, it's never going to crash. We're -- we're the best out there. Everybody else's currency. And I've said for 20 years, do you really believe that no one at any time, will draw a line in the sand and say, enough is enough?
We can do better than this. That's exactly what China, Russia, and the brick countries are doing right now.
Developing a new currency. That will put us into a tailspin. And our government knows it. But they're not telling you. Why else would they be talking about a digital currency?
The White House in surprise of all surprises, has come out this weekend, and said, we recommend the fed goes to a new digital currency? A new digital dollar.
Because the dollar is going to collapse. I -- I urge you not to take anything that I have just said, as gospel. Look it all up, yourself. It is critical, that you know the truth. And you know how to find the truth.
The best way to find the truth, the best starting place, is, who is telling you, you have to listen to me because I have the truth. Or I have, quote, the science.
And you will not be allowed to question anything. Any question, of what I believe is true. Makes you my enemy.
Anyone who tells you that, does not have the truth on their side. That's the first test.
Then you have to go and explore all sides. And I urge you and your neighbors and your friends, to do that.
Time is becoming critical. So White House has said now, that they're going to create. They recommend creating a new digital dollar. We told you that they were employing to do that a year ago. A year and a half ago. Because it's already been done. I think it's called the Madison project. Probably the Hamilton project, up at MIT. Do you remember, Stu? It's been a while since we talked about this. But now they are releasing their first ever comprehensive framework, for responsible development of digital assets.
And Biden also said this, and I'm going to play this. And then I want to take a break. And comment on it.
Because when you are redesigning a world, and there are several people doing that now.
Everybody who is a globalist is doing that. They're dividing up the world.
And taking their own positions. And hunkering down.
We have -- unfortunately, we're on the receiving end of China. Now, China, do they have the will? Yes. Do they have the people? Yes. Do they have the money? No. But neither do we. But we are on a collision course now with China, and I'll give you the update on that. But first, let me play what Joe Biden said yesterday, cut one.
BIDEN: There's one China policy, and Taiwan makes their own judgments about their independence. We are not -- we're not encouraging or being independent, but that's their decision.
VOICE: But would U.S. forces defend the island?
BIDEN: Yes. If, in fact, there was an unprecedented attack.
VOICE: After our interview, a White House official has told us U.S. policy has not changed. Officially, the U.S. will not say whether American forces would defend Taiwan. But the commander-in-chief, had a view of his own.
VOICE: So unlike Ukraine, to be clear, sir. U.S. forces, U.S. men and women, would defend Taiwan in the event of a Chinese invasion.
GLENN: That the stable leadership you voted for? Back in 60 seconds.