RADIOJuly 10, 2024

Who Doomed the Petrodollar: America or Saudi Arabia?

There has been a lot of confusion lately about Saudi Arabia allegedly ending a 50-year-deal with the United States. The "deal" tied oil sales to the US dollar. But many have claimed that the deal never actually existed. So, what's really going on here and should Americans be worried? Financial expert Carol Roth joins Glenn to break it all down, including why she believes the United States and our Federal Reserve are really to blame for the petrodollar's destruction. Plus, Carol explains why the Biden administration can insist the economy has never been better, although our wallets can tell the opposite is true.

Transcript

Below is a rush transcript that may contain errors

GLENN: Before we get to Carol, I want to give you some highlights from this Blaze media. And TheBlaze.com story.

Biden's phony numbers mask true economic pain. The official government numbers in the US economy have been contradictory and confusing for quite a while now.

What is clear upon closer examination, is that the federal government's overspending and overregulation are doing serious damage to the economy.

And we have yet to see the worst results of those policies.

The unemployment increase, seems to contradict recent signs that the economy has been weakening. In addition to the conflicting rise in unemployment. Other signs of deterioration. Include stagnant retail sales.

A slowing of consumer spending. Weak industrial product. Manufacturing orders. Increasing consumer debt.

Depressed by new housing starts. Falling annual earnings of full-time employees. And rising commodity prices. The Federal Reserve chairman, Jerome Powell, knitted, he believes the White House has been cooking the books.

This is the fed chair. Stating last week, you have payroll jobs, still coming in strong.

Even though, there's an argument, they may be a bit overstated. The only job growth, in the US, is for illegal aliens. Listen to that.

The only job growth in the US, are for those illegal aliens, who will work for below minimum wage. Which also explains why inflation hasn't spiked in the past year, as millions of illegal aliens were hired.

Legally resident American workers saw no job increase in the past year. And unlawful residents, willing to accept wages Americans can't are dragging everything down in the wage category.

With employment continues for American workers stagnant at best, the job market is another indicator that the economic growth is slowing, and the Federal Reserve should lower interest rates to reduce its suppression of economic activity.

However, they decided not to. Because it will -- it will spike inflation again.

The markets have already priced three expected interest rate reductions for the year.

However, suggesting a correction is in order.

Even so, the stock market stayed steady after the fed's interest rate announcement with the Dow falling slightly.

And the S&P 500 and NASDAQ, rising to new record highs.

Economist Robert Genetski. Genetski, calculates that the S&P 500 is currently overvalued by 34 percent.

If investors decide the market is near peak and start selling, taking their profits before prices, fall. There is more trouble.

This overspending continues from the federal government, as well.

In the first eight months of the current fiscal year, the current government has already accumulated more than $1.2 trillion, in additional debt.

With a staggering deficit of $348 billion last month alone.

Investors were reportedly believed the US economy is about to enjoy a significant expansion, because of AI.

That's boosting the stock markets. The shares in tech companies. Chip makers. And even utilities.

The government's stimulus injection may be waning, and the Fed's interest rate hikes are starting to bite, as indicated by the slowing housing and manufacturing production.

Higher interest rates hinder business from investing in production and consumers from spending on goods.

That support those businesses. Additionally, the Biden administration has implemented a regulatory program, that will directly cost the economy 3.95 trillion dollars in 2025.

And indirectly result in a staggering 75.05 trillion, in opportunity costs, for 2025, alone.

That might take a bite, no matter what AI is going to do.

Carol Roth is here with us.

Carol. Are we beginning to see all of the signs of the wheels coming off of this thing?

CAROL: I think we've been seeing the signs of the wheels coming off of this thing for quite some time.

And they're sort of hanging on by a thread.

Now, certainly, a lot of the numbers that are put forth. Are meant to window dress, and say, oh, no.

The wheels are still turning. And they're doing just fine. And they will last for a while.

We have seen cracks, and when you peel back the onion. And you look at things like the deficit to GDP, which are about two times the historic average at a time when they're telling us, there's an expansion. We know there's something wrong.

Because normally, when you have an expanding economy, that means you're taking in more revenue at the government level. And that means you're running less of a deficit because you have more money input.

What's happening now is the Biden administration has flipped that on their head. And they're using deficits to window dress the appearance, that we have growth.

And we're seeing that start to crack. Because even that, you know, window dressed growth is starting to come down.

We saw the first quarter GDP come in, almost a percentage point lower than expectations.

A first reading. The second reading was even lower.

So now, as of the second reading. We're at 1.3 percent. For the first quarter. And we're expecting a third reading.

And things keep getting revised and revised.

So all of the, you know, appearances that they're putting forth. And to make it seem like everything is looking great.

We've seen those cracks. And they're just becoming larger and larger.

GLENN: So do you think that there's any way possible, that anything, excuse the pun here, Trumps the economy.

I mean, they always say in elections.

You know, it's the economy, stupid.

And no matter how you window dress this.

Everyone knows, I don't have as much money, or my money doesn't go as far as it used to. And I'm having a hard time keeping up.

At almost every level, this is happening.

VOICE: So this is an interesting question.

There was a Monmouth poll, that came out yesterday.

That showed, far and away.

That the economy was the biggest issue.

You know, number one issue on people's minds.

But there's a disconnect by party. And obviously, when you have the -- the Republican side, and I would think to some extent. The independents as well.

There's more of a connection with the -- with the fiscal reality that's going on. And it becomes, you know, we believe so afford literally four more years of that.

There's a disconnect from the Democrats who don't believe in mass and reality anyway.

And so even though, they may be hurting, personally. They're going to make excuses. And say that it's for, you know, any sort of litany of other reasons. And it doesn't have anything to do with these specific policies, that we know have driven these outcomes.

You know, there's weather it's things like the American rescue plan. And they direct stimulus. That's literally called stimulus.

That overstimulated the economy. And caused inflation.

They're going to tell you, oh, no. Look, inflation has come down. Even though, they're still going to the same grocery stores, the same gas stations. Having to pay the same rent. And they're believing and buying into the gaslighting.

So that's my concern.

Is when you have so many people who are decoupled from reality. And can fed the propaganda that's gaslighting. And they're willing to -- basically, you know, they're cults. That that is not going to show up in the polls. The way that it should. If we were operating, you know, with some sort of normal baseline.

GLENN: Carol, I'm going to take a quick break, early here.

Because I don't want to interrupt you on this petrodollar thing.

Because I have seen stories that say, this is true.

Stories that say it wasn't true. I don't think there ever was a -- there wasn't a concrete deal. It was more of a handshake with Saudi Arabia. With the petrodollar. Wasn't it?

Or did we have a written deal?

CAROL: That's right. So I was surprised when I saw this as well. You know, I wrote about this in You'll Own Nothing. We have a whole chapter on it.

And there was a deal put in place. But never once did I come across anything that said, we have a specific expiration. But we know deals that, you know, are made. Can be shifted and changed at any point in time.

And I think that's the point we want to talk about.

GLENN: Correct.

Okay. So we'll do that next.

Because the petrodollar. If the world goes off the petrodollar.

That is -- that is the beginning of the end of the dollar.

It's just a matter of time. And what are people replacing? It with?

And so far, central banks are not replacing it with any currency at all.

We'll talk about it here, in just a second.

Okay.

So, Carol, explain why the petrodollar is so important.

VOICE: All right. So there's this story that was going around last week. That the Saudis had ended this agreement, that had been put in place in the '70s.

So what happened was that when the US went off the gold standard, they were very concerned over what was going to happen. So they created this secret delegation, that went to Saudi Arabia.

As part of a diplomatic chore. And there was a lot of chaos going on at that time. Not only did we go off the gold standard.

There was an oil embargo put in place by the Arab oil exporters. That set the price of oil sky-high.

So the big objective, was basically, they -- the US didn't want crude oil.

You know, energy. Which is obviously really what fueled growth around the world, to become an economic weapon.

And they knew they knew, okay. Well, now we're off the gold standard.

We had the currency. Wouldn't it be great to have somebody to finance their deficits?

So what they did, is they went to the Saudis. And they said, well, look, you come. You take -- you're going to agree to basically price oil in dollars.

And that's -- around the world, oil is going to be priced in dollars. And you will have all this excess money.

We want you to plow that back into US treasuries. Everything that you get in. We want to you plow that back into treasuries?

Why did they want that? Because that obviously helped the US finance their deficits at a very cheap rate.

He said with be okay. We'll do that. What we want in return, basically some economic and military support. And so they made this -- this deal. That was brokered.

The interesting part is there was a secret piece of it, and that was that the Saudis did not want everyone to know, that they had this huge Treasury stockpile. So for more than four --

GLENN: Why?

Wait. Wait. Wait.

Why didn't they?

CAROL: Because they must want everyone to know that this was sort of the underpinnings of the deals of how closely they were in bed, with the US.

GLENN: Okay. With the US. Okay.

CAROL: And that this is what they did. So this was actually uncovered by a Bloomberg report.

So for 41 years, what the US Treasury did when they broke out what central banks held the US Treasury, and you can go see if China holds this. Japan holds this.

They lumped Saudi Arabia in with 14 other nations. So basically, you could see, oh. We cut this special deal, and now it looks like now, that there's all this wonderful demand for treasuries around the world.

And it was kind of unclear that there was this alliance going on.

So what does that do? It creates a massive demand for the Treasury, because not only are the Saudis in there as huge buyers, but when you have -- you know, sort of a de facto basis. The oil price in US dollars. Then every other central bank will also want to make sure that they have a stockpile of a dollar equivalent security. That if they need dollars, they can cash in.

Of course, as opposed to holding actual dollars. When you hold the Treasury you do get some income. Or you get an interest rate. So basically, this has created huge demand for Treasuries. It means that the interest was artificially suppressed by that demand. And that the US government was able to finance their deficits.

It also meant that trade around the world, was done, you know, US dollars. So not only are these central banks, holding them in the reserves. There's all this trade that's happening in US dollars.

So this actually worked out for quite some time.

The Fed holding basically the world's reserve currency. And managing it. They held the US dollar fairly stable. When you saw the price of gas go up. That they would loosen monetary policy.

And when it was too low. They would tighten it, that they would stay in some sort of a range. Sometimes that was at odds with what was going on domestically.

But as the holder of the world's reserve currency, that was their job.

GLENN: Hang on just a second. Stop for just a second.

I just want to make the point: This is right now, where we're about to see the change, and it's not happening now. It's already happened.

We -- when we got off the gold standard. We promised the world, we will never put ourselves, you know, absolutely first. And go off, and do crazy spending.

And, you know, just break everything for America.

And that's why, it was at odds, sometimes. The fed's policies.

Were at odds.

With the United States policy.

Or -- or -- wants and needs.

Because they had to balance it for the world.

And then what happened, Carol?

CAROL: Yes. So for the economic wonks out there, that's called the Triffin dilemma. You sometimes have to make these tradeoffs between what happens domestically and what happens internationally.

What happened, if we come back to today, is that the Fed has managed to hold the dollar, not stable.

Either for the world, or domestically. So it's not like they even made the tradeoff.

They just abandoned it altogether. But going back to 2005, they decided when the price of oil shot up due to China's increase in demand.

Hurricane Katrina, a whole bunch of things. That they just weren't going to play this game anymore, and that's when things started to crack.

Then we had the Great Recession financial crisis, and so on and so forth.

And the US government continuing to run these huge deficits.

And just, you know, creating a really challenging situation, economically.

So the big issue, if you are these countries around the world. That now have everything priced in dollars.

All your major commodities.

It's not just oil.

It's then extending into food.

Everybody is trading into dollars.

When you have these huge swings in the dollar, that means, that threatens as a nation.

Because now you may not be able to afford energy.

Or you may not be able to afford your food for your country.

That's a national security issue.

GLENN: Forty seconds.

CAROL: Countries are getting sick of that. We weaponize the US dollar. And at the end of the day, they're starting to move away from it. Which threatens our ability to have cheap financing and our standard of living.

GLENN: And so the Saudis did not break a deal.

We've broken the deal long ago.

And they're just all doing what would normally be done. It's no longer good for me.

It's got to be good for both of us.

And so they didn't stop the deal. They're just naturally moving away.

And it's -- the money is going to gold, not other currencies at this point. Correct?

CAROL: Correct. You got it. You nailed it.

EXPLAINED: Trump floats REPEALING the income tax and boosting THIS instead

Donald Trump recently suggested that he may push to end the income tax if he's elected president again. Will he actually do it? And will his plan of increasing tariffs to fund the government and bring back manufacturing jobs work? Glenn explains why he's getting more and more optimistic. Meanwhile, Kamala Harris and the Democrats are looking more and more desperate as they ramp up the "Trump is Hitler" rhetoric again. But Glenn explains why Trump is the worst "fascist" he has ever seen.

Transcript

Below is a rush transcript that may contain errors

GLENN: I have to tell you, I watched him last night. I mean, he is on it!

STU: No. I was told he's exhausted, Glenn. That's what I was told. Reliable sources like Kamala Harris told me. He's exhausted. This is a tough job.

He can't do this job. As if we didn't just witness you, make excuses for a guy for four years. Who actually was in that situation.

GLENN: Yeah. He is not. He is.

He is sharper than ever. And I don't say that. Because I see him backstage.

I see him in conferences. And he's sharper than ever. Trust me. And he's on stage going -- you can see it. This speech he gave last night, was so focused.

Honestly, there were times he was reading the teleprompter. I'm like, is he reading that off the teleprompter?

I've never said that.

He's usually on teleprompter. And another thing we'll do.

Then he'll go back and meander for a while. Then he'll come back to the teleprompter. He was fantastic last night.

And big vision. Optimistic, with the people.

I mean, totally right where people are, right now. He was --

STU: It's closing well.

GLENN: Game-changing stuff. If he can get in and do this stuff. Game-changing.

STU: And Rogan today.

GLENN: Good time to be on your game.

STU: I've often said, the best time Donald Trump has ever -- the best performance he's ever had campaigning was in the few weeks following the Access Hollywood tape. Because I think that shook him. And there was a moment of like, oh, my gosh. We'll lose this thing badly. And he was just buttoned up and rock solid for several weeks.

You know, he has his moments all the time. He has his strengths, obviously. As you point out, he can go off script and do his stuff. He's doing really well. Because they've put him in a position and he's decided to take a position, where he's going in and doing these podcast-type interviews.

And it's just -- it fits him, really well.

I mean, like, there's another world, where if Donald Trump doesn't decide, he wants to be president of the United States, he's just a big podcast person. That's a thing that absolutely could happen in this world.

Coming off the apprentice. A big real estate --

GLENN: Yes. I would highly recommend that, if he would lose. I would highly recommend that.

Just don't do it, at this time period. Please.

Anyway, or this country. You can do it at some other -- but, I mean, he is, he was finally someone saying, what the problems are. But not just saying the problems. Here's how we're going to fix it.

You know, when you listen to this speech last night from him, where he's talking about I -- I -- I think he's maybe even talking about no income tax.

STU: Yeah. Now, as a person who has a mug, and has been selling it for a couple of years. Repeal the 16th Amendment.

I mean, a particular fan of that particular policy. You should totally get rid of the income tax.

GLENN: Yeah. And it's almost. I mean, I think it's the right time.

Because he's talking about tariffs in a different way.

He's talking about tariffs. You build your cars, outside of the United States. Okay.

We're going to put a tariff on it. To keep cars that are made here in the United States.

Jeeper, we have to rebuild. This is the only time I think I've ever started to agree with tariffs.

We must rebuild our infrastructure. We have to have manufacturing here in America.

You know, people are under this illusion, that, oh, well, we did it before. You know, World War II. When America said sets their mind to it, they can anything.

What did we contribute to World War II? Manufacturing.

We made the planes and the Jeeps and the tanks and everything else. We made the trucks that brought the whole world into Germany. Okay?

That was our biggest contribution. We lost, what? 500,000 people? Russia lost 20 million soldiers. Okay?

We had the least on the table, as far as flesh and bone. We were important.

Don't get me wrong.

STU: Obviously.

GLENN: And everything those guys did.

Obviously. However, our biggest contribution was being able to turn manufacturing on and just produce a war machine.

Okay? We had nothing in '38. Nothing!

In '39 and '40, we started to get serious, because we were like, we're in trouble, and they started to tool.

'41, we were way behind Germany in manufacturing. We could not even keep up.

By '42, '43, I think we had almost doubled their output.

Because we had our own steel!

We had our own manufacturing plants!

All you had to do was start making this, instead of this!

Tariffs would bring jobs back, at this point, later in our life, we may not be able to do it.

But tariffs have a chance, of saying, look, you want to -- you want to sell your stuff.

Fine!

Make it in America. Big stuff.

Big manufacturing stuff.

Make it in America. We'll give you incentives to bring your company, your manufacturing here. So we have these plants.

We are producing our own steel. We're doing these things.

Meanwhile, we're also going to drill, baby, drill.

And as he said last night. Frac, frac, frac, frac, frac.

And so we will bring our energy costs down. I -- I think this is a game-changing moment. Game-changing.

STU: And I'm never going to be involved in tariffs like --

GLENN: I know. I'm not involved in tariffs either.

STU: But the size of the government that would be required for a government to be funded by tariffs is a size of a government that I like.

A lot smaller than the one we have. Does a lot fewer things. And I like that. So...

GLENN: Yes. Yes. And we were all about that, up until the 16th Amendment.

STU: Yeah. Look, get rid of that.

And it's a heck of a good step in the right direction. And I think it's also the right thing. I mean, there are really bad taxes out there.

Income tax is one of them.

GLENN: Yeah. The progressive income tax in particular.

I would go for -- I would just go for a flat tax. Everybody pays the same. We all have the same skin in the game.

STU: Yeah. And the payroll tax is another one.

Trump has talked about that before. Which is a regressive tax. Not even a progressive tax. A regressive tax.

Where people at the bottom of the income scale pay a higher percentage than those at the top, which again, you would think the progressives would be all over, but they want their money.

Anyway, you know, Trump has proposed a lot of these different tax cuts. And, look, until this election, I thought that was what everyone did in an election time. He finds out.

GLENN: But I think he's actually going to do a lot of these things.

STU: I mean, obviously, he's restricted by the -- the form of government we have.

GLENN: I know. If he has the Senate and the House.

I think we'll do a lot of this.

STU: That would be great. It certainly will not go the wrong direction for once. And that would be nice.

GLENN: If he can get half the stuff done, he says he will do, in four years.

And he has told me. Glenn, it won't be four years.

He we have 100 days. We have 100 days.

And he's right. He's got to New Jersey and go, boom, boom, boom, boom.

Take everybody's breath away.

Because he's got to turn it around. And turn it around quickly.

STU: And I think if his focus is, freeing people, to do with their money, what they want.

Rather than a centralized economic policy.

Which I don't think say good thing.

The more we industrialize economic strategy. We've seen this in country after country. That comes out poorly.

This is what Kamala Harris wants though.

She wants a House in Washington. Making the decisions for the entire country. And it's quite clear, that's not what Donald Trump wants. That's not to say, we can't find. I'm sure we can nitpick these policies. And find things we don't like.

But at the end of the day, here's a person who understands the American economy.

By the way, I don't know if anyone recognizes this. He was already president of the United States.

And things went really well.

GLENN: It's not like what it was in 2016.

We didn't know if he actually believed these things.

We didn't know. The only thing I knew for sure was tariffs.

STU: At some level, the border.

GLENN: And war. War.

GLENN: Being opposed to war.

STU: Those things, he's been consistent on.

GLENN: For like 40 years.

And those things, I knew he would do.

I didn't know the rest. I didn't believe the rest.

You know, I will make sure we recognize Israel. Uh-huh. Sure.

STU: Right. I didn't know if he would prioritize Israel.

GLENN: No way.

STU: I didn't know he would name Supreme Court justices that would overturn Roe vs. Wade. These are things that I would really -- I mean, not doubted, am somewhat sure he wouldn't do.

GLENN: Stu, I was positive.

STU: Yeah. But I think understandably. That's why I think too, you're seeing a real failure of what Harris and Walz are trying to do with this whole fascism, Hitler thing.

If in 2016, you have a guy, who is a businessman.

Who has never been in politics.

Who you don't necessarily. You can't necessarily lock down in all of his policies. You know, he's a guy who is most famous for saying you're fired to people over and over again!

GLENN: Right. Oh, I hope he becomes more famous soon.

STU: At some level in 2016, maybe you can convince some undecided people.

I don't know. Is this guy Hitler? I don't know?

GLENN:

HILARY: Was the guy. Here is the definition of fascism.

Hitler took the government, made it all regulations.

And then went to the companies, and said, I'm not going to put you out of business.

You just have to make what we want.

You have to make it how we want it.

And follow all these regulations. You can keep your company.

You can get rich.

He made public/private partnerships.

Well, that's not what Donald Trump is doing.

STU: Yeah. And I'll point out. I mean, if you want to look at the defining piece of domestic policy for Donald Trump, during his first term.

Probably, the easiest way to summarize it would be deregulation, right?

You could talk about the border.

Some of the stuff he got done. Some of it didn't.

Defining when it comes to domestic policy.

Probably is deregulation.

He did that all over the government. Adolf Hitler. Was he famous for reregulation? I'm pretty sure --

GLENN: Regulations he has.

I will completely stay out of everything!

No. He didn't say that.

STU: That was not his policy.

GLENN: We want privatized gas chambers.

What?

STU: It's dark. But it's funny. Because it's just like so inherently stupid.

I mean, a closing argument.

And I think like what -- I was thinking about this.

Because there's obviously -- a totally different strategy from the Harris campaign. Even the last couple of weeks.

Now we're going on TV all the time.

And he's Hitler.

No more joy.

It's like it's so bizarre.

And I wonder if partially.

Obviously, they know this isn't working.

Their strategy. Their piece of the argument behind the scenes is likely, there are no more undecided voters we can get. So just now charge our people.

I want the MSNBC viewer at the polls.

GLENN: Yes. That's exactly what's happening, and a setup for trouble after the election.

Election 2024: How the Global Elite Control What You See, Think, and Feel | Ep 388

We’re now less than two weeks away from a monumental election, and the media, Big Tech, and global elites — including British Labour Party members — are all working in overdrive to get Kamala Harris elected. This “propaganda industrial complex” is laying the groundwork for post-election censorship, but Glenn exposed it all in his new book, “Propaganda Wars.” In this episode of "Glenn TV," he reviews some of the highlights: Why are elites so obsessed with censorship? How far will they go to ensure that Donald Trump doesn’t win in November? And how can the average American learn to cut through the propaganda and find the TRUTH? Glenn also reviews some of the latest attacks on free speech, including the British-based Center for Countering Digital Hate’s targeting of X and Elon Musk and Kamala Harris’ terrifying use of the vice presidential office to compare Trump to Hitler. Plus, the co-author of “Propaganda Wars,” Justin Haskins, joins to ask a disturbing question: Will this election’s “October surprise” be a deepfake?

Exclusive: Former UK PM SLAMS Labour Party for possible US election interference

Around 100 staffers for the United Kingdom’s Labour Party are reportedly campaigning for Kamala Harris in America. Former UK Prime Minister Liz Truss joins The Glenn Beck Program with her reaction: "Who's paying for their airfare? For their accommodation? Has that been properly accounted for? Have the receipts been produced?" Because while their actions could be legal, this could become a case of foreign election interference, depending on the money trail. Plus, Truss comments on the leaked plans from the Center for Countering Digital Hate (which has ties to the current Prime Minister and the Kamala Harris campaign) to "kill Musk's Twitter": “It's why we need X. I mean, Elon Musk is effectively the leader of the opposition now in Britain.”

Transcript

Below is a rush transcript that may contain errors

GLENN: The former Prime Minister of the United Kingdom, Elizabeth. Or Liz Truss. Welcome, Liz. How are you?

LIZ: I'm very well. Great to be on the show, Glenn.

GLENN: Thank you. So I'm sorry. I just don't know.

Do we still call you Prime Minister?

GLENN: Not in person.

GLENN: Okay. Not in person.

So, you know -- I don't know if you remember this. But we met earlier this year.

And we exchanged a few words. But in listening to you speak and everything else, I thought, I -- this problem is bigger than any of us thought it was.

And it is deep, deep, deep in the structures of not only our country. But England, as well.

They're going in a different direction, than what they're telling people.

Is that. Did I read you right?

LIZ: That is absolutely right. It was only -- I've been a government minister for ten years. And it was only when I got into 10 Downing Street, that I understood the full-scale of what we were up against.

Because it isn't just the political parties.

It's not just the civil service.

The left, has successfully captured the institutions, in Britain.

And it is going to be a very, very big struggle.

To be able to change things here.

And, you know, we now have an even worse situation.

We have a socialist government.

GLENN: Yeah.

LIZ: They're trying to cancel free speech. They are trashing the British economy. People are leaving Britain. Millionaires are leaving Britain, at a faster rate than any other country in the world, at the moment.

GLENN: Jeez.

LIZ: So we're in a very, very difficult situation. And the -- the Labor Party, again, for free speech will be aware that they have attacked X. They have attacked Elon Musk repeatedly.

GLENN: Oh, yeah.

LIZ: Because that is one of the few avenues where people are really hearing the truth and what is happening.

GLENN: So there is a story that was just released yesterday. Internal documents from the Center for Countering Digital Hate, whose founder is a British political operative, Morgan McSweeney, now advising the Kamala Harris campaign.

The internal plans show the group, in writing, plans to, quote, kill musk's Twitter, while strengthen as he does its ties with Biden/Harris administration and the Democrats, like Senator Amy Klobuchar, who has introduced multiple bills to regulate online misinformation.

So it is showing that something that is in your country. Started in your country.

Partly funded by us. And now brought into our administration.

Is actively working with our administration. And I would assume, in some ways, your administration.

Not yours. But, you know, the -- the administration of Great Britain. To silence speech.

We're -- our governments are in cahoots, doing really bad things. To the public.

Are they not?

LIZ: And just to be clear, Morgan McSweeney is now the chief of staff to the Prime Minister. So this man is incredibly senior within the party's administration. And there have been numerous public attacks on X, by the Prime Minister.

Now, I don't believe that he will succeed if he takes on Elon Musk.

But the mentality, isn't to have an honest discussion about what's happening in Britain.

The mentality is to try and quash any dissent, and stop people talking about the very real issues that are affecting us.

For example, the sheer scale of illegal immigration, into this country.

So we have a very worried government.

And I would be following the US elections. And comments by Hillary Clinton, comments by members of the Democrat campaign.

And it seems to be the same thing, going on. Not only are they putting in place, these disastrous policies, they're also trying to stop anybody from talking about them.

GLENN: I've been talking about this for a while. I've been trying to get people to understand. This is not about left versus right.

Democrats versus Republicans.

This is about elites. And against the people.

And the people know they're being lied to.

How can there be a problem throughout the entire West, of illegal immigration.

At the scale we've never seen ever before, in the history of the modern world. Paragraph and our press, in every single country, is treating it, exactly the same.

As are the administrations.

That doesn't -- that doesn't compute, it doesn't work out, mathematically, to be a coincidence.

JUSTIN: And you're right about the public.

The public understands there is a problem. They really are fed up with the mainstream media in Britain.

The not telling the truth about what's happening, and presenting things in a way that is very far from their real experiences. You started off, Glenn, by saying England is doing this to the US system. It's not England. The English people.

The British people are --

GLENN: Are with us.

LIZ: Very much concerned about illegal immigration.

GLENN: Yes, I know.

LIZ: It's the -- it's the Labor Party. It's the media elites. It's the corporatists, and it's the civil service and the bureaucracy, which does not want to learn.

GLENN: So how much of a role did this play in the destruction of Donald Trump and you?

LIZ: What happened to me was the Bank of England, were -- and they've admitted this since. Were responsible for the market turmoil that took place in October 2022.

But the British media, adopted the narrative that it was my fault.

So they took the narrative, from the Labor Party, from the Bank of England.

And they simply repeated it. And they repeated it to this day.

Even though the Bank of England put out an official report. Saying two-thirds of it was their fault.

Ask what I think is changed about the media.

It's no longer a neutral arbiter. It is pushing a particular narrative. And a particular agenda.

And I see the same about Donald Trump.

If you look at what CNN puts out, they are not interested, in what the truth of the situation is.

You know, even the reporting of, you know, President Trump's visit to McDonald's.

I mean, it just was some ludicrous. Ludicrous media commentary on that.

And I think it is a massive problem.

And it's why we need very strong independent media here in Britain.

It's why we need X.

I mean, Elon Musk is effectively the leader of the opposition now in Britain.

That is the situation we're in.

GLENN: Yeah. He is in Brazil.

He is really all over the world.

He is -- and I don't think he could do it, if he wasn't the richest man in the world.

But he is truly the last gatekeeper. If he goes down, there is -- there is no gatekeeper, in power, currently today, that will keep the gate of freedom of speech, alive.

That's a little terrifying.

LIZ: That's right. And in the United States, you have the First Amendment. We don't have that in Britain.

GLENN: I know.

LIZ: We're in a worst position for the protection of freedom of speech.

And we have seen people very recently jailed, for things that they have put on social media.

GLENN: Yeah. They've gotten.

LIZ: These may not be wise things that are put on social media, but there are other people who are being let out of jail who have committed --

GLENN: I know. I saw a story from England that was a pedophile, got less time than somebody who said something stupid on social media.

That person, they threw the key away. But person who was a pedophile, didn't have the same kind of sentence at all. That's madness!

LIZ: It is madness. What has happened is that our judiciary is no longer accountable. It's no longer accountable the way it was.

And this goes right back to the 2000s.

And it was the government that took away the accountability from our judiciary. And they outsourced so many decisions that used to be made by politicians.

Have now been out sourced to the bureaucracy.

And they are not accountable to anyone.

Not accountable to anyone.

GLENN: Yeah. Exactly what he did here.

So are you optimistic that because this is such an octopus. That, quite honestly, has the -- the intellectual power of the world. At the universities.

Has the money of the corporations. The power of the state. The power of the media.

This is going to be really hard to kill. This is a hydra. Are you -- are you optimistic that the people can win all around the world?

LIZ: The number one thing is the people are on our side. And they are becoming increasingly frustrated. And you saw that in Britain, of the last election, where it was the lowest proportion of the electorate voted for the two main parties because they are so frustrated.

That whoever they vote for, into office, they get the same policies. Because the bureaucrats are still there. So the people are on our side.

And that is our big strength.

It's going to be very important that Donald Trump wins the election, in the United States.

I hear good things, Glenn.

You're closer to the ground than me.

But this is vital.

And it isn't just vital to America. It's vital to the west overall. Because I can imagine what a Kamala Harris presidency will do for things like freedom of speech.

And it is not pretty.

GLENN: Especially in collusion with Starmer in England.

Great Britain. That's terrifying.

JUSTIN: That's right!

GLENN: Can I ask you, the Labor Party is doing something that is apparently legal here in the United States, as long as there's no money changing hands.

I would like to see anybody from Great Britain come and knock on doors in Texas.

They wouldn't really be welcome.

But you have 100 people from the labor party.

Socialist Party now. Coming over to the United States, and helping Kamala Harris, not only through advising. But actually, on the street, working for her campaign.

I've never seen that before. Have you?

LIZ: No. And given the rumination that they're bringing to Britain, I don't know why any American would think, that is what they want, in the United States.

Our energy prices are four times your energy prices because of our net zero agenda. Because we're not doing fracking. These are the kinds of policies, these people are advocating.

So I don't think any American, would want to listen to them.

I think there's a question though, these people who are coming over.

Who is paying for their airfares?

Who is paying for their accommodation?

Has that been properly accounted for? Have the receipts been produced?

Those are the questions I would be asking.

GLENN: If the Republican Party or the Democratic Party came over and did the same thing, how would -- how would the people of Great Britain react?

LIZ: Well, it would be. It would be a problem for the -- because under our electoral law, you have to be a British citizen.

GLENN: Yeah.

LIZ: To donate to the campaign.

GLENN: Right.

LIZ: And if the Americans have flown over. Who is paying for their flights?

That would count towards election expenses, and it would be classified as a foreign donation, which is illegal.

Why Kamala's Trump-Hitler Speech Was INCREDIBLY DANGEROUS

Kamala Harris recently gave a surprise address from the Vice Presidential mansion where she used the power of her office to compare Donald Trump to Adolf Hitler. It was one of the most disturbing pieces of propaganda that Glenn has ever seen from our government, and he argues that it crossed a line. Glenn debunks Harris’ accusations piece by piece: Does Trump want his generals to abandon their oath to the Constitution and serve him? Can that even happen? Will he lock up Americans who don’t “bend the knee”? Can we trust the source of these accusations? Glenn also explains the one thing that makes this speech even more terrifying: how Harris decided to frame it.

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. I want to tell you, yesterday, I saw something that was one of the most horrifying things I have ever seen, because I am a visual guy.

I'm -- I just wrote a book on propaganda.

And I saw something I thought I would never see.

Now, the left and the media has told Donald Trump over and over again, to turn down his rhetoric. I have to tell you, one of the reasons why I think Donald Trump is doing so well, is because he's become a happy warrior. He's not -- he's be the engaging in the kind of rhetoric, that gets people killed. Okay?

But they continue to say, he's got to turn down the rhetoric.

He will get somebody killed.

Well, they are doing so poorly in the polls. You can tell the wheels are coming off of that campaign, at record speed.

Okay?

Because of things like this.

I want to play the full state, coming from Kamala Harris. And show you why this is so bad.

And different, than everything else, that you have seen.

KAMALA: So yesterday, we learned that Donald Trump's former chief of staff, John Kelly, a retired four-star general, confirmed that while Donald Trump was president, he said, he wanted generals like Adolf Hitler had.

Donald Trump said that. Because he does not want a military. That is loyal to the United States Constitution. He wants a military that is loyal to him.

GLENN: Stop!

Okay. Let's just dissect this for a second.

Just what she's saying. We'll get to the rest in a minute.

What she's saying is that General Kelly, I guy who I believe Trump fired.

So has a bone with Donald Trump.

They don't like each other at all.

Experienced this, and is just now a week and a half before this election, decided to come out, with this statement.

Believable? No. Not in my opinion.

You know, these -- these generals were not loyal to the president of the United States.

They have taken an oath, to be loyal to the Constitution of the United States.

And they can reject anything the president says, if it goes against the Constitution. In fact, we are one of the only countries, that insists on loyalty to the Constitution, and insists, there's no such thing as I was only following orders.

Because in our military, you have the responsibility to stand up, to know the Constitution.
Know what you're fighting for. Know what's going on. And stand against it! But you don't sabotage!

Now, Kelly, if that actually happened, Kelly is discrediting himself from the beginning.

Because if that had happened, he should have gone in front of the American people, immediately.

But he didn't. So I don't believe this, in the first place.

Because I don't believe General Kelly's word. I just don't.

Now, did you notice what she said? That General Kelly said. And there's no -- there's no corroborating evidence of this.

If anything was said like this, I would believe that Donald Trump did not say like Hitler had.

I would say, he was wondering why the military wasn't following his commands. And if it was unconstitutional, then they should have said something. That it was unconstitutional. But that's not Hitler. That is following the commander-in-chief. And in Donald Trump's case, something happened in his first term, that I've never seen before.

They were sabotaging him. He would say, we're going this way, with our -- with our foreign policy. And the State Department and generals in the Pentagon were sabotaging that. They were calling our allies and our foes, and saying, don't worry about it. That's not been done before.

Now, she not only says what General Kelly said, that he wants generals. But then, she's adding the commentary, on why he said that.

She said, he said that, because he wanted people to disregard the Constitution. Not loyal to the Constitution, but loyal to him.

Now, is that a fact? Even if the first part of that statement is true! How do you assign his thoughts and feelings?

Because Donald Trump would have denied. Even if it was true, he would have denied he said that!

We know it's not true, or at least I strongly suspect it's not true.

And Donald Trump would know, that wouldn't be a good thing. So he would never say, well, this is why! So she's mixing fact with opinion.

And I'll tell you why that's so dangerous in this case here in just a second.

Go ahead.

KAMALA: Military that is loyal to him.

He wants a military who will be loyal to him personally.

One that will obey his orders, even when he tells them to break the law, or abandon their oath to the Constitution.

STU: Stop!

GLENN: When has he ever said?

He was president before. You could have gotten away with this, you know, with Hillary.

But we've seen him for four years.

When has he ever said, break your oath to the Constitution?

Go get citizens, and round them up?

He's never said that. Ever!

If you know the truth about January 6th, he was the guy saying, you should have troops, if you need, get the National Guard.

I -- I am telling you, this is January 4th!

I am telling you, I think you need the National Guard, there at the Capitol building.

Now, at first, they said, that he never said that.

Until it was proven. And then they turned that into, see, he wanted military, to help out!

Yeah. Not to help out the bad guys.

Why would he be suggesting that to Nancy Pelosi?

Not to help out the bad guys.

But to protect the Constitution, and our social order.

So they try to have it both ways.

She's treading very dangerous territory here. Listen.

KAMALA: Abandon their oath to the Constitution of the United States.

In just the past week, Donald Trump has repeatedly called his fellow Americans the enemy from within. And even said he would use --

GLENN: Stop. What does he mean by that? The enemy from within?

Well, you know who else said that?

Abraham Lincoln. Abraham Lincoln. In fact, let me quote Abraham Lincoln. Because I just looked it up today, for some other -- for something in my journal.

If a country, founded on the principle, as pure as freedom, can be destroyed, it will be through suicide.

That's the enemy within! And quite honestly, in some ways, that's all of us! Because we have forgotten who we are. And one reason is because the enemy within has failed to teach us who we are. And, in fact, has changed our history so much, that our kids are confused.

They have no idea who an enemy is!

Because they think the government itself, our Constitution is a triggering document. And the enemy itself is the government!

I think -- I think we could all agree, even the left, because they may say, I'm the enemy within.

We can all agree, that there are forces within this country, that would like to tear us apart.

There are those in America, both left and right, who actually believe in the Bill of Rights. That do not want to tear us apart. That is not the enemy within. Even if we disagree how we get there.

How we return to the Bill of Rights. Even if we disagree.

If we agree, with the Bill of Rights, you're on the right side. Go ahead.

KAMALA: From within. And even said that he would use the United States military, to go after American citizens.

GLENN: Stop. Why did he say that?

He didn't say go after American citizens.

If the country is on fire, this is what he said on January 4th.

If there is a riot, we have to put it down. So use the National Guard.

And if it's so big, use the military, if you have to!

Okay? Now, does that cross Posse Comitatus?

I'm not sure. But you know who will fight against Posse Comitatus, who will say, you can't do that, Mr. President? Anyone who reveres the Constitution, because our military has to obey. They've sworn an oath to the Constitution.

And I think those guys are the only ones. I'm talking about the actual soldiers. Not the helium high up at the Pentagon. Those are the only people that actually look at their oath, and take it as a cred oath.

Go ahead.

KAMALA: Citizens.

And let's be clear about who he considers to be the enemy from within.

Anyone who refuses to bend a knee. Or dares to criticize him.

STU: It's a lie. It's a lie.

GLENN: Stop! I got to tell you, he has been around and spoken openly to, and just would like to be treated with respect.

I'm thinking about the black journalist in Chicago.

He went to talk to them openly.

He wasn't hostile to them.

They came out of the shoot hostile.

Now, who is the one that is trying to put Elon Musk, possibly behind bars.

They are now saying, that Elon Musk, may need to go to federal prison!

He was the darling of the left, until he began to disagree with them!

Who else is trying to put people in jail, merely for disagreeing with them?

Well, Donald Trump.

Gabby Giffords.

She was called a Russian asset. Not Gabby Giffords.

You Tulsi Gabbard.

Yeah. Tulsi Gabbard. She's an enemy now.

That was, you know, working for the Russians.

You have person after person. Robert F. Kennedy.

An icon of that party. Destroyed forever. Because he dare say the king has no clothes. So which one is trying to destroy their enemies. Which one? It's clear.

STU: Can we also discuss how much of a lie this is, that she's saying?

There's a conversation, they're referring to, where he said, the problem is the enemy within.

And we may need to use the National Guard or maybe even the military.

She's saying, it's people disagreeing with him.

Judges.

Lawyers.

She had -- she had several examples there, of people, that he will target in this way.

The conversation is clear, what they are talking about, is people who cause chaos across the country, on Election Day.

He -- Maria Bartiromo. Brings up, what happens if the left brings up, causes all sorts of chaos if you win.

He says, they're talking about murderers, rapists. Terrorists that have come across the border.

He says, those people are bad. But I think maybe the bigger problem are the radical left lunatics who might do that stuff here. We may need to bring the National Guard on.

He's not talking about everyone who disagrees with them.

He's talking about people who are trying to like overthrow the government on Election Day.

Again, the same thing that the left has been saying they didn't want all this time.

GLENN: Right. Now, these are the same people. Kamala Harris is the one, who fought for the riots on the street on BLM. She supported it, and said, they shouldn't stop.

And they should never stop even after the election. She was the one bailing people out, if they were involved in these riots.

So we know she doesn't have a problem with riots. But I believe the American people, both left and right do have a problem with that.

Now, why is this beyond the pail here?

Why has this stepped over a line?

Well, Propaganda Wars.

I
Okay. Can we bring that image back up on the screen? And just freeze it. Put it in a box and freeze it for me.

In case you happen to be watching this program, on Blaze TV.

Let me -- or Pluto. Thank you for watching Pluto as well.

Let me explain why this is so dangerous.

Now, one, they always telegraph, what they're going to do. Or who they are. And I'm going to get into that, deeply in about five minutes.

So stand by. But I want to show you this image for a reason.

First of all, when you see two microphones like that, Stu.

What do you think?

Those particular two microphones?

You have never noticed?

STU: No.

GLENN: I've only seen those used by the president of the United States. Or by a vice president.

Okay?

That microphone setup, is unlike any other setup, I've ever seen, with microphones. Okay?

That's -- that's the system, that is connected to those podiums that travel with the president.

And it's always those two microphones.

Underneath it, is the seal of the vice president of the United States.

To her -- let's see. That would be to her left. It would -- it is the flag of the vice president of the United States, which resembles. Except, it's white, not blue.

It resembles the presidential seal.

Then you have the American flag. And behind her, you have a White House.

Now, it's not the White House, but your average schlub will think, that's the White House.

So why is this important? This is important because this does not appear to be a campaign statement. This does not appear to be her opinion.

STU: Hmm.

GLENN: This appears as a presidential, or vice presidential, or official government finding.

Okay? Now, some will say, she's violating the hatch act, I'm not sure that's right.

I will call into a couple of people today.

Because some people say, that she and the president can violate that. Because of their office.

Without the penalties.

I'm not sure if that's true or not.

It very well may be.

I'm not worried about the violation of the hatch act.

I'm telling you right now, that this presidential or vice presidential trapping was selected for a reason. To carry extra weight.

Not to the average person. But to those on the very far left, that are susceptible to this kind of propaganda. And this kind of propaganda is for two reasons. Scare the voters, that are with you. Come on. We need you to go out and vote.

This is not for the independent. This is for their base. Go out and vote. This man is dangerous.

But it is also a message for after the election.