RADIOApril 21, 2022

Economist BREAKS DOWN the Fed’s ‘BOGUS’ plan for inflation

Steve Forbes, Economist & Editor-in-Chief of Forbes Media, joins Glenn to break down several economic concepts that may be hard to grasp: What IS inflation, is it calculated correctly, and how did it get SO bad today? Plus, Forbes describes the 'gimmicks' used by today's Federal Reserve that are furthering America's current economic crisis: '[The Fed] wants a slowdown, and they just hope they can avoid a recession. It's bogus thinking.'

Transcript

Below is a rush transcript that may contain errors

GLENN: Welcome, Steve Forbes. How are you, sir?

STEVE: Good to be with you, thank you.

GLENN: So I'm really interested in hearing your take on what we are headed for with inflation. So let's --

STEVE: What --

GLENN: Let's start here. Explain what inflation is. You know, some people. You are so used to hearing, we're going to have 2 percent inflation. Oh, that's good. No, it's not. Is it, Steve?

STEVE: No. Just as you don't say, reduce the size of a gallon of gasoline, and that's good for you. No, it isn't. Keep it the same. So inflation. That's why we did this reader friendly book. No jargon. Straightforward.

There are really two kinds of inflation. One is a nonmoney kind. Nonmonetary kind. One you say, you have bad weather. Commodity prices go up. Wheat prices go up. Or you get the kind of shutdowns we have the pandemic, which disrupts the supply chain all over the world. We're still suffering from that. That sends prices up.

And then you have the money kind, where the government reduces the value, in this case, of the dollar by creating too many of them. And we know the government has been spending on a spree. How has that been financed, a large part of it has been the Federal Reserve. Buys those bonds. How does it get the money to buy those bonds? It creates it out of the thin air. The ultimate ATF. Now, unfortunately, Glenn, on the nonmonetary inflation, normally, if you just leave the economy alone, those things will heal themselves. We did it after World War II. And we converted from a wartime economy, to a peacetime economy. Disruption. But we did it. But unfortunately, the Biden administration is putting obstacles in the way. Starting with the role on fossil fuels. A lot of other the crazier things they've done. Seventy-seven executive orders. $200 billion of new regulations. So they're making the problem worse, instead of letting the economy heal. And the Federal Reserve, they've been printing a lot of money. They've been producing gimmicks to try to keep that money from flooding the economy. But that's going to run out. So if they don't get their act together, we're in from a rough time. Let me conclude on this. Unfortunately, this is where we have a real danger now. The fed believes, the way you cure inflation, is not by stopping the printing press. And making the dollar whole again. Making it stable again. They believe you do it by slowing the economy down. Throwing people out of work. And that's what they're up to now.

GLENN: So, Steve, first of all, the -- the idea of inflation, we say it's now at 8.5. That's just because we measure it differently.

If you look at shadow stats that measure it the way we did under Reagan. It's at 17.1. Is that fair to do, or not?

STEVE: Well, this gets to the whole thing of, how do you measure prices? The whole labor department. It has a whole bureau devoted to it. What do you put in the index. One of the crazy things is when people's buying patterns change. Let's say you have meat prices, which they have. So instead of having steak. You might go for cheap hamburger. Well, they don't account that as inflation. They just say, the patterns have changed stop, yes, you can manipulate these things six ways to Sunday. But the bottom line is price are his going up. The cost of living is going up. Part of it is the pandemic, and the Biden administration making things worse. We can cure that, hopefully with a new Congress.

But the Federal Reserve, they have to get over this notion, that when we do work, when we're trying to be prosperous, they got to slow us down. That's really bad stuff.

GLENN: I don't know that anybody really understands the fed balance sheet, and what they've done, and the money that they have loaned out. Trillions of dollars, that they have bailed banks out all around the world.

If you can't -- you know, theory trying to sell off the stuff, they have on their balance sheet. But every time they try that. And/or raise interest rates, the economy stops. And so not sure they're going to be able to do either of those. How do you pull this money back in, to be destroyed?

STEVE: Well, what -- what you do. First of all, which they won't do this part. Is you leave interest rates alone. Let the market set interest rates. Controlling interest rates is like rent control, which as we know, hurts new construction. This is trying to control the price of money.

Affect the price you pay for renting the money, so to speak. So they should just leave that alone, and let the market sort it out very quickly. On your point about what the balance sheet, when you say balance sheet, people's eyes start to glaze. Just think the fed is sitting on a pile of bonds. And too many of them. And so what they should be doing is letting those bonds mature. Not buying new bonds. Let the money supply go down. And if they do that in a responsible way, we'll avoid a huge slow down.

But let me give you something. A gimmick that they've been employing the past year. When they were creating $120 billion a month. Pulling money out of thin air. Let's walk your listeners through on this.

When the Federal Reserve creates money, they call up a dealer, a bond dealer like Goldman Sachs. And say, we want to buy a billion dollars of bonds. So Goldman says, fine. They give the fed the bonds. How does the fed pay for those bonds? They credit Goldman's bank account. Where does that money come from? No place. The fed just says, voila, you have it. And that's how they create the money out of thin air. So they're doing that last year, at a rate of $120 billion a month. To help finance the government's debt. And so what they did, to try to keep it from an even worse inflation, than we've been experiencing. They then create the money. And then borrow it back from the banks, and money market funds, overnight. If you want to get technical, if people want to look at this stuff, they go to (inaudible), they'll find a thing called reverse repurchase agreements. In effect, the fed is pouring money -- pouring a bucket of water at one end of a pool, and then taking it out at the other end of the pool.

Now, that gimmick can't go on forever. You know, a year ago. A little over a year ago, they had zero of these reverse repos. Now they have $1.7 trillion. That's the game they've been playing. Huge damn of money ready to flood the economy. So we are now also by turning the -- taking the money, and saying, oh, no. You're a central bank. Your dollars are no good, to Russia. A lot of countries around the world are going. Jeez, if I get on the wrong side of America, all of a sudden, what I have as gold is no good. That's not safe for me. We are destroying the dollar at the same time we're inflating the dollar. How is this going to end, Steve?

STEVE: Well, ultimately, and this will sound very strange, and you shouldn't say it in polite company. All the -- in a few years, we're going to do again, what we did for the first 180 years of this country's existence. And that is tie the dollar to gold. What it means is that gold for a variety of reasons, keeps its intrinsic value. What it means, it's like a measuring rod. Not perfect. But it keeps the dollar stable in value. If we maintained the growth rates we did for that 180 years. Which was the greatest in human history. And then we went off the gold standard in the early '70s. And since then, the average growth rate for the United States economy, has gone down by at least one-third, from about four and a quarter percent to two and three-quarters. That doesn't sound like that much, but you do that over 50 years. Let me just give you a number.

The average -- the median household income today is about $68,000. If we had maintained our historic rates of growth, which we did for 180 years, through depressions, wars, civil wars, you name it, we would maintain that average name of growth. You know what the median income would be? $110,000.

That's what we've lost over half a century of funny money. It's bad stuff.

GLENN: Can you explain -- you just said that the fed is going to destroy jobs. Or they're -- you know -- how are they doing it?

STEVE: Yes. They have this theory, called the Phillips curve. It's not a baseball pitch. It's named after an economist who said, if you want low unemployment, you have to have higher inflation. If you want lower inflation, you have to have higher unemployment. They believed prosperity causes inflation. They don't realize devaluing the dollar causes inflation. But they can't grasp that. So as a result, you hear this talk about soft landing, what they mean is, can we slow the economy down enough, without going into a full-fledged recession? Usually, their attempts at soft landings is a crash landing. They are trying to slow the economy down. Create unemployment because they think the economy is too prosperous. That's why they think they have this inflation. So they won't say that, explicitly. But you've pressed them on it. Yes, they want a slowdown. And they just hope they can avoid a recession. It's bogus thinking. Experience disapproves it. But if the fed, the Philip's Curve is wholly writ.

GLENN: By the way, we're talking to Steve Forbes. He's got a new book out called Inflation. What it is, why it's bad, and how to fix it.

Steve, when you look at the money printing that we have done, you immediately think of Weimar Republic. I mean, idiots know that, hey. You can't keep doing this for very long. And at huge sums of money. Okay?

Everybody learned that. Weimar Republic. Zimbabwe. Et cetera, et cetera.

STEVE: Venezuela today.

GLENN: Venezuela. So do we know -- or have a guess on -- on how close we are to that?

I mean, is there a possibility we go into hyperinflation?

STEVE: You can't rule anything out with these people. But I think the answer is, no. I think even some people at the fed are realizing, they're on the -- they're in the danger zone. And so they're trying to figure out, they got themselves into this mess. And they were doing this, by the way. Undermining the value of the dollar. Before the covid crisis. This was starting in 2018. So they can't say, oh, we did it because of covid. No, they were doing it before covid. So I think they're trying to figure out now, how do we get ourselves out of it, without getting a disaster? So I think they're going to slow down the money creation. But what they should be doing now, is instead of trying to manipulate interest rates, just let their -- just let the bonds mature. And the size that they hold of those bonds, go down. Nature will take -- nature will take care of it.

Treat the -- keep the dollar stable. And then let the bonds mature. Run off.

And we'll -- we'll get through this. But the other side of the coin, is even if the fed starts to behave itself, then you have a government that is doing everything it can to slow the productive part of the economy. You know, the genius of Ronald Reagan was, when he cured the inflation. At the same time, he cut taxes, deregulation. And that's why we roared in the '80s. After those tax cuts went into effect.

GLENN: We're doing the exact opposite.

STEVE: So we'll have to wait until 2024, to get that done. But with 2022, hopefully with the November elections, at least we can put barriers in the way of the Biden administration, from putting new burdens on the economy. And also start questioning the fed. What in the world are you guys doing? Why do you think prosperity is bad for us?

GLENN: Steve, can I hold you for one minute?

I have about five more minutes, if you have time. Hang on. Sixty seconds, and we're back with Steve Forbes.

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GLENN: Steve, I know this is off the inflation path, a bit. We're talking to Steve Forbes. The book inflation. What it is. Why it's bad. And how to fix it. But I'm really concerned about these ESG programs. You know, going and switching our economy to a stakeholder. Capitalism. Which is just bullcrap. In my opinion.

And -- and -- and the way we are letting BlackRock and others come in and just buy us all up. They're buying in every seven homes, for sale. Going to BlackRock.

STEVE: Well, this -- and the nice -- the good thing about a free economy, free country, and free speech, is when these things start to happen, you can arouse the public. They won't say it publicly. But Coca-Cola, and Delta, really reversed course after they did what they did last year. When they booted the all-star game out of Atlanta. Because they didn't understand what Georgia did with the voting laws. Which are more -- more liberal than they were in New York City.

Hello. And they got burned on that. They got real pushback on that. Disney is getting pushback on it.

So the way -- the way you answer this stuff, is you push back.

And one of the things I think you're going to see happen after the November elections, is looking at ideas on how, if you're a shareholder in a fund, or a group, BPF or something, how can you have a voice on how your share of the shares, so to speak, are voting at these annual meetings? It's complicated. But I think you're going to see a real thinking on that. So it's not just a group of people. You know, decades ago, there was a great business guru called Peter Drucker. And some schools still read his book. Business schools. But he warned of what he called pension fund socialism. He noted the rise of pension funds, owned by the state. And by -- by endowment funds. And he said, they can end up buying the economy. The government doesn't have to do it. They're doing it for them.

So I think you're seeing real pushback, on that. But they get to what you might call, modern socialism. The modern socialists recognize, you don't have to take over a company or an industry. You just have to regulate it, so its survival depends on your whims. And that's what the Biden administration is doing. Practicing modern socialism. And pressuring the BlackRock and others. BlackRock and others, go along. With the pushing that kind of agenda. That has to be resisted. But modern socialism, different from our mind, you have the regulators to do it. You don't have to take them over.

GLENN: Would you -- would you say that we are now doing modern monetary theory in Washington? We have one minute.

STEVE: They're doing a form of it. Modern monetary theory. Is simply modern gash on the old idea of devaluing money, by creating too much of it. You know, in Roman times, they did it by reducing the precious metals in a coin, and putting that tin and junk in it. In modern times, we do it by printing up a lot of paper money. With now ellipses on your handhelds.

And it's the same thing. And what you see unfolding now -- we discuss this in the book, inflation is the old response of government. They scapegoat.

You know, in Roman times they blame Christians. In able times, witches. Now today, we blame company executives, with the same old movie.

GLENN: Okay. Steve Forbes. Thank you. Hold on for just a second. Steve Forbes. His new book is out today. You want to pick it up.

Inflation. What it is. Why it's bad. And how to fix it. More in just a second.

Aussie discovers what Americans REALLY think about the 2024 election

Rebel News reporter Avi Yemini has been traveling America and asking voters about top issues this election season with Donald Trump and Kamala Harris at the top of the polls: the economy, abortion, transgenderism, Israel/Gaza, and more. He tells Glenn that "the mood is CLEARLY Trump" and the economy is a major issue. So, is this a good sign for Trump supporters? Avi also describes something else he noticed about America: The liberal cities seem to have A LOT more homelessness and drug abuse problems.

You can follow Avi's journey at http://AviAcrossAmerica.com

Transcript

Below is a rush transcript that may contain errors

GLENN: Avi Yemini. He is a Rebel News reporter from Australia.

Is this -- this is not your first time. Yeah. Okay.

AVI: I've been here before.

GLENN: So you're traveling. Where did you start?

AVI: So we started in San Fran. That's the idea. Started in San Fran, in like Kamala. The place that represented -- everything she represents.

GLENN: Right.

AVI: And we will end in Miami. So we've done a fair bit. This is a great, large country.

GLENN: Right. I know. I know. I know.

You have a large continent. A very large country.

But not a lot of people. Not a lot of people.

AVI: No. No. And I'll tell you this. I probably traveled now more than in America, than Australia.

I've never gone in an RV around Australia.

GLENN: Is there a gas station somewhere in the middle of Australia where you could --

AVI: I've gone to outback Australia to report on some of the crime stuff that was happening in Alice Spring, in the middle of Australia. So you can get to places. But you have long drives of nothing.

GLENN: Oh, my gosh. Beautiful, beautiful country though.

What are you finding so far?

You're halfway through your trip. You're here in Texas. What are you finding along the way? What are people actually feeling and saying?

AVI: Look, people keep asking me in Australia. Especially like, what are you predicting?

Look, if I'm going by the mood, the mood is clearly Trump! Because I'm seeing people that are saying, you know, you have your Trumpers. You have your Republicans. They're fine. Most of them are proud to say it.

Then you have the people that kind of -- the whole issue is about the last four years being just tough. I was a registered Democrat. I am a Democrat. I've always voted Democrat.

And they -- and then you have the -- the -- the Democrats that say, they're voting Democrat, but they -- they are like, we're going to lose.

And then you have the diehard Democrats that are like, no, Kamala is way ahead.

GLENN: Yeah. So do you find -- you know, there's always this suppressed Trump voter that doesn't want to say.

I think that's becoming less and less of a factor now, you know. People -- the people, God bless them.

That six years ago, were wearing the MAGA hats.

Were just like on suicide missions.

You would see them.

Like the guy is wearing a red hat. He's crazy.

But now, people are -- don't have that feeling. Is there still the suppress Trump, and do you think that there is a suppressed Trump supporter in some that are saying, they're for Kamala. They just don't want anybody to know.

SCOTT: I was actually surprised a bit.

I think in San Antonio. Not San Antonio. San --

GLENN: Los Angeles. San Francisco. San Diego.

AVI: San Diego. Yeah. In San Diego, I was surprised, because there was -- what I noticed, when you say, you know, closet Trumpers. The way you work it out.

Okay. You don't want -- I asked people what they're voting.

They said, I would rather not say and whatever.

And then I go, so what are the kind of issues that bother you? And then it's the answers about, the last four years have been -- they're essentially saying, have been horrible -- it was easier before. So you know who they're voting for, they just don't understand want to say it out loud.

I tell them, what are you worried about?

And some of them say, depends on which way this will play. We don't know. I've got family. I've got friends. I've got this.

But I've actually had really interesting interactions. In Texas. In Waco, Texas. We haven't published it yet.

We have this website.

Where we're publishing everything.

We haven't produced it yet. But we bumped into a couple.

What I'm asking. In fact, everywhere I go, I try to think of something unique to the place. And Texas, I was reading some reports, that there are Democrats that think that Texas will flip from, you know -- red to blue.

GLENN: Oh, yeah. Red to blue.

AVI: So there was that question. And I read a local writer that was saying, if Trump succeeds in deporting all the illegal immigrants, the economy in Texas is going to crash. That was --

GLENN: That's craziness.

AVI: That's my question. I don't want to hear it from media pundits. I want to hear it from -- from other persons. Mind you.

I was expecting a lot more cowboys here.

GLENN: I know for him.

AVI: I'm really disappointed.

GLENN: I know. I have friends that fly into the state. And they're like, where are all the cows?

Good Lord, it's not Texas 1874.

AVI: It was Ozzie hunting the streets in Texas, looking for cowboys. I'm like the crocodile hunter. Just more cowboy hunting.

GLENN: Right.

AVI: Anyway, and he was -- he was a Kamala. He was like a left-wing young guy. He was 38 or something.

And -- and then they kind of broke out into this argument. And I kind of stepped back and just played the mic, because she was clearly a Trumper.

She was making all the arguments, that you would hear, but that I see online. Play out.

It was playing out in real life, in front of me. Between a couple, which I -- I hope to God, that -- together.

But I say the term.

GLENN: What was he saying?

AVI: So he got to the point.

Digress to Black Lives Matter.

He was making all the arguments. Those were great.

She was like, I was working in a coffee stop shop.

There were terrorists that were -- it went through everything.

He labeled her a conspiracy theorist.

He said, that you can't have -- you know, I'm not going to vote for a side, that waives Nazi flags at rallies.

GLENN: Oh, my gosh.

I can tell you right now. That's not going to last.

AVI: She said, why are you calling me a Nazi?

Not you. For me, it was the most compelling kind of interview, which I -- you know, I -- I really -- and stopped interviewing. Because they were just doing the work for me.

GLENN: Yeah.

AVI: And I think it also just demonstrates what's happening across this country.

I think that's really what's going on.

I hope actually they stay together.

GLENN: Were they married?

AVI: They've been seeing each other. Clearly. I'm someone that looks at that. And I hope that they can.

Because I -- can I come from a family. I'm one of 17 children.

GLENN: Seventeen!

AVI: Yes.

GLENN: Your mother was tired.

AVI: My mother is tired. She will never babysit. She says, I have done my time, she tells me.

GLENN: Yes. Yes.

AVI: But in our family, we have wide-ranging -- I've got what I consider far left-wing brothers and siblings. And then I have some that are -- that might consider me far right.

There are some that are more conservative than me.

And I think interestingly enough, the silver lining of October 7th in our family. And probably for a lot of people, actually we realize that we're all family. Yeah, those political enemies don't matter. There's a greater enemy. And they want us all dead.

But I would love to see that, not only for America, but for the world. That you can actually have opposing views. And talk about them. I agree with you. I don't know if that will last. Because he was jumping on.

It was almost the personal -- he had to skip over his partner.

GLENN: As a man who married at 19, and politics did not play a role at all, and her politics were much, really almost Hillary Clinton. It doesn't -- it didn't --

AVI: It's not possible.

GLENN: Yeah, it doesn't work. If you're both strong-willed and strong opinion, I mean, especially when it's -- if you're in a relationship trying to make it work, do everything you can to make it work. But it takes both of you wanting it to work. But if you're dating somebody, God bless you. But why put yourself through. When somebody is calling your philosophy Nazi, I mean, that's nuts.

That's nuts.

Okay. Take me through a couple of these sound bites here.

What do we have?

Let me see here.

We have -- you catch a voter on her bad argument.

Using bad logic.

AVI: That was the most fun. I reckon that one.

GLENN: Okay. Let's go. Cut one, please.

VOICE: My sister is trans. And it's like when she -- when someone is talking about something that directly affects you. And they have no skin in the game. None. Nada, zero. You know, it's different.

AVI: How do you feel about Israel and Palestine?

GLENN: Hmm.

VOICE: I mean, I don't think the genocide in Gaza is good.

AVI: Did you have skin in the game?

VOICE: Well, that's like a little bit of a different issue though. We're talking about like the health --

AVI: No, no, I'm just trying to make the point here. So you're upset --

VOICE: You're talking about a foreign war, and I'm talking about people's health care.

AVI: I'm talking about people's lives. So my mother lives in Israel. My sister. My brother. You have a really strong opinion about Israel. I'm applying your same argument back at you. You don't know what you're talking about. You've got no skin in the game.

VOICE: I'm okay.

GLENN: She just walks away.

AVI: Okay. You see how that works? Funny how her logic only applies to her political foes. Imagine my shock.

STU: Great part about that, is there's just unrelated laughter at the perfect time in the video. Just laughing at her argument.

AVI: I only realized that when reading the comments. I didn't even hear her laugh.

STU: Oh, yeah. She was laughing at something totally separate in the background, but it was timed perfectly in your video.

GLENN: Might have been. What city was that in?

AVI: That was in Hollywood. That was Hollywood.

GLENN: Oh. You're a brave man.

Let's go to cut seven.

AVI: What threat to your community does Trump pose?

VOICE: Anti-trans. Anti-LGBTQ. Actually trying to reverse rights for women.

AVI: Rights for women?

VOICE: The right to control their body.

AVI: Because how would you define a woman?

VOICE: I would define a woman as anyone who says that they're a woman.

AVI: So abortion rights would not really be women. Because if somebody can't have --

VOICE: I mean, you can play a semantics games. I did say that anyone who has a uterus, to be able to.

GLENN: Hmm.

VOICE: You know, control their body.

AVI: So he's not really against women's rights. What's a woman?

VOICE: I don't want to argue that point.

GLENN: Love that. I absolutely love that. That's usually the way it goes. You know, you're so stupid, I don't want to argue with you anymore. You're like, uh-huh.

AVI: Yeah. I can't get away with that -- like you said, Australia is a tiny place. And everyone -- it might be small. But everyone kind of recognized me. They would just get angry.

Probably here. What I'm finding great about America. I can just have normal conversations. And I'm talking to everyone.

Those with two -- I'm talking to -- and I'm challenging everyone's kind of view. Because the idea of what we're trying to achieve here is that he would -- what actual Americans think.

GLENN: So are those on extreme ends.

And you're finding generally, our population to be, what?

At each other's throats. Civil War.

What?

AVI: I think a lot of people are nervous about what's happening. I think most people are more scared of the outcome of the election, really.

Like the average person is scared about their pocket.

They feel like the cost of living. And if it continues the way it's going.

We will be in all sorts of trouble. The other thing I've noticed.

GLENN: That's every election that has ever been in situations like this.

It's the economy, stupid.

It's always been.

AVI: The other thing that stood out. I have noticed.

And I remember seeing it from afar. Watching commentators here. But I saw it in -- I see it in real life.

Any time you go even to a liberal pocket within a Republican state. But a liberal state. Or a liberal pocket.

There's suddenly. Like explosion of homelessness.

Like drug use on the streets.

And I'm talking to the homeless people. I'm asking them, what is -- and most of them are coming there. And it's funny to see, even the mental gymnastics of the local liberals that are there.

I'm going, why is it? That when I'm going to a Republican city. Or a Republican town, area.

I don't see any of this.

And they go. Oh, no.

Because they'll give all sorts of different excuses.

This is a much safer space for them. You know, liberals are more giving.

So they're coming.

It's all -- they twist all these things to make it like they are good things.

And I'm like, then -- then is this the way you would want America to be?

Like, is this the vision you had for the rest of America?

On one hand, I complain about it. And they move to places like Texas.

But then they bring their policies.

And their politics with them.

Which I fear for places like Texas.

Because you think, it's like amazing. I've never seen -- I was saying this to our driver on the way.

The only other place I've seen such patriotism as in so many flags, proudly --

GLENN: Everywhere.

AVI: Is Israel. Israel and Texas. And it's beautiful. Because I think you need to be proud --
GLENN: I think so too.

That's why I'm trying to convince Donald Trump to build a Western wall, Northern wall, Eastern wall, and Southern wall around Texas, just to -- we don't want any Californians, New Yorkers. You know, we're fine. We're fine.

AVI: Can you fit one Australian?

GLENN: All right. I've got to tell you, Australia is the perfect prison. I think God designed it as a prison.

He's like, you know what, a place to put criminals and all of the creepy animals that kill you. We'll just put them all right here.

AVI: In COVID, it works.

GLENN: Yeah. Have you guys sobered up on that at all? Is the population going --

AVI: Everybody has forgotten.

GLENN: So nobody learned a lesson.

AVI: No. No. No.

GLENN: Oh, gee. Ami, thank you so much.

You can find all of this. At AviacrossAmerica.com. That's AviacrossAmerica.com.

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.