Not only do troubling signs continue to plague America’s economy, but they’re pointing towards another collapse — like 2008 — as well. In this clip, Glenn explains the similarities between what occurred in September 2008 and what’s happening now. Plus, he details Europe’s bleak energy outlook and why he believes they’re heading for economic HELL. And it’s not just Europe...America isn’t too far behind. ‘A NIGHTMARE is about to hit,’ Glenn warns but...at least we have cute puppies to distract us, right?!
Below is a rush transcript that may contain errors
GLENN: There's a couple of stories that I want you to read today, in my show prep. And you can get it at GlennBeck.com. It is free. But there's many stories in hear. But I'll give you a couple that I think are very important to read.
The first one, is just like in September 2008, many investors feel a fear, a dangerous chain reaction, is starting on Wall Street.
Listen to this. Widespread selling that we saw on Tuesday, was more than just a little bit frightening.
The Dow just kept plunging through the day. And the S&P 500, and the NASDAQ actually performed even worse than the Dow did.
Dow Industrial Average slid 1200 points, or 3.94 percent to close.
Blah, blah, blah, blah, blah.
Just five stocks on the S&P 500, finished in positive territory.
GLENN: Tech stocks were hit particularly hard, with Facebook parent meta getting 9.4 percent. Navidia shed 9.5 percent.
Worst day for stocks since the early days of the pandemic. But one bad day, does not make a crisis. Hopefully, tomorrow will be better. When you can compare the current behavior of the stock market, to somehow it behaved in 2008. It's a little frightening. I want to put a chart up, if you're watching Blaze TV.
The red is 2008. And the blue line is current.
PAT: That's almost exact.
GLENN: That's a little terrifying, isn't it?
And it's happening in the same times.
PAT: Uh-huh. Yeah.
GLENN: You know what, I've prepared. I want to take a little quick break here, just to regather ourselves.
VOICE: And now, the Glenn Beck Program presents distracting happy thoughts.
GLENN: It's a puppy dog in a car.
PAT: Oh, there. Sticking his head out the window. That's always funny and nice. His tongue is wagging. That's fun. Yeah, that's great.
GLENN: Okay. Now --
PAT: Now back to death and destruction with Glenn.
GLENN: Let me give you the next article. Inflation is turning hyper. Yeah.
PAT: Like in Argentina, where it's at about 100 percent.
GLENN: Well, only at 100 percent.
PAT: Did you see they're raising their interest rate? Get this. We think it's bad hear. They're raising their interest rate to 75 percent.
PAT: 75 percent interest.
PAT: I don't think I've ever heard of that.
GLENN: You cannot function, it's just like --
PAT: You're done.
GLENN: That's a mob loan. That's a mob loan, but Argentina has gone through this before.
GLENN: Here's -- this is interesting. If you look at the housing market today, the fed raising the interest rates has caused a crash of unprecedented proportions.
500,000 single-family homes sell new sales. The lowest since 1952.
GLENN: So we went from the highest, to now the lowest since 1952.
PAT: Of course we did. This is when I'm trying to sell my home. Of course. Of course we did.
GLENN: I know. I know.
PAT: I'm only one year behind. I might as well be 100 years.
GLENN: Exactly. Mine is almost finished. Two weeks. Two weeks, mine is will come finished. I said to my wife, because literally -- literally -- I'm not making this up. Literally, one of the workers. I said, so when is this going to be done? Literally, oh, definitely, within the next two weeks. I'm like okay.
PAT: It's been a year or more?
GLENN: A year? It's been two years. Two years.
PAT: Has it really? Gosh, that's unreal.
GLENN: So, anyway, you just can't get stuff. Oh, man. Can't get that. Oh, good.
Anyway, so the housing. The housing market is trouble. You know what's happening with your grocery prices. It is --
PAT: Out of control.
GLENN: Groceries have had the largest spike and be are more expensive than they've been since 1979, at the height of this nonsense. And we are not finished. We are going into bad prices now.
PAT: Think about that. That was the Carter years, that were so bad. And that we remember so not fun.
GLENN: And this is the beginning of it.
GLENN: And so this story is wrapped around -- you know, can we do one more happy thought before we go into this? Because this --
VOICE: And now --
GLENN: Look at it, it's a puppy on a bed. Look at it. Going to scratch underneath his cheeks there. Oh, oh, oh.
I just want to --
GLENN: Yeah. Listen to this.
This is Europe. Money supplies took off during covid lockdowns.
Now, it's about to take off again, to pay everyone's energy bills.
But that's not all. Demands for currency and credit, to be conjured out of thin air, to pay for everything, will be coming back thick and fast. Expectations that energy prices, including European electricity, have peaked, are naive.
Putin has yet to put the winter and spring screws on to Europe. And the world fully. It will be surprising, if global oil and natural gas prices in Europe, are not significantly higher on a 12 month view. Europe has messed up its electricity supplies. That is where energy costs will rise most. Bankers are trying to reduce their loan exposure. To rising interest rates.
Undermining the GDP. Because paying for everyone's energy bills, rescuing troubled banks. Collapsing tax revenues. And difficulty in selling government debt on rising yields, governments are expected to apply economic stimulus, to support both their economies, and financial markets.
Furthermore, the far greater impact on prices, than contracting bank credit, is the expansion of central bank credit. The replacement of commercial bank credit by central bank credit will have a far greater inflationary impact, than the deflation from the bank credit alone. What they're talking about in this story is right now, the Europeans have put price controls on Russian gas and oil.
And now -- they're doing this to protect the households and the businesses from the energy crisis. But now, they still can't control it. And people aren't able to do it. So Switzerland. And now the UK are combining inflationary monetary policies of recent years, environmental wokism, and what they say, in this article, the most irresponsible energy policies with a decision to sanction the world's largest energy exporter.
The G7 and G20 now are all about agreement, acting together. A united front to prevent the markets from taking control of events, out of government's hands.
Lines of communication between the formal meetings. Blah, blah, blah. They're just going on to say, everyone now is working together. All of the central banks in Europe are working together.
In Britain's case, it is proposed -- listen to this. In Britain's case, it is proposed that electricity and presumably gas bills will be fully funded by the government. Anything above 2500 pounds per household.
So if the energy price goes over, and it is. If it goes over 2500, the government will pay for all of that. With support arrangements to be put into place with businesses.
Now, France, most of their nuclear power is now shutdown. Thirty-two plants, out of the 56 nuclear reaction -- reactors they have. Thirty-two of them are now out of action. Four are showing signs of corrosion and small cracks in the cement works. And 12 reactors are suspected of being similarly affected.
The other 16 are now being shutdown for maintenance. Who is expected to sell -- who is the UK expecting to get all of their energy from?
France. How this is going to -- how they're going to support small businesses remain unclear. It's extremely complex. But there's little doubt. That without the support, the economy will collapse. Winter -- this winter, as businesses shut down. Unemployment skyrockets. And the lowest rungs in society. The elderly and struggling single mothers find it impossible to keep body and soul together.
From the government's point of view, if nothing is done now, revenue will collapse. Welfare costs will escalate. Civil disobedience will worsen. And law and order will break down. The same problems will arise in the European Union, with some facing a greater propensity to riot.
So here's what's going to happen. This is what this is saying. There is -- there's no market for these bonds anymore. The loans.
Every time we spend money. We have to sell that bond. It's like when you have a school board bond. Yeah, we'll raise the taxpayer money over this period of time. Should we build a new school?
You always vote yes for these bonds. Well, that's because you're paying for them. You're voting to say, yes. I'm going to pay that. You notice we don't vote for government bonds. Because there's not enough tax dollars to pay for what we're spending. So we instead, go to other countries, and say, can you buy this? Because we want to spend this.
So can you buy this piece of paper, saying, we're going to pay you back at this interest rate. Nobody wants to buy them. And it's not just us. The entire world has said to the western world, no, thank you.
England is already at 110 percent debt to GDP.
Which means, everything for an entire year, that they spend, build, make, sell, everything. They still have 10 percent more that they still owe.
So what's happening? As the energy prices get more expensive, as food prices get more expensive, the government has to spend more, holding people up.
If no one will buy their bonds, and no one will, gang. We all will have to just start printing money.
That's what's coming. If you think -- if you listen to any of these liars or they just may be misinformed, or I could be wrong. Honestly. I could be wrong.
Do not take my word as gospel. But I have spent 20 years, focused on this problem and what's coming, and how it all fits together. These experts are looking at one little slice of the pie. I've been looking at the entire revolutionary state, from technology to joblessness, to instability and riots on our streets.
To our instability of our government. All of it.
All of it. And I warn you. Europe is about to go through hell.
And tighten everything down. Because we are shortly going to follow. What you're seeing -- what you're seeing right -- Sara just said, please. Puppies. Yeah, puppies.
VOICE: And now the Glenn Beck Program presents happy distracting, happy thoughts.
GLENN: Oh, look. It's a dog and a kitty cat laying together. Oh, look at that. They're kind of hugging each other. So sweet.
PAT: How adorable is that?
GLENN: That's so sweet.
Okay. So it's a nightmare about to hit. Please, please. Fear not.
The heavens are engaged. Are you engaged with the heavens?
You are not going to convince God to be on your side. We must be on his side. Realign everything in your life now. So you can be on his side, and together, we will weather all of these storms.