With record-breaking inflation, sky-high interest rates, and an economic recession, the Federal Reserve hasn’t had a lot of 2022 wins. But now, the Fed is getting even WORSE. In this clip, Glenn announces the Fed’s new ‘pilot program’ to test social credit scores HERE in America, alongside some of our biggest banks. Listen to find out what exactly this ‘pilot program’ entails and which banks are involved…
Below is a rush transcript that may contain errors
GLENN: All right. So one of the things that is trending today, is OPEC is considering cutting oil production. To increase global prices.
Oh, my gosh. How could OPEC do this?
Because it's OPEC. They're not exactly the red crescent or the Red Cross. Okay?
They're in it for the cash. So OPEC has decided to raise the cost of oil production by reducing oil production.
Okay. That sounds fantastic for us, at the gas pump, right?
Why they're doing this, is because you're starting to see the beginning of the western world, not buying as much gasoline. You're starting to see demand destruction.
And that, again, is what the fed has been looking for. And it's so important, because they just say this, all the time. Like it's no big deal.
We just need demand destruction. That means, they need to make your life, so unworkable that you can't afford gas. So the price of gas collapses.
And you still are not going anywhere. Remember covid?
You're still not going anywhere. Because you can't afford it. Because everything is so expensive.
That's what demand destruction means. And I think it bears repeating every day. Because people, if they even listen to the fed, they see, well, they're raising interest rates.
Yes. Because generally speaking, that's to suck money back in, and have it go right to the furnace. I'm not convinced that that's what's happening.
But by raising the interest rates, everything you have becomes more expensive. And it also means that big businesses aren't going to be getting loans to expand.
Which means, laying people off. This is all thanks to the fed. Now, there's another thing that you should be aware of.
Credit Suisse and Deutsche Bank are -- are suffering now, if you will, from distressed valuations at the banks.
In 2008, Lehman Brothers, the fourth largest investment bank in the U.S. collapsed and filed for bankruptcy.
Now today, Credit Suisse and Deutsche Bank, two of the world's largest banks are suffering from the same kind of thing. The bank's credit default insurance levels are approaching things not seen since 2008.
Let me say that again. They're suffering from advertise distressed valuations, and the bank's credit default insurance levels are approaching degrees not seen since 2008.
The world economy is looking bad. Energy and gas prices, record highs. Inflation in many countries, is the highest in 40 years. The supply chains are fractured still. Equity markets have shed significant value. And tensions between the West and Russia, are at a nuclear level.
Now the two largest investment banks are floundering. And may go under.
That will be good. That will be really good. Now, Deutsche Bank says, nine! It will not happen. And the Swiss are like, you know how many banks we have over here?
We have so many banks. We're known for banks. We're not going to go under. So worry. Don't worry.
Don't matter. But just know, that that is actually a possibility on the horizon. And what is our fed doing today?
Our fed has made a major announcement. They're having a pilot exercise. Let's get all the pilots out, and let's have them do jumping jacks. Not that kind of pilot exercise. This one, is for ESG, social credit scores.
Help me out. A social credit score is what exactly?
STU: Have you ever seen Black Mirror?
GLENN: I have.
STU: Okay. Yeah. It's a way to rate your quality as an individual. Do you support the common goals of this society? This social -- this social contract, we all have with each other.
GLENN: Right. But it's nothing like what is happening in China.
STU: Oh, it's almost exactly what's happening in China. Yes.
GLENN: Really? They call it a social credit score? Huh. Huh.
STU: That's exactly what they call it.
GLENN: Okay. Well, the Federal Reserve announces a major pilot exercise, for ESG social credit score system.
GLENN: Six of the -- this is according to the fed. Last Thursday. Six of the nation's largest banks will participate in a pilot climate scenario, analysis, it's an exercise, to design. Or to -- designed to enhance the ability of supervisors.
And firms, to measure and manage climate-related financial risks.
Scenario analysis, in which the resilience of a financial institution is assessed, under different kind of hypothetical climate scenarios, is an emerging tool to assess climate-related financial risk. There will be no capitol or supervisory implications from the pilot.
In other words, they're just working with the big banks to monitor their ability to comply with the ruling class's preferred environmental status, technocratic tyranny. That's all they're doing.
STU: Nothing will come of it. No. They're just doing it for fun. Everyone loves to come up with a new algorithm for fun.
GLENN: Right. Because this is going to assist people.
This is going to help people.
STU: Helping. Yes. It's always helping.
GLENN: Okay. So you have that going for you.
So once they get this pilot program through, it's just going to sit on the shelf, and do nothing.
STU: Right. That's why every pilot program. When you -- like, for example, you create a new pilot for a situation comedy.
STU: You always know you're making one episode. And it's never going to be seen by anybody. You don't have a desire to get it on the air, so you can make millions and millions and millions of dollar. You just want to make that one pilot. And then put it on the shelf. You can tell your family about how you made a pilot once.
And that's the end of your story. You never want to go farther than that.
GLENN: Nope. Bank of America. Citigroup. Goldman Sachs. JPMorgan Chase. MorganStanley. And Wells Fargo. All part of the pilot program.
And that's going to begin early next year.
STU: So the pilot is being considered by ABC. NBC. CBS. Fox. HBO. Show time.
GLENN: All of it.
STU: They're all in. Netflix is there.
GLENN: Even the Sundance channel is interested.
STU: Sundance is in. You have Amazon prime.
GLENN: But it's never going to run. It's never going to run.
STU: No longer. It will just go right on the shelf.
GLENN: Right. So don't worry about it. They just are making sure they can -- and put this credit scoring system in, for social credit. Just to make sure that it would work.
Should they decide to ever do it.
STU: Which they won't. It's going on the shelf.
GLENN: Of course, they won't. That's a conspiracy, Stu.
STU: It is. Here's 25 speeches of all these people, describing how they want to implement this. But it's just a conspiracy theory.
GLENN: Right. Right. And anybody who, you know, looks at the words of the World Economic Forum. They're a conspiracy theorist.
For instance, I gave this news earlier, but I think it bears repeating.
During the World Economic Forum, anti-disinformation panel, last week, I United Nations representative, announced that they, quote, owned the science when it comes to climate informational. And their partnership with Google.
STU: That's kind of saying the quiet thing out loud, isn't it?
GLENN: Oh, I think so. Yeah.
But I don't think they think we're listening.
And I think they're kind of right. More people are listening. But more people have to listen. We are in a race to a wire finish.
Which one of us, is going to get our crap together, faster?
Because right now, they're panicking. Right now, if you see the World Economic Forum, they're like, so people that are starting to wake up.
And they might come with pitchforks and torches to our castles.
They're already starting to feel, you know, that the crowd is like, bring out the monster!
If that happens, they're in trouble. So they've got to move faster, and create more chaos.
I think, you know, if -- if we were playing a game of risk. Have you ever played with anybody like this?
You play a game like Risk. And all of a sudden, the tables turn.
You think you're winning. And the tables turn, and all of a sudden, you're losing.
And then that person, because they're a piece of crap. They just pick up the whole thing, and just throw it off -- you know, flip it off.
And all the pieces are on the ground. That's what I'm afraid that they might do. That they're like, oh, really?
Because chaos works in their favor. But don't worry, they've got things under control. Because people who like freedom of speech, they -- they've already -- the undersecretary general for the global communications at the UN, Melissa Fleming, said that she's already partnered. The UN has, with big tech companies, including, but not limited to TikTok and Google.
Well, those are little ones. She says, the Google search results, now prioritize what the UN wants to prioritize. And what the WEF wants to prioritize.
We've partnered with Google, for example, if you Google climate change, you will at the top of your search, the bet all kinds of UN resources.
We started this partnership, when we were shocked to see, that when we Googled climate change, we were getting incredibly distorted information, right at the top.
We're becoming much more proactive.
After all, we -- I'm quoting, we own the science.
And we think the world should know it. And the platforms themselves also do.
We also had a trusted messenger product. Project. Which was called Team Halo.
Where trained scientists around the world, and their doctors on TikTok. And we had TikTok working with us.
STU: Oh, wait. You had who? You had the Chinese Communist Party working with you? That's a real surprise.
GLENN: Yeah. No.
You're not distrusting are you?
STU: Of TikTok? No. No.
They're a great authority. Which is why, as a scientist, you should be bragging about your associations with TikTok.
GLENN: Right. Right. And then another key strategy they announced at the World Economic Forum, just last week was, we really have a key strategy to deploy influencers.
Influencers who are really keen and have huge followings. But really keen to help follow our message. That we're going to serve their communities. And they were much more trusted than the United Nations or WEF. Telling them something from New York City.
Oh. Okay. Well, that's really good. And one more thing. Reason number 471, just today, on why you cannot be silent.
Why you have to stand. An Ivy League biology professor is sounding the alarm, on how Critical Race Theory is erasing the meaning and even the existence of objective truth. From classrooms.
And teaching a generation of students, to treat the truth, fast and loose, in order to obtain what you want.
We're supposed to be training people like biologists, that will become doctors, to make us healthier.
Mechanical engineers that will build bridges or skyscrapers.
This is according to the professor at Cornell University School of Integrative Plant Science, Randy Wayne.
He told Fox in a phone interview this month, if they're all trained on a foundation, that there is no truth. Nobody wants to be operated on by such a surgeon.
Or drive over a bridge, made by such an engineer. And I'm afraid, that's where our universities have gone.
Training people to treat the truth, fast and loose, in order to obtain what you want.
And in the case of universities, what they want is called social justice. And they're willing to play fast and loose with the truth to get it.
STU: This is -- I mean, this goes back to what they were constantly doing when it comes to global warming. It's okay to exaggerate. It's okay to tell big stories. It's okay to minimize your uncertainty. Because you're serving a larger upon your here. So go ahead.
That's allowed. You know, what's -- they're -- there are -- there have been many terrorist groups, that have made these sorts of justifications, where they say, hey. I know we're supposed to be very dedicated to this particular about to do. But if you need to go to the strip club, to cover, you know, that you're an extremist --
GLENN: What faith is this?
STU: I don't have any -- again, this is just a very -- membership drive is going on now.
But, I mean, this is what people do all the time. Right?
When you want to justify something greater, you have all sorts of exceptions to your morals and principles you can make.
GLENN: Here's a great thing. Heard this phrase over the weekend.
That, you know, there's all kinds of new normals.
God doesn't have a new normal. He doesn't. He's not changing. We're changing.
We're changing what truth is. But truth hasn't changed.
So you need to either accept that, or get on board for a cruise ship, that is right straight from hell. You'll look at the Titanic and go, gee. I wish I would have boarded that ship.