RADIOJanuary 30, 2024

THIS financial law could DESTROY your investments

States are starting to move against a little-known law that could destroy your financial investments. The law, originally introduced in the 90s, was sold as a way to shore up the financial system. But in reality, it was a way to bail out big financial institutions by allowing them to use YOUR investments as collateral in the event of a financial collapse. “It could mean you lose everything,” Glenn says. “It takes the insane ‘you will own nothing’ promise to a whole new level.” One state, South Dakota, is now moving to fix this broken rule and other states are gearing up to join. Now is the time to stop this, Glenn warns, before any real economic turmoil hits.

Transcript

Below is a rush transcript that may contain errors

GLENN: Okay. Have you ever seen on like your electrical cord, it will have a little yellow tag. And it will say UL. Have you ever seen that?

STU: I don't think I've noticed it.

GLENN: So electrical things, will usually have a little UL seal of approval.

That is the uniform law commission.

These are the people that make everything uniform. It is -- it's been around forever.

And I'm not saying it's a bad thing.

But they've started to go into places, where I don't really think they belong.

In the 1990s, lobbyists and big financial institutions and lawyers, at the UL commission examining. Successfully convinced lawmakers in all 50 states, to make significant changes to individual property rights.

Oh. Especially those related to investment accounts.

I want you to listen to me carefully on this.

You know, as I know, that South Korea, Iran. If they could get rockets up into the air, over the United States. And they had nuclear weapons. They could explode them, up in the atmosphere, and three nuclear weapons, would fry all of our electronics.

And it would take us at least a year to get back on our feet.

If it happened globally, it would be a disaster. And millions and millions would die.

Millions would die here in America.

Now, this is something that insular understand.

We've never really hardened our electrical grid.

We've hardened the government.

But the government has never spent the money to harden the rest of us.

I think that's kind of important.

I wouldn't mind spending some time and money, on hardening the grid.

We have our grid falling apart, it is a low probability that that would happen.

But just astronomically high consequences.

This is the same kind of thing, except I think it's more likely than an EMP. But it is worth paying attention to, because it is catastrophic to you.

The changes in the state codes, in the 1990s, were justified by banks and other financial institutions.

By appealing to shoring up the financial system, and moving away from the heavy use of paper, such as paper stock certificates.

In reality, what this did, was it was a design, to bail out big financial institutions, especially banks.

In the event of a future financial crisis. All at your expense.

Here's how it worked.

States changed article eight of the uniform commercial code.

A state law passed in all 50 states.

So the investment intermediaries.

Now, who is an investment intermediary.

Well, that would be like fidelity. Or Merrill Lynch. Or anybody who you were buying your stocks from, you don't actually hold the stock.

Okay?

They own the actual stock. And they're holding it, on behalf of you.

So this change means, that you, the purchaser, don't actually own your investments.

The stockbroker, or the intermediary does. This rule applies to stocks, to bonds. To mutual funds.

Exchange traded funds. And other common forms of investment.

Including investments held in retirement accounts. Such as 401(k)s, or IRAs.

What does this mean.

Well, hopefully, nothing.

However, if you believe the banking system is weak.

If you believe that you could see a major shift with a catastrophic black swan, hmm, it could mean you lose everything.

It -- it takes the insane, you'll own nothing promise, to a whole new level.

Now, the changes didn't stop there.

The code also allows for these stock brokers and other intermediaries, holding your investment. Now, see if this sounds familiar. To use them as collateral in their own financial agreements.

So it's like getting a loan, from a bank, using your neighbor's car. No.

If I don't pay it. Then just take my neighbor's car as collateral.

Wait. What?

Says the neighbor.

And he does it, because he parks your car in his driveway occasionally.

So if you don't pay the loan back, the bank gets to take your neighbor's car.

That's what this is, except the car, is your investments.

Everything that you've worked so hard for.

The reason why this is so dangerous, is if the intermediary goes abrupt, the stock you think you own, can be taken by another big financial institution, who is owed money by that bankrupt stockbroker. And they'll take your fund, to cover it.

Let me give you an example. This is hypothetical. Imagine you contact a stockbroker.

Or maybe your investment manager does it for you.

You purchase 100 shares of stock in Tesla. After you pay the price of the shares, the broker fees. The broker then would add those 100 shares of Tesla to your account.

I own 100 shares of Tesla.

But you don't.

The stockbroker does. Then he can turn around, and use those shares, as collateral, in his own financial agreements, with larger institutions.

So now imagine, that your stockbroker, let's say it's Fidelity. Goes bankrupt.

But there's no rumor of that happening.
Okay. I'm not bringing this up. Because there's anything happening.

I'm bringing this up, because you should know this.

Imagine Fidelity goes bankrupt, because of a massive financial crisis.

Not that that could ever happen, right?

Never happen. If Fidelity owns money, to say Bank of America.

Bank of America could take your 100 shares of stock, as well as a whole bunch of other people's investment, as payment for the debt, that your stockbroker owns -- owes to Fidelity.

If you're lucky, you'll get table scraps in bankruptcy court.

Okay.

That's the problem.

Is it real.

Yes.

What do you do about it?

Well, the first state is now fighting back on this.

And it's South Dakota.

More help is needed. If the financial system ever crashes again, then everything will probably be fine for you and your investment.

But if it does crash, tens of millions of Americans, could be at risk of losing all of their investments.

Including what's in their 401(k) or IRA accounts. Here's the good news.

Monday, South Dakota law makers introduced a House bill, 1199.

This will rewrite the commercial code in South Dakota. So that you get to keep ownership, of what you own, in investments, regardless of whether you used an intermediary like Fidelity or Merrill Lynch.

That is yours.

Now, the bank lobbyists are hating this. Financial institutions, are hating this. And they're pushing hard in South Dakota. Kristi Noem is still looking at the issue. If the bill passes in South Dakota, it will be the first step towards fixing this broken system in all 50 states. But it must be addressed. It must be addressed.

This isn't the only thing. They have changed a lot of the banking rules. The Barney frank. Remember Barney frank.

You know. And they did this big investigation.

So what happened in 2008.

Except, they didn't do an investigation.

They just all got together and said, well, we will fix it this way.

Well, wait. What caused it?

We will fix this, this way. And they put a lot of things like this. Into your bank.

Read your bank contract, carefully. Paragraph so legislators are already working similar bills in other states.

We are watching, and they are watching, what's happening in South Dakota closely.

We need states to make these changes now.

Because, we know the financial system is not the picture of health.

No matter what Joe Biden or anybody else tells you. If it collapses, with the current laws in place, it could mean that American families will end up getting crushed.

All to protect the big banks. And the billion dollar institutions.

Now, that doesn't sound like part of the game plan for the WEF at all, does it?

Uh-uh. Pensions and government funds, could end up getting caught in this crisis as well. Now is the time to stop it. Because there is no crisis.

Now is the time to, you know, harden the infrastructure. Just in case. You harden it, and you don't have to worry about it.

You hear the threat, and you don't do anything about it. Then when things get dicey, you constantly worry about it.

In South Dakota, call your lawmakers. House bill 1199.

Check that bill out, give it to your own lawmakers in your own state.

We've got to protect your investments.
The problem with '08 is nobody was paying attention to you.

Everybody else got bailed out. With your money.

We're still paying, for what they've given, not just to the banks. Not just to the big businesses.

But to the entire world.

They took our money, and gave it to people, they thought deserved it.

You didn't get anything.

Except, the bill.

We have to do this, before there's an issue.

Could passengers have SAVED Iryna Zarutska?

Surveillance footage of the murder of Ukrainian refugee Iryna Zarutska in Charlotte, NC, reveals that the other passengers on the train took a long time to help her. Glenn, Stu, and Jason debate whether they were right or wrong to do so.

Transcript

Below is a rush transcript that may contain errors

GLENN: You know, I'm -- I'm torn on how I feel about the people on the train.

Because my first instinct is, they did nothing! They did nothing! Then my -- well, sit down and, you know -- you know, you're going to be judged. So be careful on judging others.

What would I have done? What would I want my wife to do in that situation?

STU: Yeah. Are those two different questions, by the way.

GLENN: Yeah, they are.

STU: I think they go far apart from each other. What would I want myself to do. I mean, it's tough to put yourself in a situation. It's very easy to watch a video on the internet and talk about your heroism. Everybody can do that very easily on Twitter. And everybody is.

You know, when you're in a vehicle that doesn't have an exit with a guy who just murdered somebody in front of you, and has a dripping blood off of a knife that's standing 10 feet away from you, 15 feet away from you.

There's probably a different standard there, that we should all kind of consider. And maybe give a little grace to what I saw at least was a woman, sitting across the -- the -- the aisle.

I think there is a difference there. But when you talk about that question. Those two questions are definitive.

You know, I know what I would want myself to do. I would hope I would act in a way that didn't completely embarrass myself afterward.

But I also think, when I'm thinking of my wife. My advice to my wife would not be to jump into the middle of that situation at all costs. She might do that anyway. She actually is a heck of a lot stronger than I am.

But she might do it anyway.

GLENN: How pathetic, but how true.

STU: Yes. But that would not be my advice to her.

GLENN: Uh-huh.

STU: Now, maybe once the guy has certainly -- is out of the area. And you don't think the moment you step into that situation. He will turn around and kill you too. Then, of course, obviously. Anything you can do to step in.

Not that there was much anyone on the train could do.

I mean, I don't think there was an outcome change, no matter what anyone on that train did.

Unfortunately.

But would I want her to step in?

Of course. If she felt she was safe, yes.

Think about, you said, your wife. Think about your daughter. Your daughter is on that train, just watching someone else getting murdered like that. Would you advise your daughter to jump into a situation like that?

That girl sitting across the aisle was somebody's daughter. I don't know, man.

JASON: I would. You know, as a dad, would I advise.

Hmm. No.

As a human being, would I hope that my daughter or my wife or that I would get up and at least comfort that woman while she's dying on the floor of a train?

Yeah.

I would hope that my daughter, my son, that I would -- and, you know, I have more confidence in my son or daughter or my wife doing something courageous more than I would.

But, you know, I think I have a more realistic picture of myself than anybody else.

And I'm not sure that -- I'm not sure what I would do in that situation. I know what I would hope I would do. But I also know what I fear I would do. But I would have hoped that I would have gotten up and at least tried to help her. You know, help her up off the floor. At least be there with her, as she's seeing her life, you know, spill out in under a minute.

And that's it other thing we have to keep in mind. This all happened so rapidly.

A minute is -- will seem like a very long period of time in that situation. But it's a very short period of time in real life.

STU: Yeah. You watch the video, Glenn. You know, I don't need the video to -- to change my -- my position on this.

But at his seem like there was a -- someone who did get there, eventually, to help, right? I saw someone seemingly trying to put pressure on her neck.

GLENN: Yeah. And tried to give her CPR.

STU: You know, no hope at that point. How long of a time period would you say that was?

Do you know off the top of your head?

GLENN: I don't know. I don't know. I know that we watched the video that I saw. I haven't seen past 30 seconds after she --

STU: Yeah.

GLENN: -- is down. And, you know, for 30 seconds nothing is happening. You know, that is -- that is not a very long period of time.

STU: Right.

GLENN: In reality.

STU: And especially, I saw the pace he was walking. He certainly can't be -- you know, he may have left the actual train car by 30 seconds to a minute. But he wasn't that far away. Like he was still in visual.

He could still turn around and look and see what's going on at that point. So certainly still a threat is my point. He has not, like, left the area. This is not that type of situation.

You know, I -- look, as you point out, I think if I could be super duper sexist for a moment here, sort of my dividing line might just be men and women.

You know, I don't know if it's that a -- you're not supposed to say that, I suppose these days. But, like, there is a difference there. If I'm a man, you know, I would be -- I would want my son to jump in on that, I suppose. I don't know if he could do anything about it. But you would expect at least a grown man to be able to go in there and do something about it. A woman, you know, I don't know.

Maybe I'm -- I hope --

GLENN: Here's the thing I -- here's the thing that I -- that causes me to say, no. You should have jumped in.

And that is, you know, you've already killed one person on the train. So you've proven that you're a killer. And anybody who would have screamed and got up and was with her, she's dying. She's dying. Get him. Get him.

Then the whole train is responsible for stopping that guy. You know. And if you don't stop him, after he's killed one person, if you're not all as members of that train, if you're not stopping him, you know, the person at the side of that girl would be the least likely to be killed. It would be the ones that are standing you up and trying to stop him from getting back to your daughter or your wife or you.

JASON: There was a -- speaking of men and women and their roles in this. There was a video circling social media yesterday. In Sweden. There was a group of officials up on a stage. And one of the main. I think it was health official woman collapses on stage. Completely passes out.

All the men kind of look away. Or I don't know if they're looking away. Or pretending that they didn't know what was going on. There was another woman standing directly behind the woman passed out.

Immediately springs into action. Jumps on top. Grabs her pant leg. Grabs her shoulder. Spins her over and starts providing care.

What did she have that the other guys did not? Or women?

She was a sheepdog. There is a -- this is my issue. And I completely agree with Stu. I completely agree with you. There's some people that do not respond this way. My issue is the proportion of sheepdogs versus people that don't really know how to act. That is diminishing in western society. And American society.

We see it all the time in these critical actions. I mean, circumstances.

There are men and women, and it's actually a meme. That fantasize about hoards of people coming to attack their home and family. And they sit there and say, I've got it. You guys go. I'm staying behind, while I smoke my cigarette and wait for the hoards to come, because I will sacrifice myself. There are men and women that fantasize of block my highway. Go ahead. Block my highway. I'm going to do something about it. They fantasize about someone holding up -- not a liquor store. A convenience store or something. Because they will step in and do something. My issue now is that proportion of sheepdogs in society is disappearing. Just on statistical fact, there should be one within that train car, and there were none.

STU: Yeah. I mean --

JASON: They did not respond.

STU: We see what happens when they do, with Daniel Penny. Our society tries to vilify them and crush their existence. Now, there weren't that many people on that train. Right?

At least on that car. At least it's limited. I only saw three or four people there, there may have been more. I agree with you, though. Like, you see what happens when we actually do have a really recent example of someone doing exactly what Jason wants and what I would want a guy to do. Especially a marine to step up and stop this from happening. And the man was dragged by our legal system to a position where he nearly had to spend the rest of his life in prison.

I mean, I -- it's insanity. Thankfully, they came to their senses on that one.

GLENN: Well, the difference between that one and this one though is that the guy was threatening. This one, he killed somebody.

STU: Yeah. Right. Well, but -- I think -- but it's the opposite way. The debate with Penny, was should he have recognize that had this person might have just been crazy and not done anything?

Maybe. He hadn't actually acted yet. He was just saying things.

GLENN: Yeah. Well --

STU: He didn't wind up stabbing someone. This is a situation where these people have already seen what this man will do to you, even when you don't do anything to try to stop him. So if this woman, who is, again, looks to be an average American woman.

Across the aisle. Steps in and tries to do something. This guy could easily turn around and just make another pile of dead bodies next to the one that already exists.

And, you know, whether that is an optimal solution for our society, I don't know that that's helpful.

In that situation.

THE GLENN BECK PODCAST

Max Lucado on Overcoming Grief in Dark Times | The Glenn Beck Podcast | Ep 266

Disclaimer: This episode was filmed prior to the assassination of Charlie Kirk. But Glenn believes Max's message is needed now more than ever.
The political world is divided, constantly at war with itself. In many ways, our own lives are not much different. Why do we constantly focus on the negative? Why are we in pain? Where is God amid our anxiety and fear? Why can’t we ever seem to change? Pastor Max Lucado has found the solution: Stop thinking like that! It may seem easier said than done, but Max joins Glenn Beck to unpack the three tools he describes in his new book, “Tame Your Thoughts,” that make it easy for us to reset the way we think back to God’s factory settings. In this much-needed conversation, Max and Glenn tackle everything from feeling doubt as a parent to facing unfair hardships to ... UFOs?! Plus, Max shares what he recently got tattooed on his arm.

THE GLENN BECK PODCAST

Are Demonic Forces to Blame for Charlie Kirk, Minnesota & Charlotte Killings?

This week has seen some of the most heinous actions in recent memory. Glenn has been discussing the growth of evil in our society, and with the assassination of civil rights leader Charlie Kirk, the recent transgender shooter who took the lives of two children at a Catholic school, and the murder of Ukrainian refugee Iryna Zarutska, how can we make sense of all this evil? On today's Friday Exclusive, Glenn speaks with BlazeTV host of "Strange Encounters" Rick Burgess to discuss the demon-possessed transgender shooter and the horrific assassination of Charlie Kirk. Rick breaks down the reality of demon possession and how individuals wind up possessed. Rick and Glenn also discuss the dangers of the grotesque things we see online and in movies, TV shows, and video games on a daily basis. Rick warns that when we allow our minds to be altered by substances like drugs or alcohol, it opens a door for the enemy to take control. A supernatural war is waging in our society, and it’s a Christian’s job to fight this war. Glenn and Rick remind Christians of what their first citizenship is.