RADIOOctober 17, 2022

Glenn: Economy is like the TITANIC. Time to get on a lifeboat.

Glenn says our economy today is like the Titanic — saving it before massive destruction is done might not be an option any longer. And, unfortunately, financial expert and author of ‘The War On Small Business,’ Carol Roth, agrees. She tells Glenn what SHE would do differently if she was running the Federal Reserve: ’I [would] slow the Titanic down so we can get people into the lifeboats.’

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth is in town. We have a -- kind of a financial kind of meeting. Or something today.

And you're in town for that. And welcome as always, Carol.

CAROL: Thanks, it's fun to be in studio, with you.

GLENN: So, Carol, I just said to Senator Johnson from Wisconsin.

That I feel like we're on the Titanic, and now we've hit the iceberg at full speed. And I'm looking for a band to stop playing so people can go, oh, wait. What just happened? And it's time to get into the lifeboats. Because this thing -- we have to save what we can. And the people we can. Because we're going to have a lot of rebuilding to do.

CAROL: Yeah. And it's the people who put us on course to hit the iceberg.

GLENN: Wait. Wait. You don't agree with my analogy, do you?

CAROL: No. I do agree. I'm very, very sorry. I know, you want me to tell you that everything is going to be okay.

GLENN: Yeah. Blame the iceberg, we haven't --

CAROL: We'll be on a mega yacht, instead of the Titanic. But it's just not the case. It is these people who said, no. That iceberg is not there. No. We can totally maneuver our way around it. These are the people who say, no, no, no. Yeah. So it was there. And maybe we hit it.

But, you know, that was some other reason. It wasn't actually there when we saw it. But now we've got all these great ideas on how to fix the economy.

GLENN: Oh, my gosh. And none of them are good ideas. Let me ask you this. Let's say you're the head of the Treasury. Or head of the fed.

CAROL: Lord, help everyone. But yes.

GLENN: I think we would be better off.

CAROL: Oh, you would be. You would be.

GLENN: Even if it was just me. It would be like --

CAROL: Some guy off the street.

GLENN: Anybody off the street. You, I don't know what your name is, you're now the head of the fed.

If you were the head of the fed, this is the iceberg part, how do you stop this from going down?

Aren't -- because you have to raise interest rates, traditionally, to pull money back in. But these interest rates would have to be 30 percent easy. Don't you agree, to pull this kind of money back in? We were at 20 at Jimmy Carter.

CAROL: Yeah, we'll get to that in a second. First of all, if I were fed chair, I would blow up the fed powers. And say, we're going to put myself out of a job, at some point in time. But in terms of the problem at hand --

GLENN: So wait. Wait. Let me get this. So the audience understands. To suck -- inflation goes down, when you suck money back out of the system.

That's the theory. And that's the way it always works. Hang on. I know what you're thinking. And the other problem is, you can only make interest rates, go so high, before it sucks the money out, that is needed to run the economy.

So a half the country is saying, we have to our interest rates. Other half of the country, is saying, no. We have to lower the interest rates. I don't know what to do. Except just freeze.

CAROL: So let me put this in layman's terms. You're talking about this battle between inflation and putting us into a very deep recession. Not that we're not already in a recession. Which some of the people like to pretend that we're not. But a very deep recession. And some of those things are at odds with each other.

GLENN: Borderline depression. I mean depression is really kind of defined by the unemployment being very, very high. Over 25 percent.

CAROL: And duration. The length of -- how deep and how long this goes. But there's another factor in here, which is because we are the world's reserve currency, it's something called the Triffin dilemma. So not only are we domestically at odds, inflation versus recession.

But on a global -- from a global standpoint, you're at odds. Do you make decisions for the benefit of the US? Which I'm not sure that we can. But let's just pretend that maybe we can.

Or for the world. Because the world is on the precipice of a massive global recession, that could do cause all kinds of very reverberations here.

So this is the massive puzzle that the central planners, again, have created. Because they thought, okay. We can figure this out. But they don't realize, they're not smart enough to figure out all these parts. So as fed chair, I need to slow the Titanic down, so we can get people -- we talked about online, into the lifeboats, versus not crashing into the iceberg. Because that's not possible at this point in time.

GLENN: It's not possible to save the Titanic?

CAROL: I personally don't think that's possible. Everybody is like, oh, there's a very narrow path. The path is as narrow as one of my hairs. There's no narrow path, so let's just be honest about it.

GLENN: Right. The time to do something was really before 2008. Once we went down the path of bailing everybody out, this is the inevitable outcome. And everybody at the fed and all the experts and all the banking people, said, no, no, no. You don't understand. And I kept saying to them, hmm. I do understand. I don't think you're either telling the truth to yourself, or you're -- you're -- or you're just a crazy man. Because they're -- you can't do this, at the numbers that we're doing it.

CAROL: Yeah. And the thing is, that not only have they not done what they did then. They shouldn't have kept in place, for as long as they have. And they shouldn't have doubled down. That's the problem. Is we keep having these opportunities. Yes, we've made mistakes, and we're going to change course. But instead, everyone goes, no, I think this is fine. We're going to continue to march down. Or I'm not seeing the problem in the way that other people are anticipating it. So since you're not recognizing it, we have some more room to just continue on, until they wake up, and realize, it's a problem. Once you wake up and realize that the problem is there, then it becomes too late. And we're in the situation that we're in today.

GLENN: So Monday, I did a monologue on Credit Suisse, and I said, you're going to see in two years. Because the fed doesn't have to tell you anything in two years. But I guarantee you, we're sending over our money over to Credit Suisse right now, to do basically what we did in 2008. Save the baggage that's too big to fail. Well, I don't know why they released this information. But last night, I'm reading, we sent three -- billion? How much did we say?

CAROL: I don't know, but I doubt it was 3 trillion.

GLENN: Yeah. I'll look that up. Could you look that up?

STU: 3 trillion --

CAROL: That would be bad.

GLENN: It's a staggering -- it's a staggering amount.

CAROL: Let me tell you why they did that: Is because the Suisse National Bank said that Credit Suisse is a systemically important bank. So, of course, they are too big to fail. You know, we can't bail out the little guys. We have to make sure the big cronies are taken care of. So, of course, somebody was going to come to the rescue. And when you say somebody, it's always the US. And it's not the US. It's you and you and you. It's literally us because it's our money, or the printing money, which devalues our money.

GLENN: So isn't Europe now in the place, or soon to be in the place that we were at in 2008?

CAROL: So it's for a different reason.

GLENN: Right. Right. Right. Right.

CAROL: But, again, this goes back to the fed. So let's tie this back in a little bow. Because we have a dollar that is strong against other currencies. It's not strong when you go to the grocery store.

But it's strong against these other currencies out there. I like to call it the skinniest kid at fat camp.

It's not great, but it's the best out of all of them. And because of the energy situation, that they've all created.

They're dependent on importing energy. Energy, and to some extent, food is priced in dollars, which means that these countries need to access dollars in order to pay for these things. So they only have so many choices.

It means they either continue to devalue their currency. They're going too have to spend more and more of their currency to buy dollars. Or they sell dollar denominated assets like treasuries, in order to get the dollars to pay. So this is a vicious cycle, when they do that. Then the yields go up. The dollar strengthens, and we end up in this crazy cycle again. And this is why it's so complicated, the fed's decision isn't just inflation versus, you know, a deeper recession here in the US. It's literally, potentially creating a global currency crisis. It's potentially creating a liquidity in the Treasury market, and a crisis there. It's potentially, you know, all risk assets, could end up just, you know, being sold in a massive fire sale. I mean, they have to think through all of those implications. And that's why, if I were fed chair right now, where we started this, I would have to pause. Because I don't think that the fed has the tools to combat inflation since their supply-generated anyway. They can't print oil. They can't print labor. They don't have the tools. So all they can do is crash demand, and if they do, they take the whole world down with them.

GLENN: Okay. Well, I think I'm going home now. All right. More in just a second with Carol Roth. By the way, you can get her newsletter and the things that she writes, at Blaze. TheBlaze.com. You'll see a lot of her articles. And at your website, as well.

CarolRoth.com/Glenn. Right?

CAROL: That's actually a new project coming up that you know about. They can sign up to find out about that there. It will help them battle their way back with wealth. So CarolRoth.com/Glenn.

GLENN: So you're going to announce that today?

CAROL: I'm not announcing it. But if they get on that mailing list, they'll be the first one to know.

GLENN: This is a really good thing. All right.

Let me tell you about gold. I actually saw a guy who was traditionally against holding gold. And I don't remember who it was. It was a guy traditionally against it. And he said, now it's really the time. Now is the time. Because all assets, all assets are going to go way down. He predicted. Way down. And even if gold goes dune. It will be like the skinniest kid at fat camp. You know what I mean? And he said, eventually, gold always resets everything. Do you agree with that?

CAROL: Yeah. We can talk about this more. But if you think about what we just said, the fed eventually having to go back to continue printing. The central banks going back to printing. Like we're seeing in the Bank of England. You know, this is a long-term trend. You saw something out of Saudi Arabia. That they're opening a gold refinery. There's a reason for that. So just in terms of the tenor of the global economy, U.S. dollar's reserve currency, and all these machinations going on with it. You know, the one thing that everybody can kind of agree on is gold.

GLENN: You know, it's amazing too, because if you think the government can say, we're just making a different dollar. We're just making a digital dollar. It's going to be completely different. At that point, no one is going to have any credibility. You're going to have to show me what's that worth. Show it to me. There will be no faith in the good name and credit of the United States. Anyway, I want you to call Goldline right now.

They've got a a really good special outgoing. The legal tender bar. This is goodly pieces, I actually helped design this. And they had it made by the Canadian mint. It is little, teeny gold bars that are spendable if you will. You can keep it in your wallet, and you can get wherever you needed to do with those. And it's much more reasonable to use.

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Can you explain one thing?

I saw an article out of Europe. And it said that because there are no investors. Because of ESG.

CAROL: Right.

GLENN: There's no investors in exploring for oil. Et cetera, et cetera.

And the fact that we are headed towards price destruction.

Meaning, nobody can afford to do anything.

So nobody is going to be using gas.

And you're going to be staying home. So the price of gas, is going to fall through the floor, they think. Then the banks will have. Or any investors will have a call, on their investment. And they won't have the money, to be able to do it. So a they're stuck in this same kind of trap. Where it's this vicious circle. Is that true? Is that right?

CAROL: So there is a case to be made, that, you know, as we -- kind of go into a global recession.

Like a very deep global recession that there will be demand destruction.

But you have to remember, that we just had OPEC plus, decide to cut production to a million barrels per day. So -- and, you know, China is still kind of getting back and running. You know, in terms of capacity. So I don't think that oil and gas are going to go back up to the levels that, you know, perhaps we saw earlier this year. But the idea that it's all going to come crashing down. Yes.

Europe is stockpiled on gas. But it's a three-month stockpile. Like, what happens after that? This issue that we have with energy. This isn't like a month-long, or winter long issue. And all of a sudden, we're going to come out the other side, and everything is going to be roses.

There's massive underinvestment that will affect us for years.

GLENN: So it's not just that you can turn this spigot back on. You know, I know, when you think of these big oil rigs, that are out in the middle of the gulf. Those things are made here. A lot of them.

But they have specialized parts that like, one company makes. Those things are on leases for ten years, at least.

So if it pulls up here, and goes some other place, South America. That's leased. And you don't just build an oil rig like that, overnight.

We're talking years of restarting.

CAROL: This sounds really familiar. It sounds like in 2020, when a bunch of people said, wait. You can't just turn on a third of the economy. And turn it back on whenever you want. And there's going to be absolutely no dislocation. Huh. That's weird. It's the same thing here. You're losing -- the parts manufacture. You're losing, in the case of nuclear -- knowledge base. You know, specialized expertise. You cannot just flip the switch back on. And there's no meaningful, sort of rush towards investment. Because all these companies believe that, you know, whoever the next regime is, even if there's a friendly one in between. That they're just going to double down on these bad policies. So why would they make a ten-year, a 15-year, multi-billion dollar investment. When people are coming out and saying, we're coming after you. You know, show me the incentive. I will show you the outcome, that's Charlie Munger. And it's for every single thing. In terms of energy, this is not just the next few months. This is a multi -- multi year disaster, with massive human suffering. I mean, we're talking about already in Europe. Just the implications, not just on heating your homes. But on the food sector. Bakeries. Dairy.

Companies that massively use energy. They're not able to produce, at the levels, that they could, because the energy --

GLENN: Farms.

CAROL: Yeah. Fertilizer. This is what happened to Sri Lanka, right?

GLENN: This is craziness. It is craziness. There is such a -- and I can only -- you know, it's Malthusian.

You have to hate humankind, to go down this road. Because it's so clear, what the ramifications are.

And if you stop right now, and you go, okay. Okay. Okay. Okay.

All right. I got it. That's one thing. But to stay singly focused on this, and continue, while people are going to face starvation and freezing to death, there's something deeply, deeply wrong with you.

CAROL: So we've talked about this. This is what the fed did. They stayed with that myopia. Same thing with covid. Now we have it with energy.

Shocking train video: Passengers wait while woman bleeds out

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.