The prices of used cars are skyrocketing, with interest rates nearly double what they were just a few years ago. But, as you already know, it’s not just used cars. The cost of EVERYTHING is rising, and it seems like that’s exactly what global elites — like those at the World Economic Forum — WANT to happen. So what should you do? Watch this clip for Glenn’s advice on what you should begin preparing NOW.
Transcript
Below is a rush transcript that may contain errors
GLENN: I want to talk to you about what is coming. What you need to prepare for. So you can change the way you spend money, and let me give you some information that will help you understand, how to navigate and know what is real, or what is not.
You keep hearing that -- that credit cards are going gangbusters, everybody is fine. And default rate, blah, blah, blah.
You're hearing a lot of that, and a lot of that will be based on American Express. Why should you not look at the stats of American Express?
Do you know, Stu?
STU: No. American Express that demands that you pay it off. So generally speaking, it is people who have more money. They don't care an American Express.
But more importantly, American Express, your FICA score is between 40 and 60 points higher, to be able to get just a regular green card American Express, over Discover or Capital One. Okay? So you're not looking at the riskiest ones. Okay?
STU: Right.
GLENN: And when you look at the riskiest ones, Capital One, they have been taking, you know -- some crime borrowers. People who are living on the edge. And living on their credit card. Those are Discover cards. And Capital One cards.
Generally speaking.
Well, Capital One is turning off the spigot of credit. In a lot of places. They've just begun doing this. Their loss is up year over year.
$1.4 billion. They've just had to write off this year.
Okay? Because people failed.
Their charge-offs, for both of them, have gone from one and a half percentage points, to four percentage points.
And we're in an economy that our leaders are telling us, is good. It's healthy.
It's growing. It's wonderful.
STU: But what did Biden say about it?
It's -- God, what was it? It was a half swear. I can't remember what it was. Smart as hell. That's what it was. Or strong as hell. This economy is strong as hell.
GLENN: If this is strong as hell, who is it strong as hell for? You know the answer to that. The rich.
It is getting harder and harder for the people at the bottom end.
You will have nothing, and you will be happy. It's the promise from the World Economic Forum. By 2030, you will be happy, owning nothing.
Now, I don't know how that is possible, in a society set up around ownership. The reason why ownership is so important in America, is because that's the way you can hold on to wealth, and grow wealth. By buying your own home.
Not your car. But by buying assets and owning things that increase in value. That's how we have lifted the poor class, into the middle class.
And the middle class into an upper class.
That is unique, and really, truly very American.
Ownership.
But you take that ownership, how are you going to save money?
How are you going to grow money?
Okay. Now, let me take you to the cars. People just a few years ago, if you went to buy a used car. It was seven to $15,000. Average. Okay?
It is now 20 to $25,000 for a used car. What has changed?
Well, the Wuhan virus changed everything. That collapsed the supply chain. You can't get the supply chain back on track. So we're still short cars. That makes your used car more expensive. So that's why you've gone from at the top $15,000 to now 25,000.
The top of average. It's gone up. Ten grand. Has your salary gone up? Has your savings gone up?
Has your -- I mean, with inflation.
That's real dollar. That's not inflation. That's real dollars. Inflation is on top of that.
Why are we paying so much money for everything?
Well, one of the reasons is, we're no longer leading the world. We are intentionally hobbling ourself with oil and gas prices. They're not refilling the strategic oil reserve, because President Biden says it's still too high. Well, you know what, you may be in a war that you are creating right now, President Biden.
What do you say, you bite the bullet, because you don't seem to have a problem spending money everywhere else, and fill our national strategic supply back up.
We're intentionally shooting our feet. So gas prices go up.
Which makes people think, okay. Well, they're getting rid -- they're getting rid of the gas car. Everybody is going to electric. Maybe I should buy an electric car. Well, electric cars are expensive. They're new and expensive.
Okay. Plus, your energy costs are going up.
The more you build, the more people buy electric cars, the higher your energy price. The higher your electricity bill. Who is paying for that?
How do I afford that? On top of my brand-new car? You can't.
And if you could afford a new car, you're paying full sticker, if not above.
And, you know what, I have to buy something. So I'll buy a used car, at an unbelievable price.
Now, let's look at the price to borrow the money for that car. Okay.
So on average, we have gone from 3.6 as your rate to borrow money for a car. 3.6.
The average now is 6.8. Okay?
That's a lot of money over the lifetime, just in the last year. That's an additional $2,000 you have to pay for your car. But that's if you have good credit. If you're subprime, subprime is as high as -- with insurance 26 percent. That's loan shark stuff. You'll never, ever, ever pay for that car. You'll never get out of that.
So what are you going to do? So now people are losing their cars, because our repossession of cars is now higher than it was at the peak of the financial crisis of '08. And we're in an economy that is strong as hell.
It's not working for the average person. I hate trickle-down economics. It's clear you do. Because nothing is trickling down. Have you noticed that?
Nothing is trickling down. Because you're not giving any incentives for people to invest in anything.
You are dictating what technologies and everything else, that you're going to invest in, as the United States government.
And you're going to have and tell the banks, what they should invest in.
The rest of us are holding on, going, I don't know what's going on tomorrow.
And we're already doing that, because of technology. We have no idea, what technology is going to do to any of our jobs.
So do I invest in a new factory? Do I wait for a couple of years? There's no incentive to build a factory here.
I don't know what the energy costs are going to be. So there is no trickle down. This is society without trickle down.
The rich just keep getting richer. And you're not seeing any of it. None of it.
So here's the thing that I -- I want you to be prepared for: And that is helping each other out.
Being prepared with your food.
With your energy. Don't go out and blow your money on stupid stuff.
Everything that they are telling you in the media, that we're strong as hell, is not true.
Have you heard anyone talk about Saudi Arabia getting rid of the petrodollar?
Have you seen that anywhere, Stu?
STU: No.
GLENN: Okay. How could that possibly be?
How can the Saudis say?
Yeah, we'll take any kind of money. That is the United States of America going off the gold standard, to replace gold with the petrodollar. We said our dollar is the only way you can buy oil. And that's what kept the dollar sound. Well, now wait a minute, if that's no longer true, what's keeping of our dollar sound? And why hasn't there been any discussion of this?
Why isn't anyone talking about something, that is going to affect you, your future, your children?
Your debt. Your job. Your medicine. Everything is going to be affected by that. And yet, nobody has told you anything, about it.
I just find it curious. That the leaders of expense, are the things that the great reset is trying to get rid of.
Car, worth a fortune. If you hadn't emptied our strategic oil reserve, fuel would be through the roof. Just like it is everywhere else.
Meat, you know, they don't want you eating meat. Have you seen? It will go up another 15 percent this year. Have you heard that stat?
Chicken? God help us with chicken. Did you see what happened with Connecticut this week? One of the chicken producers burned to the ground. 100,000 chickens gone. What is that going to do to the price of chicken?
All of the things that they say, they want to eliminate or change. All of those things going through the roof.
Can't get fertilizer. Can't get fertilizer.
Why? Well, Russia makes most of the fertilizer that we would use. Oh, okay. So let's go pick a war, with Russia.
And I want to talk to you about the war with Russia. Because that's another thing that doesn't make sense.
Batten down the hatches. Do your own homework.
Look at, where do you have your dollars? If you have anything.