Despite what White House Press Secretary Jen Psaki says, inflation is NOT improving month-to-month. In fact, it’s getting worse. But in this clip, Glenn looks beyond inflationary numbers, and he connects the dots between today’s economic outlook with what he believes is heading our way: a huge recession, the collapse of our dollar, and a new digital currency from the Fed. ‘Everything about your life,’ Glenn warns, ‘will be different soon.’
Below is a rush transcript that may contain errors
Okay. So let's take a look at inflation. Here we have Jen Psaki yesterday.
Telling us -- the truth about inflation.
Cut three, please.
VOICE: What specifically has worked with inflation?
VOICE: Well, there's a number of steps, if you compare month to month. We've seen inflationary numbers go down month to month.
GLENN: Yeah. Month to month. Not true. You see the inflation number today?
It was 7.5. It's now 7.9.
STU: And the month to month accelerated this month. So the argument she made yesterday, is now defunct.
GLENN: Well, that's because of the Putin price. You know what I mean?
STU: Oh. She was unaware of the Putin/Ukraine war as of yesterday.
GLENN: Yeah. Yeah, yeah, yeah.
And so this -- last month's inflation, of course, caused by gas, really.
Except, none of that is true. None of that is true.
There are worsening bottlenecks. Rising inflation. And a contraction in global growth.
Russia produces 12 percent of the world's oil supply. And exports 18 percent of the world's wheat consumption. Ukraine accounts for 25 percent of the global wheat production.
Let me say that again. 18 percent of all the wheat in the world, comes out of Russia.
25 percent, comes out of Ukraine.
Gee. That doesn't sound very good for bread. Around the world. Can we play the John Kerry clip? Because he's very concerned about climate refugees. Listen to this. Listen carefully to what he says.
VOICE: We're already seeing climate refugees around the world.
GLENN: Are we?
VOICE: If you think migration has been a problem in Europe or the Syrian war, or even from what we see now, wait until you see 100 million people, for whom the entire food production capacity has collapsed.
GLENN: The entire food production capacity has collapsed. From global warming, really?
Which is more likely? That 100 million people are starving to death, because of everything that's going on. All these corporations getting behind The Great Reset.
They say, they're going to redesign farming, all over the world. By 2030. From seed to the plate on your table.
Uh-huh. And then the war on top of it.
Now, here's the problem with inflation, quickly.
This will be the first time we've had a recession. And we're about to go into a recession, unlike any others. And it could go into a full-blown depression.
Please. Please. Buy food.
Buy things you have to buy. They will be cheaper today, than they will be in six months.
If you look at what the fed can do. Because the fed always says, oh, well, there's a recession. What we'll do is release a lot of money.
And then that money will finance, you know, people if we go to back into businesses, and small business. Creating jobs.
Because small businesses create 70 percent of all jobs. But we don't believe in any of that anymore. In 1957, we had 3.5 percent on the fed fund rate.
So, in other words, the interest rate was 3.5 percent. The recession of the 1960. 4 percent. '69. The rate was 10.5.
'73, 13 percent. '79, 16 percent. 1981, it was 20 percent. That's what it costs to go get a loan.
The fed raised the rates to 20 percent.
1989, it was almost 11 percent. 2000, almost seven. 2007, 5.3 percent.
This is the first time, we have zero interest rate. I mean, at least close to zero. If not zero.
There's no more tool in the toolbox, for the fed. They can't -- they can't -- what are they going to do? Print more money?
That's a really bad idea. Go to zero. That's a really bad idea.
STU: They're going the opposite way.
GLENN: Well, they're saying they are. Here's the problem: We have printed 80 percent of all of the dollars in the world. Okay?
Think of all those dollars that are sitting in vaults all over the world, 80 percent of the currency, that is currently out. Has been printed in the last two years.
We -- we were -- when we first started looking into this, in 2006 and '7, I started looking into the money supply. We were at a trillion dollars of actual, physical dollars out there. We were two years ago, at $4 trillion. We are now over 10 trillion. Actual cash. So you can't just print more money. You have to suck some of that money in.
So we've got a huge problem. Our debt is over $30 trillion. And inflation is destroying real wages. What that means, you might get a pay increase, but inflation is outpacing it.
If you had a 10 percent pay increase, I can guarantee you, a 10 percent pay increase, would not cover the money you're losing right now.
Because they say, it's 7.9 percent. How can that be?
Because one of the biggest hits people are taking, is in their rent. Rent on average, has gone up 20 percent. Year over year.
So how could -- wait.
7.9 percent, but rent? A very big part of -- of what we incur in cost, is up 20 percent year over year. By the way, if you own your house, it's up 30 percent. That's great. Right? If you bought a house, you're now paying 30 percent than people who bought their house a few years ago. So what do you do? Well, normally, you raise interest rates, to slow things down. But you can't. Because that will destroy the stock market. That will destroy the businesses. Because everyone is struggling right now. You can't slow down the economy. Even though, that's what they have to do. To cause -- to bring inflation in order. They have to raise the interest rates. But you can't do that. Because it could collapse it. But if you don't. If you keep loose monetary policy, that will lose -- there will be no confidence, in the American dollar, at all. He's got to deflate the massive bubbles in bonds, in the stocks. They're all overinflated. Real estate. It's way too much. Equities. So what is he going to do? Tighten the monetary policy? Loosen it. It's a lose-lose. Now, let me give you one more piece of information. I have good news for you, by the way. But if you're listening to this program, I'm going to tell you, the truth. And I'm going to tell you the truth. And I'm going to tell you the things -- my gift, I think, is connecting dots. I can see things that other people don't necessarily tie together.
And that's what my skill is. And so I am going to connect dots and tell you these things. And you might have heard -- you'll hear inflation is up. But you -- you're not going to hear two other dots connected to it. One, the dot I just gave you on what is going to happen. What the fed is facing right now. And what our economy is facing. And then there's this dot: A golden opportunity. Those were the words of Prince Charles, at the launch of the great reset in 2020. A golden opportunity. The world was on fire. You know, people were burning down police stations all over. With BLM. And COVID-19. A disease nobody fully understood. And that is what he said. This presents us with a golden opportunity. Because they were preparing to unleash The Great Reset. Every single day since, the supporters of the Reset are waiting. And they've been talking about their next golden opportunity, that can help them finish off, what they started.
And you are seeing it in play today. Another serious crisis, that cannot go to waste. It's the invasion of Ukraine by Russia. Make no mistake. You are going to see the crunching of this economy, and the collapse of the dollar. And I want you to listen carefully. Yesterday, or day before yesterday -- no, it was yesterday that they actually announced and showed the new executive order, to develop a plan to regulate cryptocurrencies like bitcoin. Now, this is being heralded as a good thing. Because they kicked the can down the road. And that's true. And that's what's getting the headlines. However, however, it's inevitable, that the government is attempting to regulate bitcoin and cryptocurrencies. We all know, that's coming in one form or another. But something else, that was tucked into that, was worse. Something that has much bigger implications for the future of America, than even anything happening in Ukraine or Russia. In the same White House announcement, instituting new regulatory schemes for cryptocurrencies, they also said, they're going to direct the Treasury Department to urgently study the development of a potential U.S. central bank digital currency.
A new digital dollar. Urgently study.
Well, we know. The fed is already doing a study. And have been doing a study, with the Hamilton Project with MIT on this, for a long time.
We've shown you the Treasury white papers, all about digital currencies. And what they plan of doing with the U.S. dollar. They've done all this. They've done it the last few years.
We know, because we've seen their white papers. But here's what they're doing now. Now they're making it public, and with new urgency.
They say, within the next six months, the government is going to roll out a plan, to create a new digital currency.
This will mean the destruction of the dollar is coming. Your dollar is coming. Been warning about this for years.
And the golden opportunity, with the chaos in Ukraine, I think has opened the door for the Biden administration, because of inflation. Gas prices. Oil. Everything -- everything -- everything about your life will be different soon.
So they're going to make a transition away from the U.S. dollar, to a digital currency. One that can be tracked, controlled, manipulated, and designed for, in the words of the White House, equitable access to safe and affordable finance services.
Well, what does that mean?
They're not even -- they're not even trying to hide the fact, that this new digital currency, will control you, and your life. As well as remake all of society.
At a background White House press briefing, a senior official, who won't tell -- they won't tell us who. Said, they are, quote, placing the highest urgency, on the effort to assess the potential benefits and the risks of a digital dollar, on payment systems. On financial stability. On national security.
On the implications for human rights. And financial inclusion. They promised that they will move quickly, but only in a way. Now, listen to this.
A quote that is smart, and that is inclusive of the stakeholders. Both within our government, and certainly, outside of our government.
Hmm. Stakeholder capitalism. The senior official also promised the government would -- and I am quoting, continue to partner with stakeholders. Including industry, labor, consumer.
Environmental groups. International allies. And partners. When they design the new digital dollar. It's a public/private partnership. Why would you consult with any of these people? Why would they concern with environmentalists?
GLENN: And they have to make sure that it's equitable, inclusive, and efficient. We are at the end of the line. We have to fight and stop The Great Reset. You won't have an ounce of freedom left, if we don't stop this.
And in half an hour, I'm going to show you a state attorney general out of Arizona, who I think might have the silver bullet.
By the way, I told you yesterday, that I thought Idaho was going to bring about the toughest anti-ESG laws in the country.
Apparently, the left has gotten to the squishy Republicans. They don't even know if they'll be able to pass one now. If you're in Idaho, I certainly would call my legislators, and my senators, and say, what are you doing?