RADIO

'INSANE': The Fed is TRYING TO HIDE this from you

The Federal Reserve and U.S. Treasury recently made a big change to their banking rules: Big banks will now be forced to use the Fed's discount window (which was previously only used as a last resort by struggling banks) at least once a year. The Fed tried to argue that the last economic crisis was spurred by banks that didn't know how to use the window — so this new rule will act as a fire drill. But former investment banker Carol Roth sees through their "absolutely insane" spin. Carol joins Glenn to explain what's really going on here: The Fed wants to hide from YOU which banks are in trouble and grab even more control over the market. But Carol also brings some good news: This audience recently helped accomplish two "massive" wins in the fight against ESG.

Transcript

Below is a rush transcript that may contain errors

GLENN: We have Carol Roth on with us.

Hello, Carol. How are you?

I can't hear, Carol. There you go.

CAROL: Oh, great. I was saying, what a better way to start with the week than with you and your fabulous community. So off to a fantastic start.

GLENN: So let me give some good news to this fantastic audience. Big news from Florida.

The law that we spoke about, the last time that Justin Haskins was in town, in Dallas, we were talking to a Florida representative. It is working.

More than 100 Florida banks, including some huge nationally chartered banks, have just signed an agreement with the state, that they will not incriminate on the basis of customer's political views.

This is one of the main reasons why we wanted this in the first place. You can see the legislation. I'm going to tweet it out here in just a minute or so.

The legislation behind this. Is the same that we've been promoting since The Great Reset book was released in January of 2022.

Same legislation that lawmakers learned about when they came to the summit. That we hosted at Mercury One in Dallas.

And it's the same one that I talked about when I was on the stage, at the pro-family legislation conference, in November of 2023.

This is a massive, massive win.

Donald Trump has also formerly committed on the campaign trail, of stopping banks from discriminating on the basis of politics.

The whole point of the bill that we were pushing in -- in Florida.

If other states pass bills like the one in Florida, we will win and destroy ESG.

We're getting an update. Hopefully, we will have one at the end of the show, on how many states are taking this up.

Florida, again, is leading the way. Donald Trump, says, he is right with this.

We need your state. To follow Florida's lead. The banks are jumping off. And they are actually signing promises, that they will not consider your politics. When looking at loans or anything else.

That is huge, Carol. Huge.

CAROL: That is huge. And I want to point out, Glenn. This is the second grassroots win, that we heard about, within the last seven days.

And I am so proud of you and everyone in your audience, who has been saying, I'm not sure that I can make a difference, but, you know, I'm going to try. I'm going to write a letter. I'm going to send some comments in, whether it's to my state representative or governor or to whoever it is. We're seeing that when enough people stand up, they can make a difference. And that should inspire and fire everybody else up, to continue this. Because it is working.

And so I -- by the way, I have to say -- participated in some good news on the program.

GLENN: I know. I know. I know. That will end soon. Your mood won't improve much.

But I do want to point out, what you just said. Talk about what happened last week, that was another massive win.

And it started with this audience.

CAROL: It 100 percent started with this audience. And it started with you, and Marlo Oaks, the Treasurer out of Utah, who brought to our attention these natural asset companies. And the fact that the New York Stock Exchange had gone to the NCC, and said, we want to list them. We want to list these companies who can control and manage natural resources.

And we said, no. This isn't going to happen.

And so you brought this to everyone's attention.

We came up with a template.

People from this audience. Hundreds of people from this audience came, emailed me personally for that template.

Sent it in.

And there was so much pressure. That the FCC didn't even get to rule. The New York Stock Exchange withdrew the role because of the pressure from patriots, from this audience.

It was an absolutely huge victory. So now we've got this -- we've got the ESG. We have the nondiscrimination.

We have momentum. So certainly, lots more work to being done.

But everybody should take that moment, to take a victory lap. It doesn't mean you have a party for the rest of the year.

But for a quick moment to say, I made a difference. If I participated. And you didn't do it the last time around, next time around, do it the next time.

Because the more people who do it, the more of a chance, we have to make that difference.

GLENN: So we will get into why this is so critical, that you understand the power that you have.

And really, know it. It's critical.

Make sure you're listening next hour. Because I will show you massive moves now being made, on silencing voices like ours, to alert people like you.

So you may have to be the replacement vote. Voice.

To currently others.

It is the digital ghettos are being made, right now.

And they're going to start putting people behind those walls, soon.

Okay. So, Carol. Let me explain the discount window. And see if I have it right.

Discount window, at the fed.

Think of a bunch of windows, at a bank. Where you walk up to a window.

The discount window is where banks, if they walked into the fed.

Which is the bank of banks.

So all those windows.

There are bankers at that window.

No people like you. And the discount window was the kind of shameful window at the end, that everyone could see.

And you could walk up to the discount window if your bank was if trouble.

And say with, I need to borrow some more money. I need it here.

Because we're getting dicey on the books. And all the bankers can look and see who is in line with that discount window.

And they say, bank of Georgia is in real trouble.

So it was shameful. And nobody wanted to go up to that discount window.

After 2008, they took all that shame away. And now you can walk up and go, yeah, man, right!

Are we all in trouble. You bet?

Can you give me some more money. Do I have that right?

CAROL: Pretty similar.

It's unfortunate.

Because the discount window does sound like a place at Nordstrom, where you maybe get a discount on some goods, right?

But you said, it is sort of -- has a stigma attached to it. Because within the banking system, within the plumbing, as you noted.

Banks lend to each other on a regular basis.

And if you're in good shape, you may go. And if you have a liquidity need, overnight or for short-term, you may go to another bank, and you may get a loan.

And that's actually what the fed funds rate sets that target rate of lending at, that we hear.

We hear, we will go up 50 basis points. We will go down. That set interbank lending rate.

The discount window, as you mentioned is at the fed. Funny enough, it's not even at a discount. It's actually at a premium to the fed's fund rate. Because banks who can't get the money elsewhere, have to go to the fed. We've heard the name -- the phrase, the fed is the lender of last resort.

And that's if you're in line at that discount window. It's because you've got nowhere else to go in order to get that money for your liquidity.

GLENN: Correct.

CAROL: So while that information isn't reported, usually on a case-by-case basis. For about two years.

You don't know specifically.

There's enough details that participants in the market can infer who is going to those windows.

And then also, it's a very important market signal.

Because in the aggregate.

If we're seeing a lot of loans being taken down, via the discount window.

Which is reported on a regular basis.

We can infer there is trouble in the banking system. So like we did last March, when there was a banking crisis, we saw this huge spike in discount window usage. So I think that that kind of pieces this all together.

GLENN: Okay. So now what has the fed done?

CAROL: So there is a new rule that is being worked on. This had been rumored to be happening for a long time.

And now it's finally come out. It's between the fed, the treasury. And the -- I believe it's the FDIC. And they are planning to say, well, because there's so much -- well, actually, they're not saying -- I'm getting ahead of myself.

They're basically saying, they will introduce a new rule. That if you are a bank over a certain size. I think that $100 billion is the assumed cut-off point. That we're going to force you, to use the fed discount window, every year on whether you need a loan.

Whether you don't need a loan. Whether you can borrow for another bank.

It doesn't matter. And they will make sure you do it.

And the reason is, they think you're so stupid.

They say, well, the reason why we had this crisis in March.

Wasn't because we had all of these underwater, you know, securities on bank balance sheets.

No, no, no. That wasn't the issue.

It was because they couldn't figure out how to use the discount window.

So this will be like a dress rehearsal, or a fire drill. So if you do it on a regular basis, now you know. And we can avoid the other crisis.

Which is absolutely insane. And if you believe that, I have a bridge to sell you.

GLENN: That is like, that is like cops saying, yeah. Well, we -- we have to fire our guns. You know, at people. Once in a while, because otherwise, if something happens, we won't know how to fire guns at people.

I mean, that's crazy.

Of course they know how to use it. That's their job to learn how to use it.

It seems to me, they are forcing these banks to do it. So we don't know who is in trouble anymore.

CAROL: Bingo. So there's this great newsletter called FX Hedge.

And they brought this out into the open, and sort of surmised the different reasons why this is happening.

And I'll add my own flavor into it. But like I said, the obvious reason, is that they're trying to obfuscate the information. The signal. They're trying to hide what's about to go in the banking system. So that's the clear reason. The only reason why you would force everybody to do it. Because, of course, if you're part of the fed system, you will know how to use the discount window. Big, huge banks, and they can't figure out how to use the discount window. It's absolutely insane. But it's also kind of -- if you go down the line, they must think there is some reason for them to hide this information. Which is the various issues and weakness which we have known for a while, remains in the banking system.

On top of that, this FX Hedge newsletter, also talked about the idea of consolidation. Something that you and I have spoke about, a lot within the banking system and centralization. That if the banks are no longer lending it to each other, and they are now relying on the fed, this is shifting the banking system away from, you know, more of a quasi-free market. To more fed-controlled system.

Which we know is something that we've been concerned about with CBDC. And, you know, the fourth reason could be these liquidity issues that we're seeing in the Treasury market, and the need for the fed to find ways to increase its balance sheet without calling it QE.

So lots of possible different reasons. But certainly, that first hallmark reason. That they're trying to hide information, and issues.

Within the banking system. Is just -- it's not only a head scratcher. But it's a red neon sign.

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The rise of Zohran Mamdani, the 33-year-old socialist who just won the Democratic primary for mayor, is not just a political earthquake shaking New York City — it’s a warning for the rest of America. Backed by Bernie Sanders, AOC, and the Democratic Socialists of America, Mamdani promises free everything, to tax the rich, and to dismantle capitalism. There’s nothing new about this tired strategy, but the media is propping him up as a new political genius. And with Democrat leaders lining up behind him, it’s clear: This radicalism isn’t fringe anymore. It’s the Democratic Party’s future. Mamdani’s rise is part of a larger movement that’s rewriting America’s values. Glenn Beck explains how New York is the prototype for the Left’s socialist makeover of America. Victor Davis Hanson, senior fellow at the Hoover Institution at Standford, gives a terrifying prediction on Mamdani’s mayoral race chances and warns the revolution is coming for mainstream Democrats. He also dives into MAGA’s frustration with the Trump administration's handling of the Epstein files.

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INSIDE Trump’s soul: How a bullet changed his heart forever

“I have a new purpose,” then-candidate Donald Trump told reporter Salena Zito after surviving the assassination attempt in Butler, Pennsylvania. Salena joins Glenn Beck to reveal what Trump told her about God, his purpose in life, and why he really said, “Fight! Fight! Fight!”, as she details in her new book, “Butler: The Untold Story of the Near Assassination of Donald Trump and the Fight for America's Heartland”.

Transcript

Below is a rush transcript that may contain errors

GLENN: Salena, congratulations on your book. It is so good.

Just started reading it. Or listening to it, last night.

And I wish you would have -- I wish you would have read it. But, you know, the lady you have reading it is really good.

I just enjoy the way you tell stories.

The writing of this is the best explanation on who Trump supporters are. That I think I've ever read, from anybody.

It's really good.

And the description of your experience there at the edge of the stage with Donald Trump is pretty remarkable as well. Welcome to the program.

SALENA: Thank you, Glenn. Thank you so much for having me.

You know, I was thinking about this, as I was ready to come on. You and I have been along for this ride forever. For what?

Since 2006? 2005?

Like 20 years, right?

GLENN: Yeah. Yeah.

SALENA: And I've been chronicling the American people for probably ten more years, before that. And it's really remarkable to me, as watching how this coalition has grown. Right?

And watching how people have the -- have become more aspirational.

And that's -- and that is what the conservative populist coalition is, right?

It is the aspirations of many, but the celebration of the individual.

And chronicling them, yeah. Has been -- has been, a great honor.

GLENN: You know, I was thinking about this yesterday, when -- when Elon Musk said he was starting another party.

And somebody asked me, well, isn't he doing what the Tea Party tried to do?

No. The Tea Party was not going to start a new party.

It was to -- you know, it was to coerce and convince the Republican Party to do the right thing. And it worked in many ways. It didn't accomplish what we hoped.

But it did accomplish a lot of things.

Donald Trump is a result of the Tea Party.

I truly believe that. And a lot of the people that were -- right?

Were with Donald Trump, are the people that were with the Tea Party.


SALENA: That's absolutely right.

So that was the inception.

So American politics has always had movements, that have been just outside of a party. Or within a party.

That galvanize and broaden the coalition. Right? They don't take away. Or walk away, and become another party.

If anything, if there is a third party out there, it's almost a Republican Party.

Because it has changed in so many viable and meaningful ways. And the Tea Party didn't go away. It strengthened and broadened the Republican Party. Because these weren't just Republicans that became part of this party.

It was independents. It was Democrats.

And just unhappy with the establishment Republicans. And unhappy with Democrats.

And that -- that movement is what we -- what I see today.

What I see every day. What I saw that day, in butler, when I showed I happen at that rally.

As I do, so many rallies, you know, throughout my career. And that one was riveting and changed everything.

GLENN: You made a great case in the opening chapter. You talk about how things were going for Donald Trump.

And how this moment really did change everything for Donald Trump.

Changed the trajectory, changed the mood.

I mean, Elon Musk was not on the Trump train, until this.

SALENA: Yeah.

GLENN: Moment. What do I -- what changed? How -- how did that work?

And -- and I contend, that we would have much more profound change, had the media actually done their job and reported this the way it really was. Pragmatism

SALENA: You know, and people will find this in the book. I'm laying on the ground with an agent on top of me.

I'm 4 feet away from the president.

And there's -- there's notices coming up on my phone. Saying, he was hit by broken glass.

And to this take, that remains part of this sibling culture, in American politics.

Because reporters were -- were so anxious to -- to right what they believed happened.

As opposed to what happened.

And it's been a continual frustration of mine, as a reporter, who is on the ground, all the time.

And I'll tell you, what changed in that moment.

And I say a nuance, and I believe nuance is dead in American journalism.

But it was a nuance and it was a powerful conversation, that I had with President Trump, the next day. He called me the next morning.

But it's a powerful conversation I had with him, just two weeks ago.

When he made this decision to say, fight, fight, fight.

People have put in their heads, why they think he said it. But he told me why he said that. And he said, Salena, in that moment, I was not Donald Trump the man. I was a former president. I was quite possibly going to be president again.

And I had an obligation to the country, and to the office that I have served in, to project strength. To project resolve.

To project that we will not be defeated.

And it's sort of like a symbolic eagle, that is always -- you know, that symbol that we look at, when we think about our country.

He said, that's why I said that. I didn't want the people behind me panicking. I didn't want the people watching, panicking.

I had to show strength. And it's that nuance -- that I think people really picked up on.

And galvanized people.

GLENN: So he told me, when he was laying down on the stage.

And you can hear him. Let me get up. Let me get up.

I've got to get up.

He told me, as I was laying on the stage. I asked him, what were you thinking? What was going through your head? Now, Salena, I don't know about you.

But with me. It would be like, how do I get off the stage? My first was survival.

He said, what was going on through his mind was, you're not pathetic. This is pathetic.

You're not afraid. Get up.

Get up.

And so is that what informed his fight, fight, fight, of that by the time that he's standing up, he's thinking, I'm a symbol? Or do you think he was thinking, I'm a symbol, this looks pathetic. It makes you look weak.

Stand up. How do you think that actually happened?

SALENA: He thinks, and we just talked about this weeks ago. He -- you know, and this is something that he's really thought about.

Right? You know, he's gone over and over and over. And also, purpose and God. Right? These are things that have lingered with him.

You know, he -- he thought, yes.

He did think, it was pathetic that he was on the ground. But he wasn't thinking about, I'm Donald Trump. It's pathetic.

He's thinking, my country is symbolically on the ground. I need to get up, and I need to show that my country is strong.

That our country is resolute.

And I need people to see that.

We can't go on looking like pathetic.

Right?

And I think that then goes to that image of Biden.

GLENN: You have been with so many presidents.

How many presidents do you think that you've personally been with, would have thought that and reacted that way?

SALENA: Probably only Reagan. Reagan would have. Reagan probably would have thought that.

And if you remember how he was out like standing outside.

You know, waving out the window. Right?

After he was shot.

GLENN: At the hospital, right.

SALENA: Had he not been knocked out, unconscious, you know, he probably would have done the same thing.

Because he was someone who deeply believed in American exceptionalism.

And American exceptionalism does not go lay on the ground.

GLENN: And the symbol.

Right. The symbol of the presidency.

SALENA: Yeah. Absolutely. And I think that affects him today.

GLENN: So let me go back to God.

Because you talked to him the next day. And your book Butler.

He calls you up.

I love the fact that your parents would be ashamed of you. On what you said to him.

The language you used. That you just have to read the book.

It's just a great part.

But he calls you the next morning. And wants to know if you're okay.

And you -- you then start talking to him, about God.

And I was -- I was thinking about this, as I was listening to it. You know, Lincoln said, I wasn't -- I wasn't a Christian.

Even though, he was.

I wasn't a Christian, when I was elected. I wasn't a Christian when my son died.

I became a Christian at Gettysburg.

Is -- is -- I mean, I believe Donald Trump always believes in God, et cetera, et cetera.

Do you think there was a real profound change at Butler with him?


SALENA: Absolutely. You know, he called me seven times that day. Seven times, the take after seven.

GLENN: Crazy.

SALENA: Talked about. And I think he was looking for someone that he knew, that was there. And to try to sort it out.

Right? And I let him do most of the talking. I didn't pressure him.

At all. I believed that he was having -- you know, he was struggling. And he needed to just talk. And I believed my purpose was to listen.

Right? I know other reporters would have handled it differently. And that's okay. That's not the kind of reporter that I am.

And I myself was having my own like, why didn't I die?

Right?

Because it went right over my head.

And -- and so I -- he had the conversation about God.

He's funny. I thought it was the biggest mosquito in the world that hit me.

But he had talked profoundly about purpose. You know, and God.

And how God was in that moment.

It --

GLENN: I love the way you -- in the book, I love the way you said that as he's kind of working it out in his own he head.

He was like, you know, I -- I -- I always knew that there was some sort of, you know -- that God was present.

He said, but now that this has happened.

I look back at all of the trials.

All of the tribulations. Literally, the trials.

All of the things that have happened. And he's like, I realized God was there the whole time.

SALENA: Yes. He does. And it's fascinating to have been that witness to history, to have those conversations with him. Because I'm telling you. And y'all know, I can talk. I didn't say much of anything.

I just -- I just listened. I felt that was my purpose, in that moment.

To give him that space, to work it out.

I'm someone that is, you know, believes in God.

I'm Catholic. I followed my faith.

And -- and so, I thought, well, this is why God put me here. Right?

And to -- to have that -- to hear him talk about purpose, to hear him say, Salena. Why did I put a chart down?

I'm like, sir. I don't know. I thought you were Ross Perot for a second.

He never has a chart. And he laughed. And then he said, why did I put that chart down?

By that term, I never turned my head away from people at the rally. That's true.

That relationship is very transactional. It's very -- they feed off of each other.

It's a very emotive moment when you attend a rally. Because he has a way of talking at a rally. That you believe that you are seeing.

And he said, and I never turn my head away.

I never turn my head away.

Why did I turn my head away?

I don't remember consciously thinking about turning my head away. And then he says to me, that was God, wasn't it?

Yes, sir. It was. It was God.

And he said, that's -- that's why I have a new purpose.

And so, Glenn. I think it's important, when you look at the breadth of what has happened, since he was sworn in.

You see that purpose, every day.

He doesn't let up.

He continues going.

And it brings back to the beginning of the book.

Where you find out, that there was another president that was shot at in Butler.

And that was George Washington. And how different the country would have been, had he died in that moment.

And now think about how different the country would be, had President Trump died in that moment. There would be --

GLENN: We're talking to -- we're talking to Salena Zito. About her new book called Butler. The assassination attempt on President Trump. And it is riveting.

And, you know, it is so good. I wish the press would read it. Because it really explains who we are, who Trump supporters are. Who are, you know, red staters. It is so good at that. She's the best at that.