RADIOJanuary 23, 2024

'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.

THE GLENN BECK PODCAST

Why Your Actions Matter More Than Words in the Eyes of God

Glenn Beck and Eric Metaxas expose the spiritual crisis gripping America’s churches — a moment they compare to Dietrich Bonhoeffer’s warning before World War II. As the culture descends into moral confusion, too many Christians retreat into silence, claiming faith while refusing to act. Together, they argue that true belief demands courage — that “faith without works is dead” — and warn that neutrality in the face of evil is itself a form of complicity.

Watch the FULL Interview HERE

Is Socialism replacing the American dream?

The American Dream used to mean freedom and the chance to build your own life through hard work, faith, and independence. But today, it’s been replaced by comfort, consumption, and debt. Glenn Beck breaks down how America traded liberty for lifestyle, why socialism is gaining ground, and what it will take to reclaim the real American Dream before it disappears for good.

Transcript

Below is a rush transcript that may contain errors

GLENN: I don't know if you saw the visualizing the American dream, Stu.

You know, what the American dream actually is, is that you can forge your own way.

You can -- you know, you can have a scrap of land, and grow your own food if up.

You can, you know, go to school. Not go to school.

You can find a job. If you're qualified for it, you have an equal chance of getting it, you know, based on merit.

But the percentage of Americans who say the American dream is retirement is 86 percent. Health care, 86 percent. Owning a home, 85. Raising two kids, 78. Owning a car, 72. Vacations, 71. Pets, 66. A wedding, 55 percent. That's the American dream, I can get married.

The American dream, if that's what you think, they've now estimated, the cost per household over the cost -- over the lifetime, retirement is $1.6 million. Owning a home now, 30-year mortgage, 20 percent you want to, is $957,594. Owning a car, buying and finance to begin with new cars every ten years is now $900,000 over your lifetime. Raising two kids to 18, plus four years of public college, $876,092. Two kids. Health care, over your lifetime, spending from ages 22 to 85, $414,000. Vacations, annual vacation from '22 to '85, $180,000. One dog and one cat for 11 to 13 years is $40,000!

That's more expensive than a wedding. The engagement ring, the ceremony, and the reception is now estimated to be $38,200.

There's a reason socialism is doing well. You look at that, and you're like, wow. I mean, if that's the American dream. And for a lot of people, that is the American dream!

That's not what the American dream is supposed to be, but, you know, once -- you know, once Woodrow Wilson and FDR got a hold of us and they started advertising, it became stuff instead of freedom. It became stuff. And, you know, when there's a new report out. Let me see if I have that.

There's a new report out now that shows, first time home buyers made up just 21 percent of the home purchases. That's the lowest on record.

The typical age of repeat buyers hit an all-time high of '62. The median downtowns, reaching 23 percent.

The highest since 2023.

And also, where is it?

The last one is -- the median age for first time home buyers, in 1981, it was 29 years old.

I'm sorry. Yeah. Twenty-nine years old. In 2021, it was 33 years old.

What is it this year?

Median age, first time homeowner, forty.

You're 40 before you can buy any kind of home. That puts these things that people want, dream about, out of reach, until you're 40?

You know, 29 is one thing. But if you're not seeing -- you're not seeing your life really kind of settling down until you're 40, I -- I can understand why you're like, you know what, this system doesn't work.

Because you've never seen it work. It's betrayed you.

Or so you've been sold. It's betrayed you.

And everything is being pushed out of your reach. And when you're young, the one thing you're not is patient.

And at 40, I can see why people are not, you know, yeah. Well, socialism is neat because capitalism isn't working. How would you respond to that?

STU: I mean, it's more lengthy than we have time for. But I would say that the response to, you know, you thinking that you want a home is not to embrace an ideology that murders 100 million people.

That's not -- that's not a good answer to the problem that you think you have.

GLENN: But they're not learning that anywhere.

They're not -- that is our responsibility! To teach those things. Because they're not learning it anywhere.

Glenn Beck Warns of 3 Economic Outcomes That Could Change EVERYTHING | Ep 467

Socialism is spreading fast among America’s youth, and the shocking election of Democratic Socialist Zohran Mamdani for mayor in New York City marks a major cultural and economic shift. Glenn exposes how runaway debt, record home prices, AI job disruption, and the collapsing stake in capitalism have led many Millennials and members of Gen Z to embrace socialism and communism. He reveals the three possible economic futures for 2026: two that are disastrous and one that could change everything if the Trump administration’s global financial overhaul succeeds. Plus, Justin Haskins, president of the Heartland Institute, joins to reveal some terrifying truths about why young Americans are embracing socialism from a poll he conducted with Rasmussen Reports.

The world is about to realize the DEADLY enemy we face

"The world doesn't understand yet. We're already in World War III," Glenn Beck warns. "That foe is not China. That foe is militant Islam." Glenn explains the battle we're currently facing and what's to come if we don't wake up soon...

Transcript

Below is a rush transcript that may contain errors

GLENN: From New Jersey, it's Brian. Hello, Brian.

CALLER: Hello!

GLENN: Hey.

CALLER: Yeah. Thanks for taking the calls today.

GLENN: Sure.

CALLER: Yeah. I'm worried that we are headed towards another French Revolution-style because we have entire generations. Or actually people just not being heard by their representatives.

GLENN: Hmm.

CALLER: And it's not just here. It's around the world.

GLENN: Uh-huh.

I -- actually, I had scheduled for this time, I'll just do it some other time. Talking about what's happening in -- in England.

I think England is headed for a Civil War. And -- and it's very close.

I mean, you can't put 4,000 people. 4,000 people, in jail, or try them for hate crimes. And speech crimes.

You can't -- you can't do it. In England!

You can't do that in one year. And expect people to just put up with it!

You can't -- you know, we're -- we're -- America doesn't understand yet.

The world doesn't understand.

We're in World War III. We're already in World War III.

I don't know when it becomes a hot war. Or even a war that we on our side recognize. But we are in World War III. And that -- that foe is not China.

That foe is militant Islam, period. And, you know, when we have a situation to where people are -- when the government is just like, no. It's not a problem.

It's not a problem. You know. You've got illegals all over.

It's not a problem.

It's not a problem.

It is a problem. Don't tell me what -- what the problems are not!

Because we're the ones living it!

You're the experts, who keep telling us, no. It's going to work out fine.

And it doesn't work out fine. And it just gets worse and worse.

Oh. We can spend this money. No. It looks like we can't spend this money. Oh, we can afford this. No. It looks like we can't afford this.

You know, if we do this with Ukraine, it will work out fine. No, it didn't, did it? These endless wars, all of this stuff, don't tell me what the problem is. Listen to the people and start talking to the people. Honestly, this is the reason why I'm doing this today. I -- I need to hear from you.

I need to know what's on your mind, so I stay focused and -- and clear on what America is saying.

Because I don't think -- look, you know, me taking phone calls is -- is not a true representation of anything, but it does give me a sense of -- of where you are, as an audience. Maybe not as America, but as an audience. And there are lots of things that concern me. But I want to hear it from you.
But I think you're right! We're headed for real, real trouble. All you need is real economic trouble.

You start getting real, true economic trouble. 1930s kind of depression stuff. And we're in Civil War.

Dan, Oregon. Welcome!

CALLER: Hello, Glenn. How are you?

GLENN: I'm great!

CALLER: Yeah. Good. It's been a long time.

I guess it's been over ten years, since I've had a chance to talk with you. I was one of your first insiders. I was listening to you, since you were in Florida.

GLENN: Wow. Wow.

CALLER: So it's been a long -- yeah. It has been. And I can't say I've enjoyed all of it.
(laughter)

GLENN: Neither have I!

STU: I can't say that either, I'll be honest with you.

CALLER: You know, you were talking on yesterday's show, reminiscing with Stu about how you guys started. And I remember those old shows. And, you know, at the end of the -- the fusion of entertainment and enlightenment.

STU: Hmm.

GLENN: Right.

CALLER: And there was a lot more entertainment. I remember I laughed a lot.

GLENN: Oh, yeah. I know. I know. Those days are long dead.
(laughter)

STU: There's nothing to laugh about now.

CALLER: Yeah. I -- I'm 78. I still work 40 hours a week. I love my job.

GLENN: Good for you.

CALLER: Been married for 55 years. I have seven kids.

GLENN: Good for you.

CALLER: I've got a daughter -- I've got a daughter who is in her 40s. And she has severe TDS. She -- we don't -- I mean, we're not cutting each other off. She hasn't done that at all. We're still very close as a family. But she was down visiting the other day, and got into a conversation with my wife. And I wasn't in the room. But Kathy said it was just like listening to one of those young people out on the street that was being interviewed by the news media. And she was -- and she was in tears about it. My wife and my daughter both.

And, I mean, I love her, and I continue to support her. She's a single woman, not by choice. She just never found the right guy.

GLENN: Yeah.

CALLER: And I really think that's part of the problem. Because she started reading -- back when Trump was first running, she started reading all of this stuff about him being misogynistic and all of this stuff.

GLENN: Yeah. Yeah.

CALLER: And it's just gotten worse. I -- I'm at a loss. I really am. Because I -- like, I see the country doing better. I keep waiting for the other shoe to drop. But I still feel like that at least right now, we're doing better as a whole. But what do we do about -- what do we do about our kids about -- she went to Portland State University for the last two --

GLENN: Oh, jeez, for the love of --

CALLER: Well, yeah. For the last two years, she went to -- she went to a little college in Idaho called Ricks for the first two years, and Utah State.

GLENN: Oh, yeah.

CALLER: And then she served a mission for our church in Brazil and came home, but then she went to Portland State University. And it just seems to have gone downhill from there.

GLENN: Yeah. Yeah. So, Dan, I think you are suffering from the same thing that almost all parents are suffering from. If you're not suffering from this, then, I mean, God bless you. You know, get on your knees and thank God. Because you are a lucky, lucky family. Everybody has in their family. I have it in my family.

And you have to ask yourself, what is your goal?

My -- what is your goal with your daughter? Your real goal?

CALLER: My real goal is for us to be united eternally. That's my goal. That's my goal as a father and has been to teach her --

GLENN: And how -- and how is that going to happen with politics?

CALLER: We just stay together as a family regardless of what politics does.

GLENN: That's exactly right. Exactly right.

I think we're in a place now where as parents, you can ask your kids, but it has to be honest. It cannot be trying to win. It has to be honest. How did you get there?

I mean, I remember. You know, we've talked about this before. And you didn't believe that before. What has changed?

Can you help me with that?

I would like to see what you're reading, or what that was.

And just ask questions. But they have to be honest. They can't be, you know, because I'm setting you up. Because I want to change your mind.

But keep a dialogue open with them. And just love them!

Just love them!

Because if you do anything else, you're going to drive them away. And then they're really lost. So just love them.

CALLER: Oh, I know that. Glenn, when she was young -- when she was young, I considered her one of the elect. And the Scripture says, that in the last days, even the elect are going to be deceived. And that's what I'm seeing. But everything you've said, I -- I am doing. I'm doing it that way. Because I know --

GLENN: Okay. Good. Then you didn't need to -- I appreciate it. I'm so glad you called me. But you didn't need to -- my advice, you already have it down. You're a very wise man.