When Glenn came into work one morning, he was greeted by a security officer as white as a ghost, thanks to the video footage he captured the night before. The video — which Glenn shows in this clip — shows mysterious white shapes & shadows moving at varying speeds at Glenn’s studios, near where some of his historical artifacts are stored. So, for all the ghost & spirits naysayers, this video footage may make a believer out of you…
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How our ‘SICK SOCIETY’ is causing tragedies like Nashville
Mental illness is real. Sometimes people are chemically predisposed to it, Glenn says. But sometimes, it’s our ‘freaking sick society’ that pushes others to the brink of destruction. In the Nashville tragedy at The Covenant School, Glenn says, it doesn’t matter what the killer’s pronouns or gender were. Because at the end of the day, he says, it takes somebody with severe mental illness to do what she did. And THAT’S the crux of America’s biggest issue today. So, where do we go from here? In this clip, Glenn explains how speaking out and telling the TRUTH is one of the best things any individual — and our society — can do moving forward…
Below is a rush transcript that may contain errors
GLENN: There is a sickness. It is not the guns. It is mental illness, that is causing these things. And you don't have to be trans to be mentally ill.
You don't have to be a bad guy, to be mentally ill. Mental illness is real. Going in and looking at eight and 9-year-olds and plotting to kill them, is a mental illness.
It is a mental illness.
There is something so rotten at the core. What do you suppose that could be?
Now, it could be many things. Just chemical mental illness. Sometimes people are predisposed to mental illness.
We could find that out by talking to mom.
All right. Might be that. It could be that she had some sort of -- some sort of problem growing up, and she wasn't comfortable in her body. And all of the answers, because all of the medical people in her life and all the school people in her life were probably telling her, yeah. You're probably a guy.
And so she identified as a guy. And she didn't get any happier. It could be, that she identified as a guy and she was happier, except, people were telling her that there is a liquidation. A literal genocide, that is going on. And she felt she had to do something about it.
By the way, I mean, I hate to point this out. I'm sure the -- you know, media is -- is all on top of this.
But there was a take action take, that was scheduled this week. Revenge day, specifically for the trans community, one democratic supporter and cofounder of this movement, was actually paying for people to get gun -- gun training.
Now, if you're doing vengeance and training for guns, I don't know. There might be something to that.
Our friends at the daily wire. Our prayers are with you. Daily wire was mentioned by trans revenge day.
Or vengeance day.
Okay. Great. Great. It could be that. You know what it wasn't?
That -- that definitely, not that.
It was something inside of this girl.
It was either a chemical imbalance, that she was born with, that confused her on the truth. Or it's this freaking sick society, that is doing it.
My bet, is the society.
But I could easily be convinced that it was the society that pushes sick individuals, even deeper and in the wrong direction. But maybe that's just me. I mean, I have always -- always given the -- the left, the benefit of the doubt in any of these shooters.
When -- when a guy tried to kill half of Congress, by killing all of the Republican congressmen on a baseball field and he was a Bernie Sanders supporter. And he stated he wanted to kill all the Republicans. I still said, this is a person with mental illness.
They've never given us the benefit of the doubt, on the other side.
I always do.
You have four trans people that have just done multiple shootings. Okay?
You have four.
Four multiple shooters.
Now, I'm sorry. But that's such a small slice of the population, that you shouldn't have four of -- of them on anything. Except maybe I don't know. Story hour at libraries.
You -- you don't have a statistic about -- about mass shooters, and have four of one category.
Something is wrong. Something is wrong. And you know what the press will say? It is a response to things like this. They will say, it's my bigotry and my hatred of trans. I don't care.
I really don't care. Call yourself whatever you want.
Are you happy? Are you a better person, because of it?
Are you moving forward? Are you being more peaceful?
Good. Then I'm fine. You know, if you're trying to shove anything down my throat, right or left, from religion to transgenderism, shut the hell up.
Shut up. I don't have to listen to you. I'm not going to accept something because somebody else tells me to!
That's not the way the world works.
That is fascism. But they're going to say, that things like this, I'm only saying this, because of my hatred. I don't have any hatred. You know what I hate?
I hate lies.
I hate the constant lying from everyone in the press, everyone in politics, it seems.
Everyone at this White House.
All of its supporters.
I am sick and tired of the medical industry telling me about raccoon dogs, and lying in such a -- such an insidious way.
Put a report out, but don't put any of the -- don't put any of the facts out. Don't -- make sure you don't have any of the real science-y stuff there.
Because you'll get caught. Put it out. And then pull it off real quick.
Make sure that somebody like the Atlantic. Atlantic. Are you at any point -- is anyone in the media, ever going to be -- are you ever going to be offended, that they think you're so dumb, and they used you as a front?
Or at some point, I have to assume, you were part of it. Because they've lied to you so many times, a normal human being would go, okay. I'm not listening to you anymore.
And, in fact, I'm going to expose you. Because you told me this. I put my reputation on the line.
And you were lying. And you knew that they were lying.
I'm not listening to you anymore.
But they keep listening. They keep listening. Don't listen to these so-called experts. What is happening to our children, right now, is dangerous. It is confusing our children. Our children are innocent.
They are ripping the innocence away from our children!
And you know what really frustrates me so much. I think about this almost all the time. Almost all the time. I'll be off doing something else. And I'll see something, or news will come in. Or whatever.
And almost always, the first time is, what the hell happened to people?
What happened to people?
Where are they?
Well, what -- why don't they see this? Why won't they see this?
Why do they refuse to open their eyes?
Is it because you're afraid? If you open up your eyes, it will mean that you have to open up your mouth. And you're afraid of losing your job in
It will be the greatest thing you've ever done, mark my words. To lose your job, because you stand for the truth.
It will be the greatest thing. Have no fear.
Have no fear.
Or is it because if you admit to yourself now, that it was wrong, you've yelled at so many people, and condemned so many people, that you don't think that you can be forgiven by those people?
Or maybe you don't want to admit you're wrong. I don't know what it is. But those are all lies. Whatever that is, that's lies.
The truth will set you free. But do we even recognize the truth anymore?
Do you know 1998 -- 1998 when they took a poll and said, what's an important attribute to an American? To be an American?
Seventy percent said, patriotism. The love of country.
There's nothing wrong with the love of country. In 2019, they had whittled that away to 61 percent. But that's 1998 to 2019, 70 to 61 percent. Loss of nine points.
From 2019, to today, we've gone from 61 to 38 percent. 38 percent.
GLENN: Same time period. Religion.
Important as an attribute to America. Religion.
Sixty-two percent in '98. Forty-eight percent in '90. And 39 percent today.
Having children, 59 percent in 1998. Now 43. I'm sorry. 2019. Forty-three.
Now it's 30 percent. Only 30 percent of people think that having children is important. Let me tell you something, I didn't want to have children. Gee, how many times have you heard me say that?
I didn't want children. When I first got married. I didn't want any children. I had two children.
Then I got divorced, and then I got married again. And she wanted to have children. And I said, I don't want to have children. I already have two children. I don't want more children.
I have two children. Do you know, it takes -- it takes years to be able to get wisdom like this. There is nothing more important in my life than my children. It is the only thing that gives me true joy is my children and my family. It's what we were sent here to do, to have children and cherish them and raise them.
And now 30 percent -- 30 percent -- what the hell is happening -- what is not happening to your country. What is happening to you as a human being? What is more important, than the family? Is it your job?
Do you think -- I mean, maybe Americans just don't ask this question anymore. Why was I sent here?
What is my purpose? Was my purpose of life, to get a good job and to buy a car and have a house in a certain neighborhood?
Is that the meaning of my life? What a colossal waste of time.
How meaningless is that. Was -- is the meaning of my life, to just sit here and endure all things. Just to endure them and just say, I'm not saying anything about it. I don't care what they do to me.
I don't care. I just don't want to be -- I don't want to be -- you know, pointed out, as an oddball.
Jeez. And, by the way, important American attribute, 1998, 31 percent said money.
In '19, 41 percent said money. Today, 43 percent say money.
Glenn’s POWERFUL Nashville tragedy message: THIS is the way out
We have a truth problem, Glenn says, and the most recent tragedy at The Covenant School in Nashville, Tennessee, shows just how dangerous that problem has become. So what’s causing this? Why have tragedies like this one become so commonplace? ‘It is the loss of the gold guards of our civilization,’ Glenn explains. But there IS a path forward. In this powerful message, Glenn explains ‘the way out’: Remembering our principles
Below is a rush transcript that may contain errors
GLENN: Well, we had yet another tragic school shooting. And so I want to start the program where we have started too often. Our hearts break for the victims and their families, and the entire community affected by this senseless act of violence.
I'm a parent. Now, I'm a concerned citizen.
All of us fear for the safety of our children and our loved ones.
We share the same goal of creating a safe and secure environment for everyone.
But especially in the places of learning and growth.
It is natural for all of us to feel anger and fear during these times.
And it may seem unnatural to rise above it, put we must. Because it's essential to remember that we have to come together as a society. We must come together and address the root causes of violence.
And it's not the gun. But rather, the misuse of them, by individuals who are mentally ill or have a criminal intent.
I for one, want to address the problem of gun violence. I am worried about this with my own children. Every American, I don't care who you voted for, feels the same. But enough is enough.
When will we address mental health? Do you know the damage that we have done to our children, just because of COVID?
The damage to their mental health. Look at the suicide rate!
What is causing all of this? It is the loss of the old guards of our civilization.
There are a few areas, I think we need to address. First, the parents and families.
I'm sorry. We love you. Our society is sick.
It is sick. And unrecognizable to most of us. Your loved ones have paid the ultimate price for that illness.
And I say, I'm sorry, because I'm part of the society that has an unwillingness to see the truth, apparently.
To the mother of the 27-year-old shooter, I've read your old posts. You've been fighting against guns in school. While we disagree, we both want this violence to end. And I've read your posts about your children, and how proud you are. And the moments of beauty. You feel like every mom and dad feels about their child. And you were right to feel that way.
Today, how confused you must be. You should know, we love you too. You lost a child as well.
You lost a child to the same society that has an unwillingness to see the truth. But you should also know, you are part of our community. And we mourn with you as well.
Now, to the political class and the media elites, you have been dividing us for years.
At first, I think I was a part of that. I've tried really hard not to be.
But you're not sincere in anything you do. I don't know. At first, maybe you saw -- maybe you thought you were right.
And then every time society proved you wrong, you just dug your heels in. Now, I don't know.
Is it just a win over your opponent. Is it just crush the other side?
Is it because you -- you believe that everyone who doesn't vote your way is evil. Or is it that you just no longer care?
I'm one American. Among, I think many, that no longer believe in you.
I can understand why thinking people vote differently than me. I can.
And those people aren't the problem. The problem begins with the people, that only care about money or power. Or so arrogant, that they think they know better than the rest of us, and they make themselves or their system, into a false God.
The arrogance. I go after the disaffected, the weak, and the hopeless. And you prey on these things, promising to be their savior.
If they will only help you gain power of -- over those who you call their enemies.
You have lied. You have lied through half-truths. You have lied through omission. You have lied through fabrications. You have distorted the truth, to where it's no longer recognizable.
You call men women, and women men.
In your world, our children are legally children, until 25 for insurance purposes. Yet, adult enough to alter their own bodies at eight.
You have called evil good, and good evil.
We do not have a gun problem in America. Per capita, there were more guns 100 years ago, than there are right now. They didn't have these problems. Is it the gun, or is it the people?
What we have in America is a truth problem. We have turned ourselves inside out. We have turned ourselves against the basic principles that gave us life and freedom.
Earmarks and the promise of a fuller life. Our women have no more children, and our men have lost all meaning, reason, and faith.
From the beginning of time, as Kipling noticed. You promised us perpetual peace. You swore, if we just give you our weapons, that the wars of the tribe would cease.
But we know, if you disarm us, you'll sell us and deliver us bound to our foe.
You know, just yesterday, the Wall Street Journal released a poll that showed, what American principles we value most.
Children, God, family. They were last in the list.
Money was in the top three. Money? Since when has money become a principle? I guess. I guess since money is the god that so many worship. Money over principles, every time a corrupt bank is bailed out. Money over principles, any time we make those who never want to pay their school tuition. Every time we make someone pay for that tuition, that didn't go to school, I guess it's money over principles. What kind of god do we worship, that make children flawed? And the gods in the surgical gowns can mutilate and sterilize them, to make them just the way they were intended.
That's an ancient god that I don't recognize. We all know the words that it were written.
In the summer of 1776.
We hold these truths. But other words, were written later that year. When things weren't so sunny. It was December 21st.
These are the times that try men's souls. That turned our nation around. These are the times that try men's souls. And the modern day patriots, the lovers of truth and justice. Justice for all!
All men -- all women. And, yes, we can define that. We must stand firm in the face of an ever growing storm of disinformation, scored, division.
The weak hearted are not going to be able to weather the storm. But those with the courage to fight for what is true. Will emerge victorious.
We live in a time when you're faith in institutions, our faith in everything we know, where our very ten months. Our republic is under siege.
The way out is to remember the principles. We are drowning in a sea of lies. Cling to the life raft! Cling to the enduring belief in life and liberty.
Truth and justice. We'll only be able to find our way out, if we can rekindle the flame of unity. And embrace the American spirit, that carried us through so many crisis before. We've been here before.
But this time, our American crisis, we have to constantly remind ourselves that it's not an external enemy that we conquer. But the internal divisions that are threatening to tear us apart. And those divisions that are created by monsters of men.
Who are not just tearing us apart individual to individual, but tearing us and our children out from the inside out.
America, it is high time to refer -- reaffirm our commitment to our values that define us as a people. It is our collective responsibility, as free people, to stand up for those principles of truth.
The seeds of division, have been sewn by those who seek to manipulate and exploit us for their own gain.
They shatter our trust in one another.
To instill fear and hatred, where there should be understanding and compassion.
Truth is now clouded by conspiracy. The lines between fact and fiction have been blurred.
Truth is a light. Everything we face is not insurmountable. But now is the time, to return to truth and decency and justice for all.
Our kids are the ones who are going to pay the highest of prices for what we do now.
David Sacks: The Banking Crisis Is Even WORSE than You Think | Ep 178
The world may be on the cusp of a serious banking collapse, but many “experts” in the government are insisting that everything is fine (while also moving us closer to a central bank digital currency). On this episode of "The Glenn Beck Podcast," “The Diversity Myth” author David Sacks warns that the banking crisis is even WORSE than you think. As the co-host of "The All-In Podcast," a founding COO of PayPal, and a venture capitalist, Sacks has seen how our “weird” banking system works up close. He gives clear answers about how we can survive this crisis, including why we must have “NO bailouts for banks.” He also breaks down the biggest questions being asked: Who owns our money? Is a Federal Reserve-controlled CBDC the endgame? Who’s to blame for this banking collapse? How will the everyday American be affected? Glenn and Dave also discuss AI, his friendship with Elon Musk, Biden’s reliable incompetence, whether we’re living in a simulation, whether we’ll end up in a war with China and Russia, and why he thinks we WILL figure out who bombed the Nord Stream pipelines.
EXPLAINED: How the Fed’s FedNow program WILL end in a CBDC
The Federal Reserve’s new service for banks, called FedNow, promises increased flexibility, faster transactions, and instant payments with one, small cost: The potential END to your financial freedom. In this clip, Glenn is joined by Justin Haskins, co-author of their new book, ‘Dark Future.’ Haskins explains how — despite what the Federal Reserve may say — this new service is NOT an alternative to a Central Bank Digital Currency (CBDC)…rather, it’s a giant stepping stone toward it. Watch Glenn tackle this topic further in his upcoming Glenn TV Wednesday Night Special, airing on YouTube and BlazeTV.com on March 29th.
Below is a rush transcript that may contain errors
GLENN: Justin Haskins is with us. Justin is the -- he's with the socialism research center, at the Heartland Institute, where he is the director. He has been working tirelessly on stopping socialism.
He is also -- he was one of our main contributors to our Arguing With Socialists book.
He is also my coauthor of the book, The Great Reset. And our fourth coming book. We're all going to die.
I'm not sure exactly -- what did we name it, Justin?
That was my working title for quite some time.
JUSTIN: Are we telling people? Is this the first time?
GLENN: I don't know. Can we?
Check Amazon, see if it's up for sale.
If it's up for sale, we'll announce it. It's supposed to be in the next few days.
JUSTIN: The name of the book.
GLENN: Don't say it. Don't say it.
So, Justin, you wrote to me something kind of disturbing.
Last hour, I played these happy little commercials from the Federal Reserve about the Fed Now.
It's a new service for all of the banks, which will -- which will make the transfer of funds, you know, whether you're out shopping or you're a business owner, or you're doing bank-to-bank transactions.
You just run everything through the Federal Reserve, and it will happen fast. And I thought --
JUSTIN: Yeah. Isn't that exciting?
GLENN: Very exciting. Now, they're claiming that this is the alternative to a CBDC, which is a Central Bank Digital Currency.
It doesn't really sound so much like an alternative, as much as, I don't know, a system to run that on.
JUSTIN: Yeah. Basically, this is -- this is like Jason Buttrill, your head researcher. Because he and I are now best friends. We exchange emails all the time.
He came up with this great analogy.
This is like the drug dealer, who is new on the block. And he will not just start injecting people with heroin. That's not how you sell lots of drugs. That's not how you do it.
First, you get them hooked.
You just give them a little taste. And then after they get a little taste, now they're hooked. Then you can start really pushing the hard stuff. That's what this is all about.
The Federal Reserve is basically a drug pusher. Okay?
And this is the start of it.
Normally, regular folks like you and me, and people in the audience, we don't interact with the fed. We're not used to that.
We don't like the fed.
We don't trust them very much. And so what they want to say is, just have a little taste. You'll see. It will be great.
Just have a little taste. This is a steppingstone to a CBDC.
This is our first interaction to using the fed directly.
So that we can become more comfortable with it. So it's normalized. And then after this, you'll get a central bank digital currency.
We already know this, because there's a billion government reports talking about how they'll design it, what it will look like.
Why people should use it.
What the principles should be, behind it. All of that kind of stuff.
So we know a CBDC is coming. This is just the first step in that process, to try to normalize people interacting directly with the fed in this sort of high-tech instant transfer payment portal.
GLENN: So we've been talking about the uniform commercial code, which is complicated. And it's -- it's usually nothing anyone should ever have to think about. However, they have included central bank digital currency as the new definition of money.
But money makes us think of money, that you can take from the bank. That you own it. You get paid. You get to do what you want with it.
But central bank digital currency, is not really money. Correct?
JUSTIN: Yeah. What's happening in more than 20 states across the country right now, and it's going to happen in all 50 states eventually. Is lawmakers are looking at updating the Uniform Commercial Code so that a foundation is being laid for a future central bank digital currency.
And not just any kind of central bank digital currency, but a central bank digital currency that is programmable, trackable. That you won't have any privacy with the things that you're doing with the CBDC, that it can be controlled and manipulated. This kind of thing is being manipulated into the code. They don't use the world central bank digital currency. But they outline it, in such a way so that that has to be what they're talking about. So it's not creating the CBDC. That's not what this is aiming to do. It's just laying the foundation to make it easier to use it in certain kinds of commercial transactions.
GLENN: So people know, and this is what you really have to understand. This is not like Bitcoin.
Bitcoin is such a danger, because you get to do with it, what you want to do with it.
And the Federal Reserve is not aware of anything, and can't do anything.
You have the ultimate power with your money. The opposite is true with the fed coin, that they will be introducing. And this is what makes it so dangerous. Not just the tracking.
They're not -- they will not just know absolutely everything that you spend. But Justin said a key word that most people don't really understand. It's programmable. Meaning, it is programmable for the individual. So, in other words, if the government decides that they're going to -- you know, we need to get -- we need to cut down on fat, fat, fatties. Then my digital coin, will not allow me to buy fatty foods. I wouldn't be able to go to McDonald's. I'm using this as an example. There's not anything in the works to do this.
Except, this is what programmable means. They can program it, so if they say, you know what, nobody is going to work. You're not an essential employee.
Your coin will not buy gas.
So you can go to -- try to fill up. But when you put your digital card in the fed, it will say denied. And you won't have any way, other than that card, to be able to buy what you need. It's absolute control of your life.
JUSTIN: Yes. That is exactly right.
And there actually have been things. Statements that have been made by the Biden administration itself. Where it is said, as part of its reports, studying CBDCs and the benefits of it. And how it would be designed.
If they were to make a CBDC, even though they've haven't committed to doing that exactly. They have done all of the groundwork for it.
They've said flatout, that a CBDC needs to account for climate change. It needs to have financial inclusion built into it.
It needs to have equity built into it.
It needs to have concerns about pollution, built into it. They have worked with hundreds of stakeholders. And we all know what that means. Nonprofit groups. And labor organizations and others.
GLENN: Community activists.
JUSTIN: To help design the CBDC. So why are they doing all of that? Because it is going to be programmed, so that you can use it in certain ways, so that it can be prohibited in other ways.
And it can change on a dime. See, that's the other important thing.
It's not -- when it's programmable, they can change the rules whenever they want. It's not as though, they set the rules at the beginning, and that's the rules forever.
They can change the rules as they go. That's the threat of a programmable currency. So it's a huge threat to liberty.
GLENN: And all they will concentrate on is the one fact, and mark my words, this is the way it's going to happen.
We'll have a banking collapse.
Because there's a banking collapse, that will cause the dollar to skyrocket in inflation, possibly hyperinflation. Because you won't be able to have a supply chain anymore.
So many people will be unemployed. There's so much money awash, that if you want to buy something, well, you have 100 bucks?
Yeah. I'll buy that for $100. And it might be something that was worth $4 before the collapse.
And people will pay it. Hyperinflation will go crazy.
The fed will say, look, we have to stop it. Inflation is too much.
We will give you digital currency. It's already in a bank with your name.
All you have to do is sign in, and it will give you the money. And that is what will change inflation.
How do we know about that? Because we wrote about it, in a arguing -- I believe it was in Arguing with Socialists. A chapter we almost didn't put in about Modern Monetary theory. And Modern Monetary theory, is what we're operating on.
We can spend as much money as we want, don't worry about inflation. If they have digital control of everyone's spending.
JUSTIN: Right. Exactly right. We talked about it both in Arguing with Socialists and The Great Reset.
It's a huge part of both socialist plans and Great Reset's elites plans. And those are not necessarily the same group. But there's no doubt about it, that that's the goal.
So why are there 20-some-odd states in the United States right now? Many of them are red states. Texas, Kentucky, Arizona, Oklahoma, North Dakota, Missouri, Montana, Arkansas, et cetera.
Why are they all doing whatever they possibly can, on the UCC code, updating it to make it at least a little bit easier for a CBDC to be utilized in the future. When a CBDC doesn't even exist yet.
Why would they be doing that? That is a really, really important question. But it's much worse than everything we've said so far.
And that's -- having worked with these lawmakers across the country. We have started to discover things in the UCC.
In the commercial code, that are incredibly, incredibly disturbing. Things that most of us just didn't realize were true. And if CBDC's happen, we're in for a world of hurt, that we didn't see coming.
And the reason for that, is under commercial code. When you take money, like if you have cash right now, under the current code. And you go to the bank, and you put money into the bank.
That money is no longer your money. That money is actually now owned by the bank.
GLENN: Hang on just a second.
This is why you -- and this changed. Part of this changed in 2008. You are the lender of last resort, right?
You are the last person in line, to get money, if you have deposited into the bank. Because the bank, when you give them that money, and deposit it. They are then taking that money.
They don't have to ask for permission to loan it out.
They take that money as theirs. And they loan it out.
So what happens to your money?
Well, you don't have money. You -- what you have is a number in the bank, that the bank can now give back to you, or if they go belly-up? Well, then, you lose your money because it wasn't yours anyway. Correct?
JUSTIN: Yes. It's not your money. It's owned by the bank now.
Now, you can go to the bank and say, I want my money back. And then they hand you the money in cash, and you can walk out the door. And that money is yours.
You own that money. But here's the thing about a central bank digital currency: And this is what we're beginning to learn.
How the commercial code deals with that. When you -- you can't put Central Bank Digital Dollars, okay? Digital fed coin. You can't put that in your pocket, and walk out the door. Can you?
It has to be somewhere. It can't be in your actual possession. And because of that --
GLENN: Well, wait. Bitcoin, you can put on a thumb drive. And so you can walk away with it. But digital currency, central bank, no.
JUSTIN: Yes. Correct. They're not going to design it so you can put it into a hard drive or something like that.
But even if -- even if they did, the uniform -- that's why they're updating the uniform commercial code the way they are.
They're putting rules into place, so that you could use a CBDC, even if it is possible to download it on to a hard drive or something like that.
But the layers behind the uniform commercial code, acknowledge in their various meetings and comments and other things, that it's highly unlikely that a CBDC would ever be designed in that way.
It's not -- you will have to put it into some kind of account. So what does that mean?
What it means in effect is that all of the money. All of the CBDC money that exists in society. Will be owned by whoever owns the account.
Which means the fed, or the bank. Or whoever is designated by the Federal Reserve Bank to operate that system.
But you, the individual person, will not own the money.
The money will belong to someone else. It will not belong to you. You will not own it. Under the commercial code, as it is written right now.
Forget about what they're advising it to. Under right now, you would not own any money.
It would all belong to someone else. So forget about whether it's programmable from a design perspective. In practice, it will not be your money anyway.
And so how can you not think of that famous article for the World Economic Forum, we've talked about a thousand times.
In the future, you will own nothing.
And you will have no privacy. Well, it seems like that's what the purpose of this is. So it is not enough to simply kill the UCC bill updates that we're talking about all across the country. That is essential. But we need to do more than that. We need to rewrite that code so that CBDCs cannot be used in a variety of other contexts as well.
GLENN: All right. Stand by. Stand by.
I think that we have to -- we have to really, truly get down to a basic line here, that you have to do in your own state.
And I'm not sure. And I want to talk to Justin. That the UCC code is enough.
And we'll talk about it here, in just 60 seconds.
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GLENN: All right. Justin, we have -- we have been talking about the UCC code. And we've been telling people not to allow it to pass. Now you've been working with legislatures, all over the country. And these legislators are telling you, no. There's much more to the code. We have to change it.
Would it be better just to go for states passing law, that CBDCs can't be used for commerce?
JUSTIN: So it's a really complicated question because there are all sorts of issues related to the Constitution and who has the authority to regulate money.
And whether or not a state can even pass a law, that outright rejects the use of -- of an established form of money, at the federal level.
Because it's a federal responsibility, to coin money.
Of course, there are people who say, well, yeah. But coining money means physical money, not digital money.
And so maybe they are allowed to do it. And so I think there are a lot of open questions about that, that we don't necessarily know.
I think that the most effective thing that legislators can do.
And legislators actually do not know a lot of the things I've told you today. I've gotten that from a lot of UCC lawyers, actually.
But what they need to do. They need to focus first, in my opinion.
I think Americans would be much better off, if lawmakers killed the UCC bills. Okay?
If they killed the UCC bills to update them right now, they would be much better off.
But then they also need to update the UCC and all other state laws that they can possibly find, in ways, that would make it so that a central bank digital currency, is undermined in the state, in financial transactions.
For example, can you use a CBDC? A programmable digital currency, when you're using -- for collateral and a loan, let's say.
State laws dictate some of that, and they can undermine that.
They can do things like that, to undermine the use of a CBDC, and I think that's what they have to do.