The Biden administration will continue to use the war in Ukraine and the COVID pandemic as EXCUSES for inflation and for why YOUR prices continue to go up. But there’s far more to the story. In this clip, Glenn explains how the Federal Reserve paid over a TRILLION dollars during the COVID stock market crash to not only keep big banks afloat, but to ensure some of their all-time profit highs as well. The banks have been LYING to us. So maybe Ron Paul was right all along: it’s well past time we AUDIT them AND the Fed.
Below is a rush transcript that may contain errors
GLENN: So Treasury Secretary Janet Yellen is planning today to warn of major consequences for the global economy, as a result of Russia's invasion of Ukraine. With both the conflict and the global sanctions imposed, she says, food and energy all around the world, including America, shortage of those things is coming. She is expected to talk about the enormous economic reproductions in Ukraine. And beyond. And she's going to reinforce that the United States doesn't have any intention of easing the economic pressure, it's exerting on Russia. By sanctions on its bank. Financial institutions, and leaders. She's field goal to emphasize, that more than half of the world's economy is united on an effort to impose sanctions on Russia. That the Biden administration is working to ensure Russia does not benefit from financing available through the World Bank and International Monetary Fund. I think we are going to pay a heavy, heavy price, as a -- as a nation, and as the West for this. We are upping the sanctions, and we are forcing Russia into default. And into the gold standard. It is -- we're playing a very dangerous game. So are they. But so are we.
I want to give you tonight, at 9 o'clock, a beginning of a road map. I began telling you, in probably 2006 or '7. There's going to come a time, where down will be up. Up will be down. Liquid will be solid. And what you thought was solid, will be liquid. There will come a time, when you didn't recognize your country anymore. And none of it made any sense. It was the opposite day, that was coming. My question to you today is: Are we there yet? I think most members of this audience see that we are at that point. Up is down. Down is you up. Whatever you thought was right, is now wrong. Whatever you thought was wrong, is now right. Whatever you thought you had on any -- anything, that you could count on that, you can't count on that any longer. Are we there yet? Tonight, I'm going to give you what I think is just the beginning, to scratch the surface. Of what you'll need to be prepared, for what's coming. I don't care what anybody says. I'm going to show you some things tonight, that I guarantee will not make it past the sensors on social media. It will -- it's already been flagged. Some of the things I'm going to continue to talk about tonight, have already been flagged, and cost us a great deal of money. As a business. We also are truly being -- we've been put into a digital ghetto. And I don't mean just this program. I mean TheBlaze. And I'll talk to you about that coming up in a minute. But we are in a digital ghetto. The thing they said, is so outrageous for me to say. And we will never get there. We are in a digital ghetto. We can talk as much as we want. But if you're talking and no one is hearing you, does it matter? I don't believe it does. And this is why I built TheBlaze. This is why we have to have a very close relationship. Because much of the things that I send out every day, I would say 90 percent of them don't get to you. That's remarkable. That's a digital ghetto. I want you to know, clearly, and I'll outline this tonight. The time is coming, when you are going to need to really be prepared. And you're just going to have to start deciding things right now. Not everybody in my family agrees with me. Some members of my family -- you know, my extended family, think I'm nuts. That's fine. We still get along. We're going to have Easter together. We still love each other. But they think, oh, you know. But I will tell you, most of those who feel that way, will not do the research that I recommend. They will not read my book. They won't read Klaus Schwab's book. Well, I can't help you, if you're comfortable in the lies you're being told.
If you are -- if you are truly open, and you are truly seeking truth, then you should read everything. You should know both sides. And then you can make the decision. I have no problem for the people coming to me, and saying, you're wrong. And here's why you're wrong. I'll learn something new. Or perhaps, they will learn something new. But coming to me and saying, you're wrong. And I'm not even going to read or research, that's of no help. That's of no help. You are choosing. You know, there's a very important phrase. Not to choose is to choose. By deciding that you are not going to pay attention to the news, you are choosing your freedom today and your peace of mind today, for trouble down the road. That's what I've tried to give you, as a host. Is peace of mind down the road. I don't tell you these things to freak you out. Although, I will tell you, that whenever I -- whenever -- I know what comes from me. I'm not smart enough to do this show. If you've listened long enough, you probably have figured that out. I'm not smart enough to do this every day, and to make the accurate calls that we have made. The mistakes were mine. The mistakes on timing, mine. But the direction and the -- there's coming a time, when you won't recognize your country anymore. That does not come from me. And believe me, when I see what I see, I freak out. But God does not work with fear. He's telling us of these things, so we can prepare. And not freak out. And we can help each other. You're going to need to be prepared soon, with food and energy. But also in the coming days, and this is a real revelation for me. Bodily, we have to be in shape. We have to take care of our bodies right now. And get them at the top condition. Because there's going to be a season of need and if you're starting out weak, it's not going to be good.
So I know. I know. Fill your own prescription, Doc. But we need to. And the other thing is, there is coming a time, sooner than you think, I've said this before. But let me say it even more boldly: I have said in the past. There's going to come a time when you're going to need to be close to the spirit enough, where you're walking down the street, and you hear in that small, still voice, turn around, go the other direction. You must not hesitate. You must do that.
Let me be a little more bold: There is coming a time sooner than you think, sooner that you might hope, there is coming a time, where your existence. Your life and the life of your family, will be dependent on how close you are. And how obedient you are, to that small, still voice. Because there is a time of chaos that is coming. And confusion. And people will not know what's true. You need to make sure your compass is on true North.
Now, let me give you some -- let me give you some facts here, about the banks. Because Janet Yellen is going to talk today. And she's going to speak about Ukraine.
Ukraine is an excuse. So is covid. But let me -- let me start there. Between March 9th, and March 16th. 2020. As the pandemic was announced and Trump issued the travel restrictions. The U.S. stock market crashed. The Dow Jones Industrial Average shed 5,676 points. That's 20 percent of its value, in five trading days. That is the largest single point drop ever, and the worst five-day drop in overall value, except for the crash of 1929. Does anybody really remember that?
That's significant. And that's what the stock market should have done. But we don't really remember it, because it went right back up. Why? During the same five trading days, the New York Federal Reserve issued emergency loans. Totally more than $1 trillion. To 21 major U.S. and international banks. JPMorgan Chase, the largest bank in the US, borrowed 135 billion. The Japanese investment bank, borrowed 125 billion. Citigroup, 96 billion. Bar clays. 95 billion. They're from the UK. Goldman Sachs. 72 billion. BMP, from France, 65 billion. Just those six banks, borrowed $590 billion in just a few trading days, as the market was crashing due to the pandemic. Another 400 billion plus, was spread among another 15 U.S. and foreign banks. Now, remember, this is effectively free loans. There's 0 percent interest rate. Now, we also know, some, if not many of these loans, will end up being rolled over forever, and then just forgotten and forgiven.
Now, that money. That trillion dollars, it entered and stayed in the economy. It is a major first impact of inflation. Mostly, we got on this one, is the stock market, and the housing markets. Went through the roof. Now, I just want to remind you. That the fed is not a federal agency.
The fed is owned, not the other way around. The fed is owned, by JPMorgan. Citibank. Goldman Sachs. Any time the stock market has a slight blip, the fed prints currency, and gives it to their banks, to prop them up. Now, think about that.
Even with the war in Ukraine, even with COVID-19 shutting down, China's largest and busiest port in shanghai. Even with gas prices, sitting at record highs, the fed mandate, has become protect the stock market price, and shield our largest banks from taking any loss, ever!
The fed has averaged making emergency loans in excess of $1 trillion, every week since March 2020. Not to you. Not to me. Not to Main Street. Not to the small business. But every Wall Street bank, that owns the fed. $1 trillion per week.
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So let's look added some of those banking, and their profits. JPMorgan's banks last year. And, by the way, I tell you these things. Because these are the people that are designing the way out. And they do not have your best interest. And when the crap hits the fan. This is going to be pushed through, just like TARP. We had no warning, before warning. I'm warning you now. Don't listen to the people who have created the problem.
JPMorgan's profit last year, all-time high returns. Jamie Dimon, JPMorgan bank CEO, just earned $70 million as a bonus. For a year in which the fed provided the bank hundreds of billions of dollars in free loans.
By the way, JPMorgan and its employees are among the largest donors to Democrat and left-leaning institutions in the world. It is borrowing hundreds of billions of dollars in free cash from the fed, to help finance those donations. For those of you capitalists, out there, claiming they are a private bank, and so should be able to do whatever they want with their political donations as free speech. I just have to ask, if they're borrowing the currency, that they are donating from, the fed is giving them no risk, or cost to themselves. Are you really a capitalist?
Do you even get what's going on here? The market is not only in a bubble. It's raging. It's a speculative bubble, that's being fueled directly by the Federal Reserve, lending cash to major banks. To keep buying stocks. And pumping out the profits, that it can funnel parts of it, to dark money. Political arm of the left. Because that's who is creating the runway, for their new plane, which is not capitalist. This is a counterfeit and fraud. And political process, that is being directly funded by the central bank. By the way, the people in Congress, they get to decide who we can question and who we don't. The Senate Banking Committee or House Oversight Committee, they haven't even asked Jerome Powell, a single question about these loans. And yet, we're in massive, massive trouble, with inflation. Yeah. We need hearings. We need a special counsel to investigate hunter and Joe Biden's dealings with China. Ukraine, and Russia. We need hearings on the covid pandemic. The lab leak. The mandates. But we also need public hearings. And a full audit of a U.S. Federal Reserve. They have been lying to us, and we know that now because of FOIA records that took us 12 years to get. The more you look back on the Tea Party, and Ron Paul, in particular. The more you have to say, Ron was right. Audit the fed. Just a warning, these are the people, that are designing The Great Reset. I don't think that this one is going to work out too well for all of us, not in the system. Seeing that they've been screwing us, for a very long time already. You think this system that they're building is going to be more favorable to the little guy? I don't think so.