Carol Roth, financial expert and author of ‘You Will Own Nothing,’ joins Glenn to discuss what our economy could be facing next. We may soon experience ‘inflation like you can’t believe,’ Glenn says, so is NOW the time to pay off all your debt? Roth, who does not provide financial advice but rather gives the information you need to make your own, informed decisions, explains why paying off all your investment debts (like a mortgage) NOW may actually be less beneficial in the long run…
Below is a rush transcript that may contain errors
GLENN: So we have Carol Roth on. And this hour of the broad and podcast, we have been talking about the Fed Now system. And how that system by itself is not anything to do with the digital dollar.
However, it does make the digital dollar, should they introduce it, more effective.
And they could settle in realtime, just like Bitcoin now can do.
And so it's important that you know, that this is a needed step for the modern world.
However, I don't trust them on anything that they do.
So when they say, no, this is it. That's all we're doing. Don't believe that. Don't believe that. But understand, the Fed Now system is different than a digital dollar.
We have Carol Roth in. And before we get into this next thing, Carol, I want to share with you an experience I had with a friend the other day.
And this friend is somebody who will like, come to me and say, okay. Better worse, or about the same?
And they don't want to -- they don't want to look at things. Because they were hoping I was wrong. I hope that I'm wrong. I hope we find a way to turn this around. I don't think we're going to, just based on past performance. But we could.
And they've kind of wanted to not be so freaked out by it. And I understand it.
But they said something to me, that I immediately connected with. And I think it's important to say, to you, the audience, that -- because you might go through this. And don't fear it.
There was a time I said, off-air. When we were back -- this was back 2012, when everything was coming clearer on the path that we were on. And I used to say, every day, when I would get off the air, I would say -- I would just burst out in tears, and I would say, I feel like I'm watching my child, smothered in a crib, and I can't do anything. And no one will listen to stop it.
And it is just trauma every day. Because I loved my country. And I saw that we are headed in exactly the wrong way. And no one will do anything.
And this is intentional. And so I went through that period. But I got past it. And I realized now, that is just one of the phases of grief.
You are going to go through grief, as we lose some of the things, that we have always traditionally known.
It's better to do it now. Than it is, when the time comes. You won't have time for the grief then.
People will be grieving. You have to help them.
You have to be logical, and think your way through everything.
So embrace it.
Learn, get your morning over with, so you're strong and back up on your feet, when these things come. Would you agree with that?
CAROL: Yeah. Yeah. I would like to share too, I have gone through that personally. My husband has gone through that personally. This is something that everybody who has been following this, this is part of the process. I called it smothering the baby. For me, it was the train in slow motion, going off the tracks, and feeling like you can't stop it.
And the reality is, we may not be able to stop the train from going off the tracks. But I can't personally take shelter.
That's what you have to do. You cannot panic here.
You have to prepare. And say, what is it that I can do?
I may not be able to stop the huge financial order. That's a huge, tall order. But what can I do in my life? To make myself more prepared? Then if things go badly, at least I know I can get through that difficult period. My family, my friends can do that. And the more people you educate and work with together, on a community level.
I think the more opportunities you're going to have to share, to cope, to work together
So it's really about taking that personal responsibility, and controlling the peace that you can.
GLENN: And I think this is really important.
You bring up the train. I like that a lot.
Because if you're on the train. You need to prepare. You need to secure yourself and prepare for impact.
That is critically important. If you're watching the train. You're not on the train, you see it coming.
You need to say, it blankets. Get a -- call the ambulance.
Get some doctors here.
We need some help. So you prepare, whether we're on it or off it. And that's critical. And I believe that's where this audience is meant to be.
Those people that help others. So let me go back to the fed.
We were talking about what is coming. And honestly, I have had people say to me. Glenn, we can sell our national parks.
I'm like, what? I don't want to sell our national parks. And they said, we're off the gold standard. We're off the oil. But we have all kinds of things we can back a dollar with.
Uh-huh. I don't like probably any of the solutions, they would come up with. However, they have come up with another solution. And it's called modern monetary theory.
And I've explained it in one of my books. I think two of my books. It's important to understand. But the just of it is, the government can spend as much as it wants. And they can print as much money.
Now, you would say, well, what about inflation?
They say, as long as we can control the spending down to the level of the individual, this is why it's never worked. Because they've had to do mass things like, you know, raise the -- you know, the finance rates.
Raise the loan rates. And that just doesn't work, and you're playing. It's not an accurate science. And it's behind the spending.
So you're always playing catchup. Or you're prognosticating. And that's always bad. This, a digital currency. Can actually stop the spending today, on certain products.
It can also then ration today, by the way, having to have some system that everybody has to know.
That's their way out of the inflation, that we are going to have to print, and the fed is going to have to buy, and put on their books.
Do you agree or disagree, Carol?
CAROL: So I will say, that's what they believe to be their way out of inflation perhaps.
GLENN: Oh, yeah.
CAROL: Is I call them MMT magic money tree. It's a theory, that people that believe in unicorns. Believe in.
They say there's an element of control there. That's why, real modern monetary theory has never been tried. And every time it's been tried, it hasn't worked. But they're looking for that element of control. And what you have to understand, imagine that every dollar that you had in your pocket, had a micro chip in it.
And that somebody else could track everything that you do, and regardless, of whether it's that they want control you from a social credit standpoint, or they want to control you from a monetary theory standpoint, they can make the decisions, to let you access that money that is yours. That is supposed to be able to, by the way, a proxy for your productivity.
You know, Glenn, you mentioned, what backs the US dollar? What backs the US dollar, is American productivity and ingenuity.
That's the backing of it. That's what it's supposed to stand for. But every time that you say, okay. Productivity is equal to this unit of money, and then you go and you print more money, well, you just devalued that equation. So that is what they're going to do.
And they're going to try to do that as a conduit to get themselves out of it. Which, by the way, won't work. Because there are things called logic and reason and math.
GLENN: Yes. Yes. But it will give them control. And people will say that's a conspiracy theory.
Let me play something from Christine LaGuardia. From the French central bank. Their Federal Reserve. Listen to this exchange she's having with somebody she thinks is Vladimir Zelinsky.
Listen to this.
GLENN: There are many protests in Europe against the electronic euro. No, the problem is, they don't want to be controlled.
They don't want to --
VOICE: Yeah. But you know what. You know what.
Now we have in Europe, this threshold, above 1,000 euros.
You cannot pay in cash. If you do, you are on the gray market.
So you take your risk.
You get caught. You are fined. Or you go to jail.
But, you know, the -- the digital euro is going to have a limited amount of control. They will be controlled. Right.
You're completely right.
We are considering whether for very small amounts. You know, anything that is around 300, 400 euros. We could have a mechanism, where there is zero control. But that could be dangerous.
The terrorist attacks on France. About ten years ago. And highly financed by those very small anonymous credit cards, that you can recharge in total anonymity.
So there will be control.
But we're going to let people have like $500, that they could spend, that won't be tracked. But we're not sure. Because that's the way terrorists would use it. That's total control.
CAROL: Let me read you another thing.
This is, by the way, on the White House's website. So I can tweet out the link to it. But in March of 2021, President Biden made remarks to the Business Roundtable. Which is, you know, all of the major company CEOs in the United States
And said, you know, I believe we're at an reflection point in the world economy, not just the world economy in the world.
It occurs every three or four generations. Dot, dot, dot. And now, at a time when things are shifting. There will be a New World Order out there.
And he says, we have to lead it.
The question you have to ask yourself is, who is we?
Because I'm pretty sure, Glenn, that you're not in we, I'm in we, your listeners are not in the we. It's all of those people who are working together, to control, to jockey, to position themselves, to control every finite resource out there. Because they see it.
They have told us, they see this shift is happening. They're working. All these things that are happening, are working. So that they can control every resource. And make sure, you will own nothing.
That is where that comes from.
GLENN: We're with Carol Roth. Carol, you stay with me, one more break.
The number one question that comes in from listeners for you.
Is should I pay off all my debts?
What should I do?
Because if you're right, inflation like you can't believe, is coming through. So what does that mean?
Get that answer from you, here in just a second.
You know the value of a dollar, right?
No, I don't. And I don't know the value of $20. How far is 20 bucks going to get you. My gosh, I went in to buy a roast for Easter. And my eyes almost fell out of my head.
I could not believe how expensive everything -- and that's inflation. That is what is coming, times a thousand.
So when somebody charges you 19.95, for something that actually works, and can make your life better. That is a good deal.
The three-week Quick Start from Relief Factor. It's 19.95. It's a trial pack.
It's not a drug developed by doctors.
Hundreds of thousands of people have ordered Relief Factor. 70 percent of them go on to order more from Relief Factor, month after month. Because it works. Now, here's the thing: Try it for three weeks.
Yes. You will be out 20 bucks. But that will be like a dime soon. It's Relief Factor. Call them at 800-4-Relief. 800-4-Relief.
The 19.95 three-week Quick Start. Relieffactor.com. Feel the difference.
(OUT AT 10:48 AM)
GLENN: Carol Roth is with us now. She's the author of the new book, you will own nothing. It is based on the great reset. And what is coming in our country. It is also a great companion book. Comes out about the same time, with my book called Dark Future.
I show all of the things that are in place, and planning now for the second phase of the great reset. That will boggle your mind.
But she goes down and the bets into the nitty-gritty on what should you do, and what is coming. So let's go there. Because one of the real questions. I hear this all the time. Why don't I just go out and a buy a a bunch of stuff. Because then I could have a loan at a low interest rate, and then I'll pay it off, and then with inflated dollars. That seems scary.
CAROL: Yeah. So people sometimes don't differentiate between the debt that is used for spending, and debt that is used for investing.
There's good and bad debt. You don't want to be taking on debt for your spending, but you want to be able to use it productively for an investment.
If you can get a better return on your investment than the cost you have to pay for the debt, by using it.
One of the reasons people take out debt for a house over time, right?
So that's one of the big questions that I've been getting. And there seems to be a lot of confusion about what happens to debt, if everything goes south, and we end up in hyperinflation. People are saying, we end up in this hyperinflation scenario. Does it make sense for me to pay off my debt now? And so I just want to walk through the thought process on this. If the dollar loses purchasing power, it's actually good for your fixed rate debt. So assuming your house has a fixed interest rate on it, and you have a fixed amount of debt on it. Let's say as an extreme example, the prices of everything doubled due to the dollar degradation. Well, then your debt is really in a sense worth half as much as it is today. In the future.
So you have to be thinking about it, in that sense. Do you really want to take something out of your investments and pay that down, as a solution if your debt is going to have -- you know, be, quote, unquote, worth less in the future on a relative basis. So, again, I'm not a financial adviser.
This is not financial advice. But just giving people things to think through, because your audience is so fabulous. They send me questions all the time. And that is one of the big areas of misunderstanding. Is what should I do?
Now paying down debt from a behavioral standpoint, is always a good thing. Paying down debt on your spending is always a good thing. But something that is for an investment, you know, if you're worried about what happens to it, during hyperinflation, it's actually the inverse of what you're thinking.
GLENN: Carol, thank you. How do people contact you, by the way?
CAROL: Yeah. So CarolRoth.com. There's a contact form there. And then as you had mentioned, the new book, you will own nothing is on pre-order. Companion people are buying yours and mine together. And like you said, most importantly thing is mine does have that action plan.
You learn all the things that are happening, like you learn in your book, Dark Future.
But how to fight back. This is about how we can actually own everything. This isn't a scare tactic.
The idea is to inform and make sure that you own everything.
We want you to still be able to have the American dream.
GLENN: That is so important. Books really do make a good companion to each other. We kind of have worked on them kind of in a way, that way.
CAROL: Yes. Together.
GLENN: So you can understand the big picture. Know what is real, what is not real, and then, what do I do about it?
The book, mine is Dark Future. You can order it now.
Hers is, you will own nothing, by Carol Roth. Order them together, wherever you buy your books.
Carol, thank you so much.
CAROL: Thanks as always, Glenn.
GLENN: God bless.