2023 will be a pivotal year, Glenn says, and so far the coming changes don’t look good for your money or personal finances. In this clip, Glenn highlights some of the changes we should expect this year — from a ban on gas, to new banking regulations, even more price increases on food, and bugs on your dinner plate. But, even more importantly, the status of the U.S. dollar may fundamentally change as well. Glenn explains how certain countries in the East — like China, Russia, and Saudi Arabia — are dumping the petrodollar. He explains what this means for the U.S. dollar, for inflation, and ultimately, for YOUR bank account.
Below is a rush transcript that may contain errors
GLENN: Well, let me give you a couple of things here that I think you really need to know and understand. Because 2023 is going to be a pivotal year. I have talked to people that I trust in Washington. And that's about four.
Four people. And they are very concerned, that the US dollar is going to have some problems this year. Which might lead to the central bank, digital currency.
The Federal Reserve, is doing everything they can. To make sure that everything is safe. You know, after the big banking crash. They had -- you know, one of these stress tests. And they're like, we're going to do a stress test. Because we have to make sure that everybody -- you know, you got all those loans. And you can cover anything that's risky. So we want to find out what's risky.
Okay. Sounds good so far, right?
It's good to know. Can the bank survive a downturn? How risky are their investments?
And so they were doing that, and it was great. Wonderful!
Then there was this added little benefit, that the fed is -- is doing now.
They've decided that if you are a bank, and you have let's say, green energy, like solar panel companies. You not only are more stable as a bank, you can use that investment in solar panel companies. To actually use it as an asset, a very stable asset, to be able to loan more money out to someone else.
So the more green energy things you have, which we have seen. Oh, my gosh.
How many solar panel companies did you invest in, America? That has just turned into a gold mine.
It is now weakening the stress test. It is doing the exact opposite problem.
It is -- it's -- it's insanity. It's like, you know what, you're safe to drive down the freeway without your seat belt. You know, as long as you're texting at the same time. That that ought to be totally safe.
That's what the fed is doing. Meanwhile, our prices of everything still are skyrocketing. Energy is down. Which the fed is going, that's great.
See, that's going to reduce everything. Meanwhile, if you are trying to buy eggs. In California, this is going to blow your mind.
California, a dozen eggs is now $7.37 compared to $2.35 a year ago.
The problem is: People are switching to eggs, because they're cheaper than meat. Which, by the way, we're trying to get rid of the meat.
I mean, you know, that, right?
We -- we are sitting here, with bugs now being discussed. I got a great story on that, in the show prep today. You want to sign up for it, at GlennBeck.com. It's free. You get all of the stories that I see, every morning. And -- and you can read them all. These are the stories that I have selected, and said, this is important.
Not all of them make it on the show. But one of them. Another one is about bugs. This restaurant in New York, that is like, we have Ethiopian ants in our creme fraiche. Huh?
And that's a certain je ne sais quoi. By the way, the ants are alive, while they put them on your whatever.
No, thank you.
And in this particular article from New York, it actually states, we're doing it, because of the carbon expense of traditional food.
So we're now looking to eat bugs.
Yesterday, I also told you, that the Richard Trumka from the consumer protection agency, has declared, because he got a study from a global warming group, that natural gas is very bad for your children. If it's in your house.
So we shouldn't really have natural gas stoves. And we shouldn't have natural gas, you know, heaters. Or anything natural gas.
California sure is in trouble, huh?
Because they wanted to be really super green. And so all of their state cars and all of their buses and everything else, natural gas.
No. It's dangerous now. And in something that is so striking, this study just came out. Richard Trumka just said, we've got to consider getting rid of all natural gas in homes. And governor Hochul, yesterday, just decided, she's got some legislation to make sure that there are no natural gas outlets in any new construction in New York.
Gang, we are in trouble!
You better get to a state that is not doing -- and, quite honestly, I'm not sure it's not Texas.
But you better get to a state where like-minded people are all around.
Because they are going to cut us off from everything.
But that's if we -- that's if the fed doesn't help us some more.
I want to talk to you about what's -- what is happening in Asia, Russia. Prices of oil.
It's collapsing. So it's going down now, which is making things better for Europe. Yay! They can buy more Russian oil. Yay!
Meanwhile, we're not doing anything about it. But Saudi Arabia, China, Russia, they're starting to move their entire economy. Russia is now backing their ruble with oil. So it's like a -- oh, it's like a petrodollar. Oh, that will never work.
Oh, wait a minute. That's what we did. Until Saudi Arabia said, yeah. We're going to accept anything. Really? Chinese can pay us in the yuan, we're fine with that. We'll take a ruble. Whatever.
What does it mean? Why have we not discussed? What does it mean with the death of the petrodollar?
It means, that half the world, the part of the world that's not with us. Is no longer required to hold a dollar. A US dollar.
What happens when half the world's countries say, oh.
We don't need the dollar. They begin to sell them. They already are. And if they're sold, what happens?
They go out in the system, instead of in the bank. Which does what? Too many dollars in the system chasing too few goods, inflation goes up.
So what do you do? You raise interest rates. Well, the problem now is, as we are seeing the death of the petrodollar.
You're also seeing the fed, in a very unusual place.
Raising even another -- another half point is spooking everybody who pays attention to this stuff.
The fed, has to raise interest rates to get interest -- or, I mean, to get inflation, under control.
But when they do that, this is how they control inflation. They take more money from you. They slow your spending down. And so that causes you not to go chase those goods with the dollar. Okay?
And then they're supposed to take those dollars in interest, that they get, take them back into the fed, and destroy them, so there's not too many dollars.
So the first step on this road, is to hurt you and your bank account and your ability to buy things.
The problem is: We are now looking at recession and inflation. Forget about stag -- stagflation. Forget about that. Forget about it.
We're looking at something different. We're looking at the dumping of the US dollar, by the east. Flooding the market.
Then you have higher interest rates, hurting your bank account. To suck those dollars and your dollars back into the fed.
This will cause a -- if they raise the interest rates. This will cause a stock market crash.
But it causes the stock market crash, because your dollars and the banks need dollars to grow the companies. So if there's a collapse of the stock market, people start selling things. People start losing their houses. And when that collapses, what happens?
The banks collapse.
Because they've got them all -- but the good news is, this time, they have all those solar panel companies. So they have all the windmill, and solar panel companies, that good as gold.
If they have to start selling those things. Who are they selling them to?
Also this is a really nice handy thing. When the banks start to go under, they immediately have to start -- have to start liquidating things. And calling in loans. They have to also stop giving loans. So if you're in a tight spot, and you need a loan, the bank will no longer give you a loan. And if you go under, you probably have a loan with some other bank. And so it just is a -- it's a pile of dominoes.
One thing triggers another. And this time, we're not looking at a ten-year reset. Because we didn't do it right the last time.
We are looking now, and they are officially, saying this, that we are now looking at a possibility of something like the Great Depression or beyond.
And I say beyond, because we are looking at the collapse of the dollar. If the stock market falls. If the banking community begins to have the same problems it had in '08, the problem is way too big. Because we no longer have a reserve currency for half the world.
They can sell those dollars. Our enemy, China, they can just dump all those dollars. It would being worth it to them. Because it would destroy us.
Just dump them. And then how much is it worth? See, here's -- here's the reason you should consider gold and silver.
And this is not a commercial. Gold and silver are constitutionally dollars. They are -- that's money. That's currency.
The dollar that we have, is a note. It says, A, it's worth this amount.
But that changes all the time. Because of inflation.
It's not backed by anything.
The problem is: There's too much money. There's not enough gold to reset the global markets to a gold standard. There's not enough gold, even in the minds. There's not enough gold, to pay for what we have all done, all around the world.
And the entire world is in on it.
So when the Federal Reserve says, you know what, we're going to print money, because we can't let the stock market fail, all of the central banks in the west will do the same thing.
And then it's just a matter of time of, when do we get to the bottom?
Please, please, consider what is coming our way.
I believe this is the beginnings of it. We will see this year.
And when it happens. It will probably happen rapidly. And people in the media will tell you, the exact opposite.
No, no, no. They've got it planned. Whatever you do, don't do whatever the right thing is to do.