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The Fed gave BILLIONS to foreign banks. THESE are the results.

Soon after COVID hit the U.S., the Federal Reserve spent BILLIONS trying to keep certain banks — ones they deemed too important to fail — afloat. But the Fed’s loans didn’t just go to American banks. They went to foreign ones as well. In fact, Credit Suisse received more than 7 PERCENT of the entire amount the Fed loaned out. So, it must’ve worked, right? All these banks are doing great now, right?! WRONG. In this clip, Glenn shares the disastrous results of the Fed’s big, and until recently, secretive payday…

Transcript

Below is a rush transcript that may contain errors

GLENN: Now let me talk to you a little bit about something that came up over the weekend, and I have been trying to figure it out.

And talked to some experts, took me a couple of days, to get to a place to where I could really explain it to you.

One of the things that's happening in the market is you've got two big banks, Deutchse Bank and Credit Suisse that are about to default, or at least it looks like it.

Let me take you back in history. Back in March 2020, right at the dawn of the covid-19 panic, some interesting things happened on Wall Street.

March 9th, the Dow Jones Industrial Average lost 2,000 points. That's more than a 10 percent crash in a single day.

At the time, it was one of the largest single day declines in the US history of stocks. More than $1.8 trillion was wiped out from US the pension and retirement funds in a single day. March 10th, the very next day, the Federal Reserve began making emergency loans to what were considered to be systematically important banks. That are banks that are just too big to fail. Now, it's important to remember, that we didn't learn about these emergency loans made during March of 2020, just as the WHO and the CDC were declaring a pandemic. We didn't learn about those loans, until two years later. Because the fed isn't -- they're no longer required to tell you who they're making loans to or for how much, until two full years after it makes the loans.

So they say, that's not make sure that nobody is panicking. Well, investors, if they knew in realtime, these banks needed cash, it would cause a run on the banks. So, for example, on March 9th, the Dow lost 2,000 points, and more than ten percent of its value.

So on March 10th -- and we know this now, because two years have passed, the U.S. Federal Reserve made $112 billion in emergency loans, to 24 banks.

Stocks rebounded slightly. But then the first death started being reported from covid at retirement homes. Trump canceled the international travel. And within a couple of days, stocks were down another 1500 points, she got $4 trillion in wealth from the portfolios of Americans in just a couple of days. For its part, the fed continued lending. Distributing a total of $1 trillion, $1 trillion in emergency loans to banks in just a six-day period. Remember, this is two weeks into the pandemic. Well before businesses were shut down.

At this point, all that had really happened to the economy, was that stocks, you know, the forward-looking investment vehicle, were declining. But this was enough for the fed to print $1 trillion in new currency and loan it out to the banks, considered too big to fail. Not just our banks. No, no, no. Not just the U.S. banks. Some of the largest borrowers in the past 20 years from emergency loans from our Federal Reserve, have been foreign banks, and investment firms.

Nomura Securities out of Japan. BNC Paribas, the French Bank, Barclays Bank out of the UK.

All of these are the largest borrowers from the fed. So was the largest Swiss bank Credit Suisse?

The largest Swiss bank, Credit Suisse, were they on that list?

Oh, yeah. Just in six days, from March 10th to March 16th, 2020, Credit Suisse requested and was granted $50 billion in emergency loans, more than 7 percent of the total that the fed had loaned to 24 banks.

That was covid, right? Now, it may seem odd, that the central bank of the United States, needed to loan the largest Swiss bank, $50 billion in just a few days. Don't they have their own central bank?

But let's just chalk it up, to yet another covid emergency. We had to do something. We had to bail out the largest banks in Japan, Switzerland, France, UK, I mean, it was a pandemic. So now, fast forward to 2022.

All those banks got their covid bailout. In January 2022, the Dow Jones Industrial Average, hit a new all-time high. So clearly, the bailouts worked. And the banks made all this money. The banks were able to recover and get past the pandemic, right?

I mean, those trillions in loans to banks, skyrocketed inflation. And, you know, added to the currency circulation. And inflation is twined by, you know, too much currency. Too much money, chasing too few goods. But we saved the banks, right?

We restored the stock market, and set ourselves out to a record recovery. Well, yesterday, Credit Suisse, flagged as the too big to fail bank, by the U.S. Federal Reserve, their stock hit an all-time low.

They shed more than 65 percent of its value, losing 20 percent of its value, in one day.

Worse, investors are effectively betting now, that Credit Suisse. That Credit Suisse, will go belly-up next year.

We know this, because of -- I hate to bring this word up, credit default swaps. Not going to get, you know -- I'm not going to get all big short on you.

But this is, when you have the bonds, and you think, uh-oh. I think we might lose the -- the bank might go out. I buy an insurance policy.

Okay?

Credit default. And I swap. I swap, what I'm holding, I give it to you, and I get the insurance money. Okay?

Credit default swaps. It's a way to bet on the down. It's horrible. But now, 30 percent -- it went up. The price to insure went up, 25 percent yesterday. Yesterday.

30 percent of people are now betting that Credit Suisse is going to collapse.

So what's going on?

Why would it collapse? Again, I'm not going to go into all of this stuff.

I just need you to understand the big points, and you will understand.

This will take your breath away.

Again, remember we all talked about credit default swaps, and derivatives. Oh, derivatives. Oh, that's horrible.

Without if we go to into all of that, remember when we said, that the global delivery -- derivatives market, after 2008, started going back up again.

And it surpassed what happened in 2008. And the global derivatives marketed was about $100 trillion. And we were like $100 trillion. That's horrible.

And we raised the alarm. They haven't learned anything. In fact, it's gotten worse.

Then it rose to $500 trillion, just a couple of years ago. And we raised the alarm again. Any idea, where the derivatives market is right now.

After two years of pandemic. Two years of Bidenflation. And after stocks have lost 20 persuasive of their value since January, where is the derivative market?

One quadrillion dollars.

No way out.

$1 quadrillion. That's one thousand trillion dollars.

That's what's held by the 24 largest banks in the world. $1,000 trillion.

You haven't even begun to feel the pain of what these people have done. Derivatives have been around since the 1920s. But we have gone insane. Now, last year, when a private wealth fund defaulted, it cost the global banks more than $11 billion in derivative losses. More than 5 billion was absorbed by Credit Suisse bank.

That's nearly half the global losses. Of one firm. That just had 11 billion.

We're -- we have one quadrille John.

Now, if I'm you, I could easily say, it's a -- you know, German bank. Or Swiss bank. And it's not my problem.

But it is your problem. Because it is your dollar. Your currency provided by your Federal Reserve. Why are there not people standing in front of the Federal Reserve, demanding answers, and holding signs up, $1 quadrillion?

Where does inflation come from?

You think it's all government spending?

Collectively, since the fed started emergency lending operations in September of 2019.

And note for you conspiracy theorists out there. September 2019 was five full months, before there was a single positive covid case in the US. And we were talking about it in September of 2019.

The foreign banks have collectively borrowed 6 trillion dollars, from the Federal Reserve.

Now, here's the funny thing: $6 trillion has already gone out.

$1 quadrillion.

If the Federal Reserve decides to lend Credit Suisse another $500 billion today or tomorrow to bail itself out of whatever mess it's in. You, the one who is actually paying for this, you won't know for another two years.

Because under Dodd-Frank, you know, the one that was going to fix everything, the fed's reporting requirements now allow for a two-year delay.

So if we are bailing out Germany and Switzerland today, make sure you tune in to this show on October 4th, 2024. To find out what it costs you.

RADIO

This Russian nuke warning is HORRIFIC… for an UNEXPECTED reason

Glenn Beck reviews a video of Aleksandr Dugin, known as “Putin’s brain,” warning that nuclear war is inevitable. But this warning from Russia is absolutely terrifying for another reason: it’s NOT REAL …

THE GLENN BECK PODCAST

Operation Fast and Furious: The TRUE Story of How the Feds were Running Guns into Mexico

The Border Crisis has been ongoing for years, and one of the biggest scandals was the ATF “gunwalking” scandal known as Operation Fast and Furious which occurred during when Barack Obama was President. Glenn Beck talks with John Dodson, the whistleblower who revealed the scandal to get the facts about what happened and why it was a flawed operation from its inception.
Watch the FULL Interview HERE

VIDEOS

Glenn Beck & Piers Morgan REACT to Trump's Iran Strike & What Comes Next

Glenn Beck joins Piers Morgan to react to President Trump's decision to strike Iran's Nuclear Facilities and what could come next with the conflict. Is this just the start of a larger conflict involving Iran, Israel and the United States, or will this move by Trump put at least a temporary end to the brewing tensions?

RADIO

Meet the pro-Intifada candidate NYC Democrats just elected

New York City Democrats just elected 33-year-old Zohran Mamdani, a "socialist Muslim", as the Party's candidate for mayor. But Glenn Beck argues that his radical beliefs are actually communist and Islamist.

Transcript

Below is a rush transcript that may contain errors

VOICE: Z10852. Something weird is going on. The World Trade Center is on fire.

VOICE: Seriously the top of the building. We're trying to get information.

VOICE: Top level of one of the --

VOICE: To unfold from New York City.

VOICE: A plane crashed just --

VOICE: My sister is in that believe. I hope she's okay. I have to come to New York.

VOICE: It's pandemonium.

VOICE: It's raining papers.

VOICE: Wait a minute! Stop just a second. Why are we -- why are we -- I've got breaking news. Breaking news, yesterday. New York City just elected as their mayoral candidate for the left. And the Democrats, a -- a Muslim radical, who is also a communist!

So, you know, it only took you 25 years. It only took you 25 years, New York, to go completely insane.

Somebody who is -- well, I mean, if I might quote Michael malice today. I am old enough to remember when New Yorkers endured 9/11 instead of voting for it.

But you've got a -- you've got a communist jihadist apologist now.

Who was -- you know, well, CAIR put $100,000 behind his bid for New York City mayor.

So you have somebody who is endorsed by CAIR. That's really good.

He also was somebody who said, you know, he was -- he was for the shooting of the United Health Care CEO.

Said he was looking forward to driving down magnum Joan avenue. I don't know. Sounds like supporting people in the streets. Maybe it's just me.

Then he also said that he was going to globalize the intifada, which I think that's -- maybe -- maybe that's just me.

I mean, what do I know?

Tim Miller who is a podcaster. Asked him a few weeks ago. Asked him about his pro Palestinian slogan. Globalized the intifada. And he said, for me, ultimately, what I hear in so many, is a desperate desire for equality and equal rights, in standing up for Palistinian human rights. Oh, is that what you hear, Mr. CAIR?

Really? Huh, that's interesting.

Right. So globalize the intifada.

I mean, I mean, sure, that's -- I mean well, let me go on.

Because I don't want to take him out of context.

He then delved into the semantics of the intifada, citing the United States Holocaust memorial museum's use of a word for a translation for uprising, in an Arabic version of an article, a museum published about the Warsaw ghetto.

Oh!

So this is just a comparison, about the -- the armed rebellion against the Nazis!

I don't know if that makes me feel better!

I mean, if we're globalizing that.

We're the Nazis in this scenario.

Because I don't think it's the Palestinians.

I certainly don't think it's anybody who is like, hey.

Global jihad. I don't think it's those guys.

Or the Nazis. Who are the Nazis in that?

And it seems, if that's what you mean, then it's not just a harmless kind of slogan about human rights. It is a call for violence on the streets.

Because I don't know if you know, that's what happened when the Jews had their uprising against the Nazis.

I'm just saying!

But, hey, hey, free Palestine.

Oh, that's not what that means, gang. That is not what that means, but don't worry about it. He's just going to be possibly the new mayor.

And that's great. By the way, the Columbia faculty members signed a letter defending Hamas.

They were also among the donors to his mayoral campaign.

So, you know, you don't have anything to worry about.

And his father, who used to work at Columbia. Do you know, Stu?

Is his Dad -- is he still a professor at Columbia University?

He said that -- this violent terror thing of Islam, is not a part of Islam. Now, I've read the Koran, and much of the hadith.

And I'm pretty sure the violence is a part of that. But no.

No. This is something entirely new.

And his father while at Columbia university, wanted everybody to know, that this is actually -- this is something that came out of America!

America is really responsible for this.

And, you know, it really started with the Reagan administration, you know, when he started -- when he started with his very religious terms, to finish the war against the evil empire.

So, you know, that's where -- that's where 9/11 came from.

Is what -- don't worry about it! Don't worry about it!

Because who am I? I'm clearly just -- am I an anti-Semite today, or am I an Islamophobic? I can't remember which one.

Oh, it's probably both. Anyway, Islamophobia. Let me just explain Islamophobia. I haven't even gotten to the Communist part of it. Which is really, really -- New York, you're in one for hell of a ride. Buckle up.

It will be a fun rollercoaster for you. My gosh, I've never been happier that I've been away are if New York.

Anyway, I just want I to know, there is Islam. And then there is Islamists. Now, an Islamist is somebody who really wants Sharia law.

That's political Islam!

That's not a faith. That's political Islam.

Now, let me make really -- something really clear. Criticizing Islamism, is not Islamophobia. Pointing out the dangers of, oh. I don't know.

Political Islam. The ideology that seeks to use the tools of democracy, ultimately to destroy democracy, is not an attack on Muslims.

No. Uh-uh.

You know why?

Because Muslims are often the first people in line.

The first victims of the ideology.

So let's draw a bright, bright line between Islam as a faith, millions of people can practice that faithfully and peacefully.

It's mostly peaceful, okay?

Then there's the Islamism.

Islamism is something entirely -- that's a political project.

A theocratic political -- oh. Left loves theocracies. They love it.

Of course, you never see a problem with it.

See it when an Islamist is touting it. Anyway, it's not about prayer. It's not about fasting. It's not about spiritual life.

It's all about power. It's about merging of mosque and state. It's about implementing Sharia, not as a personal code of conduct. But as a governing legal system.

And it's -- it's supremacy.

Absolutely. Faith.

Religion.

It's -- there's one thing that's supreme.

It's misogynistic.

Deeply intolerant of all kinds of things.

Descent. Secularism. Other faiths. Even competing interpretations from inside the faith itself.

It will behead them too.

So let's -- let's be honest here for a second.

You know, CAIR should be labeled an international terror organization.

In my opinion. In my opinion.

Oh, does that make me -- that makes me an Islamophobe. I'm sure. I'm sure they will start a campaign against me on being an Islamophobe.

Stand in line, guys. You've been doing it since 2001, okay?

I don't really care. And I don't think the American people. I think that record, all the grooves are worn-out on that one, okay?

This is not a religion we're talking about. When we're talking about Sharia law. And we're talking about globalize the intifada. What does that mean, actually, to globalize it?

Does that mean we now want to do what is happening to Israel? All over the world?

Has the Palestinian plight become our plight you now, as Americans?

That there has to be an intifada here!

Because it's the kind of the same. You know. It's kind of the same over, you know, with what the Palestinians are going through.

Well, it's very much like what the Jews went through with the Nazis.

That's a weird one. That one makes my head hurt. It's very much the same as that. And very much the same as the fight against Donald Trump.

Oh, this is going to be fun. It's fun!

Really fun. You know, the irony here is, the ones that will scream Islamophobia the most, are the ones in the progressive left, the champions of feminism, LGBTQ rights. And secularism.

They're going to -- no. You want -- they're going to stand with the people, who want to kill them first.

See, this is how smart they are!

This is why it's going to work out well, in New York City.

Let me just say. If you have an ounce of common sense, you run a business, you have an ounce of wealth. And I don't mean wealth like, you know, hey, Lovey.

Let's get on the boat for a three-hour tour with a suitcase full of cash. I mean you saved anything, anything, get the hell out of New York City.

I mean, this is about survival. This is about free speech. This is about women's rights.
Religious pluralism. Secular legal systems. Liberal democracy.

But it's also about failed principles of Communism. Okay?

First, you have to call out political Islam for what it is. Okay?

And we have to do it with the clarity that we call out white nationalism.

Got to do it with that. Got to -- you know, the Klan. Really bad people.

Really bad people.

Anybody who is shouting for globalized intifada?

Pretty bad. Pretty bad people.

Okay?

Now, let's get to communism.

Because that's another cool, cool angle of the new Democratic candidate for -- for mayor of New York City.

That I just -- I think is cuddly and cute. Sure, it led to 100 million deaths. But this time, New York is going to be radically different. Oh, did I use the word radical?

I didn't mean to use that. What's radical about this guy?

Nothing. He's just like you!

Well, not exactly.

But let's talk about communism, next!

Now, the new mayoral candidate that's running there in New York City. That so many young people rushed to defend and vote for. He's promising free buses.

That's going to work out.

Where are you going to get the money for free buses.

It's free!

City-run grocery stores.

Oh, rent freezes. And finally somebody has done it. A 30-dollar minimum wage.

So under the banner of equity. And, you know, we will tax the wealthy. And the corporations. You know, we're going to squeeze another $10 billion out of them.

Really?

Because they're going to call a U-Haul.

You know, they will call something like U-Haul. There will be a lot of -- there will be a lot of movers that are like, how do I get the truck back from Texas or Florida back up to New York? Nobody is moving up there.

But he's going to do it.

Now, his vision isn't really new. You know, just -- just tax people, so we could have city-run grocery stores. You know, I remember -- I'm old enough to remember those city-run grocery stores in Moscow.

They were great.

The shelves were empty.

But that's just Moscow.

It worked out completely different in Venezuela.

Where, oh, no.

It didn't. That's right. The grocery store.

They were eating the zoo animals.

But it will be different in New York.

Because they have rent controls too.

And that will just choke the housing supply, but don't worry. As a young family.

You know, you voted for it.

You know better.

It will work this time.

So, you know, I like building ideas, I just don't like usually building on the graves of 100 million people.

But, you know, why not? Why not?

You know, use this dogma.

And this time, it will be different. It's not like it was in China. Where the great leap forward, was a gross -- a gross parody of progress. Venezuela, which was oil rich. One of the richest nations in the hemisphere now sees 90 percent of its population in poverty!

Yeah. Darn it. You know what they did?

They decided to take state control of things.

You know, like grocery stores. And it worked out well. How is that free busing working out in Venezuela?

I just want to -- I just want to know.

Anyway, then you've got the globalize the intifada. Which is going to drop a little violence in, and anti-Semitism in with your communism.

Which is weird!

Because violence and anti-Semitism, always happen. When it -- when it comes to -- when it comes to communism.

This is weird!

I've got to play something for you. Because this has talked about on me earlier this morning.

Oh, wow.

Wait a minute. This is -- this is the whole coalition coming together here.

So this is going to be good. New York, this is going to be great.

It's going to be great for you.

No. He's going to uplift you. Then the social fabric of New York City is just going to be -- just one.

It's going to be fantastic. Don't worry about your 120 billion dollars in debt. Or your 10 billion-dollar deficit that you have right now.

You are going to charge the rich more taxes, and they will stay right there.

They will be like, you know what, that 46 percent in taxes that I'm paying, this is just not enough. It's just not enough.

I need to pay 60 or 70 percent to be able to pay my fair share. So that's good. That's good. That's good.

You know, they're not risking 100 million people. It's just 8 million people.

This time, it's just 8 million people.

But, hey. For those of you in upstate New York. That aren't going to be part of this experiment.

Don't worry, you get to pay for it. Because they'll kick it up to the state. The state will have to subsidize everything. And don't you love it?

Really, don't you want to subsidize the really crazy ideas of New York City?

I mean, why don't you have a -- why don't you have a democratic socialist. A/k/a communist mayor.

Why haven't you done that? Are you not progressive enough? Are you not looking into the future?

Are you stuck in the past?

I don't know. I don't know. The graveyard is pretty big. I have a hard time getting past that one. You know, yeah, so I'm stuck in the past. Because I can't seem to pass that graveyard, and get to be down the path with you. But it's going to be a paradise.

Forget arithmetic. You know, or human nature. This time, it's going to work. It's going to work. So all right!

Wish I lived in this morning.

No wait. Nope. I don't. Nope, I don't.

And Ted Cruz, stop it. Stop writing, hey, come to Texas. No. No. Don't come to Texas. Don't come to Florida. Go to California. It's beautiful this time of year. Go there. Go there.