RADIO

The ONE good thing about America’s SOARING inflation

Inflation and gas prices continue to skyrocket in America, thanks to several factors — from nonstop money printing and ESG, to reckless practices at the Fed and energy policies. Diana Furchtgott-Roth, Former Chief Economist at the U.S. Department of Labor, joins Glenn to discuss what’s next for the U.S. economy. She explains why high prices likely will continue through the summer, but she also shares the ONE good thing about our current economic situation: ‘This is a self-inflicted wound,' she says. 'This is a problem that’s fixable.’

Transcript

Below is a rush transcript that may contain errors

GLENN: This is the Glenn Beck Program. Boy, we're seeing some real problems. I read an article authored by a bunch of Yahoo experts. They were all ones who were saying, oh, inflation is transitory. It's nothing to worry about. Now they're coming out, yeah. We were wrong before. But we're right this time. This is the worse it's going to get. You know, by the new year, we'll be rolling. I don't buy that for a second. And here's why: All of the things that are being done right now, are going to be adding to inflation. And shortages. Right now, there are 16 states, just at the beginning of the week. What was it, ten? There are now 16 states that are paying $5 a gallon for gasoline. Maine is 5.02. Massachusetts, 5.02. Idaho, just over 5.00. New Jersey over 5.00. Pennsylvania, Ohio, over 5.00. Arizona, 5.18. Michigan, 5.21. Indiana, 5.23. Alaska, 5.46. Illinois -- can I ask you, is there a reason Michigan, you're paying 5.21, when Alaska is paying 5.46?

Illinois, 5.53. Washington State, 5.48. Oregon, 5.48. Hawaii! Hawaii is paying 5.49. And Nevada is paying 5.56 a gallon. And then California, coming in at number one, at $6.39 a gallon. Now, what is causing this?, by the way, several other states are on the verge. Utah, gas is 4.98. Vermont, 4.99. So those will be added. We added, I think, 26 cents this week. Twenty-six cents in the last seven days. And it's not going to stop. Because of ESG. Because of everything that this government is doing to stop funding oil research and petroleum companies.

Do we have Diana on yet, Sarah? Okay. She is this -- Diana, I want to get her name right. Furchtgott-Roth. There's a name that clearly you change, or if you're marrying into that, you're like no. Uh-uh. Anyway, Diana is an adjunct professor of economics at George Washington University. She has been the chief economist at the U.S. Department of Labor, chief of staff, the president's council of economic advisers. Deputy executive secretary for domestic policy. She also served under Reagan, Bush, and the second Bush. She's kind of an expert. And I really, really want to talk to her about two different kinds of inflation. The inflation that is caused because we printed so much money. And then the inflation that is not going to go away, in my opinion. And that is the inflation on food and gas. And things like that. Because we are moving into a new green economy. And it's going to cost us a fortune. A fortune. By the way, did you ever pay -- did you ever -- did you vote for that? Because I didn't vote for that. I thought we were voting for someone that would just take us back to normal. And be sane. I don't think we've gotten that. Maybe it's -- you know, maybe it's just me. Diana, are you there?

DIANA: Yes, I'm here.

GLENN: Hi, welcome. It's an honor to have you on the program. To answer their hillbilly questions from a guy like me. I would -- I would like to ask you about inflation. But two different kinds of inflation. The inflation that comes from money printing. But then -- is there not inflation that is coming because of ESG and our energy policies. What's happening with the food crisis. And everything else. Those are two different reasons, we're feeling this price crunch, correct?

DIANA: That is correct. Yes. Yes. But with the fed monetizing and accommodating these supply pressures. Then it means that inflation is higher. So you see that in the EU, for example, they have had the same upward pressures on energy. But their inflation rate is low. Same with Switzerland, for example, because their central banks have behaved in a different way.

GLENN: So why is Germany in so much trouble? I'm seeing Germany, their inflation is the highest, since I think 1950, or something like that. Why is Germany different? Do you know?

DIANA: Right. Well, they -- they -- Germany is having particularly high problems with -- with its energy prices. The two -- the two work together, of course. They work together -- of course, if you have higher prices. Then they do affect -- if you have higher prices then, of course, they do affect what the Federal Reserve is doing.

GLENN: So, but the Federal Reserve. Even if the Federal Reserve could correct all the mistakes that we've made, it is the -- the problem with our gas and energy, is that we are hell-bent now, with this administration, on destroying all fossil fuels. So there's no funding through ESG. And so that's not going to go away. These prices are relatively where they're going to be forever. I mean, they go up. But it's not going back down to $2 a gallon. With these -- with this administration. Do you agree with that?

DIANA: Yes. Unless this administration changes its mind. Then, yes, it's not going to go down. Yes, exactly. Exactly.

GLENN: Okay. So it feels as though the American people are being impoverished. You know, I don't know where you stand on the Great Reset. But it bothers me when someone says, hey, in eight years, you'll own nothing, and you'll be happy. It feels like we're being impoverished. And at the same time, they just came out with, you know, a new safety net, for retirees. It seems as though the government is starting to just gobble up everything. And starting to provide everything. Do you know much about secure 2.0?

DIANA: I know that secure 2.0 is not necessary. The assumption is that low income workers don't even have any way of saving for retirement. But we have IRAs. You can put $6,000 a year, in an IRA. The vast majority of people do not use that amount of tax deferred savings. And you can have it automatically come out of your bank account, every month. So there are no -- there are -- there are tax deferred retirement programs, for low-income people. That is why IRAs got put in. So it's not fair to make employees have the burden of that. On the --

GLENN: Okay. So then what are they doing with this new retirement -- with this new retirement plan? What is this? What is their goal?

DIANA: The goal is to require employers to provide 401(k) plans for all their workers. Which up to now, has been optional.

GLENN: What's that going to do to us? What is it going to do to businesses?

DIANA: Well, it's going to raise the cost of businesses. Because you have to hire someone to do it. Say you work in a hardware store, and you have a lot of low-income workers, working as cashiers or helping people find goods in the hardware store. So you might have to provide a 401(k) plan for these individuals. So you're going to have to call up, a benefits manager. And you probably don't even have a benefits manager. You probably give them payroll every month. Now you're faced with setting up a 401(k) for them. Even for larger, sophisticated officials. Or consulting firms. Often, they don't have a 401(k). Or a startup. They don't have a 401(k). It's difficult to do. So it places an additional burden on small businesses. That is not necessary, because if these individual cashiers in the hardware store, wanted to put $6,000 in an IRA, they would be able to do that. If they wanted that bank to transfer $500 a month, that would be auto enrollment into the 401(k) program. They can do that. So it's just a matter of the federal government getting involved, where it doesn't really need to.

GLENN: This is incredible. I mean, you worked in the Reagan administration. It feels like what we're suggesting. And we're not even close to it on the fed level. But if the fed did what the fed do in 1980, 1981, '2. And started raising to 19 percent. And we had all of this Biden red tape, that he's adding, you would stop the heart of this nation. Would you not? Economically speaking?

JAMES: Really, you -- you really would. You would definitely send an economy into a recession, and you would cause major damage, especially to the low income workers, that President Biden purportedly represents.

GLENN: So as you're looking at things, and you know what the situation is now, where it's all being done administratively. That's not really even going to go through Congress. He'll just do it administratively. How long can we take this beating, before we really start to see everything just go haywire?

DIANA: It's not a question of how long. I mean, the longer it goes, the worse people are going to be asked. But the wonderful thing about the United States. And I speak as an immigrant from the United Kingdom. Is that the pendulum does swing back. And there's an opportunity to do that in November. There's an opportunity. And the polls say, that the House and Senate will be Republican. So that will be an opportunity for oversight hearings. There will an opportunity in 2024. So I think, the damage is in the United States is always limited. Because people have the choice of voting in another party. And when times get bad, they do that.

GLENN: I -- I -- from your mouth to God's ears. I was reading an article today, about -- I think it was at the New York Times. Yeah. I think it was New York Times. All of these experts that had said, inflation is transitory. And now they're saying, okay. We were wrong about that.

However, we're at the top of the inflation ladder, and it's going to start coming down. And 2023 will be great. It will come back down. One was actually saying, it will be back down to 1.2 percent inflation rate. Who do we listen to? Who -- is there anybody out there, that we can trust?

And what is going to happen with the inflation rate, best guess?

DIANA: It's certainly going to be 8 percent, I would say. Certainly through the summer. With high energy prices, affecting people's use of air conditioners. Some people saying, there will be blackouts. High gas prices are going to be pervasive throughout the summer. But the important thing to know is that this is a self-inflicted wound. America has the largest oil and natural gas reserves in the world. We could be encouraging fossil fuel production. Encouraging pipelines. And we're not doing that. This is a problem that's fixable. And that's the sunny side of this. This is something that we can fix, with another administration. With another Congress.

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The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

RADIO

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.


JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

THE GLENN BECK PODCAST

Why the Term "Conspiracy Theory" is CIA-Created Weapon for Control

Conspiracies are of course real and occur every single day. But yet, many in the media and elite political circles attempt to use the term "conspiracy theory" to smear and discredit those who are skeptical of conventional narratives. Where did this term come from and how should we understand it? Journalist Alex Newman joins Glenn Beck to break this down and how it impacts the world as we see it today.

Watch Glenn Beck's FULL Interview with Journalist Alex Newman HERE

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Chalkboard Breakdown: How George Soros & the 'Deep State' funnel YOUR money to radical groups

Where do these massive left-wing radical groups get all their money from? Much of it is effectively a scam that occurs using your tax dollars to fund these groups that you would never support on your own. Glenn Beck heads to the chalkboard to expose the connections so you can visualize exactly how someone like George Soros manipulates the system.

Watch the FULL Episode HERE: Deep State ON NOTICE: New Tech Traces the USAID, Globalist Money Trail