RADIOApril 10, 2025

Dire warning from economist: Trump’s next move could save—or sink—the economy

President Trump suspended his global tariffs for 90 days, except for China. But is this strategy enough to win the trade war and fix the economy? Glenn speaks with renowned economist Richard Werner, who makes the case that Trump’s next move should take place here at home. It’s not enough, he argues, to pressure the big banks. He must also cut the government red tape and help local banks flourish. Plus, Werner also argues that Trump is fighting a hidden enemy in Europe: the CIA.

Transcript

Below is a rush transcript that may contain errors

GLENN: Richard Werner. He is an economist. You can find him at ProfessorWerner.org.

ProfessorWerner.org. Richard Werner. Professor, how are you, sir?

RICHARD: Very well, thank you. Good to be on your program.

GLENN: Yeah. Good to have you on again. You are looking at the situation, and it is changing by the hour. What are you feeling, especially you're -- you're from Germany. Are you still in Germany today? Or are you here in the United States?

RICHARD: I'm actually in the US, in Florida as well.

GLENN: All right. What is happening in Germany and in Europe, and how is -- how this whole trade thing affecting everybody?

RICHARD: Well, it is affecting everyone.

Because actually, if you have the sort of lists of terrorists.

And where it was last week. Presently suspended.

If you look at the numbers. For some countries.

There were significant changes. And potentially, even now, that they're being suspended.

They're still in place with China. Very, very high numbers.

You mentioned, you know, in triple digit percentage. Tariff.

To China. And China retaliating. And as it's escalating. That's very dangerous.

Because China is part of the supply chains, across the globe. Even in other countries.

And, of course, the US.

Trump has a point. The US is the most attractive market. And exports being -- so it's true. That the US had some leverage there.

The question is, what do we want to achieve? And how do we go about it, in order to make sure we actually achieve it?

There is a risk, a situation which it will escalate, particularly if there's confrontation now.

Later coming from China, it's a bad guy. And, you know, it's -- it's in Asia. It's very important, not to lose faith.

And not to be publicly humiliated.

GLENN: Yes. Right.

RICHARD: And at the moment, you know, of course that's why they can easily give in. Want to shut the opportunity, the opening for compromise.

GLENN: So what would --

RICHARD: At the moment, the way it's done, it is very hard.

GLENN: President Trump said this yesterday. He said: Look, it's important in China, that they don't lose faith. That they're not humiliated. And he said, I feel like they're being humiliated right now.

So what should he be doing, while still staying tough?

What kind of opportunity, should be presented, to de-escalate this?

RICHARD: I think it's important to take it off the -- I mean, President Trump is very -- publicly. But maybe in this case, where we are at this point.

It's an important thing.

You know, the public focus.

And have some private conversations with China's leadership.

And maybe they even suggest a way in which they may be done. Essentially, someone needs to face a solution that makes both sides look good.

This can be done because the Chinese are as much interested in, you know -- as President Trump is, they are commoners, trading, sort of doing deals.

So it just has to be done, in such a way, that they're not forced into a corner.

And then they feel obliged to also, you know, stand up to all of these people. And to then -- they actually should be at this stage.

So I think it can be done.

I mean, I would be glad to help. You know.

Get me into the Trump team.

I had good relations. I was invited to be the professor of finance as well, the top university, Fudan in Shanghai met very senior people in China. And I've been in Japan for 12 years. And I know how to talk to Asia.

At the moment, it was perhaps -- yeah. This -- this lack of the right approach.

But it's about, as you mentioned, that President Trump is now acknowledging this.

And I think this -- this creates an opening.

And with the right advice. The other point I would like to make actually. Is that I think it is very smart of President Trump to raise fundamentally, you know, the tariff issue.

And how the US has not always been treated equally by other countries. Right?

When it comes to trade and tariffs. That is very valid.

And Paris in history, have been, well, actually mixed. They have been very successful and good for America and other countries. They use in combination with the right policies.

GLENN: Yes, uh-huh.

RICHARD: Domestic policies. That's where I think the Trump team needs some good advice. The Trump team knows the official mainstream neoclassical economics is not to be trusted.

And that's very true. But they're still acting with the right advice. I'm an expert of high brow economics, and I think the US can have 15 percent growth in 14 years like China had.

Which can be done. There is no real --

GLENN: What needs to happen? What needs to happen? What is he missing?

I think what is missing is the Congress doing their jobs. And putting other things in place. What are you saying, that is missing?

RICHARD: Yes. Well, a key thing is -- is to do with money.

And those who create money.

Now, the fed has created a lot of money.

Too much. And has caused inflation and everything.

But actually, normally central banks, only create 3 percent of the money.

97 percent of the money supply normally is created by the banks!

The banking system.

And the banks normally. And this is capitalism.

Where central planners are making decisions.

Private, commercially. Enterprises making decisions.

And so the more diverse banking system.

Particularly, the more small local banks you have, the stronger the economy. The stronger job creation.

GLENN: Yes.

RICHARD: And that's where in the past, the US has been extremely strong. But in recent years, you know, the -- have really reduced the number of small local banks.

And it's collapsed in the number of community banks. And local banks. Almost across the United States.

And that's very bad for job creation, and then competitiveness. And China is the best case in point.

You know, they used to have this centralized Soviet-style system, you know, in only one bank.

And then when they deleted -- you know, in 1978. He felt -- let's forget about all this ideology, under Mao. Chairman Mao. Let's deliver -- let's deliver performance and growth.

And how do we do it? Well, let's learn from those who did it.

And it went to Japan and ask China, what's your secret of success?

And they told them. You need -- you need banks. How many banks do you have?

One bank. Are you serious? For 600 million people at the time. Something like that.
You need more banks than that, how about 5,000. And that's what he did.

He went back to China to create this 5,000 small banks, local banks, billionaire banks. Credit unions. Regional banks. Rural savings banks. Conventional banks.

GLENN: So what does Trump need to do to do that here? What does he need to do to create that here? What should he be encouraging?

RICHARD: Well, first of all, one needs to take the pressure off the small banks to merge. Because the Federal Reserve and the FDIC have been closing banks. That's why thousands of banks have disappeared in the US. Job. Job creation. Job creation. But who is the main employer? It is small firms.

They've been employed between 65 and 75 percent of total employment. And there's a special thing about small firms, and they can't get money from Capitol markets.

GLENN: Correct.

RICHARD: Wall Street is not open to them. The only external source of funding is banks. Local banks that -- big banks don't lend to small firms. It doesn't make sense. So who lends to small firms?

It's only small banks. That's why American policy is very strong. They were going a few decades back. More than 20,000 banks.

And they need these thousands and thousands of small local banks. Community banks.

But the regulators. And the centralization. Have led to mergers. And the number of banks have been going down rapidly.

For some reason, they think it's a good idea. Same in Europe. You know, the European Central Bank says, we have too many banks. We have to close the small local bank. Well, that's how you kill the middle class.

That's really what happens to the middle class. That the small firms are not supported anymore. There's new technology coming out. The small firms. They're not necessarily, the innovators.

But they're ones that have to quickly adapt, adopt a new technology, but for that, you need money!

If you have a small local bank that knows you, you will get your funding. You can upgrade. You can maintain the market share and stay competitive. And expand jobs, basically.

But in countries, where the banking system gets too concentrated.

The US now is at risk of becoming one of those countries.

Looking at the UK.

Five big banks. The small firm gets nothing from these big banks.

They have to do big business.

They lend to the hedge funds. In billions.

And that works for the big banks.

Is it really good that the US is headed that way? No. We have to change that. So we have to change policies, at the FDIC. They have to be bank friendly.

And therefore small firm friendly. And therefore employment friendly.

If we combine tariffs with the right monitoring and banking policy, the US can be hugely successful.

You know, Glenn, just help me to get to the Trump team.

GLENN: I'll put a word in for you. But I'm lucky to talk to the janitor.

So, Richard, let me -- let me go to Europe here for a second.

Because I think what Trump is trying to do, on many of his things is to break this elite, almost world economic forum grip on dismantling the West. He doesn't believe in the -- you know, slow decline of the West.

He is looking to change directions, 180 degrees.

And I think that's part of what these tariffs on Europe and everything else. Is to say, look, we're going in a different direction. We have to go in a different direction.

Who is with me?

Die read it that way, or not?

RICHARD: Well, I think that is a similarly -- is one possibility. And it would be -- you know, that would be a good goal. Because Europe is really still under the World Economic Forum and Deep State.

GLENN: Yeah.

RICHARD: And including the US Deep State. You know, there's variations in Europe where you get that. Sometimes when President Trump ends up arguing with European leaders, he's still arguing with his old enemy, which is the CIA.

They're in Europe. They have all their assets in place.

In the CIA app. You know, the CIA funded his program, which brought Klaus Schwab to the floor.

GLENN: Jeez.

RICHARD: So it's something to realize.

He's still planting the old enemy. He won domestically. But the old enemy is strong in Europe and other places still.

Where they've had to have a foothold to -- to the traditional military foreign basis, where the US army is, and so on.

To kind of -- and that's -- that explains a lot of his friction. So, yes. In many ways. It's good that Europe sees, okay. There will be a change in policy.

But they're just going to now run this bill under instruction, from their minders at the CIA.
Just really engaged the United States, against Trump.

They're talking about, well, we have to decouple. We can't trust America anymore at all.

GLENN: I know.

STEPHEN: And when the reality is, they're now just totally still following their minders. The Deep State minders.

TPUSA's Turning Point tour LIVE with Glenn Beck

In this poignant segment of Turning Point USA's American Comeback Tour live event, Glenn Beck honors the late Charlie Kirk by revealing his private plan to name Kirk as his successor in conservative media, emphasizing Kirk's unparalleled dedication and achievements. Blending themes of faith, history, and personal resilience, Beck shares life principles on forgiveness and truth while unveiling 'George AI,' a revolutionary tool for exploring American history through digitized artifacts and interactive conversations with Founding Fathers.

Trump's peace deal: A new era for Israel and Hamas

Israel and Hamas have signed phase 1 of President Trump’s peace deal, paving the path for the release of all remaining hostages, hopefully in a few days. Glenn and Stu explain the significance of this historic deal and what it could mean moving forward.

Transcript

Below is a rush transcript that may contain errors

GLENN: Oh. Your initial thoughts here on the peace deal?

STU: It's an incredible opportunity. I think it is important to remind ourselves, that this -- these things typically do fall apart. That is essentially your expectation, any time anything like this happens. Part of this is going to be Hamas coming through on promises.

I have very little belief that they are typically able to do such things.

That being said. They probably also -- you know, one of the things -- a friend of mine pointed this out to me. We were going through all of this.

And he said, you know, one thing to think about it: This is, like, not the B team of Hamas. But the R team of Hamas. They've killed so many of the leadership.

GLENN: Yeah, yeah.

STU: These are people making decisions that were not at the top of this organization and had those ridiculous ideological beliefs that would lead you to October 7th. That's not to mean that Hamas, these people that are left are like, "Hey, you want to invite them over for Thanksgiving."

But I do think there's a possibility here that they're like, you know, maybe this life is not here for us.

GLENN: That would be nice if that were true. I don't know if that were true. But it would be really thyself.

STU: I don't know if that's true. I do think there may be a little bit lower ideological commitment, potentially. And also, the idea that some of these people might be able to make this deal and escape to another third country.

GLENN: Yeah.

STU: And live life there, in a different way.

GLENN: So the breaking news that just was announced, Israel, their parliament or their cabinet just met or approved phase one of the deal.

And Hamas has just come out and said, they accept phase one of the deal.

That means the hostages will be released either this weekend or Monday.

Any remaining hostage will be released.

STU: I mean, just that.

GLENN: Just that.

STU: If that occurs, it is a massive achievement.

GLENN: Yes.

STU: So far, it is already the greatest opportunity we've had.

And only possible because of his detection to this idea!

GLENN: And his deal-making.

Not just his vision.

But his ability to work all of the parties and find out what all the parties need.

And make it happen.

You know, we're not talking about peace between Gaza, you know, Hamas, and Israel.

We're talking about peace in the Middle East.

STU: Yeah. It's bigger. It's bigger than just Israel.

GLENN: I mean, it's Egypt and Saudi Arabia and -- and Jordan to some extent. And -- and Turkey. All of them getting together and saying, you know what! We'll rebuild Gaza. We want to make it into a very prosperous kind of area. I mean, think of places in Saudi Arabia that are so prosperous. That's the way Gaza could be. So they're all getting together and they're saying, "We will rebuild. We'll oversee. We will try to make everything -- you know, keep everything held."

They will put their money into it, which means they have a lot to lose if it goes awry. And they're all saying, "We can co-exist with Israel."

Three years ago, did you even think that was possible?

STU: Yeah. And, you know, look, there are a lot of places you can go and find non-stop criticism of Donald Trump. They will say terrible things he does, and everything he does is the worst thing ever.

GLENN: Yeah.

STU: Also, there are plenty of places you can go where you find that everything that he does is the greatest thing of all time.

I hope you realize that's not what we do here. And I -- on a -- I said this -- and you said this as well when we -- when this was unveiled.

Sometimes, you can get -- people are critical of the way Trump handles these situations.
Sometimes. And sometimes there's arguments on that.
Sometimes it's not the best approach.

You know, we were critical of him, for example, how he handled Canada. You know, probably cost Poilievre that election. And I think that's a really bad thing.

GLENN: I do on top.

STU: That being said, this is a great example of where his instincts work perfectly. This is all set up over a long period of foundational stuff from his first term. With the decision he made, to come out and just announce the agreement with Netanyahu. We agreed. We agreed to this peace deal.

Now, in theory, we have no position to agree between these two parties. But he came out and all of the focus had been, look at all the bad things Israel is doing. Look at how bad, they're so evil. They're so bad.

And he said, we agree with Israel. Now we just need Hamas.

And so the world's attention was like, what's Hamas going to say?

Finally, he was able to focus his attention to the appropriate place. To the party that is holding the hostages, to say, hey. How about asking if they want to a freaking cease-fire for once?

He was able to do that. In a way that I think only Donald Trump could achieve. Which leads to this, over a long foundation.

GLENN: And here's another thing.

You know, this guy has walked through wall after wall after wall of fire. Everybody calling him everything. Nazi, every day.

Here's a guy who, you know, in a time period where the whole world is like, the Jews control everything. Donald Trump is run by the Jews.

He not only kept his relationship with Israel solid and helped them, when he thought they were right. But when they were wrong, in his view, he chastised them.

He knew how to do it. And still hold their respect.

And gained the respect of places like Qatar. And say, so Qatar. When he chastised Benjamin Netanyahu and Benjamin Netanyahu had to I think apologize to some degree about what they did in Qatar.

That's when the Middle East went, wait a minute.

He's not being controlled by the Jews! You know what I mean?

That should be a really big wake-up call to everybody who thinks that Donald Trump is just being controlled by the Jews.

No. No. No. He's not.

He does what he thinks is right. And he'll chastise both sides.

And he will support either side. When they're right, to get to a deal. That's good for everybody.

This deal could be amazing.

I don't have any -- and it's not because of this deal.

I happen to -- I read the end of the book. So I know how this ends.

This will not -- you know, this is not --

STU: You skipped ahead?

GLENN: I skipped ahead. I skipped ahead.

STU: Don't ruin anything.

Don't -- no spoiler alerts.

GLENN: I won't. No spoiler alerts.

Let's just say, this might last for a week. It might last for a thousand years. I don't know.

But we will be in this situation again. We all know that. We all know that. But let's take and celebrate peace while we can.

And the hostage is coming back. That is massive. Massive.

And due to Donald Trump.

Today, if you don't like Donald Trump, fine. Fine.

But how do you take this one apart?

Honestly, how do you not claim this is a massive victory, for the whole world?

STU: Well, I can tell you, that a lot of people on the left are rooting for it to collapse, which is a shockingly revealing moment. I mean --

GLENN: Wait. What?

STU: They are -- you know, they're not going to be out there like, we hope this collapse is.

But you know they hope it collapses.

They don't want to give Trump credit for it.

And they would rather have this continue. They would rather have this war go on.

Than admit that the reason it's ending is because Donald Trump was able to negotiate this deal.

That is central!

GLENN: I think anybody who has played politics with the Palestinian, you know, all that stuff. And all the stuff on the streets. That -- that has been a very effective tool for them. And so I would agree.

And they don't want that tool to be taken away.

STU: You think the Hamas wing of the party wants this? You think Rashida Tlaib is all thrilled about Donald Trump's efforts here. They will hear about Ilhan Omar -- how wonderful --

GLENN: Those are extremists.

STU: I mean that. This is a very revealing dividing line on the left. Right?

If there is anything that is ever going to happen, that Donald Trump can be given credit for. That you think this could be clear. John Fetterman. Fetterman has obviously pretty good on this issue. But Fetterman came out, gave a statement that should be basic. Basic. Like, hey, this is good. And I really hope it works. Donald Trump did a good job on this.

That's the type of stuff that should be obvious for everyone to be able to --

GLENN: That's what "Tip" O'Neill would have done. "Tip" O'Neill and Ronald Reagan, they got together. They disagreed. They fought hard, but they had dinner.

Yeah. Because "Tip" O'Neill could say, that was good. That was good. What he did was just good for all of us.

STU: That worked well. Good. I'm glad that happened. You should be glad that happened. We should all be rooting for the success here.

Even if what the -- you know, like, I rooted -- again, I have all sorts of criticisms the way Barack Obama dealt with the Middle East.

Yeah. Plenty of them. And we went over them over and over and over again.

And plenty of issues with specifically the way he went after Osama bin Laden. But on the day that it happened, really happy about.

Very happy that we were able to do it.

Now, look, it's our military that does it. They can say all this stuff too. They can say, oh, well, the real reason is. Blah, blah, blah.

But we can still be happy, that this occurred. And you can still be excited and give credit where credit is due.

GLENN: This is a win for all humankind. For humanity!

For life!

Stopping Hamas from torturing. You know, torturing kidnap victims.

Stopping the bloodshed that was happening because of the war on both sides.

That is a win. Having the possibility of a stable Middle East, at least for a while. That's a win!

That's a win all the way around. Everyone should be happy. I don't care if you like the president or not.

Everyone should be happy that mankind, put one on the chalkboard for all of mankind today.

This is a huge -- never seen -- this is on the good side. Never seen this one before. Didn't see this one coming.

I mean, we should all be able to say, wow!

And thank you. Because he's the -- I really, truly believe, when it comes to negotiating things like this, there is nobody better.

I mean, that's what he does for a living.

And he knows it. He knows how to read people. He knows how to it.

And this is evidence of it.

STU: And he will do things that are so out of the norm. That it resets everybody's thinking. You know, I mentioned --

GLENN: If he wouldn't have done that. If he wouldn't have done that, we wouldn't have all the Middle East signing on to a peace deal.

STU: I respect. What would they have done in a situation like Trump was with Netanyahu?

Their advisers would have said, "Look, this is great. You guys are together on this. Let's go to Hamas. We'll talk to them. We will see if we can get something done. We don't want to ruin it by announcing it publicly. There are times, where that tactic cannot work. But it worked really well here."

He forced them to basically say, "No, we don't want a cease-fire," or, "Okay. We'll go along with this."

And, by the way, you go down this list, there's a lot of stuff -- this is Hamas never, ever having control of this region ever again is built into this agreement. Now they've only talked about -- they're only on phase one here. So we don't know that we get all of this stuff. But like, there's a lot here that really improves the lives of Israelis, of --

GLENN: Palestinians.

STU: Arab Israelis in the region. You know, Palestinians. Other Arabs in the region.

GLENN: Saudi Arabia. Everybody.

STU: Yeah. Not to mention, just globally.

Right? This is a positive.

GLENN: Look what this does.

That's Turkey. So that separates Turkey from Syria, which is right in bed with -- with Iran.

I mean, think about how this box is. If you have the entire Middle East, now operating with Israel, and saying, we have a right to exist. Think about what that means, for this block, now to Iran. Iran doesn't mind being a pariah.

But now, everyone is officially saying, aisled do business with them.

STU: We will choose business over these guys.

That's a big statement in that world.

GLENN: That's a big deal. Big deal.

Gold is at $4k an ounce. What that means for YOUR dollar

Gold has reached a record high price of over $4,000 an ounce. So, what does that mean for your dollar? Financial expert Carol Roth joins Glenn to explain why this news is so concerning and why many big investors have started to buy gold.

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, Carol Roth, welcome to the program. How are you?

CAROL: I'm doing great, Glenn! I'm actually celebrating my 26th wedding anniversary today, so it's a blessed day.

GLENN: Oh, my gosh. Congratulations! Congratulations! It's weird. I'm coming up on my 26th on January.

CAROL: Oh, fabulous. Fabulous. It's a good amount of time to be married, yes.

GLENN: It is. It is. So, Carol. Let's talk about the price of gold hitting --

CAROL: It's over 4,000.

GLENN: Which is nuts. And I don't think people really understand. I don't think the average -- this is my guess, and I want you to correct me. I don't think the average person is buying gold. I think this gold-buying is happening from sovereign funds and central banks, mainly. Also, Asian markets. I don't think Americans really understand what $4,000 an ounce means. Can you explain it?

CAROL: Absolutely. I think the world both, investors and central banks are catching up to the things that you and I have been talking about for years. So, you know, we're ahead. We warned everyone. And now this is a little bit of catch-up. Interestingly, you know, as you noted, the average American is very behind in terms of what gold means.

When you look at Chinese households. When you look at Indian household. There are estimates that each one of those country's households owns up to 30,000 tons of gold at this point. Which to put that in context, the US government owns 8,133 times.

GLENN: So the Indian households, all of them combined, 27,000 tons.

CAROL: Right.

GLENN: What we say we have, is he 8100. Wow!

CAROL: So the households in China and India are really ahead of the curve. When you look at data for the US, it's a little bit hard to get good data. But from what I've seen, the estimates are only about ten to 11 percent of US households at all, have exposure to gold.

Now, I know that your audience is very sophisticated and is ahead of the curve. And I would imagine blows through that number. But just shows how sort of unprepared US households are in general.

GLENN: When you're looking at Indian and Chinese households that own gold. Does that include all the gold jewelry?

CAROL: Yes. Yes. That's actually, particularly in India. One of their preferred ways of procuring gold. Yeah.

GLENN: Okay. So gold has -- gold has shot up over $4,000 in record times. I mean, breathtaking time. What is causing that?

CAROL: Okay. So there are a confluence of factors, and I think the two most important factors, which, of course, are linked. Are what Wall Street is now calling the debt debasement trade. Which they're just caught up. And gave it a cute name.

And changing the global financial order. And they're very much linked.

GLENN: Yeah. Tell me, what is it? The debt debasement? What is that?

CAROL: They're doing the debt debasement trade, which is just basically what you and I have been talking about, which is our unsustainable fiscal position.

GLENN: All right.

CAROL: And what all of the money printing that we've seen over the past 17 years, what that has done to our purchasing power, and how that's going to catch up to us.

So as a reminder, our debt to GDP is at emerging market crisis levels. We were at 120 police levels of GDP.

We're running deficits equivalent to a war-time level. Or recession level, while we still have growth.

Which is crazy. We have interesting interest rate -- or interest payments that are outpacing defense spending.

So everyone is now finally catching on to the fact that this is an unsustainable financial position.

And it is going to be very difficult to get out of. Without there being some sort of additional debasement of our currency. Which is a fancy way of saying, a diminishment of your purchasing power.

What's really crazy. There's a chart that's been going around, and they did kind of a comparison of different asset classes. Price in US dollars, price in gold.

So if I look from the end of September 2018, out seven years, and you look at the top 100 NASDAQ nonfinancial companies. It's called the NDX. In US dollar terms, that is up 236 percent. So you think you're super rich, right?

But in gold terms, solid money that doesn't -- you know, that doesn't have its value debased. It's only up 4.7 percent.

GLENN: Oh, my gosh.

CAROL: Yeah. Of course. The S&P 500 up 133 percent over that period in dollar terms. It's down 27.6 percent in gold terms.

And what's called the Case-Shiller Home Price Index, which is the value of homes, the way that's measured. Dollar terms, 60 percent. Oh, houses. So expensive In gold terms, it's down 50 percent.

In fact, right now, it takes less gold in terms of ounces, to buy the median single-family house, than it has in decades and decades and decades.

So it goes to show, that even though we see these dollars. They're buying less and less. And now, you and I were talking about this forever.

But now Wall Street is catching on. Oh, that's not a great thing. And so in terms of preserving the hard-earned capital, we need something that is that -- that hedge. That mutual hedge that is going to retain its value.

And that's why more investors, institutional investors. Funny enough, a lot of millennials, more than anyone starting to really get in to gold.

GLENN: You know why? Because millennials have not been trained their whole life. Trust the system!

CAROL: Yes.

GLENN: And they see it clearly. And they look at it, and they're like, well, this doesn't make any sense at all. And they're going to spend this.

And they will wreck the dollar and everything else. They just see it without being trained over and over and over again. Like, trust the system. They don't trust the system.

And once you realize, the system is rigged in a million different ways. And the system is not telling you the truth.

I mean, that is amazing. When you look at the stock market. And you say, it's actually down, when you compare it in US dollars. To gold!

What's happening -- let me explain this to the audience. What all that means is: Gold is only going up in dollars. It's staying -- it's staying stable. But it's costing you more because of inflation. The dollars are buying less! So it looks like you're paying more, but you're really not. It looks like the stock market is going up, but it's really not! It's what it costs to get in with dollars. If you're going in with gold. You'll actually see that if it was all done in gold, the stock market is down. The price of housing is town.

It's the dollar. It takes more dollars to buy, than it does with gold, which holds its value.

That is -- if people could understand that one thing, that changes all the conversations of, the government has to do something to make housing more affordable. No, they don't. They have to stabilize the dollar. They have to stop spending so much money.

CAROL: Yeah, I mean, if you think of the three definitions of money, it is a medium of exchange. You know, how you helped to exchange goods.

It's a unit of account, which we say, things are priced in dollars, and it's supposed to be a store value. The unit of account, that you just talked about. My friend Steve Forbes has a great analogy, and he talks about other measurements.

You know, imagine that your clock, you know, one day, at 12 o'clock, you know, means midnight. And another day, 3 o'clock means midnight. Or 6 inches to measure a curtain one day. And then the same measurement is like a foot, a different day.

You can't have -- a consistent measurement if the unit of account continues to change. And that's what we've been seeing here with the dollar. And unfortunately, it has not been to our favor.

Which means, that when you work really hard to earn something and it's valued in a dollar, that over time, that -- that work that you put out, your productivity is worth less and less.

And so what gold is meant to do. It's meant to be Capitol preservation. It's not a risk asset. It's not meant to take on risk. And maybe go up a ton. And maybe go down a ton. It's really meant to be a counterbalance to what you have earned. So that you can preserve your purchasing power.

GLENN: You know, I've been saying this for a long time. That you put your money. And I have money in the stock market. You put the money in the stock market.

If things really go awry, go ahead. You're going to cash out for an awful lot of money. But those dollars. It will be paid back to you in dollars.

Those dollars will be worth less, even though there's more of them stacked up, than that ounce of gold, or, you know, that 10 ounces of gold, or whatever you had!

The stock market is paid in dollars. And so as the inflation goes up.

But gold keeps its value!

Keeps its value and hold it steady.

So, yeah. You will be paying more in dollars if you try to sell your gold. But that will continue to increase while stock markets will go down. Am I right?

CAROL: It's a counterbalance. So if things were to shift, and for some reason, you know, things were to change with the dollars, which we would need a lot of different catalysts. Then your gold goes down. It's a counterbalance, which is why it's important to have that diversification in your portfolio. And to have the gold hedge.

What's interesting, Glenn. Just the history, we're talking about millennials.

You know, they went through the great recession. Financial crisis.

They're kind of keyed into this. But if you think about when we came out of the '70s with this crazy inflation. We came out of the gold standard. It used to be very commonplace for a financial adviser to sit down and say, okay.

We've been through this. And so you should be putting, you know, five to 10 percent of your portfolio in gold. As the stock market took off in dollars. And became this big thing.

And they started seeking fees. That went away. Financial advisers, who don't get paid sometimes at all, when you allocate to gold. Stop recommending it.

GLENN: Yep.

CAROL: And now we're seeing a shift back, now we're seeing, you know, oh, yes. You should have some. Some of the big names out there saying, even more.

GLENN: Ray Dalio just came out and said, 15 percent.

CAROL: Yes, we've seen big names like that, anywhere from ten to 20.

And when they surveyed high net worth investors, which are $250,000 in assets or more, they're averaging right now, 21 percent of their holdings in gold.

So it's a very big flip in recent years, on how this is being viewed bit people who have accumulated those dollars and are worried about them.

GLENN: Okay. So let me just summarize here before we move on. On to some other questions.

That is exactly what my grandfather who lived through the great depression said. What are the people with big large amounts of money doing?

I want to do that. And if I did do that. I would be better off in the great depression.

You just heard it, 20 percent or more, right?

From big dollars.

They're investing in gold. 20 percent!

You should -- you should have some!

CAROL: And it's interesting. Some of the portfolios we're seeing is coming from not only the equity peace, but from the fixed-income peace, which is pretty interesting too.

GLENN: Amazing.

Unmasking Antifa: The Dark Truth Behind Its Well-Funded Network | Glenn TV | Ep 461

The cities of Portland and Chicago are turning into war zones. Federal agents have been ambushed, police have been ordered to stand down, and mayors are defying the Constitution. It’s insurrection in plain sight. Glenn Beck heads to the chalkboard to uncover the hidden support and funding networks propping up Antifa. Glenn debunks the myth that Antifa is decentralized and leaderless, tracing connections from Soros to Tides and other shadowy nonprofits. Plus, independent journalist Nick Sortor joins from outside an ICE facility in Portland, where he was wrongfully arrested by police following attacks by Antifa members.