Just days after US intelligence warned of Russian plans to invade Ukraine in 2022, President Biden had a phone call with President Vladimir Putin on Tuesday. It’s an important moment for Ukraine, and an important moment for the world. Glenn and Stu wish they were a fly on the wall for such an exchange, but for now, they predict what may have happened during the presidents’ conversation…
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THIS is the Biden scandal with China they’re TRYING TO HIDE
There’s a reason why the far-left will stop at nothing to go after President Trump: It’s all a distraction. There’s several failures, missteps, policy decisions, and SCANDALS the Biden Administration would like to keep hidden, and in this clip, Glenn exposes just one of them. He explains the beyond-suspicious business dealings Hunter Biden — and possibly Joe, too — have had with the Chinese energy company CEFC. Is President Biden helping to make DEALS with China — one of our ENEMIES?!
Below is a rush transcript that may contain errors
GLENN: Let me start here. Hunter Biden. The Hunter Biden story, it is critical now, that we do not play games of he said/she said, or it doesn't matter, or any of this.
Listen to this. Because if this is allowed to go on, we do not survive as a nation.
We become Russia. I don't know any Democrat that wants us to become like Russia. I don't know anybody.
Well, maybe George Soros. I'm not sure.
Listen to this. Hunter Biden had an FBI mole named One Eye, who tipped off his Chinese business partners, that they were under investigation, according to an Israeli energy expert, arrested in Cypress last month, on gunrunning charges. Why should we listen to him?
The story goes on. The House oversight committee is investigating the explosive claims by Dr. Gal Luft, a former Israel Defense Forces lieutenant colonel, with deep intelligence ties to Washington and Beijing, who says he was arrested to stop him from revealing what he knows about the Biden family, and FBI corruption.
Details, he told the Department of Justice, in 2019, which he says, were ignored. Luft, 56, made the claims February 18th on Twitter after being detained, at a Cyprus Airport as he prepared to board a plane to Israel.
He said, quote, I've been arrested in Cyprus, on a politically motivated extradition request by the US. The US is claiming that I am an arms dealer. It would be funny, if it weren't so tragic. I've never been an arms dealer.
DOJ is trying to bury me to protect Joe, Jim, and Hunter Biden. Shall I name names?
All right. So he is waiting extradition. He is in jail. He says, I am not a drug -- or, I mean, a gun trafficker.
Through his American lawyer, Robert Henak, Luft said, he tried four years ago, to inform the DOJ, that Chinese state-controlled energy company CEFC had paid $100,000 a month to President Biden's son Hunter, and $65,000 to Joe's brother Jim in exchange for their FBI connections and the use of the Biden name to promote China's Belt and Road Initiative all around the world.
This fits with exactly the other information, we gave you last night.
By the way, if you sign up for the newsletter tonight, you'll get all of the transcript. You'll get all of the show prep, for last night's program, where we were showing you what is really -- what the left is really afraid of and what Biden is doing to distract you.
Bill O'Reilly said, and he'll say it tomorrow on the program, this Trump thing is never going to trial. It will never have a jury. It will never go there. It's -- it's ridiculous. Ridiculous.
Hillary Clinton paid a fine for the same thing, she did. Except, what she did was the crossfire hurricane Dossier.
Which caused us to spend millions of dollars. Three years or four years of lies on the media. It's probably the most impactful thing any politician has ever done, to thwart the truth.
She paid a fine. It was a misdemeanor. And you're going to go after Trump?
No. They want you to not see this.
And, by the way, if they do arrest him, then they'll turn this whole thing around and say, this Hunter Biden thing is only about us arresting Donald Trump. We knew that guy was dirty.
We arrested him. And now they're bringing this up. And trying us as revenge.
Mark my words. Okay. So his American lawyer, back to the guy, the Israeli guy.
His lawyer said he tried four years ago, to inform the DOJ that Chinese state-controlled energy company CEFC had paid $100,000 a month to President Biden's son Hunter, sixty-five for his FBI connections.
Love learned about the scheme through his own relationship with Hunter's Chinese business partners, Patrick Ho and Ye Jianming, the chairman of CEFC.
Any of those -- Patrick Ho. Does that name ring a bell?
Do you remember why it brings a bell.
STU: I don't remember why. But it does ring a bell.
GLENN: Okay. You'll remember it in a second.
From 2015, 2018, Luft organized international energy conferences in partnership with Ho's think tank, the nonprofit China energy fund committee, a front organization for Ye's CEFC, which is the Communist Party energy.
Ye confided to Luft that Hunter had an informant in the FBI.
Quote, or formerly of the bureau, extremely well-placed, who they had paid lots of money to provide sealed law enforcement information. End quote. The FBI mole was called One Eye. Now, I'm a little uncomfortable with the Nick name one eye when we are discussing anything with Hunter Biden. But I digress.
STU: I don't know if that's necessary.
GLENN: One Eye, told Ye, you'll never be able to hear this again. One Eye told Ye that the southern district of New York was investigating him and/or Ho in late 2017.
STU: And Ho is part of the story too? Okay. Now, I've lost all focus.
GLENN: I know. I know.
The southern district of New York, this One Eye told, that an Asian and African and a Jewish guy were named on a sealed indictment. Soon after the tip-off, Ye offered Hunter a million dollars to be his private counsel. Do you remember what happened?
Isn't he the guy that met in I think a lobby in a hotel, maybe in Florida. Remember?
And there was an exchange of things. And he was like, hey. I just want you to -- you have lawyer friends, that can represent me?
Remember? Then he was busted. Okay?
So he offered Hunter a million dollars to be his private counsel. And flew to China, leaving his wife, daughter, son, mother, and nanny in his 50 million-dollar penthouse at 15 Central Park West.
He was detained in Shanghai for three months, then he disappeared.
Before he left New York, he told Ho that the coast was clear for him to come back to the US.
On November 18th, Ho flew into JFK, where he was arrested. Remember? By FBI agents on bribery and money-laundering charges. Ho was a patsy, says the Israeli guy. He was the fall guy.
Ho was convicted in December 2018, without calling a single witness. He served three years in jail and was deported. Prosecutors placed the spotlight in his case, on China's use of the foreign bribery to win contracts for its belt and road initiative. Hunter was paid $1 million by CEFC, to represent ho. Which entailed contacting his FBI sources on ho's behalf. And engaging another attorney to do all the legal work, according to emails on Hunter Biden's laptop.
CEFC paid a further 4.9 million dollars to Hunter and Jim Biden in monthly installments, for 14 months from August 2017. Government records show.
Government records show. The House oversight committee released bank statements last week. Additional one point -- $1.1 million.
Funneled from Chinese company affiliated with CEFC, went to Hunter. Jim Haley. And -- and another Biden that we don't know who it is.
Anyway, Luft claims he contacted the DOJ after Ho was jailed, and federal investigators flew to Brussels to interview him for more than 18 hours.
But he never heard from them again.
In less than four weeks later, Joe Biden announced he was running for president.
The DOJ had this information, March 2019, and did nothing.
Congress has the Biden bank records, but it doesn't know the reason for the payments. Now it does.
Okay. The corruption around the Bidens. This isn't -- this isn't just bribery.
So you know, CEFC, this is an energy company. They are not only doing the belt and road initiative. Which is bad enough in itself.
The belt and road initiative is -- is basically the Chinese plan to take over the world, and all of its technology.
That's why we banned Huawei. Because it was part of their belt and road initiative. And Huawei Technology was gathering information. So we are deadset against the Belt and Road Initiative.
So CEFC, they're paying them to help the Belt and Road Initiative.
But also, their cover. And maybe this is true, as well.
Their cover is, that -- that the subsidiary of this. That was paying them the million or actually total of $3 million.
That was for green energy. Now, let me ask you: Has there been a president that is more green energy than this guy.
Have you seen that all car companies are discontinuing gasoline engines?
All of them. Where are all the charging stations?
Where is all of the wiring, to be able to carry that amount of electricity to all our new kind of gas stations?
They don't exist.
Where is the new energy, that is going to replace all of the gasoline?
It doesn't exist. We are intentionally being crippled. And they're kicking the door behind us.
They're closing it. There's no way out of that. We now know, in our Inflation Reduction Act, they are paying billions of dollars to energy companies, who have coal-fired plants. To close them down now. They will pay them 100 percent of their profit, for the next ten years, if they will close down their coal-fired plant. And they only get the money, when they either sell it for scrap, dismantle it, or get rid of it.
Then you get your money. Why would you do that?
Why would you do that?
Now, is it possible -- I don't think this is -- this is it.
But you already have a family. The president of the United States, getting money, from our enemy.
The Chinese/Communist Party. For, what is it? Information from the FBI, or is it, hey, we'll get you some kickbacks here on green energy. You'll be really, really good with green energy, right?
What is all this money going for?
This is important, America.
This is not just, hey, so I, you know, gave a guy a favor for the local golf course to be built.
That's not what this is.
This is dealing with our enemies.
Joe Biden is also sending our $100 billion. Our $125 billion, to a guy in Ukraine, named Kolomoisky. If you watch my program, or you follow me on radio, and you remember what we did on Ukraine three years ago, who is Kolomoisky? Kolomoisky is the guy who had PrivatBank, and Burisma. He's the guy that Joe Biden handed 8 billion dollars of our money, to put it in PrivatBank.
What happened to it? No one knows. It just disappeared. So Joe Biden goes back to that guy, and makes him the guy, that is overseeing $125 billion.
America, this is just -- this is just the first story. I've got about 20 of them. I don't think I'll be able to get to all of them today.
You've got to -- you've got to get the show prep, and read it in order. This is extraordinarily dangerous.
Just this one. But there is so much more.
Glenn: Why I think WAR with China by 2025 is ‘DONE DEAL’
World tension continues to escalate. In this clip, Glenn details several ways China and Russia have upped the ante — like suggesting nuclear weapons will be on the table if the United Kingdom gives Ukraine rounds that contain uranium. Plus, one U.S. ally recently suggested it may NOT align with America in a potential war over Taiwan, and Glenn also explains why he believes a major war between the U.S. and China — centered around Taiwan — is a ‘done deal’ by 2025, before our next president is sworn into office…
Below is a rush transcript that may contain errors
CALLER: Earlier this morning, you mentioned China made a threat yesterday.
CALLER: To the United States. And I would love to know what that is.
GLENN: Okay. You're going to love it, it may not improve your mood much. But they said that they are now -- hang on just a second. I have to get right to it.
That they are now special partners, and that change with Russia.
STU: With Russia.
GLENN: And that change is coming, according to Xi. Change is coming that hasn't happened for 100 years. And we will drive this change together. They also said that there is a new era. Special relationship and a no limits friendship between Moscow and Beijing.
So that's --
STU: They went on to specifically talk about a unipolar world. Right?
GLENN: Yeah. They said they both are fighting against a unipolar world. And -- and are for a multi-polar world. So they're gathering together. Basically, to -- to defeat us.
Which is -- oh, man. That's great.
STU: Yeah. It was a typical, like, China, bureaucratic speak, but it was pretty clear as far as China goes.
In saying, that they're changing the last century dynamic they don't like so much.
GLENN: Yes. Now, here's something else. Putin also made some threats yesterday.
Apparently, the Pentagon is accelerating our patriot air defense systems. And tanks to Ukraine. Which Putin doesn't like all that much.
Then the UK minister of state defense said, you know, we have a real problem with what -- what Britain is about to do.
They're -- they're sending in Challenger two battle tanks. And they're sending them into Ukraine. With armor piercing rounds. Which contains depleted uranium.
If this happens. And I'm quoting, Russia will have to respond accordingly. Given that the West, collectively is already beginning to use weapons with a nuclear component.
Okay. Xi is sitting next to Putin, when he says this. By the way, these -- these shells, they're armor piercing. It's not unusual, from what I understand, to use these shells. That's what Britain uses for bunker busting bombs, depleted uranium.
It does hurt the soil around there. And if you were hit by one. I mean, if you're hit by one, you probably will die. If you got shrapnel from it, it would have radiation in it. So that's good.
Hey, here's another one. Australia came out yesterday, and said, we're not going to promise, that we'll side with the United States of America, should China go into Taiwan.
Australia is peeling itself from us?
Russia yesterday also said, Medvedev said that the ICC. The International Criminal Court. They love it as much as we do.
Except, we've never said, by the way, if you -- if you do issue an arrest warrant for Vladimir Putin.
We might strike the ICC with a hyper sonic missile. Which I think would be another war crime. But I don't know.
Russia is realizing out of soldiers. They had prisoners that they had pardoned. And most of them died.
But about 20 percent of them now have served their six months. And are going home. So you have some really violent criminals, that have been pardoned. Oh, and they also, they just came out of war.
That tends to stabilize, you know, crazy dangerous people.
So they're going home. They fought for the Wagner Group. Now, they don't know what to do. They've already made the enlistment to 65 years old in Russia.
And now they're recruiting in high school. So that's good. So here's the problem: China, I believe, before 2025, before the next president is sworn in, you will have a digital currency. I hope I'm wrong on all of these things.
I hope I'm wrong on all of these things. You'll have a digital currency.
China will be in Taiwan, and will be tied up in a major war. I think that is a done deal. Because why wouldn't you?
If you were China, America is at the tipping point. We are so divided as a nation. Our banking system.
The entire West is just waiting for a little, to completely collapse.
You have states fighting against states. You have complete unrest, at your fingertips. All over the West. We learned what Ronald Reagan did to the Soviet Union. Why would we not be doing that, to them, if it was reversed. Why wouldn't we do that to China?
Of course, we would. You think they're not going to do that, with us.
And look how they've already infiltrated. I have to say, congratulations Whitmer. You have done a bang-up job. You really have.
You know, she's created a whole bunch of new jobs. And I just think -- this is -- this is wonderful.
She's funding 715 million dollars, tax-pair dollars, to get this new -- I think it's Gotion. Maybe?
G-O-T-I-O-N. Gotion? I don't know. It's a company that I just love because now it's an American company.
And Gretchen Whitmer, America, you should be proud -- she's spending your dollars bringing these people in, because they will create jobs. They just bought $700 of property near Big Rapids. Now, you know, Whitmer might have said, I don't know if we should do business with the Chinese company.
And then that would lead to somebody going, no, they're not that bad. I mean, let's look at their bylaws. Then if you will look at their bylaws, then you're like, oh, okay.
I mean, they're making widgets or whatever it is they're going to be making.
So they're fine. Except with their articles of association. Which is the company's bylaws. Article nine, says the company shell set up a party organization. And carry out party activities.
Well, Party City is going to be raked in the bucks. They have a party committee.
And they have to have party activities. Sounds good, until you finish the sentence, in accordance to the Constitution of the communist party of China.
Then the party committee, not to be confused with cake and balloons.
The party committee of the company shall perform its duties in accordance with the Constitution of the Communist Party of China. And other party regulations.
Including, insure and supervise the implementation of the party's guidelines, principles, and policies in the company. And implement major strategic decisions of the CPC. The Communist Party of China. Central committee. And the state council, as relevant, important work arrangements of the party organization at the higher level.
Okay. But here's a really great part that I think Governor Whitmer -- I mean, I've spoken out against you, honestly. I thought you were a crazy tyrant, or dictator that really didn't have the best interest of the people in Michigan, at heart.
But now that I read this, the corporate document also states, the company's party committee, shall -- and I'm quoting. Strengthen the construction of party organization and party members, at the grassroots level.
And oversee growing the Communist Youth League. And mass work of the company.
I mean, I now think, you actually might be a traitor.
Or you're completely incompetent. How did the governor, just do a deal with taxpayer money, to sell land, and help a Chinese company develop their youth program. Their communist youth program.
Oh. You think anybody would say anything, if down south, somebody made a deal. And part of their bylaws, was to make sure you develop their Hitler youth program. Yeah, I think people would have a cow.
This is the same thing, except it's Stalin. It's Mao.
It's not Hitler. No. No. And Stalin killed a lot more people. You should remember that.
You have to ask yourself: Do they just have a really bad batting average? because I don't just they do. I don't think they do. They're batting what, almost zero, okay?
Almost zero. Let's say they have a batting average of.
STU: One hundred.
GLENN: One hundred. Okay. I have a batting average of 100.
However, if I switched teams, they have a batting average of 600. Right? Isn't it 700 batting average is perfect?
STU: No. It's a thousand.
GLENN: So 900. 900.
Their batting average is good, if they're playing for the other team.
GLENN: At what point do we have the balls to say, I think they're playing for the other team?
STU: It's just hard for these things to be mistakes, is what you're saying, and it does seem difficult to be this bad at things.
GLENN: You know, we now know, because we've seen the satellite pictures. And we've seen the fighter pictures of the navigation system on the balloons.
Because it was just a coincidence, that they had no control over where that balloon went. But it went over all of our most important strategic missile sites. Then strategic air command.
And then exited the country, you know, right there, in South Carolina. Or, yeah. South Carolina paragraph
Which, gosh, don't they have a lot of military stuff?
Hmm. That tricky, tricky jet stream. Or somebody is playing on the other side. Back in a minute.
The REAL Reason They’re Going After Trump... AGAIN | Ep 262
While the Trump indictment rumors dominate the headlines, here’s what this story is trying to distract you from: The banking crisis here in the United States has started to spread to Europe. In the middle of that, some of the largest corporations in America have announced tens of thousands of layoffs. Just when you thought that it couldn’t get any worse for the Biden administration, the House Oversight Committee released a memorandum revealing bank records that show multiple payments from a Chinese energy company to several Biden family members. That SHOULD have been a lead story — but along came some well-timed coincidences. Hunter Biden announced a lawsuit against the computer repair shop owner who exposed his laptop. Then a leak to the mainstream media suggested Donald Trump was about to be arrested. Coincidences, coincidences. Are more people talking about what’s happening with the banks and the economy, or are they talking about Trump? Are more people talking about an apparent pay-for-play scandal that could potentially go all the way to Joe Biden himself, or are they talking about Trump? Glenn argues it’s all an elaborate distraction and shows you how deep this all goes. Peter Schweizer, expert journalist on political corruption and author of “Red-Handed: How American Elites Get Rich Helping China Win,” tells Glenn, “I don’t know of any other political family as bad as the Bidens.” This is not just a Hunter or Hallie Biden story — this is a Biden family corruption story, with Joe at the center of it all.
Click HERE to get the EXCLUSIVE documents and research from this Glenn TV special.
THIS Fed program is STEP #1 to losing FINANCIAL CONTROL
Apparently the Federal Reserve has been developing a new digital payment system for years now. The program, called FedNow, is set to launch in just a few months, and the Fed’s handy-dandy explainer video shows exactly how this new system will slowly begin to steal financial control from YOU. This is just laying the groundwork, Glenn explains, for an eventual Central Bank Digital Currency (CBDC) which is why, he says, we MUST stop this IN ITS TRACKS.
Below is a rush transcript that may contain errors
GLENN: I found something yesterday, interesting. It's called Fed Now.
Here's how it works, cut one.
VOICE: Today, people in businesses, expect to make and receive payments at the click of a button, any time of the day, every day of the year.
And most expect their financial and institutions to offer or support payment services, that meet the speed and convenience, they seek.
In fact, three in four businesses, and 23rd of consumers surveyed, think it's important that their bank or credit union, offer faster payments.
VOICE: Financial institutions interested in meeting these demands can use the Federal Reserve's upcoming Fed Now service to build innovative payment offerings to help retain and attract customers, and avoid losing out to the competition.
GLENN: Holy. Wow.
VOICE: With the Fed Now service launching in 2023, the time to start preparing is now.
VOICE: What can financial institutions do to get ready?
A bank or credit union should first get a sense of the demands and trends in the market. Let's take a look at how one financial institution might do this.
Meet Jill, the CEO of Community Bank.
VOICE: Jill keeps a close eye on community bank's customer retention rates.
VOICE: She was surprised to see new research showing that nearly two-thirds of businesses and one-third of consumers indicated they would factor access to faster payments, into future decisions on whether to switch financial institutions.
Jill and her team looked at their own customer transactions and discovered an increasing number of customers, moving funds to alternative payment services, such as digital wallets and mobile payment apps.
VOICE: This corresponded with a noticeable decline in customer's deposits and accounts at a community bank.
VOICE: They knew they had to take action.
Jill and team reviewed Fed Now education pools and resources to understand how the service will work and how to prepare for it.
They also learned about instant payment use cases, including an account to account transfers, bill pay, and person to person transactions.
GLENN: Stop just a second.
So these -- the fed now -- the fed now system is taking applicants beginning next month and they're launching this July for your independence, for your freedom. For your security. For your benefit.
And so now, you can -- you can go to one of these banks. You might meet Jill. Did I introduce you to Jill, from Community Bank?
Jill's done a survey, and she found people want, you know, access to their money, quickly.
STU: Two-thirds of consumers believe their money should be available at the bank, that they go. Good poll!
GLENN: Okay. So what is Jill doing?
Jill is going to the fed, and saying, can we have your non-block chain system? And have it so we can give everybody a credit card or a bank card, and it -- it won't say fed now on it, but it will be the engine of fed now. Where they just swipe their card. And instantaneously, they can buy something.
STU: What? What kind of futuristic world is this?
GLENN: It's a crazy futuristic world, flying cars. What's next!
But it will be faster.
Because see, right now, like if you go to a bank and you need to transfer funds, you have to go to the bank and say, hey, I need to transfer these from one account to another.
And then they're like, oh, okay. Account number? And they write it down. Okay. And you want to transfer it, where? All right. Sign this. Okay. Then they do this really old archaic thing. They go, okay. Done.
Hello! It's the year 2023. We can't wait that long. No. We need something faster. And we want it to go through the fed every time we make a purchase of something.
STU: What could possibly go wrong with this system?
GLENN: Well, they want you to know, this is an alternative for a fed coin. Yeah.
GLENN: Yeah. They're saying. No. We want you to know, clearly, this is not to introduce center bank digital currency, a CBDC. No, no, no. This is an alternative to that.
When are you --
STU: That doesn't sound like much of an alternative. That sounds like much of the same thing.
GLENN: Well, no. You will have a bank card instead. You will have your local bank doing it.
STU: It looks like one thing. But it is another. Also, Jill is a man. That's how the video ends.
We didn't get to that part. That's how it ends. You find out Jill, the CEO of Community Bank is a dude.
GLENN: Wow. So did anybody hear about the quote, much anticipated, and -- and heralded new Fed Now system?
Have you been waiting? Because I didn't even know about it. In fact, I thought all of this was a conspiracy.
STU: No. The video was from 2021.
It's almost like there was something behind this the whole time.
Isn't it weird that it's like, hey, everybody. We're going to do this in April.
And banks, if you're having a liquidity problem, your answer is just over the horizon.
With fed now.
What a coincidence.
But remember, this is nothing to do with the fed coin.
Because that would track every dime that you spend. Oh, and some other things, that you should probably be aware of.
I'll tell you about that, in 60 seconds. How do people have faith in socialism?
It's failed over and over and over again.
You know why? You know why it's failed?
Wrong people. No. It's not that it's a horrible idea. And goes against human nature itself. And so it always ends in bloodshed. No. It always ends in bloodshed. Because they didn't do it right. But this time, it will be different.
Now, how do you get people to do that? Take over education. Yeah. And they've done that.
What are your kids learning? I would like to ask you to turn to the Tuttle Twins to help fight back, and teach your kids about personal responsibility. Free markets. Entrepreneurship. Limited government.
By the way, do you know who we have on today? You want to talk about personal responsibility and entrepreneurship? The guy who started Home Depot is on with us today.
He is fantastic. Anyway, the Tuttle Twins will teach your kids all of these things. The left despises these. Because, I mean, they would be good.
But it was just the wrong people writing it this time.
Maybe they can rewrite it, like Charlie and the Chocolate Factory.
The Tuttle Twins would like to offer you a free DVD with some of the episodes of their cartoons. They now have really great cartoons.
And their books. All you have to do is order a set of their kids books at TuttleTwinsBeck.com. This week only, TuttleTwinsBeck.com. You get a free DVD with the episodes of their cartoons when you order the books. That's this week only.
TuttleTwinsBeck.com. Ten-second station ID.
Okay. Next hour, we're going to get into this, and show you will exactly what needs to be done. And what is really happening. But we've been telling you about the uniform commercial code. Kids are running -- wait, Dad, is he talking about the UCC again? Turn it up.
I know. It's so exciting.
But the uniform commercial code is the UCC, is something that we used to just make everything compliant with each other. Easy to do.
Business with each other. And they changed it from time to time.
But they've just made a major change, regarding CBDC. It's changing the definition of money to include the fed coin, which definitely is not happening. It's just Fed Now. Which is an alternative. Anyway, it's really important that you stop this dead in its tracks.
However, we have been talking to some attorneys and everything else.
And there's -- there's more to this, than met the eye. When you put money into a bank, you're taking real physical cash that you possess. Or can possess.
And you're giving that over to the bank as a deposit.
When you do that, you give the bank control of that money.
So as soon as you give the money to the bank, you're really no longer the owner of that money.
The bank has that money. You become a liability. Somebody they have to pay back. That's the way the law is written.
The bank owns the money. And you're still entitled to get the money back of course. And to use the deposit account to cover expenses.
But you're no longer the owner of the money. This is why the bank has the right to lend the money to somebody else, without checking with you first. If you want to take the money out of the bank account, you take ownership again. You're like, I don't like you, Mr. Banker. I will go see, Jill, at community -- was it Jill? The guy at community.
STU: Jill. Jill at Community Bank.
GLENN: Community Bank. You take your deposit out. You take it in cash. You walk away and go over to see Jill. Hey, Jill.
STU: Formerly Jim.
GLENN: You want to open up an account with us?
Okay. Here's the problem. With central bank digital currency, there is no physical cash.
There's -- even with Bitcoin, you can take it on a thumb drive, and you stick it in your pocket.
Or you can move it from one ramp to the other.
STU: Just memorize your seat phrase. That's all -- you can do a bunch of different things.
GLENN: Good. But it's yours.
But CBDC is electronic, and it's only in Fed Now. It's only in the Federal Reserve System.
So let's see --
STU: Is that a Fed Now in your pocket, Jill, or are you just happy to see me?
GLENN: Theoretically, a digital currency could be designed, so you could download it on a hard drive, store it on a private digital wallet or something. But that's what Fed Now is getting rid of.
So there's no chance that CBDC is going to be designed this way. That means your deposits. Once you deposit them in the bank with the fed, that makes the deposits not money. Therefore, you don't own it. The institution controlling the platform. Either the private banks or the fed would own it. You would own no money. It would be the people who control the platforms. Oh, you mean like you'll own nothing, you'll have no privacy, and you'll love it?
Well, yes. Two of those three things are true.