RADIOMarch 17, 2022

What the Fed’s interest rate hike MEANS FOR YOU

In an effort to curb rising inflation, The Federal Reserve just announced an interest rate hike of 25 basis points (one-quarter of one percent). It’s the first time the Fed has raised such rates since 2018. So, what exactly does this mean and how could it affect YOU? Carol Roth, financial expert and author of ‘The War On Small Business,’ joins Glenn to break it all down…

You can read more of Carol's take on this issue here: https://www.theblaze.com/op-ed/roth-what-the-feder...

Transcript

Below is a rush transcript that may contain errors

GLENN: Hello, America.

Yesterday, the fed raised the -- the interest rates.

And they said, they're going to do it, I think six or seven times more this year. This could get dicey in many ways, for everyone.

And I want you to understand, what happened yesterday. And not in terms of, well, you know, us traders believe. I don't care. I don't watch CNBC. Because I only understand about half of it.

I want to know what this means to the average person. Carol Roth joins us. The author of the war on small business. She gets it. And can explain what it all means. In 60 seconds.

Carol, welcome to the -- welcome to the Glenn Beck Program.

CAROL: Hey, Glenn. Lots of things to talk about.

GLENN: Yeah. Boy, I have a long list for you too. So let's start with what happened yesterday, and why people should care.

CAROL: So I want to take a step back, and talk about, you know, why the fed did what it did. In terms of raising interest rates. What we call 25 basis points, or a quarter of a percent.

100 basis points is 1 percent.

GLENN: Okay.

CAROL: And basically, they were undoing the -- at least attempting to start to undo the effects of what they in part cost.

Their monetary policy, zero interest rate policy, printing trillions of dollars, the government spending trillions of dollars, in terms of fiscal stimulus. Turning parts of the economy off, and wrecking these labor markets supply chain.

All of those things are the reasons we have inflation today, exacerbated by decisions that the Biden administration made around oil and gas, dependents and what not.

So basically, we had inflation.

GLENN: Correct.

CAROL: Which we've all been talking about. As we go to the grocery store, and certainly the fuel pumps and whatnot.

And so finally, they said, we have to do something. Now, I'm going to tell you, this is a little bit of window dressing. Because they were doing accommodation. They were in the market, purchasing securities, last week.

So last week, they were being accommodative.

But this week, we have to maintain our credibility, and we need to do something. So they decided to raise what is called the fed funds rate. It's a rate, where banks lend to each other overnight. In terms of their reserves.

And that reverberates through the market. So they brought that down to a target, of zero to a quarter of a percent. And they had held it there for the last couple of years. And they said, okay. Well, you know, inflation is getting away, we better raise some interest rates. One of our tools in order to do that. And they took the huge step of a whole quarter of a point increase, to do it.

GLENN: Wow.

CAROL: Yeah. They're very -- because they need to be credible.

GLENN: Right. So the last time we had a problem of this size, it took an interest rate of about 19 to 20 percent, if I'm not mistaken.

Raising it a quarter is really -- is a joke.

Where do you think, these interest rates should be?

Not -- not considering killing the economy.

Just where it should be. Should it -- if we were in a healthy country, still, would it be 20 percent, or more?

CAROL: So there's a couple of things to unpack there.

First of all, this is an unprecedented situation. We don't have a benchmark, because we have never had central banks, not just in the U.S. but around the world, printing trillions upon trillions of dollars. This has just never happened before. We've never had governments turn off the economy.

You never have a situation, where there's 1.7 jobs available, for every job seeker, because of what the government did.

So we're flying a little bit blind. I've always been a fan of normalized interest rates. I think it's a horrible idea, to have the fed meddling, and trying to direct things.

I want the market to set it. And so before all of this nonsense started, before the financial crisis, the great recession, financial crisis in '07 and '08, which was really the first time we went totally off the rails, with the zero interest rate policy and the purchase of securities, the interest rates were around 5-plus percent. And that seems to be, you know, a healthy place, where things should be.

We should not be in a place, where we're saying, you know, when you take risks, you shouldn't be getting rewarded for it. You know, 0 percent interest.

It makes no sense. So in reality, you're still at very historically low interest rates. And in a healthy economy, to have three, four, 5 percent, would be completely acceptable. We just have been so addicted to this easy money and this free money for so long, I'm not sure how we get out of this.

GLENN: Okay. So there's a couple of problems with 5 percent interest rates, right now. One would be that people would not be able to afford a new house, et cetera, et cetera. Because of inflation, and everything else.

But the other, that nobody ever talks about, is that we now have a national debt over $30 trillion. And that is just like buying a house. You have an interest rate, on that.

If we have an interest rate of 5 percent, how much more money do we have to pay?

CAROL: Bingo, this is the dilemma that the fed has gotten themselves into, by keeping down interest rates. They've basically given the government a free pass to just spend and spend. And to rack up more and more debt.

And we're at a point, to where the debt is completely out of control.

And, you know, has competed our level of GDP.

So if you think about 30 trillion of debt. And obviously, the fed fund rates. And the interest rate on the debt is not a 1:1 correlation. But we know that as one moves up, the other moves up. So in terms of the interest on our national debt, I want everyone to pay very close attention because this is staggering. For every 1 percent increase, that is another $300 billion, that we have to pay in interest, on the national debt.

That is our tax dollars, that are going to pay more, for things, that we have already purchased.

It is not new purchases. It's literally, a finance charge.

Almost like a credit card interest rate, on stuff we have already bought.

And this is the dilemma, the fed has. Because they know, as they raise interest rates, this is going to get out of control. The CDO. Had made a projection, than saying, this is going to get out of control. But in their projection, they said, well, we think the yield on the ten-year treasury note, gets to about 2.1 percent in 2025.

So, you know, we're going to have to really be concerned, maybe in 2029, the yield on the ten-year Treasury note is at that 2.1 percent today. So multiple years ahead of time.

GLENN: Please talk down to me like I'm in kindergarten.

I don't understand the yield thing with the Treasury. How that works. How that's affected. So can you explain that?

VIVEK: Yeah. It's basically how much the government has to pay on debt.

So what the market demands

And obviously, if there's a lot of demand, for Treasury securities. The price of that goes up.

Then the yield, or the interest that you demand is lower.

Because there's a lot of demand. You have to pay a lot for your debts.

GLENN: But we had been at very, very, very low --

CAROL: Very low.

GLENN: Because the fed was buying up. There was no demand for our treasuries, which is our loan.

CAROL: So let me put it in context, what we're paying currently on our national debt, in terms of a combined interest rate, is somewhere in the neighborhood of projections of 1.4 percent to 1.6 percent. So they've been able to finance that at a very low rate. But that number is starting to creep up. And with the fed increasing interest rates, it will further creep up. And every 1 percent is $300 billion.

GLENN: So if we have an interest rate of five or -- five or six percent, we're talking like between two and three trillion dollars more, the entire budget.

CAROL: Yeah. Exactly.

It's just completely untenable, at that point in time.

So I would -- I would imagine other things happened, in the interim. But this is why, when we talk about things like MMT, Modern Monetary Theory, or what I call Magic Money Tree.

That says, well, you can just print into infinity, because we can just print more. Well, we're now living through that realtime experiment. As you said, no, you can't. It causes inflation.

It has real costs for the average American, and it decreases the value of every dollar that you hold.

GLENN: All right. So the best thing you can do is get out of credit cards. You should cut those up if you can.

CAROL: Yes.

GLENN: And pay them off if you can. Get a refi right now. Because you're probably paying about 16 percent for your credit cards, correct?

CAROL: Yeah. And it could be going up.

And anything that has that adjustable interest rate associated with, some people may have something called an arm and an adjustable rate mortgage. Where it adjusts over time. Maybe it's fixed for a certain number of years. Anything that is adjustable rate debt, is going to increase in price. And if you need financing -- let's say you have a business, and you haven't taken advantage of low rates yet. You're going to want to lock that in on a fixed basis now, because it's not going to get cheaper any time soon.

GLENN: Now, the other problem is, with raising interest rates. Let's say you have a business. And you need a loan.

If the interest rates starts to go up, that kills that business. They can't afford that loan. Just like we can't afford our national debt. Or you want to buy a house. Yesterday, mortgages. New mortgages fell immediately, just on the -- on the whisper, that it was coming.

We are seeing a slowdown in mortgages. Which means people will buy fewer houses. The scary thing about this, is you don't know where that switch is. You're just going to have to kind of guess. And it might shut everything down.

CAROL: That's the needle that the fed is trying to thread, in addition to dealing with the consequences of the national debt. What happens, is as they raise interest rates. You know, their intention is to slow down the economy. I mean, that's basically what it is. They want to slow down consumer demand.

GLENN: Right.

CAROL: But the question is: How do you do that, without creating a recession, or without creating reverberations for the economics of the average American?

GLENN: So can I be really, really cynical? I mean -- in fact, let me go beyond cynical. Let me go into, I'm a thriller writer. Okay? And I'm writing a thriller. And for some reason, this country needs to slow down the economy. But they can't slow down the economy, because then businesses will fail. But they don't really care about the average person. You know what I mean?

That's going to fail. We'll print more money. Put them on welfare. Tell they believe to stay home. Or whatever.

Wouldn't one way to slow the economy, for the consumer, but not slow the economy, for the big corporations, would a war do that?

CAROL: I think that would completely change the tenor of the economy. But I think that raising the interest rates does that, because kind of like we saw over the last couple of years, if you are a big corporation. You take advantage of that debt. You have that war chest. We've had that strong balance sheet. So in terms of the transfer of wealth, that is one way to do that. But the war, that would completely change the tenor of, you know, who benefits. And certainly, it would be the bigger guys versus the smaller guys. But it would be more defense, rather than the financial services industry, for example.

GLENN: Yeah. Okay. Carol, hang on. I have some more questions. And I would like you to explain a couple of other things, coming up in just a second. Give me 60 seconds. We're back with Carol Roth. The name of her book, is The War on Small Business. A must-read.

GLENN: All right. So I want to talk to you about the dollar being the world's reserve currency.

Because I'm watching these sanctions, that are being put on.

And I'm seeing things happen, to where, if I'm another country, especially Russia. I'm going to China, immediately, saying, I want to partner with you. Because they just made my money worthless. I can't get my money out of the central bank. The Federal Reserve. That's my money.

And they won't let me get to my money. If that starts to happen. And then Saudi Arabia starts to sell oil, off of the petrodollar, that's really bad news. And let's say, the West holds together. But half the world is off the petrodollar.

What does that mean for us, Carol?

CAROL: It potentially means the end of the U.S. dollar, as a reserve currency.

GLENN: Explain what that means. Because -- I mean, to the average person. Forget about, you know, the central banks and everything else. What does it mean to the average person? To have half the world get off our dollar?

CAROL: Yes. So this is why I love you, Glenn. Because we take the most complicated concepts in the world.

GLENN: I know.

CAROL: And trying to explain them, as if, you know, it's Elmo and Big Bird here --

GLENN: Right.

CAROL: The idea of being the reserve currency. Is something that's -- you know, has sort of a long history. And it means, particularly in the case of goods and services. But also in the case of oil, that everyone in the world, pretty much agreed to use dollars, for a settlement. And that puts some responsibility on the United States. There's something that is called the Triffin dilemma. And there was an economist back in the 1960s, who basically said, there's a conflict. If you are going to be the world reserve currency, you're going to have to make tough choices. And you're not always going to be able to do what's right, at home, in order to make sure you're doing what's right, in the national sphere.

GLENN: Everywhere. Yeah.

CAROL: And unfortunately, you know, this has been an issue, that's been going on for a long time.

But in recent times. As we've been talking about with the fed and the decisions they've made. They actually haven't done right by either party.

They've been screwing over the average American, with their policy. And transferring wealth. But they've been doing the same thing in the national sphere.

And, frankly, a lot of countries are getting sick of it.

And so there have been predictions for quite some time, that there was going to be an event -- an adviser actually to the OECD said that it's probably not an economic event. It's a geopolitical event, that's going to expose the system. You know, wink, wink, nudge, nudge. And so a lot of folks feel like the sanctions that were made against Russia, were potentially a cover story. That we know that we'll potentially lose this reserve currency status. So we're going to say, well, we did it, because we had to take a stand.

But the reality is, you know, as we've now shown the world, you can put your money, in our central bank. And you can buy Treasuries. And U.S. dollars.

But you might not be able to access them. Which is not a really good thing, if you're going to be the world's reserve currencies.

GLENN: Correct. Correct.

CAROL: So there's a couple of potential outcomes. And I know you've been talking about this, Glenn. But, you know, one thing that folks have been talking about.

Is does China potentially step into the reserve currency position?

There is an issue around them. Because usually, if you have the reserve currency, you run a trade deficit. And we know that China is a nation of exporters. Are they really going to step into that? I'm not sure.

The other thought is, listen, we've seen so many banks. Central banks around the world. Print so much money. There's all this debt. You can't really just say, we're going to cancel it all. Because there's counterparties. There are people on the other side of the debt. So what could you do to offset that?

GLENN: Hold on. Hold on. Elmo and Big Bird has to stop. Because Elmo says, there's only 20 more seconds left.

CAROL: Okay.

GLENN: So we will come back. Because I really want to hear this -- this other new plan, and canceling debt just opens up Pandora's box, at least in my head. We'll talk about that, coming up more. Carol Roth, coming up in in just a second. Stand by. That's right. Did you get the vaccines yet?

GLENN: We're with Carol Roth. She's the author of the -- of the book, The War on Small Business.

She's a former investment banker. Don't hold that against her. She calls herself a recovering investment banker. She worked on Wall Street for years and years. Then kind of went, oh, I might be on the wrong side here.

And is trying to do everything she can, to strengthen individual businesses. Small businesses all across the country. And I love her for it.

Carol, you were just saying, that one of the options, in this nightmare scenario, which I think is unfolding in front of us. Where the world reserve currency, is not going to be the dollar.

I don't know what it is. But they're going to change the dollar, from what it is. To a digital dollar.

And I don't know how it all shakes out. But probably not very well.

But you brought up, there is all this debt within that we just can't cancel, because there's other people on the other side of that debt. So explain what you think.

That can't happen, you say.

CAROL: Well, I mean, nothing is a never scenario. Right?

GLENN: Not anymore.

CAROL: In an unprecedented situation. And, you know, for people who are students of history, despite all of the wreckage that could come from this, it's a very interest pointing in time. Especially, financially, you had the U.S. dollar as the world reserve currency. You had then us going off the gold standard. Then you had us, you know -- with the petrodollar, basically saying, we will manage the dollar as good as gold for oil.

And then you had the fed, basically go completely rogue. And not do that.

And anybody who is holding reserves, that they're supposed to say, well, the U.S. dollar is safe. And it's a good store of value. We'll keep devaluing it. That's not a thing.

And so -- and, by the way, these are not my theories. I'm just communicating what is out there, from people who are far smarter than I -- everybody by writing up another asset. So is there a neutral asset, that central banks have access to, that's on their balance sheet, that maybe they have been buying, at really good prices, that all of a sudden everybody comes together, and says, well, we'll just write up the value of that?

It's like writing down the -- gold.

GLENN: Gold.

CAROL: So central banks have been buying tons of physical gold. By the way, billionaires have been buying a lot of physical gold as well. And I'm using the term physical, because it's different than the market that is traded.

GLENN: ETFs. Those are ridiculous.

CAROL: ETFs. That's done in dollars. So who is backing that?

But physical gold. So there is a theory going around, that potentially that standalone basis or a basket of neutral metals. Which was thrown out as an idea, early on. When it was pushed aside for the U.S. dollar. That maybe there is this -- meeting of the minds.

And, you know, this is the way that you make all of these other central banks. And countries full. Is you just write up the value of that gold.

So if you think that that's going to happen. And you think that the financial system is going to collapse, you know, then you want to be owning physical metals. And have a store of that.

GLENN: Because when you say, they're going to write off debt, you don't mean people's houses. You mean --

CAROL: No. This is government debt. They cannot write up government debt. Because when you take -- that's a loan, right? You owe the money back to somebody. So the other side of potentially doing some sort of. We'll have mass forgiveness.

Is that when you take something else that everybody else has. And you say, it's more valuable. Overnight. It's magic.

GLENN: That doesn't sound like --

STU: Bad magic trick.

GLENN: Yeah. It sounds like -- we're dealing with a lot of black magic.

Stu and I were talking about this story that came out of Britain. We hadn't heard anyone talk about this. Explain what happened.

STU: Yeah. Just a little background. It's in the London metal exchange.

And it's the price of nickel. Now, I know no one cares about the price of nickel. Just to give you the basis here.

GLENN: Tesla does.

STU: Yeah. That's true. If you're buying an electrical car, it's true. Basically, the last five years has bounced back and forth between 10,000 and 20,000 per metric ton. Okay?

It got up to a little bit above 20,000, in the last few weeks. Obviously, all this time going on with Russia. Russia, Ukraine. Big sources where it comes from, for all these electric batteries. It goes basically from 20,000 to 80,000, in basically a day.

Okay? So four times, in one day. So let me read this: This is from the Wall Street Journal.

GLENN: Listen to this. Have you read this, Carol?

CAROL: Oh, I know this story. I do know this story. So we can talk about this.

GLENN: Yeah, this is crazy. Listen to this, America. This is craziness.

STU: Yeah.

So traders on the London Metal Exchange smelled blood, and nickel prices almost doubled in a short period of time. A Chinese company faced a 1 billion-dollar margin call. That exchange officials felt they couldn't meet. Rather than let it fail, which would have probably taken down several of the smaller brokers that serviced them. The London metals exchange decided to cancel all of the day's trading. More than 9,000 trades, worth about $4 billion.

It canceled the trades. Not because of a fat finger error. Which exchanges often cancel. Not because of a rogue algorithm, as regulators claimed in the 2010 flash crash in U.S. stocks, but because someone with too much leverage was going to blow up, with effects on some members of the exchange.

This moral hazard is taken to an extreme. It's always been true, that if you face a 100-dollar margin call, it's your problem. While if you have a one billion dollar margin call, it's the broker's problem. And the authorities might save them. What is almost unprecedented here. Is the exchange authorities decided to save them, with money taken from other traders, who otherwise would be sitting on fat profits.

I mean, you won. You picked the right direction. You've got these huge profits. And they cancel your trade, to save someone else.

GLENN: And it's China.

STU: And it's China.

GLENN: I mean, there is no such thing as a free market with this.

CAROL: No. This is another too big to fail scenario. It happened to be -- I believe it was an individual billionaire, who had made a short set against nickel. So he went in the other direction.

GLENN: Wow. I mean, then you don't -- you don't put the money down on the table. If you don't know what the odds are, and you're not willing to lose your money.

That's like going to Vegas, and -- and placing a huge bet, and when you lose it, you're like, hey.

You know, Caesars. I mean, this is crazy. And Caesars says, oh, we're not going to count that bet.

That doesn't happen!

CAROL: It's horrendous. And it goes back to the integrity of the market. And so many that the retail investors have been rallying against. And it's just another example. And there are big name banks involved. The exchange was actually shut down for multiple days, I believe. Before it started trading again.

And the people who made a bet, and decided to participate in the market, ended up getting screwed out of their profits. But they're never going to get the leniency, if it happens to them on the other side.

GLENN: No.

CAROL: And just the overall integrity, like you said. This is not a free market. It's not a fair market.

And we have too many of these big guys, who are being saved, at the expense, sometimes literally, sometimes figuratively, of the small guys, over and over and over again.

GLENN: And that's what I think people are so sick of.

And when they see this next crash. Especially with Janet Yellen saying, it will be equitable. When we reassemble, it will be equitable. What the hell does that mean? Probably stuff like this. And when they see the rich getting richer. And I don't mean a person who runs a business and may have a million dollars.

I mean the rich.

The elite of the elite. The BlackRocks of the world.

The banks of the world.

I just -- when their debt is being bailed out and real Americans are paying huge money for their food and their gas. And then their home is taken, there's trouble. That's real trouble.

CAROL: Yeah. And unfortunately, that is the scenario. There's one thing to become wealthy, because you earned it in a fair playing field. That's something that we want to celebrate. But we do not want to celebrate, when the playing field is tilted. When somebody has their thumb on the scale. When we have this transfer of wealth from Main Street to Wall Street. Which has been going on for, you know -- in a very large part, for a decade and a half. But it has accelerated over the last year and a half. And, you know, we talk about all of this coming to fruition. And us losing reserve currency status. It's going to mean a slower economy for us. Because we are not in a position. We don't have the strong manufacturing face. Or a competitive pricing. To be able to export. So all these people are like, oh, that's great. We'll reshore the job. They're not thinking in context of the existing economic structure. It will be unfortunately, very painful. But just to have a moment of hope here, Glenn. Because this is really doom and gloom. Is you have to remember, in any time of pain, there's always opportunities. So it is incumbent upon you, to find where those opportunities are. And what --

GLENN: So average person is saying, what is that opportunity?

CAROL: Yeah. It's finding the things that have inelastic demand. Meaning, people will pay prices even when they're continuing to increase and making investments and those kinds of things. Or retooling your business. To be servicing those markets. It's those kinds of shifts, where you have to look for those hidden opportunities.

In what could be a completely new economic scenario for us, going forward.

GLENN: I -- I think what you just said, translates to what I just told my kids.

You get into the job market. You have to be the most effective, efficient, and hard-working employee. Even if you're not at the top of the food chain, you have to be the one that the boss says, oh, we can't.

Because he'll do everything. I mean, he's a little bit. I mean, he works like crazy. You have to be that person. Right?

CAROL: Absolutely. Absolutely. Invest in yourself. And make yourself indispensable to a customer or to somebody that you're working for.

It's a huge competitive differentiation that will only get more important.
GLENN: I would love to have you on, maybe early next week. I just had one of my producers put some stats together on inflation.
And what that actually means to people. I mean, when Biden got in, a hamburger. An average hamburger was $4.40.

Today, that average burger is 601. And if we look at what they say, things are going to be, you know, with -- with the -- what are they saying? 7.9 percent inflation.

That number is going to be $7 force a burger by the time of the next election. I don't think that stat is right. You want to compare apples to apples. Look at how they measured it back in the 1970s and '80s, when we hit it before. That would mean that that hamburger would go from $4.40, to almost $8 by the time we hit a presidential election.

I just want to talk to you about inflation. And how to beat that.

CAROL: Plenty to talk about, would love to.

GLENN: Thank you very much, girl. Appreciate it. Carol Roth. The name of the book is War on Small Business. Make sure you pick it up.

Unveiling the DARK side of artificial intelligence

Artificial intelligence is being sold as the ultimate tool for progress and convenience, but at what cost? Glenn Beck sits down with investigative journalist Whitney Webb to uncover how Big Tech and government powers are quietly constructing a “digital prison” that feeds on human data, erodes individual freedom, and conditions society into passive dependence. Webb exposes how the seductive promise of comfort and automation masks a deeper agenda: cognitive manipulation, emotional engineering, and a move toward a post-human future.

Watch Glenn Beck's FULL Interview with Whitney Webb HERE

Is AIPAC proof that Israel CONTROLS the US?

Glenn Beck was recently asked a question during his TPUSA speech at the University of North Dakota: Is the fact that AIPAC doesn’t have to register as a foreign agent under FARA evidence that Israel has unprecedented control over the United States? Glenn did his homework and presents his findings: It looks like the real issue is our own laws…

Watch Glenn's TPUSA speech HERE

Transcript

Below is a rush transcript that may contain errors

GLENN: There is a -- a phrase that is carved into the marble at the Supreme Court, and it says "equal justice under the law." Equal justice under the law.

That is the one thing that we've really forgotten about here in America it seems. You want special justice. You want justice for this group or that group. But, no, I want equal justice. It's why justice is blindfolded. Justice should never see who is at the bench.

They should see, what are the facts of the case? And who is at the bench should not make a difference. I don't care if you're rich or you're poor, you're homeless, or you're Bill Gates. I don't really care. I want to know the facts. And then we judge that, not looking at the person.

That's the closest we can come to perfect justice. And the farther -- the more we take that blindfold off of justice, the more corrupt justice becomes, and we know this. Because that's why if you were black back in the day, you couldn't get a fair hearing. A fair trial. Because justice wasn't blindfolded, okay? That's why it's up on the Supreme Court.

Equal justice under the law. And it's not a suggestion. It's not a slogan. It is the beating heart of the American experiment. You know, no man. No movement. No institution. No creed stands above the law!

Now, the reason why I bring this up, is because last week I was in a turning point event in North Dakota, and I said all the way through, "I hate these question and answer things."

Because I don't believe -- hate conflict. And I also don't believe anybody is doing anything other than trying to win. When you're in a crowd, somebody is trying to win. I don't play that game. I don't like that game.

I like honest questioning. And you also have to have a debate, where you can talk about -- you can talk about subtle things. You know, you can -- you have to be able to look at things, not everything is black and white.

There is right and wrong, yes. But now, how do we get there?

For instance, last week -- yesterday, I talked to you about AI. Earlier, this seems like last week already. Earlier in hour number one, in the podcast. I was talking to you about AI.

And I don't know the right answer on that yet. We have to have that debate.

But an honest debate on things. So last week, I started taking questions, and, boy, did they take these and selectively edit. Interesting.

But I was asked, you know, Glenn, how come AIPAC -- that's the American-Israel Public Affairs Committee -- how come they don't register as a foreign agent under FARA, the Foreign Agents Registration Act? Well, I know that Hunter Biden was supposed to register under that. Or was he?

Now, I said at the time, I don't know anything about it. I haven't looked into that. But I will do my homework on it. Because I want to know. And my guess is: If they don't, then there's something wrong with our law! Okay?

Either they're giving special favors that they shouldn't, or many people are getting special favors, and they shouldn't. Everyone should have to obey the law. And equal treatment.

Justice is blind. Okay. So let me tell you now.

I went home. I did my homework. Let me tell you what I found on AIPAC. First of all, it is bigger than AIPAC. Much bigger. It is a mirror held up to an uneven application of American law. Let me tell you what FARA is supposed to do. It was passed in 1948, to stop the Nazi propaganda. People were -- there were lots of Nazis here in America. And it requires anyone that is working on behalf of a foreign government, to register as a foreign agent.

Seems simple.

But is it?

It requires transparency and accountability. But here's where it gets murky in the law: AIPAC is an American lobbying organization, registered under the lobbying disclosure act, not FARA.

Because it's funded and run by American citizens, not a foreign government. Now, that's the legal line. Now, I don't agree with this. But that's the legal line.

But AIPAC is not the only one running this. So why are we only hearing about the Jews controlling the government, when -- and AIPAC doing it, when they're not the only one.

Did you know the National Iranian-American Council, the Armenian Assembly of America, the Turkish Heritage Organization, even Saudi Arabia's ARAMCO, their subsidiary, Motiva operate under exactly the same -- you want Saudi Arabia and ARAMCO?

Why are they not paying it? Why are they not registered under FARA? Now, some people will defend this. Because they say, these are groups of diaspora. They are US-based subsidiaries. They have domestic roots, et cetera. I don't buy any of that bullcrap. I mean, that's me. I mean, we can argue it, but I don't agree with that. Because I think it's a really dangerous loophole that allows quiet foreign money to come in and influence and hide behind a US address.

But here's where it gets serious. This is not just a legal issue. This is about truth.

When you and I or anyone else, begin selecting only the facts that make our point, while ignoring those that don't, we stop doing research, and we start doing propaganda.

If you've listened to voices that pick and choose data, to inflame your anger, you have to start asking yourself this question. Is my source being honest.

I ask you all the time, do your own homework.

I'm the guy who I think popularized that with the youth now.

Do your own homework.

Don't take my word for it. Do your own homework.

But that requires that you do homework on all fronts. You ask honest questions. Am I wrong?

Is this wrong?

I want to read the opposite side. And I want to see what's credible on both sides and bring it together.

Example, once you learn that the Iranians, Cubans, Saudis, Armenians, and Turks all have the same objection, yet it's only the Jewish organization that is accused of secretly controlling Washington, do you see -- a disturbing pattern here.

Because the -- the argument starts to sound less like a legal concern, and more like something far older and darker. And that was my point. I said, look, you don't to have agree with Israel.

I don't want to fight their wars. I don't want to do anything. I support them in their right to defend themselves as they see fit.

I don't support anything like genocide. I don't believe they're doing genocide.

I do believe Hamas is. And I do believe you can make a very, very clear case, that Hamas, Hezbollah, Iran are evil.

And I said, look, you don't have to accept Israel. And you don't -- you don't have to accept Hamas. You can say nobody is a good guy in this. But when you look at things like AIPAC. If there's more, and this is what I said, if it's about something legal, then we have to correct that. And the argument would be over.

I could say what I'm saying today, and say, look, we should have listened to Tom Cotton. He introduced legislation on this. All of this has to stop.

So let's do that. Why are we dividing ourself on an ancient Jews control the world thing, when that's not even true about AIPAC, okay?

Because everybody else is doing that too. The problem isn't Judaism. It's not Islam. It's not any one nation. Quite honestly, if you want to be honest, the problem is our laws and our politicians.

Equal justice under the law. It must be our demand every day. Jew, Muslim. Gentile.

Hunter Biden. Everyone -- everyone should be the same under the law. What's happened instead, is that this loophole has become a weapon.

And people twist it, to their own, you know. Their own the light.

To suggest that AIPAC, you know, runs the US government and the Pentagon and the president, which is laughable, especially this week. That is laughable.

Just look at the events of the last few days. Do you really think that Donald Trump is being controlled by Israel?

Have you heard what he has said to Benjamin Netanyahu?

Have you seen all of the Egyptians and the Saudis and everybody else and the Arab world, all now lining up for this peace?

When he bombed -- when he bombed Iran, he's not fighting Israel's war.

When he bombed Iran, it wasn't for Israel. Any more than it was for I didn't want and Saudi Arabia. You found out yesterday, that the one thing they all unite on, is that Iran is the real problem there.

And what he did was a -- a show of peace through strength. The same principle, that ended the decades of stalemate between Arab nations, and Israel.

And here's another thing. When you stop sending pallets of cash, to your enemies, and you start saying, don't do that anymore!

And I'm serious. They tend to listen.

And what was the result?

You could speculate, and I worried at the time.

I said it, on the air. I'm worried that this could slate things.

But it didn't. So what is the result?

The result was not an endless war where we're over fighting in the Middle East. I don't want that. And neither do you.

The result was true Arab Israeli peace. The first chance of true peace in -- in a millennia.

And now, he's taken that credibility of saying, look, I'll be tough on the Arabs. I'll be tough on the Iranians. I'll be tough on the Jews. I'll be tough on Hamas.

However, I will say, Hamas, you do these things.

And I'm with you. He yesterday invited Iran into the League of Nations.

Look, just because we bombed you, it doesn't mean we hate you. We want you to have peace.

So come on in. Now he's taken that same credibility, and now he's turning it towards Russia and Ukraine. And he's doing that.

He's meeting with the leadership of Ukraine, on Friday.

And he's going to apply the same exact principle.

And here's what's going to happen.

The same people who said he was once a Russian puppet, will now accuse him of getting us into a war with Russia, and do Ukraine's bidding.

Which one is it?

Which one is it?

May I suggest a third reason? Maybe, just maybe, for the first time I believe in my lifetime, we are seeing America -- an American president doing America's bidding.

Trying to broker peace. Trying to keep us out of these endless wars.

Because honestly, isn't that what all of us want. I don't care who you voted for. Do you want more foreign wars?

Because I don't.

I'm tired of it.

Do you want to see more blood and treasure spilled in some unknown country?

Wants that -- isn't that what we all want is an end to these wars. No more young Americans spilling their blood in distant deserts or frozen tundras, for somebody else's freedom, who I don't even know if they really want freedom?

I want freedom here.

I want to -- I want to able to show the world, what people who actually understand what freedom is.

Know what the high price is, that we have to pay for our own freedom. Not your freedom.

Our freedom. What we can do in that freedom.

We want to be a shining city on the hill.

That everyone can look at, and go, look at those guys. I want to be more like them.
Not going over to other countries and jamming it down their throat. I want peace, but peace grounded in strength and honesty.

And the unbreakable, carved in stone, promise of equal justice under the law.

That's what we have to do, to restore faith in the republic.

We have to stop taking little bits and pieces. Look at the whole thing and say, what's corrupt? Well, what's corrupt here might have started as a good thing. But it's no longer a good thing.

We have to change the law. Equal justice under the law.

I'm sorry. If you are doing the bidding, Hunter Biden or AIPAC. Or the Iranian Council or Armenian Council, or whatever. I'm sorry.

We have to tighten this down. Because money has changed. It's changed!

Things that were happening in 1945, 1955. '85. '95. So that I have.

It's changed, and I don't want any foreign influence coming into this country, unless we know exactly you're -- you're influencing for a foreign country.

Because this is what makes us different than every other country that has come before. And that's not ideology. That's not party. That's not tribe.

That's how we have to define America again. If we're going to survive.

So you may not like it. I'm sorry.

But you asked me to do my own homework on AIPAC. There it is!

China vs. US: The battle for rare earth minerals and AI dominance

There is a quiet war brewing between China and the US over rare earth minerals and AI. We CANNOT lose this war, Glenn Beck warns. But can we win it without destroying ourselves in the process? Glenn Beck explains why we must have this conversation and connects 4 stories from around the world that reveal what’s coming…

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. I told you about gold here. Record highs.

And it is telling us something. Usually, it would tell us if the dollar is in real, real trouble. I think, and I am guessing at this now.

But I think what this is telling us, is that the whole world, the system is in trouble. And let me give you an example. I'm going to talk to you about something to try to make sense of it here. But I do have a good answer. Because we're not having these conversations. I have told you for almost 20 years, when it comes to AI. We must have these conversations now, because the world is going to change overnight. And we are at that point! We are at the point of singularity. Where there is no turning back. And we haven't had these conversations. Do you want to win the AI war?

I will tell you, we cannot lose it. But to win it, we may have to sacrifice so much on the altar of liberty, that I don't want to fight it!

So what do we do?

Let me explain. Something has shifted in the world. And most people cannot feel it yet.

But if you're paying attention, you understand, there is something on the horizon. One day soon, we're going to wake up, and we're going to realize, uh-oh. I think we crossed the line here. Quietly, silently. While no one was paying attention, everything changed.

Over the past few days, while the world was paying attention on what's going on in Israel and the Middle East. There's a couple of other really important headlines that caught my attention.

And at first, they all seemed unrelated. Just random stories from around the world. But when you look closer. And this is what I think I do best.

I take things that are seemingly unrelated. And say, wait a minute. Wait a minute.

I think they all fit into this category.

So let me give you some threads here.

First thread is China. Beijing just tightened its grip on rare earth elements. These are the minerals that make absolutely everything possible. Your smartphone. Your electric car. Your missile defense system. Your refrigerator. Everything depends on these rare earth minerals. China, because of our inaction and stupid policies over the last couple of decades, control now, 80 percent of the world's supply chain. That cannot stand. Now, what they're doing, is they're choking it off! They're now closing it up, and they are threatening the West. No more rare earth -- rare earth minerals. If that happens, we cannot defend ourself.

Do we have rare earth minerals? Yeah. We have lots of them. But we're not mining them.

It will take a decade to start mining them, up in Alaska. Where they mainly are.

That's why Donald Trump was saying, we need Greenland!

That's what he was saying. Rare earth minerals. Because they're already mining them there. And we cannot lose them!

Now, they're choking it off, and rare earth stocks exploded overnight.

Because whoever controls those minerals, controls the future. Now, here's the second threat, the Pentagon.

Out of nowhere, they made a billion dollar emergency order for those same rare earth minerals. That's not normal. That's not paperwork. That is the sound of the military quietly preparing for something, a shortage. Possibly in a storm. Like I said, we are -- because of what Biden did in Ukraine, we are -- are wholly unprepared for any kind of military action. We don't have the materials.

And at the same time, everything is changing to high-tech. We don't have the rare earth minerals, and the chips now, to make our guided missile systems.

The third threat, JP Morgan Chase. One of the most powerful institutions on the planet, just announced this week, a $1.5 trillion investment plan. In what they call security and resilience.

That's not going to mom and pop shops. That's not going to community loans. That money is being funneled straight into AI, defense manufacturing, and critical minerals.

It's as if the Pentagon and Wall Street just linked arms and decided to build a fortress economy together.

Then came the fourth threat. Nobody paid attention to this one. In Europe, the Dutch government just seized control of the Chinese-owned chip maker on their own soil.

They invoked emergency powers and nationalized the company to stop the Chinese influence over the semiconductor industry. That's not good. Four stories, four continents, four quiet tremors in the ground. When you weave them all together, that's when you begin to understand what all of this means. So let me try to do that.

The old world, as we know it is dying! Pragmatism the world of free markets. The world of open trade. Individual enterprise.

The world that lifted billions out of poverty, is being replaced now, slowly, but surely by something new.

And this one is being done in the name of security.

And I don't have an answer for this. This is why we must pay attention, and talk about it now!

Corporations now are aligning with state power. Before, we had the tech industry, aligning itself with the government to control speech.

This is the government aligning themselves with tech rare earth minerals, et cetera, et cetera. To be able to win the AI war.

This -- this -- all of this is a single unspoken motive. And that is, the race to dominate artificial intelligence. This is the new arms race. This is the nigh Manhattan Project. The new nuclear weapon. Except, this is a million the times more enslaving than nuclear weapons could ever hope to be.

Whoever masters this first, whoever gets to AI and AGI first will control the economies, the information, even your thought itself.

Every rare earth mineral, every chip, every line of code, they're all ingredients in that same contest. And the nations are moving fast. They're hoarding materials now.

They're beginning to seize companies.

They're building walled off supply chains. This is happening on their side. And on our side.

And the free market in this particular place, is no longer free. It's being drafted into a digital Cold War. Now, that sounds bad, but now let me tell you the danger that nobody seems to get.

When nations go to war, even an economic war, freedom always becomes a casualty. We tell -- we tell ourselves, we're fighting for liberty. And we are!

Because we don't want to live if had a society like China, right?

I don't!

But when survival is on the line, governments tighten control for our own good. They regulate. They ration. They censor. And one day, you look up, and you realize, the line between democracy and technocracy is gone. If the -- if the West wants to win this AI war and we must, then we have to have a conversation.

Why are we even fighting this war?

Because if in winning it, we become China. Why not let China just win?

If we adopt the same top-down control. The same surveillance. The same emergence of government and corporate power. Then what did we actually win?

Didn't we just trade one master for another?

The old global system, free enterprise, open markets, individual liberty.

It is being rewritten in real time.

And the threads are now all coming together. And they are -- they are weaving a new tapestry.

I don't know what the tapestry looks like. I can guess what that tapestry looks like.

And I don't like it.

Will it be woven, from freedom, or will it be woven from fear?

If we lose sight of who we are -- look, our global leadership, it's already lost sight for who we are. They don't care. They don't care.

None of them care. They'll get to this global dominance over the individual, one way or another, in their book. You must care. You must stand for freedom. You must be at the head of having this conversation. Because if we lose sight of who we are, it -- this tapestry is going to be strong, efficient, and unbreakable.

But it will not be free. Some take can, historians will look back at this moment, and they will go, what happened?

They're going to see these quiet headlines. These invisible decisions that are being made right now. And they will realize, this is when the new world began. They will be able to look at this point and say, this was it!

Why didn't people see it?

Hmm.

The answer to that is office.

We have -- we're overwhelmed with everything that we have to do. Everything we're looking at.

This has been a very well-planned takeover of freedom.

You have to ask yourself: When the weaving is done, whose pattern will we be living in? Because that is what is coming.

There's a story in the show prep today, that I really want I to live. I will talk to you about it in a second. Western executives who visit China are coming back terrified. You don't have any idea how far China is ahead of us.

And you can say, well, I don't want to be China. Well, you will be China, and China will be controlling you, if we don't push back.

But how do we push back, without becoming China.

Listen to this next story.

You can find it in our headlines. If you just go get the free email newsletter, at GlennBeck.com.

Western executives are visit China are coming back terrified.

I will explain it to you, coming up in a second. First, our sponsor this half-hour, it's JASE Medical. Headlines, this week. Have been a mix of relief and reality. Good news, in some places, in chaos and uncertainty, still just one turn away.

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Ten-second station ID.
(music)
I am in Washington, DC. I'm actually at the Rush Limbaugh studios at the Heritage Foundation. I can't help them enough for the short notice, I was invited at the White House, over the weekend, to join the president and -- in honoring Charlie Kirk on his 32nd birthday today.

My receiving the freedom medal, and I'll be there along with a lot of other people. And I really can't wait to experience that. And hope to have some time with the president later today, and talk about some other things.

There's a lot of things going on. By the way, you can watch this ceremony, at TP USA. Turning Point USA YouTube. And the channels at 4:00 p.m. Eastern time.

And I hope to see you there. And I'll be back in the studios in Dallas tomorrow, to give you more about that, as we -- as we continue.

Okay. So let me give you this story. Western executive visit China, who are coming back. Quote, it's the most humbling thing I've ever seen, said Ford's chief executive about his recent trip to China. After visiting a string of factories, Jim Farley was left astonished by technical innovations being packed into Chinese cars from self-driving software to facial recognition.

The cost and quality of their vehicles is far superior to that on which I see in the West. We are in a global competition with China, and it's not just EVs. If we lose this, listen carefully, there is no future at Ford! If we lose this, there is no future at Ford.

Another executive: This one from the EU says, I can take you to factories in China now, where you'll basically be alongside a big conveyor belt, and the machines come out on the floor and begin to assemble parts. You're walking alongside this conveyor, and after about 800 meters, a truck drives out, and there are no people involved.

Other executives describe a vast dark factory, where robots do so much of the work alone, that there's no need to even turn on lights for humans.

We visited a dark factory, producing some astronomical numbers of cell phones.

The process is so heavily automated, that there were no workers on the manufacturing side, just a small number who are there to make sure a plant was working.

You get this sense of change, where China's competitive has gone from government subsidies and low wages, to a tremendous number of highly skilled, educated engineers, who are innovating like mad. Between 2014 and 2024, the number of industrial robots deployed in the country, rocketed from 189,000 to more than 2 million. It is -- just give you -- just let me give you this. Last year, China added 295,000 robots. Germany added 27,000.

The US 34,000. The UK, 2500.

The UK is over. I mean, it's just absolutely over. It boasts 567 robots for every 10,000 manufacturing workers. 449 in Germany for every 10,000. And 307 for the US.

So this is not -- this is -- I'm not preaching this because this is, you know, good for the country. It's bad for workers. It's bad for workers.

But China is doing it for a couple of -- a couple of things. First of all, their policy is known. I can't pronounce it in Chinese. But it translates to replacing humans with machines.

In China, they don't need to have a Patriot Act.

A really, super great thing for auto workers. No.

Replacing humans with machines, is the name of the policy.

Okay.

And it is -- it's happening everywhere. Everywhere. They can develop and execute models in probably half the time, that most European car makers can make.

And they're doing it, partially because they're seeing the decline in their birthrates. And they know, we're not going to have the workers to be able to do this.

But what's disturbing is. All of these robotics, are needing power.

They also need AI.

So they are building these gigantic server farms, which we are still breaking ground on. They're building them. They're building new power plants. One power plant, coal-fired power plant every week. And I think 40 -- can you look this up, Stu?

I think it's 40 nuclear power plants a year.

We're not building anything!

We're not building anything.

We're breaking ground on it.

Trump has already said, he's cutting all of the regulations.

But we're still far, far behind.

And we are getting close to the point where they win, we lose.

Again, I don't know what to do about it. Except, have a conversation about it. Because I've read the conversations from the left. I've read the conversations from World Economic Forum. And they don't care. They will take you and literally put you in a drug -- a drugged state, and put you online, and you're just going to play video games, your whole life. That is honestly their plan for a large number of people in the West, that will be just no longer usable. Undesirables. Well, I don't like those labels.

The FBI knocked on my door to talk about Antifa...

The FBI showed up to Glenn's house to discuss his TV show exposing Antifa's network. Glenn shares what he learned from his "surreal" meeting and warns any member or funder of Antifa: you should be a little concerned because the FBI is SERIOUS about investigating you.

Transcript

Below is a rush transcript that may contain errors

GLENN: Let me tell you something else that's changed.

Let me start with this. Cut five here.

Here are the new talking points for the media on Antifa.

Listen to this.

VOICE: This is an entirely imaginary organization. There's not an Antifa.

VOICE: Look, I don't even know what Antifa is.
VOICE: There is no growth.

VOICE: It's not even like far right groups, like the Proud Boys and Oath Keepers, compared to right-wing extremists, Antifa-linked violence is rare and limited.

VOICE: It is an organization.
It is -- it is in many ways mythology.

VOICE: It's not like the Proud Boys or the Oath Keepers. You know, they're defined terrorist organizations, the leadership that led -- that, you know, leads violence.

VOICE: It's not a highly organized movement. It's a moniker. It's not even a group like the Proud Boys are.

Things like Antifa are things that are thought up.

VOICE: These guys are going after Antifa, which is nothing. There's no organization called Antifa.

VOICE: Nobody is a member of Antifa because it doesn't exist! They are just claiming existence to something that doesn't exist.

VOICE: There is no Antifa organization, so maybe that's good for social media.

But it really has -- is nonexistent.

VOICE: They exist on the internet and chat rooms.

And in 4chan.

GLENN: Okay.

VOICE: And places like that. Where they run discussion boards. Trade tactics.

Documents. Things like that.

But none of them are called Antifa.

STU: What!

GLENN: I don't even know what they're talking about.

You want to talk about living in a different world.

But that's what's going around.

Now, let me just tell you this: Last week, I did a TV show that apparently got the FBI's attention.

STU: Hmm.

GLENN: The topic was -- was initial investigation. A jumping off point, shattering the myth that Antifa just -- oh, it's -- it's just leaderless. And decentralized. Uh-huh. Uh-huh.

We thought, no. It's really not. So we dove in. Head first.

And we analyzed the Antifa network. And we went from the street thugs, to the support groups, eventually, to the funding.

Okay?

To say the FBI was interested in this might be an understatement.

Let's just say, the FBI is turning over every single stone.

It is so clear to me, that they are exploring all angles of this. And they are talking to anyone and everyone that can give them think kind of information.

How do I know?

Saturday, I get a phone call.

The director would like to send over some agents to speak to you, Glenn.

And I'm like, the director?

The FBI agents?

Yes, you said, some things that they need to talk to you about.

Well, good things or bad things? "They'll be over."

Three agents sat in my living room on Saturday afternoon for almost two hours. And I immediately called Jason. I'm like, Jason, you're the researcher. It's your fault. I'm going to throw you under the bus. You better get your butt over here.

So Jason was there. My wife and I sat there, and it was surreal at one point. I talked to them for about 15 minutes just going over the Tides Foundation. And saying, if you understand Tides, you'll understand how difficult your job is going to be. And this is information that I first gave on Fox years ago.

Let me just say this: Finally, we have an administration and an FBI director, that is willing to go in deep. Not surface. But deep!

I could only imagine what we could have avoided, if anyone in an administration, would have done this, in 2011.

But if I were in that, imaginary group, of Antifa, which, by the way, has imaginary leaders. Leaving the country to go maybe to imaginary countries outside of the US right now. I would be very concerned. If I were a part of anything that was sending money their way or assistance their way.

I don't know!

I might be a little concerned, because the FBI is deadass serious.

Thank you, thank you, thank you, Donald Trump, Kash Patel, and all of the agents at the FBI.

GLENN: We're covering from Allie Beth Stucky's big event, six or 7,000 women showed up this weekend for a weekend conference. It was -- it was unbelievable.

STU: Really, I saw the crowds. It was incredible.

GLENN: Yeah. She did a great, great job. I'm so proud of her. She's just killing it. But we will try to get to some of those clips because they're really, really good. We'll get to those later on in the program. You know, Stu and I were talking about how Antifa doesn't exist. And, you know, that's like saying -- it's like saying Al-Qaeda doesn't exist. Well, you're right.

There is no way, you know, 501 Broadway, you know, where you go to al-Qaeda's office. That doesn't happen, but it does exist, and it's an ideology.

And while they may not -- they may not take their direction from the same person at the office, I don't know. There's no HR. So they don't exist. They exist!

They exist. And they're loosely affiliated. And sometimes, they are getting money. You know.

STU: Uh-huh.

GLENN: And for the press and everybody else to say -- when you're watching them all over the country, and they're doing exactly the same thing, same tactics. Every -- everywhere.

You know, to say, they don't exist is just infantile.

STU: Yeah. It's like a -- it's -- I don't know what the word -- there should be a word for this, if there isn't.

But there's a real point used in an intentionally dumb way to mislead.

Is that malinformation? Is that what that is?

GLENN: Yes. Yes.

STU: It really is. There's a real point to it. They're disengaged from a centralized thing. This makes them more dangerous. This is how you had to deal with terrorist cells back in the day. However, they're using it in a way that makes it seem like it's not a threat, which is not accurate. And they know it's not accurate. And they're trying to mislead people with a piece of --

GLENN: Why would you -- why would you support -- why would you try to brush Antifa under the rug? I mean, it's just perplexing.