For Glenn the biggest story of the week is also the least talked about one: Joe Biden’s recent executive order on cryptocurrency. In this clip, Glenn explains how the Biden administration is targeting crypto, what’s to come from the contents of that executive order, how it likely will be used to further government's control over YOUR finances, and why he believes an entirely new currency — in the form of a digital dollar — may arrive by JANUARY.
Below is a rush transcript that may contain errors
GLENN: I want to get to the biggest stories of the week. For me, the biggest story of the week is probably the least talked about story.
It is Joe Biden's executive order on cryptocurrency.
It is -- it is an amazing executive order, you should read it.
We must take strong steps, to reduce the risks that digital assets could pose to climate change and pollution.
Climate change and pollution. Yeah. I mean, there's a big list. But that's -- that's on that list.
Climate change and pollution. Apparently. Apparently. Not only were we worried about dark money. I love that Joe Biden worried about dark money. Not only are we worried about dark money. People doing things that they shouldn't. And not paying their taxes. Because they deal in bitcoin. We're also worried about the energy that it takes, to have a decentralized currency.
And so Section 5 of the executive order, measures to protect consumers, investors, and businesses, includes a subsection, telling the director of the White House Office of Science and technology policy, to lead work on an interagency work, examining climate and energy concerns around cryptocurrency.
Now, here's what's great. I -- you know, who doesn't know the head of the White House Office of Science and technology policy, right?
I mean, we all say -- say it with me. It's Alondra --
STU: Alondra Nelson. Oh, yeah. Oh, go to work.
GLENN: And we all know it. We all know it. You know, she is a social science professor.
GLENN: From Columbia. The institute of advanced studies. With a doctorate in American studies.
And she also, and this is such a crazy coincidence.
She is also a member of the World Economic Forum network.
STU: That's great!
GLENN: Isn't that great? So she's connected to all those people that trust each other.
STU: That's good to hear.
GLENN: So her office is to put together a group, to consider the potential for these technologies to impede or advance efforts to tackle climate change. At home. And abroad. And the effect of cryptocurrency's consensus mechanisms on energy usage.
Now, here's the thing: The problem with cryptocurrency. Is, well, data mining. The mining for the bitcoin is just -- I mean, it's taking so much energy.
By the way, there will be no more mining after 2030. So good luck on making that case.
But because it's decentralized, it requires so much power to be able to verify. Does this person have these funds?
Is this person really where it's supposed to go. All the verifications that have to happen. All over the world, because it's decentralized. A lot of power.
STU: Yeah. First of all, not when you compare it to other financial systems. Which is what this is.
How much does gold mining cost the environment?
How much does precious metal mining overall?
How much does the global financial system and banking?
GLENN: You know what, I have to tell you, I'm surprised we don't have rolling brownouts on the East Coast, just to keep the printing presses going at the Treasury.
STU: Exactly. And then, of course, we should also point out, that these environmental -- environmental concerns are nonsense.
They're -- it's ridiculous.
GLENN: Oh, how dare you say that. I won't be able to say that in six months. I'll tell you that right now. Literally.
The -- the executive order also instructs the Secretary of Treasury Janet Yellen to lead the development of report, on the future of money and payment systems. It requests a report from the chairman of the Federal Reserve. Addressing whether a central bank digital currency could make the monetary system, more efficient.
Oh, I bet. And could be used as a critical stabilization tool.
Yes! Now in the end, do you understand. This is something the empire must have, to stabilize our currency.
To stabilize it. We've got bad inflation coming out. Oh, my gosh, I just said that. That's weird. Because that's not what the White House has been saying. Now they're saying, it's really bad inflation. Wow. And you know what will cure that?
Modern monetary theory. Yeah, but we'll never do -- no, wait. We're doing the first part of that.
Printing all the money. Just sending money out the door. Yeah. But that's causing inflation. But you know what would fix that?
A digital currency.
Wow. So it really is a critical stabilization tool.
Yeah. And it will save energy, because it will be on a central computer, with a password.
So you got that coming for you.
You know, the only thing doesn't have in it, is maybe a chip, that we put into our forehead, or our hand.
Other than that, it's great. This is a way to completely control absolutely every human being on earth.
And it is come. And I think -- I think there's a chance, it comes before the election. But I do believe, it will come before Congress, is reseated, if they should lose Congress.
They have a -- they have this idea. You know what, I'm putting this executive order. We should study it. They've already studied it.
Go to Treasury.gov. Go to the Federal Reserve. Read the white papers. They're already doing work with MIT, on what's called the Hamilton project.
By the way, Hamilton, great musical.
Also, an evil SOB, that wanted a central bank, and all of the other Founders were like, no. I think that's a bad idea. So the Hamilton Project.
Look it up. The Boston fed. And MIT. They're not doing a study. They're not doing a study. This is just to prepare the ground.
Till the soil.
Wow, we're thinking about high inflation. And what could stabilize that?
Well, the fed has been out of bullets for a while.
You know what would stabilize that?
One bank, the Federal Reserve, and we could open up accounts, at the Federal Reserve. And we'll put money -- free money. Gosh. That -- that would be really helpful, especially when food prices are out of control.
And -- and jobs are hard to get. And you can't buy any fricking fertilizer. That's -- you know what, that would be so helpful. People will need that extra money. We'll just put it there in the fed bank. And you can come and claim it. And then move all your regular currency. And we'll give you, maybe 60 cents on a dollar, this month. And if you don't do it. Then, you know, a couple of months later, you'll only get 40 cents on the dollar. That's assuming, it's not redistributing wealth, which Janet Yellen in a white paper, on the Treasury says, that's what's going to happen. So if you're white and rich, you'll get less than 60 cents. But if you're a hermaphrodite, with a leg growing out of your eye. You're in a special class. You might get 1.25 for every dollar you have. But I digress. It is so fantastic. And that is the story of the week.
Okay. Hi, Stu.
GLENN: How about we change the subject and go to Poland?
STU: So you'll go from really bad news, to really bad news?
GLENN: No. This is great news.
STU: Okay. We sent -- to meet with Poland, okay?
The ally we're hoping is going to stand up and say, you know, if Russia starts to make a move, we're going to fight him in the streets. Uh-huh. Uh-huh. We sent over Kamala Harris.
GLENN: Let me just give you one of the super, super highlights here.
She was asked about the refugee problem.
And you know how tragic that is. Especially if you're over in Poland. Not a laughing matter. And she knows it. Here it is.
VOICE: Is the United States willing to make a specific allocation for Ukrainian refugees? And for President Duda, I wanted to know if you think and if you asked the United States to specifically accept more refugees.
GLENN: President looks at her.
KAMALA: A friend in need is a friend indeed.
GLENN: I don't know how to answer.
Okay. So this is not going well. This is not going over well.
People -- yeah. People didn't think that was very respectful, when you're talking about refugees, and people dying. That she clearly didn't have an answer. So she just laughs. You go first.
You know, a friend in need is a friend indeed?
STU: What does that even -- how does that apply?
GLENN: That means, I need you. I need you.
You be my friend. Be my friend. You about it first.
STU: So --
GLENN: Either that, or it's -- either that, or it's some sort of weird, hey, we're going to be your friend.
You're in need. We're going to be a friend indeed. Refugees.
I don't know.
STU: I feel like she has multiple conversations going on in her head. Like, there's a totally different reality there. And she's responding to things that no one else sees.
I don't even know -- thank you, Kamala.
GLENN: This is. You know what, if I may. If I may.
I think this is appropriate.
Now, some may think, Glenn, that's not commercial. You shouldn't do that. But I think we're in desperate times. So if I may. Dear Lord, please.
STU: I don't.
GLENN: Please protect Joe Biden.
I know. I know. I know.
Please, he's old. He's sickly, he's losing his mind. You know that better than I do.
But please, Lord. Even if he's a dictator for 100 years passed. Keep him alive.
STU: I don't know.
GLENN: So we don't have to have Kamala Harris as our president.
STU: It's hard not to feel that way.
GLENN: Hard not to feel that way?
I question you as a human, if you don't feel that way.
STU: But, I mean, you can't -- how much better is Biden.
It's not like he's doing a good job in comparison. Of course, we want him --
GLENN: Can you imagine her as --
STU: I don't think either one is a good choice.
GLENN: Okay. She's up on Air Force One. DEFCON one.
She's got to turn the key, okay?
And they say, Mr. President, turn your key.
Will you give approval to this? And she goes.
I didn't. Looking around. Good heavens. I mean, at least Joe Biden -- at that point, something that critical, would have the wherewithal to go.
STU: I disagree. I think he would probably drool on the nuclear football and disarm it.
GLENN: Wow, are we screwed!
STU: Yes. We are screwed.
GLENN: Hey. Aren't you glad we're back to normalcy?
Seriously, I'm so proud of everybody, who looked at those two candidates, and went, that guy tweets a lot. And I don't like the way he talks. I don't like it. I don't like it.
Sure, things seem to be going very well. But I don't like his Twitter behavior.
These guys are employing to bring back things normal times. They're going to restore sanity. Thank you for that.
My children and my children's children thank you for that.