Learn more about your ad choices. Visit megaphone.fm/adchoices
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Welcome to the podcast. It is stew how Glenn is here today talking about a lot of stuff, including Bernie Sanders praising the incredible economic miracle of chinese capitalism. I don't think he meant to do that, but he pretty much did we talk about the bizarre shirt Glenn was wearing today, and I the visual thing, but man, I don't even know how to explain it. You just have to we also have. The updates on the debates today is the last day for that's to get into the next round of debates will tell you who is going to make it who's not and Get into that as well, Glenn goes into modern monetary theory. This is the idea that you just kind of print your way out of Thing and we go into the details on how bad that actually would be for our society. Omar is in the news. Her relationship issues are are significant, and it's not always just about the actual relationships in her personal life. It's usually a lot deeper than that. We'll get into that as well. Don't forget,
By the way you have a chance to see Glenn Beck live. Christmas is right around the corner, just a few months away Christmas stories Glenn Beck. The tickets are almost sold out, go to Glenn Beck com. If you're going to be in SALT Lake City December, seventh is the date Christmas store. With Glenn Beck tickets are available now at Glenn Beck DOT, com. Now you tell me what's wrong: here's Bernie Sanders Audio of Bernie Sanders. Yesterday trying to praise Communist China, what we have to say about China in fairness to China and its leadership
Is if I'm not mistaken, they have made more progress in addressing extreme poverty so that any country in the history of civilization, ok, Bernie uhm. I think you I do not think those words mean what you think it means What he didn't talk about was that it is the free market principle. The China it started to enact that they got from US He wasn't communism, never before history of so many people escape poverty in such a short time in the past decades, in China, okay, According to the official World Bank figures, the percentage of extremely poor people in China in nineteen eighty one was eighty eight three percent by two thousand and fifteen. The only point seven percent of the chinese population was living in
Extreme poverty now wait a minute. Poor people in China fell from eight hundred and seventy eight million people to less than ten million people said one thousand, nine hundred and eighty one. Now what happened? What happened. Well, under MAO the state had you know, an independent grip over China's economy. Happened over the last few decades can be summed up in a couple of sentences: China in race the tenants of a free Market economic system. It who is private ownership, Gradually reduce the influence of the once all powerful state over the chinese economy economy now They are still communist Ann still state controlled, much of it but
You also have these independent companies, these companies that are not collapsing, these companies is run by the state, are collapsing. As we pointed out earlier this week, China had to print. Fifty trillion dollars fifty trillion. Half of that way, right to the state owned companies that are dying, this they'd still plays a major role. The it is it's free market capitalism. After The death of MAO and the death of communism Yeah they give you this story, Bernie, here's, here's another story for you, tell me if this sounds like communism or celebration of capitalism, quoting the story.
It was no surprise. The crowds of China's first Costco location would be big, but the company wasn't prepared for this the photos of The opening of the Shanghai location of Costco painted a clear picture of the reports coming out of China, which said, day. Luge of shoppers clogged up parts of the store and built up fake on roads right outside of Costco, resulting a three hour: wait for a parking space, shoppers crowded the meat department which included the Costco Rotisserie check in in the food court, elbows and arms were thrown in every direction, as customers attempted to pick up various items the sheer amount of people forced to show the store to shutdown hours early and
This message to members reportedly read in part to provide you with better shopping experience. Costco will spend business in the afternoon. Please don't come now. Why were they there? Well, the deep discounts that a cost Membership gives you. This is something spectacular in China, The usual items offered the first time: customers of the Shanghai location, had discounts also on other luxury items. The South China morning Post reported that you could get product. Bags and MCM leather backpacks. There's also reported and Ur Maze super popular Birkin bag available. We don't know the prices of it. Even if you did manage to get a big ticket item, or even something smaller on a smaller scale such as food
check out, was a nightmare. If you manage to wait the three hour wait to get a parking space. When you got the parking base. You were warned that it could take two hours just to check out. All in all, Costco managed to stay open until one hundred and forty pm five hours after it first opened now, it's a Costco we have them everywhere: they're great but are you waiting five hours to buy something at Costco now now. So is it Communism Bernie that has
Everybody excited and is lifting people out of poverty n, and if it's communism, how come it didn't work? Under MAO, what changed these people are crazy, truly, truly crazy! You know there there are times there are few days that I can recall. In a in every broadcasters, life there's a few days where you're like wow, really I mean it things happen that are so crazy. You can't believe you have to tell the american people about them. Let me give. One this week, while listening to Barack Obama talk about the dangers
of a rising ocean due to climate change, you're listening to maybe his clips or you're lucky enough to be able to get on Line and listen to his speech, while he's giving that speech, it's announced that he bought a fourteen million dollar beach from home on Martha's vineyard. Now I don't know if you have an awful lot of credibility if you are giving a speech about how all of our beaches are going to go away and there's flood I'm coming in well, the islands will be gone and that today, you're buying a fourteen million dollar beachfront home. That's one of those days that you're, like, I can't believe I'm. I can't believe I have to say this. I can there were some people out there look cool little Luna Moon. How about this? One
in a life of a broadcaster where you have to say, hey by the way, I'm just to let you know that yeah Hillary Clinton Clinton kept a private email server with classified government documents in a closet in her bathroom for for more than five years She wipes all the hard drives, while under investigation and this week. It also looks like the FBI knew about this huge, stack of really really vital documents and they didn't look through any of them. That's when you look back in your life now Bernie Sanders praising China about how they're lifting people out of four out of poverty while they are building concentration camps, really build. Are you serious today
He is truly one of those days. This week we've been focused on key economic issues. Our two. All we've been explaining what is happening. What is coming use in common language, not talking trying not to talk over people's heads. Trying to make everything understandable, because no one on tv will my then we looked at the economics. System. The situation in which we find ourselves the long day easy chain of crazy, progressive ideas that have been going on for a hundred years. Who is wrecking the economy. Well, The answer was all of us. We looked at the War with China. We were the fact that China has created more than fifty trillion dollars in off balance sheet currency using more than half of that to buy up us S and western nation equities, in other words, they've taken about fifteen
billion dollars and put it into our stock market. You want to talk about it: a death spiral. Yesterday we looked took a deep dive in recessions. We told you how government intervention to prevent or reverse recessions creates distortions, the economy today. Well we're going to To look at a leading proposal for financial policies that is happening, right now in Washington, and when you hear it it's one of those days for a broadcaster where I can't believe I actually have to explain to the nation why just unlimited printing of money with nothing to back it up is a bad idea. Bernie Sanders Elizabeth Warren, the squad Bob Francis O'Rourke, all of them.
Are now saying we can do that and they're calling it a modern monetary theory. It's not a theory and I'll explain: at the top of our two, the next hour on this broadcast. You don't want to miss it, but I want to. I want to go to. I want to go to a story where you are seeing them this one from the Washington Post today, where seeing these candidates now say we can print limited numbers of cash because we want to promise everybody certain things and as three, this story in the Washington Post today. I thought I've seen some place else that that guaranteed to those other things- and I look to one of the producers- I said, could you print the Soviet constitution out for me, because I think the that's where it was wait. Until I read the soviet constitution to you or port parts of it, he
and if you've read it in the past, you won't believe? How close the Democrats are? loading the soviet constitution. That's how far we've come all right. I want to talk to you. Let me start with Bernie Sanders again now. This is a story from the Washington Post Washington, post. Two thousand and twenty Democrats have embraced seemingly every big left wing economic idea, except this one. I will explain. Bernie Sanders, says The Americans should be concerned about the rising federal deficit. Do you think he means that? Because I don't, I don't think he means that at all uh with Warren, has detailed how she would raise enough noon to tax revenue, to pay for her proposals for universal child care and.
Free college for everyone. Do you think she cares? about the deficit. More Bernie Sanders but not enough to stop her from these crazy proposals. Long shot. Candidate Andrew Yang, who perhaps is best known for the memes around his candidacy. Has called for a broad based consumption tax to finance his signature issue, of universal basic income in a day, credit presidential primary says the Washington Post where candidates Champion many ideas once relegated to the far left of american politics: a federal jobs, guarantee forgiveness of student debt, reparations for the descendants of slaves, Is one left wing economic position that no has a spouse, and that is idea
modern monetary theory. Okay, that's not true. Washington, post. It argues that the US government can never go bankrupt and therefore does not need to raise. Tax revenue to fund spending initiatives, Mmt supporters say it's a mistake to push for lower deficits, because that risk contracting spending an as a result, slowing economic growth. So what they want to do. Is they They want to make sure that you have ever have a recession, you never have problem with anything like losing your job, because the government will just keep things going now I want to go through for their proposals an next hour, I'm going to show you where they are quoting the modern monetary theory, so the wash
in post doesn't know. It's ask from his elbow on this, because I can find the quote in one Google search Google hasn't trapped us out of that information, yet so they are proposing this. But I want to show you what they're proposing it for, and I it. I think we should compare it to the Soviet Union. Now let just give you eight a universal truth: it's not a theory. It's truth. We've talked about Machiavelli. I think that's how you pronounce his name. He was he was Stalin's economic advisor. And Stalin said hey, which is better capitalism or communism. Now. I know what to say to Stalin. Oh communism, sir.
He thought Stalin was looking for an honest answer, so he goes back. He takes several months and he comes up with cut. What's called now the kondracki of wave, which is there, is a ring or green shoots, new ideas sprout up, and then they start to create this grade. Hanami, and then we get into summer, where everybody thinks it's can never end and then fall comes he starts saying: wait. We got a bail everybody out, he said, but capitalism doesn't the Soviet Union bales everybody out, and so they let the failures, fester and eventually it sucks everything down, where you just have to realize fall and winter or part of the cycle which will lead to spring. All that all that stuff. Best of the Glenn Beck program hey it's Glenn.
And if you like what you hear on the program, you should check out Pat Gray unleashed his podcast is available wherever you download your favorite podcast this week, we've been talking about economics an what is happening in our country. On a Monday, we looked at our economic system and situation. And exam. The long daisy chain of just stupid policy decisions that go against logic dating one hundred years, both Republicans and Democrats. There the next day the trade war with China, China, this created more than fifty three dollars just printed. Fifty a trillion dollars? So you all the money in the world from every country, all the currency just piled up, is sixty trillion. China just printed fifty.
Talk to you about the importance of America and how the rest of the world is truly depending on us. We looked at recessions yesterday today. I want to talk to you about How politicians are now saying we're going to pay for everything because they're proposing all kinds of stuff free universal? care got it free! Unlimited abortions got it free college, got it guaranteed jobs for all the new Green deal: free phones, free internet, cars, free housing, everything seven a trillion dollars in, New government spending over the next ten years brand new. So that's that's not counting. All the spending were doing on top now, how we're going to Well, there's this new theory and it's wonderful, because it's very modern- and you know. It's modern when it uses the word. Martin modern,
the modern monetary theory? It's MBTI, here's what it says governments never need to worry about taxes, they. Need to worry about budgets and they never Need to worry about deficits, because governments can print as much money as it ever needs to spend two full employment, zero budget shortfalls, unlimited sit, bending capacity against any need, want or desire, if the guy and says you know what we should have, that they can print the money. Now. Does this sound logical to you in any a shape or form. You need to know about Mmt, because it represents the newest brightest thinking. Among the liberal intellectual elites, an academics, it was first proposed, by an economic good,
Warren Mosle are in the mid. 1890s. It is now full. We embraced by the left And you have some candidates talking about it, on on, Campaign trail, but one of the leading guys who is an economist at Bard College, said quote It's not easy to move people overnight. It's very difficult to communicate these ideas in a way people can understand, but what's more, is it. The conversation has profoundly shifted. We're now talking about big, bold policies that everyone just to say we're pie in the sky. Does that sound like Elizabeth Warren, we're talking about something big and bold, and what they're talking about is uh. They handing everything the world has learned about economics and trying this new theory now
you know it's crazy about this new theory is. Why hasn't anyone ever thought of it before I mean it seems so simple if the government wants to buy something, don't raise taxes, just print more money, and that seemed great, This theory of finance is so new as we M M T, is being modeled and taught at Harvard Boston College. U S c n m. I t, Traditional models of government financing place the the power of the purse, in the hands of the people, because the government has to tax and it taxes to get its income. So it takes your income and you have the control nob on government spending because
Do you can vote them out of office? You can say no we're not doing this. Now. I'd like to point out that we haven't been very good at regulating, Which is probably why they're now saying we can spend anything. Mmt reframes the refrains the way in which governments participate in economies. It completely divorces, government budgets and spending from the private economy. So rather taxing or borrowing from the population for its income, the governor, has an unlimited budget and it that unlimited budget in its own discretion by just printing new money anytime, Current leaders determine
there's a new need for spending, and there you have it mmt, completely new modern way for governments to have unlimited budget, so we can have whatever we want and never pay for it. Oh man am, I reminded of the Kipling, poem gods of the copybook headings and we had plenty of money, but nothing our money could buy. I find this US sounding in its stupidity? So let's look at modern monetary theory, because it Riddled with logical fallacies and Pleat fails even just a just a quick glance, an examination. So, let's start here
There's nothing modern about modern monetary theory using the word modern to describe it. Simply resurrects and masks the classic con how to give a meant spending power outside of the will of the people, it's by generating accounting units. Now this is really important. What is an accounting unit an accounting unit? Is money, currency, currency. Give that accounting unit value by Lee. Gold declaration. It's worth something, that's fiat and this it can only really be maintained by a monopoly through the use of force. There are literally dozens of historical examples of governments using their self granted authority to print FIAT currency to pay their bills, for example,
I want you to know. All of these have met with financial disaster, but here are view of the most noteworthy the very first paper: FIAT Currency in the world was cream it by the Tang dynasty in China. It was during the 17th century ad merge. These were order under ordered under penalty of death that they had to accept this new modern currency in trade for goods and services. By thirty Fifty four the currency had reached a state of hyperinflation, such as Marco Polo was paid a single suit of armor from a local Lord, with eighteen chests filled with valueless paper chinese currency. In the 18th century, France the Duke of Orleans and Scottish economist John LAW found
the found the bank did general and they issued paper currency to. A off more than three billion dollars in government death debt after the death of Louis, the fourteenth. Within five years inflate, and had reached twenty three percent. Per month, and then fifty five percent per month. Eventually the hyperinflation had bankrupt the entire country, and it led to the french revolution, but don't worry about that. Following world war, one Weimar, Germany faced billions in war, reparation payments. Well, some of his trying to rebuild its own infrastructure. They didn't have the money face: in the same default versus inflate the dilemma? They thought you know what we can FIAT Currency, Germany chose to just print paper currency to repay its debts. The result was what,
million percent hyperinflation, the government was was printing. Five trillion dollar mark notes. Within two years, a dozen eggs in Germany cost eight billion marks the reason Lincoln Ave crash in depression led to the success. The National Socialist Party, because once you have a crash, you have the opportunity to What is socialism because socialism promises to pay for everything and in that Socialist Party was a crazy man called Adolf Hitler. The other examples justice state of The confederate states of America, World WAR, two France, soviet Russia? Perot's, Argentina, Communist Vietnam, modern Day, Greece, Zimbabwe, Venezuela, do we need to go on literally every time
printing press has been used as a means for government to pay for expenses. The result has been hyper. Inflation and eventually currency default and total financial collapse. There are, Let me count them again: zero historic examples of governments using FIAT currency for deficit financing where the FIAT currency doesn't end up valued Again at zero: this is the best of the Glenn Beck program,
hey it's Glenn, and if you like what you hear on the program, you should check out Pat Gray unleashed his podcast is available wherever you download your favorite podcast. Salon Amar Amar Amar. My husband was sleeping with the harlot from Minnesota. Why? I just never seen anything like it. My husband was being paid lots of money. I don't know if it's for his performance 'cause. He is rather robust in bed, but he
fast his love for the LAN mom that story, and What's behind it in one minute, hello, no more so the horse papers have now been follow up been filed in Washington DC and the wife and mom says her political consultant, husband left her for representative Ilhan Omar she's, a doctor, she says, her cheating spouse TIM. My net told her in April I'm having an affair with the Smalley born US representative, I'm not going to tell you who but she's Somali born she's, a? U representative.
She's from Minnesota- and you probably can't figure it out, but I love her. I love her. He told her and then he did stir what do you say to I, like your good, the character that is hi dive, never heard the person speak and I kind of like the way you've made him sound I'm sure that's how he sounds. Why, though, there's no real reason nude, it's good. He sounds like the guy. Who saying a lot Omar in the song, which I don't know that I don't know I'm incidental, I'm in love with Elena Mark, but I like it So anyway, so she's the position she's fifty five he's thirty eight that has nothing to do with it. Now has nothing to do with it. Fifty five,
I always wanted. When I was a teenager. I said I want to be married to a fifty five year old woman. So it's a dream come true, but has nothing to do with that so they have a thirteen year old son together, and he works as a left wing democratic supporter. He is, he works now for Omar, oh yeah, I'm working for it. He works for Omar and he also coincidentally, work for Keith Ellison, which is what a coincidence no seriously? So those are to you know, socialist, run in packs, and they they cool the same resources and if you're were did Lee stealing money or allegedly doing something. You know
on the side. I don't know what you're talking about I'll just love her. You have to get creative and you have to make connections without chocolate bar he sank from the what's it's a face. The the the young Turks, genocidal people that killed one point: eight million innocent citizens- it's a well known any organization named after that yeah, okay, without without a chakrabarty sank, wouldn't have been able to co Justice Democrats and without those to AOC's boyfriend would have lost out on thousands wait a minute. Now There are two socialist that I've been keeping my eye on. You know. One of them is a squad. Member Eli. And the other one is the former congressman turn Minnesota. The Minnesota attorney General Keith Ellison, it's kind of creepy, of
number of things they share, including oh yeah, including Omar's, new squeeze. Well, I just don't know why you keep referring. He is a squeezed, though, isn't he they've both represented the same district? They both had tax problems. They both had campaign finance problems. I know it's shocking that all these socialists are having tax problems and campaign finance violations I hate that stuff we've covered omars tax and campaign finance problems at length, but it's curious how her predecessor, Keith Ellison, was busted for exactly the same problems, well, Keith Ellison didn't marry his brother, that we know of anyway wouldn't when Ellison was state representative, he was busted for having twenty five thousand in unpaid taxes, Omar gotten
help for filing joint taxes with a man that was in her husband, her brother Ellison just didn't pay any Omar was caught using campaign funds for personal use, but several earlier the attorney general now of Minnesota the same state now that Elon Omar ran in sued, Ellison twice. Campaign finance violations they each apparently have the same love in their life. They love cheating the IRS. They they love bending campaign, finance laws and they're, both in love with the same man TIM, my net Elana Meyer, Last week the daily May daily mail released, the video of Omar is actually a couple of weeks ago, exiting the restaurant in California, with TIM, my net, and they were talking about how they were. You know there is an ugly and their noses like Eskimos cultural appropriation. They were,
ling hands. They were acting like a couple and it doesn't matter hear about any of this. They do care. If they want to, you know they want to romp like little bunnies. Let him I don't care. What I do care is. The smoke is covering what I think is the real fire and it isn't the fire love. My net has a work history that shows he's a current partner at a progress. Strategies, company called E State ST group. Now what do they do? Well, I don't if you go and look up progressive strategies and E street group come to a website that has a single page. That tells you nothing it does Even have a contact there's no way, it doesn't
an email address or a phone number, nothing. He just says the new clients by referral only. So. In other words, you got to know a guy 'cause. I know a guy. You know a guy, I know a guy. You can put you in touch with these guys. Okay, so I don't think worry too much about advertising? You know for new clients, because he has hit the mother with a lot of MAR Since aligns already been doing for campaign finance violations, we decided to check out the Fec records to find out if there was any unusual activity between Omar in my net. Well, my campaign has dished out over
quarter of a million dollars over the past twelve months to her new alleged boyfriend. Right I mean you think I like chicks from Somalia and now she's got cash uh huh. Now here's the weird thing I mean: if that wasn't weird enough, he he gets paid in multiple five figure: payments single bump. If you look at February this last year, twelve thousand dollars, they wrote a check to him on the seventh fifth Teen thousand on the 19th twenty four on the 21st, and the payments include everything from absolutely vague all descriptions of consulting to travel expenses,
in four thousand dollars where, where we go in the moon now. You know, maybe my internal clock is a little messed up, but but isn't it two thousand and eighteen election over, what should what could she possibly be? getting from this guy. You don't want to know what could she possibly be getting this guy, where she's writing two hundred and fifty thousand dollars checks? Is it possible. Now this year, ELO Mar raised about one point: four million. That means out of every thing that she has raised she's. Given him one slash four. Everything usually you know, you'll get a bonus or you'll get paid percentage, but it's not twenty five percent, but I could see giving.
Him. You know that kind of money. If you know he he, race, ten million dollars, but one point: four, the math doesn't end, but it doesn't add up, and this kind of spending is unusual for congressman specially freshman congressman. If you look at Dan Crenshaw, his Fec filings hasn't spent more than one thousand six hundred dollars for a single payment the entire year. There is one entry for fundraising consulting. He wrote a check for one hundred and thirty dollars. One hundred and thirty dollars MAR spend a quarter of a million to one guy. I'm going to go out on a limb and say something weird. I mean that's a lot of exotic oils or I don't know
I'm just saying quarter of a million dollars now before my net med, He was employed by Keith Ellison. This is the democratic congressional campaign, committee labeling might not as Ellison's main point of contact and his national finance director. Now it's really weird my not when you look at his resume. Doesn't reference Ellison at all. You look at his Linkedin page Mill Dup Keith Ellison. Well, I have no idea what. He was also while he was the campaign finance director for Ellison. He was also the head of his own company, the mine at group and, like you, Omar Allison pays this guy a lot To my net was Ellison's third highest paid expenditure over the past two years. One
one hundred and seventy four thousand dollars in twenty eighteen. This seems like a wreck, a racket. He's Fec filings, look identical to Ilana, Mars, nine thousand dollars payments. Every month, In all the way, back to twenty fifteen in twenty fourteen, Ellis in paid my not ninety. Thousand dollars- and this was during the same period when my net was working for at on Ellison's staff. So is there Racket going on here with with fundraising consulting, is this big business. And if it is a racket, what's going on.
There's a lot of money that is changing hands and this money they've tried to hide this money they put in these in these you know: what do you call him stew, those front? You know the packs
the money came from a pack, so you give your money in your like. I want to give you a lot of our money and then you're like I want to give her even more, but the law won't. Let me so. I'm gonna give it to a pack that packed strangely, is the one that is paying his salary. He works directly for the Congress woman how's that working something is wrong with the lawn Omar. Something is wrong with Keith Ellison and TIM might not. I'm sorry me he might be okay and bad. I don't know, but that's not what's causing this love affair, there's something deeper deeper,
Deeper well, we will go there deeper into their love affair, to find out. What's going on, you're listening to the best of the Glenn Beck program, hey it's Glenn, and if you like what you hear on the program, you should check out pad great on leased. His podcast is available wherever you download your favorite podcasts. Are you interested in hearing the new update to the Biden, gaffe montage, which continual I I don't even faster than you and I this is a, and that is saying something 'cause. My waistline is expanding like crazy. Do we have enough time for this sort of make sure we just put a short clip,
Can we get a ruling from the time? Am I looking to find gap, montage, and the other thing we should do, is you should challenge these students? We should challenge tunes in these. Schools have advanced placement programs in these schools. We had this notion that somehow, if you're poor, you cannot do it for kids are just as bright and justice. Towels white, kids, black kids really mean but think how we think about it. We choose unity over division, we choose science over fiction, we choose truth over facts and so folks, if you're interested in joining me, I could use the help because it must much defeat this president.
Is it trajectory in this country when the kids from parkland marched up to an I? I I met with them and then they went off to open the hill. When I was vice president, they went off the hill to go into those neighborhoods. All those congressmen were like. No, I'm not here, I'm not here. I don't know just like in my generation when I got out of school, that when Bobby Kennedy in Doctor King had been assassinated and the 70s, like seven now got engaged frankly friend she's a friend she's been my friend in and out of public life. You never forty kids shot Kent State on a beautiful, warm bath, a lot but national guard. We should set up a system, as I propose which we I will, if I'm elected president that allows the folks at Hh the folks that health and the health Department in United States Hs right, huh. That's the latest Alaska. This is there we're adding like two of these a day. It's
breezy yeah. It's all those well aware, just from the last few weeks on the campaign trail yeah, we make sure to not include the of the old school stuff that you know so. Well, it's getting the point that work time you know. Bite in his life was, as always, been sort of a fun gaffe machine, and some of these just are starting to get sat. But there is it there right, really they're making a high you'll never sent us about with his gay f machine? I just always thought he is just unhinged. Blaze radio network on demand,
Transcript generated on 2019-11-07.