Updated

This is a rush transcript from "Glenn Beck," March 23, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: I have been covering the government's new way to help authorities identify domestic terrorists. A new report put together by the Missouri Information Analysis Center warns that militia members most commonly associate with third-party political groups.

There's been an update today. The Missouri Department of Public Safety has issued a letter just moments ago before we went on air, saying the report should have, quote, "made no reference to supporters of Ron Paul, Bob Barr, Chuck Baldwin or any other third party, political organization or any other candidate."

They're going to edit the report, you know, deleting these references. But I don't think it's going to be — I don't think it's going to make a difference at this point.

We have Ron Paul on with us now, a dangerous, dangerous man. Hello, Congressman Paul. How are you?

Video: Watch Beck's interview with Ron Paul

REP. RON PAUL (R-TX), FORMER PRESIDENTIAL CANDIDATE: Hello there, Glenn. Good to be with you.

BECK: Are you now or have you ever been a member of the Libertarian Party?

PAUL: I have to admit, yes. I was —

(CROSS TALK)

BECK: Well, the good thing is you don't have a Ron Paul bumper sticker on the back of your car, do you?

PAUL: I have one of those, too, at home, at least.

BECK: All right. We're tracing — well, wait a minute. We know exactly where you are. Just hang out and talk with me a few more minutes, my friend.

Let me ask you this. We looked up today, and we couldn't figure out why Missouri was putting this whole report together because nobody has been killed in Missouri by a militia member. There was one that I think — where did we find it, in Michigan? And it was an alleged militia member. Yet, ELF has done unbelievable damage, 2,000 crimes since 1979 and over $110 million in damage, but nobody seems to be looking at radicalized terror groups like ELF. Why is that?

PAUL: Well, I guess they're in charge and we're not. Sometimes I think, you know, when they attack anybody outside the mainstream means that if our conclusion is correct, that both major parties are about one party, then they want no opposition whatsoever.

But those who are in charge of this must have liberal leanings if they never addressed any liberal groups that commit violence. So it is a pretty good question or pretty good point. Hopefully, it will wake up more Americans to what is going on.

BECK: I mean, we called the FBI. The FBI has four ELF members on their most wanted list — four. But there's not a single person from a militia. Congressman Paul, do you believe this is some sort of a setup? I mean, why all of a sudden the interest in these militias?

PAUL: Well, it may be a backhanded compliment, because a lot of us have worked real hard to change our government. We have addressed the subject of sound money and foreign policy and limited government. And you know, we even mentioned the Constitution.

And if you have too many people believing that way, we challenge the status quo. So I think if they see us as a threat, they may come out with these tactics to try to demonize us. So it's best to look at it as a more positive thing.

BECK: OK.

PAUL: And interestingly enough, you know, we are having a rally out there in St. Louis, Missouri coming up this weekend. Maybe it had something to do with them. Maybe they wanted to discredit what we were trying to do in St. Louis.

BECK: Well, there were 5,000 people in Orlando, Florida. There was a big rally, I think, in Lexington, Kentucky with a couple of thousand people there. I mean, there is something going on and it is not being organized.

I mean, I want to have the people that organized the Orlando rally on — maybe on tomorrow. They're four moms. They're four mothers. They're just like, "I can't take it anymore."

I have to take a break, but when I come back, I want to talk to you a little bit about what is it that the average person can do that could actually wake Washington up? Is there anything that will wake these clowns up? Coming up.

(COMMERCIAL BREAK)

BECK: We're back with Congressman Ron Paul. Sen. Gregg said that the United States is going bankrupt and that Obama is going to bankrupt the United States of America. Do you believe that, Congressman?

PAUL: Not quite, because I think it's already bankrupt. It's insolvent. We couldn't pay our bills. The official declaration hasn't been done yet, but we couldn't pay our bills, everything that we pretend we owe.

There is no cash flow to pay for all the bills. If we sold every acre of land in this country, I don't even think we could pay our bills. So yes, the bankruptcy of America is here. And I think this financial crisis should lend itself to our benefit in that people will become outraged and maybe demand some changes here in Washington.

BECK: When you say we can't pay our bills, what does that even mean? It doesn't affect people that they realize now that the new number is $116,000 for every family of three, $116,000 — every American family now owes.

People just think, "Oh, we're not going to have to pay that. It will just roll over into something else."

PAUL: No. If you can't pay your bills, you have to go out and borrow or work harder and everybody understands that. When a government can't pay their bills, they don't have the money. The tax revenues are going down. The bills are going up. If we don't slow up on the spending, we quadruple the amount of spending.

But they have a printing press and they print the money. People still have a trust in the dollar so they pay the bills that way, which is deceitful and wrong. And this is why I think — go ahead.

BECK: Well, I was going to say, the thing is — I mean, if you saw last week when they started monetizing our debt, which, America, means taking an IOU from one pocket, giving that IOU to the Treasury, the Treasury prints $1 trillion, then hands it to the other hand and says, "Oh, my gosh! Look at the money. Oh, can we borrow that?"

I mean, it's crazy talk. Gold went up like $78. That was people freaking out. But what they will say is the rest of the world is in worst shape than our dollar is. And so we're fine. We're going to be fine. Everybody else is going to collapse before we do.

PAUL: Well, that isn't the case, but this is an opportunity for us, because for a long time, I have been saying we need more transparency of the Federal Reserve because they were creating the bubble.

We could have prevented this. But they didn't listen. The crisis has come, but now, people are much more alert.

BECK: OK.

PAUL: And they are saying, yes, it makes a lot of sense. So we do need to know what the fed is doing and that's why the support my position on transparency.

BECK: So what is it that we can do? What is it that actually people in Washington fear? Because I don't think they fear anything. They don't fear a scandal. They don't fear anything.

PAUL: They fear truth. If the truth comes out, they can't handle that.

BECK: What can the average person do to let the people in Congress know, "Hey, you work for me"?

PAUL: Everybody's job is different. It might be running for Congress, supporting candidates, calling their congressmen, doing whatever. In my own little way, for these many decades, it has been dealing with the monetary system because I thought it was the big issue.

And I'm working right now on a precise piece of legislation, HR 1207, which would demand that the fed open up their books. They have not had to do that. They are protected by the law. So that is something I can do. Others could help me if we could get to Congress. The people want that.

BECK: HR 1207. Congressman, thank you very much.

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