This is a rush transcript from "Glenn Beck," November 17, 2009. This copy may not be in its final form and may be updated.
GLENN BECK, HOST: Tonight, I want to talk you to a little bit about un-sustainability. It can't go on this way. It's our debt, the dollar, your money, your children's future, the deficit.
I want to show you this here so you have some framework of what we're going to talk about this hour. We are now at $12 trillion — $12 trillion. But just so you know — that's our national debt. It's like a credit card. It's the accumulation of the deficits. It is at $11.99 trillion, we rounded it to $12 trillion.
And if you think that I'm bashing President Obama, you're wrong. A lot of this came up under George W. Bush. Our national debt — the credit card that we had in 2002 was $5.98 trillion. We're almost at $12 trillion. We have doubled the debt in 7 1/2 years, from $6 trillion to $12 trillion in the blink of an eye.
But let me ask you this question: How long did it take to get the first $6 trillion? Do you want to guess?
The first $6 trillion — we go back to 1995. Yes. No, I don't know why I stopped there. Or, you know, here it is. Here it is — the Reagan years, it had to be there, right? That we spend all that money?
1968, the Great Society, that would have been great.
1945, the end of World War II. No, no.
How about 1930, the Great Depression, huh? No. And I'm out of chalkboard. Can we get some tape? I want to — hang on, this may take a second.
All right. So, we have — it's taking a long time — right now, the producers are, like, he's in the dark. Get some light on him! Really? I look better in the dark. Ask my wife.
All right. So, it's not here, because this is about, what — I'd say this is about 18 — maybe 1865, you know, right around the end of the Civil War. Nope, that's not it.
How about — how about here, you know? Maybe — maybe in the Thomas Jefferson years? No. Nope, nope, not even in the Thomas Jefferson years.
No, it's crazy. We've got to go all the way back. We're going to stop in 17 — I guess I can't even do this — we're going to stop in 1791. 1791 is where we have to stop. Now, that's not the founding of our country — no, no, but this is our first debt, the actual founding of our country was a couple years before, 1791.
Follow this: 1791, 1800, Civil War, turn of the century, the Great Depression, World War II, the Great Society, Ronald Reagan, 1995, 2002 — and we still weren't at $6 trillion.
Now, follow this with me. Watch this. This should blow your mind.
Here we go. Where we estimate it to be next year? Fourteen trillion dollars. That's progress for you.
These are credit cards. We're spending ourselves into oblivion. There is going to be nothing left.
I want to show you a video, something that somebody sent to me last week. It's from CNBC. I don't know, this guy — I don't know anything about this guy that's being interviewed. We did some checking on him and I'll give you his bio in a second.
He's not crazy. He may be wrong but he's not crazy. He was on CNBC's Asia squawk box. I was dumbfounded by this interview because the host didn't say — wait, wait, what? I have never heard anyone on television say this before.
(BEGIN VIDEO CLIP, CNBC)
DAMON VICKERS, MANAGING DIRECTOR, NINE POINTS CAPITAL PARTNERS: Oil looks higher, gold looks higher, currencies look weaker — all for the reasons that we talked about before. I mean, you've got huge wage disparities. I don't know how that inevitably resolves itself. It may resolve itself in some type of a global currency crisis.
And then, if the global currency crisis unfolds, then, inevitably, you get, I guess, an alignment under a global government, a new global currency, and a new world order. So, we may be moving towards that.
HOST: Talk a little bit more about this currency crisis you see erupting. What does that assume about what's going to happen to the dollar?
VICKERS: Well, it assumes that the dollar will utterly get destroyed and become virtually worthless.
(END VIDEO CLIP)
BECK: I can't — I can't take it! I can't take to it. Well, talk to me about this currency crisis. What does that — did I hear it wrong? Play just a little snippet again. What did he say?
(BEGIN VIDEO CLIP)
VICKERS: If the global currency crisis unfolds, then, inevitably, you get, I guess, an alignment under a global world government, a new global currency, and a new world order.
(END VIDEO CLIP)
BECK: That's not good. The guest just said that the dollar would collapse and replace with some sort of global currency.
I mean, have you checked the front page of "Drudge Report" today? China is saying, "Hey, America, you really might want to rethink that whole health care thing, it seems pretty expensive." That is our bank! That's like your bank calling up and saying, "Hey, by the way, I think you guys are spending too much money, that's a pretty big house." If this bank doesn't give us any more loan or if we burn this bank, there is nobody else left.
A one world government, a new world order — and the host doesn't even flinch. Apparently — apparently, that's not even shocking to anybody anymore, or they're not listening.
On the scales of insane things, I just want to show you what we skipped past. Ready? Look at this.
Put it up here.
We're in a recession now. People argue we weren't even in a recession. We're in a deep recession. I think we're on the edge of a depression because of what we're doing.
OK. So, we have skipped a deep recession and skipped depression, even the Great Depression. We went right to the collapse of the dollar, and then he went right to global currency, one world government, and a new world order, like that.
Gosh, I think I would have said, you know, as the host, "What did you just say?"
I invited — because they're not going to do it on CNBC, I thought I would invite Damon Vickers, managing director of Nine Points Capital Partners on to the program.
Damon, what did you just say?
BECK: What did you say?
VICKERS: Well, you know, the trends that are in place are disturbing. I mean, you make great points. I mean, it's — we have a momentum, and the momentum is the weak dollar. It's something that the current administration is in favor of. Printing money is also something that they're in favor because nobody wants to face the consequences of not having to live indulgently.
VICKERS: And not only Americans, but also the government as well.
BECK: OK. This — this is — let's get this out of money talk, because this isn't CNBC. Thank you, Jesus. But.
VICKERS: Where's Maria?
BECK: OK. Let's bring this down to everybody's level of understanding. What is happening here is the government is blaming us and saying that we won't live within our means as a society, but they're just promising us this stuff and telling us, no, no, first, during the Bush years, you don't have to worry about the debt. Yes, you do!
Now, they're saying we should worry about the debt, but, oh, no, we're not even close. I look at the "Drudge Report." I look at the Web sites, the financial, I read "Bloomberg." I read "The Financial Times." You can't tell me there isn't signal after signal after signal.
Last I saw was from China on the health care. Japan said we used to be a country of innovators. Now, we're just a protection.
I mean, how come nobody — how come it's only you saying these things?
VICKERS: Well, I'm not beholden to an investment banking firm that has the honored position of distributing government paper. So, and in terms that everybody can understand, when we look at Goldman Sachs and JP Morgans, they were the recipient of so much financial love. They distribute government paper. They distribute the debt to the planet. So, of course, we had to keep those interests in check.
We've got serious problems. I mean, the debt is a problem. It doesn't seem to be a problem to Bernanke. I mean, notice his comments yesterday that he's happy to see the dollar weak and they're not all that concerned.
The problem is — as we see it — is that there are huge disparities in the cost of production for American goods versus the cost of production in Bangladesh or in India, or in Vietnam. These people make money. They get paid what, some of them what, 70 cents, $1 a day.
VICKERS: Twenty cents an hour — I mean, incredible wages. These are our servants, really. They're just living outside of the country. Yet, we also, domestically, have to employ people to produce things because not everybody can appear on "The Glenn Beck Show."
I mean, people in Ohio and Michigan actually need to do something.
VICKERS: A lot of it involves labor.
BECK: What everybody is saying now and this is what global labor is doing, is they're saying that we're going to be able to bring the world up to our standard. No, they're not. They're not — that's not possible.
What — what we are doing right now is we are spending ourselves into oblivion. It is — are you familiar with the Cloward-Piven strategy?
VICKERS: No. It sounds great.
BECK: No, it doesn't. You got to look this up, because you would — you would understand this. Look up the Cloward-Piven, the Cloward-Piven strategy. It's a — it's a radical Marxist idea that came out of Columbia University, and I'm telling you, Damon, it's being employed right now.
And the idea is: you want to change the culture in America? You want to change the government? You want to overthrow the Constitution? You don't do it with guns. You don't do it anything like that. If you want a redistribution of wealth, what you do is you collapse the system, and then it has to restart.
Well, that's what is happening.
BECK: They are overwhelming it.
VICKERS: I know there are a lot of conspiracy theories out there. I had the benefit of doing the "Alex Jones Show" last night and I heard — I heard a couple of them. And I'm not disputing that many of them may be actually true. But market forces.
BECK: You don't need them.
VICKERS: . are likely to take.
BECK: You don't need a conspiracy theory.
VICKERS: Yes. But market forces are likely to take us there anyway. The dollar is way too high and other currencies are way too low. So, what you're likely to see is a realignment of currencies. We obviously cannot.
BECK: Say this in terms that people understand. A realignment of currencies doesn't mean anything. What it does mean is, you're going to live closer to the standard of Mexico than you are of America when they realign the currencies, correct?
VICKERS: Yes. That would be — that would be accurate. Our debts are simply too huge. There is no possible way that our labor forces can compete globally on a production cost basis.
When — if you or I, Glenn, were to come up with a brilliant idea, an "Aha, I got something," something Billy Mays might be proud of, maybe we would elect to make it here, but most people don't. When they come up with those great ideas, they're electing to immediately make them those things in the Philippines, or Bangladesh or Mexico.
That didn't happen in the past. In the past, we at least had a 10-, 15-, 20-year period where we created employment in this country. As of this moment, if great, new technologies come along that innovate society, like the arrival of the railroads, that really create an adoption cycle, an investment cycle, a bull market and economic expansion, those things that we're all talking about, they're not likely to land on these shores. The benefits are likely to be made overseas in emerging markets.
VICKERS: Beyond that, we don't have anything to export. We don't have oil.
BECK: That's why.
VICKERS: We don't — we are net consumers and net importers of our food. We don't have anything to export.
BECK: How did that happen?
VICKERS: We export promises and debt. And, inevitably, those two roads shall meet. And with the weakness of the dollar on a daily basis and the breakout on gold, it may be that we're moving towards it now.
BECK: America, how does this not make sense to you? I mean, this is the way it would work in your home. How does this not make sense?
How — how is it that we're still talking about insane things, instead of doing this, instead of America having this conversation of — look, look me in the eye, will you live a tough lifestyle right now? Will you — you've got to eventually pay the debt, it's immoral to pass all of this on — would you pay and live without government freebies? You got to work. You got to scratch. It's going to mean — it's going to mean like we live like our grandparents if we do it now.
BECK: And you know what? That's fine. I will do that if my children still have an America at the end of it.
But, Damon, correct me if I'm wrong. If we don't get out of this, this thing will spiral out of control, and it will become — they'll push it up to a bigger, a higher power. Well, America is too-big-to-fail, got to make it into a one-world government, right?
VICKERS: Well, that — yes, that's exactly — that's exactly how it would unfold. You said something brilliant a second ago, which was about indulgence and about not facing the truth.
BECK: Hang on. I'm writing them down.
VICKERS: We are a society — we are a society that, I believe, for the most part medicates ourselves. Now, how do we do that? We do that with alcohol, we do it with drugs, we do it with bad television programs — not yours.
BECK: No, this is a bad TV show. Come on.
VICKERS: But programs — they dull the senses. We medicate ourselves. We take short-term impulsive fixes of buying things that we don't need, and we've accumulated so much. How many homes, how many cars, how many bangles of jewelry? I mean, we're choking on it. We're a society that has become a society where, literally, we stuff the macaroni and cheese in our bodies and we don't — we take out equity lines of credit to suck the fat out of our neck.
VICKERS: That is — this is craziness.
BECK: OK. Now, listen, I don't — I don't know about you, I don't have a problem with wealth. I don't have a problem with.
VICKERS: No. Me, neither.
BECK: OK. OK. Good, good. Because I just want to make that clear, I don't. But when you are putting it on a credit card — which is what our country is doing — it becomes insane.
I believe that we will be remembered in the history books only one of two ways. This generation and this time period, right now, we are making history. We will either be looked back on as the dumbest people ever to be on the face of the earth, the most clueless, greedy, obscene, stupid people, or we are going to be looked back on as heroes, because we decided to do the tough thing and live within our means!
And know what that means, gang. It means we're going to have our grandparents' depression nightmares, but they made it, and they were better for it.
And if you just want to ignore it, you know what? You're exactly right. We do medicate ourselves all the time.
We medicate ourselves, and just — as a recovering alcoholic, the media is the enabler. The politicians are the enabler. What they will do over and over? They'll say, "He doesn't have a problem, we don't have a problem, that's not happening." That's an enabler.
Get away from the enablers. Start rooting yourself in the truth.
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