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Glenn Beck: Who Really Owns America?

This is a rush transcript from "Glenn Beck," February 12, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: There are two things the president has been very, very clear on.

Number one, taxes:

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: No family making less than $250,000 a year will see any form of tax increase.

(END VIDEO CLIP)

BECK: OK — it even says it on the sign for the dummies: Tax relief for middle class. Well, reports today say the president is now "agnostic" on those taxes for those making under $250,000.

Really? You don't know now?

Here is another one he was clear on: bonuses — big bonuses:

(BEGIN VIDEO CLIP)

OBAMA: How do they justify this outrage to the taxpayers who are keeping the company afloat?

This is not just a matter of dollars and cents. It's about our fundamental values.

(END VIDEO CLIP)

BECK: What fundamental value is earning money legally against? I mean, I don't think my greedy capitalist parents taught me the fundamental value of remaining poor at all cost.

Anyway, the president has been consistent on that one, until a couple of days ago when he said this: "I like, most of the American people, don't begrudge people's success or wealth. That is part of the free market system."

Whoa!

So a couple of months ago, it is against our values. Now, I don't care — whatever.

He's gone from having a pay cap police to Mr. Free Market? The guy appointed a pay czar, for the love of Pete. What do you mean you love the free market system?

It's — and I ask somebody, please, in the White House, call me. I'll give you details. I'll explain exactly what it looks like. It's like
— it looks like a plant and it's a thing that just grows in. And then it opens up and all of a sudden it spits a guy just looks like Barack Obama out. I saw it in this — it was a documentary, "Invasion of the Body Snatchers" or something like that. Please look for the plants. I don't think he's the president anymore.

George Washington said that we needed to be a nation of laws and not of men. Let me tell you exactly what he meant by that, if I may. George Washington would say, "Charlie Rangel, you didn't pay your taxes. Stinks to be you. Bill Johivawitz — who nobody knows — you didn't pay your taxes. Wow. Sucks."

We don't pay attention to who the men are. We look at the law. Let me ask you: Are we a nation of laws or of men today? Is the president or our government playing favorites now? If so, why?

Well, let's take a look at who these guys are. The president said, I know both of these guys. They're good guys. But let's look at the bigger picture. Do you remember when the lefty blogs went nuts and, you know, when I suggested that we're doing favors to China because they own so much of our debt?

We're no longer looking at them and saying, "Spies? Spies? What are you talking about spies?" It's China. They're spying on us. The government doesn't even want to look there anymore.

Let me quote Benjamin Franklin. He said, "The borrower is a slave to the lender and the debtor to the creditor." What does that mean? It means, I got to do what you say if you're loaning me money. So who besides China do we have to play nice with? Let's see if the names on this list start to make any sense out of our government's action or inactions.

This is a list of the top 15 entities we owe money to, which we found on BusinessInsider.com. Oh, you're going to love this.

Number 15: Russia, they own $128.1 billion in our debt. I looked at Putin and saw deep love in his eyes. I like Putin. I looked at Putin and saw $128 billion.

Depository institutions — what's that? Banks.

Hong Kong: $146.2 billion.

Brazil: $157 billion. I mean, how did we — these are thong bikini people. How did they have that much money and we're borrowing from them?

Insurance companies — insurance companies like AIG. Gee, I wondered why we bailed them out. That's weird.

Caribbean banking centers.

Oil exports nations like — oh I, I don't know — the Saudis or — what is the little country that we went in and we're like, "Hey, we really care about you." No, no, no. The little tiny one off the coast of Saudi Arabia — Kuwait. No, we really care about you. OK, so you have that.

Now, let's see — number eight: the United Kingdom. We owe them $277.5 billion.

Here is where it really gets good: Pension funds — includes private retirement account and government pension account. So in other words, everybody's pension. That's weird. $490.2 billion — we owe them money. They have our treasuries.

State and local governments. Yes, they are rock solid. Nobody's going to sell those. I mean, the local governments, they start to go out of business, they're not going to sell their treasuries and cash those in or the pension funds or United Kingdom who's currently having to bail out their banks. They'll never cash those in.

No, no, no. Or Russia. Russia — weren't they the ones who just said to China that they should sell treasuries because now is the time? That's weird. No, this doesn't look like it's a house of cards at all.

Mutual funds — gee, aren't these are the people we had to bail out recently? Yes, we bailed them out. Let's see. We bailed them out. We're bailing them out. We just bailed the unions out. We bailed out the insurance companies and we bailed the banks out.

That is nice. It's almost like a little checklist. Here is Japan. Thank you, Japan, one of the only sane countries in the world.

China — they're number three.

Other investors/savings bonds — $1.114 trillion. That is you. That's me.

But here's the one who owns the most of our debt — most of our debt — the Federal Reserve and intergovernmental holdings: $5 trillion and rising with every single report.

So, who is the president's boss? Ben Bernanke. Ben Bernanke. All of our decisions are being made looking through the lens of these people.

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