This is a rush transcript from "Glenn Beck," November 3, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Hello, America.

I have told you in the past, watch the other hand. The same is true right now in an unbelievably staggering level. Everyone is watching the election and talking about it and it's great because it is historic.

Do you realize what you accomplished last night? Do you realize that two years ago I had to get on this television show and say you're not alone, it's not just you? Really, gather together. As groups, get together. You guys should do something!

Look what you've done!

The Republicans are getting another crack at it. Whether they get it or not, I don't know. They get another crack at it. And, GOP, you should just know, now, your real hard work begins and the American people are not going back to sleep. They're not playing a game here. They're awake — wide awake. They think the country is on fire. And if you don't get it this time, this will be the last time you have an "at bat," I'm guessing.

Everybody is talking about it and there are real things to talk about. But, you know, I can't help but think that it is — it's more like political theater. It's more like political theater.

It's more, honestly, it's like: Hi, I'm a Tea Party gal. I just got a lot of votes for the new Tea Party people. I'm the establishment, and I'm coming to get you.

Ahh!

That's — it feels like we're watching a puppet show, because nothing seems real to me right now. While everyone is watching the action that's happening here in the forest, who does the puppet belong to? Who's up above the stage? Whose hands are these? Who do the hands belong to? What are their real intentions? Why is this going on right now?

I'll show you the hand next week and I don't think he's going to the like when we show the hand.

What's happening behind the scenes is much more important than what we ever show on stage. And today, it is so wide-reaching that it will not only affect your daily life, it will affect your children and your grandchildren's lives.

Today is a historic day and not because of — not because of the elections — that's big — but the Fed announcement.

I want to show you something over here: This is being built for a show we're doing on Friday. This is Day Number One. Day Number One when somebody says, maybe it's China, I don't feel like the United States is actually going to be able to come true with those bonds. I don't — I don't think I want to buy the U.S. treasuries anymore.

It will take you 15 days — and we're going to lay it out for you on Friday — 15 days before your life is over.

What you believe, everything you know — food, your job, the economy, the government, everything — 15 days from the moment of hmm, China is not going to buy any more bonds to lights out, America.

That's staggering.

I'm going to show it to you on Friday and I'm going to show you all the pieces that are all — it's a puppet show. It is an amazing puppet show.

Well, how do you start a panic like that? Well, when you devalue the dollar so much that people say I don't think it's going to be worth anything anymore. I don't think it's any good. When you devalue the dollar or when you just keep spending money and then you start to print it.

Well, today, the Fed announced that they are going to spend — now, this is the Fed — they are going to buy government debt. They're going to buy treasuries themselves. That's $600 billion to government debt.

Let me show you something — when the Fed says they want to buy it, this is an IOU. It says this is a Federal Reserve note. It's what it says, a Federal — right at the top — Federal Reserve note. This is the Fed promising you that they will give you a dollar — of gold. It used to be gold or silver. Not anymore.

They are going to buy now, the Fed, $600 billion. This is what they call quantitative easing. I know what you're thinking: I'm sure my neighbors don't know what quantitative easing is.

Here it is, simple definition: The government buys stuff to stimulate the economy. OK. You're now thinking that's not new for this administration. You'd be right. But there is a difference here.

Quantitative easing of this kind, where we are buying our own debt and printing the dollars to be able to buy that debt is really kind of the last bag of antibiotics.

You know, if you ever — if you ever see like, you know, you ever — well, if you've ever thought maybe that there's a chance that you could catch a flesh-eating bacteria and you're up in the middle of the night going I think I had that, and you're online — not that that's ever happened to me — but at one point, they just start upping the antibiotics. At some point, the nurse comes in and she's like, OK, I'm just going to put this here and why don't you just jam this I.V. in your own arm, OK?

Why? That's the last line of defense. That is the big dog antibiotics. Once those antibiotics don't work on you — bye-bye.

Well, after stimulus packages, that's like I don't know, amoxicillin or a Z-pak, then bailouts, oh, that's a little stronger. And then more stimulus package, more bailouts, reducing bank interest rates to zero or close to zero, we're out. We got nothing left.

Here comes the nurse with a bag of really strong antibiotics.

What does it tell you? That Obama's Keynesian philosophy of spend our way out has not worked. It won't work. We need to reset ourselves.

This is the Hail Mary. This is the final spending attempt. This is the last line of defense or as I have called it now and warned you that it was coming — I've been telling you that it would be the Weimar Republic moment.

It is largely untested and unconventional. I mean, I'm sure, Zimbabwe tried it. It's a huge gamble. It is probably the biggest bet in history — and the biggest bet in the history of our planet. But all the chips are yours and here is how it works:

Right now, we're having a problem with jobs. One reason why we don't have jobs is because we don't make anything here anymore. We don't make anything. Why don't we? Pensions is one reason. You have can't make stuff in America because it costs too much.

But right now, we have the big union bosses here. And they want their pensions. They want to make sure their pensions are paid for. So, the big union boss here goes to Uncle Sam. Notice he's got some cash in his hands. What is the union boss giving to Uncle Sam?

Well, let's use a small — I'm sure this didn't happen — to the tune of, God knows how much. Let's use the unions and Harry Reid. We'll get you elected, Harry Reid. Here — here's some cash. Here's some votes. Here, we'll get the buses for you and everything else. We'll help you get elected.

Harry then takes those votes and he goes to Congress and he stands up and he says, we need more stuff, it doesn't matter what it is — it's pensions or whatever, it doesn't matter. We need more stuff.

But the American people say, we don't have any money for stuff.

Don't worry, we're going to borrow the money. Bonds. Bonds. Remember, what is this? This is an IOU. Remember that, an IOU.

Don't worry, we are going to borrow it so we can buy stuff.

We borrow it. Where do we get? We — this is us going for a mortgage. Who's our bank? The Chinese.

Well, here's the problem. At some point, the Chinese say, yes, you know, I don't think so, guys. These are — this is — this is junk bond status. I don't think you're going to pay us back because you guys are spineless and you're in bed over here and the whole system is corrupt. I don't think your country is ever going to be able to make anything anymore. So, I don't think we're going to buy your bonds.

Well, that's what they're afraid that is coming. They're afraid this is going to happen. We have to pay — we have to raise interest rates. We have to raise the yield on bonds, say, we're going to pay 10 percent, 15 percent, 20 percent in profits, just take a bet on us, will you?

It's like a credit card. When you're a bad client, they just jack your interest rates. They're afraid that's coming. And it is coming. China won't give us any more money.

So, what do we do? Instead of being reasonable and having this guy go back and saying, you know what? No. We can't do any of that. Instead, they're going to bypass the Chinese and they're going here. These are the bankers.

Now, I thought we hated Wall Street people and banks and all these guys, they're evil, right? No, no, no. This is actually the Fed. What is the Fed? Don't worry, just a collection of the big bankers, you know, the Goldman Sachs people. We don't really know for sure because we're not allowed to look. Oh, that sounds honest.

So, you go to the bankers and the bankers say, don't worry, we're going to go to the Treasury and print more money. We'll just print more money and then we'll take this money off the printing press and buy your bonds so you can help out the unions.

That's fantastic.

You know what that leaves us? Extra broke. It leaves us with nothing in the end.

Now, that's why Ben Bernanke under oath — we pointed this out and we said not true, he doesn't mean it — under oath — this is what Ben Bernanke said about monetizing our debt, buying — printing cash and buying our own debt.

Here's what he said under oath to Congress:

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Will the Federal Reserve monetize this debt?

BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: The Federal Reserve will not monetize the debt.

(END VIDEO CLIP)

BECK: Uh-oh!

Now, why did I say remember what bonds are? What are they? Bonds are IOUs. This is not money. Anybody who says: Oh, don't worry about Social Security, there's plenty. We've got treasury bonds in the lock boxes.

Oh! OK, great! Then let's send a bunch of these to grandma and grandpa so they can go to the grocery stores and grab their groceries. When we get to the cashier, go ahead. Have grandma pay them with the bonds.

You can't. Why? Because this is a voucher, otherwise known as IOU. You go to the bank. You turn it into a bank. The bank gives you a Federal Reserve note. The Federal Reserve note is the promise from the Federal Reserve that this is really worth what it's always been worth. Oh.

Is this beginning to sound like Monopoly? You cannot write IOUs to yourself. But that's what we're doing.

So, now, what does this mean to you? What's it mean? It means your dollar is going to be worth less and eventually worthless.

According to the fear-mongering outlet of Reuters, Bill Gross, who manages the world's largest mutual fund, said that quantitative easing — QE2 action by the Fed — will put your dollar in danger of losing 20 percent of its value.

Let me explain: If you have $10,000 in your savings account, congratulations, when they're done, if it all works, you will have $8,000. If you were responsible and said I'm saving up $200,000 for my retirement. Not anymore. You're going to lose $40,000. And that's if it goes well. If it doesn't, I don't know.

See, they haven't really tried this before. Like I said at the top, this is largely untried and unconventional. But do the math here: One, Bernanke says we will not monetize our debt. Then we monetize our debt to the tune of 1.7 — by the way, Barack, did you get this? Government doesn't create jobs. People, businesses, entrepreneurs create jobs.

So, Bernanke says we're not going to monetize our debt. And then they monetize $1.7 trillion since 2008. That was the first time around.

Today, they announce $600 billion while we were all watching the puppet show — $600 billion more monetization. But it's also not just that. The Fed also plans to reinvest another $250 billion to $300 billion — or so — on top of the $600 billion. $2.5 trillion printed up — printed up.

So you know, when I started talking about this problem, there were $800 billion in the entire cash flow in the United States and the world, U.S. dollars, $800 billion. We've just printed $2.5 trillion. And that's if they're telling the truth.

You see, we can't check the Fed's books because they say that it would really — it wouldn't be good for the market. It might dishearten the market. Why? We know what you say you've done, just show us the books and show us that that's actually how much you've printed.

All of this happens by the end of the second quarter of 2011. Wow! That's not very far away.

Now, why would anyone want to do that? Why? I mean, why would you have this meeting? Why would you make an announcement so staggering on the day after a huge election, when a puppet show is going on?

Look, help, he's going to devalue our dollar. Ahhh!

Why would you do that?

The Financial Times said that this QE2, what they're doing, is one of the biggest decisions made by the Fed in decades. Shouldn't we talk about it as a nation? No, no. We have to watch the puppet show of the elections.

Maybe we should talk to the puppet master. What is he doing? The puppet master — you know, the guy on the other end of Barack's BlackBerry, I'm sure. What is he doing? Why would he do this?

Well, first, let's see what he is doing in his own words:

(BEGIN VIDEO CLIP)

GEORGE SOROS, OPEN SOCIETY INSTITUTE: So, an orderly decline of the dollar is actually desirable.

(END VIDEO CLIP)

BECK: An orderly decline of the dollar is desirable.

Oh, orderly — a managed decline of the dollar. Remember, you have $200,000 in the bank. You've just lost $40,000. That is a decline in the dollar.

That's weird because what he just said is almost exactly what the Fed is doing here.

Anyhoo, do you remember when everyone was freaked about the Amero? I mean, the kooks, Amero is coming, they're just going to — they're going to take and make a North American union and they're going to have the — really? Really? I remember when I was a small thinker, too.

Nothing to do with the Amero. George Soros says, we are looking at the global order, a new world order.

You've got Russia, you've got China, you've got people all over the world saying, one new global currency.

Well, how do you get there? Same thing with the Amero. How would you do that? You can't all of a sudden give Mexico the dollar. Their peso is
— please! Really! I mean, it would cost you more to use it as wallpaper. What are you talking about? The glue would be more expensive. You couldn't do that. It wouldn't be fair to us.

Same thing happened in Europe. What they had to do when they had the euro is they had to equate all of the currencies. They had — it wasn't fair to have the lira be worthless and then have Germany with a big booming economy come in because Germany would have been carrying Italy. They had to bring Italy up to be able to turn them all to one. That way, the country with the highest-valued currency wouldn't get the shaft and take a massive hit in value.

So, you have to level the playing field.

Well, progressives have been trying to lift the rest of the world out of poverty themselves. That's why we're sending foreign aid and everything — to help them. Their policy has failed miserably time and time again.

Well, you could keep trying that. Or you could do that and have a managed decline of the dollar. We could shift our wealth overseas — like in a global cap-and-trade or anything like that — shift the wealth overseas or we could just buy all of their stuff so the dollars don't stay here. Bring it over there. And then we could decline — manage the decline of the value of the dollar.

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