This is a rush transcript from "Glenn Beck," November 5, 2010. This copy may not be in its final form and may be updated.
GLENN BECK, HOST: Hello, America, and welcome to the program.
I want to talk to you about — I actually — I feel — I feel very sorry for Steven. He's a member of our audience.
I asked before, has anybody been to the show before? And Steven raised his hand, I said which show? It was the one on the Holocaust. And I said, it's not going to get much happier for you tonight.
Tonight, I want you to about what happens next. I want you to understand that these things do not necessarily happen next.
But I don't think people think out-of-the-box enough this country. I don't think people even understand what kind of game is being played at a much higher level by people like spooky dude. Hello, I am spooky dude, George Soros, and I am coming for you.
I don't think people understand that all the world is a stage. But there's somebody up here that is — that has different interests than yours.
This week, we talked about how the Fed is monetizing our debt. Now, they're admitting to about, what is it, $2.6 trillion? That means run the printing presses. Two-point-six trillion dollars — that's a lot. They said that they were only going to do I think it was $600 billion.
Some experts say that that means about a 10 percent, 20 percent loss of the value of the money that you have on the bank account in the next two years, maybe if things go well.
That's what they're admitting to but we can't see any of their books. So, we don't know. One thing people say is why would somebody do this? What is in their interest? Why would — why would somebody want to collapse a dollar or why would somebody want to, you know, redistribute the wealth so much?
Well, several reasons. One, just like the show that we did on the Fabian socialists in England, which are just like our progressives, they're all intertwined in the early 20th century — if you remember that big stained glass window. And if I can remember right, it's something along the lines of we will remold it closer to our heart's desire, and that was the world. And that's what they're doing.
A lot of people don't believe in capitalism or free market system or anything like that. They don't believe in it. And so, they want to remold it and this is their opportunity. And, boy, they are coming out of the woodwork.
I want to talk about the pressures that our country is under. And it's not just our country, it is the whole world.
A year and a half ago, almost two years ago, I came to you on this network, I've been talking about this for about two years on another network. But two years ago I didn't believe the same things that I believe today.
There are things that — you do your homework and if you're a reasonable person and do your homework, there are things that you will reject. For instance, Bush didn't blow up the levees and we did land on the moon. However, there are other things that once you do your homework, you have to say, OK, gosh, I have to consider that that's real. I have to consider that's actually happening. And then you start to look at the amount of evidence.
In the last two years, we've learned an awful lot about our country together. We've learned some really good stuff and some really bad stuff about our country. I mean, we screwed the Indians. We screwed the daylights out of the Indians. We really I think went astray with Andrew Jackson. He was some bad dude, man.
There are some things that we have to address as a nation. We have to try to learn from our mistakes — not bury them, learn them from. But also not exploit those mistakes.
And there are an awful of lot of people in America that would like to exploit those mistakes. Equal number that would like to bury them and forget them.
But do people want to destroy it? Well, people like Cloward and Piven do. Cloward and Piven, you probably didn't even know who these people were, I mean, unless you were — I mean, unless you were living in the basement of your house — if you're a progressive, maybe, a die-hard progressive, or you were living in the basement of your mom's house, you know, in your underpants eating which Cheetos and going, I'm telling you, it's Cloward and Piven!
This is an article from "The Nation." This was done back in 2010, but it was originally run in the 1960s, "The Weight of the Poor: A Strategy to End Poverty." These are the people in the 1960s that didn't like our system, thought we were the oppressor back then. And the best way to collapse the system is not through war or bombing or anything else, you collapse it through the economy. You drive people into poverty and then drive right into the arms of the government payroll and the government can't afford it and eventually it collapses.
We've learned about people like the Weather Underground, this is "Prairie Fire." We did a couple of episodes on this. The politics of revolutionary anti-imperialism, I mean, this is frightening stuff. But, again, this is from the 1960s. This is Bill Ayers.
When we went over this, I think we might have even done a week on it.
When we went through this, it was pretty frightening. It was pretty darn frightening, because it — a lot of it sounds like what's being done today.
By the way, Indian markings, like I said, some people like to exploit our mistakes, not heal them.
Then I went overseas two years ago and I told you about "The Coming Insurrection." This is a little book written by the Invisible Committee. It's available at almost any — any college bookstore in America. Written by 12 people, some of them went to jail for writing it in Europe.
This is how to cause trouble. This is break up families, destroy the family. This is destroy the machinery of capitalism, destroy everything you can, get out on the streets because they want their promised communism because they, over in France and Europe, have been promised communism by these progressive, if you will, democrat socialists over in Europe, and they say you're not ever going to give us communism, we'll take it. Now is the chance.
We learned about this. Here's another one by the same group of people, "Introduction to Civil War."
This is — this is written by the folks with Van Jones. This is "Reclaiming Revolutions," Standing Together to Organize a Revolutionary Movement or STORM.
I begged you for two years to read this. You want to know how much trouble we're in. This guy is in the Oval Office or has been and is still hanging around all the right people. This talks about how there must be a revolution and he pines for Stalin.
We told you about this, "Liberating Black Theology," liberation black theology. It's the bible in the black experience in America. This is Cone. But more importantly, this is Barack Obama.
This is — it's not racism. I thought for a while he must be a racist because you couldn't — you can't pin him down. You don't know what — his thinking is so foreign that you're like, I don't even recognize this. And so, you start — you just keep picking up blocks and trying to put them — you know, square peg in a round hole and you're like that doesn't fit — until you see his roots.
Until you see "The Roots of Obama's Rage." This is Dinesh D'Souza's book.
This one puts this together and this together. And all of a sudden, you're like — oh, then you start to understand this. And then you start to understand who's standing around as well. And now you're starting to have some spooky stuff.
I told you about this book, this is a book — this is a follow-up, really to this one. This is how to do it and this is we did it — and I love the title — "We Are an Image From the Future." This is how they're doing it in Greece right now, with pictures and everything else, picture of our future, the ABCs of revolution.
And then there's — and then there's this. I love this. For our Spanish speaking friends in the audience — a new year to fight back against capitalism, racism, war, repression for a new urgency in the struggle for world socialism. After the November 2nd midterm elections, join us at the Workers World Party national conference in New York City.
It's happening here.
I don't want to talk anymore about this. I could play their video over and over and over again — I mean, new video comes in daily, frightening stuff that are against capitalism. They say capitalism won't work because it can't handle the mass growth of unemployment. Well, yes, because what we've done is we've mixed the free market and Marxism together. It doesn't — it doesn't work. It doesn't work.
They talk about these people, I've read some of their — in fact, do I have it here? Yes, here. "Capitalism in Crisis." I mean, I read this at lunch and went over and it is — I mean, it's, you know, class exploitation, private property is the problem, all of it. All of it.
And the thing I found very, very interesting is the — it's actually on this. This is one of their fliers. It says here, "We join with those fighting corporate injury to the environment yet interject anti-capitalist perspective. Workers World Party and FIST protect against repression, against anti-war and other activists. We organize with many forces, oppose U.S.-backed wars in Iraq and Afghanistan, occupations from Haiti to Palestine, and threats against Iran and intervention in Latin America."
Got it? They are — they're not fans of America.
When you have this in an unstable economy, it is a recipe for disaster. When you have corruption in your own government where the government is taking money from the unions and the unions have an army of people who say, I want my pension, people who are good people. I want my pension.
But you have people with kind of nefarious underpinnings and then you have a bunch of people in Washington that are not necessarily the most honest around, bad things can happen. Then you add on top of it, people whose interests you can't even begin to understand. You don't think like they do, globalists and — well, what we like to do is take the money and devalue the dollar. George Soros. They want to manage the decline of the dollar.
Well, you wouldn't want that because that hurts you.
A lot of people say it will never happen here, that things cannot change in America. Well, I don't know how the laws of economic physics or just all physics break down at our shores. They don't. They don't.
We're not special. This isn't a special land because it's — look, it's magic theory dust from the trees. It's special because we have always thought differently. We have thought out of the box.
I have my book, "Broke." Where is the book, "Broke"? In the first opening chapter of "Broke," you haven't heard of this — in the opening chapter of "Broke," I talk about what happened to Rome. It's the same exact story.
You just go to the bookstore, I guarantee you, you read the first 15 pages in the bookstore, you will buy the book, because what happened in Rome is happening now. They devalued education. They devalued work and the government was playing all kinds of games with money.
And eventually — eventually, you couldn't leave the empire of Rome without being killed. People are trying to escape. They'd kill you if you did that.
And then there's one other thing. There's the pressure — that's where we started — the pressure on the dollar. Our debt is too big.
And the whole world knows it. The whole world is going the other direction. We're going into the land of insanity.
How easy can things fall apart and what do all of these things mean? Can you tie them together? Is there any relevance here?
I'm not doing this show to scare you. I'm doing this show to break your mind open so you can consider the possibilities. Because the only way there isn't panic, if some of some of these things come true is if you know them in advance. If you know you're in a haunted house and you're like, oh, coming around that corner, a guy is going to jump on and go boo! When he does, you laugh.
Don't be frightened by any of these things, ask yourself, OK, does this sound reasonable? If it does, do your homework. Question with boldness — don't take anything we say on this program or anything I say for gospel because it's not. A lot of it is my opinion and my homework.
Do your own homework.
The second thing that you have to ask yourself is: if I think there's a decent chance that this stuff could happen, what do I do to protect me, my family, my friends, my neighbors, my country? Because we're ultimately responsible. It's not spooky dude, it's not his responsibility to take care of us, it's our job. Empower yourself.
Damon Vickers is a man that I met, I don't know, about a year ago, I think. He's managing director of Nine Points Capital Partners and he is also the author of "The Day After the Dollar Crashes: A Survival Guide for the Rise of the New World Order." That doesn't sound happy to me.
Damon is here. You line out — hi, Damon, how are you?
DAMON VICKERS, NINE POINTS CAPITAL PARTNERS: Hey. Good to see you again.
BECK: You line out a 15-day calendar here. China — it starts with China says no more bonds. At the end, it's life as you understand it — I mean business and money and everything else as we understand it. It's totally different. Two weeks later, right?
BECK: All right. America, I want you to see — Damon's actually not the unreasonable one. I had a guy who said, oh, it would happen in three days. Three.
You've taken a whole 15. The key is when does it catch up to you?
Now, let's start with this, China says no more bonds. Show me how — because this is the premises, this is the trigger — show me how realistic this can be in the next 12 months.
VICKERS: China is starting to say no. So, they're opening act would be to really just say no more bonds. And they're not buyers of our bonds.
BECK: OK. And this is where — when they say no more bonds, this is why Europe is going towards the austerity. They're cutting back — because they have to signal to the world, OK, we're serious. We know we can't spend like this, right?
VICKERS: Right. And it's really showing up in Europe first and it's
— we're looking at the future.
VICKERS: Europe is our future.
BECK: All right. Day number one: China says no more bonds. Day two:
what happens on Wall Street?
VICKERS: Markets are spooked. Little eerie, quiet, but there's a — there's a kind of a hush all over Wall Street. It's surprising.
VICKERS: The Wall Street is a little surprising.
BECK: Odds that this happens in the next year?
VICKERS: I —
BECK: You have no idea?
VICKERS: I think very good and I think it may have already happened.
BECK: OK. The next day, day three, it's the same, but now there are rumors. What the rumors?
VICKERS: The rumors are, I guess, of the instability in the market, the instability in the bond market and really, you know, really what's next? And that people are starting to worry about maybe a panic.
BECK: President said anything at this point?
VICKERS: Might have gone on TV, made a speech that they'll find ways to continue the economy strong and sound — you know, typical Obama speech.
BECK: Right. Seeing that it's Friday, Saturday, he knows that the kids are at soccer — so, really, knowing the government, they just try to get to Friday and everything will just magically change over the weekend.
BECK: Sunday, the Asian markets open. And what happens?
VICKERS: Asian markets open and the Asian markets are in free fall.
Major declines. Every crash that we've had, whether it's the '87 crash or even the instability that we saw in '08, it opens up in Asia. Asian markets are way down.
BECK: OK. Then our stock market — no, our dollar is down. You say our dollar is worth, on Sunday — it started on Wednesday — on Sunday, if you had $100 on the bank, you've now $90 in the bank of value, correct?
BECK: Gold is up $200 an ounce.
BECK: Easily. Monday, the Dow opens, what happens?
VICKERS: Dow plunges 900, maybe 1,000 points in 20 minutes.
BECK: Markets have to close.
VICKERS: Markets close, yes, it's just overwhelming.
VICKERS: People are in shock walking around and —
BECK: You're saying the market closes in 20 minutes, OK?
Europe raises their interest rates. What does that mean?
VICKERS: Well, it's a scramble for liquidity. I mean, it's all about liquidity. It's all about where do you find a real liquidity globally.
BECK: OK. So, hang on just a second.
VICKERS: That's the problem.
BECK: So, Europe raises their interest rates. That means they have debt, they need the money. So, they say, we're going to give you — we're going to give you a higher yield on your bonds, right?
VICKERS: We're going to give you more interest.
BECK: We're going to give you more interest. If you invest in Europe, what happens is they're sucking the money out of here. Everybody's starting to freak out about us, and so Europe tries to position themselves as a good investment, hey, invest over here. We'll give you more if you come here, right?
VICKERS: Right. And you're trying to — you're trying to compensate the investor for the risk of making the investment. As the markets riskier, interest rise as Western economies scramble for liquidity.
BECK: OK. Day seven, we're the first weekend. Day seven — wait until you see what day 15 looks like for you — next.
BECK: America, I want to introduce you again to Damon Vickers, managing director of Nine Points Capital Partner and author of "The Day After the Dollar Crashes: A Survival Guide for the Rise of the New World Order."
Damon spells out a hypothetical two weeks here that we're going through. And when we get to day 16, 17, 18, you will not recognize your country.
China says no more bonds. Spooked on Wall Street. Rumors are happening.
Then the Asian markets start to fall. The Dow plunges, markets close on the first 20 minutes in week one. Markets are unable to open. Emergency Fed meetings are happening. They open at 10:45. Is it over?
The next day, it's all quiet. The market starts to rally. What do you mean by a rally on that day? We just — we went through this. I mean, I can see CNBC cheering.
VICKERS: Oh, yes.
BECK: The dopes just going — it's over. Invest, now's a good time to buy, right?
VICKERS: You can definitely see it. Yes.
BECK: Oh, yes, it's happening.
VICKERS: And yes, people buy dips. So, the market sells off 900 points.
BECK: This is the bottom.
VICKERS: Chance to buy some —
BECK: Got it. The next day it's stable.
Then Friday, you say the dollar plunges. Ten to 15 — didn't it already plunge? The dollar already plunged, didn't it? Yes, 10 percent. So, we're additional 10 percent to 15 percent.
VICKERS: Yes. The trend persists, the selling persists and that's what surprises people as we move towards the weekend, is that the actions of the Fed, the actions of the government to quiet the markets are not working.
BECK: Right. OK, so this is — we've seen this before, where, oh, it's all fixed, it's all fixed, and people get euphoric and they're like, hey — because they want to believe and it just — because its gravity, it comes down.
VICKERS: Market forces are generally always stronger than the government's ability to contain them.
BECK: In your scenario, it's lucky because now it's Saturday, so the fed has the weekend, has a Saturday where they can meet. They meet and then raise the interest rates 5 percent to 6 percent. What does that mean?
VICKERS: They're trying to attract buyers. Again, it's the scramble for global liquidity. That's what this whole game is all about.
And so, to entice investors, to take higher levels of risk, they've got to raise interest rates. They raise interest rates again. And in the book, we lay it out that there are no buyers.
BECK: OK. And then you say, day 13, lucky 13, Monday, you say it's global meltdown. You say the Dow falls 3,000 points in one day. But this is not just the Dow. This is every market.
So, resources are just being destroyed everywhere, right?
VICKERS: Probably, it's the value of most global assets in the world have been driven up by leveraged and hypothecated money. So, collapses in equities or collapses in real estate are really just markets finding their own value.
BECK: Right. It's gravity. It's gravity.
OK. Then the IMF and G20 meet. There's a total restructure of all debt. This is a big day. After this happens, this is a big day, because spooky dude has his new world order. Total restructure, a new global order. Explain what this is.
VICKERS: Well, there's a lot of debt in the world amongst western Europe and the United States. It's massive. It's an amount of debt that can never be repaid.
VICKERS: And so, we get to the point where basically you — it's —
BECK: Just clear all the chips off the —
VICKERS: It's what happens in a bankruptcy.
BECK: And you're saying this is on global television, in different languages, all around the earth, we're all watching it at once. And they're saying there's a new global order, OK? Right?
VICKERS: A new global order, a new world order.
BECK: That's when you're saying, that's when the public panics all over the world, because they don't likes this. It's not just America, nobody like this.
The banks, people start breaking into the banks. I want my money.
The ATMs are now out of cash. There's nothing left.
Food is beginning to look now like hurricane, you know, a hurricane comes and, you know, hey, there's going to be a heavy snowstorm in New England. All the food is gone off the shelves.
You say, it's there, and this is where the real trouble for the public begins, right?
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