Transcript
A (0:00)
Hello, you sick freak. Welcome to the podcast. This is the Best of edited version, and we got some of the best here. Dick Cheney died last night. Here's what we should remember his legacy as. Why the government shutdown needs to end sooner rather than later. And Stephen Moore joins us on the economy. And Mamdani, all that on today's Best of Podcast. When you first sit down for dinner, you probably don't think about where that steak or chicken came from. But you should. Because right now, most of the meat sold in America isn't from America. It's shipped from overseas. It's run through a loophole labeled product of the US but that's not it. That's how family ranchers, the ones who built this country's food supply, that's how they get pushed out of business. Good Ranchers is fighting to change that. Every box they sell is 100% American meat, sourced from local farms and ranches that refuse to cut the corners. Better tasting, better quality. And it helps keep real American farmers in business. So when you order from Good Ranchers, you're helping support businesses for people that still things and still like things and value things, like hard work, honest food and independence. Shop America's best meat. Go to goodranchers.com start a subscription today. If you order before December 1st, use the promo code Beck. You're gonna get an additional $100 off for your first three orders, plus free meat for life. That's promo code BECK. $100 off plus free meat for life. But you gotta do it before December 1st. Goodranchers.com Goodranchers.com Good ranchers. Let's get back to the table. Hello, America. You know, we've been fighting every single day. We push back against the lies, the censorship, the nonsense of the mainstream media that they're trying to feed you. We work tirelessly to bring you the unfiltered truth because you deserve it. But to keep this fight going, we need you right now. Would you take a moment and rate and review the Glenn Beck podcast? Give us five stars and leave a comment. Because every single review helps us break through Big Tech's algorithm to reach more Americans who need to hear the truth. This isn't a podcast. This is a movement. And you're part of it. A big part of it. So if you believe in what we're doing, you want more people to wake up, help us push this podcast to the top rate, review, share. Together, we'll make a difference. And thanks for standing with us. Now, let's get to work.
B (2:27)
You're listening to the best of the Glenn Beck program.
A (2:31)
So we have hit a critical, critical juncture, a turning point, if you will, on the closure of the government. Um, and the government needs to open back up. And I'm going to explain it in a way that nobody else will explain it to you. If you're watching CNBC over the last couple of days, they were saying things like, you know, the repo market is under great stress, and they've. They've loaned out. Banks have been getting money, you know, from the Federal Reserve at incredible rates. Highest it's been since 2020. What does that mean? What does that mean? The banks, when they close at night, they have to have a certain amount of cash in their vaults to cover everything. It's a requirement by law. And if they don't have that, then they have to go to what's called the repo market. And they borrow money overnight. They pay interest on it, and they borrow it overnight, and they give it back in the morning when they open back up, okay? It's only done when banks are short of cash. It used to be a very bad thing, but now it's kind of happening all the time, but not at these levels. So let me explain what all of this means, okay? Try to imagine, if you will, that America's financial system is like a living body, okay? The heart, as much as I hate to say it for this example, is the Federal Reserve, it doesn't create life, but it keeps the blood pumping, okay? The arteries and the veins are the banks and the institutions that carry the lifeblood of the economy, money, okay? And the capillaries are like you and me. Every family, every small business, every worker trying to make a paycheck stretch from one week to the next, okay? We're not an artery, we're capillaries. Now, in this body, there is something called the repo market, okay? This is a place where banks and institutions go to borrow cash overnight, okay? Think of that cash like oxygen, okay? The oxygen exchange that happens in the lungs. It's fast, it's constant, it's invisible. But it is vital. You don't have the oxygen, it doesn't matter what the blood's doing, right? Every night, money goes out. Every morning, money comes back in. And that rhythm is what keeps the entire body alive. Well, in the last few days, that rhythm has faltered. Something is clogging the arteries, the banks, the vessels, they're gasping now for oxygen. So they're going to the Fed's emergency oxygen tank, the standing repo facility, and they are drawing records, amount, record amounts of cash out just to keep breathing, okay? It's like watching a marathon runner suddenly reach for an oxygen mask at mile three. Why? Why is this happening? The important part, because while the government is shut down and we might think, well, that's good, they're not spending money. The treasury is the fiscal liver of the body. And it's storing all of the blood in the liver, okay? It's storing cash in a vault now called the Treasury General Account. There's nearly a trillion dollars sitting in there. Cash, trillion dollars sitting there not being paid. Every dollar that goes into that vault is a dollar that can't circulate now through the body. So now it's starving everything of cash because there's a trillion dollars sitting in the Treasury. And even though you can't see it every second the shutdown drags on, the system is being starved and the arteries are tightening and the heart is straining and the body is starting to shiver. And that's what's happening right now in the shadows of our financial system. It's not about Wall street greed. It's not some obscure number on a Bloomberg terminal. It is about a government that has turned inward, frozen by politics, unable to pass the simplest resolution to fund itself. And because it's doing this, it's pulling all of that precious liquidity, a trillion dollars in cash, the oxygen, the life of our economy, out of the bloodstream into a vault. If you've ever had a power outage in winter, you might know the feeling. Let me describe it this way. First, it's fine. You grab a candle, you grab a blanket. It's kind of fun. You start the fireplace. Hours drag on, the house starts to get a little cooler. If it continues to drop on, the pipes begin to freeze. And by morning, it's no longer a cute little thing that we're just going to sit by the fireplace. It's cold, okay? That's where we're at financially right now. We are not at the point of collapse, but we are at the point of freezing the pipes. What does that mean when I'm talking about the arteries? The government shutdown has locked up the Treasury's checkbook. That means fewer payments to contractors, less spending, less money flowing into the banking system. When less cash circulates, the banks can't lend freely because there's no cash. But money gets tight repo rates, that invisible overnight interest rates that starts to spike. And when that happens, it affects the capillaries, you and me, the smallest players, the smallest businesses, the consumers the credit unions, we begin to feel it first. Okay, when arteries clog at the heart, what's the first part of the body that goes cold, goes numb? The fingers, the toes. That's us. Here's the tragic irony. The politicians, you know, the Democratic Party fighting over a principle, they may think it's about posturing, about leverage, about who blinks first, but it's not. While they're playing chicken with our nation's checkbook, it is now time to say, okay, enough is enough. Because the system is starting to gasp for air. And this is how financial crisis begin. We're not in one yet, but again, the pipes are beginning to freeze. And this is how things happen. They, they happen quietly. Not with a bang, you know, not with a crash, but with tightening, with the arteries getting clogged. All of a sudden you have a widowmaker. And you didn't see it coming because it's a slow, silent squeeze that begins in the overnight funding markets. The kind of plumbing that nobody ever looks at, nobody ever talks about, nobody even understands. Do you understand how the pipes are working in your house, behind your walls? I don't even know where they go. I mean, I know they eventually go down and out, but I don't know. And all of a sudden you find out when a pipe bursts. Make no mistake, if this continues, it won't just be the banks that are hurting. It will be your mortgage rate, your credit card interest, your grocery bill, because the system has to begin charging more for everything because they are paying more in interest to hoard what little cash is out there. The longer it goes on, the more cash goes into the government and it sits there. It's like watching your bloodstream start to clot. You're not going to feel it right away, but if it reaches the heart, reaches the brain, the damage can be fatal. So here's the one truth today on the economy that the media won't tell you or they fail to explain. The repo market. What the hell does that mean? Why are you only talking to the people on Wall Street? Why don't you tell the people who are going to be affected first? Why can you? How can an alcoholic DJ figure out a way to explain this to the average person? But you can't. This shutdown is not just a political stale, stale stalemate. It is a self inflicted wound. We are at a point now where the government is literally draining oxygen from the economy and the Fed is in triage mode, pumping emergency liquidity into the veins just to keep the patient alive. The question is how long can the Fed keep doing CPR before it tires out? How long before they just. We gotta start printing money? The cure is not more money, money printing. It's governance. It's having a adult in the room. It's lawmakers that understand that starving the bloodstream to win a headline is not courage, it's madness. When. When will the Democrats stop this game? The shutdown has to end. Not because Wall street wants it, but because Main street needs it. The blood of the American economy, the trust, the liquidity, the stability. It's not infinite. And once the heart starts to falter, it takes more than an emergency repo to bring a nation back. This must end. Let me tell you about the Burn Elantra. Everybody hopes they'll never be in the situation. The one where your heart starts pounding and you know, your hands shake and you realize something's really wrong. Maybe a stranger is approaching too fast in a parking garage or somebody's, you know, at your door late at night. Nobody should be feeling like that. You don't want to hurt anybody, but you need to be able to protect yourself. That's why my Burna launcher is in my home and should be in your home. It's a non lethal self defense tool that fires pepper and tear gas projectiles up to 60ft. Stopping the threat without taking a life. Legal in all 50 states, requires no permit, gives you real power in your hands without the guilt or consequences of a firearm. Police, security teams and everyday people trust it because it works. I want you to check it out at Burna by r n a.com byrna.com you check them out now. You can also try before you buy, find the the location near you of A Sportsman's Warehouse. Burna.com now back to the podcast. You're listening to the best of the Glenn Beck program. Stephen Moore is with us now. Stephen, how much time do you have for me today?