The Glenn Beck Program | Episode Summary

Title: The REAL Issues with Jerome Powell and the Fed | Guests: Goldie Ghamari & Renzo Castillo
Date: January 12, 2026
Host: Glenn Beck
Guests: Goldie Ghamari, Renzo Castillo
Network: Blaze Podcast Network

Main Theme & Purpose

This episode critically examines the structure, power, and influence of the Federal Reserve under Jerome Powell—its ongoing battles with President Trump, secrecy, and cost overruns—while also exploring the broader geopolitical shifts, populist uprisings, and crises in Iran and Venezuela. Glenn Beck leverages historical analysis, economic critique, and live guest reports to argue for increased scrutiny, transparency, and ultimately abolition of the Federal Reserve ("the Creature from Jekyll Island") and highlights the global stakes of U.S. foreign policy and grassroots movements for freedom.

Key Discussion Points & Insights

1. Federal Reserve: Structure, Secrecy, and Power Struggles

• Secrecy & Lack of Oversight:
  • The Federal Reserve is a private corporation with opaque books, not a government institution as commonly believed.
  • President Trump is initiating legal examination into the Fed’s financial practices, notably their billion-dollar cost overrun on a new “palace”-like headquarters.
• "Creature from Jekyll Island" History:
  • Recap of how a secretive group of bankers and senators conceived the Fed in 1913, intentionally separating it from democratic oversight.
  • Glenn urges listeners to read The Creature from Jekyll Island by G. Edward Griffin:
    • "If you had to read one book this year, I would suggest you read a book called The Creature from Jekyll Island." (22:08)
• Interest Rates & Inflation:
  • The Fed’s 2% inflation target, accepted widely but rarely understood by the public, systematically erodes savings.
  • Glenn’s calculation: $9.99 in 2011 is worth about $6.70 in 2026, illuminating the “planned” nature of inflation under the Fed’s policies.

2. U.S. Government: From Founders’ Vision to Progressive Administrative State

• Founders’ Intent vs. Progressive Expansion:
  • Glenn revisits constitutional origins: Sovereignty comes from individuals, not government; the role of government is to protect rights, not control.
  • Progressive era (1910–1920) led to administrative state—unchecked agencies, loss of budget discipline, and the Federal Reserve’s creation as a mechanism for elite control.
• Warning Against Centralized Power:
  • Comparison with Soviet/Russian and Iranian systems: Only “approved” candidates can control Fed chairmanship, paralleling authoritarian selection.

3. The Global Realignment and Trump's Strategy

• Trump’s Disruption of World Order:

  • Trump’s foreign policy is interpreted as a major realignment—demanding allies earn their keep, ending free rides, and leveraging economics as part of national security.
  • Caution: While this can clarify global loyalties, it risks driving desperate adversaries together and escalating toward hot conflict.

• Quote:

  • "Trump's strategy is not immoral. It's also not reckless by default. What it is is very high stakes…and the American people should understand we're playing a very high stakes game." (52:56)

4. Iran: Uprising, International Support, and the Role of Technology

• On-the-Ground Reports from Goldie Ghamari: (69:32–81:53)

  • Massive anti-regime protests escalate; regime responds with violence, shutting down internet.
  • Elon Musk smuggled in Starlink devices, enabling continued communication until countered by regime using Chinese tech.
  • Over 9/11-scale civilian casualties reported; mood among Iranians is "this is the final battle".

• Hope in U.S. Support:

  • Trump’s vocal support gives hope; regime’s collapse seen as crucial step for regional/global freedom.
  • Goldie emphasizes the importance of international visibility (“our voice”) and symbolic solidarity—calls for everyone to display the real Iranian flag.

• Notable Quote (Goldie Ghamari):

  • "The reason that the violence is being escalated is because the regime knows that it's on its way down and it's basically going scorched earth." (70:09)

5. Venezuela: From Prosperity to Collapse*

• Economic and Social Mechanisms of Decline (with Jeff Katz Kaysen, Cargill ex-head of training):

  • Nationalization led to takeovers by force—plants never run again, infrastructure stripped for hard currency.
  • Government-run stores undercut private grocers, eventually collapsing industry and creating dependence.
  • Hyperinflation destroyed currency; basic services (water, electricity) became unreliable; brain drain worsened.

• Firsthand Account of Repression (with Renzo Castillo):

  • U.S. citizen held without charges (“not arrested, only being held for questioning”), then charged with espionage/terrorism, tortured during nearly a year in prison.
  • Castillo urges outside protesters to speak with actual Venezuelans—"they want more intervention because the cartel is still there".

• Notable Quote (Renzo Castillo):

  • "There isn't a person in Venezuela that is free…When I was there, all they wanted is for them to be free." (122:24)

6. Left’s Sudden Tone Shift on Hamas

• Change in Rhetoric:

  • Noted that prominent progressives and officials abruptly condemned Hamas as a terrorist organization.
  • Theories: Either genuine change of heart (“mood has changed in the country”), or calculated CYA ahead of worsening violence.

• Notable Quote:

  • "It was a little frightening because they all were saying exactly the same thing." (65:59, Glenn Beck)

Memorable Moments & Quotes

• On the Fed’s Secrecy:
  “Can you imagine running a business in America where…you could tell the IRS, ‘you don't look at my books’? …We can't. They're completely opaque. We don't actually know who owns them." (41:11)

• Historical Analogy:
  "That's the Soviet Union and the way they used to run elections. That's the way Putin runs elections today. …The people can choose just from these pre-approved people, okay?" (23:54)

• Realities of Socialism—Venezuela Segment:
  "[Nationalization] In this case, armed people show up at the plant and say we're taking over…They showed up…We immediately just told our employees that safety is first and get out…The plant…never ran again." (94:26, Jeff Katz Kaysen)

Timestamps for Key Segments

• [02:43]–[24:35]: Federal Reserve critique, Jekyll Island history, inflation & secrecy
• [24:35]–[39:29]: Structure of U.S. government, drift from Founders’ ideals, administrative state
• [41:11]–[52:17]: Deep dive: Fed cost overruns, elite collusion, abolition argument
• [52:17]–[65:05]: Trump's realignment of foreign policy & risks, left's shift on Hamas
• [69:32]–[81:53]: Iran uprising, Goldie Ghamari’s on-the-ground report, U.S. support
• [93:14]–[105:45]: Venezuela under socialism (with Jeff Katz Kaysen): nationalization, collapse
• [112:55]–[125:25]: Venezuela repression, Renzo Castillo’s imprisonment and message

Additional Notes

• The episode maintains Glenn Beck’s characteristic urgent, conversational, and often sardonic tone.
• Several sponsors and tangential stories are interspersed but do not detract from the primary critical narrative.
• Other international hotspots (Cuba, Greenland) are briefly mentioned as examples of potential flashpoints for U.S. intervention.

For First-Time Listeners

This episode offers a sweeping critique of centralized economic and political authority—especially the Federal Reserve—and draws historical lines between administrative creep, elite collusion, and today’s crises. It features emotional firsthand accounts from those suffering under authoritarian regimes and calls for American and international solidarity with those seeking freedom. If you want a blend of historical analysis, passionate advocacy, and personal testimony exposing the impact of opaque power structures, this is a must-listen.