Glenn Beck: Devaluing the Dollar Friday, November 05, 2010

Glenn Beck: Devaluing the Dollar Friday, November 05, 2010 This is a rush transcript from "Glenn Beck," November 4, 2010. This copy may not be in its final form and may be updated. GLENN BECK, HOST: Look, see this Republican over here. See this guy? Me? I'm not a Republican. He put our car in the ditch. I love that puppet show. I do. And now look at him. He's a big green bad guy who is sipping Slurpees all the time, why the car is in the ditch. And then he's asking, hey, why are you cleaning it up with a socialist mop? Do I look like a socialist? Wait, don't answer that, because I am wearing the boots and everything. All right. This little puppet show is going on. And they're kicking dirt on us now. It seems to me like the car is down in the ditch and now, we're pulling up a dump truck. We're just dumping contents on to the car and us in the ditch. Here's what's coming: inflation. Now, you listen to the people on television — and look, I'm not an economist. I'm a high school educated guy. And maybe that's why I can see things that other people can't, because I don't have that big old head where I've been — it's been filled by the so-called experts. I pursue these things myself. I try to figure it out myself. And I look at what's happening in the country and I listen to the experts, oh, no, fearmongering, inflation, that's not going to happen! Did you see last month, we had the lowest increase since World War II. Really? Really? That was last month. Remember the chart I showed you, what, last night, and the night before? This is a wonderful, wonderful chart. Here is what you're paying for groceries right here. This is what you're paying for food. This is the commodities chart. Now, you will notice that it's kind of going up but it's relatively flat. But this seems to be a lot, a big huge spike. So, what happens now? What happens? Do you think this little blue line is going to go up? Or do you think companies are just going to keep eating all of this? The companies are paying more for the stuff that produces the stuff that you get at the grocery store. When the prices you pay finally go up, the administration and the people in Washington and everybody will no doubt blame the evil companies for gouging you. But companies are, they're not — this is not the good will. This is not the Red Cross. They're running businesses. They've been eating the increase now for two years. But they can't continue to do that forever. And would you want them to? Should you want them to? If they don't make money, they are going to have to lay off workers, who then can't buy the products, which causes them to go out of business, which causes them now everybody to lay off even more workers. You see how it just doesn't stop? At some point, they have to pass on the increase to you. It's already been announced. The price of cereal is going up 5 percent later this month. General Mills said can't do it anymore. Domino's, $5.99 pizza, now going up by $2. We can also expect the increases in the prices of wheat, tires, butter, milk, corn, and so much more. We went here in New York shopping, which is always a joyto go shopping in New York. Here is the list of items that we got. Here is the receipt: Chuck roast. Chuck roast, the cost of chuck roast is up 13 percent in the last year. Whole milk is now up 10 percent. Sugar, where is the sugar? Here is the sugar. We disguised it. You'll never guess who the maker of this sugar is. Sugar is now up 9 percent. Large grade A eggs is now up 7 percent. Why? Well, according to the National Inflation Association, cotton prices are up 54 percent, corn prices are up 29 percent, soy beans are up 22 percent, sugar prices are up 51 percent. So, what do you think? What do you think is going to happen at the grocery store? Now, we are in New York City, where a studio apartment with a shared bathroom down the hall and really nasty neighbors costs you just shy of 100 grand a month. So, what's happening here isn't necessarily happening in your neighborhood, except in the grocery store. This list, what we have on the table costs $79.51. Now, let me show you companies that say — uh-oh, here comes trouble. Kroger has said they're going to have to raise their prices or they have just raised them. Same with McDonald's. Same with Safeway. Just told you about Domino's pizza. Morton's Steakhouse. Yes, lovie. This one. Giant Eagle. Sara Lee. Kraft. General Mills. Starbucks. Kellogg's. So, why? Why, why is the price of everything going up? I thought they promised us no inflation. Remember? And we're sending all the money around the world and it's going to be great and one big happy family and we just keep printing more money. How is it costing us more for cereal? Well, there's a couple of reasons. Why does coffee cost more, Glenn? One: the emerging world. Oh, my gosh, places like India. There's more demand for meat, eggs, cheese, wheat, rice, cereal. Because the emerging countries, because they have big demands now, the same countries that we're being told here we have to lower our lifestyle, so the other countries can have more. This is all by design, gang. The only way to make you consume less is to make things more expensive and the emerging economies can make more. It brings us all in to balance, you see. It will cost you more because the rest of the world is consuming more. This is the way it's going to be in this new world order that they're creating. Second, they're devaluing our dollar. Washington is doing this. The Fed is doing this. And spooky dudes like George Soros — what was it he said? (BEGIN VIDEO CLIP) GEORGE SOROS, OPEN SOCIETY: So, an orderly decline of the dollar is actually desirable. (END VIDEO CLIP) BECK: Orderly decline. I love those orderly declines where you don't — where they don't say, hey, you know what this is going to cost you in five years? No, they just — it's orderly, a managed decline. It's slowly in dribs and drabs, and your money is worth less. Because the world is spooked by what we're doing, because you've got a president now — and this is no big deal, in the grand scheme of things, this is nothing — taking a giant trip over to India, but I can't figure out. And I'm not even worried about the money. I'm worried about his safety. What is he doing? Because the rest of the world can't figure us out and they're spooked because we are now printing more money because nobody wants to buy our bonds, well, what happens? What happens? By the way, on — is today Thursday? Yes. Tomorrow's show, Friday — I'm going to show you this chart. I've got to go through this chart. This is one spooky chart. It starts on day one. Oscar, you're looking — seriously. Don't move. We are just talking about day one. Stand where you are. Day one. China says no more bonds. OK? From day one, China says, no more bonds. We're not going to buy anymore U.S. bonds. It's 15 days for the new world order — 15 and your world changes. Now, if you would be scared of what would be coming next, if you're in the rest of the world, and you're like, OK, I don't really know, I got gobs of money. What do I put it in? What do I invest in? I don't know if I trust bonds. I don't know what I trust anymore. What do you buy? Well, you don't — if you think that maybe times will be tough, you don't necessarily, you know, put your money in to a company that's going to be making those 200-inch plasmas. You look for something stable. What does the world always need? Food, corn, rice, wheat — commodities. So, who's putting their money there? Speculators. Evil speculators. Speculators put their money into commodities, because they are speculating that two things are happening. One: emerging world is going to have more need for more food. Two: the dollar is going to be worth less. If these are the things of real value, they're not evil speculators. The government is creating the conditions making these speculations reality. Who's one of the biggest speculators in the world? George Soros. Soros has been on the record here for, what, two months — buying up commodities, saying you should buy up commodities. Well, of course, food is going to go up, by design. And yesterday, the Fed made sure that your dollar would be devalued. They're monetizing the debt — monetizing our debt — printing more than $600 billion. Now, if we were on the gold standard and we just struck $600 million gold mine, that would be great because then — I just lost the gold coin. Here it is. Everybody on the set is freaking out. "What do you mean you lost to gold coin?" Then our money would be backed up by something, gold — gold. And so, it would be fine. But since we didn't hit a gold mine, what are we backing it up with? Nothing. We devalue the value of your dollar. It's not backed up by anything. So, we just create $600 billion more dollars, "Monopoly money," more paper floating around, driving down the value of what is really in your pocket, unless you had this. You know, before we went, you know, when was this made? 1879. This is a gold coin, U.S., 1879. I could have gone to a store. This is a $20 gold piece. I could have gone to a store for 20 bucks and bought a couple of good suits, really good suits. Today, I can take this gold coin and walk in to Saks Fifth Avenue and buy a couple of good suits. The gold hasn't changed. Just the $20 marking on it has changed. Your dollar isn't worth as much because we don't back it with anything. That's what's happening with QE2, the quantitative easing. We did yesterday. And what is it? It's a hidden tax. It's tax on you and me and every American, especially working class, because it's a tax that hits them the hardest, because you're closest to the edge if they are in the middle class or the working class or the lower class. What was it that Barack Obama promised us during the campaign? Do you remember? (BEGIN VIDEO CLIP, 09/12/2008) THEN-PRESIDENTIAL CANDIDATE BARACK OBAMA CANDIDATE: I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase — not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes. (CHEERS) (END VIDEO CLIP) BECK: He can keep his word. He can keep his word. When they do QE2, they are not — they're not imposing a tax. Technically, they're not giving you a tax. Inflation is a hidden tax. Can you imagine if the president came out tomorrow and said, hey, here's what I'm going to do — over here — here's what I'm going to do. Tomorrow, guys, we need your money. I'm going to put a 20 percent tax on this and 20 percent tax on this. Oh, and 20 percent more on your tires and your meat and your pasta. And, by the way, I'm going to go to India in a little while. It will be sweet! But 20 percent. See you there. See you there. I talk to you when I get to India. Americans would go nuts. So what this allows them to do is pass that tax on to you and say it's not a tax. Devalue your dollars and pass it on, so then in the end, they can say — General Mills and Kellogg's, these rich evil companies are raising prices. And they can blame the companies for charging you more. They've created a condition where they have no choice but to raise the prices. The manager of the world's largest mutual fund, Bill Gross, said — now, you ready for this? He said the dollar is in danger of losing 20 percent of its value over the next few years if the Federal Reserve continues unconventional monetary easing. Peter Schiff, president of Euro Pac Capital said QE2 defaces the value of money. By devaluing money, you need more of it to buy things. Remember the $20 gold piece? I could still buy the same two suits that I did in 1879 — the same coin. But how many more dollars — it used to take $20. How many more dollars does it take to buy this gold coin today? Whenever the Fed creates money, prices rise. Some rise more rapidly than others, like gold. Commodities respond very quickly to the weakening dollar. By the way, did you notice oil is at a six-month high today? It takes a little bit longer for the price of goods to kick up. As a result, QE2, Americans will have to endure a lower standard of living. It is a tax on all Americans. Prices are going through the roof. The basic cost of living, food, clothing, energy, is all going up. And there will be a QE3 and QE4. That's Peter Schiff. How about Dr. Doom? The guy who — one of the only people that got it, leading economist Nouriel Rubini. He tweeted this. I love — I love my global economists, you know, tweeting. "QE2 will be followed by QE3 and QE4, and QE2 will fail to revive the real economy and prevent deflationary pressures." There you go. So, when does it stop? When does it stop? Your — the price of your house — deflation. Price of food — inflation. How much do we have to print? Do we print so much it becomes worthless? That Brink's trucks have to deliver your paycheck every day because, you know, tomorrow, your paycheck would be worthless? That's what happened in the Weimar Republic. They went down this road. That's what exactly what happened in Zimbabwe when they went down this road. Now, most experts will tell you Weimar Republic won't happen here, it can't happen here, this is not going to lead to it, this is fear-mongering - - whatever. I hope to God they are right. As I told you at the beginning, I am not an expert. I am not a guy to listen to for financial advice. I'm an American with an opinion, period. I don't know that the Weimar Republic isn't going to happen here. I don't know if it is going to happen here. But I will tell you this — those same damn experts told me two years ago that the Fed wouldn't do what they did yesterday. Those same damn told me four years ago that the housing market was fine. When will these experts lose a little bit of credibility? When will we start listening to our own guts, and to common sense? If you are still not convinced that the dollar devaluation and a rise in commodities are connected, let's take a look at the charts, shall we? Here's the dollar. Show me commodities. Zoom. Oh, look, it goes down. Commodities go up. Hello? OK. So, now, what are you supposed to do with this information? I'm not saying any of this to scare you. I'm saying this because nobody else will. When FDR said his famous phrase, "We have nothing to fear but fear himself" — he was wrong. The only thing we have to fear is not being prepared. If you are caught unprepared by all of this, then you will have fear. Because you'll say, what the hell do I do now? You do have to fear fear, if you're not prepared. The only thing you have to fear is being unprepared. If I'm wrong — great. Let me tell you something: we'll have a big party. We'll invite the media. I'll come, we can play pin the tail on Glenn for hours, I'll wear a dance hap (ph), it will be fine. we can take a giant swim in the swimming pool, filled with money that the Treasury has printed that's worth so much. We'll all laugh. In fact, we can call it laughingstock and I'll be the laughingstock. It would like Woodstock without the muddy sex. It will be fun. The worst thing that will have happened is you'll have extra food in your house for any emergency that comes up, you know, like earthquake, snowstorm, treasury pool party. But if I'm right, but if I'm right — next. — Watch "Glenn Beck" weekdays at 5 p.m. ET on Fox News Channel Content and Programming Copyright 2010 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2010 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.     Carl Ray Louk "FRIENDSHIP NEVER ENDS" SG-1996 "LET LOVE LEAD THE WAY" SG-2000 "THE PHOENIX SHALL RISE" SD "EVEN A MAN WHO IS PURE IN HEART AND SAYS HIS PRAYERS BY NIGHT, MAY BECOME A WOLF WHEN THE WOLFBANE BLOOMS AND THE AUTUMN MOON IS BRIGHT." LT-1941 "FLESH OF MY FLESH; BLOOD OF MY BLOOD; KIN OF MY KIN WHEN SAY COME TO YOU, YOU SHALL CROSS LAND OR SEA TO DO MY BIDDING!" 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