What does “economic collapse” really look like?

What will the world look like if the global economy collapsed? Glenn invited Jim Rickards, author of The Death of Money: The Coming Collapse of the International Monetary System onto the show to discuss what a catastrophic collapse and reset might look like and how it almost happened before.

GLENN: There is a fascinating article that just came out the last couple of days called In the Year 2024. It's written by James Rickards. He's the author of the book The Death of Money: The Coming Collapse of the International Monetary System. And I've asked him to come on by for a few minutes and talk to us about this. Because my kids ask me all the time, Dad, what do you mean? What do you mean money is going to collapse? What do you mean the system is going to shut down for a while? What does that even look like? The way I explain it to them, and I'd like Jim to take this in greater detail and correct me if he thinks I'm wrong. What I mean by that is, an event unlike anything at least this generation and I believe anything like the world has ever seen before.

A catastrophic failure and reset in a way that we don't know what we're doing for a while. We all kind of have to -- kind of figure it out on our own. And most likely, at least for a while, ends in marshal law. And ends in some pretty frightening times. The -- the Great Depression would look like a picnic, quite honestly. And James is here to comment on that. Do you agree with that?

JAMES: I agree. I think we can see it coming. One of the things is -- let me talk about what it's not going to be like. I don't think we'll all be living in caves. Canned goods. It's not the end of the world.

GLENN: Right. We make it through this.

JAMES: We make it through, but it's a different world when we come out the other side. You know, Mussolini's mantra was, everything in the state, nothing outside the state. That was their succinct summary of what fascism was. Well, you get to a world where the government controls all the money. Everything, first of all, is all digital. We all think we have money. How much cash do you have in your pocket? A couple bucks maybe? You get a direct deposit of your pay. You pay with credit cards. You pay with debit cards. You pay online. You wire money. It's all digital.

Well, that means it can all be controlled. That can all be taken over by the government, number one. E-ZPass tollbooths, and we all like the convenience. I like them too. But those are interdiction points where they can use facial recognition software, license plate scanning, et cetera. I know you have a lot of contacts in Silicon Valley. You talk to people out there. They like the driverless car. Driverless car sounds kind of cool. You can read a book or whatever. Well, driverless car is not driverless. It's just being driven by a system. And the system involves GPS and computers. Essential programmers. So if they decide they want to lock the cars and take the car to a local police station, then your car is a prison. It's a portable jail cell. And if they don't like you for political reasons or other reasons -- these are all things that are here.

GLENN: I want to say this, in case you don't know who Jim is. Because this sounds crazy. Doesn't it? It sounds like Blade Runner or Conspiracy Theory. And just a little bit about him. Portfolio manager at the West Shore Group. An adviser to the International Economics and Financial Threats, to the Department of Defense. And the US Intelligence Community.

So you also did -- didn't you do the first -- you were the --

JAMES: Financial war game. Yep.

GLENN: Yeah, you did the first financial war game at the Pentagon. So this is not someone who is like, yeah, I live in my mom's basement. And you also were right there in 1998, front row seat, with the Wall Street bailout of the hedge funds.

JAMES: I was the general counsel, long-term capital management. That was the hedge fund that collapsed in 1998. It was bailed out by Wall Street. Four billion dollars. We put it together in 72 hours. We foamed the runways, Glenn, and brought it in for a soft landing. But I can tell you, I was there. We were hours away from every market in the world closing.

We tried to get that down before Tokyo opened that morning. And we did. Now it's kind of like old news or whatever. But that's how close we came. Of course, we came that close in 2008. So I had a front row seat on that one. I like to say, in America, when you screw up badly enough, the lawyers take over. And I was the lawyer. So I got to do that one. So I've seen this.

GLENN: Okay. So you've seen this firsthand. You look to history to be able to forecast what is coming. You have -- you told me last night on television that you have seen -- the world has seen financial markets close. I wasn't aware of World War I, the stock exchange close for that long.

JAMES: Well, in World War I, the secretary of the treasury, Mcadoo closed the New York Stock Exchange. Well, the Board of Governors closed it, basically on the influence of the treasury for five months from the beginning of August to the beginning of December. Now, here's the reason. At the time, we were still on the gold standard. Remember, the US was neutral. The other combatants wanted gold because they knew they needed it to fight the war. So they started dumping US stocks. It's not that they hated US stocks. But gold stocks, you got cash, you can get the gold. They were shipping the gold to London. Down at South Street Seaport, there were pallets of gold going to Europe.

Well, they closed the New York Stock Exchange to alleviate the selling pressure. They reopened it five months later. But what happened was, people were very creative. They went out on the street, they went out on News Street, which is behind the New York Stock Exchange. They had a street market. But you had to trade your stocks by appointment. Bring your certificates down, all that. But the New York Stock Exchange was closed for five months.

They wanted to suspend -- all the combatants suspended gold redemptions. Interestingly, John Maynard Keynes, who was vilified as an anti-gold guy, he was the loudest, most persuasive voice in favor of England staying on the gold standard. What he said is, look, Germany, Italy, Belgium, all these other guys, they've suspended. If we the UK, the city of London, stay on the gold standard, we'll have good credit. We'll be able to borrow the money. Fight the war. And win the war. And he was right. JPMorgan. Well, Jack Morgan, the son of Pierpont Morgan did a for multibillion-dollar syndicated loan for Europe. So, yeah, there was a lot of blood spilled on the field. But they won it with finance.

GLENN: Okay. So who can win with finance this time? Because we're all in the same boat. What happens? The banks are closed. Because I think there could be anything. Anything can happen. You know, it could be -- Iran closing the Straits of Hormuz and that could just send things spiraling.

JAMES: Sure.

GLENN: And all of a sudden we're just out. This could happen in a three-day, four-day, five-day period where all of a sudden the world has changed. The banks are closed. You don't have access to money. $300 out of the ATM. That's all you can get.

JAMES: Right. Gas and grocery money. That's about it.

GLENN: That can go on for?

JAMES: Weeks, months. Hey, if you have your gas and groceries, what else would you need? That would be the point. They wouldn't steal your money. You just couldn't get it. It's not just stocks. It's money market funds. You wouldn't be able to redeem those. Close the stock exchange. Say, hey, we're not stealing your equity. But we've converted it to private equity.

GLENN: You said they wouldn't steal things. Well, they did in Cypress.

JAMES: It's state power.

GLENN: The state comes in and says, everybody gets a 50 percent haircut. So whatever you have, you lose 50 percent of it. To me, that's theft. This is all going on. The state starts to crock down. Everybody is kind of pinned into their own place. What does it -- what does it look like afterwards?

JAMES: Well, now there are a couple of states to the world. So maybe everybody will just acquiesce. That's actually a lot of history. When things get bad, people just say, hey, don't bother me. I'll go alone with this. But you could see the outbreak of money riots. You could see people in the streets, protesting not social conditions, but financial conditions. Of course, we have a heavy militarized police ready to respond to that with tear gas and flash bang grenades and they're armored up with all this money from the federal government. So they're ready.

GLENN: How much of this makes you feel -- you're like, I don't want to believe this. But it's just the fact. Because it really sounds nuts.

JAMES: Well, when my first book came out, Currency Wars, the Financial Times reviewed it and they said, let's hope he's wrong. You know what I say? I hope I'm wrong. I don't think I am. At least I wouldn't be writing and doing interviews if I thought I was wrong. I'm trying to warn people. People say I'm giving predictions. I don't think of myself as giving predictions. I think of myself as giving warnings. By the way, this doesn't have to happen. I don't think this is like Clockwork Orange, where it's inevitable. But I think it's likely because the things that you need to do to prevent it from happening are actually -- in our politically dysfunctional age, they're unlikely to happen.

GLENN: Like?

JAMES: You can break up the big banks.

GLENN: Not going to happen.

JAMES: Right. It won't happen. There are a set of things you can do. By the way, we're in a depression. This is not a recovery. This is a depression. As Kings defined it, he said, a prolonged period of below-trend growth, which neither collapses nor gets back to trend. That's the period we're in right now. Could be heading for a collapse for other reasons.

GLENN: That's the actual definition of depression?

JAMES: By John Maynard Keynes. And I agree with that definition. People say I say we're in a depression. People go, you're nuts. GDP is not going down. We've been recovering for six years. Where are the soup lines? Well, the soup lines are Whole Foods. Because now you get food stamps on a digital card. By the way, I'm not disparaging people. You can go into Whole Foods and get your soups. So we have the soup lines. They're just at Whole Foods. We all know the only reason why unemployment is not higher is because labor participations collapsed.

The point is, this 2 percent growth that we're chugging along. In some quarters, a little more. In some quarters, a little bit less. If we're capable of three and a half, which we are, and in the short-run, maybe 5 percent, which we saw between '83 and '86, if we're capable of that and you're actually growing at two, it's the gap between the three and two. Or the five and the two that's depressed growth. That's the definition of a depression. The problem is, we are Japan. We'll be in this for 20 years, unless we make structural changes. A depression is structural. It's not cyclical. You can't solve a cyclical problem with a cyclical solution, which is money. Money printing, if you know, inflation is a little high and you want to dial down the money supply. Or unemployment is high, dial it up. That's a cyclical solution. We need structural solutions. We're not getting them.

GLENN: You told me off TV yesterday. You said to me that behind closed doors, people who know know. And they say it. They know what's coming.

JAMES: Yeah.

GLENN: And they also admit to you, they don't have any idea what they're doing.

JAMES: That's exactly right. I had dinner with one of the members of the board of governors of the federal reserve system. Very bright individual. Don't need to give out names. I looked at this individual. I said, well, you know, the fed is insolvent. On a mark to market basis. Meaning, if you took your assets to mark them to market, it would wipe out their capital. They have about 60 billion in capital and 4 trillion of assets. So the individual said, no, we're not.

And she said, no one has done the math. And I said, well, I have done it. And I think others have done it too. And I kind of looked at her, and she knew that I knew that she couldn't fool me. So she goes, well, maybe. And then in the next breath she said, well, we are, but it doesn't matter. So she went from no to maybe to yes in a matter of 30 seconds. But her last point was the most interesting one. She said, well, maybe we are insolvent on a mark to market basis, but it doesn't matter. The central banks don't need capital.

Really? Well, that might be news to most of the American people. Your money. The money in your pocket is a liability of the Federal Reserve system. It's their liability.

GLENN: Right.

JAMES: And their insolvency of a perpetual -- I look at a dollar bill. I learned in law school, read the contract. It says, Federal Reserve note. A note is a liability. So what is a dollar bill, really? It's a liability. It's a perpetual non-interest bearing liability of an insolvent bank. That's what your money is. So if we all think it's money, it can actually be money. It's a question of confidence. But confidence is very fragile. It can be lost very quickly. And that's the problem. When that confidence is lost, what do we do? What's plan B? I think the main plan B is the one we've been talking about. Which is, lock everything down. In '98, the solution was to print money. In 2008, the solution was to print money. When you get to the point where you can't print money anymore, just don't let people have their money. Just lock it down.

GLENN: I have two minutes. Can you tell me what the average person should be doing right now?

JAMES: One thing they should have is some physical gold. Don't go overboard. I recommend 10 percent. Don't sell everything. I don't think it's good advice.

GLENN: It can be taken.

JAMES: It can be taken. Well, you make a good point, Glenn. Nothing is risk-free. There's nothing out there that is risk-free.

GLENN: And you don't have any idea what's coming.

JAMES: Correct. So the question is, how much risk? And are the risks correlated? You know, can you prepare for different things? That's the right way to do it. One of the things I like about gold is it's physical. It's not digital. People go, I have money. I say, really, interesting, where is your money? Well, it's in the stock market. It's in the bank. Well, that's all digital. It's in a computer. You may get a statement, but that's all digital. Putin has a 6,000 member cyber brigade. You don't think they could shut down the New York Stock Exchange tomorrow? They can.

GLENN: So when you say have cash on hand, do you believe have actual access to cash in your house or someplace?

JAMES: Well, let's say you did. Try getting it. Try going down to the bank and getting $5,000 of cash without being looked at like a drug dealer. They will. They'll file a suspicious activity report. They'll file a currency transaction report. The SAR, the CTR. And you're a perfectly honest citizen. You just say, you know what, for precautionary reasons, I'd like some notes. I don't want it all in digital form. You'll be treated like a criminal, even though you're a perfectly honest citizen. So that's easier said than done.

But for listeners, they might try it. Physical gold, I like it. It's not digital. You can't hack it. You can't erase it. In 2010, the FBI and the Department of Homeland Security found a Russian attack virus in the NASDAQ stock market operating system. This was not a criminal gang trying to get your Social Security number. This was Russia military intelligence inside NASDAQ. That was reported by William Bloomberg. Again, everything I'm saying, you can document or I can document. None of it is conspiracy stuff.

GLENN: James Rickards. The name of the book is the Death of Money. Best-selling author of Currency Wars: The coming Collapse of the International Monetary System. If you want to understand what's coming, you want to be a leader in the next phase of what's coming. You need to understand. This is a great way to understand it. The Death of Money: The Coming Collapse of the International Monetary System. Jim, thanks a lot, appreciate it.

JAMES: Thank you.

What our response to Israel reveals about us

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I have been honored to receive the Defender of Israel Award from Prime Minister Netanyahu.

The Jerusalem Post recently named me one of the strongest Christian voices in support of Israel.

And yet, my support is not blind loyalty. It’s not a rubber stamp for any government or policy. I support Israel because I believe it is my duty — first as a Christian, but even if I weren’t a believer, I would still support her as a man of reason, morality, and common sense.

Because faith isn’t required to understand this: Israel’s existence is not just about one nation’s survival — it is about the survival of Western civilization itself.

It is a lone beacon of shared values in the Middle East. It is a bulwark standing against radical Islam — the same evil that seeks to dismantle our own nation from within.

And my support is not rooted in politics. It is rooted in something simpler and older than politics: a people’s moral and historical right to their homeland, and their right to live in peace.

Israel has that right — and the right to defend herself against those who openly, repeatedly vow her destruction.

Let’s make it personal: if someone told me again and again that they wanted to kill me and my entire family — and then acted on that threat — would I not defend myself? Wouldn’t you? If Hamas were Canada, and we were Israel, and they did to us what Hamas has done to them, there wouldn’t be a single building left standing north of our border. That’s not a question of morality.

That’s just the truth. All people — every people — have a God-given right to protect themselves. And Israel is doing exactly that.

My support for Israel’s right to finish the fight against Hamas comes after eighty years of rejected peace offers and failed two-state solutions. Hamas has never hidden its mission — the eradication of Israel. That’s not a political disagreement.

That’s not a land dispute. That is an annihilationist ideology. And while I do not believe this is America’s war to fight, I do believe — with every fiber of my being — that it is Israel’s right, and moral duty, to defend her people.

Criticism of military tactics is fair. That’s not antisemitism. But denying Israel’s right to exist, or excusing — even celebrating — the barbarity of Hamas? That’s something far darker.

We saw it on October 7th — the face of evil itself. Women and children slaughtered. Babies burned alive. Innocent people raped and dragged through the streets. And now, to see our own fellow citizens march in defense of that evil… that is nothing short of a moral collapse.

If the chants in our streets were, “Hamas, return the hostages — Israel, stop the bombing,” we could have a conversation.

But that’s not what we hear.

What we hear is open sympathy for genocidal hatred. And that is a chasm — not just from decency, but from humanity itself. And here lies the danger: that same hatred is taking root here — in Dearborn, in London, in Paris — not as horror, but as heroism. If we are not vigilant, the enemy Israel faces today will be the enemy the free world faces tomorrow.

This isn’t about politics. It’s about truth. It’s about the courage to call evil by its name and to say “Never again” — and mean it.

And you don’t have to open a Bible to understand this. But if you do — if you are a believer — then this issue cuts even deeper. Because the question becomes: what did God promise, and does He keep His word?

He told Abraham, “I will bless those who bless you, and curse those who curse you.” He promised to make Abraham the father of many nations and to give him “the whole land of Canaan.” And though Abraham had other sons, God reaffirmed that promise through Isaac. And then again through Isaac’s son, Jacob — Israel — saying: “The land I gave to Abraham and Isaac I give to you and to your descendants after you.”

That’s an everlasting promise.

And from those descendants came a child — born in Bethlehem — who claimed to be the Savior of the world. Jesus never rejected His title as “son of David,” the great King of Israel.

He said plainly that He came “for the lost sheep of the house of Israel.” And when He returns, Scripture says He will return as “the Lion of the tribe of Judah.” And where do you think He will go? Back to His homeland — Israel.

Tamir Kalifa / Stringer | Getty Images

And what will He find when He gets there? His brothers — or his brothers’ enemies? Will the roads where He once walked be preserved? Or will they lie in rubble, as Gaza does today? If what He finds looks like the aftermath of October 7th, then tell me — what will be my defense as a Christian?

Some Christians argue that God’s promises to Israel have been transferred exclusively to the Church. I don’t believe that. But even if you do, then ask yourself this: if we’ve inherited the promises, do we not also inherit the land? Can we claim the birthright and then, like Esau, treat it as worthless when the world tries to steal it?

So, when terrorists come to slaughter Israelis simply for living in the land promised to Abraham, will we stand by? Or will we step forward — into the line of fire — and say,

“Take me instead”?

Because this is not just about Israel’s right to exist.

It’s about whether we still know the difference between good and evil.

It’s about whether we still have the courage to stand where God stands.

And if we cannot — if we will not — then maybe the question isn’t whether Israel will survive. Maybe the question is whether we will.

When did Americans start cheering for chaos?

MATHIEU LEWIS-ROLLAND / Contributor | Getty Images

Every time we look away from lawlessness, we tell the next mob it can go a little further.

Chicago, Portland, and other American cities are showing us what happens when the rule of law breaks down. These cities have become openly lawless — and that’s not hyperbole.

When a governor declares she doesn’t believe federal agents about a credible threat to their lives, when Chicago orders its police not to assist federal officers, and when cartels print wanted posters offering bounties for the deaths of U.S. immigration agents, you’re looking at a country flirting with anarchy.

Two dangers face us now: the intimidation of federal officers and the normalization of soldiers as street police. Accept either, and we lose the republic.

This isn’t a matter of partisan politics. The struggle we’re watching now is not between Democrats and Republicans. It’s between good and evil, right and wrong, self‑government and chaos.

Moral erosion

For generations, Americans have inherited a republic based on law, liberty, and moral responsibility. That legacy is now under assault by extremists who openly seek to collapse the system and replace it with something darker.

Antifa, well‑financed by the left, isn’t an isolated fringe any more than Occupy Wall Street was. As with Occupy, big money and global interests are quietly aligned with “anti‑establishment” radicals. The goal is disruption, not reform.

And they’ve learned how to condition us. Twenty‑five years ago, few Americans would have supported drag shows in elementary schools, biological males in women’s sports, forced vaccinations, or government partnerships with mega‑corporations to decide which businesses live or die. Few would have tolerated cartels threatening federal agents or tolerated mobs doxxing political opponents. Yet today, many shrug — or cheer.

How did we get here? What evidence convinced so many people to reverse themselves on fundamental questions of morality, liberty, and law? Those long laboring to disrupt our republic have sought to condition people to believe that the ends justify the means.

Promoting “tolerance” justifies women losing to biological men in sports. “Compassion” justifies harboring illegal immigrants, even violent criminals. Whatever deluded ideals Antifa espouses is supposed to somehow justify targeting federal agents and overturning the rule of law. Our culture has been conditioned for this moment.

The buck stops with us

That’s why the debate over using troops to restore order in American cities matters so much. I’ve never supported soldiers executing civilian law, and I still don’t. But we need to speak honestly about what the Constitution allows and why. The Posse Comitatus Act sharply limits the use of the military for domestic policing. The Insurrection Act, however, exists for rare emergencies — when federal law truly can’t be enforced by ordinary means and when mobs, cartels, or coordinated violence block the courts.

Even then, the Constitution demands limits: a public proclamation ordering offenders to disperse, transparency about the mission, a narrow scope, temporary duration, and judicial oversight.

Soldiers fight wars. Cops enforce laws. We blur that line at our peril.

But we also cannot allow intimidation of federal officers or tolerate local officials who openly obstruct federal enforcement. Both extremes — lawlessness on one side and militarization on the other — endanger the republic.

The only way out is the Constitution itself. Protect civil liberty. Enforce the rule of law. Demand transparency. Reject the temptation to justify any tactic because “our side” is winning. We’ve already seen how fear after 9/11 led to the Patriot Act and years of surveillance.

KAMIL KRZACZYNSKI / Contributor | Getty Images

Two dangers face us now: the intimidation of federal officers and the normalization of soldiers as street police. Accept either, and we lose the republic. The left cannot be allowed to shut down enforcement, and the right cannot be allowed to abandon constitutional restraint.

The real threat to the republic isn’t just the mobs or the cartels. It’s us — citizens who stop caring about truth and constitutional limits. Anything can be justified when fear takes over. Everything collapses when enough people decide “the ends justify the means.”

We must choose differently. Uphold the rule of law. Guard civil liberties. And remember that the only way to preserve a government of, by, and for the people is to act like the people still want it.

This article originally appeared on TheBlaze.com.

In the quiet aftermath of a profound loss, the Christian community mourns the unexpected passing of Dr. Voddie Baucham, a towering figure in evangelical circles. Known for his defense of biblical truth, Baucham, a pastor, author, and theologian, left a legacy on family, faith, and opposing "woke" ideologies in the church. His book Fault Lines challenged believers to prioritize Scripture over cultural trends. Glenn had Voddie on the show several times, where they discussed progressive influences in Christianity, debunked myths of “Christian nationalism,” and urged hope amid hostility.

The shock of Baucham's death has deeply affected his family. Grieving, they remain hopeful in Christ, with his wife, Bridget, now facing the task of resettling in the US without him. Their planned move from Lusaka, Zambia, was disrupted when their home sale fell through last December, resulting in temporary Airbnb accommodations, but they have since secured a new home in Cape Coral that requires renovations. To ensure Voddie's family is taken care of, a fundraiser is being held to raise $2 million, which will be invested for ongoing support, allowing Bridget to focus on her family.

We invite readers to contribute prayerfully. If you feel called to support the Bauchams in this time of need, you can click here to donate.

We grieve and pray with hope for the Bauchams.

May Voddie's example inspire us.

Loneliness isn’t just being alone — it’s feeling unseen, unheard, and unimportant, even amid crowds and constant digital chatter.

Loneliness has become an epidemic in America. Millions of people, even when surrounded by others, feel invisible. In tragic irony, we live in an age of unparalleled connectivity, yet too many sit in silence, unseen and unheard.

I’ve been experiencing this firsthand. My children have grown up and moved out. The house that once overflowed with life now echoes with quiet. Moments that once held laughter now hold silence. And in that silence, the mind can play cruel games. It whispers, “You’re forgotten. Your story doesn’t matter.”

We are unique in our gifts, but not in our humanity. Recognizing this shared struggle is how we overcome loneliness.

It’s a lie.

I’ve seen it in others. I remember sitting at Rockefeller Center one winter, watching a woman lace up her ice skates. Her clothing was worn, her bag battered. Yet on the ice, she transformed — elegant, alive, radiant.

Minutes later, she returned to her shoes, merged into the crowd, unnoticed. I’ve thought of her often. She was not alone in her experience. Millions of Americans live unseen, performing acts of quiet heroism every day.

Shared pain makes us human

Loneliness convinces us to retreat, to stay silent, to stop reaching out to others. But connection is essential. Even small gestures — a word of encouragement, a listening ear, a shared meal — are radical acts against isolation.

I’ve learned this personally. Years ago, a caller called me “Mr. Perfect.” I could have deflected, but I chose honesty. I spoke of my alcoholism, my failed marriage, my brokenness. I expected judgment. Instead, I found resonance. People whispered back, “I’m going through the same thing. Thank you for saying it.”

Our pain is universal. Everyone struggles with self-doubt and fear. Everyone feels, at times, like a fraud. We are unique in our gifts, but not in our humanity. Recognizing this shared struggle is how we overcome loneliness.

We were made for connection. We were built for community — for conversation, for touch, for shared purpose. Every time we reach out, every act of courage and compassion punches a hole in the wall of isolation.

You’re not alone

If you’re feeling alone, know this: You are not invisible. You are seen. You matter. And if you’re not struggling, someone you know is. It’s your responsibility to reach out.

Loneliness is not proof of brokenness. It is proof of humanity. It is a call to engage, to bear witness, to connect. The world is different because of the people who choose to act. It is brighter when we refuse to be isolated.

We cannot let silence win. We cannot allow loneliness to dictate our lives. Speak. Reach out. Connect. Share your gifts. By doing so, we remind one another: We are all alike, and yet each of us matters profoundly.

In this moment, in this country, in this world, what we do matters. Loneliness is real, but so is hope. And hope begins with connection.

This article originally appeared on TheBlaze.com.