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Are we repeating Black Monday 1987?

August 24, 2015
Staff

WRITER

The global stock market just took its biggest dive since October 2008. The DOW dropped a stunning 588 points, a sober reminder of how quickly a volatile situation could develop in the event of an economic crash. Glenn shared his thoughts and listed a few suggestions for how to be prepared.

"I would suggest that you have a week's worth of cash on hand. And the only reason why you should have a week's worth of cash on hand is in case they do at some point close the banks just to be able to stabilize the situation. Because that will happen at some point. I don't think it's happening today. But that will happen at some point," Glenn said.

"I would just make sure that you have looked at your food storage and your 72-hour food storage and if you have gold or silver, whatever it is, that you feel good about. You have those things on hand," he said.

"Have you replenished your ammunition and your guns? How are you doing with God? Those are all the doomsday things to do, but if you have any those unchecked on your list, I would make a point to start doing those today. We are headed for trouble," Glenn said.

Listen to or read the full segment below.

Below is a rush transcript of this segment, it might contain errors.

GLENN: It's crazy. It's now challenging today. Thirty-eight dollars a barrel. Thirty-eight dollars a barrel. Let me just give you some comparisons and show you, is it better or is it worse than it was in 2008. Markets and central banks feared inflation at the time, and oil had hit $133 a barrel. Now we have oil at testing $38 a barrel today. Central banks are fearing now massive deflation. The idea that the US central bank or the Federal Reserve is going to higher interest rates is now a thing of the past. That is just not going to happen. I guarantee you, QE4, Quantitative Easing 4, is right around the corner. China had a relatively modest $7 trillion in total debt back in 2007 and '8. That was less than 100% of GDP. Since 2008, China alone has quadrupled their debt from 7 trillion to $28 trillion.

PAT: Wow.

GLENN: So if anybody thinks China is the future, they now have 282 percent of gross domestic product in debt.

PAT: Who is China borrowing from?

GLENN: I have no idea.

PAT: That's amazing.

GLENN: I have absolutely no idea.

Back in 2008, we still had a central bank, a Federal Reserve that said we can do TARP. We can do TARF. We can do all of these programs. Well, now the toolbox is empty. Now they don't have anything. We had the rescue packages. The credit guarantees. Quantitative easing. Zero interest rate policy. Right now, we're almost at zero. We have taken every new program we could. We have yield curve -- bend. We have bought all of the bad debt and put it on the Federal Reserve -- there's nothing left for the Federal Reserve to do. They used to have a clean slate, they don't anymore. We are now down to .25 percent interest rate.

And our -- our -- jeez, I can't remember the name of these things were -- credit default swaps -- our credit default swaps are as bad as China's debt now. Where we were on credit default swaps, we just went back into that business, and it's far worse than it was in 2008. I'm not saying that today is going to be the big plunge. I'm saying that it sure looks like it. The world is taking the big plunge. This could be a Black Monday for us. But the good news is, the stock market has a long way to fall. It's not going to be just one. It will come down and it will go back up a little bit. And then it will go down. It's a gaming table. It will just keep taking money off of the table. Just keep it coming off the table. Not good. Not good.

May I suggest, I do not think that this is the big lights out event, but I will tell you this, I believe there is something in our collective conscience, I believe there is something that is telling people all around -- all around the globe, something bad is coming our way. And I think everybody feels it. So here's what I would suggest you do.

I would suggest that you pay attention to what is in your 401(k). You make sure that there is some sort of stop on your 401(k) so you can't just lose everything on your 401(k). That if you do have stocks, you call your broker today and make sure you have some sort of stop, 5 percent or 10 percent, or whatever else you're ready to risk.

I -- I would highly suggest that you have enough cash for a week. This is not the big crash. I just don't believe that. Maybe it is. I don't believe that. I'm always bad on timing. So seeing that I feel like it's not, it probably is.

However, there is going to come a time when things just stop working and they shut everything down and they stop a run on the bank and everything else. And I don't think we're there. But I would suggest that you have a week's worth of cash on hand. And the only reason why you should have a week's worth of cash on hand is in case they do at some point close the banks just to be able to stabilize the situation. Because that will happen at some point. I don't think it's happening today. But that will happen at some point. So you should have a week's worth because what happens -- we have seen this happen recently in other countries, where they just limit the amount that you can take out. So everybody just gets $200, you know, every couple of days. You can have $200. But that's it. I would just make sure that you have looked at your food storage and your 72-hour food storage and if you have gold or silver, whatever it is, that you feel good about. You have those things on hand. Have you replenished your ammunition and your guns? How are you doing with God? Those are all the doomsday things to do, but if you have any those unchecked on your list, I would make a point to start doing those today. We are headed for trouble

PAT: Potter just called. He's offering 50 cents on the dollar over there. You see. We don't need to do that. You want to foreclose on Mr. Smith and you got your money over here -- that's what you agreed to when you signed the agreement.

GLENN: We should -- we should pull out the episode that I did right after the crash. Remember, we compared it to Potter. I explained the hold thing.

PAT: Yeah. Yeah.

GLENN: We should find that old show and play that.

PAT: Well, because that whole thing is based on the Great Depression and the massive crash.

GLENN: Yeah. It's happening again. It will happen again. We took that show out. We should find that show, and maybe we will air that show or at least that hour sometime this week.

PAT: And there will be the Potters too that will be taking huge advantage of this. There will be the George Soroses that will be making a fortune.

GLENN: Oh, yeah. Well, he already has. We told you last week that he talked these down companies. He talked them down. Said they were horrible, horrible, horrible. Talked them down. Then when their price was down, he swooped in. This is what these guys do. You swoop in. Not at the top. That's when we get into the market. They swoop in at the bottom.

STU: You know it's interesting listening to all the business broadcasts this morning. They were like, don't panic. It's not time to leave. Everything is going to be fine. If you are going to sell today, then maybe you shouldn't be in the market at all. It's like they're just trying to calm fears. But, I mean, it looks like it's going to start really ugly today.

GLENN: What's it down now?

STU: The Dow -- it was 630 points.

GLENN: I saw 666 last time I checked. Wow, that's appropriate.

PAT: Oh, boy.

GLENN: I think we're just -- we're headed for a reset. I mean, the whole thing has to be reset. And, I mean, the whole thing. Not just the banking and the financial. But the whole thing needs to be reset. It doesn't work anymore. You know, we have so bastardized it.

Kamala Harris dropped the ball at CNN's town hall

CHARLY TRIBALLEAU / Contributor | Getty Images

Vice President Kamala Harris held a town hall on CNN Wednesday night, asking voters questions about the swing state of Pennslyvania. It was a train wreck.

Harris could not give a single straight answer to any question, and would instead lapse into long, word-salad answers. At times even Anderson Cooper, who was hosting the event, seemed fed up with her answers and tried to steer her back on track. There were even a few times that felt like Cooper was practically spoon-feeding the answer to Harris, who still managed to drop the ball.

This town hall was a flop at a time when the polls revealed Harris really couldn't afford it.

She talked more about Trump than herself.

Anna Moneymaker / Staff | Getty Images

Throughout her campaign and the CNN town hall, Harris repeatedly promised that her administration would break away from the "hate" and "divisiveness" that supposedly characterize President Trump and his campaign. But despite these promises, it seemed like Harris's answer to every question was to bash Trump. From questions about how she would support or not support Israel to questions about potential Supreme Court reforms, the answer was the same: Orange Man Bad.

Even the CNN after-show panel complained that she spent far too much time talking about Trump. Her performance lacked substance and proved that her campaign isnot about anything she has to offer the American people, it's solely about hating Donald Trump.

She missed the opportunity to further define herself.

CHARLY TRIBALLEAU / Contributor | Getty Images

Harris spent so much time Trump-bashing that she never got into any detail about her policies. This was an event designed to give her the chance to lay out her platform and define who she is as a candidate and she utterly failed to do so. As mentioned before, all she really spoke about was Trump, a candidate who almost every voter is highly familiar with. This was a critical failure on Harris's part, she missed possibly one of, if not the last chance to make an impression on voters before the election and according to recent polls, this was a chance she could not afford to miss.

She gave several radical and dangerous remarks.

CHARLY TRIBALLEAU / Contributor | Getty Images

The few times Harris managed to reveal some of her policy ideas it became clear why she was being so coy: they are blatantly dangerous. In between her anti-Trump tirades where she makes Trump out to be the biggest threat to the Constitution the country has ever seen, Harris let slip that she is open to Supreme Court reforms, including adding more Justices to the bench. This is known as court-packing and is most certainly unconstitutional, as well as one of the hallmarks of an authoritarian takeover, as Glenn has pointed out.

Harris also spent the first several minutes of the event making dangerous accusations against Trump, calling him a fascist and comparing him to Adolf Hitler. She would echo this sentiment the following day in a surprise address. Glenn explained on his radio show just how dangerous and inciteful this kind of language is and the kind of damage it can do. This looks like a desperate, last-ditch attempt to sway people away from Trump during this critical time of the election cycle.

Meet Trump's dream team who will make America healthy again

Anna Moneymaker / Staff | Getty Images

Americans are sick of being sick. In a recent TV special, Glenn revealed one in three Americans suffer from a chronic disease, and it's only getting worse.

But there is hope! President Trump has taken notice of our dysfunctional and corrupt system and has assembled a Make America Healthy Again (MAHA) dream team who plan on making big changes once Trump gets back into office. This team plans on fighting back against federal regulatory agencies such as the FDA, which are bought out by Big Pharma and Big Food and allow toxic ingredients that most other countries have banned into our food.

So who is this dream team? Below, we've compiled a list of the most prominent figures who are working with Trump to make America healthy again:

RFK Jr.

The Washington Post / Contributor | Getty Images

Former Independent presidential candidate Robert F. Kennedy Jr. made the declining health of Americans a focal point in his campaign. After dropping out of the race, he combined forces with President Trump, promising to assist Trump in reinventing federal health agencies, such as the FDA and CDC, to purge them of corruption, and to reduce the dominance of ultra-processed foods full of toxic additives. RFK Jr. has adopted the slogan Make America Healthy Again (MAHA) in reference to Trump's Make America Great Again (MAGA) slogan.

Casey and Calley Means

Over this last month, Dr. Casey Means and her entrepreneur brother Calley have taken the Conservative sphere by storm after testifying in front of the U.S. Senate. The siblings have been making the circuit, speaking alongside Jorden Peterson, appearing on Joe Rogan's podcast, getting a shoutout by RFK Jr., and even joining Glenn on his most recent TV special. Casey and Calley are trying to expose the corruption in the upper levels of industry and federal agencies and fight back against what Dr. Casey describes as a "genocidal health collapse."

Dr. Robert Redfield

Chip Somodevilla / Staff | Getty Images

Former CDC Director Dr. Redfield has recently rejoined Trump's Make America Healthy Again team. His experience as the director of the U.S. Centers for Disease Control means he is familiar with the corruption that rots our federal agencies and has good reason to believe that the Trump administration can turn things around. Dr. Redfield has shown concern for the alarming rate of chronic disease that plagues Americans. He expressed special concern for children, given that over 40 percentof American children suffer from at least one chronic condition.

Can fear win the vote? Democrats have a dangerous strategy to demonize Trump.

Anna Moneymaker / Staff | Getty Images

The Democratic Party’s nominee is deliberately spreading false, fear-driven narratives to turn her base against Donald Trump, regardless of the consequences.

Have you noticed how Kamala Harris and her allies in the corporate left-wing media have become bolder in labeling Trump a “fascist”? A recent New York Times article revealed that Democrats have shed their reluctance to use the term. In fact, it has become their rallying cry as Election Day approaches.

What’s the real goal here? According to John Daniel Davidson at the Federalist, Harris and her supporters are using this rhetoric to energize their base — and more disturbingly, to prepare them for violence if Trump wins. The fearmongering isn’t just about driving people to the polls; it’s about creating an atmosphere of rage and chaos.

Let’s show the Democrats that our republic doesn’t bend to fear and certainly doesn’t bend to those who twist the truth for political gain.

Harris is deliberately spreading false, fear-driven narratives to turn her base against Trump, regardless of the consequences. This is the same Kamala Harris who, during the George Floyd riots in 2020, encouraged bailing out rioters and urged the violence to continue both before and after the election.

For example, Harris has claimed that Trump will use the Department of Justice as a weapon against his political enemies if he returns to office. But let’s pause for a second: Who is using the Justice Department as a political tool right now? Harris’ own administration, led by Joe Biden, has weaponized federal agencies against Trump and conservatives for years.

Harris also recently entertained the idea that Trump would round up people who “don’t look white” and throw them into camps. During an interview with Charlamagne tha God, a caller suggested this scenario. Instead of refuting the caller’s paranoia, Harris nodded and said, “You have hit on a really important point.”

This kind of divisive rhetoric fuels fear and division in our country. Let’s not forget: Trump was president for four years, and there were no camps, roundups, or authoritarian crackdowns on dissenters. Leftists claim Trump and his supporters spread conspiracy theories, but they are the ones pushing baseless and dangerous claims.

While Democrats claim to defend democracy, they are increasingly aligning with authoritarianism. For example, the EPA funneled billions of dollars to left-wing organizations, including one tied to Stacey Abrams, for “voter mobilization” efforts. This funding came through the Inflation Reduction Act — a taxpayer-funded omnibus bill. Imagine the outrage if Republicans in Congress gave billions of taxpayer dollars to right-wing groups. The media would be in an uproar, and there would be protests at the White House gates. But because it’s Democrats doing it, the mainstream media turns a blind eye. These are the warning signs of an authoritarian regime.

This is why it’s more critical than ever for Americans to see through the left’s manipulation. Trump’s not the fascist here — he’s a threat to the left's power. The real danger lies in the left’s escalating rhetoric, which is designed to incite chaos if things don’t go its way. And let me be clear: That’s exactly what leftists are preparing for.

Don’t let them succeed.

The best way to counter their lies is by getting out to vote and encouraging others to do the same. If every single one of us does this, we won’t let the fearmongering and lies being peddled by Harris and the Democrats succeed. Let’s show them that our republic doesn’t bend to fear and certainly doesn’t bend to those who twist the truth for political gain.

'Get involved': Here's how YOU can join Glenn on election night

America is currently standing at a fork in the road. Which path we take will determine our fate as a nation.

One path is “we try something entirely new,” as in “not the Constitution,” and the other path is “we go back towards the Constitution,” says Glenn Beck.

The stakes for this decision are higher than they’ve ever been.

“We're deciding this year whether or not our kids are going to grow up in a country that gives them the opportunity to be themselves and to move forward and chart their own course, or we're going to continue to live in a place where we're not sure if our kids are going to have a better life than we did,” Glenn warns.

Regardless of who you vote for, Glenn says that one thing applies to everyone: “You’ve got to get involved this year,” which includes voting.

Election Day is rapidly approaching, and it will undoubtedly be a night that goes down in history, which is why BlazeTV will be broadcasting it live.

“We’d love to share it with you,” says Glenn.

Go to BlazeElection.com for exclusive access to our election night broadcasting. Your BlazeTV+ subscription also gives you access to all BlazeTV content as well as Blaze News.

“Sign up and be a part of the family as we go through this together,” invites Glenn.

Get $40 off your first year of BlazeTV+ with code ELECTION.