The Cardinal Sin of Investing: Permanent Impairment of Capital

Last week we presented a parade of indicators published by Grant Williams and Lance Roberts that warned of an approaching market correction as well as a coming economic recession.

The key message was: When smart analysts independently find the same patterns in the data, it's time to take notice.

Well, many of you did, by participating in this week's Dangerous Markets webinar, which featured Grant and Lance.

In it, both went much deeper into the structural fragility of today's financial markets and the many reasons why economic growth will remain constrained for years to come.

The excessive build-up of debt in the system -- and the absolute dependence on its continued expansion to keep the economy from imploding -- is, of course, seen as the prime risk to future growth.

As Lance demonstrates here with several of his excellent charts, so much leverage has been taken on that its servicing is increasingly stealing capital that would otherwise go to savings, consumption and productive investment. Going forward, the demands of the debt service will simply result in less and less capital available left over to grow the economy:

As financial assets are (supposed to be) valued on future growth prospects, lower forecasted growth demands lower valuations. Grant calculates that, should the US see another decade of 2% average annual GDP growth (and it has averaged less than that over the past decade), stock prices should be roughly half of what they are today to be considered fairly valued:

And Lance builds further on this, explaining how this moribund growth, coupled with America's aging demographic trend, will simply savage the nation's (already troublesomely underfunded) pension and entitlement systems:

But there are a number of other destabilizing risks to fear beyond our terminal debt addiction. One that Grant believes is not getting enough attention right now is the de-dollarization trend becoming notably apparent across a number of America's strategic trading partners:

These clips are merely several minute's worth of the excellent discussion and insights from the full one hour-and-a-half long Dangerous Markets webinar. Those interested in watching the full webinar can learn more here.

It's little surprise that, given this multitude of concerns and systemic risks, both Grant and Lance advise investors to prioritize caution. They see extremely few undervalued -- or even fairly valued -- asset classes at today's prices, perceiving nearly everything else at dangerously elevated levels.

In a situation like this, moving your capital to the sidelines may be the best move available. The risks of remaining long are obvious. But betting against the market has been a losing proposition for years -- no one knows how many months/years the central planners may be able to hold reality at bay.

Grant and Lance wrestle every day with market allocation decisions on behalf of their clients (and they discuss a number of potential options in the webinar). But both agree that, since the math is clear a major-to-massive correction will happen at some point, having dry powder set in reserve to deploy at much lower prices is a low-risk/high-reward strategy.

In Part 2: Smart Strategies For Building & Managing Your Cash Savings, we address many of the most frequently-asked questions involved in holding cash right now, including strategies for preserving purchasing power, avoiding bail-ins, fees and other threats to cash savings.

As Grant concludes on the webinar: Permanent impairment of capital is the cardinal sin of investing. Well, today's markets present a clear and present danger of coming capital impairment for those who don't take prudent action in advance of a market downturn. Don't be guilty of inaction.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

Does France's latest move PROVE lawfare is on the rise?

Sam Tarling / Stringer | Getty Images

An all-too-familiar story unfolded in France this week: the is law being weaponized against a "far-right" candidate. Does that ring a bell?

Glenn was taken aback earlier this week when he learned that Marine Le Pen, a popular French conservative, had been banned from the 2027 election following a controversial conviction. The ruling shocked French conservatives and foreign politicians alike, many of whom saw Le Pen as France’s best conservative hope. President Trump called it a "very big deal," a view shared by French commentators who fear this marks the end of Le Pen’s political career.

But this isn’t just about France—it’s a symptom of a larger threat looming over the West.

A double standard?

Fmr. President Sarkozy (left) and Fmr. Prime Minister Fillon (right)

BERTRAND GUAY / Contributor, Chesnot / Contributor | Getty Images

As of Sunday, March 30, 2025, Marine Le Pen led the polls with a commanding edge over her rivals, offering French conservatives their strongest shot at the presidency in years. Hours later, that hope crumbled. Found guilty of embezzling EU funds, Le Pen was sentenced to two years of house arrest, fined €100,000 ($108,200), and banned from public office for five years, effective immediately.

Glenn quickly highlighted an apparent double standard. Former President Nicolas Sarkozy and former Prime Minister François Fillon faced similar—or worse—corruption charges, yet neither was barred from office during their political runs. So why Le Pen, and why now? Similar to Trump’s "hush money" trial, legal troubles this late in the election cycle reek of interference. The decision should belong to voters—France’s largest jury—not a courtroom. This appears to be a grave injustice to the French electorate and another crack in democracy’s foundation.

This is NOT about France

Andrei Pungovschi / Stringer | Getty Images

This pattern stretches far beyond France; it’s a tactic we’ve seen before.

In early 2025, Bucharest’s streets erupted in protest after Romania’s Constitutional Court annulled the first round of its presidential election. Călin Georgescu, a rising conservative, had clinched an unexpected victory, only to have it stripped away amid baseless claims of Russian interference. His supporters raged against the decision, seeing it as a theft of their voice.

Both Georgescu and Le Pen echo the legal barrage President Trump endured before his 2024 win. The Left hurled every weapon imaginable at him, unleashing unprecedented lawfare. In America, the Constitution held, and the people’s will prevailed.

Now, with Tesla vandalism targeting Elon Musk’s free-speech stance, a coordinated pushback against freedom is clear—spanning France, Romania, the U.S., and beyond.

The war on free will

Chip Somodevilla / Staff | Getty Images

Trump’s 2024 victory doesn’t mean lawfare is dead; Europe shows it’s thriving.

France and Romania prove its effectiveness, sidelining candidates through courts rather than ballots. Glenn warned us about this years ago—when the powerful can’t win at the polls, they turn to the gavel. It’s a chilling trend of stripping voters of their choice and silencing dissent, all the while pawning it off as justice. The playbook is polished and ready, and America’s turn could come sooner than we think.

How Melania Trump is inspiring the next generation of fashion

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First Lady Melania Trump’s impeccable style has long captivated admirers across the globe, but for one young woman, it sparked a creative revolution.

Lorelai, a young Glenn Beck fan who requested a degree of anonymity, first met Glenn while attending America Fest 2024 in Phoenix, Arizona with her grandmother. An aspiring fashion designer and illustrator, Lorelai shared with Glenn some of her sketches of characters from Glenn’s latest book, Chasing Embers. She also explained how Melania Trump became the cornerstone of her artistic journey, inspiring her to craft modest yet beautiful clothing that redefines modern fashion.

Melania Trump’s elegance—stunning, powerful, and undeniably feminine—first captured Lorelai’s attention during the First Lady’s time in the White House. Unlike the casual, often immodest trends dominating her peers’ wardrobes, Melania’s wardrobe exuded grace and sophistication. From tailored coats to flowing gowns, her choices were a masterclass in balancing boldness with dignity, a philosophy that resonated deeply with Lorelai. This admiration grew into inspiration as Lorelai began designing apparel specifically with Melania in mind, aspiring to design pieces that could match the First Lady’s grace. She strove to reflect Melania’s breathtaking style in her sketches in an effort to demonstrate how modesty can be beautiful.

The First Lady’s poised and graceful presence has redefined modesty for the modern era. To Lorelai, the First Lady’s style proves that more fabric offers boundless room for imagination, allowing personality to shine without sacrificing dignity. Melania embodies this perfectly—her fashion commands attention with stunning, memorable elegance. Inspired by this, Lorelai’s mission is to craft clothing for her generation that mirrors Melania’s influence, blending contemporary flair with classic beauty.

After her meeting with Glenn at America Fest, Lorelai’s passion and resolve have only deepened. Through fashion and art, Lorelai hopes to inspire others with the same grace that Melania Trump exemplifies. Below are some of Lorelai's sketches she was eager to share with Glenn.

Melania Trump: First Lady

I really adore First Lady Melania Trump’s grace and timeless beauty. She is extremely intelligent and brave but also strong and poised. Her fashion style displays these traits. I was inspired to create these outfits for our First Lady in hopes that she would see these drawings. -Lorelai

Melania Trump: Lady Liberty

We, as a country, will be celebrating next year our 250th anniversary of independence. The designs that inspired this patriotic gown came from Lady Liberty and Lady Columbia art. I also love our American flag, and this design is a combination of all three. -Lorelai

Chasing Embers Character Art (Ember)

I chose to draw the characters Sky, Azaz and Ember from Glenn Beck and Mikayla G. Hedrick’s Chasing Embers series. -Lorelai

Chasing Embers Concept Art (Ember)

I was inspired to draw a younger and teen version for Sky and Ember. -Lorelai

Chasing Embers Character Art (Sky)

Chasing Embers Concept Art (Azaz)

I also gave multiple outfits designs for Sky and Azaz. I loved that their personalities and character development meant in my mind a wardrobe development too. -Lorelai

Glenn: Government workers bought luxury cars with YOUR tax dollars

Andrew Harnik / Staff | Getty Images

The deep state isn’t a conspiracy theory — it’s a reality. And the corrupt, free-spending Federal Mediation and Conciliation Service is just one example of how Washington insiders enrich themselves.

A little-known agency in Washington perfectly encapsulates everything wrong with our bloated, corrupt government: the Federal Mediation and Conciliation Service. It should be the poster child of everything that Elon Musk is exposing.

The agency was established in 1947 under the Labor Management Relations Act to serve as an independent agency mediating disputes between unions and businesses — a noble mission, perhaps. But like so many government institutions, it has rotted into something far removed from its original purpose.

The FMCS goes beyond mismanagement into blatant corruption and theft.

What was once a mechanism for labor stability has morphed into an unchecked slush fund — an exclusive playground for bureaucrats living high on taxpayer dollars.

The FMCS is a textbook case of government waste, an agency that no one was watching, where employees didn’t even bother showing up for work — some hadn’t for years. And yet they still collected paychecks and spent government money — our money — on their personal luxuries.

Luxury cars and cell phone bills

The Department of Government Efficiency discovered how FMCS employees used government credit cards — intended for official business — to lease luxury cars, cover personal cell phone bills, and even subscribe to USA Today. The agency’s information technology director, James Donnan, apparently billed taxpayers his wife’s cell phone bill, cable TV subscriptions in multiple homes, and personal subscriptions.

FMCS officials commissioned portraits of themselves and hung them in their offices, and you footed the bill. They took exotic vacations and hired their friends and relatives to keep the gravy train rolling.

The FMCS goes beyond mismanagement into blatant corruption and theft — and it went on for decades, unnoticed and unchallenged.

President Donald Trump signed an executive order to abolish the FMCS — a necessary and long-overdue move. But the FMCS is just one of many agencies within the federal government burning through billions of taxpayer dollars. How many more slush funds exist in the shadows, funneling money into the pockets of bureaucrats who produce nothing? How many government-funded NGOs operate in direct opposition to American interests?

Perhaps the most disturbing question is why Americans tolerate such corruption. Why do so many Americans tolerate this? Why is the left — supposedly the party of the people — defending the very institutions that rob working-class Americans blind?

Corruption beyond bureaucracy

The recent rallies led by Sen. Bernie Sanders (I-Vt.), Rep. Alexandria Ocasio-Cortez (D-N.Y.), and their socialist acolytes claim to be a grassroots uprising against corruption and greed. But GPS data from these rallies tells a different story. The majority of attendees aren’t ordinary citizens fed up with the status quo. They’re professional activists — serial agitators who bounce from protest to protest.

Roughly 84% of devices tracked at these rallies were present at multiple Kamala Harris events. A staggering 31% appeared at over 20 separate demonstrations, tied to Antifa, Black Lives Matter, and pro-Palestinian causes.

Many of these organizations receive federal grant money — our tax dollars — and they’re using those funds to protest the very policies that threaten to cut off their financial lifeline.

This isn’t democracy in action. This is political theater — astroturfing perfected. And the American taxpayer is funding it.

Rooting out corruption

Trump was a battering ram against this corrupt system. Elon Musk is a surgeon, meticulously exposing the infection that has festered for decades — and that’s why the leftists hate him even more than they hate Trump. Musk threatens to dismantle the financial web that sustains their entire operation.

When we allow the government to grow unchecked and our leaders to prioritize their own wealth and power over the good of the nation, figures like Trump and Musk are necessary. Rome didn’t fall because of an external invasion but rather due to internal decay that looked an awful lot like what we see today.

We must demand better. We must refuse to tolerate this corruption any longer. The FMCS may be gone, but the fight to root out this deep-seated corruption is far from over.

Editor's Note: This article was originally published on TheBlaze.com.

Did the CIA hide the real truth behind JFK's assassination?

Bettmann / Contributor, NurPhoto / Contributor | Getty Images

Many were disappointed by the recent release of the JFK files, frustrated by the apparent lack of answers to decades-old questions. The problem? They’re asking the wrong question.

Everyone wants a "who"—a smoking gun, someone to blame. It’s understandable; Americans crave justice for a slain president, to hold the culprits of one of the 20th century’s greatest crimes accountable. But the real answer isn’t a "who"—it’s a "what." That "what" is the CIA and proof of their nefarious dealings since the 1960s.

In his most recent TV special, Glenn delves into the JFK files, where he found the crucial information that everyone else seemed to miss. Be sure to watch the TV special here.

The CIA's Dirty Fingerprints

While the recent JFK files don’t explicitly pin the assassination on the CIA, the evidence between the lines is compelling.

If you follow Glenn on X, you’ve seen his newest artifact: an exact replica of Lee Harvey Oswald’s rifle. Glenn tested it at the range, attempting to replicate the notoriously difficult shot Oswald allegedly made that fateful day in Dallas. While Glenn shares more takeaways in his TV special, one thing stood out immediately: the rifle’s abysmal quality, its shoddy scope, and the odd caliber of ammunition it uses.

Oswald’s rifle, a Mannlicher-Carcano, is chambered in 6.5mm—an unusual caliber. Much like today, the average gun store in the ‘60s didn’t stock 6.5mm rounds. The largest known supply was owned by the CIA, who had shipped the ammo from Greece after World War II. Suspiciously, there’s no record of where Oswald got his ammunition, but the JFK files confirm that the gun store where he bought the Mannlicher-Carcano had CIA connections.

It’s well-known that Oswald defected to the USSR and lived there before returning to the U.S. The JFK files reveal that from the moment he touched down stateside, the CIA tracked him like a hawk. They followed him across the country and even to Mexico City—but, conveniently, seemed to lose him in Dallas just as President Kennedy arrived. What a coincidence.

Whether by design or gross incompetence, the CIA greased Oswald’s path, letting him slip unhindered into that sixth-floor Book Depository window.

The Cover-Up

SAUL LOEB / Staff | Getty Images

If the JFK files aren’t the smoking gun many hoped for, why did the CIA fight so hard to keep them buried?

The answer is trust. Hard as it may be to imagine today, Americans in the ‘60s trusted their government—at least more than they do now. This cover-up preserved that trust longer than it might have lasted, allowing the CIA to pull off more scandals before the public caught on. From Benghaziand 9/11 to COVID-19 and January 6, the same dirty marks found in the JFK files stain these events. It’s about saving face. The files make the CIA look incompetent at best, complicit at worst.

This might feel like common knowledge today—especially to Glenn’s audience—but 40 or 50 years ago, saying such things could land you in the loony bin. It’s taken 60 years of growing suspicion to reach this point. Imagine if the JFK files had been available back then. Could we have stopped six decades of CIA shenanigans in their tracks?

The thought is chilling.

What Now?

Fotosearch / Stringer | Getty Images

The files don’t name a mastermind or explicitly confirm the darkest JFK assassination conspiracies that have swirled for decades—but they’re far from empty. They expose a disturbing truth: the CIA’s unchecked power in the ‘60s echoes into today.

In one of his most exciting TV specials yet, Glenn delves deep into the files, proving why we can’t ignore these revelations. Stop chasing a "who" and start demanding accountability for the "what." Only by confronting this can we hope to rein in the agency that’s dodged scrutiny for too long.