Glenn doesn’t believe America’s recent banking crisis is the big one he’s been warning about…but that one still may be just around the corner. And the numbers he shares in this clip at least show that the big banks aren’t looking good. So, what’s next? In this clip, Glenn details several scenarios — like war and massive, civil unrest — that could occur if and when the banks collapse. He explains why bank failures could lead to a central bank digital coin and also why you MUST not panic: ‘Panic makes this whole thing happen…

Transcript

Below is a rush transcript that may contain errors

GLENN: If you're a long-time listener of this program, you know I'm always concerned with the financial crisis. It stems back to 2008, which I thought at the time, back in 2006 and '7, I was telling you, this is a big one. Could cause depression. What I didn't foresee, was that the federal government, what was it that George Bush said? Violate the free market system to save the free market system. Instead, we did not save the free market system. What we did was make the problem bigger. At the time, in 2008, our banks were too big. Too big to fail. We have to break these big banks up.

Well, nobody did that in 2008. In fact, the opposite happened. They got bigger. And now well, what's happening?

They're bailing the bigger banks out. Making the big banks bigger. Credit Suisse just rolled into a big bank. This is what will happen. We will end up with four banks. And then we will end up with the fed.

And by violating the free market, everything went off the rails. Last week, banks borrowed a combined $164.8 billion, from two Federal Reserve backstop facilities.

And so you know, data published by the fed showed 152.85 billion in borrowing from the discount window.

Then, they did a record high from 4.85 billion, the previous week. So they went from 5 billion to 152 billion, in a week.

The prior all-time high was in 2008. And that's when the banks got together, and they borrowed $111 million. That was at the height of the financial crisis.

Remember, we're not in a financial crisis. We had a little bump in the road. Everything is fine. They borrowed 152 million.

So what? 41 billion more, than they did in 2008.

STU: To be fair, with inflation, that number is 94 trillion today.

GLENN: The data also showed, 11.9 billion in borrowing from the new emergency backstop known as the bank term funding program, which was launched last week.

Other credit extensions totaled 142.8 billion dollars.

So you got all that. You got all that happening, in the background of everybody telling you, that it is fine.

I want you to know, if you're a long-time listener, you know that I freak out about these things.

I said last week, I don't think this is it. But it will look a lot like this, when it does come.

And I want to spend just a couple of minutes here, talking to you about what is coming eventually.

I -- I could be wrong, this could be it.

I don't think it is. But I am growing more cautious by seeing what's happening behind the scenes.

Lots of planes. Lots of planes flew in to see Warren Buffett over the weekend, after Warren Buffett had a phone call with Joe Biden about the banking system, all these people, we don't know who they are, we think they went and met with Warren Buffett. We don't know. But what I do know, is in 2008, we were trying to stop a depression. Remember? They said, the entire banking system was about to collapse. And it would have put us in a depression. There's $23 trillion in the US banking system today. And everything is interconnected.

The contagion, meaning one bank falls, and then it's dominoes. It goes across the water. And it will collapse everything, unless you're disconnected.

Hello, Russia. Unless you're disconnected from that banking system. The banks were saved in 2008.

But just that crisis, with them being saved, we had unemployment at nearly 11 percent.

We are now looking at a bigger problem, if it fails.

We're looking first at our big local and regional banks.

The government will have to bail them out. By the way, do not take your money out of those banks.

You will be FDIC-insured. If you're a business, check with the bank. But don't take your money out because that will collapse the system.

They provide 60 percent of all of our commercial loans.

If the small banks collapse, 60 percent of all of our loans, and our businesses collapse.

Be very, very bad.

We are not looking at a depression situation. We are looking at a complete collapse of the West if this happens. You'll have social unrest. But I think you're already. I mean, the government is assuming this up already.

It will happen not only here. But all over the western world.

That will cause a further breakdown of supply chains. If you lose 60 percent of your business funding, for your businesses and your country, what does that mean?

It means, you will have lots of people, without jobs, they're not making things.

Which then what happens?

You have the supply chain, you first need to worry about medicine and food.

Because that will be of a real concern. But if businesses lose their Capitol. They lose their ability to produce products and services. They lose their ability to employ. People lose their jobs.

That would make for worse inflation. Maybe hyperinflation. Because the federal government will bail everybody out. And all of that money. Will be circulating. And fewer goods, if the global economy were to collapse. Fewer goods would be coming in. So the price of those goods would go to hyperinflation. The issue is that the middle class. The working class. The poorer class. They're the ones who will bear the brunt of most of this.

Last time, around from 2007 to 2011, 5.7 million people, had their houses foreclosed, or short sale.

We are looking at a possible and it -- I really, truly believe this will happen before 2025, so you need to mentally prepare. This is a completely different world, if this happens.

And if it happens, it will happen quickly. We are headed towards a currency reset.

If it's a -- if it is a cryptocurrency, if it is a central bank digital coin. CBDC, we're going to get bargaining.

And here's what's going to happen. The government will step in, this is too big for anybody else to handle. We'll handle it with the fed. We're resetting the currency.

It's going to be a digital dollar. You will be in the fed.

Every American has an account now with the fed.

We will give you more than what your dollar is worth right now. For the first, I don't know, eight weeks.

Your dollar will be worth a dollar 25. So get your digital currency now.

And in six weeks, it will be worth a buck. And six weeks after that, it will worth 75 cents. Eventually, it will be worth nothing. And it will force everybody into a digital currency. Which will ultimately control absolutely everything you do, and a lower standard of life.

But a lot of people will be happy. Because there's some enormous. It also would mean that most likely, a war. All of these things are -- are beyond possible right now.

The financial and the reset to a digital currency is not just possible. It is probable.

The war. I don't know. What would you say, Stu? Probable? Or just still possible?

STU: Probable?

GLENN: Yeah, I think so too.

Probable. So you have to get yourself in a different mindset. Please.

I told my wife. And I'll tell you, because I want to tell you, what I would tell my own family.

We have to go shopping tonight. You know, we have our emergency food. But if this happens, you'll have a breakdown worse than COVID.

You won't be getting the money. The money will start to inflate quickly. Prices will spiral out of control.

And when you have -- especially in some areas, when you have a breakdown of trucking. Or supply chains. You will have a hard time getting things.

So I would just recommend, do not hoard, but grab some extra things, and have them ready.

This may not be the time. But I like to sleep at night.

Take care of your family, and do the right things. Do not panic.

Panic makes this whole thing happen. So do not panic.