RADIOMarch 17, 2022

What the Fed’s interest rate hike MEANS FOR YOU

In an effort to curb rising inflation, The Federal Reserve just announced an interest rate hike of 25 basis points (one-quarter of one percent). It’s the first time the Fed has raised such rates since 2018. So, what exactly does this mean and how could it affect YOU? Carol Roth, financial expert and author of ‘The War On Small Business,’ joins Glenn to break it all down…

You can read more of Carol's take on this issue here: https://www.theblaze.com/op-ed/roth-what-the-feder...

Transcript

Below is a rush transcript that may contain errors

GLENN: Hello, America.

Yesterday, the fed raised the -- the interest rates.

And they said, they're going to do it, I think six or seven times more this year. This could get dicey in many ways, for everyone.

And I want you to understand, what happened yesterday. And not in terms of, well, you know, us traders believe. I don't care. I don't watch CNBC. Because I only understand about half of it.

I want to know what this means to the average person. Carol Roth joins us. The author of the war on small business. She gets it. And can explain what it all means. In 60 seconds.

Carol, welcome to the -- welcome to the Glenn Beck Program.

CAROL: Hey, Glenn. Lots of things to talk about.

GLENN: Yeah. Boy, I have a long list for you too. So let's start with what happened yesterday, and why people should care.

CAROL: So I want to take a step back, and talk about, you know, why the fed did what it did. In terms of raising interest rates. What we call 25 basis points, or a quarter of a percent.

100 basis points is 1 percent.

GLENN: Okay.

CAROL: And basically, they were undoing the -- at least attempting to start to undo the effects of what they in part cost.

Their monetary policy, zero interest rate policy, printing trillions of dollars, the government spending trillions of dollars, in terms of fiscal stimulus. Turning parts of the economy off, and wrecking these labor markets supply chain.

All of those things are the reasons we have inflation today, exacerbated by decisions that the Biden administration made around oil and gas, dependents and what not.

So basically, we had inflation.

GLENN: Correct.

CAROL: Which we've all been talking about. As we go to the grocery store, and certainly the fuel pumps and whatnot.

And so finally, they said, we have to do something. Now, I'm going to tell you, this is a little bit of window dressing. Because they were doing accommodation. They were in the market, purchasing securities, last week.

So last week, they were being accommodative.

But this week, we have to maintain our credibility, and we need to do something. So they decided to raise what is called the fed funds rate. It's a rate, where banks lend to each other overnight. In terms of their reserves.

And that reverberates through the market. So they brought that down to a target, of zero to a quarter of a percent. And they had held it there for the last couple of years. And they said, okay. Well, you know, inflation is getting away, we better raise some interest rates. One of our tools in order to do that. And they took the huge step of a whole quarter of a point increase, to do it.

GLENN: Wow.

CAROL: Yeah. They're very -- because they need to be credible.

GLENN: Right. So the last time we had a problem of this size, it took an interest rate of about 19 to 20 percent, if I'm not mistaken.

Raising it a quarter is really -- is a joke.

Where do you think, these interest rates should be?

Not -- not considering killing the economy.

Just where it should be. Should it -- if we were in a healthy country, still, would it be 20 percent, or more?

CAROL: So there's a couple of things to unpack there.

First of all, this is an unprecedented situation. We don't have a benchmark, because we have never had central banks, not just in the U.S. but around the world, printing trillions upon trillions of dollars. This has just never happened before. We've never had governments turn off the economy.

You never have a situation, where there's 1.7 jobs available, for every job seeker, because of what the government did.

So we're flying a little bit blind. I've always been a fan of normalized interest rates. I think it's a horrible idea, to have the fed meddling, and trying to direct things.

I want the market to set it. And so before all of this nonsense started, before the financial crisis, the great recession, financial crisis in '07 and '08, which was really the first time we went totally off the rails, with the zero interest rate policy and the purchase of securities, the interest rates were around 5-plus percent. And that seems to be, you know, a healthy place, where things should be.

We should not be in a place, where we're saying, you know, when you take risks, you shouldn't be getting rewarded for it. You know, 0 percent interest.

It makes no sense. So in reality, you're still at very historically low interest rates. And in a healthy economy, to have three, four, 5 percent, would be completely acceptable. We just have been so addicted to this easy money and this free money for so long, I'm not sure how we get out of this.

GLENN: Okay. So there's a couple of problems with 5 percent interest rates, right now. One would be that people would not be able to afford a new house, et cetera, et cetera. Because of inflation, and everything else.

But the other, that nobody ever talks about, is that we now have a national debt over $30 trillion. And that is just like buying a house. You have an interest rate, on that.

If we have an interest rate of 5 percent, how much more money do we have to pay?

CAROL: Bingo, this is the dilemma that the fed has gotten themselves into, by keeping down interest rates. They've basically given the government a free pass to just spend and spend. And to rack up more and more debt.

And we're at a point, to where the debt is completely out of control.

And, you know, has competed our level of GDP.

So if you think about 30 trillion of debt. And obviously, the fed fund rates. And the interest rate on the debt is not a 1:1 correlation. But we know that as one moves up, the other moves up. So in terms of the interest on our national debt, I want everyone to pay very close attention because this is staggering. For every 1 percent increase, that is another $300 billion, that we have to pay in interest, on the national debt.

That is our tax dollars, that are going to pay more, for things, that we have already purchased.

It is not new purchases. It's literally, a finance charge.

Almost like a credit card interest rate, on stuff we have already bought.

And this is the dilemma, the fed has. Because they know, as they raise interest rates, this is going to get out of control. The CDO. Had made a projection, than saying, this is going to get out of control. But in their projection, they said, well, we think the yield on the ten-year treasury note, gets to about 2.1 percent in 2025.

So, you know, we're going to have to really be concerned, maybe in 2029, the yield on the ten-year Treasury note is at that 2.1 percent today. So multiple years ahead of time.

GLENN: Please talk down to me like I'm in kindergarten.

I don't understand the yield thing with the Treasury. How that works. How that's affected. So can you explain that?

VIVEK: Yeah. It's basically how much the government has to pay on debt.

So what the market demands

And obviously, if there's a lot of demand, for Treasury securities. The price of that goes up.

Then the yield, or the interest that you demand is lower.

Because there's a lot of demand. You have to pay a lot for your debts.

GLENN: But we had been at very, very, very low --

CAROL: Very low.

GLENN: Because the fed was buying up. There was no demand for our treasuries, which is our loan.

CAROL: So let me put it in context, what we're paying currently on our national debt, in terms of a combined interest rate, is somewhere in the neighborhood of projections of 1.4 percent to 1.6 percent. So they've been able to finance that at a very low rate. But that number is starting to creep up. And with the fed increasing interest rates, it will further creep up. And every 1 percent is $300 billion.

GLENN: So if we have an interest rate of five or -- five or six percent, we're talking like between two and three trillion dollars more, the entire budget.

CAROL: Yeah. Exactly.

It's just completely untenable, at that point in time.

So I would -- I would imagine other things happened, in the interim. But this is why, when we talk about things like MMT, Modern Monetary Theory, or what I call Magic Money Tree.

That says, well, you can just print into infinity, because we can just print more. Well, we're now living through that realtime experiment. As you said, no, you can't. It causes inflation.

It has real costs for the average American, and it decreases the value of every dollar that you hold.

GLENN: All right. So the best thing you can do is get out of credit cards. You should cut those up if you can.

CAROL: Yes.

GLENN: And pay them off if you can. Get a refi right now. Because you're probably paying about 16 percent for your credit cards, correct?

CAROL: Yeah. And it could be going up.

And anything that has that adjustable interest rate associated with, some people may have something called an arm and an adjustable rate mortgage. Where it adjusts over time. Maybe it's fixed for a certain number of years. Anything that is adjustable rate debt, is going to increase in price. And if you need financing -- let's say you have a business, and you haven't taken advantage of low rates yet. You're going to want to lock that in on a fixed basis now, because it's not going to get cheaper any time soon.

GLENN: Now, the other problem is, with raising interest rates. Let's say you have a business. And you need a loan.

If the interest rates starts to go up, that kills that business. They can't afford that loan. Just like we can't afford our national debt. Or you want to buy a house. Yesterday, mortgages. New mortgages fell immediately, just on the -- on the whisper, that it was coming.

We are seeing a slowdown in mortgages. Which means people will buy fewer houses. The scary thing about this, is you don't know where that switch is. You're just going to have to kind of guess. And it might shut everything down.

CAROL: That's the needle that the fed is trying to thread, in addition to dealing with the consequences of the national debt. What happens, is as they raise interest rates. You know, their intention is to slow down the economy. I mean, that's basically what it is. They want to slow down consumer demand.

GLENN: Right.

CAROL: But the question is: How do you do that, without creating a recession, or without creating reverberations for the economics of the average American?

GLENN: So can I be really, really cynical? I mean -- in fact, let me go beyond cynical. Let me go into, I'm a thriller writer. Okay? And I'm writing a thriller. And for some reason, this country needs to slow down the economy. But they can't slow down the economy, because then businesses will fail. But they don't really care about the average person. You know what I mean?

That's going to fail. We'll print more money. Put them on welfare. Tell they believe to stay home. Or whatever.

Wouldn't one way to slow the economy, for the consumer, but not slow the economy, for the big corporations, would a war do that?

CAROL: I think that would completely change the tenor of the economy. But I think that raising the interest rates does that, because kind of like we saw over the last couple of years, if you are a big corporation. You take advantage of that debt. You have that war chest. We've had that strong balance sheet. So in terms of the transfer of wealth, that is one way to do that. But the war, that would completely change the tenor of, you know, who benefits. And certainly, it would be the bigger guys versus the smaller guys. But it would be more defense, rather than the financial services industry, for example.

GLENN: Yeah. Okay. Carol, hang on. I have some more questions. And I would like you to explain a couple of other things, coming up in just a second. Give me 60 seconds. We're back with Carol Roth. The name of her book, is The War on Small Business. A must-read.

GLENN: All right. So I want to talk to you about the dollar being the world's reserve currency.

Because I'm watching these sanctions, that are being put on.

And I'm seeing things happen, to where, if I'm another country, especially Russia. I'm going to China, immediately, saying, I want to partner with you. Because they just made my money worthless. I can't get my money out of the central bank. The Federal Reserve. That's my money.

And they won't let me get to my money. If that starts to happen. And then Saudi Arabia starts to sell oil, off of the petrodollar, that's really bad news. And let's say, the West holds together. But half the world is off the petrodollar.

What does that mean for us, Carol?

CAROL: It potentially means the end of the U.S. dollar, as a reserve currency.

GLENN: Explain what that means. Because -- I mean, to the average person. Forget about, you know, the central banks and everything else. What does it mean to the average person? To have half the world get off our dollar?

CAROL: Yes. So this is why I love you, Glenn. Because we take the most complicated concepts in the world.

GLENN: I know.

CAROL: And trying to explain them, as if, you know, it's Elmo and Big Bird here --

GLENN: Right.

CAROL: The idea of being the reserve currency. Is something that's -- you know, has sort of a long history. And it means, particularly in the case of goods and services. But also in the case of oil, that everyone in the world, pretty much agreed to use dollars, for a settlement. And that puts some responsibility on the United States. There's something that is called the Triffin dilemma. And there was an economist back in the 1960s, who basically said, there's a conflict. If you are going to be the world reserve currency, you're going to have to make tough choices. And you're not always going to be able to do what's right, at home, in order to make sure you're doing what's right, in the national sphere.

GLENN: Everywhere. Yeah.

CAROL: And unfortunately, you know, this has been an issue, that's been going on for a long time.

But in recent times. As we've been talking about with the fed and the decisions they've made. They actually haven't done right by either party.

They've been screwing over the average American, with their policy. And transferring wealth. But they've been doing the same thing in the national sphere.

And, frankly, a lot of countries are getting sick of it.

And so there have been predictions for quite some time, that there was going to be an event -- an adviser actually to the OECD said that it's probably not an economic event. It's a geopolitical event, that's going to expose the system. You know, wink, wink, nudge, nudge. And so a lot of folks feel like the sanctions that were made against Russia, were potentially a cover story. That we know that we'll potentially lose this reserve currency status. So we're going to say, well, we did it, because we had to take a stand.

But the reality is, you know, as we've now shown the world, you can put your money, in our central bank. And you can buy Treasuries. And U.S. dollars.

But you might not be able to access them. Which is not a really good thing, if you're going to be the world's reserve currencies.

GLENN: Correct. Correct.

CAROL: So there's a couple of potential outcomes. And I know you've been talking about this, Glenn. But, you know, one thing that folks have been talking about.

Is does China potentially step into the reserve currency position?

There is an issue around them. Because usually, if you have the reserve currency, you run a trade deficit. And we know that China is a nation of exporters. Are they really going to step into that? I'm not sure.

The other thought is, listen, we've seen so many banks. Central banks around the world. Print so much money. There's all this debt. You can't really just say, we're going to cancel it all. Because there's counterparties. There are people on the other side of the debt. So what could you do to offset that?

GLENN: Hold on. Hold on. Elmo and Big Bird has to stop. Because Elmo says, there's only 20 more seconds left.

CAROL: Okay.

GLENN: So we will come back. Because I really want to hear this -- this other new plan, and canceling debt just opens up Pandora's box, at least in my head. We'll talk about that, coming up more. Carol Roth, coming up in in just a second. Stand by. That's right. Did you get the vaccines yet?

GLENN: We're with Carol Roth. She's the author of the -- of the book, The War on Small Business.

She's a former investment banker. Don't hold that against her. She calls herself a recovering investment banker. She worked on Wall Street for years and years. Then kind of went, oh, I might be on the wrong side here.

And is trying to do everything she can, to strengthen individual businesses. Small businesses all across the country. And I love her for it.

Carol, you were just saying, that one of the options, in this nightmare scenario, which I think is unfolding in front of us. Where the world reserve currency, is not going to be the dollar.

I don't know what it is. But they're going to change the dollar, from what it is. To a digital dollar.

And I don't know how it all shakes out. But probably not very well.

But you brought up, there is all this debt within that we just can't cancel, because there's other people on the other side of that debt. So explain what you think.

That can't happen, you say.

CAROL: Well, I mean, nothing is a never scenario. Right?

GLENN: Not anymore.

CAROL: In an unprecedented situation. And, you know, for people who are students of history, despite all of the wreckage that could come from this, it's a very interest pointing in time. Especially, financially, you had the U.S. dollar as the world reserve currency. You had then us going off the gold standard. Then you had us, you know -- with the petrodollar, basically saying, we will manage the dollar as good as gold for oil.

And then you had the fed, basically go completely rogue. And not do that.

And anybody who is holding reserves, that they're supposed to say, well, the U.S. dollar is safe. And it's a good store of value. We'll keep devaluing it. That's not a thing.

And so -- and, by the way, these are not my theories. I'm just communicating what is out there, from people who are far smarter than I -- everybody by writing up another asset. So is there a neutral asset, that central banks have access to, that's on their balance sheet, that maybe they have been buying, at really good prices, that all of a sudden everybody comes together, and says, well, we'll just write up the value of that?

It's like writing down the -- gold.

GLENN: Gold.

CAROL: So central banks have been buying tons of physical gold. By the way, billionaires have been buying a lot of physical gold as well. And I'm using the term physical, because it's different than the market that is traded.

GLENN: ETFs. Those are ridiculous.

CAROL: ETFs. That's done in dollars. So who is backing that?

But physical gold. So there is a theory going around, that potentially that standalone basis or a basket of neutral metals. Which was thrown out as an idea, early on. When it was pushed aside for the U.S. dollar. That maybe there is this -- meeting of the minds.

And, you know, this is the way that you make all of these other central banks. And countries full. Is you just write up the value of that gold.

So if you think that that's going to happen. And you think that the financial system is going to collapse, you know, then you want to be owning physical metals. And have a store of that.

GLENN: Because when you say, they're going to write off debt, you don't mean people's houses. You mean --

CAROL: No. This is government debt. They cannot write up government debt. Because when you take -- that's a loan, right? You owe the money back to somebody. So the other side of potentially doing some sort of. We'll have mass forgiveness.

Is that when you take something else that everybody else has. And you say, it's more valuable. Overnight. It's magic.

GLENN: That doesn't sound like --

STU: Bad magic trick.

GLENN: Yeah. It sounds like -- we're dealing with a lot of black magic.

Stu and I were talking about this story that came out of Britain. We hadn't heard anyone talk about this. Explain what happened.

STU: Yeah. Just a little background. It's in the London metal exchange.

And it's the price of nickel. Now, I know no one cares about the price of nickel. Just to give you the basis here.

GLENN: Tesla does.

STU: Yeah. That's true. If you're buying an electrical car, it's true. Basically, the last five years has bounced back and forth between 10,000 and 20,000 per metric ton. Okay?

It got up to a little bit above 20,000, in the last few weeks. Obviously, all this time going on with Russia. Russia, Ukraine. Big sources where it comes from, for all these electric batteries. It goes basically from 20,000 to 80,000, in basically a day.

Okay? So four times, in one day. So let me read this: This is from the Wall Street Journal.

GLENN: Listen to this. Have you read this, Carol?

CAROL: Oh, I know this story. I do know this story. So we can talk about this.

GLENN: Yeah, this is crazy. Listen to this, America. This is craziness.

STU: Yeah.

So traders on the London Metal Exchange smelled blood, and nickel prices almost doubled in a short period of time. A Chinese company faced a 1 billion-dollar margin call. That exchange officials felt they couldn't meet. Rather than let it fail, which would have probably taken down several of the smaller brokers that serviced them. The London metals exchange decided to cancel all of the day's trading. More than 9,000 trades, worth about $4 billion.

It canceled the trades. Not because of a fat finger error. Which exchanges often cancel. Not because of a rogue algorithm, as regulators claimed in the 2010 flash crash in U.S. stocks, but because someone with too much leverage was going to blow up, with effects on some members of the exchange.

This moral hazard is taken to an extreme. It's always been true, that if you face a 100-dollar margin call, it's your problem. While if you have a one billion dollar margin call, it's the broker's problem. And the authorities might save them. What is almost unprecedented here. Is the exchange authorities decided to save them, with money taken from other traders, who otherwise would be sitting on fat profits.

I mean, you won. You picked the right direction. You've got these huge profits. And they cancel your trade, to save someone else.

GLENN: And it's China.

STU: And it's China.

GLENN: I mean, there is no such thing as a free market with this.

CAROL: No. This is another too big to fail scenario. It happened to be -- I believe it was an individual billionaire, who had made a short set against nickel. So he went in the other direction.

GLENN: Wow. I mean, then you don't -- you don't put the money down on the table. If you don't know what the odds are, and you're not willing to lose your money.

That's like going to Vegas, and -- and placing a huge bet, and when you lose it, you're like, hey.

You know, Caesars. I mean, this is crazy. And Caesars says, oh, we're not going to count that bet.

That doesn't happen!

CAROL: It's horrendous. And it goes back to the integrity of the market. And so many that the retail investors have been rallying against. And it's just another example. And there are big name banks involved. The exchange was actually shut down for multiple days, I believe. Before it started trading again.

And the people who made a bet, and decided to participate in the market, ended up getting screwed out of their profits. But they're never going to get the leniency, if it happens to them on the other side.

GLENN: No.

CAROL: And just the overall integrity, like you said. This is not a free market. It's not a fair market.

And we have too many of these big guys, who are being saved, at the expense, sometimes literally, sometimes figuratively, of the small guys, over and over and over again.

GLENN: And that's what I think people are so sick of.

And when they see this next crash. Especially with Janet Yellen saying, it will be equitable. When we reassemble, it will be equitable. What the hell does that mean? Probably stuff like this. And when they see the rich getting richer. And I don't mean a person who runs a business and may have a million dollars.

I mean the rich.

The elite of the elite. The BlackRocks of the world.

The banks of the world.

I just -- when their debt is being bailed out and real Americans are paying huge money for their food and their gas. And then their home is taken, there's trouble. That's real trouble.

CAROL: Yeah. And unfortunately, that is the scenario. There's one thing to become wealthy, because you earned it in a fair playing field. That's something that we want to celebrate. But we do not want to celebrate, when the playing field is tilted. When somebody has their thumb on the scale. When we have this transfer of wealth from Main Street to Wall Street. Which has been going on for, you know -- in a very large part, for a decade and a half. But it has accelerated over the last year and a half. And, you know, we talk about all of this coming to fruition. And us losing reserve currency status. It's going to mean a slower economy for us. Because we are not in a position. We don't have the strong manufacturing face. Or a competitive pricing. To be able to export. So all these people are like, oh, that's great. We'll reshore the job. They're not thinking in context of the existing economic structure. It will be unfortunately, very painful. But just to have a moment of hope here, Glenn. Because this is really doom and gloom. Is you have to remember, in any time of pain, there's always opportunities. So it is incumbent upon you, to find where those opportunities are. And what --

GLENN: So average person is saying, what is that opportunity?

CAROL: Yeah. It's finding the things that have inelastic demand. Meaning, people will pay prices even when they're continuing to increase and making investments and those kinds of things. Or retooling your business. To be servicing those markets. It's those kinds of shifts, where you have to look for those hidden opportunities.

In what could be a completely new economic scenario for us, going forward.

GLENN: I -- I think what you just said, translates to what I just told my kids.

You get into the job market. You have to be the most effective, efficient, and hard-working employee. Even if you're not at the top of the food chain, you have to be the one that the boss says, oh, we can't.

Because he'll do everything. I mean, he's a little bit. I mean, he works like crazy. You have to be that person. Right?

CAROL: Absolutely. Absolutely. Invest in yourself. And make yourself indispensable to a customer or to somebody that you're working for.

It's a huge competitive differentiation that will only get more important.
GLENN: I would love to have you on, maybe early next week. I just had one of my producers put some stats together on inflation.
And what that actually means to people. I mean, when Biden got in, a hamburger. An average hamburger was $4.40.

Today, that average burger is 601. And if we look at what they say, things are going to be, you know, with -- with the -- what are they saying? 7.9 percent inflation.

That number is going to be $7 force a burger by the time of the next election. I don't think that stat is right. You want to compare apples to apples. Look at how they measured it back in the 1970s and '80s, when we hit it before. That would mean that that hamburger would go from $4.40, to almost $8 by the time we hit a presidential election.

I just want to talk to you about inflation. And how to beat that.

CAROL: Plenty to talk about, would love to.

GLENN: Thank you very much, girl. Appreciate it. Carol Roth. The name of the book is War on Small Business. Make sure you pick it up.

European Union Admits TERRIFYING Truth About Digital Currencies

The head of the European Central Bank just admitted that the EU has been planning to roll out a "digital Euro" for OVER 5 YEARS. Wait, we were told that was a conspiracy theory! But now that it's ready to go, the EU is bragging about it. Glenn explains why CBDCs are a dangerous pivot away from the emphasis on personal freedom that the West has long championed. If the EU adopts a CBDC, it should fracture our alliance, Glenn says. Anybody who's advocating for a currency that the government can PROGRAM and TURN OFF is no friend of America or the Trump administration. But it's not just the EU, Glenn warns. Our Federal Reserve is also developing one. Glenn makes the case that Trump and Congress must BAN THIS NOW.

Transcript

Below is a rush transcript that may contain errors

GLENN: Let me start with Europe. With the president of the European Central Bank. The ECB. I love central banks. Don't you, Pat?
PAT: Oh, they're the best.

GLENN: Pat sitting in for Stu again, who is just so sick.

Yesterday, he was vomiting from all the truffles he was eating on the couch, while he was watching soap operas.

Anyway, Christine Lagarde. She's the president of the Central Bank. It's basically our Fed. And they're all the same. Here's what she said, and it's a lot of blah, blah, blah. So I don't know how long I can take it. I'll summarize it if I can't take it for two whole minutes. But here she is.

VOICE: Nature doesn't like vacuum.

GLENN: Vacuum.

VOICE: And we started working on the digital euro.

GLENN: Hmm.

VOICE: Way back.

GLENN: Way back.

VOICE: Actually when I started my term five and a half years ago. And I'm not claiming, you know, parental -- parentality on the digital euro, because my colleague Benoit Kura (phonetic) had already committed a speech on this matter before I arrived, but I certainly carried on with that project, and subsequently Fabio Panetta on the board, and then Piro (inaudible) who has replaced Fabio.

GLENN: Okay. Okay. Okay. I can't listen to somebody who is talking about Fabio. Look, here's what she's announcing. First of all, let's remember that for years, Christine Lagarde and everybody else, both here, foreign, and domestic, have said that any worry about a CBDC is just a conspiracy theory. They have silenced. They have discredited anyone who warned of the dangers of this. But now, all of a sudden, I guess we all forgot that. Because now they're ready! And the steaks cannot be higher. We, I'm telling you, 18 to 48 months, our whole world is going to be different. They are ready to launch this now, and the stakes for privacy, free markets, and individual liberty, especially anybody who kind of likes the Constitution, they're at risk. Okay? This is a really dangerous pivot that is going on right now, and I think it should fracture our alliance. Anybody who is advocating for small government, personal freedom. You know. Hey. Privacy.

I don't think you should be in bed, and Defending those who are going down the road of Europe right now.

Years ago, CBDC. That's central bank digital currency. That's like Bitcoin. Except, the point of Bitcoin is, it's untraceable.

It's completely private. And nobody can stop you from using it.

CBDC. That's a tinfoil hat conspiracy. I'll never do that.

Why would we do that?

In fact, in 2019, Mark Carney, who was the head of the Bank of England back then. He said, CBDC, you are so misguided with your fears.

And he said that, while he was at Jackson Hole. You know, they have that economic symposium, where all the really cool people go to. And they talk about things. And when we, who are not the cool people in attendance go, that sounds spooky. You're just a tinfoil hat person.

Anyway, that's where he made that speech. That it's just misguided.

There's nothing to fear here.

Because we are just experiment. Oh. Kind of like Mengele.

I'm sorry. That was bad. Kind of like, let's say, the atomic bomb. There is nothing to atomic bomb, we're just doing experiments. Why would you be experimenting, if you didn't think that it would be something that you would eventually use.

So, anyway, 2021, Jerome Powell, who is our central bank guy. The Federal Reserve.

He said, quote, CBDCs. I love this one.

Not on the immediate horizon.

Okay. So you're admitting that it is on the horizon!

So in 2024, she, Lagarde, she -- she comes out, and she told the European parliament, that CBDC skepticism stem from conspiracy theories. Saying, the digital euro is not going to be big brother, surveillance.

Remember, what a central bank digital currency can do, and will do, at least over in the Soviet -- I mean, in Europe. Will be that it will track everything that you buy. Everything you sell.

Everything you make. Okay. Not a problem. That's fine.

I don't have anything to hide. Except, it can be turned off! You don't own -- like, I can go to the bank and say, I want cash. I want my cash out. Okay?

You'll be suspected of being a terrorist, if you do that. What's the problem? Hey, that's freedom, baby.

But you can take the cash. With the central bank digital currency, you don't own that. There's nothing to take out. They own that. The central bank and the government, they own that. So you have no place to go, but through them. And if you decide with be I don't really like that, they can turn your currency off.

And make no mistake, that's not a tinfoil hat conspiracy, that's what's happening in China!

So people have been -- there's a guy, practice sawed, I think his name is. He wrote a book, The Future of Money.

It came out in 2018. We talked about it on the program. And he was made to look ridiculous.

Theft!

Anybody who is a Libertarian, they've been talking about, you're crazy.

Anybody who spoke about it, on any platform during the Biden administration.

They're crazy!

And you were throttled or suspended, because you were spreading misinformation. Okay?

So I got the message. It's a farce. It's not happening.

Uh-huh. Uh-huh. Except, now they've just announced that it is happening. Okay?

Back in 2020, the European central bank said, 86 percent of all central banks are working on this right now.

Oh! Okay.

Okay. Then as she said, in 2024, there's a two-year pilot. But now she said, there's a rollout coming for digital currency, from the central bank of Europe.

So it went from conspiracy, to reality, in a year!

Love how that works. And we're all just supposed to not notice it!

Okay.

So here's -- here's why this is so dangerous, and something you must pay attention to.

I am convinced that especially ASI, is going to be a tool. Remember, like everything. Like everything, even Scriptures. Scriptures, that's a tool.

It's a gift given to you, if you would like to use it. But know that that powerful gift that you have, can fall into the hands of somebody else.

And they can twist it, and use it for very powerful, nefarious purposes. That's just the written word of the Scriptures.

Okay!

It will always -- everything can be used for good or bad. It depends on the people who are holding it in their hands. All right.

And I really am convinced that ASI, digital currency, that's all found in the Bible!

I mean, I'm in Bible territory here.

Specifically the last part of the Bible.

That -- are these the tools that are very much like the tools foretold.

That will be employed by the Antichrist, to snuff out anyone who dares to say, I'm really not with him.

Now, so they are -- China has already done this. They launched in 2020, with their digital yuan. It tracks everything.

And that gives you your -- your -- your currency. But it also gives you the currency to be somebody in good standing. If you don't do exactly what the state tells you to do, you're tracked, you're monitored. And guess who doesn't get to go on an airplane. Guess who doesn't get to take the train.

If we say who can't go into certain buildings. You!

Because you're no longer in good standing. And it gets worse and worse and worse, until you are literally living on the streets, only because you disagree with the government.

Don't believe me! Look it up. Now, the US is not far behind. We have got to pass -- and Donald Trump said he would sign it. We have got to pass legislation right now!

No central bank digital currency, ever!

In America. No -- no digital passport, ever, in America!

Because we're already working on a digital dollar here.

Europe's move is not isolated. It is a chess move. Well, they're doing it. And China is doing it.

Or we will do it. Because we will be left behind. I want to be left behind. There is going to come a time where you will hear me -- you probably will. Maybe. I don't know.

There will come a time where I will be like, you know, the Amish have it right. Maybe we should all be Amish. Now, I might just be saying that in a barn with cows and people all dressed in black. I don't know.

But there's going to come a time where I'm like, I think we should all get out of here. And go the other direction.

And it could be coming quickly!

Because what that means for privacy, for free markets.

For your individual choice, is beyond most people's understanding, today!

But you've got to educate. Remember, I said, there's going to come a time, where things are happening so fast, you will not be able to keep up with them.

You've already seen this in a good way with Donald Trump.

He came in. And it's not just that he had a plan.

It's also that we're using AI to find all of these things to correct!

Okay. That's why Elon Musk is there!

Tech support!

That's what speeding things up. Does and you haven't seen anything yet.

So when I give you these warnings.

Saying, hey, you've got to -- please, bone up on it. Please, go ask Grok today.

CBDC from Europe. What does that mean?

What could it do?

What are the good things. What are the possible bad things?

I think, in this case, the bad outweighs the good. Because it takes away any kind of privacy whatsoever. And hands it directly to a government!

Really bad! We'll go more in this in just a second. And so much more, just left this hour on the podcast.

GLENN: Okay. So let me explain. CBDC, central bank digital currencies. Their digital dollars, or euros. And they're issued by central banks. It's like Bitcoin.

Except, not. Here's the big difference: This will replace your cash with what are called programmable, trackable tokens.

Programmable, meaning, hey. We have inflation for gas. Or we don't want you buying so much gas, because we have to reduce emissions. Who is a central person who needs to go to work?

Everybody who has money in their bank, that's not deemed essential. You no longer can fill your tank with gas.

It won't work with any gas pump.

Okay. That's a programmable currency.

Every single transaction from buying bread, paying rent, everything, is programmable by the state.

Now, they say, oh, there's not going to be any data access. That's a conspiracy theory.

I don't believe you on the conspiracy theory, anymore.

You've lied and lied and lied.

And, by the way, in parliament. When they were talking about this, maybe in 2018, they were arguing that we can't pass any of this, until it's programmable.

It must be programmable.

And that means the government can cap your spending, block purchases.

Because, you know, can't buy fossil fuels.

Freeze your account, because you're no longer in favor with the government.

And free markets die!

Because they have a complete monopoly on money.

I don't know if you know this, but monopoly, isn't just the longest, most frustrating, most boring game ever invented. It's also a bad thing, when it comes to free money, free markets.

Bad!

Tenth amendment, by the way, reserves the power to states and individuals. CBDCs. They centralize control. They undermine federalism.

This is a betrayal of everything our republic stands for. It replaces liberty with technocratic tyranny. And if Europe embraces CBDCs and they're still allies, I don't think they're allies to small government, freedom-loving Americans. They're not. They're not.

This path puts them right, directly in the path of every brutal dictator, every fascist. Every German who was on stage after J.D. Vance was speaking to them.

That wept and said, if they want freedom of speech. We don't have anything in common with them anymore.

Because we're about to roll out a CBDC. And that will make sure that everybody only says the things we want them to say.

It is no longer a conspiracy theory. Europe is rolling theirs out, a social credit system will be next.

Leaked Documents Reveal INSANE DEI Plan for NASA | Glenn TV | Ep 419

We knew the Biden administration was obsessed with DEI and CRT, but we didn’t know how deep those sinister policies infiltrated every level of the federal government — until now. Thanks to brave whistleblowers at NASA and the Department of Defense, the roots of cultural Marxism have been exposed. What started as whispers in the shadows under the Obama administration morphed into a $100 billion NASA propaganda playbook leaked to Blaze News and Glenn TV. Never-before-seen documents reveal the dangerous plan to prioritize diversity, equity, and inclusion in NASA’s Artemis mission and “put the first woman and first person of color on the Moon” — complete with a Nike deal. President Trump and Defense Secretary Pete Hegseth have launched a fierce counterattack to slash DEI policies and spending, but is it too late? Retired Brigadier General Christopher Walker, a combat veteran turned mole in the Air Force’s DEI office, tells Glenn there are still woke activists at the Pentagon. He’s seen the screenshots from the DOD chatrooms, and activists are panicking.

ATF Whistleblower Reveals Where Cartel Weapons REALLY Come From

The Mexican government is suing US gun manufacturers for allegedly arming the Mexican drug cartels. But former ATF agent and whistleblower John Dodson tells Glenn that this is a complete lie! Dodson makes the data-driven case that it’s the Mexican government, not the US government or US manufacturers, that’s really responsible for arming the cartels. So, what can President Trump do to stop this? Dodson gives his plan …

Transcript

Below is a rush transcript that may contain errors

GLENN: John Dodson is with us. He's been with us before. He's the whistle-blower on -- on Fast and Furious. He's blown a lot of whistles.

This one, now, he's a former ATF agent. And he's far enough away from things, to where he can legally say everything that he knows. I think, everything he knows.

But right now, the Mexican government is suing our gun makers. I believe this started, and the seeds were planted by the Obama administration, on this one.

But I could be wrong. But they're suing US gun makers. And they're blaming us now. The tariffs are going up.

Why? Because unfair trade.

Let's just have regular trade with each other.

When you charge us, we'll charge you. But in the case of Mexico, it is also mainly about the border, at this point.

You have got to declare those drug cartels, enemies of the state. And terrorist organizations. And you've got to stop them!

If not, we will! But you've got to stop what's happening on our border. What have they done?

They're blaming us for the drug cartel violence.

I'm sorry. They're blaming our gun manufacturers for this. John is here to tell us the whole story.

The author of The Unarmed Truth. Hello, John. How are you?

JOHN: Hey, I'm fine, sir. Thank you so much for having me on.

GLENN: Oh, yeah. I appreciate it. So tell me what's really going on.

JOHN: Well, what's really going on is actually complicated. But the just of it is, the Mexican government is far and away, responsible for arming the cartels.

The data that I have seen. And the way that the eTrace system works. So ATF has eTrace, which is where firearms tracing is conducted. And if I can give you a brief backup on it, if you don't mind --

GLENN: Yeah.

JOHN: So the only way we can successfully trade -- I say we, I mean ATF. I'm retired now. But the only way you can successfully trace a firearm is if it has a US nexus. It was either manufactured here or imported into the US at some point. Either way, it's stamped and manufactured in the US. Or imported into the US by the company that gets them. So to say that all the crime guns successfully traced in Mexico are US-sourced firearms, it's kind of a rigged ball game. Because the only ones we can successfully trace are US firearms anyway. If a firearm was made in the former Soviet bloc or China or --

GLENN: We wouldn't have access to that. We're not tracking that.

JOHN: Exactly. We can't trace that. So it doesn't come back. The numbers are skewed from the very beginning.

Now, put on top of that, of the US-sourced firearms. And this is where it comes into, what's the motive behind it?

Is it ignorance, or is it deception?

So to say that the vast majority of crime guns recovered in Mexico are traced back to US sources. Okay. Again, we can only successfully trace those that are US-sourced anyway.

But you are not discounting those ones that were purchased directly by the Mexican government.

Now, I have worked on the border for the past 12 years of my career.

Especially in firearms trafficking. In Fast and Furious, I was in a firearms trafficking unit. Like, that is all that we were supposed to do.
And if you look at the data, from eTrace, it's -- like it's clear.

It's so clear. And by the numbers. The reports that I ran before I retired, every year, any 12-month period since 2010, until the day that I retired in 2023, whatever 12-month period you want to run, the Mexican government accounts for about 70 to 75 percent of the prime guns recovered in Mexico.

And these are direct purchases by the Mexican government, or government-to-government sales. From the US government to Mexico.

The problem is, those weapons are considered US-sourced. An ATF doesn't delineate, doesn't take those out of the numbers when they speak to Congress. Or when they release the information. They count them as US sourced firearms. So the American civilians firearms market is left holding the bag and blamed for the cartel violence in Mexico.

GLENN: So wait. Wait. Wait.

So Mexico is buying this from us. And I assume that that -- those -- those guns are supposed to go to the Mexican government to fight cartels, et cetera.

Are these guns -- are these guns going into the hands of the cartels?

JOHN: Yes. 100 percent.

And I think on the take is, most of the money that they use to purchase these firearms is provided by the US government.

The Mexican government says, well, we need help fighting the cartels.

So we give them money to purchase equipment and weapons. They buy these weapons directly from manufacturers. And I'll just say coal just as an example. Just because everybody is recommending. They'll buy two boxes of -- you know, error variance from coal. These are military grade weapons.

Two -- one goes to the Mexican military, one is diverted in the black market. Those ones in the black market are recovered in crime scenes, and substantively traced, and then that's counted as a US-sourced firearm.

When they released the data about all the guns in Mexico, they count that as a US-sourced firearm.

GLENN: So do we have the serial numbers to prove that they were purchased by the -- by the Mexican federal government.

JOHN: 100 percent.

GLENN: Oh, my gosh.

JOHN: If you look at the E-Trade data. One of two ways, it will come back. And there are several different ways that this happens. So the Mexican government, the ATF has issued different entities of the Mexican government FFL numbers. They all begin with a Z. It has a Z as a first character. So they can purchase directly from manufacturers. Right?

And so when one of those firearms are traced. The trace comes back and says, this firearm was traced on a foreign government or law enforcement agency. Then the other way of doing is if they fight the government, the government fails.

So the firearms trace comes back and says, quote, the firearm is a US military weapon, end quote.

So those are weapons purchased by the US government. And then sold to the Mexican government, in order to support their effort to see the fight the cartels.

But, in fact, the vast majority of the guns that are being recovered in Mexico. Are stemming from these direct purchases by the Mexican government. And I'm not just -- it's at least 70 percent.

Every year that I ran it. And I've run it religiously, until the day I turned my computer in, and retired. I ran it. And it was 72 percent on that day. And it's always been 70 to 75 percent.

GLENN: So we're talking to John Dodson.

He is a former ATF agent. He was a whistle-blower on Fast and Furious. He's the author of The Unarmed Truth.

And we -- I think you were on the air. And we talked about this, and we talked about how the ATF was targeting and harassing whistle-blowers who were testifying in front of Congress.

And I think you made a slight reference to this.

But you couldn't talk about it. Or wouldn't talk about it. What's ranged?

JOHN: Well, if you remember, there was a different administration at the time.
(laughter)

GLENN: Okay.

JOHN: I was definitely worried about being prosecuted. For describing this information.

GLENN: All right. All right. So who is -- when they were doing this, is this because the Mexican government is the drug cartel?

The Mexican government is afraid of the government cartel?

Who is really afraid of pushing the government to sue our gun manufacturers here.

JOHN: Well, and those questions are what I refer to as echelons above Dodson.

Okay. So best-case scenario, the Mexican government doesn't know.

The current president of Mexico. The former president.

And the one before that, doesn't know.

They only know the data, that the ATF has released, that all these firearms are US-sourced firearms. And, therefore, they blame the US and firearms market. That's the best-case scenario. Then you have to make the argument. Or at least ask the questions of, well, why don't they know the freaking truth?

If they're buying all these guns. They're not getting them all. It's variations of the black market.

Why aren't they afraid of that?

GLENN: Well, you have to ask that of the Ukrainians too. I digress.

JOHN: That's a whole other issue. I can only imagine.

GLENN: Oh, my -- oh, my --

JOHN: So the Mexicans, either they're willfully ignorant. All right?

Or it's entirely corrupt. Either way, but what frustrates me the most, is especially now, during these current negotiations with the Mexican government over these tariffs and things like that.

Every time, you -- you hold them to account for something, the first response is, well, you have to stop the, quote, flow of firearms, end quote. You have to stop it.

And it's so hard. When we're negotiating. When we're negotiating with facts that aren't true. That aren't accurate. Or at least are disguised in a way, where they don't have the true story.

It's not fair to the American government. It's not fair to the American people. And it's not fair to the Mexican people at all.

GLENN: Okay. So then why don't we do this?

Because you can buy guns elsewhere, Mexico. Why don't we do this. If Trump knows this, and I don't know if he see, if Trump knows this, why doesn't he say, you know what, you're right.

We will stop all guns from crossing the border. You can no longer buy American arms. I know that would hurt the arms companies here's in America.

For maybe a year.

JOHN: Right. Right.

GLENN: But then things change, and the truth is out.

And Mexico doesn't want that. Why wouldn't he just say, okay. We'll stop all the guns coming across the border.

Buy your guns elsewhere. For the next 12 months. And let's see what happens.

JOHN: Well, I will be honest with you, because I don't think they know. That's part of the reason, I'm talking to you.

There's no way to tell them. They'll call ATF. And ATF will say, oh, yeah, 80 percent of the firearms are US-sourced firearms, but they don't take into account the direct purchases by the American government, or the government fails.

So whoever is handling negotiations with Mexico. If they would sit down at the table, and say, hey, we need you to work on fentanyl. And border crossings and border security and things like that. Then Mexico will do what they always do. Which will say, well, you have to stop the flow of firearms. Okay. Give me one second.

I just rescinded all the export licenses for your government, to purchase firearms directly. I have revoked the foreign FFLs of ATF, and I have cease and had desisted all government to government sales from the Department of Defense and the State Department there. Instantaneously, I have cut over 70 percent of the crime being supplied in Mexico.

So now, Madam President, it's your turn. What are you going to do? Put up or shut up.

GLENN: That's brilliant. Have you talked to anybody in the administration about this?

JOHN: No, sir. How does anyone talk to the administration?

GLENN: All right. Do me a favor. Give me a white paper on this, and you tell me who it needs to go.

JOHN: Okay. I have been pounding this for years. I have brought this to the attention of my ATF supervisors, as far up the chain as I could go. I even physically handed the printouts, the documents, the data to the highest-ranking DOJ official in Mexico City at the time, and nothing ever happened on it. And, again, this is the previous administration.

GLENN: Well, you don't expect anything from that, but I expect something from this.

So give me the names of who it should go to, and give me the best, sharpest white paper on it. Don't overwhelm with facts. Give me the, you know, executive summary on the front. So it could be understood and explained.

And then give me all the facts after that. I'll have it delivered to the right people. And then I'll -- I'll give them time to read it and digest it, or their people to digest it, and then I'll ask for an answer. What happened here? Why aren't you doing it?

JOHN: I have no problem with that, and I will work on this immediately, this afternoon.

In the meantime, sir. And I want to tell you, I know there are a lot of ATF agents that listen to your show. And people probably in the administration don't have to take my word for it. You can call any ATF agent. Someone in the administration calls the field office. Don't call headquarters. Call the field office. Call any ATF agent that has a trace account. And say, hey, I want you to run a report for me. Log on to e- trace, on the right-hand side, to generate a statistical report. Click on that. It will automatically go to your work code.

Change that default to recovery location. Put in Mexico, and put in any 12-month time period that you want. And you will see. The data is clear on this issue.

All right? The Mexican military is the number one source of supplying crime guns to Mexican cartels, hands down. And I mean, exponentially so. When you see the data, it will -- like, it -- it's -- it's flabbergasting.

GLENN: John, give me the data and get me those -- that white paper on it.

An executive summary. And I will -- I will get it -- I will get it to them. As soon as you give it to me. I will turn it right around, to all the leadership.

GLENN: Thanks, John, I appreciate it.

God bless.

John Dodson.

The unarmed truth.

If you're an ATF agent, if you can do that. You can verify what he's saying. Call us.

I would love to hear from you.

Mexico, is suing us. They're suing all our gun makers here in America for $10 million. No. I don't think so.

It's going to the Supreme Court. I think the Supreme Court will say, you don't have a leg to stand on.

Again, it's the same kind of corrupt mentality, of the last administration.

You know, of not actually addressing the issue. But going after little pet peeves.

And going after our guns. And our rights to guns.

Yes, Trump CAN Deport Green Card Holder Mahmoud Khalil for Protesting

ICE has arrested pro-Palestinian activist Mahmoud Khalil, a green card holder, for allegedly helping organize anti-Israel, pro-Hamas protests at Columbia University in the wake of the Oct. 7, 2023 attack on Israel. But now, some are claiming that the government has violated his right to protest. So, do green card holders have this right? Can the Trump administration rescind his green card and deport him over this? Glenn makes the case that YES, it can.

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. Now, while we're talking about enemies of the state, let's talk about the enemies within.

There's this big debate over the green card thing. I've got a green card, so I can disrupt. No. No.

This is about Mahmoud Khalil. He's a green card holder, that is now facing being deported. Because he is a guy sowing the seeds of dissent, of violence. He is the guy who was responsible for much of the bad stuff that was happening at Columbia University.

And now, Trump, he's going in with immigration. And he just hates everybody. That's different.

No. No. That's not what's happening here. This guy is not a citizen. Not a citizen.

He was leading the protests. Really, violent, awful, ugly, anti-Semitic protests, at Columbia University. Not just anti-Semitic. But leading towards the whole Islam is great, we should have Sharia law kind of ideas.

This cannot be tolerated here in America. He holds a green card. What is that? That is a ticket. A golden ticket, to live and work in America.

But just like Willy Wonka, you can be ejected from the tour of the chocolate factory, at any time. There's some fine print there, that you might want to take half glasses. And read half of the contract like they did in Willie.

It's not a passport. It's not citizenship. So let's look at this.

You're handed a guest pass, to the greatest estate on earth.

Okay? The greatest estate ever built. Marble floors. Golden chandeliers. It's the greatest.

Nobody ever thought that it could be that great, but it is.

The view that stretches on forever and ever.

And you've been invited to sit at the table.

Have some wine. Live some life.

But you don't own the deed. The owners are being very, very generous. And they said, stay as long as you want. Now, honor the house. You have to live by our rules. Honor the house.

So you've been invited to sit at this table, eat your fill. Live like you're somebody that is part of the family.

But then you start smashing the windows. You tart, you know, whispering to other members in the House, about, this place is bad.

This place has got to go. We have to leave this place. How long before that key is snatched from your hand by the owner?

And who in their right mind would say, you can't take the key from him.

No!

If you're a family member. If you care about the house, no one would say, Dad, you're being a little unreasonable. He was only trying to torch the kitchen and the guest wing.

No!

He's a guest.

And that's where we are with this guy, and so many others!

Every green card holder, that mistakes privilege for a birthright, you're in for a surprise! There's a new sheriff in town.

There's a new sheriff in town. He's great. We love him. It's a revocable lease. That's what that is! It's not a title! You're not Lord of the manor.

He's got a revocable lease with you!

And here we are, today, we're all like, I don't know this.

I mean -- he should be able to sew chaos and terror. Spread all the anti-American seeds he wants!

No!

He cannot. Here's why: A green card will make you a permanent resident. Legal.

But not a citizen. You don't vote, you don't sit on juries.

By the way, those two things are responsibilities. Not rights!

So you have no responsibilities as a citizen. Which means you have no rights as a citizen.

And if you step out of line, you get sent back.

The Constitution wraps its arms around citizens. Freedom of speech.

Assembly, all of that. Noncitizens, no!

There's an embrace there. But it's very, very, very loose. Supreme Court, made a rule, back in 1893, when I was just a kid with Fonguting.

Wait until you hear the story of Fonguting. Very exciting case.

I'll start there in 60 seconds. First, here's a simple truth that people used to know. When -- when something like the power grid fails.
And, oh, it will fail!

It will fail!

You just sit around, waiting for somebody else to get the lights back on!

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(music)
Well, back in my take, in 1893, there was this young whippersnapper called Fonguting.

And he went -- his case was taken to the Supreme Court. I won't bore you with all the details, because I was too bored to really read them.

But I do know that the outcome is Congress can deport noncitizens at will. There is no right to stay here. It doesn't exist. You break the law. You threaten the nation.

Buh-bye. That's not cruelty. That's the rule book!

So this guy, kicking him out, that's not cruelty. That's not a tragedy of his rights being violated.

He has no rights!

It's privileges, revoked.

Not rights. Privileges!

Now, think about this again. You're inviting somebody in your home. You're welcomed to the couch. You can have all the coffee you want. You have the peace and quiet. But if you start carving up the furniture or plotting to burn the roof off. I don't owe you a bed anymore, or matches to light the fuse.

Period. America is exactly the same. We have flung the doors open, so wide, millions walk through.

And I'm happy about this, to chase their dreams. But that comes with this deal. Don't tear down!

You don't do that. You can't take the things that are holding this whole thing together, and start taking the beams down. You can't!

You're not a citizen. You know, if you hate the beams. You're really rude. But you're also a massive risk. Get the hell out of here. And, by the way, I think we have enough cracks in our foundation without hanging out free hammers. I don't know about you.

But, hey. We shouldn't give hammers to anybody that comes in here. We should take those hammers away.

So if history is a teacher and that teacher has got some scars to show you, this isn't about free speech.

Because that's sacred for you and me. We're citizens. You're born here or you swear an oath, you have skin in the fight, you can rant, you can rave. You can burn flags if you want. That's your call.

Your family, you've earned the voice!

Green card holders. You're our guests. You know, you want to do whatever you want. That's fine.

Get the hell out, period.

We have to guard the gate. You see what's happening in Europe! It's not good. It's not good at all.

We cannot go down that route. Green card holder, you're preaching terror. Buh-bye. Stirring chaos. See you later. Spitting on the values that opened the freaking door for you?

Buh-bye! Want to stay? Build, don't burn. Period.