For years, Glenn Beck has called for the abolition of the Federal Reserve, arguing it’s nothing more than a private banking cartel that enables endless government spending, devalues the dollar through inflation, and secretly steals wealth from Americans via corrupt monetary policies.
But new evidence that just surfaced proves the problem is even worse than he thought.
To explain what’s been happening behind the American people’s back, Glenn gives an analogy.
“Imagine the U.S. economy is like one giant, never-ending house party that’s been raging for years, and the Federal Reserve is the bartender in charge of the punch bowl. The punch bowl, that’s liquidity, easy money flowing through the banks and the markets and the businesses,” he begins.
For years, the “punch” was overdistributed, making partygoers drunk and willing to make poor decisions. “This is when stocks and houses get wildly overpriced. Companies borrow stupid amounts … and everybody starts to do stupid things,” Glenn says.
That’s exactly what happened in 2022 when the Federal Reserve “just printed a whole buttload of money,” he says.
But when things “got ugly,” it suddenly reversed course and announced an initiative called “quantitative tightening,” which essentially “drained the whole punch bowl.”
The Federal Reserve “needed to get rid of $2.3 trillion worth of bonds that they owned, and they said, ‘We’re just going to let them expire,”’ Glenn explains.
“In theory, this drains the money out of the system, makes it harder for you to get loans and everything else. Borrowing is more expensive. The bubbles will pop. It forces the economy to sober up.”
But this was just a ruse, Glenn says.
Instead of actually stopping the flow of “punch,” the Federal Reserve during the COVID-19 pandemic quietly redirected it instead.
“A lot of it ended up in a giant backroom keg called the overnight reverse repo facility. … These are money market funds, big investors, big banks,” Glenn says, “and they parked about $2.5 trillion in for safekeeping, and they were earning a safe interest rate from the Fed.”
But then the backroom keg finally ran dry.
“By 2023, something had changed. The short-term Treasury bills (super safe government IOUs) started paying higher interest than the keg in the back room, so the big investors said, ‘Why are we letting all the alcohol sit in the keg? We can have a party elsewhere,”’ Glenn says. “So they started draining the backroom keg $100-$200 billion every single month, and they poured that money right back into stocks and bonds and lending.”
What was the result?
“More punch than we started with in the first place!” Glenn exclaims.
“That’s why the Dow Jones keeps hitting new highs, government keeps funding huge deficits. … The bartender was pretending to cut off the drinks while secretly letting the elite guests go into the back room and get the hidden stash.”
These still-drunk elites, Glenn says, continue to “make stupid, dumb bets,” which just makes the “hangover worse” for the normies.
“Look out, gang — you’ve been lied to yet again,” he cautions, calling the Federal Reserve a “criminal organization” that is “stealing from the American people.”
“End the Fed,” he pleads.
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