Glenn Beck: Warning Sign
November 18, 2009 - 12:24 ET
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GLENN: Let me give you the deficit. By the way, the dollar has dropped yet again. So you know, I am meeting with some really, really good economists and economic people in the next few weeks and coming months and one of the things I'm going to ask them for are smoke detectors basically. I want to know, give me the warning signs that we need to listen to so we have some sort of an idea, are we getting close to having to head for an exit. Basically if you'll look at my if you'll look in the coming months at what I'm going to propose, the first things that we have to do are shore ourselves up, make sure we're on solid ground, make sure that we have a way to not be enslaved because of our own debt or stupidity or ignorance. Then it's roll up your sleeves and be a part of the solution, not the problem. And stand firm. So what I need is some sort of a warning sign, warning bells of some of the things that I worry about when we hit these parameters, we know, uh oh, trouble. The dollar has fallen again. Gold has reached another record. I can't I don't see it anywhere on any of the screens in front of me. Let me just check with Bloomberg here real quick. Because it is still 1149.
PAT: Wow.
GLENN: 1149.
PAT: When we use dollar bills as kindling in our fireplaces, will that be a warning sign? Is that, yeah, one of the smoke detectors we're talking about?
GLENN: So 1149 is the price right now of gold. That is not good. The falling dollar is not good. But more importantly, how about the debt? If you look at, if you look at
PAT: It's passed $12 trillion.
GLENN: Just passed $12 trillion. As I've said last night, if you've TiVoed last night's show, if you watch anything this week, watch last night's show because I talked about the debt and the lies that are being told. It just passed $12 trillion and now the debt ceiling has to be raised. Geithner has said that he's sure that the debt ceiling is going to be raised again. The debt ceiling being raised, they are projecting now, some are projecting that our national debt will be hold onto yourself. It just passed $12 trillion. They are saying that our debt, our national debt next year will be $14.4 trillion. When will the madness end? Soon, soon. But somehow or another the media
WILSON: Not hold these people responsible.
GLENN: I don't know if you've do you have the audio of give me the two pieces of Barack Obama.
PAT: Okay. This was from last night. And I think he said this to Major Garrett on Fox News.
PRESIDENT OBAMA: I think it is important, though, to recognize that if we keep on adding to the debt even in the midst of this recovery that at some point people could lose confidence in the U.S. economy in a way that could actually lead to a double dip recession.
PAT: Double dip recession.
GLENN: Double dip recession. If they lose confidence in the economy, it will lead to depression or worse.
PAT: Yeah, but what he told us last week, week before.
GLENN: Was what?
PAT: And the week before that was...
PRESIDENT OBAMA: We have pulled the economy back from the brink. We got good news last week showing that for the first time in over a year, the economy was actually growing.
PAT: Okay. So and he's used that line I don't know how many times: We pulled it back from the brink; the steps we've taken are working and we pulled the economy back from the brink.
GLENN: There if I may, there is going to be another stimulus package. We are getting to the point healthcare may be the point. We're getting to the point to where if we do any more spending, people and not Americans. The rest of the world will lose confidence. They've already done it. They've already. Look, people are selling their dollars and buying gold. These are the central banks. These are the treasuries. These are the world governments. They are starting to ditch their dollars and buying gold. They are starting to dig in. You need to dig in as well. Get yourself out of debt because they are just going to wait until you see what we're going to do tonight. The news from California will boggle your mind.
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