On Monday's radio program, Glenn Beck discussed what he called the "trump card" (no pun intended) the Chinese Communist Party has had up its sleeve since 2018, just in case of an economic war.
"China's central bank created 50 trillion dollars U.S. in off-balance sheet currency between 2015 and 2018," Glenn explained. "Now, that $50 trillion created from thin air was loaned to Chinese banks and government-controlled companies. It is not counted on their balance sheet as public debt. It's actually being counted as an asset, since it's being loaned off the balance sheet from the central bank to the Chinese. This sounds bad for them, but ... an estimated $25 trillion of that currency was used to refinance zombie companies.
"The other $25 trillion was used to invest in Western financial markets via offshore entities," he continued. "Which means, no one knows who owns what stocks and bonds and funds. Of that, between $14 and $16 trillion, the Chinese took and invested in our equities, stocks, all held in these shell corporations that we don't know. Another $10 trillion [was] invested in other Western equities, including real estate, stocks, and bonds."
In March 2019, U.S. Senator Marco Rubio (R-Fla.) introduced the Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges or EQUITABLE Act, which would require any foreign corporate entity wishing to acquire U.S. equities to report on ownership, structure, and parent companies prior to executing an equity purchase, explained Glenn.
"But the act would not be retroactive," he added. "So the $14 to $16 trillion controlled by the Chinese Communist Party, via the shell companies and banks, is already done. So what does that all mean? [...]
"What this means is that the Cold War between us and China could turn into a very hot war, financially speaking, and the president of China has his finger on a massive launch button. And that button doesn't say launch missiles, doesn't say nukes, it just says sell."
Watch the video below to hear Glenn break down the details:
Watch the full episode here.
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