Glenn Beck on Monday spoke about what he has termed "the money bubble," which he believes will be larger than both the dot-com bubble and the housing bubble. Beck has been warning Americans about the bubble since at least 2008, and said Monday that he believes it is now on the horizon.
"I'm not sure if the stock market bubble and the money bubble will be exactly the same thing," Beck began, noting that USA Today recently published a piece warning of a giant stock market bubble. "But I think they are, because [the economy is] being propped up by bogus money. You're borrowing money from the Fed at zero interest rates, and that money is worthless. It's not backed up by anything. And when we really do hit the money bubble, we're out."
Beck said "once the money bubble happens, all bets will be off."
"People will be confused. They won't know what to do. And as I said in my very first book, The Real America, Jesus and Hitler had one thing in common. ... They both could look at people straight in the eye and say, 'Follow me, I'll feed you.' And people did. One was for good. One was for evil."
Beck played a clip of himself from 2008, when he was still at CNN, describing what he believed was coming. He said:
Look, you must allow the bubble to burst. I know it means pain. But we didn't take the pain for the dot.com bubble. We moved that pain. It never goes away. Think of it as a disease. You've moved that pain and you just took a painkiller, and all of the disease was pushed into the September 11th housing bubble. So, all of that pain, what they do? They just made money cheaper and cheaper and cheaper so they could get people to buy homes, spend money, go out, rack up your credit card bills...
Now that bubble is much, much bigger. Now we're facing the collapse of that bubble. And how are we trying to solve the problem? Instead of allowing it to collapse, we are creating a third and I believe, the final bubble. And that is, the money bubble. The pain is going to be much, much worse. Because what you're designing now, you are un-tethering from every bit of free market system that we have. You are un-tethering from the Constitution. You are cutting the ties to anything that made America America. [Emphasis added]
"I want to show this to you because, for those of who have been listening to me for a very long period of time, you know that I'm wrong on timing," Beck said after the audio concluded. "I'm always wrong on timing, but I'm not wrong, usually, in direction."
"This money bubble is going to hit us at some point, and it's going to be very bad," Beck said."If you think the world is in chaos now, wait until that happens. ... The world changes literally overnight."
Watch the complete clip, below.
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