The Glenn Beck Program - Best of the Program | Guest: Carol Roth | 10/20/26

Episode Date: October 20, 2026

President Trump made many promises in 2024 during his presidential campaign. As we near the midpoint of his term, how well has he done at keeping those promises? Glenn goes through all the promises Trump has kept that the corporate media refuses to report. Is the Bubba effect unfolding before our eyes in the United Kingdom? Recovering investment banker Carol Roth joins to discuss the high debt, endless spending, and political chaos in France and explains how it is a warning shot for America.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's podcast, what President Trump promised and what he did, where he failed. But let's be honest about the record. Also, Bubba effect in the UK. I talked about this a little bit yesterday. Today I brought it up and the question started rolling in. So we really addressed that. And Carol Roth joins me for the truth about the debt in France, our debt and what happens next. All that and so much more on today's podcast.

You're listening to the best of the Glenn Beck program. All right. So I want to look at the record here. Because Donald Trump made some pretty heavy promises. And now I don't know about you, but I hate to remind everybody. The president loves when I remind him and everybody else about how I was not for President Trump the first time around. I wasn't in 2016 because I didn't believe a word he was saying. I'm like, there's no way he's going to do anything. of that stuff. And he did a lot of that stuff. Now, the second term, I gotta tell you, he promised a lot.

And he said, I'm gonna do all these things. And I'm like, okay, sure, all right. Can you get any of that stuff done? I had no, and remember how you felt two years ago, we were on the ropes. The country is over. If we get Kamala in, we're doomed. He wins. And then what happens? It's breathtaking. For like six months, it is nonstop breathtaking. Never seen anything like it in history. Let's not forget that. He did that on his own. Okay. So for two weeks from today, America goes in and votes. You might be able to vote now. Last Wednesday, let's look at his record. Last Wednesday, the final inflation report came in at 3.7%. So you know, this is the one thing. that nobody explained to the American people and should have been explained.

Inflation that Biden had at 22%. That's not going away. Those prices are going to stay. Generally speaking, some will go down a little bit, but you don't ever go backwards. So Trump needs to bring inflation to the Fed target of 2%. He's at 3.7. Now, gasoline jumped 9% in a single month. The press is calling that a nightmare for the president, and it is.

okay but nightmares last one night usually a record is two years so let me look at the whole record here okay here's what Donald trump promised he would do and here's what he did and i'm going to give you the good and the bad what he did that nobody saw coming and what he hasn't done he promised to close the border did he do it for four years we were told it couldn't be done you can't he need Congress. You need a new law. You need billions of dollars in a decade to be able to stop this. Under the last administration, 11 million encounters. In December 2023 alone, nearly 371,000 encounters at the border. This March, Border Patrol apprehensions at the Southwest border were 8,300 for the entire month, month, after month, and zero releases into our country.

Same law, same border, different president. You know, it was never the law that was missing. It was the will that was missing. This guy has the will to do it. So he promised deportations. By ISIS' own count, more than 356,000 removals just this year up until mid-July, already more than all of last year. Now, that's not the million he promised.

but it is moving in that direction. The same people who said mass deportation was impossible are now arguing about how fast it's happening. He promised energy. Remember where we were. We were on the Green New Deal. We were killing ourselves by taking our coal fire plants out. We were saying natural gas isn't going to be able to use.

We were not going to drill for our own resources. This year, America is on track to produce more oil than any other year in our history. 13.8 million barrels a day. He also promised factories. Well, about 309,000 manufacturing jobs are projected to be announced coming back or coming in this year.

Ask the companies why. Why are we getting manufacturing jobs? Many will tell you because of tariffs, okay? Okay, we're going to get into that second. He also said, no tax on tips. It's law now. No tax on overtime either. This spring, the average refund climbed past $3,500.

$3,500. That is a mortgage payment, a set of tires, a Christmas, a trip to Disneyland with just you. Some things keep going up. Anyway, he also promised lower drug prices. prescription prices posted their biggest annual drop since 1963. Have you heard that anywhere? 17 of the biggest drug companies have agreed to charge Americans no more than they charge the rest of the developed world.

For decades, you and I have been paying full price so Europe could get a discount. Trump came in, that deal is over. He also promised to clean up crime. Murder rate now is on pace for the lowest rate America has ever recorded. That means fewer funerals, fewer empty chairs at Thanksgiving. He promised to kill the EV mandate. What happened? Congress repealed California's gas car ban. President signed it.

What sits in your driveway today is your decision again. Remember two years ago, it wasn't your decision. He also promised to bring the hostages home. A year ago this month, every living hostage in Gaza came home, all 20. He promised Europe would pay its share. Right. Everybody laughed. This year, Europe and Canada hit 4% of GDP on defense, on the way to 5%. They were about one or two when the president came in, and they weren't going anywhere.

The president of both parties have begged for that for decades. He got it in a year. Okay. What else is he done? Let's look at the map. Because the biggest things he's done were never on a campaign sign. In January, American forces captured Nicholas Maduro, brought him here to stand trial for narco-terrorism, a sitting dictator in an American courtroom.

By the way, how are the drugs happening on our streets? How are the fentanyl deaths going on our streets? Any better? In August, the president announced a deal giving the United States also control of 65 billion barrels of Venezuelan oil. The country with the largest oil reserves on earth is no longer run by a man who shipped cocaine and drugs to our streets and sold oil to our enemies. Then there's the Panama Canal. A Hong Kong, China, China ran the ports at both ends for nearly 30 years. He's like, that's not going to stand. And guess what? Everybody laughed.

And in February, Panama's Supreme Court tore up the contract. China-linked operators are now out. The canal belongs to Panama, but Beijing no longer holds the keys to both doors. Then look to the north, Greenland. He said he wanted to buy it and the world treated it like a joke. I told you he was negotiating. Last month, the United States, Denmark, and Greenland signed a deal with no expiration date. New American bases, American submarines operating freely in Greenland's waters.

And China locked out a building bases there and grabbing control of the rare earth minerals. By the way, it was just announced a couple of weeks ago. We're starting exploration for rare earth minerals in Greenland. Now, he didn't get the deed. I told you he didn't need the deed. He got America's northern front door bolted shut. So that's Venezuela. Parenthood. Panama and Greenland. By the way, draw a line through all of them. That's not three stories. That's one story.

Because for the first time in generations, an American president has treated this hemisphere as ours to defend. Shove China back towards its own side of the world. I've told you I have been over in Europe this summer. I have met with three different prime ministers, and all three of them have said the same thing. And believe me, they don't like it over. in Europe? You know what the president's doing? What do you think the president's strategy is?

I know exactly, this is the exact guy leans in. We're having dinner and he leans over his plate and says, I know exactly what your president is doing. Your president is making your hemisphere the center of the world and kind of cutting us out of that. And I don't really like that. I wanted to say, exactly right. I do kind of like that. Anyway, he also promised something bigger. He said, America's golden age is right around the corner. Now you don't build a golden age in two years, and you don't build a golden age without pouring a foundation. So this is why everybody is saying, well, what is he doing? What is he doing for me? He's pouring a foundation. You don't get to live in the house yet. But can you see what he's

building? Record oil at home. The largest reserves on earth opening up next door. Factories coming home. Hundreds of billions in AI data center going up here, not in China. the first site of a missile shield over the homeland with the early version of a golden dome over America in 2028. The Arctic secured, the canal cleared. A baby born in America today starts a life with $1,000 invested in this country in an account with his or her name on it. Power, factories, security, and a child who owns a piece of the country. That's what the foundation looks like. that's setting up the golden age.

So those are the promises kept. Now, there are some that he made that he didn't keep, and I think it's only fair to point those out. He promised peace. Well, that one's not happening. Since February 28th, we have been at war with Iran. A ceasefire in June didn't hold. Didn't expect it to, but it didn't hold.

Iran declared the Strait of Hormuz closed. Last month, the president rejected Iran's ceasefire because he said the offer wasn't good enough and it wasn't good. enough. And the war he said he would end in a day, Russia and Ukraine is still burning, and that is the cause of our diesel prices. Now, you can believe a nuclear Iran is unacceptable. I do. But a war with, you know, no end is not peace. He also had promised to stop inflation. You strip out food and energy and inflation is at 2.6 percent, but gas is up 34 percent. And, and gas is up 34 percent. over the year. Home heating oil is up 74% and winter is coming. The prices have outrun paychecks and that's

the problem. And the Fed has raised rates in September and there's probably another one coming. America is pumping more oil than ever, but we can't outrun the lack of refineries here. A president can drill, but it takes a decade, you know, and you can't, it takes a decade to build a refinery, and you can't drill past a war. The fastest price cut available for this administration is not a policy, it's just peace. I pray, pieces around the corner. He promised tariffs would pay for everything. In February, the Supreme Court struck down his emergency tariffs and said, that power belongs to Congress. He promised to get spending under control. This year's deficit is headed towards $2.1 trillion. Our national debt is about to cost a,

cross over 41 trillion. So you can't build a golden age on a credit card. That bill is still open and both parties are signing for it. He also promised secure elections, state-run elections, and many of them still won't ask for an ID or clear their voter rolls. That's a statehouse problem. That is not a government problem. The Republicans failed on the SAVE Act.

He also promised to unite America. And that one I'm going to give him a break on because that one no president can ever keep. Not that one. Not this president, not the next one. A president can close a border. He can capture a dictator. He can sign a treaty over the Arctic. But he can't make you love your neighbor.

He can't. He can't. That promise doesn't get kept in the Oval Office. It gets kept in your kitchen table at the church. lot luck at the fence line with the guy with the yard sign that you just can't stand. I think we need to step back and look. I'm giving you the misses as plainly as the wins because that's how trust works. Count your misses as honestly as your wins and people can believe both.

And that goes for presidents. It goes for networks. It goes for fathers and mothers and anybody who has ever asked somebody to trust them. not perfect, not finished. But after what we've lived through, I don't know, it looks an awful lot like a rescue to me. So that's his record. Our job is to promise to weigh the facts, be honest about it, and vote accordingly. In two weeks, the noise is going to be deafening.

The pump will still be painful in two weeks. I urge you to ignore the noise. I urge you, yes, to feel the pain. and then look at the whole record. Grade the record, not the headline. And that last promise about uniting, that's mine and yours to keep. Not his.

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It's promo code back at jase.com. Jace.com. This is the best of the Glenn Beck program. All right. So let me tell you about a story that I have, I just shared with you about half an hour ago and it is on the Bubba effect.

Now, if you don't know what the Bubba effect is, the Bubba effect comes when there is absolutely no credibility left in a government because the government has failed to enforce the laws and disorder persists.

Now, that can be in with terrorism. That can be at the border. That can be the crime that you see in your streets. That can be, honestly, that can be corruption at the highest

levels and the people just keep getting away with it. And the voter, the average voter says, this has got to stop. And so the public trust completely collapses. And then the public says, well, I got to do something about this.

And when somebody does something about this, the government acts. And the government's like, no, we have to stop this. And that's when the people who no longer trust the government say, well, wait a minute, wait a minute, wait a minute. Yeah, I know Bubba was wrong for what he just did.

And he shouldn't have done that. But he's only doing that because you won't do your job. And people who normally support law enforcement side with the lawbreaker because the system is no longer legitimate. Now, I brought this

up earlier, play cut 18. There is an anti-immigrant activist in Great Britain. His name is Daniel Thomas. He has been arrested because there was a video of him going out into the water, taking a knife, and slicing up a rubber raft that was coming in. And he was arrested on criminal damage with intent to endanger life and destroying ships. What's crazy about this is that there was a French Coast Guard official in that boat. So the French Coast Guard were not taking them to France, was helping these people get across from France to England. I mean, it's insane what's going on. So he was arrested, and then all of his compatriots, they decide that they've had enough. And this is the Midlands Patriot platform. And they put out a live stream video, and this is what was said.

This is a message to our government since the arrest and remand of Danny Thomas the Midland section of the Patriot Platform has more than tripled in numbers whatever the attention behind his arrest and remand is not silenced those who support the platform if anything it has brought greater attention to the issues that many people believe have been ignored

people are increasingly concerned not only about illegal migration and the pressures it places on communities and public services but also how ordinary British members of the public are being treated when they voice their concerns. The response has been clear. The Patriot Platform has grown.

Patriot Platform is now expanding its vetting and administration teams so that we can properly process the significant increase in membership and ensure that everyone joining is dealt with responsibly and appropriately. Attempts to silence this debate do not make people's concerns disappear. They can instead bring those concerns into sharper focus and encourage more people to come involved. The message from the Midlands is simple. People are paying attention.

People are organizing. And people expect their concerns to be heard. We will not stop until we get what we want. God bless Great Britain. All right. So I played that. I've been warning you about the Bubba effect since probably 2004. And I thought it was going to come in the shape of Muslim extremists.

And it may still here in America. but it is showing up on the shores of England now because of immigration. And everything in you wants to say, they're right. They're right. Somebody has to stop this, right? So Jason and Ricky, I want to bring you in because the insiders disagree with me. So I want to go through some of this stuff. Yeah, the biggest comment is the majority of people wondering,

well, it sounds like our own revolution was, you know, an act of the Bubba effect. Insider Nicole said, if you believe rebellion to tyrants is obedience to God, how does that square with being so against the Bubba effect? And one more Dr. Angry Man said, I do not understand Glenn's fear of the Bubba effect. This nation was created as a consequence of our Bubba's.

Bubba is the first step towards the right of revolution. I'm trying to remember the exact phrase from the Declaration of Independence, that our government should not be changed over, what is it, transient things. I'm trying to remember. Can you remember that line? Somebody look up the, I think it's the second or third paragraph of the Declaration of Independence, that we just don't change our government over things that are small. Now, none of these things are small, but they went and redressed and redressed and redressed and redressed. They went back and they

begged the king for 15, 20 years they were begging the king. then what did they do? The tea party was not rebellion the way you think the tea party is. That was very organized, very peaceful. The guys who broke into the ship, they went on, they told the captain, I'm sorry, we're going to do this. And he said, if I don't deliver this tea, then I lose. And they said, okay, then we won't turn you over. We'll throw the tea, so it's a loss.

So they didn't come in to throw the tea overboard. They came on to the boat to turn him around when he said, I can't do that. I will lose all of the money. Nobody will be paid. I won't be paid. They said, okay, then we'll throw it into the harbor. So you've delivered the tea.

We took it and we threw it into the harbor. Then they swept up after the boat. Okay, after they left, they swept up. They didn't break anything. They didn't burn anything down. it's totally different. Okay. The problem with the Bubba effect is it starts with the government.

The government fails to do something over and over and over again. And because of that, failure becomes a pattern. And that pattern leads to, I don't trust them anymore. Why haven't they fixed this? I mean, how many times have we said this about voting? Why haven't they? That doesn't make any sense. Why haven't you passed the, the,

Save America Act. It doesn't make any sense. Then you get into private action. Somebody finally acts. That's Bubba. Now, this changes everything because now it's a moral inversion. Because the public realizes what Bubba did is wrong. But the answer to that is, well, they, why is it they can't stop

the people coming in from the boats, but they can sure get that guy. And so it begins to muddy the moral laws. Because you support Bubba, even though you're saying, yes, he's breaking the law as well, which leads to who has the ultimate authority here? If the government won't do it, then we will. Who has the authority to wield that? And so you now start to have competing authorities. Okay, what's the problem with that?

The problem with that is now it's citizen versus citizen. This is the same reason Antifa says they can go burn things down. This is the same reason that the Marxists say they can go burn things down. Because they can't get anything done. They can't get anybody to do anything in government. so they have to do whatever it takes. Now, I think they're wrong, but they think you're wrong. Do you see what's happened here?

What's happened because of Bubba, because of the other side doing the same thing, who decides what the government is supposed to do? Who decides when the government has failed? Bubba? Who decides who's guilty? Bubba? Who decides the punishment? Bubba on both sides.

This is where it becomes a problem. This is where it becomes frightening. You know, one neighborhood's Bubba is protecting the store. Another group's Bubba may believe that the store owner is the oppressor. And they're the oppressed. And so we have to burn that store down. Another may believe that the police is the enemy. Another believes that the immigrants are the enemy.

Another believes that the Christians are the enemy. Or another Bubba shows up and it's the Jews or the enemy. The Muslims or the socialist or the conservatives or the liberal. Each one says the system failed, therefore I must act. At that point, see, everybody thinks this leads to a revolution and a government restored. It doesn't. You don't have a restored self-government. You have competing definitions of justice.

And once that's gone, what do you have last? then it is just survival of the fittest, then it is just which one can eat the others. That's the problem with this. It feels right. It even in some cases looks right because I'm tired of it too. We all are. But the minute we stop, the minute we ignore our constitution, The minute we ignore the things and set up the things and do the right thing and the right thing, look, self-defense is always the right thing.

Self-defense is the right thing. Is this self-defense of the nation? Unfortunately, you're not given the right of self-defense for the nation. We have lent that right to our government. and until we have no elections left, until we have somebody who actually says, like Zelensky, no more elections, you must work through the election process.

And for as frustrated as you might get, we are making progress. You know where Bubba is missing the next step? Bubba is missing the next step at the ballot box. Now, in England, I think it's a little different because they're not really having elections. They're just appointing the next prime minister. They're just handing it to the next guy. It's insane what's happening.

They don't have free and fair election. In my opinion, the way I understand what's going on over there, they're not having free and fair elections. You're not getting a choice. They're just handing the baton to the next guy. die. That's more like a kingdom. I've said to you from the beginning of all of this that you have to listen to the spirit because our choices are going, I look at this as a sieve. You know, as we're just constantly being, we're just constantly being shook through a sieve. We're being sorted. And the big lumps are already out. And when you have a sieve,

You strain everything. You get the big lumps out. And then you take another finer sieve, and you sieve the flour that way, and you get the smaller lumps out, until it is so incredibly fine. And we're headed towards that place to where the sieve is going to be so fine. You're not going to really know the difference between right and wrong, because it's going to be so damn close. And that's why if you don't have the spirit to guide you,

you're not going to make it because there are going to be things that feel absolutely right to you. And honestly, this may just be me. And so you have to listen to me what I say and take it with a grain of salt. I'm not here to tell you what. I'm no moral authority. I am no better than you. I am no smarter than you. This is my job.

And so I pay attention to things that you don't have time to. But that doesn't mean I'm right. I try to approach everything I do prayerfully, but that doesn't mean I get it right. I am trying to follow my principles and what I believe the spirit tells me I'm supposed to say and do. And I have news for you.

I don't think we're supposed to ever be violent. I just don't. And I won't be. Now, you come on my property and you try to hurt my children. I'll kill you. I'll shoot you in the head. But me going out? No, I won't.

I won't. Because the key word, and I've said this since 2008, the keyword in the future, but the key word now, is chaos. Anything that causes more chaos is not good. Who's the author of all chaos? That doesn't mean you have to agree with me. I would just ask that you would consider it. This is the best of the Glenn Beck program, and don't forget, rate us on iTunes.

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I am good. Boy, I have to tell you, I was watching what was happening in France this weekend, just freaking out because I'm like, this is a dry run. This is coming here. If we're not careful, this is coming here. So can you give us an update? Yesterday, I said that the French were supposed to vote on their new budget. They decided yesterday to postpone that. What does that mean? Because I thought they were out of time. Well, you know, politicians are never out of time until you vote them out of office. And obviously, they never want to do the right thing because it often conflicts with them having some accountability. They don't want to have accountability. They want to kick that accountability down the road.

But what we're seeing in France is, you know, the non-economic version of this is weak men create hard times. the economic version is too much government creates too much debt, creates hard times, and then they're not willing to do anything until everything collapses. So I saw an amazing stat, maybe you can tell me if this is true, that more than half of the population of France gets their income from the government. Yeah, this is exactly the problem that France, which, by the way, is a meaningful economy in the EU. It's the second largest. It's $3.5 trillion, which sounds like nothing to us, right?

It's like 10% of our size. But when you compare it to Greece, that's like $300 billion. So within the Eurozone, they're very important. But the breakdown of what's happened there is that they have too little capitalism. And they do have some great companies, right? They've got the luxury goods. They've got agriculture. Airbus?

They had tourism. I don't know how that's going to be impacted now. But the reality is, and this is staggering, Glenn. that 50%, like 57% of their economy, so almost 60% of their economy comes from public spending. Compare that to the U.S. So at the federal level, we're at about 23%, which is too much. You know, overall about 35 plus percent. So, you know, they are about 50% or more, more public spending is a percentage of their economy than we are.

And as you said, that then trickles down to meaning more than half the people get their pay from the government. Everybody works for the government there. And that means that politicians, as you mentioned, they're beholden to the people who don't want the government to have any sort of austerity or cutbacks. And so they're going to vote for their own interest. And so it ends up being this vicious cycle, which has led to really bad outcomes. If you look at France and just their basic data, we're talking about growth this year that's projected at about half a percent, which is even for the Eurozone is less than half what everybody else is projecting. Their unemployment is double ours. So even with everybody working for the government, it's about 8.3 to 8.4% for the year.

And then they still have the same problems that we do, like debt to GDP of 120% and deficits running like 5.5% of GDP, the price. the problem is they're not the world's reserve currency and the world's trading currency, so it hits them harder. And they have all of these demographics. They have an aging population, you know, with bigger pensions, and all of these, you know, big issues, the aging population drives more health care spending and whatnot. So they're in kind of the same familiar spot that we're in, but they don't have all of the benefits that we have as well.

So Rob Snyder tweeted something. I want to read it to you. France has free health care. Yes. Paid parental leave. Paid family leave. Free child care. Free preschool.

Five weeks paid vacation. 35 hour work week. Generous unemployment and housing benefits. Heavily subsidize higher education. Everything the left says they want and they're still protesting and burning crap down. Yes. I mean, it's, how do you get?

out of that because the ECB, the European Central Bank, said they have to cut their spending or they're in trouble. They'll start imposing cuts on them. Well, if you can't cut 2% out of your budget without people rioting the streets and rioting for even more, how do you save that country? Yeah, I mean, it's a really big issue. I referenced Greece earlier. You know, Greece had the economic issues, you know, back in 2010, 2011.

And they were able to stem that because it was a smaller country. It wasn't as sort of important to the EU. Not to say it's not important, but not as important as France is at $3.5 trillion now of GDP. So you would need to have their central bank, which is the ECB, get involved, you know, if there is some sort of a contagion. and a contagion is likely because the analogy is imagine the Eurozone as an office building. And the second biggest tenant is in financial trouble where you're an investor. Now all of a sudden, the entire office building project is in financial trouble. So that's the same issue with the EU.

The problem, as you mentioned, is with the ECB, if they do a bailout, which we know is printing money and stoking inflation, they require austerity. They require budget cuts. And as we have seen, you know, whether or not you want to say these particular riots were related to financial or some other issue. But we do know in the past that any time there has been talk of a little bit of austerity, there has been riots and destruction. And, you know, referencing Rob's post, they have everything. You have the government, you know, spending, you know, the majority of the money of the GDP. on these programs and they're still not happy.

There is no saving this. It's just a question of when the whole thing implodes. So the scary thing is, correct me if I'm wrong, Italy is worse than France. I think they're number one in debt, or is it Greece is number one in debt. I thought Greece was taken care of, but apparently that was just a band-aid.

So Greece is still bad. Spain is bad. Italy is bad. how long does this go on? You know, I'm going to say something shocking to you, Glenn, but the U.S. is bad. The U.S. has 123% of debt to GDP and is running, you know, close to 6% deficits to GDP still. It is spending a trillion dollars a year on interest in servicing the debt. And there's no, you know, no hope for fixing that.

And you have all of these DSA people running on these same platforms. that we're talking about now, about, hey, let's find a way to increase government spending. So, I mean, part of, you know, what may or may not give you comfort is that everybody, you know, around the world is in the same position. We have more strengths because we have deeper financial markets. What does that mean, Carol? I mean, yes, we're all in the same. So do we all just back away and say, okay, all right, we're just going to call it all even?

I mean, what does it mean? I mean, so that's sort of a layman's way. of saying what could potentially happen here is that you could end up with some sort of a financial reset, which I know is not surprised to you because we've been talking about this. You've been writing books about this. I've been talking about it, writing books about this. So there is a very likely financial reset. It's a question I think of when, not if. And then we're going to find a way, you know, whether it's making gold play a bigger role in the economy. me so that the reset isn't so obvious or finding other ways to inflate away the debt.

There's going to be a scenario and a lot of people are going to be hurt in this scenario because, as we know, there's no free lunch. We can't just call a mulligan, a do-over, without there being consequences. And that's going to end up hurting people all over the world. And as we know, when these things happen, it's not just France that could have unrest. rest. It could spread to other places very easily. And then, you know, that could end up impacting, you know, bigger issues. It could end up creating issues that impact the food supply or energy or other things. And it just becomes a, you know, sort of a vicious cycle. So when you said maybe gold

plays a higher role, I mean, even if gold was at $10,000 an ounce, that's still what we have, what, three or $4 trillion? That doesn't even pay for one year. Using all of the gold that we have, So what do you mean gold might play a bigger role? I mean, how do you see this playing? And if you haven't war-gamed with this. Oh, no, we've war-gamed. We've read the issues. So what's the most likely?

And what does that look like? I mean, I personally think if you look at the banks that have been stockpiling gold, and if you look at some of the stockpiles, you know, Europe actually is just, doing very well when it comes to gold holdings, including Italy, which, you know, had a former ECB director as its president that said we love gold and, you know, we're never getting rid of it. I think that it will end up being, you know, one of, if not, you know, a key reserve currency. You may see some trade and settlement done in gold. Like you said, the price of gold will have to be allowed to go significantly upward to sort of rebalance everything out.

And what will probably happen is that the different countries will get together, as they've done many times in the past, and create some sort of an accorded agreement. And this is how, you know, this is going to work. And here's, you know, who's going to be in charge of what the exact path of that could take. You know, we can have a choose your own adventure book and have, you know, 20 different lanes. but there will probably have to be a sit-down. The other option, which we certainly hope doesn't happen, is war. Because a lot of times when we have these financial resets,

every time we have a war, we don't have a financial reset. But every time we've had a major financial reset, not just a core. War has been the catalyst. And then it's like, oh, okay, well, now we've got a new regime. So hopefully, you know, if you're picking a door, let's make a deal, that you're picking door number one. and you're getting a sit down and they're letting gold float to an appropriate price and you're doing

something to try to get everything under control. The challenge is, though, without people facing the consequences and without getting the muck out of the system, it's just a band-aid, right? If you don't fix the underlying problem, which is the too much government spending, the big government debt piles, you just end up in the same place. in a very short period of time. And especially at the, you know, the levels we're at now with compounding, that's just going to, you know, grow and grow more quickly.

So, you know, you can let, you can come up with all of these small fixes that we pay the price for on a short-term basis. But without fixing the underlying problem, nothing changes. And in my opinion, Glenn, without some sort of accountability, I don't know what the incentive is for the politicians to fix the problem. Okay. So I'm going to take a one minute break. I want you to just pick it up there.

What does that look like? Accountability for who? What does it look like? What would actually have to happen? And the little guy. I mean, what happens to the little guy? The little guy doesn't have a lot of gold. And last time they did this with gold,

they took all the gold away from all the little guys. I'd love you to address that as well. When we come back more with Carol Roth, get her free newsletter at Carolroth.com. If you're not reading Carol's work, you're really missing out on understanding the world, especially the world of finances. So what does it mean real accountability? So real accountability would mean that there are consequences when people take actions.

I actually wrote a piece about this a few weeks ago, that if you think about boards of directors or you think about trusts, people who have to manage on behalf of other people, there is a legal fiduciary responsibility that is upheld by the courts that you have to put the people who you are representing the interest ahead of your own. You cannot be conflicted. And if you don't, you are taken to court. So why is it, Glenn, that if you have a publicly traded company and you have a board member or a set of board members that does not pursue their fiduciary duty, they're conflicted, that they don't act in the best interest in who they represent, or you have a trust where the trustee doesn't. Why is it that the United States government, the people who represent us in Congress, do not have a fiduciary duty and do not tell me about an oath of office because that is not something that is upheld in court and has any corresponding responsibility?

So I am certainly not a lawyer, and I don't know how you get that instated without the people. who are creating the roadblocks blocking it. But the reality is it just fundamentally makes no sense that you have the people who represent others on a private level in fiduciary matters and financial matters have this fiduciary duty and our Congress doesn't. If we had any level of accountability or even just some guardrails,

like, hey, if you don't balance the budget, then you are ineligible to ever be in Congress again. You know, things like that where they actually have to think about what it is they're doing other than how can I, you know, turn this around and lie about this and do something or not do something just so that I can get reelected and retain power. You know, that is the $41 trillion and growing question. Yeah, I would love to see their salary based on what the average salary is doing and how the economy is doing. I know they don't run the economy, but they would certainly know how to get out of the way of the economy if they realized every regulation we put is hurting the economy, and that hurts my own paycheck. You know, I would love to see some conversation, at least, of accountability. When you said that maybe gold goes up, gold goes up to what?

And does anyone, I mean, does anyone participate in that? or do the federal governments and central banks just claim gold as theirs again? You know, I think that we live, let's put this way, there's a think and there's a, you know, a possibility. I think we live in a world right now with social media, with the, you know, ability to cause unrest, that if for some reason they tried to confiscate gold again, I think it would be very difficult. Now, to be fair, I also said I thought it would be very difficult to lock down the United States. It certainly wasn't. I did too.

But the people who did not comply are not going to comply. I'm not telling you to break the law if that does happen. I'm just saying my guess is that the people who didn't comply aren't going to turn over the gold. So when you have the gold that we have and it's only really worth $3 trillion if you inflate the price of gold up to $10,000, how much would the price? of gold have to be to be able to solve these kinds of problems? The estimate is, you know, 40. And I'm not saying that I think it's going to necessarily go there. I think that 10 is a much more likely number in at least, you know, the next five to 10 years than 40.

And by the way, this is not financial advice or financial prediction. We're just, we're just brainstorming here. But in terms of, but in terms of what, you know, people who are smart who are, you know, in the community who have ran numbers have said, you know, I can justify 10 versus. Carol, I got to run. I'm sorry, I'm up against a network break. Carolroth.com slash news. Carolroth.com slash news. Get her newsletter.

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