Who doomed the petrodollar: America or Saudi Arabia?



There has been a lot of confusion lately about Saudi Arabia allegedly ending a 50-year-deal with the United States that tied oil sales to the U.S. dollar.

While many have claimed that the deal never actually existed, financial expert Carol Roth is here to clear that up.

“There was a deal put in place, but never once did I come across anything that said we have a specific expiration,” Roth tells Glenn Beck, who notes himself that if the world goes off the petrodollar, “that is the beginning of the end.”

Roth explains that when the United States went off the gold standard, they created a secret delegation that went to Saudi Arabia as part of a diplomatic tour.

“There was an oil embargo put in place by the Arab oil exporters. It sent the price of oil sky-high. So, the big objective was basically the U.S. didn’t want crude oil, you know, energy, which is obviously really what fuels growth around the world to become an economic weapon,” Roth explains.

“They knew, 'Okay, well, now we’re off the gold standard, we’ve got this currency, wouldn’t it be great to have somebody finance our deficits?'” She continues.

In exchange for economic and military support, the Saudis struck a deal with the U.S. to price oil in dollars around the world.

“There was a secret piece of it, and that was that the Saudis did not want everyone to know that they had this huge treasury stockpile,” Roth says, noting that it was because they didn’t want anyone to know how “closely they were in bed with the U.S.”

Now, this deal has ended.

“The FED has managed to hold the dollar not stable either for the world or domestically,” Roth says. “So, it’s not like they even made the tradeoff. They just abandoned it all together.”

“The big issue, if you are these countries around the world that now have everything priced in dollar, all of your major commodities, because it’s not just oil at this point,” she continues, “When you have these huge swings in the dollar, that means that threatens you as a nation, because you now may not be able to afford energy, or you may not be able to afford the food for your country.”

“That’s a national security issue,” she says. “And so, countries were getting sick of that we weaponized the U.S. dollar, and at the end of the day, they’re starting to move away from it.”

This is why it isn’t the Saudis who are to blame for the end of the deal.

“The Saudis did not break a deal. We’ve broken the deal long ago,” Roth says.


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Biden mortgage trick will raise inflation while Americans will own nothing and not be happy



The Biden administration is pulling out all the stops to make sure Americans will “own nothing and be happy.”

Its latest tactic is encouraging more consumer debt spending through second mortgages, which seems to be less about helping Americans and more about buying votes before the election.

Carol Roth, author of “You Will Own Nothing,” believes Americans need to be warned.

“It’s the arsonists who are burning down your house, and then, they bring a water bottle and say, ‘Hey, I’m going to help put out the fire and rebuild it. It is frustrating,” Roth tells Glenn Beck before explaining what the government is doing now.

“Freddy Mac had this great idea because people have so much equity in their homes. Let us go ahead and offer second mortgages,” Roth says. “But second mortgages don’t get you into housing. Those are consumer loans. Those are people taking money out of their homes and using them whatever it is. And that equity is perceived equity.”

Meanwhile, the homeowners haven’t cashed out the house or sold the house, so it’s not guaranteed.

Roth believes the second mortgage will be “people taking their wealth, their ownership, and going and blowing it on things.”

“That’s what will happen,” Glenn agrees, noting that people will use it to pay down a credit card with a 25% rate in order to use the 9% mortgage rate instead.

“Obviously, we would rather use other money if we can to pay down 25% and taking down your ownership,” Roth says. “I think we have to ask ourselves a few questions here. One, why is it that the taxpayers should all of a sudden back consumer loans? Why is it that we want to encourage more consumer debt spending, particularly during a time of inflation?”

“And why do we want people to reduce the ownership, the equity in their homes?” she adds.

Glenn and Roth both believe this has a lot to do with the 2024 election.

“All these things make him look like the economy is doing better,” Roth explains, but if these programs are implemented as Biden is planning, the economy will be even farther from actually doing better.

“Inflation next year is going to be insane,” Glenn says, and Roth agrees, noting that programs like this are what “started the whole ball rolling with the Great Recession/financial crisis.”

“I’m super excited for taxpayers to back consumer loans,” she continues. “You’re not even backing first mortgages, you’re now backing consumer loans. Way to go, really glad that the government wants to get into that.”


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Don't buy the lies! The feds are LYING about the job market and US economy



The Biden administration isn’t shy when it comes to boasting about how many jobs it’s created — but maybe it should be.

The administration has quietly — and conveniently — deleted 439,000 jobs from its 2023 job reports. This means that almost a quarter of all jobs added in 2023 didn’t even exist in the first place.

Former investment banker Carol Roth cites a saying attributed to Mark Twain in response: “There are three types of lies: lies, damn lies, and statistics.”

“The data is bastardized, and I would argue not even relevant to how our country’s economy is run,” Roth tells Glenn Beck, noting that this is all either odd, lazy, or nefarious.

“Those are your three choices,” she adds.

Meanwhile, there’s a record-high number of 8.7 million people holding down multiple jobs.

“Those are things that would make you scratch your head and say, ‘That’s moving in the wrong direction,’” Roth says.

While government jobs make up much of the recent hiring, Roth says it's “not sustainable.”

“Those don’t have the same level of productivity because they are paid for by our tax dollars and or the printing of money,” Roth explains.

According to Glenn, 216,000 jobs were added in December, and 52,000 of those were government jobs.

“Which brought us to an all-time high of 23 million employees for the federal government,” Glenn says, shocked. “It’s an astounding, astounding number.”


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Warning: New Biden policy is about to crush small businesses in 2024



A new Biden rule is about to blindside 32 million small businesses with traps that could land entrepreneurs in jail.

The Corporate Transparency Act goes into effect on January 1, 2024, and has been marketed as a way to prevent money laundering — but it suspiciously only targets the smallest of small businesses.

“What this looks like is, ‘Let’s attack the smallest business owners that we have in our economy and get them to close their doors!' That’s what it feels like to me,” Glenn Beck explains.

Former investment banker Carol Roth agrees.

“It’s part that, and it’s part a massive data collection program that nobody knows about,” Roth tells Glenn.

“If you’re a single-member LLC or if your business has an S corp, even if you don’t have employees, you’re impacted,” Roth continues, adding that those businesses will “have to register with a group that’s out of the treasury called FINSEN, which is the Financial Crimes Enforcement Network.”

However, if you’re a large business owner with at least 20 employees and $5 million in revenue, you’re exempt.

“What crappy money launderer are you that you’re not at least making $5 million?” Glenn comments, shocked.

“You’re money laundering for Doritos,” Roth laughs. “That’s what the ridiculousness of it is, the burden, the invasion of privacy, the collection of small business information.”

Meanwhile, Hunter Biden, who makes $5 million in one job, walks free.

It will cost small businesses $85 to prepare and submit the initial beneficial ownership information report.

“And if you don’t do it exactly right, a massive fine is coming your way,” Glenn says, to which Roth adds, “Not only fine, but you could also go to jail.”

The jail penalty is enforced if a small business owner does not participate.

The rule was proposed in January 2020 when Trump was still in office.

“It went to his desk, both houses voted for it, went to his desk — he vetoed it,” Glenn says.


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Can America survive paying $1 TRILLION in interest on national debt?



If you thought the interest rates on your mortgage and credit card were bad, wait until you see what the U.S. government has accrued.

The United States has succeeded in creating a yearly interest payment of over $1 trillion on the national debt.

“We can borrow at higher and higher interest rates, so we can make it $2 trillion soon,” Glenn Beck jokes to financial expert Carol Roth.

Roth notes that Secretary of the Treasury Janet Yellen has said that over the next six months, the U.S. will need to borrow almost $1.6 trillion.

Roth has also observed that there’s “absolutely no appetite to cut spending” within the U.S. government.

“We are in a really perilous financial position.”

However, while the U.S. debt rises, there are still many who believe this will not be our downfall.

“People still tell me, 'We’re not going to lose the reserve currency. We’re going to be fine. The dollar is going to be fine. We’re going to come out of this,'” Glenn says, adding, “they can’t explain to me how, but they seem to be right.”

Meanwhile, the world is at war — which Roth notes could bring about a new financial world order.

“Not every war brings about a new financial world order, but every new financial world order has been brought about by war. And to the extent, God forbid, things escalate in a crazy way, that becomes an opportunity to reset,” she says.


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SHOCKING: Has the government's WAR ON HOMEOWNERSHIP begun?



The idea that “you will own nothing and be happy” is coming to fruition.

Glenn Beck long warned that government elites have been planning to push people out of homeownership and into renting, and it seems their new American dream is finally coming true.

Not only are they attempting to rid Americans of all their earthly possessions, but they’re blaming them for wanting those possessions in the first place.

Glenn references a recent article from Axios, titled "The Problem With America’s High Homeownership Rate," which claims that “America’s decades-long love affair with home ownership is holding back the economy and hobbling the Federal Reserve and exacerbating a national housing crisis.”

“We got into the ‘08 crisis because the government was pushing home ownership. Everybody became overextended. Now, they’re pushing for you to get rid of your home,” Glenn says, adding, “I think this is the first shot of the government trying to get people out of their homes.”

Former investment banker Carol Roth believes it's actually the “second shot.”

After the 2008 crisis, “Americans lost about 6 million homes to foreclosures and short sales,” Roth says.

“And then they went out because they had so much money, had to do something with it, they bought up homes,” Glenn says, finishing Roth’s point.

Roth notes that at the end of 2022, one in every five homes in America was being bought by a corporate entity.

“Now you have this gentleman from Axios, who is one of the economic media darlings, if you will, coming out and not only saying, ‘Oh, it’s really a problem that you own your home, it’s really a problem that you have this asset that’s creating legacy wealth for you and your family,’” Roth tells Glenn.

“The mental gymnastics it took for him to get there. ‘Oh, this is holding back the economy, and this is crippling the FED,’ as if it wasn’t FED policy and the government policy that got us here in the first place,” Roth adds.

“The idea that they’re blaming you for creating wealth instead of blaming the arsonists who burnt down the economy — the government and the FED — is absolutely despicable.”


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Biden apparently on the cusp of issuing a CLIMATE EMERGENCY —  every aspect of your life could change overnight



When did summer time and imminent danger become synonymous?

News flash: it’s hot right now.

Why? Because it’s August, and August means heat — sometimes brutal heat, especially if you live in the South.

But fearmongering climate activists and the Biden administration continue to press the issue that temperatures are higher than ever before and that humanity is on the cusp of a fiery demise if we don’t take radical action.

And by the looks of it, they’re prepared to take radical action.

Apparently, “]Biden] is holding back ... but he may be forced by the members of Congress to issue an emergency declaration, which would affect air travel, car travel, and every aspect of your life,” reports Glenn Beck.

“They love an emergency because an emergency allows for central planning and an exercise of power; it allows them to shape the economy, it allows them to pick winners and losers, it allows them to take people who are socially unacceptable and remove their economic opportunities ... [and] it allows them to control what’s being said on social media,” adds Carol Roth, author of New York Times bestseller “You Will Own Nothing.”

Glenn is also deeply disturbed by conversations revolving around food supply, namely that a national emergency would “give the president access to all of the agricultural bills in the United States, bypass Congress, and become very draconian on agriculture.”

He then plays a clip of John Kerry stating that “we can’t get to net zero ... unless agriculture is front and center as part of the solution.”

“This is so incredibly nefarious — they’re wanting to interfere with the food system,” says Carol.

If there's a better way to produce food that’s not lab-grown meat and manufactured food products, then Glenn is all for it.

“You invent a better mousetrap and people will flock to it,” he says, “but they don’t invent new mousetraps.”

Not to mention this isn’t really about carbon emissions or food production anyway.

“This is truly about control,” Glenn concludes.


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If THIS happens to the dollar, YOUR LIFE will COMPLETELY change



What exactly is happening to the U.S. dollar?

Carol Roth, financial expert and author of the upcoming book "You Will Own Nothing," joins Glenn Beck to tell Americans what we need to know — and who we need to look out for.

“It’s Russia. It’s China. It’s China courting Saudi Arabia,” Roth explains, adding that we have some issues when it comes to the dollar.

“Not just with reserves,” she continues.

“But really what puts us in the pole position as well is being a huge piece of the payments.”

According to Roth, we still “dominate” the payment side.

Roth is talking about the global payment system called the Society for Worldwide Interbank Financial Telecommunications, otherwise known as SWIFT. The system powers most international money and security transfers and is used to quickly, accurately, and securely send and receive information.

$100 trillion per month goes through SWIFT, and China currently only accounts for just under 2.4% of that number.

“They are working to claw their way up, they are making — trying to make — deals. They’re trying to convince the Saudis to let, you know, let everybody pay, including them, pay for oil in their currency,” Roth explains.

The Bank of China is even opening its first branch in the capital of Saudi Arabia, Riyadh.

Roth says that the Saudis are “playing both sides of this.”

While the Saudis don’t want to give up their alliance with us, Roth believes “they see the weakness coming from our president” as well as the threat of “green nonsense” that would destroy their own economy.

“Of course they’re going to hedge their bets. China is the largest net importer of oil and on a per capita basis they use a fraction of what we do here in the U.S. So, there’s an opportunity for growth,” she adds.

Glenn is worried.

He explains that the partnership between China and Saudi Arabia and our tense situation with Russia could create a “big shock” that would trigger banks to close — which would be a dire situation.

“What people really have to understand is when it happens, life as you know it in America is completely different,” Glenn warns.

“Correct,” Roth adds.


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Glenn: Be ‘healthily’ TERRIFIED of the coming banking CHAOS



Financial expert and author of "The War on Small Business," Carol Roth, joins Glenn on his show again — and she continues to prove to be a wealth of information on what’s happening with the banking system right now.

And unfortunately, it’s chaos.

While the FDIC was bailed out, Glenn says the law was changed with just “the stroke of a pen.”

Roth gives her two cents, saying she has a different take on the situation.

She says “they did not do what I would consider to be a full bank bailout. They did not protect shareholders. They showed management the door. So you’re the people who should be taking on risk, took on the risk in terms of the depositors.”

She continues, discussing the contagion this could potentially cause.

Roth also says that the way this was communicated was one of the biggest issues.

“The hubris," she charges, “the fact that the head of SVB sat on the board of directors of the San Francisco Fed and didn’t anticipate that it might not be a good idea to lock up money for 10 years and treasury . . . there are a lot of really weird questions here.”

It seems clear at this point that the Fed is out of control.

Glenn asks Roth, “Is this the beginning of the currency death cycle?”

Roth responds, “The currency death cycle began a long time ago.”

She continues, “From an FDIC standpoint, you know they’re saying we’re going to put a fee out to other banks. So, when Joe Biden comes out and says the taxpayer is not paying for this — you’re not paying for it directly but you certainly will be, whether it’s a lower interest rate on your money or more fees or whatnot.”

Glenn ends with an ominous message.

He says, “I don’t think people understand the destruction that is coming our way. It’s coming. This is going to happen. It’s just a matter of when.”


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'Really SCARY': The IRS just spent $700,000 on AMMO — and is now adding 87,000 new 'enforcement' agents



The Democrats' wonderfully named "Inflation Reduction Act," which passed in the Senate on Sunday, includes a massive expansion of the IRS. President Joe Biden wants to hire 80,000 new agents, and of course, this is for totally non-nefarious reasons, like cracking down on all those evil billionaires committing tax fraud.

Financial expert and author of "The War on Small Business" Carol Roth joined Glenn Beck on the radio program to explain who she believes this expansion will really target.

\u201cBiden isn't trying to hire 87,000 new IRS agents to go after 800 or 900 billionaires.\n\nEnjoy your audits.\u201d
— Carol Roth (@Carol Roth) 1659117049

"The Democrats like to pretend that they are the party of the middle and working class, and the Biden administration has continued to find ways to extract wealth from the middle and working class," Carol began. "We saw it in the American Rescue Plan, where they raised the reporting threshold for any sort of hobby site you might have ... down to $600. Now, and this was part of Build Back Better which we thought was dead but now is just coming back in pieces, and this piece has survived — $80 billion for the IRS. Half of that ... is going to hire 87, 000 agents for 'enforcement,' okay? We don't need 87, 000 agents to go after what was 800 or 900 billionaires ... so, who do you think they're coming after?" she added.

"They're going to come after you," Carol warned. "You should pay your taxes that are due, but that doesn't mean you're not going to get audited, and that doesn't mean you're not going to have to justify every single thing that you do and waste your time and money so they can try and extract a few more dollars from you."

Glenn mentioned that the IRS has recently purchased nearly $700,000 worth of guns and ammo to go along with these 87,000 new "enforcers."

"That is really frightening," Glenn said. "They're not going after the rich ... they're going to go after anyone who disagrees with them. And because it's now public-private partnerships, any business that doesn't agree with them."

\u201cRemember that the govt and IRS doesn\u2019t have a revenue collection problem. They collected more than $4 TRILLION last year. They have a spending problem, and a power and control complex.\u201d
— Carol Roth (@Carol Roth) 1659965663
\u201c@caroljsroth Why audit people that can afford good lawyers and accountants when you can audit those that can\u2019t?\u201d
— Carol Roth (@Carol Roth) 1659117049
\u201c@perspectvortex @caroljsroth Statistically, taxpayers, earning less than $25,000 annually, have an audit rate of 0.69%, more than 50% higher than the overall audit rate. It also means low-income taxpayers are more likely to get audited than any other group, except Americans with incomes of more than $500k\u201d
— Carol Roth (@Carol Roth) 1659117049
\u201c@caroljsroth The democrats would never weaponize a government agency against their political foes.\n\nWould they?\u201d
— Carol Roth (@Carol Roth) 1659117049

"Yeah, this is really really scary," Carol agreed. "And the crazy thing is the number of people who gave feedback and said, 'Well, if you're not a tax cheat, what do you have to worry about?' You've hit the nail on the head, Glenn. The politicization of this is they're going to come after people, they're going to harass you, they're going to tie up your time, they're going to tie up your money, regardless of whether you have followed the rules or not."

Watch the video clip below to catch more of the conversation. Can't watch? Download the podcast here.


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