Right before Thanksgiving, our trusted leaders in D.C. did what they did best: They pushed forward controversial policies while YOU weren’t watching. In this clip, Glenn details how the Fed began its ‘Central Bank Digital Currency’ program last Wednesday afternoon, while Americans were busy preparing for the holidays. Plus, Glenn explains another, big decision the Biden administration made that very same day...
TranscriptBelow is a rush transcript that may contain errors
GLENN: Let me tell you a couple of things that have happened over the weekend.
This one happened during the American rescue act plan of 2021.
You have a new threshold, and you should be aware of it. Because the IRS is going to come knocking. And this is why they have 80,000 people. The Internal Revenue Service, reminded income taxpayers, that due to the American Rescue Plan Act, gig workers who accept any transaction over 600-dollar -- $600 through a third party app, such as Venmo, cash app, PayPal, must report those payments.
Must report the -- how -- they're not going to go after people making $600.
Yes, they are! Just a friendly reminder.
By the way, there's something else that happened on Thursday afternoon.
And I'm sorry, Wednesday afternoon. And what were you doing Wednesday afternoon? Besides being glued to the TV and the news, right?
GLENN: You might have been preparing for, I don't know, a holiday weekend, where you completely tuned out.
So you might have missed what happened Wednesday afternoon at the Fed, but they started their DBDC. Central bank digital currency.
Yes! The Fed coin is here.
Now, they rolled it out, on Wednesday. Just, I mean, that was the only day they could do it.
You know. Because they were denying that any of this stuff was happening. But they could only get it, when no one was paying attention. So they rolled it out. And it's in its beta test right now. But here's the thing: I don't know if it's going to work. This is what they're trying to do. They're very concerned, that they won't be able to make large digital transactions, across the Atlantic. Okay? They're worried. You know some -- these big transactions, that happened. What they're doing now, and going to try to break this down. Because it's very, very technical. But let me break this down for you. What they're doing, is they're taking a digital currency, and they're -- they're buying and selling and trading those digital currency. Those dollars, over to some place else. And they got to make it all the way over. Those numbers have to make it all the way over.
Now, that's what they do. But now, they're going to take a digital coin, not a digital dollar. A digital coin. And they're going to buy and sell and trade. And those numbers have to go all the way over to another place, and finish the transaction.
PAT: That's a completely different thing. Not related at all.
GLENN: Okay. How are you going to do this?
You're going to take a whole system that is based on digital paper dollar. You're going to digitize that dollar. And then you'll just move numbers to another bank?
PAT: It's impossible.
GLENN: That's a dollar. That's paper. This is a coin. How are you going to do that is this?
So they think that it -- you know as long as it passes its beta test.
GLENN: Don't worry. They could have it. They could have it by spring.
PAT: So they're essentially taking 20th century technology, and using it in the 21st century?
GLENN: Yes. Wow. Yes.
PAT: Wow. Wow. That's bold.
GLENN: Yes. But they have to have a name-change for it.
PAT: Right. Okay.
GLENN: This is -- remember, this was a Federal Reserve, printed currency, that had been digitized. This is a federal reserve digital currency.
PAT: Okay. Yeah.
GLENN: So one starts as a digital. The other has to be transformed digitally. So they've cut that transforming part out. And that's the part that gets really sketchy. Okay?
By the way, India rolled out its pilot digital program for digital rupees as well. Don't worry. I think maybe we should start having the conversation. Because this is coming.
Maybe we should start having the conversation of, gosh, this looks like the mark of the beast. I mean, doesn't it?
PAT: But surely it's not.
GLENN: Of course not.
PAT: Not from the US government.
GLENN: No. No. They never do anything underhanded or evil. Never. Never.
PAT: Especially when Democrats are in control.
GLENN: Amen to that, brother.
Hey, by the way, the White House also, last Wednesday, announced that they were going to continue the freeze on student loan payments.
Now, that means millions of people are not making payments on their federal student loans, regardless of their financial situation. They could be millionaires. Still are not required to pay back that student loan.
Now, the freeze, it started with Trump, with COVID-19. Congress approved it.
And it was supposed to expire two years ago. But it's been continually renewed by Congress. So it's been extended only eight times.
It has now cost you 155 billion dollars per year.
And that's scratching the surface. Now, here's the story. I -- you probably didn't even hear that it was renewed again.
But let me give you the other part of the story, that certainly you haven't heard.
This is big, because of some of the weird rules that no one pays attention to. But I pay heaps -- a lot of money to watch this stuff. This is nothing more than a gigantic scam, meant to benefit government workers. This is exactly what I told you, they would do, in 2009.
Exactly. How does it benefit the government workers? Well, it's not just the government workers, but many who work for nonprofits as well. Many of those lean left.
Okay. The second reason Biden likely wants to continue the pause. Is it greatly benefits employees, at government agencies. Including teachers. Hmm.
Unions. Under the public service loan forgiveness program, which is what we talked about in 2009. Do you remember this? Anyone who makes ten years' worth of monthly student loan payments. 120 in total. While working for the government or a nonprofit, receives total debt forgiveness, no matter how much they owe.
Now, defying all logic? Yes.
But they're continuing to count nonpayments under the pause towards the total number of payments required for public service loan forgiveness. So even if you have not made a payment in 24 months, you still are counted, as making those payments in the last 24 months.
So that all goes to your 120-month requirement. The longer the student loan forgiveness continues, the more government and nonprofit workers will qualify for total loan forgiveness. Millions. Millions will be moving towards total student debt cancellation.
So, in other words, what is this story really all about? Biden giving a big, fat gift, to government workers, and the people that are working, in many cases, to subvert our republic and make it into a democracy. He's giving them a kickback. Because most people don't know how these things work. They have no idea what's going on.
Oh, by the way. Another one. Trust the government. Hunter Biden owned financial stake in digital banking platform. A digital banking platform. How did they do that digital banking? How did they do that?
This started in 2016. They must have been using like an abacus or something. I don't know how they did it. But it was digital banking platform for undocumented immigrants. Hmm.
So this was a multi-balance, multi currency digital wallet, and payment ecosystem. And he had a -- a big share of this. In fact, got, you know, $20,000 wire transfer from the company. And -- and now, it looks like all of his buddies are running it. So that is fantastic.
But here's the great thing: It was -- it was to support mass migration to the US. Because the company positioned itself, as the premiere platform for sending and receiving remittances. Oh.
Over 150 billion dollars, of remittances happen every year in the US alone.
And here's what the -- here's what the digital bank said: Labor moves around the globe. And when workers move, so does their money. The global nature of labor often makes it difficult for somebody to have a bank account in the country where they're employed. Really?
This is why ePlata, allows to you transaction in a currency of your choice, without limits across geographic borders. Is there any reason money transfer should be more expensive, because one person lives in a different country?
We don't think so, with ePlata. Simple, secure, and inexpensive international transactions are now in the palm of your hand.
Now, that's great. Now, I don't know the difference between that platform, which is sending boatloads of digital currency to another country. And let's say, bitcoin.
But all I know is, one, the president's son is involved. And the other one is extraordinarily dangerous