(From the Jan. 5 edition of "Glenn Beck")
BECK: So what happens when we get to that point? China and other investors stop financing our debt growth. Which is unstoppable. Well, there are three options. One, we sober up and miracle happens. The stimulus package and all the stuff we've done worked.
And I come on the television and say I was wrong. All of this is - everything I said was wrong and I apologize. Mr. President, you saved the country. That's the first one. The second one is the Fed and the treasury and the government decide they're going to print up more money and make up for the shortfall because nobody is loaning us any more money.
The third is they can stop printing money. Well, if you print money, then your money is worthless, OK? Hyper inflation. But this one, if you stop printing money, well then, you get what is behind door number two and that is another depression.
Everything comes to a grinding halt. Programs lose funding. Social security checks go unpaid. Employers can't meet payrolls. It's not just another Great Depression. It is the Great Depression times 100.
This is the reason why I told you two years ago, please, study the Weimer Republic because the German politicians were faced with exactly the same situation that we're entering into now.
And they chose the same thing, our - we've got to do something politicians are choosing to do, print and hope that something else happens. Well, that leads to the pleasant option behind door number three, hyperinflation.
Well, you don't know what hyperinflation looks like. It looks ugly, real ugly. The value of money drops so fast that you have to immediately run out and spend your paycheck. Do we have a picture of the Weimer hyperinflation?
Here is a guy. This is money to go out and buy a loaf of bread. Weimer hyperinflation. Wheelbarrow money. Loaf of bread. Monetizing your debt, by the way, always ends exactly the same way in the history of the world. It has never ended any other way.
But we're America. So I'm sure the laws of economics and physics will just bend for America. You have to ask yourself, are the people in Washington this stupid that they think they can get away with this? Or is it part of Cloward and Piven?
Well, I don't think that they're stupid. It's not a coincidence that seemingly every economic initiative this administration pursued leads us down unsustainable path, like the latest debacle with unions and pension plans, something again I warned about over two years ago. [Fox News, Glenn Beck, 1/5/10, transcript via Nexis]
