The John-Henry Westen Show - November 02, 2022


A Recession is Looming： Prepping with Precious Metals

Topics
prepping financial security inflation and recession concerns
Hosted by
John-Henry Westen
Mentioned
Nick Marmalillo Biden Sean Simpson Bill Volter Wei Li Gestapo Trump Putin Ipsos
Surviving the Biden Economy： LifeSite launches 100% faith-based precious metals initiative with St Joseph Partners BREAKING： Proof of Brazil Election Tampering？

Episode Stats


Length

18 minutes

Words per minute

161.09

Word count

3,014

Sentence count

207

Harmful content

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Prepper Nick Marmaleo joins us to talk about the importance of having a stockpile of food, guns, and cash on hand in the event of an economic crisis. He also talks about how important it is to have a backup food supply in case of food and cash shortages.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Three weeks of food is a great minimum threshold if you're starting out and having like three weeks worth of cash, a month's worth of cash at least on hand.
00:00:09.500 I think of threes, three seconds, three minutes, three days, three weeks, and then three months.
00:00:17.280 And after that, you know, you're 90 percent more prepped than anybody else if it's about cash or resources.
00:00:24.580 OK, so with the Biden administration using the IRS as his personal Gestapo to go after people, with him hiring on some new 50,000 plus agents, who knows what's in the financial outlook for the next year?
00:00:42.280 We already knew that in most of the countries of the world during the COVID pandemic or plandemic or whatever you want to call it, governments were printing money like crazy.
00:00:51.460 And that leads naturally to massive inflation.
00:00:54.580 Biden promised us, no, no, my policies build back better, won't lead to inflation, never, never, never.
00:00:59.780 And of course, now we're seeing massive inflation.
00:01:02.600 At LifeSite, we've actually got a preppers group going.
00:01:06.720 And one of those who is a prepper at LifeSite, you will have seen before.
00:01:12.480 His name is Nick Marmaleo.
00:01:13.860 He heads up our video department, but he has also been featured on prepping videos.
00:01:18.180 We did that prepping video, and he was the one actually showing people how to use handguns.
00:01:24.020 Oh, yes, he's a prepper indeed.
00:01:25.620 But not only with guns, not only with food, also with finances.
00:01:30.240 We're going to be talking this time to Nick Marmaleo.
00:01:33.300 Stay tuned.
00:01:33.660 Nick, thanks for joining us.
00:02:02.020 Thank you, John Henry.
00:02:02.980 It's great to be here, as always.
00:02:05.080 Let's begin, as we always do, with the sign of the cross.
00:02:06.880 In the name of the Father, and of the Son, and of the Holy Ghost.
00:02:10.920 Amen.
00:02:12.280 So, first of all, Nick, you are a prepper.
00:02:14.940 You're great with everything, but you're not wearing tinfoil hats.
00:02:19.420 You're not doing anything crazy, but you're just taking care of your family in a normal way.
00:02:24.360 Is that right?
00:02:25.040 That's what I'm attempting to do, although some have accused me of wearing a tinfoil hat at times.
00:02:29.100 Obviously, with prepping, that great video that you guys did, which showed about firearms and prepping for food insecurity and whatnot.
00:02:38.140 There's another aspect to it, though, that is really creeping on us, and that is the financial insecurity.
00:02:44.740 At LifeSite, behind the scenes, we've had to make all sorts of plans for financial security, because we've watched President Trump get debanked.
00:02:55.560 Truckers in Canada get debanked.
00:02:57.600 And then we just had, in Canada, not too long ago, the Rogers Network went down.
00:03:04.240 Now, that was huge, because for a day, people actually weren't able to use their credit cards, their bank cards, or their phone tapping.
00:03:14.360 And the only thing available to them was cash.
00:03:17.240 But guess what?
00:03:17.780 Most people didn't have any cash.
00:03:19.900 Cash is important because that's what's commonly accepted as a medium of exchange.
00:03:34.280 So even if gold and silver skyrocket or eventually will escalate in value, you're going to need cash for everyday transactions until a time in which there's no faith in the currency.
00:03:48.980 So I'm speaking from, like, a point of view of having cash is important, but for me, having things that are of value that are not cash, whether it's gold, silver, things that are usable, commodities, things that you can get more cheaply now is very important.
00:04:13.960 For a crisis scenario, when the stores shut, when the credit markets freeze, or for whatever reason, if there's a bank holiday or an economic crisis, you need some cash on hand, for sure.
00:04:29.020 But then also to have the things that you need every day as well on hand as well.
00:04:33.440 So in my opinion, having cash is great, but you also want to have the things you need because the last thing you want to be doing when you have a bank holiday is trying to go to the store to get supplies.
00:04:47.780 In terms of supplies, in terms of cash, how long a period are you talking about that just normal people should have as a backup?
00:04:56.720 You know, you have to rotate your goods, obviously, if you get extra goods, you put the, you know, new stuff at the back and use the stuff that's older first.
00:05:04.380 But how much do you tell people is a good reserve to have in terms of, let's say, food and cash on hand?
00:05:10.700 Three weeks of food is a great minimum threshold if you're starting out and having like three weeks worth of cash, a month's worth of cash at least on hand.
00:05:21.220 You know, I mean, if it's available right now with the price of everything increasing, you know, people are spending what cash they have in order to make ends meet.
00:05:29.480 So it's harder and harder to save. That being said, in my opinion, I think of threes, three seconds, three minutes, three days, three weeks, and then three months.
00:05:42.080 And after that, you know, you're 90% more prepped than anybody else if it's about cash or resources.
00:05:49.980 What happened just now in the economy or over the last little while in the economy?
00:05:54.400 We've seen massive inflation. Now, that was obvious to people who know a little bit about finance, that basically you can't print money without getting inflation.
00:06:04.360 And we printed massive amounts of money in every country to deal with COVID and the lockdowns.
00:06:11.980 So, yes, inflation was an obvious outcome.
00:06:16.040 But Biden kept promising over and over and over again that his Build Back Better and so on, which was going on all at the time, would not lead to inflation.
00:06:24.460 Let's take a look at that.
00:06:27.820 My plans do not add to inflationary pressures.
00:06:30.940 The Build Back Better agenda will help reduce inflation, will help cut costs for the American people.
00:06:35.840 If we pass the other two things I'm trying to get done, we will, in fact, reduce inflation.
00:06:41.520 Inflation is going to come down next year.
00:06:43.400 Inflation will come down next year.
00:06:45.160 These inflation rises will be transitory, that they will come back down next year.
00:06:49.200 There's nobody suggesting there's unchecked inflation on the way.
00:06:52.960 No serious economists.
00:06:54.300 We know a lot of folks are struggling with inflation, driven by Putin's war in Ukraine and the global pandemic.
00:07:00.900 The greed of meat conglomerates.
00:07:02.440 You could call it corporate greed, sure.
00:07:04.080 You could call it jacking up prices during a pandemic.
00:07:08.500 Even if we drilled as much as we could, the price of oil is still set globally.
00:07:15.160 There's no amount of domestic production we can do to reduce or eliminate our vulnerability as a country to that volatility.
00:07:21.600 We brought down the cost of energy.
00:07:23.200 Wages have gone up higher, faster than inflation.
00:07:26.000 But now we've got to massive inflation.
00:07:31.160 In fact, there was just a clip on Canada's CBC that talked about how not only is it inflation, but there's a recession.
00:07:41.140 At least according to more than 80% of people, the public, there is a recession and there's a recession coming.
00:07:46.260 In fact, 44% of Canadians in the most recent poll, which was just done now, are afraid they can't put food on their tables.
00:07:56.820 And this is Canada, one of the most prosperous nations on earth.
00:07:59.760 Let's take a look at that.
00:08:02.420 Well, even with the interest rates beginning to slow down inflation, a new survey shows Canadians are feeling the financial pressure.
00:08:09.960 According to exclusive Ipsos polling for Global News, look at these numbers.
00:08:13.240 84% of Canadians are concerned inflation will make everyday purchases less affordable.
00:08:19.880 One in five Canadians say they are completely out of money and that there's no way they can handle a price increase for necessities.
00:08:28.020 As for the economy, one in three Canadians worry they may lose their job if conditions don't improve.
00:08:35.360 A feeling held by more than half of people aged 18 to 34.
00:08:39.520 All right, Sean Simpson, Vice President of Ipsos Public Affairs, joins us now to discuss those numbers and where we may be headed.
00:08:46.700 I think that's a big one as well.
00:08:47.940 Sean, you've been tracking this for quite some time.
00:08:50.760 Inflation continues to be a major issue.
00:08:53.660 Also, you know, in many ways it's, you know, tempered down a little bit.
00:08:57.660 At least that's promising.
00:08:59.220 What trend are you seeing overall, do you think?
00:09:01.300 Yeah, overall we're seeing that concern for inflation and rising interest rates is unabated.
00:09:07.360 As you mentioned, 84% still concerned about the impacts of inflation on their finances.
00:09:12.400 But when we look under the cover, we see that actually in many areas Canadians are maybe not as worried as they were in the spring.
00:09:21.220 They may be adjusting and getting used to the situation.
00:09:23.580 For example, now only, I say only because it's still a startling statistic, 44% are worried about being able to put food on the table for their families.
00:09:33.280 That's down 18 points.
00:09:34.800 It was in the 60s back in June.
00:09:37.520 It's now only 44%.
00:09:38.780 But it's still 60% among parents with kids in the household.
00:09:42.440 So it's still a very real concern.
00:09:44.720 The other major area where Canadians are seeing some relief is at the gas pump.
00:09:48.940 Of course, every time you get in a car or transit, it's a constant reminder every corner where there's a gas station that prices are going up.
00:09:56.300 But in fact, they have been coming down since earlier this year.
00:09:59.120 Only 48% now worried about filling their gas tank.
00:10:02.240 Still a high statistic, but down 21 points since the spring.
00:10:06.040 It's interesting when you look at this.
00:10:07.420 And the key word for me that stands out is worry.
00:10:10.980 And in many ways, because that's a personal feeling and it almost becomes, you know, in many ways it's become normalized.
00:10:16.260 Because the reality, at the same time, you're looking at personal debt for the average person.
00:10:21.360 About 20 numbers that just came out recently.
00:10:24.160 $21,000 per Canadian.
00:10:26.400 That excludes mortgages.
00:10:27.780 $2.32 trillion across the country when it comes to consumer debt.
00:10:32.400 So you wonder if people are just sort of, I don't know if there's a denial about the situation.
00:10:37.180 You worry that this is a really dire situation for these people.
00:10:40.760 Even though the trend may be a little more promising, it's still very concerning, would you think?
00:10:44.900 It is, yes.
00:10:45.960 And the thing about interest rates is it takes a while for us to really feel the effects.
00:10:50.820 You know, most people, you know, mortgages are fixed rate.
00:10:53.600 Credit cards generally don't change when interest rates go up.
00:10:56.560 It's those lines of credit, the home equity line of credit.
00:10:59.960 And it takes a little while for us to feel the impacts.
00:11:02.600 And of course, when people with fixed rate mortgages go to renew, they'll feel the effects of higher interest rates as well.
00:11:08.320 But really what people are worried about is the future.
00:11:10.880 What's going to happen?
00:11:11.740 They know that the rising interest rates are the medicine that we need to cure inflation.
00:11:18.100 But what that almost inevitably means, according to Canadians, is a recession.
00:11:22.120 83% believe that a recession is coming sometime in the next year.
00:11:27.340 And they're worried about that, particularly young people, because many are worried about job losses.
00:11:33.400 One in three Canadians overall say they're worried that they could lose their job as a result of a recession.
00:11:39.060 There is a thing to do with investments in precious metals that you were talking about earlier and that it's somehow a hedge against inflation and what that means.
00:11:55.040 Can you explain some of that to us?
00:11:56.980 How does having precious metals do anything for you when inflation is going on?
00:12:01.180 Well, right now, precious metals are undervalued intentionally by the powers that be, by the mega banks.
00:12:09.160 I think that's being done theoretically because they want to keep the metal cheap so they can buy more of it.
00:12:17.040 Central banks and governments are the largest purchasers of metal every year.
00:12:22.860 So that is an oft-overlooked fact.
00:12:28.480 So they're preparing for something.
00:12:31.580 And in my opinion, what we're going to see is a rug basically be pulled out from underneath the financial system.
00:12:40.840 We've got a situation right now where you have this undervaluing, but there's also a notion that things might take off after the election.
00:12:50.680 I want to read from Forbes magazine of October 28th.
00:12:54.800 It said that BlackRock analysts in a recent note said they aren't so bullish about this year.
00:13:01.340 And this is the quote,
00:13:02.440 We see a bigger problem for stocks than any potential positives from the midterm election outcome.
00:13:08.760 A looming recession, they say.
00:13:11.400 This is a team led by Wei Li.
00:13:13.500 They argue the Federal Reserve won't stop hiking until after the economic damage of rate rises is clear and that a recession will extend beyond the housing market in time.
00:13:26.820 They continue.
00:13:27.840 In the event the economy falls into a recession, Goldman projects the S&P could plunge another 13% to 3,400 points by the end of the year and to 19% 3,150 over the next six months, taking a full year to recover its losses.
00:13:42.760 Translation there is, it's very interesting to me anyway, that they seem to talk about a relationship to the election.
00:13:52.560 The election is coming up literally in days.
00:13:56.100 What do you think is going on there?
00:13:57.680 Do you see any tie to the election?
00:13:59.360 And therefore, do you see any need to prep before the election?
00:14:02.580 Even if it's days away.
00:14:03.700 Just a quick note before we return.
00:14:07.980 If you would like to stay up to date on LifeSite's coverage of the latest life, family, and culture news, subscribe to one of our many newsletters by going to lifesitenews.com slash subscribe.
00:14:17.980 And if you'd like to help us bring our truth-telling coverage to millions around the world, please consider making a one-time or monthly donation at give.lifesitenews.com.
00:14:27.840 And now, back to the video.
00:14:31.560 They want to keep things looking prosperous before the election to build confidence in the Biden regime and his economic policies, which we know is tanking the real economy.
00:14:42.640 So my opinion, my thought is BlackRock, the largest investment firm by assets, I think it's $10 trillion as of January 2022, is making this forecast, I think, to cover their base, to say that we told you so if things switch around.
00:14:59.220 But that being said, it's important right now to, I think, take that at face value.
00:15:05.060 And, you know, if you don't have your house in order already in terms of preparedness items and things that you need, it's a great idea to go ahead and take care of that.
00:15:15.580 If the, I mean, there are prognosticators out there who I think are quite good, you know, saying we're weeks away from the mother of all crashes.
00:15:25.020 It's not just going to be a little recession.
00:15:27.900 And one particular prognosticator made the comment that when they pull the plug on this, because it's a planned economy, that they're going to not just pull the plug, they're going to kick over the table.
00:15:39.340 And that's Bill Volter, who was one of the greatest gold mines, gold, you know, mined, so, you know, precious metal analysts in the industry.
00:15:50.620 So, and most people who are of like mind are essentially saying the same thing.
00:15:54.500 So, there is no, you know, there's a sense that all bets are off after the election because everyone is wondering what the master plan is.
00:16:04.180 Are they going to try to kick the can down the road further where, you know, the stock market's able to rally higher or are we really in for it soon?
00:16:14.060 What we want to do here is to give a plug to a group, a company that does this exchange in gold and silver that LifeSite is now partnered with.
00:16:25.400 Because we were concerned about the same things that many of you are and looking around for a good company to deal with.
00:16:33.080 There are lots of companies out there.
00:16:34.820 Some have more competitive prices and so on.
00:16:37.040 Look for that.
00:16:37.980 But we found one with really competitive prices that's actually faith-based.
00:16:42.160 They're a Catholic company called St. Joseph's Partners.
00:16:44.300 If you click on the link below, you'll get direct to them.
00:16:46.140 And then click on the link in this video.
00:16:47.760 It'll go straight to them.
00:16:49.440 And there's a special LifeSite page for that.
00:16:52.160 By going there, you'll be able to see their competitive pricing but also that they're a faith-based company.
00:16:57.340 We've checked them out.
00:16:58.380 They're great to work with.
00:16:59.720 So, I would encourage you to go there, check that out.
00:17:03.060 But be ready not only in precious metals like we've been talking about but also in terms of cash on hand and a few months' worth of food as well.
00:17:13.780 Well, who knows what time we're living in right now, but the most important preparation you can always make is to be spiritually ready.
00:17:21.620 So, keep up your daily Mass, if you can, and daily Rosary.
00:17:25.320 Make sure you're praying because the times we're living in are perilous.
00:17:28.720 But with the Lord's help, it doesn't matter, you know, what goes on.
00:17:32.780 Our Lord's got it all in hand.
00:17:34.140 Nick, final word over to you.
00:17:35.520 Your spiritual house is first. 0.79
00:17:36.920 So, once that's in order, then you can worry about everything else.
00:17:40.040 Nick Marmalillo, thanks for being with us.
00:17:41.760 And God bless all of you.
00:17:43.040 We'll see you next time.
00:17:45.840 Hi, everyone.
00:17:46.680 This is John Henry Weston.
00:17:47.820 We hope you enjoyed this video.
00:17:49.780 And to see more like this, be sure to hit the subscribe button below to get all the latest content from LifeSite News.
00:17:56.480 So, check out our links in the description to read more, sign up for our newsletter, and connect with us on social media so that you can stay up to date with all of the latest life, family, and culture news.
00:18:07.640 Thanks for watching, and may God bless you.
00:18:12.620 We'll see you next time.