Economic Worst Case Scenario

Lance: Welcome, welcome to the Lance Wallnau Show today. We’re going to be covering some very important, Moi importante. Mercedes Sparks is over here on my left and she’s the crypto queen and I call her that, but that’s only because she’s been.

Mercedes: I do a lot of things now. Other than that.

Lance: That’s just other than that, right.

Mercedes: On today’s show apparently actually.

Lance: On today’s show she’s the finance person, but I’ve got Philip Patrick from Birch Gold which is one of my favorite guys to talk to. Because what I love about you Philip is that you break things down so that people can understand it. Now of course people might be saying, well Lance it’s big midterms week. I mean everybody’s obsessed with all that’s going on. Listen,there’s a connection between investor confidence, economic policy, and your life that is probably as direct align of cause and effect as politics and you. Because politics is creating a dumpster fire in the economy. That’s why we go to guys like Philip Patrick to get some peace of mind and to get a sense of strategy. A lot of my audience, Philip has been listening to you guys. We have like over 6 or 7 million downloads since I started this podcast. Some 700,000, 800,000 a month on certain months and we’re doing this organically. We’re not really even, I don’t even have an agent buying up advertising. This is just word of mouth.

So, some of them don’t know you, because our audience is always growing but Birch Goal has been one of my favorite locations. Because I’ll be honest with you, theologically, my background is business and I also am a I have a degree in and I read the Bible and it says that, in the last days there’s a shaking of nations, shaking of economic systems. I mean, I actually have peace of mind in the midst of chaos. Because in my favorite prophet that talks about this period of time, he says, “The silver is mine and the gold is mine.” I looked at that and I said, you know, it’s amazing that over 3000 years ago, our Old Testament prophets were talking about shaking economy, shaking governments that God has a plan and that even golden silver has been eternally part ofthe currency of kings.

Now, how has the midterms affected your thinking is my question? Now, let’s go to focus on you regarding the economics of how people prepare for instability.

Philip Patrick: Look, I think this was one of and you said it yourself earlier and I think you’re absolutely spot on. There is a direct connection between politics and economics. The two are inextricably linked. For me, this was the most important midterm election for a long time, not only on the political side but also the economic, right. This was important because we needed a check on this president, right. You look at the situation we’re in economically. We have 40-year high inflation. We have a stock market that’s starting to see the air come out of it. It’s a very tough economic situation and the problem is this administration in my mind have been compounding the problems. These are guys that don’t seem to understand this link between massive deficit spending and this huge dumpster fire of inflation that we have today.

That’s why I thought this midterm election was going to be so important. We have to curb this guy’s appetite to spend at a time when it’s the last thing we can do, we should be doing. That’s why I thought this these midterms were so important. Look, the reality is no matter what happens with the final result of the midterms, we’ve got tough times ahead of us. This just I think if we can stop this guy’s ability to spend. We can curb it. It’ll put us in a better position to actually tackle the problems. Very important midterm election.

Lance: And this is an, I have to be careful what I say now, because I want to get as many people watch this broadcast as possible. But I do want to point out that when there’s election challenges when you have the challenge of not getting results right away right now us. We’re living in the tension of this for a couple of days. After the midterms, we have 30, 40, 50 different congressional offices haven’t been decided yet. This never was like this before. This kind of instability and uncertainty feeds into a nation’s economic confidence. I wanted to ask you; do you still feel strong about the strategies that you guys have been recommending to us?

Mercedes: I never felt stronger. Absolutely, look in my lifetime at least I haven’t seen a more conducive climate for precious metals. You are correct, right. With election results being delayed. It never used to be that way, but this is our reality today. All that does and not to take your words but it feeds uncertainty and ultimately that creates more volatility. Quite frankly that sort of thing is symptomatic of the climate that we’re in. We been seeing for a while now a market that hasn’t been driven by fundamentals, but really that’s been driven by sentiment, right.To give you an example, every time the Federal Reserve come out and they’re a little bit dovish,right. They think maybe we’re not going to raise rates as high as we were suggesting the stock market rallies. Then as we know Powell came out not long ago and he was the opposite he was hawkish. He said, look, we’re going to have to raise rates for longer. They’re going to have to go higher and of the markets start to decline on the back of that. That in on itself is an issue.

Like I said, we’re seeing markets that are traded on sentiment rather than fundamentals and I think that in on itself is very dangerous. We have over the last 14 years created a very big asset bubble. That’s now created the inflationary problem. The reality is we need to bring prices down. That’s going to involve popping the bubble. So, we are very confident in our strategies heading into next year. I think it’s the best place to be.

Mercedes: I love it. Hey, I have a question for you, Philip. Do you think we’ve even touched inflation yet? I mean, with the Republicans, it looks like they’re going to take over the house. Possibly the senate will find out here in the next couple of days what’s about to happen but I really think the couple different things. I think the label of recession, the whole media apparatus is probably going to try to lay the blame for the economic woes that are I think are coming in the next six to nine months at the feet of the Republicans. I don’t think they think the American people are smart enough to realize it’s been this rampant spending but I want to know, do you even think we’ve touched inflation yet because I know there’s a lot of people who are like, yay, yay, Republicans, we got the house, but I don’t think they understand that we still have a long road ahead of us especially economically. So, can you talk about that and have we even touched inflation?

Philip Patrick: That is absolutely spot on and the answer is no and the numbers show us that, right. So, we saw a small reduction in headline inflation. It dropped 0.1% month over month. The problem was core CPI. So, core CPI is everything outside of food and energy. Core CPI increased 0.3%. So basically, everything other than food and energy is still going up in value. Then, you look at food and energy, food prices had shot up. So, the only meaningful reduction came from the energy sector and that’s on the back of demand destruction, right. People were saying, hey, gas prices are high. Let’s take a bicycle to work or whatever it might be.

So, no, we haven’t begun to touch inflation in the meaningful areas, food, shelter, the things that hit working Americans. These things are all going up and up every day. We haven’t even begunto and I’ll say one more point there as well. The problem is and this is why I say, look, the midterms are important. We can stop some of the spending that’s important. Well, it doesn’t do is make the problem disappear. And the big concerns that I have for the Republicans or for anybody who’s in office. Where are the tools to fix the problems? Listen the last time inflation was as high as it is today. The federal funds rate was put to 16%. Volker had to put the interest rate double rate of inflation to eventually get a handle on inflation. For a little bit of context, the federal funds rate today is 3.75%. It’s less than half the rate of inflation. The Fed are going to have to get much more aggressive heading into next year. If they want to get a handle on it, that doesn’t bode well for stocks, for housing. It’s going to be tough.

Mercedes: Yeah.

Lance: I use a little bit of a stump the professor question because only you can help me get this one sorted out. So, let’s say We’re tightening the money supply. The EU is connected to us. I see the EU having a real problem just because of what they’ve got with Russia energy, the economies over there. So, let’s say that the Euro tanks and the Euro goes down over there in the European Union. The dollar then becomes the go-to place. So, then the dollar there’s a momentary surge in investment in dollars. Give me, do you think it’s a likely scenario and still the precious metalsbecome a long-term play, because that’s a short-term surge looking for a fair haven, right. In a storm and the dollar is where it goes, but we’re not managing our economy and eventually that becomes a problem. So, just walk my audience through. Am I on the right track here? Does this make sense?

Philip Patrick: You are, what’s a better word for on the right track, more on the right track. It was absolutely spot on. So, we’ve actually been seeing that right now. The dollar’s being strengthened for two reasons. Number one, it’s being strengthened by proxy, right. Look at what’s happening in Europe. Look at what’s happening in the United Kingdom. These currencies are getting hit badly and it’s strengthening the dollar. The other side of things is we’re seeing a stripe bump in the dollar for the reason you mentioned. A lot of people are seeing equity values coming down. The stock market’s down about 15% for the year so far and what they’re doing shorter term is they’re flooding into US dollars.

This is a trend that we see very consistently after major drops in the market. In the year 2000, dollar strengthened, lasted about 3 months, then the dollar plummeted. Same thing in 2008, dollar strengthens 3, 4 months, then it plummets. And it’s for what the reason that you said, right.Think about people’s reaction. The market crashes, they panic, and they say, okay, I got to move to cash. They sit in treasury, sit in dollars, it strengthens the dollar, but then it’s a case of 1 hour. And that’s when they start to jump to commodities. So, very consistent trend, but it’s one that I’m telling people we can capitalize on.

After 2008, the dollar strengthened, gold dipped 30 percent because gold and the dollar have that inverse relationship. As the dollar plummeted, gold went on to more than double in value. This is reminiscent of that time and I think it’s an opportunity investor should be looking at closely.

Lance: So, let me just say this, Mercedes. Did you hear what he said? He said that it’s the dipsy doodle. So, in other words, as it looks like the dollar is inflating and so then gold doesn’t seem to be so appealing. It’s actually the time I think you can get gold at its best price. Because when that reverses, the price of gold’s going to go up and your value of what you bought during that Jiffy Pop time when the dollar was inflated actually works.

Mercedes: Yeah.

Lance: Is that right Philip?

Philip Patrick: That’s absolutely spot on I feel like I can just step out here and you can take it from here now.

Lance: No, no, no, you’re teaching me. I’m learning from you. I’m getting all the Ebonics. I’m picking it up. Okay.

Mercedes: I have a question though. Whenever you.

Lance: Go ahead Mercedes.

Mercedes: Well because you brought up international things. I wanted to see if Philip could speak to the war on the Petro dollar. And so, there’s this Alliance of Nations it seems like it’s brewing with Bricks. And then also I heard, I was listening the other day to a podcaster and he was starting to talk about Japan and how Japan can’t keep up with, they can’t raise interest rates.So, as we’re raising our interest rates, they’re unable to do that because I think it’s some like 74% of their mortgages over there are adjustable-rate mortgages and there’s a whole host of reasons that also could spell not collapse of the dollar but a strategic weakening of the dollar. I think there’s a lot of different things internationally. So, I didn’t know Philip if you wanted to talk to any of those, but I just think it’s important for our listeners to know outside of the election, there’s a lot that’s going after your dollars.

Lance: It’s all big, it’s all connected folks. That’s why I’m bringing it up now during the election week. Go ahead Phillip.

Philip Patrick: It’s absolutely right and that by the way is the biggie, right. Global reserve currency status is probably the most important position a one nation can hold. It bolsters our economy. It gives us a lot of advantages and I’m very concerned about an eventual loss of that status. So, there’s a couple of things to say. First of all, that’s something that always circles in history, right. Great Britain had where I’m from originally, had global reserve currency status from 1815 until 1946 US took over from then but before Great Britain, Portugal, France, Maine. So, this is something that circles throughout history.

The average length one nation ever holds global reserve currency status is about 90 years. So, we’re coming up close to that average. On top of that, there’s two things I think escalating. One, domestic policy here in the United States, right? We have a Federal Reserve, a federal government that have been increasing the money supply over the last decade at a scale never seen before in history. We have to remember, 80% of US dollars globally.

Mercedes: Yeah.

Philip Patrick: Didn’t exist three years ago. 3 years, 80%, right. The scale of it is significant. What that does longer term is it devalues our dollar. That becomes a problem for any nation who’s holding trillion of dollars in reserve, right. What we’ve seen, short term, nations are looking at gold as a solution. Gold holdings among central banks increased massively last year. Dollar holdings were at 25 years low. So, we’re seeing that that’s creating a problem. The other side is the geopolitical side, right. Look at what happened with Russia, right. Biden decided to implement aggressive sanctions removing Russia from swift. What that did was obviously short term it punished the Russian economy. But it notified China.

That for me. Watch what China did after this. Straight after we imposed the sanctions on Russia. China went to Saudi Arabia. They tried to negotiate oil trading outside of US dollars. That’s an agreement that Nixon had with the Saudi since the 70s. They then went as Mercedes said and met with the leaders of other Brics nations to try and set up a global alternative the SDR or to the US dollar, an alternate global reserve currency. So, these guys understand the power that we hold being the US to really squeeze an economy they’re now looking to diversify and I think when they find the solution that’s when they get more aggressive. That’s when China moves on Taiwan.

So, there’s a lot of things and I think some of it political bondering, I always said if Biden had held those sanctions for China, they would have been much more effective where we had one bullet. We shot it at Russia and we notified our strategic enemy if where things can end up for them. So, I think it’s a big deal. I think we’re losing our grip on global reserve. These things tend to happen at the glacial pace. I don’t think we’ll lose it in a year, but the trajectory is very concerning.

Lance: And therefore, back to your point which is why we’re having this conversation. You need, the wise man sees trouble, the proverb says, and prepares himself. So, let me give you a theoretic. I don’t know. We got young people out there. I got children that are trying to get their first house but I’ve also got friends of mine that are my age and they’re looking at retirement. So, if someone has some money and they’ve stored it up and they’re worrying about what to do with it. What kind of advice do you give somebody like that? I’m going to give you a generic thing. You got a couple $100,000, maybe you sold your house, you downsize, you don’t know what to do with it. So, theoretically, where would advise be from you guys?

Philip Patrick: Look, the first thing and the most important thing is to be informed, right. And that’s why I feel very privileged to be allowed on shows like yours so I can try and educate people and give them the real information because I think when you understand the problems in front of you, the solutions become easier to understand, right. We mentioned before but I think it’s worth saying again, look at our issues. We have bubbles coming out, the air coming out of bubbles in the stock market in the housing market. We have inflation still at 40-year highs. Longer term on the back of domestic fiscal policy we have concerns with currency. These problems, they are a major issue for anyone holding stocks and bonds. These traditional 60/40 stock bond portfolios really suffer in stagflationary climates.

When stocks are coming down, when bonds are losing to inflation, it’s a double whammy. Gold and silver are very conducive for climates like this, right. When we have inflation, it drives them up, right. They are at their purest form, just commodities. Inflation is the rising cost of commodities. So, as inflation rises, they move proportionally. Being safe haven assets, right. When stocks go down, people flood to safe havens and they go up. Gold and silver doubled within 18 months of the last crash and as I mentioned before, they have an inverse relationship with the dollar. So, when the dollar ultimately goes down, that just drives gold and silver’s prices up.

Look, we’ve got to remember what gold is. Gold is a store of buying power and it is always been that. In biblical times, one ounce of gold would buy somebody 400 loaves of bread. Today, at $4 and some change, one ounce of gold buys 400 loafs of bread. In a time of high inflation, preservation of buying power is the most important thing. That’s what gold and silver do, don’t.

Lance: Can’t put it any better than that. Now listen, if this is moving you, you want to get this information, get these facts, study it, go to “Lancewallnau.com/birch”, right. BIRCH.

Mercedes: That’s right.

Lance: “Lancewallnau.com/birch” because I’m I got educated there just like you’re getting educated. Listen, this is what you do. You take the time to master some information you didn’t have and you add to your faith a little bit of faithfulness and do some study and then Godmultiplies. Mercedes?

Mercedes: Yeah, I just want to say too because I know this is a heavy subject especially, we’ve got midterms coming on. But one of the reasons we bring this stuff up is because we want you guys to be prepared. We want you to know it’s coming and you are definitely a more mature audience than most of the audiences out there. so, there that the Bible verse that came to mind as Philip was talking is, “My people are destroyed for lack of knowledge”. So, we to equip you with the right knowledge so how to prepare correctly. And I just want to say what I like about Birch is they’ve got a wonderful team over there people just as knowledgeable as Philip that you download, you can not only download the guide and read about it, but they’ll have a team member follow up and call and answer any questions you have.

Gold to me, gold and silver really because sometimes even people are watching and they’re like I don’t have enough money to buy gold. I mean that’s a lot of money, believe me it’s a lot of money to me. But silver and I want to see honestly Phillip can talk to this but I think silver is really undervalued right now.

Philip Patrick: Yes.

Mercedes: And so, that’s much more economic right now to pick up and so I want Phil to talk about two things. We got like five or 6 minutes left. But talk about silver Phillip and then also I want you to talk about to Lance’s point. People who have their IRAs, 401Ks. I want to talk about gold backed IRAs and if you could explain those to people because it’s not just physical gold and silver, you guys have a lot of different So, if you just take a couple minutes and talk through that for us.

Philip Patrick: Absolutely.

Lance: And listen, Phillip, we only have 5 minutes and now we’re asking you the really important questions but I want to hear but people are asking me.

Mercedes: We can go over.

Lance: Well, I would go over a little more.

Mercedes: Yeah.

Lance: Okay. People are asking me. I’m getting information now. People are saying, I just want to know like you guys will do the buying for me and you guys would do that for me. Are these certificates? Are these actual coins? Like they’re now, but now, there’s people asking questions out there because they’re it’s like, man, terms is out in the periphery. Now they’re focusing on oh my gosh I got to get a life raft. So, go ahead.

Philip Patrick: Okay, so I got three questions. So, I’ll start with the gold silver question first. So silver is absolutely undervalued for a little bit of context on that. Gold and silver historically trade at 16 to 1. Meaning usually gold is 16 times the price of silver. Today, they’re over 80 to 1. So silver is very cheap. It’s also very useful, right. Silver’s used in technology. It’s used every cellphone has silver. It’s used medically. It’s used for solar technology, electric cars. So, very interesting position, cheap prices and rising demand. So, as a growth play and as a more affordable entry point, I think silver works incredibly well.

Gold IRAs, so I’m conscious of time so I’m trying to be organized here. so, gold IRAs, look we can help people both with cash purchases as well as IRA rollovers. What we deal with regardless of whether it’s cash or IRA only physical precious metals. We don’t deal with any paper, no ETF,no mining stock, no leverage product. We deal with physical gold and silver. Now if somebody’s buying cash, they’ve already paid tax on the money. They can call us, choose the medals, we can ship them to them, they can hold onto them, or we can arrange storage. Physical medals in an IRA work a little bit differently. If you have an IRA, you want to maintain the tax efficiency. You don’t want to pull the money out because you’re going to get hit with taxes. What they can do is roll over any portion of any IRA or eligible 401K. So, it’s not all or nothing. They can do any portion.

We can place physical precious metals tax deferred within a retirement account. If they want to eventually access those medals, they can take them out physically or they can sell them within the IRA and just pull the cash out. When it comes to the buying, putting together a portfolio. We don’t leave people to make the decisions on their own. We’re there every step of the way. So, our job as I mentioned before is education. We talk you through all of the options, pros, cons, and then, we give the customer the information to ultimately make the right decision but we’re there every single step of the way to guide them through to make sure they make the right decisions for themselves and for their families.

Lance: The ratio of gold to silver is usually 16 to 1 and it’s currently 80 to 1.

Philip Patrick: 80.

Lance: That’s a huge, I mean my ear is tuned to when I think marketing, that’s an outrageous statement my friend. So, that means that there should be an adjustment at some point with silver. Now is the right time to get in if ever. I’m going to talk to somebody with this.

Philip Patrick: Alright, give me a call Lance. That’s what I’m here for.

Lance: I’m telling you. I’ve got my wife once she hears this. I’m done. What are you doing? What are you doing with the money? So, and this is huge. Mercedes going to give you one more free question.

Mercedes: I get one more free question.

Lance: Yeah.

Mercedes: Yeah, so I mean the best honestly more than a free question. I just want to remind everybody that the best way if you’re looking to get informed if you want to talk to somebody just as knowledgeable about with us Phillip about your current financial situation because reality is everybody is so different. But what I about Birch is they have something for everybody. So, you want to go to Lancewallnau.com/Birch” and you can download the 21-page eBook. But then also, somebody from Birch will follow up with you just to talk about the ins and outs about what’s really going on. I mean, Philip, I did not get to ask you. I did have one question. I’m going to throw it to you in the last minute and a half here. How high do you think interest rates are going to go?

Philip Patrick: So, they talked about wanting to get to 5% by first quarter of next year. Following that they said terminal rate will likely go higher. Let me put it like this. I don’t know the Fed’s appetite right now. I think they’re going to be fairly hawkish. But let me put it like this. We’ve never gotten a handle on a big inflationary problem like this in the United States. Without the federal funds rate being higher than the rate of inflation. Like I said today we’re at 3.75. They’re targeting 5% early next year. I think they’re going to go quite a bit beyond that close to the rate of inflation to really get the handle on this thing.

Mercedes: It’s going to be interesting.

Lance: It’s going to be very interesting and just real quick, the housing bubble and the stock market. We know that the markets are going to be and that’s a little bit complicated, but we believe that there’s going to be some adjustments even in the housing market. There’s going to be a lot. We had 30 houses in my own area of tech that just went up on the market recently.

Mercedes: Wow.

Lance: And it’s the beginning stage Philip of the adjustment for people that are stretched. I don’t know. They thought there was going to be the Trump economy forever and they went and bought something. But there’s going to be property that’s available. It seems to me that the store value in gold and silver is extremely smart and that there’s some people that I know that our audience is doing this also that they’re torn between real estate and other forms of investment. But if you come right down to it, gold and silver is the greatest place to have a secure store of value and then once things level off that can be converted into access to cash. Which can be able to buy property. If people are really thinking multi strategically that there’s a way to make it through this maze and this cacophony of bad economics, isn’t there?

Philip Patrick: Yeah, and again, just Spot on. Listen, here’s the reality. I’m a big fan of real estate myself but as we know, everything is timing, right. The Fed right now have to and this is the one thing a lot of people don’t understand. In order to get a handle on inflation, they have to kill demand, right. When house prices are high, that adds to the inflationary problem. Shelter costs are expensive. So, by raising rates, the aim is, look, buying a house this year is a lot more expensive for people than it was last year. That means eventually, less people are going to buy house, that means demand comes down that means pricing comes down.

So, that’s what people don’t understand. To get inflation under control, they have to engineer a downturn in stocks and housing. But here’s the reality, I agree with you. Pressures metals there may be in the future as the economy picks up, there’s going to be other opportunities again. Safe haven assets aren’t for all climates, but they are for today’s. so, for me this is a good place to safeguard your wealth as and when we start to out of this storm, you can jump back in and do it when there’s value. So, you’re absolutely spot on.

Lance: Yup, and I want to say that because I want to come right through and address that,because we have people talking real estate and I’m saying, yes and the market will be propitious a year, year and a half from now, 6 months. You’re going to see if you’re really smart, you can find those things but what are you going to store the value in? What’s the dollar going to be in? What are you going to be working with? You have to put it in the best place possible. That’s what I’m saying. Birch is the that I’m working with. You want to go once again to “Lancewallnau.com/birch”. Philip, you are my favorite professor. You know why? Because when people really have mastery of the subject, they make it easy to understand and you have that gift, my friend. You have the gift of being able to teach in such a way that you make the subject easy to grasp and that is a talent. Thank you very much.

Philip Patrick: Thank you coming from you that is a big statement. Thank you, Lance.

Lance: God bless you, brother. Well, Mercedes Spark what’s happening I just have to ask you this one question is crypto and someone told me this they told me recently. And it’s one of those high rollers, the people you like to talk to that are doing these big thinking big numbers. They said Bitcoin is about to have hit that period of time where that’s going to like multiply in value.You got to catch it at that strategic point. What are they talking about? Because I know my audience and my demographic is not Bitcoinish. I get it I’m not but you’re a young whipper snapper. So, what is the Bitcoin actually going to go through a growth process too?

Mercedes: I think I’ll say it this way, I think it’s the cheapest you’re going to pick it up for a long time right now. I think it was around $18,000 somewhere in there between 18 and $18,000 and has been for a while because that’s also taking a nose dive along with the rest of the markets. But I think it’s at its floor, I’ll say that. Where it’s going, is hard to tell. I actually do think the where the dollar ends up going is also it’s going to have a direct impact on what’s going to go on with cryptocurrency. And the real thing to be looking for outside of Bitcoin.

Lance: Meaning what, is the dollar goes up Bitcoin goes down. But if the dollar comes down in value Bitcoin goes up?

Mercedes: I think my personal opinion this is just me, but I think there’s a financial stage being set where strategically financial markets around the world are, I don’t want to say crumble but they’re going to go through a real difficult time that. Hold on, that will lead to like it’s a manufactured crisis to perform a manufactured solution of CBDCs of Central Bank.

Lance: You mean like COVID.

Mercedes: No, I’m meaning like well yeah, well, no I don’t think I’m not saying that I’m saying like the PPP loans and then the mass printing of money and what Phillip was talking about where we’ve got 80% of all dollars were printed in the last two years.

Lance: 80% of the dollars that are around in the global currency markets were printed in the last three years.

Mercedes: That’s what I’m saying.

Lance: What happens if the world decides they want to shove that money back in the United States? Its Zimbabwe?

Mercedes: All I’m saying is do you remember the game? I don’t know if you played it with your kids, but I played it grown up. It’s like the ice game where you put the penguins on it and then you have this little hammer and you’re like ting–ting. You don’t want to be the one that makes all the ice blocks fall. We’re like living that in the financial global markets. So, you’ve got a euro that’s weakening. We’ve got what just happened in Italy. I’m telling you I’ve been studying a little bit of what’s going on with Japan and that they cannot keep pace with our raising interest rates and they’re, equivalent of the dollar figure what they call it over there the Japanese whatever that is. but it’s gone down 20. Yen, it’s gone down 22% and they can’t afford to raise interest rates because it will destroy their economy. Then we’ve got Brics and especially with Brazil’s election.

Lance: No, explain what Brics is. People don’t know what you’re talking about.

Mercedes: Okay so well.

Lance: Brazil, Russia.

Mercedes: Yeah. And Philip kind of talked a little bit about it, but it’s Brazil, Russia, India.

Lance: India sorry India.

Mercedes: China and then South Africa and they’re all strategically trying to move away from the American petrol dollar. And create their own and really create their own reserve currency. So,not only is that going on globally that if one of those little ice Brics falls through it dramatically affects the dollar. That if all these countries do together and say, we’re going to stop trading oil in the US dollar.

Lance: But even if that happens ladies and gentlemen, the silver is mine and the gold is mine and what I heard today, is the silver is even more mine than the gold. So, go get mine silver. There’s mine silver.

Mercedes: Here’s the thing I want to say because I think we have to be careful on a broadcast like this when I hear people say, this is not financial advice. The point is, you’re not giving financial advice. Norm, I give you financial advice. I’m telling you.

Lance: You guys do understand that I’m talking to Phillip because I don’t know. I’m like you. I’m learning. I’m asking the questions. I’m not the authority. I’m not the man with the financial status here. I’m just a curious person. Get Silver. Go get Silver. I’m going to get some silver.

Mercedes: Don’t do that. I’m serious. You can get sued. I’m not even joking around. The whole reason they say that. Don’t give financial advice. I can tell you what I think is coming. I can bring somebody on like Phillip that says here’s what I think coming but the end of the day you need to do your own research. You need to read your own articles and you need to make the best financial decisions that you think you need to make for your own household.

Lance: I agree. Do they still put silver in fillings?

Mercedes: I don’t know. I don’t know. That’s a good question. I’m not sure if that’s a thing anymore.

Lance: I used to have a lot of silver in my mouth and I think that my wife had me take it all out.

Mercedes: Did she?

Lance: She did. It’s not that way. She’ll do that to you. She if she finds out you’ve got silver, she’ll make the silver leave your mouth too.

Mercedes: I don’t have any feelings. I’ve never had any.

Lance: Oh yes, you do. You have very sensitive feelings. You’re always telling me your feelings are being hurt. Sad humor. Alright. Listen, don’t take my advice on anything but take the advice of Phillip Patrick. He knows what he’s talking about and occasionally, Mercedes gets one right.

Mercedes: Actually, I’ve gotten a lot of, I’ve got, we’re over. So, I’m going to interject. I’ve gotten a lot right. In fact, I have a whole eBook on 23 futurist predictions that I made and so far, midterms and the contested elections are and what I’ve shared a little bit here, spot on.

Lance: Don’t feed it people. Don’t encourage her.

Mercedes: I’m hanging out with the right people. As I’m pointing, I’m motioning to.

Lance: Well, I suppose there’s a point to be made.

Mercedes: I’m drafting off the coattails here.

Lance: I just want to remind you all something. What does the president have to say?

Trump Voice: When you open your heart to patriotism, there is no room for prejudice.

Lance: I love that man. I’m standing with him even though I’m seeing a lot of sanctimonious Christians these days that are saying, I wish he wouldn’t run. I wouldn’t run to…. Not on you life,people. Dance with the one that brought you the Mag Movement. Okay, we’re going to be back again tomorrow. You don’t want to miss anything that we’re saying because all of it has been so far 94.3% accurate. And the percentage that isn’t accurate, we’re investigating. Okay, see you again tomorrow. Bye–bye.

Closing: Thanks for listening to this Lance Wallnau broadcast. If you enjoyed today’s show, make sure to subscribe and share the episode. See you tomorrow.

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