What do silver crashes, sovereign power, Vatican banking scandals, and free cash flow have in common? In this conversation, Fr. Emmanuel Lemelson joins us to explore the moral psychology of markets and the spiritual dangers of fear-driven investing. From the 2026 silver collapse and what he calls the "Imperial Margin Call," to the collapse of the safe-haven narrative, to the deeper arithmetic behind margin-of-safety investing, this episode moves beyond headlines into first principles. This is not merely a conversation about investing; it's about anthropology, empire, illusion, and sobriety. It's about whether modern markets form disciplined stewards or anxious speculators. For more from Fr Emmanuel Lemelson, go here: https://lemelson.substack.com Sponsor: Podsworth App: https://podsworth.com Code: BUCK50 for HALF off your first order! Clean up your recordings, sound like a pro, and support the Counterflow Podcast! Full Ad Read BEFORE processing: https://youtu.be/F4ljjtR5QfA Full Ad Read AFTER processing: https://youtu.be/J6trRTgmpwE Donate to the show here: https://www.patreon.com/counterflow Visit my website: https://www.counterflowpodcast.com Audio Production by Podsworth Media: https://www.podsworth.com Leave us a review and rating on Apple Podcasts! Thanks!