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Speaker 3This is the Rich Dad Radio Show, the good news and bad news about money. Here's Robert Kiyosaki.
Speaker 4Hello, hello, hello. Robert Kiyosaki, the Rich Dad Radio Show, the good news and bad news about money. And today we have possibly the most important show, radio program you can listen to this year. The most important. So the reason I bring this up, why it's important to you, we all know a crash is coming. I mean, everybody. I talked to, they know the market's too high. Something's going to crash and the end is near. And I was talking to a friend of mine who's in a very similar line of investments I'm in. We're both in apartments. We have a lot of apartment houses. And he says, oh, that's good news. When the crash comes, they're just going to bail us out again. They're just going to bail us out again. So what I'm saying here is this. The reason I'm excited about this book is the question is, let's say there's this crash, a big one, bigger than ever before. And what happens if the central banks like the Fed and the Treasury do not bail us out? What happens if they shut down the system on us? What would you do then? So it's a very important show. And our guest is a very, very special guest. I mean, after I finished his latest book, I had to call him personally and tell him thank you. Because one of my. M.O.s, my way of looking at life is I want to know what I don't know. I want to know what my assumptions are and what blinds me. You know, what am I not seeing? And that's why I'm always on the lookout for somebody saying something so completely out of the box that I can't see it. Any comments, Kim?
Speaker 5Well, Robert, I know this is this is your subject. And our guest today is James Rickards. And the book you're talking about is called The Road to Ruin. And I'm sitting here. I'm looking at it right now. And it's got tabs all over it. You've highlighted almost every single page. This is this is your study. So I'm really, really excited because at the Rich Dad Radio Show, what we do is we bring all types of points of view to the forefront. And this is a very incredibly intelligent point of view of where we may be heading in the future. So please stay tuned.
Speaker 4See, in my opinion, James Rickards is probably in the top five of the best people looking into the future. Today, he is in the top five, possibly the top two. And we've had the other two on the on the program here. So you guys have listened to him. But this is a very important program because this is not about the past necessarily, but history does count. But what might happen in the future? Let's say the market does crash. Let's say the Fed does not bail us out. And what happens if the people that are in control of the entire system decide, OK, we've had enough fun with them. Let's see else what we. See, we can do next. So that's why James Rickards is our guest. He is a best selling author. His his CV reads like a most impressive CV of all. He is an attorney and economist, but he's also been in the hot seat at every turn in the economy within the last 20 years. So his latest book is called The Road to Ruin, the Global Elite Secret Plan for the Next Financial Crisis. And I'll repeat this. I read this book about a month ago. It's called The Road to Ruin, the Global Elite Secret Plan for the Next Financial Crisis. a month and a half ago and I had to, I was like a fan. I said, I had to call him, I had to disturb him at home. I said, and he's a very busy man. I said, I just wanna say thank you. This is the book I've been looking for. So welcome to the program, James. -
Speaker 6Thank you, Robert, thank you, Kim. It's great to be with you and thank you for the kind words. I really, really appreciate it and certainly enjoyed our dialogues and interviews in the past. -
Speaker 4Well, thank you 'cause you definitely keep me thinking and keep looking into the future. You talk about there might not be a bailout. Why do you say that when the next crash comes? -
Speaker 6I would put it slightly differently, Robert. It's gonna have the same result. They will try to bail it out, but they will fail. The crash will be bigger than the capacity of the central banks to bail it out. Now let me, that's a big claim. Let me back that up a little bit with some history and also some science. So I make a lot of claims in my books and in interviews and so forth, but I always back it up with analysis that you can, I don't like to debate claims 'cause that's kind of pointless. One person says up, the other person says down, you know, where you're going with that. I always wanna know what the analysis is 'cause then you can debate the science and debate the analysis. That's really where I like to stand my ground. So just take the not too distant past. Just take the last 30 years, okay? In October 19th, 1987, the stock market crashed 21% in one day, not a week or a month, but one day. And that was. -
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Speaker 6In today's, I'll just use the Dow Jones as an example. So the Dow Jones is around 21,000, give or take, as we're speaking. Well, 20% of that would be over 4,000 Dow points. So we both know that the Dow Jones fell 400 points in a day. It would be all that anybody was talking about. It would push Trump's tweets and James Comey, all this stuff. It would push it off the headlines. That's all anybody would talk about if it were 400 points. Can you imagine 4,000 points in one day? But that's what happened in October, 1987. Then in 1994, the financial system almost froze up because of the Mexican peso, the so-called tequila crisis. Bob Rubin, secretary, the Treasury at the time, he went to Congress for a bailout. Congress said no. By the way, there's an example right there of a bailout that people were expecting. Wall Street was expecting that. Did not happen. Congress said no. So Bob Rubin went to, there's a slush fund in the Treasury. Not to get too geeky, it's called the Exchange Stabilization Fund, or the ESF. It's a completely unaccountable slush fund. The Congress, back in the 1930s, said the Treasury can do whatever they want with the money. You don't have to go back to Congress for approval. By the way, just as a quick footnote, where did the Exchange Stabilization Fund come from? That was the profit the government made by stealing everybody's gold in 1933. Remember, 1933, they confiscated all the gold. They gave you $20 of paper money for an ounce of gold, but then they repriced it at $35. The reason they did that, they didn't want the American people to benefit. They wanted the government to benefit. - So all that money went into that fund? - That went into that fund, and it's been compounding and growing ever since. - It still exists today. - Oh. - And that's what Bob Rubin, when the Congress said to Rubin, we're not bailing out Mexico, you're crazy, Rubin said, the heck with you, I'm using this fund, and he personally bailed out Mexico with the Treasury slush fund. -
Speaker 4So that's where it came from. -
Speaker 6So that's another example. And that money came from stealing Americans' gold in 1933, so there's a global history there. I flash ahead to 1998, '97, '98, that was the Asian financial crisis. People, they used the metaphor of blood in the streets. They said, go buy stocks when there's blood in the streets. Because everything's so depressed, it'll bounce back. Well, there, there was sadly, literally blood in the streets. In Jakarta, Indonesia, and South Korea, people were dying over money riots because of that crisis. That came around the world. You had the Russian default in August 1998. That landed in my lap. I was counsel to long-term capital management. That was the big hedge fund that was caught in the crossfire, almost went right to the brink of bankruptcy. But here's the point I make. When Wall Street bailed out that fund with four billion dollars in cash, weren't bailing us out, they were bailing themselves out. And the reason I say that is because if the funds had filed for bankruptcy, and we were ready to do that, I was their chief lawyer, we had all these teams set to go, I said we would have just slept in the next day. There was nothing else for me to do. The $1 trillion of off-balance sheet derivative exposure would have been flipped over to Wall Street. They would have had to go dump a trillion dollars of stocks to cover what they thought were balanced positions, which suddenly became unbalanced. And that would have taken down, closed every market in the world. We came within hours of shutting every market in the world. 2,000 investors know what happened with the dot-com crash. The Nasdaq was at 5,000. I know it's 6,000 today. I get it. But that's 17 years later. It took 17 years. That's from the time your children are born to the time they go to college, just to claw back to slightly ahead of even. That's not a lot of fun. Then in 2008, 2007, 2008, the mortgage crisis, everyone knows what happens there. The first point I would make, Robert, is that these things happen every seven, eight years like clockwork. When you talk about markets crashing 30%, 40%, 70%, 80%, that's not some fantasy. That's not some made-up, trying-to-scare-people type of tactic. Just look at the record I gave for 30 years, not even talking about the Great Depression and the panic of 1907 and things before that. So these things happen every seven, eight, nine years, almost like clockwork. That's number one. It's been nine years since the last one, 2008. We're now in 2017. We're coming up on the ninth anniversary of Lehman Brothers, AIG. So when I say they happen every eight, nine years, it's been nine years since the last one. I'm not saying this is going to happen tomorrow, although it could, but no one should be surprised if it does. So that's the first thing. But then there's a deeper point. This is really getting to your question, Robert, which is, okay, what happened in 1998? We were hours away from shutting every market in the world. Wall Street bailed out a hedge fund, long-term capital. In 2008, again, we were maybe just days away from the sequential collapse of every bank in the world. Look at what happened.
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Speaker 6Price and participation may vary. March 2008, Bear Stearns collapses. June 2008, Fannie Mae and Freddie Mac, collapse. September 15, 2008, Lehman Brothers collapse, etc. Morgan Stanley was just a couple days away. John McNewitt, then Goldman would have been behind that, then Citi, then Bank of America. They all would have collapsed when the government came in and bailed it out. But in 98, Wall Street bailed out a hedge fund. In 2008, the central banks bailed out Wall Street. The point is each bailout gets bigger than the one before. The next one is not going to be a crisis of confidence in Wall Street. It's going to be a crisis of confidence in the world. It's going to be a crisis of confidence in the entire system. It's going to be a crisis of confidence in the central banks. Who's going to bail out the central banks? My point is each bailout, each crisis gets bigger than the one before. Each bailout gets bigger than the one before. We are now at the point where the systemic risk is so large, it exceeds the capacity of the central banks to bail it out. Now, will they try? Yeah, they'll try, but they won't succeed. And then when they can't, you know, the fire engine shows up and they're trying to put out a fire and they've only got a gallon of water, and it's gone. And it's like, oh, gee, the fire's still burning. What do we do? People are taking their money out of money market funds. They're taking their money out of the stock market. They're selling real estate. They're redeeming. They're taking the money out of the bank. They're afraid for the whole system. But they're out of ammo, or at least they're printing money, but it's not working because people no longer have confidence in central banks. Then what do you do? Well, we know the answer. The answer is you lock it down. You shut down the system. And people go, well, that would never happen. I'm sorry. It has happened over and over again.
Speaker 4Once again, this is Robert Kiyosaki, the Rich Dad Radio Show. Our guest today is James Rickards, probably one of my few favorite guests because his latest book, The Road to Ruin, The Global Elite Secret Plan for the Next Financial Crisis, he's talking to you today about the crash coming tomorrow or the next day. And the question we're asking him, or I'm asking him, and the point he makes in the book, his latest book, The Road to Ruin, is what happens if it doesn't go the way we expect it to go? As I said earlier, my friends are all expecting to get bailed out one more time. And James Rickards is saying, what happens if it doesn't work?
Speaker 5And James, you said there's going to be a loss of confidence, not just on Wall Street, but the whole system.
Speaker 4How is that?
Speaker 5The global system. Yeah. Why is that?
Speaker 6Well, because we'll have this crash. By the way, it could start anywhere. One of the questions I get most frequently is, well, what's going to cause it? And my answer is it doesn't matter. I'm not being glib when I say that. It's like, what causes an avalanche? Avalanches happen. Earthquakes happen. What causes them? Well, technically, there's a cause. There's some snowflake that started the avalanche. There's some little stress fracture in the tectonic plates that starts an earthquake. But you can never find it. What do you see as the result? The emergent property, the catastrophe. You see that. You never see what's coming. But the point is, in an avalanche, if it wasn't one snowflake, it would be another. So I could give you examples of things that could start a financial panic, like the failure of some major bank to deliver gold. You know, what we just had in Canada with this sort of second-tier bank mortgage lender that appears to be near insolvency. Something like MF Global. By the way, every time one of these things happens, it doesn't mean that it leads to a collapse. It just means that it might. And if it's not one thing, it'll be another. So again, natural disaster. Could be a lot of things. But it'll be something. What I focus on is the instability of the system. And I think it's going to be a lot of things. And I think it's going to as a whole.
Speaker 4Correct. Jim, when we come back, we'll be talking more about this. But once again, this is the Robert Kiyosaki and the Rich Dad Radio Show. Our guest today is James Rickards. His latest book is The Road to Ruin, The Globally Secret Plan for the Next Financial Crisis. And we're asking the question, are you prepared for the next financial crisis?
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Speaker 3It pays to listen. Now back to Robert Kiyosaki and the Rich Dad Radio Show.
Speaker 4Welcome back. And once again, you can listen to the Rich Dad Radio Program anytime, anywhere on iTunes or Android. All of our programs are archived at richdadradio.com. And we archive them because we're an education company. We do not make recommendations. recommendations on what to buy or sell but because we're at an education company we recommend you listen to this program two three times listen to with your friends family and especially your brother-in-law who knows everything and then discuss it because the information you're hearing now will make more sense the second and third time and i was saying to jim during the break i've listened i've been in the audience two or three times right lately and every time he speaks i call him the fire hose because he has so much information it is coming at you so fast i'm sitting in the audience there's no way you can take notes i just gotta sit there kind of hang on for dear life and hope hope some of it sticks in my brain and the reason i called him right after reading the road to ruin the global elite secret plan for the next financial crisis the book goes at my pace and my speed of learning so anyway that's why i really love this book because you crystallize and you basically you back up everything you're talking about any comments yeah and
Speaker 5we're talking to james rickards he's the new york times best-selling author and economist and the book robert's talking about is called the road to ruin the global elite secret plan for the next financial crisis you were at next and he's also the author of the new case for gold the death of money and currency wars which is the very first book that i've read of jim rickards currency wars is fantastic yes and the website is james rickards project.com so we're
Speaker 4talking to jim about you know everyone well what's going to cause it when's it coming what's the date you know which and all that stuff and what i love about he says in the road to ruin which i completely agree with nobody knows what's going to happen but as he talks about the global elites and jim is one of the advisors to the global elite so he's not blowing smoke here the global elites are just waiting for the next event it could be 9-11 it could be an earthquake it could be another fukushima nuclear reactor they're just waiting for the next event it could be another fukushima nuclear reactor they're just waiting for the next event it could be another fukushima nuclear reactor they're just waiting for the next event and there is something coming and they being who the global elites and the question that restarted this whole program is are you prepared for as my friend who's also real estate and all this he says i don't worry they're just going to bail us out again so when the next crash comes he's not worried he just thinks going to bail him out but what jim is saying in the road to ruin is what happens if they don't do it but not only if they don't do it why they won't do it so i highly recommend you get this book you want to protect your your family's future and your future and prepare to possibly prosper rather than get wiped out in the next crash coming please get this book so jim is that accurate you think the elites they're just waiting for some event is that correct they're waiting
Speaker 6for an event they know it's coming they understand the instability they can't talk about it if you're christine lagarde the head of the imf or janet yellen the head of the federal reserve committee they can't talk about it they can't talk about it they can't talk about it they can't talk about it they can't talk about it they can't talk about it they can't talk about it they understand what i'm talking about by the way they don't have the same models i think when i say they understand it they understand that there's a lot of systemic risk they understand that the problems of 2008 have been patched up but they have not been fixed so they know that much they don't really understand complexity theory which is the science behind what i'm describing uh they think another crisis will come what they don't understand is that it will be significantly exponentially larger than the one that we're talking about right now so i think that's a good one before and actually exceed the capacity of the central banks to bail it out. But they have an intuition about that. And so they're ready with, you know, that they hope they can bail it out, but they're going to try a couple of different ways, but they know it might not work. And they're getting ready to shut down the system. Let me give you some very concrete evidence of that, Robert. Again, it's easy to say, but it's more difficult to back it up. And I want to back it up. So just take money market funds, you know, so any of your listeners, a lot of them probably have money market funds and they say, oh, I've got money in the money market funds. Well, no, you don't. That's not money. A money market fund, they call it a money market fund. That's Wall Street marketing. It's not actually money. It's a kind of mutual fund regulated by the SEC. You have a unit. It's technically a security, a type of security. Now, if you want money, what do you have to do? Well, you have to call up your broker and say, you know, in fact, redeem my units of the money market fund and then send the money to the bank. My bank account. And then the next day, the money's in your bank account, except that's not money either. That's an unsecured liability of a commercial bank. And hope you better hope the bank.
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Speaker 6It's open that day. And then maybe if it is, you can go down and they'll hand you some dollar bills over the counter and finally you get some money. But my point is a lot of things that people think are money are not actually money. They're liabilities of different entities, whether they're funds or banks or financial institutions. Everyone has confidence. They think it's money. They say, oh, I can get my money tomorrow. Well, maybe you can't. What if the power grid's down? What if the phone's not working? What if they're not answering their calls? But more to the point, in 2008, the thing that gave Ben Bernanke a heart attack, when Ben Bernanke and Hank Paulson, who was the Secretary of the Treasury at the time, Bernanke was Chairman of the Fed, they walked over to the White House and went in and in the Roosevelt Room with President Bush. And they said, Mr. President, the system is melting down. You need to take radical action right now or we're going to have a complete collapse. And that was when the TARP bill came over, TARP, and they put it for Congress. And Congress voted it down. The stock market fell 700 points, which was a lot more then than it is now, because working from a lower level, that was like an 8% drop. And then Congress finally voted it. So what was it that made Bernanke and Paulson's faces turn pale white like a ghost and walk over to the president and tell him he had to do something? It was the drain on the money market funds. Everybody was taking the money out of the money market funds. The money market funds, where were they getting the money? They had to sell commercial paper. Who had the commercial paper? The European banks to fund their dollar assets and so forth. So the whole system was unwinding. And that's when they came up with the TARP and the guarantees. They guaranteed every bank deposit in America, et cetera. Now, that was 2008. This is now nine years later. Guess what's happened in the meantime? The SEC changed the law. And now, for the first time, money market funds are allowed to suspend redemptions, which has always been true in hedge funds. A hedge fund gets in trouble, they'll just send you a notice saying, "Sorry, you can't get your money. We'll get back to you. It could be five years later." That was not true about money market funds in 2000. It is true today. And so when the same process takes place, because it does, you know, when people panic, you're going to find that the money market funds say, "Sorry, you can't get your money." So then what are people going to do? They're going to go to the banks. And then they're going to have to shut the banks. And then they're going to sell stocks. And they're going to have to shut the stock exchange. In other words, they will sequentially lock down every part of the system. Because if you leave any part open, all the people who want liquidity and money, they're going to run to that open door, right?
Speaker 4Let me put a devil's advocate. So why won't printing money work this time?
Speaker 6Here's the problem, Robert. So at the start of the last crisis in 2007, even late 2008, the balance sheet of the US Federal Reserve was $800 billion. That's how much money they had printed, $800 billion. To deal with the last crisis, plus QE1, QE2, QE3, they got it up to $4.5 trillion, right? Over five times where they started. But if somehow they had normalized that, if somehow they said, okay, the panic's over, the liquidity crisis is over. Let's normalize our balance sheet. Let's get it back down to, it doesn't even have to be $800 billion. It could be $1 trillion or $1.5 trillion, something like that. I'd be the first one to say, hey, nice job, guys. You bailed out the world and you got back to normal. That's not what happened. They never got back to normal. They're still at $4.5 trillion. So now, to answer your question, Robert, in the next crisis, what are they going to do? Print another $4.5 trillion? Robert Leonard: Let's go.
Speaker 4Robert, can you tell us about that? Robert Leonard: Well, first of all, Robert, can you talk about the Rich Dad Radio Show? We're talking to James Rickards. His new book is called The Road to Ruin: The Global Elite Secret Plan for the Next Financial Crisis. You're saying they're going to print more money, but people won't believe it? I mean, do you actually believe people are that smart? They won't actually believe all this money is bad?
Speaker 6Robert Leonard: Everybody has, there are a couple of different names for it, Robert. This, by the way, now we're in the realm of psychology. Robert Leonard: Right.
Speaker 4What you cover in Road to Ruin.
Speaker 6And there is gold, paper money, dollars, euros, bitcoins. There is one thing behind all of it, which is confidence. Robert Leonard: If you have confidence that something's money, then it's money. And at different points in different times, feathers have been money, have been money. Anything can be money if people believe in it. It's a belief system. If I give you something and you think it's money and you're confident that you can give it to somebody else and they'll think it's money, then it's money. And it can be a digital Bitcoin or it can be anything else. The problem is what happens when confidence is lost? So what we're talking about is what is the invisible confidence boundary where the Fed went from $800 billion to $4 trillion, oh, whatever, nobody cares, or some people care, but most people don't. But then you go to $7 trillion, $8 trillion. At what point? So imagine you have a bunch of people in a conference room, like any kind of your speaker conferences. And so you got a bunch of people in the room and you're talking and two people say there are 100 people in the room, two people.
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Speaker 6We'll get up and they run out of the room really suddenly. What is it? Everyone else do. They probably don't do anything. They think, well, that's odd. You know, maybe they got a text message. Maybe there's they were late for something, whatever. It's odd. But they sit there and listen to the rest of the lecture. What happens if 30 people get up and run out of the room? Chances are they're going to be right behind them. They're like, hey, I don't know what's going on. Maybe the place is on fire, but I'm out of here. In other words, in scientific terms, in mathematical terms, your your threshold, your critical threshold, where your behavior changes is greater than two, less than 30. In the example, I just gave you and everyone has a different threshold. You know, some say when it comes to the class of the dollar, Paul Krugman will be the last guy to leave the room. But, you know, but some people are scaredy cats and they're going to run out really fast. Other people are bold. They're going to wait till the end. But everybody has this critical threshold. It's invisible. You don't know what it is. It's different for everybody, but it feeds on itself. So imagine just some people bailing out of the system. Well, that well, that's going to be enough to cause other people to cross their threshold. They'll bail out of the system. This is all dynamic and psychological. And this is what the Fed doesn't understand.
Speaker 4Well, it's another word is called panic. So hold your thought. We come back again. Lato's book is called The Road to Ruin. It's a global elite secret plan for the next financial crisis, not the one in the past, the one that's right around the corner.
Speaker 5And Jim also has solutions for what you can do to prevent your money from disappearing. If there is this big freeze that happens and all of that system closes, there actually is something you
Speaker 4can do. So when we come back, I want to talk about my favorite subject is who are the two biggest losers? You know, when the panic hit.
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Speaker 3This is the Rich Dad Radio Show. The good news and bad news about money.
Speaker 4Welcome back. Robert Kiyosaki, the Rich Dad Radio Show. Once again, listen to the Rich Dad Radio Program on your time and your schedule anywhere you want. On iTunes or Android. And all of our programs are archived at richdadradio.com. We archive them because we're a financial education company. We make no recommendations. We're not an advisory service. So we listen to it again. You'll pick up two or three more things. Discuss this broadcast with friends, family. And the more you discuss it, the more you'll understand. But most importantly is read The Road to Ruin. The Global Elite's Secret Plan for the Next Financial Crisis, written by James Rickards. Please read the book. It is a fantastic book because it's not about 1929. It's about what's coming around the corner. Any comments, Kim?
Speaker 5Well, this is going to be the. I can't wait for this segment of the show because we're going to talk about. Winners and losers. Winners and losers and what you can do because actually there is something you can do. Because we have a lot of doom and gloom sometimes. But this is not doom and gloom as much as reality and what's really happening. So let's get started.
Speaker 4So, Jim, you talk about the losers in this next crash will fall into two groups. And the first are those who hold their wealth in digital form, such as stocks, bonds, mutual funds, ETF, market money funds, and savings accounts. Why do you say those guys will be the first losers?
Speaker 6For two reasons, Robert. Number one is, you know, you run into very wealthy people. I know you do. I do. And I happen to live in a town there in Connecticut. It's very, you know, a lot of wealth around. So you run into billionaires or people worth a couple hundred million dollars. And they're very happy to tell you what they own. They go, oh, I own. I got money in stocks and money in bonds and money in this. And I say, no, you don't. You have electrons. These are all digital accounts. You have. And you may get a paper statement from your broker. You know, maybe he's sticking a file or throwing the trash or whatever. But all of your so-called wealth is represented by electrons. And you better hope that that system works well. And it's not. It's not hacked, not erased, not shut down. There's no collapse of the power grid. There have been numerous cyber attacks on the banks, you know, et cetera. I mean, it wasn't that long ago, just a few weeks ago. There were power outages in New York, San Francisco, and L.A. on the same day. Really? Three of the biggest, most important cities in the United States on the same day? Some of these things are beyond coincidence. So this cyber warfare is going on. Russia's leader. The U.S. is very good at it, by the way, also. We've got people. We've got people on our sites, including Iran and North Korea. The Syrians are good. The Syrian Digital Army. Sorry, the Syrian Electronic Army, not too long ago, they hacked into the Associated Press Twitter account and put out a feed that there was an assassination attempt on the president. The stock market fell immediately. Now, that was very quickly, you know, disclaimed. Associated Press said, sorry, our account was hacked. But this is the kind of world we live in. And if you've got all your wealth in digital form, I don't know how you could sleep at night.
Speaker 5You also say, Jim, that the digital money, if there is a shutdown, that it's the easiest. It's the easiest to freeze.
Speaker 6That's the second point. The first point is that it could be subject to attack or elimination or erasure by Russians. The second reason is it makes it easy for the government to shut down. And when I say that, Kim, people go, oh, that would never happen. I'm sorry. The New York Stock Exchange was shut down for five months from July to December 1914. In 1933, every bank in America was shut down by. Executive order, you know, et cetera. So there are many examples you can point to where they actually have closed the system because it was out of control.
Speaker 4Okay, so let me ask you this. Because I want to get to the good news here. So the second group who are going to get wiped out are the fixed income people who are counting on life insurance, annuities, retirement accounts, Social Security, bank interest, and my ETF account. Why are they the next?
Speaker 6Well, anyone. Because one of the solutions, one of the attempted solutions is going to be, as you mentioned, massive money printing. Now, my view is that the money printing will come, but it won't work because of the loss of confidence. But let's just say, hypothetically, it either did work or they take it to some extent. Well, it's going to be inflationary. Anyone who's relying on a fixed dollar amount, so, again, annuities pay you a certain amount in dollars. Insurance, life insurance pays you a certain amount in dollars. You know, bank account interest, you know, et cetera. Retirement income, you know, your pension, defined benefit pension plan, et cetera. Anyone on any kind of fixed income, you might be getting those dollars, but they're not going to be worth very much when this inflation comes.
Speaker 4You're vulnerable. But let's get to the good news here because in your book, which I absolutely love, at the end of the book, you talk about old money and how you were in Italy talking to this family that survived 800 years of the ups and downs of. of every possible crisis, Black Plague, Mussolini, and all that. How did they survive? This is the point.
Speaker 6Exactly. You know, the money in the U.S., you know, if you've had a family fortune for 100 years, you're considered the old money. Well, you go to Europe, you meet these families, they've had money for 400, 500 years, even longer. This one family, I was at their palazzo in Rome, and it's the Colonna family, and they've had that palazzo in different forms, you know, since the 13th century. eight hundred years and uh. it was sort of a you know ultra wealthy uh gathering of a certain number of super rich european families and i turned to the lady sitting next to me at dinner i said you know how do you know it's hard not to keep your wealth for one generation how do you do it for 800 years and she looked at me and she said a third a third and a third and i said all right well what do you mean by that she said one third gold one third land one third art now you have some cash on the side you might have a business as i say and uh you know you need some cash to run your yacht or your jet or whatever just for walking around money as we say in philadelphia but the point is those are the things that last and just to make it concrete in 1620 during the middle of the 30 years war if you were living in bavaria and you were a nobleman or wealthy and you know von wallenberg was in the next town burning everything burning down everything in sight you could take your art off the wall roll it up put in a backpack grab your gold coins put it on a purse get on your horse and ride away and then you know when the fighting was over come back your land is still there you weren't you were dispossessed uh you were you for a period of time but you come back you still got good title to the land the land's there you put your painting back on the wall you dump your gold coins on the table and your your wealth is preserved you're back in business and your neighbors have all been wiped out so there's a very powerful lesson there by the way it's interesting making money and keeping money what we're talking about right a lot of ways i like to make money or or you know i like it when people earn it through productive activity or creativity or entrepreneurship or taking risk or hard work or they're prudent or whatever but preserving wealth is a different exercise and that's really what we're talking about and when
Speaker 5you talk about art you're talking about like museum quality not like not like your neighbors
Speaker 6not my itching yeah not my not my college dorm poster museum museum quality art and if you can uh you've got the kind of budget where you can buy a fine art painting that's great and if not there are some you have to be careful selection i'm not recommending any particular names but there are some well-managed fine art funds out there where you can uh you can invest along with others in museum quality
Speaker 4art so then the key to real estate like you talk about you know people are going back to cuba now and even though they had to leave their the cuban land title claims are solid the cubans going back to cuba may be able to get their land back is that what you're talking
Speaker 6about correct this is a this is a negotiating point between the united states and cuba so now we are in the process of normalizing relations with cuba uh it's not fully restored diplomatic relations but we're getting closer but believe me i have uh friends in miami they're in their 60s they left cuba when they were nine years old um their parents may some may still be alive some may be deceased but they've got those deeds they've got those land records and sure the communists came in took over the houses turned into party headquarters or you know whatever was done with them but they they are going to make those claims and the united states government will back them up and i'm not saying everybody gets every house back just the way it was but some of them will and in any case you'll get some kind of compensation for it so those claims are going to be made and i'm not saying everybody gets any compensation for it so those claims are going to be made and i'm not saying have not gone away and that's a good example of how land endures well that's what happened for
Speaker 4the japanese and in california because my family had a lot of family members in california and they had their land confiscated by the government because of after pearl harbor and they got their land back eventually but it was a process right right so once again we're talking to james rickards his latest book is the rude to ruin subtitle is the global elite secret plan for the next next next financial crisis that's coming and it's a very important book for all of you to read like i said i call him the fire hose he comes at you but his book is so in-depth please read it for your own security and your financial future and
Speaker 5there's a another book that uh jim rickard came out with last year called the new case for gold because jim you you still uh hold that gold can go to 10 000 and in this book you really back it up with your evidence and your research and why that is going to happen you're still calling for ten thousand
Speaker 6dollar gold yes and the reason kim is uh it's again it's not a made-up number i don't put it out there they attract attention or get headlines etc it's actually the price that gold would have to be in a gold back system we talked earlier about the loss of confidence in paper money and that's a psychological issue and it's there's some point that you hit it and boom uh it goes away well how do you restore confidence if you had to a couple ways to do it i mean one way is locked locked down the system that doesn't restore confidence it just tells people they can't get the money but one way to restore confidence of course is to use gold but the minute you do that you have to say well okay what's the price of gold in this new system if you make it too low relative to the money supply you either have to reduce the money supply which is depressionary uh or well basically that's the problem so instead of reducing the money supply which will cause a depression you increase the price of gold you can actually do the calculation i put the calculation in the book but ten thousand dollars per ounce is the price of gold and that's the price of gold and that's the price of gold and that's the implied non-deflationary price of gold in a gold-backed system so if you have to go to gold to restore confidence you've got to get the price right to avoid a depression and that answer is at least ten thousand dollars possibly higher i don't need to to go into the higher uh figures but they're all in the book but it could be as high as forty thousand but you know ten thousand is enough to uh to get the message out there
Speaker 4what would you say to the person listening right now i mean why should they believe you or not believe you or what can they do if they have nothing
Speaker 6well the answer is i again as i said earlier uh in the interview robert i i don't make any claims that i don't back up and so if you want to challenge my claims or disagree with me that's fine it's it's uh you know everyone's total reviews and i'm always happy to get into a debate let's talk about the analysis don't tell me what i'm missing in my claim tell me what i'm missing in my analysis but my analysis is backed up with science with math history history history psychology we use complexity theory and i'm not going to tell you what i'm missing in my analysis but i'm not going to tell you what i'm missing in my analysis but i'm not going to tell you what i'm missing in my analysis but i'm not going to tell you what i'm missing in my analysis but i'm not going to tell you what i'm missing in my analysis but i'm not going to tell you what i'm missing in my analysis behavioral psychology history uh there's a lot there and so please um you know don't just dispute
Speaker 4the claims well so may i back you up there the reason i ask read the book get the book is you can sit there actually study the book where james is coming at you right now at very high speed that's why i call him the fire hose last thing is you talk about not keeping money in the bank i'm not saying i'm rich dad is not saying that i'm saying is that what you recommend look we all
Speaker 6the system whether we like it or not i have credit cards i have debit cards i have a bank account i have some money in the bank so it's it's it's just not practical to think you can get all your money out of the bank but you should get some of your wealth out of the bank so if they shut the banks down you're still a person who can get up and you know go shopping or feed your family or preserve wealth and so just don't uh we all have some money in the bank but just don't overdo it certainly don't have more than the insured amount if you have more than that open up multiple bank accounts but get the money out of the bank and you're still a person who can get up and go shopping and you know go shopping or feed your family or preserve wealth and so just don't uh we all have some money in the bank but just don't overdo it certainly don't have more than the insured amount get some of that money out of the digital system into physical gold physical silver lamb fine art the things i mentioned natural resources oil water etc not 100 don't do anything 100 always diversify but but if you're 100 in the digital system you're the most vulnerable person
Speaker 5of all right right and i think it's funny every time we talk with you jim we go out and buy more
Speaker 4gold and we actually keep more money outside the system but anyway jim you know jim thank you very much for writing this book like i said i read the book kim says it's all dog here at earmark written up tagged it's the road to ruin the global elite secret plan for the next financial crisis which is kind of right around the corner so please get his books you can understand it better and when we come back we'll be going to the favorite part of our program which is ask robert
Speaker 3you're listening to the rich dad radio show with robert kiyosaki
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Speaker 11key to achieving your dreams is to develop a rich mindset instead of an excuse mindset instead of saying i can't afford that ask yourself how can i afford that it's amazing how a simple shift in thinking can open a world of new ideas and endless possibilities let the rich dad company help kickstart your journey to financial freedom robert kiyosaki and the rich dad company have compiled robert's top secrets to creating a rich mindset and to creating a rich mindset and to creating a rich mindset and now available in a 10-minute ebook how to achieve a rich mindset this offer is available for a limited time only so get yours today get your free ebook how to achieve a rich mindset go to richdad.com and look for the banner again this is available only for a few days so act fast go to richdad.com and look for the how to achieve a rich mindset banner
Speaker 3financial freedom begins with financial education now back to robert kiyosaki and the rich dad radio show welcome back
Speaker 4robert kiyosaki the rich dad radio show the good news and bad news about money i'm going to thank again to james rickards his latest book the road to ruin but his other books are the currency wars the death of money and the new case of gold which came out about one year ago in 2016. And his latest book is The Road to Ruin: The Global Elite Secret Plan for the Next Financial Crisis. Please get that book 'cause it's not about the last depression, it's about the coming depression. And the more you know, you can make your own decisions what you're gonna do. The reason I like his book is 'cause I've already done most of the things he recommends doing. I've been doing it for most of my life. So anyway, thank you to Jim. You can listen to the Rich Dad Radio program anytime, anywhere on iTunes or Android. And all of our programs are archived at Rich Dad Radio. We archive them so you can listen to it again 'cause second time you listen to it, you'll learn even more. If you discuss it with your friends, family, and loved ones, you may even get huge insights. But most importantly, please get his book "The Road to Ruin" and study it. Please study. So you can submit your questions to [email protected]. So what's the first question, Melissa? - Speaker 12Our first question today comes from Ramin in Canada. Favorite book, Rich Dad, Poor Dad. Says, "Robert, my question is how protectionism "will be saving the U.S. economy "if they are really in financial crisis. "What's your prediction about the consequences "of that policy in short and long terms "for the U.S. and the rest of the world?" -
Speaker 4Who knows what's gonna happen? The reason we have James Rickards on board is because it's always about the money. Follow the money. So we can sit there and discuss elegantly what Trump's gonna do, and what Yellen is gonna do, and all that. But the most important question is, what are you gonna do? That is the most important question today, because, again, "The Road to Ruin," the global elite secret plan for the next financial crisis, will give you some idea of what you should do when the next crisis comes, 'cause it's upon us right now. That's the point. I don't understand why people discuss things they cannot change. I mean, what Trudeau's gonna do, and Trump's gonna do, and Mexico's gonna do, for NAFTA, I have no idea. I don't really care, but I do know what I'm gonna do. Any comments, Kim? -
Speaker 5Well, I just know that the government is not looking out for you and me. And I bet the Canadian government is not looking out for Ramin. So I would just say the same thing. What are you gonna do? - And as Rickards talked about,
Speaker 4you guys already have a secondary mortgage crisis up there. Something's going on, you guys. So sit there and discuss things you cannot change. It's a waste of time. -
Speaker 5Yeah, and we'll discuss government policy. It's not gonna really affect you or not. - Vote for Hillary. - Yeah. Do your study, figure out what you're gonna do,
Speaker 12and take action and take care of you. -
Speaker 4What are you gonna do? Next question, Melissa. -
Speaker 12Our next question comes from Gary in South Africa. Favorite book, "Rich Dad Guide to Investing." What do you think a new gold standard will look like, and how would silver be integrated into this standard? -
Speaker 4That's a great question, but it's the same answer. Please get Rickards' book, "The Road to Ruin: "The Global Elite Secret Plan for the Next Financial Crisis." And I'll be in South Africa. Specifically, Pretoria in July. So I look forward to seeing you all there. The point here, ladies and gentlemen, is this. It's what are you going to do? And exactly as I started this whole program with Rickards, I said I like reading his books because I wanna know what people don't know. I wanna see what I cannot see. So the reason I do these programs, the reason I study, the reason I'm, you can ask him, I'm reading and studying constantly. Constantly talking to people. 'Cause I don't know either. But I'm already doing things based upon my study. So it makes me a little nauseous 'cause I have so many friends and family who want me to tell 'em what to do. But what I do is not what they should do. So what you should do is study. I always start with Rickards' books. I would definitely not really care what much about what the government's gonna do because they cannot stop the next crisis. As you heard Rickards say, this next crisis probably 50 times bigger than 2008. -
Speaker 5You know, and everybody has their case for what gold is gonna do and what silver is gonna do. And Jim Rickards has a book called "The New Case for Gold" and that's his point of view backed on a lot of research and a lot of history and a lot of intelligence. So that's one point of view. And then there's other points of view. So you gotta get out there, look at all these different points of view. That's what we do at the Rich Dad Radio Show and then make your own decision. -
Speaker 4And what you do is not what I should do. The point is, I don't know if you know this, but Rickards advises. Rickards advises the ultra rich. To have him on our program is very, very, very difficult. So I just say, I would be honored to listen to him. I'm always honored to listen to him. I've been in the audience. I've shared the stage with him. And every time I listen to him, I call him the fire hose. He's coming at you so fast. And the reason I read his books is because I can read slower. I think you should do the same thing. I think you should read and listen to guys like Rickards. I'm not saying you agree with him, but you've got to study from other people because otherwise, just go listen to your financial planner who will tell you to buy stocks, bonds, mutual funds, and ETFs. And as Rickards says, they're going to be the first losers. Everybody in stocks, bonds, savings, ETFs, mutual funds, 401Ks, RRSPs, you're the first losers. That's his opinion. Now, if you don't like his opinion, don't listen to him. -
Speaker 5And he has that opinion, but then also look at the people he talks to, people that had held wealth for 800 years, all these generations. And he's talking tangible assets, that's land, gold, and fine art. That's what they do. So if they're doing it, maybe there's something to it. -
Speaker 4So that's why we have the Rich Dad Radio Show. I appreciate the questions, but sometimes I panic. Sometimes I get so upset. I'm not here, I'm not your daddy. I'm not your school teacher. I'm not your financial planner. You know, I have no vested interest in telling you what to buy. I just encourage you to study. And then find your own answer. If you like ETFs, get Tony Robbins' new book about how you put money in ETFs. But he has a point. I read his stuff. It's not my formula, but it might be your formula. Also, you should listen to Dave Ramsey. He says, "Live debt free." Maybe you should do that. And Susie Orman says, "Cut up your credit cards." Maybe you should do that. But don't do what I do, because I tell you to do it. Any comments, Kim? -
Speaker 5I just want to thank people for sending in their questions, for listening to our program. I know sometimes, Robert, - She's nice. - you get upset and you get a little riled up, and I really want to thank all our listeners. And there's a lot of great questions out there, and there's also a lot of study to do. So take heed in all of it. -
Speaker 4Your answer is your answer. My answer is my answer. I agree with James Rickards a lot, because I've been doing his program since 1973. I have a lot of gold and silver. I own silver mines and gold mines. I have oil wells. I have land. I have food. I have water. But you gotta find your own formula.
Speaker 12Next question comes from Jay in Southern California. Says, Robert, after listening to your show for a while and hearing your positivity about owning bullion, I have begun buying silver bars and rounds and am the proud owner of a little over 50 ounces of physical silver now. In researching other hard currencies, I began to wonder what yours and Kim's thoughts are on so-called cryptocurrencies or digital currencies, primarily Bitcoin, with the blockchain technology of these currencies, they are only intermittently dependent on some sort of internet connection, but are infinitely portable and could easily survive any government turmoil. What do you say? -
Speaker 4Same answer. You better do your own research. Coming up in a few weeks, we have an interview with Chris Skinner. He's about the future of banking. And there's a lot of guys making, right now, billions of dollars bypassing the banking system. But again, it is crypto. It is kind of digital. But if you're going to do crypto, if you're good at it, do it. I'm not good at it. I just like gold and silver. I like hard currencies. That's why James Bricker's latest book, or second latest book, is The New Case for Gold. He explains why gold and silver have been money for tens of thousands of years, and cryptocurrency is not yet money except in the hands of a few people. It's like buying a Tesla car. You buy it because you kind of like the concept of it. Will it be around a few years? I don't know. But if you study it, again, Chris Skinner is coming up in a few weeks. The future of banking. And if you're a banker right now, I would listen to that program 'cause you might be out of a job. -
Speaker 5You know what's interesting, also, when we talked to Chris Skinner, and he talked about Bitcoin, and one of the questions that we asked is, is it possible that there's other digital currencies coming up? And he said, yeah, very possible. Well, I swear to God, I went home and like-- - There's lots of them coming up. - Well, two days later, I get this investment pitch on this new digital coin, and it's gonna be the biggest thing ever. It's gonna be bigger than Bitcoin, and the bottom line is neither Robert and I have really done any research into Bitcoin enough to make an intelligent decision. -
Speaker 4Well, let me tell you something. If I could put the Kiyosaki-- -
Speaker 5Oh, there's a good idea. - Lip coin-- - The Kiyosaki. - I would do it. - Lip coin, a lip coin, I like it. -
Speaker 4I was gonna use another word, but it'd be sexual. But anyway, the whole point here is everybody wants to print money. And so Kim and I print money by borrowing money. Well, we borrow hundreds of millions of dollars and the profits we invest, gold, silver, land, no artwork yet, but water and oil. That's our plan. What's your plan? That's really the question. And that's why we have the Rich Dad Radio Show. We encourage you to study. You know, if Dave Ramsey says live debt-free and that makes you really, really happy, puts lead in your pencil, then do that. But that's not my formula. Tony Robbins says buy ETFs. Of course, he sells ETFs, but that might be good for you too. I don't know. But Jack Bogle of Vanguard says Tony's plan is solid for, ETS, but I don't touch them. And if you listen to Rickards, he says they're going to be the first losers. Savers, mutual funds, savings, ETFs, they're toast. Now, if you don't like what Rickards is saying, then go get Tony's book and read Tony's book. But that's what the Rich Dad program is about. We don't sell any of that stuff, do we, Kim? -
Speaker 5No, we do not. We don't sell anything. We just give information and education. -
Speaker 4And Kim and I love our credit cards. So if you want to cut up your credit cards, listen to Suze Orman. -
Speaker 5And I just like what Rickards says. I mean, he says tangible assets and these families have been around for hundreds of years. That's how they hold their wealth. So I like things that stand the test of time. No, it doesn't mean they should do that. I just like things that stand the test of time. -
Speaker 4So all of you, thank you for listening to this Rich Dad program. That's what they call Kim and I, the beauty and the beast. You can tell which one I am. But I'm concerned for all of you right now. That is my concern. If you're asking me these questions and you're asking me questions about what Trump's gonna do or Trudeau's gonna do or Yellen's gonna do or Lagarde's gonna do, I don't know what they're gonna do. I'm more concerned about what you're gonna do. So thank you again for listening to Rich Dad Radio program. You can submit your questions to askrobert@richdadradio and figure out what you're gonna do next. Thank you very much.
Speaker 7Your receipt did.
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