This Is Why You're Getting Poorer - Lawrence Lepard, Jeff Booth, Andy Schectman, Marin Katusa

0:00This episode is brought to you by Progressive Insurance. Do you ever find yourself playing the budgeting game? Well, with the Name Your Price tool from Progressive, you can find options that fit your budget and potentially lower your bills. Try it at Progressive.com. Progressive Casualty Insurance Company and Affiliates. Price and coverage match limited by state law. Not available in all states. Hey, Chicagoland, the Wayfair store is in your neighborhood at Edens Plaza and Wilmette. Finally, you can feel the fabric, sit on the sectionals, and even open the refrigerators. Plus, our in-store designers will help you bring it all together with free one-on-one design support for any project on any budget.

0:38Yep, we said free. Oh, and did we mention the cafe? So what are you waiting for? Come see all that's in store. Visit the Wayfair store today at Edens Plaza and Wilmette. Wayfair, every style, every home Hey everyone, while Robert takes a short break from the studio, we've put together some of our favorite moments from this year's Rich Dad Radio Show. We hope you enjoy the highlights. This is the Rich Dad Radio Show. The good news and bad news about money. Here's Robert Kiyosaki. Hello, hello, hello, Robert Kiyosaki, the Rich Dad Radio Show, broadcasting from Phoenix, Arizona. where it's either heaven or hell, and it's just about to turn to hell.

1:21Right now, it's pretty pleasant, though. And I'm very excited today. Our guest is Lawrence Lepard. Lawrence, did you say in this book here that 40 % of the money was printed during COVID? Yeah, isn't that amazing? 40 % of all the money in the U.S. was printed during a few years ago? Yeah, the nation's 220-some-odd years old, and they grew the money supply by 40%. And then the guy who was in charge of that growth, Powell, said inflation is transitory. And then when it became clear that it wasn't and they printed and they had a 9 % annualized inflation rate at a conference, at an elite monetary conference in Jackson Hole, he joked and said, oh, yeah, the good ship inflationary has sailed.

2:05He joked about it as though, oh, yeah, you know, I'm kind of sorry I screwed up, but, you know, no big deal. Right? Well, fine. No big deal to him because he's worth$100 million. But how about the rest of us that have to struggle to get by? And it's just, it's absolutely criminal what these people have done to us. So the poor middle class are getting poor and the rich, like you and I are getting richer. So that's why I wrote Rich Dad Poor Dad 30 years ago. I said, you can't save this toilet paper. It's killing you. It's killing you. That's exactly right. And the people who have access to cheap money and the people who are in a position to buy the assets, they're playing a game where the game board is tilted in their favor heavily.

2:53It's called the Cantillion effect as those works. There's a, I should have saved it. There's a line in here is that today we don't have capitalism. We have rugged capitalism for individuals, rugged capitalism. but socialism for the rich and powerful. It's so true. I mean, think about the 2008 example. You know, think about that example. I mean, my sister lost her house. You know, many people lost their jobs. There was widespread chaos associated with that bubble that they had blown to make up for the bubble that had burst in the dot-com stocks. And the bankers all got paid tons and tons of money.

3:36And, you know, they should have failed. I mean, Lloyd Blankfein should be bankrupt, but instead he lives in a$60 million house on Long Island and holds forth on Twitter. And every time he does, I come back and counter him and say, shut up. You should be bankrupt. That's exactly what he was saying. Gross, universal cash heist. Exactly. And so these people, you know, I mean, they paid themselves$20 billion in bonuses after that bailout that saved them. So they were saved in a socialistic fashion. And yet the rugged, all the regular people, we face rugged capitalism where we lost our houses and jobs, you know.

4:15So it's just, it's tragic. And I think that, you know, there are turning points in this country where you can just say, boy, we really went the wrong way. But I think 2008 was another one where it became very clear that this was not a meritocracy and it was not a level playing field for all of us, that some people have unfair advantage over the rest of the people. And until we solve that, we can't live up to the promise, the great promise of America that was in the founding documents. So if you read Rich Dad Poor Dad, it said the rich don't work for money, the rich don't save money. You know, I drove people nuts.

4:58But this book explains why, because it's here today. And, Lawrence, I am honored to have you as my guest here. It's been absolutely well written. It's an honor to be on your show. I mean, Rich Dad changed my life, and, you know, you're at the top of the list of educators in this area. So this is an honor for me. Well, we are going to do a lot of work together, because this is our time. That's what I keep saying. Well, that's the idea. Yeah. I mean, I think, you know, there are 300 million Americans. Sadly, as we discussed off camera, I don't think a lot of them understand what's coming. And I know you've been trying very hard with all of your work to educate them.

5:35And I just am another voice joining the choir, I think, really. I mean, there have been a lot of other people carrying this torch. But I got to the point where I just couldn't stay silent anymore and I had to write it down. The average person is good, hardworking soul. You know, they do their job, they do it well, and they don't think about what's the Federal Reserve, what's the monetary system. In fact, when I was first writing the book, my wife and I tested on my wife, I tested on some other people and they came back to me. And their first question, what's the Federal Reserve? I thought, all right, well, I better explain that.

6:03So I really tried to bring it down to, you know, first principles of how this whole thing works and why it doesn't work for average people. And that's I think that's the strong part of the book. If I do say so myself, I want average people to get mad. And the first part will get you mad because if you see the way they've been taking advantage of us all these years, it's hard not to be angry. And once you see it, you can't unsee it. Right. And then the second part is, OK, now that you've seen it, how do you protect yourself? Right. And how do we all collectively fix it? Because this is not what America is supposed to be, you know, broken the way it is.

6:46A special guest today is Jeff Booth. I'd like to say a few things. The reason Jeff's important right now is this here is a 1964 Kennedy half dollar. And it's the last pure silver half dollar. And then from there, it went to fake money. And then we went to this stuff here, which I call toilet paper today. And then this here is a Zimbabwe dollar. And I think it's 10 million or whatever it is. and this won't buy you an egg. And I had the good fortune of being in Zimbabwe when it collapsed, or the bad fortune. So I've been in the best places at the wrong times and stuff like this, but there's also a silver lining.

7:33And that's why I want to have Jeff Booth on here because his book, The Price of Tomorrow Fits Everything in My Belief System, because I'm a student of Dr. R. Buckman from Fuller. And I said to Jeff a while ago, he's a new Bucky Fuller as I'm concerned, because we're talking about inflation today. But in reality, pure capitalism, the price should be coming down, not going up. But it's only going up because they're playing games with money. So when I read your book here, The Price of Tomorrow, prices should be coming down. but today the gap between rich and poor grows wider because every time you print more money the rich get richer but the poor middle class get poor because when you print money assets go up in price but so those chicken eggs and housing what would you say to people right now to prepare for what is already occurring i mean i think we're at the death of an old system with what the death of this system here.

8:36So let me, and you, I think you started on it in the last one and when you got into Bitcoin, right? And what you did when you talked about Bitcoin, you talked about it in the U.S. currency as it's 6 ,000 when you bought it, 6 ,000 now it's way higher in the U.S. currency. So what you're actually doing is measuring Bitcoin in a currency that's debasing. So you're so but currencies shouldn't measure other currencies. Currencies should measure prices. So if you measure prices in Bitcoin, you'll see all prices fall forever. You'll see it's perfectly matches it. In fact, it's the first global free market that's ever existed.

9:17And it's imposing a discipline. The prices fall forever. It imposes a discipline. I wrote about it in my book. It imposes a discipline book. Bucky wrote in his book. It's the first time ever that that exists because it's open, decentralized, security, protocol bounded by energy. And so - You're saying Bitcoin is imposing - It's imposing a discipline that we wouldn't choose. We wouldn't allow the existing system to collapse. We think there's a savior. We think there's Elon will save us, Trump will save us. This other - We think, and by the way, it's not those people or some of them are better than others, but it's a system problem that cannot solve itself from that system.

10:00A credit-based system has to grow forever exponentially. And by doing so, it has to steal your money exponentially. The other system is because it's bounded by energy. It doesn't care if we want to print$20 trillion,$100 trillion, which doesn't care if we want to steal more money. It doesn't care. every 10 minutes it has a new block and it's imposing a discipline so meaning this house I'm sitting in right now was 300 Bitcoin five years ago this house I'm sitting in right now is 20 Bitcoin today this house I'm sitting in right now will be one Bitcoin within five years it will it imposes a discipline by that energy-backed system as long as it stays decentralized is insecure, which I believe it's inevitable that it does.

10:48It reprices everything in the old system over time. In other words, you're never too late to buy Bitcoin. You're never too late to move your time from the system that's cheating you to the system that's helping you, ever. You should learn why you should go into self-custody. You should learn why you need to protect yourself in the new system. You should learn, you should not trust a whole bunch of scammers in the system and central, centralize, but you, but if you actually understand Bitcoin, you are part of a network that cannot be cheated. And you are part of, so you're part of an honest protocol that is imposing what the Bucky wanted, imposing what I talk about, imposing it, that forever prices will fall relative to your bitcoin now it will be it'll look volatile you'll naturally think it's going up because most of your measurement is from the system that's debasing but if you don't do that if you just measure in bitcoin you'll see you'll see the perfect clarity of a global free market the first global free market that's ever existed that's having faster investor prices falling for you right i mean a bucket photo was a futurist was considered one of the greatest geniuses of our time And he predicted Bitcoin a long time ago because he was watching kids play electronic games.

12:16And when he saw the score being carried on top of a, which is the ledger, you know, for the electronic game, he says, that was the future. And I'm sitting there, you know, I barely used my cell phone. I had no idea. If you said, and this is the thing, I think the thing that you touched with Bucky Fuller, that you're touching with me. What are we as humans? Like, true, we're abundance creating machines out of scarcity. Any scarcity gets attacked. And it's all of the ideas to solve the problems come out of our brains. And so, of course, AI is going to expand. Of course, these are all ideas that we come up with.

12:58And the output of those ideas should serve us all. And prices should fall in a free market. So anything that stops that is not capitalism. It's not a free market. It's a control system. And so again, I come back to you have a chance right now, if you understand Bitcoin, if you want to do the work, you can move to the first global free market that's ever existed. And no one can stop you. And it's your choice instead of staying in the jail cell. Now you have to do the work because there's a lot of people out there wanting to scam you and sell you meme coins and everything else. So you have to understand that this would be a chaotic thing for your brain to understand.

13:48But if you do the work, you can join the first global free market that's ever existed. And the reason, for full disclosure, we don't recommend anything. But I'm just telling you what I invest in, what I've done. And the reason I did it is when I read The Price of Tomorrow, it was a formalization, a generalized principle. How do we do more and more with less and less? That's what entrepreneurs do. The bureaucrats do less and less with more and more. Do you know what I mean? It's like the Fed, the Federal Reserve Bank, does more and more with 5 ,000 PhDs, which explains why we're in trouble. And so what are you doing with your time?

14:30Yeah. Think about what you're doing. You're expanding the free market by investing in us and investing more of your time into Bitcoin. What you're doing is moving your time from all of those people to something that can't be stopped, which is beautiful. This episode is brought to you by Progressive Insurance. Do you ever find yourself playing the budgeting game? Well, with the Name Your Price tool from Progressive, you can find options that fit your budget and potentially lower your bills. Try it at Progressive.com. Progressive Casualty Insurance Company and Affiliates. Price and coverage match limited by state law.

15:10Not available in all states. Hey, Chicagoland. The Wayfair store is in your neighborhood at Edens Plaza and Wilmette. Finally, you can feel the fabric, sit on the sectionals, and even open the refrigerators. Plus, our in-store designers will help you bring it all together with free one-on-one design support for any project on any budget. Yep, lease that free. Oh, and did we mention the cafe? So what are you waiting for? Come see all that's in store. Visit the Wayfair store today at Edens Plaza in Wilmette. Wayfair, every style, every home.

15:45Hello, hello, hello. Robert Kiyosaki, Rich Dad Radio Show. Good news and bad news about money. And gold is going through the roof. And Bitcoin is going through the roof. and the toilet paper is coming down. And we're going to talk about my favorite subject, gold. As J.P. Morgan says, gold is money. Everything else is credit or debt. And as you may know, Moody's just downgraded the American credit market, the debt. So the bonds are going bad in America. So what's happening all over the world, the Chinese and Japanese, anybody that has our bonds, are dumping our bonds and buying gold. So gold is going up.

16:28Well, let me say it another way. So this here is track. And just recently, Moody's just downgraded our bonds. And for years, bonds or debt was a tier one asset. But when they downgraded the bond, everybody says, well, America's bonds or debt or credit is no good. so the Chinese, Japanese, and the world are dumping our bonds, and they're shifting to gold. So when you saw Moody's downgrade the U.S. debt, what did you think? Wow, gold is going to rip. That was the first thing that I thought, and going, you couldn't be in a better sector. You knew Bitcoin's going to benefit from that. It did. It's up 10%.

17:18You look at gold, it's up because of that. but it's a reality you look at what's going on in the European Union as my old friend Doug Casey used to say at least with the US dollar you know who owes you with the EU it's who owes you so you have all those risks also I think when you have even the Wall Street titans like Druckenmiller and all these legends on Wall Street saying you need a little bit of exposure to gold in your portfolio whether you buy physical gold or buy the etfs or the miners or the speculations these non-producers in the gold sector that will one day become producers that's where your biggest leverage will be um you need some exposure to gold right so when they're what i think is happening in like you know 1971 nixon took the dollar off the gold standard and that was how many years ago and I think that era is finished.

18:17We're now going back to a whole other, you know, look at the current, this is trash now and so we're looking for a new form of money which is why Bitcoin is going up and all this. Yet millions of people are still hanging on to this. I'd rather trade this for gold or silver or Bitcoin or saying it, I don't know how else I want to say it, these people are hanging on to this when it's going down would you agree with that well you you look at the the buying power the dollar significantly gone down and and gold is you know you look at whichever metric you want to use housing historically gold is a way to preserve your wealth will it be volatile of course it's good it's like you said the spot market will go up and down, China will make a move or Japan or, you know, it, it, it, but yet if you take all the sovereign wealth funds and the pension funds, less than 0.2 % of the global assets own gold, less than 0.2%.

19:20I don't know. I like someone like Druckenmiller who, who, who's a absolute success. And if he's saying it should be one or 2%, imagine the buying power that will come in and raise the price of gold and all the miners because as the price goes up, then your margins start going up. Now, your costs will creep up. You're going to have cost inflation, like you said, because the dollar is losing its value. But gold is a great place to be. For me, you know, there's an old saying, Robert, gold is the currency of kings, silver is the currency of gentlemen. Barter is the currency of peasants, and debt is the currency of slaves.

19:57So you want to decide where you want to be. personally i love gold silver is a byproduct from a lot of copper porphyries uh there's very few ways to place pure silver speculations uh first majestic uh pan-american silver are good places to go but i just love gold uh you know you can be a gentleman but you're going to make a lot more money being with the kings can i ask you um i hate to ask this question but you have a forecast what gold will be like, what the price will be 2026? I get scared when Goldman Sachs, these guys that I've always been competing against, are saying 3 ,700 for the end of 2025.

20:43Like that's what, seven months away. The gold price today, Robert, is incredible for us when we go and build mines. So I'm very happy if it doesn't go up. If it goes up too high, the difference between mining and let's say Bitcoin is I can't move the gold deposit. So I would be very scared in places in Africa, certain parts of South America or Asia, if you have a very lucrative gold mine and now gold's 5 ,000, these negative swap line nations that I talk about in my book, they're going to want a bigger cut. And you can't move your mind. You're stuck. You have nothing. You have no choice but to buy.

21:23At least if you're going to be investing in America and you get the$5 ,000 gold, Utah is not going to steal the mine. Nevada government is not going to steal the mine. The Alaskan government is not going to steal the mine. The unions will fight for a bit more, but you have a lot of margin at that point. So I would like gold to stay below$4 ,000 just so it doesn't cause true chaos in the industry. but 3 ,500 to 4 ,000, you could not, it truly is a gold rush for the balance sheets of these companies. Well, Maren, you know, thank you. I'm honored to be a partner. And again, a full disclosure, we make no recommendations.

22:03We're just saying what we do. So I'm honored to be part of your project there. And thank you for contributing your knowledge to the Rich Dad fans about gold. This episode is brought to you by Progressive Insurance. Do you ever find yourself playing the budgeting game? Well, with the Name Your Price tool from Progressive, you can find options that fit your budget and potentially lower your bills. Try it at Progressive.com. Progressive Casualty Insurance Company and Affiliates. Price and coverage match limited by state law. Not available in all states. I'm Serena Williams, and I'm healthier on Roe.

22:40I've lost 34 pounds in a year with GLP-1's diet and exercise. On Roe, you can access GLP-1 options, including the first FDA-approved GLP-1 pill for weight loss. Go to roe.co slash journey to see if you qualify. 14 to 20 % average weight loss in one year in non-diabetics with obesity or overweight with a weight-related medical condition versus 2.2 % to 3.1 % in placebo arm. RX only. To stay informed about serious side effects, go to roe.co slash safety. Hello, Robert Kiyosaki, Rich Dad Radio Show. We're broadcasting from Phoenix, Arizona, where it's either heaven or hell. And right now, it's close to hell.

23:18It's hot as hell. But I love living here. Today, as some of you know, silver is about to take off again. I remember it took off during the Hunt Brothers, when the Hunt Brothers tried to corner the silver market. And there was a frenzy going on there. But silver right now, in my opinion, is the number one investment you can make today, at least for the bonnet gains. And then, like I said, one of the best things about my business is I get to hang out with smart guys like Andy Sheckman here. So we're going to be talking to Andy about the business of precious metals. This is my question because what everybody wants to know, really, is like I almost never sell.

24:03You know, I save and I don't sell. I'm an investor, not a trader. So I'm not in and out of the market. But silver is finally taking off again. What is your prognosis, your forecast, your optimism, your pessimism on silver? Because I love silver because silver is an industrial metal. It's used, as you always talk about, strategically for the military. Yes. and it goes boom and blows up and disappears. Whereas gold is always here. So I love silver because it's disappearing. Every EV has it. All electronics have silver in it. What is your forecast on silver? I think today it's about 35 an ounce, let's say.

24:50Yeah, it's even a little higher. It's above 36 right now. It is 36.60 as we speak. It touched 37 the other day. it's the third time in history that it's been this high. There's been seven attempts to break 35 since 2011. They've all failed. This is the first that hasn't. If it closes the month of June above 35, it's incredibly significant. I believe you'll get the hedge funds jumping in at that point. From a technical standpoint, that's huge. We've seen the weekly close above it, in fact, above 36, with all of the Fed announcements like the non-farm payroll and the interest rate announcement that's coming up in a couple of weeks where they're thought to, they're probably thinking of keeping the rates where they are.

25:41These are all big things leading up to the end of the month. We want to see a close above 35 or 36. But ultimately, the only word that comes to my mind, Robert, is asymmetric. Asymmetrical in this respect means super low downside and amazingly high upside. There aren't many assets that you can say that about. You could have said that about Bitcoin when it was$100 a coin, very low downside, amazing upside, looking back at it in retrospect. But I think that's where we are with silver right now. The reason I like silver is I'm betting against the government. In other words, I don't trust the fed i don't trust you know i like trump but can they stop inflation i don't think so so gold silver are really not nothing to do with anything else but inflation yeah that's right i should attack it's right it's a hedge against the stupidity of of our monetary policy and the irresponsibility of our fiscal policy it's exactly right the dollar is down nine percent this year silver is up over 40 percent and so it's an environment where you're not buying gold and silver to become wealthy, you're buying it because it is wealth.

26:50If you own enough of it, yes, in those terms, you would be wealthy. But I think this is something that's very, very important to understand. You're the one who I credit with. I've said this comment a thousand times. You learn from Buckminster Fuller, you can't get out of the way of what you never see coming. And that's a very big problem here. People don't see the problem with the dollar that is coming. The de-dollarization trend is continuing, and that leads to a whole slew of other problems. At the same time, the treasury demand is falling, which leads to higher interest rates, which leads to a slowing economy, which leads to all sorts of other problems.

27:27But when I look at silver, I see some very interesting things. I see the LBMA, London Bullion Metals Association, which is a T plus one settlement system, meaning T is a trade day plus one to settle. Your metal should be delivered to you or moving on the third day. the lbma says no we're so backed up with delivery requests it's eight weeks really t plus eight weeks when i'm expecting my metal in three days so if i don't deliver they cannot deliver for eight weeks imagine you own the kiyosaki jewelry empire and you're making jewelry all around the world and you source gold and silver bars in london so that when you need to fabricate your metal at the call of a top of a hat in three days your metal is moving to your to your refinery where you're making this stuff.

28:13Robert, I'm so sorry, man. We're at eight weeks because the Bank of England says there's not enough in the way of trucks or manpower. Really? The Bank of England doesn't have enough trucks to move my gold and silver. That's a problem. That's a default. Or whether we're seeing in the United States where the largest single delivery of silver ever in the history of the COMEX happened in May. Or whether we're seeing China, which is the second largest producer of silver in the world, literally buying silver from all the miners directly in Peru, which disintermediates the marketplace. They're buying what's called dore and concentrate.

28:47Dore are the bars the miners make that are crudely refined, maybe 30 or 40 % before they send them to a refiner to be purified. And concentrate is a sludge, liquid sludge byproduct of that. They're buying all of that stuff in Peru, right from the miners, and then sending it back to China to be refined. They're paying double what the West will pay, But this accumulation is totally opaque. How much did they buy? What effect does it have on the price, on the supply? Nobody knows. But this is coming from the second largest producer of silver in the world. Why are they doing this? Why has India bought over 900 million ounces in the last five years, more than the LBMA has in total?

29:29They've bought in the last five years. And now Russia accumulating it for strategic purposes by the state, the first country to say that. Well, all of these things were happening when you and I were talking over the last year or two. But now someone within the Trump administration, thank goodness, is wise enough, I believe, to have said, listen, if we don't start doing what the rest of the world is doing, we're in trouble.