Our Economic Future -Robert Kiyosaki (FULL RADIO SHOW)

(upbeat music) – [Narrator] This is
The Rich Dad Radio Show, the good news and bad news about money. Here’s Robert Kiyosaki. – Hello, hello, hello, this is Robert Kiyosaki of
The Rich Dad Radio Show, the good news and bad news about money. Every time you hear that
little song come on, you know we have a person
who can see clearly and we’re gonna be discussing what’s going on in the future. Are we heading for a recession or heading for depression, or are we heading for the
biggest boom in world history? Right now, I personally have never seen such turmoil in the world and
I’m more on the stand aside category just watching what’s happening rather not making a move. So our guest today is a
very, very prominent person. When he speaks, everybody listens to him and I’m very honored to
have our guest today, Mohamed El-Erian. Like I said when he speaks, I listen. But the other thing about Mohamed, is he might be the last optimist standing. And everybody’s crying doom and gloom and I heard him saying, so look, that’s why there’s doom and gloom because everybody is
saying it’s doom and gloom. But you said, there’s
something else going on. Any comments, Kim? – Well Mohamed El-Erian, he’s the chief economic adviser at Allianz and the former CEO and
co-chief investment officer of PIMCO and was recently named
president of Queens College at the University of Cambridge in England because he sees a need
for change in education. Which is right up our ally. So, a lot of people have their opinions of what’s going on but
Mohamed is gonna give you the facts and different ways of looking at the economy and the markets. So Mohammed, welcome to the program. So excited to have you here. – [Mohamed] I’m delighted, thank you so much for having me on. – Thank you.
– Thank you. – Well lets jump right in, for those listening, I’ve
already asked Mohamed to keep it simple for my
level of intellect here. The simpler the better for me. But it’s the relations, back up, you were with PIMCO, which
is a bond funding company and then there’s a stock market and there’s real estate
market and things like this. So what is the relationship between bonds which is possibly the
biggest market in the world, much bigger than the stock market, but how do bonds affect
the world versus stocks? Could you keep it really simple? – [Mohamed] So an easy
way to think about this is from a company’s perspective. If you’re a company and
you wanna fund yourself, you basically have two choices. One is to issue stock and
that means you give ownership in the company to your shareholders. So on the other side there’s a
shareholder that buys a stock and they have voting rights and they say the upside and the downside
of what the company does. – ‘Kay. – [Mohamed] Another way of
finding this funding yourself and they do both is issue a bond. A bond is very different. What a bond says is that, I will pay, I had a contractual arrangement to pay you every year, you the bondholder, a
certain interest rate. The best you can do is get your money back and the worse you can do
is lose all your money. So you don’t have any more upside than getting your money back if you’re a long term holder
and getting paid interest. So you may ask me, well that’s a bad deal, you have capped upside
and complete downside, I’ll tell you well
there is one difference, bondholders get first
claim on the company, so they get seniority. – So they’re ahead of the stockholder? – [Mohamed] They’re
ahead of the stockholder. – All right.
– [Mohamed] Absolutely. So what you get is called
a capital structure. At the top of the capital
structure are the bondholders, at the bottom are the equity holders. And that allows a company to fund itself more flexibly than it would if it was depending on just one type of instrument. So that’s the fundamental difference, they are a claim on future resources but in a different way with
different upside, downside. – So, is it simple to say that, a bond is debt and stocks are equity? – [Mohamed] Correct. – Very simple terms. So, is it your experience where your reality that the bond market is bigger than the stock market or deeper, in the US at least? – [Mohamed] Yeah, most
people, they tell you this, two fundamental differences
between the two. One is size, and the other
one is what they tell you. So the bond market in
general, and remember, it’s not just companies that issue bonds but it’s also governments
that issue bonds, sovereign debt as it’s called. The bond market tends to take
a view of overall conditions and it impacted less by
the day-to-day development. So when people wanna look for big signals, they go to the bond market. The equity market is regarded as being very very
focused on smaller things. So the information content that comes from the two is different. And there are times when
there seemly are competing or conflicting signals
that come from both market. – And Mohamed, what kind
of signals would we, what kind of signals
happen in the bond market that we’d wanna pay attention to? – [Mohamed] So if for example,
the long term interest rate comes down radically. – How long is long term in your world? – [Mohamed] Anything
from 10 years onwards. So if the 10-year Treasury rate, which has happened here, we can talk about what’s happening today, comes down typically, comes down sharply, then that has tended to be a signal of a significant economic slowdown. Why? Because people who are
willing to commit their money for a long time are also
willing to get paid less. Now, why would you wanna get paid less? Because you think that interest rate will actually come down. So the market has tended
to use the long term interest rate structure to
signal economic development. Alternatively, if it spikes
up, so people are wondering why am I paying so much more
on my mortgages suddenly. Oh, why am I paying less on my mortgages? Well, guess what? The market is trying to assess what the outlook is gonna look like. – So let me ask this. So let’s say that 10
year, what just happened, there was a bond yield inversion, and everybody starts screaming, the sky is falling, the sky is falling. And I saw you on, I think it was CNBC and you were saying, that’s
not what it really means. So you interpret it one way another thing. Would you mind explaining the traditional, what does a bond yield inversion mean to a layperson like Kim and I? – [Mohamed] So what it means
is that you get paid more for holding short maturity
bonds, call it a two-year bond, than you get paid for
holding a 10-year bond. – So can we use simple terms? So let’s say 10-year is 5%, and then– – [Mohamed] Right, and you would get paid, so let’s take an example, let’s take a very simple example today. If you commit your money for three months, three months, you get paid around 2.2%. If you commit your money for 10 years, you get paid only 2%. Now, some will look at that and say, hey wait a minute, I don’t get that. – That’s kind of opposite of what people are looking for, typically, right? – [Mohamed] Correct, you’re asking me to lock up my money and
take longer term risk. Why would I get paid less? – In the old economy world, what happened before, the 10-year, if the short term was going 2%, and the long term should’ve been maybe 6%, that would be, this is
good, this is healthy. – [Mohamed] Yeah, this is healthy because it shows you economy is gonna grow and it shows that you’re
gonna get paid more for committing money longer. – So you go take your money for 10 years. – [Mohamed] Correct, when
you get the inversion, it signals that the market
expects a major slowdown. And typically, in the past,
they’ve been pretty good, not, not, not completely reliable, but pretty good predictors
of what’s coming ahead. – So why would–
– This time around– – Go ahead. – Let me ask you this, so, so suddenly, everybody sees that instead of being, let’s say, simple terms, 10 years at 5%, and that short term is at 2%, but suddenly the short term goes from, the long term goes from
5% to 1%, let’s say. What everybody is saying is, what, what does that mean to
people given an inversion? – [Mohamed] They say it’s either gonna be an economic slowdown or recession. – And you’re saying not necessarily? – [Mohamed] I’m not saying
that not necessarily because there’s one other fact which I think will be
stunning to most people listening to this conversation. Today, there is 14 trillion,
which is a very large amount, dollars of bonds trading
at negative yield. What does that mean? It means there are people willing or have to give their money and instead of getting paid interest, they have to pay for the privilege of committing their money. – $14 trillion worth?
– So the world has turned upside down.
– 14 trillion? – [Mohamed] $14 trillion worth. – So the price of money–
– That is very large– – So the price of money
has gone upside down? – [Mohamed] Correct. – So if you’re a saver, if you’re a saver, you have to pay money to have somebody hold your money for you. – [Mohamed] Correct, and
in New York, for example, some companies have to pay the bank to have a deposit there. So forget about getting paid
interest on your deposit, you have to pay the bank
for holding your deposit. Now that is not in any
single economic textbook. And it shows you how distorted the financial system has become. And if you wanna understand how it ended up in this position, it has to do with the
burden that’s been placed on central banks, and they
have gone quote unconventional, and part of the unconventional
policies in Europe has been negative interest rate. So the markets right now, the bond markets are very distorted by the fact that we had
one major central bank, the European Central Bank, that
has a negative policy rate. And that has distorted the signals that are coming out of the bond market. – So given a man of your
educational background plus years and years of experience plus being a global viewer, a person who watches the world, what does it, when you said, okay, the central bank
is now charging people to keep money, whatever it is, what does that mean to you in
greater depth plus simplicity? So it means something more to
you than most people would. – [Mohamed] It means that we live in a very unbalanced world. So why would a central bank feel compelled to do something so unconventional? And some would tell you, by the way, something that is actually harmful over the long term, and
we can come back to that. It is because other policymakers are not stepping up to
their responsibility. – Like who? – [Mohamed] So if you look at Europe, which is having a significant problem generating high economic growth, it has a series of problems that are nowhere near the central bank. The central bank cannot
address the following. First, the lack of incentives
for economic growth. Europe has been left with a number of structural impediments. Think of someone coming out of hospital who still has structural problems. They can walk, but they cannot run. And Europe has a number of structural impediments
to be able to run. Therefore, the best you
can do is just walk. Secondly, high debt. There are countries like Italy
with enormous debt problems. Thirdly, where the money is is where people don’t wanna spend, and where there’s no
money, people wanna spend. So Germany has a huge fiscal surplus, but they don’t wanna spend it. And other countries in
Europe have a deficit and wanna spend more. So we have a mismatch
between the willingness and the ability to spend. All these things are holding back growth. And the central bank is
the only quote game in town when it comes to trying to
promote economic growth, but that has forced it to do more and more unconventional things. – And that’s the title of your book, “The Only Game in Town: Central Banks, “Instability, and Avoiding the
Next Collapse”, came on 2016. So one last, one more trivial question. The central banks are monetary policy and governments like Germany and the US, they’re fiscal policies? Is that how you guys speak? – [Mohamed] Correct, yes. – So monetary policy is trying to prop up the fiscal policy, which
means why you’re saying some people are not stepping up? – [Mohamed] Yeah, so I think of it as if I have a problem, a health problem, I come to you, you are a
doctor but not a surgeon, and you tell me, you know what, Mohamed, you really need surgery. But the surgeons aren’t
turning up these days. So I’m gonna give you a painkiller that’s gonna make the pain go away, but it’s not gonna
fundamentally fix your problem. And I say, well thank you, doctor, hopefully tomorrow the
surgeons will come to work. I come back tomorrow, and the surgeons haven’t come back to work. And then you as a doctor tell me, I’m gonna give you double the dose. And what we get into is this dynamic where we don’t fix what’s
really wrong with me, but you give me more and more painkillers. And at some point, you
and I will start worrying about the side effects of me
taking so many painkillers. And I think that’s where we are
today in the global economy. – OK, so if you are Angela Merkel, how would you fix it? What would you do that she’s not doing? – So Angela Merkel is in a
particularly tough situation because Germany doesn’t wanna take a regional leadership role. There’s a lot of historical reasons that make Germany very
hesitant to be viewed as imposing its will around Europe. – So there–
– They tend– – They got more centralized
or nationalized. – [Mohamed] Yeah, and they tend, and everybody has become
more nationalized, because when you have a problem, you tend to look inwardly
and blame the others outside. So that we’ve seen that in
terms of the nationalism that has come, has happened. Basically, the solutions
to Europe are well known. First and foremost, it
is government seriously implementing what I
call structural reforms. But remember, like any
surgery, the pain is upfront, and the benefits are down the road. So governments are very hesitant to implement structural reforms, because they may not be voted
back in when they do so. But the first thing is you
need the structural reforms. The second is you need
more fiscal spending on the part of country
that don’t like to spend. – Got it, so–
– Third– – Excuse me.
– Go ahead. And the third, and the hardest is there are certain countries like Greece that simply have too much debt. And the right thing to do
is to forgive that debt but no one likes forgiving debt. Forgiving debt is viewed as rewarding those who have misbehaved. It’s viewed as having the
wrong incentive signals. But there comes a time
when at the end of the day, it’s the best of that options. So when you look at these three things, the engineered had agreed on to do it, but it’s politically very hard to do and that’s why Europe is stuck
in this low growth world. – And I think that is
a fundamental problem, what you’re saying,
Mohamed, is that you’ve got politicians and people
in power and that the, what needs to happen is long term fixes but they don’t wanna
do the long term fixes because it’s gonna affect them personally. And they don’t get elected,
and they don’t get the power, and they don’t get all of that. So they look very short
term, not the long term structural fixes that you
think need to be happening. – [Mohamed] Absolute right. – So let me ask you this, Mohamed. How can you be the last optimist standing? I mean, every time I listen
to you, I go, holy moly. We have a yield curve inversion, so that’s no big deal. And then I look outside. But the United States is
pretty strong right now, lowest unemployment ever
and things like this. So is it possible the rest of the world can go to hell and
America can stay strong? – [Mohamed] It is possible,
but it’s far from automatic. It’s possible because
we are a big economy, we’re an entrepreneurial economy, and we’re relatively closed. We don’t depend on the rest of the world as much as others do. But remember, it is very very hard to be a good house in
a lousy neighborhood. You can, but it’s really really hard. At some point, the neighborhood starts influencing the house,
and the value of the house. So we can do it, but I think a better way of thinking about it is that we need to help others come up to our level. We need to take more of a leadership role and we can, and we should do so. – Thank you very much. When we come back, we’ll
be talking more to Mohamed about how he can be the
last optimist standing, but more what could be done. But I think more importantly, we’ll get to what the individual can do, because as you know, for
those of our, Rich Dad, primarily educational, so
we make no recommendations on any investment. But you have to be both a pessimist as well as an optimist, what, where’s the brightness in all this? So we come back, we’ll
find out how Mohamed can see the brightness in spite of all, what most people would
say is doom and gloom. And how can the American
economy keep booming while everybody else is kind of hurting? So we come back, we’ll be in
the second part of the program with Mohamed El-Erian,
one of the smartest minds like I said, when people, when Mohamad talks, the world listens. We’ll be right back. Welcome back, Robert Kiyosaki,
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actually discussed it with people that are closest to you and they’re the most important
people in your world today. So our special guest
today is Mohamed El-Erian. He is, like I say, when he
speaks, everybody listens, and I’ve been kidding
him saying he’s the last standing optimist that I know of, because he’s always on the program. I remember once, not too long ago, Mohamed list as the reason
the market will turn is because all of you say it’s gonna turn, and we have, that’s called the
power the word becomes flesh. You say it’s bad so it gets bad. So anyway, Kim, any comments before– – Well, our guest, Mohamed El-Erian, he’s the chief economic adviser at Allianz and former CEO and co-chief
investment officer at PIMCO, which is one of the largest
bond agent, bond companies. He’s also the author of
“The Only Game in Town: “Central Banks, Instability, “and Avoiding the Next Collapse”. And his other book is
“When Markets Collide: “Investment Strategies for the Age “of Global Economic Change”. – So we’ve, we have
never, I have never seen, I mean not that I’m not that old, but I’ve never seen
anything this volatile. – It’s crazy. – Yeah, I mean, I wanna just, real quick, we have this guy, Trump, he’s just crossing the border into North Korea. And all the little things he’s doing, he’s talking to the G and all this stuff. At the main time, Hong Kong is rioting. What does that mean to you, Mohamed, since you watch the global world? – [Mohamed] So I think
what you’re getting back, what you’re getting is pushback
from people in Hong Kong to China imposing more
and more of its will. For a long time, the mantra
was two system, one country. So yes, Hong Kong is part of China, but explicitly there are two systems and we will tolerate two systems. And there’s a lot of concerns now amongst some people in Hong
Kong that this tolerance of the two system is eroding. I think for those of us on the outside, the main question is
who gets to build back to other parts of China? China has been incredibly successful in implementing a social contract. Think of a social
contract being a contract between the governed and
those who are governing. And the social contract in
simple term basically says I, the government of
China, will deliver jobs, higher income, and
prosperity, to you the people. But against that, you give
up certain civil rights that other people have. And that social contract has held. And the question now is will
what’s happening in Hong Kong erode the social contract back in China? – Will it spread?
– And if it does, will it spread, exactly. And if it does, and it’s
not clear that it will, but if it does, it would make China much harder to govern. Which means that the second
biggest economy in the world would become more volatile. And that’s really what we should
be watching going forward. – What do you think the odds are that the riot in Hong Kong spreads? ‘Cause with the new
social media and Internet, it’s hard to keep that quiet. – [Mohamed] So the, we had one episode like this a while ago
and it didn’t spread. I really, Robert, I don’t
have a good feel for it, this is way beyond my sort of, I don’t have a good feel for China, of what goes on in China, but I do know, for the
reason you’ve just cited, of social media, et cetera,
the risk is much higher than it would have been in the past. So to the extend that people stay, well, we had Tiananmen Square three years ago and that didn’t spread,
I say, well be careful, because the world is different. And people, the way people
consume information today is very different from what it was before. – Thank you. What concerns me is, I’ll
be in China in a few months, and then it’s gonna be interesting what I have to say over there. Any comments, Kim? – Well, Mohamed, when we had
you on the show last time, we were talking about
Trump, President Trump, and you said he was on the right track with some of the things he was doing, specifically with China. Do you think that’s still the case? – [Mohamed] Yeah, I think
that more and more people now, and you see this, one issue
that has a lot of people, politically and otherwise on his side which is that stand up to China. In fact, I’ll give you
a very simple example. In his meeting, the G20, which is a summit of the 20 most influential
countries in the world, President Trump met President Xi of China. And they agreed to a
truce on the trade war. And part of that truce was President Trump allowing a Chinese
company Huawei to receive suppliers from the United States. The reaction in the US was,
hey, what are you doing? So we’ve gone from people questioning Trump being too hard on China, to people now questioning
whether Trump should relax the restrictions that
the US has put on China. And that shows you a
complete change in mindset in the United States to the realization that China is not just
an economic competitor, it’s also a national security competitor. And if you don’t do
something about it now, when will you do something about it? And I think that is really
important to understand that that is the change that’s
ongoing in the United States and that’s why this one
issue has a lot of people from both parties behind it, even though we’re living
in a very polarized political world right now. – Which is what you say is economic versus politics, it’s all
one big mismatch right now. – [Mohamed] Yeah, for a long time, it was about bad economics
resulting in messy politics. And now, we’re seeing
politics influence economics. So we’re seeing the
weaponization of economic tools. Tariffs have now been weaponized. We are seeing more and
more nationalist policies. We are seeing a lot of
changes that suggest that you get a feedback loop between economics and politics. And when you get these feedback loops, you know what happens? The unthinkable becomes thinkable. I remember when my daughter was a child that she would have a tantrum. We all think sit it out
and she will calm herself, but what if that tantrum
makes her feel sick and then she starts throwing up, and then she gets even more of a tantrum and next thing you know, you’re losing control of your child. And this is what’s called
self-fulfilling vicious cycles. – And that’s what you are
warning of, wasn’t it, when I’ve seen you talk to people. – [Mohamed] Yeah, I would tell people, we understand the dynamics of it, not everything is like an
elastic band that goes back, not everything is mean reverting. And when you get economics and politics interacting with each other, then you really do get the potential for these self-fulfilling
adverse dynamics. – So let me ask this question. Of all the people in the world, how can you be the last optimist standing? What are you optimistic about? Because when I look at
what’s going on in Europe, in the Americas, then
Africa, and then Asia, how are you so optimistic? That’s what I want–
– Because none of this, none of this is God given. We can change these things. It’s about decisions,
about political decisions, it’s about leadership. And I think there comes a time when things get so bad that people have to focus on solutions, as opposed to just complaining. And I think that it’s not as
if we don’t have solutions. We have solutions, we just haven’t had the political will to implement. And the fact that we have solution is what makes me optimistic. – And so some of those solutions? – [Mohamed] For example,
the United States, we all worry about being contaminated by the rest of the world. We all worry to use it,
what I used earlier, there can be a good house
in a bad neighborhood. That’s absolutely true, so
let’s insulate the house. If you really wanna improve our economy, let’s step up investment
on infrastructure. Because infrastructure
has this wonderful thing of enabling more people to do more things. We have the ability to do that. It just takes political will to do so. – And leadership.
– And leadership, right? And so I look around and I
can see a set of policies on which most people agree on. That’s the irony. Is that most people agree on
this would be a good idea. You just need the political
will to implement it. And there comes a time when
people say, you know what? Let’s work together. And I think we’re getting
closer to that point. – So what you’re saying,
it comes to a point where it gets so bad that
people finally step up and say hey, we gotta do something. So we’re not at the so bad point yet or are we there now?
– We’re not here. In Europe, we’re getting very
close to the so bad point. So Europe for me is a main
source of potential risk to the global economy. – And so let me ask you this. When you say self-fulfilling, does that also apply to the masses? Because I look at the media, and the media is always bad news, economy’s bad, people are
going toward socialism. Is that part of the self-fulfilling? Can it be like a mass think
that brings this about? – [Mohamed] Yeah, so what
you’re worried about, is if I scare you, okay,
I really scare you, but the future is dark, et cetera. What are you gonna do? You’re gonna start,
you’re gonna spend less. You’re gonna keep more
money for that dark future. When you spend less,
someone else gets paid less. When someone that gets
paid less, they spend less. – So domino effect.
– So next thing you know, we get ourselves in that vicious cycle where our fear of the
future makes it accelerates what we’re afraid of. – Yeah. – Well, you know that’s–
– And that’s self– – Self-fulfilling, yes. – But that’s what Sir Isaac
Newton said years and years ago was that that South Sea Bubble,
the tool of million things, he said, “I can predict the
motions of heavenly bodies “but I cannot predict
he insanity of crowds.” – Correct.
– And that’s, I think, that’s where a lot of
time economist misses, how insane are the crowds
gonna be if it goes worse. And once it spreads. – [Mohamed] We have been very bad at understanding behaviors. We have been very bad at predicting how people will react. And that’s because we haven’t taken behavioral science seriously enough. We haven’t understood that
what may seem rational isn’t that rational because
we all have our biases. And I think that there’s
a much bigger effort going on now to understand
behavioral science in order to be better
at predicting how people will actually behave, not
what the textbook tells us, but how people will actually behave. – Be–
– So, yeah, go ahead. – Before we close, and keeping in mind that we’re worldwide audience, what would say it’s the
important thing for individuals, people who are listening to this program, to do, or think, or look at the world? – [Mohamed] Start with
the uncomfortable notion that the future is less predictable. It’s more uncertain. And rather than let that paralyze you into doing nothing at all, embrace it. Embrace it. That’s your reality. You’re not gonna change it. You’re too small to change
that reality, but embrace it. And then ask yourself what
are the three characteristics I need to navigate that world? One is resilience. I have to stay in the game. Two is optionality. I have to be able to change my mind when I get more information as to what’s actually happening on the ground. And three is agility. I have to be able to move
quickly to reduce risk and take advantage of opportunities. Because risk always
come with opportunities. So always ask yourself,
do I have this combination of resilience, do I have this
combination of optionality, and do I have this combination of agility? If you have these three things, then you will navigate the
world much better than others. And that translates into how we think about where we invest money, how much debt are we taking on, how big a mortgage should we take on? How should we think about
education for our kids? It has huge implication
if we just boil it down to this notion of the
trifecta of resilience, optionality, and agility. – Let me–
– I like that, I like that a lot.
– One last question. One last question. Historically, when the last was in 1930s, stuff like this when
economy was in the toilet, that was the rise of popularism or some people call it socialism, and that the government
should give people money, almost neo-Keynesian or
modern market theory, money market, modern money theory, just give the people money,
give the people money. What do you think is going
on with the socialism? I’ve never heard such
unabashed socialist ideas, free this, free that, free this. At the same time, our debt
is going through the roof. So when you see all that,
speaking of human behavior, what did you see going on? – [Mohamed] Yeah, it’s called,
I call it political anger. When the system is viewed
not to have delivered, people would opt for alternatives. You saw this with the UK voting
to exit the European Union. That was the politics of anger. You saw this with the
emergence of more extreme political parties from left
and the right in Europe. You saw this with the
election of President Trump. Most people would have
never predicted that. And what you get, when
the individual gets angry, they opt for a completely
different solution. Because they are voting against something. And what we’re seeing is that the system has under delivered for so many years in terms of growth,
people think it’s unfair, that they get angry. And when they get angry, they
vote what they don’t want. And you get these unusual outcomes. So whether it’s the so-called
socialism or nationalism, all you get that, they are just reaction to a system that hasn’t produced. And the longer it takes
for the system to produce, the more extreme these
outcomes are gonna become. – So that’s why Sir Isaac Newton says, “I can predict the motion
of heavenly bodies, “but I can’t predict the outcome, “what the crowds are gonna
do if it gets that bad.” – [Mohamed] Correct, correct. If you become a single issue person, and we see this in our
personal lives as well. If you become, instead of
a taking a holistic view of the whole thing, you
become a single issue person, then you end up with this change. I’ll give you a very simple
personal example, if I may? – Sure.
– Please. – Please. – [Mohamed] My last year
as an undergraduate, I had my whole plans as
to what I was gonna do to do my doctorate program. Then I fell in love with this amazing, and this woman was going
to another university. So instead of continuing on my plan, I decided that the only
issue that mattered in my life was this woman
because I was convinced that this would be the person for me. So during the summer,
I scrambled and changed all my plans to go to
this other university. And the only reason I
chose it is because of her. Guess what happened the
second day I was there? She dumped me. (Robert and Kim laugh)
– You know what? – Aw, that’s just– – And I found myself committed
to a three-year course, in the place I knew very little about. – Wow, a great example. – [Mohamed] That was for
me, don’t make decisions based on one factor alone because you may end up in the wrong place. And for me that was a very
personal lesson about that. So when you become a single issue person, you may end up with outcomes that are not what you would have decided
based on more holistic thing, but you know what, there’s
reasons why we’d come here, we fall in love, we get
angry, we get passionate. So understanding human behavior is very important in this regard. – And what you’re saying
too of political anger and single focus, we’re really operating purely on emotions, and
we’re making decisions, emotional decisions without really looking at all of the factors
involved, is that correct? – [Mohamed] Correct, absolutely correct. – And Mohamed, that’s why
we just love having you on the program, ’cause
you come with such depth and insight that most people do not have. And I really appreciate
you taking the time to be on Rich Dad Radio,
’cause I learn so much from you and the world learns a lot from you. And we need more people like you. – [Mohamed] I’m delighted. Thank you so much for having me on. – Thank you for sharing–
– Thank you, Mohamed, thank you for–
– Your wisdom. – Yes, thank you for all your
insights, so appreciate it. – Thank you, thank you. So we come back, we’ve got
the most popular program is ask Robert, but after
listening to Mohamed, you may not wanna ask many more questions. We’ll be right back. Welcome back, welcome back. Robert Kiyosaki, The Rich Dad Radio Show, the good news and bad news about money. Once again, you can listen
to the Rich Dad Radio program anytime, anywhere, on iTunes or Android. And we archived all of our
programs at richdadradio.com so you can listen to this program again. If you listen to this program again and discuss it with friends, family and business associates, your intelligence will skyrocket. So anyway, I wanna thank Mohamed El-Erian, and you can submit your questions now to Ask Robert at richdadradio.com. What’s the first question, Melissa? – [Melissa] Our first
question today comes from Ken in Richmond, Virginia. Favorite book, “Rich Dad, Poor Dad”. He says, “Hi Robert, I am
currently reading “Fake” “and enjoying the information. “I recently heard a story
that Senator Joni Ernst “is trying to push a bill
to save taxpayer money “by changing the composition of our coins. “She says it cost two
cents to create a penny “and seven cents to create a nickel. “I believe that, but I’m
curious of your thoughts “of changing what they are made of “and how it relates to the
overall fakeness of our money?” – Well that’s a great question. Thank you for reading the book “Fake”. The purpose of “Fake” was
not to give you answers but for you to question everything that you see in your world today. Because from my point of view is that 1971 when Nixon took the dollar
off the gold standard and money became fake, then the rich were only gonna get richer. So that today America has
the largest wealth gap between rich and everybody
else, the largest, more than any other
countries in the world. And much of that is because of fake money, and then you look at education. Our school teachers teaches
nothing about money. My poor dad was a highly
educated poor man. And then the Wall Street. They give you all this financial advise, but the only people they
make rich is Wall Street. You can talk to my friend, Jon McGregor, who has done programs for millennial money on why the idea of
investing for the long term in a well diversified portfolio of stocks, bonds, mutual funds, and ETFs,
is not really a good idea for those who wanna get rich. It’s better than nothing,
but not a very good idea. But the most important
question, I ask that question, the biggest question is,
what difference does it make if they can print money with the cost of a dime or a nickel is? Any comments on that, Kim? – Well, I was in Estonia
a couple years ago, and they’re pretty much
a cashless society, they don’t even have cash. So one of my questions is, how long are we even gonna be using cash, because everything is
electronic, credit cards. I asked for some cash in Estonia, and they’re like, what? We don’t have any cash here. It was really hard to find cash. So I’m just wondering how long
it’s even gonna be around. Maybe that’s bringing up the issue. – That’s just what “Fake” is about. There’s three types of money. There’s God’s money,
which is gold and silver. There’s government money,
which is the dollar, yuan, the peso, the
euro, which is all fake. And then there is
bitcoin or cyber currency I call it people’s money. And that’s why I wrote “Fake”. It’s not to give any answers. I’ve never seen the world so in turmoil. Listen to what Mohamed El-Erian is saying. We are in this world of turmoil right now. And I like what he says. There’s three things
you need to have today. One is resiliency,
optionality, and agility. I think those are the
best answers you can get. ‘Cause I don’t know what’s gonna happen. And as Sir Isaac Newton says, “I can predict the motion
of heavenly bodies, “the Earth, the Sun, the Moon, “but I cannot predict
the madness of people.” And I think people are gonna go nuts. In which way they go nuts? I don’t know, good luck. – And you know what Mohamed said, which I really really liked,
is he said that the future, you gotta understand that the future is less predictable, so embrace it. And I see a lot of people, they’re in such fear, they get paralyzed, and they just hunker down and do nothing. And he’s saying, no, there’s things you, definitely things you can do, but you gotta embrace and just accept that the world is less predictable
than it was 10 years ago. – Everybody asked me about
bitcoin and cyber money and I said, look, whatever you do, be a student of it. I really am not qualified
to speak on bitcoin. I have a little bit of
a theory of those stuff, but just to learn about it. But hardly an expert. I’ve a friend who, I think he put a million dollars in when
bitcoin was like 10 cents and now he loves bitcoin. So he became a
multimillionaire on bitcoin. I think that train has left the station. If I tell you right now
bitcoin was 10 cents, I hope you will just rip everything apart and put all your money it, but the idea of 10 cent bitcoin,
I think, is gone forever. So things are changing that fast, which is why what Mohamed says is resilience, optionality, and agility. And don’t go chasing little
butterflies all over the place. That’s what people are gonna do. What’s the next hot thing and they’re gonna chase
it versus study it. Just the other day I went
into an auction house and I was looking around, dadada, they’re auctioning this
so-called rare and exotic things. And I walked out, and then two days later, somebody walked in there and they found a painting worth $2 million. It was right in front of me
too, I just didn’t see it. Am I gonna go back into
that same auction house and look for that $2 million painting? No, it’s gone. And this guy was really smart, plus there was a story of, the Masters Tournament has a green jacket. And this person was
shopping at a thrift shop and they found a Masters Tournament green jacket, a real one. He paid like five bucks for it and sold it for 150,000 bucks. Now does that mean you’re
gonna hang out in thrift shop looking for a Masters’? I wouldn’t know a green
jacket for the Masters. Right, Kim, would you– – I wouldn’t know, no, I wouldn’t know. And I’m a golfer. – And they can’t figure
out whose jacket it was because the name was cut out of it. That must have needed money
pretty badly (chuckles). So that, I think, that’s
the message of this program. Mohamed is saying it’s resilience, optionality, and agility. Thanks for reading “Fake”, but right now, start asking yourself question, and questioning everything
you’ve been taught. Next question, Melissa. – [Melissa] Our next question
comes from Oscar in Las Vegas. Favorite book, “Unfair Advantage”. He said, “Robert, you and Kim speak “on how doomsday is upon us. “my concern is how will
our lives be affected “if the US goes bankrupt?” – Well, that’s a great question. The object is not that it’s doomsday. The object is can you be both
an optimist and a pessimist? You see, I look at the
worst case scenario, then I look at the best case scenario. That’s why I was really
happy to have Mohamed on, ’cause I keep telling him, he’s
the last standing optimist. But when I look at the
stats, like you see, the inverse yield curve
and the bond market, stock market, the bubble,
the printing of money, the social economic instability
of China, Russia, Iraq. You can’t sit there and say,
I know what’s gonna happen. ‘Cause we don’t know what’s gonna happen. And so again, the three
things that Mohamed says, resilience, optionality, and agility. Be both a pessimist and an optimist. But I’m such a pessimist
that Kim and I have figured, we had to figure out how we could operate outside the banking system? Whether it’s if all the banks shut down, how would we survive? How do we make sure employees get paid? Because I’m not saying
it’s going to happen, but if the bags never run on the banks, and the banks have to shut down, that’s when you’ll see hell. We’ll be living hell. Any comments, Kim? – Well, the reason we have this, the reason we have Rich Dad Radio is to educate and to see both sides, three sides of the coin and
the optimist and the pessimist. And I think Mohamed said it really well when he talked about what
happens for a lot of people is I think called political anger, where they just get angry and
they make emotional decisions. I think that was one of
the keys today to the show is that get educated
and understand and learn so that you can make sophisticated
or intelligent decisions at least, that are gonna
basically benefit you instead of just acting
purely out of emotion ’cause you’re pissed off at
what the politics is doing and what the economy is doing. Get yourself educated
and think for yourself. – And that’s what I would
have to say is that, when Kim Jong-un greeted President Trump to cross the DMZ, I’m going, who would ever have predicted that. And it drives a lot of
these academic elites nuts, but as a businessman, I’d
say that’s a good move. I’d rather talk to the guy than shoot him. Let’s not push the button. Let’s talk, and I’ll
symbolically cross the DMZ. But him, no no, we should
shoot him, we should nuke him. I’m calling holy moly. – Don’t talk to China,
don’t talk to Russia, don’t talk to anybody. – And that is pervasive,
I call it siloing. You just stay insulated to yourself, you don’t talk to anybody outside of your little cloistered
world, your point of view. I only hang out with
people who like Trump, I only hang out with
people who hate Trump. What kind of civilization have we become? So that’s why, remember I said that all the coins have three sides, heads, tails, and the edge. I think this is a time
for standing on the edge. So I thank you all for
listening to Rich Dad Radio. You can submit your
questions to Ask Robert at richdadradio.com,
and once again thank you to Mohamed El-Erian and
thank you to all of you for listening to this program.

100 thoughts on “Our Economic Future -Robert Kiyosaki (FULL RADIO SHOW)

  • Robert and Kim, last year I took a leap of faith on investing. I once heard Warran Buffet saying "Invest on a product that you know about. That the product is tangible to you." So because I always go to Starbucks, I figured why not invest in this company who's product I already know? And I had read any books on investing yet. So I started investing via the Stash app. I fugured if I don't risk anything I'll never gain anything. I can read all the books on investing But I don't invest and risk losing I won't learn. I now see my tiny stock growing since I bought it!! Inerting is teaching me to have patience. I've also invested in Under Armor because of the Rock's involvement in it. And sure enough, these tiny stocks are growing!! My goal is to be financially free!! Just like you teach. And one day Robert and Kim, I will treat to lunch. Even if is just as simple as Subway, eat fresh!! 👍💪👏🙏😄

  • I disagree that Trump should be talking with Kim Jung- Un and Putin. They are bad actors and if they want to talk to world leaders they need to earn it.

  • Hey guys, I forgot to mention that thanks to the book Rich Dad Poor Dad, I started my own business with CBD OIL!! We at CTFO, have many many products for; Body aches, snoring, hair loss, facial creams, chewables for dogs, and nice Discount for Independent Associates!! It's 100% free to join!!
    Thanks very much!

  • 感谢富爸爸带给我的财务知识,希望今后能将所有的富爸爸视频 ,课程资料翻译成中文,我不懂英文,好多的富爸爸知识,课程我都无法知道。我在东京居住,希望和大家成为好朋友 共同学习成长。

  • I expected to be educated with some profound economic wisdom, yet only received a little bit of common sense with regard to political opinion on world events.

    I found this to be a total waste of the invaluable time I invested having received no asset in return.

    For those contemplating investing their invaluable time, let me it break it down for you…

    H.K.: "Hong Kong protest impact on global politics?"
    M.E. : "Don't know."
    H.K.: "Wow! You're Brilliant! Thoughts on Trump?"
    M.E. "He was unpredictable."
    H.K. "So smart. When this guy talks I listen. Newton could predict cosmos but not people."

    I've totally over-simplified, but I'm not far off the mark. This is a waste of time for anyone expecting a detailed & thorough analysis of the current economy with any measure of wise advice… short of Bush Jr.'s post 9/11 "Go out & shop!" resolution. In short, keep making investors money while spending yours, debtor!

  • Mr.Robert, dump these MSM biased economic experts and bring people like Gerald Celente and Peter Schiff who were yelling since 2004/05 about the imminent financial bubble getting ready to explode very soon and indeed which it did in 2007/08.

  • The big lie rates can be normalized after 40 years of cutting since the 1980s. Long term rate cuts over 40 years has never encouraged deleveraging not once and now we have a system and markets that depend on all the credit created since then to sustain itself. The theory is cut rates so people can pay their debts and we can have a beautiful deleveraging, that has never happened in 40 years. Only way deleveraging happens and price are cut down to make life affordable again by driving all prices down without ever more credit expansion pushing prices of housing, education, etc… further and further away from incomes and end massive monetary inequality (unsustainable housing and stock price equity value) is mass defaults.

    Everything will be done to prevent the long term credit cycle from reversing. The multi-decade great moderation driven by central banking has led to a system that has no serious credit corrections over decade long periods but that also creates more long run problems because bad debts cannot be wiped away via regular more periodic painful default.

  • 45:20 I am thinking for myself, I have property in AZ and FL and would love to just sell all of it and live in a van and duck!!! Thinking for myself is not making it any easier…somedays I think they are running this up for 5 more years. I cant see Trump being President over the mother load crash!

  • Wow,,, I must subscribe I finally found the real Robert, so many people on YouTube are frauds. This just made my day😊.

  • Hi Kim and Robert. Im your no. 1 fan and I want you to have a kids by surrogate. Just a suggestion. Love you!

  • The biggest mistake that Robert makes during this interview is making the statements that wall street is behind the wealth extraction. This focus is complete incorrect misdirection. Robert is focusing on the USD. This entire financial problem is not about the United States. The entity controlling the USD is the same entity controlling the Euro, Pound, Franc and countless other currencies. This is a global conspiracy. The agenda for the entity controlling the worlds monetary system is to create a one world currency that they control. The will form it by way of global financial collapse. They will do this by raising rates significantly and cause the derivative market to implode. The central banks will become illiquid and banks will close worldwide. This collapse will NOT occur during Trump's tenure. The entity (Illuminati and Deep State) MUST have a President in the office which is in alliance and will implement the all-important Executive Orders in place to control America and assist in the United States to be a participant in the one world government to be put in place after the collapse. Robert is a participant in misdirection because he is not extending his viewpoint due to the lack of larger knowledge on the truth of what is going on financially in the world. If you would like to read my article (34-page word doc) that was published on a prominent financial site in 2012, send me an email at [email protected] It is entitled "The deliberate global economic collapse". It is accurate and enlightening. Mike King

  • But humanity does not depend on money, real estate, stock market only. It grows with creativity of human brain, scientists,artists,designers, farmers,who are not rich ,not money minded.
    The investors in my view are only lazy and suckers of others hard work.

  • That's why I close my Bank of America account cuz it wasn't making sense for me to save money and pay them to save my money

  • Honestly, I don't believe we have the lowest unemployment rate. I don't have the facts but I believe those unemployment rate numbers are manipulated. As an average American worker, I see everything going up except our salaries. These college students graduating with worthless degrees having trouble finding a job and those who find a job is minimum wage and/or part-time. Things are crumbling down. 2020 is going to be an interesting year. I'm eager to see what's going to happen.

  • We can have infinite growth on a finite planet, all we need is political will! To quote Kuroda, we can fly, we just have to believe it! I don't see how this all adds up (economy, energy, environment), outside of the second coming of Jesus Christ. Even just the pension system at ZIRP is totally impossible. Someone from Allianz should be asked about pensions.

  • to say that the American economy is doing good is ignoring the fact that more than half of the people are in poverty. These talks are disgusting because they only concern people with money.

  • He articulates well but he couldn't be further from the truth. The US is the worst off of all the powers. I won't be listening to Mohammad again.


  • ill cut you some slack for making this podcast.

    But I wont forget the 100k's you screwed people out of. Im hoping you wont be so greedy this time.
    if your going to hold an event, I want to see you at the event not some 3rd party company

  • Seems that having $14 Trillion earning negative interest rates is a symptom of 40 years of deficit spending coupled with trickle "up" economics. Too many dollars in the hands of people who don't know what to do with it or don't really have a need for that money.

  • The "structural reforms" Mohamed is talking about entail giving away all assets to the muslim invaders of Europe. Somehow I don't think Europeans will do that willingly, hence the plans for a fascist one-world government. The EUSSR is the test bed.

  • no matter the currency, there is hard value in the things we place value upon, and will always be able to reward the value we provide with other valuables.

  • El-Elian is payed to play the trumpet for the bulls and policy makers. I think he is a nice guy but speaks with a bias for his employers.

  • So basically the money masters charge to store your money while they're allowed to rape the public at predatory lending rates.

  • He has no idea what the average person is going through. This program is obviously not for the bottom 90%. What a waste.

  • I think a lot people have blinders on they don't want to believed it happening again. They say it different this time around 🤣 suckers. In 2016 2 economists predicted this.

  • There's 1.2 millions people not employed not being counted not collecting benefits. The rate should be 5 to 10 percent

  • poor European countries – give up your culture and sovereignty for central bank economic success. INSANE. European union should have stayed as free movement only. I was in Hungry not long after EU became official and German government was buying up all public assets they could. I hope EU fails for the European people.

  • Greece : forgive debt? Then nuts saying forgive student debt? Do not go to college case closed 😎or pay your bills you whiner babies under 35 years old. Wait till real recession when your mommy and daddy canny pay your rent pay your bills! The economy went Ponzi scam in 90s. 2000 was bailout 2008 a bigger one and maybe 1 more left 2022-2025 should be the next crash
    Good luck all

  • Endless economic growth could lead to ruining the earth and overpopulation. Oops it already has— we need to reduce through peaceful means both our populations and economies and have a more balanced natural world.

  • I'm a millennial in California and these baby boomers want to sell me their house for 4x the price they bought it for.

  • Thats why i always preach to people (its also my personal goal) to invest your money in a farm and acres of land. Be self sufficient on the basics in life. Even if the government fails at least you have shelter and can feed off your farm. And vise versa, if the government doesn't fail, you can sell your produce and use that as an asset. Gold and silver is not going to feed you when people are going crazy and there's society collapse.

  • Good interview. On Greg Hunter channel. They say expect the grandfather of all economic crashes this year. Worse than 1929.. It will hurt the middle class.

  • Robert, your always saying that if we want to make it as an entrepreneur we need to have the skills. However I am a bit confused. Would having a team help where I lack the knowledge or experience more than me having al the skills?

  • Leadership in terms of Growth At All Cost Policy? El does realize that the Central Banks have coordinated with Taxing Agencies to create this debacle. People do not Grow forever….people are the Economy. The Law of Diminishing Returns makes certain of it, but the politicians will not follow laws.

  • U.S. debt is more than the total size of the United States’ economy and equivalent to the gross domestic products of China, Japan and Germany combined.

    While the economy is experiencing its longest sustained expansion in American history, the federal deficit is ballooning — when its supposed to shrink during strong economic times. Strong economic times! Bigly strong. Bigly debt bomb.

    The question is: Do YOU see this sustained expansion in YOUR pocket? Or does this expansion go to the 1% richest of the richest? Your corporate conglomerate masters?

  • Tariffs have been weaponized for a long time Mo, against the US. Think we can sell our stuff freely in China Europe or japan? Yeah right, get real bro, all good with everyone until the US does it back to them.

  • Dear Rich Dad,
    As a retired teacher I had little opportunity while I was in the classroom to deviate from the prescribed curriculum. On occasion, however, I was able to interject a bit of economic wisdom into the lesson. I know many teachers who were aware of the same situation and looked for opportunities to share. As younger and younger teachers replaced we older work horses who had some wisdom and economic experience from our own lives to share in the classroom, there was less and less experience in the newer younger teachers to give for they were in fact students of that prescribed curriculum I alluded to earlier. Perhaps we can demonize the less relevant curriculum more than the teacher. As a result, the overworked teacher may be less defensive and use that energy for self reflection and in time even read your book: FAKE. I'm sure it is being marketed and offered to those FAKE economics teachers who are the most opportune to enjoy it, and for that matter benefit from it. Unfortunately the teachers who would benefit the most from reading your book, who teach the students who are most capable of understanding your book, in school districts that are most able to afford your book, and even have students whose families have given then the prerequisite functional vocabulary to synthesize your material. Unfortunately the teachers, students, school districts, and families are more than likely too busy teaching the prescribed curriculum to measure the teacher's effectiveness, the student's college readiness, reward the district financially for test performance and save the families some college tuition should they pass the advanced placement test at the end of the course or show that the student merits a scholarship. Yes we have created a dinosaur that we called public education. As it creeps along continually reinforcing an institutionalized bureaucracy all the way to university graduate programs envied by the world we can shoot the ever so popular arrows of criticism that will barely penetrate the skin of the beast. The problem is not FAKE teachers. It is much worse. Thank you for reading.

  • They could restructure without pain if they simply killed defence spending and stoped there police actions and wars

  • We have socialist economy they give bail outs , corporate farm aid not avalible to small farms they give companies like Amazon millions in tax incentives to they did auto bailouts they do not split monopolies they make u have licences to block people from entering industry that limits competition like medical marijuana only a few farmers store owners all hand picked by the government they have open bids on government contracts and does not advertise avalibilty to compete for these contracts and do not allow poor to bid on them if the poor was awarded big government contract they could get financial backing too, they block the poor from coming up , with unfair tax, forced insurances and bonds that big corperation do not have this expense only the poor the government picks the winners and loosers that's socialism

  • Thank you, Robert Kiyosaki, For have having your guest Mohamed El-Erian speaking in Laymen terms, Its helps us all out what he has to say. Mr, El-Erian, Has a lot wealth of Knowledge. As such of your self also Mr, Kiyosaki. This is the first time that i have tune in to your show The Rich Dad Radio Show. Wow"!" Keep up the nice Work>

  • WTF is he talking about growth? Yes sure it is a necassity in our moneysystem. But it is not sustainable. We live in a dept and interest based money system which is the root of many problems in our world. Interesting to see that what Robert says here is coming slowly on the surface of the masses. More so interesting that in germany there has been educators who knew and told that 10 years ago. This is no new knowledge. But important one!

  • In 2006 and 2007, Kiyosaki's Rich Dad seminars continued to promote real estate as a sound investment, just before their prices came crashing down.[67]

    In 2010, Allan Roth of CBS News documented what occurred when he attended one of Rich Dad's free seminars and dissected some of the tactics employed.[68] The Marketplace expose on his seminars in Canada showed what occurred in $450 seminars through a hidden camera including Kiyosaki's response to them.[69]

    In 2015, advocating the purchase of gold, Kiyosaki predicted in his seminars in Philippines that there would be an even bigger financial crash in 2016 which would be worse than the 2008 crash.[70] His prophecy did not materialize.[71]

  • Mr. Kiyosaki, the "B" segment of your quadrant is Big Business and, based on your videos, requires 500 employees to qualify for the big tax breaks. If less than 500 employees, do we miss the big tax breaks?
    Thank you.

  • With "other people's money" it is easy to pay/charge negative interestrates.
    Take out your money from that kind of investment vehicles and buy precious metals, Bitcoin …

  • Your friend who bought $1,000,000 worth of bitcoin at 10 cents would potentially be the richest man in the world depending on when he sold

  • At any way you look at china it is doomed unlike most common people think in all over the world ,trump relax the death wrap against their companies but anytime is Chinese not comply to trumps demands he can go back and their dreams about becoming a technology gaint than America is not going to work ,it take 25 to 30 years and huge investments and people which even China dont have by the time American universities will churn out new technologies which from now onwards Chinese have no participation that is the dilemma of Chinese.

  • Robert, what part of China are you coming to? When? Is it for an event? If so, do you have a link for the event?

  • Adjusted growth for U.S. — 2.3%. This is with almost zero percent borrowing rates, slashing taxes for the wealthy and pulling back on Dodd-Frank, selling hundreds of billions of arms to conflicted areas, legalizing a narcotic (marijuana), and opening up national parks to drilling. Also printing trillions worth of debt for the next generation and cutting education funding, EPA and Department of Labour budgets.

    Most new jobs are part-time or they pay shit. Retailers are shuttering due to Amazon. Automation set to devour 65% of jobs.

    Trust me when I say, unequivocally, that we're fucked and the "strong" economy is everything El-Erian eluded to…a shot of morphine because the doctor is gone forever.

    It's like watching a car crash in slow motion…and we are in the back seat helpless while these so-called "leaders" drive us into a wall. We are still on the road, sure, but the momentum is clearly toward the wall and the tires are screeching. The car has been pushed beyond it's capability and not even a pro can rein it in.

  • Robert, I read your book and have been trying to implicate your teaching. I would like to buy a certain rental property for cash flow but is this the right time if the market crashes in the next couple years?

  • Fascinating! I have never heard Mohamed before and I have really learned a lot just from this one video. Thanks for this and please keep getting great guests like this!

  • When the market goes down the rich gets richer. Simple as that. For example, Mohammad is rich because knowledge is the key.

  • I find it very peculiar that it was taking about 20 minutes to escalate to the word “corruption”. Then the topic was brushed off without hearing it.

    Anyway, there is a part that I don’t understand, how would all banks fail if money can be printed for free? It is the economy that fails, not the banks, as far as my understanding goes. Please shine some light on my stupid brain.

  • if the rich are getting richer and richer at the expense of the poor, and the poor are working harder and harder yet continuing to fall behind, it is understandable that people lean towards socialism or even Revolution as the rich, in their sumptuous luxury look on aghast!!

  • This guy talks so mush rubbish! Oh my i cant believe people listen to this clown! His views are pathetic! We spend less coz wages are lower and everything has gone up in price u dumb fkwit. Its all about the rich playing us moron! fukk offffff!

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