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 Why Deflation is Key to an Abundant Future 

Why Deflation is Key to an Abundant Future upbeat music Narrator This isnThe Rich Dad Radio Show the good news and bad news about money Heres Robert Kiyosaki Hello hello hellonIts Robert Kiyosaki The Rich Dad Radio Show the good news and bad news about money And man Ill tell you whatnall of our programs are great but this ones in an extra special step And as I often say thendefinition of intelligence is if you agree with me youre intelligent and if you disagree with me youre an idiot But today we have a verynintelligent person on our show His name is Jeff Booth I was just laughingntelling him that you know I live on YouTube and it has killed a lot of concerts Kim Yes he does Cause Im always screening stuff Im gonna find out whos talkingnabout what and all of this And then a few days ago I came across you on Mark Moss program I think disruptor or something like this And I said who is this guy Jeff Booth And when you ed to talk I was like oh my God wherenhave you been all my life Jeff laughing And then so I call Sara up with this So she says well we already booked him And so within a day not long I just firstntime hear about you but were now gonna interview Anyway thats hownpowerful this program is The comments Kim Well Jeff Im really glad to meet you And you are the author of a book that just came out in January The Price of TomorrownWhy Deflation is the Key to an Abundant Future And I know you and Robertnare just gonna get along like a house on firelaughs So Im just gonna kindnof sit back and watch and Ill chime in if I have to But I think you guys are gonnanhave an amazing conversation Yeah and your answersnare clear and succinct and nonbiased but what I like is prettynmuffled speaking factual And welcome to the show Jeff wanna welcome you to the show And you were in youve beennin the tech world for years years Over years yeah And so youve been throughnthe highs and the lows and the 2008s and all of that Yeah in two thousand and Yeah so building a company through that building multiple companies Excellent And technology So the reason that wenwanted Mark on this program is because like I said he is an intelligent person I was coincidentally workingnon my latest book called The Infinite Return And what Jeff says tracksnexactly with what Im saying So before we get into my book would you please give thenaudience a bit of your background so we can then take offnon our content here Okay so my personal background is just Im a tech entrepreneur And so Ive built a numbernof businesses and tech One of those businesses wasnover half billion dollars of market cap And today I spend my timenworking with people I love on problem on technology companies that positively impactna whole bunch of people So Im chairman ofnsomething I think about eight boards And so I spend my time working on things that really interestnme with people I love that can have a positivenimpact on the world Thats where the book itselfnthat I wrote was because the intersection of what I do every day and what Im seeing as far asnhow fast technology is moving didnt match with what was going to ha With the way we builtnour financial system And when I looked outta those two things that intersection happening I realized my kids wont grow up in the same world that I grew up in So I didnt write the book to Im a reluctant author I was frustrated and thats why I wrote the book Well thats why yourntitle is fantastic You know The Price Tomorrow I didnt read the book Like I just heard aboutnyou a couple of days ago But I listened to you again on Mark Moss And youll commend him on thisninterview muffled speaking Cause it was I listened to a couple ofnother interviews with you but Mark did the most justicenfor what you had to say And people now peg younas a deflationary guy laughing I know I think he just missed the whole boat Totally So what I let me interpretnwhat I think happened okay Cause what youre sayingnis the idea of job security due to AI artificial intelligence is is finished Its gone You know I mean were not Theres more and morenunemployments gonna to come up because of AI artificial intelligence And so our government rathernthan fixing the problem just keeps adding morenstimulus more you know UBI Universal Basic IncomenModern Monetary Theory Meanwhile the guys who run the Fed and the Treasury are getting rich as hell So we have this gap expandingnat exponential speed right now between rich and then thenpoor and middle class And so I think what your summary is is were cruising for revolutionnor something you know Its not gonna get better because they cant fix the problem Yap so theres nothingnthat you know what happens in a phase transition right So water looks the same same same and then it turns to ice andnit looks totally different Its a phase transition andnit acts completely different If youre measuring waternand then it turns to ice you have a different measuring stick Today you have technology drivingnefficiency at a rate that is staggering And people dont realize it and its not measured in our economy So that efficiency makesnprices fall right That those pricesnfalling is deflationary And its not just deflationary its deflationary on annaxis that is unbelievable Most of the deflation is innfront of us not behind us And so if you pull thatntogether and you say if thats true then wenshould see evidence right And the evidence is all around us The evidence is if thats true so in the last today before COVID theres trillion of world debt to back an trillion global economy trillion of that new debtnhas come in the last years Predictably as technologynhas driven down prices theres this monetary stimulus trying to keep prices going up And so people arent feelingnthe price is coming down in their world pricesnare going up everywhere And its only becausenwere manipulating markets to make them go up Or simply what youre sayingnis the Fed the government and all this theyre just trying tonkeep this bubble afloat Yeah and you cant solve andebt problem with more debt And its operating againstnthe principles of technology And you also muffled speaking Thats what youre saying right Theyre going against technology These two massivenforces are in our lives and theres nothingnthat governments can do Theyre trapped now Theres nothing that they can do to stop what will naturally happen Theresn Okay And what youre saying too is that the policies that theyre using and all of the manipulationntheyre doing is based on old an old economy The way the economy used to operate which is not the way its operating today Is that right Exactly And one of the thing I would say and I know a bunch ofnpeople say those rich people and everything else butnheres whats happening you cannot understand an entire system by looking at its independent parts And what people are doing is theyre looking at a system problem that is ra Jumped up against technology and looking at the individual parts So Ill give you an an example People think housing always goes up and without asking would housing go up withoutn185 trillion of stimulus in the last years And so people are lookingnat their individual parts and then looking for solutionsnout of those individual parts without measuring the entire system And that includes the Feds and that includes governmentsnall around the world because theyre trapped And I wish they werent trapped Its gonna provide a break to society I wish that wasnt truenbut theyre trapped So Jeff I mean the waynI explain it is this is that you have Industrial Age and you have Information Age Or actually youre in Cyber Age right now I mean Cyber Age is sonfar beyond Information Age And basically peoplenare stuck in the info In the Industrial Age And theyre using toolboxntheir tools from a toolbox thats meant for that time Right so if I canngive people an example because one of the classicnones everybody talks about is Kodak Kodak invented the digitalncamera digital process but they were afraid itnwas gonna destroy Kodak which it ultimately did anyway But they wouldnt adopt Kodak but not adopt to digital As the same as email destroyednthe post office department So basically thats whatsngoing on in the world today So when I was listening tonJeff on Mark Moss program Im going God this guys got it Were fighting two different ages Industrial Age its notneven Information Age anymore its Digital Age Yeah and what ends upnhappening in that is because its moving so fast its easy to miss Im an entrepreneur Robert I know that you follow this I know you understandnhow capitalism works through creative destruction and how an entrepreneur thenentrepreneurial process works Why didnt Kodak see that Its not because they havena whole bunch of dummies its because they dont understand that technology is moving so fast that that changes the business entirely By the way think about photos today Photos today are abundantnand theyre free And theres a wholenbunch of other companies that have created value out of photos The value comesndifferently though right The value doesnt come from producing or protecting your film sales And the same thingnhappened in Blockbuster So Blockbuster by thentime theyre stores by the time download speeds went faster the only thing they did innresponse was add candy aisles to the stores right And we laugh And then we ha ha ha those people are thatnare so stupid right How dare they miss hownfast technology is moving and download speeds Netflix was obvious But it wasnt obvious And heres the point thats the same thingnthat the Fed is missing and thats the same thingnall governments are missing So Jeff thats what younmean by the phase transition If youre sitting in water you just cant see the ice molecule forming around you right now And when it change muffled speaking its gonna toof itll just hit you Exactly and so but the problem is by trying to manipulatenyour market by manipulating you actually drive it off a cliff faster So whats happening todaynand because the system has all of us in it right were banding together and whats happening isnthe divided politics the divide of everything is you can Youre listening to screaming in a vortex And everyones talkingnabout the wrong thing theyre missing it completely And but they are so sure ofntheir point on an old system that they cant even listen to others Its none of it Its none of it So what Jeff so Imngonna say that again what Jeff is talking aboutnhere is our schools our banking systems the Fed all those guys are stucknin the Industrial Age And thats why the change in when the dollar became debt the only way they could preventnthe whole Industrial Age from collapsing was print morenand more and more and more and more money And were going hyper on printing money and thats the way UBInUniversal Basic Income MMT OcasioCortez and allnthese guys are saying were gonna save you werengonna give you a free money And what you say is thatsngonna be their death It will be but I understandnwhy theyre doing it right I understand its not bad people its people caught in the systemnthat they dont understand looking at their point of view Theyre still the water and they havent seen the ice And they cant seenit and they cant see No But if you just follow this path what does technology do Why does a CEO use technology Why did you use technology Its to free your time right So if you Jeff can I add one more thing You said it so broadly what does deflation mean It means your money buys more Exactly why do you think So good So we celebrate deflation In fact look at your iPhone Everything on your iPhone is free right Its my I dont pay fornmy flashlight anymore I dont pay for my camera anymore I dont pay for my guitarntuner my AIS system Everything on it is free How we personally all ofnus create these monopolies and companies and how thenmonopolies create monopolies is they understand thatnessentially if you grab the data the digital signal itnbecomes free over time And you can charge a littlenbit of money to everybody and make boatloads ofnmoney on a network effect But and we celebrate thatnprice coming down over and over and over again muffled speaking I want you to what hes What Jeff is saying is so powerful because everybodys hoppingnon gold and silver and Bitcoin and real estate andnstocks and all of this but thats part of andeath of an old system And probably Bitcoin isnt So all of these are monies trying to get out of an old system Some of that money is trappednin the old system too Right And youd have to be very careful of where that money is trapped because it will be taken away from you And because and the reasonngold silver real estate even Bitcoins going up isnbecause people are panicking right now Theyre looking forna protection of value Correct Yes And thats why whennI was listening to you on Mark Moss show I wasngoing this guys got it I appreciate Jeff and I do I willnwanna ask you about where money is trapped Because a lot of people are sitting on Cash And I would wanna know specifically Cash What Jeff is saying laughing Cash is one Okay I got cash is one Jeff you know were married right laughing Well just think about sontheres two choices right now two So if governments do what creative destructionncalls for right and stop manipulating that means we are going tonhave a deflationary depression and all the debt will be reset And that means if they did that cash would go up in value right Because deflation wouldnmake the cash more But what that would meannis asset prices would fall to to everywhere across the boardsnmuffled speaking And banks would fail andngovernments would fail because the banks would fail and the whole system would fail Son Okay once second Jeff Weve got to take a break but hold all of that thought Like I said you know the definition of intelligencenis Jeffs very intelligent So were coming backnmore about this battle A battle between thenIndustrial Age and really the Crypto Age thats where we are right now And what Jeff is sayingnis whos gonna win Well be right back Welcome back welcome back welcome back This is a very important program because weve got a very intelligent guest on the program its Jeff Booth And Ive said if you agreenwith me hes intelligent If he disagrees withnhes me not intelligent but hes very intelligent Anyway so this is ThenRich Dad Radio Program anytime anywhere onniTunes Android or YouTube And then please leave ancomment whenever you listen And all of our programs arenarchived at richdadradiocom We are confident because all we do is werenan education company We dont sell stocks bondsnmutual funds real estate or gold or silver We dont sell anything But we want you to learn So the reason we archive our programs at Rich Dad Radio Program if you feel listened to this program especially this program a second time youll pick up twice as much quantum jump but more importantly this program needs to benshared with you know your family your spouses and your business partners And discuss it And then if you listen tonit again and discuss it youll be a genius So our guest today is Jeff Booth Hes a technology entrepreneurnover the last years And he is writing aboutnhes talking about its actually the clash ofnages the Industrial Age and weve gone past the Information Age and now were in the Crypto Age and the disruption thats gonna cost Any comments Kim Yeah well also Jeff isnthe author of the book The Price of TomorrownWhy Deflation is the Key to an Abundant Future That came out in January of this year And his website is thepriceoftomorrowcom So I highly wanna recommendnboth of those resources So welcome back Jeff Thank you Where did we leave off laughing We just missed the best part when we were talking during the break Oh we were talking wenhad a good talk at the break So Okay so you we were talkingnabout where moneys trapped And you were saying in deflation times cash will be worth more but assets real assetsnwill drop about to Yeah so if you letnthe natural clearing If you let capitalism workntoday instead of intervened the prices would fall by to So if I have a house of that means it drops ton20000 approximately Yes Yeah that could happen And I know people that who will say theres no way that that could happen But if you just realizenthat how much money is stimulating the economynand what the natural course essentially what nature should have If innovation Ill gonback in a different way If entrepreneurs are racingnin to solve problems for people right and they win by creating valuenand they lose spectacularly unless they create a lot of value And those entrepreneursnare using technology to create a lot of value and that technology is moving everywhere into every industry The byproduct of that meansnwe should expect prices to be falling along thatnsame exponential path that technology moving The only reason it isnt is it because wereninflating on the other side through easing and debt thatncan never be repaid back So if you remove the debt the unwind feeds back on itself and you have a deflationary depression And so or if you stopnadding debt at that rate you have a deflationary depression And it would be ugly Itd be ugly for society Food lines pricencollapses bank collapses It would look it would make the 1930s look like a walk in the park because the problem isnso much bigger today So one of the reasonsnyou talk about the debt and all this the reason the Fed on thenTreasury do not want deflation is because the plan since 1970nhas been you borrow money and you pay it back with cheaper dollars Yap thats it So I borrowed for a hundred thousand dollar house but then it goes to I feel rich and I can pay off the muffled speaking And you paid off the in dollars that are worth less later on Right right So youre good for debt And thats why inflationnhas worked so well since when Nixon took thendollar off the gold standard Inflation is just a hidden tax Right The way for a government to go bigger Now the problem is is that artificialnintelligence is gonna take away the idea of what you werensaying on Mark Moss show was the idea that technologynwould create more jobs youre saying not gonna happen Its crazy to think so right It is crazy now So I will debate that withnanybody that wants to debate But if you understand ifnyoure at the front edge of this and you understand whats happening its impossible to thinknit could create more jobs Because that technology is And so even the jobs todaynpeople will get fooled because theyre lookingnat an independent part of the system And there wouldnt be as manynjobs in the market today if you didnt inflatenprices like youre doing So what the problem is werenall on moss wheels right Trying to save enough moneynso we can retire one day before the crushing andninflation takes that money away And were trading our time for dollars that are worth less over and over and over again And we think the job is whats important I would just this is gonna sound crazy to your listeners but it is true what if you could haventhe exact same or more and didnt have to trade your time for that moss wheel of a job Right So what would happen with deflation is you would get more for less on an axis that would bring down prices and you wouldnt need the high paying jobs that are gonna be gone anyways right Because you would be yournprices would constantly be coming down And that means you wouldntnneed to work as much for those things What youre saying Jeff that as a purpose of capitalism was really to build a better productnfor a better price Totally that is the purpose So why are we eliminating that Well also what you said is that because people are losing their jobs they run into more socialism Thats UBI Andrew Yang the everybody gets a thousand bucks everybody gets a gold trophynyou know everybody feels good Theres no more a trickiernmechanisms out there and well all feel good well just keep printing money which is what caused thenproblem in the first place Both sides cronyncapitalism or socialism all of them wont work it wont work When you manipulate a system in a system like thisnand when I said that people are looking at thenindependent parts of a system when you manipulate over here you can expect the rise of socialism So and if you look through history its like a clock anpendulum going back and forth throughout time And capitalism isnt perfectnfree market capitalism power you need checks and balances But anything else isnconsolidation of power to the biggest thug Because those economiesnarent as efficient And those economiesndont produce innovation So you have to trust that the government can make better decisionsnin a free market And that means thennthat always consolidates into a dictator control andnpower control and power always So by breaking the rules ofncapitalism and not letting So capitalism requires cleansing It requires that only economists believe you can grow forever right laughing The capitalism requires youngrow and you grow too big and then somebody in thencreative destruction breaks that and the economy comes downnand then it grows again Stopping that functionnfrom resetting means this so Ill use an example today should commercial real estate with whats happening with Zoom and should commercial real estate be priced anywhere near where it is today Right with like theresnless than of the people arent in the building So youd think that at leastn50 has to fall by that why hasnt it fallen Because were manipulatingnthose prices higher And then because we manipulatenthose prices higher a lot of entrepreneurs cantndo their work through there So they actually go intontechnology faster right And they reduce labor faster because and so yourenspeeding up the process of digital disruption And youre holding and then you have to keepnthese asset prices higher by printing more moneynall the while that people on the losing side of this because youre destroyingntheir value and currency those people rise up and then they say I cant feed my family right I cant pay And so its really easynfor to in their minds I dont agree with socialism but I understand why itsnbecoming really popular Because they dontnquestion whats happening they just cant feedntheir families right They just cant feed there And the same things happening in housing If your rents are going up at that rate and your wages arentngoing up at that rate you look for a solutionnthat sounds really good And so I understand bothnsides of these things I dont I can debate bothnand I can disagree or agree But the cause of that socialism is wired by not letting a systemnclear in the first place Correct So how Jeff do younsee this playing out What do you think is gonna What are the muffled speaking What do I think is going to happen is I already talked just before the break of governments wont let it fail Wont on their watch letnthe whole system collapse So that means so theynwont take away stimulus theyll add stimulus And you can see it in thenstock market right now without more stimulus it feels like it wants to fall like crazy About PPP and socialismnmuffled speaking Exactly So you can expect no matter who gets in or who wins an election youncan expect much more printing You can expect interest ratesnto go to a lot more negative in the net And I know that sounds crazy but in my book actually Inpointed to an IMF Working Paper that said that had actual policy design that the interest rates havento go to negative five or six So if you understandnwhats happening here mathematically thisnis what has to happen So if youre going to savenpretend to save the system as you do this youndestroy the value of money Today that wont turn up in an inflation in short term itll turnnup an assetprice inflation as people flee cash and they put it into assets But it wont turn into inflationnand into the real economy until the time thatnUBI or helicopter money or anything else And then thats when the print Then essentially youve taken the Fed and the Treasury hasnbecome the Fed right And politicians are inncontrol of inflation Once that happens you cannexpect a path to hyperinflation But and now lets go back to when Robert you talked aboutngoing off the gold standard and we audio distorting brought in a period ofnhyperinflation right That hyperinflation ended in when Volcker who audiondistorting crushed it by taking interest rates to and the economy collapsed He crushed it he essentiallyncaused a massive recession Businesses failed and everything else This is time is different Number one the Fed wont have the same power because theyll have grantednthe power to Treasury right And what politician will raiseninterest rates like that in that environment causingnthis way bigger bubble to collapse Additionally the risk isntnjust on businesses anymore the risk is actuallynon the Treasury itself on the Fed itself Or its Treasury the governmentncause the debt bubble and the government isnso much bigger today And the debt bubble and the Fed and the Treasury and Fed has taken that risk off business balancensheet put it on theirs So how could they bring up interest rates when it causes the samenbubble to collapse So effectively what all this means is you can expectnhyperinflation at some point and that hyperinflationnto wipe out everybody until such time that you get to deflation Think of every country thatngoes through hyperinflation and what that looks likenfor their societies Yap so FYI that hyperinflationnfollowed WWI in Germany which led to the rise of Hitler in Thats it I wrote the book Robert because it tells all of these things and whats happening next And if you just follow this out its predicting all of these events and it predicts the next ones And so thats why you know when I heard youndefending yourself saying Im not a deflationist laughs Im just reporting whats going on here Exactly laughing I was just cracking up its because yourenreally a technology guy and you can see whats comingnfrom the technology where the other people cant see it Just like Eastman Kodak could not see the joy of photographs And they didnt want to see it It just goes so far against their Yes because they dontn audio distorting yeah A lot of people dontnwanna see whats going on for the same reason today Because what were talking about is if what Jeff is talking aboutnwith artificial intelligence which is full of the Fed is full of it But anyway laughing Thats gonna wipe us out muffled speaking definition laughs Its coming anyway And thats why you know the Rich Dad Companynwas formed years ago My first book was if younwant to be rich and happy dont go to school because youre not gonnanlearn any of those anyway And so were coming down The question is to whichnI thought was interesting as guys like me Ivenbeen a goldbug since and a silverbug since And I just recentlyngot involved in Bitcoin and I agree what you said the reason prices go up is people are running out of the dollar and into stocks real estatengold silver and Bitcoin So whats your crystal ball I mean you know gold andnsilver going up is good for the golden and silver investor but its not good for the economy Mathematically we are where we are and its going to resetnin one of those two ways So unfortunately both of those ways have massive implications for society And in when you look at thisnhappening throughout history society breaks up and they revolt and they scream at each other And theres a wholenbunch of fighting right Typically leading to revolutions and wars And what countries do in that is they try to blame another country for the pain to consolidate power So expect all of these things to happen As far as So Chinas our problem today Yeah well and other people thinknits a different country But you can expect peoplento manipulate what you think from your pain to consolidate power Expect that to happen And just remember its not bad Its typically its notnpeople its a system problem So theres a lot of really good people wanting to And not understandingnhow the system is wired and out of that youd mentioned Hitler the rise of Hitler isnbecause of the same thing And people are they believenin its not my fault its that personsnfault that created that And its easy to believe right So that so I typicallynlook at systems thinking and I think of what is the system thats causing this to happen And if you look at whatsnhappening in the world you can just make sense Okay its a system problemnIts not a people problem Because of that same thingnis repeating in every country around the world Yeah its not systemic racism Exactly exactly Thats the second order effectnof what were talking about laughing Exactly So Jeff all I wanna know is okay we get down to the brass tacks here we have hyperinflation my goal goes up We have hyperinflationn Buy Bitcoin yeah audio distorting my goal goes down Yes but essentially what thenreal value of your currency or your goal to staynthat valuable thats Well what happens tonBitcoin in this whole thing Buy Bitcoin And the reason I would sayn Amen brother The reason Id say ownnBitcoin as a store of value even over gold its notngold is a good store of value or historically has beenna good store of value But if you say the marketncap of gold is trillion and why its not because of jewelry Its because peoplenbelieve itll be pegged to currency again right And so and the same So the camps of gold andnBitcoin are exactly the same They think you and wenneed youd believe you need to have something underpegging to hold governments responsible Otherwise theyll manipulate currencies and hurt a lot of people Those are the camps of gold and Bitcoin So why do I think Bitcoinnis a better investment Number one its billion market cap And if you believe those theses its a back hit or black money then billion can go up a lot more than the trillion So its an asymmetric bet on that A whole bunch of other reasons itll Your listeners shouldndo their own research In an environment thats coming safety is the number one thing and portability of your money right And so and in past like if you take a look at Nazi Germany people would sow gold into their clothes and a ship would go downnand they wouldnt sink to the bottom of the ocean because of the gold And Bitcoin you can remembern12 words and move anywhere And so the same thing thats going to And so you can protect your value and you can move your value What most people dont understand is most of their value is trappednin their local currency and they cant get it out And what about the I keepnhearing about you know governments creating theirnown cryptocurrencies and thats gonna wipe out the Bitcoins and thats gonna wipe outnother audio distorting No chance Why not No chance So theyre creating theirnown digital currencies for more control When I mentioned the IMF Working Paper if you realize that the ratesnneed to go to negative six and people cant ifnyou couldnt take rates to negative six right now because there would be a bank run right And people would take their money out and store it under the mattress And the banks would fail becausenthe money would disappear But if you had a digital currency you can make that in a transaction right And so its more control And that control and each government tryingnto control their own currency is why they need to do it And also what drives Bitcoin faster Because people in Bitcoinnare moving out of that system and theyre moving money into a system that cant be confiscated from them And that also meansngovernments are going broke Theyre already broke Yeah and so thats whynI wore this just for you the California Communist Republic laughing I thought you were a Silicon Valley guy Well Im really glad to see youre not because you we have tonbe think globally today Jeff laughing But anyway you know JeffnI liked to invite you on more because its been fantasticnits been reaffirming And I really thank younfor your contribution Your book is The Price of Tomorrow and Ill urge everybody to get it Thanks very much this has been fun Thank you Jeffn Its been great Thank you for all yourninformation and knowledge Well get you back on and well keep going with this discussion Yesn Thank you Welcome back Robert KiyosakinThe Rich Dad Radio Show the good news and thenbad news about money Once again I wanna thank Jeff Booth and hes author of The Price of Tomorrow Definitely gonna have him back on again because the guys verynintelligent he agrees with us Anyway go listen to Thenrich Dad Radio Program anytime anywhere onniTunes Android and YouTube Hurry up because they mightnnot be in business much longer because the way of things are changing And then you can listennto The Rich Dad Radio at any time on rich dadnour podcasts are archived at richdadradiocom because were an education company and repetition is how we learn best So you listen to this programna second and third time youll learn even more Itll just sink in youll absorb it But more importantly you cannshare with the fans family and business associates because the world isnchanging so fast right now Its exactly as Jeff said theres a conflict rightnnow between the government which is the Fed and Treasury and the central banks of the world and artificial intelligencenand technology So simply I could summarizenwhat Jeff is saying is that our governments are stucknin the Industrial Age and then came whichnwas the Information Age And in we went into the Crypto Age So most of our leaders today like you know BaracknObama even Trump my friend theyre still stuck in the Industrial Age And artificial intelligencenand crypto is gonna take off and the world is gonnanchange like it or not Any comments Kim Yeah it reminds me I mean I love what he was saying thatntheyre not paying attention to whats really important And it reminds me yearsnand years and years ago this is a more simplified version of it But there was a video thatnwe saw called Paradigm Shift by Joel Barker And basically Joel Barker was saying you cant if you cantnsee whats coming at you youre gonna be basically taken down and this paradigm shift is happening And now its happening at ultra speed but people dont see it They cant get out of the way of it And they cant get on board with it because they cant see it But a big thing is what Jeff says is people always assume wellnthe new technology came it created new jobs He says thats not No way Well look at you werentalking to the other day about the driverless trucks Thats million driversnwho are gonna be outta work Well that is thenripple effect off of that Yeah So what were you saying about Kim Sara Your a world you know from the MTV side becausenKim and I I mean I made fortunes on MTV Well they were outtanbusiness pretty quickly laughing Kim They are nownthanks to technology Sara In prep for the show I mean not in prep for thenshow It just so happened I was watching thisndocumentary on of MTV the Rise and Fall of MTV and how MTV killed The Radio Star It was the very first videonplayed on MTV was that song and how within like years MTV had become obsolete because everybody had transitioned online And it was much easier tonstream your music online To produce videos andnput them out yourself and make money on YouTube So technology And thats how JustinnBieber became a star Right Because he was onnYouTube not MTV right Keep going And so to But MTV couldnt keep up And so then they inventednthe reality world the reality TV world I didnt know this but their show Real Worldnwas the first reality unscripted format So they but they kept in TV they didnt keep up with technology And so essentially But and even back to the MTV days I remember the wholenfight of the old tech the old economy to the new economy everybody wanted the royalties and those the artistsnwerent getting paid And there was this big fight and their technology isntrying to do it a better way and cheaper So that whole thing blew up And this is exactly what Jeffnwas saying is happening today Its the old style which youncalled the Industrial Age to the Digital age Sara I think too in the documentary someone had said they will never do this This will never be impossible And I think when you hear people say that that means itsnguaranteed it will happen Well when Napster ednstealing all the files you know And then you knownthis is ancient history but my first date with Kimnwas to The Police concert And it was the last concert And they were the mega stars on MTV I mean jeez they were mega stars But it was a good time And then there are gone Its called what Schumpeterncalls creative destruction And that means that youre here today youre gone tomorrow or next week laughing And the jobs are not coming back and our schools still tell younto go to school to get a job And thats the problem And thats why Sara I liked this examplentoo of the water and the ice Like that makes it such a cl You know youre in the waternyou cant see the ice coming Or its like a fish innwater whats water laughs And also what happensnwhen the it just gets cold all of a sudden zew it goes to ice And thats what JimnRickards was talking about IceNine and all this you know and hes the guy who wrote The Road to Ruin and Currency Wars He says theyre gonna justnshut this whole thing down Well they already did Its the same thing ChrisnMartenson talked about when he talked about the sports arena and youre filling it up dropnby drop when all of a sudden it hits a massive point a critical point and boom its changed Yeah you cant even see the water next thing youre swimming And you cant stop it And thats whats happening today So thats why what Jeff Boothnwas saying is so crucial The solution ladiesnand gentlemen you know as an old guy with gold and silver I understand thats Preindustrial Age thats the Caveman Age But anyway and BitcoinnI had to switch also I had to get my mind into the Crypto Age And when people say why arenyou investing in Bitcoin cause Im an old guynand I better figure out So Kim and I have always said like when were talkingnabout silver you know just buy a little silver andnyour intelligence goes up but you have to do something Cause youre still paying attention You gotta get in the game Yeah you have to touch itnsee it feel it get into it feel some risk you knownwatch it go up and down in front of your eyes and all this and your intelligence will grow Well I think the biggest message is this is the reason the RichnDad Company was created was for this time Like I said my first book was If You Want to Be Rich andnHappy Dont Go to School It became a best seller And now theres no school laughs Now theres school which is good By the way the point here is this the people and Jeff said the people that arenwinning are entrepreneurs You know all of When you look at your iPhone you know with all those apps and all that stuff theres an entrepreneurnbehind every of them but theyre free And the key to being an entrepreneur is how do you makenbillions working for free And thats why my rich dad saidnto me years and years ago you know he says the reasonnhe didnt wanna pay me when I was nine years old working for him he says if I pay you youllnthink like an employee If youre gonna be a rich you have to think like an entrepreneur You can not want a paycheck So the biggest catastrophenof all in the next few years to are all the old guys like me who are waiting forntheir paycheck laughs And I dont know what they got to get You know I mean I dontnknow if therell be the money I think Jeff is sayingntheyll probably keep printing Is that what you heard Thats what I heard And at some point at some point and I was listening tonlike the key indicators were the key factors he talked to about if it goes to UBI universal what is it Universal Basic Incomen Basic Income or MMT Where everybody gets paidnmoney from the government when it gets to that point thats one of the keys for when hyperinflation is gonna hit And he also said about central banks look at the central banks policies What theyre doing willndictate whether its inflation or deflation So And Jeff just said it accurately What happened in September 17th the Fed and the Treasuryntook over the repo market and the shadow banking system and we became a communist country Its because becamena centralized economy And so there are so desperate right now Christine Lagarde and Draghinand all right Jay Powell and Reneki theyre so desperate right nownbecause the ship is sinking And so the reason we wantnto thank you for listening to The Rich Dad Radio Programnis we dont have answers but Ill tell you about thenold answers stop working Any final words Kim No thank you fornlistening and go out there and make it a better world as best we can Were gonna have some great programs coming up on YouTube ifntheyre still around laughing But anyway Im not threatening Im just saying creative destruction You know Schumpeter says it all You know once you get toonbig theyll take you out I dont care who you are So be careful about entrepreneurship and being financially educatednis the wave of the future So thank you for listening to Rich Dad Okay We need we neednthree shows at least laughing Sara Yeah we could be here all day My goodness were justnscratching the surface Well they had yountrapped on one program where I think you were onenof three or four people and they didnt let you run But its so foreign tonthe way we think right Most people think becausentheyre trapped in this so they dont see it And you know Jeff 25nyears ago I was saying savers are losers Your house is not an asset The rich dont work for money And I got crucified And then Trump and I wrote a book together about why we want you to be rich And the reason is isnbecause if youre not rich youre gonna be poor laughing Isnt it quite simple And then we wrote the book Midas Touch because the way out isnbeing an entrepreneur Right thats it If youre gonna be younknow like Bucky Fuller calls a brain slave working for a wage youre toast Jeff Toast Youre toast right now So thats what Ive been saying Kim and Ive been marriedn30 something years and we still discuss money laughing muffled speaking She wants to hold cashnand Im shifting into gold and silver since I was a kid you know what I mean I dont trust my governmentnthats the reason Right laughs Well youre so true when you say theyre all looking at the wrong thing Theyre on making a big deal about things that really are not that important Yeah all the politicians right now And politicians Fed everything else but they are completely trapped They dont have a right now because theyve made the problem so big that now the reset of thensystem is also so vague And every time you solve andebt problem with more debt you essentially encode into capitalism the things you dont want most And you said I just want the stat cause I wanna use this you said that the globalneconomy is trillion So it was before COVIDn Okay Its smaller than that now and it was trillion of debt So Trillion economynand trillion in debt before COVID Exactly and people saynoh its government personal You have because its likenmoving a pitshell game you have to understand the entire impact So trillion over the last years produced trillion inneconomic return and GDP for every And by the way and ifnyou kind of catch what If technology is moving exponentially which it is itsndoubling every two years And that means what has to happen over the amount of debt that has to be created or the amount of easingnor changing the rules has to follow that pathnto keep an equilibrium '
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