Manage episode 299638377 series 2394535
In 1971, President Richard Nixon, without the approval of Congress, took the U.S. dollar off the gold standard and changed the rules of money—not just for the United States, but also for the world. Today’s guests discuss how this change allowed the United States to print almost unlimited amounts of money and create as much debt as it wanted.
After 1971, savers became losers, debt became money, and the rich got richer.
Ken McElroy, Rich Dad Advisor on Real Estate, says, “We’re borrowing from banks at 3% or less, and inflation is way higher than we’re borrowing. So why wouldn’t you borrow other people’s money in the form of debt?”
Rule #1 of the rich is for every $1 of asset you buy, you get a dollar deduction on your taxes. Tom Wheelwright, Rich Dad Advisor on Taxes, says, “The more assets you have, the fewer taxes you pay.”
Hosts Robert and Kim Kiyosaki and guests Ken McElroy and Tom Wheelwright celebrate the 50th Anniversary of the day debt became money and savers became losers.
Tom Wheelwright: www.wealthability.com
Ken McElroy: www.kenmcelroy.com
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