‘World is on a global financial precipice due to a sea of debt’

September 12, 2022

DEBT LEGACY: “So the reason why the world’s economy is crashing goes all the way back to 1971. What happened in 1971? They realized they could just print fake money and can keep printing fake money. The US can keep printing fake money for a number of years yet the only way they could keep the economy expanding, they had to find people stupid enough to get into debt.” – Author of Rich Dad Poor Dad series of self-help books Robert Kiyosaki puts into historical context where the economic instability we are all facing emanates from.

 

 

 

 

A SELF-MADE millionaire says the current global economic crisis is a consequence of encouraging personal debt for the last 50 years.

Robert Kiyosaki, aged 75, was born in Hawaii and is the founder of Rich Global LCC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos.

He is the author of more than 26 books, including the internationally known Rich Dad Poor Dad series of books translated into 51 languages and is often used as a source of inspiration to those who have achieved their economic goals in network marketing.

In this wide-ranging video I found, Mr Kiyosaki is heard in the background taking stock of what has happened in the last two years, including the closure of businesses through the Covid lockdowns and understanding how profitable vaccine products would be coming to the fore, given that their makers would not be held liable for the adverse effects of their products.

His primary focus was explaining how the banks and those in charge of the economy had encouraged everyone to acquire debt by printing unlimited amounts of money that doesn’t really exist and quoted figures of what the current amount of US dollars physically manifests and what actually is the US debt. He quotes a base line of $4.5TR and an actual debt of $225TR that has astronomically increased under the administration of current US president Joe Biden.

‘Millennial generation have been let down big time’

He also mentioned the reckless encouragement of quantitative easing which is when a central bank purchases predetermined amounts of government bonds or other financial assets in order to inject money into the economy to expand economic activity,

Mr Kiyosaki said: “People started to play games and now the game is out of control. The corona crisis as I call it is a smokescreen for something that has been going on for years. The biggest crisis is the financial crisis and your generation, the millennials, have been screwed and I mean big time.

‘They started creating fiat money in 1971 and encouraging student debt’

“And if you understand how money is created, money is credit and debt, it’s all it is. Credit, debt and taxes, that’s all what money is.

“However, they don’t teach that at school. So the reason why the world’s economy is crashing goes all the way back to 1971. What happened in 1971? They realized they could just print fake money and can keep printing fake money.

“The US can keep printing fake money for a number of years yet the only way they could keep the economy expanding, they had to find people stupid enough to get into debt!

Mr Kiyosaki said President Barack Obama and his then vice-president Joe Biden made a decision in 2009 in expand student debt by approaching banks to do his bidding.

‘Young people were given credit cards to give them more money’

“I didn’t have this as a kid – it is called a ‘credit card’. Now everybody has credit cards, but they never teach you how to use it. Why do they have a credit card? Because they needed more money.

“To keep expanding the economy, they keep finding people stupid enough to just get into debt. To give them credit cards and all this to give them auto-loans.

‘There is only $4.5 Trillion base money and $224 Trillion in debt’

“The most dastardly thing for the Millennial Generation was in 2009 when President Obama went to the banks ‘we need to get the students more into debt under the guise of ‘you need to get a good education’.

“I don’t know if you understand money but there is only $4.5 Trillion in base money in M1 and there is $225 Trillion in debt – that means there is only $4.5 Trillion for $225 Trillion in debt. I don’t know when but the machine is going to stop soon.

‘Banks were desperate to get everyone into debt’

“In my book, Rich Dad’s Prophecy, I said it would come in 2016 but I didn’t foresee it. I started Prophecy in 1999 but I didn’t foresee quantative easing and increased interest rates. I didn’t see how desperate our leaders – the Federal Reserve Bank, the Treasury, Wall Street and even putting students in debt. I can’t believe how desperate people are.

“Everyone is so desperate because this world starting from 1971 is so deeply in debt. The world’s never going to be the same.”

He also briefly referred to Brian Rose of London Real TV as an example of a person who was prepared to talk about subjects that the establishment did not want discussed and how they in deciding to de-platform him particularly on You Tube, showed they didn’t believe in the principle of free speech.

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