🎦Winners and Losers in the Post-Pandemic World🎦Rich Dad Radio Show 2022

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Foreign This is the Rich Dad radio show the good News and bad news about money here’s Robert Kiyosaki hello hello Robert Kiyosaki the vegetative the good news And bad news about money and I’m here Today with one of our favorite favorite Guests a person of tremendous respect For but I call him the fire hose and the Reason I call them the fire hose is the First time I saw him speak I said how How does his brain fire that much Information out I can’t even think that Fast and he’s speaking that fast I call Him the fire hose and so Kim is sitting At home and any comments for uh Jim Kim I’m looking forward to talking with Jim Because there’s so so so much going on And I just want to say that um Jim’s Also the editor of strategic Intelligence it’s a financial newsletter It’s excellent he’s also the author of The new Great Depression which is coming Out in January which is going to be very Exciting the new Great Depression comes Out in January he’s written aftermath The road to ruin the new case for gold Death of money and currency Wars Um he’s our you’re you’re our go-to guy When I’m looking for answers Jim you’re You’re who I turn to her we turned to so Anyway another thing is that um Gemma’s new book I mean I’ve read every

Book so I can’t wait to read this book Here and it says it’s a book on optimism But it’s called the great new depression And I think the reason you want to look Listen about the great new depression is To be an optimist what can you do we Have a hung election And we have covet running rampant we Have the debt of the United States going Through the roof so with that that’s a Scenario we’re running into today and With that I’ll let Jim take over and he Already has what’s on his mind what’s on Your mind Jim well personal thanks for The introduction Robert thank you Kim For for the kind words and uh and and Mentioned in the book um you’re right The the book is called the new Great Depression but it has an interesting Subtitle it’s the new Great Depression Winners and losers in a post-pandemic World and uh I I’ll emphasize the Winners uh there are ways to make money There are ways to it’s not all about Making money but certainly that’s on a Lot of people’s mind or if not making Money at least preserving wealth or not Getting wiped out but but you can do Both uh and um a lot of social stress a Lot of uh obviously the pandemic is Front and center so that’s that’s what The book about that’s what the book’s About and that’s what’s uh on my mind It’s pretty big topic I just I’m happy

To be with uh with the Rich Dad radio Show and uh and uh and you guys I just Spent three days locked in a phone booth That’s that’s a little bit of an Overstatement but I did I just recorded The audio book version of the book and What’s interesting is that um you go Back five years you know you have the Hard cover and then maybe a year later Or whatever the paperback comes out but Kindle sales you know the ebook version Was taking off and a lot of people are Saying you know ebooks are taking over The world a couple more years there Won’t be any more books it’ll all be Ebooks that turned out not to be true Kindle carved out a kind of a market Share of about 30 percent but it Plateaued at 30 that’s important but it Didn’t go to 50 and 60 and 70. it plaid Plateaued at 30 but if you said where’s The growth in the book industry right Now it’s in the audiobook sector that’s The sector that’s on fire and that is Still growing maybe it’ll reach a Peak At some point they’re just they’re Audiobook fans out there that see I love The book can’t wait to get it but I want The audio version because I can listen To it in the car when I’m playing or Whatever so uh we had a great team of Producers uh voice directors i i i Teased my voice director I call him the Stanley Kubrick of voice directors we

Did we did one sentence one sentence 15 times we did 15 takes to get it just Right so obviously when you get the Audiobook you’ll just hear the edited Version but a lot went into it and I’m Very happy with the production value but Of course then then there’s the book Itself that’s the that’s the main event So it’s coming out January 12th uh it’s Available for pre-order now on Amazon And Barnes Noble and Pals and other Independent book sellers so I I put Those links out on Twitter but they’re Easy to find and so uh so you can get Them so Um this will be the first and this is More your question Robert of kind of What’s going on now what am I thinking About this will be the first and as far As I know the only book that wrestles With the pandemic and the economy and The new Great Depression I there are There’ll be doctors out there writing Books on covid-19 I’m sure they’ll be Economists uh writing books on the Economy although the funny thing about Economists they actually by and large They don’t write books they write Articles they write it you know Journal Articles and Technical papers there you Actually you you and I and and Camera Among the few people who actually write Books on on these topics uh there are Some but uh they’re few and far between

But this will be the only book That tackles both and I had this uh Debate with my editor with a penguin Random House great Um you know they’re very supportive Women make a great team but she said Jim You know You’re the author we want to do this Book on on the economy you go back to Last March of course the stock market Had crashed upon you know over 30 Percent in in a matter of weeks uh we Want you to do this book but you know Keep away from immunology and Epidemiology you’re not a doctor you Know you can’t that’s not your area of Expedition I said I said time out I said This is like asking someone to write a Book about property damage in New Orleans in 2005 and not mention Hurricane Katrina as you you can’t do You can’t do that these two things are Joined and I said so Um I’ll do the economy for sure but you Got to trust me on the science first of All I do have two degrees in Johns Hopkins so I’m not intimidated by Natural science but I’ve read over a Hundred Peer-reviewed articles Journal articles You know New England Journal medicine Journal the American Medical Association Lancet Etc that doesn’t make me a doctor I’m not a doctor but uh if you uh if you

Have some background and you and you Think the value is an interdisciplinary Approaches which I do this stuff is Accessible you have to sort of stay with It but uh I was able to you know come up The curve on that and when I started Um the research I thought well this is going to be easy There’s going to be a whole bunch of Junk and conspiracy theories and just You know whacked out crazy ideas how Well Jim Jim if I could yeah I could Support what you’re saying is you said There was a good possibility a pandemic Was coming before the pandemic came so You were you were you were called you’re On the Target and so that’s why I want To find out what what your thoughts are Today what’s coming up next well no There’s a pandemic You know and a lot of people now are Suspicious of it right you know this Vaccine and big Pharma and all this Stuff but we want to know because your Your insights are often much more Insightful should I say much more deep You know a lot of people are wondering What’s coming for 2021. yep uh sure and Um if you go back to my 2019 book July 2019 aftermath and look at Pages 285 to 295 so this book is a year and a half Old The book says it mentions pandemic and Two other events it says 100 chance one

Of them is happening in the next three Years So we actually talked about pandemic and Said it and one of two other things high Pro well not high probability 100 that Would happen in the next three years and Then went on to say this could lead to Social disorder mobs and armed forces in The streets which is exactly what we saw All Summer in fact we’re still seeing it In Portland Arkansas so there’s nothing That’s happened in 2020 that we didn’t Preview in 2019 in that book if you read That book you saw it coming so let’s Talk about what’s next first of all uh This is we’re not uh this is not a Recession yeah there is a technical Recession there was a technical Recession that started in February 2020 And it was probably actually over by uh June 30th 2020 uh and the economy grew In the third quarter so that means the Recession was over that’s kind of Irrelevant we’re in a depression and Depressions are different than Recessions recessions are technical you Know two consecutive quarters declining GDP okay we had that it went up in the Third quarter recession’s over we’re Probably going into a second technical Recession right now meaning this will be Back-to-back recessions something we Haven’t seen since um 1980 81. uh in the Midst of what is really a depression

Which is a much longer phenomena it will Have intergenerational effects Um so my expectation for the first Quarter is will be it will be in a Second recession that’s because of the Outbreak but not and as I said in the Book Robert and Kim the virus didn’t Cause the depression it was our reaction To the virus that caused the depression Viruses can cause pandemic and disease And tragically loss of life but whether You go into a depression or not is Depends on the policy response and the Policy response was completely blundered The book makes clear that lockdowns Don’t work you got every politician from Gavin Newsom to Andrew Cuomo uh and Gretchen Whitmer and Michigan and Governors across the country imposing Extreme lockdowns right now as we speak Because of this whether you want to call The second wave or a third way but you Know the infections are peaking again Fatalities are peaking against actually Worse than it was in March and April Um so so that not only is not going away It’s actually getting worse right now The answer is the lockdown lockdowns do Not stop the spread of the virus they Just don’t work and there’s a lot of Evidence and I point that out in the Book but they’re very good at strong Economies they’ll destroy an economy in A heartbeat and that’s what’s happening

So calling a recession uh in the first Well it’s really starting now in December but the first quarter of uh 2021. that’s easy because Jay you lock Down the economy you’re going to get a Recession you know Robert people Um Uh you know I know the stock market Indices are at all-time highs or near All-time highs I get that but the S P 500 is really the s p six meaning Microsoft Apple Netflix Facebook uh Alphabet they call it Google and um uh As I mentioned Netflix Microsoft Apple Uh and the rest those six stocks are uh 40 of the S of the s p not 40 of the Number but 40 of the of the market cap It’s a cap weighted index which means That those stocks are are not just Disproportionately but they are 40 of The index so when I say the s p is at an All-time high I said okay that just Means you know Apple and Google and Facebook are at all time high is fine But what about the other 494 stocks in The index number one number two people Look down their nose at small business Who gets hurt by the lockdown it’s not Apple I mean there them better than ever Um you know oh Amazon obviously Otherwise you mentioned Amazon is you Know off the charts uh but what about Your nail salon your uh your hairdresser The bar the restaurant the dry cleaner

The gas station the boutique in your Town all those local businesses well you Can say oh yeah they’re tiny you know uh What how do they compare to Apple well Guess what those small and medium-sized Enterprises are 45 of GDP and 50 of all The jobs in America how do you they’re The ones getting shut down how do you Shut down 45 of GDP and 50 of the jobs And not go into a recession So we’re in a in a strange place right Now where I I talked in the book about The difference between perception and Reality the perceptions up here it’s Just where the stock market is the Reality is down here we’re locking down Half the economy as we speak that Gap is Going to close it’s going to close very Quickly and the stock market is going to Come back down again back down to Reality Um not necessarily tomorrow I’m not a Day trader but uh but it will happen uh As as the reality I always say reality Always wins you know perception can take The market to a crazy place for a short Period of time but in the end reality Always wins reality is going to win Again the reality is uh horrific from The disease point of view and it’s about To get a lot worse from an economic Point of view improve what’s the agenda Behind destroying the economy what’s What is going on that’s a really that’s

A really really good question uh it’s It’s a combination of the arrogance of The scientists and the ignorance of the Politicians there’s a there’s a Combination for you Um so uh you’ll see this guy Anthony Fauci you know header head of uh Immunology at the Centers for Disease Control uh you know he gets up there he Was on the Trump chronovirus task force He’s been out added to the Biden Coronavirus task force so uh that’s how It is in Washington you got the the Swamp continues regardless of who’s President Um but um but he uh he’s issued Contradictory just flat out wrong Statements all along but he likes to say You know hey I’m just an immunologist I’m not I’m not telling you what to do That’s nonsense he Trump handed over the Economy to the doctors he was under I Say doctors not clinicians but these Bureaucrats these immunologists epidemia Biologist Um I don’t really I don’t necessarily Fault him for that I do a little I by The way I think he did as as good a job As could have been expected I don’t I’m Not saying anyone would have done a Better job but the politicians generally And the governors Um uh handed everything over to the Quote scientists without ever stopping

To think hey do these scientists Actually know what they’re talking about I mean whenever whenever anyone says the Science is settled you know they don’t Know what they’re talking about because Science is never settled you talk to a Real scientist so yeah we get competing Views uh we ongoing research projects we Debate it and even if we get close to Resolution we keep going and try to move That’s real science it’s not the Tutorial but anyway the scientists uh You know you know they’re saying if your Hammer everything looks like a nail well If you’re an immunologist everything Looks like a lockdown they don’t know What else to do the vaccines are coming Out we’ll see how effective they are Hopefully they’re very effective but Best case best case that’s going to take Six months to a year to really have a Wide impact on the population that’s the Best case the worst case is that uh the Effectiveness is does not live up to What the trial showed there may be side Effects that didn’t come through in the Trials because everything was very much Criticizing the rush I’m just saying That don’t think that this went through The review that normal medicines get and The virus viruses are very tricky they Can mutate and they do mutate and who’s To say that the vaccine for version a Will be effective against version B if

The virus does mutate so we got a long Way to it’s good news I’m not saying That’s bad news but we got a long way to Go on that meanwhile the virus is out of Control the economy is going into a Recession Stock markets are way overvalued they’re Going to correct you don’t know exactly When but over kind of three to four Month Horizon that’s something you can Expect Um and so the investors should just get Ready for that so once again we’re Talking to the general records it’s his New book is the new Great Depression and When we come back we’ll get into the Really bad news But most importantly you know I think Most part is be aware I want people to Understand what gym records is thinking We’re seeing and once again we’re Sitting in the middle of a hung Presidential election what happens I Don’t know the economy is getting worse As as Jim says they’re crushing the Production of this country small Business they’re crushing it and every Depression and all that has come from Crushing of production And that’s what we’ve just done through This covet so we come back with finding Out what you can do what they where the Optimism is what the bright side is but Most importantly how you can prepare for

The new Great Depression we’ll be right Back Welcome back Robert here’s second dish Direct radio share the good news and bad News about money Our Guest today is one Of the most popular guests Jim Rickards And he’s the author of very great Currency Wars death upon it in the new Case of gold the road through an Aftermath and this new book coming out This new Great Depression I have read All his books and study them we’ve been To him before with that dead over Jim it Is most fascinating time because there’s Not an answer this is a big picture Challenge we face across the world so We’re talking about the new Great Depression and then once again you can Listen to richside radio time anytime Anywhere on iTunes or Android and YouTube and please leave a review Whenever you listen and all of our Programs are archived at Rich Dad Radio We archive them because we’re an Educational program we don’t make Financial recommendations we archive Them take a listen to this again because When you listen to it again you’ll learn Twice as much but more importantly you Can listen to your friends family and Business associates and discuss it and Then you’ll absorb 10 times as much So anyway Kim many comments before we Turn it over to Jim no I just I want to

Jim you said as you as we ended that Segment Um so this is what investors need to Know so what do investors need to do Excuse me to to prepare what can they do The good news and the bad news yeah one One thing Um you know this whole Wall Street 401K Ira structure has been geared to kind of Drive people into the stock market now Uh you know there’s a place for stocks In your portfolio I’m not saying dump All your stocks but there’s a world of Investments out there you have stocks Bonds but also Commodities currencies Alternatives uh you know silver gold Real estate uh Fine Art the the natural Resources there’s a whole world of Investments most investors don’t even Think about all those other things They’re not always easy to put new 401K But you can do it uh you know if you Talk to your plan sponsor but so many People they’re just offered a choice of You know five five index funds and two Money markets and that’s their 401k and You know I have obviously gold in my uh Portfolio yeah I keep it around 10 and Some people are 50 that’s up to them I Don’t tell people what to do but um I Mean to me 10 is is a good is a good Allocation and people say to me well Jim I you know that seems risky how do you Sleep at night with 10 of gold and I

Said how do you sleep at night with 90 Inequities I mean that’s that would be That’s a lot scarier than having a slice Of gold Um I would lighten up on the equity side Again not don’t go into a bunker don’t Sell all your stocks but lighten up Maybe go to cash certainly gold has a Place if you don’t have any gold uh There’s a there’s a place for 10 gold uh And that could include uh gold mining Shares Um that’s it that’s a really difficult Area because uh gold mining shares will Outperform gold Um in in both directions by the way up And down but where gold is in an upward Trend right now there’s no doubt about That But they’re not all created what gold is I mean gold is an element atomic number 79 gold mining shares uh you really got To look closely at the management of the Company that’s the differentiator some Of these guys are brilliant they’ve done It before they have track records They’re on the right track others uh are You know candidly some of them are Frauds so how do you sort that out well Um maybe a good uh you know gold fund Managed by an established company where They’re going to do all the hard work For you all the selection is the way to Go so there’s a place for that I also

Recommend big allocations to cash Um and you know as much as 30 percent And people say well Jim cash has no Yield uh well actually uh it could be Your best performing asset in the year Ahead and here’s the reason we we may be Looking at deflation not inflation Everyone’s worried about inflation we Haven’t seen inflation in 12 years so We’re actually longer probably you had To go back to the the early 80s before We had serious and inflation and with The fed you know the FED has taken this Balance sheet from 800 billion dollars In 2008. to 7.5 trillion dollars today And most people say oh that money Printing you’re going to get inflation No money printing has nothing to do with Inflation inflation comes from velocity It’s the turnover of money uh you take Seven trillion dollars of fed money how Much does 7 trillion times zero It’s zero zero is the velocity it’s the Turnover of money that gets you the Inflation if you don’t have velocity you Don’t have inflation actually you don’t Have an economy velocity has been Dropping like a rock for 22 years not It’s not a 2008 thing it’s not a 2020 Thing yes that did take it lower it’s Been going down for 22 years and that’s Why the fed money printing has not Turned into a place it could at some Point I don’t rule it out but deflation

Is a bigger problem well guess what Deflation means the value of your cash Goes up You don’t have a big yield on it but it Has more purchasing power because the Price of everything else is coming down So if you have say two percent deflation The real return on cash is two percent Because even at the same nominal amount It’s worth more so cash also reduces Volatility so a slice of gold uh a big Hunk of cash reduce your Equity exposure In real estate it’s really interesting Because you guys are the real estate Experts among other other things but Most people and it’s usually correct Residential real estate and Commercial Real Estate tend to move up and down Together because they’re driven by the Same factors expanding economy low Interest rates Etc that is not true Today commercial real estate is Collapsing and it’s going to get worse Residential real estate is soaring in Certain areas and I’d use cliches but we All know location location location so There is a serious Mass Exodus and I’m Talking millions of people Leaving Um New York Chicago Baltimore Seattle Portland and California our friend Elon Musk just uh checked out Um where are they going uh they’re going To uh Phoenix Scottsdale Miami Florida

Texas Um some uh some of the Rocky Mountain States Salt Lake City uh Colorado these Places are booming so if you can get in On residential real estate and it’s kind Of hard to do as an individual uh but uh There there’s some well-managed funds Out there Um they’re you know mortgage rates are Near all-time lows but uh there’s a Housing shortage believe it or not and I’m talking middle to higher end housing You know with the good school districts And the low taxes and all the things you Want so commercial real estate is not Hit bottom I wouldn’t touch it for Another year or more the residential Real estate is red hot That’s uh that’s some I’m still more Conf not not confused I might understand That’s going to happen my question for You on the on the financing between Behind commercial you know like I go Around and there’s you know cmbs is uh Commercial mortgage-backed Securities The same as derivatives that brought Down the subprime market That’s a that’s the financing structure Underneath commercial that’s going to Collapse sure there’s considerable Effect drivers let’s take it from the Tenants perspective all the way up to The investor in the cmbs the commercial Mortgage-backed security so what’s going

On with tenants Um they’re not paying the rent uh you Know depending on the area between 50 And 90 percent of tenants are not paying Rent right now they can’t afford it They’ve been shut down you think uh a Hair salon or a bar or a restaurant That’s that’s closed uh is paying the Rent they can’t and a lot of States uh Have put in uh eviction abatement Meaning you can’t evict them they may Still be on the premises they’re not Paying rent so that gives a little and I’m not making good bad judgments I’m Just telling you what’s going on should I give us a little cash flow relief to The tenant but what does it do to the Landlord well the landlord is leveraged Himself meaning yeah I got tenants Paying me rant but they’re not paying me Rent but meanwhile I got a mortgage on The property so so that means you can’t Pay the bank So does that mean all the losses fall on The banks well by and large no because The banks took those loans and bundled Them into commercial mortgage-backed Security it pushed them out there where Are they they might be in your 401k and You don’t even know it you know because If you bought some you know you’re Sitting there at work and uh you get Your 401k sign up form or your IRA sign Up form or whatever you’re like yeah

I’ll take a I’ll take a fund you know Real estate fund that sounds good or Whatever they could be in your portfolio You got to dig and look but uh but but You’re right uh by the way all this Takes time this takes a year to play out It doesn’t happen overnight so first the As I said the bar of the restaurant I Mean some of them will be open over half Of them are actually closed for Good Everyone’s like oh the restaurants are Closed will reopen when the pandemic’s Over no they’re not reopening they’re Close the the ovens are for sale if our Sale prices the lease is broken Um the storefront’s empty and there are No tenants that’s the reality on the Ground okay so then it falls on the Landlord who can’t pay the mortgage they May or may not go into the default Probably will or at least they’re Banging on the lender’s doors trying to Renegotiate the loans ultimately it Comes back to these Securities and there Will be massive losses but it could take It could take a year to Ripple through So let me uh given the worst case Scenario let’s say you either own the Restaurant or you worked for the Restaurant and you shut down so let’s Let’s not that’s the worst case scenario But that’s a pretty bad scenario you’re Now one of the 45 percent of the GDP and 50 of the employees right our

Production’s been crushed correct okay And then what happens is what would you Say to somebody who’s either lost their Job or afraid they’re going to lose a Job well they’ve lost their business you Have any suggestions of how you navigate Out of that yeah it’s a very it’s a very Good question you know going back to you Know March April May but it’s even true It was true today you know you had Larry Cutler Larry cuddler’s a nice guy Personally Isabel one of the worst Forecasting records that I can think of But they were running around remember The phrase pent-up demand we heard that March well don’t worry about the economy We’re going to reopen in the summer and They’ll be pent up demand this this is Equivalent of green shoes 2009 Everything’s green shoes we had 10 years Of 2.2 percent growth versus 3.2 percent Historical growth we just we there was Four trillion dollars of lost output Between 2009 and 2019 there there are Your green shoes so it’s more like brown Weeds so today is pen up demand but but Here’s here’s the thing so during the During the worst part of the lockdown Although again we’re we’re now getting Into lockdown phase two but uh March and April you know my wife and I usually go Out to dinner on a Friday night or Saturday night well we weren’t going out To dinner we were up in our farm in New

England on the mountain you know hunker Down just like everybody else well Eventually by July you know some of the Restaurants Um reopened and we went out to dinner Well if we had skipped 15 dinners which We did And we went out to dinner we didn’t Order 15 meals we ordered one like we Usually do in other words all those Meals that were skipped that was Permanently lost there was no pent-up Demand yeah I went to dinner but I Didn’t order all those skipped meals That that’s gone If the restaurant’s even open which in Many cases they’re not so let’s say You’re one of the employees what people Are doing Robert is Um they’re saving savings rates have Skyrocketed now that’s not a bad Strategy if you lost your job you Certainly want you don’t want to spend Like crazy you’re probably trying to pay The pay the rent or your kids tuition or Your health care whatever but even People who have not lost their jobs are Saying well maybe I’m next how do I know My business isn’t the next one to fail How do I know I’m not the next one to Get laid off so they’re saving as well In the in the individual case that’s a Good strategy but in the aggregate case It’s a disaster for the economy because

When you have more saving you have less Consumption right you got you get money Maybe maybe not but if you get money you Can spend it or you can you can save it Well if you increase savings you’re Going to reduce spending that’s another Reason we’re going we’re in a depression And we’re going into a second technical Recession right now uh that’s why it’s Going to be very hard for this economy To dig out Um and in my book I talk about so start Getting back to the individual Um yeah you know I counsel uh my I have Three children they’re all the Millennials you know they’re they’re Kind of in the the older Echelon the Millennials but they’re all you know They’re all under 40 they’re all in Their 30s uh but you know when they were In their late 20s and out of college and Their friends that would counsel a lot Of them and they would it was tough Getting jobs you know in 2008 2009 and I Said let’s start your own business you Know create your own job make your own Job and they did and many of them did And they’re having some success so Um so don’t give up uh you know if you Uh you know if your job as a waiter Bartender is gone and you’re having a Tough time getting one back well you Know think of something that that people Needs even in difficulty Economic Times

And you know can you provide that or can You join maybe join another join with a Group in a startup situation these are Said and done it’s a lot of hard work But uh but starting your own business uh Or teaming up with people to provide a Need of service is an alternative to Getting a job I mean they’re going to have you know They had that PPP and cares act and all These I call it socialism coming in How much more is it how much well this Is not the only way they’re going to do It they’re going to just keep printing More money correct well it’s well let’s Separate fiscal policy and monetary Policy okay monetary policy is Completely impotent they are going to Print more money well rates are zero the Fed’s probably not going to go to Negative rates the the market could take Rates negative just by paying a premium In the secondary Market that’ll give you A negative yield to maturity so you Might see negative rates in fact I think You will see negative rates in the US Treasury Market but that’s as a result Of Uh premiums paid in the secondary market Trading not because the fed the fed’s Stuck at zero so interest rate cuts are Off the table by the way they may be Stuck at zero you know the the FED has Said yeah maybe 2022 uh 2023 before we

Raise rates try 2040. That I’m serious there’s a study it’s Included in my book uh but it’s publicly Available from the uh an economist of The Federal Reserve Bank of San Francisco and three uh collaborators From Academia they look at every Pandemic from the Black Death until Today so a 650-year Time series that’s that’s my Idea of a Time series not you know six Months or whatever There have only been 15 pandemics in Which 100 000 or more people have died The two biggest were the black death Which is about 75 million on the Spanish Flu which is about 100 million their Fatalities not cases the cases were far Higher Um but there were only been 15. covid-19 Is going to end up being maybe fourth on The list it’s on the list but it’s not Like an also rant it’s going to end up Being fourth Um and what they show is that they say What’s the average recovery time when do Monetary uh any when does monetary Policy and economic growth get back to Normal following a pandemic at that site Uh that uh size and their conclusion was It takes 30 to 40 years not months not Weeks but years and I experienced this Myself so I grew up in the in the 50s And early 60s right I did not live

Through the Great Depression but my Parents did and my grandparents did and I was raised with the depression Mentality even though I didn’t live Through it I I lived through a fairly Prosperous period but you know we went From door to door with wagons as Nine-year-olds collecting newspapers and Tin cans we weren’t doing it for Environmental reasons maybe it was good For that but we were recycling papers And there’s steel and tin cans Um you got the newspaper you didn’t Throw the rubber band away you put it in A jar because it was a free rubber band So that didn’t change until the late 60s When the baby Bloom kind of you know Started to you know come into their own And spend money and borrow and rock and Roll but um but and that was the effects The psychological effects of the Great Depression lasted for 30 years and the Psychological effects of this new Depression are also going to last for 30 Years so don’t wait to get back to Normal we’re we’re not getting back to Normal we’re going into kind of a new New world Well well Jim you know I know you have a Hard stop so I really appreciate you um Your contribution your wisdom and uh Historical Viewpoint I really suggest People read your books I don’t just read Them I studied them you know I have

Group studies with them because each Time I study I get a whole nother Insight didn’t get just from reading it You know I want to discuss it with a Friend did you see this you say that and Um you know I What you do is you open people’s minds So they can see a different world so I Really appreciate your contribution to In a society but sharing what you’ve Learned over these years so thank you Again and I would like to have you back Again thank you Robert thanks again Thank you Jim and the new book is the New Great Depression comes out January 12th when we come back we’ll be talking Kim and I will wrap up your final Thoughts on this and she’ll explain why My rubber band collection is so big So thank you we’ll be right back thank You Jim Welcome back Robert kiyosaka Thrift Shop Radio show the good news and bad news About money you know thank our guests Today Jim rickardsman he’s always the Most welcome person and You know talk about opening up your mind I mean every time I listen to him I hear Something I never heard before but Anyway I want to thank him because this Is the Rich Dad radio program anytime Anywhere on iTunes YouTube and Android And please leave a comment whenever you Listen and all of our programs are

Archived at Rich dadradio.com we archive Them for one reason so you listen Through it again And listen to it again you’ll pick up Twice as much but also if you just use It to discuss with fans family and Especially business associates it might Open up the minds of the people around You because a lot of people today are You know walking sounds asleep so can’t Many comments on what Jim had to say Yeah one of the things I I really Appreciate about Jim Rickards is that You know everybody’s looking like what Do I do what do I do and he tells you What to do but he’s giving you the Background and the bigger picture of why You do this it’s not like okay just Liquidate some stocks the reason why is Because that that you want to hold cash The reason why is because that that’s And he’s and he’s got such a depth of Knowledge from all his experience and All that he’s done so that’s what I Appreciate I appreciate him saying Here’s what you can do but more Importantly why this is how it may play Out and his book is called the new Great Depression his website is Jamesrickardsproject.com please read his Books because he’s talked about every 1500 years as this major major thing That happens We’re at 1500 years right now

So that’s why if you think happy days Are here again I think you’re sorely Going to be disappointed Anyway with that the best thing to do Right now is prepare for the future and I would follow what Jim Rickard says so Thank you all for listening to Rich Dad Radio program again Financial education Is the best way to protect yourself from What’s about to happen and it’s coming Right now in the comments Kim no I just Stay tuned and pay attention be aware And just know as Jim said we’re never Going to go back to the way it was Because we’ve got probably 30 years of a New world coming on so don’t don’t just Be I don’t know be flexible be aware pay Attention get educated learn do Something So everybody thank you listen to the Rich Dad radio program and good luck [Music] [Applause] [Music] [Applause] [Music] [Applause] [Music] [Applause] [Music] Foreign [Music] [Applause] [Music]

[Applause] [Music] [Applause] [Music] [Applause] [Music] Foreign [Applause] All right [Music] Thank you

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