All Episodes

August 11, 2021 45 min

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

Learn more about your ad choices. Visit megaphone.fm/adchoices

Share
Mark as Played

Advertise With Us

Popular Podcasts

Crime Junkie
Dateline NBC

Dateline NBC

Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.

Stuff You Should Know

Stuff You Should Know

If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks then look no further. Josh and Chuck have you covered.

For You

    Music, radio and podcasts, all free. Listen online or download the iHeart App.

    Connect

    © 2021 iHeartMedia, Inc.

    • Help
    • Privacy Policy
    • Terms of Use
    • AdChoicesAd Choices