Robert Kiyosaki’s thoughts on the economy and they aren’t good.

[spat]

I say this to people quite often when they state, "gold just went up."
"No, it actually didn't. The value of the dollar dropped." blank stares ensue like a 2 yr old that just shit it's diaper.
I then say, "hypothetically, if an ounce of gold increases to $25 and it was worth 10 ozs of silver, It is still worth 10 ozs of silver after the increase."

"No! Silver went up too!"

It's the financial version of the theory of relativity.

"there is no preferred currency / reference frame".

 

[spat]

You didn't answer the questions though. If fiat currency is worthless, what is the value of gold set against? Will a gram of gold be worth 8 chickens or 14 and who gets to decide? How does one make purchases with their precious metals if the quantity of goods purchased is not equal to the bar value? Will we need assay offices on every corner to verify the weight and purity of the gold?

It's like every other economy, including the current one *with* fiat currencies. The people who get to decide are the buyer and the seller.

Nobody decides when gold should go up. A bunch of people decide that they are personally willing to pay more to get some.

When it goes down, it's because some people decide they are willing to sell a little cheaper.

That's it.

 

[Defilade]

You didn't answer the questions though. If fiat currency is worthless, what is the value of gold set against? Will a gram of gold be worth 8 chickens or 14 and who gets to decide? How does one make purchases with their precious metals if the quantity of goods purchased is not equal to the bar value? Will we need assay offices on every corner to verify the weight and purity of the gold?

Ummm, You roll it over to the future currency. The Dollar won't be that.

 

[holdover]

If they dont change things, We are going to go into a depression. Although I don't believe by any means it just happened.

 

[Blimey]

If they dont change things, We are going to go into a depression. Although I don't believe by any means it just happened.

Q1 negative gdp. If were negative q2 we hit recession. Many don’t think it will happen but I am not sure massive spikes in oil have not resulted in one before (as in oil shocks always precede one). The stock market was hilariously overvalued anyway (my always buy never sell approach I am sticking with, however), but the gov can’t drop helicopter money anymore with inflation Where it is. Would be surprising to me if we don’t have a recession within the next year (and not surprising if we’re in one already).

as for Robert k he has built a career on grift, so I would not pay much heed to his predictions. His rich dad poor dad, for example, never existed. It’s a figment of his imagination; there is no rich dad, and never was.

 

[Saltwater60]

Q1 negative gdp. If were negative q2 we hit recession. Many don’t think it will happen but I am not sure massive spikes in oil have not resulted in one before (as in oil shocks always precede one). The stock market was hilariously overvalued anyway (my always buy never sell approach I am sticking with, however), but the gov can’t drop helicopter money anymore with inflation Where it is. Would be surprising to me if we don’t have a recession within the next year (and not surprising if we’re in one already).

as for Robert k he has built a career on grift, so I would not pay much heed to his predictions. His rich dad poor dad, for example, never existed. It’s a figment of his imagination; there is no rich dad, and never was.

I think his predictions will be fairly accurate. People are watering down formula now, but why? Is it the shortage or the inflation, maybe both? We make food money and we’re feeling the pinch so I can’t imagine others aren’t.
Many companies are already cutting back, housing market is down, time will tell.

 

[MothMan]

If they dont change things, We are going to go into a depression. Although I don't believe by any means it just happened.

Come on man! Pfizer has a pill for depression.

 

[tirwin1]

People have been predicting doom and gloom for many years. I know because I started following certain pundits back around 2015 and they were saying sell everything. If you heeded their advice you would be considerably poorer now.

These people might be correct for the near term. But before acting on their recommendations you should check their long term track record.

As they say even a stopped clock is correct twice a day.

 

[holdover]

People have been predicting doom and gloom for many years. I know because I started following certain pundits back around 2015 and they were saying sell everything. If you heeded their advice you would be considerably poorer now.

These people might be correct for the near term. But before acting on their recommendations you should check their long term track record.

As they say even a stopped clock is correct twice a day.

Thats just it. they cryied wolf long enough, but now you dont have to be an economist to see whats coming. just go buy something.

 

[Blimey]

Thats just it. they cryied wolf long enough, but now you dont have to be an economist to see whats coming. just go buy something.

I heard this dude art cashin on CNBC recently say to never bet on the end of the world because it only happens once and it's a long shot. Said that this year.

I just googled and he said the same in 2009:

A Conversation with Art Cashin, UBS

Art Cashin, director of floor operations at UBS, has seen a lot in his nearly 50 years in the markets. Recently, he sat down with CNBC's Bob Pisani to offer his take on the last year's events and, fortunately, provide a little perspective.

www.cnbc.com

He said that in October 2009 when the S&P500 was 1100. It's 3x5 that today--even after falling almost 20% from its highs, and not accounting for a decade+ of 1.5-2% dividend returns.

Predicting a recession is easy. We'll definitely have another one. Maybe in one now, but nobody knows how deep or how long or how often.

As for Robert does he actually know what he's talking about? In 2010 he said that in 2016 the bottom would fall out of the market:

Rich Dad’s Prophecy: Why the Biggest Stock Market Crash is Still Coming [Review] - Silver Monthly

Rich Dad’s Prophecy is – as the title indicates – all about prophecy. Kiyosaki puts on his mantle and turns it loose.

www.silvermonthly.com

It went up over 10% that year. It's presently 50% higher than it was at the end of 2016.

I'm not saying the immediate future is rosy. If I had to bet my life on it I'd say we have a recession within next 12 months. But 50% of population gone? From a guy who completely missed future stock market estimates? Who two months ago was pimping crypto as better than fiat (and yet this month luna absolutely exploded, losing billions in market cap)? From a guy who built his career on a lie?