Is the US Dollar Losing Its Reserve Currency Status?

Summary

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Podcast Summary: "Is the US Dollar Losing Its Reserve Currency Status?"

Rich Dad Radio Show — June 10, 2026
Host: Robert Kiyosaki, with guests David, Andy, George, and Peter

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Overview

In this episode, Robert Kiyosaki and a panel of financial experts dive into the precarious future of the US dollar as the world's reserve currency. The discussion explores the economic forces driving inflation, debt, and global currency realignment—focusing on how international resistance to US monetary policy is reshaping the financial world. The panel also examines the strategic moves by central banks, the BRICS economic coalition, and the growing importance of gold and silver. This episode is a must-listen for anyone concerned about preserving wealth amid uncertain times.

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Key Discussion Points & Insights

1. The Fall of the US Dollar’s Global Dominance

• Gresham’s Law in Action: Robert Kiyosaki highlights how the US dollar, once “good money,” became “bad money” after the gold and silver content was removed (00:59).
  • Quote: “Bad money drives out good money. So this is bad money here. It's called the US Dollar. I call it toilet paper today.” — Robert Kiyosaki (01:03)
• Global Backlash to US Economic Policies: Andy explains that a multitude of international missteps have prompted other countries to push back against US monetary dominance (01:48).
  • Quote: “America has pissed off the rest of the world. We're now a credit based economy. In other words, we print fake money and we spread it throughout the world.” — Robert Kiyosaki (02:51)

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2. Debt, Inflation, and the Race to Gold

• The Debt Spiral: David underscores the unsustainable growth of US debt—now over $50 trillion—and the impossibility of paying it off through tax revenue (03:08).
  • Quote: “US government debt service is now over a trillion dollars per year. One out of every seven dollars of tax revenue.” — David (03:08)
• Inflation as Policy: The only practical way forward is to “inflate it away,” debasing the dollar’s value further (03:42).
  • Quote: “There's no fiscally responsible way for them to repay the debt. So the only thing they can do is inflate it away.” — David (03:42)
• Central Banks Buy Gold: Both as a hedge and because they distrust all global fiat currencies, central banks are converting reserves to gold (05:36).
  • Quote: “Central banks are sucking and blowing. They're debasing their fiat currencies, but at the same time, as quickly as possible, they're buying hard assets to diversify their central bank reserves.” — David (05:36)

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3. The Rise of BRICS and the Multipolar Currency System

• Global Alliances Forming: Andy details the expansion of BRICS countries and their goal to bypass the US dollar (07:55).
  • Quote: “All of these countries... are forming a massive, massive, very imposing, not only from a GDP, but you put all these countries together and their military might is very, very strong as well.” — Andy (08:53)
• Rejection of “Toilet Paper” Currency: The rest of the world is increasingly unwilling to accept US dollars for real goods and commodities (09:34).
  • Quote: “For years, we've been able to ship this toilet paper throughout the world... and the world said, we've had enough of this.” — Robert Kiyosaki (09:56)
• China’s Role: Building infrastructure, securing resources, and forming military and economic partnerships are key BRICS strategies (10:20).

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4. The Mechanics and Dangers of the Modern Financial System

• Fiat Money and Banking Realities: George clarifies how most dollars are not physical, but rather bank liabilities lent into existence (06:28).
  • Quote: “95% of those dollars were not green pieces of paper. They were lent into existence by a bank extending credit.” — George (06:50)
• Everything Bubble: Robert and George discuss how the entire financial system—from stocks to bonds to real estate—is inflated and disconnected from real productivity (13:21).
  • Quote: “We're in everything bubble... it's hanging by this balloon right now.” — Robert Kiyosaki (13:21)
  • Quote: “The balloon represents the financialization of the economy... and at some point you're going to have to pay the price for that.” — George (11:50)

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5. Saving in Gold, Silver, and Hard Assets

• Gold Outperforms Dollar: David and Robert analyze gold’s meteoric rise versus the dollar’s plummeting purchasing power since the 1970s (19:25).
  • Quote: “Gold's performance over the last 50 years... the purchasing power of the US dollar has gone down more than 90%.” — David (19:31)
  • Quote: “Well, that means if you're saving dollars, you're losing money.” — Robert Kiyosaki (19:58)
• Silver's Industrial Demand: Peter details surging silver demand due to solar and electric vehicles (EVs), with China dominating solar and requiring massive silver imports (22:13, 23:29).
  • Quote: “In the last few years, it's gone from about 100 million ounces... to almost 19% of all the silver made available to solar.” — Peter (22:13)
  • Quote: “EVs... need more than twice as much silver as a regular internal combustion engine vehicle.” — Peter (23:29)
• Physical Asset Scarcity: China, despite being a top silver producer, must import to meet its own industrial needs (24:08).
  • Quote: “I'm willing to bet most of the silver produced in China doesn't leave China, just like the gold.” — Peter (24:08)

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6. The Psychology of Money

• Conditioned Trust in Fiat: Peter argues that decades of fiat currency have conditioned people to accept “fake money” (25:40).
  • Quote: “People have been conditioned to believe in paper money over what was real money. Silver and gold were real money for 5,000 years.” — Peter (25:40)
• Wealth Preservation Advice: Robert closes by stressing the importance of self-education, skepticism about government promises, and the importance of gold and silver for long-term financial survival (26:44).
  • Quote: “One big reason I don't trust my government, that's the main reason. We're a great country, but something is rotten in our financial markets.” — Robert Kiyosaki (27:44)

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Notable Quotes & Memorable Moments

• “[The US dollar] is toilet paper today... We've been able to ship this toilet paper throughout the world.” — Robert Kiyosaki (09:34)
• “Every fiat currency that's ever been created... ultimately has failed since the beginning of time.” — David (05:01)
• “The rest of the world is revolting against the West.” — Andy (11:25)
• “We're in everything bubble... it's hanging by this balloon right now.” — Robert Kiyosaki (13:21)
• “What is your forecast for solar as far as the consumption of silver?” — Robert Kiyosaki (22:08)
• “We're living in an experiment, and it's not going well.” — Peter (25:40)

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Important Timestamps

• 00:59 — Gresham’s Law and bad money driving out good money
• 03:08 — US debt statistics and central banks turning to gold
• 05:01 — Every fiat currency eventually fails
• 07:55 — Expansion of BRICS and the global move away from US dollar
• 11:50 — The balloon analogy for financialization of the economy
• 13:21 — “Everything bubble” in assets and markets
• 19:31 — Gold’s long-term outperformance versus the dollar
• 22:13 — Silver consumption surges in solar energy production
• 23:29 — EVs increase demand for silver
• 24:08 — China’s silver supply and import challenges
• 25:40 — The psychology and conditioning around fiat money
• 26:44 — The case for gold, silver, and distrust in official financial narratives

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Final Thoughts

This episode pulls no punches: Robert Kiyosaki and his guests cast a skeptical eye on the strength and legitimacy of the US dollar, citing historical precedent, overwhelming debt, and the growing global consensus to move away from dollar hegemony. They argue convincingly for holding gold and silver as a means of preserving purchasing power against inflation and geopolitical uncertainty. The episode is both a warning and a call to financial literacy and independence.

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Transcript

[Peter]

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[Robert Kiyosaki]

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[David]

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[Andy]

Start your free [e-mail] while Robert is away.

[George]

We're bringing you the most talked about

[David]

warnings from the Rich dad radio show. Here, Robert Kiyosaki and his guests discuss

[Robert Kiyosaki]

the future of the dollar, inflation, debt, and the forces reshaping the global economy. There's a law called Gresham's law, and Gresham's law says bad money drives out good money. So this is bad money here. It's called the US Dollar. I call it toilet paper today. And this is good money here. This is silver and this is gold. So what happened in 64 and 71? They took the gold out of this paper, toilet paper right here. And in 64, they took it out of our silver coins. So Gresham's law is in action today. America has been kind of a bully because we had the reserve currency of the world.

[Andy]

I'd like to first throw out that so many things are happening all around us, and while they're significant, these individual events in and of themselves have less significance than when you put them all together. And the things that are happening inside the blunders, if you will, that are happening inside the United States only exacerbate the consequences that are happening and the realities that are happening outside the border. In other words, the US Blunders, I believe, are in inspiring the rest of the world, the international community, to unite in opposition to it and in joint establishment of mutually beneficial platforms of politics and economy and trade and currency and finance and culture and education and international security. And all of these things that, as you mentioned, the bullying and the sanctions and the hegemony and the hypocrisy of the West, I believe is coming to an end.

[Robert Kiyosaki]

I'm going to summarize what Andy said America has pissed off the rest of the world. We're now a credit based economy. In other words, we print fake money and we spread it throughout the world. So what are, what are the central banks doing with gold right now, David? They're buying, aren't they?

[David]

They're big consumers of gold right now because they recognize that their fiat currencies are being undermined by the very central banks that they're running. And the reason they're doing that is because there's a massive amount of debt that's been strapped on over the course of the last 15 to 20 years. Because of these easy money policies, U.S. debt today has grown to over $50 trillion. Debt service. U.S. government debt service is now over a trillion dollars per year. One out of every seven dollars of tax revenue. And that's double.

[Robert Kiyosaki]

Wait, wait, wait, wait, wait. That means they cannot pay for our debt with our taxes.

[David]

No way. There's no fiscally responsible way for them to repay the debt. So the only thing they can do is inflate it away, just keep printing US dollars and debase the value of that debt. And that's just a fundamental economic. It's not a conspiracy theory, it's just the reality, the economic reality they face. They put on so much debt on their balance sheets, there's no way for them to repay it. They have to make the debt shrink as a percentage of the overall economy. And the way to do that is inflate it away, inflate the economy, flood it with dollars. And so this tightening that they've shown in interest rates over the last 18 months isn't doing anything because inflation rates are well above where the interest rates are. So that means real interest rates are actually negative. That's why central banks are buying gold. Gold yields nothing as a financial instrument. 0% yield. But treasuries are yielding negative on a real basis. When you take inflation away from the interest rates that are getting paid on Treasuries and you're actually losing purchasing power every day the value of your dollar is going down. As I said earlier on, the US dollar has lost over 90% of its purchasing power since it abandoned the gold Standard in early 1970s. Every paper, every fiat currency ever created is ultimately failed. And that will happen with the US Dollar and every other currency in the world today.

[Robert Kiyosaki]

Say that again. Every what?

[David]

Every fiat currency that's ever been created, those are all created by man. That's the definition of fiat currency. Ultimately has failed since the beginning of time. And that will ultimately happen to the current Paper currency that we have in the world, whether it's the euro, the yen, the US Dollar, these will all fail. And time and again, as we saw in Germany a hundred years ago, these paper currencies fail, as we've seen in Zimbabwe of late, as we've seen in Venezuela. It's just one after the another. It's like a domino effect.

[Robert Kiyosaki]

So one more time, tell us what's going on with central banks. Have they found, they found religion getting out of paper and going to gold?

[David]

Yeah, central banks are sucking and blowing. They're debasing their fiat currencies, but at the same time, as quickly as possible, they're buying hard assets to diversify their central bank reserves because they not only don't trust their own fiat currencies, they don't trust anybody else's fiat currencies they have in their central bank reserves. That's why China is not only the biggest producer of gold in the world as a country, but also the biggest importer of gold. So they consume everything they produce, and then they import more gold than any other country in the world.

[Robert Kiyosaki]

You know, throughout history, who controls the money controls the world. And since 1944, America has controlled the money, with the US dollar being the reserve currency of the world, which caused America to boom, but it also caused many problems. And when we lose our reserve currency status was started in 1944, question is, what happens after that?

[George]

To a certain degree, that's true, but now I would argue it's more so the banks, the banks control the money and more specifically, the banks outside of the United States. So most people have this idea that dollars are just kind of a green piece of paper. And you take your green pieces of paper that you digitally get with your paycheck and deposit it at the bank, and then the bank kind of puts that in a vault, stores it for you until you need it. But what they need to understand is again, 95% of those dollars were not green pieces of paper. They were lent into existence by a bank extending credit. And therefore those dollars are a liability of a bank. So if your listeners have an account with Wells Fargo or Chase B of A, something like that, then is that those dollars which they considered assets, you know, you got a hundred thousand dollars in your account, that's your asset. But that was a liability of a bank. They weren't putting it in a vault, they were actually taking your money and they were lending it out. And you just had to trust that that bank was going to pay you back. But what a CBDC really is when you look at the mechanics and the financial plumbing, it's just the individual taking their account that they now have with Wells Fargo, that's a liability of Wells Fargo and simply moving it to the Federal Reserve.

[Andy]

Brazil, Russia, India, China, South Africa comprise the brics. And these are, these are countries that are uniting in, in common interests and doing it without the bullying, if you will, of, of the Western hegemony. And so when you talk about this growing cohesion of countries, there are others that they're already set their eyes on. And in Brazil's backyard, you have Argentina. In Latin America, you have Nicaragua. In Central America, Algeria, you have, you have Egypt, excuse me, near South Africa, you have Algeria, Egypt, Iran, Saudi Arabia, as we just talked about, the United Arab Emirates, Nigeria, Senegal, Afghanistan, Kazakhstan, India, Indonesia, Thailand. All of these countries and their neighbors that are growing together are forming a massive, massive, very imposing, not only from a gdp, but you put all these countries together and their military might is very, very strong as well. And Those are the BRICs. Plus now they're talking about adding more countries, including Costa Rica, El Salvador, Guatemala, Honduras, Panama, Bolivia, Chile, Cuba, Ecuador, Peru, Uruguay, Venezuela, Azerbaijan, Mongolia, Kazakhstan, Turkmenistan, Uzbekistan, Pakistan, Sri Lanka, and Vietnam. The list goes on and on and on. And so let's look.

[Robert Kiyosaki]

What that means is right now they're dealing in this.

[George]

Correct.

[Robert Kiyosaki]

1944, this became the reserve currency of the world right after World War II at the Bretton Woods, New Hampshire. Like I said, this is toilet paper today, because this is now fake money. So the rest of the world is saying, enough of you sending us your toilet paper. See, for years, we've been able to ship this toilet paper throughout the world.

[Andy]

That's right.

[Robert Kiyosaki]

That's Gresham's law. When bad money chases out good money. So what the US has been doing for a long time, they've been shipping people toilet paper. And they've been shipping US commodities like wheat grain, oil, food, gold, silver, finished goods and things like this. So that's Gresham's law. And the world said, we've had enough of this.

[Andy]

And that's why they're joining with these countries. And not only. If you look at what China is doing, they're coming in and building infrastructure. They're building refineries, they're building more oil rigs. They are cooperating to mutually benefit both sides of the table. And what that means is that that's also a military cooperation. And that's why when Russia signed that deal with Saudi Arabia, the day we left Afghanistan, it was a big Deal.

[Robert Kiyosaki]

Could you explain mmt? I call it Marxist monetary theory. So what is mmt?

[Andy]

It's just basically you print as much money as you want to solve the problem. But that doesn't work in a globalized economy where the rest of the world says, why do we want your dollar that is worthless? And that's why all of these countries are using commodities, in particular gold and its revaluation by the bank of international settlements in 2019 as a high quality liquid asset. In essence tier one. They're accumulating things that are real and they are going to use them to back a new system while the west

[Robert Kiyosaki]

and you become so many subjects that are beyond most people.

[Andy]

Well, you know what I think if you follow the narrative, the bottom line is the world is revolting against the west and our Egyptians.

[Robert Kiyosaki]

So I'm very honored to have George, my friend here, and he's my macro go to guy and he's going to talk about what's happening to this piece of toilet paper. Still important, but still toilet paper. So before we go on, George, what does the balloon represent to you?

[George]

Well, the balloon represents the financialization of the economy. And so back in the good old days, the Wall street, the stock market would be a representation of the overall economy because you have the businesses in the economy. If they do better and better and better, then of course the economy is doing well and you would assume that their share price would increase. Unfortunately, that's not the way it works anymore. And that's why I use the example the balloon. The way a healthy economy should work is the economy should be the balloon and the stock market should be the basket. So wherever the economy goes, so goes the, so goes the balloon, so goes the basket. But now we have the inverse relationship. So the balloon is actually the stock market and the basket is actually the economy. So wherever the stock market goes, there so goes the economy. And it's, it's a perverse setup and unfortunately it's why, one of the many reasons why the Fed has to make a lot of decisions to prop up the stock market that might create economic distortions in the real economy. And at some point you're going to have to pay the price for that. And I think we may be getting to a point now in the United States or within the next couple years where we're going to have to pay the price for our economy being so financialized and dependent upon asset prices instead of being dependent on good old fashioned hard work and productivity.

[Robert Kiyosaki]

So, and what George has said it before in other programs, we're in everything bubble. We're in bubble in the bond market, stock market, real estate market, and it's hanging by this balloon right now.

[George]

Well, what's interesting about where we are right now with the global economy, which is definitely going to impact the United States because everything is so interconnected, is actually the value of that piece of toilet paper that you just had, not necessarily relative to silver, but relative to other pieces of toilet paper. So every country has their own piece of toilet paper. We call, we call ours the dollar. If you're in Germany, you call it the euro. If you're in Japan, you call it the yen. So what's important is not just to look at what the dollar is doing relative to goods and services or silver in the United States, but it's also very important that we look at what the dollar is doing relative to other fiat currencies.

[Robert Kiyosaki]

And so the value of gold in China is more than America. So it takes more yuan than dollars to buy the same thing. Same thing in Japan. So that's why it's real interconnected. But we're all hanging by one big balloon.

[George]

Yeah, yeah. And so the next step here is we have to think about someone's debt, right? So if you have a mortgage on your house, I think everyone can relate to that. Your, your mortgage, you have to pay that back in dollars. For Americans, that's, that's the deal you borrowed, let's say, $500,000. So every single month, when you make your mortgage payment, let's just say it's 2,500 bucks or something, you have to pay that back in dollars. You can't call up Wells Fargo and say, hey, this month I'm going to pay you in Japanese yen. That's not going to fly. They want dollars. And usually this isn't a problem because most people's income who have a dollar denominated mortgage, let's say their income is in dollars. So the value of the dollar, it's not really relevant to them, but unfortunately, outside of the United States, because the dollar is the global reserve currency and it's used for, let's say, 60 or 70% of global settlement, even between countries that don't involve the United States. So what you have is a lot of countries, a lot of entities within countries, such as Japan, let's say, that have to borrow dollars, but yet their income, their cash flow is in Japanese yen. So what happens is when the dollar, that piece of toilet paper, goes up in value against the yen, their piece of toilet paper, all of a sudden the burden of their overall debt increases significantly.

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[Robert Kiyosaki]

there's no more powerful time to be in gold and silver. Would you agree with me, David?

[David]

100 I mean, look at gold's performance over the last 50 years. Since the US dollar was decoupled from the gold standard, the purchasing power of the US dollar has gone down more than 90%. So it's worth 10 cents to the dollar that you had back in the early 1970s, whereas the gold price has gone from $35 to, to $2,000 over the same period. So where were you better placed with your savings, your capital, your hard earned savings over the last 50 years than gold?

[Robert Kiyosaki]

Well, that means if you're saving dollars, you're losing money.

[David]

Absolutely. You're losing purchasing power every day. With the inflation that we've experienced, there's been a massive printing of currency since the US dollar was decoupled from the gold standard in the 1970s. That's why you've seen this massive inflation and this decline in the purchasing power of your dollar.

[Robert Kiyosaki]

You know, and I'm still buying it, buying it, buying it because as an industrial metal as well as a precious metal, all the gold is still left in the world, but silver is disappearing. Is that an adequate summary?

[Peter]

I completely agree with that, yeah.

[Robert Kiyosaki]

So how come the price isn't going up then? Why does it stay flat?

[Peter]

So I believe that what I was saying earlier is the explanation for that. And that could go on for a little while longer. In other words, right. The demand is being met from these secondary supplies. And so as long as that can go on, and I think that we may have a year, maybe a couple of years left of that at most, that's going to probably take the silver price relatively level. Now that doesn't mean, and we've seen it before, you know, as much as I do, Robert, we've seen it before when there's this fomo or fear of missing out. People will pile into silver following gold usually, and it just absolutely explodes and goes crazy. Now we've seen it a few times in the past. Silver does tend to kind of move sideways. And then when this huge fear of missing out comes in and they see gold, let's say 2500. Silver at $35 is going to look like one heck of a bargain. Mix gold, 2500. So that, that just drives so much investment demand and the silver price will spike.

[Robert Kiyosaki]

Yeah. When the panic hits, you're going to wish you had bought more of it. But I've been buying for so many years, like I said, you know, was like a dollar something. And I still have it. I still have it. How much silver is, you know, the solar is, the ESG anyway, the Green New Scam, they call it.

[George]

Right.

[Robert Kiyosaki]

What is your forecast for solar as far as the consumption of silver?

[Peter]

Well, it's become huge. It's unbelievable. In the last few years, it's gone from about 100 million ounces. So that's about, say, 10% of all the silver made available. Every year between mining and recycling, about 10% has gone to solar. Last year it was already at 19%. So it's more than doubled in the, just in the last few years it has absolutely doubled.

[Robert Kiyosaki]

I get, I get tongue tied. The reason I say that is I talk to poor people, you know, people who don't invest and they're in the stock market, which to me is gambling. But anyway, everybody can afford it, but they'd rather save fake money. The US dollar or the Canadian loony or the peso or the Euro. So Peter, what would you. What's going to happen with EVs? You know, I bought my first EV. I call it the Grand New Scam, the Green Scam. But I love that car. I mean, I really do. It's a Cadillac and it just goes flying past gas stations. And I own oil wells too, so I shouldn't be saying that. What's the future of EVs with Silver in that relationship?

[Peter]

Well, EVs are certainly a big consumer of silver as well. We talked about solar, but the growth of EVs is certainly pushing the demand for silver higher. And what we do know is that they need more than twice as much silver as a regular internal combustion engine vehicle. So the more EVs are produced and sold, the more silver that's going to take. Um, it's, it's just that simple. The massive match is that simple.

[Robert Kiyosaki]

So, you know, China is now going to be the biggest producer of EVs. But anyway, where's China going to get their silver from? Do they have a lot of it or not?

[Peter]

So China is arguably number two or three world producer of silver, but they don't produce anywhere near as much as they themselves need. And you just have to look at the, the production numbers for silver and the demand. And, and especially we talked a little bit earlier about solar. Well, China completely dominates the solar industry. They are 80% of the world's solar panel manufacturing capacity. And I, I don't, I don't know where Sil. China's going to get their silver. I mean, they're going to have to compete with everybody else for that. You know, I was talking about getting silver off of the Shanghai Futures Exchange. I can, I can bet that they're, that they're standing for delivery and taking delivery there. A lot of silver goes through that exchange. But as I say, they're going to have to compete with everybody else. I'm willing to bet most of the silver produced in China doesn't leave China, just like the gold.

[Robert Kiyosaki]

And what Peter is saying is people are actually saying, no, I want the silver. Not playing games with it at this point. And let me say it again, is every Tomahawk missile which is fired off and pounding away at the poor people of Ukraine and Russia. I think there's 14 pounds of silver there. You don't get it back. And the landfills are filled with silver. And the cost to extract it is more than the price of silver today. But they'd rather have the fake money, the paper money versus the real money. Why do you think that is, Peter?

[Peter]

We've been conditioned, I think people have been conditioned to believe in, in paper money over what was real money. Silver and gold were real money for 5,000 years. It's the last 50 years like you said, since silver has been taken out of coinage. Gold's been no longer backing the dollar, for example. So it's only the last 50 years. And I consider that to be an experiment. We're living in an experiment and it's not going well.

[George]

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[Peter]

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[Robert Kiyosaki]

I need to say this is we don't recommend people invest in anything. We're purely informational. But I will tell you what I invest in. And since I was a little boy, ever since I held up a US coin this 1964 and there was a copper tinger on it, and again, that was Gresham's law. That meant the government was messing with our money. It was now fake money in 64 and then 71. President Nixon took gold off of the dollar. It became all fake money. And then everybody went into what's called bonds, treasury bills and bonds. And today the Chinese and Japanese are not buying our bonds because America is now the biggest debtor nation in the world. So we don't make recommendations, we educate people. Make your own mind up. I am such a bull on gold and silver. One big reason I don't trust my government, that's the main reason. We're a great country, but something is rotten in our financial markets.

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