The Next Financial Crisis Is Already Here

Summary

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Podcast Summary: The Next Financial Crisis Is Already Here

Podcast: Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
Host: Robert Kiyosaki
Guest: George Gammon
Date: May 6, 2026

Episode Overview

This episode explores the looming threat of a new financial crisis, focusing on the rapidly growing sector of private credit and its striking similarities to the subprime mortgage crisis of 2008. Robert Kiyosaki speaks with macroeconomic thinker George Gammon about the mechanisms behind private credit, the risks building in the global financial system, and why unsustainable lending practices could lead to another crash. The conversation touches on historical patterns, potential triggers, implications for investors and retirees, and the critical importance of education and diversification to survive coming turbulence.

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Key Discussion Points & Insights

1. What Is Private Credit and Why Is It Dangerous?

[02:01], [13:17]

• Private credit refers to loans made by non-bank lenders (so-called ‘shadow banks’) to borrowers who cannot get access to traditional credit due to high risk.
• These loans often go to individuals or businesses with poor creditworthiness or unstable financials, yet attract investors searching for high yields (e.g., “guaranteed risk free 10 or 12% return” – George Gammon).
• The mechanism mirrors the dangerous lending seen during the 2008 crisis—only in a new sector.

“It's the exact same thing. They're just garbage loans that never should have been made to people who can’t pay them back.”
— George Gammon [00:45], [02:32]

• Shadow banks (e.g., BlackRock, Blue Owl) act as intermediaries and present a risk of contagion to the broader financial system.

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2. Modern Versus 2008 Crisis: Old Wine in New Bottles

[03:42] — [04:36], [17:09], [19:46]

• While 2008 was about mortgage-backed securities and CDOs, 2026 centers around private credit.
• The guest emphasizes the cyclical nature of crises, noting that only the terminology and instruments have changed.
• The same underlying problem remains: high risk lending, coupled with mispriced risk and reckless “kicking the can down the road.”

“Each one of them, especially derivatives, have the power of a thermonuclear device to blow this whole place apart... Private credit means they lend money to people who can't get credit.”
— Robert Kiyosaki [04:36], [04:59]

“What's the difference between not paying back a home loan and not paying back a private credit loan? It's the exact same.”
— George Gammon [09:17]

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3. Visualizing Systemic Risk: The Engine and the Oil

[07:13] — [07:53]

• George uses a car engine analogy: Money and credit flow like oil in an engine. When risky lending leads to defaults, that flow ceases, causing the entire system to seize up.

“Money and credit circulating in our economy is exactly like oil circulating in a motor. And what happens is that circulation…is dependent on risk.”
— George Gammon [07:55]

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4. The Yield Curve: Early Warning Sign

[01:55], [17:09]

• An inverted yield curve reliably precedes a recession or credit event, as it signals higher perceived short-term risk versus long-term.
• The un-inversion (“tide going out”) exposes who is over-leveraged and most vulnerable in a downturn.

“When the tide goes out, you can start seeing who is swimming naked, right? Well, right now the tide's going out.”
— George Gammon [18:35]

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5. Triggers and Wild Cards: AI, Unemployment, and Geopolitics

[20:50], [21:24], [22:44]

• Factors like spiking oil prices, AI-driven layoffs, and international conflicts (e.g., Hormuz crisis) could act as catalysts.
• AI threatens to accelerate unemployment, reducing contributions to retirement and equity markets, directly hitting asset prices.
• Both speakers highlight the layers of compounding risk in the current environment.

“In 2008, we didn't have AI. And now we have AI. And unemployment is going to keep going up now…they don't need lawyers.”
— Robert Kiyosaki [20:50]

“If unemployment goes up…what money do they put into the stock market? They don’t have any money…so instead of a net inflow, you have a net outflow. And that means the stock market goes down dramatically.”
— George Gammon [22:45]

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6. Implications for Boomers and Retirees

[25:32] — [26:50], [29:11]

• Robert warns the US Boomer generation is the “first without a pension,” tying systemic risk to looming retirement crises.
• 401ks and IRAs are exposed to market downturns and may not provide the security boomers expect.
• Homelessness and “the end of the American Empire” are mentioned as possible outcomes.

“Baby boomers are the first generation without a pension. And look at the homelessness going across the country and the world today. It's shocking.”
— Robert Kiyosaki [31:22]

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7. Historical Lessons and Probabilities

[19:47], [23:51]

• While the sequence may not exactly replicate 2008, history suggests a significant “credit event” is likely.
• Michael Burry, via analysis, projects a possible 70% decline in the stock market if a recession and current overvaluation collide.

“His base case for a trough in the stock market…would be a decline of 70%...That's not George Gammon saying that. That's Michael Burry. Decades of data to back up his position.”
— George Gammon [24:03]

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8. Strategic Takeaways: Education and Alternatives

[28:35], [29:40]

• Robert underscores the need to diversify into real assets like gold and oil, relating his own success during past crises.
• Both urge continuous learning, networking, and skepticism toward conventional advice.

“If you're educated about this stuff and you position yourself strategically, even if you're wrong…you're still going to come out ahead. Just like you have.”
— George Gammon [27:41]

“If Robert Kiyosaki is doing that [showing up, taking notes, asking questions], what are you doing? And why aren’t you doing the exact same thing?”
— George Gammon [31:04]

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Notable Quotes & Memorable Moments

• Robert's Humor and Real Talk:
  • "I'm in Phoenix, Arizona. It's either heaven or hell right now. It's heaven, soon to be hell." [00:56]
  • "What you're gonna do is start a new career?" (On retirees in denial) [33:26]
• On Rinse and Repeat Crises:
  • “It’s the same old thing in different languages. We’re in serious trouble financially.” [37:37]
• On the Nature of Private Credit:
  • “All you have to do is pay me 14%. And the guy says, sure, I’ll pay you 400%. Doesn’t matter because I’m not going to pay you back anyway. That’s private credit.” [06:18]
• On Financial Advisors:
  • “Most of the financial planners are school teachers and they know nothing…” [25:32]

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Timestamps for Important Segments

• [00:45] – Private credit explained: “garbage loans” and systemic risk
• [04:59] – Anecdote illustrating shadow bank lending process
• [07:13] – “Engine and oil” analogy for money and credit flows
• [13:17] – Detailed technical breakdown: shadow banks, loan rollover, kicking the can
• [17:09] – The predictive power and meaning of the yield curve
• [20:50] – AI, unemployment, and wild cards in the new crisis
• [22:45] – How AI-driven unemployment impacts markets via passive investing flows
• [23:51] – Michael Burry’s analysis: potential for a 70% market downturn
• [31:22] – The real-world impact: Boomers, retirement, and homelessness

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Final Thoughts & Takeaways

• The private credit boom is the “subprime” of 2026: risky, underregulated, and threatening financial stability.
• The system remains fragile, with history, yield curves, and mispriced risk signaling severe dangers ahead.
• Retirees and working Americans should beware heavy reliance on traditional markets and savings vehicles.
• Continuous education and alternative asset investment are essential.
• The episode’s tone is a unique blend of dark humor and sobering realism, urging listeners to “think differently” – because the next crisis may already be here.

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End of Summary.

Transcript

[George Gammon]

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[Robert Kiyosaki]

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[George Gammon]

It's the exact same thing. They're just garbage loans that never should have been made to people who can't pay them back.

[Robert Kiyosaki]

Hello, Robert Kiyosaki, the Rich Dad Radio Show. The good news and bad news about money and oil and everything else in the world right now. There's so much going on, man, I can't ask for much more. And today I would say I'm in Phoenix, Arizona. It's either heaven or hell right now. It's heaven, soon to be hell. And a dear longtime friend used to live here in Phoenix, George Gammon. But he wimped out and he went down to Columbia or someplace where the women are gorgeous. And anyway, he's been a long time friend, but he's one of my go to guys when I really want to know the bigger picture. And the other thing I like about George is he's an American, although he looks at the world from outside of America. So with that said, George, welcome to the Rich Dad Show. When I first met you, you were talking about inverse yield curves.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And today's issue is private credit. Yeah, private credit.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And there's private equity. And this private credit, plus you have the national debt, plus you have. What do you call that? Office. Office real estate tanking. Because they can't pay the loans on those things. So let's get back to private credit. See, back in 2008, it was mortgage backed securities. They were derivatives. What is private credit, George?

[George Gammon]

Well, let's actually go back really quick. You said something interesting. You said mortgage backed securities. What was the. That's right. But what did, what, Remember Robert, what did we call the crisis? We called it subprime, didn't we? Yeah, called it subprime. But what is the private credit crisis that we're dealing with in 2026? It's subprime. It's. It's the exact same thing they're just garbage loans that never should have been made to people who can't pay them back.

[Robert Kiyosaki]

Yep.

[George Gammon]

I also want, I also want to point out, before we go any further, the first thing you talked about was the yield curve and the inversion of the yield curve that I've been talking to you about on forums like this and in private and in our private discussions that we have at dinner whenever we're able to meet or whatever. You know, I've been talking about that for probably two and a half years. And not just the inversion of the yield curve, but the un inversion of the yield curve. And what's really fascinating is the yield curve and what's happening with private credit. It's one and the same. It's one in the same because the

[Robert Kiyosaki]

yield curve predicted this. George, you're messing with my brain now. Come on, give me a break. Okay, first of all, first of all, I want to say every time I hang out with George, you have an event in Orlando coming up. Yeah, yeah, the rebel capitalist Orlando in,

[George Gammon]

in May, the last May week in May. Yeah, hopefully we'll have you there.

[Robert Kiyosaki]

I, I, I plan on being there. I go there to learn to listen and all this. But for those of you who really want to get a pulse on what's going on in the real world, it's George's events. And he puts these words out like private credit versus private equity. And then you have subprime mortgage backed securities, Clarice, debt obligations and derivatives. And the average person has no idea what they mean.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And each one of them, especially derivatives, have the power of a thermonuclear device to blow this whole place apart. So when I saw private credit come up, it says the same thing. Private credit means they lend money to people who can't get credit. Is that what you're saying?

[George Gammon]

Basically, it's basically what happens. Robert, you're gonna love this. You're gonna love this. Basically what happens is, let's just say, and we'll just use an example that everyone can easily understand, okay? Let's say you've got someone with a 500 credit score, all right? And they go to the bank and they say, hey, bank, I need to borrow $500 million. And they say, do you have a job? Say, no, no, no job. Okay. Have you had a job in the last 10 years? No, no, actually, I just got out of jail. Oh, wow. Okay. And then what's your credit score again? Right around 500, maybe 490, something like that. And they said, let me get this straight, and you want to borrow $500 million? Yeah. They said, yeah, I don't think so. We're not going to lend you 500 million. So then what happens is you have a quote unquote shadow bank. So these are these private credit institutions that go out there and try to sell their investors on this guaranteed risk free 10 or 12% return. So what they do is they go to that exact same bank and they say, hey, we'd like to borrow $500 million. And the bank says, oh, really? Well, what's your credit score? They say 780. This bank says, oh, my goodness gracious. And you went to Harvard and you went to Yale. Oh my goodness. Wow, you guys are fantastic. We would love to give you $500 million. So then the bank lends the $500 million to the private credit guys, like, let's say Larry Fink. And then Larry Fink calls up the guy with the 500 credit score that just got out of jail and says, hey, guess what? I've got great News. I've got $500 million with your name on it. All you have to do is pay me 14%. And the guy says, sure, I'll pay you 400%. Doesn't matter because I'm not going to pay you back anyway. That's private credit.

[Robert Kiyosaki]

And that's what's. And from George, because you know a lot more about this than me. I do. But that private credit where they got guys with good credit lending to guys with bad credit.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And that's what's going to bring the banks down this time.

[George Gammon]

It could. It could. Robert, what I want you to do for me for a moment is I want to go through a visual for your audience. And what I'd like you to do is visualize a motor. We all know a car engine. And what is required in that car engine is for oil to circulate. Right. So, Robert, what happens if the oil. You take it all out of the car or the oil stops circulating in the motor? It freezes.

[Robert Kiyosaki]

Yeah, you walk.

[George Gammon]

It seizes. Yeah, you walk. You start. You started hitchhiking.

[Robert Kiyosaki]

Right.

[George Gammon]

So the global monetary system, our financial system, and therefore our economy is dependent on not oil circulating, but money and credit. See, money and credit circulating in our economy is exactly like oil circulating in a motor. And what happens is that circulation of money and credit is dependent on risk. So if risk increases due to that phenomenon, we just. We'll call it a scam or ruse or whatever you want to call it that we just described. Then that is Definitely going to impact banks because they are dependent on that circulation of oil or the circulation of money. And credit is heavily impacted by risk going up due to these bankruptcies.

[Robert Kiyosaki]

So have, let's say go to George and myself, two smart guys, went to Harvard. We have good credit scores, we borrow private credit and then we lend that money to people who are less credit worthy. And George knows a lot more about than I do. But I hear when those guys who are less credit worthy stop paying, that's when the whole engine ceases. And that's our banking system this time.

[George Gammon]

Yeah, and it's exactly what happened in 2008, Robert. Remember they stopped paying back the home loans because no one could afford it. What's the difference between not paying back a home loan and paying back a private credit loan? It's the exact same.

[Robert Kiyosaki]

Well, that's why I'm. That's why I wanted you on this program because there are slight distinctions, but the end is the same. We all start hitchhiking. We'll be right back.

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[Robert Kiyosaki]

Welcome back, Robert Kiyosaki. Our guest today is longtime friend George Gammon. He used to share the office with me in downtown Scottsdale and he now lives in, he now lives in Cuba or Greenland or where.

[George Gammon]

One of those places. One of those places.

[Robert Kiyosaki]

Wherever Trump's going to bomb, George is going to move there. Yeah, right. So anyway, George is one of the smartest guys I know. And we're talking today about this thing called private credit. So I'm a neophyte. I'm just cruising around, I hear this term called private credit. And there's a lot of concern about private credit. Whereas 2008 it was mortgage backed secures, which was derivatives, collage, debt obligations, MBS and stuff, all these terms, and they all went bad. So today we have private credit. So my question to George is, what the heck is private credit and how much of a concern is it? So, George, what is private credit? One more time.

[George Gammon]

Sure. So private credit is just money that is lent by what they call a non deposit institution. So a deposit institution is a bank. Right. They take deposits, they lend out money. Well, a non deposit institution is what we'd call like a shadow bank or something like that. But if you're, if you're viewers are familiar with Black Rock and Larry Fink, that would be an example of a, effectively a shadow bank or a non deposit institution that's lending out money. Right. So

[Robert Kiyosaki]

a shadow bank is a shadow bank, isn't. You don't have a passbook with them. You know, they just. Yeah.

[George Gammon]

So you would not have an account with a shadow bank.

[Robert Kiyosaki]

Right.

[George Gammon]

So what they would do is, let's just say you and I run a private credit fund. We'll call it the rich dad private credit fund. And so what we would do is we would actually go to a bank and we would borrow $10 billion from that bank. And we would, we would get equity as well, like Kenny does, you know, from his investors. But we're just focusing on the debt component of it right now, the credit component of it. And so then what we would do is we would go out to all of these businesses, let's say software companies that can't get a loan from a bank because by definition they're too risky. And then we would say, hey, we just borrowed this $10 billion from the bank. We'll go ahead and lend it to you at a exorbitant interest rate. So then we can go ahead and promise our investors they can get a risk free 10 or 12% return while they could only get, let's just say, a 4% return buying a U.S. treasury. So this is, this is the ruse. Now if we go back to 2008, everyone knows that the main component there was a result of lending to subprime borrowers. These borrowers just happen to be people that couldn't afford a house, they had a job at McDonald's, and somehow they owned 5 million dollar mansions or whatever it was. And it's the exact same thing here. Instead of an ENT or an individual borrowing money to buy 10 houses, this time it's an entity like a software company that has no prayer, no chance of actually turning a profit borrowing, let's say, $50 million from Blue Owl or BlackRock or Rich dad Private credit. And so you can keep kicking the can down the road as long as they're able to roll over the debt. So let's just assume for a moment that subprime borrower that we were talking about earlier with the 500 credit score, this guy borrows, you know, $50 million. And can he pay it back? Absolutely not. But when he has to pay it back in two years, let's say he goes back to the private credit entity and says, yeah, I just want to roll over the debt. And they say, okay. So then on their books, that loan is still valued at $0.100 on the dollar, when in reality that loan should be valued at $0.00 on the dollar. So you can keep kicking the can down the road and play this game, but at some point in time, the music stops, right? The music stops and there aren't enough chairs for everybody to sit down. And that's usually when the joy span.

[Robert Kiyosaki]

This is my question. How close are we for musical chairs to end? And when it ends, what happens?

[George Gammon]

So the timing of these things is impossible to know. But what we can do is look at history and we do know that these, going back to the yield curve we talked about that, you know, it inverted maybe two years prior. And what, what, why that's important, Robert, is because that is an indication of risk and it's actually very easy for people to understand. So if I asked you if, let's say I asked you to borrow a million dollars and you said, okay, for how long? And the first time I came to you, I said, oh, I just want to borrow it for a week, you'd say, okay, I'll, I'll charge you 5% interest rate. But then let's say I come back the next day and I say, oh, actually, Robert, I want to change the term of the deal here. Instead of borrowing it for a week, I want to borrow up for 10 years. You say, okay, well, I've got a lot more risk there, so I can't charge you the 5%. I've got to charge you 10%, let's say. So that, that's how normal interest rate should work. The longer the loan, the higher the interest rate. So that's why an inversion of the yield curve is so bizarre. It should not happen. And that's when the longer term interest rates are actually lower. So imagine if I said, hey, I want to borrow money for 10 years, you said, oh, fantastic, I was going to charge you 5% for a week, but now I'll only charge you 3%. So the reason that happens is because of risk. And then we see this risk starting to bubble up to the surface. You know, Warren Buffett talks about the tide going out, right? He says when the tide goes out, you can start seeing who is swimming naked, right? Well, right now the tide's going out, Robert. And what I do know for sure is that if history is a teacher, it tells us that the tide doesn't go out and then come right back in. When the tide starts to go out, it continues to go out further and further and further and further, and you see more and more people swimming naked until you, you, you get the stuff hitting the fan, like I said earlier. So I, I would say right now we're probably an inning, four or five. Does this play out exactly like the gfc? Probably not, because no two events just happen, you know, in the exact same way, because there's just millions and millions of different variables. But we will very likely have a credit event, let's say credit event, just what you're saying.

[Robert Kiyosaki]

Another 2008.

[George Gammon]

Possibly, possibly, possibly. But it's not, it wouldn't play out. It's very Unlikely for it to play out the exact same way.

[Robert Kiyosaki]

But the cycle, there's going to be something you call an event. That's. I think that's what people are watching for.

[George Gammon]

Yeah.

[Robert Kiyosaki]

What's the event and what's the trigger? So you look at or moves. I mean, how many more triggers can you wait for?

[George Gammon]

Well, that's a great point, Robert. That's a great point. Because let's remember, what was the trigger and the catalyst in 2008. It was high oil prices. That was. That was the trigger. We talked about that before we went live that back in 2008, oil got up to $140 in nominal terms. So in today's dollars, that would be probably, you know, 200 or something. And that although the conditions were prime for a gfc, in my view, that was the catalyst. That was the straw that broke the camel's back.

[Robert Kiyosaki]

So let me give you one more wild card sitting out there.

[George Gammon]

Yeah.

[Robert Kiyosaki]

In 2008, we didn't have AI.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And now we have AI.

[George Gammon]

Yep.

[Robert Kiyosaki]

And unemployment is going to keep going up now. I just, I just saw that law schools are having trouble because they don't need lawyers.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And they have all this fixed debt and things like this. So you have all these wild cards coming in on this GFC, you know, 2008 to 2026. So when you have AI kicking in, do you have you followed that very much. I mean, what's that going to do for employment?

[George Gammon]

I have. And do you still have that, that hot air balloon you do right there in the corner?

[Robert Kiyosaki]

Yeah. Yeah. Back there.

[George Gammon]

Yeah. So the reason Robert has that hot air balloon is because one time I gave him a visual, an analogy of our economy where I said that in a healthy economy, the top of that hot air balloon should be the economic output of the individuals and entities in that economy. And the basket is the asset prices, let's say the s and P500. So. So the basket should follow where the economy goes. But now what we have is the opposite. We have the asset prices really leading the economy. So if asset prices go down, so goes the economy. Why is that important? It's exactly what you just said, Robert. Exactly what you just said. The reason the stock market is at nosebleed levels, and at these levels, it makes absolutely no sense whatever whatsoever, is because of passive investing. So what happens is when people get their paycheck, just 10% of it, because they listen to Dave Ramsey, goes directly into a passive index fund. Right. So then that's because 401k on IRA yes, yes.

[Robert Kiyosaki]

Actively managed deal.

[George Gammon]

Exactly. So you have all this money just flowing into the. The stock market. Flowing into the stock market. But that's only because unemployment is low. Right? Because if unemployment goes up, then people don't have a paycheck. So what money do they put into the stock market? They don't have any money to put in the stock market. So what happens is if unemployment goes up, regardless of why even let's say it goes up because of artificial intelligence, what that means is less money going into the stock market. So instead of a net inflow, you have a net outflow. And that means the stock market goes down dramatically and that.

[Robert Kiyosaki]

You're scary. You're scaring the. George. Scaring the crap out of me.

[George Gammon]

I mean, I'm. I'm not trying to scare people.

[Robert Kiyosaki]

No, no, no, no. It's. You're verifying what I'm afraid of. That's what I'm saying. I'm not saying. You're doing it to me. I sit there looking at that thing. I go, okay, what's the worst. What's the worst scenario? Now you know? Well, you're verifying everything. Everything I've been concerned about.

[George Gammon]

Did you see. Do you know. Michael Burry is. He's the guy with. Okay, your audience, I'm sure, probably knows who Michael Burry is due to the. The movie, the Big Short and whatnot. I actually subscribed to his substack and he had a post the other day which is very extensive where he goes through and he analyzes going back to like the 1920s as far as when you get a drawdown in the stock market, how. How far it usually goes down based on the PE multiple, which we don't have to discuss here, but the bottom line there is his base case was the stock market is overvalued by 40 or 0%. And he said that his base case for a trough in the stock market, if history is a teacher, if it's a. In. In court, it's. If it's happening at the same time as a recession would be a decline of 70%. 70%. That's not George Gammon saying that. That's Michael Burry. And it's not like he was just saying that off the cuff. He had decades.

[Robert Kiyosaki]

He's a smart boy. He's a very.

[George Gammon]

Decades of data to back up his position. So now is that likely? You know, again, it's all a matter of probabilities. It's a low probability, but it is still something that people should be aware of as I've said on your show many times, burying your head in the sand like an ostrich is a very, very poor investment strategy.

[Robert Kiyosaki]

Yeah. The other thing I'll see, I'll say this really quickly. This is my great. I wrote a book called the who Stole My Pension? My concern, George, this is what my concern is. My generation, the boomer generation. 1974 was ERISA Employee Retirement Income Security Act. Led to the 401k and the IRA. So I was asking out of the Marine Corps in 74 and Charles Schwab and all these stock brokerage companies advertise you too can be a financial planner. So I went down. This is a hunt little I went down and all this guys being financial planners, I said, oh, this is going to be a train wreck in the future. You know what I mean? Because most of the financial planners are school teachers and they know nothing. So they're going to tell people how to run their lives in 1974. But also, 74 was a petrodollar. Remember that?

[George Gammon]

Sure.

[Robert Kiyosaki]

So now we have Hormuz, we have the stock market, the S and P at all time high. And I think you have 80 million US baby boomers set to retire. You know what they say in Hawaii is called aloha.

[George Gammon]

Yeah.

[Robert Kiyosaki]

You know, it's going to be like, you know in penis to cartoon character where Charlie Brown, Lucy holds the football and Charlie Brown winds up, he says, I know you're going to pull that football away. And Lisa says, I promise I won't pull it away. So Charlie Brown winds up, she pulls the football away and he falls down. This is my prediction. And I'm saying. What you're what, Michael Bar? What you're saying, everybody. What I'm saying is that my generation, the boomer generation, there's going to be no retirement. That 401k is going to toast because it's going to be the biggest crash in history. And that's what I've been predicting for a while. And somebody said to me, what if you're wrong? I said, I could be, but what if I'm right?

[George Gammon]

Yeah, but think about what you've been doing in your own personal situation, Robert. You always talk about buying gold and silver and so and so far, let's just be clear, right? So far you could say, oh, Robert, you've been wrong. We have not had this catastrophic crash or blah, blah, blah. But you could also say that, oh yeah, but I forgot gold is up a hundred percent in the last two years or whatever. It's up, you know, Silver's up, what, three times? Or. I haven't checked the price lately. But so my point here is that if you're educated about this stuff and you position yourself strategically, even if you're wrong, and let's hope we all are wrong, I mean, none of us want a catastrophic crash. So even if you're wrong, if you do it strategically, you're still going to come out ahead just like you have.

[Robert Kiyosaki]

And so that's why my concern is I look at the homeless that's spreading all across the world, and I think a lot of it goes back to 1971, when Nixon took the dollar off the gold standard and the dollar became fake. And so every time we got into trouble, just printed more money. So that's my concern. That's why, you know, and I'm going to give you one more chance to plug your show, Rebel Capitalist show, because I'm going to go to your show, hopefully. Let me speak without my pessimistic viewpoints,

[George Gammon]

but I might be able to find a slot for you, Robert.

[Robert Kiyosaki]

Yeah, I go there to listen to the different points of view. Do you know what I mean? I go out there and I sit there. Well, Guy said this, guy says that I don't know if anyone knows exactly what's going to happen, but a composite is going to happen.

[George Gammon]

Yeah.

[Robert Kiyosaki]

You just cannot keep money.

[George Gammon]

And if I could, if I could use you as an example momentarily. Robert, how old are you?

[Robert Kiyosaki]

79.

[George Gammon]

You're 79?

[Robert Kiyosaki]

Yeah, just yesterday.

[George Gammon]

Congratulations. Happy birthday. Happy birthday. You don't have to disclose your net worth, but I think the audience can safely assume that it's. It's pretty, pretty high. Right. I've been in your private jet. Very nice. So what I want to highlight for your audience is that every time Robert has been to Rebel Capitalist Live, which is the live event that he's referring to, at his age, with his net worth, with his brand, with his global notoriety, he is still the first person or one of the first people to show up in the morning for that 8:00am Speaker. And Robert is sitting right in the front row, right in the front row, every single time with a notepad. And he's listening diligently to every single word that that speaker has to say, even at 8am and then he stays there the whole day, you know, if he's, if he's feeling up to it, and he stays there the whole day. And then he'll go back in the green room and if he has any questions based on his notes, he'll try to find that speaker in the green room and get them to answer his questions. So if Robert Kiyosaki is doing that, what are you doing? And why aren't you doing the exact same thing?

[Robert Kiyosaki]

I ask that question all the time, George. I ask that question all the time because people say, well, what if you're wrong about this? The boomers being the first guys without a retirement plan at 80. What if you're wrong? I said, what if I'm right? Baby boomers are the first generation without a pension. And look at the homelessness going across the country and the world today. It's shocking. I think, George, we're looking. We're staring down the barrel of a gun right now. You got Hormuz. I remember in 1956 was Suez, and the English empire collapsed in 1956 with the Suez crisis. And now we have the Hormuz crisis, where United States is the biggest debtor nation in the world. It doesn't rhyme, but it looks the same to me. And every time we don't have enough money, we print more of it. I don't know how much longer that can last, but this is the GFC 2008 all over again. And I was the guy on Wolf Blitzer saying, lehman is coming down. You know, I have I actually on tape and cns, that Lehman is coming down. And they came down the next day. So when this next one goes down, that's what I was asking you about, private credit. Because as you said, it's the same thing, different words.

[George Gammon]

Yeah, it wouldn't be. It wouldn't surprise me if we have more bank failures in the future.

[Robert Kiyosaki]

Well, I was talking to Gerald Celente. I said, what else is going to happen? He says, war. Says, when in doubt, go to war. And you can see it. You can see it. And when I talk to my brothers and sisters, don't you worry about us. Everything will all work out. I'm going, you're 80 years old. What you're going to do is start a new career.

[George Gammon]

Yeah.

[Robert Kiyosaki]

And then I had this Uber driver the other day. Poor thing, she has. She's going for a third master's degree.

[George Gammon]

Jeez.

[Robert Kiyosaki]

And she can't find a job, so she is in a gig trade, you know, Uber. I say, you're going for your third master's degree. How are you paying for it? Student loans. George, you don't have to call very far. Just climb in an Uber and ask questions. And then you get terrified.

[George Gammon]

Yeah. Isn't that the definition of insanity? Honestly, you know, if you've got One master's degree and you can't get a job, you're going to do the exact same thing over and over and over again and expect different results. Like, what are we doing here, Robert,

[Robert Kiyosaki]

as Marines, you know, I was a Marine pilot in Vietnam, and we knew we weren't going to make it. Was a tough mission coming up ahead of the Viet Cong waiting for us and all this. So what do we do? I said, start drinking. Heavy. George, I'm looking forward to your event, Rebel Capitalist Live. And where is it again?

[George Gammon]

It's in Orlando. They can go to. We'll give them a link for the description of this video, but I'm sure if they Google it, they can find the sales page to get their tickets.

[Robert Kiyosaki]

Yeah, they're fabulous. Like, you and Kenny put on fabulous events. Fabulous. It's not you and Kenny. It's the speakers. You guys attract. So, like I said, I go there, I listen to all these different speakers. I don't agree with all of them. If I disagree, I'll ask them a question because that's how you learn more. So anyway, I was. I was at one event with Peter Schiff, and Peter Schiff is. He talks his book all the time. You know, there's only two asses with Peter Schiff, Gold and silver. So. So I made him one time in Florida, and he says, why don't you buy my gold cufflinks? I said to Peter, one question said, how are they Liquid? Yeah. I'd have to go to a pawn shop. Yeah. And cash in your cufflinks. I'd rather have a gold eagle, you know.

[George Gammon]

Yeah.

[Robert Kiyosaki]

Oh, no, no. Then he wants to argue with me. By gold cufflinks, I'm more valuable.

[George Gammon]

What's funny is I. I'm good friends with Peter as well.

[Robert Kiyosaki]

Great guy.

[George Gammon]

No, if you know Peter, you know how accurate that. That story. That story is.

[Robert Kiyosaki]

I said, why would I buy a pair of gold cufflinks? Anyway, George, thank you for all the years of friendship. And this is our dime.

[George Gammon]

Likewise, buddy. Happy birthday. Happy birthday. Semper Fi, my brother. Semper Fi.

[Robert Kiyosaki]

Semper Fi. Semper Fi. Thank you. And I'll see you in Orlando. And we'll be right back with a final word from Rich dad. Warning.

[George Gammon]

The following ZipRecruiter radio spot you are

[Robert Kiyosaki]

about to hear is going to be filled with F word.

[Commercial Announcer]

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[George Gammon]

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[Robert Kiyosaki]

Once again, I thank a long time friend, George Gammon. One of the best things about life is having friends smarter than you. And when I grew up, I was in high school, my friends weren't the brightest guys on earth and they make a lot of money because they grow marijuana. I don't touch marijuana. But they do that. To have friends like George Gammon and Ken McElroy and Peter Schiff. It's one of the biggest joys of my life. I just turned 79. So that way George is going to have his program in Orlando, I believe. The Rebel Capitalist Live. If you can make it, please attend it. But this is a very, very exciting time. But unfortunately what we're talking about is I think homelessness is, is going to go up because my generation, George is a lot younger than me, is the first generation without a retirement plan. So we're going to see homelessness and RV parks and some of my family with no money. So this could be the end of the American empire. But you don't have to be a victim of it. Like I've said in many of my programs, when they started hitting Hormuz, Iran, which I hate, war. I own a lot of oil wells in Texas and Oklahoma. So when they started bombing Iran, you know, thanks to Mr. Trump here, when he started bombing Iran, I got richer. So ladies and gentlemen, just because people are getting poorer doesn't mean you have to. You can still get richer. And I want to thank George for his comments on private credit. It's the same old thing in different languages. We're in serious trouble financially. So I want to thank you for watching the Rich dad show and may you still get educated because you don't have to be a victim for the financial crisis. We're heading into you take care of.

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[Robert Kiyosaki]

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[Robert Kiyosaki]

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