Why Inflation Equals Collapse!

Summary

Podcast Summary: Rich Dad Radio Show – "Why Inflation Equals Collapse!"

Title: Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
Host: The Rich Dad Media Network (Robert Kiyosaki)
Guest: Jeff Booth, Author of The Price of Tomorrow
Release Date: December 11, 2024

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Introduction

In the episode titled "Why Inflation Equals Collapse!", Robert Kiyosaki engages in a profound conversation with Jeff Booth, a renowned technology entrepreneur and author of The Price of Tomorrow. The discussion delves into the intricate dynamics between technological advancement, monetary policy, and their combined impact on society, economy, and the environment. Booth’s insights present a compelling argument about the inevitable conflicts arising from these forces and propose Bitcoin as a potential solution to the ensuing challenges.

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Key Discussions and Insights

1. Jeff Booth’s Motivation and Background

Jeff Booth initiates the conversation by explaining his inspiration for writing The Price of Tomorrow. He penned the book primarily for his children—his daughter and two sons—as a means to help them comprehend the converging trends of technological deflation and monetary inflation that he observed globally.

Jeff Booth [01:49]: “There were two massive trends hitting each other. One, technology that made everything cheaper and hitting monetary policy all around the world that must make things more expensive.”

2. The Collision of Technology and Monetary Policy

Booth identifies two opposing forces shaping the future:

• Technological Deflation: Innovations drive prices down by making products and services more affordable and accessible.
• Monetary Inflation: Central banks and governments increase the money supply, aiming to drive economic growth but inadvertently making goods and services more expensive.

Booth argues that the clash between these forces leads to societal fragmentation and wealth concentration among the elite, exacerbating economic disparities.

Robert Kiyosaki [02:33]: “Correct. And that's the Fed and the treasury are doing right now on Wall Street.”

3. Societal Impact: Wealth Concentration and Division

The discussion highlights how monetary inflation benefits the wealthy by allowing them to manipulate markets and maintain control, while technological deflation empowers entrepreneurs to deliver more value at lower costs. This dichotomy results in increased economic division as the rich accrue more wealth and the general populace faces rising living costs.

Jeff Booth [03:20]: “People are taking a side of an issue without realization that the issue itself that they're talking about is a derivative issue of what we're talking about here. The monetary printing, the easing of money, essentially trying to make your money worth less.”

4. Business Evolution: Netflix vs. Blockbuster

Using the example of Netflix overtaking Blockbuster, Kiyosaki illustrates how businesses that embrace technological advancements and provide better value survive, while those resisting change fail. This scenario epitomizes the broader economic trend where innovation trumps traditional business models.

Robert Kiyosaki [06:10]: “And I would have also asked Jeff's question this. Could it be partially the result of…”

5. Bitcoin as a Solution to Monetary Inflation

Booth advocates for Bitcoin, emphasizing its role as a deflationary currency that resists government manipulation. He posits Bitcoin as essential for transitioning to a system that aligns with technological deflation, ensuring decentralized control and preventing further wealth concentration.

Jeff Booth [10:34]: “Bitcoin is that currency. It's the biggest network, it's strong, it's proof of work, is actually the thing that takes currency out of government's hands.”

6. Inflation’s Link to Climate Change

A significant portion of the discussion connects inflationary policies to environmental degradation. Booth asserts that the relentless pursuit of economic growth through monetary expansion on a finite planet leads to unsustainable exploitation of resources, thereby accelerating climate change.

Jeff Booth [25:10]: “Inflation equals climate change.”

7. Energy Innovation Driving Deflation

Booth highlights advancements in renewable energy, particularly solar and battery technologies, which are decreasing energy costs by approximately 11% annually. These innovations contribute to deflationary trends by making energy more abundant and affordable, further challenging the inflationary monetary system.

Jeff Booth [30:34]: “Solar is driving solar and batteries driving about 11% cheaper energy per year.”

8. Future Implications and System Collapse

The conversation forecasts a potential systemic collapse driven by the unsustainable clash between deflationary technological progress and inflationary monetary expansion. Booth warns that without a fundamental shift towards decentralized, deflationary systems like Bitcoin, societies may face increased economic instability and environmental catastrophe.

Jeff Booth [27:51]: “An inflationary monetary system, essentially growth forever, manipulated growth forever on a finite planet... must equal planetary destruction.”

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Notable Quotes with Timestamps

• Jeff Booth [01:49]: “There were two massive trends hitting each other. One, technology that made everything cheaper and hitting monetary policy all around the world that must make things more expensive.”

• Jeff Booth [03:20]: “People are taking a side of an issue without realization that the issue itself that they're talking about is a derivative issue of what we're talking about here.”

• Jeff Booth [10:34]: “Bitcoin is that currency. It's the biggest network, it's strong, it's proof of work, is actually the thing that takes currency out of government's hands.”

• Jeff Booth [25:10]: “Inflation equals climate change.”

• Jeff Booth [27:51]: “An inflationary monetary system, essentially growth forever, manipulated growth forever on a finite planet... must equal planetary destruction.”

Conclusion

The episode "Why Inflation Equals Collapse!" presents a compelling discourse on the friction between technological advancements and traditional monetary policies. Jeff Booth’s insights shed light on the unsustainable trajectory of global economies driven by inflationary tactics in the face of deflationary technological progress. The discussion underscores the necessity for decentralized financial systems like Bitcoin to mitigate the risks of economic disparity and environmental degradation. For listeners seeking to understand the imminent economic shifts and their broader implications, this episode offers valuable perspectives and actionable insights.

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Additional Resources:

• The Price of Tomorrow by Jeff Booth
• Buckminster Fuller’s theories on ephemeralization
• Insights on Bitcoin and decentralized finance

Note: This summary excludes non-content segments such as advertisements, intros, and outros to focus solely on the substantive discussions between Robert Kiyosaki and Jeff Booth.

Transcript

[Narrator]

This goes out to all the drivers who use their blinker in a parking lot. You're mindful, you're alert, you're always on. Maybe you learned from your dad, or maybe you do it to remove any doubt as to who that spot belongs to. Whatever the case, we get it. You do you. And let that blinker shine bright. Numerica's here with money answers for you and only you. Learn [e-mail] betterly insured by NCUA the sun's shining, birds are singing, and all feels right in the world.

[Unknown Speaker]

Until the season changes and suddenly you lose your motivation to get out of bed. In fact, one in five people experience.

[Robert Kiyosaki]

Some form of depression, no matter the season or time of year.

[Narrator]

At the American Psychiatric association foundation, our vision is to build a mentally healthy nation for all. Because we want you to live your best life and be your best you all year round.

[Unknown Speaker]

Please visit mentallyhealthynation.org to learn more. This is the Rich Dad Radio Show. The good news and bad news about money. Here's Robert Kiyosaki.

[Robert Kiyosaki]

Hello, hello, hello, Robert Kiyosaki, the Rich Dad Radio Show. The good news and bad news about money. We have a very important guest today because the best thing about the Rich Dad Radio show is I get to talk to some very smart people and most importantly, some open minded people because that seems to be a rare quality today is open mindedness. You know, I mean, Jeff, his name is Jeff Booth and he and his wrote the book the Price of the Future. He wrote it for his daughters so they could understand. I mean, your daughters, Jeff, or your children?

[Jeff Booth]

Daughter and two sons. Yeah. Yeah.

[Robert Kiyosaki]

So again, I already stepped into it. Why did you write the book for your daughter and two sons? The future.

[Jeff Booth]

So yeah, the price of tomorrow. Why deflation? Yeah, why? Deflation is key to an abundant future. And I wrote because I could see what was happening. There were two massive trends hitting each other. One, technology that made everything cheaper and hitting monetary policy all around the world that must make things more expensive. And those two trends, what I realized is the breaking of society. What would happen as a result of those two trends hitting each other is we look for things in our life that get cheaper and cheaper and cheaper. We look for value. And if monetary policy tries to stop that, it just concentrates wealth and privilege.

[Robert Kiyosaki]

Correct. And that's the Fed and the treasury are doing right now on Wall Street.

[Jeff Booth]

Exactly.

[Robert Kiyosaki]

Making life more expensive for the people. And I would have also asked Jeff's question this. Could it be partially the result of.

[Jeff Booth]

Monetary, it's not partially a result. Almost every single action that you see around the world, the signposts are everywhere and people are focused on the symptoms and people are spinning up around the symptoms. It's actually what's creating a whole bunch of division of the world, the US versus them in the world. Because people are taking a side of an issue without realization that the issue itself that they're talking about is a derivative issue of what we're talking about here. The monetary printing, the easing of money, essentially trying to make your money worth less.

[Robert Kiyosaki]

Correct. So before we go on, this is a very. I love this. I love my work here at Rich Dad Radio because I get to talk to very smart guys and Jeff is a very smart minded, open minded guy. But Jeff, would you give us a little bit of background? You already started about the price of tomorrow. Daughter and two sons. What do you use? What is your background and why did you write the book?

[Jeff Booth]

I'm a technology entrepreneur and I've built a lot of technology companies. And what I was struggling. My first technology company, the technology, it took three years to build the logistics technology and about $5 million that technology is available today for about $50 a month. So when I for. And so what I realized is why isn't everything I'm doing equating to lower prices and what an entrepreneur does to. What an entrepreneur does to derive value is looks at the world and says, why does this work? Why does this industry work this way? And I can provide more value. And so that's what I've done all my life as an entrepreneur. And then what I realized is the system I was operating in, the entire system at a meta level we were all operating in was the biggest opportunity of our lives for the same reasons prices should be coming down and prices were going up. And I wanted to look deeper into that. And I realized, when I looked deeper into that, I realized over the last 20 years, to stop prices from coming down, there had been $185 trillion of global easing of printing money or making up money to drive $46 trillion of GDP growth. And you realize, okay, on one path, two totally different forces. One path had to drive prices up, one path had to drive prices down. Which one would win? What are all of the different secondary things that would happen as a result of those two forces colliding against each other? So I wanted to explore it.

[Robert Kiyosaki]

So let me give you an example because, you know, years and years ago I was doing the Dr. R. Buckminster Fuller and he talked about, he says Prices should be coming down. It's called a criminalization that what entrepreneurs and capitalists do is they provide better products at better prices. So when I look at the homelessness problem exploding, a lot of the homeless have jobs. They just can't afford to live in a house. Like the government's charging them $90,000 for a pup tent or something in San Francisco. And so there's forces that want to keep prices high, which is the Fed, the Treasury and Wall Street. And then there's the entrepreneur who's working to bring prices down, to do more for less, to make a better world for everybody.

[Jeff Booth]

Yeah. And keep on that for a second. If an entrepreneur doesn't get. Isn't in a free market, doesn't give you more value, the business fails.

[Robert Kiyosaki]

Not a business.

[Jeff Booth]

Yeah, it's out of business. And so we celebrate in every. In all the, essentially the monopolies we're creating through Google, Facebook, Amazon, everything else, we're celebrating what we're talking about Apple.

[Robert Kiyosaki]

So what Jeff is talking about, I think you mentioned, what was it? Netflix versus Blockbuster Video. And Netflix had a better system. The same product, basically, but a better system. The Blockbuster is out of business.

[Jeff Booth]

Yeah. So, Robert, this is an important concept because today, right now, as a derivative of what we're talking about, people are getting confused and they're blaming each other.

[Robert Kiyosaki]

Correct.

[Jeff Booth]

I don't blame Blockbuster.

[Robert Kiyosaki]

No.

[Jeff Booth]

It was impossible for them to transition their stores from 9,000 stores to a model driven by technology. In fact, all of their advantage became their disadvantage. And what they did is they added candy aisles to their stores. And we laugh at that. And we laugh at that. But ask yourself, what would you do when all of a sudden download speeds were really slow and then they were fast and your business model changed in an instance. That's what technology does. It allows different value. And we celebrate that every day. And it's deflationary. Now ask the same thing on our financial system. It's not bad, people. It's a system that must have. It's built on credit. And if you allow deflation, the credit gets more and more expensive and it can't. And everything would reset. So everybody in the financial system is trying to outrun deflation, which is a stronger force, by printing more money. And all the secondary consequences are as a result of that fight.

[Robert Kiyosaki]

So let me say this again. When I was studying with Fuller, this is in the 80s, it was a novel idea to me. And he was talking about we should always be working to do more or less.

[Jeff Booth]

That's the point of Humanity, yes.

[Robert Kiyosaki]

Done more for less and everything for free. So it was almost socialistic. So I had a heart listening to him. But I also realized I had to change the way I thought about things. So when we designed the Cash Flow board game and all this, the way I was doing it, we were going around to Singapore, to Canada, to us all over the world trying to teach this product. And I said, if I produce a board game, it'll teach more people for less effort, more efficiently. It works harder than me. Little game, you know? So that when I started looking at this little thing here as an iPhone, what Steve Jobs did, he made this product. This product is a thousand times smarter than him. It works harder, it goes all around the world. And all this, he's providing more for less. So naturally, Apple should make the money. And you know what I mean? That's capitalism. That's a feminization and all this. And hopefully someday this will be obsolete. Is that kind of what you're saying?

[Jeff Booth]

I am, because people are so. When you have misinformation in the base layer of money, so you're distorting correct information.

[Robert Kiyosaki]

We're talking about something. We're talking about money versus the product.

[Jeff Booth]

Yeah, I know, and I'm going to get there. When you have misinformation in money, then you must have misinformation everywhere else. So a lot of people would look at Apple, at what you just said, and say that monopoly, we got to break it up. Without the realization that actually the monopoly is getting stronger and stronger and stronger because of the misinformation and money, it wouldn't look like that under a free market, there would be other competitors that would be racing in to try to drive that faster. But you're right. We use it because it provides us tremendous value. And most of the apps are free. Yeah.

[Robert Kiyosaki]

There's so much free on that phone, it's amazing. I don't like the censorship that other people are putting in there, but that's a whole nother story there. The other thing we're talking about, Bitcoin today, your depth of knowledge on why bitcoin is the money is the future of money. Would you mind going into that? Because I'm just a guy who likes to make money, but I don't understand the point.

[Jeff Booth]

Sure. And I think first off, I need to say it's way bigger than money. For me, what I did after the book. Book, I was looking at these two forces, and everything I said in the book is absolute facts. We have technology that's making things cheaper. And we have a system that's trying to make things more expensive. And so what I was looking for is a solution, any solution. Could the existing system change itself to provide abundance to humanity? Or would this existing system fail through war, revolution, everything else, like it has done in the past? And I looked and I wanted to actually find a solution out of the existing system. But what I realized is system changes. Why Kodak doesn't change themselves, why Blockbuster doesn't change themselves. There's too much inertia in the system. And so out of everything that I found, then I found. And I was already in Bitcoin, but I became all in. I say all in. It's not all my wealth, but I was. I thought this is going to be the best thing to be able to transition humanity from one system to another system. And the new system would be a way better upgrade for humanity. It would be beneficial for everybody.

[Robert Kiyosaki]

Why is that? Why is that? What do you say, as a technology guy?

[Jeff Booth]

So the technology. There's a lot of pieces to this question to do in a quick minutes. Exactly. A lot of pieces to this question. But first the scarcity. So you either have abundance and money and scarcity and everything else, where you have scarcity and money and abundance and everything else. We are moving to a more and more digital world where prices should come down as things become information. So as things become information, if you think about, I used to buy CDs for 1995 per CD. There was a whole infrastructure of people that said only these artists can be seen. Now I buy unlimited music for 9.95amonth. And so I get way more for less. And it's the way things are moving in everything. That means that you either have. You have two choices. If you run an inflationary system which you create more money out of nothing, against that system which is going on.

[Robert Kiyosaki]

With the Fed and the treasury and the.

[Jeff Booth]

Exactly. That's the world we live in today. Then what you do is you concentrate all power in government. Unilateral. It just keeps on moving. 26% of GDP today is government spending. And it has to structurally get more and more and more. You centralize all control in government and proven throughout history. If you centralize all control in government, it looks really bad for humans.

[Robert Kiyosaki]

Communism.

[Jeff Booth]

Exactly.

[Robert Kiyosaki]

The definition of communism. Central control government and central controlled economy.

[Jeff Booth]

So the question. Yes, so that path is a given and that path is where we're going. And by the way, if you think about how instead of getting mad at people, think about them acting in their own rational Best interests. The government pushes up prices unnaturally. So house prices go up, rent prices go up. There's a whole bunch of people that don't have those houses or assets, and they lose from that. And who do you think they go to to help save them from the prices that were manipulated higher in the first place? Same government. Right. And so back to the same government. So you have this political divide with both parts of the government saying the same thing. It's their fault. It's their fault when it's actually the fault of base money. But it's natural because people are incented to invest. It's to say, I need money desperately to feed my family. So they empower.

[Robert Kiyosaki]

So that's where the frustration boils at the surface to.

[Jeff Booth]

Exactly. So what they do is both Republicans and Democrats are fighting over a battle up here, and it's way down on base money. That's a different. And so both parties are printing more and more money and trying to drive inflation in a system, and it's unfixable from the system. And so what you get is a whole bunch of people yelling at each other, thinking that they have the answer and they're all wrong. And that has to get worse on an existing system.

[Robert Kiyosaki]

Jeff, we need to move on. But I also want to recap what we've been talking about here. A pure entrepreneur and a pure capitalist is always looking at how can we provide a better product at a better.

[Jeff Booth]

Price, more value for people?

[Robert Kiyosaki]

How can we serve more people, not fewer people.

[Jeff Booth]

Right.

[Robert Kiyosaki]

And the trouble with the existing system, with the Federal Reserve bank, the treasury and Wall street, it's only to serve the rich. Then you have homelessness spreading all over. People are afraid of inflation, and they have to have inflation because if it stops inflating, we go to depression.

[Jeff Booth]

Yeah.

[Robert Kiyosaki]

So that's why we wanted Jeff Booth on here to discuss that. But then the next subject, I want to get in because I'm very. You know, when I was studying with Bucky Fuller, Buckminster Fuller, he said that he predicted bitcoin, and he predicted bitcoin as he was watching young kids, probably your generation, playing video games, and they were already using tokens. So with that, he said, that's the future. And so the old guys of my generation are still clinging to the greenback and the dollars, but the future was coming up already. So that's why I really enjoyed talking to Fuller. But we come back, the most important question is I've been hearing more and more of the naysayers against bitcoin that it's pollution. And you know, if you're not grain today, you're dead. So I was listening to another podcast, you speaking about pollution, how polluting is Bitcoin. So when we come back, we'll be getting right into that.

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[Robert Kiyosaki]

Welcome back. Robert Kiyosaki, the Rich dad Radio show, the good news and bad news about money. You can listen to the Rich dad radio program anytime, anywhere, on itunes or Android and YouTube. And please leave a review when you listen. And all of our programs are [e-mail] we archive them because we are just purely an educational company. We make no recommendations to buy this, sell that, do that, and most important, listen to it again. Go to richdadradio.com you'll pick up twice as much in the repetition. But if you really want to understand what we're talking about today, have a friend, family and business associate listen to it and you guys discuss it as a group. Because when you discuss it, more of what we're saying will seep into your mind here. So our guest today is a person I respect tremendously, Jeff Bu. His book is a great book, the Price of Tomorrow, because it really fits in with one of my teachers, Dr. R. Buckminster Fuller. He was called the futurist. In fact, John Denver called him the grandfather of the future because that's all he looked at. And Fuller was talking about a thing called ephemeralization. He also predicted bitcoin. He also predicted the Internet long after he died. He was way ahead of his time because he was a futuristic. And so we have our guest today, Jeff Booth, the price tomorrow. And what Jeff is saying fits exactly in, as Buckminster Fuller was saying, is that we have to be doing more for less and serving more people. That is our job, not to raise prices. And if we do our job, which is do more for less for more people, we make a lot of money. It's quite a novel idea. So, Jeff, once again, welcome back and once again, give a quick reason why you wrote the book the Price of Tomorrow, because I think I thought that was very, very altruistic or important.

[Jeff Booth]

I wrote it for my kids. When I realized the way the world was heading and all the signposts, I realized that you had two forces hitting each other. Technology that was creating more for less on an exponential scale and the government policy trying to do the exact opposite. Give less for more is make your currency worth less. And those systems were going to those systems, naturally we're going to cause a whole bunch of society to break.

[Robert Kiyosaki]

And you're a technology entrepreneur. I know very iPhone is beyond my capabilities. So I listen to guys like you and you talking about bitcoin it keeps my spirit up as I keep. I'm waiting for it to retrace a little bit more today on the price, but then my future is bright with bitcoin. I have gold, silver, bitcoin and bullets, as they say, because I get ready for the transition. But one of the things I've been picking up is bitcoin is polluting. It's a very environmentally unfriendly product. And you were saying something on another program why it isn't.

[Jeff Booth]

It's exactly the opposite. So Robert, this is really important and for a lot of your listeners because this is so challenging. It's a different system, a deflationary system based on the free markets, totally different system. And they're measuring the system from the negative externalities of an existing system. So they can't see it. So what ends up happening is technology requires a digitally native currency that allows for deflation every other. And say that again and again and again. It's a requirement of technology. Technology requires a digitally native currency that allows for deflation. And why? Because every other currency must concentrate all power in the hands of a few people. With how fast technology is going, that is such an important concept. It's a requirement. Now out of all of those things, Bitcoin is that I believe is that, is that currency. It's the biggest network, it's strong, it's proof of work, is actually the thing that takes currency out of government's hands to be able to manipulate currency, to be able to continue an inflationary policy against a stronger deflationary force. Those are facts.

[Robert Kiyosaki]

So what you're saying is the government as it stands today, must have inflation.

[Jeff Booth]

Must have inflation.

[Robert Kiyosaki]

And what, what, what Fuller was saying was that God wants all of us to do more with less, to serve more people.

[Jeff Booth]

Just think about in that point, why do we use technology in the first place? We use technology to free our time. It is, it is an abomination that, that doesn't flow to more people because. Because it's being centralized and that time is being robbed by central bankers. So most people are getting, are. The rich are getting really well, their time is saved. But the poor getting killed by that, by that. And it's a recipe for disaster and wars and revolution. That's what ends up happening. And you can see the signposts everywhere. So you must take Buckminster Fuller also predicted an energy currency, which Bitcoin is, it's tied to energy. So now on the climate conversation. So at the highest level, remember these are two different systems. @ the highest Level, just think about this. Inflation equals climate change. So on a finite planet that you're going to manipulate currency to grow, to pretend you can grow forever. And you're going to keep people working harder and harder and harder and harder. And they need more jobs to be able to pay for artificially higher prices and they need more oil to drive to more jobs tomorrow and everything else. And you're going to keep that going forever. It's a recipe for the earth to fail.

[Robert Kiyosaki]

So I'm giving one example is right now, the way I used to do these types of interviews. I had to fly to New York from Hawaii and then go on a hotel, stay there for three days, all this money and then come back. And then sometimes I never got on the radio show or TV show.

[Jeff Booth]

So now we're on and off and that's just starting. Most of the deflation is in front of us. And so let's now to talk about energy specifically. Energy specifically. So today solar is driving solar and batteries driving about 11% cheaper energy per year on a course. So now you have, it's one of the lowest sources of energy, lowest prices of energy and it's expanding rapidly. People could say I don't like solar, everything else, but those are the facts about the data. That means you have more for less in energy on, on a trend that's getting more for less all the time. And energy is the number one input in everything else. So if energy is now lower price and getting more abundant, more abundant because of technology, then it means everything else must be falling at the same pace of energy as well. So it's actually more deflationary. So what would you do if you're a central banker and you had that math equation and deflation made this whole system fail? What you would do is you would print more money and that printing money would make oil prices go up and then oil price. Then a whole bunch of companies that couldn't make profit in oil before at the oil price would now be profitable and they'd run more oil, more jobs, more oil, more everything else. So you have these two systems as one's they're moving further and further away and why you can actually see what the other system must do. When I predict, remember when I wrote the book I talked about, I predicted how much money had to keep coming. It needs to be exponentially more on one side because technology is moving it exponentially more the other way. And it's not just the money, it's the money is essentially robbing people's individual rights and Freedoms and concentrating power in the government. And what they're not seeing is that. But worse, climate can't be solved. If you care about environmentalism and climate, it cannot be solved from an inflationary monetary system. An inflationary monetary system means the world must burn. Mustard say that.

[Robert Kiyosaki]

Repeat. Go back, push the repeat button.

[Jeff Booth]

An inflationary monetary system, essentially growth forever, manipulated growth forever on a finite planet of fixed resources must equal planetary destruction. Destruction must. Inflation equals climate change. And so if you're an environmentalist, you cannot. The problem of environment cannot be solved from the system. Because what's happening is the free market is actually making things cheaper. And that technology is driving. So now you have clean green energy making it so it's cheap, it's abundant and everything else. And people are using it because market forces are. Because it's cheaper. And the system must create prices that go up artificially. Correct. So these are in contradiction of each other. And you have a whole bunch of environmentalists that actually believe bitcoin is bad. And bitcoin is actually the only thing I think right now that can save our planet. Because it's a different system. It forces a different system. It forces a deflationary system. And that deflationary system creates the broadest based abundance for humanity. Everybody gets more for less.

[Robert Kiyosaki]

Correct. The way Fuller, this is 1981. He wrote a book called Critical Path. Max Kaiser, who is very, very pro bitcoin, he's a Bucky Fuller devotee also. So I'm looking to get him once we can talk about Bucky, because Bucky was a futurist. So your book is the price of Tomorrow. And we're talking about tomorrow, but it's today. The technology is here.

[Jeff Booth]

It's moving so fast. And people with recency bias, especially when you're measuring a system by people are measuring short term, their house going up without the realization that the house wouldn't have gone up without $185 trillion of stimulus.

[Robert Kiyosaki]

Correct?

[Jeff Booth]

Correct. And so they're caught in a system that's getting worse and worse.

[Robert Kiyosaki]

So let me go back to 81. I was listening to Fuller. He says, think about this. Every morning people get up. That costs money. They get in their cars and they drive. And every time they stop at a traffic light, they got millions of horsepower sitting there, just burning fuel as a drive to work. You know, he just think about that. If you just cut that out, we would save the planet.

[Jeff Booth]

Yeah, well, so let's use that example as far as where technology is going. So today, Castle, utilization of.

[Robert Kiyosaki]

I have six Cars.

[Jeff Booth]

Right. So it's worse for you and same for me. Same for me. So we don't use most of the time. What, what happens when cars can drive themselves?

[Robert Kiyosaki]

Yep.

[Jeff Booth]

So when cars, when cars drive themselves, what ends up happening is you change a structure of an industry and essentially I could rent my car back to the fleet and it could pick up other people at the, at the same time. So capacity utilization explodes. It's actually going to be way less sales of cars as human. We get more for less parking changes in cities dramatically. And so, so. And there's nothing that can stop these forces Again, again, the other side. What do you think's happening right now? As governments are pushing, I can tell you from my businesses. As governments are pushing up labor rates by inflation, what would a natural business do to be able to compete? People say I can't find, I can't find talent. That's not true. If you want to pay them $100 or $200 an hour, you can find all the talent you can't buy. You can't find talent at the price that the market will pay for your services. And so what do you do when that becomes evident? You remove labor with technology faster creating a cycle that these forces are driving in the opposite directions.

[Robert Kiyosaki]

So we come back, we begun to recap on the Rich dad radio show. Once again, thank you to Jeff Booth. So let's go back again to the argument because it's come up more and more and more and more of the anti any of the bitcoin people haters or any kind of crypto haters. Say it again. Okay, so somebody says to Jeff Booth, Bitcoin is polluting the planet. How do you respond?

[Jeff Booth]

Bitcoin saves the planet.

[Robert Kiyosaki]

How? How specifically?

[Jeff Booth]

So, so that that proof of work having a currency that is unable to be manipulated and inflation against a deflationary force that essentially takes currency out of the hands of government and puts it in the empowers people as a result, allows prices to follow their natural order in declining.

[Robert Kiyosaki]

That means people have to work less to survive.

[Jeff Booth]

Exactly. Or so those two different systems. So that's in one system. Even Keynes predicted a 10 hour work week from today. From today. What he didn't realize is his own policies would be used to create this Frankenstein monster. And so technology allows you to work. You get more for less. It should be pretty ubiquitous. It should be common knowledge in everybody's minds. Because those are the technology companies we use every day. Why wouldn't life look like that when we're all rational people making decisions in our best interests and we make decisions that should bring prices down. Now, if that's the case, why do we also believe in a world where prices must go up when every rational actor in a system will vote with their own wallet prices coming down. But we believe in a system that looks exactly the opposite anyways tied to climate change. Those, those two systems are polar opposite one system. So, so one system, inflationary monetary system must burn the earth. It gets worse and worse and worse and worse. Exponentially worse. And the other system is provides the broadest based abundance and is in harmony with nature.

[Robert Kiyosaki]

So Jeff, thank you, thank you, thank you very much. I could listen to you all day long. Always. Welcome back to the Rich dad show. Anything you want to.

[Jeff Booth]

Thanks.

[Robert Kiyosaki]

You know, I really, I really, I love it when I read your book the Price of Tomorrow, said it was like Bucky Fuller was reincarnated in you.

[Jeff Booth]

By the way, that's saying that saying something because Buckminster Fuller, he was incredible and man ahead of his time, way.

[Robert Kiyosaki]

Ahead of his time. He changed my life, you know, so many times I studied with him. So Jeff, you know, thank you. Keep up the good work and I appreciate your time.

[Jeff Booth]

Thanks you too.

[Robert Kiyosaki]

Thank you.

[Narrator]

This podcast is a presentation of Rich Dad Media Network.