Why the US Dollar Is Losing Value and What Happens Next - Richard Duncan

Summary

Podcast Summary: Rich Dad Radio Show

Episode: Why the US Dollar Is Losing Value and What Happens Next - Richard Duncan

Date: March 25, 2026
Host: Robert Kiyosaki
Guest: Richard Duncan (Economist, Author)

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Overview

In this compelling episode, Robert Kiyosaki welcomes back economist and author Richard Duncan to discuss the accelerating devaluation of the US dollar, the evolution of the global economic order, and what individuals should expect—and do—next. With perspectives from both the US and Asia, the discussion dives into macroeconomic trends, personal stories, historical context, and actionable advice for navigating the stormy waters of global finance.

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Key Discussion Points & Insights

The Dollar’s Decline and Historical Context

• End of Gold Standard: The US dollar, once backed by gold until 1971, became a fiat currency, turning money into debt as the US began "printing" dollars aggressively.
  • “The dollar was backed by gold up until 1971. And after 1971, President Nixon took the dollar off the gold standard and the dollar became technically debt. And they started printing dollars. But when they print dollars, debt has to go up.”
    -- Robert Kiyosaki [01:53]
• America's Trade Deficit & Debt: The US leveraged its new fiat power to buy global goods with credit, amassing the largest trade deficits and national debt in world history.

Richard Duncan’s Background & Global Perspective

• Duncan’s international experience informs his macroeconomic analyses, including time spent in Asia during their economic ascent.
  • “Southeast Asia was booming. I saw it was booming, and I thought, okay, you know, go. This is the land of opportunity.”
    -- Richard Duncan [05:21]
• Duncan’s books, particularly "The Dollar Crisis" (2002) and "The Corruption of Capitalism," examine these shifts.

The Shift from Capitalism to 'Creditism'

• Creditism Defined: The global transition from savings-driven capitalism to a credit-driven economic model.
  • “Capitalism became corrupted and turned into a different kind of economic system that's entirely dependent on ever greater amounts of credit being created.”
    -- Richard Duncan [10:40]

Global Response: De-Dollarization, Gold, and Inflation

• Nations Turning to Gold: As trust in the dollar erodes, central banks worldwide accelerate moves to gold and other hard assets.
  • “Central banks around the world were becoming increasingly desperate to move out of dollars and into gold. And that was one of the main reasons that gold appreciated so rapidly over the last couple of years.”
    -- Richard Duncan [12:56]
• Trade and Oil Shifts: Major players like Iran demanding payment in yuan for oil signal big macro changes and challenges to the dollar as reserve currency.
• Consequences If Confidence Collapses: If foreign holders lose faith and ‘dump’ dollars, inflation in the US could spike even further, as more dollars chase fewer goods.
  • “If they start saying, we don't want your dollar anymore, doesn't that cause inflation back in America?”
    -- Robert Kiyosaki [14:45]
  • “The more dollars that the Fed creates, and the less confidence other countries have in the US, the more likely the dollar is to lose value against gold in particular and silver and other assets.”
    -- Richard Duncan [15:40]

Real-World Impacts: Inflation, Recession, and Social Strain

• Scaling Prices Worldwide: Oil and energy shocks are global, impacting American ‘soccer moms’ and Thai commuters alike.
  • “In Thailand there are long lines at the gas stations just like there were in the US in the 1970s. ... As the price of oil goes higher, that means everyone will have less money to buy other things.”
    -- Richard Duncan [17:19]
• Asset Inflation and Inequality: US monetary policies disproportionately benefit the wealthy (assets rise), but hurt the middle class (higher cost of living, unaffordable housing, homelessness).
  • “When you print money, asset prices go up, but so do chicken and eggs go up and housing. And so we have the massive crisis between rich and poor in America. That's dangerous to me.”
    -- Robert Kiyosaki [31:22]
  • “This policy... has pushed up home prices so high that so many people just can't afford them to, to live in a home anymore. And this has caused homelessness and this great income inequality between the wealthy.”
    -- Richard Duncan [31:42]

Contrasts: America vs. Southeast Asia

• Vibrancy of Asian Economies: Countries like Vietnam and Thailand exhibit capitalistic vigor and export-driven booms, while the US increasingly relies on government programs.
  • “Vietnam is more capitalist than America because they get their money, their capital, and then they reinvest it and they build more factories and houses. America buys more social programs...”
    -- Robert Kiyosaki [24:17]
  • “There’s no such thing as a communist out here. They're all capitalists. And so their economies are booming.”
    -- Robert Kiyosaki [01:33]
• Cheap Labor and the 'Curse' of Easy Money: Asian countries benefit from competitive wages and innovation, while surplus, easy dollars may undermine American productivity.
  • “Capitalism thrives when people make less than $10 a day and when there are no safety nets of any kind. That’s, that’s hardcore capitalism.”
    -- Richard Duncan [27:26]
  • “America does have a lot of oil. But because countries that have so much oil... The people have become lazy and things don't work. In America somewhat similar because we've moved to this dollar standard where the United States is free to create as many paper dollars as it wants.”
    -- Richard Duncan [25:03]

Systemic Issues: Capitalism, Democracy, and Social Policy

• The Tension Between Capitalism & Democracy: Democratic processes tend to push societies toward greater social spending, which can undermine pure capitalism.
  • “Capitalism and democracy were incompatible because once people have a right to vote, they're going to vote for politicians who will give them more socialism and higher wages.”
    -- Richard Duncan [28:08]
• US Economic ‘Solution’: The current US model involves escalating debts, asset inflation, and continual monetary easing.
  • “Total wealth in the US... is now $184 trillion. This is up $123 trillion in just 17 years. It's risen by $40 trillion just in the last three years alone.”
    -- Richard Duncan [29:54]
  • “They're going to keep the asset prices moving higher and higher as long as they can. And that requires taking on more and more government debt.”
    -- Richard Duncan [30:20]

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Notable Quotes & Memorable Moments

On the End of the Gold Standard

• “After 1971, President Nixon took the dollar off the gold standard and the dollar became technically debt.” — Robert Kiyosaki [01:53]

Describing Global Credit Bubbles

• “Creditism is driven not by saving and investment, but by credit creation and consumption. It requires more and more credit to be created year after year to keep this US and global bubble growing.” — Richard Duncan [10:28]

The New Macro Risks

• “Even before the war began, the central banks around the world were becoming increasingly desperate to move out of dollars and into gold...” — Richard Duncan [12:49]
• “If confidence goes out of the dollar in Asia, what do you see is going to happen?” — Robert Kiyosaki [14:23]

On Asset Inflation and Inequality

• “This policy that they've adopted of continuing to have more and more debt and paper money creation has pushed up home prices so high that so many people just can't afford them... this has caused homelessness and this great income inequality between the wealthy.” — Richard Duncan [31:42]

Contrasts Between the US and Asia

• “It just shows you that economics is a system... of boom and bust.” — Richard Duncan [24:17]
• “America is going more socialist, whereas in Asia they're going more capitalist.” — Robert Kiyosaki [26:23]

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Important Timestamps & Segments

| Timestamp | Segment / Highlight | |------------|---------------------------------------------------------------------------------------------| | 01:33–04:32| Introduction, why dollar is "fake," origins of the crisis | | 05:08–06:39| Richard Duncan recounts his global journey and why he chose Asia | | 06:39–08:24| History of "The Dollar Crisis" & the bubble it foresaw | | 09:09–11:42| Defining 'Creditism,' corruption of capitalism, escalation of credit-driven economy | | 12:49–14:19| Central banks exiting the dollar for gold, rise of de-dollarization | | 15:15–16:32| What happens if the world dumps the dollar? Inflation, oil, and hard assets | | 17:18–17:58| Global cost-of-living crisis, oil shortages, and recession fears | | 23:06–24:17| The vibrancy of Vietnam, how exports and reinvestment drive Asian growth | | 25:03–26:23| ‘Resource curse,’ how easy dollars may undermine US work ethic | | 27:11–28:47| The incompatibility of capitalism and democracy; thoughts from Schumpeter | | 29:35–31:42| US solution: rising debt, quantitative easing, and asset price inflation | | 31:42–32:03| Homelessness and wealth divide as consequences |

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Additional Resources & Call-to-Action

• Richard Duncan’s Macro Watch:
  • richardduncaneconomics.com
  • Promo code ‘CRASH’ for 50% off

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Tone & Language

Consistent with the Rich Dad Radio Show, the tone is candid, irreverent, and concerned with imparting practical wisdom. Both Kiyosaki and Duncan blend personal anecdotes and global observations, offering a direct and sometimes provocative critique of mainstream economic policies, while aiming to educate and empower listeners.

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Conclusion

This episode provides an urgent, global perspective on the fate of the US dollar, the nature of today’s credit-fueled economy, and looming risks of inflation, social unrest, and recession. It emphasizes the stark contrasts between dynamic Asian economies and America’s debt-driven challenges. For listeners seeking to understand and prepare for these seismic shifts, Richard Duncan’s insights and resources offer a valuable starting point.

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Transcript

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[Robert Kiyosaki]

there's no such thing as a communist out here. They're all capitalists. And so their economies are booming. And I look at America right now, we have homelessness increasing, our factories are gone, Inflation is going through the roof. There's not enough affordable housing. Hello, Robert Kiyosaki, I'm broadcasting from Phoenix, Arizona. It's March 2026, I believe. And the reason the date's important, because things are changing so fast. But also in Phoenix, Arizona, March is heaven. In a month it'll be hell. Don't come here. But right now it's heaven. I have a very dear longtime friend, Richard Duncan, as our guest today. And the reason I invited Richard on is because he years and years and years and years ago, I was in a store called Borders Bookstore. They're out of business now. They're gone. Amazon took care of them. But I was going across this, I was looking at the book counter and there was this book called the Dollar Crisis. And my whole thing is macro. You know, what is a dollar? Because I don't trust the dollar because I'm little thing is that the dollar was backed by gold up until 1971. And after 1971, President Nixon took the dollar off the gold standard and the dollar became technically debt. And they started printing dollars. But when they print dollars, debt has to go up. So America today is the biggest debtor nation in world history. And how much longer can we print? Who knows? Only God knows on that one. So Richard has been my. He's a classically trained economist, but he lives in Thailand now. So he sees the world from an American perspective from Thailand. And we've been friends for all these years. So his first book was the Dollar Crisis. His other book was the Corruption of Capitalism. That's because how we mess with the economy via the money we work for. And today the US Dollar. I mean, I'm really. I'm kind of really. This is 2026 again. My concern is the whole world economy is based upon a dollar that's fake, the US Dollar. And what's going to happen from here is the reason I want Richard, who wisely sits in Thailand, best food in the world. And talk about what's going on. By the way, Richard, one of my first ports of call in the world, I sailed a ship carrying bombs to a place called Satahip, Thailand, and trip to Vietnam. Anyway, so, Richard, welcome to the Rich Dad Show. And how are things in Thailand?

[Richard Duncan]

Robert, it's great to see you. Thank you for having me back. And things are sunny and wonderful in Thailand, as always.

[Robert Kiyosaki]

So let me ask you this. You went to Babson College or something? Are you classically trained economist?

[Richard Duncan]

First I went to Vanderbilt for undergrad, and then I went to business school at Babson. That's right, yeah.

[Robert Kiyosaki]

So how'd you. What caused you to get stuck or attracted to Thailand? I mean, it's a great. Thailand's fabulous. The best food in the world. But what caused you. You're very skinny, so I know you're not there for the food.

[Richard Duncan]

I was really, really lucky. Between Vanderbilt and Babson, I backpacked around the world for a year. And I first went to Europe and found a job in Paris working as a chauffeur for driving around rich American tourists when I was 22 and 23. And I made enough money doing that to keep traveling. So I went to Egypt for a month, Israel for a month, and Thailand and Malaysia and Singapore for two months in early 84. And so even back then, Southeast Asia was booming. And I saw it was booming, and I thought, okay, you know, go. This is the land of opportunity. So I went as soon as I finished business school. Two years later, I flew to Hong Kong and found a job working as a securities analyst for a Chinese stockbroking company in Hong Kong in 1986. A few years later, I joined a very large English stockbroking company. And a few years after that I joined Solomon Brothers. And a little later on, I worked for the World bank in Washington and Adnan Amro Asset Management as the global head of investment strategy in London. And for the last 12, 13 years, I've been producing a video newsletter called Macro Watch that focuses on macroeconomic developments and how they're likely to impact asset prices. I upload a new video every couple of weeks explaining that. So that's the. That's my business now.

[Robert Kiyosaki]

And that's why I want Richard on the show. So I'll promote Macro Watch because I like it that he's a classically trained economist and American, but he sets off in Asia, so his view of the world is a little bit different from those sitting in New York City. Let's get back to your first book I came across was A Dollar Crisis. What year did you write that book and why did you write that book? What was the Dollar Crisis?

[Richard Duncan]

So that book was finished in September 2002, and at that time, the price of gold was about $300 an ounce.

[Robert Kiyosaki]

Yeah, I remember that.

[Richard Duncan]

So since that time, the dollar has lost roughly 93% of its value against gold. The gold price this morning was $4200. So the theme of the dollar crisis was that once dollars stopped being backed by gold, that allowed the United States to start buying things from other countries and paying with credit. And the United States developed a very, very large trade deficit with the rest of the world, which has turned us in, as you said, into the world's largest debtor nation in history. But that money that we send abroad as a result of our trade surplus, this accumulated by the trade surplus, countries like China, they get the dollars and then they have to invest the dollars back into US Assets. So I saw that blowing the US Economy up into a bubble as well. And I thought the bubble was going to pop. It did, in fact, pop in 2008.

[Robert Kiyosaki]

Yeah, what America did was it printed fake money to buy whatever China produces. But now they were stuck with this fake money, the fake dollar. So they had to come back to the States and they had to buy our bonds. And the reason this again is 2026, and right now those Asian countries are dumping our bonds. So that's the real danger we sit on today. And that's why I wanted Rich on this program. I encourage you to read the Dollar Crisis subscribe to Macro Watch. But also you had another book called the Corruption of Capitalism or something like that.

[Richard Duncan]

That's right.

[Robert Kiyosaki]

Why did you write that book? What was your viewpoint on that?

[Richard Duncan]

So I wrote that when the bubble of 2008, when that bubble popped in the financial crisis of 2008. I then followed up with the second book, the Corruption of Capitalism, explaining the history of exactly how this bubble had formed once we stopped backing dollars with gold and all of the history of how capitalism became corrupted. Because capitalism was an economic system where dollars were backed by gold and the government had very little involvement in the economy. It worked by market forces. The heyday of capitalism was back in the 19th century, before World War I. But after World War I, Europe went off the gold standard temporarily. That created a global credit bubble that blew up in 1930. The Great Depression then led to World War II, World War II, 60 million people died. But at the end of World War II, we ended up with the Bretton woods system, with the dollar as the global reserve currency, and the dollar was pegged to gold. And that lasted from 1945 up until 1971. And then at that time, Nixon broke the link between dollars and gold. And we started evolving into a different kind of economic system. Capitalism became corrupted. And rather than the economic system capitalism, which was driven by saving and investment, our economic system evolved into something entirely different. I call it creditism, because credit ism is driven not by saving and investment, but by credit creation and consumption. And more credit creation and more consumption. It requires more and more credit to be created year after year to keep this US and global bubble growing. And anytime the bubble starts to contract even a little, the policymakers do everything in their power to reflate it. You're creating even more money and taking on even more government debt. So just since 2008, the government's debt has increased from $9 trillion to $38 trillion. $39 trillion just in 17 years. And that's been driving the economy ever since then. So capitalism became corrupted and turned into a different kind of economic system that's entirely dependent on ever greater amounts of credit being created.

[Robert Kiyosaki]

So again, as a classically trained economist, and you're sitting in Thailand and you sit out there and you look at this world, and Iran just fired a rocket over the whole place to hit an island called Diego Garcia just to prove to the world it had rockets that could hit anywhere in the world. And this world economy is in this bubble. And what do you see is happening? But that's why you have Macro Watch, because you can pay attention to it again, please subscribe to Macro Watch, everybody. Billion analysis. But what do you see coming next then? I mean, we have this war in Iran. Supposedly Trump is having a field day out there. We don't know what the truth is. And we're talking since we were on the program, Iran just said you have to pay for oil in yuan. Now, Chinese money. I mean, those are big, big macro changes, huge changes. So what do you see, Richard?

[Richard Duncan]

Even before the war began, the central banks around the world were becoming increasingly desperate to move out of dollars and into gold. And that was one of the main reasons that gold appreciated so rapidly over the last couple of years had always seen the United States as more or less a reliable trading partner. They certainly want to sell their goods in the United States, but when they do, they get paid in dollars. So they've accumulated trillions of dollars. But now with President Trump wants to reverse globalization. He wants to put up trade, he has put up trade tariffs, and he's started invading countries around the world. This is causing all the other countries of the world who own very large amounts of dollars to be extremely uncomfortable with their dollar holdings. So they're attempting as quickly as they possibly can to move from their dollar holdings into gold holdings. And this is very likely to continue. We've seen a big correction in gold prices over the last two or three weeks, but I would imagine over the long run, as I said at the beginning, the dollar's lost 93% of its value since the dollar crisis was published in 2003. I suppose it'll lose another 93% of its value over the next 25 years as well, if not sooner.

[Robert Kiyosaki]

So it's. What's. What do you forecast as the future? I was just in Malaysia two weeks ago, in Vietnam two weeks ago. Again, this was in February of 2000, 20, 2026. And I was saying to the crowd there, America just prints these fake money and it sends fake money over to, let's say, Malaysia to buy their resources. And, and what they do with this fake money, and if confidence goes out of the dollar in Asia, what do you see is going to happen? I mean, they're going to start dumping the dollar. If they dump the dollar, what I've heard, I'm not an economist like you. If they start saying, we don't want your dollar anymore, doesn't that cause inflation back in America?

[Richard Duncan]

If they were to stop taking dollars, that would mean that they would have to stop selling things to the United States. Because when they sell things to the United States, they get paid in dollars. So they still want to sell things to the United States because their economies depend on, still depend on export led growth. So they have to keep selling things to the United States and therefore they will continue to keep receiving dollars. But once they get the dollars, they're going to try to sell them and get some other hard asset like gold or really any other hard asset. But the thing is just because the current, just because the bank of People's bank of China, if they sell their dollars, the dollars don't just disappear, someone else owns the dollars. So once these dollars have gone out into the global economy, they're there. But the more dollars that the Fed creates and the less confidence other countries have in the US the more likely the dollar is to lose value against gold in particular and silver and other assets.

[Robert Kiyosaki]

And oil.

[Richard Duncan]

And oil. Now.

[Robert Kiyosaki]

So that means inflation, right?

[Richard Duncan]

That name's inflation. That's right.

[Robert Kiyosaki]

So what's happened? So from again your classic retrained economists. I went to dinner then by myself, it was 50 bucks. And I go to the supermarket and I say, how do people afford to live? And I look at the price of oil goes up. And I was sitting next to this soccer mom, big suv, pumping gas in her car with kids. I'm going, what's happening to the middle class of America? I mean they're getting, they can't afford to live. I mean that's how I see it. So that's why I want to talk to you. Because you live in Thailand. What do you see happening in the rest of the world? Because everybody's on oil, everybody uses oil. What do you see happening?

[Richard Duncan]

It's not just a soccer mom in the US who's going to have to pay more for oil, but it's everyone in the world now. In Thailand there are long lines at the gas stations just like there were in the US in the 1970s. People are lining up for oil because there's just not enough oil here. And as the price of oil goes higher, that means everyone will have less money to buy other things. So there'll be less consumption of all other things. And this is going to put a lot of downward pressure on the economy and most likely lead to a global recession if this war carries on very much longer. And perhaps already.

[Robert Kiyosaki]

So we come back be more with Richard Duncan and come back with Rich dad.

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[Robert Kiyosaki]

So we come back again as my good friend Richard Duncan was talking about his brilliant, brilliant newsletter called Macro Watch. I encourage people to subscribe to Macro Watch simply because we're in for information and education so that you can make better, more sound decisions with your money for your future. So Richard, tell us about Macro Watch, what they get with it, discounts and things like that.

[Richard Duncan]

Great. Thanks Robert. So I started MacroWatch in October 2013. So it's been going on now for more than 12 years and every couple of weeks I upload a new video, maybe making, effectively making a PowerPoint presentation discussing something important happening in the global economy and how that's likely to impact stocks and bonds and currencies and commodities. And so I Hope your listeners will visit my website and check that out. They can find my website at richard duncan economics.com it's richard duncan economics.com and if they would like to subscribe to Macro Watch, just click on the subscribe button. And I'd like to offer everyone a 50% discount. If they type in the discount coupon code Crash, they can subscribe to macro watch for one year at a 50% discount. They'll get a new video from me every couple of weeks, and they'll have immediate access to more than 100 hours of videos in the Macro Watch archives going back to 2013. I hope everyone will check that out.

[Robert Kiyosaki]

So thank you. That's very generous of you. A couple of weeks ago, I was surprised. I was in Kuala Lumpur. Malaysia, that big has gone from a little country, little town to a major, major city. And I was in Hanoi and then Ho Chi Minh City or Saigon. And you know, Saigon has 16 million people on mopeds. And in one fell swoop. This is what I like about this is what amazed me about Asia. There's 16 million mopeds. They're all driving around the place. You got buses and trucks going by. It's packed. You can't even move. But they move. And guess what? They don't beep their horn. They sit quietly. You know, I mean, America be flipping birds and yelling and screaming and. But there's 16 million little mopeds driving around Saigon or Ho Chi Minh City. And they do it peacefully. They cooperate. I was going, how. This is not America. You know, just in the. How polite people are in traffic. And I'm in this big tour bus. And little mopeds are going by, going, how do they do this? And then the bus traverses. And guess what I said, what? This summer, all those mopeds would be electric. They're going to require them to change.

[Richard Duncan]

I go to Vietnam pretty often, too. It's super dynamic now. Their economy grew by more than 8% last year. It's the real hotspot in Asia. Because they export so much to the United States, they've become the major exporter. Their trade surplus with the United States is far larger than any of the other Asian countries except China. Their trade surplus with the US Is even larger than Japan's is a lot larger. So they're selling all of these goods, Vietnamese goods, into the US getting paid more than $100 billion a year and bringing it back to Vietnam and investing that money into building more factories, more hotels, more resorts, and into education and as well as into Building high rise buildings and condominiums. It's a complete boom. That's what Thailand was like when I first moved here in 1990. But now Thailand is just barely growing. In fact, the United States is growing faster than Thailand is now. So it just shows you that economists serum and bust.

[Robert Kiyosaki]

What you're saying, Richard, from my understanding, Vietnam is more capitalist than America because they get their money, their capital and then they reinvest it and they build more factories and houses. America buys more social programs like Social Security and pensions and all this stuff. And so I was looking at this, I said there's no such thing as a communist out here. They're all capitalists. And so their economies are booming. And I look at America right now, we have homelessness increasing, our factories are gone, inflation is going through the roof. There's not enough affordable housing.

[Richard Duncan]

Now talking about America, there's an idea that countries that have a lot of oil is a curse. I'm not talking about America. America does have a lot of oil. But because countries that have so much oil, then they get this money so easily that people don't work and the economy becomes just dependent on only oil. And lazy. The people have become lazy and things don't work. In America somewhat similar because we've moved to this dollar standard where the United States is free to create as many paper dollars as it wants. It sort of created a kind of a similar oil type curse on the United States where the life has become so, so, so wealthy. There's so much money available around coming from paper money creation that it has led to people not having to work as hard as they once had to work. They can rely on Social Security and, and Medicare and Medicaid and other government support programs. So it's kind of an oil like curse of having the dollar standard and being the world's global reserve currency.

[Robert Kiyosaki]

What you're saying is America is going more socialist, whereas in Asia they're going more capitalist. Like when I was in with Hanoi, I found this most beautiful jacket was 19 bucks. I mean in the States it'd be like 200 bucks, you know. But they're producing and they produce beautiful products. You talked about it in the other books a lot of times I've interviewed you is that factories always go to the low cost producer. So if Vietnam raises their prices, they move on to another country. But right now that's right, right. So Vietnam, that's kicking ass.

[Richard Duncan]

That's right. And Thailand's problem is that its wages have now become too high. People here earn as much as $10 a day, and they can't compete with Vietnam, where they earn considerably less than that. So capitalism thrives when people make less than $10 a day and when there are no safety nets of any kind. That's, that's hardcore capitalism. Blood and tooth and nail.

[Robert Kiyosaki]

I don't know the direct price, but they raised the price of a McDonald's worker and I don't know the declaration. They now get paid 25 an hour or something like that, you know, in California. And McDowell went broke because it can't afford the labor. And so it's not capitalism anymore. Jeremy.

[Richard Duncan]

Famous Austrian economist Joseph Schumpeter wrote a book, what was it called? May Come to Me. But the idea behind the book was that capitalism and democracy were incompatible because once people have a right to vote, they're going to vote for politicians who will give them more socialism and higher wages.

[Robert Kiyosaki]

Amen.

[Richard Duncan]

So, I mean, I'm not advocating, not suggesting that I'm opposed to democracy or capitalism, but it does seem that there's a lot of truth in Schumpeter's conclusion that to quite a considerable extent, capitalism and democracy are not really compatible.

[Robert Kiyosaki]

Right. So again, you know, I just got back and like I said, one of my first ports of call 1966, was Satahip, Thailand. There was nothing there in Pattaya. And now they're booming, booming megacities. I was in. Was it Hanoi? Hanoi was more beautiful. What happened? Hanoi's beaches are more beautiful than Waikiki. And I just couldn't believe it. So I, I recommend, you know, people do what Richard Duncan does, is go to Asia and see where capitalism is alive and well instead of staying on communist states like Hawaii, California and New

[Richard Duncan]

York City because of this situation where the United States came from being a capitalist economy, but it does have democracy. The US has had to find a way to keep the economy growing despite the difficulties it faces in a democratic society. And they have done that by having more and more government debt every year and when necessary, having the Fed creating more and more paper money to finance the government debt, and by pushing up asset prices, home prices and stock prices and creating wealth. It's just extraordinary how much wealth has been created in the United States just since the crisis of 2008. The amount of total wealth in the U.S. has tripled in 17 years. Total wealth in the U.S. in other words, household net worth is now $184 trillion. This is up $123 trillion in just 17 years. It's risen by $40 trillion just in the last three years alone. So now the policy of the government is just to keep the asset prices moving higher and higher as long as they can. And that requires taking on more and more government debt. The budget deficits for the last two years have been $2 trillion a year, and when necessary, having more quantitative easing. They restarted quantitative easing in December. The Fed has created $120 billion since new money, since just since December. And they've told us they intend to create $40 billion a month, essentially forever.

[Robert Kiyosaki]

Doesn't it create more homelessness and wealth disparity between rich and poor? Because what happens is asset. When you print money, asset prices go up, but so do chicken and eggs go up and housing. And so we have the massive crisis between rich and poor in America. That's dangerous to me.

[Richard Duncan]

You know, it is dangerous. This policy that they've adopted of continuing to have more and more debt and paper money creation has pushed up home prices so high that so many people just can't afford them to, to live in a home anymore. And this has caused homelessness and this great income inequality between the wealthy.

[Robert Kiyosaki]

So, Richard, thank you very much. All these years of friendship again. The book is called the Dollar Crisis, Corruption of Capitalism and Macro. Watch.

[Richard Duncan]

You can find me at Richard Duncan economics.com Richard Duncan, economics.com Hit subscribe and use the discount code CRASH for a 50% discount. Robert, thank you. It's great seeing you again. It's been a real joy knowing you all these years.

[Robert Kiyosaki]

All these years, all these years. So good work educating the world and waking people up. So thank you.

[Richard Duncan]

Thank you, Robert.

[Robert Kiyosaki]

And we'll be right back with final word from Rich Dad.

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[Robert Kiyosaki]

Welcome back Robert Kiyosaki Rich dad Radio Show. Again thanks to a special longtime friend, Richard Duncan. Please go to his website. Richard Donovan Economics and most importantly, the reason he's important right now is if you have a chance to go to Asia like I was just in Vietnam. I went to Vietnam twice to fight and communism won in Vietnam and they're booming. There are more capitalists than America and America is more communist than ever before. So it's worth going to Asia to find out what's happening there because their economy is booming. Because even though they're basically a communist regime. Everyone's a capitalist at heart. So it's a big wide world, lots of changes. We're at war in Iran, which is horrible, and the world's changing at a high speed. So please pay attention, stay awake and find out what's going on. So more opportunity now than ever before. So thank you for following the Rich Dad Radio show.

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This podcast is a presentation of Rich Dad Media Network.

[Alexander Green]

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[Richard Duncan]

has the news been getting you down? I'm Megan McCardell and I'm here to help. I'm the host of a new show from Washington Post Opinion called Reasonably Optimistic and it's an antidote to the pessimism that's riddling America right now. Every Wednesday I'm going to talk to people who see a path forward.

[Robert Kiyosaki]

It does seem to me that there

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is some awakening of a desire to

[Robert Kiyosaki]

act together to solve problems where they are. You know, I am a believer in America and it's worth fighting for.

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Join me Wednesdays on YouTube or wherever

[Richard Duncan]

you get your podcasts.