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The Richest Country In The World Is Now Bankrupt
Old 11-30-2023, 09:21 AM   #1
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The Richest Country In The World Is Now Bankrupt

"In a recent episode of "The Rich Dad Radio Show," financial educator and author Robert Kiyosaki expressed grave concerns about the United States’ financial health. As of Nov. 24, the U.S. national debt had reached $33.8 trillion. Guest speaker Jim Clark, CEO of Republic Monetary Exchange, highlighted that actual liabilities, including entitlements, could be as high as $200 trillion."
https://finance.yahoo.com/news/riche...141245951.html
What do we do then? Kiyosaki recommends gold and real estate.
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Old 11-30-2023, 09:35 AM   #2
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“The problem with socialism is that you eventually run out of other people's money.”

― Margaret Thatcher
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Old 11-30-2023, 09:43 AM   #3
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Countries don't go bankrupt, they just destroy their currency by printing gobs of money to fuel runaway inflation.
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Old 11-30-2023, 09:44 AM   #4
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Another doomsayer...yawn.
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Old 11-30-2023, 09:45 AM   #5
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“The problem with socialism is that you eventually run out of other people's money.”

― Margaret Thatcher
How about we leave political commentary out of this and just discuss whether, in light of Kiyosaki's claim about the US national debt, gold and real estate are wise investments? If we don't, it is likely the thread will be closed.
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Old 11-30-2023, 09:50 AM   #6
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Another doomsayer...yawn.
Death of equities
Peak Oil

Today some joker on Bloomberg was peddling something because "internal combustion engines are going away so ....."
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Old 11-30-2023, 10:02 AM   #7
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Whatever happened to Dave Del Dotto, cash flow OPM? These guys come and go. Don't listen to gurus.
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Old 11-30-2023, 10:03 AM   #8
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just laughing at the title of this thread geez like my great-grandma forwarding me a facebook post
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Old 11-30-2023, 10:04 AM   #9
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Rather than absolute debt numbers, I prefer the debt to GDP ratio. We passed the 1-1 ratio a few years back, widely considered the threshhold of inability to recover. I suspect this means the US will follow the path of post-WWII Great Britain, still a major player but not as dominant as in the past.
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Old 11-30-2023, 10:18 AM   #10
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I sometimes here these Buy-Gold-Everything-Is-Bad ads on various Sirius stations, and I get annoyed at the level of absolute false fear mongering they include, but cleverly couched as questions or "could this be" or "experts say..."

-Another 2008
-Another housing crisis
-Banks collapsing (what..2 fringe ones?)
-A run on the banks...you wouldn't be able to get your own money!....

Just horrible stupid stuff that I can assume works on a good enough number of people who don't know better.
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Old 11-30-2023, 10:21 AM   #11
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I'm embarrassed to say I read Rich Dad, Poor Dad back in the day. Of course I also read Ramsey, Orman, Givens, Del Dotto, Robbins and a whole slew of "buy real estate with no money down!" guys. I think I even bought somebody's cassette tape series.

As far as what Kiyoski says, I couldn't care less.
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Old 11-30-2023, 10:26 AM   #12
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I tell the students in my Adult-Ed investing classes to avoid reading any of this stuff. Best case the author doesn't know anything about the future and doesn't know that he doesn't know. Mid-case is he is selling something. Worst case what he is selling is fraudulent. The only exception, I tell them, is they can safely read anything by Jason Zweig.
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Old 11-30-2023, 10:30 AM   #13
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How about we leave political commentary out of this and just discuss whether, in light of Kiyosaki's claim about the US national debt, gold and real estate are wise investments? If we don't, it is likely the thread will be closed.
If it bleeds, it leads.

Re: real estate - I don't have the skills to be a landlord - and I'm not willing to leverage. I have a little bit of VNQ and O, and am down on a hospital REIT, which frankly is a gamble at this point. Commerical RE is subject to interest rates, and I'm keeping my exposure small. I don't consider my home an investment.

Gold is up, (miners have been dragging their tails) and is theoretically a currency hedge, but physical gold is rather hard to take to the store for groceries. I have a few small gold coins which I inherited and keep for sentimental value.

My ability to "predict" the short-term gyrations of the market has been supremely unimpressive.

No crystal ball here - but I suppose I will try to diversify, keep leverage low, hold some dry powder, and keep on keeping on.
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Old 11-30-2023, 10:35 AM   #14
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Kiyosaki has been predicting doom and gloom, economic collapse, and the sky is falling for a couple of decades now.

I think the S and P 500 has proven him incorrect for the last 20 years.
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Old 11-30-2023, 10:42 AM   #15
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And what was the point of Rich Dad Poor Dad? Didn’t he end up being a poor dad masquerading as a rich one?
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Old 11-30-2023, 10:48 AM   #16
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If it bleeds, it leads.

Re: real estate - I don't have the skills to be a landlord - and I'm not willing to leverage. I have a little bit of VNQ and O, and am down on a hospital REIT, which frankly is a gamble at this point. Commerical RE is subject to interest rates, and I'm keeping my exposure small. I don't consider my home an investment.

Gold is up, (miners have been dragging their tails) and is theoretically a currency hedge, but physical gold is rather hard to take to the store for groceries. I have a few small gold coins which I inherited and keep for sentimental value.

My ability to "predict" the short-term gyrations of the market has been supremely unimpressive.

No crystal ball here - but I suppose I will try to diversify, keep leverage low, hold some dry powder, and keep on keeping on.
for the end of the world scenario you're better off with a life time supply of Slim Jims and a case of freeze dried water.
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Old 11-30-2023, 10:54 AM   #17
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Kiyosaki was hardly the first person in his lane. Anyone remember Robert G. Allen's book "No Money Down" and Robert Casey's "Crisis Investing" back in the early 1980's ? And I'm sure he won't be the last.
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Old 11-30-2023, 11:04 AM   #18
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And what was the point of Rich Dad Poor Dad? Didn’t he end up being a poor dad masquerading as a rich one?
+1

RK has zero credibility. Just trying to get publicity to make a buck.
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Old 11-30-2023, 11:12 AM   #19
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As of Nov. 24, the U.S. national debt had reached $33.8 trillion. Guest speaker Jim Clark, CEO of Republic Monetary Exchange, highlighted that actual liabilities, including entitlements, could be as high as $200 trillion."
What do we do then? Kiyosaki recommends gold and real estate.
I used to worry about the national debt and the doomsday coming down the pike if we don't solve the problem. Then I realized I'd been hearing this same tune for the past 45 years or so.

Yet, the debt keeps going up, and nobody in Washington really takes it as a serious problem, otherwise they would do something about it.

Whenever I hear someone expounding on how "we can't continue down this path" or "we're going to be just like Germany in the 1920's" I ask them flat out: "How much debt is too much? What is the actual number where if the national debt reaches "X" amount, we are doomed?

>crickets<
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Old 11-30-2023, 11:19 AM   #20
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All I know is that somehow we made it through the 2008 financial mess and survived. If we did it once, we can do it again.... should that ever turn out to be necessary, which it might not.

So, as far as I'm concerned, the doom'n'gloom folks can groan and cry all they want but they're not going to ruin the absolutely wonderful time I am having in retirement.

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+1

RK has zero credibility. Just trying to get publicity to make a buck.
+1000, yeah, what REWahoo says. I had Kiyosaki pegged as what he is, many years ago and certainly his doom'n'gloom doesn't affect me in 2023.
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