– [Announcer] This is the
"Rich Dad Radio Show", "The Good News and Bad News About Money." Here's Robert Kiyosaki. – Hello, hello, hello. Robert Kiyosaki, "The
Rich Dad Radio Show", "The Good News and Bad News About Money". But I'm afraid today is a lot of bad news, But the reason bad news is good Is maybe you can take evasive action. Everything is changing so
rapidly that I might be saying Something to today, completely
erroneous in six months here. And the reason it's important
is because back in 2008, I think, let's say
there was Hurricane Ike, And right after that
Lehman Brothers collapsed. Right after that. It was a sign from God. And today we have Hurricane
Ian hitting Florida, And our special guest today is, He lived right in the
middle of the Hurricane Ian As the royal English pound collapses. And not only that, the new
Prime Minister of England, Her name is Truss the Queen, She kisses the Queen and the Queen dies. So here we're talking about (chuckles) A lot of the bad news going on, But it's especially bad news For those who drank the Kool-Aid Of, go to school, get a
job, work hard, save money, And invest in a 401k, or
get a job with a pension. And the reason, you know, the Queen, Prime Minister Truss, a
woman kisses the Queen, The Queen dies, And also Hurricane Ike hits
and the British pound collapses Is because the real big
consequence of all this
Is that pensions almost died in England. So all the guys who drank the Kool-Aid, All they did was have a safe, secure job, And the government pension would save you. Or you were a firefighter or
a police officer or a teacher, Your pensions would save you. And so our special guest
today is nothing but bad news, But it's good news if
you take evasive action While we still have time, Because, thank God, the
English pound almost died. It would have killed millions
of people with pensions, And you still have time to recover While they try and figure
out what's happening next. Again, it was Hurricane Ike in 2008 And Lehman collapsed, and
Hurricane Ian in 2022, And the pound almost dies. So it is very exciting times. But the biggest issue of all are pensions. So this is the book here
is "Who Stole My Pension", Came out in 2000 and is written
by myself and Edward Siedle, Ted Siedle here, and he's
gonna be talking to you What happened with the English pound, What almost happened to all the pensions, That still might happen, But more how you can prepare
for whatever's gonna happen If you're counting on your pensions. That is my, and I'll say this, You guys may know my story Is my poor dad depended upon
his pension until he lost it. And I'll tell you what, When you're in your '70s And you lose your pension it's not funny. So with that, welcome to
the program my friend Ted. – Thank you Robert it's
great to be here again.
– Yeah, let's give
everybody your background. I mean, starting with your dad. I think he was with the
agency and he never came back Or something like that. And your family didn't have
a pension either, right, Something like that? – That's right. In 1971, my father disappeared in Uganda, East Africa investigating a mass murder Committed by Idi Amin, Who was the president
of Uganda at the time. – Was he with the agency? – Yes, he was involved with the CIA. And so his body was never found, And it took several years to even find out What happened to him. And during that period his
life insurance wouldn't pay, His social security benefits wouldn't pay, His pension benefits wouldn't pay, His will couldn't be probated Because as far as U.S. law was concerned, He was still alive. Of course, the CIA and the
government was telling us He was not still alive. Well, there was a high
probability given circumstances Under which he disappeared
that he was not still alive. And so it took years to
get to the bottom of it And went into a lawsuit against Idi Amin. And so it's a real tale of, you know, I was 17 at the time and I
was penniless and orphaned. It's not a good position to be in. – So how did it affect you personally? I mean, you have no money
coming in and all this, You're a kid, yet, and
they can't, they will not,
They can't do anything for you. So, I think, did it kind
of inspire you to be, Today you're a whistleblower on pensions? – Yes, ironically, the
first forensic investigation I ever did was of my
father's murder in 1971. But then I grew up to be a forensic expert Investigating predominantly
looting of retirement plans. So it's no surprise, I guess, The work that I ended up doing. But yeah, that was the
first forensic investigation I ever did. And it concluded in really not until 1998, 27 years later When I went back to Uganda To search for his body and met the people Who killed him in prisons. And so it was a long and
difficult process for sure. – And so today, what
does a whistleblower mean And what do you do when
you investigate a pension? – Well, a whistleblower is
somebody who blows the whistle On criminal act or illegal activity, Usually at his employer. But you don't have to work for a company To blow the whistle on them. So the SEC and the other federal agencies Have these whistleblower
programs that have paid out, I think north of a billion dollars so far To whistleblowers such as myself. I got so far, I've got
78 million from the SEC And the CFTC on JP Morgan
case I was involved with. And I'm hopeful, I may
have some more news for you Before the end of the year on that, 'cause there's another award
that I'm waiting to hear about. But basically, you know,
What it involves is going to
the government and saying, I'm aware that this company
is doing something wrong And they only pay you if A: you're right, And B: they collect money, And you can get up to 1/3 Of whatever the government collects. But the most, the whistleblower
program at the SEC Started because of Madoff. But actually in the case of Madoff, No whistleblower would've
ever gotten paid, Because Madoff didn't have
any money to pay a fine. You have to pay a fine to the government For the government to pay you the reward. So ironically, the big case that started The whole whistleblower movement Was a case that even to this day Would not pay a whistleblower dime. – And would you refresh
us who was Bernie Madoff? I mean, he was way up there
with Nasdaq and all that, He was the golden child and he, you know, His numbers didn't make
sense but nobody cared. Right?
– Yeah. Bernie Madoff Was, I think, on the board of the Nasdaq, Owned a substantial brokerage
operation, lesser known, Less known was his money
management operation, But he also had a money
management operation. And he went on for
decades claiming to have Extremely consistent
returns in some years. The guy was brilliant because
in some years he actually, Well, first of all, He never invested a dime
of any of the money. He never bought a single
stock or bond for any Of the billions of dollars
he took in for investors. So through his statements
On his returns were all just fictional. But what the guy did that
was so brilliant was, He never claimed To be a outrageous outperformer. He claimed to have a
consistent return of 11, 12%. And there were some years
where the maniacal guy Actually underperformed
the market, fictionally, Just to show that he, you know, It's like not to raise any alarms. "Oh, you know, I don't win every year, "but I'm consistent year after year." That was his story. Consistent returns for,
and this fraud went on, Ponzi scheme went on for,
I think, over two decades. – And he was taking advantage
of really, really rich people Who were throwing money at him. And you're saying he
never invested any of it? – He never bought a single
stock or bond with the money. (Robert laughing) Never. It was all just a Ponzi, He took money from Joe
to pay Peter, you know, He never invested any of it. – So Ted, you know, Bernie Madoff Was the biggest Ponzi
scheme in history so far. And you say that he took all this money From unsuspecting guppies,
but never invested a dime. How much did he take from these people? – I think the number
was around 50 billion. In that area.
– That's chump change today, You know, (chuckles). – Yeah, (chuckles). Well, you know, you have
the money they invested And then you have the amount
Bernie claimed your money Had grown, so do you, you know?
They invested a certain amount, But then Bernie said
that they, over 20 years, Had that much more. So did he steal really
20 billion or 50 billion? The number's been, numbers
have been thrown around, But I think it was around
50 billion is the number. – Yeah. And so, again, you know, I came out with this book
here "Who Stole My Pension", And it came out in two
2000, where in October, 2022 Dates are important because
things are changing so fast. Another thing is you
write for Forbes Magazine, And I understand that you
were put a censorship on you Because you were writing
about some of the people That were looting the
pensions of certain states Now working for Biden. And didn't they tell you
keep your mouth shut? – They told me not to write
anymore about Gina Raimondo When she became treasury secretary, Or the Secretary of Commerce. And I thought that was funny
because I hadn't planned on Writing this, so I was
preemptively censored. So, yeah. Go easy on Gina.
– So, if you don't mind. What did Gina do at Rhode Island? – Well, what Gina did
was she was a unproven Small-time money manager
who got herself elected Treasurer of the state, Which meant she effectively controlled The biggest pot of money in the state, Which was the state pension fund. And then she in doling out
that money to Wall Street, She made sure that friends who
would support her politically Got the money, Wall Street
guys, hedge fund guys. And so she effectively
used the state coffers
To pay for her political future. – And did you blow the whistle On the Rhode Island's pension? – I did in 2013, I told people, I issued a report saying that this, What she called pension reform Was really a way of getting money To her friends on Wall Street. And so she forced state
workers, school teachers, Firefighters to take pension cuts, And then she took the
money from the pension And paid Wall Street fees
that were 10 times greater Than they had been getting. So the austerity on the behalf
of workers ended up being Generosity on behalf of Wall Street. And that's what I exposed. – So what would you say to
all the millions of people With pensions like the
firefighters, police officers, School teachers throughout the world? Because the pension theft, "Who's Stole My Pension", This big book here, and what
happened in Rhode Island Is chump change compared
to what just happened In England with the crash
of the English pound. But it's more than the
crash of the English pound, It was a crash of their pensions. So again, this is October, 2022. I'll say it again. Hurricane Ike hit in 2008
and Lehman collapsed. Hurricane Ian hits 2022 and
the British pound collapses. Go ahead. – I mean, the first thing that
listeners should understand Is around the world, There are millions of workers
who are counting upon pensions
Set up by corporations
or governments to provide For their retirement security. And these people rightly
believe that they have been Promised certain benefits and
those promises will be kept. Unfortunately, as you know, Robert, Most of these pension schemes
are severely underfunded. Not enough money has been set
aside to pay for the benefit That's been promised. – Can I add one more thing? With the stock market crashing,
how does it affect pensions? – Well, the lower, you
know, you've got two sides To a pension fund, One is your assets and
one is your liabilities. So if your assets fall in value
and your liabilities don't, Then you are even more
severely underfunded. Your average American pension
fund is only like 70% funded. – Yeah. And so that's why I
wrote this book here in 2013. It's called "Rich Dad's Prophecy: "Why the Biggest Stock
Market Crash in History "Is Still Coming" I've got
to change change this still To it's here today. And all the guys with 401ks, IRAs, Pensions all over the world,
they're in serious trouble. So that's why this book
here "Who Stole My Pension" That Ted and I wrote, It's affecting millions
and millions of people. And I think it may require
the biggest bailout In world history because old guys like me Won't be able to retire. Now you look at all this,
"I'm a young person," But what happens when your mom
and daddy move in with you? What happens when your
house, in the middle class Their houses are their biggest investment And real estate prices are crashing.
So this is a serious,
serious, serious problem, Which is one reason the Rich Dad Company Was founded 25 years ago. Because I always ask the question, "What did school teach you about money?" Nothing. So, okay, let's get into
today, October 2022. Oh! So before we go into
what's gonna happen now, This is October, 2022. We'll go to break and we'll
find out the bad news, But more importantly, What you can do to prepare
for one of the biggest crashes In world history. We'll be right back. (upbeat music) – [Sara] Hey everyone, it's Sara At "The Rich Dad Radio Show". Let me tell you, good sleep
is the ultimate game changer. And the Eight Sleep Pod is
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within the U.S.A., Canada, The U.K., select countries
in the E.U. and Australia. – [Announcer] Feeling
powerless over current events And your financial future. Financial freedom is your freedom. Robert Kiyosaki is the best selling author Of "Rich Dad Poor Dad". Over 40 million people
have taken Robert's advice. Now it's your turn. Attend Roberts free virtual
wealth building event. Claim your free access
now at RichDadFree.com. Don't wait. Access is limited. Go to RichDadFree.com. That's RichDadFree.com. – Welcome back, Robert Kiyosaki "The Rich Dad Radio Show", the good news, But more the bad news about
your pensions right now, Your 401k, the stock market,
your saving, the bond market, Everything is crashing right now. So pay attention because
we may have some ideas That can save yourself, your
family and prevent your kids Or your grandparents
from moving in with you. But the biggest tragedy that's coming up Is called healthcare. I mean, that is gonna be
a major, major disaster Because Medicare and
Social Security are toast. You can listen to the "Rich
Dad Radio Program" anytime, Anywhere on iTunes, Android, and YouTube, And leave us a comment
when you listen to it.
And all of our programs are
archived at richdadradio.com. We archive them for one reason. So go to richdadradio.com, Listen to it, have your friends, family, And potential roommates listen to it And your future liabilities, Call your kids or your grandparents And listen to this "Rich Dad
Radio Show" with Ted Siedle. He's biggest whistle blower in America. He goes into pension fraud. And we ain't seen nothing
yet because what happened At Rhode Island with Gina
Raimondo was chump change Compared to just what happened In England in September, 2022. So Ted, what happened in
England in September, 2022? – Well, you know, Robert, As we talk about in
"Who Stole My Pension", Pensions globally, not
just here in the U.S., Are at risk at this time. And in this past week in the
U.K. we saw the near collapse, According to some experts of nearly 90% Of all the pension funds in England, The near collapse of almost
90% of these pensions Holding like over a trillion dollars, 1 1/2 trillion in assets. And what happened was really A government policy-induced
pension crisis. It was the government came out With a policy to reduce
taxes, and as a result To reduce taxes in a highly
inflationary environment. And so, which resulted in adding
tens of billions of pounds To the government debt,
fueling greater inflation And causing bond prices to fall. So it was like sort of cascading effect
This government action
had a disastrous impact On the pensions. And then the government had
to scramble the next day To reverse itself to prevent
what would've been the collapse Of all of these pension systems. – You have any idea how many millions of, And the English pension systems since They travel throughout the world, That would affect people,
English pensioners Throughout the world. – Yeah, it would've, and it was a Unanticipated, apparently
the new government Didn't anticipate that lowering taxes In a highly inflationary time, Increasing government spending
would have on, you know, Would increase inflation. And it was a, you know, colossal blunder That had rippled around the world. And many people are saying
that while what happened, Exactly what happened in the U.K. probably Will not happen in the United States, Or what happened in U.K.
will stay in the U.K., There are plenty of red flags
or warnings about things That could happen in this
country with our pension systems. – And what do you see possibly happening? – Well, we start with the fact is we go, We often say on your
program, Robert, is that The government agency backstopping 40 million American's
pensions is itself bankrupt. So that's pretty bad. If your insurance company is bankrupt, Then your insurance is
worth nothing, right. I mean, unless taxes
are raised to replenish The agency's coffers,
Which they claim they don't use tax money, They just don't pay their bills, I guess. But, so that's a big red flag. And increasingly these
pensions in the U.S. Are moving into high risk, high cost, Very secretive investments
like private equity, Hedge funds, venture funds. And so we know less about
what's in these pensions today Than we did 20 years ago, Even with the internet
and all this transparency That's available, we know less today, And the risks are greater. And the returns have fallen as well. What Ted is saying, these pension funds Have to take greater and greater risk Because the returns aren't there anymore. Was it you telling me that
many of the pensions now Are in Bitcoin and crypto? – 94% of American government
pensions are in crypto? – Wow.
– According report That just came out this year. – Wow.
– 94%. – So let me explain why
England is so important Is because the way they
planned to pay for the pensions Of the old guys like me
was they would buy a bond And they'd buy the bond
and the bond would pay out. But as bond prices came down, The pension obligation did not stop, And so they had to borrow
more or print more money To buy more bonds. So just by definition, When you borrow money to buy a bond, You're violating economics
because generally a bond Is due to savings.
And savings come when you
have income minus expenses You have savings. But now they're borrowing
money for fake bonds To pay off these pensions. And so when the prime minister of England With the name Truss or
Tuss kissed the Queen, The Queen died, That should have been a
sign from God. (laughs) I hate to laugh about all this, But you can't write this, I mean, you can't make this stuff up. – Well, one observer in the
"Wall Street Journal" said That what happened last
week in England was, Provided a warning to
governments everywhere Of the dangers of the new
economic era we are entering, Which involves a toxic mix of politics, Inflation and higher interest rates. – And corruption.
– It's a very, Very dangerous time, And governments are printing
money, inflation is raging, And these pensions are
already underfunded. And so they're in danger already, And there's reason to believe That they're far worse
off than they're saying Because they're inflating the values Of a lot of their investments, And they're increasing
the use of leverage. So leverage is, can be fatal as you know, Certainly in a pension context. – And one of the biggest
public pensions in America Is CalPERS, the California. What is the condition of CalPERS, The California Pension
for Public Employees? – Well, CalPERS recently
sold a bunch of its private,
Illiquid private equity holdings, Which they said were
worth, you know, a dollar, They sold it in the market for 90 cents. So that means that whatever, That was a, you know, a
sign that whatever CalPERS Is valuing their assets at, Whatever the value of those assets are, They're probably worth less, So CalPERS is already
severely underfunded. But the truth is it's probably
another 10 to 15% underfunded Than the numbers are showing. – So I'll show this book again, It came on 2013 "Prophecy". As the stock market continues to crash Because they keep raising interest rates. But, you know, Chairman Powell, the Fed Markets keep crashing, It makes it harder for these
pensions to meet their, They're based on 7% returns
or something like that. And then there's- – What's really ironic about pension fund, What's really ironic about America's government pension funds Is they're doing everything
that Warren Buffet Tells them not to do. He says it's reasonable
to expect a rate of return Of let's say 6%. Well, these pension funds, And he's the greatest
investor of all time, right, These pension funds are averaging, They're claiming that
they're gonna achieve Rates of return of 7 1/4. They're gonna do that much
better than Warren Buffet. Warren Buffet has said stay
away from private equity,
They're loading up on private equity. Warren Buffet is not a fan of Bitcoin. These pensions are apparently
segueing into Bitcoin. So Warren Buffet says
stay away from high cost, High fee investment products. They're going increasingly To these higher cost investment products. So the way to summarize it
is these state pension funds Think they're smarter than Warren Buffet, And, of course, they're not. So the situation is, you've got lay boards Running these pensions,
cops, firefighters, School teachers, sanitation workers, These are the people who
are sitting on these boards Making decisions and, you know, Fending off daily assaults
from some of the smartest guys On Wall Street. They're don't go to
sell the to these funds Because these are the smartest
investors in the room, They go to public pensions
because they're regarded As the dumbest investors in the room. So it's easy for them to do. – It's just shocking. The other other thing that
is not just public pensions, Like teachers, firefighters
and police officers, Many private, you know,
funds are going bankrupt Because, or they're broke,
because my father, poor dad, Wanted me to fly for United Airlines, And a lot of my peers out of
the Marine Corps became pilots For United Airlines, but they found out There was nothing left in their pension. – Yeah. That was the
largest pension failure In history in 2006. I think there were six
United Airlines pensions,
You know, for different workers
that all were turned over To the federal government,
dumped on the federal government. And people in those pensions,
particularly the pilots, Saw their benefits slash dramatically. Very dramatically. – So my really good friends, We all flew for the Marine Corps together, They're looking for jobs
at age 60, 65, you know, In their retirement. – I rented a beachfront condo last year From a retired American Airlines pilot Who was getting $600 a month. – Jesus. – $600 a month. Now, he probably wasn't
flying the jumbo jets, Maybe he was a, worked for
one of the regional carriers. – A helicopter pilot like me. (laughs) – But I was amazed. 600. I knew the benefits
had been cut from let's say 100,000 a year for senior
pilots to, you know, 40,000. But $600 a month, that was news to me. – Again, this is Ted Siedle, The book is called "Who Stole My Pension". This is not just in government
services, it's in private. Who else did you investigate
as a whistleblower? Which other private company's
pensions have been looted? – Well, I've looked at the United Airlines Pilot's Pension Plan, The U.S. Airlines Pilot's Pension Plan, The New York State Teamsters Pension Plan, City of Jacksonville, City of Chattanooga, Cities of Nashville, Town of Longboat Key. I've done over a trillion of
these forensic investigations
Of retirement plans of
all different types; Private, public, you can name it. – Did you look at UPS
or something like that, Or one of those delivery services? – State Teamsters. – Oh, Teamsters.
– Teamsters Involves UPS drivers. Yes. – What did you find there
with the UPS drivers? – Well, in that case,
that was a few years ago, But as I recall, saw that
the pension had segued Into a lot riskier investments
as the pensions deteriorated. What you see, Robert, when
you look at these pensions is That the closer they get to insolvency The bigger the risks they take. It's the Hail Mary syndrome, okay. "We're gonna run outta money unless "we throw at this pass and it
gets caught in the end zone. Well, of course, you know, The passes don't get
caught in the end zone. So by the time the pension
actually collapses, There's a lot of garbage there
because there's all these, The remnants of all these Hail Marys That are essentially worthless. So that's what we found in that case, Was that the bets got bigger
and they didn't pay off. – But wait, it gets worse
because the people watching The pensions is the Pension
Benefit Guaranty, PPGC, And they're bankrupt too, right. – Yeah, and we met with them, it was me- – Explain what the PBGC is. – Oh, the PBGC is the Pension
Benefit Guarantee Corporation In Washington. And it is a federal
agency set up to backstop Corporate pensions, private pensions.
And they have been running
in the red for decades now. I met with them 20 years ago
and we offered to investigate What cause these, oh, by
the way, so PBGC provide, Protects the pensions of about, I think, 40 million Americans. And so when a pension runs into trouble, They go to the PBGC and
they turn over their assets And everything to the PBGC, And the PBGC is supposed to look at What caused the pension to fail. It's never happened, And it's history the
agency has never done it. We met with them in 2006 and said, "We can do an investigation
anytime a pension fails "to figure out what caused the failure, "who's to blame and is there
any money to be recovered?" They said they had absolutely
no interest in that. And they said, "Well, you know, "what would we do with
the money if we got it?" And I said, "Well, isn't
it better to get it, "not know what to do with
it than to not get it?" And they didn't have an answer to that. So a very problematic agency that, It's sort of like a, you know, a whatever, A cancer clinic or something
that's not interested In what causes cancer. If you understand-
– That's like you said, You said it earlier, You're less likely to collect your health, Your life insurance policy
for your husband, wife, Father, and they find out the
insurance company's broke. And that's what you're
saying with the PBGC? – Well the PBGC, if they knew
what caused pensions to fail, They could stop pensions
from failing, right.
I mean, if you saw, if
you had the warning signs That, you know, here's a pension That is careening towards insolvency, Then there's certain
steps you could take to, You could say we're gonna
watch these pensions If they become in danger,
we're going to, you know, Monitor them, and we're
going to prosecute anybody Who contributed to the
demise of the pension fund. So that would have a prophylactic effect. People wouldn't go stealing
money from pensions, At least not pensions
that were near bankruptcy. (Robert laughing) And so they, you know, But what goes on today is
there's a feeding frenzy. If, you know, the pension
fund is gonna only be around A couple more years, Then you'd get in there and
you suck all the life out of it You can before it's gone. But this would have the opposite
effect where if a pension Was careening towards insolvency, Wall Street would be on its best behavior Knowing that when this
pension gets turned over To government, somebody's
gonna do a final accounting And see if anybody stole anything. So there are a lot of
benefits that would come from Investigating the causes
of pension failures, But the federal government
has absolutely no interest In finding out. – And so that's why, you know, Like you being a whistleblower, You provide a very, very important service 'cause you go in forensically To look at what happened to figure it out And you can warn people
about what is happening.
So let me ask you this then. Who pays you when you got a
percentage of what is left Of whatever the body count is, Who pays you if everybody's going broke? – Well, in the whistleblower programs, You only get paid if the
government recovers money From the companies that have
been engaged in wrongdoing. So the government pays you Out of fins that they've collected. And, of course, the best
thing about these programs For taxpayers is,
whistleblowers don't get paid Unless they're right. Unless they substantially
assist in uncovering a fraud And recovering money for taxpayers The whistleblower doesn't get paid. And the other thing to keep in mind About these whistleblower programs is, I've been doing this for 40 years, Investigating pension wrongdoing, Your average government worker at the SEC Has only been there five years, you know, Five to seven years. So they do not have on their staffs people Who are capable of doing this work, And they really couldn't
because every case is different. You can't have a whole
agency full of people That have 40 years experience. So it's a great benefit to the government 'cause this isn't work
they could do themselves, And the experts only get
paid if they're right. – So again, I'm gonna thank
you for being my co-author On this book here, "Who Stole My Pension", It's a crucial, important
book to understand Or read and comprehend now
while you still have time,
Because time is your greatest asset, Except for old guys like
me, who are out of time. That's what happened to my poor dad, He lost his pension and then he- – The U.K. situation last week, The near collapse of the
pension system in U.K. last week Should be a real wake up call to everybody Who's participating in a pension. It's the canary in the coal mine. What happened there, the
exact same thing won't happen In the United States, but
something similar will. So there are plenty of other things That could bring down American pensions. – Well that's why I talk
about, you know, Hurricane Ike Triggered the Lehman moment,
and then Lehman going down Nearly brought down the
whole system was corrupt. And then you have
Hurricane Ian, this year, And the English pension
system almost collapses. The new Prime Minister of
England Truss, Mrs. Truss, Whatever her name is, The Queen kisses her and the Queen dies. I mean, boy, if that isn't, Or those aren't signs from God, you know, Wake up and smell the coffee here. And if you don't want your
kids moving in with you Or your parents moving
in with you, or your, It's the biggest, the next biggest bubble Is the healthcare thing Because most healthcare
insurance companies Run off the stock and bond market, And what happens when their
insurance can't provide The health insurance when
you go to the hospital. So this is a whole systemic domino effect, Which is why the Rich Dad
Company was formed 25 years ago
To warn people. The question is, what does
school teach you about money? Nothing. They told you
to trust the government Or trust your 401k or save money, And it's kind of the worst
possible advice ever. So Ted, I wanna appreciate you. I'm glad Hurricane Ian missed you. Your house is still standing, But the pictures don't look good. – Yeah, pictures on the West Coast Certainly don't look good. But, again, to your point, Robert, What happened in U.K. last week Was a government-induced pension crisis. Government action caused
it, and government action Narrowly averted it. – Right. And that's why I'm saying When your buddy Gina Raimondo,
who's now on Biden's staff, (laughs) what happened on
Rhode Island was chump change, What the governments of
the world are pulling off His big money. So again, Ted, thank you, thank you, Thank you very much and
keep up the good work. – Thank you Robert. – We'll be right back. (upbeat music) Welcome back Robert Kiyosaki,
"The Rich Dad Radio Show" The "The Good News and
Bad News About Money." And I hate to say it, most
of it was bad news today, But I also wanna thank my
co-author here, Ted Siedle, "Who Stole My Pension" Is probably the biggest crash
in history is still coming. That's the biggest part of it. And I cover that bit here,
but it's already started here,
"Rich Dad's Prophecy", this is
2013, this book was in 2000. So you've been warned here, And this is a serious, serious crisis. So what'd you think, Sara? – [Sara] No, I thought it, you know, Ted's always a great
wealth of information, But I thought the key takeaway for me Is that the U.K. pension
crisis should be a warning To other pensions around the world. And you know, they're not
gonna heed the warning, You know, that here in the
United States, for example, We're gonna ho-hum our
way and pretend like that, Like it's never gonna crash
because that's what we do. Yeah. And that's what we've been saying Is that so many Americans
are living in la-la land. They say, "Oh, I don't have to worry, "America's the greatest
country on Earth, and all this, "and my pension's solid. "I work for a good company,
or work for the government", "I'm a police officer, I'm
a firefighter and I'm this," And they don't know they're being stolen, Left, right, and center. And that's why I always ask the question, What this school teach you about money? – [Sara] And one question
that we see come up a lot In our YouTube comments
whenever we do a show with Ted, Well, one, you know, if you suspect That your pension's being
looted, reach out to Ted, I'll put his website in the
description below so you can Have an investigation done, possibly, If you feel like it's been mishandled. But the question that everybody has is, "Okay, so my life's savings is
in my pension, what do I do?" I mean, we can talk about
young people not getting a,
Not falling for the 401K
pension crap, but like you say, The boomers that have been
accumulating this pension Their whole career,
you're just at the mercy. – And they're out of time.
– Right. – Time is your greatest asset When you're in the world of money. So this is, I'll go final word with this. I suggest the last, this
is, again, October, 2022, We've had nothing but fantastic
"Rich Dad Radio Programs", Each one was priceless. So I go back and listen
to them again and again, And that's why we record
them at RichDadRadio.com. I've got one more suggestion, Get together with friends
and family and discuss it Because you don't live in a vacuum. And I think one of the
biggest problems in America Is they really think the Federal
Reserves gonna save them. The Federal Reserve is ripping them off, Just like the Bank of England
is ripping everybody off. If you understand that, And that's why guys like
Ron Paul say end the Fed, And, you know, everybody's
been telling about the Fed. Well the Fed is a central
bank, that's Marxist. Central bank, central government is Marx. I'll just give a commercial
message for Rich Dad. I think the most important
thing you can do is back, You know, 26 years ago
now, Kim and I created The CASHFLOW board game
because your greatest asset Lives between this ear and this ear. And if you don't educate this, Then you're just dumb as a brick. So I would suggest you get together, Get a CASHFLOW board game,
start a CASHFLOW club, You know, tune into our
podcasts and all this,
'cause we don't charge, you
know, we don't make money Selling gold, silver, or
real estate and all this, We just sell financial education. So get a CASHFLOW board game
and exercise that muscle Between your left ear and your
right ear and open your mind To all these different opportunities. Like I've always said, you know, I'm getting richer than heck Ever since Biden came
to office and he took The Keystone XL Pipeline offline. Well, I got richer because
the price of oil went up. I don't own oil stocks,
I own the real oil. And that's the whole program we did With Mike Mauceli and John MacGregor, The different types of investments For different types of people. So the rich are getting richer. I think the biggest
mistake that people make, They think the Fed is on their side. The Fed only makes guys like me, rich. If you understand that, that's
what the Bank of England Was trying to do. That's what the prime minister
of England tried to do. She wanted to give a
tax break to the rich. If you can wake that up, understand that. So your greatest asset, Lays between your left
ear and your right ear, Get together, buy the CASHFLOW game. You can teach hundreds of people, You can play it over and over again. Listen to YouTube, listen to
all these different opinions Out there and you'll find
there's more opportunity Than ever before. But if you're into that, what
I call buy, hold and prey,
You know, what Wall
Street wants you to do, You know, 60, 40: 60% stock, equities, 40% bonds you're toast. If you buy it and you drink
the Kool-Aid of save money, You've got to be nuts. They're printing more
money than ever before. You think your house is an asset. Houses are coming down in price. So 25 years ago I said all that, I got crucified by the "New
York Times" and all those guys Saying I didn't know
what I was talking about. Well, the trouble with these
academic types who work For the "New York Times" and
the publishing companies, They're all like my poor dad. They're highly academic, smart people With no financial education. So it behooves you, it's up to you to say, "I'm gonna take control of
my financial education." Get a CASHFLOW board game, Or join a CASHFLOW club and
study with like-minded people Who don't expect the government
to take care of them, Or pension to take care of them, Or the 401k to be there when you need it. So that's my message for everybody. Final word, Sara. – [Sara] Hallelujah. Amen. We just went to church. – All right man. All of you are extremely brilliant, But if you listen to
everybody outside of you, You're like an idiot, like them. So anyway, take care, educate yourself, Your greatest asset sits Between your left ear and your right ear.
Thank you. (upbeat outro music)
