Robert Kiyosaki Quotes
A short squeeze could happen with the U.S. dollar if lenders suddenly forced debtors to pay in cash.
Kiyosaki, Robert T. Rich Dad's Conspiracy of the Rich: The 8 New Rules of Money. Business Plus, 2009, p. 129.
The “Fed Note” was the term for a Federal Reserve Note. It was a then a new form of paper money issued by the Federal Reserve Banks instead of the Treasury department as the previous United States Notes had been. The United States was a guarantor of the Federal Reserve Notes in case the Federal Reserve defaulted and there were many who feared having the responsibility to back up the Federal Reserve notes which could be issued by the Federal Reserve Banks—not government entities and not under the control of the President or Congress.
At the time the United States was on the Gold Standard and all our money was backed by gold. Root and others were afraid that a Federal Reserve Bank, a proposal that was being debated in Congress, would cause a large amount of paper money to be printed which other nations would obtain through trade and then exchange that for American gold—a process which would deplete the American gold supply. A few years before, William Jennings Bryan had argued that the Gold Standard did not allow America sufficient ability to increase the money supply to serve the growing population and economy. See {640992}.
Describing the currency situation of the country:
While devaluation may have been intended to have the effect of stimulating exports and inhibiting imports, many countries have populations which feel “cheapened” by the process—that they are worth less as laborers and their raw materials are valued less in the eyes of the world.
Robert Toru Kiyosaki is an American businessman and author. Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos. The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name for a fee. He is also the creator of the Cashflow board and software games to educate adults and children about business and financial concepts.
