Lucas Longmire's Long Moneyline podcast this week focused on the FTX debacle and how banks work. He explained that banks are legally allowed to loan up to 80 to 90 percent of the money they have, and if they can not loan money, they go out of business. Longmire goes on to discuss the biggest scam and biggest Ponzi schemes are the banks. After that, Luc breaks down how the founder of FTX, a cryptocurrency exchange, took money out and loaned it with hedge funds, which is illegal. As a result, people cashed out and the system ended up collapsing. Robbie Kiyosaki joined the podcast to talk about how he got his money out of the bank, shared his tips on how to make money and diversify, and pointed out that the government is designed to keep people from winning. He stressed the importance of taking responsibility and exposing oneself to different businesses, ideas, and investments. Robbie advises us to not put all of our money in one place.
Enjoy!
Topics Discussed and Key Points:
●The American Dream and Homeownership with Banks Loan Money
●The Dangers of Banking Scams and Ponzi Schemes
●The FTX Debacle: Illegal Cryptocurrency Investment Activity by FTX Founder
●Money and Financial Institutions & How They Work
●Robbie Kiyosaki’s advice on how to make your money work for you.
Timestamps
[00:03:39] How Banks sold the idea of homeownership.
[00:11:10] Explaining the FTX Fraud
[00:14:37] Explaining the Bank Run on FTX
[00:18:19] Robbie Kiyosaki from The Kiyo's Money Podcast
[00:21:53] Managing Your Money Outside of the Banking System
Notable Quotes
“Banks are allowed by law to loan up to 80 to 90 percent of that money. Longwell: If a bank can't loan money, it goes out of business. The banks sold the American Dream of owning a house.”
"The biggest scams and the biggest Ponzis are the bank. If you don't believe me, go to your bank tomorrow and ask if you can withdraw $50,000 right there”
“Expose yourself to different businesses, different ideas, and different investments. Don't just put your money in one place. Look at the system and see what you can learn from it.”
"The founder of FTX, a cryptocurrency exchange, took out money, invested it, and then loaned it out. He created hedge funds on Meta research, and they're taking those funds and directly investing them, which is illegal."
"The system, the government, is designed for you to not win. Take responsibility for the life you have. You control your destiny. You can create the destiny you deserve."
Resources
Connect with Lucas Longmire
Call to Action
If you enjoyed this podcast and want to support us, please subscribe on the platform you listen to podcasts from, leave a review and share with your friends. We’d greatly appreciate it!
