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Author and financial expert, Barry James Dyke, joins FTMDaily in this special interview, exposing one of Wall Street’s dirtiest secrets. He also discusses his latest book, Guaranteed Income: A Risk-Free Guide to Retirement.
Jerry Robinson, host: Joining us today is Barry James Dyke. You’ve heard him here on the program before. Barry is the author of a brand new book, “Guaranteed Income: A Risk Free Guide To Retirement”. Barry, it’s great to have you back on the program. Thanks for joining us.
Barry James Dyke: Thanks so much for having me. I always admire what you’re doing, and it’s always an honor to be your guest. Thank you.
JR: Absolutely. As you may know, Barry James Dyke is a part of our Christian Financial Advisor Network. He provides retirement solutions to people in the New England area where he lives. I imagine it’s pretty cold up there this time of year.
BJD: Yes, we have a full blown snowstorm going on today.
JR: Oh, my. Well, we’ll count ourselves lucky down here in the South. Taking a look at your book, “Guaranteed Income”, I’ve got to tell you as I’m looking through the book, that this thing is unbelievably compact for the punch it packs. This is an amazing little book. Chapter one is “The Collapse of the American Pension”, chapter two “New Risks in Retirement: Mutual Funds Are Not Delivering the Solution”. You go through and you talk about not just that, but about the retirement crisis and the fact that the whole pension system has gone away and now employees are on their own to defend themselves from the sharks on Wall Street. But on top of that, you go into and explain, and I think this is the best part and will blow most people’s minds, how the guys that concoct this stuff, the guys that actually force this stuff on the American population, that they do not eat their own cooking. Tell us what you discovered in this book.
BJD: Well, it was a real blessing to get to research for a number of years, 10 to 15 years. The folks that make billions speculating with your money, the biggest asset managers, the JP Morgans, the Banks of America, the Wells Fargo, all of these huge institutions, and even the Federal Reserve are part of this scam. They all use the guaranteed product which I recommend in this book, so it’s complete and total hypocrisy, Jerry. But, as you know, I like to document things. I’m a doubting Thomas of the first order, so I documented everything. Wells Fargo has, I think, over two trillion dollars in assets under management selling speculative products. If they’re in the market today, Jerry, the market is getting hammered as you know. They make a lot of money on this stuff, but for their own account. They buy boatloads of guaranteed products like life insurance and annuities, so it’s complete hypocrisy.
JR: Chapter 12 of the book is entitled, “Bankers Love Guarantees of Life Insurance Companies”, and it talks about how former Federal Reserve Chairman, Ben Bernanke, plays it safe with annuities, Federal Reserve Chairman, Janet Yellen, pension annuities are her largest family asset. The Federal Reserve 401K Thrift and Savings Plan and other fixed annuities are the biggest asset. Isn’t that something?
BJD: Yes, and God bless you Jerry for speaking the truth because I originally came up with this research in 2009, and I did a press release on this. The only one who picked it up was a paper in London, “The International Business Times”. No one in this country would pick it up, and it’s all true, as you know, in the book. People can go to my website www.barryjamesdyke.com and get the book. I don’t have it on Amazon yet. As you can see in the book, I actually took the Deloitte Audit and put it into the book when I found it, because I knew it was going to be invaluable for consumers. But it’s all true.
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