THE world is facing the biggest ever economic disaster this month and it will bring down Bitcoin, warns the author of Rich Dad, Poor Dad.
Self-made billionaire Robert Kiyosaki claimed the “house of cards” was coming down and would wipe out the price of stocks – leaving millions poorer.
5
5
In a hair-raising assessment of the world economy this month, Kiyosaki said: “This is gonna be the biggest crash in world history. We’ve never had this much debt pumped up.
“Debt is the biggest problem of all… debt-to-GDP ratio is out of sight.”
He claimed that if the economic bubble did burst, it would “bring everything down with it that’s when I’m going to be buying more gold, silver, and Bitcoin”, adding that it did not matter whether or not the US debt ceiling was raised.
The famed finance author claimed the US stock market was being artificially inflated by the Treasury Department and the Federal Reserve – the two stalwarts of economic policy-making in America.
He claimed Treasury Secretary Janet Yellen and Federal Reserve chair Jerome Powell were making decisions that were completely out of touch from the realities of the US market.
He said they were “scrambling” to pump money into the economy at a time when people were saving their cash, instead of spending it, meaning businesses were not getting the much needed cash flow from consumers to weather months of closures and loss of revenue caused by Covid lockdowns.
Kiyosaki said it didn’t take a Harvard University graduate to understand that funnelling more money into the economy at the moment was “not good”.
“So they pump all this money in, prices go up,” he told Kitco News on Wednesday.
Dubbing it “transitory inflation”, Kiyosaki said the US economy was being “stacked with this massive debt and all it’s done is bump up the stock market and real estate market”.
He added: “The money has not gone into the economy, that’s the sad part. So the rich get richer, but the poor and middle class are getting poorer. It’s tragic what’s happening today.”
‘HOUSE OF CARDS’
The personal finance expert went on to say that the “house of cards” was already crumbling and that real estate would crash with the stock market.
Kiyosaki said the implosion of China’s Evergrande Group was a case in point.
The housing conglomerate – which is the second-largest developer in China – is on the brink of bankruptcy with more than $300billion in debt, making it the most indebted company in the world.
If it does collapse, Kiyosaki warns, the economic fall out will spread to the US, leading to a market implosion.
But it’s not all doom and gloom, the author claimed, adding the market would eventually rebound.
Kiyosaki claimed the impending economic armageddon was an opportunity for smart investors.
“I like crashes, so this next crash is going to be really, really good, but it’ll bring down gold, silver, Bitcoin stocks, but the good news is a crash is a good time to get rich, so that’s why I’m optimistic and I’m very optimistic on gold silver and Bitcoin, not on stocks.
“Unfortunately, there will be massive social unrest. That’s what I’m more concerned about because we have not reinvested.
“The [Federal Reserve] and the Treasury have only invested in the investor class, [and not] the working class.”
Kiyosaki is best known for his 1997 book Rich Dad Poor Dad, which claimed that rich parents were better at teaching their kids about financial literacy than poor or middle class parents.
He founded Rich Global LLC and Rich Dad Company, which is a private company geared towards educating people about their personal finances.
Kiyosaki has written more than 25 books and his new worth as of 2021 was $100million, according wealthygorilla.com.
5
5
5
Republicans block bill to avoid government shutdown
