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The famous author of the most sold book rich papa poor papa, robert kiyosaki, says that the world economy is about to collapse. He cautioned investors against the risks associated with banking transactions, savings freezes and possible bailouts.
Robert Kiyosaki about the global economic meltdown.
Rich Dad Poor Dad writer Robert Kiyosaki returns with darker warnings about the global economy. Papa Rich Papa Poverty is a book co-written in 1997 by kiyosaki and sharon lechter. He's been on the best-selling list of the New York Times for more than six years. More than 32 million copies were sold in over 51 languages in more than 109 countries around the world.
Kiyosaki said on Tuesday that the global economy is on the brink of collapse, warning against several risks that could negatively impact investors. He tweeted:
World economy on verge of collapse. The next round of banking? Savings frozen? Bail-ins next?
He went on to plead with investors to buy money. "You can buy a real silver coin for approximately $25," he noted, adding that it does not make money when people follow his advice and buy silver coins. The well-known author pointed out:
I just want you to be ready for what's around the corner.
In times of financial crisis, depositors can panic and withdraw their cash all of a sudden, which can lead to a bank rush and lead to frozen savings accounts. Moreover, if a bank is faced with the question of insolvency, it can impose an internal recapitalisation, where the bank uses the depositors' funds to keep itself afloat. It could be financially detrimental to investors.
Kiyosaki has often said that he does not trust the Biden administration, the Fed, the Treasury and Wall Street. He previously warned that the Fed’s action could the U.S. economy and the dollar.
The Rich Dad Poor Dad author has also raised concerns many times about upcoming market crashes. He recently warned against investing in stocks, bonds, mutual funds, and exchange-traded funds (ETFs), noting that bitcoin, gold, and silver are the best investments for unstable times. He called gold and silver God’s money while bitcoin is “people’s money.”
Kiyosaki predicted that by 2025, bitcoin’s price will be $500,000 while gold will rise to $5,000 and silver will soar to $500. This year, he predicts that the price of gold will reach $3,800 and that money will reach $75. He said the holders of gold, silver, and will get richer when the Fed pivots and prints trillions of dollars. In January, he said that we are in a global recession, warning of soaring bankruptcies, unemployment, and homelessness.
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