Renowned author Robert Kiyosaki, famous for his best-selling book Rich Dad Poor Dad, has raised concerns about the stability of the banking sector, predicting that more banks are on the verge of failing. Kiyosaki urged investors to exercise independent thinking rather than relying on the guidance of President Joe Biden, Federal Reserve Chairman Jerome Powell, or Treasury Secretary Janet Yellen.
In a recent tweet, Kiyosaki warned of impending bank failures, specifically mentioning rumors surrounding mortgage giant Loan Depot and the decline of regional banks and mortgage companies. He emphasized the need for caution and encouraged individuals to think for themselves, advising against placing blind faith in the statements made by Biden, Powell, and Yellen.
Kiyosaki’s viewpoint found support on social media, with economist and gold enthusiast Peter Schiff agreeing that the banking system’s insolvency is a consequence of longstanding monetary and fiscal policy errors. Schiff expressed concern that the current banking crisis could lead to a significant bank run, surpassing the small runs witnessed during the Great Depression.
This is not the first time Kiyosaki has issued warnings about failing banks. In a previous instance, he criticized the Federal Reserve for favoring large banks such as JPMorgan Chase, which, in his opinion, negatively impacts regional banks that are integral to the essence of America. In March, notable banks like Silicon Valley Bank and Signature Bank faced failure.
Kiyosaki’s concerns extend beyond the U.S. economy to the global stage. In February, he cautioned that the world economy is on the brink of collapse, anticipating bank runs, frozen savings, and bail-ins. To navigate these uncertain times, he consistently recommends investing in gold, silver, and bitcoin as they are deemed the most suitable options for such unstable circumstances.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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