While it is no secret that Robert Kiyosaki, a popular investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ is a strong critic of the current financial authorities in the United States, his most recent words of caution are particularly alarming.
Indeed, the entrepreneur has discussed red flags in the US economy, including the implications of central bank digital currencies (CBDCs) and the banking system’s vulnerabilities, with macroeconomic expert George Gammon in an episode of Kiyosaki’s The Rich Dad Channel podcast streamed on July 10.
Banksters’ liabilities
Firstly, the ‘Rich Dad’ author touched upon last year’s bailout of the crashed Silicon Valley Bank (SVB), which, in his view, collapsed due to banks taking clients’ money and buying “another type of asset to make sure they can pay you the interest on your savings.”
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“And what happened with Silicon Valley Bank, what they put their money into is all these debts and (…) the bank’s assets went bad, and that’s when the runs on the bank started, people want their savings back. And that’s why we’re in serious trouble right now.”
At the same time, he referred to the leading people in the US banking system and on top of the country’s largest banks as “banksters,” a word play on ‘bankers’ and ‘gangsters’ used by Gerald Celente, a renowned American trend forecaster and geopolitical analyst.
Orwellian implications of CBDC
Secondly, Kiyosaki voiced his concerns over the announced national CBDC called Fedcoin and the FedNow payment infrastructure developed by the US Federal Reserve, which he considers major threats to citizens’ privacy, comparing them to the concepts in George Orwell’s famous dystopian novel:
“The big concern with FedNow or Fedcoin, the CBDC, is that we lose our privacy, that they’ll track us, they’ll track every move because they’ll know everything we’re spending money on, what we spend it on, who we give it to and all this, so it becomes George Orwell’s ‘1984,’ the Big Brother will watch you via our money and that’s the problem with the CBDC.”
‘Big effing mess’
Finally, the finance educator asked a hypothetical question, wondering, “What bank is even safe right now?” and referring to the bailout actions of the Federal Deposit Insurance Corporation (FDIC) in the SVB’s case as a “moral hazard” and the “end of capitalism,” adding that:
“This whole thing is, the scientific term is, one big effin mess. The trust has gone out. (…) Money is confidence, and our confidence is gone today.”
As a reminder, Robert Kiyosaki has long warned of an upcoming financial apocalypse, advising his followers to get out of the “fake” fiat money and banks and instead invest in alternative assets, like the maiden cryptocurrency Bitcoin (BTC), as well as precious metals like gold and silver.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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