Robert Kiyosaki, author of the best-selling personal finance book“Rich Dad, Poor Dad,” has issued a warning about the state of inflation in the United States while criticizing authorities for not accurately presenting the situation.
According to Kiyosaki, the inflation status is now systemic, and citizens should brace themselves to continue to pay higher prices in the coming years, he said during the special episode on his YouTube channel on March 19.
Notably, the Federal Reserve previously reassured that the current inflationary pressures are only temporary and will soon subside. However, Kiyosaki disagreed, stating that the Fed Chair, Jerome Powell, is not being truthful.
“Inflation is now systemic. You will pay more and more next year than we are after. When that guy Powell, who is the Fed chairman today, says inflation is transitory, he was lying through his teeth,” he said.
Inflation likely to rise
Kiyosaki also predicted a further spike in inflation based on how the United States handles the banking crisis after the collapse of three lenders in a matter of days. He alleged that the US would likely print more money to bail out the banks, translating into increased inflation.
Indeed, President Joe Biden had assured that the bailout for collapsed banks would not cost taxpayers any money, an aspect that Kiyosaki opposed. As reported by Finbold, the financial educator criticized Biden for his stance.
“Biden says the bailout of SVB Silicon Valley Bank will not cost taxpayers anything. What is he smoking?” he asked.
Despite this, Kiyosaki remained concerned about American taxpayers and the overall economy. He believed that the Federal Reserve and the FDIC were indicating hyperinflation by continuously printing “fake money,” referring to the dollar.
Previously, Kiyosaki maintained that the inflation issue signals an upcoming global economic crash that has been worsened by the Fed. In this line, he is advocating for investment in precious metals such as gold and silver, noting that they are the best alternative to “fake money.”
At the same time, Kiyosaki has maintained that Bitcoin (BTC) is also a valuable asset to cushion against the projected economic collapse. Amid inflationary concerns, Bitcoin is leading the crypto market in recovery, ignoring the banking sector contagion.
Watch the full episode:
Featured image via Kitco YouTube