As Germany, the largest economy in the eurozone, slips into a recession, Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ took it as a warning that countries might start going bankrupt after multiple high-profile bank failures.
Indeed, during the first three months of 2023, German households have decreased spending in response to a significant increase in food and energy prices across the eurozone, with a gross domestic product (GDP) of 0.3% lower than in the last quarter of 2022.
In response to these revelations, Kiyosaki has wondered whether countries, starting with Germany, could start to suffer the same fate as several banking giants in the previous months and when it could be the Unites States’ turn, in his observations shared on May 26.
“First BANKS. COUNTRIES next? Will Germany be the first country to fail? Go Bankrupt? if GERMANY fails which country will be next? Will America default after Germany?”
Is the US going bankrupt?
Earlier, the financial educator warned his podcast listeners that the US was “sitting on the edge of a possible great depression” due to the probability of small, regional banks following their larger, national counterparts in collapses but without the prospect of government bailouts.
In terms of the current negotiations on raising the national debt ceiling in the US to prevent bankruptcy, the author has compared them to a “bad comedy” and “kabuki theater,” arguing that the country was already bankrupt and advising his followers to invest in gold, silver, and Bitcoin (BTC).
On top of that, he has argued that “cash is trash,” often referring to fiat currencies as “fake money” and “toilet paper,” with particularly scathing remarks about the US dollar, which he believes will go down and bring the American empire down with it.
As it loses its position as a “bully” in the global financial “playground,” with the BRICS nations – Brazil, Russia, India, China, and South Africa – mulling an alternative to the USD as the world’s reserve currency, Kiyosaki also believes it is going to “come back as a tidal wave of toilet paper upon America,” as its dominance ends.