Amid his continuous warnings about the bleak future of the economy in the United States, author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, has again shared his views of the country’s current economic outlook, using a famous song to illustrate just how bad it is.
As it happens, the prominent investor stated that the US was on the “Eve of Destruction” – referring to the protest song by the same title popularized by American singer-songwriter Barry McGuire in the mid-1960s – during the latest episode of his ‘The Rich Dad Channel’ podcast streamed on July 6.
Discussing the situation with fellow commodity investor Rick Rule, Kiyosaki explained that he did not trust the current government in the US to get the country out of its current economic troubles, which he believes are at least partially the result of the Federal Reserve printing more money.
“Although I have tons of gold and silver in the ground (…), I don’t want it to go up because if it did, I would need to get a gun and go back to Vietnam or something. That’s how critical it is. [Like in] the song Eve of Destruction, we’re so critical right now, and I don’t trust our leaders to get us out of it right now.”
Debasement of US dollar
For this reason, he repeated his advice to his viewers to invest in assets such as gold, silver, Wagyu cattle, and Bitcoin (BTC), that the government cannot print, arguing that “inflation is a tax that you didn’t vote for” and pointing out at the debasement of the Fed’s balance sheet.
Discussing the term ‘debasement’ in more detail, Rule said that “the Fed’s balance sheet is all debasement,” illustrating that “if there were a $100 trillion currency units – dollars – in circulation and they created $7 trillion new ones (…), they have debased the value of the existing $100 trillion by 7%.”
Furthermore, Kiyosaki agreed with Rule that the central bank digital currency (CBDC) was one of the “scariest” and “absolutely disgusting” developments in the US, along with artificial intelligence (AI), arguing for holding assets like silver because they are untraceable, unlike fiat money and CBDCs.
Earlier, the finance educator had also voiced his opinion that the current government was not working in the people’s interest, calling the Fed and other parts of the government “the Adams family” and “cartoons killing the economy,” which is in “serious trouble,” as Finbold reported in late June.
Watch the entire video below: