Shortly after he warned that “the biggest bubble in history” would soon burst, and advised buying “real assets” like Bitcoin (BTC), gold, and silver, Robert Kiyosaki, a famous investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has issued another bleak warning.
Specifically, Kiyosaki believes that the largest stock market crash in history is still coming and one of its greatest victims will be his generation – the Boomer generation – as he said in a conversation with his guest, The Hustle host Aldo Buttazzoni, for an episode of The Rich Dad Channel podcast aired on March 13.
Will there be recession in 2024?
Indeed, as he explained, the upcoming major collapse will mimic the recession of 2008, which, in his view, ensued not long after the United States Federal Reserve printed out too much fiat money – measured in multiple trillions of dollars – in an attempt to fix the economy:
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“My generation, the Boomer generation, is about to get nailed because (…) the biggest stock market crash in history is still coming, and it’s following the 2008 crash when (…) Ben Bernanke, the FED chairman, printed trillions and trillions and trillions of dollars.”
As the finance educator further added, the country’s central bank is now repeating the same mistake, excessively printing money more recently, during the Covid pandemic, and he expressed fears regarding the younger generation’s ability to cope with the upcoming crash:
“In Covid, they printed trillions and trillions of dollars, and now we’re in the biggest bubble in world history. (…) When this bubble bursts, I’m wondering how many young people have the internal fortitude, guts, the core, strength to stand up, fall down, stand up, fall down, stand up, fall down, and build the next economy – that’s my concern.”
How to prepare for a recession
As a reminder, Robert Kiyosaki has long warned of the looming economic downfall, particularly in the US, advising his followers on how to prepare for a recession in such a case, with his recommendations largely focusing on investing in commodities and resources as the superior investment in 2024.
Indeed, the ‘Rich Dad’ author is one of the most well-known commodities enthusiasts, particularly holding gold, silver, Wagyu cattle, and Bitcoin in high regard and as suitable replacements for fiat money, which he considers as having no value – especially the US dollar.
At the same time, senior Bloomberg commodities expert Mike McGlone has also warned of a ‘great reset’ looming for the US economy in 2024, which would stem from a combination of factors, including aggressive monetary policy tightening, a strong labor market, and other metrics, like consumer spending and income.
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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