The best-selling author of ‘Rich Dad Poor Dad’, Robert Kiyosaki has forecast a “giant” market crash is set to happen this October. The personal finance guru said wheels are already in motion for this recession to happen, and the price of gold, silver, and Bitcoin will drop dramatically as a result.
The warning comes close in the heels of the United States Government’s Treasury Secretary Janet Yellen’s statement of support to remove the debt ceiling from Congress’ control. Kiyosaki asserted that any intervention from Secretary Yellen or the country’s Federal Reserve will not stop the pending market crash. With the stock market being artificially inflated during the pandemic, the finance expert believes an economic crisis is set to happen regardless of any efforts made by any government.
He explained that the world’s largest economy has expanded the volume of money while the velocity of cash has fallen, primarily due to lack of spending. The finance expert slammed the US Government for “printing fake money”.
He said, “This is going to be the biggest crash in world history. We have never had this much debt pumped up… the debt to GDP ratio is out of sight.” So they pump all this money in, prices go up. So it is transitory inflation, but we’re stacked with this massive debt and all it’s done is bump up the stock market and real estate market. The money has not gone into the economy, that’s the sad part. So the rich get richer, but the poor and middle class are getting poorer. It’s tragic what’s happening today.”
Kiyosaki also warned that the real estate market would fall at the same time as the stock market and cited the collapse of China’s Evergrande Group as to why this will happen, explaining it would also impact the United States.