The famous author of the bestselling book Rich Dad Poor Dad, Robert Kiyosaki, has said that the Federal Reserve will destroy the US economy with interest rate hikes. He advises people to invest in “real money”, citing bitcoin as an example.
Robert Kiyosaki on Fed Rate Hikes, the US Economy and Bitcoin
Rich Dad Poor Dad author Robert Kiyosaki is back with more warnings about the US economy and advice on where investors should put their money.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times bestseller list for more than six years. Over 32 million copies of the book have been sold in over 51 languages in over 109 countries.
On Friday, Kiyosaki tweeted that “savers are losers,” stating:
Today, the American debt amounts to hundreds of trillions. REAL INFLATION is 16%, not 7%. The Fed’s interest rate hike will destroy the US economy. Savers will be the big losers. Invest in REAL MONEY. Gold, silver and bitcoin.
A number of economists, such as those at brokerage firm Nomura Securities, predict a 100 basis point hike in the Fed’s short-term benchmark rate next week. Investment strategist Ed Yardeni told CNBC on Friday that he thinks the Fed “is going to come back and conclude that maybe be done with, maybe 100 basis points instead of 75 basis points. And then maybe be another hike after that.
Some people, like Elon Musk, CEO of Tesla, and Cathie Wood, CEO of Ark Invest, have warned that a major Fed rate hike could deflate the US economy.
Kiyosaki has repeatedly warned that the biggest crash in world history is coming. In April, he said all markets were collapsing. He has already recommended gold, silver and bitcoin. However, he recently said that gold is expensive, calling silver the best investment value today.
Last week, he urged his mailing list subscribers to get into cryptocurrency now, ahead of the biggest crash in global history.
The famous author has been advising investors to buy bitcoin for some time, stating for several months that he is waiting for the crypto’s price to bottom out before entering. After revealing that he was expecting BTC to test $1,100, he said in July that he was in a cash position ready to buy the cryptocurrency. As of this writing, bitcoin is trading at $20,103, down 6% in the past seven days and down 14% in the past 30 days.
What do you think of Rich Dad Poor Dad author Robert Kiyosaki’s comments and advice? Let us know in the comments section below.
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