BackInvestor who anticipated Lehman collapse predicts next bank failure
Robert Kiyosaki has warned that the US is heading towards 'serious trouble' due to the bond market, which he considers the economy's 'biggest problem'.
PremiumThe Wall Street analyst and investor, who correctly predicted the 2008 Lehman Brothers’ collapse, has identified a bank that he believes is at risk of insolvency, in the wake of the recent closure of Silicon Valley Bank (SVB), as reported by Fox Business.
"The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse," the Rich Dad Company co-founder Robert Kiyosaki said on Monday, "because the bond market is crashing."
Following the recent closure of Silicon Valley Bank, which primarily serves tech industry companies and startups, New York-based Signature Bank has announced its closure to safeguard consumers and the financial system.
The U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement announcing the closure of Signature Bank. They also confirmed that SVB clients will have access to their money starting Monday, at no cost to the American taxpayer, and stated that similar recourse will be provided to clients of Signature Bank in the near future.
Robert Kiyosaki has warned that the US is heading towards "serious trouble" due to the bond market, which he considers the economy's "biggest problem".
Kiyosaki further predicted a weakening of the American dollar.
"The U.S. dollar is losing its hegemony in the world right now. So they're going to print more and more and more of this," the expert said while holding up a dollar bill, "trying to keep this thing from sinking."
Kiyosaki also raised concerns about the impact of bank bailouts on taxpayers, as well as the potential impact on pension plans and individual retirement accounts (IRAs) in the current market environment.
"My generation, the boomers, we're trying to retire. So this is the perfect storm in many ways," Kiyosaki said. "Like I said, again, I think the Fed and the FDIC signalled they're going to print again, which makes stocks good. But this little silver coin here is still the best, it's 35 bucks, so I reckon anybody can afford $35, and I'm concerned about Credit Suisse."
Kiyosaki recommended investing in silver and gold during a volatile market due to hyperinflation and an increase in money printing.
"The Fed and the FDIC are signalling hyperinflation, which makes gold and silver even better because this thing here is trash. They're going to spread more and more of this fake money, and that's what the Fed and the FDIC are signalling: we're going to print as much of this as possible to keep the crash from accelerating. But they're the guys who are causing it," the market expert said.
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