Robert Kiyosaki, author of “Rich Dad Poor Dad,” warned that hyperinflation could lead to a historic depression.
Robert Kiyosaki warned that hyperinflation could drag the US economy into a depression.
He cited more layoffs and foreclosures, and slowing home sales, as red flags.
The author of Rich Dad Poor Dad described the asset price crash as an opportunity to win deals.
Robert Kiyosaki warned this week that rising prices, declining home sales and the loss of large numbers of workers could herald an economic crisis and mass unemployment in the United States.
“Warning: Inflation may lead to further depression,” he said chirp. “Real estate crash. Foreclosures increased 700% over last year. Layoffs begin. Dominoes plummet.”
The author of “Rich Dad Poor Dad” was likely referring to US inflation rising to a 40-year high, home sales slowing to a two-year low in June, the recent jump in foreclosures, and a wave of layoffs at Microsoft and JPMorgan. and other major employers.
Kiyosaki also urged people to gauge whether their jobs would be at risk in the event of an economic downturn.
“Is your business…or the company you work for vital to the economy? Are you essential?” He tweeted. “If you are… you will do well. Take care of yourself.”
The personal finance expert has repeatedly warned during the pandemic that asset prices have soared to dangerous levels, and a painful and prolonged stagnation in markets and economic activity could follow.
“We are in the biggest bubble in world history,” is chirp in March. “Bubbles in stocks, real estate, commodities and oil. The future? The potential for depression with hyperinflation.”
“Every bubble turns into a bust of everything” chirp in April. Could this be the beginning of the greatest depression ever?
However, the founder of Rich Global and Rich Dad also framed the market crash as an opportunity to get deals.
He tweeted earlier this month, “Don’t miss out on the biggest sale on Earth,” adding that he had cash ready to snap up cheap bitcoin and real estate.
Kiyosaki also offered some unusual advice for Americans facing rising costs for food, fuel, and housing. He has called cans of tuna and baked beans the best investments available, seeing hunger as a real risk, and “you can’t eat gold, silver, or bitcoin.”
Read more: BlackRock’s chief equity investment officer says it’s time to shift money from US stocks and cash to defeated European companies. It identifies the three main reasons why and reveals what investors should buy.
Read the original article on Business Insider