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- 1 The 1997 book, co-authored by Kiyosaki and Sharon Lechter, has sold over 32 million copies worldwide in 51 languages.
- 2 Kiyosaki warned about more banks failing, with rumors suggesting that mortgage giant Loan Depot is on the ropes.
- 3 He cautioned against trusting President Biden, Fed Chairman Powell, and Treasury Secretary Yellen.
Robert Kiyosaki, author of Rich Dad Poor Dad, has warned against the banking industry and the American economy. Kiyosaki has previously expressed concern about failing banks and the impending collapse of the global economy, predicting bank runs, savings freeze, and bail-ins.
Robert Kiyosaki Cautioned Against Trusting Biden, Powell or Yellen
Robert Kiyosaki, the author of Rich Dad Poor Dad, has continued to warn against the banking industry and the American economy. Kiyosaki and Sharon Lechter co-authored the 1997 book Rich Dad Poor Dad. It went more than six years as a best seller in the New York Times. The book has sold more than 32 million copies worldwide in more than 51 different languages.
He mentioned in his tweet about more banks failing.
More banks about to fail. Rumor is Mortgage giant Loan Depot is on the ropes. Regional banks and mortgage companies are falling. Please be careful. I would not believe anything Pres Biden, Fed Chairman Powell or Sec Treasury Yellin say. Think for yourself.
— Robert Kiyosaki (@theRealKiyosaki) June 15, 2023
Kiyosaki tweeted on Thursday that there would soon be bank failures. He stated: More banks are about to fail. Rumour is mortgage giant Loan Depot is on the ropes. Regional banks and mortgage companies are falling.
Then he cautioned everyone to use caution. “Neither President Biden, Fed Chairman Powell, nor Secretary of the Treasury Yellen have my trust.” Think independently, Kiyosaki urged.
Peter Schiff, an economist and gold enthusiast, tweeted: “Correct, but this was the inevitable outcome of apparent monetary and fiscal policy mistakes made over the years. Many individuals on social media agreed with the renowned author that more banks are on the verge of disaster. The U.S. banking sector is currently insolvent due to Fed and congressional policy, and this financial catastrophe will be significantly worse than the last one they caused.”
Schiff also highlighted his worry that a significant bank run would result from the present banking crisis. “This will be the largest bank run in history,” a twitter user said. It will resemble a Sunday school picnic more than the brief periods of the Great Depression, he predicted. The economist made the remark in response to a tweet that highlighted a major drop in bank deposits, which fell by $79.2 Billion in the previous week, the largest loss since March 22. With an increase of $86.6 Billion, the decline was unadjusted.
Kiyosaki had previously expressed concern about failing banks. The renowned author said in April that the Federal Reserve is killing local banks all around the United States. He said that the Fed is destroying regional banks, which are “the heart and soul of America,” by only backing large banks like JPMorgan Chase. Silicon Valley Bank and Signature Bank were among the notable banks that failed in March.
The author of Rich Dad Poor Dad also issues warnings about the state of the world economy. He issued a warning about the impending collapse of the global economy in February, predicting bank runs, savings freeze, and bail-ins. He has often advocated for the purchase of gold, silver, and bitcoin, claiming that these three investments are the best for “unstable times.”
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