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'Rich Dad, Poor Dad' Author Says This Global Central Bank Could Be Next Domino To Fall: 'We Haven't Seen The Crash Coming Yet'
Published Apr 01, 2023 22:04
Updated Apr 01, 2023 23:10
© Reuters. 'Rich Dad, Poor Dad' Author Says This Global Central Bank Could Be Next Domino To Fall: 'We Haven't Seen The Crash Coming Yet'
Benzinga - The collapse of Silicon Valley Bank and Signature Bank has stirred fears concerning other regional banks potentially facing the same predicament. Despite assurances and positive actions from the central bank and the government, contagion fears continue to linger.
“Rich Dad, Poor Dad” author Robert Kiyosaki recently chimed in with his thoughts on the banking crisis.
What Happened: The Japanese central bank could be the next go under, Kiyosaki said in an interview with Fox News this week.
“The biggest bank that's going to go down is Bank of Japan,” he said, reasoning that the country's central bank maintained interest rates at zero and financed the derivatives markets.
He also referenced billionaire investor Warren Buffett’s view on derivatives market, claiming they are "weapons of mass financial destruction."
Kiyosaki added that “[the] derivatives market in the world today, financed by the Bank of Japan, is a quadrillion [dollars.]”
“So, we haven’t seen the crash coming yet,” he said
The millionaire entrepreneur also slammed the Federal Reserve for relentlessly raising interest rates. “[Jerome] Powell has raised interest rates faster than any time in history. So somebody says, 'Well, he's playing [Former Fed Chair Paul] Volcker.' Well, Volcker raised interest rates over years. Powell is doing it over months," he said in the interview.
China Is Coming After the U.S.: The undesirable offshoot of the banking collapse is that China is getting an opportunity to assert global dominance, Kiyosaki said.
He also raised the specter of BRICS — an acronym used to refer to the alliance of Brazil, Russia, India, China and South Africa — shifting its forex reserves to the Chinese gold yuan.
“That's going to send trillions of [U.S. dollars] back to us," he said
Read Next: Rich Dad, Poor Dad Author Has Chilling Bank Prediction: 'I Called Lehman Brothers Years Ago And I Think The Next Bank To Go Is…'
Photo: Gage Skidmore via flickr
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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