Benzinga - by Shanthi Rexaline, Benzinga Editor.
Robert Kiyosaki, the author of the best-selling book “Rich Dad, Poor Dad,” blamed the leaders for the inflationary situation in the economy.
What Happened: Kiyosaki pointed out that there are perils with the two political ideologies: capitalism and Marxism. “True capitalist” bring down prices, which will lead to a deflationary spiral, the Japanese-American entrepreneur said.
On the other hand, Kiyosaki noted that Marists raise prices, which in turn stokes inflation. “Our leaders are Marxists which is why we have inflation,” he said.
Consumer price inflation in the U.S., though having pulled back from the highs seen in the summer of 2022, remains elevated and well out of the Fed’s target of 2%.
Why It’s Important: Kiyosaki has always identified himself as anti-Democratic and has taken swipes at President Joe Biden. In mid-October, he said in a post on X under Biden the world is at war, inflation is wiping out the poor and middle class, and the economy crashing.
Calling Biden a “puppet of the WOKE liberal left,” the author called for impeaching the president.
On Wednesday, Kiyosaki said, “Protect yourself from our Marxist leaders.” He also wheedled out of his usual investment advice of investing in gold, silver, and Bitcoin (CRYPTO: BTC). Gold and silver are safe-haven bets, which investors flock to during times of uncertainties.
The best-selling author asked his followers to stay away from the U.S. dollar. He has said the dollar will collapse when the Federal Reserve begins to reverse the string of rate hikes it has implemented since March 2022.
The Invesco DB US Dollar Index Bearish Fund (NYSE:UDN) fund rose 0.69% to $19.05 in premarket trading on Wednesday, according to Benzinga Pro data. The SPDR Gold Shares (NYSE:GLD) gained 0.16% to $185.65 and the iShares Silver Trust (NYSE:SLV) advanced 0.37% to $21.85.
Image Credits – Shutterstock
Read Next: November FOMC Minutes: Fed Leans Toward Rate Stability As Inflation Eases
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.