The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says the Federal Reserve will destroy the U.S. economy with interest rate hikes. He advises people to invest in “real money,” naming bitcoin as an example.
Robert Kiyosaki, author of Rich Dad Poor Dad, is back with more warnings about the US economy and advice on where investors should put their money.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
On Friday, Kiyosaki tweeted that “the savers are the losers,” elaborating:
Today America has a debt of 100 trillion. Real inflation is 16% not 7%. The US economy will suffer if the Fed raises interest rates. The savers will suffer the most. Invest in real money. Gold, Silver and Bitcoin.
A number of economists, such as those at brokerage firm Nomura Securities, are predicting a 100 bps increase in the Fed’s benchmark short-term rate next week. Investment strategist Ed Yardeni told CNBC Friday that he believes the Fed is “going to come around and conclude that maybe just get it over with, maybe 100 basis points instead of 75 basis points. And then maybe one more hike after that.”
Some, such as Tesla CEO Elon Musk and Ark Invest CEO Kathy Wood, have warned that a major Fed rate hike risks deflation in the US economy.
Kiyosaki has repeatedly warned that the biggest crash in world history is coming. In April, he said all markets are crashing. He has recommended gold, silver, and bitcoin before. However, recently he said gold is expensive, calling silver the best investment value today.
Last week, he urged his mailing list customers to get into the cryptocurrency, ahead of the biggest crash in world history.
The famous author has been advising investors to buy bitcoin for quite some time, stating for several months that he is waiting for the price of the crypto to bottom out before getting in. After revealing that he was waiting for BTC to test $1,100, he said in July that he was in a cash position ready to buy the cryptocurrency. At the time of writing, bitcoin is trading at $20,103, down 6% over the past seven days and 14% over the last 30 days.
