IMPORTANT POINTS:
- Robert Kiyosaki, warns that the banking crisis still persists and is far from being resolved.
- The businessman points out the vulnerability of mortgage giant Loan Depot, urging his followers to exercise caution.
- Kiyosaki, criticizing the Fed’s fiscal and monetary policy, suggests investing in gold, silver, and Bitcoin in the face of rising inflation.
The recent failures of Silicon Valley Bank and Signature Bank have raised concerns that other regional banks may face similar challenges. As a consequence of this, Robert Kiyosaki, author of ‘Rich Dad, Poor Dad’, warned that the banking crisis still persists and is far from being resolved.
In a recent tweet on Thursday, the businessman claimed that more banks would fail following the widely publicized collapses of major banks across the US.
“More banks are about to fail. Mortgage giant Loan Depot is rumored to be on the ropes. Regional banks and mortgage companies are failing. Please be careful. I wouldn’t believe anything President Biden, Fed Chairman Powell, or Treasury Secretary Yellin says. Think by yourself”.
Expressing his concerns, Kiyosaki cited the vulnerability of mortgage companies, notably Loan Depot, a prominent player in the industry.
The author and businessman said rumors suggest Loan Depot is facing significant challenges and advised his followers to exercise caution and keep an eye on the situation.
In response to the tweet, stockbroker Peter Schiff said that “the Fed and federal policy are the reasons the American banking system is now insolvent.”
“Correct, but this was the inevitable consequence of obvious monetary and fiscal policy mistakes made over the years. The Fed and federal policy are the reasons why the American banking system is now insolvent, and why this financial crisis will be so much worse than the last one they created.”
In early March, Kiyosaki, who rightly predicted the collapse of Lehman Brothers in 2008, singled out the bond market as a top concern. Additionally, he emphasized its significant size, which surprisingly exceeded that of the stock market.
“The bond market poses the biggest challenge,” Kiyosaki said, underscoring the sector’s importance in the broader financial landscape.
Kiyosaki has previously said that the weak bond market could be problematic for the pensions and investment income of older generations.
In light of rising inflation and unrestricted money printing by the Fed, Kiyosaki has advised buying gold, silver, and Bitcoin.
