Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, has warned that more banks are about to fail. “Regional banks and mortgage companies are falling,” he cautioned, urging investors to think for themselves and not rely on the guidance of President Joe Biden, Federal Reserve Chairman Jerome Powell, or Treasury Secretary Janet Yellen.
More Banks Are on the Verge of Failing, Says Kiyosaki
Rich Dad Poor Dad author Robert Kiyosaki has issued more warnings about the U.S. economy and the banking system. 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.
The renowned author warned of impending bank failures in a tweet Thursday. He wrote:
More banks about to fail. Rumor is mortgage giant Loan Depot is on the ropes. Regional banks and mortgage companies are falling.
He then urged everyone to be careful. “I would not believe anything Pres Biden, Fed Chairman Powell, or Sec Treasury Yellen says. Think for yourself,” Kiyosaki advised.
Many people on social media agreed with the famous author that more banks are on the brink of failure, including economist and gold bug Peter Schiff, who tweeted: “Correct, but this was the inevitable consequence of obvious monetary and fiscal policy mistakes made over the years. Fed and federal policy are the reasons the U.S. banking system is now insolvent, and why this financial crisis will be much worse than the last one they created.”
Schiff further expressed his concern that the current banking crisis could lead to a major bank run. “This is going to be the biggest bank run in world history. It will make the small runs of the Great Depression look like a Sunday school picnic,” he opined. The economist’s comment was in response to a tweet highlighting a significant decline in bank deposits, which tumbled by $79.2 billion in the past week — the biggest drop since March 22. The unadjusted drop was even larger, at $86.6 billion.
This was not the first time Kiyosaki warned about banks failing. In April, the famous author said the Federal Reserve is destroying regional banks across the U.S. He explained that by supporting only big banks, like JPMorgan Chase, the Fed is wiping out regional banks which are “the heart and soul of America.” Several major banks failed in March, including Silicon Valley Bank and Signature Bank.
The Rich Dad Poor Dad author’s warnings also extend to the global economy. In February, he warned that the world economy is on the verge of collapse, noting that there will be runs on banks, frozen savings, and bail-ins. He has consistently recommended buying gold, silver, and bitcoin, stating that these three investments are the best for “unstable times.”