"Hmmm Kiyosaki has a lot to say about his views, can you believe it?"
The author of "Rich Dad Poor Dad", Robert Kiyosaki, who is certainly known to many, slammed the Federal Reserve (Fed) by saying that the increase in interest rates by the central bank can destroy the stock market, bonds, real estate, the United States (US) dollar and wipe out $1 quadrillion in the market derivative*.
*Financial markets where derivatives such as futures and options are traded consist of financial instruments used for hedging purposes
Besides accusing Fed Chairman Jerome Powell of being dishonest about the impact of interest rate hikes on inflation, Kiyosaki concluded World Economic Forum (WEF) executive chairman Klaus Schwab has the same soul as Powell, Treasury Secretary Janet Yellen and President Joe Biden.
Although inflation has decreased in recent months, he also expects it to rise again following the banking crisis that brought down Silicon Valley Bank (SVB) and Signature Bank.
Kiyosaki also expressed his anger because he did not agree with Biden's statement that the government could save the destruction of the banks without using taxpayers' money.
It is common knowledge that the costs of acquiring SVB and Signature will be covered by the proceeds of the Federal Deposit Insurance Corporation (FDIC) while any costs above that are paid from the FDIC's deposit insurance funds.
The insurance fund is then filled with a "special assessment"** on the bank if necessary, comments from the FDIC, the Fed and the Treasury.
**A levy levied by the home owner association or local government periodically on home owners in certain circumstances
In the meantime, Kiyosaki encouraged investors to buy precious metals such as gold and silver after asserting that the issue of inflation could bring down the global economy in the future.
