Rich Dad Poor Dad author Robert Kiyosaki has advised preparing for an economic depression. He emphasized the importance of being ready for the worst, cautioning against the complacency prevalent among many who prefer to “live in Disneyland.” He added that he could see this crisis coming for years, which is why he has adopted a […]
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Rich Dad Poor Dad Author Robert Kiyosaki Declares US Economy in a Depression
Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning that the U.S. economy is currently in a depression. He points to the subpar economic growth, with a 3.4% increase in GDP for Q4 2023 and a 1.6% rise in Q1 2024 as clear indicators. Kiyosaki asserts that a soft landing for the […]
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Robert Kiyosaki: Our Leaders Will Drive Us Into Depression, War — Reiterates Bitcoin Buy Recommendation
Rich Dad Poor Dad author Robert Kiyosaki has warned that our leaders will drive the U.S. economy into an economic depression and a war. The famous author has reiterated his recommendation to buy bitcoin amid high anticipation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs).
Robert Kiyosaki on Depression and War
The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned that our leaders will drive us into an economic depression and a war. 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.
He explained on social media platform X Saturday that the “Definition of insanity is doing the same thing over and over again and expecting things to change.” He emphasized, “Our leaders, the 3 Stooges Biden as President, Yellen as Treasury Secretary and Powell as Fed Chairman, are doing us a favor,” warning:
They will drive us into Depression and War. Don’t be the fourth Stooge. Buy gold, silver, and bitcoin. Time to get smarter and get richer.
Kiyosaki has repeatedly expressed concern about the potential for significant economic turmoil in the near future. In December 2023, he warned that the next crash may turn into a depression. He also raised concerns about a giant market collapse, a war, and really hard times ahead for millions of people. Moreover, Kiyosaki recommends preparing for hyperinflation and suggests bitcoin as a potential safeguard against these economic challenges.
The renowned author has advised investors to buy gold, silver, and bitcoin for quite some time. He even recommended buying bitcoin exchange-traded funds (ETFs) which the Securities and Exchange Commission (SEC) could soon approve. In November last year, Kiyosaki urged investors to get into BTC now, “before it’s too late.” He stressed that bitcoin provides lifelong financial security and freedom, predicting that BTC is headed for 5,000 and will become priceless when the Federal Reserve launches a central bank digital currency (CBDC).
What do you think about the warnings by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.
Donald Trump Warns of Stock Market Crash and Great Depression if He Doesn’t Win Presidential Election
Former U.S. President Donald Trump has warned that the U.S. could face a stock market crash worse than that of 1929 and a Great Depression if he doesn’t win the upcoming presidential election. He stressed that the U.S. economy is “terrible” and inflation over the past three years “has totally destroyed the buying power of the consumer.”
Trump’s Market Crash and Depression Warnings
Donald Trump, the 45th President of the United States, has sounded the alarm regarding the U.S. economy if he doesn’t win the presidential election this year.
The former U.S. president posted on his social media platform Truth Social on Friday: “The economy is terrible & inflation, which by some accounts is more than 30% over the last three years, has totally destroyed the buying power of the consumer. The only thing that is keeping the economy ‘alive’ is the fumes of what we accomplished during the Trump administration.”
Trump added: “The stock market is only high because people, & institutions, believe & expect me to win the presidential election of 2024.” He warned:
If I don’t win, it is my prediction that we will have a stock market ‘crash’ worse than that of 1929 — a Great Depression.
Official Bureau of Labor Statistics (BLS) data show a 17% price increase since President Joe Biden took office. However, an alternative inflation measure, applying the same methodology used in the 1980s, estimates this figure to be roughly double, exceeding 30%.
Trump’s path to the 2024 Republican nomination faces roadblocks, with ongoing legal battles. He is presently barred from the primary ballot in Colorado and Maine. The Supreme Court is expected to rule whether states have the authority to prevent from running for president.
This isn’t Trump’s first warning about economic calamity if he loses the 2024 presidential election. In July, he predicted an economic depression. In April, he fretted over a crashing U.S. dollar and our proximity to World War III. He also stressed that the U.S. is losing the currency war against China, noting that the Chinese government is attempting to dethrone the USD as the world’s dominant currency.
Meanwhile, some have predicted that Trump’s presidential victory would send bitcoin soaring. Asset manager Vaneck, for instance, anticipates an all-time high for BTC after Trump wins the election. John Reed Stark, former internet enforcement chief at the U.S. Securities and Exchange Commission (SEC), even suggested that Trump may change his anti-crypto stance dramatically. In addition, the former U.S. president recently launched his third non-fungible token (NFT) collection and reportedly sold millions of dollars in ether (ETH) he received from NFT sales.
What do you think about former U.S. President Donald Trump’s warnings? Let us know in the comments section below.
Economist Harry Dent’s Grim Prediction — 2024 Market Crash to Eclipse Great Depression
In a recent interview with Fox News, renowned economist Harry Dent issued a dire prediction for the global economy, forecasting 2024 to be the year of the most significant financial crash in living memory. Citing a combination of overvalued markets, excessive stimulus spending, and artificial inflation of asset prices, Dent’s analysis paints a grim picture of the near future. With his reputation for contrarian yet often accurate forecasts, Dent’s warnings carry weight in financial circles.
Harry Dent Anticipates Severe Financial Turmoil in 2024
Harry Dent, known for his unconventional yet insightful market analyses, told Fox News that the current economic situation is “100% artificial,” driven by unprecedented levels of money printing and deficit spending amounting to trillion over 15 years. This artificial inflation of the economy, according to Dent, sets the stage for a dangerous and inevitable downturn.
Amidst this backdrop, the U.S. economy in late 2023 displays a juxtaposition of growth and uncertainty. Yet, looming concerns persist, as unemployment rates may rise due to the Federal Reserve’s persistent interest rate hikes. This economic landscape sets a complex stage for 2024, with expert forecasts ranging from continued expansion to potential recession.
The yield curve spread between 10-year and 3-month Treasury rates suggests a 61% chance of a recession within the next year. The core of Dent’s argument revolves around what he terms the “everything bubble,” a phenomenon he asserts began in late 2021, post-COVID-19 pandemic.
Unlike previous market bubbles, which were typically confined to certain sectors, Dent believes this bubble encompasses nearly all asset classes, making its potential burst far more devastating. Dent’s analysis points to the real estate and stock markets as prime examples of this overvaluation. He warns against complacency, advising that the impending crash will not be a mere correction but a catastrophic fall mirroring the Great Depression levels.
He predicts an 86% crash in the S&P and a 92% crash in the Nasdaq, with even greater losses in the crypto economy. “This is going to hurt the rich a lot more than the average person. The average person is going to lose their job for six months to two years. The average rich person is going to lose 50% to 80% of their lifetime accumulated net worth,” Dent told the news outlet.
Dent added:
They’re going to see the biggest comedown to reality. And then the next stage of the boom is the millennial boom, which will not be as long as the baby boom, but it’ll go into 2037 before we slow down again. That boom will be less rich-get-richer, it will be more the middle class catching up again.
Challenging the optimistic outlook of many investors and analysts, Dent criticizes the recent market rally, including the Dow Jones Industrial Average’s record highs. He views these as temporary and misleading, encouraging investors to “get out of the way” of the impending financial storm.
The Federal Reserve’s recent hints at ending its campaign against inflation and the possibility of rate cuts, according to Dent, will not prevent the looming crisis. He argues that the central bank’s efforts are too little too late, predicting a shift from disinflation to deflation, a scenario not seen since the 1930s.
Dent continued:
If I’m right, it is going to be the biggest crash of our lifetime, most of it happening in 2024.
A significant concern raised by Dent is the potential for a protracted economic slowdown following the burst of the “everything bubble.” He cautions that this could last for 12 to 14 years, exacerbating the wealth gap in America. Dent concludes with a somewhat optimistic note for the long term, predicting a recovery led by the millennial generation.
The economist forecasts a new boom period, less characterized by the rich getting richer, but more by the middle class regaining ground. This new phase, according to Dent, could extend until around 2037, offering a glimmer of hope after a period of intense economic turmoil.
What do you think about Harry Dent’s prediction concerning 2024? Share your thoughts and opinions about this subject in the comments section below.
Robert Kiyosaki Warns ‘This Next Crash May Turn Into a Depression’
Rich Dad Poor Dad author Robert Kiyosaki has warned that a soft landing for the U.S. economy is a fantasy, emphasizing that a crash landing is more likely. Noting that he already warned of this giant crash in his Rich Dad’s Prophecy book, the famous author stressed: “This next crash may turn into a depression.”
Robert Kiyosaki on Giant Crash and a Depression
The author of Rich Dad Poor Dad, Robert Kiyosaki, has once again sounded the alarm about the U.S. economy. 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.
Kiyosaki wrote on social media platform X Wednesday: “Soft landing is a fantasy. Crash landing more likely. I warned of this giant crash in my book Rich Dad’s Prophecy pub 2012.” He continued:
This next crash may turn into a depression.
The renowned author also shared in an X post on Sunday that the Israel-Hamas war has motivated him to buy an electric vehicle. “The war is about oil,” he said. “Higher gas prices will make the poor poorer.” He proceeded to reiterate his recommendation of buying gold, silver, and bitcoin, which he believes to be the best investment for unstable times.
The well-known author has repeatedly expressed concerns about challenging times ahead for the U.S. economy. Last week, he similarly cautioned about a possible next Great Depression and a war, predicting “really hard times ahead” for millions of people. Kiyosaki also previously warned of the “greatest real estate crash ever,” emphasizing that the Federal Reserve’s rate hikes will also crash stocks, bonds, and the U.S. dollar.
What do you think about the warnings by Rich Dad Poor Dad author Robert Kiyosaki about the next crash turning into a depression? Let us know in the comments section below.
Economist Peter Schiff Warns of Deep Recession, Inflationary Depression, and Collapse of US Dollar Demand
Economist Peter Schiff has warned of an inflationary depression, noting that inflation will stay higher for longer, leading to a more severe and prolonged recession. He predicted that the rapidly increasing national debt and federal budget deficits should lead to a collapse in demand for U.S. dollars. “Once the dollar starts falling, Treasury yields will rise faster,” the economist said.
Peter Schiff on Inflation, Recession, Depression
Economist and gold bug Peter Schiff issued warnings about the U.S. economy and the U.S. dollar again this week in a series of posts on social media platform X.
“The financial and economic crisis that’s already begun is long overdue and its ultimate arrival has been obvious for years. Yet as it unfolds, the media, government, academia, and the Fed will claim it was impossible to foresee. There’ll be no shortage of private sector scapegoats,” Schiff wrote. “Remember the reason that interest rates will stay higher for longer is that inflation will also stay higher for longer,” he added, elaborating:
That means the coming recession will be deeper and last longer too. It’s not just stagflation, but an inflationary depression.
He also commented on the remarks by Federal Reserve Chair Jerome Powell regarding the economy on Thursday. “Powell blamed today’s inflation on the pandemic. The pandemic didn’t cause inflation, the Fed and the federal government did. Both made the inflation problem worse during the pandemic by running huge budget deficits and printing a sh*tload of money to finance stimulus checks,” Schiff argued.
“Powell actually said the Fed doesn’t consider fiscal policy when making decisions on monetary policy and that he doesn’t change monetary policy based on fiscal policy. That is likely the most reckless admission ever made by a Fed Chairman. It will define Powell’s failed legacy,” Schiff further opined.
The economist continued:
The primary use for U.S. dollars has been to buy Treasuries. But since the biggest buyers are now sellers, and the national debt and federal budget deficits are soaring, demand for dollars should collapse as well. Once the dollar starts falling, Treasury yields will rise faster.
“It’s clear that bond investors have lost confidence in the Fed’s ability to bring inflation back down to 2%. That’s why 30-year Treasuries are now yielding 5.1%. But 5.1% is not nearly high enough to offset 30 years of high inflation. So bond yields are headed much higher fast,” Schiff explained. “The Treasury yield curve will soon normalize at higher rates across the curve. Short-term yields will move from 5.5% to 6%. Long-term yields will move from 5% to 7%-8%. Given an abnormally large amount of debt, the U.S. economy can’t afford a normal yield curve. QE coming soon,” the gold bug predicted.
Schiff expects no further interest rate hikes. “We’ve got war in the Middle East, so the Fed can’t raise rates with all that uncertainty out there. And maybe they’ll have to cut rates,” he recently said. He has repeatedly warned about an impending biggest bond market crash and an unprecedented financial crisis. Furthermore, he has expressed concerns about a “tragic ending” and the collapse of the U.S. dollar, emphasizing that the day of reckoning is at hand.
What do you think about economist Peter Schiff’s warnings about the U.S. economy and the U.S. dollar? Let us know in the comments section below.
Former US President Donald Trump Warns of Economic Depression if He’s Not Elected
Former U.S. President Donald Trump has warned that the U.S. economy will face “more than a recession” if he is not elected president. Trump also made several other promises, including getting Russia’s President Vladimir Putin to make a deal with Ukraine’s President Volodymyr Zelenskyy “very quickly.”
Donald Trump’s Warnings
Former U.S. President Donald Trump made several promises and predictions during an interview with Fox News Sunday. He was asked about his plan to get the U.S. economy growing again and whether he thinks the U.S. is going into a recession. “If people think Trump is going to be elected, you’ll never have a recession … because people will start investing,” the former president claimed, adding:
If people think I’m not, you’ll have more than a recession. You’re going to have a depression.
“But, what I would do is very simple. I’ve got to get interest rates down. We have to get rid of inflation because inflation is a country killer,” he stressed, noting that the Biden administration is “putting the interest rates at a point nobody can borrow.”
Trump also made a number of other promises. For example, he said: “We’ll close up the border. We’ll become energy independent, then we’re going to be energy dominant. We’ll be taking care of Europe. Energy prices are going to come down. I will get [Russian President] Putin to make a deal with [Ukrainian President] Zelenskyy very quickly. We’re going to have a great world again.” Moreover, Trump opined: “If we don’t win in ’24, this country is finished. I really believe that.”
In April, the former president warned that the U.S. dollar is crashing and soon will “no longer be the world standard.” In addition, he cautioned that “we are very close” to a third world war.
What do you think about the warnings by former U.S. President Donald Trump regarding the U.S. economy and the dollar? Let us know in the comments section below.
Unlike Father, Spencer Schiff Calls Depression Warning ‘Fearmongering,’ Predicts Hyperdeflationary Boom, Bitcoin Crash; Banks on AI Future
In response to a Zerohedge article titled “The Two Causes of the Coming Great Depression,” Spencer Schiff, son of gold advocate Peter Schiff, labeled the argument “pure fearmongering.” Spencer said he has distanced himself from his dad’s views and now predicts a “hyperdeflationary economic boom.” Notably, the former staunch bitcoin supporter anticipates BTC’s price will “probably fall to near zero over the next few years.”
Peter Schiff’s Son, Spencer, Appears to Have Made Complete Turnaround
Spencer Schiff, son of renowned economist and gold advocate Peter Schiff, used to engage in debates about bitcoin’s value with his father in 2021. Back then, Spencer was a strong supporter of bitcoin, contradicting his father’s prediction that the cryptocurrency would plummet to zero. In March 2021, Peter publicly announced that Spencer had gone “all in on bitcoin on the last drop below K.” Spencer also advised his father to accumulate Satoshis during discussions about inflation.
On July 18, 2023, Spencer responded to a Tuesday morning tweet from Zerohedge discussing potential causes of a “coming Great Depression.” At 10:29 a.m. Eastern Time, Spencer retorted, “This is pure fearmongering.” He further noted that “We’re about to have an unfathomably enormous economic boom, not a depression. The average American’s standard of living will skyrocket over the next 5-10 years (and it will be 100% sustainable). There’s nothing to worry about regarding the economy,” he added.
Post Spencer’s declaration, a respondent suggested that the junior Schiff placed his faith in AI automation and bitcoin to be the panacea, culminating in “deflation.” Spencer clarified to this individual that his viewpoint was not influenced by bitcoin. “It’s not about bitcoin at all. I don’t think bitcoin will have a major impact on the world, and its price will probably fall to near zero over the next few years. My thesis is an AI thesis,” he said. Spencer got a great deal of replies to his statement about bitcoin.
“Very weird change of views regarding bitcoin … his dad probably told him he will not get any inheritance if he didn’t get in line. This kid will get humbled like his dad,” a Twitter account called Hornet Hodl tweeted. “‘Get in line?’ I’ve moved even further away from his views,” Spencer replied. “I used to agree with him about the economy and I thought hyperinflation was coming.” Spencer added:
Now I think a permanent hyperdeflationary economic boom is coming, and the USD will soar in value as productivity, economic output, and our living standards all skyrocket. Also, I don’t care about inheritance because it’s highly unlikely for there to ever be a situation where I’m alive while my dad is not alive.
When someone asked Spencer what changed his mind about bitcoin, he replied “AI.” Another person asked Spencer, “Weren’t you shilling bitcoin like 2 years ago?” and Spencer replied to that comment as well, saying it’s good to change perspectives. “I’m 20, my views should be expected to have big shifts,” Spencer said. “Also, I don’t own any financial assets. Not a single penny’s worth. But if I did have extra money, I would either keep it in USD (because hyperdeflation is coming) or I’d invest in AI companies, or a mix of both.”
A glance at Spencer’s Twitter timeline reveals his palpable enthusiasm for AI and software like Chatgpt, as evidenced by the numerous AI news and announcements he retweets. In a subsequent tweet on Tuesday, he reiterated his stance on hyperdeflation.
“Permanent hyperdeflation will start soon because annual economic output is about to skyrocket, potentially as much as 10x, 100x, or 1,000x over the next decade,” he insisted. “The U.S. government can print trillion to pay off the national debt and consumer prices will still plummet.”
Spencer’s tweet about bitcoin garnered significant attention and drew criticism from supporters of the cryptocurrency. While some humorously remarked that the apple doesn’t fall too far from the tree, others raised concerns about a possible hack of his account.
Not long ago, Peter himself fell victim to a Twitter account breach, prompting Spencer to issue a public warning about the incident. A suggestion arose that Spencer might be playfully trolling the crypto community on Twitter, including ardent bitcoin maxis, while secretly maintaining his bullish stance on the digital currency.
After Spencer’s statements on Tuesday, the following day his father spoke about the turnaround. “My son [Spencer K Schiff] is no longer bullish on bitcoin,” Peter tweeted. “As young people typically do, he’s lost interest in a passing fad and moved on to something new. In this case, it’s AI that’s captivated his attention. As bitcoin’s young fan base matures many more will grow out of bitcoin.”
What do you think about Spencer Schiff’s change of heart toward bitcoin and his enthusiasm for AI? Do you agree with his point of view or his father’s perspective? Share your thoughts and opinions about this subject in the comments section below.
Economist Peter Schiff Warns About a New, Incoming Great Depression Crisis, Criticizes Misleading Inflation Numbers
Peter Schiff, best-selling author and chief economist of Europac, has warned about the coming of a new great depression period in America. In an interview, Schiff stated that official Consumer Price Index (CPI) numbers were designed to mislead the public and that the country was going to face a depression worse than the one it faced back in the 1930s.
Peter Schiff Warns of Great Depression With Prices Rising
Peter Schiff, economist and best-selling author, has warned about an upcoming economic crisis that will unleash a new Great Depression far worse than the one the U.S. faced back during the 30s. In an interview, Schiff commented that this crisis will be in part originated by the high inflation levels that the government is fueling by increasing public spending, which will affect the qualification of the U.S. public debt.
Schiff stated:
We’re going to have a crisis because we do raise the debt ceiling. Because we’ve continued to raise that debt ceiling instead of dealing with the real problem, which is not the ceiling, but the debt. The ceiling would be the solution to the problem if they only stopped raising it.
The economist explained that this upcoming new Great Depression will be different due to the continued rise of prices and the loss of purchasing power of Americans. Schiff declared:
It’s probably going to be worse. It is a depression, but unlike the depression of the 1930s, where the people at least got the benefit of falling prices that provided some relief. This time, even the people who don’t lose their jobs are going to suffer because they’re going to lose the value of their paychecks.
How Inflation Numbers Can Be Misleading
Schiff also criticized the way the Consumer Price Index (CPI), data used to determine inflation, is calculated, stating that it is designed to give a low result. He said that “you basically have to double the official numbers to get a better idea of what’s actually happening with prices,” indicating that the real inflation number should be currently closer to 10%.
Even so, Schiff believes that high interest rates will not be able to control inflation and that the U.S. will have to deal with both. “Interest rates are prices. It’s the price you pay when you borrow money. The price is going up, just like the price of everything else,” he explained. Finally, he remarked that “as interest goes up, well, that’s just another cost that you need to pass on to your customers through higher prices.”
What do you think about Peter Schiff and his warning about an upcoming great depression? Tell us in the comments section below.