Robert Kiyosaki Bitcoin – VERY HARD TIMES Coming In October!
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In this video, Robert Kiyosaki lamented the excessive spending carried out by the Fed and the Treasury to boost the stock market. He also suggested what investors can do to protect themselves from the effects of the impending crash. Here is the summary of the interview:
Asked about Secretary Yellen’s warning that if Congress doesn’t raise the debt limit by October 19, there’ll be a financial crisis, Kiyosaki said:
“The S&P 500 is the S&P 7. And it’s being held up by Treasury Secretary Yellen and Powell. So, there’s no correlation between it and the economy. This next crash will be really good, but it’ll bring down gold, silver, Bitcoin, and stocks. But the news is that a crash is a big time to get rich. So, that’s why I’m optimistic. And I’m very optimistic in gold, silver, Bitcoin, and not in stocks.”
About inflation and money supply, Kiyosaki said what’s happening today is that the nominal debt to GDP is a correlation of M to a volume of money multiplied by the velocity of money. He also believes that the reason Yellen and Powell are scrambling is that there’s going to be inflation, and the velocity of money is plummeting. He said:
“People are not spending. So, they pump all this money, and prices go up,” a development he sees as a trap and transitory inflation.
Kiyosaki is worried about the government’s massive debt and excessive spending on the stock market and the real estate market. He noted that the money has not gone into the economy. So, “the rich are getting richer, but the poor and middle class are getting poorer. It’s tragic,” he said.
Asked about what shattered investors’ confidence in the equity markets, Kiyosaki replied that printing money excessively can’t be sustained, partly because the velocity of money keeps dropping, but the debts keep going up. He adds:
“It’s gonna be the biggest crash in world history. We have never had this much debt pumped up. The debt to GDP ratio is out of sight.”
However, Kiyosaki concluded by advising investors on what to do to protect their portfolios. He said:
“Remember that your profit is made when you buy. In 2000, goods went down to $300, so I backed up the truck. When Bitcoin fell from $20,000 to $3,000, then $6,000, I bought it. So, if you’re worried about your possession, you probably bought too high.”
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Credit: Kitco NEWS
Robert Kiyosaki: ‘The biggest crash in world history’ hits this October
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