TL;DR Breakdown
- Robert Kiyosaki, the Rich Dad Poor Dad author, disapproves of the Wall Street Journal(WSJ), claiming that the U.S. economy is strong.
- He called WSJ ‘numb nuts’ for not seeing that the United States is broke since the stock market was only going up due to the raised debt ceiling.
- Kiyosaki reassures his support for gold, silver and bitcoin.
Description
Robert Kiyosaki, the Rich Dad Poor Dad author, has explained in a Twitter post that he disapproves of Wall Street Journal(WSJ) claims that the U.S. economy was strong. He explained that the stock market is only up due to Joe Biden, the U.S. president, raising the debt ceiling. Kiyosaki continued, calling them ‘numb nuts’ for … Read more
Robert Kiyosaki, the Rich Dad Poor Dad author, has explained in a Twitter post that he disapproves of Wall Street Journal(WSJ) claims that the U.S. economy was strong. He explained that the stock market is only up due to Joe Biden, the U.S. president, raising the debt ceiling. Kiyosaki continued, calling them ‘numb nuts’ for not seeing that the United States is broke.
WSJ says the US is steering away from recession
Wall Street Journal recently released a report saying the U.S. economy grew 2.4% last quarter, suggesting the U.S. was steering away from recession. The post explained that the second quarter’s gross domestic product increased at a seasonal and inflation-adjusted annual pace of 2.4%, which exceeded the 2% increase in the first three months of the year and was faster than experts had predicted.
Although consumer spending decreased in the second quarter, it was enough to support overall growth and much higher business investment. Together, those elements defied experts’ prior predictions that a slump would begin in the middle of this year due to increasing interest rates, it explained.
The post also explained that a soft landing, in which inflation returns to the Federal Reserve’s 2% objective without a recession, is more likely as it falls from recent record highs and the job market stays robust.
While the post mentioned that it wasn’t clear whether consumers and businesses would spend at the same pace for the rest of the year, it predicted high-interest rates persisting. As a result, borrowing money for things like cars, appliances, industrial machinery, and building projects would become more expensive.
Kiyosaki reassures his support for gold, silver and bitcoin
In his Twitter post, Kiyosaki disapproved of the WSJ post, saying that their claims on the U.S. evading recession were incorrect. As he shared his disappointment, calling them ‘numb nuts’, he reassured his support for gold, silver and bitcoin.
Gold has long been a favorite of Kiyosaki’s; he first bought it in 1972. In an interview last year, he stated he is not buying gold because he likes gold but because he does not trust the Fed. Kiyosaki also likes silver. He tweeted later that silver is the best investment in Oct 2022, adding that everyone can afford $20 silver.
Even though there are several ways to invest in gold and silver, Kiyosaki mentioned he prefers to buy the actual metal. In a tweet earlier in 2022, he stated that he doesn’t want ETFs, only “real gold or silver coins.”
He had criticized bitcoin, the largest cryptocurrency in the world, as a speculative play last year but has since changed his mind. Now, he “loves” the token due to its decentralized characteristics, which refers to an outside entity not governing it as central banks and governments do with fiat currencies. He even predicted that BTC would hit $120,000 soon.
Most recently, the author of Rich Dad Poor Dad reaffirmed his caution about the imminent collapse of the U.S. currency and banks. Kiyosaki tweeted that he predicts that the BRICS countries—Brazil, Russia, India, China, and South Africa—will introduce a new currency known as the “bric,” with each bric unit equaling one ounce of gold. In his tweet, Kiyosaki used the name “bric”—frequently used by Jim Rickards, whom Kiyosaki described as his close friend and financial expert—to allude to the planned BRICS currency.
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