‘Rich Dad’ R. Kiyosaki Recommends Buying Bitcoin as Banks ‘Woke Up and Went Broke’
As New York-based Signature Bank became the third banking giant to close after Silicon Valley Bank (SVB) and Silvergate, just after Robert Kiyosaki had predicted another collapse, the author has several grim warnings and has once again recommended buying his staple of Bitcoin (BTC), gold and silver.
In fact, the author of the best-selling personal finance book ‘Rich Dad Poor Dad’ said that the above banks “woke up and were BROKEN,” that the crash and crisis were “just getting started,” and that “Pensions, IRAs [individual retirement accounts]401,000 went WOKE and went broke, repeating his advice to “buy more G, S, BC [gold, silver, Bitcoin],” in a chirping posted March 15.
With this tweet, Kiyosaki made a connection between the financial crisis and the so-called “woke” culture, which usually refers to being “aware of and actively aware of important societal facts and issues (especially issues of racial and social justice).” but is also used by right-wing politicians to criticize the politically liberal stance they consider unreasonable or extreme.
End of capitalism?
More recently, the author also warned of the coming “end of capitalism”, referring to US Senate testimony from Treasury Secretary Janet Yellen regarding the 2024 budget and her response to Oklahoma Senator James Lankford regarding the application of uninsured deposit thresholds to make depositors all.
“Will deposits in every community bank in Oklahoma, regardless of size, be fully insured now? (…) Will they get the same treatment that SVB has just received, or Signature Bank has just received?” asked the senator.
Yellen admitted that not all depositors would be protected above the FDIC insurance limits of $250,000 per account, and that government refunds of uninsured deposits would not be extended to all banks that fail, but only to those that pose a systemic risk to the financial system.
“A bank receives that treatment only if a majority of the FDIC Board, a supermajority of the Fed Board, and I, in consultation with the President, determine that failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences. “
As Lankford highlighted, this means that small community banks will become less attractive to depositors with more than $250,000 as a direct result of using these standards and thresholds that were first introduced (and expanded) after the 2008 financial crisis.
Meanwhile, Kiyosaki has warned that “more fake money” in the form of US dollars would “invade the ailing economy” as government bailouts begin in response to the recent crisis, as well as criticizing President Joe Biden over claims that this bailout strategy for the banks would not hurt American taxpayers.
