Robert Kiyosaki, author of Rich Dad Poor Dad, claims the “biggest crash in history” is upon us, suggesting the current market crash will be worse than the 1929 market collapse, ending what he calls the “everything bubble”, and ushering in a new era of financial hardship.
“THE EVERYTHING BUBBLE is bursting”, wrote Kiyosaki, “I am afraid this crash may be the biggest in history. Germany, Japan, and America have been the engines up to now. Unfortunately our incompetent leaders led us into a trap… giant crash. I wrote about this crash in my book RICH DAD’s PROPHECY. This crash is going to be bigger than the 1929 Crash… A crash that led to the Great Depression”.
The stock market has fallen, while Kiyosaki makes these comments, with Nasdaq down 4% on Monday, S&P down 3%, extending its 8.5% drop from February high. And the broader S&P 1500 index has shredded around $5 trillion in value since February.
“It is normal to be disturbed and fearful…. Just do not panic. Be stoic, which means keep your cool, take deep breaths, keep your eyes wide open and mouth shut. While millions will be crushed… you do not have to be one of them. In 2008, I waited… letting the panic and dust settle and then started to look for great real assets on sale… At Deep discounts”.
Trump’s 20% tariff on Chinese imports and 25% tariffs on Mexico and Canada has led to a state of uncertainty, with traders not knowing what will be the outcome of such changes to the supply chain. Kiyosaki encourages traders to remain stoic, while noticing the crisis, but remaining firm in one’s investment strategy.
“Trump was seen as the market’s savior”, wrote Dan Coatsworth from AJ Bell, “promising lower taxes and less stringent regulation. Now, his actions represent the harbinger of doom. The ‘R’ word is back on everyone’s lips as people ponder if trade tariffs will backfire and lead to recession rather than US economic prosperity”.
Reuters poll, of economists from America, Canada, and Mexico, showed 70 of 74 economists believed a risk of recession had increased and that inflation was likely to rise. American trade policies have put an extra burden on the economy, especially with the trade war against China, and the Trump administration’s aggressive style of politics.
The book Rich Dad’s Prophecy came out in 2002 and predicted a crash in 2016, reasoning that when the baby boomers retire there would be a financial crisis.
Kiyosaki criticises Bitcoin ETFs, as an extension of the financial system, having no control over private keys or responsibility to maintain a secure wallet, falling prey to the same schemes that ensnare retailer investors, empowers the Wall Street institutions and not the regular investor.
Therefore, Kiyosaki encourages people to own their own Bitcoin, in a similar way, to how he holds gold and silver, preferring to hold hard assets in his portfolio. His mantra is “if you don’t hold it, you don’t own it”.
Baby Boomers, according to Kiyosaki, are in a very dangerous position, having relied on Defined Contribution plans, like 401k and IRAs, instead of Defined Benefit plans. Defined Benefits guarantee a set payout regardless of market conditions. Defined Contribution plans only provide what the individual has put into them. Kiyosaki believes the latter can be wiped out completely in the event of a major crash, putting millions of boomers at risk.
The price drop in Bitcoin only makes Kiyosaki smile because he buys more at a discounted price. He considers fiat fake money because it can be inflated by the federal reserve. He considers market dips a great time to buy more gold, silver, and Bitcoin. His long held belief is that hard assets offer the best protection against a financial collapse.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
