Rich Dad Poor Dad author Robert Kiyosaki says America is bankrupt as lawmakers engage in lengthy negotiations over the debt ceiling. “Unfunded liabilities as Social Security are over $250 trillion,” he said as the U.S. faces a potential debt default.
Robert Kiyosaki on U.S. Debt Crisis
The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his perspective on the U.S. debt crisis and the lengthy negotiations surrounding the debt ceiling. 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.
“Politicians debating raising $30 trillion U.S. debt limit bad comedy, ‘Kabuki theater,’” Kiyosaki tweeted Wednesday, adding:
Facts are: U.S. bankrupt. Unfunded liabilities as Social Security are over $250 trillion. Financial market ‘derivative assets’ measured in quadrillions … thousands of trillions.
He then reiterated his usual recommendation of buying gold, silver, and bitcoin. The famous author previously explained that the three investments are “best for unstable times.”
Kiyosaki believes that the U.S. debt exceeds the commonly mentioned figure of $31.4 trillion, indicating a more severe situation. A study shows that off-the-books obligations or unfunded liabilities of the U.S. amount to over $250 trillion.
In March, the Rich Dad Poor Dad author predicted that the next crash will be the $1 quadrillion derivatives market. He cautioned that the Federal Reserve’s interest rate hikes will crash stocks, bonds, real estate, as well as the U.S. dollar.
In a follow-up tweet on Friday, Kiyosaki raised concerns about Germany’s recession, warning that the U.S. could fail next. The German economy experienced a technical recession in the first quarter of this year. Referencing the banking crisis, where several major banks failed, the renowned author wrote:
First banks. Countries next? Will Germany be the first country to fail? Go bankrupt? if Germany fails which country will be next? Will America default after Germany?
U.S. Treasury Secretary Janet Yellen has revised her estimation of the potential date for the U.S. to default on its debt obligations to June 5, from the previous date of June 1. The Congressional Budget Office (CBO) estimated that a U.S. default could occur in the first two weeks of June. Global investment bank Goldman Sachs, however, said the “real deadline” for a U.S. default is more like June 8-9. On Saturday, the White House and Republicans reached a tentative deal to avoid a U.S. default.
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