- Robert Kiyosaki, the author of ‘Rich Dad Poor Dad’, declares the US government bankrupt due to trillions of dollars in unfunded liabilities. He advises his followers to invest in gold, silver, or Bitcoin as protection against the looming economic crisis.
- Renowned investor Stanley Druckenmiller echoes Kiyosaki’s concerns, suggesting immediate cuts to social service programs to prevent a more severe economic downturn in the future.
Robert Kiyosaki Declares the US Government Bankrupt Due to Massive Unfunded Liabilities
Robert Kiyosaki, acclaimed author of ‘Rich Dad Poor Dad’, is raising an alarm over the fiscal health of the United States, declaring the country insolvent due to a colossal volume of unfunded liabilities. Kiyosaki, who communicates with his 2.4 million Twitter followers regularly, recommends gold, silver, and Bitcoin as secure stores of wealth to shield themselves from the anticipated economic turbulence resulting from mounting US government debts.
Kiyosaki criticizes the ongoing debates about raising the US debt limit as illusory, tweeting,
“Politicians debating raising $30 trillion US debt limit bad comedy, ‘kabuki theater.’ Facts are: US bankrupt. Unfunded liabilities as Social Security are over $250 trillion. Financial market ‘derivative assets’ measured in quadrillions… thousands of trillions. WTF. Buy gold, silver and Bitcoin.”
Previously, he predicted a severe downturn for the economy, attributing it to the Federal Reserve’s decision to increase interest rates since the previous March to curb inflation. Kiyosaki lays the blame on the Fed’s monetary tightening policies for the collapse of regional banks and anticipates a higher likelihood of further bank failures.
Other Renowned Investors Echo Kiyosaki’s Concerns
Highlighting the impending recession, Kiyosaki asserts that gold, silver, and Bitcoin serve as the best safeguards. In April, he prognosticated that Bitcoin could ultimately rise to $100,000 or even more.
Parallelly, legendary investor Stanley Druckenmiller has voiced concern about America’s financial future, warning that the nation’s debt liabilities and costs may compel the government to impose drastic reductions to social service programs such as social security and Medicare.
In a recent keynote speech, Druckenmiller indicated that if the US were to consider what the government owes to the future elderly population, the nation’s debt is closer to a staggering $200 trillion, as compared to the current estimate of $31.7 trillion for the US national debt. Druckenmiller proposes immediate downsizing of social programs to circumvent a graver economic situation in the future.
Emphasizing the urgent need for action, he said,
“It is time that we let go of the false pretense that cutting entitlements is a choice. It is not. Either we cut them today or we will have to cut them much more tomorrow.”