Financial markets around the world are once again on the upswing after the recent collapse of Silicon Valley Bank and Signature Bank in the United States. The impact has been felt across major stock markets globally, with banking institutions facing the threat of a wider impact.
Reportedly, analyst and author Robert Kiyosaki, best known for his bestseller “Rich Dad, Poor Dad,” has now predicted that Credit Suisse, one of Europe’s largest investment banks, is the next institution at risk of collapse. .
Robert Kiyosaki believes that the US dollar will weaken, putting the country in “serious trouble”.
Kiyosaki, who correctly predicted the collapse of Lehman Brothers in 2008, calls the bond market the root of the problem and warns of a weakening US dollar.
In a recent appearance on the Fox News show, ‘Kavuto: Coast to Coast’, Kiyosaki warned that the bond market is much bigger than the stock market.
He said that “the feds are up, and they are firemen and arsonists.” He said that the US dollar is losing its supremacy in the world, and that the Fed is “going to print more and more of it.” , “to save it from drowning.”
Kiyosaki believes that the US dollar will weaken, putting the country in “serious trouble”.
The Rich Dad Company founder also expressed his concern about a “perfect storm” brewing due to the bond market crash and the upcoming retirement of his generation.
He expressed concern about the current market environment and the impact on pension plans and individual retirement accounts (IRAs).
Kiyosaki warned that in the event of a financial crisis, American taxpayers would bear the brunt of the bank bailout.
He chose Credit Suisse as the next bank to experience significant financial troubles. His prediction came hours before the Swiss bank announced a “material weakness” in its reporting procedures for fiscal years 2021 and 2022.
According to a report in CNBC, the bank had delayed publishing its annual report after the US market regulator, the Securities and Exchange Commission (SEC), wanted an assessment of the consolidated cash flow statements reported earlier.
Credit Suisse has faced many problems in recent years – a series of crises, legal disputes, bad press and scandals. In January 2022, its president Antonio Horta-Osorio resigned after being found in violation of COVID norms.
In February, Credit Suisse hit the headlines due to allegations that its clients were human rights abusers and sanctioned businessmen.
In June, the Federal Criminal Court of Switzerland indicted the bank for failing to prevent money laundering by a Bulgarian cocaine smuggling ring. In October the bank reached a settlement worth €238 million to end a French investigation into an alleged money laundering and tax evasion scheme between 2005 and 2012.
Exposure to the implications for US asset manager Arcigos and UK firm Greensill has not helped.
Kiyosaki’s prediction is a reminder of the risks and challenges facing the global financial system.
As financial markets become increasingly volatile, Kiyosaki recommends exploring or investing in silver and gold as a way to protect yourself from economic uncertainty.
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