Robert Kiyosaki, a prominent American businessman and author, has expressed his belief that the United States is facing financial difficulties despite claims of a strong economy. Kiyosaki, known for his best-selling book “Rich Dad, Poor Dad,” criticized the media agency Wall Street Journal (WSJ) for failing to acknowledge the impact of America’s increasing debt on the stock market. He referred to WSJ as “numb nuts” in a recent tweet.
Contrary to WSJ’s report suggesting that the US is avoiding a recession and experiencing economic growth, Kiyosaki argues that the country is actually broke. Despite a 2.4% economic growth in Q2 and a corresponding increase in the gross domestic product, Kiyosaki believes that the decline in customer spending and the rising national debt indicate a different reality. He dismisses the notion of a “soft landing” with inflation falling close to the Federal Reserve’s target without a recession.
Kiyosaki attributes the rise in the stock market to the removal of the US debt ceiling. In June, President Joe Biden signed a bill suspending the government’s debt ceiling until January 2025, averting a potential default and economic crisis. Since then, major stock market indexes like the S&P 500, Dow Jones, and Nasdaq have witnessed significant gains, leading some to believe in a stronger economy. However, Kiyosaki argues that this is misleading, as the national debt continues to rise alongside the financial market.
In light of America’s financial challenges, Kiyosaki reaffirms his support for alternative assets such as bitcoin (BTC), gold, and silver. He considers these assets as real money and protection measures against the potential demise of the US dollar. Kiyosaki has been a vocal proponent of BTC, predicting that its price could reach $120,000 by 2024 and $500,000 by 2025.
As the debate over America’s economic strength continues, Kiyosaki’s perspective offers a contrasting view. While some claim that the US is on a path of growth and stability, Kiyosaki warns of the underlying financial vulnerabilities and advocates for the adoption of alternative assets. Only time will tell which narrative will prevail in shaping the future of the American economy.
