'Rich Dad Poor Dad' author Robert Kiyosaki warns raging US inflation could spark a historic depression - and sounds the alarm on layoffs, home sales, and foreclosures
- Robert Kiyosaki warned raging inflation could drag the US economy into a depression.
- He pointed to more layoffs and foreclosures, and a slowdown in home sales, as red flags.
Soaring prices, slumping home sales, and droves of workers losing their jobs could herald an economic crisis and mass unemployment in the US, Robert Kiyosaki cautioned this week.
"WARNING: Inflation may lead to Greater Depression," he tweeted. "Real estate crashing. Foreclosures up 700% from last year. Layoffs starting. Dominos falling."
The "Rich Dad Poor Dad" author was likely nodding to US inflation hitting a 40-year high and home sales slowing to a two-year low in June, a recent jump in foreclosures, and a wave of layoffs at Microsoft, JPMorgan, and other leading employers.
Kiyosaki also urged people to gauge whether their jobs would be at risk in a downturn.
"Is your work … or company you work for vital to economy? Are you necessary?" he tweeted. "If you are … you will do well. Take care."
The personal-finance guru repeatedly warned during the pandemic that asset prices had surged to dangerous levels, and a painful and prolonged slump in markets and economic activity could follow.
"We are in BIGGEST BUBBLE in world history," he tweeted in March. "Bubbles in stocks, real estate, commodities & oil. FUTURE? Possible DEPRESSION with HYPER-INFLATION."
"EVERYTHING BUBBLE turning into EVERYTHING BUST," he tweeted in April. "Could this be start of biggest depression ever?"
However, the founder of Rich Global and the Rich Dad Company has also framed a market crash as an opportunity to scoop up bargains.
"Do not miss the GREATEST SALE on EARTH," he tweeted earlier this month, adding that he had cash ready to snap up cheap bitcoin and real estate.
Kiyosaki has also offered some unusual advice to Americans facing higher food, fuel, and housing costs. He touted cans of tuna and baked beans as the best investments available, as he sees starvation as a genuine risk, and "you can't eat gold, silver, or bitcoin."