“‘Please DO NOT listen to what I’m going to say next: “I would get out of paper assets.” The world economy is not a “Market.” I believe the economy is the biggest bubble in world history. God have mercy on us all.”
Those are the latest words of caution from Robert Kiyosaki, the bestselling author of “Rich Dad, Poor Dad,” who has shared some grim warnings about the health of the markets and economy over the years.
Indeed, the author and businessman has been relatively downbeat about the global economy, offering pessimistic predictions back in 2020 for gold
and bitcoin prices
as the world attempted to emerge from the lockdowns that marked the onset of the COVID pandemic.
Kiyosaki’s comments on Friday came as many economists are predicting a recession in 2023 for the U.S. economy after a series of interest-rate increases implemented by the Federal Reserve to combat a surge in inflation.
His remarks also came as many investors across Wall Street are beginning to wonder if the lows are finally in for S&P 500
and the Dow Jones Industrial Average
after a more constructive stretch for equities over the past six weeks in the wake of Jerome Powell’s Fed signaling a more tempered pace of rate increases ahead.
Kiyosaki’s view of the global economy might not seem so far off now as investors look to the implosion of parts of the market, including segments of crypto, which have been rattled by the revelations surrounding FTX Group and founder Sam Bankman-Fried.