The monetary markets internationally are as soon as once more on edge after the latest collapse of Silicon Valley Bank and Signature Bank within the United States. The affect has been felt throughout the main inventory markets globally with banking establishments going through the specter of a cascading impact.
Reportedly, analyst and writer Robert Kiyosaki, recognized 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 the risk of collapse.
Robert Kiyosaki believes the US dollar will weaken, putting the country in “serious trouble.”
Kiyosaki, who had accurately predicted the 2008 Lehman Brothers’ collapse, cites the bond market as the foundation of the issue and warns of a weakened US greenback.
In a latest look on Fox News present, ‘Cavuto: Coast to Coast’, Kiyosaki warned that the bond market is way bigger than the inventory market.
He added that “the Fed is up, they usually’re the firemen and the arson.” He said that the US dollar is losing its hegemony in the world, and that the Fed is “going to print more and more and more of it,” to maintain it from sinking.
Kiyosaki believes the US greenback will weaken, placing the nation in “severe bother.”
The Rich Dad Company founder also expressed his concerns about the “perfect storm” brewing because of the bond market crash and the upcoming retirement of his era.
He expressed concern concerning the present market atmosphere and the affect it might have on pension plans and particular person retirement accounts (IRAs).
Kiyosaki warned that the American taxpayers will bear the brunt of financial institution bailouts within the occasion of a monetary disaster.
He additional singled out Credit Suisse as the following financial institution to expertise vital monetary troubles. His prediction got here hours earlier than the Swiss financial institution introduced “materials weak point” in its reporting procedures for fiscal years 2021 and 2022.
The bank had delayed publishing its annual report after US market regulator, Securities and Exchange Commission (SEC), wanted an assessment of the previously disclosed consolidated cash flow statements, according to a CNBC report.
Credit Suisse has faced numerous problems– a series of crises, legal controversies, bad press, and scandals– in recent years. In January 2022, its chairman Antonio Horta-Osorio resigned after being found in violation of COVID norms.
In February, Credit Suisse was thrust into the spotlight due to accusations that it had clients who were human rights abusers and sanctioned businessmen.
In June, Switzerland’s Federal Criminal Court convicted the bank for failing to prevent money laundering by a Bulgarian cocaine trafficking gang. October saw the bank reach a settlement worth €238 million to wind up a French probe regarding an alleged money laundering and tax evasion scheme between 2005 and 2012.
Its exposure to the implosions of US asset manager Archegos and UK firm Greensill have not helped.
Kiyosaki’s prediction is a stark reminder of the risks and challenges facing the global financial system.
As the financial markets become increasingly volatile, Kiyosaki advises exploring or investing in silver and gold as a way to protect oneself against economic uncertainty.
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