The Wall Street analyst and investor who named the 2008 collapse of Lehman Brothers has revealed which bank he believes will next fail amid shock waves of the closing of Silicon Valley Bank (SVB).
“The problem is the bond market, and my guess is, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse,” said Robert Kiyosaki, co-founder of Rich Dad. Monday, “because the bond market is collapsing.”
Just days after declaring bankruptcy of SVB, the California-based bank primarily used by tech industry firms and start-ups, New York-based Signature Bank announced that it would cease operations to protect consumers and the financial system.
Similar to SVB, Signature Bank has been popular among crypto companies. The institution provided deposit services for digital assets to its clients but did not provide loans secured by them.
The closure announcement came in a joint statement from the US Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). Regulators said SVB clients will have access to their funds starting Monday, at no cost to US taxpayers. The regulators also claimed that a similar right will soon be provided to Signature Bank customers.
Kiyosaki further explained how the bond market – the “biggest problem” in the economy – will put the US in “serious trouble” as the US dollar is expected to weaken.
The US dollar is losing its homogeneity in the world now. “They’re going to print more and more of this,” said the expert as he held up a dollar bill, “to try to keep this thing from sinking.”
He also expressed concern about pension plans and Individual Retirement Accounts (IRAs) in the current market environment, adding that American taxpayers would be hit hard by bank bailouts.
“My generation, the baby boomers, are trying to retire. So in many ways this is the perfect storm,” Kiyosaki said. Like I said, again, I think the Fed and the FDIC have indicated they’re going to print again, which makes stocks good. But this little silver coin here is still the best, it’s $35, so I guess anyone can afford $35, And I’m worried about Credit Suisse.”
Amid hyperinflation and more money being printed, Kiyosaki advised exploring or buying silver and gold investments during a volatile market.
“The Fed and the FDIC are pointing to hyperinflation, which makes gold and silver better because that thing here is bullshit. They’re going to be publishing more and more of this fake money, and that’s what the Fed and the FDIC are pointing out: We’re going to print as much Possible from this to prevent the collapse from accelerating “They are the ones who caused it,” said the market expert.
In “Mornings with Maria,” bestselling author and founder of The Bear Traps Report Larry McDonald warns of the similarities between the collapse of SVB and Lehman Brothers, which is what Kiyosaki originally predicted.
“And what you’ve seen inside Lehman and what we’ve just learned over the weekend about the way that bank runs itself,” the expert continued, “it’s just horrific irresponsibility and the Fed enabled it. And then when they raise interest rates, they basically blow those bad actors.”
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