Robert Kiyosaki, author of “Rich Dad Poor Dad,” worries that unless they invest in a few key assets, America’s working class will be wiped out by rising inflation.
In a YouTube video on the Rich Dad Channel, the well-known author says that true capitalism has been abandoned and the government has instead intervened on behalf of the banks.
“The reason they talk about inflation or deflation is that back in the 70s, real capitalists would let businesses fail. According to [Austrian political economist Joseph] Schumpeter, capitalism destroys inefficient companies.
If you look at an example, there was Blockbuster Video not too long ago. Then Netflix came along and they were happy. They just left. Real capitalists eliminate inefficient or outdated things.
But for all these years, in fact, since 1907, they’ve been saving the banks. Banks are so corrupt, the reason the Fed has to step in is to protect wealthy bankers.
What they did was, back in 2008, there was quantitative easing, which was a very complex subject, but basically the Fed just printed money and gave it to the banks to prevent them from failing. That’s not capitalism, that’s Marxism. This is socialism, this is communism. It’s called a central bank. “
Kiyosaki warned that unlimited money printing as part of official government policy would wipe out the working class.
‘The reason inflation will wipe out people is because normal people are consumers. Everyone’s talking, ‘T-bone steak’ [costs] Now it’s this, gasoline is this, toilet paper is that.
That’s because… it’s all about protecting the bankers. That’s why I feel about the working class. I think it is criminal that our school system is part of Marxism. It’s not a mistake that schools don’t have financial education.
For those who complain about inflation, just know it’s because the Federal Reserve Bank, the U.S. Treasury…they’ve been corrupt to the max. “
author Tell His 1.8 million followers on Twitter said the discount retail chain Dollar General’s recent 25% price increase was a bellwether that investors should be buying cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as gold and silver.
“The dollar tree became a $1.25 tree. Inflation is a tax on the poor and the middle class. Inflation makes the rich richer.
Be smart. become richer. I’m buying more gold, silver, bitcoin, ethereum, rental real estate, and oil. what are you buying? “
CNN Business reported this week that Dollar Tree cited rising inflation and an ongoing supply chain crisis as reasons for its plan to permanently abandon the long-standing $1 price point for all of its products.
At the time of writing, Bitcoin is valued at $55,190, Ethereum is changing hands at $4,367, gold is at $1,781, and silver is at $22.44. Kiyosaki also warned in September of a major stock market crash this October.
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Featured image: Shutterstock/studiostoks/Vladimir Sazonov