Credit Suisse to become next investment bank to file for bankruptcy, Robert Kiyosaki predicts
The Wall Street analyst and investor who called the collapse of Lehman Brothers in 2008 has revealed which bank he thinks will go bankrupt next in the wake of the Silicon Valley Bank (SVB) closure.
“The problem is the bond market, and my forecast is I called Lehman Brothers a few years ago and I think the next bank to go to would be Credit Suisse,” Rich Dad Company co-founder Robert Kiyosaki said in an interview. “Cavuto: Coast to Coast”. Monday, “because the bond market is crashing.”
Just days after SVB, a California-based bank primarily used by companies and startups in the tech industry, filed for bankruptcy, New York-based Signature Bank announced it was closing to protect consumers and the financial system.
Like SVB, Signature Bank has been popular with crypto companies. The institution provided deposit services for the digital assets of its clients, but did not issue loans secured by them.
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The announcement of the closure was made in a joint statement by the US Department of the Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). Regulators said SVB customers will have access to their money starting Monday at no cost to the US taxpayer. Similar remedies will soon be available to Signature Bank customers, regulators also said.
Kiyosaki went on to explain how the bond market – the economy’s “biggest problem” – would create “major problems” for the US as he anticipates a weaker US dollar.
“The US dollar is now losing its hegemony in the world. So they will print more and more of it,” the expert said, holding up a dollar bill, “trying to keep this thing from sinking.”
He also raised concerns about pension plans and individual retirement accounts (IRAs) in current market conditions, adding that bailouts for banks would be hit hardest by American taxpayers.
“My generation boomers are trying to retire. So in many ways, it’s the perfect storm,” Kiyosaki said. “Like I said, again, I think the Fed and the FDIC have signaled that they are going to print again, which makes stocks good. But this little silver coin is still the best, it’s $35, so I think anyone can afford $35. and I’m worried about Credit Suisse.”
With hyperinflation and more money being printed, Kiyosaki advised to explore or buy investments in silver and gold during market volatility.
“The Fed and FDIC are signaling hyperinflation that is making gold and silver even better because this thing is rubbish. We’re going to print as much of this as we can to keep the collapse from accelerating. But these are the guys who call him,” said the market expert.
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In Morning with Mary, best-selling author and founder of The Bear Traps Report, Larry McDonald, warned of the similarities between the collapse of SVB and Lehman Brothers that Kiyosaki had originally predicted.
“And what I saw inside Lehman, and what we just learned over the weekend about how this bank managed itself,” the expert continued, “is just chilling irresponsibility, and the Fed allowed it. And then when they upped the stakes, they basically just blast these bad actors.”
Bradford Betz of FOX Business contributed to this report.
Credit: www.foxbusiness.com /