More Warnings of Collapse of Banking System

 Kiyosaki is not a Bible preacher.  We have no idea what his world view is but we are going to guess it’s not biblical.  But headlines with his doom predictions continue to make it onto the front page.  Today he’s saying that folks should take some cash out of the bank...before an unprecedented economic collapse.  

We have no idea if we will witness a financial collapse of USA.  Jesus mentions that people will be marrying, giving in marriage, eating, drinking, planting and building.  In other words, living normal lives, until Jesus shows up with the trumpet and summons His bride into the clouds.  We continue to hope that the US financial system hangs on until the rapture because if it collapses and drags the world down with it, I doubt there will be much planting, building and marriage planning going on.

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Robert Kiyosaki – author of the famous finance book Rich Dad Poor Dad – warned his followers on Sunday to take some cash out of the bank before what could be an unprecedented economic collapse.

“This may be the start of the biggest crash in history,” wrote the author in a post to X. ”Hope I am wrong yet no time to play Russian Roulette with your life.”

In general, bank credit is almost always upwards sloping, and only experiences noteworthy contractions in economically chaotic times.

According to Barchart, the other two times bank credit declined so far from its highs occurred at the peak of the dot com bubble in 2001, and after the global financial crisis in 2009.

Credit has climbed steadily ever since, ramping up significantly at the start of the Covid-19 pandemic in March 2020. That growth was interrupted later during the banking crisis in March 2023, when the failure of a slew of crypto-supportive banks took ~$260 billion in credit out of the system.

According to @multi_finance on X, most of the recent credit has come on the back of a major securities selloff for banks in need of cash. “The Banks have been forced to sell their Securities to cover the reapportionment of their Reserves at the 12 Federal Reserve Banks in conjunction with the Fed’s Q.T. program,” he said.

Kiyosaki’s Doomsday Predictions

Kiyosaki’s call for collapse is next in a long line of apocalyptic predictions from the author which, until now, are yet to ring true. In August, he predicted that the US dollar will soon die and that Bitcoin (BTC) will skyrocket to $120,000 in 2024.

The author has frequently advised followers to invest in scarce assets like silver, gold, and Bitcoin as a hedge against inflation and the inherently unstable banking system. A core tenet of his book is to grow rich by accumulating debt to purchase real estate and other assets that appreciate over time, rather than saving in in dollars.

https://cryptonews.com/news/bitcoin-bull-robert-kiyosaki-warns-followers-to-withdraw-cash-from-banks-before-biggest-crash-in-history.htm