Because the New York-based Signature Financial institution grew to become the third banking large to shut after Silicon Valley Financial institution (SVB) and Silvergate, proper after Robert Kiyosaki had predicted one other collapse, the writer has extra bleak warnings and has as soon as once more suggested shopping for his staple of Bitcoin (BTC), gold, and silver.
Certainly, the writer of the best-selling private finance e-book ‘Rich Dad Poor Dad,’ mentioned the above banks “went WOKE and went BROKE,” that the crash and disaster had been “just starting,” and that “pensions, IRAs [individual retirement accounts], 401k went WOKE going broke,” reiterating his recommendation to “buy more G, S, BC [gold, silver, Bitcoin],” in a tweet posted on March 15.
With this tweet, Kiyosaki was making a connection between the monetary disaster and the so-called ‘woke’ tradition, which generally refers to being “aware of and actively attentive to important societal facts and issues (especially issues of racial and social justice),” however can also be utilized by right-wing politicians to criticize the politically liberal stance they take into account unreasonable or excessive.
Finish of capitalism?
Extra just lately, the writer additionally warned concerning the upcoming “end of capitalism,” as he referred to america Senate testimony by Treasury Secretary Janet Yellen relating to the 2024 finances and her reply to Oklahoma Senator James Lankford by way of the appliance of uninsured deposit thresholds in making the depositors complete.
“Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? (…) Will they get the same treatment that SVB just got, or Signature Bank just got?” the Senator requested.
Yellen admitted that not all depositors could be protected over the FDIC insurance coverage limits of $250,000 per account and that authorities refunds of uninsured deposits wouldn’t be prolonged to each financial institution that fails however solely to those who pose a systemic danger to the monetary system.
“A bank only gets that treatment if a majority of the FDIC board, a supermajority of the Fed board, and I, in consultation with the President, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.”
As Lankford highlighted, because of this small neighborhood banks would turn out to be much less interesting to depositors with greater than $250,000 as a direct results of making use of these requirements and thresholds first launched (and prolonged) following the 2008 monetary disaster.
In the meantime, Kiyosaki has warned that “more fake money” within the type of the U.S. greenback would “invade sick economy” as the federal government bailouts start in response to the latest disaster, in addition to criticizing President Joe Biden over claims that this rescue technique for the banks wouldn’t harm American taxpayers.