According to Kiyosaki, the stock market’s rise is attributed to the elimination of the U.S. debt ceiling.
Robert Kiyosaki, an American businessman and the best-selling author of Rich Dad, Poor Dad, disputes assertions that the world’s greatest economy is healthy and argues that the United States is insolvent because of the nation’s mounting debt.
In a recent tweet, Kiyosaki referred to the Wall Street Journal (WSJ) as “numb nuts” for their inability to determine whether the stock market increase was a result of President Joe Biden raising the United States’ debt ceiling.
Kiyosaki: America in Financial Crisis
Kiyosaki’s remarks were in response to a recent article by the Wall Street Journal, which asserted that the United States was avoiding a recession as a result of a number of factors, including a 2.4% economic growth in Q2 and a comparable gain in the nation’s gross domestic product, substantially quicker than experts had predicted.
Records showed a decrease in consumer expenditure, defying predictions of a downturn beginning in the middle of the year due to increasing interest rates. According to the Wall Street Journal, a stronger job market would increase the likelihood of “a soft landing,” in which inflation falls near the Federal Reserve’s 2% objective without a recession.
Kiyosaki, however, holds a different viewpoint. He thinks the stock market is increasing as a result of the lifting of the U.S. debt ceiling, as was previously reported earlier this month.
Recall that in June, Biden signed a law postponing the $31.4 trillion debt ceiling for the United States government until January 2025, preventing the country’s first-ever default. The suspension put a stop to the economic crisis that was threatening to wreck financial markets and start a recession. Since then, significant increases in the S&P 500, Dow Jones, and Nasdaq have led to claims of a better economy.
The eminent author asserted that because the national debt is out of control and rising along with the stock market, the Wall Street Journal’s assertions that the American economy is robust are false.
Bitcoin, Gold, And Silver Are Kiyosaki’s Preferences
Kiyosaki, who regularly refers to bitcoin (BTC), gold, and silver as genuine assets and real money, maintained his support and preference for them despite the deteriorating state of the American economy. According to him, the largest cryptocurrencies and precious metals will flourish and serve as buffers against the demise of the U.S. dollar.
The author of Rich Dad, Poor Dad, who supports BTC, thinks that the asset might rise to $120,000 in 2024 and reach $500,000 in 2025.
Get free access to our lifetime VIP membership. Join us here.
Leave a Reply