Robert Kiyosaki cautioned this week that soaring prices, slumping home sales, and droves of workers losing their jobs could lead to an economic crisis and mass unemployment in the US.
“WARNING: Inflation may lead to Greater Depression,” he tweeted. “Real estate crashing. Foreclosures up 700% from last year. Layoffs starting. Dominos falling.”
The “Rich Dad Poor Dad” author was likely referring to US inflation hitting a 40-year high and home sales slowing to a two-year low in June, a recent increase in foreclosures, and a wave of layoffs at Microsoft, JPMorgan, and other leading employers.
Kiyosaki also urged people to evaluate whether their jobs would be at risk in a recession.
“Is your work … or company you work for vital to economy? Are you necessary?” he tweeted. “If you are … you will do well. Take care.”
As asset prices surged to dangerous levels, the personal-finance guru repeatedly warned the pandemic will lead to a painful and prolonged slump in markets and economic activity could follow.
“We are in BIGGEST BUBBLE in world history,” he tweeted in March. “Bubbles in stocks, real estate, commodities & oil. FUTURE? Possible DEPRESSION with HYPER-INFLATION.”
“EVERYTHING BUBBLE turning into EVERYTHING BUST,” he tweeted in April. “Could this be start of biggest depression ever?”
Despite this, the founder of Rich Global and the Rich Dad Company sees a market crash as an opportunity to scoop up bargains.
“Do not miss the GREATEST SALE on EARTH,” he tweeted earlier this month, stating that he had cash ready to buy cheap bitcoin and real estate.