The Wall Street analyst and investor who called the collapse of Lehman Brothers of 2008 has revealed which bank he thinks will go bankrupt amid the shock of the Silicon Valley Bank (SVB) closure.
Rich Dad Co-founder Robert Kiyosaki said, “The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank is Credit Suisse.”Cavuto: Coast to CoastMonday, “because the bond market is crashing.”
Days after SVB, the California-based bank primarily used by tech industry companies and startups, declared bankruptcy, New York-based Signature Bank Announced its closure to protect consumers and the financial system.
Similar to SVB, Signature Bank was popular among crypto companies. The institution provided deposit services for its customers’ digital assets, but did not provide collateralized loans to them.
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announced the closure in a joint statement From the US Treasury Department, 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. The regulators also claimed that soon similar support would be extended to the customers of Signature Bank.
Kiyosaki further explained how the bond market – the economy’s “biggest problem” – would put the US in “serious trouble” as he expects the US dollar to weaken.
“The US dollar is losing its symmetry in the world right now. So they’re going to print more and more of it,” said the expert, holding up a dollar bill, “trying to keep this thing from sinking.”
He expressed concern over pension plans and individual retirement accounts (IRAs) in the current market environment, adding American taxpayers will be hit hardest. by bank bailout,
“My generation, the boomers, we’re trying to retire. So it’s a perfect storm in many ways,” Kiyosaki said. “Like I said, again, I think the Fed and the FDIC have indicated they’re going to print again, which makes the stock look good. But this little silver coin is still the best, it’s 35.” Rupees, so I guess anyone can buy $35.” , and I’m worried about Credit Suisse.”
Amid hyperinflation and printing more money, Kiyosaki advises to seek or buy silver and gold investment during a volatile market.
“The Fed and the FDIC are signaling hyperinflation, which makes gold and silver even better because this stuff is garbage. They’re going to spread more and more of this fake money, and that’s what the Fed and the FDIC are signaling.” : We are going to print it as much as possible to prevent the crash from intensifying, said the market expert. But they are the people who are causing it.’
On “Mornings with Maria,” best-selling author and founder of The Bear Traps Report, Larry McDonald, warned of similarities between the SVB collapse and Lehman BrothersWhich was originally predicted by Kiyosaki.
“And from what I saw inside Lehman and what we learned just over the weekend about how this bank is managing itself,” the expert continued, “this is just bloodthirsty irresponsibility and the Fed enabled it.” And then when they raised the rates, they’re essentially blowing out these bad actors.”
Fox Business’ Bradford Betz contributed to this report.