“We’re Watching the End of the American Empire”, Warns Robert Kiyosaki
Robert Kiyosaki, the best-selling author of "Rich Dad Poor Dad" and renowned financial educator, has recently made headlines with his projection of the possible end of the United States dollar's global dominance as the world reserve currency.
In a recent Rich Dad Radio session on March 21, Kiyosaki explained his reasoning behind this projection.
According to Kiyosaki, the U.S. has been a “bully” for a long time due to USD’s position as the reserve currency. He referenced Gresham’s law, which states that “bad money drives out good money,” to explain why the dollar’s dominance may come to an end.
Kiyosaki likened the dollar to “toilet paper” and claimed that silver and gold are the “good money” that will likely replace the dollar.
“We’re watching the end of the American empire. Тhere’s a law called Gresham’s law,” Kiyosaki said.
“This is bad money here – it’s called the U.S. dollar. I call it toilet paper today.
And this is good money here – this is silver, and this is gold. So Gresham’s law is in action today. America has been kind of a bully because we had the reserve currency of the world.”
Kiyosaki also noted that other countries forming economic alliances indicates that the dollar’s period of domination may be ending. He cited the growth of BRICS (Brazil, Russia, India, and China) member countries opting to transact in another form of currency. He suggested the world has had enough of transacting in the dollar while supplying the United States with real goods.
“What the U.S. has been doing for a long time, they’ve been shipping people toilet paper, and they’ve been shipping us commodities like wheat, grain oil, food, gold, silver for finished goods,” Kiyosaki explained.
“All the people have been giving America cheap or wonderful goods for toilet paper, it’s coming to an end.”
Indeed, Kiyosaki has previously warned about the continued devaluation of the dollar, which he believes will likely make the currency worthless, especially with the excessive printing. In this line, he has termed the dollar “fake money.” He has advocated for investment in precious metals and cryptocurrencies, with a special focus on Bitcoin.
READ MORE: Biden Administration’s Economic Report on Bitcoin and Crypto: Highlights and Criticisms
Kiyosaki also projects a possible global economic crash, which he believes has been worsened by rising inflation. He blames the Federal Reserve for failing to contain inflation and suggests that the crash could be imminent.
In conclusion, the author’s projection of the end of the U.S. dollar’s dominance as the world reserve currency is based on Gresham’s law, the growth of economic alliances, and the continued devaluation of the dollar. He advises investors to focus on precious metals and Bitcoin as a hedge against the potential crash, which he believes could happen soon.