Renowned financial expert Robert Kiyosaki has warned of the U.S. dollar's impending demise, amid the five-nation BRICS group's plan to launch a gold-backed cryptocurrency.
The author of "Rich Dad, Poor Dad" fame issued this warning in a tweet that referenced the 2023 BRICS Summit in South Africa. He wrote: "In Johannesburg … [the] BRICS nations [will] announce gold-backed crypto. [The] U.S. dollar will die, and trillions of U.S. dollars [will] rush home. Inflation [will spike] through the roof."
Kiyosaki appears to envision the BRICS announcement as a catalyst for a paradigm shift in global finance, if it pushes through. Thus, he advised people to purchase physical gold and silver. He also called for investments in Bitcoin, which he predicted to increase in value by $120,000 within the next year.
According to the financial educator, the U.S. is burdened by unfunded liabilities – including Social Security – that amount to more than $250 trillion. This, he added, makes the U.S. effectively bankrupt.
The Bretton Woods Agreement of 1944 cemented the U.S. dollar as the world's reserve currency. Because of its dominance and stability, many governments and central banks rely on it – but that is no longer the case nowadays.
The five-member BRICS group of leading emerging economies – Brazil, Russia, India, China and South Africa – earlier announced its intent to establish a new international reserve currency. This new reserve currency, based on a basket of currencies from various countries, would reduce the world's dependency on the U.S. dollar for world trade. (Related: Russia, China making moves to replace U.S. dollar as world's reserve currency.)
"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," Russian President Vladimir Putin said during the June 2022 BRICS Business Forum. He added that BRICS member states are also developing reliable alternative mechanisms for international payments.
Kiyosaki: "Fake" dollar driving American empire to its demise
Back in February of this year, Kiyosaki told Kitco News that the "fake" dollar is driving America's decline. The author has been a critic of the Federal Reserve's monetary policies, and has also been vocal about the greenback's devaluation.
"This dollar became the reserve currency of the world – in other words, the dollar was as good as gold, he said. "That's all changed, and today, we're in serious trouble globally. I'm very concerned the end of the American Empire is here."
Kiyosaki's apprehensions stem from the continuous printing of money by the Fed and the Department of the Treasury. He believes that this only served as a temporary fix that failed to address the underlying issues since the 2008 financial crisis. Given this, he warned against relying on paper assets and recommended investing in tangible ones.
He previously highlighted the repercussions of the dollar's collapse during a 2022 appearance on the Brighteon.TV program "Thrive Time Show." Kiyosaki told program host Clay Clark that the demise of the U.S. dollar could have a devastating impact on the financial holdings of the Baby Boomer generation – including stocks, bonds, mutual funds and exchange-traded funds.
Geopolitical shifts, such as Saudi Arabia's pivot away from the U.S. to forge closer ties with China and Russia, could further erode the dollar's dominance, he noted. Riyadh's decision to trade in other currencies and establish new partnerships is seen as a significant development that could contribute to the diminishing influence of the U.S. dollar in the global financial landscape.
Follow DollarDemise.com for more about the end of the greenback as a reserve currency.
Watch Robert Kiyosaki expounding on the bigger effects of the U.S. dollar's collapse in this September 2022 edition of "Thrive Time Show."
This video is from the BrighteonTV channel on Brighteon.com.
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Thrive Time Show: Robert Kiyosaki warns Clay Clark that the US dollar’s end is near – Brighteon.TV.
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