Personal Finance Expert Warns Of Economic Crisis This Month

The author of bestselling “Rich Dad, Poor Dad” predicts that a "giant" market crash coming in October has already been triggered and will bring down gold, silver, and Bitcoin with it, Justin Vallejo reported for the UK’s The Independent.

Photo Insert: Personal finance expert Robert Kiyosaki

Personal finance expert Robert Kiyosaki warned the crash is coming regardless of whether the US debt ceiling is raised or what measures are imposed by Treasury Secretary Janet Yellen or Federal Reserve chair Jerome Powell.

"This is going to be the biggest crash in world history. We have never had this much debt pumped up… the debt to GDP ratio is out of sight," Kiyosaki said.

Kiyosaki said the stock market was being artificially inflated by the Treasury Department and the Federal Reserve with decisions disconnected from the realities of the current economy in the United States.

The reason why Yellen and Powell are "scrambling," he said, is they’ve expanded the volume of money while the velocity of money is plummeting as no one spends and their cash lingers in savings. Kiyosaki said people don’t have to go to Harvard University to understand that "you can’t keep printing fake money … that’s not good."

"So they pump all this money in, prices go up," he told Kitco News on Wednesday. "So it is transitory inflation, but we’re stacked with this massive debt and all it’s done is bump up the stock market and real estate market."

He added: "The money has not gone into the economy, that’s the sad part. So the rich get richer, but the poor and middle class are getting poorer. It’s tragic what’s happening today."

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