Businessman and author Robert Kiyosaki yet again warned of an impending economic crash, adding that it may actually “turn into a depression.”
What Happened: Kiyosaki, known for his self-published personal finance book series “Rich Dad Poor Dad,” in a post on X, said, “Soft landing is a fantasy. Crash landing more likely.”
He added that he had warned of this “giant crash” in a book he published way back in 2012. “This next crash may turn into a depression.”
See Also: Expecting a Recession? This is Where to Put Your Money for The Greatest Upside
Kiyosaki also reminded his followers that 2024 would be an election year and urged Americans to vote for a conservative candidate and not for “liberal woke greenie Marxists” like Joe Biden.
“If Liberals are elected, they will turn USA into a Marxists state like Russia, China, Cuba. Please vote for our freedoms,” he wrote.
Why It Matters: This is not the first time Kiyosaki has sounded such an alarm. He has warned of a crash at least four times this year alone.
Although early 2022 saw two consecutive quarters of negative GDP growth — the textbook definition of a recession — a government/political agency declined to declare one, citing other factors.
In the face of a ballooning $33 trillion U.S. debt and the potential economic shockwaves from persistent high-interest rates from the Federal Reserve, several analysts have stuck to their predictions of a hard landing on the horizon.
Even bullish investment firms are now forecasting a recession despite the consensus of continued growth and solid stock gains.
However, it was reported this week the U.S. is experiencing deflation for the first time in three years, prompting industry experts to predict that inflation might hasten back to the Federal Reserve’s 2% target by the latter half of next year. Prominent hedge fund managers as well as brokerages have predicted a series of rate cuts next year.
Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.46% lower, while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) shed 0.59% on Wednesday, according to Benzinga Pro. They are, however, up 19.42% and 45.59%, respectively, this year.
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