The author of the best-selling personal finance book “Rich Dad Poor Dad”, Robert Kiyosaki, and popular economist and gold enthusiast Peter Schiff have reached a consensus on one thing, despite their differences on issues such as Bitcoin (BTC) – the United States is facing a large-scale financial collapse.
In fact, Schiff explained that as the “dollar collapses, the world returns to the gold standard – just without the dollar,” the “fiat currency system is on the verge of implosion,” he said on June 26 while watching an episode of his “Rich Dad Radio Show” podcast with Kiyosaki.
Destructive Consequences
According to Schiff, reinstating the gold standard in this scenario would have destructive consequences on the already declining standard of living in the United States. He believes the standard of living in the U.S. “will collapse,” and the Fed may exacerbate inflation by issuing Fedcoin.
“Fedcoin will only make things worse. It will make it easier for the Fed to create inflation because they’re not creating paper currency, they’re creating digital currency.”
Additionally, Schiff believes that due to the current praise for socialism, many people will blame the upcoming “financial disaster” on capitalism, the rich, and bankers, and advocate for complete government control.
How to Preserve Wealth
Therefore, he emphasizes that the best way to protect wealth and retirement in this scenario is to “take action now, get out of dollars and dollar-denominated assets, buy something real – foreign stocks, real estate, gold, and silver,” adding:
“You have to get out of dollars. You have to understand the magnitude of the change that is coming and the profound impact it will have on the standard of living in America.”
Kiyosaki agrees with his guest’s viewpoint, concurring that the U.S. fiat currency is indeed in danger of imminent demise, “the rich are getting richer, the poor and middle class are getting poorer,” “anyone saving dollars right now is a loser because they’re printing the damn things.”
Robert Kiyosaki vs. Peter Schiff’s Bitcoin Views
He has long believed that “the promise of a stable paycheck, but no job security” and “fake money” that the poor and middle class seek, they invest in stocks, bonds, mutual funds, and exchange-traded funds (ETFs), “when they should be saving in gold, silver, and Bitcoin like the rich.”
Meanwhile, Schiff does not see Bitcoin as a good choice, calling the first cryptocurrency a “failure” and urging “ignorant” young people to reconsider their choices, as they prefer assets with the largest market value in the cryptocurrency industry, rather than gold.
Watch the entire video below:
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