Best-selling American author and entrepreneur, Robert Kiyosaki, has warned investors the global economy is heading for a crash soon.
In an exclusive video interview with SingSaver, the author of investing guidebook Rich Dad, Poor Dad says that “every 10 years, almost like clockwork, the market crashes.”
July 2019 will mark 10 years since the end of the Global Financial Crisis of 2009. This marks the longest period of economic expansion on record, surpassing the 1991-2001 internet boom.
“We’ve had three market tops… 2000 and 2008. We’re in the biggest bull market in the history of the world because the Fed kept printing fake money which blew up these asset classes so we’re in a very dangerous time right now,” said Kiyosaki, 72.
Kiyosaki joins a chorus of other experts who predict the stock market is heading for a crash soon, among them Nobel Prize-winning economist Robert Shiller and Nouriel Robini.
In recent months, U.S President Trump has been pressuring the Federal Reserve to lower interest rates to stimulate a flagging economy and bolster his bid for re-election in 2020.
US trade wars with China, Europe and Canada, political tensions in Iran and North Korea, Brexit and debt within the euro zone are other potential meltdown triggers.
Besides his books on investing, Kiyosaki is the founder of Rich Global LLC and Rich Dad Company and holds workshops around the world to educate investors on business and financial concepts.
Currently worth around $80 million dollars, the self-professed “capitalist” said the flip side to a crash is that a massive opportunity awaits savvy investors.
“Anybody tells you to invest for the long term, you’ve got to be silly. Because every 10 years, almost like clockwork, the market crashes.”
“Crashes make the rich richer, unfortunately, it makes the average investor poorer. So don’t be average, learn and understand markets. Markets go up and markets go down.
“When the whole sub-prime crisis came down, I borrowed US$300M to buy the best real estate in the whole world. So I love crashes, markets always crash.”
"Crashes are wonderful things, they'll make you rich if you're not caught and if you know what you're doing."
Watch Kiyosaki's Full Interview Below
Kiyosaki will be in Singapore on 23-24 October for the “Masters of the Century” workshop at Suntec Convention Singapore, organised by Success Resources. Tickets on sale now.
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