Rich Dad Poor Dad author Robert Kiyosaki is declaring the United States bankrupt because of its more than $250 trillion in unfunded liabilities.
Kiyosaki tells his 2.4 million Twitter followers that the best store of value for their wealth is in gold, silver or Bitcoin (BTC) as he warns of worsening economic times ahead due to mounting unfunded US government costs.
“Politicians debating raising $30 trillion US debt limit bad comedy, ‘kabuki theater.’ Facts are: US bankrupt. Unfunded liabilities as Social Security are over $250 trillion. Financial market ‘derivative assets’ measured in quadrillions… thousands of trillions. WTF. Buy G, S, BC. (Gold, silver, Bitcoin).”
The author previously predicted a crash-landing for the economy because the Federal Reserve has raised interest rates since last March in an effort to draw down inflation.
He has blamed the Fed’s monetary tightening policies for the crash of regional banks and has warned more bank collapses are likely.
Warning of recessionary times ahead, Kiyosaki maintains that gold, silver and Bitcoin are the best hedges. He predicted in April that Bitcoin will eventually surge to $100,000 and even higher.
Legendary investor Stanley Druckenmiller has also issued a warning about America’s fiscal situation, claiming that the nation’s debt liabilities and costs could force the government to make drastic cuts to social service programs like social security and Medicare.
Druckenmiller said in a recent keynote speech that if the US accounted for what the government owes to the future senior citizens of America, the US is actually closer to $200 trillion in debt. The US national debt is currently estimated at $31.7 trillion.
According to him, the government should reduce its social programs immediately to avoid a worse economic situation down the road.
“It is time that we let go of the false pretense that cutting entitlements is a choice. It is not. Either we cut them today or we will have to cut them much more tomorrow.”
Featured Image: Shutterstock/Natalya Yudina/WindAwake
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