Robert Kiyosaki, the author of the popular book Rich Dad Poor Dad, has shared his insights on how to determine if the economy is in a recession. Kiyosaki, whose book has been a bestseller for over six years, believes that if your neighbor loses their job, it signifies a recession, while if you lose your job, it signifies a depression. He simplifies the concept and advises people to become entrepreneurs to avoid relying on a job.
Kiyosaki has been warning about a recession for some time now. In January, he stated that the world is in a global recession, highlighting the rise in bankruptcies, unemployment, and homelessness. He has also expressed concerns about a potential depression, predicting a “giant crash” and the possibility of a severe financial crisis.
To prepare for unstable times, Kiyosaki recommends investing in gold, silver, and bitcoin. He believes these three assets are the best options during uncertain economic conditions. Additionally, he has recently emphasized that more banks are on the verge of failure.
Many experts share Kiyosaki’s concerns about a recession. Economist Steve Hanke has predicted an “ugly” recession, while Peter Schiff expects a “massive” recession and a severe financial crisis. Bank of America is preparing for a mild recession, while Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, believes the U.S. economy is heading towards a “severe deflationary recession.” However, Blackrock CEO Larry Fink does not foresee a major U.S. recession this year.
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