Despite their disagreements on issues such as Bitcoin (BTC), bestselling personal finance author “Rich Dad Poor Dad” author Robert Kiyosaki and popular economist and gold enthusiast Peter Schiff have reached a consensus on one thing – 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 not with the dollar,” and that “the fiat currency system is on the verge of imploding,” during an episode of his “Rich Dad Channel” podcast with Kiyosaki on June 26.
Destructive Consequences
According to the economist, reinstating the gold standard in this situation would have devastating consequences for the already declining living standards in the US, as he believes that the standard of living in the US “will collapse” and the Federal Reserve may exacerbate inflation by issuing Fedcoin.
“Fedcoin will only make things worse. This will just make it easier for the Fed to create inflation, because they’re not creating paper currency, they’re creating digital currency.”
Furthermore, Schiff believes that many people will blame the upcoming “financial disaster” on capitalism, the rich, and bankers and advocate for complete government control due to the current praise for socialism.
How to Preserve Wealth
Therefore, he emphasizes that the best way to protect wealth and retirement in this situation is to “take action now, divest yourself from dollar-denominated assets, and buy some physical – foreign stocks, real estate, gold, and silver,” and adds: “You have to get out of dollars. You have to understand the magnitude of the change that is coming and the far-reaching impact it will have on the standard of living in America.”
Kiyosaki agrees with his guest’s views, concurring that the US dollar is indeed facing the danger of imminent demise, “the rich are getting richer, the poor and middle class are getting poorer,” and “anyone saving dollars now is a loser, because (the Fed) keeps printing dollars.”
Robert Kiyosaki vs. Peter Schiff on Bitcoin Viewpoints
As a result, he has long believed that “the poor and middle class want job security with stable pay, but no job security” and “fake dollars,” investing 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, labeling the first cryptocurrency as 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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