Although they sometimes disagree on issues like Bitcoin (BTC), the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, and a popular economist and gold bug, Peter Schiff, do agree on one thing – that the United States is looking at a massive financial collapse.
Indeed, Schiff explained that the “fiat-based monetary system is on the verge of implosion” as the “dollar collapses and the world returns to the gold standard – just without the dollar,” as he joined Kiyosaki for an episode of his The Rich Dad Channel podcast streamed on June 26.
Devastating consequences
According to the economist, returning to the gold standard under such conditions would lead to devastating consequences for the already declining American standard of living, which he believes is “going to collapse,” and the US Federal Reserve might make the inflation worse by issuing Fedcoin.
“Fedcoin is just going to make the problem worse. That’s just going to make it easier for the Federal Reserve to create inflation because instead of creating paper currency, they just create digital currency.”
Furthermore, Schiff believes that, because of the current glorification of socialism, as he sees it, a lot of people will blame capitalism, rich people, and bankers for the upcoming “financial apocalypse” and advocate for the government to take full control of everything.
How to preserve wealth
Therefore, he stresses that the best way to protect one’s wealth and retirement in such a situation would be to “take action now to divest yourself of US dollars and dollar-denominated assets and buy some real things – foreign stocks, property, gold, and silver,” adding that:
“You’ve got to get out of the dollar. You’ve got to understand the enormity of the change that is about to take place and the profound impact it’s going to have on the standard of living in the United States.”
Chiming in with his guest’s views, Kiyosaki concurred that the US fiat currency was, indeed, looking at its imminent demise, that the “rich are getting richer, the poor and middle class are getting poorer,” and that “anybody saving dollars is a loser right now because [the Fed] keep printing it.”
Robert Kiyosaki vs. Peter Schiff Bitcoin views
Therefore, he has long argued that “the poor and middle class want jobs that promise a steady paycheck but offer no job security” and “fake $,” which they invest in stocks, bonds, mutual funds, & [exchange-traded funds (ETFs)],” when they should save gold, silver, Bitcoin, as the rich do.
At the same time, Schiff doesn’t believe Bitcoin is a good choice, referring to the maiden cryptocurrency as a “failure” and urging the “ignorant” young people, who prefer the largest asset in the crypto sector by market capitalization over gold, to reconsider their choices.
Watch the entire video below:
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