“Rich Dad, Poor Dad” author Robert Kiyosaki told his 2.3 million followers on Twitter to shop till they drop before rising interest rates kill “capitalism.”
What Happened: Kiyosaki said “retail prices are dropping” in his post. “Rich brands on sale. Buy before systemic inflation is in control. Inflation is systemic, not transitory.”
“Buy Prada, Panerai, Polo, gold, silver, BC before brands become expensive,” said the financial guru.
Why It Matters: Last year, Kiyosaki asked his adherents to stock up on toilet paper and trash bags to beat inflation.
At the time he also advocated purchasing gold, silver, and canned foods. Kiyosaki said at the time that he didn’t trust the Federal Reserve.
Last month, the author said a “Giant crash is coming” and depression was possible. His comments come amid a backdrop of a vibrant job market but inflation acting as a pushback.
Last week, the Federal Reserve hiked interest rates by another 0.25%, raising rates for the ninth straight time to tackle rising inflation.
The latest rate hike brought the target fed funds rate to a range between 4.75% and 5% — the highest level since the 2008 financial crisis.
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Photo: Shutterstock and Gage Skidmore on flickr
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