Robert Kiyosaki, author of “Rich Dad Poor Dad,” is warning that raging inflation could spark a historic depression. “WARNING: Inflation may lead to Greater Depression,” he tweeted. “Real estate crashing. Foreclosures up 700% from last year. Layoffs starting. Dominos falling.” In other news, Alfonso Peccatiello, author of “The Macro Compass,” told Kitco News that we are “literally in a recession.” He predicts that the recession should last at least four quarters, adding that the fall in GDP will be on the order of “two to three percent.”
Business Insider/Theron Mohamed
‘Rich Dad Poor Dad’ author Robert Kiyosaki warns raging US inflation could spark a historic depression – and sounds the alarm on layoffs, home sales, and foreclosures
Soaring prices, slumping home sales, and droves of workers losing their jobs could herald an economic crisis and mass unemployment in the US, Robert Kiyosaki cautioned this week.
“WARNING: Inflation may lead to Greater Depression,” he tweeted. “Real estate crashing. Foreclosures up 700% from last year. Layoffs starting. Dominos falling.”
The “Rich Dad Poor Dad” author was likely nodding to US inflation hitting a 40-year high and home sales slowing to a two-year low in June, a recent jump in foreclosures, and a wave of layoffs at Microsoft, JPMorgan, and other leading employers.
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A recession is here and is deepening; This is how investors can make gains – Alfonso Peccatiello
As the Federal Reserve prepares to raise rates on July 27th to fight high inflation, some analysts are forecasting a recession.
Alfonso Peccatiello, Author of The Macro Compass, is one of them. Speaking with David Lin, Anchor and Producer at Kitco News, Peccatiello said that “we are literally in a recession.”
A recession is often defined as two quarters of negative GDP growth.
First-quarter U.S. real GDP fell by 1.6 percent, and the Atlanta Fed’s GDP tracker sees second-quarter real GDP falling by 2.1 percent. The second-quarter figures will be confirmed later this summer.
Despite his negative outlook for the economy, Peccatiello suggested that there is hope for savvy investors.
You can read the full article, here.
Tiananmen Square 2.0? China deploys tanks to prevent people from withdrawing money from crisis-hit banks
In a grim reminder of the 1989 Tiananmen Square Massacre, armoured tanks were seen deployed on the streets of China amidst large-scale protests by people demanding the release of their savings frozen by banks.
The country’s Henan province has been for the past several weeks witnessing clashes between police and depositors with the latter saying they have been prevented from withdrawing their savings from banks since April this year.
Fresh videos have surfaced online in which Chinese Peoples Liberation Army (PLA’s) tanks can be seen deployed on the streets to scare protestors. Large-scale protests are being held in the province by bank depositors over the release of their frozen funds.
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