Robert Kiyosaki, a co-founder of the Rich Dad Company, predicts Credit Suisse will be the next bank to collapse and urges investors to turn to gold and silver. Kiyosaki, the Wall Street analyst who called the 2008 Lehman Brothers’ bankruptcy, is warning that the bond market is crashing, putting the U.S. dollar in “serious trouble.” “The Fed and the FDIC is signaling hyperinflation, which makes gold and silver even better because this thing here is trash,” Kiyosaki said while holding a dollar bill. “They’re going to spread more and more of this fake money…to keep the crash from accelerating. But they’re the guys who are causing it.” As U.S. regulators have been trying to restore confidence in the banking system, strategists have concerns over the market’s underwhelming response to the latest drop in bond yields. “The market is sending a consistent message today: it fears that a U.S. recession is about to start,” Deutsche Bank’s George Saravelos said in a note to clients.
Fox Business/Kristen Altus
Investor who called Lehman collapse predicts the next big US bank failure
The Wall Street analyst and investor who called the 2008 Lehman Brothers’ collapse has revealed what bank he thinks will hit insolvency next amid Silicon Valley Bank (SVB) closure shockwaves.
“The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse,” the Rich Dad Company co-founder Robert Kiyosaki said on “Cavuto: Coast to Coast” Monday, “because the bond market is crashing.”
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MarketWatch/Joseph Adinolfi
Banking-industry jitters could mean more pain for stocks as the Fed’s battle with inflation is dragged out
Aftershocks from the collapse of three American banks in less than a week could spell more pain for stocks in the weeks ahead by creating new obstacles for the Federal Reserve in its battle against inflation, market strategists said.
U.S. authorities, including the Fed, the Treasury and the Federal Deposit Insurance Corp., jointly announced Sunday night that Signature Bank had collapsed over the weekend, following the failure two days before of Silicon Valley Bank and the closure of Silvergate Bank last Wednesday. The plan allowed depositors at SVB and Signature to access all of their money on Monday.
You can read the full article, here.
Daily Reckoning/James Rickards
Another Billionaire Bailout!
The financial world is today reeling from the failure of Silicon Valley Bank (SVB). SVB was an FDIC insured commercial bank regulated by the State of California and the Federal Reserve System.
On Friday, March 10, the FDIC abruptly closed the bank, moved some deposits to a newly created bank controlled by regulators, wiped out large deposits, and began a process of selling bank assets and gradually repaying creditors.
The big news came out yesterday that all SVB depositors will be made whole. They just tore up the rules and changed them on the fly.
You can read the full article, here.
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