Robert Kiyosaki blasts China as ‘foolish’ says stock market is ‘in trouble’
The prominent investor and author of the best-selling personal finance book, “Rich Dad Poor Dad,” Robert Kiyosaki, has been a prominent bear – though a bear with an optimistic spin – on both the U.S. economy and the global economies for a long time.
On Thursday, March 21, Kiyosaki took to X to state his opinion that the efforts of the Chinese government – implemented earlier in 2024 – to stabilize its stock market are both foolish and desperate.
The author explained that the actual problem facing China’s economy goes beyond the stock market slump that wiped out approximately $7 trillion since 2021, and it is, in actuality, the fact that global consumption has significantly decreased.
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Rober Kiyosaki offers advice to investors
While Kiyosaki also opined that “this is not the time to buy stocks and bonds,” he stated that the best thing an investor can do under the current circumstances is to buy commodities such as gold and silver, and the world’s foremost cryptocurrency – Bitcoin (BTC).
Kiyosaki has been a bull on the three assets for multiple years and has consistently been sharing his reasoning for why they are the best investments one can make, most recently explaining why silver is, in particular, a strong buy as of March 2024.
Despite commonly discussing what he calls the incoming “biggest crash in history,” Kiyosaki has actually been relatively optimistic, frequently claiming that crises are beneficial for traders as they enable them to buy valuable assets for relatively little money.
Finally, the author has already been partially vindicated as gold has been, despite some jitters, climbing consistently and even closed above $2,200 for the first time on March 20, and, earlier in the same month, Bitcoin hit a new all-time high price near $73,000.
China’s ‘desperate’ efforts show early success
While Kiyosaki has become a vocal critic of China’s efforts to stabilize its stock market, the drive has, so far, shown some signs of succeeding.
After a particularly bloody January which saw approximately $1 trillion wiped from the country’s stock market, later months brought notable recovery, and one of the most important indices for mainland stocks – the CSI 1,000 – even had the best day in its history on February 6, though it is yet to fully erase its 2024 losses.
The other important indices – the CSI 300 and the HSI – have reacted to the rescue injection in a similar fashion respectively being 5.75% and 0.44% in the green year-to-date (YTD).
Featured image via Kitco YouTube
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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