“It’s the end of the dollar system. The end is near for the U.S. dollar,” the author told Clark during the Sept. 19 episode of “Thrive Time Show” on Brighteon.TV. “I’m very concerned, and it’s more than just the United States.”
Kiyosaki’s concern had legitimate ground, as he feared the dollar’s collapse could wipe out stocks, bonds, mutual funds and exchange-traded funds for the Baby Boomer generation he belonged to.
“We are in serious trouble because the only reason our stocks, bonds, mutual funds are up is because the Federal Reserve and the Department of the Treasury just kept printing more and more money,” he told Clark. “Instead of fixing the problem from 2008, they just kept printing more money. And it’s about to come to an end.”
According to the renowned author, he does not like anything that can be printed – more so anything printed by the U.S. government.
“So that’s why when I say to people – ‘Buy gold, silver and Bitcoin’ – you want to stay in what I call real assets, tangible assets, and that’s my opinion,” Kiyosaki advised.
Following the 1944 Bretton Woods Agreement, many leading governments and central banks have depended on the U.S. dollar to support the value of their own currencies. The dollar gets extra legality in the eyes of domestic users, currency traders and participants in international transactions by nature of its position as a reserve currency.
BRICS group working to unseat dollar as world’s reserve currency
Clark pointed out that the BRICS group – consisting of Brazil, Russia, India, China and South Africa – are working together to replace the dollar’s dominance as the world’s reserve currency. He also emphasized that the BRICS nations comprise 41 percent of the world’s population. (Related: Russia, China making moves to replace U.S. dollar as world’s reserve currency.)
According to the “Thrive Time Show” host, the BRICS countries are considered to be the five foremost emerging economies in the world. Because of this, many other nations are planning to join the group – including Egypt, Saudi Arabia, Mexico, Nigeria, Venezuela, Algeria, Iran, Turkey and Argentina.
The BRICS group shares similarities with the so-called Group of Seven (G7), which Moscow was a member of for 17 years. However, Russia was expelled from the group in 2014 following its occupation of Crimea.
A report from the Indian newspaper Economic Times expounded on this plan, quoting Russian President Vladimir Putin.
“The issue of creating an international reserve currencies based on a basket of currencies of other countries is being worked out,” he said during the June 2022 BRICS Business Forum. Putin added that member states are also developing reliable alternative mechanisms for international payments, and that the group has been boosting the use of local currencies for trade agreements.
“What happened in 2021, I believe – when we abandoned Afghanistan on that day, Saudi Arabia shifted allegiance [away] from America. [From] trading in petrodollars, Saudi Arabia switched sides to China and Russia,” Kiyosaki commented.
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