Financial expert and author, Robert Kiyosaki, has recently voiced concerns over the increasing US national debt crisis. He warns that the country’s escalating debt, which saw an alarming increase of $240 billion in November alone, is pushing the nation towards a precarious financial precipice.
Soaring National Debt
Statistics from the U.S. Treasury reveal that the national debt escalated from $33.637 trillion at the beginning of November to a staggering $33.878 trillion by the end of the month. This represents a year-on-year surge of $2.46 trillion. Kiyosaki, who gained fame through his book ‘Rich Dad Poor Dad’, believes that the country’s fiscal foundation is being eroded by its continuous money printing habit. He stated, “[Cash] became trash, and so they just kept printing and printing and printing.”
Historical Consequences of Money Printing
Kiyosaki warns that history has shown the dire consequences of excessive money printing, often leading to the downfall of empires. He expresses his fears for the future of the US, saying, “I hate to say this because I love America, but America is in serious trouble financially because of the debt load.”
Future of Cash and Inflation
The financial guru, known for his bullish stance on Bitcoin (BTC) and precious metals as safeguards against currency debasement, predicts that cash will continue to lose value. He does not foresee a situation where the US government will stop printing money. He stated, “I hate to say this but inflation is here to stay. Incompetence is here to stay. They’re going to keep printing more money to pay for the debt.”
He further emphasizes the gravity of the situation by stating, “The worst part about it is our national debt. We’re bankrupt. And why don’t we say that? We just can’t keep printing more money to pay it off, and that’s really the problem, we just keep printing the money to solve our problems, when we can’t go on much longer.”
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