(PatrioticPost.com)- In a recent interview on Fox Business, author and financial analyst Robert Kiyosaki predicted that the troubled bond market could mean that the Zurich-based Credit Suisse investment bank will be the next bank to face insolvency.
While appearing on “Cavuto: Coast to Coast” on Monday, Kiyosaki, who predicted the devastating collapse of Lehman Brothers in 2008, said as the volatile bond crashes as rising interest causes bond prices to fall, Credit Suisse could be at risk of collapse.
Kiyosaki, the founder of the Rich Dad Company, also voiced concern over individual retirement accounts and pension plans, telling Cavuto that the American taxpayer is ultimately impacted the most by bank bailouts. He said right now, the US dollar is “losing its hegemony” as the world’s currency. This will lead to the Fed printing more and more money “to keep this thing from sinking.”
Just hours later, Credit Suisse admitted in its annual report that it has a “material weakness.”
The investment bank recently disclosed that the Securities and Exchange Commission had raised concerns over revisions made to its cash-flow statements and related controls for FY2021 and 2022.
The bank said it was adopting a plan to remedy the problem after it found that the bank’s reporting procedures in FY2021 and FY2021 were “not effective.”
Silicon Valley Bank, New York’s Signature Bank, and the crypto-friendly Silvergate Bank all collapsed within days of each other, forcing the Biden administration to scramble to contain the fallout.
On Sunday, administration officials announced that account holders at Silicon Valley Bank would be able to access all of their money starting on Monday and the cost would not be paid by American taxpayers.
In brief remarks from the White House on Monday President Biden addressed the crisis, saying the US banking system was “safe” and assuring businesses and individuals that they can “breathe easier” knowing that their deposits would “be there.”
The president reiterated that taxpayers will not bear the cost of covering the deposits, explaining that the money will come from the fees banks pay to the Deposit Insurance Fund.