Robert Kiyosaki has warned about the possible role of the U.S. dollar in the financial collapse that he believes is threatening America.
“America has been violating all of these laws of money for all these years, and the world says, ‘We’ve had enough of this,’ so they’re joining the BRICS. (…) That means 70% of the world’s population that used to use the dollar is going to take [it] and say, ‘We don’t want it anymore.’”
Triffin’s dilemma at play
According to Kiyosaki, what is currently at play is the implications of the so-called Triffin’s dilemma, named after Belgian-American economist Rober Triffin who, in 1960, exposed a fundamental problem in the global monetary system that led to a trade deficit as the country printing the international reserve currency had to be willing to provide an extra supply of it to fulfill world demand.
“So what’s gonna come back is a tidal wave of this toilet paper upon America and this little $35 [silver] coin here – I don’t like to make predictions – but I’d rather have this than this [dollar] here. And it’s really tough to get people to say, ‘No, I’d rather have toilet paper,’ it makes no sense to me.”
Alternatives to ‘toilet paper’
Finally, Kiyosaki had one last warning for his viewers, arguing that “when these things start to explode, and [the countries] don’t want them anymore because the BRICS is gonna take this down, you’re gonna wish you had some more of these $35 silvers because this is still real money.”
Featured image via The Rich Dad Youtube Channel
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