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The S&P 500 has lost 18 percent of its value over the year, and it is only going to get worse, according to Robert Kiyosaki, best-selling author of the Rich Dad, Poor Dad series. Kiyosaki suggested that investors protect their portfolios with "hard assets" like gold, silver, and livestock, as the "biggest crash in history" unfolds.
Kiyosaki spoke with Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News.
"Anything that can be printed, like a stock certificate, a bond, or a dollar, I don't want it," he stated. "I'm a hardcore gold, silver, oil, and food buff… I'm a hardcore hard assets person."
He suggested that these assets are "insurance" rather than an investment.
"My answer is always to buy more gold and silver," said Kiyosaki. "It's not an investment… I buy gold and silver for one reason, because if push comes to shove, I can spend it anywhere in the world."
Kiyosaki's latest book is The Capitalist Manifesto.
Food Shortages
In June, Kiyosaki tweeted that canned tuna is the "best investment," as food shortages become more likely. Analysts have suggested that Europe could struggle with food supplies this winter, and Copa-Cogeca, the EU's farmer union, warned of food shortages due to higher energy costs.
Kiyosaki has previously stated that such shortages could reach the United States. He told Makori that he invests in livestock as a hedge against this possibility.
"I invest in Wagyu cattle," said Kiyosaki. "People talk about farmland and all that stuff, but I think cattle are great. You can always eat the thing."
Creeping Marxism
Kiyosaki said that Biden's decision to shut down the Keystone XL oil pipeline, under the guise of environmentalism, was a part of a ploy to weaken the middle class, and to bring about Marxism in America.
"Biden is a communist," he said. "When he took the Keystone XL pipeline off, he destroyed the middle class, because civilization runs on fuel and food… He is doing exactly what Marx said to do."
Kiyosaki explained that "socialists come under the guise of being environmentalists," increasing government control over the economy in order to bring about socialism. He also said that Marxists had infiltrated the U.S. education system.
"In 1930, the [Marxists] took over the Columbia University teachers' college," he explained. "Our country is being taught communism via the academic school teachers."
However, Kiyosaki maintained that he would still fight for the freedoms enshrined in the U.S. Constitution.
"I still fight for our freedom," he said. "You want to be a communist? It's your freedom. You want to be a Buddhist? I fight for that. You want to be Christian? I fight for that. I fight for freedom."
To find out Kiyosaki's price target for gold, watch the video above
By Cornelius Christian
For Kitco News
