Rich Dad Poor Dad author Robert Kiyosaki says America’s debt, which grew by $240 billion in November, is putting the country in grave danger.
Fresh data from the U.S. Treasury shows that the national debt rose from $33.637 trillion on November 1st to $33.878 trillion by the end of the month, which is also a $2.46 trillion increase year on year.
In a new interview with Fox Business, Kiyosaki says America’s propensity to print more money has damaged the nation’s fiscal foundation.
“[Cash] became trash, and so they just kept printing and printing and printing. All you have to do is look at history. Every time they printed money the empire went down, and I hate to say this because I love America, but America is in serious trouble financially because of the debt load.”
The best-selling author, who has been vocally bullish on precious metals and Bitcoin (BTC) as hedges against currency debasement, says that cash will continue to devalue as he doesn’t see a scenario where the US government stops printing money.
“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, and unless we either cut down on entitlements or the military – which we won’t do – I would rather have gold than cash, that they can print…
“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.”