‘We’re F’d,’ Says ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Because Fed Chair Powell ‘Finally Admitted Inflation Is Winning’ – SPDR S&P 500 (ARCA:SPY)

Following Federal Reserve Chairman Jerome Powell’s hawkish inflation commentary on Wednesday, “Rich Dad, Poor Dad” author Robert Kiyosaki sounded out an alarm to the American public.

What Happened: “Powell finally told the truth,” Kiyosaki said in a post on X, formerly Twitter. The businessman and best-selling author noted that the Fed Chair finally admitted last week that inflation is winning.


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The dot-plot chart released along with the “Summary of Economic Projections” following the March Federal Open Market Committee meeting hinted at two to three rate cuts this year. Powell’s comments at the press conference that followed were dovish.

Powell has changed tracks since then. Last week the central bank chief said the Fed is in no hurry to cut rates, and on Wednesday while speaking to the Stanford Business, Government and Society forum, he said it wouldn’t be appropriate for the central bank to lower policy rate until it has more confidence in inflation moving sustainably toward the 2% target.

Kiyosaki said, “The Fed can no longer promise inflation at 2% or that inflation is ‘transitory.’” “Again he finally stopped lying. Congratulations.”

See Also: Best Inflation Stocks

Why It’s Important: Kiyosaki said most people do not understand the gravity of the Fed chair’s statement and its implication for them or their families or the world. “In my simple language it means ‘We’re F’d,’” he said.

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He warned that just as he predicted 27 years ago in his best-selling book, “savers are losers.” The dollar has lost about 95% of its purchasing power since 1913, the year the Fed and IRS were formed,” he said.

Kiyosaki also said trusting in political leaders will land Americans in trouble financially, and instead he advised taking control of one’s own money. He reiterated his confidence in gold, silver, and Bitcoin (CRYPTO: BTC).

If inflation were to resume its uptrend, safe haven assets would be a good bet for preserving one’s investment dollars. The U.S. dollar, given its store value, is considered a safe haven during times of economic uncertainty. Gold futures traded just shy of their record highs after they topped $2,300 on Wednesday. The SPDR Gold Shares (NYSE:GLD) has rallied over 11% this year.

Bitcoin is also considered a hedge against inflation, given its limited supply. That said, risks surrounding the less-regulated digital currencies and their volatility reduce their appeal.

The SPDR S&P 500 ETF Trust (NYSE:SPY), an exchange-traded fund that tracks the performance of the S&P 500 Index, rose 0.39% to $521.45, according to Benzinga Pro data.

Read Next: Never Mind Jerome Powell? Bullish Analyst Predicts Over 3 Rate Cuts This Year, Calls Recent Inflation Spike ‘Statistical Aberration’

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