Robert Kyosaki Predicts Fall Of Middle Class As BRICS Nations Move Away From Dollar

Robert Kiyosaki, an entrepreneur and author of the world-bestselling book, ‘Rich Dad Poor Dad’ has predicted that the middle class, especially in America would “crush” because of President Joe Biden’s political and macroeconomic policies that is according to him, making the Dollar become a “toast”.

In a recent interview with the London Real, Kyosaki who is a well-known investor claimed that the Saudi Arabia’s decision to join the BRICS group of nations was because Biden pulled out US troops out of Afghanistan in 2021.

Historically, the United States and Saudi Arabia have a longstanding security relationship. Jeff Colgan, an Associate Professor in the Department of Political Science, Brown University, in his book titled “Partial Hegemony: Oil Politics and International Order” published in 2021, noted that the core factor underpinning the US-Saudi Arabia relationship is that the US provides military protection of the Kingdom in exchange for oil supply from the Middle East nation; allowing the pricing of oil in US dollars, and Saudi support for American foreign policy operations across the world.

READ ALSO: South Africa Economy Could Benefit From BRICS Enlargement

The BRICS Group which the Saudi Arabia wants to join is an economic alliance that stands for the countries of Brazil, Russia, India, China and South Africa, formed in 2001. South Africa joined in 2010. Since South Africa joined the group, some other countries have expressed interest in joining the bloc including Argentina, Iran, United Arab Emirates, Egypt, Algeria, Argentina, Mexico and Nigeria, as South African Foreign Minister Naledi Pandor, stated in March.

Analysts say that members of the BRICS group are trying to position themselves as representatives of the Global South, providing “an alternative model to the G7”. The G7 is an “informal forum” of heads of state of the world’s most advanced economies, founded in 1975. Germany, France, the United Kingdom, Italy, Japan, Canada, and the US are members.

Kyosaki further predicted that 70 per cent of the world’s population will eventually be using the Chinese yuan as their main currency through the BRICS economic alliance, which he thinks will affect the value of the US dollar.

The investor, who had multiple times made a case for the adoption of Bitcoin, had last month reportedly, predicted that the US is headed for an economic recession and urged investors to start investing in the cryptocurrency (Bitcoin), gold, and silver.