New Delhi: Switzerland-based Credit Suisse will be the next bank to fall, according to Wall Street analyst and investor Robert Kiyosaki, who had predicted the collapse of Lehman Brothers in 2008.
After the Silicon Valley Bank’s (SVB) insolvency, Credit Suisse would be the next to go because “the bond market is crashing”, Kiyosaki told Fox Business.
Days after California-based SVB – primarily used by tech companies – declared bankruptcy, New York-based Signature Bank announced it would shut down to protect investors. Signature Bank, like SVB, was popular with crypto companies.
“The institution provided deposit services for its clients’ digital assets but did not make loans collateralized by them,” Fox reported.
Kiyosaki further said the bond market – the US economy’s “biggest problem” – will put the U.S. in “serious trouble” as he expects the American dollar to weaken.
“The US dollar is losing its hegemony in the world right now. So they’re going to print more and more and more of this (the dollar)… trying to keep this thing from sinking,” he was quoted by Fox.
He also has concerns over pension plans and individual retirement accounts in the current US market environment, adding that the American taxpayer would be hit hardest by bank bailouts.
Also read: Why Silicon Valley Bank, a tech startup darling, collapsed and how US govt saved depositors