(Kitco News) – The S&P 500 has lost 18% of its value over the year, and it will only get worse, according to Robert Kiyosaki, best-selling author of the rich dad, poor dad series. Kiyosaki suggested that investors protect their portfolios with “durable assets” like gold, silver and livestock as the “biggest crash in history” unfolds.
Kiyosaki spoke with Michelle Makori, editor and main anchor of Kitco News.
“Anything that can be printed, like a stock certificate, a bond or a dollar, I don’t want that,” he said. “I’m a big fan of gold, silver, oil and food… I’m a big fan of sustainable assets.”
He suggested that these assets are “insurance” rather than an investment.
“My response is always to buy more gold and silver,” Kiyosaki said. “It’s not an investment…I buy gold and silver for a reason, because if things go wrong, I can spend it anywhere in the world.”
Kiyosaki’s latest book is The Capitalist Manifesto.
In June, Kiyosaki tweeted that canned tuna was the “best investment” as food shortages became more likely. Analysts have suggested Europe could struggle with food supplies this winter, and Copa-Cogeca, the EU farmers’ union, has warned of food shortages due to rising energy costs.
Kiyosaki has previously said such shortages could reach the United States. He told Makori that he invests in breeding to guard against this eventuality.
“I invest in Wagyu cattle,” Kiyosaki said. “People talk about farmland and stuff, but I think the cattle are awesome. You can still eat the thing.”
Kiyosaki said Biden’s decision to shut down the Keystone XL pipeline, under the guise of environmentalism, was part of a scheme to weaken the middle class and instill Marxism in America.
“Biden is a communist,” he said. “When he took away the Keystone XL pipeline, he destroyed the middle class, because civilization runs on fuel and food… He’s doing exactly what Marx said to do.”
Kiyosaki explained that “socialists come in the guise of environmentalists”, increasing government control over the economy in order to bring about socialism. He also said that Marxists had infiltrated the American education system.
“In 1930, the [Marxists] took over the teachers college from Columbia University,” he explained. “Our country learns about communism through teachers in university schools.
However, Kiyosaki maintained that he would always fight for the freedoms enshrined in the US Constitution.
“I always fight for our freedom,” he said. “Do you want to be a Communist? It’s your freedom. Do you want to be a Buddhist? I fight for this. Do you want to be a Christian? I fight for this. I fight for freedom.”
For Kiyosaki’s price target for gold, watch the video above
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