The most senior officials from the US Federal Reserve, the European Central Bank, and the Bank of England are expected to take part in a desktop stress test to respond to another Lehman Brothers-style collapse.
They pointed to weak oil revenue, which crashed by 50% in January from a year earlier, and a budget deficit that continues to widen, even after Putin hiked taxes on consumers. A Moscow business executive also told the Post that the crisis could arrive in "three or four months" amid spiraling inflation, adding that restaurants have been closing and thousands of workers are getting laid off.
"I use debt as money and I don't save cash because in 1971 the dollar became debt," he added, referring to the Nixon shock, where the former president ended the convertibility of the US dollar into gold, devalued the currency, and ultimately, led to the rise of cryptocurrencies. Instead, Kiyosaki uses debt to buy assets, like gold, which can withstand market crashes and spiraling inflation-unlike cash saved in the bank. "If I go bust, the bank goes bust," he added. "Not my problem."