Robert Kiyosaki, best known as the author of the personal finance classic Rich Dad Poor Dad, recently took to X with a warning: "Banking crash has begun. Oklahoma bank shuts its doors. Watch out – bonds and commercial real estate markets [are] next to go."
If you follow Kiyosaki at all, you know It's not the first time he has sounded alarms about the financial system. He's been vocal for years about his concerns regarding economic stability, repeatedly predicting market crashes and urging people to prepare for potential upheavals.
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But is there substance behind his latest statement or is it another speculative forecast?
Kiyosaki's post references the Oct. 18 closure of The First National Bank of Lindsay, a small community bank in Oklahoma. Federal regulators, specifically the Office of the Comptroller of the Currency (OCC), shut down the bank due to "false and deceptive" financial records – essentially, fraud.
The Federal Deposit Insurance Corporation (FDIC) quickly stepped in as the receiver to protect the bank's customers and maintain public confidence. Despite the intervention, about $7.1 million in deposits exceeded FDIC insurance limits, meaning some depositors could face losses.
This closure marks only the second U.S. bank failure in 2024, the first being Republic First Bank in Philadelphia in April, which shut down over financial losses and insufficient capital reserves. However, the First National Bank of Lindsay is a relatively small institution with roughly $107.8 million in total assets. Its failure, while serious for those affected, doesn't necessarily indicate deeper systemic issues – at least not yet.
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Kiyosaki predicted that bonds and commercial real estate markets could be "next to go." But why?
Understanding his reasoning helps one examine the current economic climate. Rising interest rates, high inflation and reduced consumer spending create challenges for these sectors. The bond market, in particular, has been impacted by the Federal Reserve's decision to keep interest rates high, which has reduced bond values. Meanwhile, commercial real estate is facing a crisis, as work-from-home trends have left many office spaces underused or empty, squeezing property owners' income.
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