Which will be the next bank to fail? The man who predicted the 2008 Lehman Brothers collapse has the answer

After the collapse of Silicon Valley Bank (SVB) and Signature Bank of the United States last week, another bank is expected to encounter a stroke of bad luck. Finance expert Robert Kiyosaki, who co-authored the bestselling book Rich Dad Poor Dad, has predicted that Zurich-based investment bank Credit Suisse will be the next to fail due to trouble in the bond market, reported Newsweek. Notably, Kiyosaki had forecast the 2008 collapse of Lehman Brothers – an American global financial services firm – that spurred the financial crisis worldwide. Why does Robert Kiyosaki believe Credit Suisse will fall? Let’s understand. The bank predicted to crash Speaking to Fox Business, Kiyosaki said he is “concerned” about Credit Suisse, the world’s eighth-largest investment bank. He attributed his fear to the “perfect storm” caused by the bond market crash and the forthcoming retirement of “his generation of baby boomers”. “The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse, because the bond market is crashing,” the investor said, as per Australian website news.com.au. “The bond market is much bigger than the stock market. The Fed (US Federal Reserve) is up and they’re the firemen and the arson.” “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… trying to keep this thing from sinking,” the financial expert added. [caption id=“attachment_12297692” align=“alignnone” width=“640”] Robert Kiyosaki has said he is ‘concerned’ about investment bank Credit Suisse. Reuters File Photo[/caption] The Wall Street analyst also advised people to invest in silver and gold. “Like I said, again, I think the Fed and the FDIC (Federal Deposit Insurance Corporation) signaled they’re going to print again, which makes stocks good. But this little silver coin here is still the best, it’s 35 bucks, so I reckon anybody can afford $35, and I’m concerned about Credit Suisse,” the Rich Dad Poor Dad author said, according to New York Post.

Two Major Banks have crashed. #3 set to go. BUY real gold and silver coins now. No ETFs. When Bank #3 goes gold & silver rocket up. 2008 I forecasted collapse of Lehman days before it crashed on CNN. If you want proof go to RICH DAD .com. Will be on Neil Cavuto on FOX on Monday.

— Robert Kiyosaki (@theRealKiyosaki) March 10, 2023

Earlier in March, Kiyosaki sounded the alarm on the global economy, predicting its downfall. ALSO READ: Will Silicon Valley Bank collapse impact India? Is Credit Suisse in trouble? Trouble has been brewing for Switzerland’s second-biggest bank for some time now. Its shares declined to a record low of 10.5 per cent on Wednesday (15 March) after its largest investor said it could not provide more financial assistance to the Swiss bank. “We cannot because we would go above 10 per cent. It’s a regulatory issue,” Saudi National Bank chairman Ammar Al Khudairy said, as per Reuters. On Tuesday, Credit Suisse published its delayed 2022 annual report where it acknowledged “material weaknesses” in its internal controls over financial reporting. Following the report, its shares dropped to as low as 4.5 per cent before gaining some ground, reported Reuters.  [caption id=“attachment_12297732” align=“alignnone” width=“640”] Trouble has been brewing for Switzerland’s second-biggest bank for some time now. Reuters File Photo[/caption] As per its annual report, the bank saw a large number of customer withdrawals in the fourth quarter, with outflows of over 110 billion Swiss francs ($120 billion), as per Reuters. On 9 March, the shares of Credit Suisse had plunged after it postponed the publication of its annual report following the US Securities and Exchange Commission (SEC) raising questions about its previous financial statements for 2019 and 2020. In February, Credit Suisse reported that, in 2022, it witnessed its biggest annual loss since the 2008 global financial crisis after clients pulled funds from the bank. The bank further forecast a “substantial” loss for this year, reported Reuters. On Monday, the Swiss bank’s share price fell over 14 per cent after the collapse of the two American banks prompted a slump in European banking stocks. Swiss regulator FINMA has said it is monitoring the situation to ascertain any potential risk of contagion from the SVB’s failure. Last October, Graham Stephan, a real estate investor, said Credit Suisse could be in a “critical moment” after the bank’s credit default swaps (CDS) costs reached their highest level since 2008, reported Finbold. Credit Suisse has also been embroiled in a number of scandals in recent years, which have spooked investors and clients. In January 2022, the Swiss bank’s chairman, Antonio Horta-Osorio, stepped down after being found violating COVID-19 rules. The next month, the bank again hit headlines again as it was accused of having human rights abusers and sanctioned entrepreneurs as its clients. The bank was also found guilty by Switzerland’s Federal Criminal Court last June for not doing enough to prevent money laundering by a Bulgarian cocaine trafficking ring, reported Newsweek. This made it the first Swiss bank to be subjected to such criminal proceedings. Last October, the Swiss bank reached a €238 million ($256 million) settlement to end a French investigation concerning an alleged money laundering and tax evasion scheme between 2005 and 2012. As per NDTV, Credit Suisse has lost around 80 per cent of its market value since it was hit by the bankruptcy of UK firm Greensill in March 2021. With inputs from agencies Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.