FX168 Financial News Agency (Europe) report: Renowned best-selling author of "Rich Dad Poor Dad" Robert Kiyosaki warns that the banking crisis has begun, with a bank failure in Oklahoma, and bonds and commercial real estate markets on the verge of collapse. He urges market investors to remain cautious. #BankingCrisis#

(Source: Twitter)

According to Banking Dive, earlier in October, the Office of the Comptroller of the Currency (OCC) closed the First National Bank of Lindsay in Oklahoma and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC announced on the same day that First Bancorp and Trust Company based in Duncan, Oklahoma have agreed to acquire the failed bank's insured deposits.

(Source: Banking Dive)

The Office of the Comptroller of the Currency in the USA stated that following the discovery of false and deceptive bank records and other indicators of fraud leading to the depletion of the bank's capital, they intervened in the investigation, finding that Lindsay Bank was in an unsafe or unsound operational condition.

Carl Goss, a partner at the law firm Hunton Andrews Kurth, mentioned that customers may not have suffered significant losses, but the biggest blow is to the reputation. He indicated that the value of shareholders' equity has evaporated and added that employees may continue to work for the bank, but once the transition is complete, they may face dismissal.

Goss said, "The management team is almost certain to lose their jobs, and depending on the specific circumstances, they may face criminal or civil liability."

Goss said that once the Office of the Inspector General of the Federal Deposit Insurance Corporation reviews and publishes the investigation results on this mistake, the public may have a clearer understanding of the situation – a process that will take about six months.

Lindsay First National Bank is the second bank to collapse in the USA this year, following the closure of Republic First Bank in Philadelphia in April, ending the board of directors' internal struggle that had split the bank for two years.

In 2023, a total of 5 banks collapsed, including Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.

For a long time, Qingzaki has been skeptical about the current situation of the US economic banking industry and its impact on the global economy, as everything in the world is dominated by the dollar. The bestselling author believes that the dollar is a "false" asset of a corrupt and broken monetary system with no chance of redeeming its value.

Therefore, he predicts the most severe crisis since the Great Depression of 1929 is imminent.

Instead, he believes that scarce assets like gold, silver, and bitcoin are the saviors. Considering its decentralized nature and the fact of its emergence out of thin air, this cryptocurrency is even referred to as "the people's money" by Qingzaki.

"Why do I like bitcoin? I become poorer when I store fake legal dollars, and I become richer when I store bitcoin. That's why I like bitcoin," he explained on Twitter.

(Source: Twitter)

He continued:"When money is abundant...the products of life...become abundant and cheap. That's why I love bitcoin and life. When money becomes scarce and expensive...the price and richness of life will decrease. I support a life based on the bitcoin standard...because I like everyone's life to be rich and affordable, not just the wealthy. I vote for the 'bitcoin standard.' What will you vote for?"

(Source: Twitter)

This bestselling author believes that the limited supply and intrinsic value of these assets are the only way to save funds in the financial market storm, which has been very intense.