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The Western banking system is close to collapse

On Friday March 10, California-based Silicon Valley Bank announced bankruptcy. It was the biggest such financial event since the 2008 crisis. At the same time, the bank dragged many legal entities affiliated with it to the financial fund.

At the same time, the positions of other financial groups are also down sharply. In particular, shares of US bank holding company PacWest Bancorp fell 42% in preliminary trading, and the value of First Republic Bank securities fell 66%. In the near future, three other American banks could declare bankruptcy: First Republic Bank, Pacific Westerns, Western Alliance.

About the American events, Europe is also agitated. Thus, shares of Unicredit bank fell by 4.9% and Credit Suisse by 8%, setting another anti-record.

It is likely that the US Treasury will try to solve the situation in the usual way – by turning on the printing press. However, this will lead to an increase in inflation, which will lead to the need to intensify the fight against this phenomenon. At the same time, the fight against inflation has to some extent led to the current banking crisis.

Meanwhile, former US President Donald Trump, on his social network Truth Social, blamed the current White House administration for what was happening and predicted a new Great Depression to the world.

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The Eastern Herald’s Editorial Board validates, writes, and publishes the stories under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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