Former US President Donald Trump has said the United States is on the brink of another Great Depression due to the policies of current head of state Joe Biden. As proof, he cited the failure of American banks, which he spoke about on his Truth Social social network.
Based on what’s happening with our economy <…>, Joe Biden will become Herbert Hoover (American president from 1929 to 1933. – Editor’s note) of the modern era. We will have a Great Depression, much worse than in 1929. As proof (in my words - editor's note), the banks have already started to failwrites the presidential candidate.We are talking about the closing of Silicon Valley Bank (SVB) in California on March 10. This is the biggest bank failure since the 2008 crisis. The failure is associated with an increase in the Fed's key rate. This has devalued assets from the balance sheets of many financial institutions. Banks lost $620 billion last year, according to the FDIC.Earlier, Reuters reported that the US President is planning to issue a statement this morning (Washington time) related to the banking crisis in the country. In less than a week in the United States, three major banks have suspended their operations.Photos used: flickr.com
