Former US President Donald Trump said that the United States is on the verge of a “great depression” due to the policies of current White House President Joe Biden.
This happened according to what Trump wrote on his social network Truth Social, where he wrote: “Depending on what happens to our economy, Joe Biden will become Herbert Hoover (US President from 1929 to 1933 – ed.) in the modern the world. We will have a great depression, much worse than in 1929. In support of my words: the banks are already starting to collapse.
Regulators closed the Silicon Valley bank on March 10, the largest U.S. bank failure since the 2008 financial crisis. It turned out that the collapse of this bank is associated with an increase in the discount rate of the US Federal Reserve. system, which led to a decrease in the value of assets on the balance sheets of a number of financial institutions. In addition, after 3 days, the huge Signature Bank was closed by the authorities due to systemic risks.
Source: News