The United States is on the verge of a new Great Depression due to the fault of the current owner of the White House, Joe Biden, former US President Donald Trump said on March 12 on his social network Truth Social.
So Trump commented on the bankruptcy of one of the largest US banks, Silicon Valley Bank (SVB), which went bankrupt in just two days.
“Based on what is happening with our economy, <…>, Joe Biden will become the Herbert Hoover of the modern era. We will have a Great Depression, much worse than in 1929. As proof, the banks have already started to fail,” Trump wrote.
Earlier, on March 12, Biden announced his speech on protecting the American banking system. He also vowed to bring those involved in “this mess” to justice.
In response, Russian Foreign Ministry spokeswoman Maria Zakharova said that US attempts to “support” its banking system would cause even greater problems in the world.
Also on that day, it became known that the US authorities are not considering the possibility of buying out the bankrupt Silicon Valley Bank. Then Yellen stressed that the current situation is different from the financial crisis of 2008, when the government bailed out many banks to protect the country’s economy.
The US bankruptcy of Silicon Valley Bank became known on March 11. It was reported that the organization went bankrupt in less than two days. After the bank made an unsuccessful operation with securities, depositors began to withdraw funds sharply from their accounts.
