Former US President Donald Trump blamed current head of state Joe Biden for the economic problems of the United States and predicted a new Great Depression, reports TASS.
“With what is going on with our economy and with the biggest and stupidest tax increase in US history being proposed, Joe Biden will go down in history as Herbert Hoover. ) of the modern era. We are going to have a great depression, much bigger and more powerful than the one in 1929. As proof, the banks are already starting to collapse!!!” he wrote on his Truth Social social network.
On Friday, the California Department of Financial Protection announced the bankruptcy of the 16th largest bank in the United States – Silicon Valley Bank. It primarily served employees from the high-tech sector and venture capital-funded companies, including some of the industry’s most established brands.
CNN reported that it was the largest bank failure in the US since the 2008 financial crisis.
The Great Depression was a global economic crisis that began on October 24, 1929, with the stock market crash in the United States, and lasted until 1939. Industrial cities were the hardest hit, construction almost completely stopped, agricultural prices plummeted , and mass unemployment is ravaging the country.
Meanwhile, Biden tweeted that he was determined to hold “those responsible for this mess fully accountable and to continue our efforts to strengthen oversight and regulation of the bigger banks so we don’t end up in this situation again.”
The American people and American businesses can be confident that they can use their bank deposits when they need them, he added.
Later in the day, the American president is expected to make a statement in which he will assure his compatriots of the stability of the banking system.