The former US president blames bank failures on Joe Biden’s economic policies
The collapse of Silicon Valley Bank (SVB) was the fault of US President Joe Biden’s administration, Donald Trump has claimed, warning it could lead to a new Great Depression in the United States.
SVB, a major lender focused on tech and startups, which was the 16th largest US bank with over $200 billion in assets only a few months ago, imploded on Friday after what analysts called “a classic case of bank run.”
Alarmed over the state of the bank, depositors rushed to withdraw funds, which saw SVB’s shares crash and forced the Federal Deposit Insurance Corporation (FDIC) to shut the lender down.
“With what is happening to our economy, and with the proposals being made on the largest and dumbest tax increase in the history of the USA, times five, Joe Biden will go down as the Herbert Hoover of the modern age,” Trump wrote on his social media platform Truth Social.
“We will have a Great Depression far bigger and more powerful than that of 1929,” he continued. “As proof, the banks are already starting to collapse!!!”
A Trump spokesman later reiterated the claim, telling Business Insider that “out of control Democrats and the Biden administration have continued to pathetically try to blame President Trump for their failures with desperate lies, such as the CCP spy balloons, the train derailment in East Palestine, and now the collapse of SVB.”
Billionaire warns of SVB collapse aftermath
Read more Billionaire warns of SVB collapse aftermath
“This is nothing more than a sad attempt to gaslight the public to evade responsibility,” the spokesman noted.
Meanwhile, former Democratic presidential candidate Bernie Sanders has blamed a Trump-era banking law for the SVB’s breakdown.
“Let's be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed,” Sanders stated on Sunday, referring to the Economic Growth, Regulatory Relief, and Consumer Protection Act, signed into law by Trump in 2018.
The legislation, which was the most significant change to US banking regulations since the 2010 Dodd–Frank Act, provided tailored regulatory relief. It exempted smaller banks from strict regulations and relaxed rules for big lenders. The asset threshold for ‘systematically important financial institutions’ was raised from $50 billion to $250 billion.
SVB ended 2022 with $209 billion in assets, which means it was no longer classified as a systematically important financial institution.
https://www.rt.com/business/572882-trump-warns-new-great-depression/
US President Donald Trump confirmed on Wednesday the upcoming start of ground strikes against drug cartel targets in Latin America.
He made the remarks during Christmas greetings to the military.
Trump said the United States was "now going after the land" in its fight against drug cartel targets, noting that drug trafficking by sea was down 96 percent.
The U.S. president also extended special congratulations to the crew of the aircraft carrier USS Gerald R. Ford, currently deployed in the Caribbean.
BEIJING (Sputnik) - China has begun operating the world's first intelligent ultra-large oil tanker powered by methanol, the China Central Television (CCTV) reported on Monday.
The tanker, designed to transport crude oil, was successfully put into operation in the city of Dalian in China's northeastern coastal province of Liaoning, the report said. State-owned company Dalian Shipbuilding Industry Co Ltd independently designed and built the vessel, it added.
The tanker is approximately 333 meters (1,092 feet) long and can carry around 2.1 million barrels of crude oil, the CCTV reported. Designed to produce low emissions and having intelligent control capabilities, the tanker will serve the route to the Middle East, among others, according to the report.
The vessel is powered by a dual-fuel methanol engine, which reduces carbon dioxide emissions by 92% compared to conventional fuel, the CCTV reported. It is equipped with an intelligent ship platform, an intelligent liquid cargo ...
A car bomb has killed a senior General Staff member, officials have confirmed
Source: The Investigative Committee
A Russian general has been killed in a car bomb blast in Moscow, the Investigative Committee has reported.
Officials identified the victim as Lt. Gen. Fanil Sarvarov, head of operational training at the General Staff. According to the statement, an explosive device had been planted beneath the vehicle he was traveling in, and detonated on Monday morning in the southern part of the Russian capital.
The blast also damaged several other vehicles and seriously injured Sarvarov’s driver, media reports stated.
Russian officials said one line of investigation is an assassination carried out by Ukrainian intelligence services, noting that Kiev has previously used explosive devices in targeted killings of officials and public figures.
Last December, a bomb hidden in an e-scooter killed Lt. Gen. Igor Kirillov, commander of Russia’s Nuclear, Chemical, and Biological Defense ...
