Trump: The Great Depression is coming, much worse than it was in 1929

Former US President Donald Trump predicted a new major recession in his country, basing his conclusions on the current events that hit the US economy.

Yesterday, Sunday, March 12, Trump wrote on the social network owned by Truth Social: “We will have a great depression, much worse than it was in 1929, and to prove my words, here it is. Banks are already starting to go bankrupt.”

Trump: The Great Depression is coming, much worse than it was in 1929

According to Trump, the current US President, Joe Biden, will become the “new Herbert Hoover” (the former US president of the country from 1929 to 1933), meaning that he will face the fate of his predecessor in the late 1920s, when the United States of America witnessed at that stage the largest recession in the history of the economy. The American specifically in 1929 (the great economic crisis).

It is reported that a few days ago, the “Silicon Valley” bank announced its bankruptcy, and the “Silicon Valley” bank, based in Santa Clara, California, ranks sixteenth among the largest American banks with assets worth $ 209 billion, which makes the list of potential buyers who can implement Deal to buy it is relatively short.

According to CNN estimates, this event is the largest bankruptcy of an American bank in the past 15 years, that is, since the crisis of 2008.

US President Herbert Hoover ruled during the era of the major economic crisis, as the country was hit on October 24, 1929, by a great depression, and there was a collapse in the stock market in the United States of America, and the global economic crisis continued until 1939.

The crisis caused a partial halt to construction work in the country, prices of agricultural products fell rapidly, and about 14 million people were unemployed.

In the context, Russian Foreign Ministry spokeswoman Maria Zakharova announced that Washington would cause more problems in the world by trying to preserve its banking system.

“Why wait until evening? Every child can explain how the US authorities will maintain the stability of the banking system,” Zakharova said.

And she indicated, “With paper and colors, Washington will print more Unsecured dollarsWhich will lead to more problems in the world.”

Our pages on Facebook – Telegram channel – Twitter twitter