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Former US official: The banking system in the United States is no longer safe
Arab and International / Economy |Yesterday, 22:11
[/rtl]Arab and International / Economy |Yesterday, 22:11
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Baghdad Today - Follow-up
The former Assistant Secretary of the US Treasury, Paul Craig Roberts, confirmed today, Monday, that the banking system in the United States is no longer safe and warned of the bankruptcy of 5 major banks in his country.
Roberts said, according to Sputnik, and followed it (Baghdad Today), that "the banking system in the United States is no longer safe, because there are 5 huge banks that are liable to incur large losses," stressing that "the Federal Reserve will have to reduce the interest rate, to avoid more bankruptcies." of American banks.
The former official added, "The Federal Reserve will have to avoid the policy of raising interest rates, because it undermines the balances of the banking sector, which will lead to an increase in the collapse."
Roberts pointed out that "the alternative option could be to pump a lot of money to bail out the credit institutions, which in turn would threaten the value of the dollar."
On March 10, the authorities in the state of California closed the "Silicon Valley" bank, and this is the largest bankruptcy in the United States since the financial crisis in 2008, and the bankruptcy is linked to an increase in the interest rate by the US Federal Reserve.
And the US authorities intervened in the crisis and decided, as of March 13, to allow all depositors of the "Silicon Valley" to access their savings.
After the collapse of Silicon Valley, Signature Bank was closed amid fears that the crisis would affect the banking sector as a whole in the United States.
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