The Former US President Donald Trump predicted a new major recession in the US, basing his conclusions on the current events that hit the US economy.
On Sunday, Trump wrote on Truth Social network: “We’re going to have a great depression, much worse than it was in 1929, and to prove my words, the banks are already starting to fail”.
Trump put the blame on the current US President, Joe Biden, calling him the “new Herbert Hoover” (the former US president 1929 to 1933, during the great depression), meaning that he will face the fate of his predecessor in the late 1920s, when the United States witnessed at that stage the largest recession in the history of the US economy, specifically in 1929 (the great economic crisis).
It’s noteworthy that a few days ago, the Silicon Valley Bank announced its bankruptcy, which is the bank that ranks 16th in the list of the largest American banks.
US President Herbert Hoover ruled during the era of the major economic crisis, as the country was struck on October 24, 1929, by a great depression, and there was a collapse in the stock market in the United States, 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.