A former US Treasury official has warned that the American banking system is “not safe” and the collapse of the five largest US banks can incur losses twice as much as the world’s Gross Domestic Product (GDP).
Former US Assistant Treasury Secretary Paul Craig Roberts said on Monday that despite US President Joe Biden’s recent statement about the safety of bank deposits after the collapse of two major banks, the banking system in the US is not capable of covering the risks associated with banks’ collapse.