NEW YORK, March 13. /TASS/. Former US President Donald Trump has blamed the incumbent, Joe Biden, for the economic problems of the United States and predicted a new Great Depression.

"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 Joe Biden will go down as the Herbert Hoover (US President in 1929-1933) of the modern age. We will have a great depression far bigger and more powerful than that of 1929. As proof, the banks are already starting to collapse!!!" he wrote on his social network Truth Social on Monday.

On Friday, the California Department of Financial Protection announced the bankruptcy of the 16th largest bank in the US, Silicon Valley Bank. It serviced primarily employees of the high-tech sector workers and venture capital-funded companies, including some of the industry's most well-established brands. According to CNN, this was the largest bank failure in the United States since the 2008 financial crisis.

The Great Depression was a global economic crisis that began on October 24, 1929 with the stock market crash in the United States. It lasted until 1939. Industrial cities were the hardest hit, construction almost stopped, farm produce prices plummeted and mass unemployment ravaged the country.