The collapse of big American banks after layoffs and cost cutting in the tech companies of America, which is called the super power of the world, is really scary. According to veteran American investment Bill Aikman, the condition of banks in America is going to get worse.
Recession sound or really recession.. Yes, till now you were hearing that recession has given a sound on the global level including America, but now seeing the situation that is being created, it seems that whether it is really Global Recessionhas arrived. Although US regulators and federal Reserve Saying that the situation is not like 2008 or Lehman Brothers. On the one hand, Pakistan is badly trapped in the debt trap, Sri Lanka has already drowned. Now big banks are getting closed one after the other in America.
Sinking of 3 big banks of a country like America within a week is really a shocking incident. Already due to the sound of recession in America, big tech giants like Twitter, Facebook, Google made quick layoffs. The argument behind these companies’ retrenchment was the sound of recession, they saw that the entire IT sector became the hub of retrenchment. Due to which lakhs of people had to lose their jobs.
Pakistan addicted to food
- Inflation in Pakistan has worsened the condition to such an extent that everyday things are now beyond the reach of the common man. Alam is that there is darkness in many cities of Pakistan, due to increasing expenditure, electricity is not available. .
- The debt burden on Pakistan has increased so much that now it is trying to take a new loan to repay the old loan, but it is unable to get that too.
- 70 percent of the country’s GDP is drowned in debt. According to government statistics, the government loan and other liabilities on Pakistan have reached 400 lakh crore Pakistan rupees.
- Talking only about government debt, this figure has crossed Rs 2.3 lakh crore.
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sri lanka drowned
- The present condition of Pakistan was more or less similar to that of Sri Lanka. Heavy debt drowned this country in such a way that it could not get up till the year 2016, the debt on Sri Lanka was 3 lakh 63 thousand crores, which has increased more than 6 times.
- Sri Lanka had high hopes from the tourism sector but Kovid ruined everything.
- Till 2018, the government used to earn 44 thousand crore rupees from this sector, which has come down to only 2 thousand crores.
- Foreign debt on Sri Lanka continued to increase. In the year 2010, the country had a foreign debt of $ 21.6 billion, which increased to $ 51 billion by 2022.
- The country with foreign exchange reserves of $ 10 billion got trapped in the quagmire of debt that by 2022 it would come down to $ 1.7 billion.
what will happen to america
You have seen the condition of Pakistan and Sri Lanka. Now let’s talk about America, the superpower of the world. After the layoffs and cost cutting of tech companies, now the collapse of big American banks is really scary. According to veteran American investment Bill Aikman, the condition of banks in America is going to get worse. According to Aikman, if the situation remains the same and the government does not take any concrete steps, then many more banks of America can also be affected by the closure.
read this also: Startups lost faith in Silicon Valley Bank, now looking for ways to withdraw money
chaos in the market
The collapse of big banks in America has affected all the markets of the world. If we talk about India, Indian markets have also come under its grip. In just three trading sessions, Indian investors have lost more than 7 lakh crores. Although the Reserve Bank, Federal Reserve and some agencies say that the condition of 2008 is not there yet, nor is anything like Lehman Brothers going to happen.
Source: www.tv9hindi.com”