While a host of factors likely contributed to the collapse of Silicon Valley Bank, the major one was directly attributable to President Joe Biden and his administration, says President of Americans for Tax Reform, Grover Norquist.
"The president did this to us," Norquist said during an appearance on Newsmax TV's "Wake Up America."
"When President Biden and the Democratic Congress spent trillions of dollars that they didn't have on things that were only important to the Democratic Party's donor base, you made the currency ... worth less," he added.
"The American dollar was worth less when you have 6% inflation. A dollar, the dollar in your pocket, the money in your bank account, are all worth 94 cents instead of a dollar. And if you do that every year, it keeps going down. This is a huge problem. It showed up when they damaged the capital invested in this bank (SVB)."
Norquist explains that the currency bonds SVB was holding "are worth less. There's a bond that pays 1% with 6% inflation; it's much less valuable."
"This was caused by [Treasury Secretary] Janet Yellen and the president and their decision to spend too much money and print too much money. They did this to us, not some foreign country; the president and [the Democratic controlled] Congress."
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