China is vulnerable to the European economy and US consumers, making Beijing prone to a banking crisis. Such an opinion in a conversation with the RIA Novosti agency expression Lawrence McDonald is the former Vice President of Lehman Brothers Financial Corporation.
When asked whether China would be resilient to a US banking crisis, he said, “China is very vulnerable to the European economy and to the American consumer.”
At the same time, the former banker described China as a country with “tangible assets” that will increase in value during the crisis.
McDonald was responsible for debt management for Lehman Brothers at the time of the lender’s bankruptcy in 2008. Lehman Brothers was the fourth largest investment bank in the United States. The bankruptcy of this organization is considered the beginning of the global financial crisis.
At the end of last week, the press service of the Federal Deposit Insurance Corporation (FDIC) reported It’s about the collapse of Silicon Valley Bank (SVB), an American investment that ranks 16th in terms of assets in the United States. SVB has been the largest bank to fail in the US in the last 15 years.