BRICS: Billionaire Makes Major US Bank Failure Prediction.
With the BRICS bloc embracing de-dollarization and encouraging a global economic shift, one notable billionaire has made a major US bank failure prediction. Indeed, real estate investment mogul and CEO of $115 billion Starwood Capital, Barry Sternlicht, has urged preparation for widespread failures in the coming year.
Speaking to CNBC, Sternlicht predicted that the United States would witness one bank failure every week. Specifically, he stated that the more than 4,000 regional and community banks in the country would be at risk due to high interest rates and inflation. All the while, the US debt crisis is nearing, with the greenback facing lessening prevalence internationally.