Disinfo: The US economy is decimated by the pandemic: 34 banks lose 700 billion dollars

Summary

The US banks lost 700 billion dollars due to the COVID-19 pandemic

Disproof

The article carries misinformative title which differs from its content. It suggests that the US banks have already lost 700 billion dollars due to the COVID-19 pandemic. The title is a deliberate misinterpretation of the results from the annual stress test of the Federal Reserve Board. According to the 2020 Annual stress test, in the worst case scenario, the top US banks could lose up to 700 billion dollars. This scenario would occur only if unemployment rates remain high and the economy does not bounce back from the downturn in the first two quarters of the year. Even in such scenario, this will not have the critical repercussions to the banking sector in the US, as the article is suggesting.

The article follows the series of disinformation narratives of the decline of the US as global and economic power.

publication/media

  • Reported in: Issue 205
  • DATE OF PUBLICATION: 26/06/2020
  • Language/target audience: Bulgarian
  • Country: US
  • Keywords: coronavirus

Disclaimer

Cases in the EUvsDisinfo database focus on messages in the international information space that are identified as providing a partial, distorted, or false depiction of reality and spread key pro-Kremlin messages. This does not necessarily imply, however, that a given outlet is linked to the Kremlin or editorially pro-Kremlin, or that it has intentionally sought to disinform. EUvsDisinfo publications do not represent an official EU position, as the information and opinions expressed are based on media reporting and analysis of the East Stratcom Task Force.

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Disproof

Recurrent pro-Kremlin disinformation on World War II and historical revisionism, accusing the West of rewriting history and trying to deprive Russia of its glorious victory over Nazi Germany. The claim about the attempted revision of the results of the Nuremberg trials, is speculative with no evidence provided. This disinformation narrative baselessly accuses Western countries of rewriting history and labels anyone daring to challenge the Kremlin’s version as “Russophobic”.

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Disproof

Recurring pro-Kremlin disinformation narrative on the annexation of Crimea claiming that Crimea has never belonged to Ukraine.

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Ukrainian army targets OSCE equipment

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Disproof

Recurring pro-Kremlin narrative that Ukraine is sabotaging peace in Donbas.

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