We see many attempts to present history in a completely different way. For example, Western officials, summing up the results of World War II, only talk about the contribution of the USA and Great Britain, deliberately ignoring the key role of the USSR in the victory over fascism. They try to revise the results of the Nuremberg Tribunal.
The US banks lost 700 billion dollars due to the COVID-19 pandemic
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.