Old photos show protests related to the 2008 economic crisis, not bank protests in 2023
- This article is more than one year old.
- Published on March 30, 2023 at 10:49
- 6 min read
- By AFP Thailand
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"There's been protests in the United States as people can't withdraw all their money from banks," reads in part a Burmese-language Facebook post shared here on March 14, 2023.
The post, which has been shared 72 times, features several photos that appear to show people protesting against financial institutions.
The post was shared after the collapse of the California-based Silicon Valley Bank (SVB) on March 11.
US authorities seized the bank's assets after a run on deposits made it no longer tenable for the bank to stay afloat on its own.
The collapse of SVB -- the biggest US bank to fail since 2008 -- sparked a crisis of confidence among customers of similarly sized US banks, with many withdrawing their money and depositing it into bigger institutions seen as too big for the government to not bail out in a crisis.
The Facebook post goes on to ask: "Do you remember how the United States set fire to Myanmar's banks to get them to collapse?
"Now US banks have fallen while Myanmar's banks have not gone bankrupt. They reap what they sow."
The posts appears to be referring to the United States' condemnation of the February 2021 military coup that toppled Aung San Suu Kyi's civilian government.
Washington has targeted the economic resources of Myanmar's military regime by imposing sanctions on companies with ties to the banking sector.
The photos were also shared in Facebook posts here, here and here alongside similar claims they show recent protests in the United States.
But the photos have been shared in a false context. They have in fact circulated in reports about protests related to the 2008 economic crisis that occurred years before Silicon Valley Bank collapsed in 2023.
March on Wall Street
One of the photos circulating online appears to show people wearing handcuffs and black-and-white prison uniforms, with the names of "Bank of America", "Citigroup" and "Morgan Chase" written on placards hung from their necks.
A combined reverse image and keyword search on Google found the corresponding photo in AFP's archives here.
The photo's caption reads: "Thousands of workers and union members gather for a rally and a march on Wall Street April 29, 2010 to protest lost jobs and the taxpayer-funded bailout of banks. The rally was organized by the AFL-CIO and an association of community groups. AFP PHOTO /TIMOTHY A. CLARY".
Below is a screenshot comparison between the photo used in the false post (left) and the AFP photo (right):
The photo was also used in an article by US-based news channel CNN here about the demonstration in New York City.
It is captioned: "Protesters march in New York on Thursday, calling for banks to be held accountable for their role in the recession."
The article says protesters rallied to "voice their anger over what they perceive as the roles Wall Street and big banks played in America's economic crisis", referring to the 2008 crash that caused tens of millions of people to lose their homes, led to hundreds of millions losing their jobs and destroyed trillions of dollars in wealth.
Lehman Brothers protest in London
Another photo circulating in the false post shows a woman holding up two placards, which both say: "Arrest Top Main Board Bankers".
A reverse image search on Google found the corresponding photo in the archive of the Alamy photo agency here.
Its caption reads: "Protesters demonstrate outside The Royal Exchange and The Bank of England on the 10th Anniversary of Lehman Brothers collapse. They are asking that the Government and the banks don't penalise the poorest in society and take more responsibility for their actions. Credit: Mark Thomas/Alamy Live News".
The collapse of the 150-year-old investment bank Lehman Brothers in September 2008 -- the biggest bankruptcy in American history -- precipitated the worst global economic crisis since the 1930s.
Below is a screenshot comparison between the second photo seen in misleading posts (left) and the Alamy’s photo (right):
Anti-bailout rally
Two more photos shared in the false post appear to show people protesting on Wall Street, New York's financial district.
A reverse image search on Google found one of these photos on the website of photo agency Getty Images here.
The photo is captioned: "People rally in front of the New York Stock Exchange in the financial district against the proposed government buyout of financial firms September 25, 2008 in New York City. In response to the global financial crisis, protesters, from a variety of activist groups, denounced the capitalist system, Wall Street and the Bush administration. (Photo by Spencer Platt/Getty Images)".
Below is a screenshot comparison between the photo used in the false post (left) and the Getty Images photo (right):
A Google reverse image search found the other photo appearing to show protesters on Wall Street was posted on photo-sharing website Flickr here by Alane Golden.
Its caption reads in part: "New Yorkers Protest the US$850 BILLION (US$3 TRILLION) Wall Street BAILOUT: Wall Street, NYC - September 25, 2008".
CNN and the Los Angeles Times reported that the protest on Wall Street was part of a wider public backlash against the US government's proposal to use tax dollars to rescue financial institutions.
Below is a screenshot comparison between the photo in the false post (left) and Golden's photo on Flickr (right):
Myanmar fact-checking organisation Channel News Independent has also debunked this claim here.
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