Ken Griffin, founder of the Citadel hedge fund, has said the intervention by the US Government in the banking crisis unfolding in the United States marks the beginning of the end of capitalism in the United States.

Griffin noted that given the strength of the United States economy, the government did not need to step in and guarantee all deposits, regardless of size. In an interview with the Financial Times, Griffin said, “It would have been a great lesson in moral hazard. Losses to depositors would have been immaterial, and it would have driven home the point that risk management is essential.”

He went on to point out, “We’re at full employment, credit losses have been minimal, and bank balance sheets are at their strongest ever. We can address the issue of moral hazard from a position of strength.”

He also laid blame on the United States Federal Reserve, noting the regulator “was the definition of being asleep at the wheel.”

He went on, “The US is supposed to be a capitalist economy, and that’s breaking down before our eyes. There’s been a loss of financial discipline with the government bailing out depositors in full.”

On Friday, Silicon Valley Bank, which held more than $200 billion in assets just a few months ago, collapsed after what analysts called “a classic case of bank run.” This collapse of one of the country’s largest tech lenders triggered growing concerns over the health of the United States financial sector.

As the bank appeared to struggle for capital after selling assets at a loss, depositors rushed to withdraw their funds. As SVB’s shares crashed, regulators were forced to swoop in and seize the bank. It was the largest collapse of a financial institution since the financial crisis of 2008.

The collapse of SVB came on the heels of the collapse of crypto-focused lender Silvergate, which revealed its pending liquidation on Wednesday, and just before the seizure of the crypto-focused lender Signature on Sunday, after it endured its own bank run.

Moody’s ratings agency designated the First Republic Bank and five other American lenders as being on review for a downgrade on Tuesday. Since then global banking stocks have been plummeting.