Bilderberg & Rothschild puppet Josef Ackermann …
… did a fabulous job in destroying Deutsche.
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Bilderberg & Rothschild puppet Josef Ackermann …
… did a fabulous job in destroying Deutsche.
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The closures are set to take place over the next few months , with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors.
On Sunday, Deutsche Bank published a list of the affected branches.
North Rhine-Westphalia is to be hit hardest, with 51 branches in Germany’s most populous state listed for the chopping board. In Bavaria eleven will close, eight of which are in Munich. Continue reading »
On the surface, things seem pretty quiet in mid-July 2016. The biggest news stories are about the speculation surrounding Donald Trump’s choice of running mate, the stock market in the U.S. keeps setting new all-time record highs, and the media seems completely obsessed with Taylor Swift’s love life. But underneath the surface, it is a very different story. As you will see below, the conditions for a “perfect storm” are coming together very rapidly, and the rest of 2016 promises to be much more chaotic than what we have seen so far.
Let’s start with China. On Tuesday, an international tribunal in the Hague ruled against China’s territorial claims in the South China Sea. The Chinese government announced ahead of time that they do not recognize the jurisdiction of the tribunal, and they have absolutely no intention of abiding by the ruling. In fact, China is becoming even more defiant in the aftermath of this ruling. We aren’t hearing much about it in the U.S. media, but according to international news reports Chinese president Xi Jinping has ordered the People’s Liberation Army “to prepare for combat” with the United States if the Obama administration presses China to abandon the islands that they are currently occupying in the South China Sea… Continue reading »
The cards have been tipped, and it appears Italy’s Prime Minister may have been right.
In the aftermath of Brexit, much of the investing public’s attention has turned to Italian banks which are in desperate need of a bailout as a result of €360 billion in bad loans growing worse by the day (and not a bail-in, as European regulations mandate, as that would lead to an immediate bank run) to avoid a freeze and/or collapse of Italy’s banking sector. This has pushed stock prices – and default risk – on Italian banks to record levels. So far Italy’s bailout requests have mostly fallen on deaf ears, as Germany’s political leaders have resisted Renzi’s recurring pleas for a taxpayer funded rescue. However, as we have alleged, and as the Italian Prime Minister admitted last week, the core risk for Europe is not just the Italian banking sector but the biggest bank of all in Europe: Deutsche Bank. Continue reading »
“It’s probably nothing…”
The headline-maker in Italy is Monte Paschi which has seen CDS soar post the regulatory ban on short-selling stock. At over 1700bps, this implies a 67% chance of default… crushing the hopes and dreams of 100s of thousands of mommas and poppas and Renzi’s dream of reelection…
As Bloomberg adds, Banca Monte dei Paschi di Siena’s subordinated bonds fell to a five-month low amid reports that Italy and the European Commission are in deadlock over how to boost the country’s broken banking system. Continue reading »
Here is the Bilderberg Rothschild puppet that destroyed Deutsche Bank:
Following today’s Fed minutes release, Jeff Gundlach had a far less “uncertain” message: “Things are shaky and feeling dangerous,” Gundlach told Reuters in a telephone interview.
It’s not just stocks that Gundlach was not too excited about, he also had some choice words about buying Treasuries here. “You’re seeing people who hated the ‘2 percent’ 10-year suddenly loving it at a 1.38-1.39 percent revisit of the all-time low closing yield,” Gundlach said. “If you buy 10-year Treasuries now, I would say, it is a terrible trade location. In fact, it is the worst trade location in the history of the 10-year Treasury.” Continue reading »
Several years ago, we were the first to point out the true “elephant in the room”, namely Deutsche Bank’s $75 trillion in derivatives which as we said at the time was about 20 times bigger than Germany’s GDP, and 5 times bigger than the entire economic output of the Eurozone.”
This was largely ignored by the “experts” because why bring attention to something which is fundamentally a devastating break in the narrative that “Europe is fine” and the financial crisis is now contained.
Fast forward to today when Europe is once again not fine, only this time one can’t blame Europe’s problems on Greece (instead the same “experts” are trying to blame everything in Brexit), when in a surprising admission of reality, none other than Italy’s prime minister Matteo Renzi, “went there” and slammed Deutsche Bank as the true “derivative problem” facing Europe.
Over three years ago we wrote “At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World” in which we introduced a bank few until then had imagined was the riskiest in the world.
As we explained then “the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank. The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000…. Or roughly $2 trillion more than JPMorgan’s.” Continue reading »
If there is one bank that is more concerned than any other about global central bank unorthodoxy, it is Deutsche Bank which as we reported yesterday, saw its stock price drop to a record low yesterday. As such it is not surprising that in his overnight note, DB’s Jim Reid focuses on the “broken financial system” and highlights the one indicator that confirms just how broken the system is: the Bund Yield.
This is what he said: Continue reading »
As reported yesterday, adding insult to injury to a bank that just hours earlier admitted that in addition to rigging everything else it has also been caught engaging in “stock fraud” at the same time as a new mortgage probe was launched against it, Deutsche Bank’s senior debt rating was downgraded by Moody’s to Baa2, just two notches above junk. For the bank with the tens of trillions in derivatives, being seen as an increasingly more distressed counterparty was not good news and explains why the CEO took the unexpected step of having to defend his firm following the downgrade.
As Bloomberg reports, DB’s CEO John Cryan said he was not happy with the Moody’s decision, his bank has never had more capital and could easily repay its debt many times over.:
“We are very disappointed,” Cryan said in an interview on the sidelines of the Institute of International Finance’s conference in Madrid. “We have enough capital to repay all of our debt four-times over.”
It is unclear if under debt he also included the bank’s gross notional derivative liabilities which are several tens of trillions worth. Continue reading »
Call it some no holds barred German bank on German bank action.
After a tumultous start to a year that Germany’s largest, and judging by the tens of billions in legal settlements and charges also its most criminal bank, Deutsche Bank, would love to forget, things got worse over the weekend when a note issued by another German bank said that either Deutsche will have to massively dilute its shareholders as a result of “insurmountable” debt, or a fate far worse could await the Frankfurt-based lender. Continue reading »
One of the reasons why central banks around the globe have flooded the financial system with trillions in excess reserves is to make sure that banks no longer have to rely on potentially fleeting short term deposits (and is also why negative interest rates have become the norm in so many part of the world, that $10 trillion in bills and bonds now trade with a negative yield). As a result of years of such central bank policy, banks – mostly in Europe – no longer need to compete with each other for deposits: after all why offer tempting deposit rates in an age of NIRP when banks can get all the liquidity they need straight from the ECB and in some cases even get paid on it.
Furthermore, the whole point of NIRP is to slowly unleash negative, not positive, interest rates in order to discourage savings.
Which is why we were surprised to find that in a promotional offer by Europe’s biggest, and by many accounts most insolvent, bank, Germany’s Deutsche Bank is not only not rushing to penalize depositors, on the contrary it is offering its Belgian clients a 5% gross return for new €10,000 – €50,000 deposits if this money is locked up for the next three months. The offer is only valid for the next 40 days, until June 24. Continue reading »
Two former Deutsche Bank corporate brokers have been sentenced to one of the longest prison terms possible for the crime of insider trading in the UK. As US financial market participants walk free in the streets managing their own “home office” money, Martyn Dodgson and Andrew Hind will be rotting in a Wandsworth prison cell (among the worst reputed of England’s prisons) for up to four and half years for what the judge called “persistent, prolonged and deliberately dishonest behavior.”As Bloomberg reports, the group, including three other defendants, formed part of the FCA’s biggest insider-trading investigation dubbed Operation Tabernula. Continue reading »
Helicopter money may be on the horizon, but if Deutsche Bank has its way, there is at least one intermediate step.
According to DB’s Dominic Konstam, now that the benefits QE “have run their course”, it is time for the next, and far more drastic step: “the ECB and BoJ should move more strongly toward penalizing savings via negative retail deposit rates or perhaps wealth taxes. With this stick would also come a carrot – for example, negative mortgage rates.” Continue reading »
Well, that didn’t take long.
Earlier today when we reported the stunning news that DB has decided to “turn” against the precious metals manipulation cartel by first settling a long-running silver price fixing lawsuit which in addition to “valuable monetary consideration” said it would expose the other banks’ rigging having also “agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement” we said “since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has “turned” that much more curious information about precious metals rigging will emerge, and will confirm what the “bugs” had said all along: that the precious metals market has been rigged all along.” Continue reading »
Back in July of 2014, we reported that in an attempt to obtain if not compensation, then at least confirmation of bank manipulation in the precious metals industry, a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) were accused of manipulating prices in the multi-billion dollar market. Continue reading »
From the article:
“And, in Germany, I have high level information that I can’t even release publicly (but I will tell TDV subscribers in our next issue coming out this week – subscribe here). The reason I can’t (or won’t) release this information publicly is that it could cause mass pandemonium in Germany, and throughout the EU, if this information were known. Yes, it’s that bad.”
In Germany the government is discussing right now to allow the military to be deployed within Germany’s borders (against terrorists, i.e. its citizens).
Deutsche Bank …
… is too big to save.
Bail-ins coming to a country near you.
Prepare for collapse.
The Credit Suisse Fear Barometer just hit an all-time high as reports circulated through the alternative media that Barack Obama discussed the imposition of martial law when he and Vice President Joe Biden met with Yellen on Monday in an “emergency meeting.”
The reports may be exaggerated but not the crisis-like feel of the meetings. This was reportedly a first: having the president and VP meeting directly with the Fed head. Does it have something to do with the “survival of the government” at a time when the US banking system may be facing a general default? According to some reports: “Members of the House and Senate are said to have been ‘up all night’ in discussions and meetings; with floods of phone calls back and forth. ”
Pick of Problems
What could be the problem? Take your pick of dozens, literally! Continue reading »
JPMorgan, Goldman Said to Discuss Buying Deutsche Bank Swaps
~Lender looking to complete sale of $1.1 trillion swaps book
~Deutsche Bank has sold about two-thirds of book since 2015
Deutsche Bank AG, the lender exiting some trading operations, is in talks with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. to sell the last batches of about 1 trillion euros ($1.1 trillion) in complex financial instruments, people with knowledge of the matter said. Continue reading »
Two weeks ago, shortly before noting that Venezuela’s CDS is now at the same level where Greece was 3 months before its default, we wrote that as a result of a recently implemented gold swap with Deutsche Bank, Venezuela was preparing to liquidate its remaining gold holdings (ostensibly temporarily, if only on paper) in order to pay down its upcoming debt maturities.
As it turns out Venezuela has already started moving much of its gold reserve to Europe where it will be located closer to swap-provider and ultimate custodian, and liquidator, Deutsche Bank, by way of Switzerland. According to BullionStar, Switzerland has imported a net of 35.8 tonnes of gold from Venezuela in January 2016.
And so, the gold which deceased Venezuela leade Hugo Chavez so painstakingly tried to collect from Europe, is just a few short years later, about to make its way back to where it came from. Continue reading »
It’s definitely different this time…
The 2008 analog lines the current trajectory up with August 2008 right after Treasury Secretary Paulson told the world reassuringly that:
“Our economy has got very strong long-term fundamentals. And you know, your policy-makers and regulators here – we’re very vigilant.”
And we all know what happened next…
Could never happen again?