Posted on 02/08/2016 6:01:55 PM PST by SkyPilot
There is so much chaos going on that I don't even know where to start. For a very long time I have been warning my readers that a major banking collapse was coming to Europe, and now it is finally unfolding. Let's start with Deutsche Bank. The stock of the most important bank in the "strongest economy in Europe" plunged another 8 percent on Monday, and it is now hovering just above the all-time record low that was set during the last financial crisis. Overall, the stock price is now down a staggering 36 percent since 2016 began, and Deutsche Bank credit default swaps are going parabolic. Of course my readers were alerted to major problems at Deutsche Bank all the way back in September, and now the endgame is playing out. In addition to Deutsche Bank, the list of other "too big to fail" banks in Europe that appear to be in very serious trouble includes Commerzbank, Credit Suisse, HSBC and BNP Paribas. Just about every major bank in Italy could fall on that list as well, and Greek bank stocks lost close to a quarter of their value on Monday alone. Financial Armageddon has come to Europe, and the entire planet is going to feel the pain.
The collapse of the banks in Europe is dragging down stock prices all over the continent. At this point, more than one-fifth of all stock market wealth in Europe has already been wiped out since the middle of last year. That means that we only have four-fifths left. The following comes from USA Today...
The MSCI Europe index is now down 20.5% from its highest point over the past 12 months, says S&P Global Market Intelligence, placing it in the 20% decline that unofficially defines a bear market.
(Excerpt) Read more at theeconomiccollapseblog.com ...
It's also dragging down stock prices in the U.S.
Won't say who I work for, but I work in the Banking Sector (High Wealth) and our stock price has dropped just over $21 recently.
We had a near record Q4/2015. The January equity plunge has so scared/concerned our Senior Management that the announcement went out last Thursday that all salaries are frozen until at least October, we have a hiring freeze (big deal, we've had that for five+ years now..) and we're cutting consultants left and right. Layoff's are coming and non-mission critical / non regulatory requirement projects are being slashed.
It's BAD. Whatever's coming is a big bowl of BAD. We didn't get these kinds of cuts in 2008/2009.
Frankly, it's obvious that our Senior Management is starting to panic, and that's making me nervous.
Large banks are interconnected. Europe doesn’t have banking failures in a void. And if those banks go down, the impact on the average person in Europe will be severely negative.
The impact on us may be severely negative in the long term.
We may get to see what banking failures look like without bailouts. We’ll be able to compare the damage.
“They make their loan payments on time, and the banks can go screw off.”
Not Trump and his Deutsche Bank Chicago Tower loans.
He sued DB for 3 billion when he couldn’t cover his loans. Due to the financial crisis of ‘08 was his excuse.
DB sued back, and Trump backed down and DB let him have more time.
See my post above....
Deutsche Bank has, of course, covered Trump for well more than half a billion. He probably still owes.
Trump is pwned by these international bankers and global financiers.
People can ignore it, but it's fact.
"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem." - J. Paul Getty
Trump guys can dish it out but sure can’t take it.
They make out like anyone with a mortgage is therefore a puppet of the bank.
But Trump who needs a lot more from them and owes orders of magnitude more is not pwned.
DB is paying for his current DC project.
When it comes to what to do, can we say Conflict of Interest.
Then they both backed down.
Not evil.
Piece of cake, Central Banks (via their Fed equivalents) can just continue to put more ink on paper or, even easier, just add “0”’s to governmental financial transactions. A chicken or a hammer have value, ink on paper has less than any real value.
I just hope folks are making some preparations and taking this more seriously than ‘08. We’re much worse off now, with way more debt and a Fed that’s out of bullets. At least folks should prepare for a possible bank holiday that could last for days or weeks, and do it now!
That’s a good question. WTH anyway.
Deutsche Bank is bankrolling Trump’s current project, Trump Tower in DC.
So what?
Excellent advice.
They were all suicided, no? Like that Colorado banker who shot himself to death with a nail gun. To a lay person it looked like he was tortured to death, but officials ruled it a suicide from the get-go. Even though standard police procedure is to treat all intentional deaths as homicides until proven otherwise.
Don’t worry, a bunch of freepers will be along in a minute to proclaim a buying opportunity.
Something just occurred to me after reading what you said. My Credit Union website is down for three days. When I called to find out why I couldn’t log in , I was told it was down “.... due to unforseen technical problems. We apologize for the inconvenience”.
We the people were unhappy enough about bailing out our banks so they tried to cover up bailing out the Europeon banks. No doubt the central bankers of the world are plotting their next move right now.
A couple of weeks ago my local Office Max had to stop accepting credit/debit cards due to “server problems.” The store manager had to slowly say, “We can only accept cash and checks.” a dozen times before it sank in to the customers in line that they could not use debit and credit cards.
Wasn’t part of the original US bank bailouts the clause in which the money the FED could pump could go to the European banks also and he public was never to know how much or when or any details.
Interesting. Thanks for sharing.
Another example of what could happen on a massive scale.
Cash on hand in small bills is imperative.
-Rough Road Ahead-
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