Will Deutsche Bank cause World Financial Collapse?
"Deutsche Bank To Fire Another 10,000 Bankers, Bringing Total Layoffs To 20% Of Workforce"
If Deutsche Bank does go bankrupt then the "house of cards" World's Banking Ponzi System is in danger of collapsing. Just as a slight breeze can cause a house of cards to fall down, the failure of Deutsche Bank could cause our financial system to crash and burn. I suspect they could cut all the jobs and still not cut enough to be solvent.
The hits for Deutsche Bank just keep on coming. One day after a report that the German lender has imposed a hiring freeze in the latest bid to reassure investors that it has expenses under control and is stemming the outflow of cash, moments ago Reuters reported that Deutsche Bank's finance chief told his staff that job cuts at the bank could be double that planned, a step that could remove 10,000 further employees.
Such cuts would likely take many years but setting such a goal could reassure investors that the bank is determined to tackle costs that sources said the European Central Bank sees as bloated. Unless, of course, they are forced to cut much faster. If 10,000 job losses were ultimately to follow the 9,000 announced by management in October 2015, roughly one in five of the bank's workforce around the globe would be affected.
"Schenck said that the bank would need to cut another 10,000 staff to bring down costs," said a person who attended the meeting with the chief financial officer cited by Reuters. Although no such decision has yet been taken, Marcus Schenck's remarks, at an internal meeting, signal the lender is considering further significant cost cuts, as it faces a multi-billion-euro fine and a crisis of confidence among investors.
The discussion about further job cuts comes as Deutsche's chief executive, John Cryan, reassesses a year-old strategy to revive the flagging group, as ebbing market confidence sends its stock price tumbling and prompts some customers to withdraw funds.. A second person familiar with these discussions said the management was also examining the countries where the bank was active to see "whether it was really worth its while (staying in those countries)".
DB's latest announcement follows Commerzbank, Germany's second biggest bank rival, which recently announced it would ax more than a fifth of its workforce - almost 10,000 staff.
Bank picture from Pixabay
It is not an if...they may try to keep it up, but Commerce, Monte Paschi and all the banks are in the similar position... and with Deutsche Bank alone with 50 Trillion or more on the line... t'ain't nuthin that will stop that train. It's a WHEN.
With socialism the government steals and redistributes other peoples money. Now the banks are gambling on risky "investments" with other peoples money. If they lose everyone else is expected to pay. As with any Ponzi scheme eventually the money runs out. I suspect the same people that put us in this situation will come up with a brilliant solution that includes them being in control of a One World Government.
Actually, Socialsim is when the people collectively control the means of production, as in owning the factory in total, owning the quarry & all related equipment, etc. So technically, there isn't any money to be stolen and redistributed. I'm not pro-Socialism, don't get me wrong, it's just that if we are going to have these important conversations, we should make sure that we are being clear. After all:
Social programs, the social safety net, are often denigrated as "Socialism," and yet you can see from the examples above, that this method of preventing sections of the populace from extreme economic oppression and / or falling below the poverty line and thus pulling the entire country down by having to pay for the clean-up in the form of policing, fire/EMS, homeless issues, homeless children, drugs, theft & murder. So in other words, the "Socialism" often complained about is truly a policy thing not a system of government.
All of that being said, I find important to note that it is not our government who is screwing us, it is the world bankers who are using the government to screw us! Exactly as you say:
That being said, the government will be directly stealing from us when the interest rates go negative, like in Greece. They'll also be stealing from us when they call for us to turn in all of our precious metals to help "the Nation" pay off "our" debt - which, yes, is really the bankers debt.
Good post! Pertinent timely topic. I'm just waiting to hear that our ATM's have been "temporarily" shut down ...
PS: Here's a photo meme that I added the last section to in a comedic effort to highlight the specificity of the designation:
The problem with Socialism, as I see it, is implementation and motivation. If all the property is public who decides how it gets distributed? Normally a small group of people decide for the rest of the populous. When that happens normally the small group reward themselves extravagant pay and benefits because of all the "hard work" of deciding, and the rest of the populous get very little. Another problem is that if the populous can see that all is distributed evenly (For the little people) then there is no motivation to work. If you get paid no matter what your effort why work. Then rules get implemented to encourage work which takes you away from Socialism's ideal. There was a joke in Soviet Russia "The state pretends to pay me and I pretend to work." If you think that Socialism can be implemented by the populous voting on it then it opens up a huge Pandora's Box. There is a joke here saying "Democracy is two wolves and a sheep voting on what's for dinner." Watch this video and see if you agree with it:
Yeah, I'm not a Socialist, so I'm not here to defend it.
I find it interesting that some people think Socialism means "everybody owns everything" though. I don't think any system of government would let someone push you over and take your wagon saying "Now it's mine!" Think about it, how can the taker claim possession, when that possession is based upon everyone's lack of possession? It doesn't make sense.
Do you know which countries are the self-described "Socialists" currently?
I don't know now, but the NAZI party considered themselves Socialist.
Hey @Gamgam, thanks for the continued discussion!
I see people discussing this topic and not using nor citing correct information and it is SO important that we don't let that continue to grow.
The Nazi's were Nationalists aka National Socialists. Not the pure socialists and the difference is important.
For instance, when discussing "Socialism" it is important to remember that there is Socialism, the form of government and then there is Socialism as a guiding principle of governance. As in benefitting society. ie roads, fire departments, police, water and power infrastructure, etc. These are socialist programs and efforts in that they are to benefit society as a whole. Does that make sense?
I agree with you that a purely socialist government is rife with potential for abuse from the "top." However, I've also seen that this is true with every form of government. So it is also important to make the distinction of how a government is supposed to work vs. how the people running the government are making it work.
What do you think about that?
PS: Currently, the self identified "Socialist" nations are China, Vietnam, and Laos. That's it! I only asked you which countries are socialist to counter the idea that socialism means I can take your stuff. It doesn't mean that, look into these countries if you need proof. I'm not saying that these are GOOD governments, I'm just saying, look at and examine a thing as it actually exists, before deciding what it means.
Thanks for reading!
And the USA now is not a pure capitalist country. It really has more in common with socialism.