They are in worse shape than the 2008/9 crash.
Cracks beginning to show?
I do believe they are doing almost all they can to prop this all up as 2002 approaches and 2024 shortly thereafter, as it seems like the market is weaponized should things not go their way, yet it has to crash anyway.
Why prolong the inevitable to make things worse?
Deutsche Bank (symbol DB on the above chart) closed at $16.50 on the New York Stock Exchange on February 10 of this year. It closed at $10.23 yesterday – a decline of 38 percent in a month’s time. That’s a big problem because Deutsche Bank is heavily interconnected to Wall Street banks via derivatives. According to Deutsche Bank’s most recent annual report, as of December 31, 2020, it held $35.4 trillion in notional derivatives. (Notional means face amount. See the table on page 147 of the 2020 Deutsche Bank Annual Report here.)
Deutsche Bank, a large German bank, was among the global banks bailed out by the Fed during the financial crash of 2008 as well as during the (still unexplained) liquidity crash that saw the Fed pump trillions of dollars in cumulative loans into global banks from September 17, 2019 through July 2, 2020.
In June 2016, The International Monetary Fund (IMF) released a report with a finding that Deutsche Bank posed the greatest threat to global financial stability than any other bank because of its interconnections to Wall Street mega banks and large banks in Europe. (See graph below.) The largest bank in the United States, JPMorgan Chase, was shown as one of the banks with the largest amount of exposure.
Despite that finding by the IMF in 2016, Deutsche Bank has been allowed by regulators in Europe and the U.S. to continue engaging in high-risk Over-the-Counter derivatives. It also has an uncomfortable history of suicides and rogue behavior. See a sampling of its history since 2014 below.
Yes, Joe Biden’s administration has a lot on its plate. But if it doesn’t get serious about reforming Wall Street and its derivative weapons of mass destruction, it will have a lot more to deal with eventually.
h/t ST. FLOYD OF FENTANYL
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