The Deutsche Bank Irony

Russell Meyers

If you missed the story, very recently Deutsche Bank (DB), the largest banking system in Germany, laid off 20,000 people. DB does business in numerous countries and the layoffs were spread across each country in which they have offices located.

Still, think about the fact that they laid off twenty thousand employees.

On top of that, DB is now being investigated by the American DOJ for money laundering and fraud in the Malaysia development fund. This raises a number of questions and is truly ironic.

First of all, what does the DOJ have to do with this? The development fund was Malaysia state-owned under their ministry of finance. DB is a German bank, not American.

Know who else was implicated in the scandal involving the Malaysia development fund? Goldman Sachs. An American investment firm.

Remember that as of this date, not one single person has ever gone to prison for the economic crash of 2008. Nobody from Wells Fargo has gone to prison for insurance fraud. No actions have been taken regarding the fraud and money laundering revealed in the Panama Papers, which was massive.

So, the question really becomes what the goal of the DOJ is in investigating a scandal which began in 2013 in another country, now implicating a huge bank in Germany which is on the verge of collapsing as we speak?

It becomes deeply suspicious when this is happening as Germany turns against the US for the completely separate issue of the Russian pipeline Nordstream 2 and defending Iran from US sanctions. This appears to be a literal attempt to hasten or force the absolute collapse of the German banking system in retaliation for these political actions and standing up to the US Empire. Obviously any opposition to the Empire must be met with force. That’s the way the Empire operates. If military force is not an option, then economic force will be used, even against our alleged allies.

Perhaps the US government believes that forcing further economic crises on European countries will somehow benefit the US. That’s not going to happen. The EU has been having their own debt crisis since 2009, partly caused by the US economic crisis. Causing greater economic stress on EU states will not help the US situation, which is far greater. The US national debt accounts for over 1/3 of all global national debt. That is before factoring in consumer and corporate debt. So if the German or EU economies suffer, it’s not like we can help them. Not like they could help us. In fact, it would drive them further away from us out of both resentment and the need for trading partners that allowed them to save money on trade. In other words, Russia and China.

Of course, what is most obvious about the DB situation is what it indicates. It indicates growing weakness in the global banking system. One can believe that the US banking system is immune to what is happening in Europe but we live in a tightly interconnected world. As one economy or banking system declines, the effects will be felt across every continent. Laying off tens of thousands of workers only serves to reduce incomes, which will worsen conditions. Do that across numerous countries, numerous industries and the picture becomes gray at best.

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I am an independent writer with no corporate sponsors or backing. The only income I make from my writing comes from views. At least I have reached the point where it makes more than it costs me! lol! (Not by much.)My writing is done in between full time (and overtime) nursing, shared custody of my brilliant daughter and mundane existence.

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Russell Meyers

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