Friday, September 30, 2016

The Importance of Deutsche Bank
For The Global Financial System
It's Like CreditAnstalt Triggering The Great Depression
"THE SPARK OF THE DEFAULT REVERBERATIONS FROM CREDITANSTALT IGNITED THE GREAT DEPRESSION as loans were called and liquidation of global assets caused price deflation, which put further downward pressure on the global economy .. The bottom line is that the Burghers of Bavaria are suffering a massive bout of financial repression under the authoritarian strictures of an unelected body. But Draghi caused great pain when he maintained that he 'does not share the view Deutsche Bank poses systemic risk.' This is a preposterous position for the President of the ECB to take. Mr. Draghi it is time to visit Basel and spend some time in the BIS archives studying the default of Creditanstalt. Again, Deutsche is a big deal because of its massive derivatives book. Watch the markets closely as the ripples from the debt problems will spread across the world’s oceans .. How will the German electorate react to a bail out of a mega financial institution who has been a mainstay at the table of casino capitalism?  .. The Deutsche Bank saga may be a non-event as many have opined but the reverberations of Creditanstalt are making me aware of the possibilities of a larger problem."
- Yra Harris
LINK HERE to the commentary

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