Deutsche Bank is on the brink of going belly up.
If it pulls through, it will only be at the cost of a huge taxpayer bail out.
It has already been getting bail outs for years on the quiet.
Old Hans is going to have to put his hands in his pockets and dig deep.
Then start checking behind the sofa.
Another headache for Sergeant Schulz to add to all the others..
Meanwhile, it’s full speed ahead as we head for the iceberg.
Voltaire said if you see a Swiss banker jump out of a window, then you should jump out after him too.
But that was then and this is now.
The Swiss banks, once rock solid with a gold backed currency, were nobbled by Uncle Sam years ago. Banking secrecy was shredded, and their banks were shaken down for billions by the Chosen Folk in a holocaust scam. Since then, Russian accounts have been raided and stolen on orders from Brussels. The well heeled of the world, Saudis, Asians, have seen the writing on the wall. Stash your loot in Zurich and there’s no secrecy and no security. They have done it to Russia, and it’s only a matter of time before the same thing happens to them, maybe because there aren’t enough LGBT parades and trannies in Riyadh and Beijing.
The UBS takeover cost for Credit Suisse has ballooned from 50 to 108 billion (Sw. Fr., so far.)
The Italian banks are even more dodgy. Given the level of state debt, rising interest rates could be the final nail in the coffin.. But don’t worry – Meloni is sending a few more billion to Zelensky. I’m sure this will all be properly accounted for.
And there are sound hands on the EU tiller in Brussels. VD Leyen is cobbling up an 11th sanctions package, this time targeting washing machines. The first 10 packages were such a rip roaring success she decided to add another one. Perhaps Lagarde will loan another 50 billion to Argentina as well.
And Macron has millions of revolting frogs burning the country down as he goes over to rule by decree in best tinpot dictator tradition.
Meanwhile, German industry has to cut its energy consumption by another 20%. Olaf has to manage the de industrialisation of Germany amongst his other problems, unless BMW can find a way of making cars without energy.
It’s a bit like one of the old music hall acts where the performer puts multiple spinning plates on sticks and has to dash round from one to the other to stop them falling off and smashing.
Still, with the gifted leadership we have in the EU and the western world in general, I’m sure everything is under control and it will all work out well in the end.