Deutsche Bank chased away from US, threatened with more fines

Davos, Switzerland, 20/1/2016 - Christine Lagarde, Managing Director, International Monetary Fund (IMF) and John Cryan, Chief Executive Officer, Deutsche Bank, captured during the session 'The Transformation of Finance' at the Annual Meeting 2016 of the World Economic Forum in Davos, Switzerland, January 20, 2016. IMF has labeled Deutsche Bank as a major risk to the global financial system. (WORLD ECONOMIC FORUM/swiss-image.ch/Photo Remy Steinegger. No changes made. Only some rights reserved).

The US Department of Justice settled its claims against Deutsche Bank, the biggest German lender, for packaging and selling toxic mortgage securities to uninformed customers prior to the 2008-2010 financial crisis. Initially, the Justice Department had asked for $14 billion, but it seems it settled for a fine of $7.2bn. However, this is not the […]

After the Italian ‘no’ and the Brexit, Germans must decide which Europe they want

Questions and answers during the national briefing by Wolfgang Schauble, Federal Minister for Finance of Germany, following the ECOFIN Council on 6 December 2016, in Brussels. Snapshot from a video. (European Council - Council of the European Union, Audiovisual Services).

There is no doubt that Europe is in disarray. The long standing malaise of high unemployment and economic stagnation has already mutated into critical political problems. The mutations of the European political ecosystem take various, unseen before forms. In the northern EU countries they invariably appear as extreme right or even semi-fascist political parties, inflated […]

What will the US look like under Trump? Was his election campaign a big scam?

Trump promised everything the Americans wanted, to win the race for the White House. Gallery Archive, from ‘The Campaign Trail with Donald J. Trump’. Donald J. Trump for President, Inc.

Everybody agrees now that the President – elect Donald Trump won the 8 November election, by promising he will take good care of the Americans who are left behind in the era of globalization and of the global financial rackets. The first signs though indicate the opposite. His choices for the top Washington jobs are […]

What the US and the world can expect from the 8 November election?

May 29, 2016 - Memorial Day (Gallery Archive, from ‘The Campaign Trail with Donald J. Trump’. Donald J. Trump for President, Inc.).

From Beijing and Tehran to Brussels and London, and further away to Mexico City and Caracas the night of 8 November will create a landmark in contemporary world history. The results of the US election and the new occupant of the White House in Washington D.C will certainly affect the way the world turns around. […]

IMF – World Bank meetings: US – Germany clash instituted, anti-globalization prospects visualized

IMF/World Bank annual meetings in Washington, U.S., October 2016. AM16 CNN Debate on the Global Economy
International Monetary Fund Managing Director Christine Lagarde (L) and German Finance Minister Wolfgang Schauble participate in a CNN Debate Seminar on Global Economy October 6, 2016 at part of the 2016 IMF/World Bank Annual Meetings in Washington, D.C. (IMF Staff Photo/Stephen Jaffe).

This year’s annual meetings of the IMF – World Bank Group in Washington D.C., which kicked off on Thursday 6 October, turned out to be an all out financial war of words between the United States and Germany. In the middle of it stands the battered Deutsche Bank. For a start, there was a confrontation […]

The Americans are preparing for the next financial crisis

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, the central bank of the United States. (September 2014. US Governmnet work. No known copyright restrictions).

Last week, Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, in more than one ways revealed that the American central bank prepares to confront the next financial downturn. On Wednesday, 28 September, speaking at the House Financial Services Committee in Washington D.C. , she defended the Fed’s rigorous supervision over […]

Deutsche Bank again in the middle of the US-EU economic skirmishes

Deutsche Bank Towers – Headquarters in Frankfurt am Main, Germany. Taking a look into the lobby. (Deutsche Bank Audiovisual Service).

The US government is reacting in many ways against the fine in back taxes of €13 billion which the European Commission imposed on Apple. Firstly, Jack Lew, the American Secretary of the Treasury, accused the EU of grabbing tax incomes which belong to the US. On 31st August he said, “What’s not appropriate is for, […]

Merkel refuses to consider the North-South schism of Eurozone

Italian Prime Minister Matteo Renzi, German Chancellor Angela Merkel (on the right) and Donald Tusk European Council President (on the left), all shoveling soil at the foot of a small tree. However the tree was not planted on European soil. The planting took place on the occasion of the G7 Summit, which was held in Ise, Japan. Date: 26/05/2016. Location: Ise - Grand Shrine. © European Union, 2016 /Source: EC - Audiovisual Service / Photo: Ken Shimizu.

The European leaders who form the EU ‘directoire’ may get together as many times as they like, but still appear incapable of solving the club’s existential problems. Last Monday the German Chancellor Angela Merkel, the French President Francois Hollande and the Italian Prime Minister Matteo Renzi met in Naples to relaunch Europe, after the Brexit. […]

Deutsche Bank: the next financial crisis is here and the lenders need €150 billion from taxpayers

Deutsche Bank Towers – View of the entrance. Headquarters in Frankfurt am Main. (Deutsche Bank Audiovisual Services).

Last Monday David Folkerts-Landau, the chief economist of Deutsche Bank, the ailing largest lender of Germany, in an interview with the prestigious newspaper ‘Die Welt’ stated that European banks must be subsidized with €150 billion in rescue money to recapitalize. Obviously, it will be the taxpayers to once more provide the capital the euro area […]

Brexit uncertainty keeps shaking the world’s financial markets

A view inside the London Stock Exchange.
Location: London - Stock Exchange / Reference: P-029216/00-01 / Date: 02/10/2015. © European Union  , 2015 / Source: EC - Audiovisual Service / Photo: Jack Taylor

The Bank of England (BoE) published yesterday its Financial Stability Report warning about the risks that the UK economy is facing after the Brexit vote on June 23. The uncertainty that Britain undergoes both economically and politically is something that the BoE takes into great consideration and aims to provide immediate remedies. While the sterling is hitting […]