By Greg Hunter’s USAWatchdog.com
The International Monetary Fund (IMF) previously deemed Deutsche Bank as the most systemically dangerous bank in the world.
Professor of Economics and Law, William Black, knows why and contends:
“Deutsche Bank (DB) poses as what is called a ‘National Champion’ bank and the largest bank by far in Germany, but it’s actually the largest criminal enterprise in Germany. This is quite a statement because VW is such a massive fraud…
It is insane that we allow Deutsche Bank to go from fraud to fraud to fraud…
They cheat on everything else you can possibly imagine and, typically, they are getting caught, which is also not a very good sign in terms of their competence even as thieves. Even in the United States, there has been reluctance to crack down on Deutsche Bank…
When the New York Commissioner tried to crack down, the Office of the Comptroller of the Currency, the premier banking regulator, actually sought to impede that. He disparaged the New York folks and said there really wasn’t that big of problems and such, and all of that proved to be lies.”
Deutsche Bank was raided by German regulators last week on more allegations of fraud and money laundering.
DB is the epitome of “Too Big To Fail.”
So, it will never be allowed to fail, and regulators will not be allowed to regulate them properly. Professor Black says, “Why you should care is Deutsche Bank impedes effective regulation everywhere and because God only knows the next thing they are going to do…”
“This is going to continue until something dramatic changes. Eventually, they can cause the next crisis…
There will be a bailout in these circumstances, but that could help trigger another economic crisis. When the largest bank in the third largest economy in the world is completely dysfunctional, then the German economy is more likely to go into recession as well. That is one of the potential sources of the next recession, and you can see lots of people warning that there are signs that a serious recession is pretty likely relatively soon. Relatively could be two years.”
Professor Black, who was a top regulator in the S&L crisis, says,
“The whole system weakens itself because it gets caught in this big lie that says we have to pretend that Deutsche Bank is a bank instead of a criminal enterprise.”
In closing, Professor Black says,
“I am going to give you the advice you get after the recession before the recession. Pay off your debt, all that you can. Do not keep borrowing except in certain circumstances like you are going to buy a home, and it is prudent purchase. Buy a car when you can buy it with cash whenever possible…and always try to be a net saver.”
Join Greg Hunter of as he goes One-on-One with Dr. William Black, Professor of Economics and Law at University of Missouri Kansas City.
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Source: Bloomberg
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