Josh Sigurdson talks with author and economic analyst John Sneisen about the latest news revolving around Deutsche Bank whose shares continue to see new lows.
Of course this year, they have taken the task upon themselves to revert to a holding company, write their living will, they’ve been downgraded, they’ve been switching around management and they are essentially, at loss for a better diagnosis… Crashing.
On top of this all, they are in the middle of a huge controversy regarding Danske Bank following major money laundering allegations. It’s always interesting to see the same banks that give all their customers’ info to the government in order to ensure they don’t try to insure their money and keep it from being stolen are themselves hiding their money. The hypocrisy is truly incredible. But who’s surprised? No one.
Banks around the world are seeing incredibly low cash to deposit ratios. In many cases, many of the major banks have less than 1% of deposits covered in cash. They are essentially bankrupt. All the while, Draghi wants to put an end to depositor insurance which is next to nothing as well. This means zero security in the event of a bail in and a complete loss in the case of a bank run.
We must break free from this system. We must insure our wealth. We must be financially educated. We must be independent, decentralized, self sustainable and prepared. There’s no saying when this domino effect will truly take place.
Stay tuned as we continue to cover this story.
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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