Sunday, October 2, 2016
"Germany's Deutsche Bank: IT Down, ATM's Down, Internet Banking Down over Holiday Weekend"
"Germany's Deutsche Bank: IT Down, ATM's Down,
Internet Banking Down over Holiday Weekend"
"Germany's Deutsche Bank appears to be crumbling this weekend, as Information Technology (IT) systems went down, Automatic Teller Machines (ATM's) went down and Internet Banking became Unavailable over this three day holiday weekend in Germany (Unification Day Celebration).
Last week, financial experts were so convinced that Deutsche Bank was failing, they said so publicly! September 30 was the date set by several financial experts as the day the bank would fold; but stock manipulation by the European Central Bank, the US Federal Reserve and the Bank of Japan, along with wild rumors of a cheap settlement with the US Justice Department, caused the bank to rebound. This weekend, however, customers of the bank got several rude surprises as ATM's and online banking became unavailable.
The reason this is so important is that Deutsche Bank is the central, most important hub for "Derivatives" which include Credit Default Swaps (CDS), Collateralized Debt Obligations (CDO's) Interest Rate Swaps and other speculative financial trades, worth upwards of one TRILLION U.S. Dollars. If this bank goes under, it will immediately plunge the entire global financial system into chaos, and will directly affect several very large US banks: Goldman Sachs, Wells Fargo, JP Morgan Chase and Citibank.
All readers will remember what happened when Lehman Brothers went Bankrupt in 2008- it caused global calamity and resulted in Bailouts of Banks by government worldwide. Well, Deutsche Bank is seven times larger than Lehman Brothers, and in a lot worse shape. So if the collapse of Lehman Brothers caused global financial calamity, a collapse of Deutsche Bank will be economic Armageddon. Stay tuned."
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