Commentary, Economic Collapse

Economic Collapse Coming Before Christmas 2019? – David Kenderes

Economic Collapse Coming Before Christmas 2019?

Dec 5, 2019 10:46 AM
David Kenderes

Watch for it to possibly begin with problems in the German Deutsche Bank, the Euro and the Yen. For us in America, it will likely begin on a Friday sometime between now and Christmas time. “They” have developed a plan to prevent a bank run. On that particular Friday, the Internet will mysteriously go down. Cell phone service and the ATM machines will also go down. Banks will close their doors around noon. “They” will promise that everything will be fixed in a few days, but that will be a bold faced lie.

On Saturday of that same weekend a possible trigger event might occur. On Saturday people will be pounding on their bank doors demanding their money!

Then on Monday the worldwide stock market crash will take place and when the banks open on Monday morning people will discover that all of their accumulated paper promissory note assets are all gone, deleted, erased, liquidated! Bank accounts, 401k’s, IRA’s, Thrift Savings Plans, Pensions all gone in one day!

They should have transferred their funds out of the Stock Market and Banks and bought tangible gold, silver, food and water and put additional cash in secure lock boxes and safes! There will be no Jingle Bells or decking the Halls with holly this year. Instead it will be back to bread and soup lines worse than what happened in the 1929 Great Depression! Truly the Grinch will steal away Christmas this year!

Please warn others about this highly plausible happening!

P.S. I am not a financial advisor so I cannot legally give financial advice. But I will say this, that if it were me, I would have followed the advice given in this paper.

November 13, 2019
Sincerely, David Kenderes
The Chocolate Cake Guy

Timeline of Banking Scandals for Germany’s Deutsche Bank and Others – Lehman Brothers all over Again?

The Guardian’s Rob Davies’ July 09, 2019 Piece and John Seetoo Motley Fool’s November 13, 2019 Piece and others: “Despite the German reputation for efficiency, frugality, and exactitude, the financial institution repeatedly flouted banking laws in the U.S. and in the EU with impunity. However, in 2015, the wind changed. Since then, it has been repeatedly caught with its hand in the proverbial cookie jar in a series of well-publicized scandals, and been punished accordingly:
Starting in the early 1990’s: Deutsche Bank created over the years a whopping $53.5 trillion (€48 trillion) book of derivatives contracts that it now is seeking to unload, but experts say getting rid of those assets is no easy task.
In 2001: Deutsche Bank joined the New York Stock Exchange cementing its position as one of the major players, on Wall Street and in global banking.
Between 2004 and 2008: Deutsche Bank had a toxic role in the subprime mortgage crisis a leader in mortgage-backed securities, bundling up homeowners’ debt into huge packages and selling them on to investors. The bank continues to sell toxic mortgage-based investments. In In 2008: The bank reports its first annual loss for five decades, losing €3.9bn.
In 2009: An internal investigation found that the bank hired private detectives to spy on people it considered a threat to the bank – including a shareholder, a journalist and a member of the public. German prosecutors find no evidence of criminal wrongdoing or that senior executives were involved.
In 2012: The first of four chief executives resigns
In May 2012: Deutsche’s boss Josef Ackermann, a Swiss banker, stepped down after a decade in the top job in May 2012. He was succeeded by joint chief executives Anshu Jain and Jürgen Fitschen, who resigned.
In April 2015: Deutsche Bank was fined for $2.5 billion cumulatively from U.S. and UK authorities over its role in the LIBOR rigging scandal.
2015-2018: The bank paid huge fines for multiple misdemeanors. Deutsche is fined $2.5bn (£1.7bn) by US and UK regulators for rigging the key Libor interest rate. The bank was also ordered to fire seven employees and accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate. The fine is a record for Libor transgressions.
In November 2015: It was forced to pay a $258 million settlement for violating U.S. sanctions against Iran.
In September 2016: Its fixed-income division was charged by U.S. officials with trading improprieties in collateralized mortgage obligations to the tune of over $14 billion, eventually settling with the Department of Justice for $7.2 billion. $10 billion in Russian money laundering was traced to Deutsche Bank by U.S. and UK officials, resulting in a $630 million fine.
In 2017: UK and US regulators fine Deutsche more than $630m after finding that the lender failed to prevent $10bn of Russian money laundering via “mirror trades”, which had no economic purpose and served only to transfer money covertly.
In 2018: Forex trading oversight negligence resulted in a 2018 fine of $205 million.
While the fines have certainly been staggering body blows to the company’s bottom line, trading losses have contributed their fair share of pain as well. On October 31, Sewing had to face angry shareholders after the bank announced a $932 million third-quarter loss, which it attributed it to a 1 billion euro pre-tax loss from its Capital Release Unit, essentially its junk portfolio of bad businesses and trading positions that have been earmarked for liquidation. Other losses reportedly stemmed from fixed-income trading in emerging market debt.”
In 2019: The dealings with Donald Trump. The US Congress issues subpoenas to Deutsche for documents related to the bank’s dealings with Donald Trump. The New York Times reports that senior Deutsche executives blocked employees from alerting the federal government about suspicious activity alerts linked to Trump and Jared Kusher in 2016 and 2017. Deutsche was one of Trump’s biggest lenders, sticking by the real estate mogul when other US banks refused to lend after he went through a series of bankruptcies. Trump is thought to have borrowed at least $2bn from Deutsche with about $300m outstanding. The bank’s entanglement with the Trump family dates back to the 1990s when Bankers Trust continued to lend to him when others had pulled out. In 2008 Trump claimed the financial crisis was an unforeseen event and refused to repay $330m to Deutsche.
Trump and Deutsche’s commercial real estate division settled in 2010 but Deutsche’s private banking business continued to lend to Trump.
In 2019: After struggling to recover from the financial crisis, Deutsche attempts to organize a merger with another troubled German lender, Commerzbank. The talks fell apart in April, scuppering plans for a bank that would have been the Eurozone’s second largest. The German government had been in favour of the deal, but the two banks said the risks and costs were too great and the merger collapsed.
On July 09, 2019: London (CNN Business) The layoffs have started at Deutsche Bank as the struggling lender embarks on a dramatic overhaul that will reduce its workforce by 18,000.
On September 24 and 25, 2019: As the Fed was carrying out hundreds of billions of dollars in emergency loan operations on Wall Street for the second week in a row – the first such operations since the financial crisis – Deutsche Bank’s headquarters office in Frankfurt, Germany was being raided by police for the second time in less than a year. That’s not the sort of thing that inspires confidence among depositors to keep their money in your bank. Deutsche Bank has been a constant headache for the U.S. financial system because it is heavily intertwined via derivatives with the big banks on Wall Street, including JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America. It has become the dark cloud on the horizon in the same way Citigroup cast a negative pall in the early days of the financial crisis of 2008. (It’s not a good omen that Citigroup’s stock eventually went to 99 cents and the bank received the largest taxpayer and Federal Reserve bailout in U.S. history. The Fed alone secretly pumped $2.5 trillion in revolving loans into Citigroup from December 2007 to the middle of 2010.) The latest raid at Deutsche Bank occurred on Tuesday and Wednesday of last week, September 24 and 25, and was related to the $220 billion money laundering probe of Danske Bank, Denmark’s largest lender. Deutsche Bank served as correspondent bank to Danske’s Estonia branch where the laundering is alleged to have occurred. On Wednesday, as the raid was proceeding, the body of Aivar Rehe who previously ran the Estonia business of Danske Bank, was discovered by police in Estonia. Rehe had been questioned by prosecutors and was considered a key witness in the probe. His death is being called an apparent suicide by European media. On the day the police raid started at Deutsche Bank, Tuesday, September 24, the Federal Reserve Bank of New York offered $30 billion in 14-day emergency term loans and had demand for more than twice that amount. That led the New York Fed to increase its subsequent 14-day term loans from $30 billion to $60 billion later in the week. The Fed’s overnight repo loans that were offered every day last week were also increased from $75 billion per day to $100 billion per day.
On October 07, 2019: HSBC plans to cut up to 10,000 jobs, with the axe likely to fall hardest in Europe, the Financial Times has reported.
The cuts, aimed at slashing costs, would result in a “substantial” reduction in HSBC’s workforce of around 238,000, according to two people briefed on the matter cited by the FT. The bank is questioning why it has so many people in Europe when it has double-digit returns in parts of Asia, one of the people told the newspaper. The job cuts – on top of 4,700 redundancies announced earlier – could be unveiled when HSBC reports its third-quarter results later this month, the FT said. The previous round of cuts was announced in August, when chief executive John Flint abruptly departed after 18 months leading the bank. Interim CEO Noel Quinn started working on the new plan days after he was appointed and has been told he is a leading internal candidate for the permanent role, the FT reported. European banks including Barclays, Deutsche Bank and Societe Generale are cutting thousands of jobs as low interest rates and a slowing economy weigh on their prospects. HSBC has long been pivoting towards Asia, where it generated almost 80 per cent of its pre-tax profit in the first half of the year.
On November 08, 2019: On Friday, judges in Milan convicted executives from the world’s oldest bank, Banca Monte dei Paschi di Siena SpA, for falsifying its accounts in collusion with Deutsche Bank AG and Nomura Holdings Inc. Some 11 years after the misdeeds, it’s hard to have complete faith in the ability of regulators to prevent similar bad behavior.


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