US accused of waging economic war on Deutsche Bank

Global Geopolitics called it, you witnessed it: The United States and Germany, though the European Union it dominates and runs, are locked in economic warfare against one another.

It’s a very dangerous game America is playing by trying to gut the largest economy in the world, the European Union, especially when nations are beginning to jump to the Sino-Soviet bloc.

 

German parliament’s economics committee chairman Peter Ramsauer says he believes the $14 billion fine being leveraged against Deutsche Bank is part of a long US tradition of waging trade and economic war.

  • Ramsauer to Welt am Sonntag: Washington has a “long tradition” of waging trade wars, if they are favorable to the US economy, and the Deutsche Bank case is an example of that.
  • “The threat to force Deutsche Bank to pay a $14 billion fine over its mortgage-backed securities business before the 2008 global crisis has the characteristics of an economic war.”
  • “Extortionate damages claims” in the case are an example of that.”
  • Merkel ally and MEP Markus Ferber: Deutsche Bank investigation is a “tit for tat response” from the US Department of Justice after Brussels imposed a record €13 billion penalty against Apple’s tax misdoings in Europe.
  • On Aug. 30: EU Competition Commissioner Margrethe Vestager concluded Ireland illegally provided Apple with a favorable tax rate which allowed the company to pay one percent on EU profits in 2003 down to 0.005 percent in 2014.
  • Germany’s Volkswagen agreed to pay $16.5 billion in the US for cheating on American diesel vehicle air pollution tests between 2008 and 2015.
  • Fines still risk growing by billions and VW needs to recall 85,000 vehicles.

  • Late Friday, media reported that Deutsche and the US regulators were close to a settlement of $5.4 billion, which pushed the stock six percent higher.

(WASHINGTON, DC) Washington has a “long tradition” of waging trade wars, if they are favorable to the US economy, and the Deutsche Bank case is an example of that, said the German parliament’s economics committee chairman Peter Ramsauer in an interview with Welt am Sonntag.

Another German politician, Merkel ally and MEP Markus Ferber has suggested the Deutsche Bank investigation is a “tit for tat response” from the US Department of Justice after Brussels imposed a record €13 billion penalty against Apple’s tax misdoings in Europe.

Late Friday, media reported that Deutsche and the US regulators were close to a settlement of $5.4 billion, which pushed the stock six percent higher. The report hasn’t been confirmed.

Full article: US accused of waging economic war on Deutsche Bank (TruNews)

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