German Government Approves a Merger of Banks

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Deutsche Bank and Commerce Bank have announced that they will begin merger talks after the government has finally approved that they can lay off workers. For those unfamiliar with the real world behind the curtain, you must realize the extent of socialism in Europe. A major telecom company in Germany called me and asked me to attend an emergency board meeting. They would not even tell me in advance what was so urgent. I flew in that morning from London and to much shock, the board voted to make me the adviser to the company pension fund and never even asked me for a proposal of a fee structure. Then the majority of members resigned. Continue reading

German economy ON ROCKS: Now Commerzbank slashes 10,000 jobs amid profit fears

As predicted in a previous post, being that Commerzbank is a subsidary of Deutsche Bank, you should’ve expected this without being shocked.

 

GERMANY’s second-biggest bank is cutting a staggering 10,000 jobs as part of efforts to be maintain profits amid negative interest rates implemented by the European Central Bank (ECB).

In another shock move, Commerzbank announced it would also axe its shareholder dividend payments for the first time ever.

The staff cull amounts to around a fifth of its 45,000 strong workforce. And comes just days after investors panic over the solvency of its bigger rival Deutsche Bank. Continue reading

China Unveils a Dangerous New Economic Weapon During a Perfectly Timed Distraction

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Caption: Representatives of the founding nations of the Asian Infrastructure Investment Bank applaud after Chinese President Xi Jinping unveiled a sculpture during the bank’s opening ceremony in Beijing on January 16. (MARK SCHIEFELBEIN/AFP/Getty Images)

 

China’s new Asian International Investment Bank could upset the balance of power in Asia.

On January 16, China inaugurated its new international investment bank. In a lavish, ribbon-cutting ceremony at the renowned Diaoyutai State Guesthouse in Beijing, Chinese President Xi Jinping told the assembled dignitaries that they were part of “a historical moment.”

Yet most people totally missed the significance.

While Xi was inaugurating the Asian Infrastructure Investment Bank (aiib)—a project that former United States Treasury Secretary Larry Summers earlier called a “wake-up call” for America and the most important economic event since America led the world off the gold standard in 1971—the world was focused on collapsing stock indexes.

And for good reason.

Continue reading

Deutsche Bank to Cut Workforce by a Quarter: Report

Preparing for rough times ahead:

 

Frankfurt: Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank division, financial sources said on Monday.

That would bring the group’s workforce down to around 75,000 full-time positions under a reorganisation being finalised by new Chief Executive John Cryan, who took control of Germany’s biggest bank in July with the promise to cut costs. Continue reading

Former CIA Official: Islamic State Could Become Functional State With Airports, Passports

John E. McLaughlin, who served as deputy director of the CIA between 2000 and 2004 during portions of the Clinton and George W. Bush administrations, was quoted in the Times saying that he was not certain that the United States would defeat IS.“It suddenly just occurred to me, if you add everything up, that these guys could win,” McLaughlin admitted, adding, “Evil isn’t always defeated.”

He admitted that the idea of the Islamic State eventually becoming a legitimate state with working airports and passports is “not inconceivable.” He also compared IS to Hezbollah. Continue reading

California Passes Stealth Law Banning Businesses That Aren’t Profitable and Fair Enough

Essentially, voters allowed themselves to be duped into voting themselves out of business. Look for the cannibalization of the economy through layoffs and closures of businesses to begin a little before 2018, when the law goes into effect.

 

Business owner who supported new minimum wage realizes math isn’t strong suit—layoffs now likely.

What would you do if some small-minded government bureaucrat told you that your coffee shop or widget factory didn’t make enough money to justify letting you stay in business, and you were hereby ordered to shut down?

You would probably show him the exit.

Continue reading

J.P. Morgan Chase expected to lay off more than 5,000 by next year

J.P. Morgan Chase & Co. has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said. Continue reading