Deutsche Bank led the bankers’ charge against Scottish independence, claiming that an independent Scotland would enter “a great depression” that would blight generations of Scots. This dire prediction was made by Chief Economist David Folkerts-Landau, who owns several personal homes with a value of tens of millions and is a friend of the Camerons.
Deutsche Bank was the central pivot of the LIBOR fixing scandal. In the great banking crash it wrote off 92 billion dollars of junk assets that Folkerts-Landau had failed to notice was a liability. Today its share price has fallen even below the 2008 levels it reached after that write-off, and the German Finance Minister has just announced his full confidence in the bank and that there is nothing to worry about. Deutsche Bank shares have fallen 40% in a month.
Who the crooks and shysters at Deutsche Bank think they are to tell an entire nation of hard working and talented people that they are inadequate is beyond me. As for Scotland, this week a new natural gas facility came into production which by itself can supply all of Scotland’s natural gas needs for the next sixty years.
Deutsche Bank, feel my schadenfreude. No matter how badly we do post independence, was cannot possibly be as economically incompetent as you.
Doubtless Folkerts-Landau has a lifestyle and finances well-protected from the fate of the bank he has been skimming for decades. Should banks actually start collapsing again, I shall advocate immediate revolution as the only possible ethical stance if the politicians again move to bail them out with ordinary taxpayers’ money.