Three major Western banks are under constant threat of failure overnight, every night, forcing extraordinary measures to avoid failure. They are Deutshe Bank in Germany, Barclays in London, and Citibank in New York. The contagion that will hit is assured, since these three big banks are all interconnected, their positions intertwined, their fates tied like a common millstone around their necks. When they go down, and they will go down hard, the gaggle of Western financial firms (banks, investment banks, hedge funds, exchanges) will sink together into a sea of red ink, toxic swill, and more than a few orange jumpsuits.
Posted on: Fri, 12 Jul 2013 04:38:23 +0000