Deutsche panic: Economist warns of massive global economic downturn – ‘game is up’
AN EMINENT economist has warned of a potentially massive global economic downturn after Deutsche Bank announced it is to lay-off 18,000 members of its workforce.
By FREDDIE JORDAN
Express.co.uk
Tue, Jul 9, 2019
Professor Richard Wolff, one of America’s most prominent economists, claimed that if Deutsche was in trouble it was likely far from alone. He explained to RT America that the extent of the crisis would not be known “until something blows and whole game is up.” The Manhattan-based professor told RT host Rich Sanchez: “It would be easy to find statements by experts, by bank CEOs, by Wall Street commentators telling us not to worry – it’s a detail, it only affects one bank.
“None of that is normally true.
“Deutsche Bank is the biggest bank in Germany.
“It is one of the biggest banks in Europe and the world.
“If it has serious troubles those troubles are also affecting other banks and they’re affecting the interactions between a monster bank like Deutsche and all the other banks since these banks do an enormous amount of business with one another.
“The truth is the people who run these banks hide their difficulties from the shareholders, because they want to keep their jobs and from their workers because they don’t want to freak people out – that their jobs might be in danger.
“So what we’re left with is very little, lots of PR and a big question mark.
“Because clearly that bank is in serious trouble.
“But we won’t know the extent of it until they’re good and ready or until something blows and then the whole game is up.”
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