There is almost an inevitability connected with the meltdown of Germany’s Deutschbank. Inequibility of income leads to declining purchasing power, which leads to industry weakness, which leads to banks collapsing, which leads to another global war. It doesn’t have to be this way, but it’s how things keep repeating. The only solace I can find is from an old song: “He’s got the whole world in His hands…”
Thus reads the description for my latest video, “Deutschbank Is In HIS Hands”, published to YouTube on October 1, 2016. The clip, which clocks in at 8 minutes, can hopefully be viewed at the top of today’s blog entry.
This past week, Deutsche Bank’s shares plunged to record lows. “The turmoil surrounding Germany’s biggest bank demonstrates that all of the contradictions of the global financial system that led to the meltdown of 2008 are once again erupting,” reported Nick Beams. “Now, however, these contradictions are fuelling and intersecting with economic and political tensions between the major powers.” 
Deutsche Bank is way overleveraged, having trillions of dollars in derivative obligations and assets only in the billions. If that bank goes down, it will have a ripple effect on other banks. And coincident to this, tensions between Russia and the United States have escalated. All this is “fuelling and intersecting,” as Nick Beams wrote.
The Federal Reserve has failed to defeat the Great Recession, just as it failed in the 1930s to defeat the Great Depression. Things seem about to repeat themselves with an uncanny inevitability. In the late 1930s and early 1940s, it was World War II which finally ended the Great Depression. And now, around eight years after the 2008 collapse and subsequent Federal Reserve failure to bring real recovery, it appears that World War III is imminent.
Imperialism is the last stage of Capitalism. When distribution of income in a Capitalist society becomes extreme, most people cannot afford to buy the goods produced. Then the factories close, and there is an economic depression. Federal Reserve and government gimmicks fail to solve the problem. The decision is then made to produce weapons, and there is an increasingly aggressive foreign policy meant to grab markets for the unsold goods. 
So here we go again. “There is no remembrance of former things; neither shall there be any remembrance of things that are to come with those that shall come after.”  Where is the silver lining in this cloud? “He’s got the whole world in His hands, He’s got the whole world in His hands…”
——- Sources ——-
 “Deutsche Bank and the global financial crisis”, by Nick Beams. World Socialist Web Site, October 1, 2016. http://www.wsws.org/en/articles/2016/10/01/pers-o01.html
 Tragedy and Hope, by Carroll Quigley. New York: Macmillan, 1966.
 Ecclesiastes 1: 11