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Headline:
After a $350 billion U.S. bailout, Germany’s Deutsche Bank still has $49 Trillion in derivatives
On July 21, 2011, when the GAO released its audit of the Federal Reserve’s secret $16.1 trillion in bank loans during the financial crisis, a foreign bank ranked number 9 on the list of the largest borrowers. The loans went not just to the largest banks on Wall Street but to foreign derivative counterparties to the Wall Street banks. The foreign bank that ranked 9 on the list of the largest borrowers was Germany’s largest bank, Deutsche Bank, which took $354 billion in revolving loans from the U.S. Federal Reserve….
In 2011 when the GAO released the list of the banks that had received the $16.1 trillion in secret loans from the Fed during the financial crisis, two other foreign banks ranked in the top ten of those receiving this strange largesse from the U.S. central bank: the U.K. mega bank, Barclays, ranked number 5 with $868 billion in cumulative borrowings and the Royal Bank of Scotland Group PLC, also of the U.K., ranked number 8 with $541 billion in revolving loans from the Fed. (See chart below.)
Notice that this $16.1 trillion loan was “secret.” Of course, I read about it back then, so it was not a secret to me. At the time, this figure was more than the US federal debt. What did all that money do? Supposedly it was to keep the European banks solvent, especially Deutsche Bank. How successful was that? Was $350 billion just a stop-gap measure?
Amazing.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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