European Stock Index Delists Deutsche Bank, Crédit Suisse
Aug. 8, 2016 (EIRNS)—Effective today, the European stock market index, Stoxx Europe 50, simply removed Deutsche Bank and Crédit Suisse from its listings, so that its index level wouldn’t be dragged down by the banks’ plunging share values. This is the latest expression of the reality that, not only is the trans-Atlantic financial system over the edge, but the danger comes from the continued lying and non-action. Over the last 48 hours, many major media in Germany and elsewhere are reporting on the history of the devolution of Deutsche Bank, and cases of insolvency, but they completely evade the question: what to do? They have no answer.
Lyndon LaRouche observed that they, "look to the past." But, for the solution, we must, "look to the future." He stressed that the collapse of the financial system is the key issue today. In July, he proposed that there must be a public-good rescue of Deutsche Bank, on the basis of a new mandate of bank functioning and credit for funding productive activity, as was the case under former Deutsche Bank Chairman Alfred Herrhausen. Helga Zepp-LaRouche issued a July 12 statement on this, "Deutsche Bank Must Be Saved, for the Sake of World Peace!"
Short of that, the pretense that the trans-Atlantic banking sector is still intact, and can be tinkered into functionality, is over.