The contagion of collapse continues. As I suggested would happen earlier this week, the crazy buyout engineered in Switzerland when one of the oldest banks on Earth collapsed spread to equally ancient, gargantuan and zombified Deutsche Bank, and that’s just what’s happening on the surface as the whole global financial structure shook hard again today.
DB’s shares, going down 11% just this morning, have slid by a fifth this month. And, while Credit Suisse, like Deutsche Bank, was as riddled as that nation’s famous cheese with holes it had created for itself, Switzerland lays the blame for its fall on the US banking crisis.