Trump Owes Deutsche Bank $300 Million?

What does this mean for American support of European austerity? Isnt Deutsche Bank one of the main drivers behind European austerity? I guess this means Uncle Sam definitely wont be coming to rescue Europe. What else does it mean? Will Trump start taking his cues from Deutsche Bank and their economic models? Is European style austerity going to be imported to the US courtesy of Trumps debts and Deutsche Bank? Or am I perhaps over reacting? Your thoughts are appreciated.

Official response from submitted

The Deutsche Bank deal is already in. It was resolved last month to save embarrassment for Trump who will be (1) incharge of the US Treasury that has fined Deutsche Bank $14 billion now reduced to a fraction of that by last month's deal and (2) at the same time a debtor to Deutsche Bank for $300 million. Dont read too much into these deals that are the sort of thing Trump always did and does in his role as a real estate hustler. Many other factors promote austerity policies in Europe which will continue until either (1) capitalism there nears collapse or (2) the labor and left movements revive and topple them (and 1 and 2 may well happen together and mutually reinforce one another).

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  • Richard Wolff
    responded with submitted 2017-01-03 21:21:41 -0500
  • Bobbi Wings
    published this page in Ask Prof. Wolff 2017-01-03 21:11:08 -0500