Like the emperor alien in Tim Burton’s spoof sci-fi movie, ‘Mars Attack,’ a well-dressed, well-fed ‘spokesperson’ for the Deutsche Bank suddenly appeared on our television screens this week dislocating normal programmes. Unaccountably, he spoke to the bemused multitude in impeccable English, warning Scotland to expect a second ‘Great Depression’ should we exercise our right to full and frank democracy. [The bank has since revered that prediction entirely.]
My, my; glaringly obvious he doesn’t know who caused the first Depression.
The man who actually wrote the bank’s report is David Folkerts-Landau.
Herr Folkerts-Landau bought his second home in the US recently, for over $11 million dollars. Clearly, he is not a man who normally worries about Scotland’s health.
He is an economist for the bank, and chief executive, so expect him to be portrayed an ’eminent expert’ by the British press and media. Pity, because he and his bank are already charged with lying to the Bundestag over food price speculation, Germany’s constitutional and legislative body
His opinion of Scotland’s worth, his terse comments, are contained in the report’s foreword, NOT in the main body of the report which is concerned about the global economy, his words carefully lifted and presented to us by the British Establishment and its hard-working elves as if the entire report.
The opinions expressed are his personal opinion.
His comments are a an annoying mixture of conjecture, misinformation, and philosophical inconsistencies. Essentially, what he postulates is, the world’s economy is so shaky Scotland breaking away now could make it wobble even more. What power we have! Don’t take my word, you can read it for yourself. But consider this:
This year the German government passed a law giving workers a minimum wage of €8.50 Euros an hour. The only bank to resist the improvement in worker’s lives was … the Deutsche Bank. It tried hard to depict it as a ‘cataclysmic’ disaster. Herr Folkerts-Landau swore blind higher wages would ‘unravel’ the employment market. To understand his threat you must first understand he is a neo-con in the brutal mould.
Germany’s premier, Angela Merkel, ignored Herr Folkerts-Landau.
We should too. No disaster occurred.
Over one million of Scotland’s people live below the poverty line. Herr Folkerts-Landau is worried they might be given a living wage. There’s nothing like a gross multi-millionaire investment banker to tell the rest of us how poor we should remain. J. K. Rowling will be cheering in her leylandi fortified Scots castle in Edinburgh.
Deutsche Bank is stuffed full of toxic derivatives on its books. A bank to listen to with respect? Delusion comes in many forms.
Oh, by the way, vast new oil fields have been discovered off Shetlands – offering Scotland “trillions” of dollars for many decades to come, the words of the oil executives, not mine. Could the panic in Westminster’s breast have something to do with the distinct possibility a generation of Scotland’s oil wealth might be lost to squander yet again?
February 2015. The bank has done a volte face altering its opinion of Scotland’s economic health 180 degrees – here is its latest prognostication:
Scotland, Flanders and Catalonia are among the European regions that could be better off going it alone, says Deutsche Bank. (Telegraph newspaper 9 February 2015)
Many of Europe’s most prosperous regions could be better off by going it alone and abandoning the nation states of which they are currently a part, according to a Deutsche Bank report. The bank has identified regions in Spain, Italy, Belgium, and even the UK that could potentially benefit from independence.
Only output in Scotland fail[s] to match the national average, at 92.9pc of the typical level. Yet when Deutsche accounted for oil deposits based on their location, Scottish production rose to 115pc of the UK average.
The bank also noted that setting up a new administration, including separate defence and diplomatic spending, ‘naturally comes at a price. However these risks [of going it alone] have decreased for smaller countries; paradoxically, this is especially due to European integration,’ it continued. “
A bizarre turn of events? Well, now that Scotland is safe back in the bosom of the UK it’s also safe to be candid and admit it was, after all, a wealthy country better off independent.