Book Review – Deutsche Bank & Trump Debts

Dark Towers: Deutsche Bank, Donald Trump and an Epic Trail of Destruction by David Enrich (2020)

This Wall Street Journal Bestseller and New York Times Bestseller deserves being a bestseller. Its author, David Enrich, has been a reporter for both papers.

This book does not start out to be about the Trump Family. It covers the entire history of the bank from March 10, 1870 in Berlin. That’s why the book is over 400 pages long, (the last 100 pages being endnotes).

The lens David Enrich uses to tell a really compelling story from the 19th century to the present year is shown through the stories of several top executives of Deutsche Bank.

In this book it is clear that the type of banker portrayed in the the American classic movie “A Wonderful LIfe” has been buried deep in their graves for centuries.

For those conspiracy lovers who have decided banks, and Deutsche Bank in particular are a run by Jewish cabal, this book will be a disappointment.

Dark Towers skims over the Nazi period and follows the all-German Board that runs the Bank its branches with secret meetings in the top of one of its Berlin buildings’ towers.

According to Wikipedia, Deutsche Bank dumped three of its Board members in 1993 and confiscated Jew’s belongings, provided funds for the Gestapo, and loaned the funds for building  Auschwitz.

From the start Deutsche Bank was run by a group of all German Bankers who met in secret in the top of one of the banks’ two towers and plotted to open branches all over the globe.

Throughout its long lifetime, outsiders were not let into this cabal until very recently when an Indian fellow was named CEO and an American added to the Board.

Incidently, these German bankers had a sense of whimsey. the two towers, that rose above the main bank Frankfurt were named “Credit” and Debit”.

And These Bankers are Not Boring

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Book Review – The 10 Rules of Successful Nations

Ruchir Sharma is the author of The 10 Rules of Successful Nations (2020). He is Chief Global Strategist and head of Emerging Markets Equity Team at Morgan Stanley Investment Management.

Sharma is a young man who manages $20 billion of assets, and already has two other books out: Breakout Nations: In Pursuit of the next Economics Miracles (2012) and The Rise and Fall of Nations: Forces of Change in a Post-Crisis World (2016)

Interviewed by Fareed Zakaria this past week, Sharma announced that when the COVID Crisis is contained, we, the United States, will not be among the top ten successful nations on his list—or even anywhere near it.

Given that Sharma’s first rule for a successful nation is “They fight population decline,” it isn’t surprising that we won’t be great again when this pandemic cools down.

It’s obvious that we are not fighting our population decline in the face of COVID-19. We are at the very top of the losers, with many of us gone and the health of millions of others diminishing every day more rapidly.

The Successful Nations

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Word of the Day – Opportunity Costs – Pricing Drugs

Definition: Opportunity cost is the cost of choosing one option, i.e. accepting a job, planting one type of crop, or traveling to one country rather than another) when choosing a different option could’ve turned out to be more profitable.

Pricing Drugs by Using Opportunity Cost Theory

Did you know that U.S. Government Health Agencies are the chief funders of pharmaceutical Research and Development (R&D) in this country?

And! Private Equity firms and Publicly-held firms on NASDAQ buy into pharmaceutical R&D only during the final phase of research?

Our government gets nothing from these corporations for all of the free R&D research our taxes pay for on our behalfs.

Recently in the news, a small company was complaining that they had to turn over their patent rights to the CDC (Centers for Disease Control).

The company, expressing outrage, refused to share its patents. They wanted all the profits from their drug. Even though our government was funding them! (This, by the way, is what libertarian Public Choice economists call “rent-seeking”.)

This attitude is outrageous and absolutely antithetical to the way that copyrights and patents are supposed to work to promote creativity and innovative new products (or new uses of old products).

Academics once shared their knowledge freely with each other through many publications.

But now, our monoplistic Military, Industrial, and Academic Complex has taken over workers’ “intellectual property rights” in the name of defending profits that the “Complex” paid hardly any of the costs for. Continue reading →