Banking is starting to lose relevance now that money is going digital and interest rates are negative. There is no point depositing money in these institutions. In fact, when I want to deposit or withdraw cash, I must do it at the post office.
The only thing keeping them alive is government bond buying and excessively low-interest rates, fueling one of the world’s largest credit bubbles. Everyone knows that is even coming to an end since monthly payments will soon exceed income. DNB is the largest bank in Norway and state controlled. Like most big banks, they are filled with incompetent bureaucrats who manage to do things worse, charging a higher price than others.
DNB recently experienced an outage during business hours and it wasn’t the first one.
It appears that since DnB finds it difficult to provide basic banking services and build software within the law, it appears that they got into the fake news business:
Top: “Weakened reputation and position globally are very worrying,” said former intelligence chief Kjell Grandhagen
Bottom: ”First nail in the chest for Trump.”
So, let’s clarify something here. America’s reputation doesn’t matter when we hold all the cards: aircraft carriers, agriculture, innovation, and now domestic energy capability. The western world, considering that they are unable to deal with Russia and China will have to work with us no matter our “reputation.” This is not arrogance, this is just reality. Europe chose a PC and parliamentarian culture and now the charlatans must bear the consequences.
Moreover, it looks more and more like the Russiagate scandal is more of a Democrat and Globalist delusion than actual facts. Comparing Trump to Andrew Johnson and Bill Clinton, he is far from impeachable.
Kjell Granhagen is moaning because Norway has to pay up in the face of falling oil prices and increasing budget deficits. That is what he is worried about. President Trump said that he was putting America First and he meant it! President Trump’s poll numbers are actually moving back up!
DNB and the Norwegian banking sector should be trying to figure out how to transform the economy and engineer a soft landing for the housing sector before they end up doing something we have never seen before.