Gambled away in the financial crisis - The Deutsche Bank story | DW Documentary

Deutsche Bank managers driven by greed set it on the wrong track in the 2000s. The collapse played a key role in the financial crisis of 2007/2008. The consequences: billions of Euros in penalties and the decline of a German institution.
The Deutsche Bank, once the flagship of the German economy, had fallen from grace. In the 2000s, the bank was pumped full of risk in the quest for ever greater profits. In their bid to make the institution a global player, Deutsche Bank managers gave their investment bankers a free hand - a move that would end up being a major contributing factor in the financial crisis of 2007/2008. Supervisory authorities are still imposing fines to this day, penalties that now run into the tens of billions.
The victims in all of this are Deutsche Bank customers and shareholders. The share price is hovering around 10 Euros. Twenty years ago, it was around 60 Euros. The documentary shows: The only ones to walk away from this with a good deal were the investment bankers. Many received millions in bonuses year after year, as their greed increased and they paid no heed to the rules and regulations.
#documentary #dwdocumentary #finance
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[@markemark449]

I worked for several European banks during this period - the time of transition from AAA rated low risk banks to highly ambitious international investment banks. My two cents on this - these banks wanted to have their cake and eat it. They wanted to retain the prestige and customer base that came from having a low risk AAA background, but they wanted the returns that the US banks were getting by taking far larger risks. So they began to take on these larger risks, but did everything they could to retain the veneer of their historically ultra-safe AAA heritage. I even think there was a strong sense of self-delusion about this - the leadership teams really did think it would be possible to square the circle, and when it became clear the downside of the risks were becoming too big to ignore, they carried on trying to ignore it anyway until they eventually detonated in the worst way possible for themselves, their employees and their shareholders. It's as if a company who baked bread decided to change their business to trading BitCoin instead, but continued to portray themselves (externally and internally) as good old-fashioned bakers little changed from the middle ages.

[@Studeb]

Why shouldn't they? When they do well, they get multi million euro bonuses and get private concerts with The Rolling Stones, when they do bad, the tax payers bail them out and nobody is punished. Everybody wants to be them, it's free money, free out of jail cards for everybody.

[@harkinsclark1417]

I was at the Grosvenor that night in 2000 at another function and it's a little strange to watch a random documentary and suddenly understand what was going on that night, it suddenly all makes sense 😅

[@iceman4660]

Less than 1 minute in and the hubris of the Banking Industry is laid bare for all to see. Most of the banks that I have heard pursuing the aim of being #1 bank in the world have tended to fail spectacularly

[@dgs6315]

Greed, incompetence bailed out by taxpayers. The whole DB board should be in jail.

[@andreawallenberger2668]

"Gambled Away" is like literally everyone's (the 99%) health/ education/ finances/ home/ safety/ future, it's the perfect description for this time imo

[@khairulnaeim756]

😂

[@jupena]

That's so true...

[@user-rw311]

I brought my house from Deutsche bank in 2009 it was a foreclosure the mortgage owned on the house was 300,000$ dollars. Deutsche bank sold it to me for 100,000$ dollars now it's worth 480,000$ dollars. The banking crisis saved my life. Some people lost everything and many people made everything. It's just the way it goes. I'm ready to sell it once trump is president and retire to south America.

[@robertogreen]

When a documentary about a German institution gets to the part where it says “and in its darkest moment” that moment is really really really really dark.

[@davidbridge5652]

I watch the movie the big short regularly as it's awesome. I still can't get over the fact that big banks are so reckless yet don't care as they know they will get away with it.

[@Novastar.SaberCombat]

Yup. The wealthy, powerful, and influential are invulnerable, invincible, and unstoppable. That's why people like Chump, Puton, XiXiPi, and even folks like Mü§k can do absolutely anything and everything... and *always* "win". The rich NEVER "fail". They simply rebrand and steal from everyone they can via a different method. 💪😎✌️ It do be what it do be.

[@JKHTX]

USA too big to fail bailouts 😢

[@kinngrimm]

Back then it wasn't at all clear that they would get away with it, that is just something one can say retrospectivly as they defacto got away with it.

[@davidbridge5652]

@kinngrimm after the financial crisis they carried on selling the same cdo's which caused so much damage but just repackaged them with a new name.

[@kinngrimm]

@@davidbridge5652 True and that doesn't deny my point. In 2012 banking regulations that were implemented 2010 because of the 2008 crisis, were taken back. That more than anything tells me that, due to the bailout, the banking industry and their lobbyist only then understood that they can do whatever they want as when they would fail, bailouts would come as they are seen as essential to the system. As with that they can do it again, play russian roullette with the economic well being of nations.

[@yamuiemata]

The astonishing fact is Deutsche Bank is still at 16$ a share...the price it collapsed to in 2008 Some things just never change

[@geoms6263]

14.99

[@rrajan5476]

@@geoms6263 but Germans have that rigid mindset, Deutsche f...g bank eh. All German never fails!

[@NuclearSavety]

Indeed, it is astonishing that DB is still so "highly" valued .... 3$ per share sounds more reasonable...

[@user-rw311]

I love Deutsche bank they saved My life. I brought my house from Deutsche bank in 2009 it was a foreclosure the mortgage owned on the house was 300,000$ dollars. Deutsche bank sold it to me for 100,000$ dollars now it's worth 480,000$ dollars. The banking crisis saved my life. Some people lost everything and many people made everything. It's just the way it goes. I'm ready to sell it once trump is president and retire to south America.

[@thedude7319]

The fact these people were allowed to walk away with their lives have just made everything worse. there was a reason after WWII they hanged collaberateurs

[@felinemad]

And now they want the normal folk to pay for the recklessness and largesse of these banking corporations by putting us on CBDCs. Makes me so angry.

[@glenisold79]

They didn't hand them all though. This very video points out they hired some to run Deutsche Bank

[@samuelmaina3805]

Behaves like African politician. The face of corruption is universal

[@lowcorrelation]

Amen.

[@markemark449]

I hate to speak ill of the dead, but my only interaction with Anshu Jain was when I had a very painful sports injury and was walking along the pavement at a snail's pace at exactly the same time that he wanted to get past me into his waiting limo. I can't forget the look of pure anger and unsympathetic frustration that his gaze sent my way. I don't want to read too much into one encounter, but I've heard similar stories from others. Just an angry, unsatisfied man who saw everyone and everything as an obstacle.

[@szymonzaranski4208]

As of now history is bound to repeat itself. The cycle of growth fueled by greed always ends in a crisis. Hope people are prepared for the inevitable.

[@Novastar.SaberCombat]

Unless you're super wealthy, you *cannot* prepare for disaster. You can only succumb. It is what it is.

[@minakatahizuru]

Fearmomgering bot 😂

[@eternalv10killa]

@@Novastar.SaberCombatno, you learn; then short the entire market.

[@poulhenne]

The rich always profits from the fabricated crises.

[@zawiszaczarny7876]

Currently there is no growth, 3000 companies left Germany for Usa last month... Others are moving to Eastern EU, meanwhile EU is engaging in shooting itself in the foot even more with wild fanatic envoiremental suicide.

[@nistalasuresh5837]

Blind Greed, inability to see Risk, collapse at the end And thanks for the Wonderful documentary

[@cosminmorga1331]

Another great video, thanks

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia is still following this content cheers Frank

[@GerdBruecks]

ohne das Verschulden der Deutschen Bank klein zu reden: wer Ingrid Matthäus zum CEO einer Bank macht und wer die IKB verteidigt hat den Sinn der Marktwirtschaft nicht verstanden: es gibt auch Verantwortung, und die haben weder Ingrid Matthäus noch der IKB Vorstand im entferntesten wahrgenommen.

[@cadburybubblegum]

RIP Mr.Abe

[@xcel5203]

'Masters of the Universe ' and 'Bonfire of the vanities' comes to mind immediately-,these traits are intertwined inexorably and make a heady mix. You've got to have the ' right stuff' if you want to excel in investment banking it seems and rules be damned .

[@corkooijman85]

Deutsche bank now: their price to book ratio is ,39. Healthy banks have a price to book around 1. A low price to book means that stockholders think the bank is worth less than the bank says its worth. If investers believed the bank, the stockprice would be around €40 instead of its current stockprice 15,26.

[@henryterranauta9100]

💰💰💰Well well well stock generalists invest like sheep herds. Glad to know DB has a lot of room to reach the ideal level of €40. Thanks for helping me to invest in DB shares sooner than later 💰💰💰💰💰💰

[@corkooijman85]

@@henryterranauta9100 be carefull, there is usually good reason for a low price to book ratio. Deutsche still has a huge amount of derivatives on its books. Its very hard tp grade them. If you do want to invest in Deutsche, go in slowly. On the other hand, the german state will never let anything happen to Deutsche. Their economy is to dependent on it. Its not Credit Suisse. Thats for sure

[@BrendaFleming]

@@henryterranauta9100 convince the masses they too can have a piece of the corrupt pie!

[@LeahLewis-ny9iu]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[@mattirae4191]

Mr. Ackerman acted humble but what he did makes him quilty.

[@cormacbrogan7353]

How are these people not gone to prison

[@tarawhite4419]

Love the title Driven by greed

[@markemark449]

I knew Kevin back in the day. He wasn't swanning around in Rolls Royces and private jets. He and the team would go to the local pubs after work for a pint or two, then catch a few hours sleep before markets opened the next day. It was not a glamorous life of constant Rock and Roll concerts despite how this documentary would like to frame things! From what I could tell they were driven by their competitive natures (and the aggressive targets set from senior management) rather than an addiction to buying shiny things. They almost all came from upper working class backgrounds and suddenly found this way to apply their minds to something where people benefitted from their intelligence and made them feel successful. Were some of these people dishonest? Hard to imagine that some weren't, but I never heard Kevin say anything that sounded like he was acting against the best interests of his clients or his shareholders.

[@HRMColoniallifeinsurance]

The money market hasn't been too kind to commoners lately. I feel like I'm not making as much as I could be.

[@18_rabbit]

lol, and your ID is a life ins co! so funny.

[@BrendaFleming]

@@18_rabbit Ironic fits better than funny, IMHO.

[@mosestekper7659]

31:09 see the smirk on his face as he describes knowingly selling people junk. These people should have been sent to jail.

[@DominicAgcaoili]

What's the song around the 8th minute of the documentary?

[@fredrickmutyaba-nw1vj]

Thanks DW. The Deutch Bank crisis cuts across all spheres and in this digital era we have to look for the common good for a better tomorrow.

[@jburron]

Imagine if he stayed at CS. He could have sunk it instead.

[@denkenhilft1607]

Yeah, and mind that‘s where he learned the business …

[@roseyfischer]

Decision making, Deutsche Bank story serves as a stark reminder of the importance of risk management in investment portfolios. It's crucial to diversify and have contingency plans in place.

[@BrendaFleming]

That's what smart investors do like Warren Buffett.

[@ryanreedgibson]

I remember walking by the Deutsche bank from street level and seeing surge suppressors ready to fall from stories above and seeing office furniture scattered everywhere. The building was draped in a green safety screen due to the glass, facade, and floor damage of 9/11/01.

[@ArnaudJoakim]

Very interesting!

[@cosbro5389]

How do you spot a fraudster/grifter/free loader/thief/pirate etc ? They are wearing a suit

[@tripfontain5480]

sad but true

[@franciscouderq1100]

Confirming what I thought of it for a very long time.

[@thedude7319]

35:30 no freakin' fuck, you were one of the designers ...

[@NNokia-jz6jb]

I lost my ex-gf due to the financial crisis. She is no more. RIP.

[@fredlacroix6865]

fast forward to 2023..hello credit suisse

[@khairulnaeim756]

No hallo

[@ChristiMinnick]

Invest-ment banking can be quite gainful if you know what you're doing, but it also comes with its fair share of risks.

[@trapkat8213]

There is a very good ebook/audiobook on the history of Deutsche Bank called 'Dark Towers'

[@perdiddlepanskew8018]

Could someone fix the English subtitles? They are unusable. Thanks.

[@annehersey9895]

I hate that banks make mistakes are fined and then go on doing the same things! At what point do governments say enough is enough?!

[@wolfen210959]

Never, here in the UK bankers are again allowed to make unlimited bonuses, so the next crash is approaching fast.

[@faustinae3927]

He needs to go somehow!!!! Much love for all who want FREEDOM ❤❤❤❤ Arizona watching, be strong

[@Zanzan8]

The pointed hairstyle is hilarious...grow up old man 😂

[@QwertyQwerty-bd3tm]

Banks should always be for service such as payslip, transfer, online payment and safety. It can’t be used for gambling unless you have world reserve currency.

[@RafaelPereira-rp7uq]

And the Southern European countries took the blame, the big ones were protected and the small ones forced and striped of all their infrastructure and and increase in debt, the fact that these debts are not addressed and shared for common responsibility the catching up will just take longer and i fear that that is just perfect for them as well. You are my news source DW so i hope the fact that you are based in Germany does not affect your reporting, but this would have been a good story to connect to Troika and Austerity measures done on that period. I would love to have this topic further covered, it really left a bad image of the south that it didn't completely deserved. Thank you to everyone working in DW for your work!

[@markmccormack1796]

You can't become CEO saying we're going to be the world's 76th largest bank.

[@ThijsSchrijnemakers]

thanks

[@Escape_The_Mundane]

I am from America. I love germany. I heard west germany (frankfurt, Baden-Wurtemburg) is 10 times rich than east germany (berlin, saxony anhalt). Not sure if it is true, but I have seen houses in east germany that were really cheap.

[@rrajan5476]

Oh the Wise one, what is 10 x Cheap houses= 10 cheap houses!

[@Escape_The_Mundane]

@rrajan5476 No, the houses I saw were so cheap, only 20,000 euro (that 38000 us dollar) In stuttgart I saw house it was 300,000 in china I saw house $30 Million for just 2000 sq foot. You can raise capital like a bank for real estate. However, do you really think real estate is a good investment?

[@Kevin-bl6lg]

​@@Escape_The_Mundaneyou need to normalise currency first. You can compare property prices using local currency. 30m RMB vs 300k West Mark vs 30k Ost Mark. Is all local currency

[@Escape_The_Mundane]

@Kevin-bl6lg No I said 200 million yuan. That 30 million dollars. It was wenzhu city, zheijiang.

[@Escape_The_Mundane]

@@Kevin-bl6lg 200 million yuan

[@ultimate123321]

Fix your audio, it's louder on the left.

[@OgKingMC]

So much has happened since 2010.... not a good point to just suddenly end the doc :(

[@henryterranauta9100]

💰💰💰🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸Indeed VW flop is inexcusable as is the Boeing flops with 737 Max 8🇩🇪🇩🇪🇩🇪💰💰💰🇩🇪🇩🇪🇩🇪

[@permunk-nielsen856]

My thought exactly - was looking for Part 2 to finish the story.

[@18_rabbit]

​@@henryterranauta9100 well Boeing is in my town and it's part of a global duopoly, so it's not comparable to any other biz of any type, from cars to banks. VW has had extreme mismanagement problems for over ten years, including actual criminal acts that led to jail sentences of the executives in the United States, as should have also hapepned in Europe, but did not. Germany and maybe the EU needs to revamp such laws.

[@user-rw311]

I love Deutsche bank they saved My life. I brought my house from Deutsche bank in 2009 it was a foreclosure the mortgage owned on the house was 300,000$ dollars. Deutsche bank sold it to me for 100,000$ dollars now it's worth 480,000$ dollars. The banking crisis saved my life. Some people lost everything and many people made everything. It's just the way it goes. I'm ready to sell it once trump is president and retire to south America.

[@MeiinUK]

Ceo of DB is Ackerman??.... 😮 ....

[@Snafuski]

I was cheated by DB. A really bizarre situation. I have the whole correspondance with them... It's going in my biography

[@Looii5]

Capitalise profits, socialise losses.

[@hugodias2449]

The title DRIVEN BY GREED…. I actually thought they were driven by love 😅😅

[@joshm960]

Just beginning… best of luck

[@WeL0veTechno]

20:39 Fischel Schumacher...? 🤨

[@striker44]

DW is doing more Western introspection. Good for them.

[@henryterranauta9100]

31:39 Where Bernie Madoff enters this melodrama ??? Up to end no word about Madoff in this video.

[@BrendaFleming]

Berne's arrest was in December 2008

[@SueFerreira75]

Recommend "Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction" by David Enrich, published 2021

[@rrajan5476]

Germans had an Uber-ego: precision machine building, auto, public services etc. All failing one-by-one. More than anything, they were supposed to be honest in business; but after the VW emission frauds etc even that is floundering

[@henryterranauta9100]

💰💰💰🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸Indeed VW flop is inexcusable as is the Boeing flops with 737 Max 8🇩🇪🇩🇪🇩🇪💰💰💰🇩🇪🇩🇪🇩🇪

[@hurri7720]

Nothing left in Britain to flop, an advantage in a way.

[@carlossantos6683]

And they still wonder why the chinese are taking over EV industry so fast.

[@Mork2001]

well said! plus the absolutely racist 82 world cup match between WGER vs AUSTRIA to keep Algeria from qualifying for second round. Was in market to buy a new car in 2020 & decided against buying any German car here in India.

[@davidmcken]

39:20 - He is concerned about the states influence, why should he who fucked up have to respond to someone else...

[@annehersey9895]

Deutsche Bank has had its hand slapped many many times since that Stones Concert. It’s close to 20 years ago and I wouldn’t put my money there! Their hands are too dirty.

[@michasosnowski5918]

The issue is also with government(central banks) printing money. Then the banks go where the money is. If not for printing and bailouts, there would not be so much money for banksters to operate on - they would be constrained to peoples money. When you have lack of limits, you have a problem.

[@dimitargueorguiev9088]

Aren't we all driven by greed :(

[@love-garden279]

that's why you can't trust the banks

[@noconsent]

So the banks defend mortgage backed securities tanking the economy, by saying, "we just delivered a product people were asking for, no one forced them to buy it." While at the same time the bank was going to the government for free money, even though no one forced the banks to sell mortgage backed securities on loans that would default. I like how they also say they didn't lose money on the financial crash they caused. Yeah, because the government gave you free money, and you spent it on shorting the economy you knew you were crashing.

[@gostaknochenhauer3978]

The sound qualitey is really terrible. Please re-edit this documentary!

[@adrianqx]

The take all the risk because they know they know they have golden parachutes when it all goes south !

[@khairulnaeim756]

Because a plane not make building fall same as that..... better ask honest people about building....heat and impact not strong enough to do that.... maybe

[@wolfen210959]

Unfortunately because both planes were full of jet fuel, the end result was inevitable, steel is not made to withstand that kind of heat.

[@Diego-tm3dj]

Big companies rarely break, governments most time will save them.

[@wolfen210959]

Nope, government sometimes are the ones to break big companies, just look at what Thatcher did to some huge UK companies in the 1980s', all in the name of ideology.

[@khairulnaeim756]

..This not bank or investment... already turn brothel house.....

[@williamyoung9401]

And it was all totally legal in the tax code....

[@patd310]

What isn't driven by greed?

[@dcbaars]

Being grateful, count your blessings, self transcendence and self knowledge

[@bodiandras]

hate, fear, madness... just to name a few

[@xena2559]

Of course it was

[@user-rw311]

I brought my house from Deutsche bank in 2009 it was a foreclosure the mortgage owned on the house was 300,000$ dollars. Deutsche bank sold it to me for 100,000$ dollars now it's worth 480,000$ dollars. The banking crisis saved my life. Some people lost everything and many people made everything. It's just the way it goes. I'm ready to sell it once trump is president and retire to south America.

[@MichaelEnright-gk6yc]

Corruption.

[@khairulnaeim756]

9/11 ...that some one not paying their debt....

[@alwaysoz2]

The narrator does a great job but the very loud production music in between the scripts was distracting and in some cases unnecessary. As with the cautionary tale here to would be bankers and risk, tone it down a little!

[@geoms6263]

DW must understand a principle. It's not nice to wash your dirty laundry in public.

[@rrajan5476]

So, what to do? keep saying Heil .....?

[@steffengrossmann169]

Why do always the wrong people catch the deadly diseases 🤬

[@pauloriain]

Isn’t it easy to say it’s greed….. kinda convenient. I believe it is stupidity in reality, which in truth is far worse, because so many more people are culpable for that including the regulators the shareholders, the top level politicians and all the elites who are benefiting. The people running these institutions and the others have spent their lives pursuing rewards….. jump thru’s this loop little doggy and we’ll give you this reward. At no stage do they stop to ask why they are doing it and it eventually blows up in their faces……. but the rest of us have to pay.

[@khairulnaeim756]

What...😱 Lion share....hope they know what it was...🤔

[@khairulnaeim756]

Yeah...talking about golden goose ....is very very high value in short and long term......if they really generous....can make a deal...that bank...the main bank not small... 50% share sold...and other subjects in bank investment...not just that access to land buying...and other things....final decision of the deal base on our group....other words access to sold...if rejected our deal, we always open for you....(for person or group of people that know about this)..... nothing personal it just a deal....they got my green light to do a deal...... yeah that management must do something about it... change to better management.... yeah will be German man/women....

[@Novastar.SaberCombat]

The wealthy, powerful, and influential can do whatever they wish. Poor gotta serve, suffer, and submit (schlav3r¥). It's unfortunate, but that's the way it is. #copium

[@hurri7720]

Some Brits think Deutsch Bank is like the Bank of England due to its name, and worth pointing out it's not. Totally missing from this story is the Russian connection, they are still operating there and there might be söme interresting reasons it's the only bank lending money to Trump.

[@nox5555]

They were not the only bank lending to Trump, and the Russia connection is dwarfed by the Saudi, Qatar and China connections. Ohh and they have alot of client in south america. Deutsche Bank is full of Criminals. but its not a political bank.

[@doughayden]

Seriously ... why bring up a few fun Christmas Parties? These folks put in crazy hours and blowing of steam is a part of it ... keep in mind the majority of loans and risk paid off.

[@wolfen210959]

No, the parties were a sign of the excesses allowed by the management, that the bad behaviour was acceptable, so long as they brought in the money.

[@cttommy73]

Anyone who think these money men and women actually know what they are doing are naive. If anything, these people know about as much as the average person but are way, way, wayyyyyy, more into gambling people's money away.

[@Manx123]

Yeah, you fucked up on the audio, lol

[@ivok9846]

27:43 mid 2000s is 2500. how can you write without thinking?

[@wolfen210959]

Mid 2000s is 2005- 2006, 2500 would be the 26th century, how can you think if you have not had your coffee today? :)

[@ivok9846]

@@wolfen210959 my god how calendar is subjective, right? esp. if you're missing few million of neurons in particular spots.... if you're talking about centuries, you have beginning, mid, and end. what would be mid 19th century according to you? or beginning? if you wanna talk decades, you say "first decade (or 2nd, or whatever) of 21st century", you don't copy everything you saw on yt without thinking. and you don't justify nonsense.

[@Thelarrs110]

People like Ackermann and many like him should be in jail for their corrupt practises, based on power and greed. What else can one say.....?

[@michaelclennan8425]

He acts confident and controlled and in reality he was clueless. He is a poor actor.

[@lenaindukremlin]

The "smart" guys with the huge salaries and bonuses aren't that smart after all. Just a bunch of opportunists without an once of morality. Same old, same old.

[@sean.butterworth]

Trump’s favourite lender. That says it all

[@TheRadFactor]

Yeah sure. Financial people knew the crisis was coming. Great rewrite of history

[@NuclearSavety]

TL'DR shlt floats on top.....

[@michaelbryant2071]

Risk is the most profitable method of obtaining high returns in financial investment. You must have a high risk tolerance to invest successful. The problem is the amount of risk is never known until the end of the investment term.

[@qentrepreneurship9987]

Money money, greediness greediness lol Cheers from lake Titicaca Peru

[@mrico523]

Not sure what DW's play is here. DB ended up financing a good chunk of the post-financial crisis recovery & laughed all the way to the 😆 BANK. The US was a bit butthurt by it all.

[@nickchkheidze9189]

The concerts are lame, they should have invested all the money in sex parties

[@williamelewis464]

The WWI and WW2 gloss over is astounding, jfc

[@azizs7604]

How great is it then that greed is eliminated, capitalism has collapsed and the money is distributed fairly... How can people in many countries vote for the right and far right...?

[@khairulnaeim756]

What they mean.... by power full politics people.....lots of dirt thing...at back...this crap people... politics a round the world is dirty...none of it clean...we just do not know...

[@jrtstrategicapital560]

From European Carnegi : " Over the decades, regardless of whether the Social Democrats or the Christian Democrats were in government, both parties consistently pursued economic and political relationships with Russia and China. This pursuit was based on national, not European interests. It was motivated by profit, NOT VALUES OR PRINCIPALS. These policies were also naively based on the idea that closer trade and economic ties would lead to stability, even trust." A souless country.

[@henryterranauta9100]

5:25 🇩🇪🇩🇪🇩🇪🇩🇪German Relatives of mine were killed in the Holocaust but I find to blame 🇩🇪🇩🇪🇩🇪🇩🇪🇩🇪DB guilty of it is ignoring the total control the Nazi party institutions overwhelmed power - . IBM supposedly organized the Gestapo files to total overview of then Germany. I won’t blame IBM as being a war criminal. 7:31 Machen Sie Ihren Job oder Dachau!

[@wolfen210959]

Because they fundamentally misunderstood the ideologies of Russia and China, thinking they were aligned financially, when neither of them view money in the same way.