Germany leads the world... to financial Armageddon and other stories

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 30 September 2016

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Here’s our latest joyous look at the week’s events.

Join Georgie Frost, Simon Lambert and Lee Boyce for money mirth with a few nervous laughs on top.

We’re possibly staring global financial Armageddon in the face again as Germany’s biggest bank owes more money in fines than it’s worth while it sits on TRILLIONS of pounds of complex debt that no one appears to understand.

UK banks were bailed out to the tune of around £500bn after the 2008 crisis, paid for by cutting Government spending and disability allowances and the like.

But Germany is refusing to consider any such aid and austerity.

The second biggest bank in Germany is also now in deep trouble as it announced 10,000 job cuts.

The knock on effects are starting to resonate around the world.

What happens next is worth a ringside seat.

Also on the show:

Help to buy is to die – it was a policy dreamt up by our already forgotten former PM David Cameron and sidekick George Osborne to increase house prices

Aldi takes on Waitrose – the supermarket (German) too popular for its own car parks is set to expand

Unusual money-saving tips – avoiding amazon, hiding money and more

BHS is back - but with 99.5% fewer employees

Long-term investing – it works

How to choose a mortgage – as a lifestyle choice not a panic purchase

And finally

This week’s two-minute rant – why 2-year fixed mortgages are so popular probably has more to do with bankers’ commission than decent deals

Reading list: Other People's Money: Masters of the Universe or Servants of the People? By John Kay

Watch list: The Big Short movie is now on Netflix

Transcript

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0:00.0	This is Money, brought to you in partnership with NS&I, giving you 100% security for your savings.
0:17.6	A very warm welcome. I'm Georgie Frost. You're listening to Consuming Issues here on Share Radio.
0:22.2	It's time for This Is Money podcast in partnership with NSNI.
0:25.6	Joining me in the studio is editor Simon Lambert and Consumer Affairs editor Lee Boyce.
0:30.7	And this week, one country is in the spotlight.
0:44.1	Yes, the world of finance is getting rather twitchy about Deutsche Bank.
0:46.1	It shares diving this week.
0:50.1	With reports, some big customers are beginning to withdraw their cash.
0:51.7	What on earth is going on?
0:53.9	Why should we care about a German bank?
0:58.5	If markets continue to get spooked by the situation, then that is going to feed through potentially to the wider economy.
1:01.2	That is not all bad news for our German friends, as discounts supermarket, Aldi continues
1:05.9	to turn the screw on the big boys.
1:08.0	Big expansion plans are in the offing.
1:10.3	Is it all good news for them, though?
1:11.8	No, it's all very well, annoying Tesco and Sainsbury's and Morrisons, but it's going to hurt
1:16.8	oldie as well. So can Britain emerge as the leading economic light.
1:21.2	We stand on the verge of an unprecedented ability to liberate global trade for the benefit of our whole planet.
1:29.4	Jumping up the global economic competitiveness table, but is it all rosy as it seems for the UK?
1:35.7	Also today we run the rule over a new government crackdown on cybercriminals.
1:39.7	Simon plays the long game when it comes to mortgages and BHS is back, sort of.
1:46.5	We'll be taking a look at the reinventedbhs.com. Does it have legs?
	...

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