The European banking collapse continues. The decline in deposits has now devolved into a crash. Deposit levels have broken their 2015 lows. If the deposits chart was a price chart, it would be a breakdown from a top pattern that took a year to build. That would portend a major decline ahead. The collapse is even worse than it looks on the surface, considering that the ECB has been adding hundreds of billions of Euros to bank deposit accounts over the period in which deposits have been declining on balance.
Here’s what this means for the markets.
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