Deutsche Bank laying off 7,000 employees

Back on May 1st in this blog, I told you folks to keep an eye on Deutsche Bank, the huge German investment bank that's been struggling for years now.  A couple days ago, they announced they will be laying off 7,000 of their 97,000 employees, as reported in this Finacial Times article and the video above.  That's huge, and a bad sign for the world economy at large.  It's just one thing after another for Deutsche Bank right now, as the new director strives to try and get the place under control. 

What does this mean for an average person like you in the U.S. (or maybe U.K., Europe, or Australia)?  
If Deutsche Bank collapses, which a lot of world economy watchers worry might happen, the ripple effects of its $1 Trillion euros in assets will affect the world banking system, and may lead to other banks having big troubles.  That's what happened when Bear Stearns and Lehman Brothers collapsed in 2008. 

Here in the U.S., many people, myself included, believe we're teetering on the brink of a deep recession.  It could easily be as tough on us as The Great Recession (BTW way, why did they call it "great"?) of 2008, for a variety of reasons.  It could be much worse, because there's a lot more debt in the U.S. at all levels now.  That means tough economic times ahead for most of us average people.  Recessions also mean a lot of great opportunities for new businesses.

I don't write these posts to be an alarmist, but more like a financial "weather report."  There's a big storm, possibly a hurricane, coming, and we all need to get ready to deal with it.  That's my motivation.  Watching the big picture social dynamics and macroeconomics is something I've been doing for nearly 3 decades, and I find it fascinating. 

I'll write more on these issues as things occur.  But for now, think about what you could do to get ready for a serious recession to help yourself and your family get through it as well as possible.