The "most systemically dangerous bank in the world" is in grave trouble. Despite exclamations that there is "no need for additional capital" and that "Deutsche Bank is no Lehman" investors are fleeing the bank's assets en masse as professionals pile in to buy counterparty risk protection. With the only thing standing between bank runs and stability being the confidence of depositors, and knowing full well that everybody lies when it gets serious, one witty trader noted, "if it walks like Lehman, and talks like Lehman... it is Lehman."

Deutsche stock is collapsing...

And counterparty risk hedges are spiking...

as the bottom end of DB's capital structure is starting to reflect a serious haircut...

And the DB pain is spreading to the entire EU banking system...

When is Draghi going to starting sell CDS Protection?