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UBS: Trump’s trade war is trying to take us back to the 1800s — but Harley Davidson has proved it won’t work
The escalating trade war being spearheaded by President Donald Trump is returning the world to a state not unlike that seen in the 1800s, in trade terms at least, according to a senior figure at Swiss bank UBS.
"Bond market moves do not break up monetary unions. Bank runs do. There is no evidence of bank runs," Paul Donovan wrote to clients of UBS Wealth Management on Wednesday morning.
Zeltner will be replaced by Martin Blessing, the former CEO of German lender Commerzbank.
"A currency has to be a widely used medium of exchange," Paul Donovan said. "Cryptocurrencies are never going to achieve that. Period."