Okay, they’re not really going to call it that, but a coalition of NATO countries is looking to open a bank that can guarantee loans to defense contractors. The problem is, though NATO countries are beefing up their war readiness, manufacturers of weapons and war materiel are finding it hard to secure financing from normal banks.
European laws restrict banks from dealing in pornography and tobacco (defense contractors all smoke and watch porn videos at work, evidently). Thus a loan-guarnteeing entity could ease the conscience of the banking establishment.
The new entity is actually going to be called the Defense, Security and Resilience Bank, or DSRB. Already, Canada, Luxembourg and seven other countries, including Turkey and Ukraine, have announced their support for the DSRB. Contractors are under increased pressure as European nations, per Donald Trump’s mandate, are increasing defense spending, the goal being 5 percent of each year’s budget.
Canadian Prime Minister Mark Carney, a former Bank of England governor, is the impetus behind the venture, which so far has attracted only middle-level NATO countries, not the biggies like Great Britain and Germany.
