If Deutsche Bank goes under — and it may indeed totally collapse — it will be a weapon of mass destruction many times larger than the failure of Lehman Brothers in 2008.

It has $46 TRILLION in derivatives on its books with immeasurable counterparty risk.

It’s facing up to a $14 billion fine from the U.S. Department of Justice for its role in the 2008/09 crisis and refuses to pay it — because it can’t afford to.

What is vulnerable is Deutsche Bank’s business model, since it is obligated to invest its large German deposit surplus in German government bonds. With a sovereign debt crisis looming, that’s a recipe for disaster.

With an estimated 3.4% return on tangible equity for 2016, Deutsche Bank is worse than other banks in Europe, which is half the total of 6.8% for all institutions on the Continent, according to financial services firm Keefe, Bruyette & Woods. U.S.-based banks are projected to have a 10.6% return.

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