I totally agree with the fact that shifted demand shouldn't be a reason for selloff. However, I disagree with his choice of the word 'boulder' for the coronavirus. It's more like the final straw that broke the camel's back. This only acted like a reason for them to stop trading and start acting in a more reasonable manner. The bulk of the reason for this selloff is a failing economy. Just to give you a glimpse, people were more interested in investing in 10 year bonds instead of Deutsche Bank stock, even with such low yields even before the coronavirus outbreak (db stock has been falling in correlation to the 10 year yields). Currently, the stock is still there simply to protect the system from collapsing. Deutsche Bank has enormous exposure to ETFs, which are highly leveraged (high debt multiples) and absolutely no cash at hand to pay back that debt. In an event that the bank were to go out of business, all of those contracts will collapse and result in bank runs with people trying to protect their cash (It's going to be Domino effect). Smarter people would invest in gold to protect themselves against hyperinflation in that cash which might happen if you do a QE for the main street (consumers). The collapse in dollar will happen with a sharp decline because it's overbought. The only factor holding it at that level is the notion of safety in comparison to other currencies. There's a high chance of stagflation, i.e. an inflationary recession.