President Barack Obama and Federal Reserve Chair Janet Yellen discussed risks to the economy and progress from Wall Street reform during a rare meeting in the Oval Office on Monday, the White House said. -Reuters

The meetings going on in Washington DC have been the subject of much speculation in the alternative media, especially the one between Janet Yellen, President Obama and Vice President Biden.

Ostensibly, the meetings were to discuss the challenges facing the Fed and to allow Obama to express his appreciation for the job Yellen is doing.

After the meeting, a formal statement was issued, as follows:

"The President and Chair Yellen met this afternoon in the Oval Office as part of an ongoing dialogue on the state of the economy. They discussed both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally. They also discussed the significant progress that has been made through the continued implementation of Wall Street Reform to strengthen our financial system and protect consumers."

ZeroHedge wrote, "Here is our modest attempt at translating what was and what was not said: no market crashes allowed until November."

This may well be true – given the upcoming presidential election – but it brings up a much larger point.

The banking system around the world is extremely fragile and securing credible and calm markets make take considerable doing. The government of Italy for instance, just concluded an emergency meeting with its deeply indebted banks that saw the government agree to a bail out of over euro five billion.

Throughout Europe, the banking sector is in critical shape – and Japan too. The ratio of performing to non-performing loans is critically low. But perhaps the most concerning area is Germany where the Deutsche Bank – of all banks – is said to be in critical condition.

In fact, some alternative media reports regarding the meeting between Obama, Biden and Yellen involved a possible discussion of Deutsche Bank's solvency.

This is not simply speculation. Not so long ago, there were reports that JP Morgan and Goldman Sachs were involved in negations with Deutsche Bank to purchase their nonperforming loans.

Here, from Bloomberg in early March:

Deutsche Bank AG, the lender exiting some trading operations, is in talks with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. to sell the last batches of about 1 trillion euros ($1.1 trillion) in complex financial instruments, people with knowledge of the matter said.

What if further purchases were needed?

Is it possible that part of the recent discussions in DC focused on Fed involvement of additional purchases of Deutsche Bank non-performing assets.

The Fed is supposed to tend to US solvency. But during the 2008 crisis, Ben Bernanke reportedly extended trillions in overnight loans to banks around the world, and many of those loans still may not have been paid back. It is said to be one reason among many to be sure, why Fed officials don't want an audit.