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[Bloomberg]( Deutsche Bank’s radical overhaul, Turkey’s central bank loses its head, and the Fed’s no-win situation. One in five Deutsche Bank AG’s [radical overhaul]( announced over the weekend includes cutting 20% of the lender’s global workforce, exiting its equities business and [paying no dividend]( this year or next. While analysts [generally welcomed the news](, they said costs may turn out to be higher than estimated and that some of the targets for the restructuring could be too ambitious. Shares in the bank opened higher, but were trading 1% lower by 5:50 a.m. Eastern Time in Frankfurt. No head, new PM The Turkish lira and stocks fell after President Recep Tayyip Erdogan surprised markets by removing the [head of the country’s central bank]( on Saturday. Erdogan further undermined the institution’s independence by telling lawmakers that he expects both the successor and the rest of the establishment to toe the [government’s line on monetary policy](. Markets are much more pleased with other developments in the region, such as Greek elections putting an [end to Syriza rule](. Already the [best performing stock index in the world this year](, the only question is how much further the Greek benchmark will rise with a new pro-business prime minister in place. Sponsored Content by [Masterworks]( We consider ourselves to be straight shooters, so let’s talk numbers. Did you know art has beat the S&P by 180% since 2000? Or that 88% of wealth managers recommend investing in art? Masterworks is an exclusive platform for diversifying into high-end art — claim your invitation [here](.  End of independence Joachim Fels at Pacific Investment Management Co. warns that sacking the head of Turkey’s central bank is another signpost on the road to the end of [independent monetary institutions]( across [the world](. The most important battle on that front is the one playing out in Washington, where President Donald Trump’s [calls for further easing]( may make it more difficult for the Federal Reserve to actually ease policy in one sense – by creating the perception Jerome Powell is bowing to political pressure. Speculation is rising that Trump may even be tempted to [replace the Fed chief]( before his term ends in 2022. Markets mixed Overnight, the MSCI Asia Pacific Index dropped 1.2% while Japan’s Topix index closed 0.9% lower as pharmaceuticals declined following Trump’s announcement of a plan to [reduce the price]( the U.S. pays for drugs. In Europe, the Stoxx 600 Index was broadly unchanged at 5:50 a.m. as investors rotated out of defensive stocks. S&P 500 futures [pointed to a lower open](, the 10-year Treasury yield was at 2.030% and gold was higher. Iran deal Iran says it could enrich uranium at a [higher purity level]( as the country continues pushing to undo the restrictions imposed in the 2015 nuclear deal. European leaders [expressed their concern]( at the moves, while an Iranian official accused the signatories to the deal of not doing enough to uphold the accord. U.S. sanctions on the country are biting, with the latest data showing Iranian oil exports dropping to a [three-decade low](. Global oil prices are [holding onto the gains]( made at the end of last week as tensions remain high. What we've been reading This is what's caught our eye over the last 24 hours. - Odd Lots: What Bitcoin has to do with the [dream of cryonics](. - Morgan Stanley [turns bearish]( on global stocks. - China’s [gold hoard]( swells. - India state lender plunges after uncovering [fresh $544 million fraud](. - Trump says U.K. envoy [hasn’t served Britain “well](” after leak. - Spain’s economy [keeps on booming](. - Robot laws for [autonomous cars](. And finally, here’s what Joe's interested in this morning The best book I've read this year so far is "[Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency](" which explores the pre-history of Bitcoin and other digital currencies. So it was great to have NYU professor Finn Brunton, its author, [on the latest episode of the Odd Lots podcast](. Bitcoin has its roots in many different ideological strains -- anarchists, Austrian economists, privacy-obsessed cyberpunks, hippies and so forth. But the one we focused on in our discussion was the connection between Bitcoin and cryonics, the dream of freezing yourself when you die so that you can come back to life at some point in the future. It turns out a lot of the early digital-currency pioneers were into this. At first, the connection is not particularly obvious. However, as Brunton puts it, what is a cryogenic chamber, but not a broken time machine? In other words, if you freeze your body in a tube with the hope of coming back to life one day, you're stepping into a time machine that doesn't work yet, with the hope that one day scientists will learn how to "fix" the time machine by developing a way of safely unthawing the body and bringing it back to life. And if you're going to port your body decades or perhaps centuries into the future, you're going to need money when you wake up. Does the existing fiat banking system offer some obvious way of doing this? Not really. Hence the need for some other kind of money that doesn't require trusting anyone else. To some extent, all normal money and the entire fiat financial system can be seen as a form of time travel, designed to enable individuals to port their current purchasing power (wealth) into the future. You can think of cryonically-minded Bitcoiners as wanting to do the same thing, just on a radically more ambitious time-scale. Check out the [whole interview here](. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more](. [FOLLOW US [Facebook Share]]( [Twitter Share]( [SEND TO A FRIEND [Share with a friend]]( You received this message because you are subscribed to Bloomberg's Five Things newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022