Business And Financial Trends Across The World
by Ed Hulse
Business and financial trends across the world have been influenced by events in America. For a long time this country has been slipping into bankruptcy as the budget deficit expands inexorably. Wealth shifts from West to East as countries like China export goods and take in assets.
A critical point was reached in 2008 when some large banks failed. Quickly the woes swept across the western world. Those banks that did not go under were unable to lend money and so some large firms which depended on borrowed money also faced ruin. Governments in America and Europe had to use public funds to save private firms.
It transpired that the banking industry had developed a culture of taking huge risks with shareholders' money. Some of these risks ended profitably in which cases the bankers rewarded themselves with enormous bonuses. Greed is a powerful force and it soon became accepted that the bankers were paying themselves great bonuses whether the risks that they were taking with the funds of others were profitable or not. As a result there was no money to lend. The situation was tantamount to theft.
The situation in many retail banks is illustrated by long queues of customers waiting patiently to be served. There are too few bank officials attending to customers because senior executives have to be paid enormous salaries at the expense of their customers. This breath taking arrogance is probably the result of banking bosses having risen so high on ballooning emoluments that they have lost sight of their humble service origins. The clients who enrich them are exploited with contempt.
The disease at the heart of the American system spread rapidly through the western world. Without access to cash, businesses went bankrupt and the property market deflated. The malaise spread throughout the western world leading to unemployment and therefore to declining tax receipts. Eventually austerity will have to be applied to all aspects of economic life leading to declining exports, so that even thriving Far Eastern economies are affected.
Globalization has eroded many of the barriers between countries so that a malady in one country spreads rapidly throughout the Global Village. Corruption has been exposed in business and financial trends. The next trend must be a return to the principles of prudence and honesty that are the basis of trust.
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New Unique Article!
Title: Business And Financial Trends Across The World
Author: Ed Hulse
Email: ej34654@hotmail.com
Keywords: insurance,education,finance,marketing,business
Word Count: 386
Category: Marketing
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