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 crisis broke around 2008 when banks in America reached a point when they could no longer lend money. In some cases they went bankrupt and could no longer support some of the large car making companies which also threatened to go under until the State saved them.
The crisis exposed some shocking facts about the banking system in the Western hemisphere. They had abandoned the culture of prudence and taken to gambling with shareholder and client funds. In some cases risks had paid off and it had become habit for bankers to reward chief executives with astronomical 'bonuses'. In effect this was theft since the bonuses were paid with money taken from shareholders and customers and were so excessive that they could not be earned realistically.
In many banks there are long queues of customers who wait for service whilst too few officials are on duty. The bank that can pay executives inflated salaries cannot afford to properly attend to the needs of its customers. This is a fairly obvious consequence of greed and unjust enrichment. Banking executives have become arrogant because they have grown fat on unearned rewards. They appear to have lost sight of their humble calling to responsibly shepherd the assets of others and have assumed that those assets are theirs.
Corruption leads inevitably to spreading collapse. Throughout the western world firms began to fail, the property market imploded and unemployment became rife. The yawning chasm between rich and poor widened and financial malaise spread from one country to another as instance of reckless public expenditure were exposed. As imports to western countries shrank even thriving eastern economies began to suffer.
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.
A crisis broke around 2008 when banks in America reached a point when they could no longer lend money. In some cases they went bankrupt and could no longer support some of the large car making companies which also threatened to go under until the State saved them.
The crisis exposed some shocking facts about the banking system in the Western hemisphere. They had abandoned the culture of prudence and taken to gambling with shareholder and client funds. In some cases risks had paid off and it had become habit for bankers to reward chief executives with astronomical 'bonuses'. In effect this was theft since the bonuses were paid with money taken from shareholders and customers and were so excessive that they could not be earned realistically.
In many banks there are long queues of customers who wait for service whilst too few officials are on duty. The bank that can pay executives inflated salaries cannot afford to properly attend to the needs of its customers. This is a fairly obvious consequence of greed and unjust enrichment. Banking executives have become arrogant because they have grown fat on unearned rewards. They appear to have lost sight of their humble calling to responsibly shepherd the assets of others and have assumed that those assets are theirs.
Corruption leads inevitably to spreading collapse. Throughout the western world firms began to fail, the property market imploded and unemployment became rife. The yawning chasm between rich and poor widened and financial malaise spread from one country to another as instance of reckless public expenditure were exposed. As imports to western countries shrank even thriving eastern economies began to suffer.
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.
No comments:
Post a Comment