The effects of the credit crisis on the UK and US financial systems Essay

The effects of the credit crisis on the UK and US financial systems over the past two years - Essay Example f bailouts, in which major industries are saved by the government from financial ruin, after which they either can pay the government back, or become partially or completely owned. In my perspective as a consultant, I advise both governments that the situation has changed somewhat due to these bailout reactions. No explicit mention of macroeconomic factors is made, and the report focuses on policy. In the last two years, policy changes have taken place superficially, although the UK and US financial systems remain fundamentally unchanged. New public scrutiny may continue to change this trend to emphasize a more mandatory nature of releasing financial disclosure reports, thus easing anxiety. As a consultant, I would state that US and UK leaders may or may not pay close attention to disclosure and transparency in business operations. â€Å"The imploding British economy has set off deflation in key asset classes, particularly real estate. Unemployment is skyrocketing, having reached an official figure of 6.7 %, or 2.1 million jobless† (Financial, 2009, 1). The basic assumption of the current report is that the fundamental financial system has not changed in the wake of financial crisis, in either the UK or the US, when looking at the long-term rather than the short-term. The US and UK financial systems are very similar in terms of basic policy; much of US law and other systems were changed only slightly after the American Revolution, and many systems in the US retain UK and European roots, including the economy. The root of the financial systems of both countries is the commercial bank. Historically, commercial banks have been around since the beginnings of history, during the development of monetary systems in early trading between kingdoms and empires. Banking is a very old institution, and most of the commercial banking rules and regulations in place in the US, as mentioned, are actually inherited from European systems of banking from the colonial era,

Argument Essay Example | Topics and Well Written Essays - 500 words - 8

Argument - Essay Example They were able to do so because of their advance military and naval technology compared with the natives’. The natives didn’t have exposure to the viral or bacterial diseases the Spanish had with them this led to their dead in large numbers. The locals who resisted their rule were captured and sold as slaves in plantations (Todorov 30). The main reason for European invasion of Africa in the fifteenth to seventeenth century was trade and specifically human trade. By this time most of Africa’s traditional institutions were unaffected. Trade between the European and Africans led to the development of towns in the coastal regions. The Africans were also introduced to commodities like salt, weapons and clothes. The Dutch were the first to establish permanent colonies around1652 in South Africa. Later in the nineteenth century, European explorers discovered that Africa contained exploitable resources like gold, silver, iron and was fertile for agricultural production. This led to the Scramble of Africa. There was exchange of ideas, values and practices as a result of trade and colonisation. Missionaries had an important role to play in the integration of European culture into Africa and Americas. The colonisation of Africa and Americas led to the introduction of Christianity to these societies. The people were forced to abandon their cultural practices since they were considered primitive. There was the introduction of formal education. The natives were taught the languages of their colonial master, arithmetic and science (Cowen 145). The political systems of the Americas and African communities were disregarded. The Europeans also made boundaries that divided communities and even families. The natives were forced to accept the rule of their conquerors and pay taxes which were usually oppressive. The other consequence of European conquest was ecological destruction of the Indies and Africa. The settlers cut down the