Crime And Corruption Within The Global Banking Systems

1654 WordsJan 23, 20167 Pages
Introduction: Crime and corruption within the global banking systems are on an exponential rise with no end in site. It is such a systemic problem that the global community has begun to desensitize itself to bank corruption. These extraordinary acts of immoral behavior are now an expected way of life when it comes to bearing witness to banking activities. There is a deep-seated culture with a decline in ethics that run the world’s banks which is compounded by the deliberate disregard to law, regulation and public trust. “Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.” - John Adams History of Banks: Banking can be linked as far…show more content…
The goldsmiths would lend the money that was deposited in return for a higher interest. To attract more people to deposit their money the goldsmiths would pay interest to those who made deposits and this was the start of what led to the modern bank (Lambert, 2012). This however is not the first use of paper money. Paper money was fist used by the Chinese during the Tang Dynasty (A.D. 618-907). These bills were usually privately issued bills of credit or exchange notes and were used for more than 500 years before England. These notes created a financial crisis as the over production of paper notes caused the value to plummet and increase inflation. For this reason, China eliminated the paper money entirely in 1455 and didn’t adopt another form of paper note for several hundred years (2009). As with many issues obtaining and amassing wealth, greed is commonly in accompaniment. In certain circles it is believed that the Napoleonic Wars, the American Revolutionary war and the War of 1812 were used to profit in England during the war and establish banks the newly formed Americas. During the war, the British financial system prospered from the war debt that was generated from both long-term, funded debt and short-term, unfunded debt. The Bank of England profited throughout the Napoleonic Wars as the government’s agent for fiscal transfers both home and abroad which was the most expensive war fought in history to that time. In an attempt
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