Banking and the New Terms of Trade

Lately, we have witnessed a number of significant events go down in financial history. In August 2018, 20 years had passed since Russia declared bankruptcy with the primary reason being a substantial drop in the prices of resources, especially oil which quoted at US $9 per barrel. In September, we looked back on how Lehman Brothers, a major American bank, faced bankruptcy. Once a bank of this stature collapses – in the 19th century it issued dollar notes based on the presidential patent, as the American Central Bank was not established until 1913 – the loss of trust is immeasurable and affects the entire financial market.