The financial crisis was caused because of banks lending too much money without knowing the consequences of that. The crisis has made us aware of the possible chance it will reoccur. I believe another may present itself again because many people have speculated that another global financial crisis will happen in 2020, and perhaps one of the worst.
As many know, the 2007 financial crisis was a worldwide calamity in which many had lost money and had insufficent money to pay for their mortgage or to pay back the bank. This lead to banks losing money instantaneously and money was absent from the world's banks. Distressed, Government handed colossal amounts of money to the banks through the bank of england.
The Bank Of England
The Bank of England is the bank that is possessed by the Government. It is the central bank and is very helpful for other banks. Amazingly, it helps all banks maintain money, it also makes and controls the bank's decisions to lend to people who use the bank. The bank of England, which is about 300 years old, gives money to banks which dont have a lot left to lend. Many banks use it daily and it is important for everyone working at banks.
Banking is extremely important for society, as banks are required for everyday life. Bankers, who lend money, protect your money you have inside the bank. Without banks, there would be no credit cards and we would only have notes and coins to pay with. Banking is the reason we have our money safe and we can pay for wanted items.