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Often defined as "a severe shortage of money or credit" they joked, Kenya, Africa has not suffered a crisis called for years, even decades. So West took the drug finally, and about time. The beginning of all that has been appointed as the August 9, 2007. French bank BNP Paribas Investment caused shockwaves around the world triggered a sharp increase in credit costs. In a nut shell the whole issue is all about is not responsible for the purchase and credit sales, bad debt pass until there is nothing left to buy it.

But the story begins in the United States sub-prime market, the worst capitalisms where nothing is refused credit to buy their own homes. People who could hardly buy ugali on the table are proud to be the first time home owners, a fine, while low interest rates. But interest rates rose from 1% to 5.35% (2004 to 2006) triggered a slowdown in the U.S. housing market as mortgage defaults soared on. High-risk loans to clients with poor or no credit history rose to record levels. U.S. caused this global crisis, but cleverly wrapped it and sold to banks and investors to hide the problem any longer. Many argue the warning signs could have been lost in April 2007 when New Century Financial, the sub-prime mortgage specialists, filed Chapter 11 bankruptcy protection and cutting the workforce in half. As sold in lots of bad loans to other banks, the collapse of the sub-prime market become unstoppable, with a ripple effect on banks around the world. Poor performance of hedge funds with Bear Stearns investment bank to its knees to force them to tell investors in July 2007 that they would get little, if any, of the money invested. Ben Bernanke predicted the Fed's crisis could cost up to $ 100 billion. He could not be more wrong. On August 9, 2007 the scale of the crisis emerged as BNP Paribas can not value assets in 2 of the funds, because a "complete evaporation of liquidity" in the market. This is the clearest sign yet that banks refused to do business with each other.

Against the global view is pumped 95bn euros by the European Central Bank in an effort to increase liquidity, adding further 108.7bn days later. Bank of Canada, Bank of Japan, and the U.S. Federal Reserve also began to intervene. For the first time spoke about the credit risk of U.S. economic strength FED to cut the lending rate to banks by half a percentage point to 5.75%. Does this figure looks low to Kenya? Why have access to credit is very affordable and cheap to the West while we pay a premium for financial aid? This reluctance can our banks to take such a risk, really protect us in the long run. Banks here in Kenya with the correct fees for services provided do not like in the West where the costs really only applies if you need a credit or misuse of your account.