This is a perfect storm scenario. Countries such as the UK, with a history of dominance and empire and educational excellence, need to look beyond the obvious. The world is going to be a very different place in just a couple of decades. Economic and cultural hegemony is not a birthright and can easily shift to the east throughout this century.
The banks have admitted guilt and they are paying us back for all the dodgy deals they got into! Well, not really. Banks are, in effect, 'fessing up to having behaved fraudulently or criminally. However what 'settling' means is actually 'paying regulators to shut up and stop asking difficult questions'.