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The End of Banking: Money, Credit, and the Digital Revolution, by Jonathan McMillan
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In this thought-provoking book, Jonathan McMillan dissects banking to reveal its inner workings. He cuts through the complexity of modern finance and explains how banking almost crashed our financial system. Banking is broken, and McMillan reveals why we can no longer fix it.
The digital revolution turns out to be the game changer that calls for the end of banking. But McMillan refrains from merely pointing out flaws. Building on economic research and a rigorous analytical approach, he goes on to provide an innovative blueprint for a modern financial system.
The End of Banking transforms our understanding of the financial system. It identifies the root cause of today's problems with banking and presents a solution that stands out against existing reform proposals.
We can do better than banking
- Sales Rank: #108174 in Books
- Published on: 2014-11-21
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .62" w x 5.50" l, .70 pounds
- Binding: Paperback
- 246 pages
Review
"thought provoking, bold, and visionary" (Foreword Reviews, Barry Silverstein)
"Sometimes it takes an absolutely new perspective to point out the elephant in the room that everyone else has managed to overlook. This book ... does just that." (Financial Times Alphaville, Izabella Kaminska)
"a great contribution to the current discussion of monetary reform, especially because it is firmly grounded in the reality of banking and financial affairs and shows a creative way out of the mess we are finding ourselves in." (P2P-Foundation, Sepp Hasslberger)
"'The End of Banking' is an important book about finance. ... Its prescriptions for a better banking system may be excessively ambitious. But wild ideas may be more helpful for fixing finance than an endless series of enhancements of a system which is unsuitable for the modern age." (Reuters Breakingviews, Dominic Elliott)
"In addition to carefully explaining how the financial sector maneuvered itself into the financial crisis of 2007-08, it presents several unconventional ideas to do away with regulatory capital arbitrage ... . The book is well researched and is a stimulating, thought-provoking read." (The CFA Institute Blog, Manuel Stagars)
"The End of Banking, penned by the mysterious Jonathan McMillan ... , has generated discussion that deserves a bigger platform, both for the proposals made ... and the style in which those proposals are made. It is exceptionally readable. (The Wilmott Magazine, Dan Tudball)
From the Inside Flap
The End of Banking distinguishes itself from other books about the financial crisis of 2007-08 in several ways.
First, it reveals the fundamental financial techniques that are common to all forms of banking--whether it is performed by medieval goldsmiths or by today's managers at investment banks.
Second, it offers a lucid and accessible account of shadow banking that will enlighten many readers.
Third, and most importantly, The End of Banking does not rehash the same old regulatory patches or radical reform proposals from the past. Instead, it elaborates a new and intuitive idea of how to adapt the financial system to the digital age.
About the Author
Jonathan McMillan is a pseudonym. Behind it stand two authors, both experienced in the world of economics and finance. One works in the investment bank division of a global bank. He is a financial expert who loves nothing more than digging through balance sheets, system flowcharts, and transaction data. In his role, he has gained firsthand insights into the workings of the financial centers of London and New York. To protect the identity of this author, The End of Banking is published under a pseudonym.
The other author has chosen an academic path. Always eager to learn, he earned two bachelor's degrees, one in economics and one in international relations. He holds an M.Phil. in economics from the University of Cambridge and a Ph.D. in economics from the Swiss Federal Institute of Technology, ETH Zurich. In his research, he investigated the impact of banking and banking regulation on macroeconomic stability and welfare. He is now an economics editor at Neue Zürcher Zeitung, the Swiss newspaper of record.
Most helpful customer reviews
6 of 6 people found the following review helpful.
One of the best non-fiction books I have read in a while
By Frederik
One of the best non-fiction books I have read in a while. I felt like this book provided me with an easy-to-follow introduction to banking, an overview of the important (and beneficial) role banks have played in the past and an explanation of why this is not the case anymore today. By the time the author proposes a new financial architecture in the latter parts of the book, the fundamental flaws in the current fnancial system have become more than apparent. Interesting, informative and a real eye opener.
The author begins by succintly laying out what exactly traditional banks do. This first part is somewhat technical at times (bank balance sheets and the dangers of bank runs are explained in some detail) but the explanations were easy to follow and lay the groundwork for the remainder of the book. The second part then directly builds on these concepts to show how, following the digital revolution, bank and non-bank institutions could suddenly mutiply their balance sheets, leading to the rise of shadow banking. At this point the financial crisis of 2007-08 is discussed and it feels like, given what one has just learned, it was bound to happen. The author then goes on to elaborate on the problems faced by regulators post-2008 and why their attempts to improve the financial system are bound to fail (too big too fail, boundary problem of financial regulation cannot be fixed with traditional methods).
The last part of the book then moves on from a description of the status quo to a suggestion of what should replace the current financial system. This is surely the more controversial part of the book. While the descriptive part is a very clear exposition of facts which are hard to argue with, the last part proposes a sweeping re-organisation which takes some time to digest and think through. Nevertheless, the author is extremely convincing in pointing out that incremental regulatory changes to the current system are unlikely to solve the problem. One is left with no choice but to take the author's proposals serious. I finished the book looking forward to a hopefully much more serious public debate about the future of banking than we have it at the moment. And this book has very much to offer to such a debate!
3 of 3 people found the following review helpful.
A MUST READ – for everybody interested in creating a modern, stable and just financial system
By Karoline
This books analyzes banking from its beginning through its development in the industrial age until is corruption in the digital age. Even for novice to the industry – like myself – it explains in an easy but concise, very well argued and convincing manner how banking got corrupted thanks to the digitalization of our world. It demonstrates how the digitalization allowed for the rise of Shadow banking – the Achilles’ heel of today’s financial system – which leaded to the financial crisis in 2007. And it shows how – even with the best intention at heart – today’s regulation is unable to prevent future – and potentially even worse - crises as BANKING SIMPLY GOT OUT OF CONTROL.
And – other than so many other books - this book does not stop by pointing out the faults and defects of the financial system but also offers a solution to the problem. With a provokingly simple rule it can be possible to end banking as we know it and transform the system into a modern, stable and just system of modern finance. By objectively analyzing existing proposition and theories about reforms in banking and connecting the advantages of those theories with emerging business models, such as bitcoins and peer-to-peer landing, this books convinced me that a modern and stable financial system can be achieved!
2 of 2 people found the following review helpful.
"The end of banking" takes no prisoners!
By Julian Kölbel
With one book, I understood the essence of banking, the fundamental problem of banking, and how it could be solved once and for all. Clear, rational, and free of ideology, it takes you straight to the core of the problem which turns out not to be that complicated once you grasp it. If you work in a bank, you should probably read it now. I must admit, I am a fan, and I highly recommend this book to everyone!
The only thing is that the book may be too clever to achieve its aim. Since the author does not rely on any exaggerated imagery or blunt argument, it may not draw a the political following that it deserves. Therefore, I hope that enough smart people read it, who are attracted by its sharpness and enjoy to base their political views on rational arguments. That way, we will perhaps see one day the necessary political force to really establish alternatives to banking.
Certainly, one of the most important books I have read in my life.
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