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The End of Banking: Money, Credit, and the Digital Revolution – November 21, 2014

2.2 (1997)

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  • PDF | Unknown pages
  • zero/one economics; 1 edition (november 21, 2014) (1605)
  • Unknown
  • 8
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Review Text

  • By Julian Kölbel on March 1, 2015

    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.

  • By Stephen Harman on May 16, 2016

    An intelligent and crisp analysis of the banking crisis and how it unraveled, highlighting how such things have a habit of repeating themselves when banks and banksters get involved Jonathan goes on to propose a future path through alternatives to the current banking system. Well worth the read.

  • By Ricardo Villadiego on March 20, 2017

    A quick and fascinating view of the evolution of banking for those that are not familiar with the banking business.

  • By Peter Mathenge on July 22, 2015

    Not the most elegantly written book in the world, but courageous in its proposals. Most of which, sadly, will never be adopted.

  • By marine on October 29, 2015

    Extremely interesting !

  • By Frederik on November 30, 2014

    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!

  • By Karoline on December 18, 2014

    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!


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