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The End of Banking: Money, Credit, and the Digital Revolution

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3.83  ·  Rating details ·  155 ratings  ·  34 reviews
There is an alternative: We can do better than banking!

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 g
...more
Paperback, 246 pages
Published November 21st 2014 by Zero/One Economics
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Allison Ball
Oct 18, 2014 rated it really liked it  ·  review of another edition
The End of Banking presents an interesting alternative to traditional banking by taking advantage of the emergence of the digital revolution and presents a unique solution for the challenges facing our current banking system. Being a person with little knowledge of the complexities of our financial system, I found this book to be a difficult read, even after just finishing up a macroeconomics course this summer. With that said, I still recommend this book for its valuable insights, thoughtful ex ...more
Pat Gamma
Dec 03, 2014 rated it it was amazing
In the first part of „The End of Banking“ Jonathan McMillan shows in an easy to follow way how the financial industry works in general. He points out why the financial industry is – also for todays – real economy essential and how it works.

After the basics are explained the author uses part 2 to explain how the complex financial products work and what problems are caused by them. He draws the rise and fall of these products and how they played an important part in the financial crisis of 2007/20
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R.
Dec 13, 2014 rated it it was ok
"The End of Banking: Money, Credit, and the Digital Revolution" makes grand promises for a reader, such as myself, that considers him or herself a sworn enemy of modern banking. At best, banking in its traditional role can be reduced to a regulated, politically anointed Ponzi scheme. At worst, banking (in the guise of shadow banking) is a convoluted farce that has become so complex, by design, that not even the regulators or credit rating agencies understand the subject matter. A book of this de ...more
Дмитрий Филоненко
I was never interested in banking and finance in general. But a review on this book in the internet made me curious.

It's surprisingly short and concise (apparently the authors earn enough not to pour too much water to books which they write). At the same time a bare minimum of repetitions is available, just enough to refresh in a reader's memory something important written before. So, for me, not much skilled in banking but used to reading technical or science books, the book was very comfortabl
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Julian
Mar 02, 2015 rated it it was amazing
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 doe
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Ying Ying
Mar 11, 2015 rated it it was amazing
Shelves: finance
The books has two core functions, the first one of describing how banking works; it achieve this marvellously with simple and clear definitions. The second one of prescribing how a financial system without banking would look like is very thought provoking. The model would be more conservative, but could eventually get rid of the major banking problem: bank runs.
Matthias
Nov 03, 2018 rated it really liked it
Shelves: biz-finance
Fascinating read! I enjoyed the first part most where the mechanics of traditional banking and shadow banking are explained. The last part presents a radical solution to end banking, the feasibility of which I wasn't able to judge as a layman, and while it ringed logical I am not taking it at face value.

I didn't like the excessive amount of long foot notes, which I thought would have been better embedded in the main text.
Aaron Aoyume
Reduce banking into pieces

The strength of this book is also its weakness: it is quite good at reducing all complexity of modern structured finance into simple concepts with a cristal vision of what is important and what is not. The first half of the book is exactly that: a very good overview of what was wrong that led to the subprime crisis of 2007-2008. What comes next is not so good: the authors (there are two of them hidden behind the pseudonym) attempt to propose a new financial order where
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Derek Chiang
Mar 05, 2019 rated it it was amazing
I'm now reading this book for the second time because there's just so much to learn from it. It's really not getting the attention it deserves for how good it is, though I think I know why.

This book differs from a lot of other popular books about finance and the financial crisis in that it doesn't try to dumb down important concepts. It doesn't shy away from somewhat technical language and a bit of math, when they add clarity.

This is not a book you can breeze through. It's going to be a slow rea
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Jura
Dec 07, 2014 rated it it was amazing
Ich habe 'The End of Banking' als 'Nicht-Akademiker' mit Bedenken in Angriff genommen. Ich befürchtete, dass es ein für Insider geschriebenes Fachbuch sein würde.

Weit gefehlt, ich war überrascht über die verständliche Sprache, die durchgehende Storyline und die gut gewählten Beispiele die die Aussagen der Autoren veranschaulichen. Das Buch ist spannend zu lesen. Es gibt einen ausgezeichneten Abriss über die (Fehl)Entwicklungen des Banking und dessen systemimanente Mängel die zu regelmässigen Ban
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Jonas Landolt
Feb 06, 2017 rated it it was amazing
This is a very interesting book that everybody should read. Especially for economists and politicans it should be a must, but the book is good explained so everybody can read it. It gives an answer to so many questions I had about banks.
Jhonatan Ramos
O livro explica inicialmente o funcionamento das atividades bancárias tradicionais na era industrial, mostrando o porquê delas terem sido um sucesso ao possibilitar a expansão de crédito necessária para a industrialização. Em seguida, explica como a tecnologia da informação levou à explosão das atividades bancárias paralelas na era digital, esclarece como elas funcionam e porquê são essencialmente prejudiciais à sociedade. Por fim, os autores sugerem um novo sistema financeiro - sem atividades b ...more
Paul
Aug 04, 2020 added it
I read The End of Banking with some strong prejudice. While I feel that some of my reservations were justified and maybe amplified, I do think it is a valuable book. In some ways, it provides a more granular and modern interpretation of what monetary reformers have been promoting all along: get banks out of the business of creating money. While I couldn’t absorb some of the concepts and financial gyrations described in the book, they do a good job of making the distinction between credit and mon ...more
Sean Dunlop
Jul 24, 2020 rated it liked it
McMillan brings up a number of interesting ideas regarding disintermediation, particularly via peer lending platforms, in his condemnation of traditional banking. He does well to steer clear of high-finance vernacular, intending to make the book accessible to a wider audience, despite navigating esoteric subjects like CDO^2 structuring and ABCP treatment in double-entry accounting. In the end, his suggestions come across as somewhat fanciful. While disintermediation is theoretically possible wit ...more
Artak Aleksanyan
Feb 01, 2020 rated it really liked it  ·  review of another edition
Առաջին հայացքից հանրամատչելի թվացող այս գիրքն, իրականում տնտեսագետների, ավելին, բանկային ոլորտի աշխատողների համար է։ Եթե դուք հումանիտար կրթություն ունեք, ապա խորհրուրդ եմ տալիս կարդալ 10 գլուխներից առաջին երեքը և վերջին գլուխն ու եզրակացությունը։ 3-9 գլուխներում անհավանական բանկային բառապաշարով օպերացիոն համակարգերի, բանկային պատմության զարգմացման մասին է, որ պետք է կարդալ շատ ուշադիր, թուղթ ու գրիչով, անընդհատ վերադառնալ, որ հիշել հապավումները։ Մի խոսքով, էդքանի փոխարեն, ուղղակի մի կարդացեք։

Իս
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Donald
May 13, 2020 rated it really liked it
Part 1 and 2 are really solid and good.

Part 3, however, is the most important one and I felt a bit let down.

The authors introduce a solution (great) however the idea is to change double bookkeeping at a super profound level. They have a simple solution to a complicated problem but the simple solution's effect is a bit hard to understand.

The last chapter is about separating government and private money a distinction I honestly did not understand.

4 stars because really part 1 & 2 are pretty go
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Hoss
Dec 22, 2018 rated it really liked it
Provocative and insightful. I like big ideas that blow up the status quo and these guys have a good one. The thesis that the business cycle can be tamed through demolishing banking is really attractive, especially after the debacle of 2008. This might not be so far fetched as crypto and blockchain give us new forms of money that don’t play by the same rules as fiat money and traditional banking. Meticulously researched and mostly accessibly written I would recommend this to anyone interested in ...more
Ismael
Aug 01, 2018 rated it really liked it  ·  review of another edition
En primera instancia una explicación de lo básico a lo "interesante", pero suficiente, para comprender los grandes males que lleva asociados la, actualmente, mayoría de la banca (es decir, cómo funciona la banca básica). Luego se plantean soluciones justificadas que, por lo menos en principio ya que no soy experto en la materia, parecen satisfacer los requisitos técnicos para hacerla funcionar (solucionando los problemas actuales) satisfactoriamente. Un libro muy interesante si no te importa met ...more
Нестор
Тема очень интересная.

Автор сделал попытку написать короткую историю кризиса в денежном и кредитном обращении с фокусом на 2007-2008 годы и высказал ряд идей как постараться избежать таких кризисов в будущем.

Как по мне, правильные оценки прошлого не привели к правильным оценкам на будущее.

Слишком много если и слишком мало опоры на анализ потенциальных движений тех или иных заинтересованных лиц. Иначе говоря, так просто как описывает автор, банки в историю не уйдут.
Vahagn Grigoryan
Jan 09, 2018 rated it really liked it
Being a former banker I definitely share author's view on inefficiency of traditional financial institutions. Luck of innovation, greediness, being self centered versus being customer focused are among many of disadvantages of traditional banks. The book does really good job spreading light on major problems that face banks and regulators in 21st century, but it lacks battle tested and data driven suggestions how to overcome those issues.
Matěj Bregant
Aug 14, 2017 rated it liked it
I reviewed this book, or rather a pamphlet, for a book publisher. I have to say that the main promise is captivating and grand - getting rid of banking forever would certainly have its advantages. However, the authors provide no method of implemeting it. Granted, they say so at the beginning of the book but still, it feels unfinished, they could have done some research into Bernie Sanders's campaign which seeked to at least curb banking and to break up "too big to fail" banks.
Jeff G
Nov 10, 2019 rated it liked it
The book The End of Banking: Money , Credit and The Digital Revolution by Jonathan McMillan is written as a response to issues that surfaced in the 2007-2008 financial crisis. In three sections, the author discusses banking in the industrial age, banking in the digital age, and lastly, suggests a financial system for the digital age. The first section is a review of why economies need banking and its mechanics, as well as problems of banking (bank runs, moral hazards). In the second section, the ...more
Louis S-B
Oct 16, 2019 rated it really liked it
Amazing historical description of banking, and the details about how the digital age changed banking are laid out clearly and compellingly. However, their proposal to end banking could use a more in-depth analysis and deserves probably an entire book by itself.
Jose
Jul 03, 2020 rated it liked it  ·  review of another edition
Muy ilustrativo con respecto a la historia de la banca y cómo se ha distorsionado su desempeño en la historia, así como también el papel jugado por el gobierno, sin embargo los ejemplos podrían ser un poco más ilustrativos.
Ricardo Villadiego Orellano
Insightful view of the evolution of banking

A quick and fascinating view of the evolution of banking for those that are not familiar with the banking business.
Atila Santos
O livro começa melhor do que termina. Os autores contextualizam o cenário de bancos da era industrial até os tempos atuais e ao final oferecem uma tese de que como podemos ter serviços financeiros sem banco.
Breakingviews
Jan 25, 2015 rated it really liked it
By Dominic Elliott

“The End of Banking” is an important book about finance. Jonathan McMillan, the nom de plume taken by an investment banker and a macroeconomist, provides a holistic and compelling explanation of the crisis of 2008. The authors predict a repeat, barring a revolution in finance.

McMillan, as the co-authors can be called, defines banking as the private sector creation of money from extending credit. Loans create deposits – private money. The monetary liabilities are distinct from t
...more
Frederik
Nov 29, 2014 rated it it was amazing
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 ey ...more
Giorgio Giuliani
Oct 05, 2019 rated it really liked it
I was quite skeptical due to the Naomi Kleinish name, but I was really surprised by this book. Despite its title, this book is not a manifesto against banks and finance, it is a lucid analysis of how traditional and shadow banking works and why the incentives in the industry are totally misaligned with key impacts on the health of the system.
In the last part it provides a list of current alternatives that would allow the elimination of banks as money creators: even though these services would be
...more
Pat Elvidge
Oct 20, 2014 rated it really liked it  ·  review of another edition
Shelves: first-reads
Highly informative and eye opening read
I would recommend this book to family and friends
Thankyou to the author and goodreads for the chance to read this well written book
I give 4 stars
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Jonathan McMillan is a pseudonym. Behind it stand two authors, both experienced in the world of economics and finance. One works for a large 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 prot ...more

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