What is your latest release and what genre is it? The End of Banking: Money, Credit, and the Digital Revolution
The genre is non-fiction, or, more precisely, economics and politics.
Quick description: If you want to read another scandalous story about greed, The End of Banking is probably not what you are looking for. If you are interested in an intuitive and innovative reform proposal for our financial system, however, this book will be worth your time. It shows that a financial system without banking is both possible and desirable in the digital age.
Things were different in the industrial age. Back then, banking was actually a good way to organize the financial system. Our book explains how this changed with the rise of information technology: Regulators lost control over banking, a development that ultimately resulted in the financial crisis of 2007-08. In this context, we also discuss why the current incremental approach to fix banking is doomed to fail. But this is only one side of the story. The digital revolution has also opened up new opportunities. In the digital age, we no longer need banking. We propose a subtle policy change that effectively ends banking, and we show how that will restore a functioning financial system.
Jonathan McMillan is a pseudonym. Behind it stand two authors, both experienced in the world of economics and finance. One works in the investment banking 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 first-hand 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 pseudonymously.
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.
Links to buy Jonathan’s book:
Available in paperback and hardcover. eBook will be published soon.
What are you working on now?
At the moment, we mostly write blog posts and guest articles for newspapers. The reform steps we propose are new and need to be promoted. This is why we refrain to rush into a new book project. Nevertheless, it might well be that one day we will write another book about how one should set-up the transition from today’s banking system to the new financial system we describe in The End of Banking.
Jonathan’s reading recommendation:
Investment Banker: I have enjoyed Nassim Taleb. He influenced the way I am thinking about risk and uncertainty. If you have not read anything from him yet, I recommend you start with the Black Swan, which is his best book so far.
Economics Editor: Fame by Daniel Kehlmann