Jonathan McMillan calls for the End of Banking in LondonAugust 8, 2016
Will Fintech overthrow the forces that crashed our financial system? Readers of our book know: not if we do not fundamentally change the way how we organize money and credit.
The investment banker will make his way to London and explain why the end of banking is the only response to fix finance in the digital age. Join him on the 10th of September, 2pm, in the Birckbeck college in London. Buy your tickets here
Fintech Revolution in the United KingdomJune 6, 2016
Yes, it is all about Brexit these days. Beyond doubt, it will shape international politics for the years to come. But silently, another revolution took place in the UK that did not get the attention it deserves.
The Bank of England announced that it will allow non-bank payment service providers access to the real-time gross settlement system. After centuries of exclusive access to central bank reserves, commercial banks will now share this access with the growing Fintech community. We are really excited about this regime change, and here is why:
World Economic Forum wants to regulate fintech like oldtechApril 4, 2016
Oh god! Oh god! How weary, stale, flat, and unimaginative. Seem to us all the measures proposed by the World Economic Forum – but enough Shakespeare, let's talk about how to regulate fintech.
"The financial sector is at an inflection point," one can read in a recent report by the World Economic Forum (WEF). Over the past decades, some financial institutions had risen to global too-big-to-fail giants. At the same time, young tech-companies have begun to disintermediate the value chain of traditional banks.
It is a potentially explosive mixture.
The End of Alchemy by Mervyn King – a Critical Book ReviewApril 4, 2016
How can we prevent another financial crisis? In the End of Alchemy, Mervyn King presents new ideas to fix finance. The proposals of the former central banker are surprisingly ill-designed.
“Without reform of the financial system, another crisis is certain.” This sounds like a statement from one of the numerous doom and gloom prophets. But no, you find these words in The End of Alchemy: Money, Banking, and the Future of the Global Economy. The author of the book is Mervyn King, known as the governor of the Bank of England who handled the financial crisis of 2007-08.
The End of Banking: Q&A with Jonathan McMillanMarch 3, 2016
What is the first step to end banking and free finance? In an interview with Cat Johnson from Shareable, Jonathan McMillan replies: "We have to abandon the belief that banking is an indispensable of our world. Everything else will follow."
Read the full interview here.
Reflections on banking regulationJanuary 1, 2016
A guest post by John Nugée – Ever expanding regulation will not reinstate good behaviors in the world of finance. To the contrary, more and more rules bear the risk that banking becomes a business without any moral basis at all. It is time to reflect about what went wrong and explore new ways to fix finance.
A year-end is always a good time for reflection. And as 2015 draws to a close, it is an opportunity, after a year of considerable central bank activity which culminated in a US interest rate increase, to reflect on the state of the global banking system.
Fintech Must Lead the Way to Free FinanceDecember 12, 2015
Fintech companies can bring our financial system to the next level – but only if they disrupt finance on the regulatory level as well. Here is how they should proceed.
Only a couple of years ago, Fintech entrepreneurs wanted to become a disruptive force. Ambitious startups had the vision to democratize finance and break the power of banks. About five years ago, Renaud Laplanche, CEO of Lending Club, hoped companies like his could eventually replace traditional banks.
10 Best Fintech Books: The End of Banking has made it to the list!December 12, 2015
We are proud that The End of Banking has been selected as one of the ten Best Fintech Books. You find the full list at the website of Fintech Singapore.
The small bug that crashed our economic systemNovember 11, 2015
Regulators came up with a long list of contributing factors to the financial crisis of 2007-08. But what if all these factors are only symptoms of one underlying, much more fundamental issue?
In this article, we want to draw your attention to a seemingly small flaw in the design of our economic architecture. One that did not matter for a long time, but that has become extremely destructive over the past decades. The most recent banking crisis is a direct consequence of this flaw, and if we do not deal with it, we will have to live with an increasingly fragile financial system. The issue we are talking about has been hard coded in an underestimated but critical component of our economy’s operating system: Limited Liability.
Book of the Year Award!September 9, 2015
We are pleased to announce that The End of Banking has been honored with a Book of the Year award by Foreword Reviews – time for us to look back on the past 10 months since publication.
What has started in a London Pub four years ago has reached another major goal. The End of Banking has been honored with a Book of the Year award by Foreword Reviews. For us, this was another great step forward. We are happy to look back on the past 10 months, which have offered many highlights.
Let us revamp what has happened since publication.