(This event is completely full and is now closed to new Yes RSVPs, sorry.)
Will fintech overthrow the forces that crashed our financial system?
Fintech is the segment of the technology startup scene that stands poised to disrupt the operation of money transfers, loans, mobile payments, asset management, and fundraising. Fintech has sparked the hope that finance will become more transparent and democratic. In the current setting, however, fintech may end up destabilizing our financial system just as financial innovation did a decade before. We cannot just sit back and hope positive change will happen.
In the view of Jonathan McMillan, the author of the recent book The End of Banking, we urgently need to properly adapt the rules of banking to the digital age. Only then will the digital revolution unfold its creative power and transform our financial system for good.
Jonathan has strong views on how to end the dysfunctional banking system and replace it with a transparent, decentralized, and modern financial system. In this London Futurists event, Jonathan will lead the audience along a fascinating journey covering the history of banking, money, financial crises, and how things started to change radically with the onset of the digital revolution unfolding in the 1970s.
His presentation is likely to leave the audience seeing banking and the ongoing financial crisis in a new light. We'll be able to assess a possible "End of Banking".
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About the speaker:
Jonathan McMillan is a pseudonym for two authors with expertise in economics and finance. One works in the investment banking division of a global bank. He has first-hand insight into the workings of the financial centers of London and New York. The other chose an academic path; 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. He is currently an economics editor at Neue Zürcher Zeitung.
This talk will be presented by the investment banker.
About the book "The End of Banking":
From the book's website (http://www.endofbanking.org/book/):
The End of Banking explains why a financial system without banking is both desirable and possible in the digital age.
• The first part of the book presents the functions and the mechanics of traditional banking. It discusses how a delicate balance of government guarantees and banking regulation kept the flaws of banking under control in the industrial age.
• The second part explains how the digital revolution unsettled this balance. The rise of shadow banking is explained, and it is shown how an unsustainable boom in the shadow banking sector led to a banking panic: the financial crisis of[masked].
• The third part shows that the digital revolution has played a dual role. Information technology not only undermined the effectiveness of current banking regulation, but it also rendered banking redundant. An innovative blueprint for a modern financial system is presented and the implications of the end of banking are discussed.
• “Thought provoking, bold, and visionary…” (Foreword Reviews, Barry Silverstein)
• “An important book about finance” (Reuters Breakingviews, Dominic Elliott)
• “An absolutely new perspective” (Financial Times Alphaville, Izabella Kaminska)
• “Well researched, stimulating, thought-provoking” (CFA Institute Blog, Manuel Stagars)
• “I recommend The End of Banking for three reasons. First, the authors understand how the digital revolution is changing money, credit and banking. Second, the authors attempt to tackle monetary problems at the fundamental level of accounting. Third, the authors use simple and clear language.” (Martijn Jeroen van der Linden, Board member of the Dutch campaign group for monetary reform ‘Ons Geld’ (http://onsgeld.nu/over/))
• “Since policymakers are unwilling or unable to control our reckless financial system, rethinking the legal and economic foundations of banking is worthwhile. Thisthought-provoking book makes radical proposals that strike at the source of fragility in banking and which should be considered seriously.” (Anat R. Admati, Professor of Finance and Economics, Graduate School of Business, Stanford, and coauthor of The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It (http://bankersnewclothes.com/))
• “This brilliant book explains, in simple and eloquent terms, how traditional banking really works, and what’s fundamentally wrong. A must-read for anyone interested in the future of finance.” (Emmanuel Marot, CEO LendingRobot (https://www.lendingrobot.com/))
2pm-4pm, Saturday 10th September 2016.
Venue: Room B20, Birkbeck College (http://www.bbk.ac.uk/maps), Torrington Square WC1E 7HX, London.
Room B20 is on the basement level in the main Birkbeck College building, in Torrington Square (which is a pedestrian-only square). Torrington Square is about 10 minutes walk from either Russell Square or Goodge St tube stations.
Coffee and other light refreshments can be purchased from the Costa Coffee shop in the reception area of the building, either ahead of or after the meeting.
The event will be followed by a chance to continue the discussion in a nearby pub - The Marlborough Arms (http://www.taylor-walker.co.uk/pub-food/marlborough-arms-bloomsbury/pid-C7440), 36 Torrington Place, London WC1E 7HJ.
Covering meeting costs:
A small fee (£7) is payable to attend this meetup. This fee covers room hire costs. Please pay in advance, online, after you RSVP.
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