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Money and trust in banks are ending - cryptocurrencies as solution is a fallacy

6 December 2021 8:16 PM
Tags:
The Money Show
Bruce Whitfield
business books
book reviews
business book reviews

The Money Show's Bruce Whitfield interviews David Buckham about his book “The End of Money".

Every week The Money Show's Bruce Whitfield interviews the author of a new or popular business book.

This week Whitfield interviewed analyst David Buckham about his book “The End of Money: The Great Erosion of Trust in Banking, China’s Minsky Moment and the Fallacy of Cryptocurrency” (scroll up to listen).

In 2008, in order to paper over the Financial Crisis… They just pumped money into the system… There are $120 billion of bond buying the Fed does every month… The world is awash with money… Which is why a new asset such as Bitcoin… has a market value of near $3 trillion… Fundamental economic theory has gone out the window. There must come a reckoning at some point.

David Buckham, CEO - Monocle Solutions

Most of the money supply went straight into equity markets…

David Buckham, CEO - Monocle Solutions

There’s no easy way to know how much bad [bank] debt there is in China… something north of $49 trillion… it could be as high as $80 trillion… Chinese authorities are increasingly neurotic…

David Buckham, CEO - Monocle Solutions

The financial system, warts and all, is still roughly the engine room, the brain that is giving capital and liquidity to the world… Decentralised finance… is morally, ethically and philosophically wrong… It’s a dangerous idea…

David Buckham, CEO - Monocle Solutions
© artoleshko/123rf.com

Description on Amazon:

We live in a world in which financial markets have become completely decoupled from the real economy…

The world’s four largest banks now all reside in one nation: China…

Lines of code are considered more trustworthy than central banks…

In this broad-ranging, deeply researched review of modern banking and financial systems, analysts David Buckham, Robyn Wilkinson and Christiaan Straeuli unpick in parallel the ongoing erosion of trust in capitalist free markets and Western democratic institutions, and the directly related, unprecedented growth of the Chinese banking system.

The former is a decades-long tale of intermittent market manipulation, inadequately regulated hubris and outright criminality, which produced the Global Financial Crisis, the most devastating financial meltdown since the Great Depression.

The latter, which in various ways mirrors the conditions that led to the Crisis, may well prove worse.

In detailing the unheeded lessons of financial history, the authors reveal how the inconsistently managed tension between free markets and government regulation has led us from depression and regulation to deregulation and crisis.

And with incursions into string theory, the mathematics of cryptocurrency and the intricacies of money supply, we discover what happens when an authoritarian command economy fills the moral and ideological vacuum left behind.

In a post-Covid world – in which we are witnessing booming stock markets entirely disconnected from real-world economic hardship, and communist billionaires propagating just as global inequality skyrockets – public trust in the international banking system has never been lower.

The End of Money is an unprecedented survey of a fraught and complex landscape that has never been more urgent.




6 December 2021 8:16 PM
Tags:
The Money Show
Bruce Whitfield
business books
book reviews
business book reviews

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