The Bankers: The Next Generationby Martin Mayer
Esteemed financial journalist Martin Mayer clearly explains why dramatic changes, revolutions, and unprecedented upheavals of the banking industry happened, how they affect our lives, and what repercussions they might have in the future. Discover the effects of spiraling credit, the drawbacks of banking on the Internet, the real story behind the… See more details below
Esteemed financial journalist Martin Mayer clearly explains why dramatic changes, revolutions, and unprecedented upheavals of the banking industry happened, how they affect our lives, and what repercussions they might have in the future. Discover the effects of spiraling credit, the drawbacks of banking on the Internet, the real story behind the multi-trillion-dollar-a-day transactions, where multi-state megamergers are headed, and more.
Before assessing the past, present, and future of banking, the author assesses the nature of money, a demanding task that nonetheless permits him to examine the role commercial banks play in the way debts were, are, and could be paid. Moving on to ATMs, so-called smart cards, and the Internet's boundless potential, he documents why even multinational banks have good reason to fear problem-solving enterprises like Microsoft that have been poaching on their hitherto protected precincts. Mayer next evaluates the decline of bank lending, a drop that occurred despite mergers which have created regional and national powerhouses. He also offers an astute appreciation of the concurrent trend to gamble in futures trading, a high-stakes zero-sum game in which risky derivative instruments are trumps. Having reviewed the sudden death of the UK's venerable Barings Bank (to date, the highest profile casualty of casino capitalism), the author casts a cold eye on the S&L disaster in America. From this sore subject, he segues gracefully into a detailed appraisal of the many agencies that regulate the domestic banking industry in one way or another. In a concluding chapter, Mayer ventures provocative opinions on the successful efforts of the Federal Reserve System (which has a vested interest in sorting checks) to stymie private-sector rivals eager to establish a utility-like clearinghouse system that would offer universal access (at reasonable rates) to individuals and entities needing to transfer money in or out of the country.
Engrossing and perceptive perspectives on developments that could signal the twilight of traditional over-the-counter banking.
- Penguin Publishing Group
- Publication date:
- Product dimensions:
- 6.37(w) x 9.33(h) x 1.61(d)
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