In this economic primer, an investment banker and an academic macroeconomist, sharing the McMillan pseudonym, offer a sound if controversial argument for the demise of the current U.S. banking system as it exists today. The authors view the digital revolution as undermining traditional ways of organizing financial systems and banking regulations. Their main purpose is to show how to restore a functioning, effective financial system, so as to ensure “the stability, the productivity, and the distributive justice of the economy.” The authors start with a refresher on the industrial age and the need for banking that it created, then show how banking got out of control in the digital age. They devote considerable attention to why the current system is now obsolete, examining pooling and risk diversification, and exploring liquidity provision and financial services for borrowers. The authors also dedicate a chapter to the public sector’s role and the private organization of credit. While the authors take care to explain their ideas in a nontechnical way, this is by no means an easy read. However, for those with a good foundation of knowledge, this thought-provoking book offers much to consider and digest. (BookLife)