Busting the Bankers' Club: Finance for the Rest of Us

Busting the Bankers Club is an eye-opening account of the failures of our financial system, the sources of its staying power, and the path to meaningful economic reform. It argues that any meaningful reform will require breaking up the club of politicians, economists, lawyers, and CEOs who sustain the status quo and that thousands of activists, experts, and public officials are working to do just that.

Format: Hardback
Length: 384 pages
Publication date: 23 January 2024
Publisher: University of California Press

In a groundbreaking exploration of the failures and resilience of our financial system, Bankers brought the global economy to its knees in 2007 and nearly did so again in 2020. Both times, the US government intervened by bailing out the banks, leaving them in control. This cycle of trillion-dollar bailouts has perpetuated a system that benefits a privileged few while leaving the majority behind. In his book, Busting the Bankers Club, economist Gerald Epstein delves into the history, economics, and politics of banking, exposing the powerful individuals and institutions that maintain the status quo. However, Epstein offers hope by highlighting the efforts of thousands of activists, experts, and public officials who are working tirelessly to break up the Bankers Club and create a financial system that serves the needs of the marginalized and supports crucial transitions to a greener and fairer economy.

The book begins by examining the origins of our financial system, which has been shaped by a combination of historical factors, political decisions, and economic theories. Epstein argues that the current system is designed to benefit a small elite of bankers, investors, and policymakers, while leaving the rest of us behind. He highlights the ways in which this system has perpetuated inequality, fostered economic instability, and contributed to environmental degradation.

To address these issues, Epstein proposes a series of radical reforms that would break up the Bankers Club and create a more democratic and accountable financial system. He advocates for the creation of a public bank that would provide affordable banking services to underserved communities, the implementation of a financial transaction tax to reduce speculation and promote stability, and the regulation of Wall Street to prevent another financial crisis.

Epstein also delves into the political and cultural barriers that hinder meaningful reform. He argues that the power of the Bankers Club is reinforced by a network of lobbyists, think tanks, and media outlets that promote the interests of the financial industry. He calls on activists and public officials to challenge these powerful forces and work towards a system that is more transparent, accountable, and responsive to the needs of the public.

Throughout the book, Epstein offers inspiring examples of individuals and groups who are fighting for financial reform. He profiles activists who have organized grassroots movements to demand accountability from banks and policymakers, economists who have proposed alternative economic models, and public officials who have championed reform efforts. These stories provide a glimpse of the potential for change and demonstrate the power of collective action.

In conclusion, Bankers brought the global economic system to its knees in 2007 and nearly did so again in 2020. Busting the Bankers Club provides a comprehensive and insightful exploration of the failures and resilience of our financial system, and offers a roadmap for creating a more democratic and accountable financial system. By breaking up the Bankers Club and implementing radical reforms, we can create a system that serves the needs of the marginalized, promotes economic stability, and supports crucial transitions to a greener and fairer economy.

Weight: 650g
Dimension: 159 x 237 x 33 (mm)
ISBN-13: 9780520385641