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In the aftermath of the failures of Silicon Valley Bank (SVB), Signature Bank, First Republic Bank, and of the depositor runs on other midsized banks, 10 leading accounting, economics, and finance scholars from NYU Stern and external collaborators develop an organized framework for analyzing this episode and diagnosing the frailties that led to it. They also make recommendations to strengthen the banking system and to safeguard financial stability going forward.

This volume is a must read for anyone who wants to understand the regional bank turmoil of 2023. In this compilation of essays, leading scholars lucidly explain just what went wrong, why the problems are not yet behind us, how policy makers can enhance the resilience of the banking system, and the dangers that lurk should policy makers learn the wrong lessons from this episode."

- Kathryn Judge, Harvey J. Goldschmid Professor of Law Vice Dean for Intellectual Life, Columbia Law School

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If you want to be a great banker, it helps to know a thing or two about the past. I say that because banking is first and foremost about avoiding the mistakes that have led to intermittent waves of bank failures time and again throughout history.

It's with this in mind that I drew up the following list of 10 books that, in my opinion, belong on every banker's bookshelf. They range from biographies, to case studies, to narratives that cover specific time periods and broader trends. Taken together, they provide an actionable, if not comprehensive, history of banking in the United States.

Combined with Charles Kindleberger's Manias, Panics, and Crashes as well as Carmen Reinhart and Kenneth Rogoff's This Time Is Different, these three books give bankers and investors a strong working knowledge of not only how to survive panics in the future, but also how to exploit them to one's advantage.

2. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow

The Morgan family wasn't the first banking family in America, but it has unquestionably left the greatest legacy. And for good reason. In the decades after the Civil War, it slowly but steadily supplanted the Rothschilds and Baring Brothers as the most powerful financial institution in the world.

3. Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles Calomiris and Stephen Haber

The thesis of Calomiris and Haber's book is that the frailty of the U.S. banking industry is the direct result of a "grand political bargain" between bankers and various populist movements.

In the early years of the alliance, this led to a prohibition on interstate and branch banking. But after big banks took the place of small unit banks in the accord, this fueled the consolidation boom that spawned the likes of Citigroup and Bank of America.

4. Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy by Phillip Zweig

While J.P. Morgan defined banking in the years before the world wars, the latter half of the last century belongs in large part to Walter Wriston, the onetime chairman and CEO of Citibank -- now Citigroup.

In hindsight, there's no question that many of Wriston's innovations brought Citibank to the brink of failure on more than one occasion over the years. However, it would be a mistake to allow this point to cloud one's opinion of Wriston's monumental contribution to the evolution of banking in the United States.

5. McColl: The Man With America's Money by Ross Yockey

If there's one person who, alongside Wriston, deserves to be crowned the most influential banker since World War II, it is Hugh McColl. Starting as an understudy of Addison Reese and Tom Storrs in the late 1950s at the once-tiny American Commercial Bank, McColl led the bank industry's push into interstate and branch banking.

To be clear, Ross Yockey's biography of McColl lacks objectivity, as fawning and otherwise irrelevant anecdotes about McColl are interspersed far too frequently throughout the book. Yet learning about McColl's role in the evolution of banking outweighs this, at times, annoying shortcoming.

Many books have been written about the savings and loan crisis, but I've found Martin Mayer's to be the most comprehensive. It walks readers through the economic forces that led to the crisis, the legislative response that exacerbated it, and the criminal conduct that added further fuel to the fire.

While it's ostensibly a history of Bank of America since the departure of the founding Giannini family, Roller Coaster goes into exquisite detail about the origins of the forces that converged on the banking industry in the 1980s and early 1990s. Thus, for anyone trying to make sense of this pivotal but confusing period, or if you're interested in learning about the history of Bank of America, it's impossible to find a better book than this.

9. Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase by Duff McDonald

Even though winners write the history books, I've found that very few great bankers either write their own books or have books written about them. It's hard to know why this is, though it probably has something to do with the, to many people, innately mundane quality of exceptional banking.

10. After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead by Alan Blinder

Say what you will about the devastating consequences of the financial crisis of 2008-2009, but there's no question that it triggered a tsunami of excellent books.

There are personal takes from former Treasury Secretaries Hank Paulson (On the Brink) and Timothy Geithner (Stress Test) and from former FDIC chairwoman Sheila Bair (Bull by the Horns). There are books that cover specific institutions like Kate Kelly's Street Fighters about the collapse of Bear Stearns, Greg Farrell's Crash of the Titans about Bank of America's acquisition of Merrill Lynch, and Kirsten Grind's The Lost Bank about the failure of Washington Mutual.

There are books about specific angles of the crisis, such as Gillian Tett's Fool's Gold, which covers the creation of credit default swaps, and Bethany McLean Joe Nocera's All the Devils Are Here, which goes into detail about the securitization industry. And finally, there are overarching takes on the crisis including Andrew Ross Sorkin's Too Big to Fail and William Cohen's House of Cards.

About the author: David Birch (@dgwbirch) is a UK-based author, advisor, and well-established thought leader on digital banking and payments. His articles and podcasts can be found on his blog, 15Mb.

One of the only books that brings together a collection of global digital banking and payments experts to discuss opportunities for capitalizing on the new payments market, The PAYTECH Book" captures invaluable insights into how payment technology is enabling the digital payments revolution.

Mehrsa Baradaran (she/her) is a professor of law at the University of California, Irvine. She writes and teaches about contracts, banking law, and racial justice. She is from everywhere, but now lives in California.

This was an interesting and unexpected read. The idea of how we assign value to money was introduced a little to quick for my 7 year old, but with some additional conversations they're getting there. I've had to read this book with them sooo many times over the last few days! As with all the a kids book about books we have, they get fascinated with the ideas in the book and always want to hear it again and again and again. I love how they are developing a love for reading, learning and discovering through reading, and how we get to bond over talking about the books.

What an unhelpful way to think about money! Money is about power and banking is about accumulations and distortions of that power. This book simply teaches kids to close their eyes and trust the banking system, which it literally describes as magic. The only magic is how any book published after 2008 can say this with a straight face. Definitely worth every penny.

Infinite banking can be a complex subject for a beginner, but understanding the strategy and eventually learning to master the infinite banking concept can help put people on the path toward financial freedom. Here are the best infinite banking books to help you build wealth with IBC.

Becoming Your Own Banker is the book that started it all. It is one of the most important books to read before starting an infinite banking journey. It was written by R. Nelson Nash, a financial expert that used his experience in life insurance, forestry, and real estate to define the infinite banking concept.

These two books are part of a series written by Kim D. H. Butler (Busting the Life Insurance Lies is co-authored by Jack Burns and James Ranson). Butler is the founder and president of Prosperity Thinkers, a personal finance firm that aims to help clients build wealth and take control of their finances. She has been part of the financial industry for many years and uses her knowledge to help clients create wealth-building financial strategies using whole life insurance.

The Living Wealth team is here to guide you through your journey to financial freedom. Our website is filled with great infinite banking resources to get you started, and our team of experts is there to help you every step of the way. Here are some handy learning resources that you can access to get your questions answered:

Just as The Limits to Growth exposed the catastrophic flaws in our economic system, this new Report from the Club of Rome exposes the systemic flaws in our money system and the wrong thinking that underpins it. It describes the ongoing currency and banking crises we must expect if we continue with the current monopoly system and the vicious impact of these crises on our communities, our society as a whole and our environment. 2351a5e196