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Listen: Can we trust the banking system?

by | Jan 26, 2024

In this podcast, I have a frank discussion with David Buckham, founder and CEO of Monocle Solutions, and an expert on the global banking system. We discuss the inherent flaws in the banking system and the reasons behind the erosion of trust across all areas of society – financial and political.

Over the December break I read Buckham’s latest book, Why Banks Fail. I loved this book, and spent a lot of time with my highlighter underling some of Buckham’s excellent observations.

This is the third of Buckham’s books that I have read. The first was The End of Money where he starts this conversation about the great erosion of trust in banking – he refers to the global financial crisis of 2008, China’s banking and credit woes, and the rise of cryptocurrency and its inherent flaws.

Then in Age of Menace he raises the issues of unfettered capitalism and inequality, and asks important questions about the ethics of leaders in the tech industries.

In this latest book, Buckham picks up on the theme of the erosion of trust in the banking system and why banks are a lot more risky than we realise.

The illusion of a safe, stable banking system

He writes: “Given banking’s fundamental role in society, it is one of the great meta narratives of our world that banking is safe, stable, and secure. But this is an illusion.”

In this podcast,  we chat about the flaws in the world’s banking system, and why there has been such an erosion of trust across all areas of society – both financial and political.

We unpack the narrative that South African banks have actively worked to weaken the South African currency; what or who is to blame for rising global inequality, and why we have more billionaires than ever, yet average people are struggling to pay their bills.

📋 Episode Chapters


(00:00) Maya Fisher French: Welcome to my money, my lifestyle podcast

(01:29) David Buckham discusses his latest book on why banks fail

(02:19) David Buckham: Every bank failure is ultimately a result of a lack of trust

(10:35) There is a general belief that the financial system is rigged against the average person

(11:45) Is the system rigged and can banks devalue a currency?

(16:37) Governments blame money speculators when their economy implodes

(20:02) Bad actors or a bad system? Do we hold people accountable?

(24:44) David Buckham: People have lost faith in the Federal Reserve

(32:51) The trust problem started with how Fed behaved with quantitative easing

(34:06) David Buckham: How to make banking safer

(36.42) Conclusion: SA Banks are well regulated, we need to hold people accountable and beware conspiracy theories



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Maya Fisher-French author of Money Questions Answered


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