Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy (Bloomberg) Review

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Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy (Bloomberg) ReviewEveryone agrees that the present economic problems are severe and frightening. Few people are interested in exploring how they could get worse. It seems to me that an honest exploration of the fault lines in our economic system are absolutely necessary, yet very few people seem inclined to take a stab at them. I don't understand why concerned people would not demand more such analysis, but most modern journalists seem to be more interested in regurgitating press statements, or engaging in pointless post-facto recrimination.
This book is an effort at serious analysis; it is actual investigative journalism aimed at what is happened and what is presently happening. It provides specific recommendations for heading off future problems before they happen. The author examines "zombie banks." These are banks which should have failed, and which still have the underlying problems which caused the problems in the first place, but which are kept on life support by central banks and governments as "too big to fail." Such banks have distorted the banking system: healthy banks are unable to compete with subsidized banks, and subsidized banks aren't encouraged to perform their primary social function of making loans to people and businesses. The book also outlines the complex interrelationships between failed banks and various other zombie banks, and makes clear the political motivations behind the various confusing EU actions. Despite the fact that this situation already happened in the 90s in Japan, our glorious leaders seem determined to make all the same mistakes the Japanese did. This is a fast-moving situation, and doubly worrisome, as the banking oligarchy who caused these problems in the first place seem to be consolidating their power in the Eurozone. This will almost certainly not end well.
This is a serious book for serious people; the issues under discussion are tremendously complicated. The author does a good job of explaining the issues to the interested educated laymen (I qualify), and doesn't waste any time wallowing in a high moral dudgeon over the monstrous problems which afflict the world economic system. It provides very specific recommendations as to solving some of these problems: ones which have been suggested by intelligent people, but which have been widely ignored thus far.
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