by Yalman Onaran (Author), Sheila Bair (Foreword)
An in-depth look at the problems surrounding zombie banks and their dangerous effect on the global economy
“The
title is worthy of a B movie, but it's also apt. Bloomberg News
reporter Yalman Onaran, supported by former U.S. Federal Deposit
Insurance Corp. chief Sheila Bair - who provides a foreword and numerous
interviews - urge that insolvent banks both small and too big to fail
be allowed to do precisely that. Reading bank balance sheets is not
everyone's idea of a good time. But Mr. Onaran, with support from Ms.
Bair, does the chore and explains what it means. Mr. Onaran shows that
the process of rescuing dead and dying banks is increasing systemic risk
in the global banking system. And that is really more frightening than
scream flicks from Tinseltown.” -- Financial Post
“Yalman
Onaran knows of putrid financial institutions, having written about
them in his native Turkey so successfully he brought down a few in
Istanbul in the late '90's.” -- Huffington Post
“Do We Love Zombie Banks? The new book by Yalman Onaran of Bloomberg News, Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy,
is a well-organized and clearly written discussion of the use of
leverage to provide growth in many different economies. Onaran has
carefully researched the zombie phenomenon and makes some important
points in this concise volume about both public policy and the concerns
of investors. One of the more interesting early threads in the book is
the juxtaposition of the experience of the US in the S&L crisis and
Japan in the 1980s and 1990s with the US today. Zombie Banks is a good review of the latest thinking about the ebb and flow of the political economy.” -- R. Christopher Whalen, author of Inflated
Zombie
banking has become standard operating procedure for big debtor nations.
They prop up failing institutions, print money, and avoid financial
corrections. But in an attempt to prolong the inevitable, bigger
problems are created. The approach used now has not, and will not, work.
This timely book reveals why. Zombie Banks tells the story of how debtor nations and failing institutions are damaging the long-term prospects of the global economy.
Author
Yalman Onaran, a veteran Bloomberg News reporter and financial banking
sector expert, examines exactly what a zombie bank is and why they are
kept alive. He also discusses how they hurt economic recovery and what
needs to be done in order to restore stability. Along the way, Onaran
takes an honest look at how we arrived at this point and details the
harsh realities that must be faced, and the serious steps that must be
taken, in order to get things headed in the right direction.
- Puts insolvent banks and debtor nations in the spotlight and examines how they are crippling the global economy
- On
the record sources include Paul Volcker, Joseph Stiglitz, Sheila Bair,
and many more bank executives, regulators, politicians, and policymakers
in the United States and abroad
- Takes the complexity of the current situation and translates it in a way that makes it understandable
While
the short-term measures taken to stave off depression and rejuvenate
economic growth may offer hope, they are unsustainable over the long
term. Get a better look at what really lies ahead, and what it will take
to improve our economic situation, with this book.
