Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy

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Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy

by Yalman Onaran (Goodreads Author), Sheila Bair (Foreword)

4.1 of 5 stars 4.10 · rating details · 10 ratings · 3 reviews

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...more 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 economyOn the record sources include Paul Volcker, Joseph Stiglitz, Sheila Bair, and many more bank executives, regulators, politicians, and policymakers in the United States and abroadTakes 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.(less)

Hardcover, Fist, 184 pages

Published November 22nd 2011 by Bloomberg Press (first published October 26th 2011)

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Jul 01, 2012 Andrew Lenza rated it 4 of 5 stars

I heard the author speak on Bloomberg Radio, so I purchased the book. It is well-researched and Onaran stays on topic. I appreciated the chapter breaks, short segments of information and commentary to pace the material along. I would recommend the book to other people worried about a coming systemic banking failure (far worse than what we're muddling through).

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Mar 19, 2012 Jeramey rated it 4 of 5 stars

Shelves: politics

I learned a substantial amount about the current politics of banking regulation, and why my Citi stock continues to stay in the gutter.

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Jan 06, 2013 Yalman Onaran rated it 5 of 5 stars · (Review from the author)

this is my own book. it's a simple, easy-to-understand manual on the financial mess we still are in

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About Yalman Onaran

Onaran came to the United States in 1987 to study at the College of Wooster in Ohio. After finishing Columbia University’s School of Journalism and School of International & Public Affairs, Onaran started working as a reporter. He found himself on war zones first. The switch to financial journalism was coincidental, but he realized the powerful leaders of the business world had to be held to a...more

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