Dienstag, 29. Januar 2013

Zombie Money

"Zombie money is what you're left with if you don't restructure debts and financial institutions. If you don't do that, any public money you provide to banks through QE or other stimulus measures is not real in the sense that it can be freely spent or lent out, because at the other end of the ledger it's balanced out (and more) by the unrecognized losses that remain in the books. As long as there's no restructuring, it may plug holes below ground, but because of the size of the holes, above ground it builds only zombies. That is the essence of the financial crisis, and none of it has been resolved."



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