Zombie Corporations

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If you’re interested in this kind of thing, John Hempton has a post over at his place examining why Korea snapped back from its late-90s banking crisis fairly quickly while Japan’s crisis lingered on for over a decade.  It’s interesting stuff, but the main reason I recommend reading it is that he debunks the common misconception that Japan suffered from an epidemic of “zombie banks” during the 90s.  For the most part, though, that wasn’t the problem.  The problem was that their banks spent the 90s lending to zombie corporations.  Big difference.  Full story here.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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