Top Leaderboard, Site wide
Left Masthead
September 1, 2015
Truthdig: Drilling Beneath the Headlines
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Get Truthdig's headlines in your inbox!

Fortune Smiles

Truthdig Bazaar
Daring Young Men

Daring Young Men

Richard Reeves

more items

Arts and Culture
Print this item

Decade of the Living Dead

Posted on Mar 15, 2012

By Nomi Prins

(Page 2)

Prins: Do you see us getting to a point where the zombie status is turned around?

Onaran: If the politicians wanted to kill the zombies, they could. The U.S. and many other countries have passed laws that allow them to wind down troubled banks. Even before the last crisis though, they could have done it. Politicians typically choose to muddle through though, which means letting the zombies live. If Obama finally decided to replace Geithner with a Treasury secretary more independent of the big banks, he could use Dodd-Frank reform’s resolution powers to take over and shut down the worst zombies. As presidential elections get closer and the economy refuses to improve, Obama might be tempted to go that route. Alternatively, if he loses the elections and the incoming Republican president decides to get tough on the banks, it could be done. I’m not very hopeful on either possibility though. Unfortunately, we’ll probably keep muddling through.

Prins: The OWS movement has demonstrated understandable, palpable anger toward the big banks—how can reading your book help them?

book cover


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


By Yalman Onaran


Bloomberg Press, 184 pages


Buy the book

Onaran: OWS is reflecting the widespread anger throughout society toward the big banks because as unemployment lingers around 9 percent, the economy is stuck in an almost no growth zone, and bankers are back to paying themselves big bonuses and taking big risks while taking comfort from the government’s implicit guarantee to save them if their bets go sour, like in 2008. My book will give the OWS supporters a much better understanding of all the forces in finance and politics that play into this dirty game, help connect the dots between what’s happening here and in Europe. It will also help the OWS movement formulate concrete demands from our politicians so we can fix this mess. I lay out various steps the government can take to end the zombieness of the system, so the economy can move on.

* * *

If our leaders don’t adopt any of Onaran’s suggestions, the resulting blowup will be more horrific the next time around. Patching financial injuries by printing money doesn’t make the bleeding wounds go away. Onaran tells us we have to fix the problems or suffer the devastating consequences of zombie banks eating our economic flesh for years to come.


New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

blogdog's avatar

By blogdog, March 19, 2012 at 5:07 pm Link to this comment

ZOMBIE BANKS - 4 years into the meltdown and the term finally makes it to the
MSM - deep analysts are so far ahead of Prins, Onaran,Tahibi, et al left-lib-prog
celebrity writers on economics, that it is literally a joke

dial up WGT - in the 2nd half of this week’s webcast, he does
an in-depth with a Greek activist, very savvy on the Greek position in the
Neoliberal EU financial minefield - none in the MSM, nor its deflective source
counterparts (National Propaganda Radio, Hypocrisy Now, TruthDearth, et al) ever
get close to such a knowing voice from the street - one only hears establishment-
approved voices or disinfo. plants

Report this
prisnersdilema's avatar

By prisnersdilema, March 17, 2012 at 8:34 pm Link to this comment

Yes Big B thats exactly what happened…It was no accident it was by they
plan to crush the people….

Report this

By diamond, March 17, 2012 at 3:20 pm Link to this comment

“Everybody thought he was going to be in the limo’.

Everyone always does and they also think it will never run out of gas. It’s why the human race never learns anything and is presently doing what the people on Easter Island did: cutting down the last tree to roll a gigantic idol into place facing out to sea, waiting for guidance and salvation from another galaxy far, far away instead of working with what is most useful and most inexpensive. Common sense and each other.

Report this
moonraven's avatar

By moonraven, March 16, 2012 at 6:00 pm Link to this comment

Back to banks:

A friend on FB reminded me of the Mark Frechette story—the guy who starred in Antonioni’s Zabriskie Point in 1970 who later held up a Boston bank and was sent to prison—where he was found dead withg a 150 pound barbell on his windpipe.

Frechette said of the bank job:  “It would be like a direct attack on everything that is choking this country to death”.

Well he was right—and then he choked to death….

Report this

By Big B, March 16, 2012 at 5:48 pm Link to this comment

Get ready for it collin (and all those bible humpers like him) this may come as a shock, but the bible is NOT A HISTORY BOOK. It’s a religious manifesto that was written by the oligarchs and plutocrats of the past as part of a system to keep the poor powerless. Oh, the writers over the centuries were smart enough to include a backgound of peoples names that actually existed and kingdoms that were real, but as the old saying goes, a lie is best hidden in between 2 truths.

Arks, seas parting, fish swollowing people, water into wine? I call bullshit.

As long as mankind uses religion as a crutch, we might as well all be real zombies.

Report this

By El_Pinguino, March 16, 2012 at 5:44 pm Link to this comment

I wouldn’t be looking for jesus either. If jesus is ever found there would be management issues, trademarking the likeness, copyrights to discuss, ticket sales and stadiums to fill in support of the:

Jesus is Coming: And Boy is He Pissed Tour

I’d suggest everybody look busy.

Report this
moonraven's avatar

By moonraven, March 16, 2012 at 5:02 pm Link to this comment


Here in Mexico I am into container gardening, for what that’s worth.

Not looking to find a godhead, though.

And especially would never mix Jesus with peaches.  I like peaches too much.

Report this
moonraven's avatar

By moonraven, March 16, 2012 at 4:59 pm Link to this comment


The world is really pretty simple.

When anyone tries to tell you it’s complicated, watch out:  he or she is out to rip you off.

As for the bible and other things hebrew, reminds me of that old joke about the guy who asked a jewish leader after WWII why the jews put up so little resistance to Hitler’s Final Solution, when Hitler had supposedly said in one of his speeches that when the Solution was almost over—note that qualifier, almost—there would only be enough jews in Europe to put in one limosine to ride through the streets of Berllin.

The response:  Everybody thought he was going to be in the limo.

Well, looks like that kind of thinking is rather widespread in Gringolandia….

Report this

By El_Pinguino, March 16, 2012 at 3:46 pm Link to this comment

With all of these books and papers…internet posts and documentaries, you have to wonder why millions are not in the streets.

Until someone paints the big picture in ways common people can understand it there will be very little dissent. Some will move out of the country… some will Occupy somewhere… some will plant a little garden, eat a lot of peaches and try to find Jesus.

Globalism is more than economics. We are entering into a new phase of humanity… and it won’t be pretty in the beginning. Read the lyrics to The Future by Leonard Cohen. “won’t be nothin’ you can measure anymore”

Hence, I’ve decided to move to another geographical place. Since the fighting seems to be among countries with the 3 major religions (Jewish..Christian.. Muslim) I have decided a Buddhist country isn’t a bad idea.

Plant a little garden, eat a lot of peaches… see what I can find.

Thanks John Prine

Report this
Alan Lunn's avatar

By Alan Lunn, March 16, 2012 at 3:27 pm Link to this comment

“Zombie banks” is such a fitting metaphor.
Furthermore, the zombies are creating an invisible
contagion, only noticed by those who recognize where
the symptoms are coming from. Banks resurrected from
the dead by taxpayer guarantees and on the backs,
ultimately, of the lower classes around the world.

In the movie “Inside Job,” there was a speculation
about the mental health of those working atop the
skyscrapers, that they act like “psychopaths.” Where
is their conscience about what they are doing? Or are
they so caught up in the dopamine and adrenaline rush
of the incoming floods of money that they never stop
to think where it is coming from or the massive risks
they are loading on the nations? After all, when you
make theft legal, you forget that it was ever really
and truly a crime. And now it is a legalized crime of
unprecedented proportions.

Report this

By Tobysgirl, March 16, 2012 at 2:06 pm Link to this comment

As always, succinct, moonraven.

Re Bible: What no one seems to get is that in the Bible, EMPIRES ALWAYS DIE. And it’s sickeningly amusing to watch the Bible thumpers think THEIR empire is going to be the first to survive forever.

Report this
moonraven's avatar

By moonraven, March 16, 2012 at 12:45 pm Link to this comment

So long as we are talking cartel here, the only reason that those US banks were still limping along when the Big Bailout Scam arrived—to never leave, of course—it the billions upon billions of Mexican narco cartel dollars laundered by those banks.

Great caper the gringo-impoised war on drugs: 
you guys get the drugs,
the arms money
and the billions of bucks to launder,
and Mexicans provide the corpses,
many of which are mutilated,
tossed into black garbage bags
and dropped along the roadside—
or boiled down in big oil cans
into perverse putrescent pozole.

Report this

By kayrun, March 16, 2012 at 12:32 pm Link to this comment

Just a couple of thoughts.  First, whether by intent or stupidity, the international banking cartel has damaged the world’s economy—probably beyond repair.  Griffith’s book, The Creature from Jekyl Island, begins by saying that “the name of the game is bailout.”  This observation way predates the 2008 collapse and the rush of the U.S. government to bailout the idiot (or evil) players.

What few of us in the United States realize, I think, is that the spectre created by this collapse is not more economic folly and manipulation.  That may well occur, but the real threat is an old, old human horror: FAMINE.

I’m not much on biblical (or any other) prophecies, but one that I believe the writers in biblical times were well acquainted with was FAMINE.  There were hundreds of devastating famines, many of them political, not natural (as in crop failures).  In a famine, whoever controls the food usually controls the people.  The warning in Revelations was (properly translated) a measure of wheat (barley) for a “day’s wages”.

For the past several years, watching food banks flood low-income people with food, I have had a horrible feeling that we were being set up for global famine.  Maybe this is just paranoia from knowing that the elite are primarily sociopaths without capacity for empathy, but maybe not.

I would appreciate hearing what others have to say about the portent of global famine and its connection to this progressive destruction of the world’s economy.  Thanks for taking the time to read this.

Report this

By Dennis in MI, March 16, 2012 at 11:38 am Link to this comment
(Unregistered commenter)

yeah, what BigB said!

and after they wreck it they buy it up, cheap, with devalued money

Report this
EmileZ's avatar

By EmileZ, March 16, 2012 at 8:41 am Link to this comment

Stay tuned for “Zombie Media” and “Zombie Citizens of the Free World” who like to get angry and stuff when they don’t understand what is going on.

Report this

By collin, March 16, 2012 at 6:21 am Link to this comment
(Unregistered commenter)

I believe that some of the views expressed are correct but to be brief, the money system cannot come back it will be destroyed and a new system will emerge that will be worst than this one because it will be constructed on the premiss of “a mark”. The Bible prophecied it and it is in the process in fulfillment. The Bible is the only book that has past, present and future, not ecnomics or science or education or politics, they have all failed because this type of civilization is of the devil and not of God. God’s civilization or economy is governed by Faith not science, eductaion, politics, medicine, economics. So my friends, I know that my view may seem to be religious but think again why did God send a man called William Branham in tghis day. Explain February 28th 1963, that Mysterious Cloud over flagstaff in Arizonia USA 27 miles high where moisture don’t exist and 30 miles wide. Explain the FIB verification of the light photographed over his head taken in 1950. Eplain the prophecy in December 1962 30th speaking about meeting seven angels and it did happen. Explain the thousands of vsions that came to pass every one to the letter. Explain about the healing of Congressman Upshaw, and King George and Florence Nightengale. Explain the prophecies of the Dictators Mussolini, Hitler way back in 1933. Explain about the rise and control of the Catholic church in the USA when the founding Fathers fled from Roman Catholic persecution to the New World see how she has wormed her way into the White House under Mr Kennedy and has continued to go down and down until we have a Media made Man in there.Think friends wake up because it is already to late, run for your life hell in on the earth. I hope in did not offend or hurt in any way but my intentions were to be truthful and honest which many writers who are part of the system cannot and will not do because they are eating from Jezebel’s table.

Report this

By Big B, March 16, 2012 at 5:01 am Link to this comment

I still think to this day that the markey collapse of 2008 was created by the oligarchs through their banks. It was all done intentionally for one purpose, The super rich and the multinational corporations that they run, saw the success of the “social democracys” of Europe, Japan and others and needed to nip their thing in the bud ASAP. It was surprisingly simple. Get them to invest their public holdings in the securities markets, and then crash those markets, leaving many of those nations in dire financial straits with crippled coffers unable to pay for the public benefits that their people voted for some 50 or so years ago. Then you send in the oligarchs and plutocrats to preach “austerity” and to privatize government services, so as to suck the last drops of blood from the public sectors of those now crippled nations.

It has worked like a charm.

Report this
Right 1, Site wide - BlogAds Premium
Right Skyscraper, Site Wide
Right Internal Skyscraper, Site wide
Right 2, Site wide - Blogads
Join the Liberal Blog Advertising Network