From Pine View Farm

Zombinomics 1

Writing as “Spengler” at Asia Times, David P. Goldman is gloomy. A nugget:

The so-called American economic recovery won’t die, because it’s undead. It was a zombie to begin with. Equity investors during the past six weeks came to the collective conclusion that the US is not in the early phase of an economic recovery, but in the endless middle of a structural slump, in the term of Nobel Prize winner Edmund Phelps.

Read the whole thing, then go have a drink. Or four.


1 comment

  1. Dick Destiny » The President has left the building (continued)

    June 14, 2011 at 2:51 pm

    […] At Pine View Farm, readers are pointed to an article in the Asia Times which indicates that current US economic activity is 40 percent transfer payments. It calls this a “zombi economy,” one where the banks sit on their cash, not dead and not alive, making money slowly on their toxic assets. […]