Do you remember Japan? It has been stagnating for years . . . what I didn’t know is that the IMF and the US were telling them from the outset to get rid of their zombie banks. Zombie banks that had over-extended their credit. The Japanese kept their zombie banks alive and tried to come through their recession with deficit spending and austerity.
Can you feel a grand irony coming? Well guess what is happening in the US, now? The zombie banks are running the system. It is like one of those high speed car crashes that devolves into slow motion. Steve Keen explains it much better, here.