Walking Dead Capital

In a healthy capitalist system, inefficient and unprofitable businesses fail. This creative destruction frees up capital, labor, and resources for new, innovative enterprises. But over the last two decades, central banks have short-circuited this natural cycle, creating a terrifying macroeconomic anomaly: the Zombie Company. Walking Dead Capital exposes the hidden rot within the global stock market. Driven by historically low interest rates and endless corporate bailouts, thousands of massive companies now generate just enough cash to pay the interest on their monstrous debts, but not a single dollar more. They are financially dead, yet they continue to lumber on, sucking up resources, depressing wages, and suffocating agile competitors who cannot compete with artificially subsidized giants. This book dissects the mechanics of the corporate debt bubble. It analyzes the role of the Federal Reserve in preventing necessary bankruptcies, and explores the terrifying consequences for global productivity when capital is trapped in the decaying husks of failed business models. Prepare for the inevitable reckoning. Understand the macroeconomics of cheap debt, identify the walking dead in your investment portfolio, and learn how to navigate a market disconnected from fundamental reality.