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John Authers

Zombies Are on the March in Post-Covid Markets

Bankruptcies have tumbled as central banks’ crisis response keeps weak companies alive. It’s a debased form of capitalism that saps vitality.

What central banks have wrought.

What central banks have wrought.

Photographer: Brendon Thorne/Getty Images

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A little more than a year ago, we were worried about a solvency crisis. With so many companies suddenly deprived of their revenue, it seemed only reasonable to fear that a wave of bankruptcies and defaults would choke the banking system, bring asset prices down, and present us with a secondary financial crisis to follow the public health crisis of the pandemic.