Research by Chris Watling of London's Longview Economics examines the number of “zombie” companies in operation. These are companies that over a span of three successive years have not made enough earnings before interest and tax to cover their interest payments, and are at least 10-years-old (so as to exclude young companies borrowing to fund their growth phase). The proportion of zombies within the US has risen shockingly since the crisis, with 12 per cent of companies qualifying as such:
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But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system.