Michael Nystrom, who publishes Bull! Not bull!, just reviewed my new book. Below is an excerpt:
Michael Panzner's Financial Armageddon is in many ways an updated version of the 1970's debt warning books, since the original debt threats were never resolved, and they never went away. They just got worse. And with the passing of time, the existing threats were joined by altogether new ones, which Panzner elaborates on. His book's subtitle is Protecting Your Future from Four Impending Catastrophes, which he sees as: 1) Debt, (excessive consumer, corporate and government debt) 2) The retirement system (excessive corporate and government retirement promises that cannot be paid, and a huge baby-boom population that is woefully unprepared to support themselves in their sunset years) 3) Government guarantees (real and implied that cannot be delivered in the event they are needed - think FDIC, Fannie Mae and Freddie Mac, as well as PBGC - the Pension Benefit Guaranty Corporation) and 4) Derivatives (think Long Term Capital Management, and its 1998 crisis that nearly brought down the global financial house).
Anyone who is familiar with websites such as this one are already aware of these threats (and more), but the advantage of this book is that Panzner has managed to consolidate, organize, explain and draw the relevant connections between them clearly and concisely in a single work. This book is extremely well organized and easy to read - I devoured it in two days - leading to many "ah-ha!" and many more "uh-oh" moments. It is an excellent introduction for anyone who gets the majority of their news from the established media. For such readers, this book is certain to be an eye opener - and after last week - not a moment too soon....
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