Charles Hugh Smith, who publishes Charles Hugh Smith: Weblog and wEssays, just reviewed my new book:
I used to think I was a doom-and-gloomer, but compared to this book, I am Mr. Sunshine. Mr. Panzner provides a thorough indictment of the excesses you and I (but certainly not most Americans) know are building: risky derivatives, public and private debt, pension obligations which will bankrupt city, state and national coffers, and a housing bubble whose pop will be heard round the world.
His description of how derivatives and mortgage-backed securities is superb, as is his marshalling of data into a cogent narrative....
As a concise description of the imbalances which will correct in the near future, this is the book to put in the hands of those who still believe in Santa Claus, i.e. "permanent prosperity built on ever-larger debts." So if people glaze over when you start talking about depression/wealth destruction, give them a copy of this book and make them promise to read at least the first 8 chapters.
If that doesn't sober them up, then I'm afraid nothing will.
Click here to read more.
Comments