Sooner or later, everyone sits down to a banquet of consequences. --Robert Louis Stevenson--
A few days ago a friend called me just after hearing Michael Panzner on the Thom Hartmann show on Air America. My friend wanted me to read Panzer's book, Financial Armageddon and see what I thought. Apparently, Panzer's radio interview remarks were filled with passion and a sense of urgency, and upon reading the book, I experienced the same intensity in the author's writing which pleasantly surprised me. Here was a financial guru with 25 years' experience in the stock, bond, and currency markets and a faculty member of the New York Institute of Finance, who unlike Ben Bernanke and the silver-lining pundits of the financial pages, was not telling us that everything is going to be fine or that things will "bounce back in 2010".
Anyone familiar with my writings knows that I have never claimed to be a fiduciary wizard, but in recent years I have written more on topics related to economics than at any time in my life. I do not believe that all social issues can be resolved if only we change how money works in the United States or the world, but I am profoundly aware of the role of economic issues-perhaps more than militarism, healthcare, education, politics, or any other institution, in the dead-ahead demise of empire. I also notice that few in the left-liberal end of the political spectrum have a firm grasp on economic issues which I suspect comes from a fundamental polarization between activism and financial intelligence-a reality which motivated me a few years ago to write an article entitled "Activists And Accountants: Absolute Allies."
Michael Panzner is definitely not from the left end of the political spectrum, which makes the contents of Financial Armageddon all the more fascinating and momentous. I came away from the book with both remarkable reinforcement of my position that the United States has entered economic collapse, but also perplexed regarding the myriad blind spots that the author seemed to have regarding the causes of the current economic meltdown. I am not aware of how Panzner may have altered his views since the publication of his book earlier this year, but at the time of writing, Panzner did not mention or was not aware of a number of glaring realities regarding the gluttonous greed-fest that has characterized the United States since the end of World War II. I will address those inconsistencies first, then highlight the places where I think Financial Armageddon is absolutely on-target.