What do you think?
Rate this book
Financial Armageddon: Protecting Your Future from Four Impending Catastrophes
According to Michael Panzner, the US is less than two years away from ""financial Armageddon."" When the stock market bubble burst in March 2000, the collapse that followed wiped out over two-thirds of the value of the technology-laden Nasdaq Index and decimated the hopes and dreams of millions of Americans. Now, imagine not one, but four such disasters looming on the horizon. Four key elements--Debt, Derivatives, Government Guarantees, and the Retirement system--are quickly unraveling, and because they are so intricately connected, there will be an unremitting domino effect. With time running out, this is a disaster-in-the-making on which every American must be informed so they can protect themselves, their families, and their economic well-being before it's too late.
- GenresEconomics
256 pages, Hardcover
First published January 1, 2007
4 people are currently reading
46 people want to read
About the author
Michael J. Panzner
5 books2 followersMichael J. Panzner is a 30-year veteran of the global financial markets who has worked for such leading companies as HSBC, Soros Funds, ABN Amro, Dresdner Bank, and J.P. Morgan Chase.
He is the author of When Giants Fall: An Economic Roadmap for the End of the American Era, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes, and The New Laws of the Stock Market Jungle: An Insiders Guide to Successful Investing in a Changing World.
He is the author of When Giants Fall: An Economic Roadmap for the End of the American Era, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes, and The New Laws of the Stock Market Jungle: An Insiders Guide to Successful Investing in a Changing World.
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 10 of 10 reviews
February 23, 2009
In this edition of Financial Armageddon (FA), Panzer has added a Foreword in which he points out that all of the first stages of the FA have already occurred. And he's right, they have. The subprime mortgages have and are falling out. Inflationary monetary policies have begun.
I believe in preparing for the worst while hoping for the best. If we're in store for bad times, I'd like to be at least somewhat prepared.
The majority of the book is a frighteningly realistic foretelling of the destruction of the American way of life. The smaller portion of the book is Part Four: Defenses. Of that, Chapter 14: Investments contains the most directly applicable advice for securing your own finances. While it's only 13 pages long and fairly abstract, it does contain the minimum amount of information you'd need to survive.
Essentially, if you follow historical examples, we'll be hit like this: In the first phase, you'll start to become cash poor as credit sources dry up and jobs shrink. Here is where you are most likely to lose anything you don't own outright, such as your home. If you manage to make it through this phase with money and property intact, you'll reach the second phase in which hyperinflation shrinks the value of your savings. Here, you'll want to get rid of your money (by spending it) as quickly as possible. You'll want to purchase things that hold value such as precious metals, tools, etc.
Only the savviest people would be able to time the markets correctly to actually benefit from these conditions. The rest of us would simply be well-advised to try to learn to recognize the signs as well as we can. As soon as the news hits TV, it's probably too late.
Though I'm glad I read it, I feel as though Panzer's book merely showed me how little I know and how much more I need to learn. With all of the references, it's a pretty good jumping-off point.
I believe in preparing for the worst while hoping for the best. If we're in store for bad times, I'd like to be at least somewhat prepared.
The majority of the book is a frighteningly realistic foretelling of the destruction of the American way of life. The smaller portion of the book is Part Four: Defenses. Of that, Chapter 14: Investments contains the most directly applicable advice for securing your own finances. While it's only 13 pages long and fairly abstract, it does contain the minimum amount of information you'd need to survive.
Essentially, if you follow historical examples, we'll be hit like this: In the first phase, you'll start to become cash poor as credit sources dry up and jobs shrink. Here is where you are most likely to lose anything you don't own outright, such as your home. If you manage to make it through this phase with money and property intact, you'll reach the second phase in which hyperinflation shrinks the value of your savings. Here, you'll want to get rid of your money (by spending it) as quickly as possible. You'll want to purchase things that hold value such as precious metals, tools, etc.
Only the savviest people would be able to time the markets correctly to actually benefit from these conditions. The rest of us would simply be well-advised to try to learn to recognize the signs as well as we can. As soon as the news hits TV, it's probably too late.
Though I'm glad I read it, I feel as though Panzer's book merely showed me how little I know and how much more I need to learn. With all of the references, it's a pretty good jumping-off point.
March 16, 2008
I read this book because of my interest in getting started investing and the current tumultuous state of the market. The book is very alarmist and the author's predictions dire to the point of apocalyptic. He predicts a complete meltdown of the nation's economy and discusses in detail the portending signs.
I gained a greater understanding of current stock market and financial machinations through this book, and several of his key "warning signs" of his predicted economic meltdown are currently underway, making me think I should give the book more credence than I otherwise would.
The book definitely made me realize what a risk investing is - there are no guarantees and even little folks like me can lose big time. It is a valuable perspective to have.
I found after the first several chapters the book began repeating itself and putting a slightly different spin on previously addressed topics. If you're going to read the book, you probably wouldn't miss much by stopping 1/2 way.
I gained a greater understanding of current stock market and financial machinations through this book, and several of his key "warning signs" of his predicted economic meltdown are currently underway, making me think I should give the book more credence than I otherwise would.
The book definitely made me realize what a risk investing is - there are no guarantees and even little folks like me can lose big time. It is a valuable perspective to have.
I found after the first several chapters the book began repeating itself and putting a slightly different spin on previously addressed topics. If you're going to read the book, you probably wouldn't miss much by stopping 1/2 way.
October 17, 2011
More than likely, Americans will be confronted by an unfamiliar and frightening array of legal, financial, and security restrictions, including lock downs, curfews, interments, capital and exchange controls, and even marshal law. Those who wish to survive the coming financial Armageddon will have little choice but to adjust as soon as possible to a world far removed from days gone by.
But with the cult of consumerism crumbling, the economy in a tailspin, the nation's financial system being consumed from within, public finances in tatters, and military resources stretched to the breaking point, outsiders will no longer have an incentive to ignore the new reality: the end of American hegemony.
Eventually, distressed and over extended investors, speculators, and owners will slash prices and leapfrog over each other in a race to the bottom, forced to compete against an ever-expanding supply of abandoned or foreclosed properties while potential buys all but disappear.
Over time, absolute or no-reserve auctions will displace traditional marketing approaches, as those who must get out are forced to take aggressive action to stem losses and prevent liabilities from spiraling out of control.A broad loss of confidence, despite reassurances from Wall Street, politicians, the media, and the regulatory establishment. People will rush to hoard cash, and some will begin aggressively to accumulate precious metals, while sales of security systems, safes, and guns will rapidly gain pace.
But with the cult of consumerism crumbling, the economy in a tailspin, the nation's financial system being consumed from within, public finances in tatters, and military resources stretched to the breaking point, outsiders will no longer have an incentive to ignore the new reality: the end of American hegemony.
Eventually, distressed and over extended investors, speculators, and owners will slash prices and leapfrog over each other in a race to the bottom, forced to compete against an ever-expanding supply of abandoned or foreclosed properties while potential buys all but disappear.
Over time, absolute or no-reserve auctions will displace traditional marketing approaches, as those who must get out are forced to take aggressive action to stem losses and prevent liabilities from spiraling out of control.A broad loss of confidence, despite reassurances from Wall Street, politicians, the media, and the regulatory establishment. People will rush to hoard cash, and some will begin aggressively to accumulate precious metals, while sales of security systems, safes, and guns will rapidly gain pace.
March 20, 2009
While I think this guy is right in saying that bad things are coming, I can't imagine how he can be a financial expert and expert sociologist. Additionally, I think he over states the end state of this downturn. The best of the book is the beginning where he dissects derivatives, the rest of it is vague and self contradicting. Basically, you need to understand that if unless you have a lot money with which to own your property outright and have cash on hand to live off of, you're screwed. For the rest of us, IF the financial system completely collapses AND hyper-inflation comes about, you're somewhat screwed.
June 26, 2010
This is still a great book even though it was written back before the current financial crisis. Panzner was able to predict the collapse of Sept 18 2008. Government policies have only made things worse and their is more trouble coming.
August 22, 2015
This was a complete doom and gloom book. While there were many wonderful bits concerned with investing and the way in which most people act during financial crises, they seemed to be pushed back behind the apocalyptic predictions.
October 8, 2008
This is a good book for someone who really want to know about how and why global financial crisis started and how we face it!!...
April 3, 2009
Considering this book was written a year before the subprime collapse, the author pretty much nailed it...
July 18, 2009
You'll need a stiff drink when you're done with this one, what with the impending doom and all. Heavy handed on the pessimism, but certainly not off base with the current times.
October 19, 2009
...yes he did nail the issues, though his sense of the ultimate outcome has proven to be alarmist.
Displaying 1 - 10 of 10 reviews