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Welcome to the blog of Connor Boyack, a 20-something web designer, political economist, and budding philanthropist.
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Financial Armageddon Redux

Posted by Connor on September 25th, 2007

After reading and blogging about the book Financial Armageddon by David Draughon, I received an email from a gentleman named Michael Panzner, who is the author of a book by the same name.

Mr. Panzner graciously sent me a copy which I finished this morning. One might wonder what differences two books with the same name can have, but I found these two books to be quite different. Whereas Mr. Draughon’s book extensively discussed the history of money and banking, Mr. Panzner’s book mainly focuses on the future.

Like its topical namesake in the book of Revelation, Financial Armageddon describes tragic calamities at our doorstep. Given the recent developments in our economy, it has come time to talk about when and how the economic collapse will occur, not if.

In what may very well become a prophetic manual for the way our economy will collapse and touch every facet of our lives, Panzner’s Financial Armageddon spells out in detail how he sees the fabric of our financial lives unraveling based on factors and circumstances beyond our control. The basic synopsis he offers is that

…the United States will soon suffer the fallout of the live-for-today orgy of borrowing and extravagance that has already foisted an untenable economic and financial burden on future generations. (Financial Armageddon, p. 3)

Correctly describing our awful situation, Panzner demonstrates throughout his book how

Even a modest hiccup in the functioning of the banking system and modern financial infrastructure will likely cause chaos and a dangerous secondary chain reaction that would be difficult to stop. (Financial Armageddon, p. 74)

Why is this so? It is, in large part, a result of our fiat monetary system that relies entirely upon the faith people have in its purchasing power. Should anything happen, large or small, to undermine that faith and instill doubt and fear in the American consumer, widespread panic ensues, together with bank runs and hoarding. Panzner describes the result of such a process:

Soon, the rapidly expanding loss of confidence in the financial system will completely overwhelm any remaining strength in the real economy. (Financial Armageddon, p. 75)

While Financial Armageddon might read as “doom and gloom” to some, it will be seen increasingly as a valuable asset—a guidebook for what may soon come—for those who wish to plan their financial future wisely and minimize risk. Those who desire to keep smelling roses and ignoring the signs of the times will be the first to suffer, for it is those who plan wisely and prepare for the future that are least impacted by external circumstances.

It is for those who desire to understand how our economy will likely unravel that Mr. Panzner has written Financial Armageddon. I suggest picking up a copy in an effort to understand what the future may very well hold.

Connor’s rating: A-

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