By Michael J. Panzner
I provide this publication five stars for appropriately predicting a few issues that experience come to move because the publication was once released, and for nearly definitely thoroughly forecasting a few issues which are but to be. I provide the ebook 1 celebrity for organizing the fabric in a manner that makes it effortless to spot the entire dangers and the necessary responses. consequently, on normal, three stars.
For instance, the writer competently forecasts the doom that's befalling Fannie Mae and Freddie Mac. He safely forecast that the marketplace cave in may shake out a few crooks (eg Bernie Madoff). He properly (in my opinion) forecasts the looming pension trouble, municipal and kingdom defaults, and different public monetary crises that lie forward. and lots more and plenty extra. despite the fact that, the way in which the writer breezily drifts from information in a single paragraph to gross generalizations within the subsequent makes it difficult to split a few of his key observations from common conjecture.
The ebook is equipped in 4 major headings (Threats, hazards, Fallout and Defenses) with 4 chapters lower than each one heading. that is nice. besides the fact that, every one bankruptcy is 10 to 30 pages of unbroken paragraphs overlaying a large number of themes less than that bankruptcy heading. for instance, below 'Defenses' are the 4 chapters making plans, Investments, Relationships and existence. within the 14 pages lower than 'Investments' is a sea of paragraphs overlaying every little thing from the quest Brothers cornering of the silver industry within the 80's to municipal bond fund defense to the method of keeping profit the deflationary interval to the method for getting commodities, foodstuff and so forth within the hyperinflation to stick to, with info issues bobbing in this sea of paragraphs like driftwood. it isn't tough analyzing, yet it truly is tricky to extract a coherent photograph of the purpose the writer is making an attempt to make, or a cogent own plan of assault for addressing the matter. in my view this booklet is crying out for plenty of extra smaller, centred chapters.
An instance is his dialogue beginning with assistance (U.S. Treasury Inflation secure Securities), which he rightly issues out usually are not a hedge for hyper-inflation as the govt will easily redefine or blatantly distort the inflation numbers because it does at the moment with it truly is 'hedonistic' changes to these numbers. so that you may well purchase 'inverse ETFs' that brief the ideas, yet these may perhaps be afflicted by industry 'irregularities', so that you may perhaps visit money, yet hyperinflation will consume that, so think of gold, however the govt may perhaps confiscate that...all in a couple of pages within the Investments bankruptcy. Whoa. interpreting this is often like interpreting a flowchart jam-packed with if-else selection blocks with out the good lovely symbols.
The key to this ebook is among the final forty pages, entitled 'References and Resources', that are not anything greater than hundreds of thousands of directory of online page articles and references, so much from 2006, and most likely the first resources from which the writer amassed his info and conclusions. regrettably the writer did not cross-reference those assets to his discussions within the textual content, so just like the remainder of the booklet they're tough to sift via in any prepared type. Like lots of the stuff at the 'net, the various hyperlinks might be taken frivolously (if at all), whereas others are in flip prognosticative, profound or downright frightening while tested 4 years later.
In precis, this ebook will make you're thinking that tough concerning the 'bigger photo' of this financial system, however it does not make it effortless.
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Extra info for Financial Armageddon: Protecting Your Future from Four Impending Catastrophes
Most outside the world of finance view the term as a largely irrelevant and intangible construct of academics and Wall Street rocket scientists. But derivative securities have become an integral part of the financial world, and numerous innovations that people take for granted, such as low-priced and flexible mortgage financing, depend on the use of these synthetically created instruments. indb 39 1/2/07 4:52:28 PM 40 Financial Armageddon Unfortunately, they have also turned out to be, to use an old expression, the “tail wagging the dog” in many equity, fixed-income, and commodity markets, a situation that has created significant risks for Wall Street and Main Street.
Indb 25 1/2/07 4:52:26 PM 26 Financial Armageddon Although the FDIC was structured as an insurance program, with fees levied on participating financial institutions to cover the risk of loss, the ultimate responsibility for making good on depositors’ accounts rested with the federal government. And for a long time, the system seemed to work, with less instability and fewer bank runs than had once been common. But eventually the so-called benefit will turn out to have been seriously destabilizing because of the “moral hazard” problem.
They have not ended the tendency of markets to [undergo] occasional periods of mania and panic. They have not eliminated the possibility of failure of a major financial intermediary. And they cannot fully insulate the broader financial system from the effects of such a failure. Mr. Geithner has raised concerns in a number of speeches about operational deficiencies that were undermining the rapidly growing credit derivatives market. He also arranged a series of meetings with senior executives at leading financial institutions to address an alarming backlog of unsettled trades.