By Michael J. Panzner
I provide this booklet five stars for correctly predicting a few issues that experience come to cross because the e-book used to be released, and for nearly definitely adequately forecasting a few issues which are but to be. I supply the booklet 1 megastar for organizing the cloth in a fashion that makes it effortless to spot the entire dangers and the necessary responses. consequently, on ordinary, three stars.
For instance, the writer adequately forecasts the doom that's befalling Fannie Mae and Freddie Mac. He correctly forecast that the marketplace cave in could shake out a few crooks (eg Bernie Madoff). He adequately (in my opinion) forecasts the looming pension trouble, municipal and kingdom defaults, and different public monetary crises that lie forward. and masses extra. even if, the way in which the writer breezily drifts from info in a single paragraph to gross generalizations within the subsequent makes it difficult to split a few of his key observations from basic conjecture.
The ebook is equipped in 4 major headings (Threats, hazards, Fallout and Defenses) with 4 chapters less than each one heading. that is nice. even though, each one bankruptcy is 10 to 30 pages of unbroken paragraphs protecting a mess of issues lower than that bankruptcy heading. for instance, lower than 'Defenses' are the 4 chapters making plans, Investments, Relationships and life. within the 14 pages less than 'Investments' is a sea of paragraphs protecting every thing from the search Brothers cornering of the silver industry within the 80's to municipal bond fund protection to the tactic of preserving profit the deflationary interval to the method for getting commodities, nutrients etc within the hyperinflation to stick to, with info issues bobbing in this sea of paragraphs like driftwood. it is not tough examining, yet it really is tricky to extract a coherent photo 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, concentrated chapters.
An instance is his dialogue beginning with counsel (U.S. Treasury Inflation safe Securities), which he rightly issues out should not a hedge for hyper-inflation as the executive will easily redefine or blatantly distort the inflation numbers because it does at present with it truly is 'hedonistic' changes to these numbers. so that you may possibly purchase 'inverse ETFs' that brief the information, yet these may possibly be afflicted by industry 'irregularities', so that you may well visit money, yet hyperinflation will devour that, so think about gold, however the executive might confiscate that...all in a number of pages within the Investments bankruptcy. Whoa. examining this can be like examining a flowchart jam-packed with if-else determination blocks with out the good lovely symbols.
The key to this ebook is one of the final forty pages, entitled 'References and Resources', that are not anything greater than 1000's of directory of website articles and references, such a lot from 2006, and most likely the first resources from which the writer accrued 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 e-book they're tough to sift via in any prepared type. Like many of the stuff at the 'net, many of the hyperlinks could be taken calmly (if at all), whereas others are in flip prognosticative, profound or downright frightening whilst tested 4 years later.
In precis, this e-book will make you think that difficult in regards to the 'bigger photograph' of this economic climate, however it does not make it effortless.
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Extra info for Financial Armageddon: Protecting Your Future from Four Impending Catastrophes
Nearly all of these plans are traditional defined-benefit schemes under which retirees are guaranteed a set payout for life and sponsors bear the investment and other risks. In one fell swoop, the financial health of state and local government will have taken a gargantuan turn for the worse, and talk of a massive taxpayer bailout will fill the air. This will lay the groundwork for a firestorm that will only be made worse by a crumbling economy, unraveling financial markets, and fewer new workers replacing older ones.
S. workforce had increased significantly. Many companies with traditional defined-benefit plans are dumping them onto the Pension Benefit Guaranty Corporation (PBGC). Once used solely as a last resort, shedding retirement obligations is now viewed as just one of many strategic options. Established in 1974 under ERISA following several high-profile benefit program failures, the self-funded PBGC was envisioned as a government-sponsored insurance backstop to protect workers. Like many such programs, however, it had inherent structural flaws and unintended consequences.
Competition from a variety of other operators, including securities firms, foreign banking groups, and corporate America, also meant that traditional lending institutions were constantly striving to reduce low-earning capital cushions or otherwise maximize their returns, often at the expense of traditional prudence. Some activities were geared toward fee generation, such as the securitization of mortgages, credit card receivables, or other assets, or they catered to low-income individuals with limited options who could be nickeled and dimed to death with charges, including monthly maintenance, ATM fees, and a panoply of other service-related fees.