When Giants Fall (and China Stands Tall)

Michael Panzner is economist who worked in Wall Street, and he has extensive direct experience of the financial world of sub-prime lending, hedge funds and the dealing which seems to have triggered the present international upheaval. However, to me, his very special credential is his ability to see the whole picture and produce a coherent well-informed and intelligently integrated world-view – economies, resources, cultures, politics and life-styles, all put together on the same stage.
In his first book (yet to read), “Financial Armageddon” which was published in 2007, it appears that he accurately predicted the present crisis which flowed from the collapse of Lehman et al last September – he did not, however, think that it would happen so soon. His second book, “When Giants Fall”, was published this month and, when I read the reviews I could barely wait to get a copy. I got it via Amazon last week.
At first I found it tedious, but then I couldn’t stop until I finished it, and I am now reading it for the second time. One of the impressive things about it is that a number of events and trends which he predicted in the book are clearly already occurring, although at the time of writing they were not eg China’s attack on the US dollar (ie China’s expressed intention to lead the world in adopting an alternative reserve currency), the recent emerging social unrest about the financial crisis in France and the USA, the increasing evidence of protectionism and the decline of free-trade .
The directions and results of what he calls a ‘sea change’ are not ‘nice’, but we would be extremely foolish not to listen very, very carefully and entertain the possibility that he will once again be right. It should be required reading for all DCC and ORC councillors and MPs.
I get all latest stuff from Panzner’s website, and this link was available today. It’s the video (in 4 parts) of a presentation he gave a few weeks ago and basically covers much of the content of the new book.

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