Michael Panzner: Financial Armageddon?
Fellow econblogger Michael Panzner of Financial Armageddon was on Bloomberg TV and radio today telling folks what all of this credit crisis, bear market, nationalization stuff really means for globalization, the U.S. and stocks. He recently wrote a book on this very topic called “When Giants Fall.”
He is not at all upbeat about the prospects for the U.S.. Don’t depress me now, Michael.
Ultimately, the themes he discusses about the Chinese and others using their money to support their domestic economy instead of the West have merit. In his view this downturn means globalizaion is over.