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February 18, 2009

Pessimism Porn: When Giants Fall

My amigo Mike Panzer at Financial Armageddon -- a blog about financial Armageddon, in case you're curious  -- has a new book out about financial armageddon. Called When Giants Fall, Mike's new book gets a review at Bloomberg tonight.

Put all sharp objects aside, because here is the sort of thing Mike is forecasting:

Working hours will rise and pay will fall, forcing many people to take two or even three jobs, he asserts. We’ll be traveling on foot -- or by bicycle or boat. More and more of us will live in extended-family households, three generations under one roof. We’ll recycle rainwater, draw heat from the sun and eat food grown in our own gardens.

Tax revenue will slump, unraveling safety nets like Social Security and Medicare. Hospitals will shut. Police budgets will be slashed, crime will surge, more people will pack guns. The dollar and modern payment mechanisms may give way to “barter arrangements, alternative financial instruments and collective support networks,” he says.

More armageddon here.

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