Banker Michael J. Panzer appeared on the radio program Coast-to-Coast-AM on Friday February 20, 2009. Here is a summary of his predictions for the USA:
What does Panzner see on the horizon then?
Our currency will continue to be devalued by the ongoing 'printing press' policies of our government, he said, and we can expect an inflationary environment.
Real estate prices will fall even further, perhaps not reaching final lows until 2012 at the earliest.
There will be multiple "lurches down" in the stock market, Panzner continued, noting the DOW might fall by as much as 75% from its current level.
The retail sector could be wiped out as the "religion of consumerism seems to be dying," he said.
At the extreme, Panzner foresees the U.S. breaking apart, conflict with Mexico, and perhaps another world war.
Parts of the country will become "suburban wastelands" due to water and energy issues, Panzner further speculated.
He exhorted listeners to adjust their attitudes and lifestyles accordingly, and to accept the reality that the current economic downturn is not short term -- it's the new norm.
He recommended people pay down debt and live within their means, and advised investors to look at precious metals like gold, silver, and platinum.
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