With George Noory
Live Nightly 1am - 5am EST / 10pm - 2am PST
Economic Downturn - Shows

Coast Insider

Not a member? Become a Coast Insider and listen to the show 24/7
Advertisement

Coast Insider

Not a member? Become a Coast Insider and listen to the show 24/7
Advertisement

Last Show Recap

Economic Downturn

In 1989, Steve and Dawn Hess headed out to the Mojave Desert, anticipating a quiet camping trip. But when they were kidnapped by what they believed to be a swarm of alien beings, the shock and pain of the experience changed their lives forever. Author Ron Felber joined Jimmy Church (email) to update us on the case and to welcome the Hesses for their first live interview. First hour guest, director, actor, and musician Vic Mignogna spoke about his webseries Star Trek Continues.

Upcoming Shows

Sun 02-14  Bank of Canada Controversy/ Zika Virus Mon 02-15  Planetary Change/ Double Earths Tue 02-16  State of Economy/ Open Lines Wed 02-17  TBA
Thu 02-18  Predatory Capitalism/ Dowsing & Clearing Fri 02-19  Strange Creatures & UFO Abductions/ Open Lines

CoastZone

Sign up for our free CoastZone e-newsletter to receive exclusive daily articles.

Economic Downturn

Show Archive
Date: Friday - February 20, 2009
Host: Art Bell
Guests: Michael J. Panzner

Art Bell was joined by Wall St. insider Michael J. Panzner, who discussed the dire economic circumstances in America and around the globe. According to Panzner, the U.S. is not in a typical recession. Instead, he believes the crisis more closely resembles a depression, in which we can expect an extended period of economic contraction accompanied by deflation.

Panzner said the largest players in our banking system are insolvent. He explained their current situation was brought on by a combination of factors, including exposure to trillions of dollars of mortgage backed securities, derivatives and default swaps, and suggested that bailouts and stimulus packages will only postpone the inevitable, not resolve the nation's financial troubles. "What got us here, decades of excesses, decades of imbalances, you can't just stop them by saying, 'OK, we're determined and we're going to think positive,'" Panzner remarked.

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 also 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.

Related Material

Art's Webcam 2/20/09
Art's Webcam 2/20/09

Related Articles

'Atlantis' Update

'Atlantis' Update

UK tabloid The Sun reported yesterday on a Google Earth image (pictured) showing a massive rectangular grid resembling the streets of a city on the floor of the Atlantic Ocean. The grid lay in an area -- 600 miles off the west coast of Africa near the Canary Islands -- long thought of as a possible location for the fabled city of Atlantis. Hopes were dashed, however, when a spokeswoman for Google explained the grid-like markings were an 'artifact' of its map making process. More details at Mail Online.

Bumper Music

Bumper music from Friday February 20, 2009

Advertisement