You pronounce it: [pan-uh-see-uh]
1. a remedy for all disease or ills; cure-all.
2. an answer or solution for all problems or difficulties:
“His economic philosophy is a good one, but he tries to use it as a panacea.”
I found it while going through some of my Ernest Hemingway quote collections :
The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.