ERROR with dynamic initializer. Visual Studio 2008

Which version of Panda3D are you using? Panda3D 1.9 is compiled with Visual C++ 2010 compiler. Microsoft changes their compiler with every release, so binaries compiled with 2008 cannot be used with 2010, and vice versa. Panda 1.8.1 is compiled with the Visual C++ 2008 compiler, I think.

I also see you are compiling in Debug mode. The Panda3D SDK on the download page is compiled in Release mode, so you should use Release mode as well. I’d wager that this is probably the cause of this exact error.

Also make sure you are not compiling in Unicode mode.