MOGAMBO GURU: 'Remember That Somebody Has To Get Screwed'

Richard Daughty -- World News Trust
email: scgcjs@gte.net

Things are getting so weird that even my extreme Mogambo paranoia (EMP) seems oddly inadequate. For example, gold is going bananas! Several people asked me what this could possibly mean, but, as usual, I have no idea. It's like when people ask why my wife, who is such a nice, pretty person, would marry a disgusting creep like me or why she hasn't at least have killed me long ago; it is weird, but that is all I know. But I DO know that there are a hell of a lot of people sitting on some big, big, big positions on the short side of gold (and mining shares), and these hapless chumps are getting crushed, I mean freaking crushed, with gold is soaring like this. The statistic that keeps pounding, pounding, pounding, in my tiny little Mogambo brain (TLMB) is that there is, reportedly, a short position in gold, measured in umpteen jillions of ounces, that is 78 times as big as all the gold in the whole damned world! That means that one guy has some gold, and 78 guys THINK that they own some gold, but they don't. All they have is a slip of paper that says, "I owe you gold," and signed by somebody. Somebody who does not, obviously, have any gold to give!

What I am confessing is that that people who sent money to The Mogambo Gold Depository (actually a shoebox in the back of my closet) and think that they have some gold, just because I promised that I would store gold for them, are screwed. I always MEANT to go out and get some gold like I said I would, but one thing led to another, and then there was that drunken brawl at Paula's Passion Pit of Prancing Princesses that I take full responsibility for, and am still paying for all the damages, so don't get me wrong. But the gold you thought I was storing for you? Sorry. Bummer, huh?

Fortunately, I have taken the wise precaution of wording the deposit contract to mimic the Comex rules, and now, since I am on the hook to lose a lot of money, I can merely cancel their stupid contracts and give them their original money back! Without interest! Hell, I might just keep the money for myself to make up for MY looming losses from the lawsuits that will soon be filed. It's the American Way! But the point is that people who erroneously think they have gold safely stored away someplace, and who have not seen the 60 Minutes show where they expose this dirty little Mogambo scam of mine, are all out dancing in the streets, thinking they are rich rich rich, and they're buying drinks for everybody, and they're all laughing and having fun. And every time gold goes up by another few bucks, everybody is even happier and they start having even MORE fun!

So, in a strange yin-yang thing, you can bet that this rise in gold has lots and lots of other people (namely the people who are short all that gold, and the central banks who lent all that gold to bullion banks, who sold it long ago at prices far below this, and are now net short in gold) are in a real panic. Now all those shorts are rushing about in desperation and panic, including elected officials, banks, bullion banks, central banks and especially the Federal Reserve, which is ALSO nervous about all that gold belonging to the United States that has been lent out to guys who can't pay it back! Yow!

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http://worldnewstrust.org/modules/AMS/article.php?storyid=1858

on the 60 minutes show's gold Comex rules expose.

He's helped me to get a better handle on fiat currency and money creation by the central banks.

"According to the most recent Flow of Funds report from the Federal Reserve, total credit market debt expanded $799 billion in the third quarter of 2005. At this rate, debt growth for a single year is $3 trillion, or 50% greater than total U.S. industrial production." Hahahaha! $3 trillion a year in more debt! More than a quarter of GDP! In one lousy year! We're freaking doomed!

Another bit of jarring recent news is that in October, paradoxically, consumer installment debt went DOWN by $7.2 (although seasonally adjusted) billion dollars. In one month! It is a collapse in consumer spending that is (and here I am quoting the Wall Street Journal), the "biggest dollar amount on record," according to the Federal Reserve! The biggest on record! I have redacted the original transcript of my actual utterance upon learning this, so that now the officially record reads that I said, "Yipes!" and the humorously quaint, "Run for the hills, boys!" Those who know me are probably thinking to themselves, "Hmmm! That certainly doesn't sound like The Mogambo at all!" And they would be right, because, in reality, it was mostly me screaming in mortal dread and outrage, over and over, that we are freaking doomed, we're freaking doomed, we're freaking doomed, over and over and over, as the implications of it started to sink into my tiny little Mogambo brain (TLMB).

So this means that the 70% of the entire Gross Domestic Product of the USA that is attributed to consumers, meaning 70% of all the goods and services produced in the whole country in a whole damned year, took a big whack to the wallet? The HUGE part of the economy that makes its money by catering to the consumer who was buying all this stuff, took, in total, as a group, a whack to the corporate wallet that was the biggest whack to the corporate wallet that THEY have ever had, too? Again, in the official transcript, it shows me responding, "Yipes," and "Run for the hills!" and, again, that would be a lie to sugar-coat the loud, and mostly obscenity-laden, truth.


:yoiks:

dp