MOGAMBO GURU: 'The Tragic Error Of Your Ways'

Richard Daughty, the angriest guy in economics
email: scgcjs@gte.net

Being in a particularly bad mood, I was hoping that the Federal Reserve had increased Total Fed Credit again this week so that I would have an excuse to go up there and stand on the sidewalk outside their offices and yell, "You bastards are killing our money by constantly creating more credit, which becomes more debt!" I had planned to dare Alan Greenspan to come out here and get a punch in the nose from me, and then maybe this new guy, Ben Bernanke, will look out the window and see me knocking the hell out of Greenspan, and maybe he would say to himself, "Wow! I better start acting like I got some smarts, or that Mogambo idiot is liable to hit ME in the old bazoo, too!" But, alas, the Fed reduced Total Fed Credit by $2.3 billion last week, which I will call "piddly," just to add a little sardonic ugliness to the whole thing.

On the other hand, the Treasury, bagman for the (being as disrespectful as I can manage) fascist morons in Congress, took fiscal insanity to a new level of, ummm, insanity, and exploded the national debt by a cool $21 billion. In one week! That works out to an extra $210 dollars in debt for every person in this whole country that has a non-government job! In one week! But let ME go out and put my little nuclear family unit into $210 more debt in a whole MONTH, much less a lousy week, and suddenly my wife gets all weird on me and is yelling at me about how we don't NEED another layer of razor-wire in the backyard (yes we do) or we don't NEED to be entertaining my hoodlum friends at Harry's Hothouse of Hooch and Hootchie Cootchie (yes we do) and wanting to know if there is something wrong with my stupid little brain that I cannot comprehend that, no matter how much she yells at me (yes there is).

But this is not about how I never have any fun or have nice things, but about how Congress increased the national debt by $80 billion in just the first 25 days of this month ($3.2 billion per day) and how America is only about $100 billion from reaching the limit on the national debt, again, which means that the jackasses of Congress will simply raise the limit again so that their insane spendthrift ruination of the United States can continue unabated. But let me miss a few payments on my credit card, and the credit card company gets real testy about raising my credit limit a lousy few hundred bucks!

I don’t know if you remember, but they raised the limit on the national debt, from $7.384 trillion to $8.184 trillion, less than a year ago! When George Bush took over, the national debt was about $5.7 trillion. So in five years he and the Congress borrowed and spent $2.6 trillion, which comes out to $26,000 for every non-government worker in the whole freaking country! In terms of the proverbial "every man, woman and child," $2.6 trillion it is a more manageable $8,950 each. But this is not TOTAL debt, but how much MORE debt!

more

http://worldnewstrust.org/modules/AMS/article.php?storyid=1751

i don't understand half of what he says -- but i love the way he says it.

and i can't buy gold -- cause i ain't got gold money.

...." -- To show you the absolute intellectual impoverishment of the people who are teaching our children and/or writing our newspapers, let's turn to an article sent to me by alert reader JC, entitled, "Precious Metal's Elusive Value," and written by Andrew Cassel, who is a columnist for the Philadelphia Inquirer.

He quotes Jeremy Siegel, who is a professor at Wharton. Mr. Cassel quotes this, ummm, "professor," who is so smug in his arrogance that he dismisses gold, "If you bought $100 worth of gold in 1802, Siegel says, your inflation-adjusted return would be about 30 percent. That is, you'd have a mere $130 in purchasing power after more than 200 years."

This is exactly the damned point of the stuff, you preening halfwit! Gold preserves purchasing power! Hahaha! What a buffoon! What the lackluster professor Siegel did NOT mention is that if you had saved a $100 in fiat cash, even as late as 1913, then your loss in buying power would have been over 96%! Hahaha! So what do YOU want in your future? Depreciated and stupid fiat money, where you end up broke and bitter? Or gold, where you end up where you started in terms of buying power, or (as now) ahead of the game and making big, big money on gold's rising price? Hahaha!"

Classic.

guru.