Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Is Crude Oil Firmly on the Upswing Now? - 20th Feb 20
What Can Stop the Stocks Bull – Or At Least, Make It Pause? - 20th Feb 20
Trump and Economic News That Drive Gold, Not Just Coronavirus - 20th Feb 20
Coronavirus COVID19 UK Infection Prevention, Boosting Immune Systems, Birmingham, Sheffield - 20th Feb 20
Silver’s Valuable Insights Into the Upcoming PMs Rally - 20th Feb 20
Coronavirus Coming Storm Act Now to Protect Yourselves and Family to Survive COVID-19 Pandemic - 19th Feb 20
Future Silver Prices Will Shock People, and They’ll Kick Themselves for Not Buying Under $20… - 19th Feb 20
What Alexis Kennedy Learned from Launching Cultist Simulator - 19th Feb 20
Stock Market Potential Short-term top - 18th Feb 20
Coronavirus Fourth Turning - No One Gets Out Of Here Alive! - 18th Feb 20
The Stocks Hit Worst From the Coronavirus - 18th Feb 20
Tips on Pest Control: How to Prevent Pests and Rodents - 18th Feb 20
Buying a Custom Built Gaming PC From Overclockers.co.uk - 1. Delivery and Unboxing - 17th Feb 20
BAIDU (BIDU) Illustrates Why You Should NOT Invest in Chinese Stocks - 17th Feb 20
Financial Markets News Report: February 17, 2020 - February 21, 2020 - 17th Feb 20
NVIDIA (NVDA) GPU King For AI Mega-trend Tech Stocks Investing 2020 - 17th Feb 20
Stock Market Bubble - No One Gets Out Of Here Alive! - 17th Feb 20
British Pound GBP Trend Forecast 2020 - 16th Feb 20
SAMSUNG AI Mega-trend Tech Stocks Investing 2020 - 16th Feb 20
Ignore the Polls, the Markets Have Already Told You Who Wins in 2020 - 16th Feb 20
UK Coronavirus COVID-19 Pandemic WARNING! Sheffield, Manchester, Birmingham Outbreaks Probable - 16th Feb 20
iShares Nasdaq Biotechnology ETF IBB AI Mega-trend Tech Stocks Investing 2020 - 15th Feb 20
Gold Stocks Still Stalled - 15th Feb 20
Is The Technology Stocks Sector Setting Up For A Crash? - 15th Feb 20
UK Calm Before Corona Virus Storm - Infections Forecast into End March 2020 - 15th Feb 20
The Growing Weaponization of Space - 14th Feb 20
Will the 2020s Be Good or Bad for the Gold Market? - 14th Feb 20
Predictive Modeling Suggests Gold Price Will Break Above $1650 Within 15~30 Days - 14th Feb 20
UK Coronavirus COVID-19 Infections and Deaths Trend Forecast 2020 - 14th Feb 20
Coronavirus, Powell and Gold - 14th Feb 20
How the Corona Virus is Affecting Global Stock Markets - 14th Feb 20
British Pound GBP Trend and Elliott Wave Analysis - 13th Feb 20
Owning and Driving a Land Rover Discovery Sport in 2020 - 2 YEAR Review - 13th Feb 20
Shipping Rates Plunge, Commodities and Stocks May Follow - 13th Feb 20
Powell says Fed will aggressively use QE to fight next recession - 13th Feb 20
PALLADIUM - THIS Is What a Run on the Bank for Precious Metals Looks Like… - 13th Feb 20
Bitcoin: "Is it too late to get in?" Get Answers Now - 13th Feb 20
China Coronavirus Infections Soar by 1/3rd to 60,000, Deaths Jump to 1,367 - 13th Feb 20
Crude Oil Price Action – Like a Coiled Spring Already? - 13th Feb 20
China Under Reporting Coronavirus COVID-19 Infections, Africa and South America Hidden Outbreaks - 12th Feb 20
Will USD X Decline About to Trigger Precious Metals Rally - 12th Feb 20
Copper Market is a Coiled Spring - 12th Feb 20
Dow Theory Stock Market Warning from the Utilities Index - 12th Feb 20
How to Get Virgin Media Engineers to FIX Hub 3.0 Problems and NOT BS Customers - 12th Feb 20
China Under Reporting Coronavirus COVID-19 Infections by 66% Due to Capacity Constraints - 12th Feb 20
Is Coronavirus the Black Swan That Takes Gold To-Da-Moon? - 12th Feb 20
Stock Market 2020 – A Close Look At What To Expect - 12th Feb 20
IBM AI Mega-trend Tech Stocks Investing 2020 - 11th Feb 20
The US Dollar’s Subtle Message for Gold - 11th Feb 20
What All To Do Before Opening A Bank Account For Your Business - 11th Feb 20
How and When to Enter Day Trades & Swing Trade For Maximum Gains - 11th Feb 20
The Great Stock Market Dichotomy - 11th Feb 20
Stock Market Sector Rotation Should Peak Within 60+ Days – Part II - 11th Feb 20
CoronaVirus Pandemic Stocks Bear Market Risk 2020? - Video - 11th Feb 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

The IMF and the ECB on Perfecting Stupidity

Politics / Global Financial System Dec 14, 2010 - 01:13 PM GMT

By: Richard_Daughty

Politics

Best Financial Markets Analysis ArticleThis week's winner of the coveted Mogambo Bluster And Incompetence Award (MBAIA) goes to Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund.

I will skip the part where I heap disdain on the IMF and say rude things like how I think that the IMF is a worthless bunch of incompetent, self-serving, socialist scumbags.


And I will skip the part where I tried in vain to get in touch with this IMF moron so that I could inform him of his winning the prize, and invite him to fly here, at his expense, to pick it up.

So he won't be coming, and it is too bad, too, because I already had the trophy, which is a plastic item molded to look like a pile of dog-poop, which I thought was both highly appropriate to the award, and very cheap, too, as I already had some left over from Halloween when I put them on the porch to discourage kids from coming up and knocking on my door.

I figured that this "mine field" would discourage them from bothering me with their lame "Trick or Treat" routine, holding out their sacks for me to fill from my bowl of delicious candy, a cornucopia of yummy chocolates, nuts, nougats, peanut butters and caramels in a kaleidoscope of tempting colors and flavors, and all mine, mine, mine.

Instead, I will get right to the part where I explain why Mr. Strauss-Kahn wins this prize.

According to Bloomberg, Mr. Strauss-Kahn, who will hereinafter be referred to as Incompetent Blustering Bozo (IBB), said that (and I quote) "the European Central Bank is doing its job 'perfectly' in handling the region's debt crisis"! Hahaha!

How could he not win? Hahaha! And now that the sheer incompetence of the ECB has succeeded in destroying the entire economy of Europe with its ridiculous monetary excesses to allow the funding of various socialist bunglings, you probably want to know, as I wanted to know, as all thinking people want to know, "What in the hell is the ECB doing so 'perfectly' that another laughable incompetent is compelled to comment upon it?"

Well, it's funny you should ask, and personally satisfying that you should ask with such a rude and scornful tone to your voice, because the ECB said that the bank would leave its benchmark interest rate unchanged, which is now at approximately zero, and "will delay its withdrawal of emergency liquidity measures to combat 'acute' market tensions."

Hmmm! "Combat acute market tensions." The phrase kept going over and over in my mind, as I intuitively sensed something potentially useful in that phrase. "Combat acute market tensions."

Sure enough, the next day - the very next day! - my boss calls me into her office and wants to get all huffy with me, partly about how I am "accosting" my coworkers and telling them that they are "stupid" for not buying gold, silver and oil as protection against the terrible inflation in consumer prices as a result of the Federal Reserve creating so much new money.

Mostly, however, she was "in my face" about how I keep losing money for the company, which I patiently explained was not my fault. It was, I explained, the fault of all my customers, who were all idiots, and all my staff, who were idiots, too, and who were always hatching their little schemes behind my back, undermining my authority and making me look bad as they plot to thwart me at every turn to turn my successes into failures, like I can't hear their constant secretive whispering, or see their furtive scurrying around, like the treacherous little rats they are.

My boss is not convinced, of course, and so, in a flash of inspiration, I said, "The company must pump more money into my operation to combat acute market tensions, you moron, like the European Central Bank is doing, because the president of the International Monetary Fund said that to do so would be perfect! Perfect!"

Well, it might be "perfect" for the ECB and the IMF, but around here it's a non-starter, and after a short discussion about who is the REAL moron around here (me), I was pretty discouraged.

On my way back to my crummy little office, I suddenly realized that things were not so bad. I still had a plastic pile of dog poop as an asset, and I had the Federal Reserve creating massive amounts of money, to make the inflation, that will cause my gold, silver and oil to go up, which is another asset, and one that will soon make me rich enough to quit this stinking job and get away from a stupid boss that can't see a Fabulous Mogambo Plan when she sees one.

And I also remembered that buying gold, silver and oil stocks is so easy, and suddenly the dark clouds of despair were lifted, and I merrily thought to myself, "Whee! This investing stuff is easy!"

Richard Daughty (Mogambo Guru) is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the writer/publisher of the Mogambo Guru economic newsletter, an avocational exercise to better heap disrespect on those who desperately deserve it. The Mogambo Guru is quoted frequently in Barron’s, The Daily Reckoning, and other fine publications.

Copyright © 2010 Daily Reckoning

© 2010 Copyright The Daily Reckoning - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules