Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Virgin Media Fibre Broadband Installation - What to Expect, Quality of Wiring, Service etc. - 21st Jun 21
Feel the Inflationary Heartbeat - 21st Jun 21
The Green Superfuel That Could Disrupt Global Energy Markers - 21st Jun 21
How Binance SCAMs Crypto Traders with UP DOWN Coins, Futures, Options and Leverage - Don't Get Bogdanoffed! - 20th Jun 21
Smart Money Accumulating Physical Silver Ahead Of New Basel III Regulations And Price Explosion To $44 - 20th Jun 21
Rambling Fed Triggers Gold/Silver Correction: Are Investors Being Duped? - 20th Jun 21
Gold: The Fed Wreaked Havoc on the Precious Metals - 20th Jun 21
Investing in the Tulip Crypto Mania 2021 - 19th Jun 21
Here’s Why Historic US Housing Market Boom Can Continue - 19th Jun 21
Cryptos: What the "Bizarre" World of Non-Fungible Tokens May Be Signaling - 19th Jun 21
Hyperinflationary Expectations: Reflections on Cryptocurrency and the Markets - 19th Jun 21
Gold Prices Investors beat Central Banks and Jewelry, as having the most Impact - 18th Jun 21
Has the Dust Settled After Fed Day? Not Just Yet - 18th Jun 21
Gold Asks: Will the Economic Boom Continue? - 18th Jun 21
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
RAMPANT MONEY PRINTING INFLATION BIG PICTURE! - 16th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Golden Umbrellas in an Economic Downpour

Economics / Gold & Silver 2009 Aug 03, 2009 - 03:20 AM GMT

By: LewRockwell

Economics

Best Financial Markets Analysis ArticleRichard Daughty writes: I gotta admit that I am very jealous of Ambrose Evans-Pritchard, who is the international business editor of The Daily Telegraph, and who is famous and smart and probably makes a lot of money that he spends having fun with his many friends, while I am “none of the above” and pretty bitter about it, too.


So, you can see how I figure that nothing is more delicious than, as a way of being rude, writing, “Hey, Ambrose! Just because you think you are so famous and smart and probably making a lot of money, you don’t know squat because I heard that you think that you have a solution to the world’s problems, and to that I laugh – hahahaha! – and steadfastly tell you that there is no painless solution to the problem of excessive de bt, excessive government deficit-spending and excessive amounts of stupidity that allowed people to borrow so much money that it bankrupted them!”

I am emboldened in saying this because the whole of history is distilled to the realization that a fiat currency in the hands of a spendthrift government is always debased because the temptation to print more and more money is too great to resist, and the purchasing power of the money is always lost due to the over-issuance of so much more money entering the economy, and if you think that all those governments did not try to find a painless way out of that bankrupting mess, just like we are now, then, again – hahahahaha! – I laugh!

I know what you are thinking. You are thinking to yourself, “You are not being fair, you hateful little man! The poor guy has not even hinted that he has some magical solution to the nation’s problems, and yet you are tearing into him like a ravenous wolverine!” to which I reply, “Oh, you do not know these famous, smart, highly-paid people like I do! He’s got a plan! Oh, yes! He has a plan!

Sure enough, we don’t have long to wait until he tells us his plan! He says, “The imperative for the debt-bloated West is to cut spending systematically for year after year, off-setting the deflationary effect with monetary stimulus. This is the only mix that can save us.” Hahahaha!

Sorry for the laughing, but it suddenly struck me that this Ambrose Evans-Pritchard guy thinks he has come up with a plan so that governments forevermore will be able to spend, spend, spend and promise, promise, promise to spend, spend, spend to their hearts’ content, creating excessive amounts of money all the way, year after year, doling out money to anybody who asks for it, all because Ambrose Evans-Pritchard, in 2009, came up with The Plan That Makes Everything Good Again (TPTMEGA), which is sublimely remarkable in that everybody else in all of history wrestled with this exact, same problem, and they all failed miserably, and now Mr. Evans-Pritchard thinks he, alone in all of history, a veritable giant among men, has solved the mystery and the puzzle!

The answer turns out to be simplicity itself, according to him! “Cut spending systematically for year after year, off-setting the deflationary effect with monetary stimulus,” he says! Hahaha!

I was hoping that the headline “Could Not Have Said It Better” on the column by Jon Nadler at Kitco.com was not going to be an essay in agreement with Ambrose, making me look bad, but maybe instead about something that I, The Fabulous Mogambo (TFM), said that he found memorable and remarkable, such as my famous quip, “You are all a bunch of lowlife halfwit morons if you are not buying gold when your own corrupt government is giving the green light to the Federal Reserve to create massive amounts of new money so that the Congress can borrow and spend it to sink us further into debt by untold trillions of dollars a year for years and years to come!”

If not that particular bon mot of mine, then perhaps he was captivated by the lyrical prose of my, “Neo-Keynesian econometric idiot-savants at the Federal Reserve are kissing Congress’s deficit-spending butt by creating so much money and credit that we are doomed to an inflationary collapse, and if you don’t believe me, then go to Mises.org and do a little light reading and find out, ya lazy freaking jerk!”

Alas, Mr. Nadler doesn’t mention me or either of these clever witticisms at all, and instead seems to address my constant, shrill demands that you buy gold when he says, “Our three-decade old motto has been ‘IF you buy for the RIGHT reasons, you can IGNORE the price.’”

And something with a “right reason” to buy seems to be gold, as he reports that “we raise our estimated price trading range by $50 on each end, for the next six months.”

And since he did not use any quote from me, I assume that he will also not report the Mogambo Gold Forecast (MGF), which is “Increasingly cloudy and dismal economic conditions, characterized by widespread earthquakes, floods, tornadoes, volcanoes, and large meteor impacts killing everything in their paths, excepting only those who have gold, silver and oil to act as an economic umbrella shielding them from every economic calamity that will befall any country so stupidly moronic as to over-create money and credit,” which I assume Mr. Nadler would probably agree is a “right reason” to buy gold, and probably would, too, if only he were as conceited, arrogant and smug as I am when I fearlessly forecast inflationary doom and economic horror from the insane overproduction of money and credit by the Federal Reserve!

And since I seem to be the only one saying it, let me be the one to add that the best part is that “Whee! This investing stuff is easy!”

August 3, 2009

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 © 2009 Daily Reckoning

    http://www.lewrockwell.com

    © 2009 Copyright LewRockwell.com / Richard Daughty - 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