news.goldseek.com >> 19 April 2011
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news.goldseek.com >> 19 April 2011 |
China: Where Money Is Treated Best
By: Richard Daughty, The Mogambo Guru
“9% Unemployment Rate is a Statistical Lie” is a pretty catchy title, and being the kind of vicious little rat that I am, and who suspects treachery and betrayal at every turn, I naturally take a look at it to confirm my worst suspicions.
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news.goldseek.com >> 17 April 2011 |
Buying Gold on the Price Inflation Guarantee
By: Richard Daughty, The Mogambo Guru
At my age, I have pretty much figured out that people don’t like me because they fear me. I don’t know why, exactly, but perhaps they fear me because I am a cynical, paranoid, gold-bug old man who thinks that the Federal Reserve has turned into an evil institution by creating So Freaking Much Money (SFMM), now so that it can commit the sin of monetizing new government debt by the truckload, increasing the money supply and guaranteeing a roaring inflation that hurts the poor, and hurts the almost-poor, and hurts the not-quite-poor, and (now that I think about it) it hurts everybody, which hurts me personally because they come whining to me to give them some of MY money!
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news.goldseek.com >> 15 April 2011 |
Awaiting the “Zero Hour” of Available Credit
By: Richard Daughty, The Mogambo Guru
I watch expectantly as the national debt again nears the debt limit, and Zero Hour is just a few weeks away, a term I cleverly used to indicate that available credit will be zero. Maxed out.
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news.goldseek.com >> 14 April 2011 |
The Long and Short of Spending More Than You Make
By: Richard Daughty, The Mogambo Guru
Breakfast was a real drag, as the kids were whining more loudly than usual about money, and how they needed some money, and how they didn’t have any money, and how they were the only people they knew that were not dripping with cell phones and iPods and reader tablets and all that stuff, like this was supposed to make me rush out and buy them these things so that I don’t damage their fragile self-esteem and ability to make friends, so that they can call and text each other all day and night about how much they hate me, and hatch their little plans to put poison in my food or something; you never know with kids, you know what I mean?
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news.goldseek.com >> 13 April 2011 |
Living Well on Gold and Silver
By: Richard Daughty, The Mogambo Guru
Naturally, I bristle at people ignoring me except to say hurtful things, like, “Eww! Gross! Eat with your mouth closed!” and who then turn right around and say, “Shut up about buying gold and silver!” But how do I not eat and talk? Man, it has been said, cannot live on bread alone! Unless, of course, it is made into a nice, big sandwich with all the fixins, maybe with a tall, cool beverage and a fresh bag of potato chips, you’re bent over the plate like some kind of starving Neanderthal, noisily shoveling it in your mouth with both hands, perhaps while you are watching TV, necessitating changing channels by hitting the remote control with your elbow.
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news.goldseek.com >> 12 April 2011 |
Government Spending Screws the Little Guy
By: Richard Daughty, The Mogambo Guru
Joel Bowman, managing editor of The Daily Reckoning, is in Argentina, and it looks like he is discovering that the corruption that comes with creating more money, so that the government can stupidly spend it, is now everywhere, and, indeed, the ugly end result is everywhere, too. In his essay “The Unfortunate Sate of the Argentine Beef Industry” an Argentine friend of Mr. Bowman’s explains, “as usual, the little guy, the one who the government supposedly set out to help, ends up paying more.” Ain’t that the truth! Hahaha!
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news.goldseek.com >> 11 April 2011 |
Stopping Inflation, the Federal Reserve Way
By: Richard Daughty, The Mogambo Guru
I was explaining to my boss that firing me would not solve the company’s problems, as the corporate rot goes a lot farther than that, mostly due to the stupid Human Resources department hiring so many morons, a dismal fact I have proved over the years by merely asking each one, in turn, “Do you own any gold and silver to protect yourself from the horrendous inflation in prices that is guaranteed by the evil Federal Reserve creating so impossibly much money, and which will destroy the currency, the economy, and everyone who is not an owner of the aforesaid precious metals, to wit, gold and silver, or are you some kind of moron?”
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news.goldseek.com >> 8 April 2011 |
A Few More Reasons for Gold-Backed Money
By: Richard Daughty, The Mogambo Guru
Charles Kedlac here at The Daily Reckoning asks, “What, then, should we make of 13th century theologian Thomas Aquinas’ claim ‘…one man cannot over-abound in external riches without another man lacking them’?”
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news.goldseek.com >> 7 April 2011 |
The True Meaning of the Word “Bailout”
By: Richard Daughty, The Mogambo Guru
It doesn’t take a raving cynic like me, rabidly spewing flecks of spittle while screaming in outrage, “We’re freaking doomed!” to realize that, regardless of what you have heard, the federal government will, indeed, bail the states out of their messes.
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news.goldseek.com >> 6 April 2011 |
The US Federal Reserve: A Rich History of Financial Folly
By: Richard Daughty, The Mogambo Guru
Ehow.com relates a piece of history in that “Since the creation of the Federal Reserve in 1913, the money supply had increased 240 percent from 1913 to 1920, because of a relaxed gold standard, and prices had risen by an identical amount.”
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news.goldseek.com >> 5 April 2011 |
A World of Deficit Spending Without Any Changes
By: Richard Daughty, The Mogambo Guru
Junior Mogambo Ranger (JMR) Terry L. sent me the essay “Fiscal Armageddon in the USA” by C. Banesh, who reminds us that “Sometime between now and 2012 the US debt will equal the country’s Gross Domestic Product (GDP), the total market value of all the goods and services in our economy for an entire year.”
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news.goldseek.com >> 3 April 2011 |
Beware the Demon of Inflation
By: Richard Daughty, The Mogambo Guru
The 5-Minute Forecast came to me in an email with the subject line reading “5-Minute Forecast – Everybody Panic.” Naturally, as a guy who is always on the verge of panic because of the fact that all the monstrously excessive amounts of money that the Federal Reserve is creating will cause inflation in prices, this affected me greatly.
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news.goldseek.com >> 1 April 2011 |
When the Government Should Do Nothing
By: Richard Daughty, The Mogambo Guru
Gary North in his Reality Check newsletter penned the essay “Gold vs. Guns and Badges,” wherein he notes that “There are only two conceptual options in monetary theory: a full gold coin standard in which the citizens hold the golden hammers or a system of economic planning in which elite members of the planning bureaucracy hold the digital hammers. There is no third choice.”
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news.goldseek.com >> 31 March 2011 |
Fractional Reserve Banking Gone Amok
By: Richard Daughty, The Mogambo Guru
From Chartoftheday.com we get the Quote of the Day, which is from the legendary Will Rogers, who cleverly said, “The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can’t make anybody believe that he has it.”
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news.goldseek.com >> 30 March 2011 |
Buying Silver and Avoiding the Sharks
By: Richard Daughty, The Mogambo Guru
I keep pounding, pounding, pounding the table that silver is the biggest bargain out there, for, at last count, a jillion reasons, and that anybody who does not buy silver Right Freaking Now (RFN) is making the mistake of a lifetime, and the family is all, like, “Will you please stop pounding the table? It is irritating and is making things spill, aside from the fact that we don’t have any money with which to buy silver, and you know that!” which devolved into a lengthy discussion about who among them was the most irritated with me and everything I say or do.
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news.goldseek.com >> 29 March 2011 |
Buying Silver to Combat the Vampire Craze
By: Richard Daughty, The Mogambo Guru
Dominic Frisby of Money Morning newsletter quotes Nick Laird of Sharelynx as saying that the situation in silver is such that “since 1950, almost 925,000 tonnes have gone into demand with 570,000 tonnes of this having come from production. This leaves a shortfall of 350,000 tonnes, which has come from central bank sales, stockpiles and scrap. This deficit equals approximately 16 years of production.”
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news.goldseek.com >> 28 March 2011 |
Salivating at the Upside Potential of the Gold Market
By: Richard Daughty, The Mogambo Guru
Not long ago, as I recall, a pension fund in some foreign country, one of those Scandinavian ones I think, was ordered to invest no more than about 3% of its custody assets in gold, meaning that the fund had too much gold, and to sell part of its gold holdings in order to comply.
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news.goldseek.com >> 25 March 2011 |
“Buy Gold” Recommendation Reaches China
By: Richard Daughty, The Mogambo Guru
GoldSeek.com had the Reuters news report with the headline “China Adviser Says Beijing Should Buy More Gold.”
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news.goldseek.com >> 24 March 2011 |
Purchasing Power Buckles Under Government Spending
By: Richard Daughty, The Mogambo Guru
What if I got right up in your face and told you that there is almost $2 trillion in government debt outstanding on which the government pays no interest? Would you think me insane? Would you look at me skeptically and say to me, “I’ve told you a thousand times that you are not allowed to make things up just because you don’t know what you’re talking about, you moron!” or something equally as rude?
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news.goldseek.com >> 23 March 2011 |
Gold and Silver: Head and Shoulders Above the Market
By: Richard Daughty, The Mogambo Guru
I admit that I am pretty lazy, and I don’t do a lot of technical analysis of markets and/or prices, but I do some charting of some things, and I naturally come across some of what others write about emerging chart patterns, and price-points, and channels, and bands, and stuff I don’t understand even more than I don’t understand any of this.
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news.goldseek.com >> 22 March 2011 |
Investing in Gold When Governments Take Action
By: Richard Daughty, The Mogambo Guru
I was kind of amused at the CNBC headline that read “Welfare State: Handouts Make Up One-Third of US Wages,” as if this is something new. I mean, where have these CNBC weenies been the past decade?
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news.goldseek.com >> 21 March 2011 |
How to Save Yourself from Fed Money Creation
By: Richard Daughty, The Mogambo Guru
Roger Wiegand of Trader Tracks Newsletter ominously notes that “With no fiat money to spread around and no takers for their specious bonds, bills and other paper, stock and credit markets as we know them now are finished. Then we’ll see some real, old-fashioned goods trading, black markets, expanding regional gangs and unbelievable backlash against the instigators. If you thought the 1850-1890 USA era was the Wild West, watch what comes next.”
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news.goldseek.com >> 18 March 2011 |
A Monetary Policy that Encourages Malinvestment
By: Richard Daughty, The Mogambo Guru
Thorsten Polleit, of the Frankfurt School of Finance & Management, penned an article in The Free Market newsletter of the Ludwig von Mises Institute titled “The Many Names for Money Creation.”
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news.goldseek.com >> 17 March 2011 |
The Quantifiable Problem With Private Sector Salaries
By: Richard Daughty, The Mogambo Guru
I was particularly interested in this week’s ubiquitous newspaper insert, Parade magazine, as its cover featured the interesting article “What People Earn. Our Annual Salary Survey.” Knowing that the average government worker makes an astounding twice as much in wages and benefits as the average private-sector worker, I was hoping that I could use something in the article to take to my boss, as part of my new Mogambo Income Enhancement Plan (MIEP), and say, “Hey! Look at all the money these people make! I deserve more money to work at this crappy job! And I deserve more because I am probably as good an employee as at least one of these guys! I want a raise! Big fat one!”
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news.goldseek.com >> 15 March 2011 |
US Treasury Bond Interest Rates: Nowhere to Go But Up
By: Richard Daughty, The Mogambo Guru
Charts from contraryinvestor.com show that, as of right now, there is going to be almost $1.8 trillion in US Treasury debt maturing this year, and all of it will need to be “rolled over” by issuing new debt. Perhaps it is also instructive that they also note that “Just shy of 50% of UST debt ‘rolls’ within three years.”
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news.goldseek.com >> 13 March 2011 |
Redefining Labor Productivity
By: Richard Daughty, The Mogambo Guru
If you are looking for useful information, but also for a good laugh, in the latest Big Load Of Lying Crap (BLOLC) from your government, the latest report from the Bureau of Labor Statistics is it. It starts right out with the seemingly innocuous, “Nonfarm business sector labor increased at a 2.6 percent annual rate during the fourth quarter of 2010. The gain in productivity reflects a 4.0 percent increase in output and a 1.4 percent increase in hours worked.”
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news.goldseek.com >> 11 March 2011 |
The Probability of More Quantitative Easing
By: Richard Daughty, The Mogambo Guru
It would be an understatement to say that I was flabbergasted to see that the monetary base jumped $130 billion dollars in two weeks!
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news.goldseek.com >> 10 March 2011 |
Deficit On It: Watching the US Descend Into Bankruptcy
By: Richard Daughty, The Mogambo Guru
I was amused at the title “Cash Drains From Treasury as Republicans and Democrats Dither” by Terence P. Jeffrey, who is the author of the book Control Freaks: 7 Ways Liberals Plan to Ruin Your Life.
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news.goldseek.com >> 9 March 2011 |
No Writing Down the Taxpayer’s Role in the Mortgage Crisis
By: Richard Daughty, The Mogambo Guru
Whenever I am confronted with some new monetary or fiscal outrage, I go through the 5 Stages of Shock, namely starting with Denial (“Nobody is that stupid!”) Then I quickly move to the Anger (“Those bastards!”) stage, followed by Fear (“We’re Freaking Doomed”) and Bargaining (“I’ll use my votes for the persons who are as against this outrage as I am, and who campaign on a platform of tracking down the banker and neo-Keynesian economist trash that did this to us, and put them in jail so that I won’t have to personally get up off my fat, lazy butt to rise up and lead a popular rebellion to abolish the Federal Reserve, put the United States back on a gold standard and re-establish the Glass-Steagel separation of banking from investing”).
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news.goldseek.com >> 8 March 2011 |
Underestimating Lots of Money
By: Richard Daughty, The Mogambo Guru
According to Harper’s Index, the “estimated value of Chinese household income that goes unreported is $1.4 trillion.” To put it in perspective, the follow-up item is “Portion of China’s GDP this represents: 1/3.” Of course, I don’t know what to make of this, economics-wise or any other wise, but merely note with a soft whistle of appreciation that that is a LOT of money unaccounted for, and which does not show up in official statistics, which means that somebody is seriously underestimating something, which means that trouble is usually ahead.
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news.goldseek.com >> 6 March 2011 |
Investing in Silver Instead of Toilet Paper Currencies
By: Richard Daughty, The Mogambo Guru
I was intrigued by an essay titled “What You Need to Know About Buying Silver Today”‘ which came as the result of Jeff Clark, of Big Gold, being interviewed by The Daily Crux. Of course, Mr. Clark knows all the reasons to buy silver, and deftly ticks them off, one after another, as I would do if they ever asked me, instead of everyone always rudely shouting at me, “Hey! You can’t come in here!” and “Don’t eat that!” and, “Stop yelling at me to buy gold, silver and oil stocks as protection against the suicidal lunacy of the Federal Reserve creating so much money!”
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news.goldseek.com >> 4 March 2011 |
The Benefits of Working for the Government
By: Richard Daughty, The Mogambo Guru
It looks like American people are getting tired of government employees making about twice – twice! – as much in wages and benefits as we taxpayers make, and there are movements to strip government-employee unions of their collective-bargaining authority, which only makes sense since there is obviously nobody on the other side (the taxpayer side) of the bargaining table!
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news.goldseek.com >> 3 March 2011 |
Who’s Really Affected By Rising Food Prices
By: Richard Daughty, The Mogambo Guru
It is certainly old news around here that terrifying inflation in prices, thanks to the monstrous inflation in the money supply caused by the Federal Reserve creating So Freaking Much Money (SFMM) for the last few decades, has caused me to venture to that dangerous precipice between being merely weird and obnoxious, to being a raving lunatic screaming from the rooftop “We’re freaking doomed!”
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news.goldseek.com >> 2 March 2011 |
Printing Enough Money to Buy the World’s Silver
By: Richard Daughty, The Mogambo Guru
I thought I had heard all the good arguments to buy silver, mostly from me asking myself two important questions. First, “Why am I not buying silver when it is so obviously going to go much, much higher in price because of the absurd Federal Reserve insanely creating so much money, which causes inflation, which always makes the prices of precious metals soar?”
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news.goldseek.com >> 1 March 2011 |
Debt Crisis Hits Home
By: Richard Daughty, The Mogambo Guru
I know that Something Very Bad (SVB) is going to happen when I find that I am using a lot of acronyms in my already acronym-filled Stupid Mogambo Writing Style (SMWS). So, we are all asking, “What will happen (WWH)?” Well, I am sure that I Don’t Know What (IDKW). But Something (BS). Something Very Bad (SVB). Or worse (OW). And it is not made any better when Junior Mogambo Ranger (JMR) Terry L., probably aware of this bizarre Fascination With Acronyms (FWA), sent me a couple of new ones, which are, at once, both witty and profound.
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news.goldseek.com >> 27 February 2011 |
The Well-Traveled Funds of Fed Money Creation
By: Richard Daughty, The Mogambo Guru
Someone named Denis wrote to Mish Shedlock of globaleconomicanalysis.blogspot.com and asked, “I read many times on your blog how bubbles created by the Fed led to the overpricing of assets such as real estate and stocks. Someone paid those overpriced valuations.”
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news.goldseek.com >> 25 February 2011 |
Food Price Inflation Calculator
By: Richard Daughty, The Mogambo Guru
Mark Thornton of the Mises Institute writes, “The price of everything seems to have skyrocketed. Only housing, the dollar and inflation-adjusted income are negative.”
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news.goldseek.com >> 24 February 2011 |
Protecting Yourself from Bernanke’s Money Printing
By: Richard Daughty, The Mogambo Guru
As I was lying to my wife about where I had been when I was supposed to be home “over two hours ago,” it suddenly occurred to me that this is just an example of the lying crap that comes out of your mouth when called upon to cover up something bad about yourself.
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news.goldseek.com >> 23 February 2011 |
Sustainable Shortfalls on Unsustainable Debt
By: Richard Daughty, The Mogambo Guru
From the Economic Collapse Blog, an essay I found at LewRockwell.com, we learn the horrifying news that the United States Census Bureau has, for some reason, probably after spending millions and billions of dollars and countless man-hours, found out that there are approximately 1.5 billion credit cards in use in the United States, although what this has to do with the Census Bureau is beyond me, except that they are probably trying to justify their existence in light of looming budget cuts in light of a collapsing economy.
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news.goldseek.com >> 22 February 2011 |
The BIS Recognizes the Problems With the US Dollar…Finally
By: Richard Daughty, The Mogambo Guru
Naturally, I was aghast that things have gotten so bad that even the Bank for International Settlements (the infamous BIS) finally got around to noticing that the results of three decades of central banks creating more and more money is not, as they thought, A Truly Wonderful Thing (ATWT).
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news.goldseek.com >> 21 February 2011 |
Buying T-Bonds for Dummies
By: Richard Daughty, The Mogambo Guru
I was somewhat staggered when I saw that Total Fed Credit shot up by an incredible $31 billion dollars last week, which (in the history of new Fed Credit) is right up there with “the biggies.” Another biggie was that the Fed created the money to buy $28.3 billion in US government securities! All of this in One Freaking Week (OFW)!
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news.goldseek.com >> 18 February 2011 |
Calculating the Misery of Inflation
By: Richard Daughty, The Mogambo Guru
I was, unfortunately, sober enough to realize that I needed to get a lot drunker if I was going to withstand the horror of reading of even more economic fallout of the Federal Reserve’s disastrous decisions to create So Freaking Much Money (SFMM).
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news.goldseek.com >> 17 February 2011 |
Why You Should Be Using Gold to Buy Your Groceries
By: Richard Daughty, The Mogambo Guru
Immediately, I can feel the beginnings of another Wild Mogambo Outrage (WMO) stirring within me, building into a raging anger at the Federal Reserve for creating so much money, and thus so much inflation, that the currency of my country has been so ruined that it contains a lousy 2 cents – 2 cents! – of buying-power left of that original 1913 dollar, which had (as I surmise) 100 cents of buying power.
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news.goldseek.com >> 16 February 2011 |
Why Silver Sales Demand Excitement
By: Richard Daughty, The Mogambo Guru
Being a Big Silver Buff (BSB) like I am, I note the ups and downs of silver. Lately, it’s been mostly the downs. This strange downtrend in the silver price makes me look like an idiot after I so arrogantly Highly, Highly Recommended (HHR) that people buy silver, buy silver, buy silver all these years, and I’m pretty testy about it, too.
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news.goldseek.com >> 15 February 2011 |
Why Increasing Bank Credit Can Only End in Catastrophe
By: Richard Daughty, The Mogambo Guru
I have to admit that I was stunned that Fed Credit (the magical fairy dust from which money appears out of thin air) went up last week by a huge $19 billion, which the Fed itself used to buy $18.4 billion in government debt. In one week! In One Freaking Week (OFW)!!
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news.goldseek.com >> 13 February 2011 |
Losing Faith in Paper Money
By: Richard Daughty, The Mogambo Guru
I was planning to go into a bizarre and irrational rant against JP Morgan for its obvious scam of manipulating the silver market by massive naked-short positions, and including in my Loud Mogambo Diatribe (LMD) the scumbag government and “regulators” who are supposed to keep this kind of fraud out of the commodities markets.
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news.goldseek.com >> 11 February 2011 |
Decoding the Truth About Inflation
By: Richard Daughty, The Mogambo Guru
Proving once again that investing in fixed-yield bonds when the foul, filthy Federal Reserve is creating so much money (so that their governments can deficit-spend it!) is a stupid, stupid, stupid idea because inflation will result, Agora Financial’s 5-Minute Forecast newsletter reports that “Already since October, the rate on the 10-year has jumped from 2.4% to 3.6% – a 50% increase.” Yikes!
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news.goldseek.com >> 10 February 2011 |
The Violent Declines that Follow Overbought Rallies
By: Richard Daughty, The Mogambo Guru
I am as skeptical as the next guy about technical analysis, maybe more so, so I was kind of intrigued when Robert McHugh of Main Line Investors wrote an essay titled “Time Analysis of the Coming Market Top.”
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news.goldseek.com >> 8 February 2011 |
Buying Silver While It’s Still Relatively Cheap
By: Richard Daughty, The Mogambo Guru
James Cook of InvestmentRarities.com reminds us, in his “Market Update” newsletter, that the silver inventory held above ground totals 1.4 billion ounces, and that annual industrial use of silver is 900 million ounces, so that a year and half’s worth of silver exists, “although a third of it is destined for industrial consumption,” which has been increasing its use of silver by 18% in 2010.
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news.goldseek.com >> 6 February 2011 |
The Government-Gold Screw Job of 1933
By: Richard Daughty, The Mogambo Guru
Art Arbutine of Belleaircoins.com has a nice pamphlet titled “Everything you wanted to know about buying and selling precious metals, and then some!!!!!” I have to admit that I was certainly intrigued by the five exclamation points, with the result that my Super Mogambo Senses (SMS) switched to high-alert status, looking for signs of danger, at the sight of them.
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news.goldseek.com >> 4 February 2011 |
Why Food Prices Must Go Up
By: Richard Daughty, The Mogambo Guru
Since, being as melodramatic as I can be, all is lost, there is nothing that can be done, except for the government(s) to come up with plans for some new Big Screw Jobs (BSJs) with which to forestall the Big Ugly Inevitable (BUI).
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news.goldseek.com >> 3 February 2011 |
Anticipating a Budget Deficit
By: Richard Daughty, The Mogambo Guru
I am constantly amazed at the number of people who think that a budget deficit is the same thing as the total federal deficit, which it ain’t. Actually, I remember one time early in my career where I was so desperate to cover up the results of my own incompetence that I tried to exploit this confusion with a “budget deficit” scam of my own, and it seemed to work for almost a month!
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news.goldseek.com >> 2 February 2011 |
Indications of the Broadest Measure of Money Supply
By: Richard Daughty, The Mogambo Guru
The Gold Report interviewed John Williams of ShadowStats.com, who said, “I continue to track M3, the Fed’s broadest measure of the money supply until it ceased publication in March of 2006. Generally, the broader the measure of systemic liquidity, the better it serves as a predictor. In terms of giving a signal for the economy, you have to adjust the growth for inflation."
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news.goldseek.com >> 1 February 2011 |
The Continuing Argument Over Fiscal Policy
By: Richard Daughty, The Mogambo Guru
I note that a Bloomberg.com article reported that Jean-Claude Trichet – whom I refer to as “socialist moron Keynesian euro-trash halfwit,” but which everyone else refers to as European Central Bank President – is said to have said, while “speaking on behalf of the world’s central bankers,” that “the global economy has recovered better than expected, boosting inflation pressures in emerging markets.” Hahaha!
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news.goldseek.com >> 30 January 2011 |
Investing in Gold and Silver for the Long Haul
By: Richard Daughty, The Mogambo Guru
Being the kind of guy who goes absolutely insane about inflation in prices, you can imagine the effect this had on me, although with a modest touch of understatement, he does not take things to the logical conclusion, namely that “We’re Freaking Doomed (WFD), you morons! And now everyone is going to see what happens after an excessive creation of money has distorted the economy, little by little over the decades, into a grotesque, corrupt, cancerous, incestuous economy feeding on government spending that, in the local, state and federal aggregate, now comprises an outrageous 50 percent of all spending in The Whole Freaking County (TWFC), and yet the Federal Reserve keeps creating more and more so that the federal government can borrow more and more and thus spend more and more!”
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news.goldseek.com >> 28 January 2011 |
Inflation to Help the Less Fortunate?
By: Richard Daughty, The Mogambo Guru
I almost didn’t read the essay by Gary Gibson, the managing editor of the Whiskey & Gunpowder newsletter, because he was talking about Paul Krugman, whom Mr. Gibson refers to as “cheerleader of the state,” and for whom I have a much, much lower opinion, probably because of my envy of his career success despite being, as far as I can tell, a complete failure in predicting the bursting messes we are in, or ever warning against them as they were building, when it was obvious to the Austrian economists all along.
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news.goldseek.com >> 27 January 2011 |
The Troubling Doubling of Money Supply
By: Richard Daughty, The Mogambo Guru
James Turk of GoldMoney.com says that silver is in backwardation, meaning that, as I understand it, the spot price is higher than the price of the commodity future contract, when the reverse is usually the case, or the reverse is the usual case, I am not sure which.
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news.goldseek.com >> 26 January 2011 |
New World Order: Food Price Inflation; House Price Deflation
By: Richard Daughty, The Mogambo Guru
You can tell by my bleary, bloodshot eyes, my rumpled appearance, my musky aromas and my overtly hostile attitude that I have been holed up in the Mogambo Armageddon Bunker (MAB), scared out of my mind about the inflation in prices that is surely going to consume us, thanks to the unholy Federal Reserve creating so incredibly much, so stupendously much, so astoundingly much, So Freaking Much Money (SFMM).
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news.goldseek.com >> 25 January 2011 |
A Three-Minute Lesson in Gold Investing
By: Richard Daughty, The Mogambo Guru
TheEconomicCollapseBlog.com had an article titled “10 Things That Would Be Different If the Federal Reserve Had Never Been Created.” This is like my list of “10 Things That Would Be Different If I Was Rich” instead of being a weird little penniless paranoid recluse whose expensive family and expensive greens fees cruelly devour all my income, preventing me from buying lots and lots of gold, silver and oil as vital protection against the catastrophic inflation that will afflict us, thanks to the horrid Federal Reserve creating excessive amounts of money.
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news.goldseek.com >> 24 January 2011 |
China’s US Assets Fall With the Dollar
By: Richard Daughty, The Mogambo Guru
I laughed when I read a Bloomberg story that reported, “China said it would ‘welcome’ a positive statement from the US on the stability of Chinese-held dollar assets during next week’s summit in Washington between President Hu Jintao and President Barack Obama.” Apparently, that Bloomberg quote is probably taken from the actual remarks of Chinese Vice Foreign Minister Cui Tiankai, who is quoted to have said, “If the US makes a positive statement on this issue we surely will welcome that.”
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news.goldseek.com >> 21 January 2011 |
The Surprising Price of Wheat
By: Richard Daughty, The Mogambo Guru
I was intrigued by the title of the essay “The Cheapest Thing on Earth” by Nathan Lewis here at The Daily Reckoning. I was interested because I thought that such a tasty trivia tidbit could come in handy, like this morning when I could have used it as a distraction when my kids were calling me “cheap” because I wouldn’t open up my wallet and give them another king’s ransom for some new dumb reason; I forget what, but there was a lot of crying and wailing about it, whatever it was.
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news.goldseek.com >> 20 January 2011 |
Why the Fed Creates So Much Money
By: Richard Daughty, The Mogambo Guru
One of the reasons behind the Federal Reserve creating so many trillions and trillions of dollars in new money is so the stock market will go up so that more taxes will be collected, and the bond market will go up so that more taxes will be collected (and less interest paid by issuers, too!), and the housing market will go up so that more taxes will be collected, and prices of everything will go up so that more taxes will be collected, so that massive, backbreaking, bankrupting deficit-spending by the government can continue going up.
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news.goldseek.com >> 19 January 2011 |
Defining Economics
By: Richard Daughty, The Mogambo Guru
I have grown to think that the definition of “economics” was the one found in the Mogambo Big Book Of Economic Stuff (MBBOES), which is, “The horrific inflation in prices caused by evil and/or stupid people creating excess money, perpetrators of which comprise a long, long list of evil people and/or stupid people, starting with the Federal Reserve, Congress, and the odious Supreme Court, whose particular idiocy is their traitorous decision to allow a fiat currency, instead of the dollar being defined as a specific weight of gold as required by the freaking Constitution of the United States, for crying out loud, a specific mandate purposely put there by the Founding Fathers to prevent inflation in the money supply, which causes inflation in prices, which is the Number One Killer Of Economies (NOKOE). See also Doomed, We’re Freaking.”
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news.goldseek.com >> 18 January 2011 |
Working For Profit to Prop Up the Economy
By: Richard Daughty, The Mogambo Guru
Everybody seems to be complaining about the unemployment rate, mostly (I suspect) those who are unemployed. Being but a heartbeat away from that dismal fate myself, due to my crippling handicap of Lazy Bum Syndrome (LBS), I empathize with their plight.
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news.goldseek.com >> 16 January 2011 |
Inflation and the Damage Done
By: Richard Daughty, The Mogambo Guru
The Mogambo Stupidity Prize (MSP) is a not-so-rare honor bestowed to highlight the laughable kind of stupidity about inflation that is so prevalent these days that I find myself screaming at the radio, the newspaper and the TV, wildly ranting, arms akimbo like some kind of demented old man, about how inflation is the Worst Thing That Can Happen (WTTCH), working myself into a fit of uncontrolled anger that goes beyond “outrage” and into some dark, dangerous place...
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news.goldseek.com >> 14 January 2011 |
Economic Ruination from Money Creation to Price Inflation
By: Richard Daughty, The Mogambo Guru
John Rubino at Dollar Collapse.com obviously thinks, like I do, that inflation is a Terrible, Terrible Thing (TTT). To prove it, and to simultaneously prove to my wife, kids, relatives, co-workers and neighbors that I am not the “weirdest man who ever lived” as concerns inflation, I call him up on the phone!
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news.goldseek.com >> 13 January 2011 |
US National Debt: The Missing Years
By: Richard Daughty, The Mogambo Guru
If you are one of those people whose eyes are bugging out in disbelief at the bullish action in the stock market and are wondering who in their right mind would be buying common equities at the same time as inflation is rising, bond yields are rising, food riots are breaking out, unemployment is rising to 22% (according to shadowstats.com), and 43 million people are on food stamps, I have the answer: The Federal Reserve, which created a huge $100 billion pile of new credit in December, and is promising another $100 billion per month for the next six months!!
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news.goldseek.com >> 12 January 2011 |
The Benefits of Gold and Silver Not Lost on the Chinese
By: Richard Daughty, The Mogambo Guru
Junior Mogambo Ranger (JMR) Charles C. sent me a YouTube video of DrinkingWithBob talking about how New York is full of corrupt government crap that is eating New York – and this nation – alive, all of it paid for by bleeding the poor, who yesterday did not have enough money to get by, and today are worse off because they cannot pay the higher prices resulting from more government taxation and regulation to try to satisfy the idiotic leftist trash that has infested government and the schools, and who have made such a Gigantic Freaking Mess (GFM) of it all with their towering stupidity.
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news.goldseek.com >> 11 January 2011 |
Synonymous Terms for Quantitative Easing
By: Richard Daughty, The Mogambo Guru
I was having a leisurely breakfast with the family when I read where Philipp Bagus, writing at Mises Daily newsletter, quotes James Bullard, president of the St. Louis Federal Reserve Bank, as saying, “it’s important to defend inflation from the low side as we would on the high side.” I thought to myself, “Defend inflation? Inflation needs to be defended from being too low? Arrgghhh!”
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news.goldseek.com >> 9 January 2011 |
Mistakes With Minimum Wage
By: Richard Daughty, The Mogambo Guru
As if China does not have enough problems with inflation as it is, being 5.1% overall and with 11.7% inflation in food prices, now, astonishingly, Bloomberg reports that “Beijing will raise the minimum wage by 20.8% in 2011, becoming the latest local government to lift pay in a country where inflation is running at the fastest clip in more than two years.”
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news.goldseek.com >> 7 January 2011 |
A Day in the Life of the National Debt
By: Richard Daughty, The Mogambo Guru
As an example of the kind of sheer monetary insanity that is happening all around us and that is going to destroy the United States of America, and probably most of the world, too, the national debt of the United States of America hit a new, all-time record: An astonishing $14,025,215,218,708.52, which can be more conveniently referred to as $14.025 trillion, and which works out to a debt of $140,252.00 for every non-government worker in the Whole Freaking Country (WFC), the interest on which (at 5%) is $7,012.60 for each of those selfsame non-government workers. Per year!
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news.goldseek.com >> 6 January 2011 |
Verbosity is the Soul of Financial Fury
By: Richard Daughty, The Mogambo Guru
I have to admit that I get awfully tired of people writing to me and asking, “Are you as stupid as you look and sound?” mostly because I have truthfully answered “Yes” to this question so, so many times that I thought it was, you know, common knowledge by this time.
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news.goldseek.com >> 5 January 2011 |
Price Inflation to Pay the Debt
By: Richard Daughty, The Mogambo Guru
The lights of the Mogambo Security System (MSS) glowed dimly in the gloom of the bunker as I cowered in the darkness, and there were no sounds except the thumping, thumping, thumping of my terrified heart at The World Outside (TWO), a place I consider to be a vicious, hostile environment containing not only enemies of every sort, both real and imagined, but family members who want to know if I am coming out for dinner, or to tell me that someone is on the phone for me, or that somebody is going to greedily eat the last of my treasured Double-Stuf Oreos, somehow trying to get me outside and into their clutches so that they can take all my money and ask me to sign various forms and documents.
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news.goldseek.com >> 4 January 2011 |
The Nomadic Nature of Money
By: Richard Daughty, The Mogambo Guru
I was intrigued that a guy named David Thurtell, of Citigroup, surprisingly said, “The liquidity pumped out by central banks means that there is a lot of money sloshing around that needs to find a home.” I was so intrigued that I was tempted to use it as the basis for my first report to the new supervisor for this quadrant of the galaxy, Karpus Klegg the Implacable, at his new office at Intergalactic Headquarters after the “palace coup” and interstellar personnel shake-up that I just found out about.
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news.goldseek.com >> 31 December 2010 |
The Last Angry Man’s Problem With IMF Gold Sales
By: Richard Daughty, The Mogambo Guru
Adrian Ash of BullionVault.com writes that “the International Monetary Fund said it has completed the gold bullion sales program begun in October 2009,” and now 403 tonnes of gold have been sold. I bring this up all the time because the whole thing pisses me off because we gave those IMF bastards the gold to provide gold-standard legitimacy for their stupid fiat currency, the Special Drawing Right (SDR). And yet here they are selling the gold we loaned them! Gaaahhh!
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news.goldseek.com >> 29 December 2010 |
Investing in Gold Ahead of the Chinese
By: Richard Daughty, The Mogambo Guru
There are a lot of things in this world that I do not understand, and perhaps it is because of this persistent befuddlement that, for some mysterious reason, I think it is Highly, Highly Significant (HHS) that the Chinese Gold & Silver Exchange is planning “a first”; an international gold contract denominated in renminbi.
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news.goldseek.com >> 28 December 2010 |
The Year of Living Quantitatively
By: Richard Daughty, The Mogambo Guru
There are increasingly those who predict hyperinflation, which is popularly defined as rapidly-rising prices that soon reach un-payable levels, and which is always caused by the true definition of inflation, which is (according to the Mogambo Big Book Of Economic Stuff (MBBOES), “A gigantic growth in the money supply, which is caused by banks deliberately acting like greedy, lying, filthy pigs who deserve to be thrown in jail.”
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news.goldseek.com >> 27 December 2010 |
Why Fed Money Creation Hurts the Poor Population
By: Richard Daughty, The Mogambo Guru
If you are like me, then you don’t quite understand what the hell is going on with this economic stuff, but you are pretty sure that it starts with the foul Federal Reserve creating so much excess money and that a lot of people ought to be in prison Right Freaking Now (RFN).
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news.goldseek.com >> 26 December 2010 |
The Derivatives Market Monstrosity
By: Richard Daughty, The Mogambo Guru
I assume that you, as an intelligent person who understands that the treacherous, greedy, vampire banks creating so much excess money means We’re Freaking Doomed (WFD), are Up To Your Freaking Ears (UTYFE) in gold, silver and oil, and you have had it UTYFE with your family always complaining about how you spend all the family’s income on gold, silver and oil instead of luxuries, family vacations, adequate food, clothing, medical care, dental care, blah blah blah, the list goes on and on.
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news.goldseek.com >> 23 December 2010 |
How to Double the Debt in 5 Years
By: Richard Daughty, The Mogambo Guru
As a paranoid and angry lunatic, I am always nervous and on the suspicious lookout for subtle signs of danger that I know are all around me because the foul Federal Reserve has created, and is still creating, So Freaking Much Money (SFFM), which means that the terror of ruinous inflation in prices is a dead-bang, take-it-to-the-bank, guaranteed certainty.
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news.goldseek.com >> 22 December 2010 |
Money Creation Home Invasion
By: Richard Daughty, The Mogambo Guru
Apparently, late last night, from out of the spooky darkness, there was a sound that woke up my wife, and so she woke me up, wanting me to get up and go see what it was, which I figured would probably end up with me confronting some desperate, drug-crazed burglar who will pull out a knife and stab me over and over.
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news.goldseek.com >> 21 December 2010 |
Bernanke Denies Printing Money. Mogambo Not Convinced.
By: Richard Daughty, The Mogambo Guru
No matter how much I try to calm down, I can’t stop being angry about the unbelievable, towering arrogance of the horrid Ben Bernanke, chairman of the Federal Reserve, when he actually said, “One myth that’s out there is that what we’re doing is printing money. We’re not printing money. The amount of currency in circulation is not changing”!!
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news.goldseek.com >> 17 December 2010 |
Laughing at Fiscal Absurdity
By: Richard Daughty, The Mogambo Guru
I was cowering inside the Mogambo Bunker Of Fear (MBOF) in preparation for the release of the news from the Federal Reserve about how much credit those treacherous bastards created last week, expecting it to be a Big Whopping Bunch (BWB) since they have already announced that they were going to create an astounding $600 billion in the next six months...
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news.goldseek.com >> 16 December 2010 |
The Albatross that Happens Upon Hapless Homeowners
By: Richard Daughty, The Mogambo Guru
There are lots of sad stories about how so many people have mortgages larger than their houses are worth, now that their houses have gone down in value with the general decline in housing prices, and more and more people are finding themselves increasingly in this same, sad situation of having to pay a lot of money for something that is not worth it.
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news.goldseek.com >> 15 December 2010 |
Private Sector Obliged to Work Off the Public Debt
By: Richard Daughty, The Mogambo Guru
I was idly reading The Economist magazine instead of working, or instead of taking a nap, when I saw their headline “The Mortgage Parallel,” which was kind of intriguing to me, and I was curious to see what they thought was, you know, a good parallel to a mortgage.
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news.goldseek.com >> 14 December 2010 |
The IMF and the ECB on Perfecting Stupidity
By: Richard Daughty, The Mogambo Guru
This 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.
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news.goldseek.com >> 12 December 2010 |
When the Government Demands More Debt
By: Richard Daughty, The Mogambo Guru
I always like the name Minyanville because it sounds so soothing, and it makes me think of some peaceful, beautiful little town of my childhood dreams, where everything is always nice and everybody is happy, where wishes come true for good little boys, and there are no angry fathers literally throwing you out of his stupid house and yelling after you, “And stay away from my daughter, you worthless piece of teenaged hoodlum trash!”
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news.goldseek.com >> 10 December 2010 |
High Long Bond Yield Good News for Gold Holders
By: Richard Daughty, The Mogambo Guru
The Financial Times brought up the interesting point that because bond prices are so insanely high (making bond yields so preposterously low), a one-percent change in yields would negatively impact the prices of bonds much more than a one-percent change if bond yields were higher, which I assume means in the normal 3-6% range.
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news.goldseek.com >> 9 December 2010 |
Bernanke Ignores 4,500 Years of Failed Monetary Policy
By: Richard Daughty, The Mogambo Guru
I naturally wanted to get my two-cents in about Ben Bernanke’s interview on 60 Minutes where he answered softball questions by explaining that everything will be fine and there is no cause for alarm because he and the Federal Reserve were “on the job,” although things will probably get worse for a long time, while he is “100 percent” certain that he could prevent inflation in prices by (get a load of this!) raising interest rates!
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news.goldseek.com >> 8 December 2010 |
What Happens When Currencies Go Bust?
By: Richard Daughty, The Mogambo Guru
I was telling the doctor that I distinctly heard a popping sound inside my head when I saw that the foul Federal Reserve had created, last week alone, another $24.2 billion in Fed Credit, which was instantly turned into money when the Fed bought $24.2 billion of US government securities, and all in One Freaking Week (OFW)! It made a kind of “sizzling” sound.
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news.goldseek.com >> 7 December 2010 |
Danger of Deflation Depends on Your Definition of Deflation
By: Richard Daughty, The Mogambo Guru
John Mauldin of Frontlinethoughts.com reports that “the number of people on food stamps continues to rise. As of the end of August, a total of 42,389,619 people were receiving food stamps under the SNAP program. This was an increase of 553,379 people over July’s number, or an increase month-over-month of 1.32%.” Most horrifically, “The year-over-year increase was 6,147,762 people or 17%.”
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news.goldseek.com >> 5 December 2010 |
The Federal Reserve and Its Secret Set of Books
By: Richard Daughty, The Mogambo Guru
I have been grudgingly getting to work every day and on-time since, unfortunately, it looks like my incompetence, stupidity and sheer lazy worthlessness is going to produce another losing quarter, and the rumor is that the Board of Directors is looking for heads to roll.
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news.goldseek.com >> 3 December 2010 |
Economic Ruination in Three Words or Less
By: Richard Daughty, The Mogambo Guru
If you want some bad news, then Doug Noland, in his Credit Bubble Bulletin at PrudentBear.com, has some for you. He reports that that “Global yields are on the rise.” I was going to make a complimentary comment about how cleverly Mr. Noland conveyed such bad news in only five words; “Global yields are on the rise.” Then I noticed that I could be more concise than Mr. Noland, a rare triumph for me, with “Bond prices falling,” which is only three words.
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news.goldseek.com >> 2 December 2010 |
Surviving Inflation
By: Richard Daughty, The Mogambo Guru
Normally, I am usually wailing about how We’re Freaking Doomed (WFD) because the treacherous Federal Reserve has spent so many years creating so much money that we got inflation, as you would expect, and the inflation was in stocks, inflation in bonds, inflation in houses, creation of a gigantic pile of derivatives that are estimated to total in the quadrillions of dollars...
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news.goldseek.com >> 1 December 2010 |
The Dual-Mandated Failures of the Federal Reserve
By: Richard Daughty, The Mogambo Guru
I thought I knew everything about the foul Federal Reserve in that I knew they cause inflation in prices by deliberately creating too much money, which is the One Big Thing (OBT) that you do not want because of the social upheaval of people starving to death and rioting in the streets.
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news.goldseek.com >> 30 November 2010 |
Consumer Price Inflation: The Wolf at the Door
By: Richard Daughty, The Mogambo Guru
I knew I was pretty sloshed when I started giggling about the perverse idiocy in which bankrupted governments wallow, as The Wall Street Journal had a nice headline that said it all: “States Raise Payroll Taxes to Repay Loans.” Hahaha!
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news.goldseek.com >> 28 November 2010 |
Why the Government Hates Deflation
By: Richard Daughty, The Mogambo Guru
Being the naturally cynical type of guy that you would expect from someone so angry, so depressed, so outraged, so paranoid and so “Howard Beale” (“I’m as mad as hell, and I’m not going to take this anymore!”) as I am, people want to know “what is with” all of this “deflation” stuff that the Fed is worried about.
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news.goldseek.com >> 25 November 2010 |
Buy Gold: It’s the Only Way to Combat Government Spending
By: Richard Daughty, The Mogambo Guru
I tried to tell my boss that my unexplained absence was because I was so Completely Freaked Out (CFO) that I didn’t know what to do all weekend except hide like a little crybaby coward in the Big, Beautiful Mogambo Bunker (BBMB) waiting for the inevitable collapse of the entire world order because of the massive over-creation of money by the foul Federal Reserve, where I whimpered and cried in fear because We’re Freaking Doomed (WFD) and there is nothing – repeat, nothing! – that can be done.
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news.goldseek.com >> 24 November 2010 |
Economics Professor Ignores Fiat Money Failures
By: Richard Daughty, The Mogambo Guru
Unfortunately, it is not only Robert Zoellick of the World Bank that has notoriously turned against a gold standard, but The DailyBell writes about similar sentiments from Nouriel Roubini, university professor, in their article “Roubini: Here’s Why a Gold Standard Won’t Work.”
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news.goldseek.com >> 23 November 2010 |
The Robert Zoellick-Gold Standard Affair
By: Richard Daughty, The Mogambo Guru
It was with regret that I read in Reuters that “World Bank President Robert Zoellick said on Wednesday he was not advocating a return to a gold standard for exchange rates, but described the metal as ‘the elephant in the room’ that policymakers needed to acknowledge.”
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news.goldseek.com >> 21 November 2010 |
The Madness of Inflating Away the Debt Burden
By: Richard Daughty, The Mogambo Guru
I get really tired of hearing how “inflation reduces the burden of debt,” which I say is a Gigantic Load Of Hooey (GLOH). And the fact that I say it with a loud, arrogant voice should convince you that I am absolutely correct, beyond the fact that I am obviously some kind of weirdo lunatic in a manic phase of some kind, in which case it would be dangerous to disagree with me about anything.
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news.goldseek.com >> 19 November 2010 |
In Search of Golden Enlightenment
By: Richard Daughty, The Mogambo Guru
To deliberately increase the suffering of the poor by making prices go up as a result of the Federal Reserve creating so much money is actually shameful, and it is the shame of all the yahoo huckster “economists” like the execrable Ben Bernanke of the Federal Reserve and the odious Paul Krugman of Princeton and who spreads his insane economic opinions through the fellow-traveler leftist New York Times, a newspaper whose obvious hypocrisy is a foul stench in my Sensitive Mogambo Nose (SMN).
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news.goldseek.com >> 18 November 2010 |
Buying Gold for Buoyancy as US the Credit Rating Sinks
By: Richard Daughty, The Mogambo Guru
Alvaro Vargas Llosa is quoted in The Independent Institute’s newsletter, The Lighthouse, as saying that the new “$600 billion in 6 months” QE2 program (and $900 billion with re-investments) of the evil Federal Reserve is, “The biggest load of stinking monetary policy crap in the history of the United States, and we should all follow the lead of the Incredible Mogambo Guru (IMG) and buy gold, silver and oil in those few, rare moments...
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news.goldseek.com >> 17 November 2010 |
Why Buying Bonds is a Bad Idea
By: Richard Daughty, The Mogambo Guru
If there are two things that you can count on, it is that you have got to be pretty quick to get the last piece of pizza before I snag it, and that I am never remiss in telling people that buying bonds at these insanely-low yields is the Exact Wrong Thing (EWT) to do.
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news.goldseek.com >> 16 November 2010 |
Gold Investing: A Bet Against the Idiocy of Money Creation
By: Richard Daughty, The Mogambo Guru
I was delighted by the humor of Su Wei, a Chinese climate-change negotiator at the international climate change conference, calling the United States “a pig preening before a mirror.” Hahaha! It’s funny because it’s true! Hahaha!
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news.goldseek.com >> 14 November 2010 |
Sterilizing Money at the QE Corral
By: Richard Daughty, The Mogambo Guru
Sterilized money? What’s that? It sounds a lot like the end-days of my relationship with Susan, when she suddenly announced that, from now on, if I wanted to kiss her, I had to first sterilize my lips with boiling water. As you can probably guess, things went downhill pretty fast after the first few times! Parenthetically, looking back on it, it was not worth it.
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news.goldseek.com >> 12 November 2010 |
Why Some Think a Gold Standard Wouldn’t Work
By: Richard Daughty, The Mogambo Guru
There is a lot of wailing and gnashing of teeth from Moron Keynesian Trash (MKT) about the brave Robert Zoellick, president of the World Bank, saying that what the world needs is a modified gold standard for currencies, which it does, in spades.
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news.goldseek.com >> 11 November 2010 |
Prepare for Mass Inflation
By: Richard Daughty, The Mogambo Guru
The thing that has sent me into Mogambo Panic Mode (MPM) over the terrifying inflationary implications is the latest outrage from the Federal Reserve, reported at Bloomberg.com as, “The Federal Reserve will buy an additional $600 billion of Treasuries through June, expanding record stimulus and risking its credibility in a bid to reduce unemployment and avert deflation.”
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news.goldseek.com >> 10 November 2010 |
Money Creation and Price Inflation Cause Justified Paranoia
By: Richard Daughty, The Mogambo Guru
I have to admit that I am getting so jaded by the horrific monetary and fiscal insanities of the Federal Reserve and the Congress that new horrific fiscal and monetary insanities seem to now sort of “bounce off” my numbed senses.
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news.goldseek.com >> 9 November 2010 |
Thanks for the Silver: An Open Letter to JPMorgan and HSBC
By: Richard Daughty, The Mogambo Guru
Ted Butler, famous silver analyst and the guy who kept up the pressure about the corruption in the silver futures market for the last 15 years, is in the InvestmentRarities.com newsletter recently talking about silver, and notes dryly that “world silver inventories are at their lowest point in 200 years.”
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news.goldseek.com >> 7 November 2010 |
An Economic Certainty: Gold to Rise as Fiat Currencies Fall
By: Richard Daughty, The Mogambo Guru
I was casually eating a burrito while having lunch at my desk, and was surprised to see some guy, writing on a “Feedback” blog of TheDailyBell.com, taking exception to David Morgan of The Morgan Report saying that “On a longer term basis silver and gold are going far higher in paper terms in any currency you wish to name.”
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news.goldseek.com >> 5 November 2010 |
Profiting As the Fed Creates More Money
By: Richard Daughty, The Mogambo Guru
The latest news to depress me is that incomes were reported down 0.1%, and the latest news about spending is that spending is up 0.2%. The reason that it was extraordinarily depressing for me is that I was trying, in vain, to explain to the drooling half-witted pinhead idiot seated next to me at the bar that I think that “spending” is actually waaAAAaaay down...
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news.goldseek.com >> 4 November 2010 |
When the Price of Silver Doubles in a Month
By: Richard Daughty, The Mogambo Guru
Bill Bonner here at The Daily Reckoning writes, “In England, the government of David Cameron has announced the biggest cutbacks since WWII. He’s going to lighten the UK government expense load by 81 billion pounds over the next 5 years. Nearly half a million government employees are to be given the heave-ho.”
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news.goldseek.com >> 3 November 2010 |
Investing in Gold Will Save Your Butt
By: Richard Daughty, The Mogambo Guru
When I got back to the office, the place was abuzz, all stemming from how my boss wanted to “see me” as soon as I got back from wherever the hell I was. I knew what it was about. It was about old man Sanderson and the stupid Sanderson account.
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news.goldseek.com >> 2 November 2010 |
Health Care Costs Go Up, Up and Away
By: Richard Daughty, The Mogambo Guru
A lot of the “news” lately is about the upcoming election and how the absurd, childish Democrats are expected to be ousted by the voters, replaced by the evil, adult Republicans. As a disclaimer, I, with great relief, now happily identify with the Tea Party, although I seem to be one of the few whose Screaming Tea Party Outrage (STPO) is directed at the politicians...
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news.goldseek.com >> 31 October 2010 |
Funny Money and the Banks that Make Us Laugh
By: Richard Daughty, The Mogambo Guru
In my long life, I have learned many things. Important things. One Important Mogambo Lesson (IML) is that “responsibility is a cruel taskmaster,” and that one should accept as little responsibility as possible, especially if it concerns taking responsibility for a wife and family, who not only seem to exist for the sole purpose of bankrupting me and driving me absolutely insane with their silly Earthling antics, but are also so stupid that they cannot be made to understand the Vital Freaking Importance (VFI) of investing every dime into gold, silver and oil when the Federal Reserve is creating so much money that it causes inflation in prices to rise above zero.
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news.goldseek.com >> 29 October 2010 |
Loss of Purchasing Power: The True Inflation-Target Bullseye
By: Richard Daughty, The Mogambo Guru
When it comes time to put the current crop of economic blowhards and lunatics on trial for the disaster their insanely-bad advice caused, this quote from Frederic Mishkin, former Fed governor and who is directly responsible for the mess we are in, may come in handy.
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news.goldseek.com >> 28 October 2010 |
Why Creating Money Won’t Shock the Economy Back to Life
By: Richard Daughty, The Mogambo Guru
Being a paranoid gold-bug conspiracy-theorist whack-job lunatic halfwit like I am, I am always monitoring the perimeter for new things, strange things, things that have never happened before, the theory being that if things that have never happened before keep happening, then one day everything will have happened, meaning, of course, that I will finally find real happiness, true love and a good frozen pizza.
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news.goldseek.com >> 27 October 2010 |
Pummeled by the Strong Arm of the Financial Ruin
By: Richard Daughty, The Mogambo Guru
Casey’s Gold & Resource Summit reports that “Casey Research’s own resident economic genius Bud Conrad” is the “nonpareil whirling dervish of data points,” which is an odd descriptor, and I interpret it as meaning a guy who knows how to send you into cardiac arrest with “a mind-boggling sequence of charts and graphs covering virtually every aspect of the economy.”
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news.goldseek.com >> 26 October 2010 |
Bonds, Gold and the Dollar: What They All Portend
By: Richard Daughty, The Mogambo Guru
There are many difficulties associated with being lazy and inattentive like me, such as superficially interpreting the title “Gold Vs Treasuries – Which Do You Believe?” which is an essay by Michael Pento, Senior Economist of Euro Pacific Capital.
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news.goldseek.com >> 24 October 2010 |
Default or Hyperinflation: The US’s Only Two Options
By: Richard Daughty, The Mogambo Guru
I thought I had seen and heard it all after the ludicrous Ben Bernanke, asinine chairman of the Federal Reserve, announced that the official (and thus a lie!) 2% inflation in prices was too, too low, and he wanted higher inflation because, somehow, in some weird little fantasy world that only he and other neo-Keynesian econometric cyber-nerds can see, higher inflation is “consistent with the mandate of the Fed” to achieve stable prices (zero inflation)! Hahahaha!
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news.goldseek.com >> 22 October 2010 |
An Economic Standoff to Save the Neighborhood
By: Richard Daughty, The Mogambo Guru
You can see that it is difficult to get the message out about buying gold, silver and oil as a defense against the government and Federal Reserve destroying us with overspending and over-creation of money, respectively. But you will be happy to know that buying gold, silver and oil stocks is so easy that you will say, “Whee! This investing stuff is easy!”
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news.goldseek.com >> 21 October 2010 |
Why Inflation is Always a Bad Thing
By: Richard Daughty, The Mogambo Guru
Bloomberg had the news that the Labor Department released its new report to show that “Including volatile food and energy costs, wholesale prices rose 0.4 percent” from the prior month, which is pretty bad. Included was the snippet that “The cost of food increased 1.2 percent in September from a month earlier, the most since March.” Yikes!
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news.goldseek.com >> 20 October 2010 |
Doubling the Value of Silver
By: Richard Daughty, The Mogambo Guru
With gold and silver going up in price like they are, I spend a lot of time secluded in the Big Mogambo Bunker (BMB), greedily calculating my profit with each little up-tick in price. I am so delighted that I alternate between, on the one hand, happily dreaming of happier days to come when silver and gold have gone up so much in the roaring inflation caused by the Federal Reserve creating so much money that...
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news.goldseek.com >> 19 October 2010 |
Alan Greenspan and the Effects of “Creating More”
By: Richard Daughty, The Mogambo Guru
Junior Mogambo Ranger (JMR) Phil S. sent me a link to an article in The Economist titled “Let’s Get Fiscal,” which is an obvious reference to the song “Let’s get physical,” which is not about, as I originally thought, how you should be holding a lot of physical gold and silver before you start investing in the paper world of ETFs.
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news.goldseek.com >> 17 October 2010 |
Reaching for Yield in the Bond Market
By: Richard Daughty, The Mogambo Guru
My wife is on the intercom and asking about whether or not I am coming out of the cocoon-like safety of the Mogambo Screaming Heebie-Jeebies Bunker (MSHJB) to have lunch, or maybe get a shower, or say hello to her and the kids, or pick up my mail, and maybe just stop acting So Damn Weird (SDW) for a pleasant change.
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news.goldseek.com >> 15 October 2010 |
Why “Credible Programs” at the Fed are Anything But
By: Richard Daughty, The Mogambo Guru
My stomach was hurting, so I decided to take a little time off and soothe the old midsection with a few medicinal brews and a dose of pizza. The reason that my stomach hurt was because I had just read the stupidest economic essay, which was, unbelievably, penned by another lackluster university professor, and surprisingly printed by The Financial Times newspaper.
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news.goldseek.com >> 14 October 2010 |
US Debt on the Shoulders of 90 Million People
By: Richard Daughty, The Mogambo Guru
Now that the federal government’s fiscal year ended on September 30 and they had to “square up” their accounting, we find some very interesting things, if you will forgive the use of the phrase “very interesting” when I should have used the more descriptive Poop In Your Pants Scary (PIYPS).
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news.goldseek.com >> 13 October 2010 |
Bond Investors Are People Too
By: Richard Daughty, The Mogambo Guru
Last week, bond prices were so high that a two-year government note yielded a miniscule 0.43%. To get more than one percent interest, you have to accept the five-year Treasury note yield of 1.32%. The ten-year yield? 2.60%. The 30-year long bond? A laughable 3.78%! Hahaha! This is insane!
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news.goldseek.com >> 12 October 2010 |
The Duck-Like Noise of a One-Legged Economy
By: Richard Daughty, The Mogambo Guru
In my email I got a forwarded essay titled “Profit from the Collapse of Debt-Fueled Growth” by a guy named Jim Quinn. It was immediately interesting to me, as I am a guy whose natural lazy and greedy nature makes me instantly attracted by things that start out with the word “Profit,” especially if the word “Easy” is also included.
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news.goldseek.com >> 10 October 2010 |
The Mogambo Golden-Real Estate Project
By: Richard Daughty, The Mogambo Guru
Japan has taken an interesting approach to preventing people from accumulating so much debt that they default; The Wall Street Journal reports that Japan has a new law “restricting total loans from all lenders to one-third of a borrower’s income.” Hmmm! Criminal penalties for accumulating too much debt? Wow!
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news.goldseek.com >> 8 October 2010 |
What the Hectare?! How to Produce Food With Fewer Resources
By: Richard Daughty, The Mogambo Guru
Rick Mills of aheadoftheherd.com posted a chart from earthpolicy.org showing “World Irrigated Area Per Thousand People, 1950-2007” which is almost Malthusian in its implications, in that the world “irrigated area” per thousand people reached its maximum of about 75.5 hectares per thousand people in 1980, but has now fallen to 43 hectares, which is the same area as was irrigated in 1960!
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news.goldseek.com >> 7 October 2010 |
The Incredible Two-Day Jump in US Treasure Debt
By: Richard Daughty, The Mogambo Guru
Things are getting so, so, so weird that I was locked inside the Mogambo Bunker Of Panic (MBOP), looking through the periscope to keep a vigilant watch for the social explosion outside that was coming, I figured, so, so soon, with my finger on the trigger of something fully loaded and reassuringly .45 caliber, and a slice of yummy pizza in my one free hand to keep my energy level up via the universal Magic Of The Pepperoni (MOTP).
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news.goldseek.com >> 6 October 2010 |
Holding Gold in the Face of Hyperinflation
By: Richard Daughty, The Mogambo Guru
Every time I see some government “official” pronouncement of inflation, I am always reminded of John Williams at shadowstats.com, who calculates inflation the pre-Clinton way, and as such, routinely finds that actual inflation is actually running 3 or 4 times as much as the government says, and sometimes more, probably!
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news.goldseek.com >> 5 October 2010 |
Connecting the Dots of Chinese Gold and Currency Reserves
By: Richard Daughty, The Mogambo Guru
Bill Bonner here at The Daily Reckoning is one of those guys who, for some reason, figures that we (represented, apparently, by me) are smart enough to “connect the dots,” when some of us (again, me as “everyman”) are obviously not smart enough to engage in such mental gymnastics.
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news.goldseek.com >> 3 October 2010 |
Buying Gold Before the “Blow Off Phase”
By: Richard Daughty, The Mogambo Guru
An interesting graph of “a useful road map to any secular bull market” appeared in Casey’s Daily Dispatch. It was a graph showing how investment interest in a developing bubble classically proceeds through four stages.
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news.goldseek.com >> 1 October 2010 |
The Comedic Value of Naked-Short Paper Gold
By: Richard Daughty, The Mogambo Guru
And how does this “naked-short paper gold” thing work? Perhaps best explained by example, imagine Apu, famously of the Kwik-E-Mart of The Simpsons TV show. The scene opens with the doors of the convenience mart opening, and in walks some nice, trusting guy, to whom Apu says, “Hello, sir! How may I be of service today, valued customer? A Double-Blast Raspberry Squishee, perhaps?”
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news.goldseek.com >> 30 September 2010 |
Is Inflation “Too Low”?
By: Richard Daughty, The Mogambo Guru
John Mauldin, in his Frontline Weekly Newsletter, had a graph of Total Consumer Credit Outstanding, showing that it had peaked at the end of 2008 after running up to almost $2.6 trillion. I instantly leap to my feet, howling in outrage because there are less than 100 million private-sector workers in the Whole Freaking Country (WFC), and private-sector workers are the only people that can show a profit, with which to pay debt, by their labors.
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news.goldseek.com >> 28 September 2010 |
The Cost of Fed Incompetence
By: Richard Daughty, The Mogambo Guru
I have grown old yelling at my neighbors and family members to buy gold, silver and oil, to little-to-no avail, and I can see that they are getting bored with my same old million reasons why they should, and how their deliberate inaction only proves their stupidity, which I never tire of pointing out, so they can’t say that they “didn’t know” that they were stupid.
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news.goldseek.com >> 26 September 2010 |
Leveraging Junk Debt Off the Charts
By: Richard Daughty, The Mogambo Guru
The massive door of the Mogambo Bug-Out Bunker (MBOB) was locked, and I was taking a little break, leisurely looking through the periscope/range finder/fire-control module, calmly reconnoitering the perimeter and keeping an eye on the neighbors, watching them acting like they are innocently mowing their lawns and washing their stupid cars, but who are actually spying on me, like I am too stupid to notice their treachery and perfidy.
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news.goldseek.com >> 24 September 2010 |
Undervalued Silver in a Government Spending Frenzy
By: Richard Daughty, The Mogambo Guru
To prove that all my yelling, “Buy silver now, or you’re a moron!” has paid off, silver is getting a lot more press coverage lately, like the headline “Silver Hits ’80 Level; Gold Sets Fresh High,” which appeared on the front page of The Wall Street Journal’s “Money and Investing” section.
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news.goldseek.com >> 23 September 2010 |
Chinese Duality: Fast Economic Growth or Social Stability?
By: Richard Daughty, The Mogambo Guru
I finally managed, for about two minutes, to stop worrying about the coming ascendancy of the Chinese to overwhelm the planet – a welcome respite! – after I read Rick Mills of Aheadoftheherd.com quoting some Chinese doofus named Xiang Songzuo, who unbelievably is deputy head of the International Monetary Institute at Beijing’s Renmin University, and who said, “Export industries employ so many people, and a drop in exports would mean a rise in unemployment which could cause very serious social unrest.”
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news.goldseek.com >> 21 September 2010 |
Inflationary Understatement
By: Richard Daughty, The Mogambo Guru
Something in my Puny Mogambo Brain (PMB) went, “Ding!” when I instantly recognized this as a classic case of the age-old supply/demand dynamic where price equilibrates demand with supply, in this case the increasing demand from the “developing world” is swamping demand from the “developed” world, meaning an increased demand, but with no mention of the physical supply of resources, which are hard to increase and are, in the short run at least, absolutely fixed.
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news.goldseek.com >> 19 September 2010 |
The Governmental Money-Vacuum
By: Richard Daughty, The Mogambo Guru
The drunker I get, the more it seems to me that you slave away at your stupid job every day of your stupid life, hating every moment of it, reviling all the idiotic people you deal with every hellish day, but you bravely and heroically put up with the aggravation, tedium and ennui because you desperately need the money.
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news.goldseek.com >> 16 September 2010 |
The Woeful Results of Raising Taxes
By: Richard Daughty, The Mogambo Guru
I wearily wrote, “Dear Diary, I am even more convinced that we are freaking doomed because the Federal Reserve has created So Freaking Much Money (SFMM) when it allowed the creation of So Freaking Much Debt (SFMD) to finance So Freaking Much Consumption (SFMC), both public and private” whereupon I stopped, demoralized after realizing that there was nothing else to write that didn’t seem so, you know, anticlimactic.
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news.goldseek.com >> 15 September 2010 |
Dueling Currencies
By: Richard Daughty, The Mogambo Guru
My daughter, for some reason, decided that breakfast is the best time of day to tell me that she needs me to give her a wad of money, more money than I earned in a freaking month when I was her age, and for some stupid “back to school supplies” or to “have the sutures removed,” or something, I can’t remember the stupid details, but whatever it was, I remember that did not want to pay for it.
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news.goldseek.com >> 14 September 2010 |
Never Before Seen Banking Phenomena
By: Richard Daughty, The Mogambo Guru
I am always alarmed at most things these days, given my low regard for governments who have power over me and people who have power over me, who always screw things up and then make me pay for it, one way or the other.
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news.goldseek.com >> 10 September 2010 |
Are New Home Prices Rising? Nope, That’s Just Inflation.
By: Richard Daughty, The Mogambo Guru
I keep seeing things, scary things, terrifying things characterized as “for the first time ever,” like Tyler Durden of zerohedge.com writing that “As per the August 31 DTS statement, the US ended the month with a new all-time record of $13.45 trillion in debt, an increase of $210 billion from the beginning of the month (or $225 billion in public debt, net of intragovernmental holdings).
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news.goldseek.com >> 9 September 2010 |
Burning the Economic Toast
By: Richard Daughty, The Mogambo Guru
Even though I have been drinking so that my speech is slurred after testing some crazy idea that I could drink away my utter horror at the death and dying of the US dollar and economy, history is, on the other hand, being made crystal clear that when a country is so idiotic as to ignore its own Constitutional requirement that money be only made of silver and gold...
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news.goldseek.com >> 8 September 2010 |
Dodging the Rising Cost of Food
By: Richard Daughty, The Mogambo Guru
I was surprised when Mike Burk of Alpha Investment Management wrote that “Some of the NYSE breadth indicators look pretty good, but that is from strength in fixed income which makes up about half of the issues traded on the NYSE. Fixed income looks like a bubble.”
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news.goldseek.com >> 7 September 2010 |
Coded Messages to Buy More Gold
By: Richard Daughty, The Mogambo Guru
Bloomberg.com had the headline “Bank of Korea ‘Under Pressure’ to Boost Gold Holdings, Shinhan’s Oh Says,” which was perfectly understandable, although I have no idea what “Shinhan’s Oh Says” means.
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news.goldseek.com >> 6 September 2010 |
How Gold-As-Money Can Prevent Mob Rule
By: Richard Daughty, The Mogambo Guru
Ellen Kelleher, writing for The Financial Times, opens her article with how Baird & Co., in their warehouses in London, purify gold by heating it to molten form to make “medallions, bars, and rings,” which sounds like a lot of heavy, hot, back-breaking, dangerous work to me, as if the word “work” was not bad enough by itself with the terrifying adjectives.
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news.goldseek.com >> 3 September 2010 |
Signs of an Evil Economy
By: Richard Daughty, The Mogambo Guru
I am standing on the corner of the street, doing my duty to “give back” to society, in this case by yelling at morons passing by in the cars, “We’re freaking doomed, you moron! Your own stupid government has destroyed you by letting the foul, fetid, festering Federal Reserve create too much money that they stupidly, stupidly, stupidly did...
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news.goldseek.com >> 2 September 2010 |
No Secret to Gold Investing. Just Accumulate.
By: Richard Daughty, The Mogambo Guru
Since I am known as something of a gold bug, a lot of people write to me about gold, but since I am a paranoid lunatic, I don’t read their letters, mostly because I now call myself Marvelous Macho Grande (MMG), figuring that an established alias could potentially come in handy...
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news.goldseek.com >> 1 September 2010 |
Rounding Up the Culprits of Rising Prices
By: Richard Daughty, The Mogambo Guru
From Bloomberg.com we get the bad news that “Bank of England Governor Mervyn King said inflation is likely to exceed the UK government’s upper 3% limit in coming months as higher sales taxes drive gains in consumer prices,” which “rose 3.1% in July from a year earlier after climbing 3.2% in June.”
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news.goldseek.com >> 31 August 2010 |
Financial Crises Linked to Central Bank Stupidity
By: Richard Daughty, The Mogambo Guru
It was an interesting psychological phenomenon when I read where Michael Kosares of USAGold.com wrote, “Private citizen, Alan Greenspan, could afford to be blunt,” but I interpreted it in my Mysterious Mogambo Mind (MMM) to mean, “Private citizen, Alan Greenspan, should be afforded a blunt instrument applied with extreme prejudice to his stupid head, over and over, as he is the moron that...
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news.goldseek.com >> 30 August 2010 |
Monetary Madness
By: Richard Daughty, The Mogambo Guru
Fortunately for me, my throat is spared the violence of continual screaming when I remember that I can still buy gold, silver and oil, at bargain prices, and having thus remembered, am calmed to the point of serene happiness, as evidenced by my saying, “Whee! This investing stuff is easy!”
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news.goldseek.com >> 27 August 2010 |
Rush Out and Buy Some Gold! Russia is Buying Gold!
By: Richard Daughty, The Mogambo Guru
I remember the good old days of the Cold War when the Russians were humorless robots who could always manage to catch James Bond, a British secret agent better known by his “License to Kill” number: 007.
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news.goldseek.com >> 26 August 2010 |
Investing in Gold: Finding Comfort in the Economic Downturn
By: Richard Daughty, The Mogambo Guru
Most of the time, I am so freaked out that I spend most of the day in the Mogambo Bunker Of Paralyzing Fear (MBOPF), scared out of my mind at catastrophic ramifications of the economic stupidities that are being foisted upon us, like, for instance, increasing taxes in a recession! Gaaahhhhhh!
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news.goldseek.com >> 24 August 2010 |
Inflation Follows the Stimulus Boom
By: Richard Daughty, The Mogambo Guru
Peter Schiff of Euro Pacific Capital notes that the Federal Reserve, and the idiots like Paul Krugman who genuflect at the altar of Keynes, is not done with destroying the economy, but that “Bernanke and his supporters have said that their stimulus will be withdrawn as soon as the recovery takes hold in earnest.” Hahaha!
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news.goldseek.com >> 22 August 2010 |
Ruined by Government Dependents
By: Richard Daughty, The Mogambo Guru
Frederick Sheehan has a blog titled aucontrarian, which, I am sure, is a play on the classy French phrase “au contraire,” meaning, as I understand it, “to the contrary,” but for a gold bug like me, all I see is the “au” prefix, which is the symbol for gold! Gold! Fabulous gold!
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news.goldseek.com >> 19 August 2010 |
Are Federal Employees Compensating for Something?
By: Richard Daughty, The Mogambo Guru
The US Bureau of Economic Analysis, an “official” source of news, reported what everybody has already known: Government worker compensation in now an average of more than $120,000, or about twice as much as the average private sector worker making less than $60,000.
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news.goldseek.com >> 18 August 2010 |
The Overvalued Part of a Market Cycle
By: Richard Daughty, The Mogambo Guru
I had just gotten home from arguing with the in-laws about how they were idiots for not buying gold instead of those stupid stocks and mutual funds, and their laughter was still ringing distastefully in my ears when Eric Fry here at The Daily Reckoning put up a chart of the P/E ratio of the S&P500 over the last 30 years since 1981.
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news.goldseek.com >> 17 August 2010 |
Vindicating the Austrian School of Economics
By: Richard Daughty, The Mogambo Guru
Finally the Austrian school of economics, sometimes referred to as the Austrian Business Cycle Theory (SBCT), is getting some respect, as we learn from DailyBell.com, that quoted an editorial from Ron Smith at The Baltimore Sun saying “The few economists that warned that the credit explosion of recent years would hasten and deepen financial disaster were mainly from the so-called Austrian school and were derided by their Keynesian counterparts as kooks. Who looks kooky now?”
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news.goldseek.com >> 15 August 2010 |
Geithner’s Delusional Recovery
By: Richard Daughty, The Mogambo Guru
Bill Bonner here at The Daily Reckoning writes that Tim Geithner, Secretary of the Treasury of the United States of America, is the author of the now-infamous “Welcome to the Recovery” piece he wrote for The New York Times, which I meant to read, and tried to read, but I could only get part way through it before getting visibly upset with such self-serving, lying, sophomoric qualitative excuse-mongering.
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news.goldseek.com >> 13 August 2010 |
Corporate-Muni Bond Yield Gap: The Sign of Another Crisis?
By: Richard Daughty, The Mogambo Guru
The jillions of dollars in municipal bonds issued by cities and states over the last half century are getting a lot of attention lately, mostly because a lot of people own municipal bonds, either directly or indirectly, and now cities and states seem to be sliding, sliding, sliding towards an obvious and unavoidable default, like everyone else, sort of like how my wife noticed my decades-long slide into lazy worthlessness and irritability, reducing my value as a husband and father to zero, thus wiping out all her stupid “investment” in me.
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news.goldseek.com >> 12 August 2010 |
Digesting the Importance of Chinese Gold Investing
By: Richard Daughty, The Mogambo Guru
Naturally, I started having pleasant daydreams about being rich, rich, rich after the Chinese government surprised me by announcing that it would finance the buying of foreign gold mines, and ordered their banks to set up big distributed systems for buying and selling gold at the retail and whole levels and all kinds of stuff like that. Wow!
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news.goldseek.com >> 11 August 2010 |
China Enters the Gold Market
By: Richard Daughty, The Mogambo Guru
There was an editorial power struggle at Mogambo News Service over whether it was Big, Big News (BBN) or if it was Big Freaking News (BFN), or even if it was The Biggest Freaking News Of Your Life (TBFNOYL) that China has, officially through the People’s Bank of China, said that they have “seen the light” as concerns gold, and they see how gold is the only true money, and how worthless paper monies and computer blip monies are the Wrong Way To Go (WWTO), as evidenced by the Chinese merely looking at us Americans and what happened! Hahaha!
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news.goldseek.com >> 10 August 2010 |
Paper-Gold Investment Portfolio
By: Richard Daughty, The Mogambo Guru
I was looking at July’s slide in the price of gold and silver versus the rise in the prices of equities through, in a surprising literary turn of phrase, the prism of insane fiscal and monetary policies, and wondering to myself “What is that supposed to mean, prism? And does it mean that the doctor still doesn’t have my medications adjusted correctly, and soon I will again be hearing voices in my head saying, ‘Burn! Burn everything!’?”
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news.goldseek.com >> 8 August 2010 |
US Government Redefines “Fixing the Economy”
By: Richard Daughty, The Mogambo Guru
The good news, in the face of all of this terrible calamity, is that you can still buy gold, silver and oil at bargain-basement prices, because at the rate that the terrifying Obama administration and the profoundly incompetent and corrupt Congress are spending money, and at the rate the Federal Reserve is creating the money to finance the spending, inflation in consumer prices is on its way, and these low prices won’t last long!
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news.goldseek.com >> 6 August 2010 |
Magically Erasing Debts and Liabilities
By: Richard Daughty, The Mogambo Guru
Hossein Askari is a professor of international business and international affairs at George Washington University, and Noureddine Krichene is an economist with a PhD from UCLA, which I mention to establish their credentials, since some bozo from the Federal Reserve created a stir when he said, with a sniff of condescension and smugness, that nobody should comment about economics unless they have a PhD in economics from a “proper” university, because we unwashed huddled masses are “dangerous” and a “threat to society.”
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news.goldseek.com >> 5 August 2010 |
Government Employees: The Last Great Consumer Base
By: Richard Daughty, The Mogambo Guru
Things in the economy are getting more and more stressful, and the company’s revenues are down, precipitating the rumor around here that there are going to be more cuts in staff, and the odds are pretty good that I will be one of those unceremoniously fired since, ever since they fired Carl, I am now the company’s worst employee.
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news.goldseek.com >> 4 August 2010 |
Owning Gold When an Ounce Will Buy the Dow
By: Richard Daughty, The Mogambo Guru
Most of us gold bugs are ready for the explosive blowout top after a long, spectacular parabolic rise in the price of gold, so that we can then move along to Phase 2 of the Terrific Mogambo Retirement Plan (TMRP).
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news.goldseek.com >> 3 August 2010 |
Hedonic Adjustments and the Mulligans of Monetary Policy
By: Richard Daughty, The Mogambo Guru
I knew it was going to be “one of those days” when, on the very first fairway, this new guy Bob says that he thought my tee shot had landed over there behind those trees, and how he is surprised to see that my golf ball is now sitting on the fairway, and another twenty yards further towards the hole, too.
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news.goldseek.com >> 1 August 2010 |
US Economic Outlook: Indebted to Death
By: Richard Daughty, The Mogambo Guru
John Stepek at MoneyWeek.com, talking about the “European bank stress tests” that were “a whitewash, of course” said that it kind of reminded him of “one of Gordon Brown’s budgets.”
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news.goldseek.com >> 30 July 2010 |
No Stopping the Money Creation Machine
By: Richard Daughty, The Mogambo Guru
Unemployment is a favorite topic of conversation of late, especially among those who are unemployed. I assume it gives them something to do other than watch their lives going down the toilet as the federal government continues with unbelievable levels of deficit-spending and the Federal Reserve continues to create staggeringly more money so that it can be borrowed by the government and then spent, all of which makes prices rise.
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news.goldseek.com >> 29 July 2010 |
A Crude Display of How to Invest in Oil
By: Richard Daughty, The Mogambo Guru
I get a lot of mail concerning my single-minded fanaticism about how gold, silver and oil are the best investments to buy when your stupid government is deficit-spending and allowing excess amounts of money to be created, in our case by the Federal Reserve, and particularly that part about buying oil, meaning, of course, oil company stocks.
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news.goldseek.com >> 28 July 2010 |
Price Stability Not a Fed Priority
By: Richard Daughty, The Mogambo Guru
I knew the instant that I read the article’s title, “Fed Nominees Seek Economic Boost” in The Wall Street Journal, that I was probably going to be outraged and end up screaming a fearful and angry Mogambo Howl Of Anger (MHOA).
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news.goldseek.com >> 27 July 2010 |
US Money Supply Prompts a Hard Goodbye
By: Richard Daughty, The Mogambo Guru
The way that federal taxes are going up next year by huge percentages is Very Interesting News (VIN) for gold-bugs like me, and probably the Founding Fathers who wrote the Constitution, too, if they were still alive, as we all think that gold-as-money is the only “way to go” because it absolutely precludes rapid increases in the supply of money...
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news.goldseek.com >> 25 July 2010 |
Higher Taxes are Coming. Head for Your Bunkers.
By: Richard Daughty, The Mogambo Guru
In the calming environment of the Big Mogambo Big Is Better Bunker (BMBIBB), I can finally relax by sitting, armed to the teeth, amongst my puny trove of gold, silver and oil, idly trying to say, “Big Mogambo Big Is Better Bunker” five times quickly until my seething, vaguely homicidal rage at the Federal Reserve and the socialist/fascist/ communists in the White House and Congress that have destroyed us all.
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news.goldseek.com >> 23 July 2010 |
Green Jobs from the Government Not Gonna Happen
By: Richard Daughty, The Mogambo Guru
“Green Jobs Don’t Exist in a Free Market” was the headline for Tom DeWeese, writing at NewsWithViews.com, which is exactly right; the only jobs that exist in a free market are those supplying real demand for, as an example, hamburgers, pizza, fried chicken and tacos, which has resulted in fast-food restaurants supplying them to be located on, seemingly, every other block in the Whole Freaking Country (WFC).
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news.goldseek.com >> 22 July 2010 |
US Economic Outlook: Bad and Getting Worse
By: Richard Daughty, The Mogambo Guru
It was raining outside, and so I was stuck inside the house, listening to my family remind me that I was just a worthless, penny-pinching, hateful old man who loves gold, silver and oil more than I love them, which I hasten to add is not exactly true in all respects, but you gotta admit that gold, silver and oil will treat me very nicely as they soar in price along with inflation in prices because of the insane levels of money creation by the Federal Reserve...
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news.goldseek.com >> 21 July 2010 |
Raising Taxes to Combat Recession: The Ultimate Fiscal Folly
By: Richard Daughty, The Mogambo Guru
When I saw that Illinois cleverly solved its budget crisis by just not paying its bills, I knew that the end is near, or would be, if we still had a dollar that was not a stupid fiat currency, because nowadays it would be child’s play for the Federal Reserve to just create as money as any state wanted! And they can do it in less time than it takes to tell you about it, too!
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news.goldseek.com >> 20 July 2010 |
The Sweet Smell of Investing in Silver and Gold
By: Richard Daughty, The Mogambo Guru
Those of us who are now called “gold bugs” will soon be referred to as “genius rich persons who must be obeyed” because we bought gold, silver and oil while the rest of the world got laughably infatuated with paper assets, which top scholars will tell you shows why the word “infatuated” sounds sort of like “flatulence” in a secret-code kind of way...
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news.goldseek.com >> 18 July 2010 |
Chinese Economic Growth: Commodities to Go Up Middle Class
By: Richard Daughty, The Mogambo Guru
Lately, I have been hinting to my boss that I need a raise to do my job, and she has been hinting that she needs an employee to competently do my job, so you can see how we are temporarily at an impasse in negotiations.
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news.goldseek.com >> 16 July 2010 |
A “Slightly Exaggerated” $15.8 Billion Accounting Error
By: Richard Daughty, The Mogambo Guru
Alan Abelson, in his column in Barron’s, notes that the $9.1 billion drop in Consumer Installment Debt in May makes it four months in-a-row that this debt balance went down, and that “Credit card use (so-called revolving debt) shrank by $7.4 billion, extending its string of monthly declines to 20.” Yikes!
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news.goldseek.com >> 15 July 2010 |
The Money Supply Conspiracy
By: Richard Daughty, The Mogambo Guru
Marin Katusa is Chief Energy Strategist for Casey Research, which probably made it easier for him to get his stuff into Casey’s Daily Dispatch, whereas no matter what I write, they always say to me, “This is crap! Stop sending us your Stupid Mogambo Crap (SMC)! It’s crap! It’s always crap!”
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news.goldseek.com >> 14 July 2010 |
Buying Gold, Silver and Oil: The Ultimate No-Brainer
By: Richard Daughty, The Mogambo Guru
In my monthly report to Glabbnarxx, the new despotic Overlord for this sector of the galaxy (and who, I heard, is supposed to be a real pinhead of a dork), I included the news that as a result of oceans of money being created and spent, you would think that none of the sentient inhabitants of this planet called Earth would buy bonds to receive the paltry, miserable, fixed coupon stream from the already-overpriced bonds because...
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news.goldseek.com >> 13 July 2010 |
Staggering Stats About Silver Supply
By: Richard Daughty, The Mogambo Guru
I got a June 2010 brochure from silverinsidersreport.com that contained an interesting fact about SLV, the Exchange Traded Fund (ETF) for silver, which is that Peter Keusgen, the writer, says that SLV is “the main alternate source of storage” of silver and “which accounts for around 50% of world silver inventory”! Wow!
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news.goldseek.com >> 11 July 2010 |
Irrational Gold Selling
By: Richard Daughty, The Mogambo Guru
Last Monday I couldn’t believe my eyes when I saw that the price of gold had dropped $44.20, which was weird enough since Kitco was showing the “Gold Price Change due to Weakening dollar” was up by $23.00, meaning gold should be going up thanks to the weakening dollar, while the “Gold Price Change due to Predominant Selling” was down a whopping $67.20! Wow! Selling!
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news.goldseek.com >> 9 July 2010 |
Complicating Economics
By: Richard Daughty, The Mogambo Guru
A column by Ambrose Evans-Pritchard of The Telegraph, and appearing through blogs.telegraph.co.uk, recently sported the headline “Time to shut down the US Federal Reserve?” Good question! If I were writing about this subject, of course, I would have opened my scathing condemnation of the Federal Reserve with, “Unfortunately, the time to shut down the Federal Reserve was long, long ago.
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news.goldseek.com >> 8 July 2010 |
Seriously Underpriced Silver
By: Richard Daughty, The Mogambo Guru
At breakfast I told the kids that I was instituting some new austerity measures around here, and they became so insistent that I heard all about how this was going to “ruin” them and their stupid social lives that I did not have to tell them that I was going to use the money to buy silver, which would have sent them ballistic.
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news.goldseek.com >> 7 July 2010 |
Government and Economy Decline In Tandem
By: Richard Daughty, The Mogambo Guru
I did not hear it, but I read that Ben Bernanke, chairman of the satanic Federal Reserve, admitted that “Our nation’s fiscal position has deteriorated appreciably since the onset of the financial crisis and the recession.”
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news.goldseek.com >> 6 July 2010 |
Combating Annuities With Gold, Silver and Oil
By: Richard Daughty, The Mogambo Guru
People are always writing me and asking questions, which can usually be divided into one of two categories. The first category is the one that I call “Is there something wrong with you that you sound/look/appear so stupid/ugly/weird?” (Answer: “Probably”), and the other, smaller category is the one I call “Other.”
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news.goldseek.com >> 16 June 2010 |
Euro Declines on a Sea of Bankruptcy and Paper Promises
By: Richard Daughty, The Mogambo Guru
Do you ever get the feeling that you are in some kind of weird dream, where someone is holding a pillow over your face so that you can’t breathe, and you can dimly hear your children asking, “Is he dead yet, mom?” and I am thrashing around and yelling out, “No, I’m not dead, you morons!” but nobody is paying attention? Me, too!
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news.goldseek.com >> 15 June 2010 |
The Correlation Between Morons and Government Debt
By: Richard Daughty, The Mogambo Guru
DWS Funds is a “member of Deutsche Bank Group,” which I assume because it says so right on the cover of DWS Active magazine, an outfit which has somehow, without me actually noticing, over the years taken over some holdings of mine, so that now I sit, locked in a bunker and peering out at a hostile world through a periscope...
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news.goldseek.com >> 9 June 2010 |
Insufficient Silver to Supply China’s Growing Demand
By: Richard Daughty, The Mogambo Guru
Most people have never heard of “the invisible hand” of the market, which is the surprising result of everyone working to get money with which to satisfy their own selfish interests, and it ends up benefiting everybody, a result that is so glorious that it seems that things are being guided by some “invisible hand.”
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news.goldseek.com >> 8 June 2010 |
Inflation Corroded Copper Coins
By: Richard Daughty, The Mogambo Guru
Junior Mogambo Ranger (JMR) Phil S. sent an article from the Globe and Mail where I learned that inflation in Canada has been so persistently corrosive over the years that, like in America, “it now costs the Royal Canadian Mint more than a penny to make a penny, and because of penny ‘hoarding’ by Canadians, the mint has to keep making more.” Hahaha! “Hoarding”? Hahahaha!
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news.goldseek.com >> 6 June 2010 |
Re-Animating a Debt Dog
By: Richard Daughty, The Mogambo Guru
I have discovered that I am never, ever too drunk not to be instantly angry at the mere mention of the neo-Keynesian halfwit morons who are, despite mountains of evidence proving its complete failure, still clinging to that same, silly meth-based economic theory which I originally meant to write as “same, silly math-based economic theory” but, due to a typo, came out as “same, silly meth-based economic theory.”
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news.goldseek.com >> 4 June 2010 |
Government Desperate. Gold Tax Imminent?
By: Richard Daughty, The Mogambo Guru
For reasons that I can only guess are, at the root, a result of the Federal Reserve creating so much money and buying up so much debt and assets from corporations of one sort or another that “Corporate tax receipts totaled $77.1 billion for the year to date, an increase of 8.9 percent,” which seems fairly remarkable in a kind of “lying, thieving scumbag” kind of way.
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news.goldseek.com >> 3 June 2010 |
Leading Indicators Indicate a Lagging Economy
By: Richard Daughty, The Mogambo Guru
The Conference Board’s Leading Economic Index for the US declined 0.1% in April, which was not too bad, especially since it followed a 1.3% gain in March, which is not to mention a 0.4% rise in February.
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news.goldseek.com >> 2 June 2010 |
Inflation Still a Problem, Despite “Evidence” to the Contrary
By: Richard Daughty, The Mogambo Guru
I was as surprised, as many were, to see that the Consumer Price Index (CPI) actually declined in April, dropping to 2.2% inflation from March’s 2.3% inflation.
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news.goldseek.com >> 1 June 2010 |
Guarding Your Money from Government Onslaughts
By: Richard Daughty, The Mogambo Guru
Grandfather-economic-report.com is famous for presenting whole constellations, in graphic form, of horrors about the mess that fiat money and government, in the hands of incompetent do-gooders, has allowed.
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news.goldseek.com >> 31 May 2010 |
Precious Metal Protection from Frightening New Creatures
By: Richard Daughty, The Mogambo Guru
The big news, of course, is that “Private-sector scientists led by Craig Venter have developed the first living cell controlled by synthetic DNA.” This is, I think you will agree with me and the rest of the world, completely amazing!
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news.goldseek.com >> 28 May 2010 |
Total Fed Credit Takes Credit for Inflationary Nightmares
By: Richard Daughty, The Mogambo Guru
I was having another nightmare about how the inflation in consumer prices that is guaranteed by the Federal Reserve creating so much money (so that the loathsome Obama administration can borrow and spend it) was some kind of weird replay of The Lord of the Flies...
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news.goldseek.com >> 27 May 2010 |
Mysterious Money Supply Discrepancies
By: Richard Daughty, The Mogambo Guru
Being an inveterate conspiracy theorist who is absolutely convinced that the government is full of morons, lunatics and traitors, not to mention legions of hired goons with badges, and who have, I maintain, been hovering above my house in an invisible helicopter to shoot thought-control rays into my brain all the time (zzzt!) so that now all I can hear is voices in my head urging me to “Burn! Burn everything!”
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news.goldseek.com >> 26 May 2010 |
The Damning Effects of the Global Debt Crisis
By: Richard Daughty, The Mogambo Guru
Greece seems to be on everyone’s mind, probably because Greece is just the first to suffer from the governmental stupidity of bankrupting themselves trying to borrow themselves into prosperity, which is just a microcosm of the whole stinking EU area...
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news.goldseek.com >> 25 May 2010 |
Investing in Silver as China Enters its “Spend” Phase
By: Richard Daughty, The Mogambo Guru
The point is not that that whole Asian region is a hotbed of potential economic activity, perfect for Mogambo Brand Lucky Tasty Eggrolls (MBLTE), which it is, but that a lot of that growth is going to be electronic and electrical, and that means silver. Lots of it! Oodles of it!
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news.goldseek.com >> 23 May 2010 |
Danger in Numbers: The Decline of Paper Currency
By: Richard Daughty, The Mogambo Guru
I waited until I had sobered up to re-read Agora Financial’s 5-Minute Forecast, where it reported that “Bill Clinton shocked us the other day when he came out and suggested the financial crisis would never have happened if the dollar was still tethered to gold.”
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news.goldseek.com >> 21 May 2010 |
Markets, Bottoms and Dow-Gold Intersection
By: Richard Daughty, The Mogambo Guru
Chartoftheday.com sent me, this week, a chart of the Dow Jones Industrial Average adjusted for inflation, going back to 1925, which was before I was born, believe it or not, which means it was a long time ago.
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news.goldseek.com >> 20 May 2010 |
Comprehending the Enormity of Derivatives
By: Richard Daughty, The Mogambo Guru
I was sitting alone in The Mogambo Bunkeroo (TMB) thinking to myself that it seems unnaturally quiet around here lately, probably as a result of everyone holding their breath in anxious dread and anticipation since the Federal Reserve is not creating money with their habitual insane abandon, and Total Fed Credit was actually down $1.2 billion last week, which, given the total Fed Credit is a staggering $2.310 trillion, is a rounding error.
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news.goldseek.com >> 19 May 2010 |
There’s Always More Money to Print
By: Richard Daughty, The Mogambo Guru
In my darker moments, usually just before I go freaking berserk and start yelling and screaming about how “We’re freaking doomed!” from the idiotic Obama administration deficit-spending So Freaking Much (SFM) money and the idiocy of the Federal Reserve creating So Freaking Much (SFM) money, all of which is guaranteed – guaranteed!
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news.goldseek.com >> 18 May 2010 |
Food Price Inflation to Spur Zombie Takeover
By: Richard Daughty, The Mogambo Guru
A recent email blared, “The National Inflation Association says there is reason for grave concern”, to which I thought to myself, “Well, welcome to my world, chumps, because all I do is bewail the horrors of the coming inflation in prices that will follow such huge inflations in the money supply!”
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news.goldseek.com >> 14 May 2010 |
The Mysterious Stagnation of M2 Money Supply
By: Richard Daughty, The Mogambo Guru
I always make sure that I have taken all my pills before I look at the end-of-month money supply figures, which turned out to be a good idea, because M2 growth has been, as they say, quite anemic for the past several months.
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news.goldseek.com >> 13 May 2010 |
Dumbing-Down the Economic Curriculum
By: Richard Daughty, The Mogambo Guru
I was curled up in a corner of the Mogambo Bunker Of Mortal Refuge (MBOMR), feeling terrible that I made a Really Stupid Error (RSE) in a previous MoGu where I, in effect, annualized GDP growth figures that were already annualized, which is such a stupid mistake that I am very, very embarrassed, and all I wanted was to be invisible.
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news.goldseek.com >> 12 May 2010 |
Investing in Gold: No Doubt About It
By: Richard Daughty, The Mogambo Guru
I spend a lot of time worrying about how “We’re freaking doomed!” and thus I spend a lot of time crying in fear and occasionally screaming in outrage, a fact that has gotten me thrown out of a lot of bars, and which has not made me any new friends, either, which Suits Me Fine (SMF), actually, since everybody I meet seems to be a moron who cannot see the wisdom of buying gold, silver and oil...
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news.goldseek.com >> 11 May 2010 |
The Gold-Fear Dynamic
By: Richard Daughty, The Mogambo Guru
I am a guy who thinks he is a hero for being “out there”, on the cutting edge, heroically standing at major intersections, yelling my head off to educate drivers who get caught at the stop light, by looking them right in the eye and telling them that “You are doomed, you moron! Doomed! Doomed by the loathsome Federal Reserve creating So Unbelievably Much (SUM) excess money...
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news.goldseek.com >> 9 May 2010 |
Taking Weighty Steps Making a Golden Getaway
By: Richard Daughty, The Mogambo Guru
To those who say that Goldman Sachs is a bunch of lying, deceptive, greedy, cheating, backstabbing vipers, let me remind you that Goldman Sachs is just one small, dark, slimy corner of the world.
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news.goldseek.com >> 7 May 2010 |
US Deficit Spending: Greenspan and the Government Giveaway
By: Richard Daughty, The Mogambo Guru
I have long maintained that there is, actually, nothing new under the economic sun for (checking my watch for the precisely correct time) the last few thousand years or so, and if you look deep into my Serious Mogambo Eyes (SME), you will see, as the acronym suggests, total sincerity when I tell you that there have always been the usual few things; income, taxes, spending, saving, borrowing and debt, and something along the lines of interest, which is not to forget, of course, money itself.
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news.goldseek.com >> 6 May 2010 |
The Laughable Nature of GDP Growth
By: Richard Daughty, The Mogambo Guru
At work the other day, I was actually considering either doing some actual work or taking the afternoon off, after, of course, I finished reading the government’s Bureau of Economic Analysis release of the news that “Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 3.2 percent in the first quarter of 2010, (that is, from the fourth quarter to the first quarter)” and that last quarter of 2009, “real GDP increased 5.6 percent.”
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news.goldseek.com >> 5 May 2010 |
Lost in the Zeroes of Government Finance
By: Richard Daughty, The Mogambo Guru
Henry CK Liu, writing at atimes.com, has, unlike the Securities and Exchange Commission, apparently not been spending his days downloading pornography on his computer, and instead has looked at the sheer amount of money that was lost worldwide since October 31, 2007, when “the total market value of publicly traded companies around the world reached a high of $63 trillion. A year and four months later, by early March 2009, the value had dropped more than half to $28.6 trillion.”
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news.goldseek.com >> 4 May 2010 |
Gold Bulls Bust Myths
By: Richard Daughty, The Mogambo Guru
And so I stand up Proud And Loud (PAL) to say, with a wry smile of Mogambo Arrogant Self-Assurance (MASA), that if you are not buying gold, silver and oil in response to such monetary and fiscal insanity, then I not only laugh at you, but Laugh In Scorn (LIS) at your screwing up something so easy, so easy that one is compelled to squeal girlishly in delight, “Whee!”
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news.goldseek.com >> 2 May 2010 |
Stock Market Investing: Why the Majority Must Lose
By: Richard Daughty, The Mogambo Guru
I was sitting there, cool and comfy, wearing my new Mogambo Crisis Outfit (MCO), consisting of a pair of snazzy red cowboy boots, a combat helmet, a bullet-proof vest and a ballerina tutu (which, as an aside, does a lousy job of concealing a pistol in a shoulder holster), each piece of my dazzling and daring fashion ensemble carefully chosen for either maximum protection or maximum confusion to the enemy, which, at last count, is apparently everybody.
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news.goldseek.com >> 30 April 2010 |
The Bittersweet Memories of Commercial Property Ownership
By: Richard Daughty, The Mogambo Guru
If you want to know where the stimulus money winds up, don’t look in my wife’s purse, because I have been there several fruitless times in the last few weeks, and she almost caught me twice. And don’t look in my wallet, as my kids have been there several fruitless times in the last few weeks, too, until I started strapping my wallet to myself with duct tape, which stopped that “Let’s look in daddy’s wallet!” crap in its tracks.
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news.goldseek.com >> 29 April 2010 |
Rising Federal Debt Found to Cause Intestinal Alien Syndrome
By: Richard Daughty, The Mogambo Guru
I was having breakfast with the family, and to keep from having to listen to their boring stories about their boring lives while I ate, I told them that I keep having a nightmare where a creature, not unlike in the movie Alien, is growing inside me, eating my guts out, and will soon burst out of my chest and proceed, I assume, to finishing eating what is left of me.
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news.goldseek.com >> 28 April 2010 |
US Money Supply: An Education
By: Richard Daughty, The Mogambo Guru
I had gradually reset upward the Minimum Threshold Value knobs of the Mogambo Fed Credit Alert System since things started getting whacky and it kept waking me up, alarm bells going “clang, clang, clang” in my ears, depriving me of sleep, but also from the lack of sleep caused by shutting one’s eyes and seeing the sheer horror of what will happen as a result of the Federal Reserve creating So Freaking Much (FFM) money.
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news.goldseek.com >> 27 April 2010 |
The Strong Hand of Silver
By: Richard Daughty, The Mogambo Guru
Toby Connor has an essay posted at goldseek.com with a title that I find very intriguing, namely “The Strong Hand Theory” because it sounds like it could be all sorts of terrific things, ranging from a new Sherlock Holmes mystery to “How to destroy brick buildings with a karate chop with your bare hand and impress girls!”
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news.goldseek.com >> 23 April 2010 |
Market Manipulation and Delusions of Prosperity
By: Richard Daughty, The Mogambo Guru
It was too late that I remembered that having margaritas for lunch was a bad idea, and I was now sleepy and argumentative, my eyelids drooping, when my eyes suddenly few open when I read the Bloomberg headline, “Leading Economic Indicators Index in US Rose 1.4% in March”. Wow!
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news.goldseek.com >> 22 April 2010 |
The Upshot of the Shoot Up in Gold Demand
By: Richard Daughty, The Mogambo Guru
John Embry of Sprott Asset Management is one of the really “tuned in” people of the world, in that he knows so much that he actually knows who I am! I know this because when I called him on the phone and said, “Hey! John! What’s the poop about gold and can you loan me a few bucks?” I think he said, “It’s that Mogambo idiot” right before the line went dead. I’ve arrived!
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news.goldseek.com >> 21 April 2010 |
No Friend of Revolving Credit
By: Richard Daughty, The Mogambo Guru
The news about the beleaguered consumer is that the latest report is that overall consumer credit declined at an overall annual rate of 5.5% in February, although revolving credit (like credit cards) went down at an annual rate of 13%!
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news.goldseek.com >> 20 April 2010 |
Owning Gold and Silver: The Unsafe Method
By: Richard Daughty, The Mogambo Guru
Thanks to Bill Murphy and the Gold Anti-Trust Action (GATA) committee, the slimy, market-manipulating goings-on in the short-selling of gold futures and silver futures to suppress their prices at the CFTC have pretty well been exposed, and about time, too.
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news.goldseek.com >> 18 April 2010 |
Debasing the Dollar and Yellen About a Fed Policy
By: Richard Daughty, The Mogambo Guru
To show you how prescient I am, I had earlier written a column about how I was horrified at the thought that Janet Yellen – currently running the San Francisco, California, Fed Bank into the ground – would become vice-chairman of the Federal Reserve, mostly because I am repelled by her ridiculous brand of economics, an opinion borne out by how she has been consistently wrong all these years until, well, just look around you. And at California!
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news.goldseek.com >> 16 April 2010 |
Alan Greenspan and the Ruination of the US Financial System
By: Richard Daughty, The Mogambo Guru
The Financial Times had the article “Greenspan Mauled Over Role In Meltdown”, which was about that loathsome, worthless lunatic Alan Greenspan testifying at the Financial Crisis Inquiry Commission, which is enough to make you laugh in itself; the morons who perpetrated constant deficit-spending are facing off with the guy who provided the money and credit with insane levels of monetary inflation to make it happen! Hahahaha!
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news.goldseek.com >> 15 April 2010 |
US Deficit Spending: A Tough Pill to Swallow
By: Richard Daughty, The Mogambo Guru
Most people know me as the peachy kind of wonderful guy who, when you are piteously beaten down by a cruel and unforgiving world, and you tearfully reach out for a little helping hand, will tell you to quit that whining crap, get your stupid butt up off the ground, and go out to buy more gold, silver and oil...
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news.goldseek.com >> 14 April 2010 |
Fearing the Elimination of Reserve Requirements
By: Richard Daughty, The Mogambo Guru
Junior Mogambo Ranger (JMR) Jim L. sent me a link to “Bernanke Wants to Eliminate Reserve Requirements Completely” posted at finance.yahoo.com. First, starting with the explanation, we learn that “Up until now, the United States has operated under a ‘fractional reserve’ banking system. Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest.”
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news.goldseek.com >> 13 April 2010 |
Catatonic Oil Consumption
By: Richard Daughty, The Mogambo Guru
Julian Phillips at Goldforecaster.com writes that Saudi Arabia, the major oil exporter, “exported more oil to China than to the United States last year” which is kind of surprising but not too alarming if you have been taking your medications as prescribed, or if the rise in Chinese consumption was not too severe, but instead imports are rising gently in a non-threatening way, so that consumption is not soaring and everything is kind of just, you know, perking along real peachy.
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news.goldseek.com >> 11 April 2010 |
Stable Money Supply: The Real Way to Help the Poor
By: Richard Daughty, The Mogambo Guru
I am happy to note that the Tea Party, which appeals to me personally, is gaining traction and power, which adds more political overtones to my life and gets me, a shameful Republican, away from the loathsome Republicans (except Ron Paul), which have acted almost as despicably as the Democrats.
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news.goldseek.com >> 9 April 2010 |
Total Fed Credit: A Credit to Fed Stupidity
By: Richard Daughty, The Mogambo Guru
I was rudely awakened by the Mogambo Fed Credit Alarm (MFCA) ringing its little heart out, as it does a lot these days, and sure enough, the monthly increases in Total Fed Credit are still rising as smartly as they have for the past 12 (pause) freaking (pause) months, and it has now reached a staggering $2.3 trillion.
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news.goldseek.com >> 8 April 2010 |
Laughing in the Face of Financial Destruction
By: Richard Daughty, The Mogambo Guru
Sometimes, when things seem to have gotten their worst, I morosely think that things could not get any worse, and pretty soon I am thinking to myself “What in the hell are you thinking? Of course it will get worse! It will get worse because the stupid government is deficit-spending trillions of dollars, the Federal Reserve is creating massively more money to accommodate it, and, nightmarishly worse, the same, sad, stupid, suicidal scenario is being played out around the Whole Freaking World (WFW), all of which means that inflation in consumer prices will soar and – at best! – things will get worse! Hahaha!”
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news.goldseek.com >> 7 April 2010 |
ObamaCare: No Cure for Government Spending
By: Richard Daughty, The Mogambo Guru
I know that I should write something about ObamaCare and the new health insurance law that is over 2,000 pages long to achieve a blatant socialist takeover of the healthcare and health insurance industries, and perhaps I should produce a short screed to show that I am up-to-speed on current events...
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news.goldseek.com >> 6 April 2010 |
Inflation Meter Soars Over the Red Line
By: Richard Daughty, The Mogambo Guru
There has been a lot of discussion around here lately about inflation, mostly about who is divided up into the “We’re freaking doomed!” camp (me), and who isn’t in that camp, but instead are over in the other camp, which is, apparently, mostly everybody else...
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news.goldseek.com >> 4 April 2010 |
The Silver Boom is Coming!
By: Richard Daughty, The Mogambo Guru
Many people know me as just a guy referred to by the news media as “local hothead” or sometimes “extremist loudmouth doom-and-gloomer” or (my favorite) “looney toon” but to most people I am known as just a guy who never shuts up about the horrors of inflation in prices that is going to be caused by the inflation in the money supply by the Federal Reserve.
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news.goldseek.com >> 2 April 2010 |
National Income Decline: Time to Put Your Kids to Work?
By: Richard Daughty, The Mogambo Guru
The fact is that Social Security is seemingly doomed, as, for the first time, this year more money will be paid out to beneficiaries than will be collected from workers.
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news.goldseek.com >> 1 April 2010 |
Mind-Boggling Budget Deficit
By: Richard Daughty, The Mogambo Guru
In one of my worse nightmares coming true, my boss “stopped by” my office with some security camera footage of me allegedly coming to work where I am obviously but allegedly drunk as a skunk and allegedly belligerent, although there is no sound track to confirm this, towards the other employees also allegedly coming in to work, where I am allegedly and seemingly yelling at them in a spittle-drenched rage that they are idiots because they are not buying gold, silver and oil...
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news.goldseek.com >> 31 March 2010 |
Faint Spells from Economic Indicators
By: Richard Daughty, The Mogambo Guru
I am always interested in the Conference Board’s Leading, Coincident and Lagging Indicators, mostly because the work is already done and I don’t have to do anything but look at the results, and then take the rest of the day off to think about what it all means.
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news.goldseek.com >> 30 March 2010 |
Ballad of a Heartbreaking Money Supply
By: Richard Daughty, The Mogambo Guru
As much as I scream in Loud Mogambo Outrage (LMO) about the sheer amount of money that is being created that will create horrendous inflation in prices, using whatever data that I can easily get my hands on or, better yet, falling into my lap, or, as a last resort, just making up facts and figures to prove my point, I may, for once in my over-the-top, obnoxious and irritating life (“The Way Of The Mogambo (TWOTM)”), be understating the case! Understating it!
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news.goldseek.com >> 26 March 2010 |
Government Funded Businesses: Going Where the Money Is
By: Richard Daughty, The Mogambo Guru
It’s always been true, over and over, that corruption is always at its maximum at the end of long booms powered by an expansion of money. In the old days, before America lost its collective mind and allowed a fiat currency, government spending was pretty much fixed because the money supply was fixed by the relatively-unchanging supply of gold.
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news.goldseek.com >> 25 March 2010 |
US Inflationary Excesses: Understating the Obvious
By: Richard Daughty, The Mogambo Guru
Being a guy who understands that inflation in prices is the cause of economic misery, and also being a guy who spends a lot of his Precious Mogambo Time (PMT) politely informing people that they are morons for not buying gold, silver and oil to protect themselves from the inflation that must – must! – result from the Federal Reserve creating so much excess money and credit, I was very, very, VERY interested in...
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news.goldseek.com >> 23 March 2010 |
Financial Talk Show Circuit
By: Richard Daughty, The Mogambo Guru
The recent weird action in gold, namely that its price has not risen despite every reason to rise, has people angrily writing to me and saying, “Dear Worthless Mogambo Moron (WMM), You are always telling us that we are stupid unless we own a lot of gold, silver and oil; so I bought some, just like you said to do, but they are not going straight up in a zooming price rise like I want...
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news.goldseek.com >> 21 March 2010 |
The IMF, the EMF and All the Worthless Money In Between
By: Richard Daughty, The Mogambo Guru
There are those (me) who think that the International Monetary Fund (IMF) is a huge load of worthless, corrupt crap, not only because their dismal record pretty much shows that they are miserable failures, but because that is the way things always end up when someone is given power and money in huge amounts, or even in moderate amounts.
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news.goldseek.com >> 19 March 2010 |
US Economic Outlook: Default, Hyperinflation or Both
By: Richard Daughty, The Mogambo Guru
Bill Bonner here at The Daily Reckoning reports that “Even if America taxed 100% of all household wealth, it would not be enough to put its balance sheet in the black”, which I note seems exactly right to me, and I am able to corroborate Mr. Bonner’s analysis because it seems to me that I seem to remember that just the federal budget deficit – alone! – would consume all federal income taxes paid by people and businesses!
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news.goldseek.com >> 17 March 2010 |
Private Debt Decline: Good For US Bad for the Economy
By: Richard Daughty, The Mogambo Guru
I got a disturbing email from Bianco Research which showed a chart of “Private Credit Market Debt” which they say shows “Total credit market creation not including Treasury Debt, Municipal Debt and Agency Debt”.
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news.goldseek.com >> 16 March 2010 |
Inflation Explosions in a Financial Action Film
By: Richard Daughty, The Mogambo Guru
There was an interesting item in The 5- Minute Forecast which read, “Within 12 years, the largest item in the federal budget will be interest payments on the national debt,” which is pretty scary for guys like you and me, especially if you are, like me, a paranoid, frightened and angry little man who sees nothing but complete catastrophe looming up...
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news.goldseek.com >> 14 March 2010 |
Gold, Silver and Oil: Buying the Essentials in Tough Markets
By: Richard Daughty, The Mogambo Guru
The Money Morning newsletter bills itself as “Essential investment news & insight from MoneyWeek.com” which makes me suspicious right away because of all the times I have been lied to over the years by people telling me that something is “essential”, which it seldom is, and it usually turns out to be a code word for, “It’s gonna cost ya, buddy!”
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news.goldseek.com >> 12 March 2010 |
Bet Against the Majority. Buy Gold.
By: Richard Daughty, The Mogambo Guru
I was laid out on the couch, which I remember distinctly because my wife was yelling, “If you’re going lay down on the couch instead of doing something around the house to help me out, at least take your damned shoes off!” and I was using the remote to idly flip through the channels on TV, hoping to catch something in the vein of happy mindlessness, maybe something in the Gilligan’s Island-Bewitched genre, so that I did not have to keep track of a complicated plot and/or a bewildering cast of multi-faceted characters.
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news.goldseek.com >> 11 March 2010 |
CBO Budget Projections and the Horrors of Inflation
By: Richard Daughty, The Mogambo Guru
The pills that I thought were tranquilizers turned out to be vitamins, and although I am on the verge of some kind of mental breakdown because of the mix-up, I feel great!
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news.goldseek.com >> 10 March 2010 |
Using Gold to Fend of the FDIC and Its “Problem Banks”
By: Richard Daughty, The Mogambo Guru
People think that Addison Wiggin is just another talented, intelligent, pretty face who secretly thrills to hear people say things like, “You’re a lot better looking than The Mogambo! And younger and smarter, too!” but he is much, much more than that.
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news.goldseek.com >> 9 March 2010 |
Consumer Debt and the Supply-Demand Dynamic
By: Richard Daughty, The Mogambo Guru
I was recently reminded of the old argument about Say’s Law, and that reminded me that it was Keynes who twisted Say’s theories around to create the ridiculous argument that supply created its own demand, which I say is a load of crap, which pretty much sums up a lot of what Keynes did...
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news.goldseek.com >> 5 March 2010 |
Borrow and Spend Economics to Pay for Borrowing and Spending
By: Richard Daughty, The Mogambo Guru
Okay, I will admit that we had a little accidental gunfire around here recently, but nobody was hurt, and all that really happened is that I wasted a lot of very expensive ammunition and scared the hell out of a lot of people, including myself, a commotion which instantly activated my Amazing Mogambo Reflexes (AMR), making me drop the delicious Hostess Cupcake that I was noisily eating and take cover on the floor, falling, as I did, on top of the aforesaid cupcake, smashing it all over myself, and all over the floor, which made it taste terrible after that.
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news.goldseek.com >> 4 March 2010 |
Gold and Silver Supply: Get Some While You Can
By: Richard Daughty, The Mogambo Guru
Adrian Douglas of MarketForceAnalysis.com took a look at a summary of the goings-on at the Comex, and says, “the data reveals a very shocking trend. That is that the registered (dealer) inventory is being drawn down at a phenomenal rate. In silver the inventory has dropped by 24% in 6 months while in gold it has dropped an eye-popping 41% in 6 months!”
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news.goldseek.com >> 3 March 2010 |
Inflation: The Economic Factor that Never Stops
By: Richard Daughty, The Mogambo Guru
I am a guy who thinks that such huge explosions in money supplies around the world and the explosions in government deficit-spending around the world will lead to catastrophic explosions in inflation in prices, probably around the world.
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news.goldseek.com >> 28 February 2010 |
True Fiscal Insanity: Creating Money to Buy Government Debt
By: Richard Daughty, The Mogambo Guru
I knew that something was amiss when I woke up and the house was quiet. Having the benefit of seeing a lot of movies where things were “too quiet”, I instantly knew that things being “too quiet!” meant that Indians were going to be attacking, or the Japanese attacking, or the Germans attacking, sometimes government goons rushing the place, or zombies, or the police. I dunno who, but you get the point.
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news.goldseek.com >> 26 February 2010 |
Persistent Debts Despite the Printing Press
By: Richard Daughty, The Mogambo Guru
The proverbial boogeyman, the phrase “end of the world as we know it”, is not particularly significant to me because it is, literally, always true, because any progress at all, anywhere, means that tomorrow will never be like today, and so “the end of the world as we know it” can be extended to mean “and it will be better and better!”
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news.goldseek.com >> 25 February 2010 |
Government Stimulates Private Economy With Thin Air
By: Richard Daughty, The Mogambo Guru
Rep. Ron Paul is a Representative from Texas who I mistakenly called a Senator in a previous Mogambo Guru newsletter, which I understand is kind of an insult, and for which I apologize to Rep. Paul. The point being not that I am old and get confused, or that my editor is not catching those kinds of errors just because he doesn’t read it anymore because he is apparently sick and tired of reading my Stupid Mogambo Crap (SMC).
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news.goldseek.com >> 24 February 2010 |
Stock Market Rallies: Nothing Lasts Forever
By: Richard Daughty, The Mogambo Guru
People hear my clear, clarion call for them to buy gold, silver and oil as their protection from the monetary and fiscal stupidities which abound – abound! – all around us, and they have questions, such as the one that is burned into my brain from an altercation this morning outside of the hardware store, where I was telling some idiot to buy gold, silver and oil, and which elicited the response, “Why are you yelling at us in such a deafening manner? Can’t you see that we are standing right here, you moron?” which is, if you count, actually TWO questions!
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news.goldseek.com >> 23 February 2010 |
Common Sense Economics
By: Richard Daughty, The Mogambo Guru
It all started when I read the AP online story about how Greece, now bankrupt from insane fiscal policy, is such a basket case that the story was synopsized as “European leaders on Thursday offered moral support for Greece – but no money – as they sought to calm speculation that the Greek debt crisis may spread to other vulnerable countries and damage the euro currency.”
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news.goldseek.com >> 21 February 2010 |
Calm in the Face of Fiscal Insanity
By: Richard Daughty, The Mogambo Guru
Fortunately, mastery of such complexity is unnecessary for me, as I just buy gold, silver and oil, which will benefit mightily as the government and the Fed ruin everything with their deficit-spending of more and more fiat money. Whee! This investing stuff is easy!
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news.goldseek.com >> 19 February 2010 |
Money Supply Flood to Drown US Economy
By: Richard Daughty, The Mogambo Guru
In short, the blockheads in Congress, the Federal Reserve, the majority of the laughably-incompetent university economics professors in the country, the morons of the President’s council of economic advisors, and all Democrats, all believe that “There is never a good time to rein in government spending according to Keynesian economists and the proponents of big government.”
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news.goldseek.com >> 18 February 2010 |
Monetary Inflation and the 32-Cent Gallon of Gas
By: Richard Daughty, The Mogambo Guru
I got an email from Junior Mogambo Ranger (JMR) Steve, who writes about “a quickie from the show Pawn Stars”, which startled me into Instant Mogambo Alert (IMA) because I thought he said, “a quickie from the show Porn Stars”.
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news.goldseek.com >> 14 February 2010 |
Keynesian Economics: A Halfwit’s Guide to Monetary Inflation
By: Richard Daughty, The Mogambo Guru
Information Clearing House Newsletter had the quote, “Believe those who are seeking the truth; doubt those who find it” by Andre Gide, which is generally true about most things, except in the case of economics, because the only true economic theory has already been found, and it is the Austrian school of economics...
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news.goldseek.com >> 10 February 2010 |
Economic Warnings from an Elderly 3rd Grader
By: Richard Daughty, The Mogambo Guru
I was leisurely looking out of the periscope of the Mogambo Bunker Of Paranoid Fear (MBOPF), using it not as an aiming device with which to direct a devastating firepower at enemies both real and/or imagined, but to look in pity at the faces of all the people passing by, and muttering disrespectful things to myself about each one, like, “Enjoy that new car, fatso!...
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news.goldseek.com >> 8 February 2010 |
Inflation: Ignoring Doesn’t Make it Go Away
By: Richard Daughty, The Mogambo Guru
Being absolutely Frightened Out Of My Mind (FOOMM) about inflation, I am always looking at how much things cost and seeing if there is any inflation, so that the next time somebody tells me that inflation is “tame, benign, absent, nothing to worry about”, I can shake my proof in their stupid little faces and say, “Oh, yeah? Then what do you call this, ya moron?”
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news.goldseek.com >> 4 February 2010 |
The Obama Budget and the Horse You Rode In On
By: Richard Daughty, The Mogambo Guru
From the AP I read the astonishing item that “In a face-to-face encounter, President Barack Obama chastised Republican lawmakers Friday for opposing him on health care, economic stimulus and other major issues.” Hahahaha! This is too rich! Hahaha!
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news.goldseek.com >> 3 February 2010 |
2010 US Budget Strains the Printing Press
By: Richard Daughty, The Mogambo Guru
As I was standing in line at the grocery store, I was generously donating my Precious Mogambo Time (PMT) to educate all within earshot that they are idiots if they are not buying gold, silver and oil, and they were telling me that I was the idiot, and then I told them, no, they were the idiots, and they responded that, no, I was the idiot, and then there was a spontaneous lopsided debate (me against all the them) about who was the most idiotic.
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news.goldseek.com >> 1 February 2010 |
False Hope in Financial Free Lunch
By: Richard Daughty, The Mogambo Guru
Last week’s winner of the Mogambo Most Stupid Quote Of The Week (MMSQOTW) goes to that arch-idiot, Barack Obama – after the contest judge (me) was found (my wife tracked me down) in a local tavern (low-rent girlie bar), and was hurriedly sobered up (to no avail) with some hot coffee (too weak) and a lot of screaming from my wife (loud), mostly centered about what a lowlife bastard I am (with examples).
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news.goldseek.com >> 6 October 2009 |
A Bull in a Silver Shop
By: Richard Daughty, The Mogambo Guru
One of the most interesting news items I’ve found was on the cover of The Financial Times, where I learned that a guy named Lahde “made tens of millions of dollars from betting against the financial and property sectors during [the] past two years”, and he now wanted to thank “the low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA” who made it all possible for him to find enough suckers.
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news.goldseek.com >> 23 September 2009 |
Thank the Fed For Your Lack of Purchasing Power
By: Richard Daughty, The Mogambo Guru
In case you were wondering, there is no way to stop spending a debt-based currency once you start, which handily explains why Doug Noland, in his Credit Bubble Bulletin, asks “what about an exit strategy? Well, I see a ‘No Exit’ sign. These distortions have been going on for too many years and become too systemic. Indeed, government interventions are at the core of systemic fragilities that ensure Washington will continue to meddle.”
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news.goldseek.com >> 22 September 2009 |
Speaking Silver’s Language
By: Richard Daughty, The Mogambo Guru
Everybody knows that I can always be counted on to go ballistic about silver being such a Screaming Freaking Bargain (SFB) because of (according to the most recent Official Mogambo Count (OMC)) more than a dozen very good reasons, which is a lot of reasons, and that at $17-and-change per ounce, silver is loudly saying, “Buy me! Buy me!” although obviously not in the literal sense, nor (perhaps less obviously) in the “voices in my head” sense, which shows I am responding to therapy and why everybody is so pleased with me.
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news.goldseek.com >> 18 September 2009 |
Gold and the Asian Airport
By: Richard Daughty, The Mogambo Guru
I was very interested in the news I read from MarketWatch that said, “Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport”, although it does not say why the depository was built at the airport, of all places.
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news.goldseek.com >> 17 September 2009 |
The Mysterious and Elusive “Extra Money”
By: Richard Daughty, The Mogambo Guru
I always get a kick out of people – like the author of this week’s “Buttonwood’ column in The Economist magazine – who say that tax revenues to government are suffering because they spent all the inflated tax revenues they got all these years, and now the revenues are gone, gone, gone but all the programs and government-paid employment remains! Hahaha! Another downside of acting like idiots.
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news.goldseek.com >> 16 September 2009 |
Debt for Dividends
By: Richard Daughty, The Mogambo Guru
In another episode where the comics page eerily mirrors real life, a recent “Garfield” cartoon has Garfield confronting a resident rat who has been taking cheese, but leaving IOUs, from the “cheese drawer” of the refrigerator. Garfield threateningly says to the rat “Stop with the IOUs” and the rat calmly holds up his hand in protest and says, with a look of utter sincerity on his face, “No, no…I’m good for it”!
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news.goldseek.com >> 15 September 2009 |
The Government-Based Economy
By: Richard Daughty, The Mogambo Guru
I really got a laugh out of the report from Bloomberg that the Democratic Party of Japan (known in the parlance as DP) won an historic victory in the recent elections, coming to power for the first time in decades with “a pledge to support households battered by two decades of economic stagnation”, whatever that is supposed to mean, but which is, upon even casual inspection, Standard Political Crapola (SPC).
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news.goldseek.com >> 11 September 2009 |
Fighting Capitalism With Capitalism
By: Richard Daughty, The Mogambo Guru
As one more bit of proof that the education system of the United States is a dysfunctional piece of liberal crap, how else to explain the fact the far-leftist moron Michael Moore actually got funding, which assumes an interested audience, for his latest movie, titled Capitalism: A Love Story, which, according to Reuters, “launches an all out attack on the capitalist system, arguing that it benefits the rich and condemns millions to poverty.” Hahaha!
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news.goldseek.com >> 10 September 2009 |
Never Say Never to Monetization
By: Richard Daughty, The Mogambo Guru
If you want to know what kind of monetary morons we have in charge of the Federal Reserve, then you have come to the right place, because a record of sorts was set last week, in that the loathsome, disastrous Federal Reserve bought up – in the last 12 short months – $1.011 trillion in US government securities! Yikes!
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news.goldseek.com >> 9 September 2009 |
Clairvoyant Economists Still Pessimistic
By: Richard Daughty, The Mogambo Guru
The Economist magazine, in a column wryly titled “Pangloss Revisited”, notes that “The average deficit over the next decade in now expect to be 5.1% of GDP, compared with an average of 4% in the original budget”, and that even in the last year of the forecast, 2019, the budget deficit is supposed to be 5% of GDP! Wow!
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news.goldseek.com >> 8 September 2009 |
Evicted from Your Brand New Clunker
By: Richard Daughty, The Mogambo Guru
Roger Wiegand of Trader Tracks Newsletter finally says what I always figured: “Cash for Clunkers was a real clunker. One out of four auto buyers using this program is having buyer’s remorse as they just signed-up for so many new payments they cannot afford.”
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news.goldseek.com >> 3 September 2009 |
Subtracting Inflation to Sweeten the Deal
By: Richard Daughty, The Mogambo Guru
I usually get a nice laugh when I read anything by Paul Krugman, whom I regard as just an infamous Princeton academic leftist, a know-nothing neo-Keynesian econometric hack, and an economics columnist for the leftist newspaper NY Times whose writings are lapped up by an incompetent press even as...
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news.goldseek.com >> 2 September 2009 |
The Nightmare of Contemplating Global Derivatives
By: Richard Daughty, The Mogambo Guru
There are plenty of nightmarish things in the world today, but few nightmares match the terror of finding your wife still awake and waiting for you to get home after you had a late night on the town, or if you have money invested that is in the hands of professional money managers...
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news.goldseek.com >> 1 September 2009 |
Driving a Fiat Currency into a Tree
By: Richard Daughty, The Mogambo Guru
Floy Lilley at the Mises Institute, in her essay at LewRockwell.com, notes that the gold-standard dollar “provided us with nothing less than relative peace and prosperity over a span of 136 years” until that fateful year, 1913.
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news.goldseek.com >> 31 August 2009 |
The Big Payback of Nonexistent Money
By: Richard Daughty, The Mogambo Guru
I admit that I was pretty sloshed when I started haranguing the other barfly trash sitting near me about how “It has been said that the big problem with the human brain is that it cannot understand parabolic curves, and it cannot comprehend the horrific folly of the Federal Reserve increasing money and credit parabolically, and...
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news.goldseek.com >> 28 August 2009 |
Big Ben and the Money Machine, Act II
By: Richard Daughty, The Mogambo Guru
Apparently I am one of the few who appreciates the Theater of the Absurd in the Bloomberg news article that reported “President Barack Obama nominated Ben S. Bernanke to a second four-year term starting Jan. 31”, which clearly means that nobody else in their right mind would take the job as chairman of the loathsome Federal Reserve now that...
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news.goldseek.com >> 27 August 2009 |
A Busy Week for the Money Printing Press
By: Richard Daughty, The Mogambo Guru
I had thoughtfully turned off all the audible alarms to the circuits monitoring the nefarious activities of the Federal Reserve, but you could tell by the way the indicator lights were furiously flashing and the recording pens were scratching maniacally across the seismograph paper that something important was up.
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news.goldseek.com >> 26 August 2009 |
More Stupider Economics
By: Richard Daughty, The Mogambo Guru
TheDailyBell.com had an interview that had the title “Why so many conspiracy theories?” which was intriguing enough, but made funny when they editorialized “Dominant Social Theme: Are people getting stupider?”
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news.goldseek.com >> 25 August 2009 |
Golden Eggs in the Most Valuable Market Basket
By: Richard Daughty, The Mogambo Guru
My skin went clammy and cold when I read that over 140,000 people suddenly disappeared from the “continuing claims” rolls of those receiving unemployment checks at the same time as we see rising unemployment.
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news.goldseek.com >> 23 August 2009 |
A Truckload of Bad Data
By: Richard Daughty, The Mogambo Guru
A guy comes into the bar, and I figure he is a trucker because he looks like a trucker and he is wearing a greasy Peterbilt hat. So I say, “Are you a trucker?” and he answers “Yeah. What’s it to you, old man?”
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news.goldseek.com >> 21 August 2009 |
An Overdue Collapse of Money
By: Richard Daughty, The Mogambo Guru
The Economist magazine had the Buttonwood blog titled “Law of Easy Money”, which immediately gets your hopes up that there is such a thing as “easy money”, which actually exists (just ask Connecticut’s Senator Chris Dodd!), but unfortunately not for guys like you and me who don’t have the political power and grease to extort money and skim taxpayers...
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news.goldseek.com >> 20 August 2009 |
Death By Free Lunch
By: Richard Daughty, The Mogambo Guru
July’s 0.1% fall in sales at US retailers has been termed “unexpected” for some reason that I don’t understand since wages are not rising, unemployment is rising, consumer price inflation is rising, consumer debt is not rising and equity withdrawals are not increasing. So if retail sales had increased, where would the consumer have gotten the money?
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news.goldseek.com >> 19 August 2009 |
Cloudy With a Chance of Economic Stupidity
By: Richard Daughty, The Mogambo Guru
Bloomberg had the story about how “The global financial crisis has blown a hole in the ‘efficient markets’ theory on which modern economics and modern finance have been based, said Richard Thaler, a professor of economics and behavioral science at the University of Chicago.
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news.goldseek.com >> 18 August 2009 |
Let Them Inflate
By: Richard Daughty, The Mogambo Guru
I think that Paul Krugman is one of those absurd guys that has no idea what in the hell he is talking about and who owes his undeserved prominence to being a real butt-kissing sucker-upper to Alan Greenspan and his Federal Reserve, and now he’s doing the same thing to the laughable Ben Bernanke and his disastrous Federal Reserve, although I will admit that I don’t know why anybody listens to this guy.
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news.goldseek.com >> 16 August 2009 |
It’s All Worthless Paper
By: Richard Daughty, The Mogambo Guru
Thanks to Junior Mogambo Ranger (JMR) Marc H., who sent the clip from CourtHouseNews.com with the perfect illustration of both the worth of the IOUs that the state of California created and used to pay its bills, and the general worth of fiat money (like the US dollar) in general.
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news.goldseek.com >> 14 August 2009 |
Why the Government Doesn’t Need Your Gold
By: Richard Daughty, The Mogambo Guru
There is suddenly a lot of interest in the idea that the federal government will make holding gold illegal, an example of which is “Is the Confiscation of Gold by Certain Central Banks Likely?” by Julian D. W. Phillips of GoldForecaster.com.
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news.goldseek.com >> 13 August 2009 |
Canary in a Gold Mine
By: Richard Daughty, The Mogambo Guru
I was dismayed to see The Financial Times article about the new Central Bank Gold Agreement, where central banks agreed to limit their sales of sovereign gold to 400 tonnes a year. The European central banks, which includes the European Central Bank itself and the 16 banks of the Eurozone, plus Sweden’s Riksbank and Swiss National Bank, have all signed on with the new plan.
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news.goldseek.com >> 12 August 2009 |
Losing Money So Someone Else Can Make It
By: Richard Daughty, The Mogambo Guru
Lately, I sense a need for a change in my life, to get away from doing anything except working at what I think is my Real Mogambo Mission (RMM) here on this planet you call Earth, which is to eliminate the rule that losing a golf ball in play scores a penalty stroke.
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news.goldseek.com >> 11 August 2009 |
How Do You Like Your Books Cooked?
By: Richard Daughty, The Mogambo Guru
Even knowing that the economy is in a recession/depression, it is the kind of headline that grabs your attention: “Recession Worse Than Prior Estimates, Revisions Show” by Bob Willis at Bloomberg.com. “The first 12 months of the US recession,” he writes, “saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.”
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news.goldseek.com >> 9 August 2009 |
The True Victims of Government Stupidity
By: Richard Daughty, The Mogambo Guru
An article on Bloomberg reported that US Treasury Secretary Timothy Geithner said, “The US unemployment rate may not peak until the second half of 2010, even as the broader economy shows signs of improvement.”
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news.goldseek.com >> 7 August 2009 |
Economy Mimics Global Climate Change
By: Richard Daughty, The Mogambo Guru
Thanks to Junior Mogambo Ranger (JMR) Joseph Z., who sent the Bloomberg article of the National Weather Service saying, “The high in New York City today is forecast to hover around 80 degrees, making it only the second time on record that June and July temperatures failed to reach 90,” which I take as proof that the world is not heating up, but instead is cooling down.
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news.goldseek.com >> 6 August 2009 |
GDP-US Debt Parity Approaches
By: Richard Daughty, The Mogambo Guru
The wife and kids are whining that I need to give them more money because things cost more. Usually I just ignore them or politely tell them something like, “Go to hell, ungrateful parasites!” lock myself in the Secure Mogambo Bunker (SMB) and peer at them through the periscope until they go away and/or shut up.
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news.goldseek.com >> 5 August 2009 |
Drinking Until the Economy Looks Good
By: Richard Daughty, The Mogambo Guru
I have, as part of my Official Mogambo Duties (OMD), spent many an evening at local bars, sampling various beverages and making goo-goo eyes at the barmaids while waxing loud and lyrical about the ludicrous extremes of fractional-reserve banking extant in the world today, a device where banks can loan out huge multiples of any money deposited, keeping only a fraction of the original deposit as reserves to insure against loans not being repaid.
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news.goldseek.com >> 4 August 2009 |
Urgent Update: The Gold Window is Still Closed
By: Richard Daughty, The Mogambo Guru
The month of August 1971 is significant in that this is the month when Richard Nixon told the world, “Kiss my Fat American But (FAB), world, because although we Americans promised to maintain the purchasing power of the dollar against which all other currencies can maintain their value, too, we lied when we said that we would exchange gold for dollars to insure that we did what we said we would! Hahaha!
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news.goldseek.com >> 2 August 2009 |
Golden Umbrellas in an Economic Downpour
By: Richard Daughty, The Mogambo Guru
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.
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news.goldseek.com >> 31 July 2009 |
Golden Shelter from Falling Giants
By: Richard Daughty, The Mogambo Guru
I was reading Michael J. Panzner’s book When Giants Fall, a scary-yet-scholarly look at how the hell we got into this mess, and I was impressed with how the title When Giants Fall so perfectly describes America (the heretofore ravenous, gluttonous engine of global economics based on the fraud of an expanding fiat currency) falling on its fat, stupid face.
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news.goldseek.com >> 30 July 2009 |
US Debt: A Fist Full of Trillions
By: Richard Daughty, The Mogambo Guru
Bill Bonner here at The Daily Reckoning pretty much nailed the problem when he said that “During the 2001-2007 period, credit in the United States increased by $22 trillion. The nation’s GDP increased only by $4 trillion.”
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news.goldseek.com >> 29 July 2009 |
Fiscal Drops in the Bucket Deficit
By: Richard Daughty, The Mogambo Guru
I had just finished Final Lockdown Mode (FLM) here at Rancho Mogambo Bunker (RMB) and was starting to relax, or as much as a guy can relax when a guy is naturally skittish, paranoid and fearful and whose symptoms include rabidly obsessive total denunciation of the disastrous Federal Reserve for creating so much money, the traitorous Congress that allowed it so that it could deficit-spend the money, and the moron American voters that elected and re-elected and re-elected such loathsome, incompetent people to Congress.
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news.goldseek.com >> 28 July 2009 |
Don’t Trust Economists Over 30
By: Richard Daughty, The Mogambo Guru
The Economist magazine, also predictably and inevitably, does not comment on this Gem Of Mogambo Economic Wisdom (GOMEW), which is to buy gold, silver and oil on the advice of the last 4,500 continuous years of the world’s economic history, particularly as it pertains to fiat currencies and the trustworthiness of governments.
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news.goldseek.com >> 26 July 2009 |
The Truest Victims of the Economic Downturn
By: Richard Daughty, The Mogambo Guru
And speaking of inflation, the news must be Pretty Damned Bad (PDB), because inflation in prices was up, despite losses from massive inventory liquidations at fire-sale prices across the board as retailers and wholesalers scale down in response to the increasing bankruptcy of heretofore profligate American consumers and the weird, bloated, cancerous, government-centric economy that they seem to love.
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news.goldseek.com >> 24 July 2009 |
The Dumbing Down of Economics
By: Richard Daughty, The Mogambo Guru
There are those of you, whom I call “the overwhelming majority”, who are dissatisfied with my snotty-and-unshakable attitude about the price of oil, which I confidently predict will go up in price, a Fearless Mogambo Forecast (FMF) based on many, many things, the most important of which is the fact that I am a recklessly arrogant hothead who, unfortunately, is not as smart as...
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news.goldseek.com >> 23 July 2009 |
Spending Money to Make Ends Meet
By: Richard Daughty, The Mogambo Guru
So, this brings us neatly to the point of all of this, which is to buy gold right now, because you will not be able to shoot your way out of a situation where 20% of the army is shooting at you, regardless of what the salesman at the gun shop said when he sold you all of this ordnance.
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news.goldseek.com >> 22 July 2009 |
The Reality of Fictitious Jobs
By: Richard Daughty, The Mogambo Guru
The Bureau of Labor Statistics reported that 467,000 jobs were lost in June, bringing total non-farm employment down to 140.2 million, which, although bad, could have been worse, as I personally haven’t been fired yet, which is the only good news in the whole thing, as far as I can see.
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news.goldseek.com >> 21 July 2009 |
Financial Circulatory System
By: Richard Daughty, The Mogambo Guru
I was surprised to see that the government made $81.4 billion in cash out of papers, inks, and base metals in the last year, taking the total Cash in Circulation (essentially the M1 money supply) to $907.4 billion, whereas the M2 money supply is about $8.3 trillion (9 times larger) and (saving the best for last) the M3 money supply...
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news.goldseek.com >> 17 July 2009 |
The Silver Supply/Demand Imbalance
By: Richard Daughty, The Mogambo Guru
I try not to think about silver, because when I do, my head ends up whirling around at the sheer compelling nature of the fundamentals, and I always come to the conclusions that whirling makes me dizzy and that I need to buy more silver right away because silver is going to start exploding in price over the next few years...
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news.goldseek.com >> 15 July 2009 |
A Fine Time to Raise the Minimum Wage?
By: Richard Daughty, The Mogambo Guru
To show you the kind of idiocy that passes for economics, The Wall Street Journal, in a story about the imminent rise in the minimum wage from $6.55 to $7.25 an hour, notes that the Economic Policy Institute “estimates that the minimum-wage increase will add $5.5 billion to the economy” which makes me laugh – Hahaha! – in a mocking-yet-scornful way as my humble way of saying, “These guys are idiots!”
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news.goldseek.com >> 14 July 2009 |
IOU One More Piece of Paper Money
By: Richard Daughty, The Mogambo Guru
California has so degraded itself into a laughably Leftist socialist/commie-think nightmare that they have, as all socialist/commie-think countries always do, finally bankrupted itself. As Margaret Thatcher, erstwhile prime minister of England, once said, “The problem with socialism is that you eventually run out of other people’s money.” Hahaha! Exactly!
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news.goldseek.com >> 13 July 2009 |
Beginning With Economic Impossibilites
By: Richard Daughty, The Mogambo Guru
Total Fed Credit went down by $9.6 billion last week, which is, in comparison to their wild excesses of late, not that much, and certainly nothing to get excited about. Sort of like how my boss is unimpressed that she only got one letter last week, instead of the usual five, from disgruntled customers complaining about how I called them “morons” because they were not buying gold and silver in response to the government acting like monetary and fiscal idiots.
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news.goldseek.com >> 10 July 2009 |
A Master Stroke of Silver Manipulation
By: Richard Daughty, The Mogambo Guru
The point of all of this is that the Happy Days for the slimy insiders in the silver futures and options market, and those glorious days when you and I could buy ounce after ounce silver at these low, low, unheard-of low prices, are almost certainly all gone, now that the Senate has found willful corruption, and so the day will soon come when silver, free from the slimy manipulations of insiders that one could even argue violate the 14th Amendment, will rise, perhaps a dozen-fold, in price, re-establishing the 16:1 ratio of silver to gold, which will also be, almost certainly, up.
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news.goldseek.com >> 9 July 2009 |
Deflation Hawks Pray for Inflation
By: Richard Daughty, The Mogambo Guru
Just because I am safely and securely locked inside the Fabulous Mogambo Bunker (FMB) doesn’t mean that I am unaware of things, especially those things concerning inflation in consumer prices, which is the One Big Thing (OBT) to be feared above all others, even more than that paralyzing fear of someone seeing you doing you-know-what, especially when they see you doing you-know-what with you-know-who and the can of whipped cream, which you never did use, which is the one saving grace about the whole thing.
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news.goldseek.com >> 8 July 2009 |
Where No Bear Market Rally Has Gone Before
By: Richard Daughty, The Mogambo Guru
In short, all things end, including the phase where a national idiocy prevailed where everyone “invests for the long term” by putting all their money into stocks, bonds, houses, bigger government and an orgy of over-consumption, which is proven to be the wrong thing to do, and where people did not put their money in gold, which is the proven right thing to do, as even a Glornassian Crapworm knows.
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news.goldseek.com >> 7 July 2009 |
Money Tsunami Capsizes the Global Economy
By: Richard Daughty, The Mogambo Guru
I was surprised that Barron’s reported that the banks show their Total Reserves fell from $896 billion to $848 billion, which is a simple math problem that seems custom-made for my abilities in that regard.
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news.goldseek.com >> 2 July 2009 |
Silver Takes on Gold Supremecy
By: Richard Daughty, The Mogambo Guru
Mark at Northwest Territorial Mint suggests that instead of me always yammering about buying “gold, silver and oil”, maybe I should switch to “silver, gold and oil”, which he deems “might even merit an exclamation point” since silver should precede gold in the lineup since silver is probably the most astoundingly under-priced element on the face of the planet!
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news.goldseek.com >> 30 June 2009 |
The Ups and Downs of Money Supply Growth
By: Richard Daughty, The Mogambo Guru
I usually have a get “prepared” to visit John Williams at his famous shadowstats.com site so that I am “feeling no pain,” and this time I was happy I was, as his headline was “Inflation, Money Supply, GDP, Unemployment and the Dollar – Alternate Data Series”.
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news.goldseek.com >> 28 June 2009 |
All the Collateral that’s Fit to Print
By: Richard Daughty, The Mogambo Guru
I was really ready for a laugh when I read the Bloomberg article, “Derivatives Industry Gets Second Look From Congress.” To start off the festivities, it opens with a photo of the odious Christopher Dodd, the self-important arrogant loudmouth from Connecticut who milks the job for special “favors” and personal aggrandizement, actually chairs the House banking committee and, as a long-time member of Congress, is directly responsible for the economic catastrophe befalling us and the world, a sorry fact that I hope is a complete and utter embarrassment to the voters of Connecticut.
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news.goldseek.com >> 26 June 2009 |
Worthless Money from the US to Zimbabwe
By: Richard Daughty, The Mogambo Guru
I had been getting ready for the release of the latest totals of how much credit the damned Federal Reserve had created in the last week, and I am afraid that I overdid it a little. Prying open one bloodshot eye with a numbed finger, I looked at the number and saw that they had created another $29.4 billion in new credit last week! Which wasn’t all that much, in comparison to the records of new money they created in the last year!
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news.goldseek.com >> 24 June 2009 |
The Mysterious Omen that is ‘Divisor Change’
By: Richard Daughty, The Mogambo Guru
In Barron’s this week, they had a big notice, labeled “Divisor Change” pasted onto the chart of the Dow Jones Industrials Average, which leads off their Market Laboratory section. The notice was necessary since General Motors and Citigroup were taken out of the DJI index, while Cisco Systems and Travelers were added, and a difference in their capitalizations means that there must be a divisor change so that the index itself would not change as a result of the substitution. The new divisor is 0.132319125, which is different than the old divisor, which was 0.125552709.
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news.goldseek.com >> 23 June 2009 |
Nightmarish Financial Numbers
By: Richard Daughty, The Mogambo Guru
Minyanville.com had the headline, “Velocity of Money Comes to a Standstill.” The report starts off with the news that “Current consumption, which at $8.2 trillion is around 70% of GDP, has fallen $150 billion from last year,” and that investment, which represents things like building factories, is $1.3 trillion or 11% of GDP, and down 23.3% from last year.”
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news.goldseek.com >> 22 June 2009 |
Solar Powered Economic Downturn
By: Richard Daughty, The Mogambo Guru
If you are one of those people who thinks that the Earth revolves around the sun and that the sun has important implications for life on earth, then I know that you are not a government employee, as everyone from the president, to the Congress, right on down to the municipal employee whose miserable job it is to clean up the filthy toilets after the government employees have messed them up, all think that they can overcome any obstacle – man-made, natural or wrath of a supernatural force – if only given more money in their salaries and budgets.
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news.goldseek.com >> 19 June 2009 |
The Euphoric High of Government Spending
By: Richard Daughty, The Mogambo Guru
I gotta admit that I am confused by lots of things, like how come if my kids hate it here so much, why don’t they run away from home and save us all a lot of aggravation? And then there is my confusion over the Bloomberg.com report that “Brazil and Russia joined China this week in saying they would shift some $70 billion of reserves into multicurrency bonds issued by the International Monetary Fund.” Huh?
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news.goldseek.com >> 18 June 2009 |
Trusting Banks as Far as You Can Throw Them
By: Richard Daughty, The Mogambo Guru
I was kind of dozing, idly dreaming of playing golf, where if I wasn’t putting the ball right into the cup from 25 feet away, then I was chipping it in from 25 yards out, wowing the crowd with deft wedge action, whereupon my caddy, a beautiful girl in a bikini and stiletto heels, would say, “Oooh! Nice one! You are so good that it gets me hot! I am panting for you, my Hot Mogambo Golfing Stud (HMGS)!”
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news.goldseek.com >> 17 June 2009 |
Purchasing Gold as a Product of Plagiarism
By: Richard Daughty, The Mogambo Guru
My latest sure-fire, money-maker idea is to sue Yu Yongding, former bigshot with the Chinese central bank, for plagiarism, as he is the guy who said that “If the US can find a way to protect China’s assets, America’s standing here will increase.”
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news.goldseek.com >> 16 June 2009 |
Chinese Laughter the Sound of US Stupidity
By: Richard Daughty, The Mogambo Guru
The winner of the Mogambo Award For Most Imbecilic Statement Of The Month (MAFMISOTM) comes from a Financial Times article where we read that Tim Geithner, whom I ungraciously call (with a sneer and a voice dripping with a tone of Pure Mogambo Contempt (PMC)), the “rat-like Treasury Secretary of the United States,” tried to convince China that “the US would do what was necessary to bring its budget under control.” Hahahaha!
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news.goldseek.com >> 14 June 2009 |
The Unmistakable Stench of Bad Fiscal Policy
By: Richard Daughty, The Mogambo Guru
I keep marveling at the Financial Times article talking about Angela Merkel, the German chancellor, breaking tradition and ridiculing central banks and their idiotic monetary policies.
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news.goldseek.com >> 12 June 2009 |
It’s All Funny Money
By: Richard Daughty, The Mogambo Guru
The column I wrote last week about the gold content of the Krugerrand versus the Austrian Philharmonic was, it seems, a mistake, and I am really embarrassed. For some reason, I always remember that the Krugerrand (a coin that is 91% gold) always sold for less money than pure-gold coins like the Austrian Philharmonic, and so I was surprised to see that they are now selling at the same price, leading to an incorrect conclusion and a stupid column.
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news.goldseek.com >> 11 June 2009 |
Standing at the Gates of Economic Hell
By: Richard Daughty, The Mogambo Guru
Since being recently stung by my own poor research, bad work habits, a faltering memory and a complete lack of concern, I feebly try to make amends by precisely looking at a $2.7 trillion contraction in available credit, and then mentally comparing that to the $14 trillion in total GDP of the Whole Freaking Country (WFC) and saying, with Typical Mogambo Inexactitude (TMI), “That’s a lot!”
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news.goldseek.com >> 10 June 2009 |
An Economy at the End of its Rope
By: Richard Daughty, The Mogambo Guru
And since inflation is the thing I most fear, I knew that I needed money, and fast. So I spent most of the week setting up Step One of my plan, which involved setting up a fall-guy using the DaVinci Code method to find the words “Danny in accounting will loot the employee pension fund” somewhere in the Bible, but it was pretty much a bust.
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news.goldseek.com >> 9 June 2009 |
Stepping on the Commodities Gas Pedal
By: Richard Daughty, The Mogambo Guru
Oil has, finally, started to rise again, having been down below the breakeven point of pumping it, as they, too, have all kinds of rising costs like everybody else, as well as pension programs and myriad, large governmental entitlement programs to pay for.
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news.goldseek.com >> 5 June 2009 |
The Gold Bull Market and the Fed it Rode In On
By: Richard Daughty, The Mogambo Guru
I thought that as part of the new Mogambo Program To Stop Freaking Out (MPTSFO) and maybe get some sleep that is not disturbed by screaming at nightmares of the horrors of inflation and economic ruin that are the just desserts of an America that has now embraced ignorance, stupidity and sloth as virtues, I had turned off the alarms in the Mogambo Bunker (the MoBu) that were connected to the circuits monitoring the creation of bank credit by the Federal Reserve.
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news.goldseek.com >> 4 June 2009 |
The Unfortunate Adventures of Long-Term Investors
By: Richard Daughty, The Mogambo Guru
Junior Mogambo Ranger (JMR) Michael S. called to make sure I got the new Department of Labor report that says it is beginning on work that “Reforms the Unemployment Insurance System” to “make the UI program a more responsive and effective social safety net and economic stabilizer,” which I assume means higher unemployment insurance premiums for businesses, making them raise their prices, so that the government can hand out more unemployment insurance money.
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news.goldseek.com >> 3 June 2009 |
Economic Extinction of the Least Financially Fit
By: Richard Daughty, The Mogambo Guru
I was settling down with a little microwave pizza as I was watching the YouTube.com video that was featured at InformationClearingHouse.info, titled “The REAL Maverick: Present Economy Worse Than Depression” which was an interview with Nassim Nicholas Taleb and Benoit Mandelbrot.
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news.goldseek.com >> 2 June 2009 |
The Dangers of an Exploding Money Supply
By: Richard Daughty, The Mogambo Guru
With all the trillions of dollars of new money being deficit-spent by the federal government, not the least of which is the mind-boggling $1.84 trillion in new deficit-spending that the Obama administration and Congress have conspired to enact and spend This Freaking Year (TFY), it is at least amusing to know that we taxpayers are paying taxes for nothing! Hahaha! Paying taxes for nothing!
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news.goldseek.com >> 1 June 2009 |
The Reliable Money Supply Spigots
By: Richard Daughty, The Mogambo Guru
Foreign central banks, proving that they are just as stupid and corrupt as I thought they were, continue to buy American Treasury and agency debt with both hands, and their holdings stashed at the Fed jumped a big $26 billion last week as a result!
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news.goldseek.com >> 29 May 2009 |
Yuan to Jump on the Golden Bandwagon?
By: Richard Daughty, The Mogambo Guru
Maybe the fact that central banks, banks and governments around the world are acting like monetary idiots explains why gold is shooting up in price; or maybe that it is going up in price explains why there is such a new interest in gold; or maybe it just explains why people are as disrespectful of the dollar, as am I.
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news.goldseek.com >> 28 May 2009 |
Growing Accustomed to Fed Stupidity
By: Richard Daughty, The MOGAMBO GURU
I knew that gold was doing okay, but I did not know how well exactly, although I knew that gold bullion was up about 3.5% from this time last year, which is better, and by a long shot, than almost anything else you can name, but which is not, I admit, very much.
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news.goldseek.com >> 27 May 2009 |
China Offers the IMF and Indecent Proposal
By: Richard Daughty, The MOGAMBO GURU
This preposterous P/E ratio is caused by the earnings of the companies in the S&P 500 index dropping to a miniscule $7.21 per share (down from the 2007 high of over $84 per share!) at the same time as there are so many complete morons willing to pay $882 a share! Hahaha! Morons!
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news.goldseek.com >> 26 May 2009 |
The Only Two Reasons to Own Gold
By: Richard Daughty, The Mogambo Guru
I always get a real kick out of hearing that “the consumer is 70 percent of the economy,” mostly because it gives me a chance to heap ridicule and scorn on whoever said it, and I say that the consumer is 100 percent of the economy!
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news.goldseek.com >> 25 May 2009 |
The Sharpened Sticks of Quantitative Easing
By: Richard Daughty, The Mogambo Guru
I am proud to announce that I am the winner of the Mogambo Guru newsletter’s famous and much-anticipated “Name The Era Contest” – a task made easier by the fact that I just invented the contest and mine was the only entry.
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news.goldseek.com >> 22 May 2009 |
The Beginnings of the Bottom?
By: Richard Daughty, The MOGAMBO GURU
I despise Alan Greenspan more than all others (which is saying a lot, as I think most Earthlings are pretty damned stupid!), and it is he that I ungraciously characterize as the most obviously mentally ill, low-IQ, delusional lowlife scumbag on the face of the planet because he is directly responsible for every economic and financial problem...
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news.goldseek.com >> 21 May 2009 |
The “Hollywood Star” Method of Economic Prosperity
By: Richard Daughty, The MOGAMBO GURU
I took one last shot of bourbon as an essential anesthetic before I dared venture to that foul den of evil incarnate known as the Federal Reserve, and I am glad I did! I realize that I should be numb to these sick excesses of the Federal Reserve, but I am not sure that I will ever become numb to, for example, last week’s stunning $75 billion increase in Total Fed Credit, which is, literally, the fabled “money from thin air” of story and song.
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news.goldseek.com >> 20 May 2009 |
Delusions of Endless Credit
By: Richard Daughty, The MOGAMBO GURU
James Howard Kunstler, famous author and speaker, opines, “For now, the ‘bottom’ is in” which took me completely by surprise! I mean, how could anybody in their Right Freaking Mind (RFM) think that “the bottom is in” as far as the economy is concerned?
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news.goldseek.com >> 19 May 2009 |
BLS Has One Letter Too Many
By: Richard Daughty, The MOGAMBO GURU
The big news, of course, is that the Bureau of Labor Statistics at the Department of Labor reported that non-farm payroll employment continued to fall in April, and 539,000 jobs were lost, which probably explains why they later note that “Overall, private-sector employment fell by 611,000” and that “the unemployment rate rose from 8.5 to 8.9 percent.”
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news.goldseek.com >> 17 May 2009 |
Quantitative Rising Demand for Silver
By: Richard Daughty, The Mogambo Guru
If you are one of the people who write to me and question my consistent advice to buy gold, silver and oil (“Dear Mogambo, You’re an idiot, which means that you are probably wrong about gold, silver and oil, too! (signed) A guy who can recognize idiots from a mile away”), and who must think that oil will remain low forever, think again:
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news.goldseek.com >> 15 May 2009 |
The Long and Short of Bonds and Gold
By: Richard Daughty, The Mogambo Guru
John Stepek at Money Morning notes that Neils C. Jensen, in The Absolute Return Letter, reports that “using IMF statistics drawn from previous banking crises…the 12 most industrialised countries (including the US, UK and Japan) could need to issue a total of $33 trillion in debt to cover the costs of the crisis. And that’s not even a worst-case scenario – that’s based on the average rise in public debt in the three years following a banking crisis.”
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news.goldseek.com >> 14 May 2009 |
A Sobering Look at Gold Investing
By: Richard Daughty, The MOGAMBO GURU
I looked around the barroom and said, “The gold exchange on the Comex is a den of lying, thieving, corrupt bastards who are in cahoots with the lying, thieving, corrupt banks and the lying, thieving, corrupt government!”
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news.goldseek.com >> 13 May 2009 |
Inflation and the Mass Confusion to Follow
By: Richard Daughty, The MOGAMBO GURU
This massive creation of money and credit will lead to a lot of inflation in consumer prices sooner or later (mostly sooner, and for a long time, too!), because that is what always happens, which explains why I have gold and guns, but does not explain why I wear an aluminum foil hat.
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news.goldseek.com >> 12 May 2009 |
Selling Shorts Out Naked in the Cold
By: Richard Daughty, The MOGAMBO GURU
In a bit of good news, NyTimes.com had the headline “Goodbye to Naked Shorting” by Floyd Norris. He reports that it looks like “naked shorting – the practice of selling shares short without borrowing them – is almost gone.”
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news.goldseek.com >> 10 May 2009 |
Gold in the Face of Government Stupidity
By: Richard Daughty, The MOGAMBO GURU
“Gold Isn’t Going To $2,000 An Ounce” is both the headline and the announcement of Jeff Clark at CaseyResearch.com, a conclusion he apparently reached after he “decided to take a fresh look at calculations that could be used to appraise gold’s upside potential.”
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news.goldseek.com >> 8 May 2009 |
Financial Death by Gold Deficiency
By: Richard Daughty, The MOGAMBO GURU
If you are like me, then you realize the importance of gold and understand the relative unimportance of things like family, friends, coworkers, community and career, none of which are needed when you have a lot of money because you spend all your time having a wonderful, wonderful time, and the only communication you have with any of those vampires sucking the last of your will to live from your dry, drained soul is to say to them, “Tell it to my lawyer!”
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news.goldseek.com >> 7 May 2009 |
Surprised by Money Destruction
By: Richard Daughty, The MOGAMBO GURU
I was pretty surprised that Total Fed Credit fell by a gigantic $81.5 billion last week, taking the total down to $2.088 trillion – but not THAT surprised, since the Federal Reserve has acted so despicably that I am hardly surprised at anything they do anymore, including a huge drop in Fed Credit, even though the Federal Reserve itself bought up $22 billion in various crap last week!
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news.goldseek.com >> 6 May 2009 |
When Fresh Money Goes Rotten
By: Richard Daughty, The MOGAMBO GURU
Economist Robert P. Murphy at the blog Free Advice must have heard me screeching with Total Mogambo Disrespect (TMD) about Congress and Obama deficit-spending almost $2 trillion this year, and he says, “If fiscal policy is a disaster, monetary policy is even worse.”
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news.goldseek.com >> 5 May 2009 |
The Killing of a Worthless Currency
By: Richard Daughty, The MOGAMBO GURU
All of our economic problems are caused by the Federal Reserve creating the excess of money and credit that produced the bubbles in stocks, bonds, houses and size of government, but doesn’t have to be electronic money made from electronic credit.
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news.goldseek.com >> 3 May 2009 |
U.S. Dollar Stuck Between Supply and a Hard Place
By: Richard Daughty, The MOGAMBO GURU
As I look at the pile of bills on my desk – each of them for amounts always marginally higher than they have ever been (since prices are higher than they have ever been and getting higher Every Freaking Day (EFD)) – I can’t help but reflect that our whole Sorry Economic Mess (SEM) is caused by people not paying their debts by borrowing more money with which to pay their debts...
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news.goldseek.com >> 1 May 2009 |
The Limits of Economic Garbage
By: Richard Daughty, The MOGAMBO GURU
I was pretty sloshed as I put another shot of tequila to my now-benumbed lips, but the same thought kept going through my whirling head: Total Fed Credit (also referred to as Federal Reserve Credit), zoomed $70.3 billion last week! Yikes! $70.3 billion of new credit appeared, as if by magic, in the accounts of banks in One Freaking Week (OFW)!
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news.goldseek.com >> 30 April 2009 |
China Stockpiles the “Perfect Money”
By: Richard Daughty, The MOGAMBO GURU
I was amused by the Reuters headline “China Admits to Building Up Stockpile of Gold” – although it kind of took me by surprise that they bought about 600 tons of gold without telling anyone since 2003, growing their stash by 75% since then.
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news.goldseek.com >> 29 April 2009 |
Economic BBQ on the Credit Default Spit
By: Richard Daughty, The MOGAMBO GURU
Addison Wiggin, as part of an advertisement for the new Richebächer Letter, reminded us that “Last holiday season was the slowest in four decades” which is bad news, of course, but it does explain how come I got so few Christmas presents 40 years ago, a time from which I am still carrying a grudge against Santa Claus for the flashy Harley chopper I never got, even though I asked for one every freaking year.
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news.goldseek.com >> 28 April 2009 |
Worthless “Officials” Sell Off Precious Gold
By: Richard Daughty, The MOGAMBO GURU
Gold is thus functioning perfectly, as it retains its value when everything else has turned to crap, and yet here is some “official” of the worthless World Bank looking us right in the eye and saying they want to get rid of it all! Wow! What numbskulls!
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news.goldseek.com >> 26 April 2009 |
Overly Expensive Low-Rent Health Premiums
By: Richard Daughty, The MOGAMBO GURU
My eyes fell upon the opening sentence, as I thought that the New York Post was asking a comical question, “How absurd is the price of health care in New York City?” which I thought would be followed by a comical retort, such as, “So high that it makes you sick!” Hahaha!
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news.goldseek.com >> 24 April 2009 |
Taking Liberties with Price Stability
By: Richard Daughty, The MOGAMBO GURU
Paul Volcker, the legendary former chairman of the Federal Reserve who heroically defeated a raging inflation, against powerful political opposition, which was the result of massive government spending in the ’60s and ’70s on wars and increased entitlement spending, and who is now mysteriously part of the ridiculous Obama team of economic nitwits occupying in the White House, has finally said something!
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news.goldseek.com >> 23 April 2009 |
Marooned on an Island of Debt by Greenspan’s Money Flood
By: Richard Daughty, The MOGAMBO GURU
As usual, I put on an adult-sized diaper and my tinfoil hat in careful preparation to look at the change in Total Fed Credit last week, and it is a good thing I did, too, because the Federal Reserve (as expressed in their secret motto “We Are Evil”) created, out thin air, $29 billion new dollars in bank credit! Wow!
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news.goldseek.com >> 22 April 2009 |
Silver Taste. Base Metal Money.
By: Richard Daughty, The MOGAMBO GURU
Dominic Frisby of MoneyMorning.com writes, “According to Jeff Christian of commodities research firm CPM Group, investors bought 70m ounces of silver in 2007; 100m in 2008; and based on current trends, they’re on track to buy 180m ounces in 2009.”
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news.goldseek.com >> 21 April 2009 |
Demand for Gold is in Mint Condition
By: Richard Daughty, The MOGAMBO GURU
This is where I stand up, look around, and make crude and rude farting sounds to express my complete disbelief that people are not buying gold, silver and oil against this kind of monstrous expansion of the money supply; a behavior which I have promised to no longer do at the dinner table, either at home or someplace else, ever again.
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news.goldseek.com >> 19 April 2009 |
Monetary Lab Experiments on Inflation
By: Richard Daughty, The Mogambo Guru
Bloomberg.com reports that Janet Yellen, president of the San Francisco Fed bank, says, to my complete disbelief, “For some time to come, disinflation, and even deflation, will represent greater risks than inflation.”
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news.goldseek.com >> 17 April 2009 |
The National Debt and the U.S. Selling Spree
By: Richard Daughty, The MOGAMBO GURU
Merely looking at the expression of profound disbelief on my Disbelieving Mogambo Face (DMF) and the sheer terror shining in my eyes lets you know that something is seriously, seriously wrong, and what is wrong is that this $956.8 billion half-year federal financial deficit – alone! – is more than the entire monetary base of the United States of one year ago ($826.9 billion)!!!
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news.goldseek.com >> 16 April 2009 |
Recession Plays the Inflation Fighter
By: Richard Daughty, The Mogambo Guru
The Census Bureau released its estimates of retail and food services sales for March, which they “adjusted for seasonal variation and holiday and trading-day differences, but not for price changes” which is too bad since I don’t feel right unless I have something to be angry about, and I am angry about the Federal Reserve creating so much new money and credit that it will allow the Congress to deficit-spend almost $2 trillion this year alone...
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news.goldseek.com >> 15 April 2009 |
Drawing Blood From Anemic Taxpayers
By: Richard Daughty, The Mogambo Guru
The worst part of the problem is, of course, that people seem, astonishingly, to agree that the purpose of government is to constantly enact new laws and expand entitlement spending. I don’t know where they got that stupid idea, but what happened for half a century was, as we see, disastrous.
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news.goldseek.com >> 14 April 2009 |
Golden Shorts in an Economic Winter
By: Richard Daughty, The MOGAMBO GURU
Now, before I go off ranting and raving about how another bunch of scumbags perpetrated another scam with compliance from government scumbags, let’s concentrate on the important fact that not only are a bunch of guys buying gold and demanding delivery of the actual metal, but now increasing demand has swamped supply! Amazing!
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news.goldseek.com >> 12 April 2009 |
The Means of Surviving Price Inflation
By: Richard Daughty, The Mogambo Guru
Some readers helpfully write that they have detected a new pessimism in recent Mogambo Guru newsletters, not to mention a serious decline in writing quality and a big increase in Valueless Mogambo Stupidity (VMS), which they cheerfully enlighten me about with emails such as...
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news.goldseek.com >> 10 April 2009 |
“We the People” Who Prefer Deflation
By: Richard Daughty, The Mogambo Guru
Patrick J. Buchanan, writing at amconmag.com, asks “Should We Kill the Fed?” which is such a good idea that I herewith volunteer to forthwith do the job as soon as my embarrassingly huge salary and benefit package is finalized.
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news.goldseek.com >> 9 April 2009 |
Employed and Unemployed Both Feel the Pinch
By: Richard Daughty, The MOGAMBO GURU
It ain’t really news that employment is falling along with the economy falling off a cliff because everybody is up to their freaking eyebrows in debt and people and businesses are naturally reluctant to be rushing out to borrow more money will-nilly to spend more, and more, on more and more Cheap Consumer Crap (CCC), and businesses sure don’t need a lot of employees to make or sell less stuff.
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news.goldseek.com >> 8 April 2009 |
No Gold. No Silver. Just Inflation and Hotcakes.
By: Richard Daughty, The MOGAMBO GURU
I’ll bet that if the foreign exchange markets don’t know that the currency of a nation of fiscal and monetary idiots was “a negative for currencies”, then I guess that they also don’t know that gold and silver, when priced in the currencies of fiscal and monetary idiots, will soar as the currency falls in buying power, which is so elementary that I am shocked that they are that stupid!
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news.goldseek.com >> 7 April 2009 |
Useless Currencies of the World Unite!
By: Richard Daughty, The Mogambo Guru
My brain went into some kind of weird spasm when Zhou Xiaochaun, head of the People’s Bank of China, went on record as saying that he doesn’t trust the dollar to be the world’s reserve currency anymore, and wants, instead of gold, the International Monetary Fund to expand the supply of Special Drawing Rights (SDRs), which is just another stupid fiat currency, to use as the world’s reserve currency! Gaaahhhh!
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news.goldseek.com >> 5 April 2009 |
No Debt Left Behind
By: Richard Daughty, The Mogambo Guru
Over at Whiskey & Gunpowder, an essay by Don Stott of coloradogold.com reveals that we are more alike than we thought, in that he, too, is “astonished at the credulity and unabashed total economic illiteracy of the American and even the world’s public. We’re headed for hyperinflation, with prices of everything going through the roof, and America is buying stocks rather than gold and silver?”
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news.goldseek.com >> 3 April 2009 |
Dinosaur Economists and their Paper Currency
By: Richard Daughty, The MOGAMBO GURU
It all seems so weirdly surreal when federal deficit-spending exceeds 14% of GDP, which doesn’t even include the 7% of GDP that is the “balanced part” of the federal government’s budget!
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news.goldseek.com >> 2 April 2009 |
The Foul Stench of Rotten Economic Theory
By: Richard Daughty, The MOGAMBO GURU
I am known throughout this galaxy as a guy who “gets things done” with the still-experimental Mogambo Insulting Method Of Pedantry (MIMOP), whereby I instruct pupils in the subtleties of the True Mogambo Way (TMW) by insulting them, mostly by easily ridiculing their intelligence by merely casually noting that none of them own gold and silver...
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news.goldseek.com >> 1 April 2009 |
Credit-Based Money System and the Plight of Un-rich Peons
By: Richard Daughty, The MOGAMBO GURU
George Ure of UrbanSurvival.com writes that the magic of just pounding money into the economy doesn’t seem to be working this time, and it reminds him of “the old engineering/design flow-chart joke that went around about 20-years back that had a place in the engineering process labeled ‘Insert Miracle Here’.” Hahaha! Good one!
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news.goldseek.com >> 31 March 2009 |
Gasoline on the Money Supply Fire
By: Richard Daughty, The MOGAMBO GURU
Agora Financial’s 5-Minute Forecast conveniently distills the Truly Horrifying News (THN) of recent Federal Reserve action by saying, “In a single breath, the Fed committed another $1.15 trillion to the credit quagmire” with “$750 billion for purchasing mortgage-backed securities from Fannie Mae and Freddie Mac (on top of the $500 billion the Fed has already promised)” plus “Another $100 billion directly toward Fannie and Freddie’s debt. That’s also atop a pre-existing $100 billion program.”
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news.goldseek.com >> 30 March 2009 |
U.S. Government Buys Hypocrisy With Fiat Currency
By: Richard Daughty, The MOGAMBO GURU
Doug Noland of PrudentBear.com has found all kinds of interesting things this week, especially if you enjoy heart palpitations and crushing chest pains, which is what you get when you read Mr. Noland reporting that “The M2 (narrow) ‘money’ supply surged $39.8bn to a record $8.343 TN (week of 3/9)” which means, “Narrow ‘money’ has now inflated at an 18% rate over the past 25 weeks and $766bn over the past year, or 10.1%”! Yikes!
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news.goldseek.com >> 22 March 2009 |
Quantitatively Easing into a Stupid Idea
By: Richard Daughty, The Mogambo Guru
The most popular question that I get asked these days is still the perennial favorite, “Is there something wrong with you that makes you sound stupid?” (Answer: yes), but the second most popular question is, “What’s next?” to which I reply, “Time for dessert! And if not, then time for a snack of high sugar and low nutritional value of some sort! And ditto a beverage!”
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news.goldseek.com >> 20 March 2009 |
Solid Gold Advice for Chinese Economists
By: Richard Daughty, The MOGAMBO GURU
In case Mr. Wen Jaibao wants to know how much of a rise in price inflation that will follow such a rise in the money supply, I will tell him, “I have no idea, but (in keeping with mixing up Eastern philosophies with religions), I have a riddle for you, Wen, baby: ‘What is the sound of one hand clapping when the hand is burned to a cinder with two red-hot pokers instead of just one red-hot poker?’“
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news.goldseek.com >> 19 March 2009 |
Stupid Ideas that Drag Down Consumer Spending
By: Richard Daughty, The Mogambo Guru
We have, I assume, entered into some kind of parallel universe, mental illness, bizarro-world Economic Stimulus Package From Hell (ESPFH) that makes me howl in paralyzing fear, shouting “This can’t be happening! We’re freaking doomed!”
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news.goldseek.com >> 18 March 2009 |
There’s No Place Like Gold
By: Richard Daughty, The Mogambo Guru
I was captivated by the Wall Street Journal headline “Bearish Big Investors Catch Gold Bug” by Gregory Zuckerman, because I don’t ever expect to see anything favorable about gold in the WSJ since it is concerned primarily with providing information and news about stocks and bonds so that you will be motivated to constantly buy and sell stocks and bonds.
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news.goldseek.com >> 17 March 2009 |
The End of the Dividend Fallout
By: Richard Daughty, The Mogambo Guru
There are a lot of stockholders who buy stocks for the dividends that they pay, which is supposed to be one of THE major reasons why people buy stocks in the first place, and it makes sense… Why would you buy a business if you never got any money out of it?
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news.goldseek.com >> 15 March 2009 |
‘Going Galt’ is a Futile Fad
By: Richard Daughty, The Mogambo Guru
So, if you think that the federal government needs your stupid tax money or that you can hurt them by working less, then I laugh – Hahahaha! – at the very concept! The Fed can, literally, create unlimited amounts of credit in the banks, which becomes unlimited amounts of money, with which to buy unlimited amounts of Treasury debt so that the government can spend unlimited more amounts of money than it collects in taxes!
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news.goldseek.com >> 13 March 2009 |
Trade Deficit Steals Private Sector’s Wallet
By: Richard Daughty, The Mogambo Guru
I was at the bar, having a social drink and explaining to the usual crowd of drunken morons how the Federal Reserve has destroyed the purchasing power of the dollar by their insane over-creation of money and credit and that is why things always cost more and more, when the room started spinning and my head suddenly fell forward in a drunken coma.
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news.goldseek.com >> 12 March 2009 |
Nowhere at Best – Wiped Out at Worst
By: Richard Daughty, The MOGAMBO GURU
The Bureau of Labor Statistics of the U.S. Department of Labor came out and confirmed what everybody already knew; people are losing their jobs at a terrifying clip – which makes me wonder how long it will be before I get fired, too, and I wish that I had more gold, silver, oil and armaments with which to ward off those people who do NOT have gold, silver and oil...
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news.goldseek.com >> 11 March 2009 |
Attack of the Debt Mobs
By: Richard Daughty, The MOGAMBO GURU
I am so outraged at this that I say we ought to rise up in outrage and rush to our telephones, where operators are standing by to take your order for “Mogambo Brand” Mob Supplies (MBMS), including not only the popular Mogambo Flaming Torch (MFT) and Mogambo Long-Tine Pitchfork (MLTP)...
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news.goldseek.com >> 10 March 2009 |
Dividend Drop-Off: When Cushions Turn to Rocks
By: Richard Daughty, The MOGAMBO GURU
I thought that my eyes were playing tricks on me, but it looked like the earnings of the S&P Industrials Index went down last week, plummeting to $65.86 from $85.90 the week before, all of which probably explains why the Wall Street Journal reports that railroads “have seen shipping volumes drop by double-digit percentages in recent months”, and that “the nation’s five largest railroads have put more than 30% of their boxcars – 206,000 in all – into storage.” Yikes! A third less volume!
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news.goldseek.com >> 8 March 2009 |
Neo-Keynesians Draw Laughter from Surrounding Planets
By: Richard Daughty, The Mogambo Guru
The bad news is that the National Association of REALTORS announced that existing-home sales plunged 5.3% in January, and that, even more worrisome, 45% of the houses sold were of “distressed properties.”
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news.goldseek.com >> 6 March 2009 |
Golden Butter on Inflation Toasted Dollars
By: Richard Daughty, The Mogambo Guru
There are obviously a lot of differences between me and damned near everybody else, one of which is that I spend a lot of time screaming in outrage about the stupidities of Congress (spendthrift morons and their half-witted commie/socialist absurdities) and the Federal Reserve (for creating too much money and credit, with which to buy the Treasury debt necessitated by Congress’s continual, crazy, catastrophic deficit-spending).
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news.goldseek.com >> 5 March 2009 |
The U.S. Financial System: A Flimsy House of Paper Promises
By: Richard Daughty, The MOGAMBO GURU
Junior Mogambo Ranger (JMR) Phil S. sent me the essay titled “Government: A Successful Failure” by Robert Anderson, erstwhile professor of economics at Hillsdale College and executive secretary of FEE, and posted at LewRockwell.com.
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news.goldseek.com >> 4 March 2009 |
U.S. Taxpayers: The Few. The Proud. The Unprofitable.
By: Richard Daughty, The MOGAMBO GURU
There are many things that scare me in this world, but none is more horrendous than the short extrapolation that came out a few years after government debt went from 78% of GDP in one year to 100% the next.
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news.goldseek.com >> 3 March 2009 |
A Government of Spendaholics
By: Richard Daughty, The MOGAMBO GURU
The catastrophe of such a thing like that happening kind of dazed me with a sort of petrifying fear, and the next thing I knew they were talking about the federal budget deficit, too, and that the deficit for 2009 “is now estimated at between $2 trillion and $3 trillion, give or take a few hundred billion.”
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news.goldseek.com >> 1 March 2009 |
Confidence in Asian Benevolence
By: Richard Daughty, The Mogambo Guru
The Conference Board’s index of consumer confidence declined to the lowest level since they started collecting data in 1967, which is why Bloomberg.com reported that “Confidence among U.S. consumers plunged to a record low in February, signaling spending will slump further as unemployment soars.”
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news.goldseek.com >> 27 February 2009 |
Optimism in the Face of Inflation
By: Richard Daughty, The MOGAMBO GURU
I thought I was still asleep and merely dreaming when I opened up Barron’s and saw that the earnings of the S&P 500 dropped to $28.75, which is down from last week’s $45.95, which is down from last year’s $78.80.
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news.goldseek.com >> 26 February 2009 |
Go Ahead, Make My Money
By: Richard Daughty, The MOGAMBO GURU
Total Fed Credit, otherwise known as Federal Reserve Credit, ballooned by a huge $76.9 billion last week, taking the Fed’s total “help” to the scumbag banks to a nice, cool $1.9 trillion, of which a whopping $56 billion gob of the money created last week by the Fed was used by the Fed itself to buy Treasury securities for itself! Hahaha! What a scam!
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news.goldseek.com >> 25 February 2009 |
The Devastating Chaos of Financial Butterflies
By: Richard Daughty, The Mogambo Guru
Gerald Celente, founder and director of the Trends Research Institute opines, “To be using 1930s models to get the U.S. out of this is really stupid. Back then when we first crashed, most people didn’t have homes. There was no such thing as home equity loan. And back then, people didn’t have credit cards. The consumer wasn’t 14 trillion dollars in debt. We had a manufacturing base that built the world out of the Great Depression following World War Two. We no longer have that.”
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news.goldseek.com >> 24 February 2009 |
Gold in the Art of Bread Consumption
By: Richard Daughty, The MOGAMBO GURU
And with universal participation, because all currencies will fall due to over-issuance, everybody in the whole world is going to jealously watch their neighbors and relatives making profits by buying gold and holding it against the guaranteed loss of buying power of their money! Wow! Everybody in the world!
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news.goldseek.com >> 22 February 2009 |
Gold: Finding Honest Money in the Midwest
By: Richard Daughty, The MOGAMBO GURU
An article by Ambrose Evans-Pritchard in the Telegraph had the headline, “If Eastern Europe falls, world is next”, which I take to be a new domino theory, as the domino theories I am used to, run along the lines of, “If anything happens to America, everybody else is freaking toast!” and the more personal, “If anything happens to the cookies in my lunchbox, Mogambo, you are a dead man!”
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news.goldseek.com >> 20 February 2009 |
Chinese Fiat Coupons
By: Richard Daughty, The MOGAMBO GURU
An easy way to increase the money supply is by counterfeiting money, or its equivalent, by printing coupons, and this is now being done by the Chinese, as we learn from the report titled “Chinese Offered Consumer Tickets” by Olivia Chung at atimes.com.
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news.goldseek.com >> 19 February 2009 |
The Government-Based Economy
By: Richard Daughty, The MOGAMBO GURU
Using my time constructively, I am standing here, still seething about the corruption of the Congress and the Federal Reserve and plotting my revenge as I wait for him to take his argument to the next step and say that since we have a fiat currency, a corrupt Congress and a complicit Federal Reserve, then let’s really get this thing in gear!
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news.goldseek.com >> 18 February 2009 |
Financial Contracts and the Lying Liars Who Create Them
By: Richard Daughty, The Mogambo Guru
The Economist magazine innocently asks, “Why is finance so unstable?” Immediately, I jump to my feet to scream my guts out that, “It’s because the amount of corruption is, like it always is at the end of long booms, completely off the freaking charts, and nothing is as it seems; everybody is lying to you; everybody is trying to steal your identity and you are being ripped off every freaking day, in countless ways, by corrupt thieving morons in government who are so, so desperate at this point that they are resorting to insanity!”
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news.goldseek.com >> 17 February 2009 |
An Edifice of Pure Economic Crapola
By: Richard Daughty, The MOGAMBO GURU
Benn Steil, who is on the Council of Foreign Relations and an editor of an economics journal, is writing in the Financial Times, see, and his essay has the catchy headline “Keynes and the Triumph of Hope over Economics”, which is so terrifically profound and funny at the same time that I laughed out loud, which was unfortunate, as I had just taken a big bite of a yummy chilidog and it sprayed all over the place as a result of my mighty guffaw.
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news.goldseek.com >> 16 February 2009 |
Buy American: Protection From Yourself
By: Richard Daughty, The Mogambo Guru
Unbelievably, the abject stupidity of protectionism, in this case the so-called “Buy American” protectionism, is now resurfacing after all these decades of everything “going global” so that now the stupidity of protectionism is even more glaringly stupid since the globe has grown into a huge, incestuous, corrupt labyrinth interwoven with...
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news.goldseek.com >> 14 February 2009 |
A Sobering Look at Gold Investing
By: Richard Daughty, The MOGAMBO GURU
I looked around the barroom and said, “The gold exchange on the Comex is a den of lying, thieving, corrupt bastards who are in cahoots with the lying, thieving, corrupt banks and the lying, thieving, corrupt government!”
A Sobering Look at Gold Investing
By: Richard Daughty, The MOGAMBO GURU
I looked around the barroom and said, “The gold exchange on the Comex is a den of lying, thieving, corrupt bastards who are in cahoots with the lying, thieving, corrupt banks and the lying, thieving, corrupt government!”
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news.goldseek.com >> 13 February 2009 |
SOS: Suffocating On Spending
By: Richard Daughty, The MOGAMBO GURU
Voluminous police reports through the years chronicle my wailing and screaming in fear, often far into the night, as neighbors and family complain until the police come by the house in their squad cars to investigate, like I am so stupid that I don’t know enough to shut up when I see them coming! Morons!
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news.goldseek.com >> 12 February 2009 |
Silver and Gold Will Make You More Attractive
By: Richard Daughty, The MOGAMBO GURU
SilverForecaster.com announces that “silver has done well” recently, as far as its price is concerned, which is almost certainly explained by the old demand-versus-supply market-clearing pricing mechanism, which means that since the price went up, then demand must be up, too, and more than supply is up; or it means that supply is down more than demand is down; or it means something else entirely, maybe, since I have seemingly confused myself.
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news.goldseek.com >> 11 February 2009 |
Don’t Pay Your Debt: A Page from the Fed’s Playbook
By: Richard Daughty, The MOGAMBO GURU
Frosty Wooldridge, writing at NewsWithViews.com, has the same kind of attitude I do, and has titled a recent essay, in all-capital letters, “BAILOUTS: A COMPLETE FRAUD AGAINST THE AMERICAN WORKER” which is certainly attention-getting… But, alas, lacks the requisite proper punctuation, which in this case I judge to be two exclamation points, at least. Probably three.
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news.goldseek.com >> 8 February 2009 |
Unemployment Figures, Right Between the Eyes
By: Richard Daughty, The Mogambo Guru
So the Big Freaking Question (BFQ) is: How long before the hyperinflationary phase about which I have been yammering begins – bringing back up the prices of stocks, bonds and houses so that the moronic government can once again wallow in a sea of tax receipts? Hahahaha!
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news.goldseek.com >> 6 February 2009 |
Inflation Took My Medication
By: Richard Daughty, The MOGAMBO GURU
The Harper’s Index had the interesting entry, “Percentage by which the $750 billion bailout exceeds the total U.S. GDP of a century ago, adjusted for inflation: 50.” Naturally, I am confused as to what in the hell this actually means since there are so many variables, including traveling through time, and it looks like it means that the GDP of a century ago was an inflation-adjusted $500 billion, but that involves math, and so I can’t be sure of anything.
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news.goldseek.com >> 5 February 2009 |
U.S. Recession: Is the End Nigh?
By: Richard Daughty, The MOGAMBO GURU
Frank Holmes at USFunds.com writes, “When it comes to the global economy, there’s a huge surplus of bad news and there’s a good chance that more is coming” – so much so that “Positive indicators are in short supply” which he qualifies by saying, “but there’s a good chance that more of these are coming, too.”
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news.goldseek.com >> 4 February 2009 |
Sound Money Falls on Deaf Paper Ears
By: Richard Daughty, The MOGAMBO GURU
James Turk of GoldMoney.com has penned “Restoring Sound Money in America”, which makes me cry out in despair when one considers the fraud of the Federal Reserve’s constantly increasing amounts of fiat currency and credit, a corrupt and complicit Congress that condones it, a despicable Supreme Court which allows it all (by negating Article 1, Section 10 of the Constitution mandating that gold will be money), and the legions of people (Wall Street, Congress and the bankers) to whom a sound, non-inflating currency means the end of their loathsome, corrupt businesses and speculative excesses.
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news.goldseek.com >> 3 February 2009 |
Retail Sales Gobbledy-Gook
By: Richard Daughty, The MOGAMBO GURU
From census.gov we get the news that retail and food services sales were down a huge 2.7% in December compared with sales in November, and sales were down “9.8 percent below December 2007.”
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news.goldseek.com >> 1 February 2009 |
Deficit Spending and the Credit You Rode In On
By: Richard Daughty, The Mogambo Guru
The AP news service reports that “The federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year”, which is “more than four times the $108.8 billion in red ink recorded during the year-ago period.”
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news.goldseek.com >> 30 January 2009 |
Debt-Addled Coconuts on Gilligan’s Island
By: Richard Daughty, The MOGAMBO GURU
I was halfway through a pitcher of cheap beer when I began to have visions. I thought that a pretty girl at the end of the bar was flirting with me, but that turned out to be wrong when I heard her tell the bartender that she thought I was “creepy.”
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news.goldseek.com >> 29 January 2009 |
Money Creation, Tim Geithner and the Thin Air in Between
By: Richard Daughty, The MOGAMBO GURU
There was a photo of Tim Geithner, the former Governor of the Federal Reserve Bank of New York who is going to be the next Treasury Secretary of the USA, on the front page of the Financial Times last Thursday, and it is spooky in several ways.
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news.goldseek.com >> 28 January 2009 |
Bad News For Those Who Like Food
By: Richard Daughty, The MOGAMBO GURU
Always being on the lookout for inflation is part of The Mogambo Way (TMW), as there is nothing else that can destroy a society faster than a lot of angry people who cannot afford to buy food for themselves or their hungry children, and after awhile the incessant whining and crying of hungry babies gets on the nerves of the adults both in the room and for blocks around until, suddenly, one day, something just snaps and there is Hell To Pay (HTP).
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news.goldseek.com >> 27 January 2009 |
Patching Up the World With Golden Glue
By: Richard Daughty, The Mogambo Guru
The word 'Gaaaahhh!' escapes my throat, as all of this was BEFORE all the new promises of massive new deficit spending! Trillions of dollars of federal deficit spending per year, for years and years and years into the future! Again, 'Gaaaahhh!'
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news.goldseek.com >> 25 January 2009 |
Canceling the Debts of Greedy Pigs
By: Richard Daughty, The Mogambo Guru
In this case, the debts of greedy pigs are being cancelled by the government giving them their money back by buying worthless assets, a scam wherein we define the term 'greedy pigs' as 'all of us.'
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news.goldseek.com >> 23 January 2009 |
Shining Your Bank Account with a Liquidity Buffer
By: Richard Daughty, The MOGAMBO GURU
'Strategic priorities' are, of course, 'Keeping this thing going as long as possible so that I can keep this job where I spend a lot of my time goofing off and finagling to get the most money and benefits for myself', but what is a 'liquidity buffer'?
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news.goldseek.com >> 22 January 2009 |
Golden Eggs in the Hard Times Cafe
By: Richard Daughty, The MOGAMBO GURU
It took a moment for it to sink in that things are going to be 'hard', and that we will have to 'do right' to prove our character. When it did, I thought to myself, 'It's worse than we thought! We're freaking doomed!'
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news.goldseek.com >> 21 January 2009 |
Golden Sanity Amid Fits of Fiscal Madness
By: Richard Daughty, The MOGAMBO GURU
And as the bust continues, gold always becomes MORE valuable as everything else turns to crap and the government starts destroying everything with fits of fiscal madness in its insatiable quest for more money, more money, more money!
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news.goldseek.com >> 20 January 2009 |
A World of Financial Freeloaders
By: Richard Daughty, The MOGAMBO GURU
And then, as another benefit of giving money to people, I thought of older people who've had their damned grown children move 'back home' to live with them, all crammed into the one house, sometimes dragging their kids along…
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news.goldseek.com >> 18 January 2009 |
Government Gone Insane
By: Richard Daughty, The Mogambo Guru
It's just too bad that government workers are a deadweight loss, as they produce no profit from their labors with which to pay their bloated salary and benefits packages, and they produce profit-lowering costs for those who must obey their commands, sort of a lose-lose situation.
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news.goldseek.com >> 16 January 2009 |
What Can You Buy With 50 Billion Zimbabwe Dollars?
By: Richard Daughty, The MOGAMBO GURU
The biggest banknote in Zimbabwe is worth only enough to buy two lousy, stinking loaves of bread! Fifty billion Zimbabwe dollars for two loaves of bread!
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news.goldseek.com >> 15 January 2009 |
No Taxation Without Inflation
By: Richard Daughty, The MOGAMBO GURU
In the meantime, if you are like me - who is like Peter Finch's character in the movie Network - then you are either at, or near the point where you are standing in the street, screaming, 'I am as mad as hell and I'm not going to take this anymore!'
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news.goldseek.com >> 14 January 2009 |
There's Always Opportunity in Crisis
By: Richard Daughty, The MOGAMBO GURU
I know there is opportunity, just like I know you ruined my life! That is why I am buying gold, silver and oil at these ridiculously low prices, so that when they soar…I will be rich, rich, rich!
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news.goldseek.com >> 13 January 2009 |
The Troubled Asset Pension Fund
By: Richard Daughty, The MOGAMBO GURU
I hastily scrapped all the other 'it ain't my fault' defenses…and now…I immediately declared my little department to be a bank, and plowed all of the employee pension fund money into it as shareholders of the bank.
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news.goldseek.com >> 11 January 2009 |
World Record Debt! Somebody Call Guinness!
By: Richard Daughty, The MOGAMBO GURU
But this new spending is, of course, entirely predictable, as this is what has always been done by all other bankrupt, brain-dead corrupt governments on this planet in the past 4,500 years that had racked up so much debt that they collapsed.
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news.goldseek.com >> 9 January 2009 |
Interest Rates Have "One Too Many"
By: Richard Daughty, The MOGAMBO GURU
Apparently, the horrifying news of negative interest rates does not register with these morons; the bartender went back to talking to the pretty girl at the end of the bar, and the other barfly customers were flipping those little beer-stained cardboard coasters at me saying, 'Shut up!'
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news.goldseek.com >> 8 January 2009 |
The U.S. Dollar: A Federal Reserve Thingy
By: Richard Daughty, The MOGAMBO GURU
And this, together with the economic disaster that is already out there, only proves the utter, utter failure of the Federal Reserve to 'preserve the value of the dollar', which is their freaking mission in life. Morons!
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news.goldseek.com >> 7 January 2009 |
Fed Refuses to Trade Secrets
By: Richard Daughty, The MOGAMBO GURU
Unfortunately, while I am exactly like the Federal Reserve in that we are both total, complete failures at our jobs, mostly through sheer stupidity, the repercussions are quite different.
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news.goldseek.com >> 6 January 2009 |
Steady Diet of Chinese Currency
By: Richard Daughty, The MOGAMBO GURU
Well, egg rolls or not, pretty soon everybody is going to have more egg rolls, as the Chinese are engaging in massive stimulus spending, too, just like we and everyone else are…
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news.goldseek.com >> 4 January 2009 |
Fixing the Unemployment Outlook
By: Richard Daughty, The Mogambo Guru
Hell, at that rate, I'll personally hire 5 or 6 people right now, full-time, to get my yard, trees and shrubberies in shape, wash and wax the cars, and do all of that fixing, painting and replacing of broken, leaking or noisy crap around the house…
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news.goldseek.com >> 2 January 2009 |
Silver Runs for Sanitation Commissioner
By: Richard Daughty, The Mogambo Guru
The good news is not only that I don't own any public facilities that have garbage disposal or HVAC liabilities, but also that both of these nightmares are solvable by silver, which is already in less supply than the demand can satisfy…
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news.goldseek.com >> 31 December 2008 |
No Lag When Indicating Inflation
By: Richard Daughty, The Mogambo Guru
And the reason is that the Lagging Indictor with its inflation detector attributes has been rising faster than the other two for as long as I can remember without doing the actual work to look it up.
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news.goldseek.com >> 30 December 2008 |
Illustrating How the Dollar Gets Whacked
By: Richard Daughty, The Mogambo Guru
In the last 7 years, the dollar has fallen 33% according to the dollar index, which has fallen from 120 to 80, which is actually up as the dollar has exploded back 15%, rising from 72 to 83, in the year.
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news.goldseek.com >> 26 December 2008 |
A Government of People-Eaters
By: Richard Daughty, The Mogambo Guru
And it is especially worrisome now that the government's monumental Social Security, Medicare and Prescription Drug Coverage problems would be solved if all of us old people suddenly died.
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news.goldseek.com >> 24 December 2008 |
Loaned, Sold, and Gone… But Still Owned
By: Richard Daughty, The Mogambo Guru
I realize, too late, that accounting was not the long suit of the audience, so I say, 'The guy to whom you loaned your car turned around and sold your car, kept the money, and you still think that you have the car? Hahahaha!'
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news.goldseek.com >> 23 December 2008 |
A Novel Approach to Debt Management
By: Richard Daughty, The Mogambo Guru
What? A $2 trillion federal budget deficit? In a $13 trillion national economy? Gaaahhhh! When the trade deficit is running at almost $900 billion a year? Double gaaahhhhh!
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news.goldseek.com >> 21 December 2008 |
Economic Pseudoscience
By: Richard Daughty, The Mogambo Guru
So, since all the world's currencies are now fiat currencies, and they can all be easily inflated by infinite amounts until they are as worthless as a Zimbabwean dollar, thus they are all equally as safe and ultimately as valuable, too!
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news.goldseek.com >> 19 December 2008 |
Are You Smarter than a Bond Trader?
By: Richard Daughty, The MOGAMBO GURU
Pardon me for interrupting today's Stupid Mogambo Rant (SMR) with my laughing…but every time I think of some bozo buying 30-year Treasury debt at a price that is so high that the bond then yields a teensy-weensy 3% or so for 30 freaking years, I have to laugh when I think of such blinding stupidity!
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news.goldseek.com >> 18 December 2008 |
Collapse and Ruination from Gluttonous Growth
By: Richard Daughty, The MOGAMBO GURU
If $2.8 trillion has been lost, then how much of this lost money that came into existence when it was first borrowed from a bank, is still owed to a bank? Or the shadow banking system?
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news.goldseek.com >> 17 December 2008 |
No Rest for the Unemployed
By: Richard Daughty, The Mogambo Guru
Oddly enough, there is no statistical offset for people like me, who are the nation's over-employed, which is to say we are chronically lazy, worthless and undependable louts who SHOULD be unemployed, but who actually have jobs!