-- Posted Wednesday, 5 September 2007 | Digg This Article
I have some good news, in that Addison Wiggin revealed in a piece on Bill Bonner's new book Mobs, Messiahs and Markets, that that book is "rollicking". And, apparently, the point is easy to follow, even for a really stupid guy like The Mogambo, as, "In the end, the margin between success and failure, profits and losses, defeat and victory is VERY NARROW. And the little margin of success can often be traced to a single insight."
A single insight! One! One thing to learn! "This insight," adds Mr. Wiggin tantalizingly, "is what you will find described in this remarkable new book." One thing to learn! I love this book already!
And I was MORE entranced about the book when I saw that the book was co-authored by Lila Rajiva, of whom I had never heard, and naturally figured that she was going to add the "woman's perspective" on things, such as, you know, saying things like, "The accelerating trade deficit and fiscal deficit financed by insane degrees of money creation by the bizarre Federal Reserve was so horrifying that it made my large breasts heave and peek from beneath my flimsy blouse, making me blush to crave strange, forbidden passions I had dared not dream! Oooh and aaahhh! See revealing photo montage on pages 36-187."
But, alas, there is no mention of anything like that anywhere else in the piece, so she probably really IS a "political journalist" like it says. The closest the book ever got to intimating "forbidden passions" was alluded to by the word "more" in the blurb, "The insight you will gain from this astonishing book is CRUCIAL to your understanding of politics… history… investments… and more!"
Greg Grillot of the Whiskey and Gunpowder newsletter says the book has prompted him to say, "I think the fellas in charge of America are nothing but arrogant, ignorant and murderous monkeys."
Hmmm! I think this is where I went wrong in my first book, cleverly titled, "The Federal Reserve, with the willing cooperation of a corrupt Congress (except Ron Paul), destroyed the economy of America by creating too much money and credit, and I blame you for electing these worthless Congressional thieves and morons (except Ron Paul), you traitorous voting bastard, and I ought to track you down and slap the living hell out of you for it, but then I think 'Why bother?', as the economic results of your stupidity will soon teach you plenty, you halfwitted, ignorant piece of socialist, communist, collectivist, Statist garbage."
Yes, the title is long, and I think I see where I went wrong, in that I did not have a female co-author, I had no monkeys, and the whole first half of my book was devoted to dry Indecipherable Mogambo Terminology (IMT), such as "Worthless, lying, corrupt, filthy, murderous scum", which is defined as, anybody ever elected, especially to Congress, in the last 50 years who is NOT Ron Paul.
Likewise I defined "Greedy, thieving, lying, and economically destructive human trash" as the Federal Reserve and the bankers, and "Corrupt, lying, thieving, worthless international murdering communist scumbags" is, of course, the United Nations.
After tucking this invaluable bit of information away in time to be useful for my next book, (Working title: "I told you that you were doomed, you freaking moron, but you wouldn't listen! Now die the painful death reserved for people so economically stupid and so corrupt that they consciously ignore history, education, common sense and their own freaking Constitution!"), I again turn to Mr. Wiggin, who says, "When a nation is on the upswing, the average person can swing along with it…and enjoy a reasonably decent life."
Suddenly, I realize that this sounds like the boom part of the Austrian Business Cycle Theory! And sure enough, he goes on, "But inevitably, all public spectacles must have their victims…their lemmings…their cannon fodder…their market losers. And when things go bad, the average man is the one who suffers. He is the man who patrols Baghdad's streets…and pays Wall Street's salaries. He is the man who sends his money to the House of Representatives so it can be spent on boondoggles while his own house is lost to foreclosure. He is the victim of mass sentiments…"
This is when I breathe a sigh of relief to discover that the Single Good Idea he was talking about is NOT (as I originally feared), "Don't loan money, tools or your car to The Mogambo", which is the first thing people teach their children and newcomers around here.
Perhaps, instead, he is talking about how, "the majority must be wrong" is an economic law because it is only the majority that has the money to lose, giving the money to the small minority of successful investors and the huge financial services industry that gorges itself on the sheer volume and velocity of money that goes through its hands, gulping and slobbering like The Mogambo at an "All you can eat buffet" of crab legs, shrimp and fabulous fried foods, where I famously throw whole tubs of healthful-but-yukky steamed broccoli to the floor in comedic disdain, and shout "Bah!"
Mr. Wiggin, not known as a fan of broccoli, either, then goes from the theoretical to the pragmatic when he says, "At this very moment, the public markets are teetering on the brink of a major change of direction…$500 trillion in derivatives could be ready to explode…$15 trillion in worldwide stock market capitalization could disappear…the average American house could lose 20 - 40% of its value…as 5 million families are forced into bankruptcy."
And, to make matters worse, somebody has to clean up all that damned broccoli on the floor. Ugh.
****** Mogambo sez: Nothing will shine as brightly as gold, silver and oil when the encroaching darkness of economic nightfall becomes a nightmare of financial horror, as they always have, and as they always will, as a result of a central bank committing the brain-dead economic sins like the Federal Reserve has done. It ain't funny, but it is true, which is about all I can manage these days.
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Editor's Note: Richard Daughty is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the editor of The Mogambo Guru economic newsletter - an avocational exercise to heap disrespect on those who desperately deserve it.
The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning and other fine publications.
-- Posted Wednesday, 5 September 2007 | Digg This Article
