-- Posted Thursday, 11 December 2008 | Digg This Article
| Source: GoldSeek.com
Al Korelin of the Korelin Economics Report had Tim Wood and Bill Murphy debating each other at the 2008 Las Vegas Hard Assets Investment Conference on the issue of whether or not gold is manipulated by a so-called Gold Cartel, which I think of as a sinister and shadowy bunch of lying, thieving bastards consisting of "the US Government, including the Fed and Treasury, various other central banks, and bullion banks like Goldman Sachs and JP Morgan Chase", who are conspiring together to secretly suppress the price of gold for various reasons, frustrating the hell out of gold bulls like me who look at all the stupid crap that is going on in the domestic and world economy, thanks to the idiocy of all countries having fiat currencies and central bank excesses, and I wonder, "How in the hell, in light of the entire global history of governmental monetary stupidity, can gold NOT be going to the freaking moon?"
Well, Mr. Wood said "no" to conspiracy and Mr. Murphy said "yes" to conspiracy, with both of them taking turns citing relevant facts that I had either forgotten about, or almost forgotten about, but mostly never even heard about because I am an unusually ignorant and stupid guy; but I soon noticed that nobody called Alan Greenspan a treacherous moron, or accused the Federal Reserve of being a corrupt den of idiot-savant morons who have doomed us with an excessive creation of money and credit; nor has anyone called the Congress a bunch of corrupt morons for letting the Fed and the banks commit all of their stupidities, until more and more I was itching to join the conversation and make a few caustic and rude remarks along those lines to correct the perceived imbalance, and maybe tell a few jokes to liven up the show, like, "How many guys like Ben Bernanke does it take to screw in a light bulb?"
The answer is, "Just one, I suppose! He probably knows how to change a damned light bulb, but he doesn't have any idea how in the hell economics works, because he actually believes that idiotic, equation-laden, neo-Keynesian, stochastic general equilibrium, government stimulus 'spending to replace collapsed consumer demand' crap that has now failed so badly that we have a collapsing, ruined economy. Hahaha!"
You can tell by the way that I wrote "Hahaha!" at the end of the sentence that it's a joke, but nobody laughed, and in fact, nobody paid any attention to me at all.
So, sulking, I sat back down in my chair in a petulant huff, and in a "sour grapes" moment, thought to myself, "What in the hell does this have to do with me making a lot of money, anyway? Or maybe becoming an emperor? Yeah! Emperor! That's it! Taking over the world where I could dispatch armies of bad-tempered underlings to fetch Alan Greenspan and ferret out all the people who aided and abetted him all those years, like this Bernanke creep, and bring them all to me! And then hurl them rudely and unceremoniously into a writhing clump of stinking, worthless intellectual garbage, cringing at my imperial feet and begging for my mercy and I will laugh - hahaha! - at them!"
Carried away like that in my little daydream of glory, wealth and revenge, it was somewhat of a surprise to have Mr. Wood say, "Don't invest in a gold equity that is subject to tremendous amounts of management and other sorts of risk and expect it to perform like a gold bar stored in your safe at home."
And brother, I heard that! Gold bullion is about where it was a year ago, whilst gold-mining equities have been pounded down by half or more, like all the other stocks in the world. Fortunately for us gold owners and investors, losses in gold-mining shares have been somewhat offset by the relative strength of gold bullion! Hahaha! I love this stuff!
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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. Click here to visit the Mogambo archive page.
-- Posted Thursday, 11 December 2008 | Digg This Article | Source: GoldSeek.com
