Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main 
  
 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Q2 2014 Primary Silver Miner Update: Increased Production… Falling Profits
By: Steve St. Angelo, SRSrocco Report

Asian Metals Market Update
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain While Stocks Drop Over 1%
By: Chris Mullen, Gold-Seeker.com

US Dollar is the Last Stop Before Gold & Silver Spike
By: David Morgan

Stealth Gold Stock Rally
By: Gary Tanashian

TransTech Digest: GDF11: Good for the Head and the Heart
By: Patrick Cox

Gold Will Surprise In More Ways Than One
By: Bob Loukas

Is There A “Back Door” Method For The Government To Pay Down The Federal Debt Using Private Savings?
By: Daniel R. Amerman, CFA

It's all about the dollar!
By: Bill Holter

UK Joins U.S. Bombing, Courting Danger
By: John Browne, Senior Economic Consultant at Euro Pacific Capital

 
Search

GoldSeek Web

 
US Economic Outlook: Bad and Getting Worse

By: Richard Daughty, The Mogambo Guru - The Daily Reckoning


-- Posted Thursday, 22 July 2010 | Digg This ArticleDigg It! | | Source: GoldSeek.com

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 so that the loathsome Obama administration can deficit-spend us into hyperinflation, whereas spouses and children will be just a heavy millstone around my poor, aching neck, dragging me down, down, down by forcing me to spend money on them for their food and medical care and all the rest of that expensive crap.

So I was thinking that my economic situation had gotten a lot worse, and that I am probably the only guy in the whole world whose life Really, Really Sucks (RRS), when I saw a new survey by AlixPartners showing that 71% of Americans report that their economic situation is “the same,” “somewhat worse” or “a lot worse” than this time last year. Wow!

Being one of those guys who thinks his economic situation is “a lot worse,” I instantly see that only the people who think their situation is “a lot worse” are correct, as we are the only ones who actually understand how this “economics” thing works, or at least think we do, or at least say we do, or at least wish we did.

If AlixPartners had called me with this question, I could have told them that everybody’s economic situation is “a lot worse” because the foul Federal Reserve has created too much money over the past few decades, and then one despicable Congress after another borrowed and spent it, disguising it with off-budget accounting and other slimy trickery to create a large, terrifyingly over-intrusive system of governments and their legions of beneficiaries that are now half the population, with the inevitable result that we have been destroyed by inflation in consumer prices and strangled by a cancerous economy that is composed of massive government taxation and spending, and, like poor old Sisyphus pushing a big rock to the top of the hill only to have it roll again to the bottom, busily complying with ever, and evermore, government regulations.

And, alas, it will all get a Lot, Lot Worse (LLW) from now on with the panicked idiocy of the Obama administration deficit-spending a couple of trillion dollars per year, every year until you are old and the sheer insanity and smug arrogance of Ben Bernanke in charge of the despicable Federal Reserve creating the jillions and gazillions of dollars to make it happen.

So, since we are all in this together, I think I have proved that everybody is “a lot worse,” and those who think differently do not understand inflation, as their usual-yet-laughable 1% and 2% wage increases, reported by the Labor Department, are a lot less than the real rate of inflation for a decade that has been running consistently north of 6%.

Of course, my Big Mogambo Plan (BMP), designed to capitalize on this idiocy, is to buy gold, silver and oil so that my situation will soon improve dramatically. For those who don’t, it won’t. And it is the former who can declare, “Whee! This investing stuff is easy!”


-- Posted Thursday, 22 July 2010 | Digg This Article | Source: GoldSeek.com


Visit The Daily Reckoning's website.



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2014


© GoldSeek.com, Gold Seek LLC


GoldSeek.com Supports Kiva.org

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.
OilSeek.com