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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:

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:

Visit The Daily Reckoning's website.


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