Junior Mogambo Ranger (JMR) Main I asks,
"The dollar was at 72.98, but gold went down
US$16.70/oz, and silver went down 66 cents/oz
more? Was the PPT at work? What's your best guess,
Mogambo?"
Naturally, my best guess is that
somebody had recently bought a lot of silver
and/or gold, and some supernatural power (such as
Mother Nature or her idiot son, Dumb Luck) is mad
at them for some reason, probably vanity like in
the Greek dramas, and so this malevolent
supernatural power is punishing them, and other
silver and gold investors are simply being dragged
down with them.
You will be relieved to
know that I know what I am talking about, as I am
a guy who has been the victim of vengeful outside
forces so, so, so many times before. I mean, every
time I tried
something
I failed, every time I invested in something it
would go down, every time I took a girl out on a
date I ended up in court, and after I finally
succeeded in tricking some girl into marrying me,
every time I had another kid, it would be just as
ugly, and smelly, and poopie, and loud, and
useless as the last one! And expensive! And you
can't even sell one or two of them or auction off
their organs to make a little money, but which
nobody tells you BEFORE you have the damned kids!
Or it could be that the Plunge Protection
Team is, as JMR Main hypothesized, actually at
work keeping the markets up with their slimy
central bank, commercial bank and government bag
of tricks, and I say "could be" because I have no
way of knowing, but I will tell you that I would
be absolutely flabbergasted and stunned to learn
that they were NOT intervening in the markets to
keep these over-bought, over-promised,
over-leveraged, over-the-top idiocies from
collapsing in flames and killing everybody!
Mighty, Mighty Surprised (MMS)!
It's just
too bad it can't work, and it will all end up as
more losses. And that is where the REAL trouble
begins. Losses on this kind of scale are the worst
kind of bad news for tax revenues and those
governments and recipients who depend on tax
revenues, which rhymes so well that I am going to
turn it into a Mogambo Hit Song (MHS) that
features loud, over-driven electric guitars,
pounding drums with delay effects, a thumping,
thundering bass line and me screaming out the
lyrics; "Bad news for tax revenues!"
The
next line of lyrics is controversial, because the
official lyrics on the copyright form read, "And
now they're coming after yous", which I understand
is bad English and I should be embarrassed, but I
am not, because I did that on purpose, and not
just because it rhymed. When the song is played
backwards, it sounds like "You're freaking doomed,
you moron, because you are so damned stupid that
you let your precious elected officials let the
Federal Reserve create so damned much fiat money
and so damned much credit, via so damned much
unlimited fractional-reserve banking, and for so
damned long, that you must be brain-damaged to
even bravely hope that it will not end badly, you
stupid lame brain!"
My amazing musical
talents aside, there is no end to my contempt for
the intellectual prowess of us Americans, who
actually believe that something so preposterous
could POSSIBLY work out, because to see the utter,
utter foolishness of such a thing, all they had to
do is ask themselves, "Hey! Duh! Umm, if a
government could print money for itself to spend,
then, like, you know, why don't all governments do
it, and why haven't they always done it? Is there
a reason why they don't?"
Exactly. And
it's always fatal in the late stages, too.
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.
Republished with permission from
The Daily
Reckoning .
Copyright 2008, The Daily
Reckoning.
Head
Office: Unit B, 16/F, Li Dong Building, No. 9 Li Yuen Street East,
Central, Hong Kong Thailand Bureau:
11/13 Petchkasem Road, Hua Hin, Prachuab Kirikhan, Thailand 77110
