I include that “gonggggg” because that is the sound that I distinctly heard when I saw the figure “$540 billion”, so you can see why I was distracted with this “gonggggg” thing, as the first thing that crossed my mind was that it sounded like a funeral gong or something equally as spooky.
November 18th, 2008 | Mogambo Guru | 4 comments | ContinuedArchive for Mogambo Guru
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.
Wounded Wolves on the Financial Prairie
I said out loud to the family, “This is interesting news! Bloomberg.com says, ‘The U.S. government’s borrowing needs will almost double to $2 trillion this fiscal year, prompting the Treasury to revive three-year notes and hold more frequent sales of 10- and 30-year debt, according to Goldman Sachs Group Inc.’”
November 11th, 2008 | Mogambo Guru | 1 comment | Continued
Federal Reserve Boosted Total Fed Credit
Last week the Federal Reserve boosted Total Fed Credit, namely the amount of fresh credit that appears on the books of the banks, by another staggering $245.4 billion!…
October 28th, 2008 | Mogambo Guru | 0 comments | Continued
Ben Bernanke Pays Homage to Milton Friedman’s Theory
I think it is true “Theatre of the Absurd” that Ben Bernanke, chairman of the Federal Reserve, paid direct homage to Milton Friedman and one of Milton Friedman’s theories, namely that the Great Depression could have been avoided if the Fed had plowed enough money into the economy, by thanking Mr. Friedman, and admitting that the Federal Reserve had made a mistake in the ’30s, and vowing that the Fed would never again make that mistake.
October 21st, 2008 | Mogambo Guru | 5 comments | Continued
The Dollar is Performing Well Against Other Currencies
So it is with great relish that this week, my Gratuitous Mogambo Attack (GMA) is the “Economic Focus” column in The Economist magazine, this one titled “The Resilient Dollar”, which I thought would be interesting, in that not only is the dollar strangely going up against other currencies, but still going down against inflation, as are all the other countries in the world that are showing positive rates of inflation, which is, oddly enough, ALL the other countries in the world! Hahaha!
October 14th, 2008 | Mogambo Guru | 2 comments | Continued
Government Spending Spree
If you want to know the Real, Real Reason (RRR) why we are being subjected to a $700 billion bailout of the economy, which is just the beginning, it is because the despicable Alan Greenspan, during his foul 18-years as chairman of the loathsome Federal Reserve, created all the money and credit that financed the stock market boom, the bond market boom, the housing boom and (worst of all) the growth-in-government boom…
October 7th, 2008 | Mogambo Guru | 0 comments | Continued
Borrowing Money is no Longer in Fashion
The economic slowdown has been characterized as “consumers are de-leveraging”, which is an interesting turn of phrase that means that people are not borrowing money to spend. The importance is dependent on your perspective. Those people who are not borrowing money to spend are thus suffering the pangs of a lowering of their lifestyle, which depended on borrowing money to spend; and then they come around, whining about stupid things…
September 30th, 2008 | Mogambo Guru | 1 comment | Continued
Lying Heads of the United States Congressional Budget Office
Now that aggregate government spending is approximately half of all spending in the United States, the major point of all the recent losses is the effect that Florida, like many states, is discovering to its horror that tax revenues are falling as the economy spirals down and down. The state governments are reacting as you would expect, initiating all kinds of tiny spending cuts, massive stealth tax hikes…
September 23rd, 2008 | Mogambo Guru | 1 comment | Continued
No Silver at the U.S. Mint
I had just gotten off the phone to find out why the silver I ordered last month has not arrived, and I get some runaround about how there is no silver to be had to fill my order. Naturally, being familiar with how the supply/demand dynamic works, I call the little clerk a lying piece of thieving garbage, because it is impossible that the market price of silver is going down in an environment of zero supply and obviously rising demand!
September 16th, 2008 | Mogambo Guru | 1 comment | Continued
Gold is the Only Place to Turn in Times of Inflation
All of this monetary crap, and the inevitable government responses, means that huge inflations and deflations in relative prices will re-shape this country and this world, and that means that I need more gold, silver and oil as vital protection against the financial upheavals it guarantees, a Mogambo Blast-Proof Bunker (MCPB) nearby in which to keep them, and more ammo…
September 9th, 2008 | Mogambo Guru | 1 comment | Continued