California has so degraded itself into a laughably Leftist socialist/commie- think nightmare that they have, as all socialist/commie-think countries always do, finally bankrupted itself. As Margaret Thatcher, erstwhile prime minister of England, once said, “The problem with socialism is that you eventually run out of other people’s money.”
July 14th, 2009 | Mogambo Guru | 8 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.
Federal Reserve and the Huge Tsunamis of Money
Then, to add that essential touch of surreal whimsy that seems to permeate all things fiscal and monetary these days, I additionally note that not only did Total Reserves go down in the banks by $48 billion to $848 billion, but I will note that Total Reserves one year ago were a miniscule $41 billion! Hahahaha!
July 7th, 2009 | Mogambo Guru | 3 comments | Continued
Bad News if You Are Afraid of Inflation in Consumer Prices
As for inflation, his calculation of the Consumer Price Index “reflects the CPI as if it were calculated using the methodologies in place in 1980,” which I note is back when inflation was a measurement of the change in prices of things that you buy…
June 30th, 2009 | Mogambo Guru | 0 comments | Continued
Velocity of Money and the U.S. GDP
This week, the Mogambo is bombarded by a variety of fiscal numbers, from the velocity of money to US GDP. And as bad as they all are, it’s no wonder they’re giving him nightmares. The Mogambo explains…
June 23rd, 2009 | Mogambo Guru | 1 comment | Continued
Chinese Laughter the Sound of US Stupidity
Laughter is a sound usually indicative of something enjoyable… But there are at least two exceptions to this: 1. When the Mighty Mogambo laughs his Scornful Laugh Of The Damned (SLOTD), and 2. When Chinese students laugh at the US Treasury Secretary. Sadly, you’ll hear both in today’s essay. Read on…
June 16th, 2009 | Mogambo Guru | 0 comments | Continued
What is this “Breakeven Point” for Oil?
And it is not just oil, but all commodities that are shooting up, as Ian Mathias here at The Daily Reckoning reports that commodities are on a tear (up 12.3%), and that “May was the best month for the CRB Index since 1974,” which was more than a third of a century ago.
June 9th, 2009 | Mogambo Guru | 2 comments | Continued
Federal Government Making Taxpayers Pay Taxes for Nothing
Now, there are many definitions of nothing, most of them referring directly to me, as in “you are nothing as a husband, father, employee, neighbor, citizen or even a pale resemblance to a normal human being,” but in this particular case I am referring to all of the federal personal income taxes paid last year, net of refunds.
June 2nd, 2009 | Mogambo Guru | 1 comment | Continued
Two Good Reasons to Own Gold
Just when I thought I would go berserk at such horrific economic news, I see John Stepek at Money Morning newsletter had a subhead that caught my eye, which was “Three sound reasons to own gold.”
May 26th, 2009 | Mogambo Guru | 1 comment | Continued
Job Losses From Private-sector Rose Since Beginning of Recession
My disrespect for “public servants” who make more than their employers (the taxpayers) while doing an obviously poor job aside, in the category of “professional and business services”, that industry lost 122,000 jobs in April.
May 19th, 2009 | Mogambo Guru | 2 comments | Continued
The Practice of Naked Short-selling
Thank goodness! As a greedy optimist, one can certainly understand the attraction of naked short-selling because (for one thing), “Naked short-selling can save a trader the costs of borrowing shares.”
May 12th, 2009 | Mogambo Guru | 3 comments | Continued
Monetary Inflation the Old-fashioned Way!
All of our economic problems are caused by the Federal Reserve creating the excess of money and credit that produced the bubbles in stocks, bonds, houses and size of government, but doesn’t have to be electronic money made from electronic credit.
May 5th, 2009 | Mogambo Guru | 1 comment | Continued
IMF Deems Gold An Idle Asset
The World Bank – which is a total failure, which is explained by it being a ludicrous clot of communists and socialists – never saw economic tragedy coming, either, and estimates that “over 90 million people may be pushed into poverty in the global economic turmoil.”
April 28th, 2009 | Mogambo Guru | 0 comments | Continued
Gold and Silver Demand Unprecedented
In fact, demand for gold is so high that “Sales in the United States of the one-ounce gold American Eagle coin, minted from gold bullion, soared more than 400 percent in 2008 over previous sales to 710,000 ounces”…
April 21st, 2009 | Mogambo Guru | 20 comments | Continued
Investors in COMEX Futures Don’t Necessarily Want Physical Gold
The big problem belongs to the short-sellers of gold, who are finding, suddenly, that “long buyers were demanding in droves” – demanding physical gold bars, when, apparently, there were not enough.
April 14th, 2009 | Mogambo Guru | 4 comments | Continued
Special Drawing Rights Used as the World’s Reserve Currency?
As usual, I get no feedback from the Chinese, perhaps thanking me for saving their economic butts by pointing out where they have been so stupid as regards this “gold money” thing by, you know, sending me a couple of tons of it, or even a fruit basket would be nice, ya know?
April 7th, 2009 | Mogambo Guru | 3 comments | Continued
