The winner of the Mogambo Award For Most Imbecilic Statement Of The Month (MAFMISOTM) comes from a Financial Times article where we read that Tim Geithner, whom I ungraciously call (with a sneer and a voice dripping with a tone of Pure Mogambo Contempt (PMC)), the "rat-like Treasury Secretary of the United States," tried to convince China that "the US would do what was necessary to bring its budget under control." Hahahaha!
Now, there are many ways to define "do what is necessary," and after the fiasco of the United States now being known as a country that tortures people, the sky's the limit on that, I guess, and as it turns out, I was right!
Listen to this: Geithner, the rat-like Treasury Secretary of the United States, told the Chinese that after a long period of grotesque, Banana-
Republic style fiscal excesses for the next decade or so, we would "do what is necessary" to somehow, some day, at some time in the unforeseeable future, nobody knows how, or when, the government of the USA will bring down "the fiscal deficit to about 3 per cent of gross domestic product"! Hahahahahaha!
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The long string of the repetitious use of the word "ha" is my clever way of communicating in prose the sheer degree of disrespectful laughter that this ludicrous crap deserves! Hahahahaha!
The reason for my scornful laughter is mostly because I have already been drinking heavily to toast my success in getting through another day without screaming my guts out that we are all doomed from the effects of this monetary and fiscal insanity and how much I hate everybody connected with it, and so it somehow strikes me as funny that this federal spending deficit of 3% of GDP is the point where it starts getting bad! Hahaha!
And this (hahahaha!) is the goal? Hahaha! We're going to bring the fiscal deficit down to the point where (hahahaha!) history says that we have to do something to reduce the fiscal deficit? Hahahahaha!
By this time I am laughing so hard that I am sorry that I ate all that pizza for lunch, and with gasping, rasping breath I am coughing up bits of lung tissue, along with pieces of sausage with tomato sauce, while trying to say, "Stop! Stop! Hahahaha! My stomach is hurting from all this laughter! Hahaha!"
Oddly, enough, this is NOT the place in the speech where the Chinese students laughed in the face of the rat-like Treasury Secretary of the United States, although I am sure that there was a of tittering and indecipherable muttering that sounded like "Ho how chang won hong chow?" which is difficult to translate literally, but means, "What in the hell is wrong with this idiot? Did he really say that the long-term goal of these American lowlifes is to bring their fiscal deficit to 'about 3 percent of gross domestic product,' when the goal is actually to have a balanced budget, no debt, and with the government tax rake-
off being as small as possible?"
I can see where they would not laugh at such insufferable stupidity, considering the consequences. Instead, they laughed, according to Financial Times, when he said that "Chinese assets are very safe," which actually may have been a joke on the infamously corrupt Chinese government, which routinely takes property from citizens, actually killing millions of them in the recent Cultural Revolution, and continues its thieving ways even now by also creating lots of money and credit so that it is constantly stealing the buying power of the money that people hold! Hahaha!
On the other hand, maybe they laughed because Chinese students know that with a fiat currency like the dollar and a spendthrift, redistributionist, commie-think Leftist government like the American Congress causing the over-creation of more money and credit, the dollar is doomed, and so the idea of dollar-denominated assets as being safe is totally ridiculous.
The Financial Times came to another conclusion, and said that while the comment of the rat-like Treasury Secretary of the United States "drew loud laugher from his student audience," it was "a reflection of skepticism among many Chinese about the wisdom of building up large foreign reserves." Hahaha!
Now I am laughing too, especially since this puts them miles ahead of us Americans, who think nothing of putting all our money, and all our retirement hopes and dreams, into dollar-denominated assets! Hahaha!
The Chinese have expressed their skepticism by starting to accumulate some gold and commodities. We should do the same.
And while we are at it, accumulate some silver and oil, too, an investing decision made so easy by the astounding fiscal and monetary stupidities of government that it makes you giggle with glee, "Whee! This investing stuff is easy!"
The Mogambo Guru
for The Daily Reckoning Australia
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About the Author
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.
