Comments on: More Stupider Economics http://dailyreckoning.com/more-stupider-economics/ Entertaining Ideas on the Economy, Markets, Gold, Oil and Investing Strategies. Sat, 20 Mar 2010 14:06:06 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: wadoeyeno http://dailyreckoning.com/more-stupider-economics/#comment-20792 wadoeyeno Wed, 26 Aug 2009 14:15:25 +0000 http://dailyreckoning.com/?p=17991#comment-20792 Hi Mike, I'm a little confused so I hope you can help. You say that the Mogambo is "a right-wing fanatic who doesn’t understand anything at all about modern economics. I’m amazed that he’s managed to stay in business at all". So if we accept that he means what he says, then by default all of the so called experts who do understand modern economics i.e those to the left of his position, have done wonders with the economy & all of this talk of banks going bust & fractured society e.t.c, e.t.c is just a load of bull and that in the real world all is ok! Hi Mike, I’m a little confused so I hope you can help. You say that the Mogambo is “a right-wing fanatic who doesn’t understand anything at all about modern economics. I’m amazed that he’s managed to stay in business at all”. So if we accept that he means what he says, then by default
all of the so called experts who do understand modern economics i.e those to the left of his position, have done wonders with the economy & all of this talk of banks going bust & fractured society e.t.c, e.t.c is just a load of bull and that in the real world all is ok!

]]> By: Brown R http://dailyreckoning.com/more-stupider-economics/#comment-20749 Brown R Wed, 26 Aug 2009 07:41:30 +0000 http://dailyreckoning.com/?p=17991#comment-20749 Immediately After Welcome Bernanke, Oil sold off. Made me laugh. Hahaha! Immediately After Welcome Bernanke, Oil sold off.
Made me laugh.
Hahaha!

]]> By: sprite http://dailyreckoning.com/more-stupider-economics/#comment-20728 sprite Wed, 26 Aug 2009 04:53:47 +0000 http://dailyreckoning.com/?p=17991#comment-20728 Oh, MY GOD! There are people out there taking Mogambo seriously. He doesn't even take HIMSELF seriously, which is why he is having more fun than the average bear. (Get it, that's a pun.) The language existed before the rules, so that's not worth mentioning. Mogambo is not pretending to be an economist. He is a fun-loving, shamelessly self-promoting hack for commodities trading, and since he advocates buying gold, he can't ever be wrong, because while gold may have been at $600 a while back, one of those $600 (in other words, $1) could have bought TWO, 2 liter cokes. Now that gold is at over $900, it takes at least $1 to buy just ONE of those 2 liter cokes. Gold protects the value of your dollars, so that no matter how weak the currency becomes, you can still buy 2 two liter cokes, even if it takes $100 to buy them, because you didn't keep $1 in your pocket, you kept it in gold, and then, as the currency weakened, the gold turned that $1 into $100. But I'm sorry, you will still only be able to buy 2 two liter cokes with that $100. If the price of gold were to fall, then you might have paid over $900 for an ounce of gold, but the dollar gained in strength (buying power) so even though you only get back $450 when you sell it, you can buy 2 two liter cokes for .50 cents. But, as Mogambo pointed out in the article, one would have to be smart enough to understand the 4,500 years of history (that's actually a conservative estimate) and have enough actual dollars to buy the gold. The longer one waits, the more dollars it might cost, but then the buying power of those dollars is protected, even if a person pays more for their gold. Speculation in oil is destroying the economy, but hey, it wasn't that great an economy to begin with. Too many people were left out of it. Fortunes are built on the rubble of empire, so let's all just enjoy the ride and we'll see who can still buy 2 two liter cokes in 2012. Everyone who didn't buy gold will only be able to buy one. :) Maybe I should be a Junior Mogambo Ranger. Oh, MY GOD! There are people out there taking Mogambo seriously. He doesn’t even take HIMSELF seriously, which is why he is having more fun than the average bear. (Get it, that’s a pun.) The language existed before the rules, so that’s not worth mentioning. Mogambo is not pretending to be an economist. He is a fun-loving, shamelessly self-promoting hack for commodities trading, and since he advocates buying gold, he can’t ever be wrong, because while gold may have been at $600 a while back, one of those $600 (in other words, $1) could have bought TWO, 2 liter cokes. Now that gold is at over $900, it takes at least $1 to buy just ONE of those 2 liter cokes. Gold protects the value of your dollars, so that no matter how weak the currency becomes, you can still buy 2 two liter cokes, even if it takes $100 to buy them, because you didn’t keep $1 in your pocket, you kept it in gold, and then, as the currency weakened, the gold turned that $1 into $100. But I’m sorry, you will still only be able to buy 2 two liter cokes with that $100. If the price of gold were to fall, then you might have paid over $900 for an ounce of gold, but the dollar gained in strength (buying power) so even though you only get back $450 when you sell it, you can buy 2 two liter cokes for .50 cents. But, as Mogambo pointed out in the article, one would have to be smart enough to understand the 4,500 years of history (that’s actually a conservative estimate) and have enough actual dollars to buy the gold. The longer one waits, the more dollars it might cost, but then the buying power of those dollars is protected, even if a person pays more for their gold.

Speculation in oil is destroying the economy, but hey, it wasn’t that great an economy to begin with. Too many people were left out of it. Fortunes are built on the rubble of empire, so let’s all just enjoy the ride and we’ll see who can still buy 2 two liter cokes in 2012. Everyone who didn’t buy gold will only be able to buy one. :)

Maybe I should be a Junior Mogambo Ranger.

]]> By: a different John http://dailyreckoning.com/more-stupider-economics/#comment-20717 a different John Wed, 26 Aug 2009 03:10:27 +0000 http://dailyreckoning.com/?p=17991#comment-20717 John, the bad grammar is a joke. You are clearly very smart and can diagram sentences, but you miss the joke that is right in front of you. Likewise, all the economic wizards are very smart and can give lengthy and learned explanations of the economy, but may miss the obvious that is right in front of them. That is why I love to read Mr. Mogambo's writings because he makes me laugh at the absurdity of our situation. I for one fall into the category of "poor" and will not be able to purchase gold as Mr. Mogambo suggests I do. I am, however, smart enough to know that even if I had the money to buy gold I wouldn't want to APPEAR to have money or gold. I also wouldn't want to APPEAR to be too smart enough to know I shouldn't appear to have gold. You see, some day Mogambo's relatives will come "waddling" back angry with pitch forks, torches, and even (gulp) ropes. I would like to keep my neck away from their ropes. In fact, they have already spoken when they waddled to the voting booth last year. Who can argue this is not an absurd situation? We are no longer in an age where producing wealth, diagraming sentences, or understanding economics has much use. That is why it would be nice to hold gold as seed capitol for when this thing burns itself out and it is again useful to possess the virtues of wealth production, sentence diagraming, and sound economic theory. Since I can't hold gold (poor, remember?) I will turn to Mr. Mogambo for a good laugh. Maybe his obscene jests are the seeds of wit to survive this time of financial and intellectual winter. John, the bad grammar is a joke. You are clearly very smart and can diagram sentences, but you miss the joke that is right in front of you. Likewise, all the economic wizards are very smart and can give lengthy and learned explanations of the economy, but may miss the obvious that is right in front of them. That is why I love to read Mr. Mogambo’s writings because he makes me laugh at the absurdity of our situation.
I for one fall into the category of “poor” and will not be able to purchase gold as Mr. Mogambo suggests I do. I am, however, smart enough to know that even if I had the money to buy gold I wouldn’t want to APPEAR to have money or gold. I also wouldn’t want to APPEAR to be too smart enough to know I shouldn’t appear to have gold. You see, some day Mogambo’s relatives will come “waddling” back angry with pitch forks, torches, and even (gulp) ropes. I would like to keep my neck away from their ropes. In fact, they have already spoken when they waddled to the voting booth last year. Who can argue this is not an absurd situation? We are no longer in an age where producing wealth, diagraming sentences, or understanding economics has much use. That is why it would be nice to hold gold as seed capitol for when this thing burns itself out and it is again useful to possess the virtues of wealth production, sentence diagraming, and sound economic theory. Since I can’t hold gold (poor, remember?) I will turn to Mr. Mogambo for a good laugh. Maybe his obscene jests are the seeds of wit to survive this time of financial and intellectual winter.

]]> By: Larry http://dailyreckoning.com/more-stupider-economics/#comment-20703 Larry Wed, 26 Aug 2009 00:35:21 +0000 http://dailyreckoning.com/?p=17991#comment-20703 "Things are substantially different in today's global economy." It's different this time. . . . Hmmmmm. Where have we heard this before? “Things are substantially different in today’s global economy.” It’s different this time. . . .

Hmmmmm. Where have we heard this before?

]]> By: John http://dailyreckoning.com/more-stupider-economics/#comment-20702 John Wed, 26 Aug 2009 00:34:10 +0000 http://dailyreckoning.com/?p=17991#comment-20702 'More stupider'? There was a time when the media knew basic rules of grammar, adhering to categories of positive ('stupid'), comparative ('more stupid') and superlative('most stupid'). It is not surprisng that language, like currencies, has become debased by the 'stupidest' of all- or is that, the most stupid?. ‘More stupider’? There was a time when the media knew basic rules of grammar, adhering to categories of positive (’stupid’), comparative (‘more stupid’) and superlative(‘most stupid’). It is not surprisng that language, like currencies, has become debased by the ’stupidest’ of all- or is that, the most stupid?.

]]> By: mike http://dailyreckoning.com/more-stupider-economics/#comment-20668 mike Tue, 25 Aug 2009 21:13:55 +0000 http://dailyreckoning.com/?p=17991#comment-20668 I read a lot of the economists' analysis coming out these days, and have been reading Mogambo since he began publishing in the Asia Times. I think the quality of the economics reporting in general is extremely bad, even comically so, but of all of the economists Mogambo is the worst. I've never encountered such incompetent analysis in my entire life. He obviously couldn't care less about doing professional analysis, but only about pushing and protecting his investments in gold and silver. He's clearly willing to say absolutely anything at all if it helps him personally profit. The reality is that gold is about at the same level it was a year ago, and there is no real indication that it will go much higher. 4,500 years of history doesn't mean diddly; things are substantially different in today's global economy. He's a right-wing fanatic who doesn't understand anything at all about modern economics. I'm amazed that he's managed to stay in business at all. I read a lot of the economists’ analysis coming out these days, and have been reading Mogambo since he began publishing in the Asia Times. I think the quality of the economics reporting in general is extremely bad, even comically so, but of all of the economists Mogambo is the worst. I’ve never encountered such incompetent analysis in my entire life. He obviously couldn’t care less about doing professional analysis, but only about pushing and protecting his investments in gold and silver. He’s clearly willing to say absolutely anything at all if it helps him personally profit. The reality is that gold is about at the same level it was a year ago, and there is no real indication that it will go much higher. 4,500 years of history doesn’t mean diddly; things are substantially different in today’s global economy. He’s a right-wing fanatic who doesn’t understand anything at all about modern economics. I’m amazed that he’s managed to stay in business at all.

]]> By: Lost & Found http://dailyreckoning.com/more-stupider-economics/#comment-20661 Lost & Found Tue, 25 Aug 2009 20:26:00 +0000 http://dailyreckoning.com/?p=17991#comment-20661 Clever wussy crybaby. Clever wussy crybaby.

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