01/11/11 Tampa, Florida – Junior Mogambo Ranger (JMR) Charles C. sent me a YouTube video of DrinkingWithBob talking about how New York is full of corrupt government crap that is eating New York – and this nation – alive, all of it paid for by bleeding the poor, who yesterday did not have enough money to get by, and today are worse off because they cannot pay the higher prices resulting from more government taxation and regulation to try to satisfy the idiotic leftist trash that has infested government and the schools, and who have made such a Gigantic Freaking Mess (GFM) of it all with their towering stupidity.
Okay, he did not actually say that, but you get that impression when you hear the anger in his voice, highly reminiscent of a Mogambo Tirade Of Outrage (MTOO), in that he is yelling, “The truth is, we’re freaking finished! The government has bankrupted this city, this state and this freaking country! Meanwhile, they keep freaking taxing us!
“New York City is charging us for services they can no longer provide! It’s like charging you to see a movie that they’re not going to make! Or charging you to pay a toll to go over a bridge that doesn’t freaking exist! It’s ridiculous! It’s freaking ridiculous!” he screams in his outrage.
With a final exasperation, he looks into the camera and mockingly asks, “What’s next? What’s next? What’s next?”
Oddly enough, he answered his own question earlier in the video when he said, “Things are going to get a lot worse before they get a little bit better”!
Apparently, Bob here doesn’t know about how he ought to be getting gold, which means he is not reading Tyler Durden’s work at zerohedge.com, who reports that “global assets barely generate enough cash to service global debt, let alone retire it,” which means that “the only long-term outcome will be one of continued fiat devaluation and appreciation in hard currencies such as gold and silver.”
Apparently, this is not lost on the Chinese, as Bloomberg reports that “With 4 percent of the world’s known gold reserves, China’s mines may be exhausted within six years, the World Gold Council says.”
Part of the reason for this surprising playing-out of the mines may be the incredible increase in trade volume on the Shanghai Gold Exchange, which “surged 43 percent in the year to Oct. 31 from the same period in 2009.”
Looking ahead, the World Gold Council forecasts that China’s “gold consumption may double in the next decade,” which is an astonishing thing to say! The WGC is talking about doubling annual gold consumption in only ten years, which means a gigantic demand being satisfied by a relatively static supply, an astonishing mismatch that only “clear the market” if the price shoots up.
And if the Chinese were really a smart bunch of dudes, they would be accumulating silver, too! Hell, in 1989, Ted Butler wrote to Dick Thornburgh, the Attorney General of the United States, that “In all of financial history, we have never witnessed, except in COMEX silver, a total short position that is greater than either total world stocks, total world annual production, or total world annual consumption.”
That was 21 years ago, and the situation is even more lopsidedly absurd today! Far, far more silver has been sold than even exists! How about THEM supply/demand mismatch apples?
It is no wonder that I am known far and wide as a guy who disdains anyone NOT buying gold and silver, and who actually asks total strangers, “Are you buying gold and silver in response to the damnable Federal Reserve creating so much excess money that ruinous, catastrophic inflation in prices is guaranteed?” and if they answer, “No” then I yell at them and call them idiots, as in, “You are an idiot if you are not buying gold and silver because of the abominations of the Federal Reserve creating so much excess money, and that probably explains why you look so stupid!”
So when I ask you if you have gold and silver, you better say, “Yes” or you know what I am going to say.
And when you say, “yes, I have bought gold and silver” I will ask, “How was it?”
Then you will say, “It was easy! Whee!”
The Mogambo Guru
for The Daily Reckoning
The Mogambo Guru
Richard Daughty (Mogambo Guru) is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the writer/publisher of the Mogambo Guru economic newsletter, an avocational exercise to better heap disrespect on those who desperately deserve it. The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning , and other fine publications. For podcasts featuring the Mogambo, click here.
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Yes, buying gold and silver was easy!
Whee!
In fact, I will do it again when I get my next paycheck.
Buying gold and silver is so much more fun than buying lottery tickets since I am always guaranteed to win each time I buy precious metals, with the winning numbers .999 fine.
Whee!
I’m on a limited income so I set up in a silver club. It took a year but I finally received my first shipment the other day. I started buying silver when it was $14 per ounce so no matter what happens I win. It’s flat out awesome.
I would love to get my hands on some ‘junk’ next. It will be great to go down to the store with a silver dime and buy a weeks worth of groceries.
Yes! It was (and still is) easy! Boy do I ever like protecting my family and our future, especially outside the system. And for all those who say you can’t eat gold (and silver), well you can’t eat your home or auto insurance either…but you pay for that insurance, don’t you? Put that in your pipe and smoke it.
I agree, and I have been buying Silver (Ag) for a little over a year now. I used to make jewelry, and remember buying Sterling (925) silver at $2.80/oz, and Gold casting grain (22kt), at $245/oz. Wish I knew then what I know now! I buy every payday, Bullion and pre 1964 silver dimes and quarters