Information Clearing House Newsletter had the quote, "Believe those who are
seeking the truth; doubt those who find it” by Andre Gide, which is generally
true about most things, except in the case of economics, because the only true
economic theory has already been found, and it is the Austrian school of
economics, also known as the Austrian Business Cycle Theory (ABCT), and I have
nothing but contempt for anyone who says differently, especially since it can
be found every day, for free, at mises.org, and so to believe anything else is
just a matter of stupidity and/or willful ignorance.
In case you were wondering, I figure that the worst economic theory in history
was the one where economists got a chicken drunk and watched to see if it fell
first on its right side or onto its
left side, one side meaning one thing and the other side meaning, I assume, the
opposite, although I am not sure of the details since I just made it up and now
I am sorry I did because it seems so stupid now that I see it in print.
Nonetheless, it is all preamble anyway, since I meant it as a literary device
to segue seamlessly to my introducing the second-worst economic theory in
history, which is the asinine neo-Keynesian econometric stupidity currently
being swallowed whole by the vast majority of university halfwits, media
halfwits, political halfwits and a host of voters that I variously describe as,
for want of a better term because I am peculiar that way, "halfwits"; all of
whom actually think that by electing government representatives who will always
spend more than the government gets in revenue, by the simple, brain-dead
expedient of creating more and more debt, all happily aided and abetted by the
despicable Federal Reserve creating the money necessary to buy that much new
debt, so that the government can spend this new money, for the childish,
Pollyanna-expressed aim of equalizing everyone’s outcomes in everything; they
can achieve A Perfect World (APW)! Hahahaha! Morons!
As an American, it's embarrassing to be in a country that boasts about its
emphasis on education, but then is so bewilderingly ignorant of all of human
history, the exponential function and simple arithmetic, although I am somewhat
cheered by the fact that everybody else, in every other country in the world,
is just as ignorant.
And mostly rude, too, as I found out during my early (and few) days as a market
researcher, where I would cleverly call, at random, phone numbers in other
countries (at 2am, their time, to make sure they were at home and my research
would probably not be interrupted) where I would ask them, "Do you think that
the economy of the USA is getting better, staying the same, or getting worse?
And if you think that it is getting better, then explain how in the hell that
is even possible, ya moron, when the Federal Reserve, that loathsome piece of
treacherous crap which caused all the housing problems by creating too much
money and credit, and which caused the derivatives problem by creating too much
money and credit, and which caused the cancerous growth of a stifling,
suffocatingly expensive government by creating too much money and credit, and
which caused interest rates to drop so impossibly low by creating too much
money and credit, is still on the job! Still On The Freaking Job (OTFJ),
creating too much money and credit, but in amounts that dwarf any of the
previously insane increases in the money supply by the loathsome Alan
Greenspan, chairman of the Federal Reserve 1987-2006, even though those
relatively small, $10 billion per month increases in Fed Credit were
responsible for all the umpteen trillions of dollars in phantom gains, all of
which are the result of year after year of sizzling inflations in stocks,
bonds, houses, derivatives and the size of government that all that the extra
money bought and paid for!"
Instead of these foreigners, who think they are so smart, giving me some
coherent, thoughtful answer like, "You're right, mysterious pollster whose
insightful questions have given me much to think about! Central banks
increasing the money supply will lead to a terrible inflation that will tear
society apart!", they angrily and rudely yell something in an unintelligible
gibberish, probably in some stupid foreign language even though it is obvious
that I am speaking English, which shows how rude they are, and then they hang
up!
After being so rude to me, I was always secretly glad that I did not get the
chance to tell them to buy gold, silver and oil in response to the government's
stupidity, and now they will suffer mightily, and I will cruelly laugh -
hahahaha! - at their misery, as they now go without these three wonders as
vital protections against the destruction of an inflationary collapse caused by
these insane increases in the money supply, a collapse that is, I am sorry to
say, unstoppable.
But if you have gold, silver and oil, then it's, instead of Armageddon, "Whee!
This investing stuff is easy!"
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.
(Republished with permission from
The Daily Reckoning. Copyright 2010, The Daily Reckoning.)
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