MOGAMBO GURU: Every Dip Is Lady Fate Smiling On You

[Tace]

Richard Daughty, the angriest guy in economics -- World News Trust

snip

It is democracy run amok here in America that has produced a huge, suffocating, expensive, socialist, communist, fascist system of local, state and federal government that consumes almost half of the income in the country. And then gives a monthly check to almost half of the people in America. And it is a government system that employs one out of every six workers in the whole country.

And why is the government doing this? Because the people, democratically, have created that kind of government! Year after year after year, decade after decade, they elected and re-elected people who actually campaign on a platform of providing a free lunch to more, and then more, and then yet more "deserving" people and organizations. This is insane! This is absolutely, preposterously, my-head-is-exploding, I-can't-believe-I'm-seeing-this insane! And if that ain't failure of democracy, then what in the hell is it?

And as for the Iranian's call for a more "religion-based" economy, the Bible is full of timeless, correct, and classic economic wisdom, all the way from the insistence on honest weights and measures to the admonition to "neither a borrower nor a lender be."

If we had merely (if nothing else!) adhered to the requirement of honest weights and measures, for example, then our money would still be gold (or function like it), inflation would always be zero, and there would be no frightening income mal-distributions (which is the condition where there are some people who are very, very rich, versus many, many, very, very, poor, poor people), because it would have been impossible with a fixed stock of money. It would be impossible for the rich to accumulate so much money, as it would constitute having accumulated ALL the damned money!

Instead, we have a fiat currency, produced by excess creation of credit and debt by the banks, which produces more money, which flows to the rich, creating obscene income disparity, and the attendant woes, one of which is the inflation in prices and social unrest that is going to consume us in a roaring bonfire. Ugh.

more

http://worldnewstrust.org/modules/AMS/article.php?storyid=3537

[Demeter]

1. Well, There Are Grains Of Truth, But an Awful Lot of Chaff There

So Magambo is a Libertarian, eh? My definition of a Libertarian is a single guy with no children who has never had to deal with a life crisis worse than cold pizza.

When Magambo has suffered a disabling illness, a senile parent, a prolonged period of unemployment, bigotry, a permanently handicapped child, a vicious divorce, or oppression by an abusive government official, then we will have a basis to talk about how money is "handed out" in this or any other society.

For the rest of us, there's the social contract and the Democratic Party (of previous years).

[Taxloss]

2. Oh, he's an old-time libertarian.

So not to be swallowed whole. But it's worth panning the silt for the gold. And he writes well, which helps.

[teryang]

3. Mogambo is entertainment

It's nice to hear his self deprecating humor. Laugh while the country and currency go down the tubes. He's a caricature of himself. Isn't he a typical American in his own right? At least a cultural icon.

A lot of these economic commentators don't have a clue about politics. His indiscriminate lashing out is futile and laughable. He knows it.

Got gold?