MOGAMBO GURU: The Velocity Of Money Is Slowing

[Tace]

Richard Daughty, the angriest guy in economics

-- Things are happening hot and heavy. For one thing, Bush nominated Ben "Blooper" Bernanke, the most arrogant and clueless economics dunderhead in the USA, to replace the retiring (and good riddance) Alan Greenspan as chairman of the Federal Reserve. So immediately, Spanky and me and the rest of the gang formed the Mogambo I Hate Bernanke Club (MIHBC). Doug Gillespie, of Gillespie Research, says he wouldn't be in my stupid club if I paid him, but as far as Mr. Bernanke is concerned, he says "Personally, I think this is a horrendous choice."

Naturally, one of the most arrogant and clueless Congressional dunderheads, Sen. Chuck Schumer, who spends his time proving that he is out of his depth in general and waaayyyy over his head on the Senate Banking Committee, said he "felt confident" that Bernanke "knows the Fed's job is to fight inflation." Hahahaha! What an idiot! This is the same Bernanke moron that is infamous for saying that he WANTS inflation, and actually refers to his stupid idea of fostering continual, simmering inflation as the benign-sounding term "targeting inflation!" Hahahaha! One moron praising another one! Hahaha!

So hooray for Thomas Donlan, the editorial page editor for Barron's, whose editorial this week, entitled, "The Dollar's Long Dive," is an indictment of the supreme idiocy with which we have behaved these last seventy mournful years or so, as manifested, as Mr. Donlan clearly shows in his essay and graph, which charts the absolute ruination of the buying power of the dollar since 1933, and the especially since 1971. And, further, it is a classic argument for gold.

But I bring this up because, most importantly, he writes that, "the damage to the dollar's purchasing power in the post-war period came not in the onslaught of historically high inflation during the 1970s, but in the continuous drip drip of compounding some inflation every year." Exactly right! And this constant inflation, this constant ruination of the dollar, is exactly what the jackass Ben "Brainless" Bernanke says he wants! He wants to "target inflation" so that the dollar is continually debased, more and more, just like this! Now you know why I am standing on the roof of my house screaming, screaming, screaming in outrage and fear, "We're freaking doomed!" and I am listening to doomed people on the ground yelling at me to shut up and come down off the stupid roof, or at least put some pants on.

more

http://worldnewstrust.org/modules/AMS/article.php?storyid=1434

[donsu]

1. kicking

nt

[Jackpine Radical]

2. Wow, what cave did this crowd crawl out of?

Gold Standard purists, who would rather have continued the Great Depression than permitting (gasp) inflation.

Not that inflation is a good thing, but compared to the deflation o 1932, it's not the worst thing either.

Bernanke is still shaping up to be the least disastrous of Shrub's appointments.

[applegrove]

3. Canada targeted inflation for the 1990s and things worked really well

for us. Inflation was kept low - our dollar stable but low enough to encourage exports. Just know that our dollar & inflation were pretty much taken care of.