The Financial Times had the article "Greenspan Mauled Over Role In Meltdown",
which was about that loathsome, worthless lunatic Alan Greenspan testifying at
the Financial Crisis Inquiry Commission, which is enough to make you laugh in
itself; the morons who perpetrated constant deficit-spending are facing off
with the guy who provided the money and credit with insane levels of monetary
inflation to make it happen! Hahahaha!
For his part, Greenspan lamely admitted that he and the Fed had never tried to
do anything other than keep creating money, day after day, month after month,
year after year, to finance those boom-era boondoggles, like, for example, the
housing bubble, a federal government idiocy of massive size and a particularly
odious failure, a pungent stinkeroo made possible with the low, low, low,
insanely-low interest rates and laughable banking changes that Greenspan,
alone, provided.
Even worse, to make such low interest rates somehow defensible, Greenspan and
economist Michael Boskin rigged up a slimy methodology (commonly referred to as
"hedonic adjustments") for "adjusting" both the price changes and the standard,
measured market basket of goods and services, so that inflation in prices was
always understated by, apparently, as much as they wanted! Hahaha!
For the Federal Reserve to do otherwise (to wit: not act like morons), says
Greenspan, "Congress would have clamped down on us", which means that he is
admitting, on the record, that the fabled "independence of the Federal Reserve"
is just another Stinking Load Of Lying Hooey (SLOLH), which I say means that he
ought to be dragged out into the street and horsewhipped, along with all
congresspersons (except Ron Paul), either living or dead, meaning, of course,
that if a former congressperson was dead, then his or her dead body ought to be
dug up, taken out into the street and whipped, too, and then all of them thrown
into prison, except for the dead ones, of course, because that would look, you
know, stupid.
Of course, DailyBell.com is too classy to get dragged into discussing the
merits of Extreme Mogambo Retribution (EMR), and, instead, calmly says, "We
start with Greenspan and his recent denial of any role in provoking the current
financial crisis by keeping interest rates very low for an extended period of
time. We are a bit baffled by his denials. He knew then and he knows now that
paper money creates difficulties when issued by private/public central banks
under the aegis of the state. He understands the business cycle, Austrian
economics and how destructive publicly issued fiat money can be. First comes
the boom - courtesy of an overprinting of paper money - and then the inevitable
bust."
Exactly! Almost taking the words out of my mouth, they continue that the
boom-bust cycle is inevitable because "It always happens that way as Ludwig von
Mises and FA Hayek showed us. Greenspan knows, and must know, for he wrote
about it as a youth and supervised the mechanism as a mature economist and
regulator."
What to do? Lie! And just like most of us (me) lying at work about whose fault
something was (me), and who ought to be fired for it (not me), and his future
salary disbursed to the remaining workers (me), Greenspan denied everything,
prompting Daily Bell to note "We suppose he must deny it. One doesn't go to
Capitol Hill and admit that one caused the undermining of the wealth of the
Western world. And certainly it wasn't Greenspan's fault entirely."
It was that last sentence, "And certainly it wasn't Greenspan's fault
entirely", where I saw my chance! An opportunity is dropped into my lap to get
a little attention (and to probably commit professional suicide) by disagreeing
with the Daily Bell!
Thinking that they would be persuaded if I couched my rebuttal in terms of
Long, Loud And Rude (LLAR), I said "You're wrong, you morons! Hahaha! You're
wrong and I'm right for once in my lousy life! It was all Greenspan's fault!
Greenspan is the one that created the money that made it possible! Don't you
see, you nitwits, that without him, and the monstrous mountains of money he
created, none of this bad stuff would have happened!"
Well, I learned Long, Loud And Rude (LLAR) was not the ticket to recognition
and acclaim at the Daily Bell, although I am right about Greenspan being
singularly at fault, just as I am right about how you ought to be buying gold,
silver and oil right now instead of sitting there reading my Stupid Mogambo
Crap (SMC).
Perhaps, in hindsight, I should have taken the more up-tempo and literary road,
and say, all sophisticated-like, "As PJ O'Rourke, the famous writer, might have
put it if he was paraphrasing himself, just because teenage boys want whiskey
and car keys doesn't make them guilty of anything, especially when it was their
own stupid dad that gave them the whiskey and car keys while telling them to
have a good time because there was nothing to worry about!"
Still no response from Daily Bell, even when I offered that "Maybe if he was
sending the kids out to buy more gold, silver and oil because he was unable to
go himself, then maybe Greenspan could be forgiven. But he didn't, and now look
at the mess we are in!"
Again, nothing. So, I surmise that the lesson for today is that nobody cares
about how I feel about the odious and satanic Alan Greenspan, who is the lying,
repulsive turd that caused the booms and the busts.
And, apparently, nobody cares for my constant exhortations to buy gold, silver
and oil, either, which they must do to survive financially as a result of the
insane Federal Reserve creating so insanely much money so that the insane
federal government could borrow and spend an insane US$1.6 trillion this year,
and trillions and trillions more borrowed and spent dollars for at least 10
years, which will double, triple, maybe even quadruple the money supply, which
will cause such ruinous, catastrophic inflation in consumer prices that you can
hear me, way off in the distance, screaming "We're freaking doomed!"
And if you do you decide to get some gold, silver and oil, go and get it
yourself, and not trust some drunken kids to get it for you. We've seen what
happens!
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.)
Head
Office: Unit B, 16/F, Li Dong Building, No. 9 Li Yuen Street East,
Central, Hong Kong Thailand Bureau:
11/13 Petchkasem Road, Hua Hin, Prachuab Kirikhan, Thailand 77110
