I did not hear it, but I read that Ben Bernanke, chairman of the satanic
Federal Reserve, admitted that "Our nation's fiscal position has deteriorated
appreciably since the onset of the financial crisis and the recession."
Well, neither he nor the Federal Reserve are going to take any of the blame,
even though they are solely responsible, and he says that the problem is the
government's fiscal position, as "The exceptional increase in the deficit has
in large part reflected the effects of the weak economy on tax revenues and
spending, along with the necessary policy actions taken to ease the recession
and steady financial markets."
No mention, of course, of the crucial role of the Federal Reserve, which was to
create the money to create the boom, which created
the bust, and now to create the money to bail everybody out so that we, as a
nation, would have time to leisurely wait for some miracle to happen, sort of
like at the end of old Grecian dramas where the plot has become so impossibly
and hopelessly tangled up that the only solution was to resort to a "deus ex
machina," which is when a supernatural power comes roaring in and magically
fixes everything, applause, applause, applause, curtain comes down, the actors
take a bow and everybody goes home happy.
As if waiting for a deus ex machina was not enough, Bernanke then contradicts
himself. In the first paragraph when he said that the fiscal position of the
nation has "appreciably deteriorated", which is code for "We're Freaking Doomed
In Spades (WFDIS)" because the American system of government IS the economy!
In fact, the incestuous conglomeration of local, county, state and federal
government is now so large that it, literally, is the economy when you combine
local government spending and county government spending and state government
spending and federal government spending, which collectively now spends
slightly more than half of GDP! Half! And taxpayers pay them to employ
1-out-of-6 workers! And government supports half of the population consisting
of the old, young, infirm and needy or greedy in some way or another.
Therefore, I postulate that since government, and those who depend on
government spending, are the majority of the population, if the government is
not doing well, then the economy is not doing well.
This is like when you were a kid and you learned that when mom isn't happy,
then nobody is going to be happy, or, if you are an adult, when the boss isn't
happy, then nobody is going to be happy, which happened to me just last week
when my boss was waiting for me, in my office, when I dragged myself back from
lunch two hours late, stinking of beer and pizza, mostly because I had dribbled
a lot of each down the front of my shirt and pants.
For some strange reason, probably indicating drunkenness and/or mental illness,
I decided, on the spot, that a good offense was preferable to a good defense.
So I said to her, "What in the hell are YOU looking at?"
Well, it made her unhappy, and she subsequently made me unhappy. And while I am
always ready to use things like this to prove, as if any more proof is needed,
that people are naturally hateful to me and they are all out to get me, in this
case I will merely use the point to prove that when the government is not
happy, the economy is not happy, although this is immediately contradicted by
that moron Ben Bernanke, of the Federal Reserve, who says that the economy is
recovering! Hahaha!
In fact, he said that not only is the economy recovering, but it will continue
to recover! Just listen to this. He actually said, "As the economy and
financial markets continue to recover, and as the actions taken to provide
economic stimulus and promote financial stability are phased out, the budget
deficit should narrow over the next few years"! Hahahaha!
This makes me laugh out loud - hahahaha! - at the humorous, "Theater of the
Absurd" quality of saying such a thing, sort of like Pollyanna on steroids and
antidepressants! Hahaha!
Then he goes on "Even after economic and financial conditions have returned to
normal", which is a point in his remarks where I just couldn't take any more of
that crap, and my mind leapt to add "In your freaking dreams, Bernanke! Show me
one time in all of history where some dirtbag government and its half-witted
populace bankrupted themselves with printing, and then borrowing and spending,
too much fiat money, for too long, and how printing, and then borrowing, more
fiat money fixed everything! Just one! Hahahaha!"
Naturally, he does not acknowledge my rude interruption, and goes on, as if I
was not even there, ignoring my rude taunting, by saying that it is still the
government's fault for borrowing and spending all the money that the Federal
Reserve created, and that "in the absence of further policy actions, the
federal budget appears to be on an unsustainable path. A variety of projections
that extrapolate current policies and make plausible assumptions about the
future evolution of the economy show a structural budget gap that is both large
relative to the size of the economy and increasing over time."
And what he will do is print the money the government needs, which will cause
terrifying, bankrupting inflation in consumer prices, which should lead me to
say that buying gold, silver and oil are the only things that will let you keep
up, and probably make you a fortune in the process.
And sure enough, it did lead me there! 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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