Finally the Austrian school of economics, sometimes referred to as the Austrian
Business Cycle Theory (SBCT), is getting some respect, as we learn from
DailyBell.com, which quoted an editorial from Ron Smith at The Baltimore Sun
saying "The few economists that warned that the credit explosion of recent
years would hasten and deepen financial disaster were mainly from the so-called
Austrian school and were derided by their Keynesian counterparts as kooks. Who
looks kooky now?"
As grateful as I am to Ron Smith for this public recognition that the Austrian
school of economics is the only correct theory of economics, and his
realization that the current bunch of lowlife trash that hew to the ridiculous
neo-Keynesian econometric crapola should be rounded up and put in prison for
impersonating persons with intelligence, and for causing so much trouble for
everybody, and probably destroying the country, and perhaps the
world, with their laughable stupidity and surprising gullibility that using
equations and computer models to justify creating constantly more money would
optimize an economy.
Okay, Mr Smith did not actually say that, but perhaps he would have if the
editorial was written by "Mr Anonymous" so that he could write without fear of
reprisal about how the Obama administration is a clutch of incompetent yahoos
who are bankrupted and desperate, which is not a good combination. We'll never
know.
Of course, I know that I don't specifically remember any success stories of
incompetent yahoos running a government, starting off being bankrupted beyond
hope of repayment, yet achieving ultimate economic success by desperately
killing anybody who gets in their way of clutching at monetary and fiscal
straws, creating and spending a lot of money to create inflation in prices that
kills the real economy, but then again, I don't remember a lot of things, like
other people's birthdays and anniversaries, or remembering a promise to fix
that stupid window, which is probably because the window is currently being
perfectly secured by a pair of vise-grip pliers strategically placed, a pair of
pliers I wasn't even using, thus employing idle resources, which I think shows
a lot of economic savvy on my part.
Believe it or not, there are many people who know me not as a weird, grumpy
little creepy guy who thinks he has a lot of "economic savvy" and who thinks
that the Federal Reserve creating too much money is the root reason that We're
Freaking Doomed (WFD), but who know me as a guy who thinks that the market
price of silver is woefully, woefully undervalued in relation to its historical
value relative to practically everything, and that I am thus a person who is
Completely And Absolutely Certain (CAAC) of two things.
Firstly, I am sure that anybody with any smarts should be exploiting this huge,
yawning, gaping disparity of price versus value by buying silver by the ounce
or convenient ton (depending on your circumstances and greed).
Secondly, I know that anybody who doesn't is some kind of, you know, lackluster
bozo.
Of the many, many reasons why I am uber-bullish about silver, and openly
contemptuous of those who are not, is the fact that silver is more and more
appearing in an explosion of anti-bacterial clothing, an industry that went
from literally nowhere five years ago to silver-impregnated, "germ-free"
clothing being now one of the biggest users of silver in the world! Wow! Talk
about growth!
Perhaps it was this heightened sensitivity that made my eyes zero-in on the
Silver Summit Investment Conference proclaiming that not only would they be
presenting information and speakers about mining silver, exploring for silver,
silver bullion and silver in medicine and industry, which you would expect, but
also (get this!) "clothing!"
Not only that, but there may be another look into the future in this single
advisory, as now that China has spent the last several years locking up
ownership and/or control of most of the world's sources of rare earth
materials, because of "popular demand, the agenda has been expanded to include
rare earth elements"!
And lastly, a very interesting item to a silver bug like myself was that the
registration fee "is $35.00 fiat money or one ounce of .999 fine silver," which
shows me that there is more going on than meets the eye, and that these Silver
Summit people are offering a huge discount to cash in order to, apparently,
amass a lot of silver in lieu of dollars, and if not, then they should be, but
whether or not they do, or will, or are, or have, it is a Good, Good Idea (GGI)
to buy a lot of silver from now on.
And at these prices, it doesn't get easier or more obvious than this, which
gives you a chill to realize "Whee! This investing stuff .
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
