Remembering the great Mogambo

Good Day... And a Fantastico Friday to one and all! I know, I normally don't write on Fridays, but a dear reader sent me a link to an article on the GREAT MOGAMBO GURU... So, I followed it and found some great thoughts by the Mogambo, who we lost some time ago...

Or, here's my entry here... I pulled out all of his quotes from the article that also tried to explain what he was talking about... enjoy!

"Since before the time of the Pharaohs, all nations have contended with the same financial forces in existence today. They had (in one form or another) money, debt, and taxes.

They all had government spending. And every single one of these nations, in all of history, was eventually ruined by its government. Their money was debased to the point of worthlessness by the government spending too much to do too much, and then the country collapsed.

Why should we expect to be any different?

His favorite archenemy was the arch-counterfeiter, the Federal Reserve, which for Mogambo no amount of abuse was undeserving:

The Fed, you’ll recall, is a government-mandated, semi-secret club of the banks, all meeting together behind closed doors. Their “job” is to safeguard the banking system. They set monetary policy for the government in the name of “the common good.” Meaning: “making sure the banks are profitable.”

Since the Fed does not actually have any money to pay for anything, they invent magical money. It literally appears on a whim, out of thin air, onto account balances at the bank. The Fed says, “I have – presto! – money! Take this money and sell me some of that government debt you are holding. Look, now you have money to lend!”

Recently, I received intelligence that central banks plan to continue manipulating everything concerning gold, or money, or anything remotely connected with gold or money, until – and you may want to make a note of this in your planning calendar – long after we are all dead.

Later yet, in 2010, Mogambo tells us,

Just the other day when I was taking a little walk in the morning and I ran across a group of kids waiting for the school bus, which was just pulling up as I got there.

So I am telling the kids, “You brats might as well quit school right now because there is no future for you since your own federal government has borrowed and spent this country into the ground, made possible by the loathsome Federal Reserve creating all the wildly excessive amounts of dollars that made it all freaking possible, which became, because it is, an inflation in the money supply, which is what will cause terrifying inflations in prices as all this money is used to bid for a relatively static supply of goods and services so that prices will always be going up and up, all your miserable lives. . .

The idiosyncratic Mogambo style—overloaded with asides, recursives, and invectives—appears in his February 2010 article “Money Supply Flood to Drown US Economy,” in which he reacts to an editorial by Dr. Ron Paul. He opens with a one-sentence paragraph of 159 words that takes the reader to JFK’s visit to Germany and the cream-filled heads of voters and Congress. It’s as if the prose itself were in a panic.

Yet he is never without an important message grounded in Austrian insights. His language mirrored the monetary insanity of the Fed and Congress.

“We’re freaking doomed!” as a result of the abject stupidity of Congress and the Federal Reserve in the last 90 years or so since the Fed was created, and especially as a result of the stupidity of the last 40 years when Nixon refused to exchange dollars for gold, and doubly especially since 1997 when Alan Greenspan really started getting insane with monetary policy, and triply especially since 2008 when the unbelievably preposterous Ben Bernanke and his loathsome Federal Reserve doubled the money supply at a stroke! At A Freaking Stroke (AFS)! Doubled!

Chuck again... I was a personal friend of the Mogambo's (Richard Daughty) we shared lunches and laughs and I was saddened to hear of his loss... So, there! You see some of his style of writing in my Pfennig, at least I hope so!  So, take a minute today, to stop and think about Richard for a moment, and raise a glass to the man!