Amass Huge Stores Of Gold, Silver & Large-Caliber Armaments -- We Are Freaking Doomed (Mogambo)

[Tace]

by Richard Daughty, the angriest guy in economics -- World News Trust

March 7, 2007 -- Total Fed Credit expanded by a measly $1.8 billion last week, made even more insignificant when compared with the big news of stock markets around the world going down a hefty percentage. The commentary is usually about "what caused it?" My answer, in response, is precise; "Who the hell knows?"

snip

And don’t get me started on the "good intentions" of government, which is best summed up by a terrific quote sent to me by my ol' buddy Phil S., which won some kind of contest, and which was originally presented as a definition of "Political Correctness," but it clearly applies to most of what government does these days. So whatever it is, it "is a doctrine fostered by a delusional, illogical liberal minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end". Ugh.

***

Mogambo sez: Ahh, the serenity of gold! I love having an asset that would rise to the moon if the government and Federal Reserve were not actively suppressing the price, as the history of successful perpetual price suppressions is the same as the history of successful perpetual anything coercive; zip point zip.

So, my Adorable Mogambo Cherub (AMC), use history to your advantage for a change. You'll be very glad you did, and very sorry you didn't if you don't, as another Timeless Mogambo Lesson (TML) is that another investing constraint is that, "Too late smart and too soon old!" becomes very meaningful as time just ticks, ticks, ticks away. Tick. Tock. Tick. Tock.

more

http://www.worldnewstrust.com/index.php?option=com_content&task=view&id=1476&Itemid=10029

[no_hypocrisy]

1. And what would the author do if the federal government confisgated gold

like it did ca. 1934? Where would the gold be taken to be converted into the currency du jour?

[Tace]

2. Mogambo -- The Gold Bug's Gold Bug

Mogambo's spoken a bit about this. He recommends keeping sovereign gold and silver bullion coins on hand.

Here's some of his thoughts from a January, 2006, column:

The total amount of gold held by Americans is only around a trillion or so. Chicken feed! Hell, the damned Federal Government, alone, budgets itself to spend more than that much in one lousy year (OLY)! So confiscate gold? Hahaha! For what? Why in the hell would they do that?

Furthermore, since they have to pay you for the gold, which entails creating money, they would be much better off by just giving somebody the damned money, instead of going through all the hassle of not only giving people the money, but going through the additional expensive process of collecting gold and transporting gold and storing gold and guarding gold and accounting for gold.

more

http://www.investmentrarities.com/bestofmg01-10-06.htm

[razorman]

3. With plenty of armaments

you can get the silver and gold.

[Tace]

4. Cracks Me Up...

I'm not sure... but I think having a ton of silver in the basement can make one a little... shall we say, paranoid?

I enjoy how Mogambo makes big fun of himself as the quintessential Gold Bug.

[Rydz777]

5. Swiss Franc

The only currency in the world still backed by gold is the Swiss Franc (40 % gold backing.) It was a safe harbor during WWII and may still be again.

[nick303]

6. This guy should be "the stopped clock of economics"

but even that might be generous. Just keep repeating "invest in gold and silver or you're doomed" over and over, maybe it will be true someday.