As always, Mogambo Guru puts things into perspective and he does it with wit. As the Dow slides on downward this morning and the Federal Reserve reacts by creating money out of thin air, it is hard not to think of the Jim Carrey line… “Please! Somebody stop me!”
To show you that the Federal Reserve should instead be called the Government Slush Fund (GSF), the government borrowed most of this new money, as we realize when we see that Treasury Gross Public Debt went up by an eye-popping $336 billion last week, reaching the staggering total of $10.124 trillion!
In fact, in the last 12 months, the national debt went up by $1.062 trillion! Gaah! We’re freaking doomed! Not only is the federal budget a mind-blowing $3 trillion in the $14 trillion American economy, but Congress is now spending an average of $88 billion per month (every damned month!) more than the government’s revenues, which is 30% more than what they budgeted! Insane, incompetent morons!
Maybe gold really is where we should all have our money, or electrons, which is where I have mine.
