My latest sure-fire, money-maker idea is to sue Yu Yongding, former bigshot with the Chinese central bank, for plagiarism, as he is the guy who said that “If the US can find a way to protect China’s assets, America’s standing here will increase.” My case is built on the fact that he said, repeated so as to make sure it is on the record, that “If the US can find a way to protect China’s assets, America’s standing here will increase.”

I keep marveling at the Financial Times article talking about Angela Merkel, the German chancellor, breaking tradition and ridiculing central banks and their idiotic monetary policies. And apparently her feelings about the absolute stupidity of central banks in general and the Federal Reserve in particular are shared by a lot of people, as more and more countries are now “more resistant to taking advice from Anglo-Saxon quarters,” since they think “these countries’ economic models have been exposed as deeply flawed.”

This week’s prestigious Mogambo Award For The Best Sardonic Laugh (MAFTBSL) was provided by Nicoles Michas of the Sparks Report, who suggested that “deflation hawks” love inflation and the sound of hungry children crying, people baking in the heat or shivering in the cold, and these horrible people want lower interest rates and higher inflation since they “don’t see any upward significant price pressures beyond food and energy.” Hahaha!

I thought that as part of the new Mogambo Program To Stop Freaking Out (MPTSFO) and maybe get some sleep that is not disturbed by screaming at nightmares of the horrors of inflation and economic ruin that are the just desserts of an America that has now embraced ignorance, stupidity and sloth as virtues, I had turned off the alarms in the Mogambo Bunker (the MoBu) that were connected to the circuits monitoring the creation of bank credit by the Federal Reserve.

Foreign central banks, proving that they are just as stupid and corrupt as I thought they were, continue to buy American Treasury and agency debt with both hands, and their holdings stashed at the Fed jumped a big $26 billion last week as a result!

Maybe the fact that central banks, banks and governments around the world are acting like monetary idiots explains why gold is shooting up in price; or maybe that it is going up in price explains why there is such a new interest in gold; or maybe it just explains why people are as disrespectful of the dollar, as am I.

I always get a real kick out of hearing that “the consumer is 70 percent of the economy,” mostly because it gives me a chance to heap ridicule and scorn on whoever said it, and I say that the consumer is 100 percent of the economy!