I was reading Michael J. Panzner’s book When Giants Fall, a scary-yet-scholarly look at how the hell we got into this mess, and I was impressed with how the title When Giants Fall so perfectly describes America (the heretofore ravenous, gluttonous engine of global economics based on the fraud of an expanding fiat currency) falling on its fat, stupid face.

I had just finished Final Lockdown Mode (FLM) here at Rancho Mogambo Bunker (RMB) and was starting to relax, or as much as a guy can relax when a guy is naturally skittish, paranoid and fearful and whose symptoms include rabidly obsessive total denunciation of the disastrous Federal Reserve for creating so much money, the traitorous Congress that allowed it so that it could deficit-spend the money, and the moron American voters that elected and re-elected and re-elected such loathsome, incompetent people to Congress.

The Bureau of Labor Statistics reported that 467,000 jobs were lost in June, bringing total non-farm employment down to 140.2 million, which, although bad, could have been worse, as I personally haven’t been fired yet, which is the only good news in the whole thing, as far as I can see.

To show you the kind of idiocy that passes for economics, The Wall Street Journal, in a story about the imminent rise in the minimum wage from $6.55 to $7.25 an hour, notes that the Economic Policy Institute “estimates that the minimum-wage increase will add $5.5 billion to the economy” which makes me laugh – Hahaha! – in a mocking-yet-scornful way as my humble way of saying, “These guys are idiots!”

Total Fed Credit went down by $9.6 billion last week, which is, in comparison to their wild excesses of late, not that much, and certainly nothing to get excited about. Sort of like how my boss is unimpressed that she only got one letter last week, instead of the usual five, from disgruntled customers complaining about how I called them “morons” because they were not buying gold and silver in response to the government acting like monetary and fiscal idiots.

Just because I am safely and securely locked inside the Fabulous Mogambo Bunker (FMB) doesn’t mean that I am unaware of things, especially those things concerning inflation in consumer prices, which is the One Big Thing (OBT) to be feared above all others, even more than that paralyzing fear of someone seeing you doing you-know-what, especially when they see you doing you-know-what with you-know-who and the can of whipped cream, which you never did use, which is the one saving grace about the whole thing.

ChartoftheDay.com had an update of their chart labeled “Depression-Era Bear Market Rallies (Dow 1929-1932)” which is interesting in many, many ways, starting with the fact that it only concerns one particular three-year span, which implies that thereafter there were no more bear market rallies of note, …

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!