The Mogambo Guru wishes Congressman Ron Paul was in the US presidential race. Paul says ‘Big Events’ are about to unleash chaos in the world economy and political system.

There is little doubt, says Paul, that stagflation has already arrived. The big question is: When this will become an inflationary depression?

Mogambo says his own experience in catastrophe gives him an important insight: Things are always much worse than we first think. We’ll find out how much worse in the months to come…

Actions taken by the Federal Reserve to calm financial markets and ease the housing crisis are working, a US government official claims.

“Markets appear to be gaining confidence and the availability of credit has improved modestly,” Clay Lowery, the Treasury’s assistant secretary for international affairs, told Bloomberg. More from that story:

The Fed’s interest-rate cuts and a government economic stimulus package have helped to ease market turmoil and support consumer spending, [Lowery] said.

For 25 years, the Fed has kept inflation at an average of 3.2 per cent a year – that should be applauded’! Hahaha! You will go a Long, Long Time (LLT) long time before you hear something so ridiculous! Hahahaha! Applauded! Hahahaha!