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Edgy gold investors to seek comfort at Denver show
By Rick Thomas
Coeur d'Alene Press, Idaho
Saturday, September 25, 2004
http://cdapress.com/articles/2004/09/25/business/bus01.txt
COEUR d'ALENE -- You might as well spend all your
money now. Better yet, borrow as much as you can
and spend it fast, because it will soon be worthless.
Or still better, invest in silver or gold, which will
always be precious.
Richard Daughty, also known as the "Mogambo Guru,"
was the keynote speaker Friday at the Silver Summit
at the Coeur d'Alene Inn and made that prediction.
He thinks Alan Greenspan is out of his mind.
"They ought to put a retarded chicken in charge of
the Fed," he told more than 200 mining company
executives and investors. "Create money. Create
money. A retarded chicken could do that."
Daughty, general partner and COO for Smith
Consultant Group, serving the financial and medical
communities, and the writer/publisher of the
Mogambo Guru economic newsletter, calls himself
"the angriest guy in economics." He said the country
and the world should return to the gold standard or
international economies will come crashing down,
with the U.S. falling hardest.
"You cannot get rich by going into debt," Daughty
said. "Money should be only silver and gold. The
government cannot print silver and gold."
A dollar was worth $1 in 1913, he said, and is now
worth "2 freaking cents."
"People want to know why I'm so mad," he said.
"That's why."
He described "fractional banking" as a system that
allows a bank to loan $100 with a $1 deposit. In only
four cycles, that dollar means $1 million in loans.
"This is not right," he said. "All money is debt."
That growth of debt threatens the fabric of society, he
warned.
"We owe $34 trillion, and have a $74 trillion financial
liability," he said. "Where are we going to get $74
trillion out of 120 million people? You'll never make
that much money."
He said the U.S. dollar is being held up by Chinese
currency, the yuan, and when that country's economy
changes from an export to a domestic focus, the
dollar's value will collapse.
"People will dump dollars and hoard silver and gold,"
Daughty said.
And barring a corrupt market manipulation, oil will
also not go down in price, but will cost "hundreds
of dollars per barrel."
His solution: "Get plenty of silver and gold and a
large-caliber weapon to dissuade people from trying
to take it away."
Daughty's pithy and hilarious comments had the
crowd howling with laughter. The presentation was
videotaped for David Morgan of Silver-Investor.com
and will be available at that Internet site some time
after Oct. 7, Morgan said.
"Wasn't that great?" Morgan said.
The Silver Summit, in its second year, drew 460
people from all over the world, up from about 100
last year, said David Bond, organizer of the program.
It concludes today with a tour of mines in the Silver
Valley and other events.
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