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Gold! Gold! Gold! Gold!

Gold! Gold! Gold! Gold!
The yellow metal has intrinsic value,
At least that's what we are told.

Gary North says it's so, and he would know.
He's the investment guru of LewRockwell.com,
So it cannot " must not! " be a job of snow. No!

“A 50% drop in GDP during the first half of 2009.
Gloom!  Doom!” cries Karl Denninger.  But why,
Did he ban from Market Ticker this poem of mine?

"In coin shops all political truth can be found."
So says Jeffrey Tucker. But how does he explain,
Why our golden investments have all run aground?

Zounds! $850, $250, $1000 and $700 in thirty years.
Gold prices are volatile, at least that much is clear,
I don't get this dizzy after a whole case of beers!

Gold bugs claim: They've made millions since 1983.
But they're living in plywood shacks in northern Idaho.
Should we believe what they tell us, or what we see?

In Moses' time they danced around a golden calf,
Now teabaggers say, "Gold is money made by God."
Not much has changed. What a laugh!

Click here to read my Ode to an Economics Troll.

Karl Denninger deleted this poem and banned me the first time I posted it on Market Ticker forum in November 2008.  A month later I tried again and he left my post up but banned me and my IP address, which was an internet café.  Click here to read my e-mail exchange with Mr. Denninger.  I have since added a new third verse to my poem in his honor.

Denninger is a frequent contributor to www.321gold.com and is a blogger at Market Ticker.  I looked up Denninger’s archives at Market Ticker to see what sort of posts meet his high standards and found this whopper on 23 December 2008, marked in red text to draw attention to itself, even in the blizzard of boldface and underlining that marks Denninger’s rants:

“WARNING TO BANKING EXECUTIVES: If you do not return the bonuses, stock options and country club memberships bought with taxpayer bailout money, YOUR NAME AND ADDRESS will be made public in a manner designed to "incite" a reaction by the public. (Special emphasis on the word "incite!)

“You have until Friday, December 26, 2008 to return the money. There will be no negotiating, no obeying of court orders of protection, no way to prevent being dealt with harshly.

“I don't care about your employment contracts, I don't care about your civil rights and I sure as **** don't care about the law or the courts.

“You guys have ****ed this country for the last time. It's time for you to be paid back and I intend to see that you receive your payback.”

How does Denninger get away with posting death threats in bright red text like this?  Easy.  He knows that his semi-illiterate followers will only read the simple words in bright colors and boldface so, in bland gray text, he adds some weasel words about how this was really written by somebody else (Wink!  Wink!) and Denninger is shocked (Shocked, I tell you, shocked!) that anybody would mention v- v- v- violence.  Horrors!  Of course, if he is really so shocked, then why did he re-print the threat in bright red text for everybody to see?  And why do his weasel words also say that such threats are "entirely predictable" and "unlikely to be an isolated incident?"

Karl Denninger is basically a nutcase with a long history of writing threatening letters to elected officials and to people in the financial community.  On 22 December 2008 he sent a threatening letter to every member of Congress, apparently unaware that they were in recess.  On 19 November 2008 he demanded that “____ needs to be locked up - or BBQd and eaten - for penning this article,” and then quotes a serious discussion of economic policy.  While I do not agree with everything this gentleman has written either, it was penned in good faith and certainly does NOT justify death threats.  I would never ban anybody for opposing my view that gold does not have intrinsic value, but I DO believe that anybody who posts death threats on the internet should be banned.

The only actual theory that I could locate in Denninger’s rants was his citing Kondratieff on 13 December 2008.  I have already dismissed Kondratieff’s long wave theory in my paper, Michael Roller – Prophet of Doom, so there is no need to belabor that point here.

Incidentally, the prediction mentioned in my poem that GDP would fall by 50% was made on 18 December 2008.  Let’s hold him to it next July!  Denninger writes (boldface and italics in original):

“Government has already added another $2 trillion to the debt tab which means that they have added more than 10% to the amount of contraction necessary in nine months time, and they are still adding to the bill!

“This lunacy must stop.  If it does not by mid 2009 we will be so far underwater that we could literally see GDP cut in half, which would be a depression far worse than the 1930s.”