I'm not saying it is time to run for the hills, but...
Foreign holdings of US debt held in custody at the Fed increased that teensy, weensy, last little bit, that last 6 billion smackeroos, and finally topped $1 trillion. They had been waffling around, probably trying to stay under that milestone because it looks so bad. But last week the need to keep the dysfunctional US economic system liquefied, and the need to do something with all those damn dollars, that huge tsunami of dollars, that avalanche of dollars, that humongous freaking huge mountain of dollars that keeps sloshing into the system, got to be too much, I suppose.
The Treasury printed up another $1.24 billion dollars for the week, probably to give to Iraqis. The US is literally paying people their salaries, month after month, for which they do literally no work. So while it may be all humanitarian and all, it is, after all is said and done, still giving money to people who do not lift a finger to do any work. And the only reason I am so angry about it is that I am eminently qualified to get paid for doing no work, and often do no work at all for hours and sometimes whole days at a time, and sometimes even when I AM working I am doing it badly and am generally incompetent in every thought and deed, like when I am writing the Mogambo Guru for instance, but every time I go to the mailbox, there ain't no check there.
And speaking of welfare queens, Vicente Fox, the socialist president of Mexico, is on a trip through the states that border on Mexico, trying to get us big-hearted gringos to assure that any Mexican national that can slip across the border will be given free education, free health care services and a wide range of other free benefits. It is one thing for Americans to try and live at the expense of other Americans, which is the whole basis of modern politics, and don't get me started about how Joe McCarthy was right in the early 50's after all: the damn communists WERE here, they ARE here, and they have taken over every damn thing in the United States and brainwashed damn near half the population during the intervening fifty years, thanks to the power they got by taking over the schools and the media and the government, 1-2-3, bing bang bong. But it is quite another to have an entire other whole country trying to live at the expense of Americans, particularly for one, like the Mexican one, that is blatantly socialist and fascist and communist all at once, and yet wants to unload the costs of its ridiculous election promises onto its neighbors! But then again, the long list of nations that are already existing on benefits provided by us gringo taxpayers is pretty damn long, so I guess it is only fair for everybody to want the same thing. And, to be fair, Mr. Fox asked for welfare, not respect. My opinion is that he deserves neither, and I hope he gets what he deserves.
And speaking of the Treasury, that bunch of government spendthrift losers also floated another $15 billion in debt for the week, hitting another new record for national indebtedness, for the jillionth month in a row, I might add. At this rate, the national debt will surpass $7 trillion just about Christmas time. Now, it used to be that little boys and girls got toys, or candy, or a piece of coal in their Christmas stocking that was so carefully hung by the chimney with care. Now we get a toys and an IOU from Santa Claus, played by Jerry Mathers, oops, I mean played by John Snow, Secretary of the Treasury. Which he will never pay, except with more IOU's, and he is using the money to give toys and candy to his little friends, who make the toys and candy. And then the fat bastard sends us a bill for the whole amount.
But, hell, we American jackasses are so busy running up debts of our own, and the government doling out money and benefits to an entire constellation of various special-interest groups, that we figure "What is one more big bill to pay? We'll just tap equity in our houses, or borrow against our retirement plans, or lobby Congress to give us more tax credits, or just borrow the money outright, or something. The government will think of something. The government ALWAYS thinks of something."
Anyway, holidays are always Happy Holidays for low-IQ losers like us! For example, September Consumer Credit increased $15.1 billion, or 9.7% annualized, to $1.975 trillion. So it looks like that particular indicator of debt will surge past its milestone, namely the $2 trillion mark, pretty soon, too.
And taking a look at all that debt, a witty reader wrote to those irrepressible wags over at the Daily Reckoning website, "It is interesting to note that the estimated market value of all real estate plus the total equity market capitalization of all American corporations has fallen to the lowest percentage of all outstanding domestic debt in the 50-year statistical record. Each dollar of debt now has only 72 cents of collateral behind it!"
Martin Weiss expresses it as, "Right now, American consumers are more deeply in debt than any other population in the history of mankind. But instead of helping people find a way to dig themselves out of debt, our government is perpetually looking for new ways to get them to borrow, spend and speculate more."
In a similar vein, the Daily Reckoning folks posted this interesting economic tidbit on their website, "For nearly 100 years, the ratio of debt to GDP was between 120% and 160%. Only in the 1929 bubble did it ever become really grotesque... peaking out at 260%. Guess what it is today? Over 300% and growing."
Normally, I would hyperventilate and have some cardiac event when I read something like this. But I am getting older, I had heard it before, and had seen the graphs of the same thing, so I am somewhat inured to the whole mess. Nowadays, instead of co-workers trying valiantly to get my heart started by jumping up and down on my chest with their damn heavy boots, or that time where they threw me out the window under the theory that the shock would re-start my heart, I now calmly walk around checking to make sure the doors are all triple-locked and the intruder alert/intercept system is on and armed, if you get my drift.
The key commodity indexes all took big leaps upward. Of course, since the government keeps telling us, and telling us, and telling us, that there is no inflation in anything, then I guess it is quite presumptive of me to say that this looks like inflation to me. But I am not to be trusted on what things look like to me, since I think I look exactly like Paul Newman in his prime, which always makes everybody laugh out loud for some reason. And it looks like we have roaring inflation in houses and stocks and bonds and lots and lots of other stuff, too. But then I am just a regular idiot off the street, and I am aware that my little low-horsepower pea-brain is dragging down the average IQ of the whole country, so I am obviously not nearly as smart as brilliant government people. So while the rising prices of damn near everything you can name is rising and rising, you can take it from those government people that it is just a mirage, it is just your imagination, or it is something other than inflation because, as they take so much time trying to drill it into my thick little skull to no avail, prices going up, and up, is NOT inflation. It is something else that I am, to my dismay, entirely too stupid to comprehend, and that is why it looks like inflation to me.
Now, the British and the Australians have lower price inflation than we do, and they are raising interest rates to keep it from getting out of hand. But here in the USA, we laugh at them - hahaha! - and say "Hey, morons! Just because prices are going up doesn't mean you are having inflation! Don't you have any government people to explain it to you?"
Of course, Doug Noland is so tacky that he reports, "The CRB index today traded to the highest level since May 1997. The Journal of Commerce Industrial Commodity index rose almost 1% this week to the highest level since September 1996. Cattle futures were up almost 7% this week and about 35% over the past six months. A shot of cold weather spooked the edgy energy sector, with crude jumping to a three-week high." So while these prices are going up and up, and while it looks like inflation to ignorant dorks like me, and those British idiots, and those Australian jerks, and I have a sneaking suspicion that Doug Noland may be a believer in this inflation stuff, you can be sure that OUR government is sure, even though some of us are not so sure, or at least not as sure as the government is sure, that it is NOT inflation we are looking at. It is merely prices going up. But it is not inflation.
And in the same vein we have Jim Rogers writing in Barron's "The government, Wall Street, and the media keep telling us that prices are not rising, but one can just go over to the commodity pages to check reality. In fact, commodity indices have far out-performed stocks, bonds, currencies and real estate since 1998. War and the printing of money just endure that the commodity boom will last even longer."
This last part recaps his prediction that "Commodities will do well for years to come, while stocks, recovering from the recent bubble, will do little."
And since everybody's pension, and a large chunk of American GDP, is in stocks and the stock market, the future is not nearly as sunny as is commonly assumed.
Jim Puplava of Financial Sense, wrote his usual interesting stuff, this time with an essay entitled "Last Bears Standing." He is looking at the decline in the money supply numbers and the lack of lending going on at the banks, and writes "This means that no matter how much the Fed inflates, it can't force businesses to borrow or banks to lend money. When the appetite for credit evaporates, the money supply starts to contract, which is what it is doing now."
Well, that explains why the M's are going down. But there is a downside to all of that, as he explains, "Now that the supply of money is contracting, there is less money to keep the economy and the markets expanding. This will become critical in the months ahead because this is a liquidity driven market. The stock market is liquidity-driven. As the supply of money and credit contracts, so will the markets."
And that little bit of economics arcana explains one reason why the government is not waiting for us doofus slackers to borrow money and expand our businesses and keep the old economic ball rolling. They are, instead, printing up the money and spending it themselves. Lots of it. Oodles of it. Lots and lots of oodles of it.
And why aren't we borrowing money and getting with the economic expansion program? Mr. Puplava explains, "In summary, debt remains one of biggest impediments to a sustained economic recovery and continuation of this bear market rally. It is one reason why we still remain bearish. All of the malinvestments of the previous boom have yet to be liquidated. The Fed has merely postponed the day of reckoning not eliminated it."
And because he used the world "Fed," it calls for my usual knee-jerk reaction, which it to heap a little gratuitous disrespect on Greenspan and the Fed, with a really rude and disrespectful undertone, since I am always looking for an opportunity to do just that, because that is just the kind of guy I am, and which probably explains why nobody likes me and why everybody is out to get me. Mogambo fans sit in rapt fascination, watching mesmerized as I draw back my lips in a sneer of raw contempt, like Marlon Brando in "The Wild One," only more cool, more rude, and much more disrespectful, and say "They are all a bunch of jackass chumps whose idiocies will culminate in the ruination of the USA, you dig? Just as the idiocies of all other print-the-money morons in" (insert waving of arm to signify a broad expanse) "all of history have always ruined the economies that pursued such a bizarre and thoroughly discredited agenda. Sort of like what the Democrats did to American government, only with much more horrific results." And to add a nice little coda to the piece, I turn to the audience, wink with my charming boyish charm, and say "QED."
Eric King discussing Jeremy Grantham: "Current valuations are the third highest of all time... While discussing 'bubble markets'... such as the current one, Grantham cited that such market periods have always resulted in devastating losses for investors... In fact, since 1900, not including the current bubble, in 27 out of 27 'bubbles,' losses exceeded 100% of the gains previously earned. Furthermore, valuations based upon ten-year normalized (earnings are averaged over years) P/E levels dropped not only below historical median valuations, they went far below the median. This would imply a Dow Jones Industrial Average to be near a 4,000 level."
Now, I don't know how things are in your neck of the woods, but around here 27 out of 27 seems like an impressive record to me, and by coincidence that is the same ratio of psychiatrists and snotty neighbors who say that there is something seriously wrong with me. And if I was a betting man, then I would be betting against the stock market. Hey! That's right! I AM betting against the stock market, and that is why I own gold, and that handily explains why I stridently screech that everybody else should, too.
Brothels in Britain are having a rough patch, and are offering discounts and "happy hour" half-price discounts. Now, far be it from me to pontificate on the state of brothels in Britain, but when prices go down, you can pretty much bet that either supply has increased or demand has dropped.
As for supply increasing, there is a fraction of women that would enjoy a life of prostitution, and perhaps the social proscriptions against it are loosening, and so more women are venturing into this career. Or perhaps more women are becoming so desperate that they are looking at prostitution as a way to make some desperately needed money. Or maybe all the men are exploring the gay side of life, and that decrease in demand supply would also explain the lack of pricing power. There are many, many possible reasons, although I tend to pay more attention to the ones involving beautiful extra-terrestrial vixens in mini-skirts. And ray guns. And high-speed chases.
On the other hand, perhaps men who frequent brothels have less money available to purchase those services. Let's see. If prices for everything are going up faster than incomes, then you would, by arithmetical imperative, have less money available for brothel-cruising. That decrease in demand, necessitated by a decrease in financial ability, would also explain the lack of pricing power.
Or perhaps it is all of these things and more. As Marc Faber writes, "It may sound harsh, but the entire financial service industry is like a huge brothel." So, maybe people are getting satisfaction via other avenues. And Mr. Faber goes on to say, "Stocks do not always go up in the long run. The reality is that most companies go out of business in the long run." So maybe even brothels, go out of business in the long run, too!
John Leo, writing his column in U.S. News & World Report, took this week to announce the winners of his Sheldon Awards, which he named after Sheldon Hackney, former president of the University of Pennsylvania, and is awarded for "the university president who does the most to look the other way when free speech is under assault on campus." Mr. Hackney is the guy who, in 1993, looked the other way when minority students stole the entire run of the campus newspaper, and actually disciplined the security guard who pursued the thieves.
This year we have, among the many contenders, William Cibes from Connecticut State University, who decided that having a full range of views aired in seminars and guest lectures, not just his preferred Leftist views, was "invading academic freedom." The nominee at the University of Nevada-Las Vegas was president Carol Harter, who apparently trumped up a charge of plagiarism to have the author of an offending article fired, since its premise was that not all cultures are completely equal, and it upset a few students, who then stole nearly all of the copies of the campus newspaper, which was also okay with her. Warren Baker, president of the California Polytechnic Institute, had a student charged with "disrupting of a campus event" because he posted a flier advertising a speech by the author Mason Weaver, whose book "It's OK to Leave the Plantation" posits that government programs harm black Americans. Gerald Turner, president of Southern Methodist University shut down a bake sale that priced its cookies differently according to the race or gender of the customer to ridicule the unfairness of race and gender preferences.
Mr. Leo gave the award to both Turner and Baker.
So censorship is alive and well in America's universities, and the next time you wonder why Leftist nonsense is so prevalent in America, think of the Sheldon Award. And when you wonder why the Democrat presidential candidates are on "Rock the Vote," whose entire gallery is composed of clueless university students with overly-delicate sensibilities and a smug, self-righteous arrogance, it all becomes very, very clear.
The rate of crime is increasing, and the viciousness of crimes is increasing, and I am sorry to report that they will continue to increase from here on out, as the rising prices of things make more and more things unaffordable because incomes are not keeping pace, causing people to become increasingly desperate.
John Pugsley, chairman of the Sovereign Society, is one of those rare guys who knows how things really work, and demonstrates that profound knowledge with an essay entitled "What Money Really Is - And Isn't." He writes, "The long-term rate of price inflation is proportional to growth of the money supply, and the money supply grows proportional to the growth of government debt."
For those who like a few numbers to spice things up, he adds, "For 30 years, from 1950 to 1980, the growth rates of U.S. prices and U.S. federal debt were almost identical: Federal debt grew 231%, and the CPI grew 223%. Since then, a disparity has been growing. Since 1980, federal debt has soared nearly seven-fold, from $909 billion to an astounding $6.2 trillion (not to mention another US$44 trillion in 'unfounded mandates'), while consumer prices have merely doubled." Actually, the official total federal debt is larger, and is now roughly $6.9 trillion, but who's going to quibble about a few hundred billion dollars, eh?
"At the time the Fed was created in 1913, gold was trading for US$20.35/ounce. Now it's pushing US$400/ounce, an increase of 1,900% that is roughly equivalent to the 1,500% increase in consumer prices since fiat money became U.S. legal tender." Now, he leaves it to us to notice that there is a 400% difference. But so sure is he that we have taken notice of that disquieting fact that he then writes, "There is a vast sea of bogus dollars yet to be devalued."
"In such a fiat money system, whenever government issues too many IOUs and business slumps, the Federal Reserve Open Market Committee buys Treasury bills, notes and sometimes bonds from commercial banks, paying for them by simply adding balances to the banks' reserve accounts at the Fed. Poof! Like an alchemist of old who discovers the magic formula for transmuting lead to gold, the politicians figured out how to transmute government debt into dollars in the bank."
It is at this crucial juncture that we find the big problem; the money may be in the bank, alright, ready for lending, but bankers are loath to loan money to guys when the banker is pretty damn sure that he won't be getting the money back. Anyway, the fact that I don't plan to pay them back is their simplistic explanation as to why they won't let me borrow any money. But when I bring up how the IMF is giving more billions of dollars in more loans to deadbeat South American countries because they won't pay back any previous loans, they don't want to hear my story about how I want to be a constant recipient of free money, too. So what is good for the foreign goose is apparently NOT good for the domestic gander.
Martin Hutchison, UPI Business and Economics Editor, wrote a nifty article about inflation entitled "Bears Lair: No Compass for Money." He reports that Edwin Truman, former head of the International Finance Division of the Fed, gave a speech somewhere about inflation targeting. Mr. Truman, no slouch to this econometrics stuff, figures that about 4% of inflation in assets, meaning stocks and houses mainly, leaks out into the economy in the form of additional spending.
So how to incorporate this inflation into official estimates of aggregate price inflation? Well, the government's answer is to, of course, try to ignore the whole thing and just announce any number that tickles their fancy, as long as it is low and wonderful. Mr. Truman, on the other hand, agrees with me that constantly lying and committing fraud has a way of catching up with you. "During 2003, stock prices have appreciated by approximately $2.5 trillion, 4 percent of which is $100 billion, 0.9 percent of 2003 GDP. In addition, house prices have risen by about $1.5 trillion during the year; using the 4 percent rule again adds another 0.6 percent to inflation. Since these changes have come in 10 months, their total of 1.5 percent should be annualized to 1.8 percent, at an annual rate."
If you are like me, then by this time your head is swimming, and you are dizzy from the confusion of all those numbers, and you figure that it is time to take a little break and maybe scarf down a few cookies. But don't do that, because he immediately sums it all up with "Add that to the 3.2 percent rate of inflation in the first 9 months of 2003, and you get total inflation of 5 percent. Certainly it is not deflation we have to worry about! My own view, for what it's worth, is that the modest rise in long term interest rates since June, and the consequent sharp deceleration in mortgage re-financings, are about to have a sharp effect on consumer spending, and thus on the economy as a whole."
"Going forward, we can expect consumer spending to drop. We can also expect more of the true 5 percent per annum inflation rate to show up in the official figures. This in turn will have a huge effect on the Treasury bond market, and on interest rates generally - to get a real rate of return of 2 percent (the historic minimum), if inflation is 5 percent, nominal interest rates must rise to 7 percent from their current 4.34 percent on the 10 year bond. This would be very bad news indeed for the housing industry, for the banking industry (which will lose both on its bond investments and through an increase in loan losses) and for the economy as a whole." Not to mention all those dumb foreigners who have been buying unhealthy amounts of ridiculously over-priced American debt for the last few years.
Note that he figures that 5 percent is the true measure of inflation these days. That means that he is not listening to the government economists, who keep telling him that he is crazy if he thinks that there is any inflation in this country.
Chad Hudson of the Prudent Bear website writes "Last week's release of third quarter GDP gave further evidence that the economy has been stimulated beyond anything healthy. The fact that the Federal Reserve continues to sit on its hands provides proof that it knows this growth is not healthy. If the economy was able to grow at 7.2% due to underlying economic strength, interest rates would be allowed to rise. The current impetus to economic growth stems from the fact that money is cheap. The constant demand for borrowing, especially from consumers, is proof that current interest rates do not reflect the true market price."
Oil is back to around $31 a barrel. And with the enormous increase in cars being bought in China and elsewhere, the demand for oil dictates that there will be a bull market for petroleum for many, many more years. Tip o' the Day: Every time oil gets down below $30 a barrel, buy.
Richard Duncan, "The Dollar Crisis: An interview with Richard Duncan," posted on the Prudent Bear website, "This state of affairs cannot continue indefinitely. The United States cannot continue increasing its net indebtedness to the rest of the world at the rate of 5% of GDP per year. And, not even the US government can continue running $500 billion dollar a year budget deficits forever."
He goes on to say, "It might be possible to fight fire with fire, but no one has ever suggested that you can fight liquidity with liquidity." Well, being the Mogambo, what's the point of being a loudmouthed wacko if I can't disagree with anybody at the drop of a hat? And in this case, I rise wearily to my feet and say that the US government certainly CAN continue running gigantic deficits forever, and you CAN fight liquidity with liquidity, and the proof is simplicity itself: Why not? Who or what's to stop them? You? Hahahaha! Ask Greenspan and Ben Bernanke what's to stop them and their monetary hoodlum friends from printing up money and spending it. I'll save you the trouble and expense of making a long-distance call, and merely tell you that the answer is: Nothing at all. Oh, maybe lots of angry people rioting in the street from all the price inflation, but since when did the Fed give a rat's ass what we proletariat bozos like or don't like? Marie Antoinette, another government jackass, famously said of the rioting masses, "Let them eat cake." Messrs. Greenspan and Bernanke say "Let them eat low interest rates."
Then, switching sides again, I am again on his wavelength when he says, "One way or the other, this global credit bubble will - like every credit bubble before it - come unwound, the Dollar will lose much of its value, and the US Current Account deficit will correct."
A guy named Sol over at Tactical Investor reviews an article by Forbes magazine that reports that there is a bill in Congress that will allow multinational corporations to repatriate their foreign holdings back to the USA at a tax rate of 5.25%, rather than the current 35%. He wryly notes that the window of opportunity is one year, whereupon the tax will revert to the higher rate. So the window of opportunity is all the days leading up to the Presidential election and not a minute longer. What a coincidence, eh?
Some of the upshots, according to the Sol guy, is that multinationals will be selling foreign currencies, there will be a huge demand for dollar-denominated things like stocks, and gold will suffer. That may be why he is calling his article "The Sinister, Silent Attack on Gold."
Martin Weiss of the Safe Money Report figures that the $500 budget deficit, the borrowings from the Social Security Trust Fund, the war in Iraq, planned tax cuts, prescription drug coverage and the money needed to bail out the Pension Benefit Guaranty Corporation add up to a total deficit for 2004 of, and I hope you are sitting down for this, over one trillion dollars. That's just the deficits. Add in the regular budget of two trillion bucks, and suddenly we are looking at government spending of about 30% of GDP!
He also warns that inflation is barreling down upon us. He says that in the 80's he accurately predicted falling inflation. In the late 90's he warned about deflation. Then, figuring that we had had enough suspense, adds, "And now, for the first time in over two decades, it's time to prepare for rising inflation." He says that some things will continue to experience deflation, especially those things that are already so ridiculously high-priced, but the big theme is rising prices. He also thinks that the Canadian dollar is a good buy, since the Canadian economy has a such a strong commodity and natural resources component. Sounds right to me.
One of the things that I have noticed here lately is the number of references to the Sword of Damocles. Everywhere I look I see guys referring to the Sword of Damocles. So I looked it up, and the deal was that this dude Damocles, who was a courtier, was given a lesson in the perils of being a king, and was seated at a feast under a sword that was hanging by a thread. At any minute, the thread could break, killing poor old Damocles. And now that I think about it, all of these things that are threatening to kill us all are something old Mr. D. would understand.
Watching the Democrats debating one another, if that is the word for watching half-witted adults parading around looking ridiculous and saying stupid things on the "Rock the Vote" travesty, one cannot help but wonder why in the hell anybody in the world would respect us Americans. I am certainly losing respect for us, and I am also losing the picture quality on my TV from constantly spitting and throwing things at the screen whenever one of them so much as opens his or her mouth to say something more stupid than the last Democrat candidate who opened his or her mouth and said something that was, at the time, what I considered to be the new world record for stupid. One after another, these government-loving morons stood up and promised free everything, from pre-K daycare, to free college education, to free universal health care, to vast government make-work schemes to "put Americans back to work." And, of course, to raise taxes to give to The State, even though they seem enamoured of calling tax hikes "Taking back the tax cuts," as if none of us boobs out here ever read 1984. It is as if the old Soviet communists had taken over.
It is so bad that they trip all over each other to pander to the new incarnation of affirmative action, as it offers, and I quote, "equality of opportunity," even though the whole concept of affirmative action was to temporarily reduce the opportunity of white people to give enhanced opportunity to black people, so that they could "catch up." And so strongly do they approve of this loathsome un-American "some-are-more-equal-than-others" philosophy that they disdain the vote of anybody who drives a pickup truck, especially one with a Confederate flag on it!
And half of them actually admitted to smoking marijuana, even as there are people being put in prison right now, and having their entire worldly goods confiscated under a program of "asset forfeiture," for doing just that! Talk about your disconnect! Wow! No wonder Zell Miller, who says he was born a Democrat and will die a Democrat, says he is going to vote for Bush, and who actually wrote a book castigating the whole Democrat Party!
When wondering what is going on, John Pugsley offers a little explanation, "To get elected, politicians offer benefits to whatever interest groups they believe will elect them."
And then the next morning, while trying to find something to distract me from the lingering taste of bile and vomit out of my mouth that came from watching those morons, I was idly perusing through the wealth of information on the web. In direct contrast to the silliness of the night before we run across Sean Corrigan of Capital Insight, writing one of his educated screeds entitled "How Recessions Become Depressions." In it he inadvertently excoriates every single one of the dim-bulb idiocies that the Democrat presidential wannabes advanced, although he did not set out to do so, as far as I know, since he wrote it long before the show was even planned. "So, to sum up: what is the answer to the question implicit in the title of this address? Pursue inflationism, frustrate the market, extend socialism, adopt protectionism, embrace militarism, extirpate thrift, expropriate the Middle Classes, consume capital - and ignore the Austrians! - that is the way to turn a recession into a depression." Of course, we know these same economic sins are what caused the recession in the first place, and so continuing them merely turns the recession into something worse, for which we have the term "depression." And here are the Democrats, actually promising to do just that. Oops, there is that taste of bile in my mouth again. Ugh.
---Mogambo Sez: I'm not saying it is time to run for the hills, but maybe moseying over in that direction would be a really good idea.
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The Mogambo Guru Lives!
Richard Daughty is general partner and C.O.O. for Smith Consultant Group, serving the financial and medical communities, and the writer/publisher of the Mogambo Guru economic newsletter, an avocational exercise the better to heap disrespect on those who desperately deserve it. The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning, and other fine publications.
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