The Mogambo Guru

10/31/07 - Painted Rock Predicts the Dollar Index

11/01/07 - The Ticking of the Oil Clock

11/02/07 - Gold Flavored Napoleon Complex

11/05/07 - The Dinner Roll Model of Yale Economics

11/06/07 - Caught Red Handed Killing the Dollar

I knew something was wrong when I woke up; it was quiet. Too quiet. The house was eerily quiet, and I quickly found that the wife and kids were gone, too. Gone somewhere, who knows where? Perhaps missing, perhaps abducted by extraterrestrial life forms or the CIA. Perhaps their orifices were being probed right now, as far as I know!

So I amble into the kitchen to get a cup of coffee, thankful that (for a change) nobody is yammering at me to give them money, or throwing toast or kitchen cutlery at me, and I was chuckling to myself as I wondered how their orifices liked being probed. As I pass the kitchen window, I hear my next-door neighbor say, "He's up! Run for it!" In the distance I hear wolves howling. Somehow, putting it all together, I sensed that something was amiss!

So you can imagine that I gulped audibly as I noticed that Total Fed Credit was, again, essentially unchanged, up by some relatively miniscule $757 million, as TFC seems to be relatively unchanged since the first of the year! Oops! How can you sustain booms if the Federal Reserve is not creating the excess money and credit necessary?

But the banks, as arrogant as ever, don't care what the stinking Ben Bernanke and his stupid Federal Reserve want! They are going back to business as usual! For example, the repo market took in $42 billion last Thursday! In one day!

And Total Reserves in the banks collapsed to a laughably miniscule $39.7 billion, which is money held as reserves against about $9 trillion in deposits, and loss reserves against another $9 trillion or so in outstanding loans and leases! A stinking $39.7 billion does all of that! Hahaha!

Unfortunately, as if to make matters worse, SafeHaven.com featured an essay by Charles Zentay of thinkinvest.blogspot.com, who reports that "bank capital had declined by $40 billion since the beginning of August. According to Merrill Lynch economist David Rosenburg, 'This has never happened before over such a short timeframe and this is rather serious because such a steep and sudden compression in large-bank capital has the potential to create a negative lending environment. The large banks have been forced to take commercial paper back on their balance sheets and as a result are choking on assets they did not plan on having - thereby tying up regulatory capital.'"

Fortunately, the economy can be sustained for another few days with the goodly chunk of money that came in from foreign central banks, who bought up another $12.3 billion in U.S. government and agency debt last week, taking their new total to over $2.030 trillion.

So you can imagine the heights of my delight with "Empowering the Fruitcakes", the title of an essay by Martin Hutchinson's essay at PrudentBear.com, which is both funny, profound and tragic, as, "The long world boom, driven by cheap money and resulting in high commodity prices, has had one overwhelming disadvantage: it has empowered a series of economic fruitcakes - national leaders and private sector investors who operate on principles that make no economic sense." Indeed!

For instance, the stock market! Which is rising! Even though earnings are anemic, unemployment is rising, costs are exploding, taxes are rising, and blah blah blah, one piece of Bad, Bad Economic News (BBEN) after another.

And, speaking of weird, I almost cannot believe how bond prices are rising (reducing the investor's yield) even though inflation in prices is roaring! It's insane! They are "investing" to get back less purchasing power than when they started! It's insane! Fruitcakes, indeed!

And the whole thing is made even more farcical when they are doing this after having been advised by Jim Sinclair at jsmineset.com, who has already said, "This Is It". If you ask him why he says this, he replies, "This is it because the U.S. dollar has completed a major head and shoulders bear formation, pulled back to the underside of the neckline and thereafter declining below the major support line drawn from the beginning of the big dollar bull under Chairman Paul Volcker. Volcker made the dollar and Greenspan gave it all back to Asia."

The significance of this is that "The dollar break below the recent and most important major, major support line drawn from 1980 to now is the fundamental basis which will push Gold to $1650. The US dollar is without any doubt in my mind is going to .7200, followed by .6200."

Those of you who comprehend economics will understand why this made my blood congeal in my veins, and the reason why he goes from the falling dollar to a call to action, namely "Ladies and gentlemen, prepare to defend yourselves."

In that regard, I have some good news. JMR Len M. introduces "The Magnificent Mogambo's U.S. Dollar Index Predictor." You paint a dollar sign on a rock, which you can also use to defend yourself, and (according to the instructions), "Hold the rock in an outstretched hand, making sure the rock is well away from your body, then say aloud 'Oh, Magnificent Mogambo U.S. Dollar Index Predictor, what will the dollar's value be over the long run?' then let go of the rock." It's uncanny how accurate it is! And just in time for that holiday gift-giving season, too! Hahahaha!

Byron King of the Outstanding Investments newsletter reports on some bigshot EWG report that is 234 pages long, and how it "reviews the history of world oil production over the past century and forecasts future output using the most sophisticated statistical techniques available', which are, as we all know (now that Black Swan statistics has shown the inevitable catastrophic failure of the bell curve) not worth squat, but the bell curve is the only thing we have.

Their calculated results are that they forecast, "the onset of severe shortfalls in oil output to meet forecast demand", and already the EWG reports that, "Oil production will fall 7% this year alone." 7%! My God! This is terrible news!

Probably because I had too much beer at lunch, it took me a couple of minutes to focus my mind, but I finally dredged up out of the Mogambo Murky Memory Of Metrics (MMMOM) the old supply/demand dynamic. When I plugged a falling supply of oil and an apparently rising demand for oil into that magical machinery, the answer was that prices will be higher! Much higher!

Naturally, I immediately turned my mind to a question of how many shares of oil companies I have, and I realized I don't have enough, because my sense of greed is causing me to want to go outside and bum cigarettes and loose change from passersby so that I can buy some of the aforementioned shares of oil companies.

And then I heard Mr. King say, "According to the group's research, global oil reserves lie near the 1.2 gigabarrel range - a mere 42-year supply at current consumption levels."

Ow! I actually got a little twinge from my Honking Big Mogambo Greed Gland (HBMGG) contracting in a painful spasm, as this is too, too sweet! Only enough oil to last another 42 years at current rates of consumption? Wow! I can't even imagine how much oil will cost in year 41! Or year 40! Or 39! Whee!

So how deliciously sweet is the profit potential here? I dunno, and I suddenly wish that I had some facility with math, so that I could titillate myself with wild dreams of unbelievable capital gains, enough to make Warren Buffet fume with envy, and then when he calls me and wants me to help him out, then I can turn the tables on him by having my snotty secretary tell him what his snotty secretary said to me when I called him up to ask for a lousy couple of bucks! Like he is going to miss twenty bucks!

But being math-impaired, I completely miss out on that particular part of life, and I am diminished, but let me try and "even the playing field" for a tragic victim of math-impairment, like maybe getting a Handicapped Parking Permit so that I can park right up front, nice and handy, wherever I go, and everybody gets all huffy ("Get out and don't come back!").

Even so, you can look deep, deep into my Bloodshot Mogambo Eyes (BME) to see the utter, utter conviction that I have that consumption levels of oil will NOT be constant during those 42 years, but will attempt to increase because everybody wants it, and the only reason that consumption of oil would not increase in the face of that burgeoning demand is because the price was too high!

Therefore, since I also believe that Peak Oil is a fact of life and that we have now passed the point where we are using more oil than we are finding, this means that demand will grow exponentially while, at the same time, supply falls exponentially. Suddenly, my heart is racing and I am crazy out of my head with visions of the raw, gluttonous greed that this portends!

All of this is, I hope you notice, totally consistent with my original hypothesis that oil prices will be rising higher and higher with every tick of the clock, higher and higher, month after month and year after year, until sometime after you get old and die, and then it won't matter anymore, anyway.

This, of course, makes me think again that I do not own enough shares of companies in the oil business or in the immortality business, and the reason that I don't have more of either is that I don't have the money, and I don't have the money because things cost so much and my boss won't give me a raise because she hates my guts, and she wants to see me quit or come crawling to her, begging, which I won't do because it has never worked in the past, and now the only reason that she doesn't fire me is because she knows I will make her pay, sooner or later, and pay big time, in some kind of sick, Twisted Mogambo Revenge (TMR) and she is too close to retirement for that crap.

I can see by Mr. King's face that he is horrified at this rare glimpse of Vengeful Mogambo Extremism (VME). Quickly getting back to the subject, he quotes Hans-Josef Fell, EWG's founder, as saying, "The world soon will not be able to produce all the oil it needs, as demand is rising while supply is falling." Naturally I shout out, "I already said that! He's copying me, the little plagiarizing bastard!"

Obviously shaken at my stupid, gratuitous, vicious attack, Mr. Fell says, in a burst of understatement, "This is a huge problem for the world economy."

Mr. King summarizes the report as going on, "to predict extreme shortages of fossil fuels will lead to wars and social breakdown."

I say, "We're freaking doomed!"

And when I look at it, we're all saying the same thing. So "we're freaking doomed" is as good as any way of saying it.

I read somewhere that the money supply in China is growing at 20%, which proves that the Chinese government is every bit as stupid as everybody else's governments, in that they allow the central bank to allow the money supply to grow at such a horrendously appalling rate. As part of the money supply, Kenneth Gerbino at kengerbino.com reports, "China now has more money in circulation (M1) than the United States. $1.9 trillion vs. $1.4 trillion."

Okay, to be fair, M1 is essentially just paper cash and coins, ($813 billion in the United States) and some financial/banking stuff that operate as cash equivalents, but jeez! That's a lot of money!

Although Mr. Gerbino did not say, "If you think that's something, get a load of this crap!", but he should have, as the startling enormity of what is happening is that, "the seven largest countries in the world and Europe show that they created $775 billion in new money in the last year."

This fascinating "News about Money from Around the World" thing brings up the interesting article at Atimes.com, which has Olivia Chung reporting that "rising inflation has more Chinese putting their money into stocks, investment funds and the traditional favorite, gold, in an effort to get the most for their money." Gold! See? It's everywhere!

So Mr. Gerbino says, "The supply of gold available for investment, outside of jewelry and industrial demand which would include bars, coins and bullion funds was approximately $13 billion. This is a ratio of 60 to 1 and does not include the money creation by the other 175 countries in the world."

Naturally confused and impressed by such large numbers, I am thinking, "Is there something in there to tell me how to make a lot of money in gold without working, and then I could take the rest of the week off and maybe get some REAL work done; catching up on sending hate mail to everybody in Congress except Ron Paul, who is hopefully the next President of the United States and who will be the first one in living memory to actual uphold and defend the Constitution, which all previous Presidents swore to do on a Bible, but they were lying, which means that when they die, they all go to hell, so there is some small satisfaction in that.

And why do I hate Congress (except Ron Paul)? Because they are the ones that borrowed and spent the $9 trillion national debt! In fact, the $3 trillion federal budget shows that this year we paid $430 billion in interest payments on this huge, bankrupting mountain of debt! Just the interest expense alone!

For the 100 million non-government workers in this country, that comes out to $4,300 each! Hahaha! This is how much each non-government worker would pay in extra taxes, this year alone, just to pay the interest on the national debt!

And don't get me started fixating about the morons in Congress (except Ron Paul), because then I won't get around to also writing hate mail to the Federal Reserve, which created all the money and credit that made all this bone-breaking debt possible, and sending disrespectful hate mail to the Supreme Court, which lets these weenies get away with this un-Constitutional crap, which means that we are going to suffer the horror of inflation in prices, which is the thing that destroys civilizations (e.g. the French Revolution) and brings vengeful madmen like Napoleon and The Mogambo to power, and if Napoleon were alive today I would say, one tyrannical monarch to another, "Nice hat, dude!"

Mr. Gerbino is apparently surprised at the weird direction that took, and with an unsure, confused tone to his voice, says, "The point is that there really is not much annual gold supply around for investment purposes or financial insurance or a money substitute. Sooner or later the price will dramatically reflect this imbalance."

Suddenly, across the room, a hand went up, and I heard someone say, "You're preaching to the choir here, sir. If you want to impress us, tell us when! Otherwise, you're just spouting more Stupid Mogambo Gibberish (SMG), but with less drooling!"

Sadly, I choked on bitter tears as the press conference erupted in laughter at my expense, and I silently took another Secret Oath Of Mogambo Revenge (SOOMR) against all of them to make them pay for their folly!

So as I was getting to my feet to put a curse on them all, Mr. Gerbino quickly heads me off and says, "India has increased its money supply 15.3% in the last year." Knowing that I can be soothed by stories about the big fortunes that will be made with gold, he says, "This is probably why in the first eight months of 2006, gold imports increased by 86%. India could be on track to consume over 35% of 2007 global mine supply all by itself."

Appended was "Editor's Note: India is the world's largest buyer of gold."

From all of this, I assume that "when" is "any time now"!

Douglas V. Gnazzo of the Honest Money Gold & Silver Report hears us talking about gold and says in his essay "Gold Shines vs. All Fiat Paper Money" that, "When the price of gold is rising against most major world currencies it means that gold is in a powerful bull market."

I admit that I immediately started to doze off at this theoretical stuff, as I had had a hard night, arguing with the wife and kids about who REALLY pays all taxes and inflations, namely the little guy, and seeing as how they were all just a bunch of soul-sucking parasites who had taken all the joy out of my life except for those precious few hours where I could spend some "quality time" planning my revenge against all of them, then they were the littlest of the little guys, and I was immediately cutting their rations and allowances, which caused them to howl in dismay about how I am "evil" and "cruel" and "hateful", which makes me laugh because they don't talk that way to the merchants, although the raising of prices is exactly the same thing as cutting an allowance; you buy less stuff.

And so, naturally, I helpfully and politely point out to them what stinking little hypocrites they are, and then they get all upset at that, too! See the kind of crap I have to put up with around here?

Well, Mr. Gnazzo is not interested in me, my stupid family, or how I would like to borrow fifty bucks, and says that if I would just look around, I would see that the existence of a secular bull market in gold is proved because, "this is exactly what gold is doing - it is rising in price as denominated in all major world currencies."

And why are gold-bug, paranoid, psycho-whacko trash like me buying gold with every penny we can borrow from family members and by accosting strangers on the street? He doesn't answer the question directly, but allows that a global bull market in gold, "means that gold is being sought out because it is the currency that retains purchasing power better than all other currencies - it is fulfilling its role as the sovereign of sovereigns."

How poetic! How true! How truly poetic and true!

Clif Droke asks in his headline "Is Recession Unavoidable?" If I had been assigned that topic upon which to write the definitive essay, I could have saved both the readers and me a lot of time with my easy, succinct, one-word essay; "No."

Mr. Droke is obviously not as lazy or worthless as I am, nor as impressed with my startling brevity, which is supposed to be the soul of wit, and says the same thing by quoting a letter he had received from a reader of his, who writes, "I work for Yellow Freight (YRC Worldwide). I can tell you that volume has dropped drastically over the past year and it is very slow right now considering this is the busy time of year for transportation. Our volume has dropped down to half of what it was last year at this time."

Not unsurprisingly, then, "Earnings are dropping at all transportation carriers." Then he reminds us that "transportation companies are leading indicators for the state of the economy", which I remember learning a long time ago, but since I don't trade for a living anymore, I kind of fell away from paying attention to this kind of fundamental analysis. So, sheepishly, I go and look at the Dow Jones Transportation Average, and sure enough, it DOES look kind of punkish!

So if this is a leading indicator, then watch out!

But the surprising thing is that shipping volume dropped by half! Wow! Before I can digest this terrifying bit of news, he goes on, "I believe we are in a recession because people are not buying. I also believe the Fed is lying to the general public in regards to the state of the economy."

Well, as to the latter belief, only an idiot could ever believe that the government is not lying, as there are actually very few instances in history when a government was NOT lying!

And as to the former belief, it must be true, or retailers would be ordering more stuff, which would then need to be shipped, and the letter writer would be on the road, jamming those gears and honking the horn, honk, honk!

Even worse, according to Say's Law, if people aren't buying, then they aren't producing, either, notwithstanding some bizarre, weird, corrupt, once-in-a-lifetime massive buying spree paid for by idiotic consumers and suicidal governments amassing massive amounts of debt, colossal amounts of debt, so staggeringly much backbreaking debt that it makes me want to scream in horror at the prospect, which I often do.

Apparently horrified at the prospect of a Chilling Mogambo Scream Of Terror (CMSOT), Mr. Droke changes the subject completely, and says that Robert Shiller, the "famous Yale university economist," has actually said that "the collapse of home prices might turn out to be the most severe since the Great Depression", which I fully agree with; but (unbelievably) he also said that "The Federal Reserve will undoubtedly take aggressive actions, which will mitigate its severity."

Mitigation? I read this, and then I look at how Mr. Shiller is a "famous Yale university economist", and I think to myself that famous or not, Yale or not, this is a pretty stupid thing to say, because if the Federal Reserve takes "aggressive actions", whatever "mitigation" of the bust is achieved will only be by virtue of postponing the rest of the pain and suffering, which will be paid for by continually more inflation in prices.

To think otherwise, as this famous-yet-laughable bonehead has done, is to get the stupid idea that there is such a thing as a partial free lunch! This guy is saying that there IS such a thing as a free lunch! Hahaha! Bigshot Yale economist! Hahahaha! Free lunch!

I mean, this Robert Shiller guy is literally saying that, thanks to the Federal Reserve "aggressively" lowering interest rates or something, we can have a monetary boom and only have to suffer a portion of the bust, if the Federal Reserve acts, which will somehow minimize the bust, which is the equivalent of going to a nice restaurant, ordering a 5-course steak dinner, eating the dinner while stuffing rolls ("Hey! Waiter! More rolls over here, dude!") and extra silverware into your pockets when they aren't looking, and at the end, only paying for the salad! And everything will be fine! Hahaha!

Well, I hope it works out like this, and it ends up working better for me than the old tried-and-true, "climbing out of the bathroom window trick to achieve essentially the same result!" I love this Yale economics stuff! Hahahaha!

JMR Daniel D. sent a link to Dawn.com, where we read Mubarak Zeb Khan reporting from Islamabad, which I assume is in Pakistan, but these days, who the hell knows where anything is?

Anyway, he said, "Food inflation surged by 13 per cent in September over the same month last year." Yow! In fact, "Food prices rose at an average of 10.1 per cent and contributed 55 per cent to overall inflation in Asia ex-Japan. The upward trend in food prices is most evident in China (18.2 per cent), India (8.4 per cent), Indonesia (13 per cent) and Pakistan (13 per cent)."

Mr. Khan reports that, "A finance ministry report said the highest ever increase in food inflation in any month of the fiscal year 2007-08 was due to an extraordinary surge in demand." Well, finally a finance ministry that comprehends supply and demand! How refreshing!

Then, just after I lauded people for their smarts, we get the amazing "A sharp rise was also witnessed in wheat and flour prices, driven by extra-market forces." I leap up and yell, "Wrong, dude! The price went up because the demand stayed up as the price went up, and not because of some hypothesized 'extra-market forces'!"

I instantly knew that when I called him "dude" that he would get personally offended, and so I was prepared that he would not follow-up by saying to me, "That's an interesting point, Mogambo! Please explain it to me and the rest of the audience, in case they are as confused as I!", and I would not get a chance to explain how there is no such thing as an "extra-market force".

But if he had, I would have said, "Hell, even if the government were to, in the ultimate expression of an 'extra market force', slap a 100,000% tariff on wheat and flour. Suddenly, bread would cost $50,000 per loaf, demand would fall to zero, and then the price would fall to zero, too. But it was the lack of demand that caused the price to fall!"

Well, he doesn't want to get into a fuss with me, probably (judging by his name) because he comes from a culture that has learned that arguing with a crazy man is foolhardy and stupid, so he attempts to steer us back on track by saying that staggering inflation in prices is nothing new to these people, and that, "According to the report, food inflation increased slightly to 10 per cent in the first quarter (July-Sept) of the current fiscal year as against 9.9 per cent in the same period last year."

And most of the rise in prices is supposed to be caused by, he says, the religious time of year, and "The Ramazan-Eid effect was expected to wear off in November and food inflation was likely to show declining trend thereafter." Likely? Why in the hell would it be likely when food prices are rising all around the world? Or is this just another government weenie telling us what we want to hear?

In a grotesquely similar light, in this week's "Really Weird Stuff (RWS)" category, Reuters reports, "Federal Reserve Board Governor Frederic Mishkin said that monetary policy is not responsible for creating financial crises."

Huh? I am stunned! Then what does cause a financial crisis? He doesn't actually say, as he tellingly refused to take questions about monetary policy from the audience, but he is insistent that "These crises that develop have nothing to do with 'monetary policy', but rather with financial innovation where markets sometimes make 'mistakes'."

I am so angry that I cannot type with my fingers, as my hands have clenched themselves into fists, and I am forced to hold a pencil between my teeth to hit the little keys. My reason is that he is both right and wrong. He is wrong about the Fed not being responsible for creating financial crises, as there would never be a financial crisis (the bust) without the banks first creating the money to create the boom.

So Mr. Mishkin joins Alan Greenspan, running around saying, "It's not my fault! It's not my fault!", when the whole world spent all that time watching him and the Fed bludgeoning the dollar, then standing over the prostrate, bloody body of the dollar, holding the murder weapon in his hands! Not his fault? There is nobody else whose fault it could be!

But he is right, as loath as I am to admit it, that mistakes are made. And in fact, this very point is in a post at LewRockwell.com, which is a letter from Bettina Bien Greaves, who was Ludwig von Mises' personal assistant, and who recently sent this "letter to the editor."

"It was in 1912," she writes, "in his first book on monetary theory that Ludwig von Mises laid the groundwork for the Austrian Theory of the Business Cycle. He pointed out then that the monetary boom/bust cycle stemmed from the encouragement given by central banks to expand credit."

She then proves the point by quoting Mr. Mises, "If the banks discount at a lower, rather than at a higher, interest rate, then more loans are made. Enterprises which are unprofitable at 5%, and hence are not undertaken, may be profitable at 4%. Therefore, by lowering the interest rate they charge, banks can intensify the demand for credit. Then, by satisfying this demand, they can increase the quantity of fiduciary media in circulation."

This is where the entrepreneurs make their mistake; they thought that all of this new money, bidding up the prices of everything and making the economy boom, was real demand! And real demand means that people have lots of money, and they are spending the money, and thus the rise in house prices meant that the demand for houses was high, and real demand because people wanted to buy, buy, buy houses, and had the money to do it! The economy was, ostensibly, booming! Just look at all the money!

"Once the Fed started trying to create a 'flexible' money supply," continued Mr. Mises, "it found itself between a rock and a hard place. Of course its founders didn't then realize this. But the Fed faced a dilemma: to expand and to keep on expanding the quantity of money would lead to a catastrophic boom and runaway inflation. But when and if it stopped expanding it would cause an economic crisis. Sooner or later, the crisis must inevitably break out as the result of a change in the conduct of the banks."

Here is where Mr. Mises agrees with Mr. Mishkin; "The later the crack-up comes, the longer the period in which the calculation of the entrepreneur is misguided by the issue of additional fiduciary media."

And actually it is all relatively moot at this point, as it is too late, there is nothing that can be done, and it will last for a long time, as I gather from history and where Mr. Mises went on "The crisis, with its unique characteristics, is followed by stagnation."

Why stagnation, and why do we have stagnation in our future? He explains, "The misguided enterprises and businesses of the boom period are already liquidated. Bankruptcy and adjustment have cleared up the situation. The banks have become cautious. They fight shy of expanding circulation credit. They are not inclined to give an ear to credit applications from schemers and promoters. Not only is the artificial stimulus to business, through the expansion of circulation credit, lacking, but even businesses which would be feasible, considering the capital goods available, are not attempted because the general feeling of discouragement makes every innovation appear doubtful."

And it will be made worse, as apparently we will soon be going through a lot of the Marxist stupidities of "taxing the rich" or "middleclass tax cut" and blah blah blah, but the ugly, inescapable fact is that things will be made worse by Congress trying to "do something", which will be to do more of the same things that caused the problem in the first place!

And it won't be the rich who pay, as Ludwig von Mises himself said "whatever system of financing may be adopted, whether taxation, borrowing, or inflation, the full incidence of the government's expenditures must fall upon the public", and by "the public" he means those at the bottom who cannot take steps to pass their increased costs onto someone else in the form of higher prices or higher taxes. You and me. Mostly me. Or anyway, that's the way it seems to me. Ugh.

Mogambo sez: Ahh! A little pullback in gold, silver and oil, and indeed all commodities! This can only mean one thing; you are truly beloved of the gods, and you have been given another chance to buy gold, silver and oil at these low, low, bargain prices before the Big, Big Move (BBM), and all the other BBMs after that, and who could ask for more?

P.S. To get The Daily Reckoning sent directly to your inbox, sign up for our free email newsletter, or if you prefer to use RSS, subscribe to the Daily Reckoning RSS feed.

Editor's Note: Richard Daughty is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the editor of The Mogambo Guru economic newsletter - an avocational exercise 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.

The Daily Reckoning is FREE!
Click below…

The Daily Reckoning is FREE! Click below…