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An Excerpt From The Great Mogambo Guru|
RE: On Going Food Crisis:
Monday, June 9, 2008
'The Declining Quality of Dollar Menus'
By The Mogambo Gury
For The Daily Reckoning, Paris, France
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:
And food prices seem destined to get worse, as I discern from Junior
Mogambo Ranger (JMR) Terry L., who sent a copy of the essay, "The 1930s
Dry Spell Was a Walk in the Park" by Robert Morley, which is not to be
confused with JMR Dan K. interpreting Ben Bernanke's remarks that "The
Great Depression was an example of an adverse feedback loop"! Hahaha!
Mr. Morley ignores my little attempt at humor to lighten the mood, and
starts out by noting that "Due to soaring demand and natural disasters,
global food reserves of corn, wheat and rice are dangerously low. In fact,
depleted U.S. wheat stockpiles are at levels not seen in over 60 years."
What makes this so significant is that "during the Great Depression,
America had a population of less than 130 million, as opposed to over 300
And this is made even more chilling when you realize that "Forty percent
of the world's corn supply is grown in the Midwest. Plus, America produces
36 percent of all soybeans, 32 percent of coarse grains, 25 percent of the
five major oil seeds, 20 percent of sorghum, 16 percent of cottonseed, and
9 percent of global wheat output."
The worse news is that he cites Donald Coxe of Harris Investment
Management as saying that the chances of rebuilding those stockpiles is
slimmer than commonly thought, as "despite reports of localized droughts,
North America as a whole has experienced great weather for the last 18
consecutive years, which combined with improvements in agriculture, has
resulted in near-record harvests."
This is so remarkable that Mr. Coxe refers to a report titled "2,000 Years
of Drought Variability in the Central United States" by Connie A.
Woodhouse and Jonathan T. Overpeck (1998) that "you have to go back
hundreds of years to find a period of such favorable weather for so long a
time", as "paleoclimatic data indicates that during the last 400 years,
the U.S. has probably received some of the best weather North America has
had to offer over the past 2,000. Even considering the dust bowl of the
1930s, which sent over 1 million people fleeing, the last 200 years have
been exceptionally good in comparison to historical norms."
Suddenly, I get the feeling that things will get worse. A lot worse. Lots
and lots worse! Gaaahhh!
Welcome not only to the hell of inflation in prices after decades of
inflation in the money supply by the detestable Federal Reserve, but
having it made indescribably worse by Mother Nature reverting to norm!
We're freaking doomed!
Until next time,
The Mogambo Guru
for The Daily Reckoning
Times in America will change rather abruptly.
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