Note from JWR:

Today, with permission, we present a guest article by economist Richard Daughty (a.k.a. “The Mogambo Guru”). I have been a fan of his columns for many years. He has a hilarious writing style, with articles that are often peppered with The Mogambo Guru’s Gloriously Insightful and Articulate Whilst Jovial Acronyms De Jour (TMGGIAAWJADJ). I should also mention that I unashamedly filched one of his acronyms for my own use, changing it slightly to: Jim’s Amazing Secret Bunker of Redundant Redundancy (JASBORR).