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The following chart shows the natural log of annual change in the CPI less food and energy. When using logs, exponential growth (or in this case, decay) is seen as a straight line.


Click to enlarge.

No matter how hard the Fed tries, it cannot seem to break through the top of the decaying trend channel. So what's the latest tactic? Taper! Good luck on that. Maybe it works. Maybe it doesn't.

As seen in the following chart, the Fed has had substantially more "success" with energy though. The chart shows the annual change in the CPI for energy (not the natural log).


Click to enlarge.

And when I say "success", I really mean "confidence building" chaos. Note that ZIRP has actually helped to calm things down a bit in recent years. Nothing stops chaos like nothing apparently. So here oil is, chugging along at the $100 level looking for forward guidance. Perhaps it wants to believe that the global economy is robust, but it just isn't all that sure. Or perhaps that's just me talking as a permabear? (Hint: Oil can't actually believe anything. It's just a liquid. I may be a permabear, but I'm not entirely crazy, lol. Sigh.)

November 22, 2002
Deflation: Making Sure "It" Doesn't Happen Here


You will note that Bernanke did not mention wages or salaries in that paragraph, nor anywhere else in his speech for that matter. Perhaps the Fed's ability to decrease the value of a dollar is at best like a blunt hammer, and not a surgical instrument.

It would also seem that our government is not all that determined to generate higher spending at a level that could guarantee positive inflation (much like Japan since their housing bust in the early 1990s). Perhaps $100 oil, massive debt relative to disposable personal income, and a congressional approval rating of just 12% has something to do with it. Go figure.


That was then, this is now.

I know not with what weapons Great Recession III will be fought, but Great Recession IV will be fought with sticks and stones. Sigh.

Source Data:
St. Louis Fed: Custom Chart #1
St. Louis Fed: Custom Chart #2

The Fed isn't quite sure what threshold it should be using to determine when to raise interest rates. Can't say I blame them. I therefore thought I'd offer some free (deflationary) advice.

Furniture sales and new home sales go hand in hand. Right? So simply raise rates when furniture store sales (as a percentage of disposable personal income) reach "normal" levels again. What could be easier? Transparent. Clean. Consistent.


Click to enlarge.

Let's zoom in on that recent trend in red and try to estimate how long it will take to get back to normal.


Click to enlarge.

The solution is clear. Raise rates just this side of never. Be just like Japan!

See Also:
Trend Line Disclaimer
Sarcasm Disclaimer

Source Data:
St. Louis Fed: Custom Chart

The following chart shows the annual change in the semiannual average of the producer price index for finished goods.


Click to enlarge.

1. Heckle the Fed for achieving long-term "stable price" certainty?

2. Heckle Jeremy Siegel for warning us that the Fed would raise rates well before 2014?

3. Heckle CNBC for warning us what the taper would do to interest rates?

4. Heckle Shadowstats for misguided hyperinflation theories?

So many many targets! So little time. I may be forced to resort to Sarcastic ZIRP Technology!



File:Minuteman III MIRV path.svg (Fastfission)

This is not investment advice.

Source Data:
St. Louis Fed: Custom Chart

The following chart compares the 3-month treasury bill yield in the aftermath of the Great Depression to the 3-month treasury bill yield in the aftermath of the Great Recession.


Click to enlarge.

For the record, I am not predicting World War III (nor would I expect it to even remotely solve our long-term ZIRP problem as effectively as World War II did).


I think you can see why I might be fond of ultra long-term inflation protected treasuries and I-Bonds. You might also understand why I might be somewhat skeptical of rising interest rate theories.

I believe we are trapped in ZIRP much like Japan has been since their housing bubble popped in the early 1990s (which will become all too apparent when the next recession hits, whenever that is).

We might temporarily escape from our padded cell at some point, but we'll never get the straight-jacket off, much less get past the search lights, the dogs, the barbed wire fences, and Janet Yellen, our trusted security guard. That's just asking too much, lol. Sigh.

Gallows humor.

February 11, 2014
Janet Yellen to Emerging Markets: Good Luck


Contrary to the opinion of those who think the stock market continues to go up easily from here and that vast riches await those willing to swing for the fences at any price, monetary policy is hard. For what it is worth, that's what I'm reading into what she has to say anyway.

This is not investment advice.

Source Data:
St. Louis Fed: 3-Month Treasury Bill: Secondary Market Rate
NBER: US Business Cycle Expansions and Contractions

The following scatter chart compares annual disposable personal income per capita growth (bottom scale) to the annual increase in the consumer price index (left scale).


Click to enlarge.

From 1960 to 2013:

1. 2009 was the worst year for disposable personal income growth per capita. It was also the record low year for consumer price inflation.

2. 2013 was the second worst year for disposable personal income growth per capita. Once again, inflation came in below expectations.

The following chart shows recent annual disposable personal income per capita growth. I'm using the monthly data instead of the annual averages this time to more adequately show all the gory details.


Click to enlarge.

January 10, 2014
Fed's Bullard: Inflation to pick up in 2014


1. Good luck on that inflation theory!
2. Brace for more surprises!

jjchandler.com: Tombstone Generator

Click to enlarge.

This is not investment advice, but damn.

Source Data:
St. Louis Fed: Custom Chart #1
St. Louis Fed: Custom Chart #2

Click to enlarge.

Wikipedia: Optimism


Hey! Look! A parabola! Woo-hoo!



See Also:
St. Louis Fed: Japan's Working Age Population
Sarcasm Disclaimer

Source Data:
St. Louis Fed: Custom Chart

The following chart shows the natural log of the quarterly average of the 10-year treasury yield. When using natural logs, constant exponential growth (or decay) is seen as a straight line.


Click to enlarge.

I have added a parabolic trend channel in red that uses the data points shown in red. I have also added a parabolic trend in blue that uses all of the data points. Note that the correlation of the blue trend line is 0.89.

The long-term trend shows that the 10-year treasury yield has been decaying (not exactly rocket science here). It's not a pure exponential decay though. Since a parabola fits the data extremely well, I think the best way to describe it is as an exponential decay trend that has been accelerating to the downside. In other words, it has been exponentially decaying at a faster and faster rate. Hello Japan?

I know past performance is not necessarily indicative of the future, but where is the actual evidence that we are in a long-term rising interest rate environment? (And not just a short-term cyclical bounce within a declining trend channel?)

You may be wondering why I singled out the 5% interest rate target in the chart (with a natural log of 1.61). Well, wonder no more! It is inspired by the financial "experts" at MSN Money. Long time readers know that I'm not all that bullish on inflation adjusted gold prices at these levels, but I believe that the following article is a study in ridiculousness. I am therefore willing to place a "gold bug" hat on my head, if only for a day. You know, it's just an effort to balance things out a bit.

January 22, 2014
MSN Money: How gold could fall below $500 an ounce


If ifs and buts were candy and nuts then we'd all have a Merry Christmas. What hubris! The price of gold is pegged to 3 digits of "scientific" precision. All you need to know is a future long-term nominal interest rate? Forehead. Desk. Whack. Whack. Whack.


You think? Yeah, inflation might be a good backup plan if nominal interest rates aren't enough I suppose. For example, if inflation is running at 10% and the 10-year treasury yields 5% then I think we can pretty much forget about $500 gold. Call me silly if you must. (This is not a prediction that we will see 10% inflation and 5% interest rates of course. It's just an example.)


I wish you could have seen how quick I was to reject his simpleminded "behavioral" model. It may have even been a personal best! Unfortunately, I did not have a stopwatch at the time. And even if I had a stopwatch handy, I'm 49 years old and my reflexes aren't what they once were. I'm therefore not entirely sure I could have accurately timed such a short period to 3 digits of "scientific" precision.


Wow! 10 years of cherry picked data offered up a very high 0.78! Color me impressed. Of course, it is based on the premise that my 28 years of cherry picked data (as seen in the chart above) with a much higher 0.89 correlation has to fail spectacularly before his prediction even kicks in. In order to get to 5% interest rates, the natural log needs to rise to 1.61 on my chart. That is well outside the channel and well removed from the blue trend line. It would indeed be a spectacular fail. Could it happen? Of course it will, someday. That someday could be a very, very long time from now though. And in the meantime, who really knows what gold will be doing?

So, in the battle between cherry picked data sets, who are you going to believe? The very highly correlated 10 year model for gold's price that does not concern itself with inflation or the extremely highly correlated 28 year model of long-term interest rates that has a certain Japanese housing bust feel to it?

Put another way, if one assumes that we are in a rising interest rate environment when we very well might not be, then all kinds of crazy predictions are possible. Why stop at 5% interest rates? What will gold's price be if interest rates hit 50%? Better not tell me $47.10 or I will laugh my motherf#$%ing @$$ off! Seriously, lol.

This is not investment advice. I'm simply offering up an alternative theory for where interest rates are headed that matches my own beliefs. It is not proof of anything. If I had a crystal ball that could accurately predict the future, then I certainly wouldn't spend time making charts or offering up gold price predictions with a whopping 3 digits of "scientific" precision. Now would I? No, sir. I'm compelled to heckle instead. It might even be a disease. Please, for the love of all that's holy, someone help me stop! :)

See Also:
The Pulp Fiction of Rising Interest Rates

Source Data:
St. Louis Fed: Custom Chart

The following chart shows the interest earned on MZM money stock divided by disposable personal income.


Click to enlarge.

Unless one counts cost cutting (and therefore weak employment growth) as a long-term growth strategy, we're apparently fresh out of "genius" ideas.

The chart is especially interesting if one considers how much MZM has grown relative to disposable personal income. It's almost like the more MZM we generate, the harder it is to generate interest off of it. Yeah, it's almost exactly like that. Think Japan.

This coincides well with my long standing belief that it will be increasingly difficult to make money off of money. Those anxiously awaiting higher/juicier real yields over the long-term may be in for serious disappointment, much to the ongoing dismay of Brett Arends at the Wall Street Journal. What a trip down memory lane that link is by the way. 2008, what a year!

This is not investment advice.

Source Data:
St. Louis Fed: Custom Chart

Now that the consumer price index for 2013 is complete, let's look at the long-term trend of the annual percent change in the average annual CPI.


Click to enlarge.

Ten Questions for 2014

1. How many decades will we be stuck in ZIRP?
2. Will it be as many decades as Japan?
3. Why is the Fed tapering?
4. When will the Fed ramp up QE again?
5. How much more poning can the hyperinflationists take?
6. Why am I so willing to hold long-term TIPS to maturity?
7. Where have all the "bond vigilantes" gone?
8. What are they doing with all their profits?
9. Sears? (It's a rhetorical question.)
10. Why must I use the sarcasm label in nearly every post?

Source Data:
St. Louis Fed: Custom Chart

The following chart shows construction and manufacturing payrolls as a fraction of nonfarm payrolls.


Click to enlarge.

That sure looks like a fish ladder to me. The only difference is that the fish aren't supposed to be heading downstream. Down 19% and temporarily holding!

Fish Ladder


Oh oh. Sounds like a faulty dam. What went wrong?


Click to enlarge.

Craziest monetary god dam design ever! That's what! Who in their right mind would put the monetary floodgate below the fish ladder?



I said in the past that some posts are mostly for the puns. How could I pass up this post's title once it got stuck in my head? Hahaha! Sigh. I sigh because the data is ugly, especially over the long-term. Gallows humor can't fix that.

See Also:
The "Recovery"

Source Data:
St. Louis Fed: Custom Chart
St. Louis Fed: Monetary Base

The following chart shows the number of child day care services employees.


Click to enlarge.

That's some recovery we've got there. It's strong and resilient. Yes, sir.

In my opinion, the Japanese should have patented massive economic busts and ongoing zero interest rate policies as effective birth control medicines. Just think of the royalties!

April 17, 2013
Japan's population suffers biggest fall in history


January 8, 2014
CDC: U.S. Fertility Rate Hits Record Low for 2nd Straight Year; 40.7% of Babies Born to Unmarried Women


Source Data:
BLS: Employment

Click to enlarge.

The line in blue shows the 5-year CD rate at commercial banks (left scale).

The line in black shows wages and salaries divided by deposits at commercial banks (right scale).

Here's the theory.

A lender's ability to lend is generally determined by the amount of their deposits (fractional reserve banking notwithstanding).

A lender's desire to lend is generally determined by the stable income streams of the borrowers (NINJA loans notwithstanding).

When wages (a bank's desire to lend) grow slower than deposits (a bank's ability to lend), then all things being equal (which they rarely are), the interest paid on deposits should fall (clearly seen in the chart). It's simply supply vs. demand. Not enough wages. Too many deposits.

Unlike nearly every financial expert on CNBC, I am not a believer that we're in a rising interest rate environment over the long-term. Wage growth is not keeping up with deposit growth. There are no signs of that trend changing any time soon (as seen in the declining black line in the chart). Why would I expect higher CD rates when there is a growing wage famine (nonfarm payroll employment) relative to a growing deposit glut (CPI adjusted deposits)? As seen in the following chart, note that this is a new development that began in February of 2000 (the peak in wages divided by deposits). In hindsight, Y2Katasrophe for the win!


Click to enlarge.

Inflation (or the lack of it) isn't really going to alter the dynamics much in my opinion. Banks aren't going to pay higher CD rates just because food costs more. I would be the last to argue that they're nonprofit food banks (Jamie Dimon sarcastically notwithstanding).

This is not investment advice. If it was, I would have written this post in Japanese as a tribute to Japan's popping housing bubble in the early 1990s and 20+ years of its ongoing low interest rate aftermath.

Source Data:
St. Louis Fed: Custom Chart #1
St. Louis Fed: Custom Chart #2

The following chart shows the natural log of real disposable personal income per capita. Once again, constant exponential growth shows up as a straight line when using natural logs.


Click to enlarge.

There are at least a few things worth considering.

1. Due to rising income inequality, the typical person isn't doing nearly as well as this chart would suggest.

2. As automation takes on more and more human work, how will billions of people find employment? How much of this is seen in the chart?

3. The trend is definitely not a straight line. It is curving downwards with a very high correlation of 0.993. If the current trend continues, then we'll peak in 2058 (45 years from now). That's a big if. If I'm alive to see it, I'll be 94 years old. That's another big if.

4. It is mathematically impossible for this upside down parabolic trend to continue forever. There must be a failure at some point. If nothing else, I don't think any rational person would expect real disposable personal income per capita to ever fall below zero. That would happen in 2164. This would certainly not be the first failure we've seen in recent years. We live in the era of long-term trend failures.

5. Any failure would probably be to the downside, since that is the direction the data is being pulled (much like a camel's back when more and more weight is placed upon it).

6. Contrary to some, I therefore definitely believe that the long-term future is not so bright that I gotta wear shades.

“I believe in making the world safe for our children, but not our children's children, because I don't think children should be having sex.” - Jack Handey

Japan (our partner in ZIRP crime) must love Jack Handey quotes.

December 23, 2013
Japan’s Diaper Shift and Global Population Trends


For what it is worth, I'm very much a believer in the theory. In some ways, we're like locusts and the lowest hanging fruit has already been eaten (USA prosperity analogy). I know it sounds grim, but that's what I believe. The good news is that I'm thankful every day that I was born where and when I was.

As seen in the chart, I'm not at all convinced that our children's children will be quite as thankful. It isn't that I think they will be unhappy being born in America. Far from it. I simply question the timing. It's not like I would tell them to move to China. Let's just put it that way.

Source Data:
St. Louis Fed: Custom Chart

December 9, 2013
Farmers Hoard Corn as Prices Drop


Adjusted for relatively modest overall consumer price inflation as reported by the government, exported corn is currently trading at early 1990s levels (as seen in the following chart).


Click to enlarge.

For what it is worth, I think corn prices could easily go either way from here. I have no opinion other than to say that the farmers hoarding corn are definitely betting big in the casino. Good luck on that.


You think? Ben Bernanke must be very pleased to see so much risk taking though. Corn prices only go up! Every corn kernel needs a place to live! They just aren't making any more corn! Okay, maybe that last one isn't quite true. I got caught up in the housing bubble mentality. Probably read too much David Lereah. Sorry about that!

December 11, 2010
John Williams of ShadowStats Warns Hyperinflation Will Start in the Next Couple Months!


It's been 36 months so far. Took the predictions very lightly. Still am. Yawn. If anything, perhaps I should brush up on my Japanese in case we're stuck in ZIRP (like they have been) for the rest of my life. Seriously.

This is not investment advice.

See Also:
Bananas for Silver!
Hyperinflation Theories Poned Again

Source Data:
St. Louis Fed: Custom Chart

Click to enlarge.

As seen in the chart, nominal GDP took a giant leap to the left during the Great Recession. There was a dead cat bounce to the right (as the dotcom bust left the 10 year moving average) but it is now being pulled to the left yet again. Where it stops nobody knows.

If the long-term trend does continue (down and to the left in the chart), then we'll be stuck in ZIRP till the cows come home (just like Japan), and that's if we're lucky. So all this talk of Fed tapering or not tapering is nearly meaningless to me. I refuse to have the bulk of my retirement nest egg parked in short-term savings patiently waiting for the Lord of Cattle to bless me with higher interest rates. That bovine deity is much more likely to milk short-term savers for all their worth.

The Phrase Finder: Till the cows come home

They'll get home eventually though. They've got to be here once the cow tipping point is reached. I strongly suspect that is a very long time from now, perhaps even long after I'm dead and buried cremated. It's all in the timing. Rome did not fall in a day.

As a side note, I went with "their worth" over "they're worth". Both are apparently technically correct (perhaps because worth can be a noun or an adjective). Maybe. Even Grammar Girl isn't sure.

Thief #1: How much should we milk from it?
Thief #2: We should milk it for all it's worth.
Thief #1: What if it keeps its wealth in a bag? It's its worth.
Thief #2: For what it's worth, then we should milk it for all its worth!

Dizzying. Who thought this frickin' language up, anyway?

November 13, 2013
Takeover bids milk factory for all it is worth


Don't even get me started again! The milk factory's worth? Its worth?

This is not investment advice. Don't look to me for grammar advice either for that matter. I pretty much only use the math side of my brain at best. I'll end a sentence with a preposition and create sentences with single adverbs if the mood suits me. That's what moods are for. Seriously. ;)

Source Data:
St. Louis Fed: Custom Chart

The following chart shows the constant maturity rate of the 1-year, 2-year, 3-year, and 5-year treasuries.


Click to enlarge.

Bondmageddon Thoughts

1. ZIRP.
2. Yawn.

See Also:
Bondmageddon Thoughts

Source Data:
St. Louis Fed: Custom Chart

Click to enlarge.

The herd sure loves the current 1.37% 5-year treasury compared to the 2.75% 10-year treasury. Good luck on that one.

Perhaps the herd is right though. Perhaps interest rates will be north of 4% on the 10-year in 5 years as the economy continues to "recover". We can all hope and dream. Right? Okay, maybe not all. The Japanese would clearly be harder to convince. They've had more time to watch what ZIRP can do to an economy over the long-term. Sigh.

FRB: Why are interest rates being kept at a low level?

Most Americans love higher shelter costs. It's a fact. And let's not forget about higher priced tuition. Who doesn't love that? The more financing the better! Here's the best part. These low interest rates have not boosted the price of gasoline. It's just a coincidence that gasoline prices have tripled over the last decade or so. Can't hold the Fed responsible for that. They have no control over it at all.

February 29, 2012
Bernanke: The Fed 'Can't Do Much About The Price Of Gas'

Let me summarize.

Good asset prices rising: You can thank the Fed!
Bad asset prices rising: You can't blame the Fed!

Good asset prices falling: You can't blame the Fed!
Bad asset prices falling: You can thank the Fed!

The funny thing is that gasoline prices stopped going up. It's almost like the global economy is too weak to support high priced gasoline. Go figure.

So how exactly is the Fed going to generate consumer price inflation going forward if gasoline prices can't rise further and WalMart sells 32" flat screen televisions for $98? It's a puzzling conundrum of an enigma wrapped up in a mystery.

This is not investment advice.

Source Data:
St. Louis Fed: Custom Chart
U.S. Treasury: Daily Yield Curve

The following chart shows the producer price index for intermediate foods and feeds divided by the index of the average hourly earnings of private production and nonsupervisory employees. The low point was achieved in May of 2002 (represented as 1.0 on the chart).


Click to enlarge.

Stick a fork in it. The old trend's over. Welcome to the new trend. Who doesn't like higher asset prices?

Not all of these price increases are making it down to the consumer of course. Value is "added" by heavily processing the food, placing it in cheap boxes and cans, slapping a well known brand name in colorful print on the outside, and then marking up the price. We may not have infinite global food supplies well into the distant future, but at least we have an ample supply of presentation!

September 20, 2013
Our Chat With Jeremy Grantham


November 13, 2013
Experts: world's soil is at risk


What would Carl Spackler say though?
And I say, "Hey, Lama, hey, how about a little something, you know, for the effort, you know." And he says, "Oh, uh, there won't be any money, but when you die, on your deathbed, you will receive total consciousness." So I got that goin' for me, which is nice.

Not everything is inflating of course. Take Redux for example. Some miracle drugs are not all they are cracked up to be apparently.

Redux: The Miracle Weight-Loss Drug

I'm not trying to imply that the Fed's miracle drug won't work over the long run. No, sir. ZIRP is all but guaranteed to restore all lost prosperity and then some! Common knowledge! Everyone knows it! Trapped in ZIRP like the Japanese isn't a long-term curse, it's a long-term blessing! Genius!

See Also:
The Fed's Wealth Effect (Musical Tributes)

Source Data:
St. Louis Fed: Custom Chart

The following scatter chart compares the real annual change in corporate profits (bottom scale) to the annual change in nonfarm payrolls (left scale).


Click to enlarge.

The Fed apparently believes that increasing corporate profits is the key to job creation. In sharp contrast, I happen to think the key is severely mangled and the lock is rusted over. But hey, maybe that's just me.

Although there appears to be zero correlation between real annual corporate profit growth and annual job creation (as seen in the trend line in blue), the data points in black do point to one trend though. If you stare at them long enough, you should see one of the flying saucers from Godzilla vs. Monster Zero.



King Ghidorah (Monster Zero)


Speaking of Japan's Monster Zero, the following chart shows the spread between USA's discount rate and Japan's discount rate.



Monster Zero Interest Rate Policy (MZIRP)! Our monster is now nearly every bit as powerful as theirs! Only one thing can stop us now!

November 5, 2013
Zillow Revenue Up Despite Weak Consumer Housing Appetite

Oh God, Zillow. Bernanke should have never said the word taper. Three-headed, two-tailed, armless flying beasts can sense fear.



Godzilla vs. Monster Zero: Quote

See Also:
Sarcasm Disclaimer

Source Data:
St. Louis Fed: Custom Scatter Chart
St. Louis Fed: Discount Rate Spread: USA vs. Japan

November 19, 2013
MSN Money: How to rescue your retirement at 55

Since this is a mainstream article one can probably assume that there are a lot of people interested in rescuing their retirement at age 55 or at the very least there are a great many people interested in how the retirement rescue advice might apply to them.

I have rearranged the order of the advice to maximize the dramatic effect.

1. Reduce your consumption

This works for everyone. If everyone does it, then we can expect the economy to crash again.

2. Don't plan for retirement; plan to keep working

This works for everyone. If everyone does it, then we can expect many of the younger among us to be stuck in low paying jobs and/or the unemployment lines. As an added bonus, since many are already straddled with student debt they won't be able to afford new homes. And without the ability to afford new homes, we can expect another housing crash.

3. Tap your house as an asset sooner rather than later

This works for everyone. If everyone does it, then we'd expect to see another housing crash. Selling your house and moving into a smaller less expensive one is net selling on average (by dollar amount). A crash is especially likely if everyone is consuming less and delaying retirement. See steps #1 and #2.

4. Stay in equities longer than you may think 'safe


Desperate people feel the need to do unsafe things. Increasing the chance implies that there is still a chance you could earn a lower return by staying in equities for longer and in greater proportion. This would make sense since stocks are considered "risk assets" and each one of the previous 3 steps in could be considered crash worthy on their own. Further, the wicked combination of all three steps at the same time could prove to be very crash worthy indeed.


This is opposed to the pre-World War II era, when interest rates did not rise after a long period of artificially low rates. That era was in the aftermath of the Great Depression. Some sort of housing bust was eventually followed by a world war but let's not go into that now. Desperate people should not be reminded of Great Depressions and world wars, especially world wars removing global industrial capacity to the USA's manufacturing and industrial benefit. That could be greatly depressing, especially if we have no intention of successfully removing excess global industrial capacity any time soon.


Wait until the last possible moment on the off chance that the long-term trend actually reverses and that very few will be buying bonds when you are age 70. How many other 55 year-olds are desperately attempting to rescue their retirement? Do what they do! Postpone and pray! It's not like we could be stuck with ZIRP for 20+ years like the Japanese were after their housing bust in the 1990s! Right? Stick with stocks like the Japanese did if you want to have a sporting chance!

October 24, 2013
BBC Sport: Gambling footballers take out payday loans - Sporting Chance


This is not gambling advice. You know this to be true because if it was gambling advice then I'd be mentioning record margin debt and I have no intention of bringing that up in polite conversation.