Riding Herd Saying things that need to be said. January 15, 2024 • www.aaalivestock.com
Volume 66 • No. 1
Crooked Cowboys LEE PITTS
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cottish syndicates of yesteryear helped jump start the western cattle industry by defrauding their overseas investors by using a highly inflated book count that never matched the actual number of cattle on western ranges. And it seems the American cattle industry has been plagued by the problem of “ghost cattle” ever since. As you shall read in this story, we are still cursed by the problem today. don’t know why the cattle business is prone to such flimflams, ruses and stings. Perhaps it’s because outside investors, who wouldn’t know the difference between a Hereford and a heifer, just liked the idea of being called “cattlemen,” even though the closest they’d ever come to a cow is eating a steak. Here’s a nostalgic look back at just a few of the biggest con games that I’d nominate to be included in the first class of the Cowboy Hall of Shame.
Inventing Cows
NEWSPAPER PRIORITY HANDLING
When I started in this business 50 years ago the industry was all atwitter with talk of an outfit called Black Watch Farms of Fiskill Plains, New York. I kept an article, from the New York Times no less, about Black Watch who filed for chapter 11 bankruptcy in 1970. Black Watch bred Angus cattle, and was half owned by the Bermec Corporation and half owned by the State Mutual Life Assurance Company of America, common-
ly referred to as State Mutual. Black Watch promised investors that they were buying specific cattle that really did exist, the problem was Black Watch might sell the same animal to four or five different investors who were under the distinct impression that they were the sole owner of the animal. And Black Watch did this with thousands of cattle. Under Black Watch’s care, these animals increased and multiplied far beyond their biological potential. Black Watch also charged their investors
what did the investors get out of the deal? According to the New York Times these passive investors hoped for gains in the form of tax avoidance and high resale prices for their animals. But in the final analysis they got nothing...nada...zip! Not only were their write-offs disallowed by the IRS, the investors discovered, much to their chagrin, that the cows they owned were supposedly owned by countless others! In the aftermath I remember several comical stories of investors showing up at Black Watch on the same day to see their cows and the alleged hurry-up jobs to change out the ear tags to reflect the different “owners.” B l a c k Watch wasn’t the only one playing such shell games at the time but it was the most visible because of the involvement of State Mutual, who claimed
“It don’t take a genius to spot a goat in a flock of sheep.” monthly fees for taking care and feeding the animals. But
Setting the Agenda for Freedom’s Comeback BY TOM DEWEESE / AMERICAN POLICY CENTER
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or more than 100 years the free market economy of the United States has been used to prop up the failures of socialism throughout the world. Over-taxed Americans have been forced to pay for it through foreign aid schemes and leftist pretend charity cartels. Armed with plundered American capital, global looters have had free rein to pillage some of the naturally richest nations in the world, now destroyed by socialism. Yet, all the while the socialists were gleefully accepting the cash to finance their failures, Americans were derided for being so rich. Now, many see America as the last source of funds for the plunder. When the lights go out in America’s once shining abundance of freedom and riches, what will these locusts have left but darkness? Years ago, someone said to me, “One day freedom may rush to our shores from somewhere else.” It’s possible that the first drops of such a flood have begun. Shockwaves are rushing through the international Deep State. It seems there are cracks opening in their well-planned drive for global control. The cause? Javier Milei, a limited government, free enterprise candidate was just elected president of Argentina and news reports tell us, “The red caste is shaking.” For decades Argentina has been controlled by the same cabal that has set its sights on
that they were duped just like all the other “owners.”
Too Good To Be True Now let’s fast forward from the 70’s to the latest beef Ponzi scheme that so far has cost investors $191 million! According to the Securities and Exchange Commission (SEC), an outfit called Agridime and its founders, Josh Link and Jed Wood, promised to buy cattle and fatten them out while making outlandish profits, but in reality, they never bought enough cattle to make such profits possible. According to the SEC, Josh Link, 30, of Gilbert, Arizona, and Jed Wood, 62, of Fort Worth, Texas, established Agridime LLC in 2017 as a vehicle for cattle investments, claiming to offer annual returns as high as 32%! t all sounded so simple when the salesmen explained it. For $2,000, an investor purchased the right to a single head of cattle, which Agridime would fatten and then pay out the 32% profit after the animal was continued on page 2
global control. Beginning with Juan Peron and his wife Evita, continuing with the regional influence of communist Fidel Castro, and ultimately the strong, destructive influence of Venezuela’s Hugo Chavez, Argentina has suffered all the usual socialist casualties to freedom. President-elect Milei declared, “We want to be the moral beacon of the continent. We want to be the defenders of freedom…” He has called socialist leaders, “trash” and “human excrement,” and said, “Now, Argentina’s administration will be an ally to the U.S. and Israel administrations, to Europe, and to free countries. We’ll no longer see Argentina’s foreign service siding with dictators.” Most exciting for freedom lovers around the world, who have hungered for a revolutionary voice of reason, Milei, sounding much like Ronald Reagan, stated, “The state is not the solution, the state is the problem.” Then he announced his proposal to eliminate eleven of the nineteen federal agencies. These include the Ministry of Environment and Sustainable Development; the Ministry of Women, Gender, and Diversity; and the Ministry of Education, which he called “the Ministry of Indoctrination.” The people of Argentina, facing over 159 percent inflation, have spoken as they rallied, demonstrated, and turned out at the polls, shaking the globalist foundations as they delivered 55.7 percent of the votes to Milei. There is joy amid the rusting structure of a once free society. But caution must be added to firm determination for success. Now Milei faces his greatest challenge as he takes office on December 10th and challenges the entrenched globalist political establishment. Like Donald Trump in 2016, he’s new to the office and is the direct target of the all-powerful cabal which has no intention of surrendering power. As we have seen with Trump, no stone continued on page 4
by LEE PITTS
A Different Breed
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usually try to avoid touchy subjects but in this case, I thought I’d take a chance that you’ll read the entire piece before sending a nasty letter about me to the editor. This touchy subject deals with how some families deal with the dividing up of the spoils after a relative’s death. Or in some cases, even BEFORE the relative assumes room temperature. While it is generally considered unethical and greedy to start dividing up the spoils of another person’s life while that person is still alive, I have seen it happen three times in my life. I’m not proud of the fact that two of the three times involved my own family. My great-grandparents on my mother’s side were my last relatives who could be considered uppercrusters. I was fortunate to have known my great-grandparents and I distinctly remember them driving their big black Cadillac out to our house for family gatherings. My great-grandfather was Chief of our volunteer fire department and Mayor, based mainly on the fact that he gave out the biggest candy bars in town on Halloween. The big family secret that has remained unspoken until now was that my great-grandmother had to be committed to an insane asylum at the end of her life. She had barely been whisked out the door of her mansion on a hill when all the relatives descended to see what they could grab. Even at a young age I found their behavior disgusting. It was the same story after one of my aunts got cancer and was still living in her beautiful home when a relative, who shall go nameless, wasted no time in moving in and claiming it all for herself while my aunt was still alive! The third instance was when I observed what happened when a rancher I knew was stored away in a rest home just so his son could hold a dispersal sale of all his father’s cattle, which the son always hated. He disliked his father’s cattle because while everyone else in the county had black-hided cattle, his father had an English breed that was red, white or a combination of the two that was last in favor during the Truman administration.
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