edited: http://www.cirp.org/library/normal/wright1/ link may be NWS In its fresh state, smegma is a wholesome and functional lubricant. But, if allowed to accumulate in the foreskin cavity, it becomes changed into an unpleasant, unhealthy, and bad-smelling substance. Such changes are due to chemical splitting of smegma fats and the action of skin germs, which are otherwise harmless. In addition, foreign material may gain access to the smegma deposit in the form of dirt, dust or sand, and urine and semen. To these must be added phimosis, or narrowing of the foreskin opening at its free end, which in extreme cases, becomes converted to a hard and rigid ring. Without correct treatment, ill health of the foreskin is liable to worsen - formation of smegma continues and, without outlet or access for cleaning, deposits collect and harden within the foreskin cavity. Such compact masses of smegma can lead to chronic disease, and even prepare the way for cancerous changes.
According to this article, smegma can be dangerous if allowed to accumulate, meaning that anyone who is not circumsized is more likely to die than someone who is circumsized. Perhaps this has something to do with that Jewish conspiracy to attain world supremacy I'm always hearing about.