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Pie in the Sky – John Browne Commentary January 27, 2011

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Pie in the Sky

By John Browne

Following the huge gains made by Republicans in the midterm elections, it was widely expected that President Obama would use the State of the Union address to signal a major policy shift toward the center of the political spectrum. On the surface, at least, he appeared to do just that, hinting that he took budget management very seriously and that Americans should be prepared for shared sacrifice. However, as the final applause still echoed in the House chamber, many astute pundits were left trying to make sense of the many contradictory policy prescriptions the President proffered.

Classical political maneuvering dictates that when clouds are grey, politicians must offer good news, tell jokes, and remind us warmly of our childhood (or in Obama’s version, America’s triumph over Russia in the Space Race). Disclosure of specific measures should be avoided at all costs. President Obama followed these tactics closely.

While he did address plans to cut non-defence, discretionary federal spending – a small fraction of the overall budget – the President also announced his intention to increase spending on several existing and new initiatives. The scope of the new initiatives will surely eclipse the modest cuts pledged.

The President was careful to refer to all his spending plans as “investments.” The word is used in order to illicit a pleasant feeling among voters who instinctively favor capitalism over socialism, not because any thinking person expects these resources to be better allocated than they would have been by the market. Governments don’t make investments because they aren’t subject to profit-and-loss feedback. Governments provide public goods for which no profit can be measured or expected – or else we would just have the private sector take care of it. This disingenuous use of the word investment disguises the fact that the President simply intends to borrow even more money to spend on public-sector jobs.

The essential point is that while jobs in the private sector create wealth, public sector jobs actually consume wealth. When I was a Member of the British Parliament, I represented a county that spent the least amount per pupil on education of anywhere in the entire country. Yet, the achievement level of the students was by far the highest. It was vivid proof that it is not the amount of money that is crucial to success, but the quality of the spending. If the President were to lower taxation, cut the number of government regulations, and replace a political atmosphere of uncertainty with one of certainty, he might stand a chance of reviving wealth creation.

More seriously, the President made no mention of the massive debt problems facing US state governments, such as California and Illinois. The potential eruption of these debt and currency problems could well dominate investment strategies for 2011.

Yesterday, the Congressional Budget Office issued a highly embarrassing assessment that the federal deficit for 2011 would rise from the previously projected $1.1 trillion to $1.48 trillion. At a stroke, this nullified the President’s debt reduction plans. The CBO also pointed out that Social Security posted a $45 billion deficit in 2010 and will bleed more than $600 billion over the next ten years. I assume these estimates to be conservative. It is clear that the President, and the rest of Congress for that matter (with the possible exception of Congressman Paul Ryan whose austere recommendations have been ignored by most of his fellow Republicans), are dancing around the bonfire of our sovereign credit and hoping that their twirls will distract us from the conflagration.

Also yesterday, the Federal Reserve’s policy statement claimed that its massive stimulus plans are working, and that it will maintain both QE II and near-zero rates well into 2011. If the economy were indeed improving, as Messrs. Bernanke and Obama claim, why would the Fed and the Treasury need to keep administering life support? Clearly the White House and the Fed have little confidence in their own assertions; so, how should average investors react to more promises which are highly unlikely to be kept?

Rather than buying into Washington’s scripted recovery propaganda, investors should focus on the bottom line. Low interest rates are distorting the value of money and the key investment relationship between risk and reward. One side effect is that investors are being incentivized to favor equities over fixed income. A lack of viable alternatives has likely played an unsung role in supporting the current stock market rally.

Investors would be well-advised to retain a jaundiced view of all political statements, especially those of central bankers and politicians positioning themselves for the next election. In 2011, investors should focus their eyes not on the sky, but at the brick wall our Union is fast approaching.

John Browne is a Senior Market Strategist at Euro-Pacific Capital. He’s been a member of English Parliament, an advisor to Prime Minister Margaret Thatcher, and currently serves as Lead Panelist for The Mangru Report. You can view all of his commentaries by CLICKING HERE NOW.

Running a Small Business in a Recession – Duffy’s Sports Grill CEO Paul Emmett interview with Dan Mangru – The Mangru Report October 20, 2010

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The United States is a scary economic place.  We have unemployment hovering around 10 percent, government deficit spending at all time highs, and a U.S. dollar that is a struggling currency.

Even in spite of all of this economic turmoil, small business owner Paul Emmett of Duffy’s Sports Grill has managed to take a small Florida restaurant chain with only 4 locations to a 22 location $75 million a year business.  During this interview Emmett discusses with Dan Mangru what mistakes he’s made in the business, what industries he’s modelled his business after, and whether it is time to start acquiring distressed assets.

Jim Kaufman Interview – Mangru One-on-One – The Mangru Report October 16, 2010

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Watch Media & Political Expert Jim Kaufman talk with Dan Mangru about the Comcast-NBC merger, whether the media has become too political, what politicians are really looking at for extending the Bush Tax Cuts, and how he’s achieved his own success.

Dr. Larry Kotlikoff Interview with Dan Mangru – The Mangru Report on Fox Business October 9, 2010

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As the debate goes on as to whether the U.S. banking system is stable and secure, Boston University Professor of Economics Dr. Larry Kotiikoff is proposing new solutions to change the way that we bank in his new book, “Jimmy Stewart is Dead”.  Watch Kotlikoff and Dan Mangru discuss limited purpose banking, how it can be implemented in our current system, how the government is exacerbating the problem, and how much money we really owe in debt and obligations.

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Freedom Fest Panel – Alternative Investing – The Mangru Report on Fox Business September 24, 2010

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Watch extended coverage from Freedom Fest 2010 with Dan Mangru moderating a special panel on Alternative Investing.  While so many investors are confused as to what that actually is, for the purposes of this panel alternative investing is any type of investment outside of stocks, bonds, options and mutual funds.

The panel features David McAlvany of McAlvany Wealth Management, Van Simmons of David Hall Rare Coins, Jack T. Reed author of How to Protect Your Life Savings, and Terry Coxon of Passport IRA.  They will provide key insights on topics such as gold investing, the currencies most likely to beat the U.S. dollar and why the U.S. dollar might be good to hold in the short run, whether investors should pay down debt as opposed to making new investments, how to buy real estate during hyperinflation, and the importance of liquidity.

Worried About Your Wealth? – READ THIS TODAY September 19, 2010

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The chart doesn’t lie.  Just look at the Dow and what it’s been doing this year.

First it goes up, then takes a big drop down, has a huge run up, then takes another dive, and so on and so on.  It seems as though the market has been more volatile than ever, leaving investors with very little direction.

I mean just when you think you’ve got the market figured out, it goes in the exact opposite direction.

For instance, many people are now fully aware that our economy is in bad shape.  Our national debt is approaching $14 trillion dollars, 25% of homes have more debt than what they are worth, there is at least $1 trillion of hidden losses in Fannie Mae & Freddie Mac, and to boot, unemployment has been at around 10% for the better part of this year.

Yet with all of that bad news, the DOW has rallied from lows of 6500 just last year in March 2009, and has for some reason or another been atop of 10,000 for most of the last year even with all of the volatility.

So what is an investor to do?

One of the adages on Wall Street is that information that everyone knows is not worth knowing.

The reason behind that is because if everybody already knows something, then most likely, that information has already been factored into the price of a stock.  So when many people were trying to sell stocks and go short the market because of bad fundamental news (unemployment, national debt, etc.) and lost a lot of money, they didn’t understand that the market had already factored in that information into stock prices.

The problem that many people have is that they decide what direction they think that the market is going to go in and then find information and data that support that idea.  That’s how many brokers and so-called “experts” have led their clients astray.

There are certain key data that will tell you where the market is going (industrial production, job postings, etc.).  The key is to be able to look at that data without any preconceived notions.

That’s what we do at The Mangru Letter.  We look at the market for what it is and not for what we want it to be.  If the market is telling us to buy, we buy.  If it is telling us to sell, we sell. (CLICK HERE FOR A SPECIAL MANGRU LETTER OFFER)

By staying true to being unbiased, that’s how myself along with my associates have helped thousands of Americans to generate substantial gains while keeping them informed about life-changing economic and geopolitical developments.  Now, you too can have access to the same type of information that helped investors to avoid the big downturn in the stock market during 2008 and to participate in the dramatic increase in stock prices during 2009.

That’s why I’d like to invite you to join us here at The Mangru Letter – a service that will help you to grow the value of your assets during both up and down markets and that will enable you to protect your principal when others are incurring significant losses.

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In each and every edition of The Mangru Letter, I’ll provide you with crucial information on the key factors that are affecting the financial markets and that will enable you to properly position your investment portfolio at any point in time, whether you are just starting out or whether your are getting ready for retirement.

I’ll also provide you with specific investment recommendations for two model portfolios that are structured for both conservative and aggressive investors.

In addition, I’ll share insightful comments with you from proven money managers regarding their thoughts and analysis of the economy and the direction of stock and commodity prices. (TO ACCESS THE MANGRU LETTER CLICK HERE NOW)

The difference between this letter and many others you will see out there is that we make no outrageous promises.

You won’t turn $30 into $300,000 in just one year.  There are no 10,000 % returns.

What we have to offer is honest, solid, unbiased market direction.  We use time-tested proven methodologies that preserve wealth and grow it for the long term.  That’s what we do, and that’s what we’re good at.

So while many newsletters have decided to charge anywhere from $500 to even $2000 per year for “get rich quick” type of advice, we want to make our service available to everyone from the seasoned trader to the mom and pop investor.

That’s why we’ve reduced the price of our service to $99.99 per year, which comes out to 28 cents a day, a small price to pay to potentially save thousands in losses and have the ability to start generating substantial and consistent market returns.

To join our service, just CLICK HERE NOW and add The Mangru Letter to your cart through our secure checkout.

I appreciate you taking the time to read this letter and wish you life, liberty, and pursuit of prosperity.

To Your Success,


Dan Mangru

P.S. – Subscribers to The Mangru Letter are also automatic member of The Mangru Report Insider’s Club which gives you first access to all things Mangru including exclusive interview content with leading business and financial figures such as Steve Forbes, Ron Paul, Peter Schiff, and many more.  Sign Up for The Mangru Letter Today by CLICKING HERE NOW.

P.P.S. Thank you for considering becoming a member of The Mangru Letter. I look forward to a long and prosperous relationship.  To complete your membership process please click the subscribe button below.

To view our disclaimer visit this page.

Don King 9/11 Interview with Dan Mangru – The Mangru Report on Fox Business September 14, 2010

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While you may know him as the man behind boxing biggest champions such as Muhammad Ali, Mike Tyson, and Evander Holyfield, Don King is more than just boxing.  For instance, Don King is an Ambassador of the State of Israel appointed by Shimon Peres.  That’s just one of the things that you’ll find out in this video.

In this exclusive interview with Dan Mangru, Boxing Promoter Don King tells how 9/11 has personally impacted him, and how he helped New York by organizing the first event in New York after September 11.  King shares how he was moved to donate a new fire truck to New York City and the Fire Department (FDNY), and why he and Felix “Tito” Trinidad went to feed the firefighters, policiemen, and volunteers working in Ground Zero.

Don King discusses with Mangru why America is the greatest nation of the world, why we should not take freedom for granted, why it’s important to understand other cultures, lessons to be learned from 9/11, and how we can have peace in the Middle East.

Steve Forbes One-On-One Interview with Dan Mangru – The Mangru Report – Episode 12 August 18, 2010

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Steve Forbes is one of his generation’s legacies of success, entrepreneurship, and wealth.  He is currently the Chairman and CEO of Forbes Inc. and has expanded the company founded by his grandfather, B.C. Forbes, to become a global empire spanning from the U.S. to Europe to Asia & the Middle East. Needless to say that when Steve Forbes talks, people should listen, as he speaks with insights learned from both his family and his experiences.

During Freedom Fest 2010, Steve Forbes sat down with Dan Mangru for a private one-on-one interview that you can only see right here on The Mangru Report.  In this nothing-held-back interview, Forbes answers the tough questions such as “Will Capitalism Hurt?”, “Will Inflation Ever Come?”, will the next century belong to China and Brazil, should investor’s trade currency, the problems he’s faced expanding the Forbes brand to places like India and Russia, media censorship in China, and how he’s managed to live up to the expectations following the success of his father (Malcolm S. Forbes) and his grandfather (B.C. Forbes).

The Mangru Report Wins 2010 Aegis Award – Best TV News Program July 28, 2010

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We are proud to announce that The Mangru Report has won the 2010 Aegis Award for Best TV News Program.  It is truly an honor, and want to thank our fans first, because without them we would not have a show.

We’d also like to thank all of our production staff, directors, producers, interns, and everyone who makes the show possible.  Special thanks go to John Browne, Anthony Pulieri, Al Zucaro, Nicholas Brack, and all of our wonderful panelists who have made the show a great program to watch.

Also a big thanks to our guests such as Carly Fiorina, Steve Forbes, Bert Dohmen, Ron Paul, Jim Rogers, Robert Kiyosaki, Marc Faber, John Bogle, and everyone else who has contributed to the show.

For the complete list of 2010 Aegis Award winners click here.

Watch Steve Forbes, Peter Schiff, & More This Saturday And Sunday On Our Special Freedom Fest 2010 Episode July 26, 2010

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The wait is over.  This weekend, The Mangru Report will be airing its highly anticipated Freedom Fest 2010 episode.

You’ll be able to watch Dan Mangru’s exclusive one-on-one interviews with Steve Forbes, Chairman and CEO of Forbes Inc., and Peter Schiff, President of Euro-Pacific Capital and current U.S. Senate Candidate from Connecticut.

We will also feature expert panel commentary from:

Adrian Day, Adrian Day Asset Management
Jack Dzierwa, U.S. Global Investors
Lou Petrossi, Wealth Research Institute
Frank Trotter, Everbank