You are receiving this email because you signed up to receive our free e-letter Skousen Investor Cafe, or you purchased a product or service from its publisher, Eagle Financial Publications. [Skousen's Investor CAFE] [Forecasts & Strategies]( [Fast Money Alert]( [Five Star Trader]( [Home Run Trader]( [TNT Trader]( Good News for Investors: My #1 Indicator Has Never Been So Bullish By Mark Skousen
Editor, [Forecasts & Strategies]( 06/24/2021 Sponsored Content [NEW: Sneak Peek at a KILLER New Tech]( Forbes reports this game-changing new tech is "poised to break out to ⦠mainstream prominence." It could soon be in every smartphone, computer, electric car, surgical laser, robotic vacuum and more. I want to give you a sneak peek at this ground-breaking tech. PLUS, I'll tell you the best way to invest in this new technology NOW. If you like the idea of turning every $10,000 into $100,000, you'll want to know the name of the stock poised to be my next ten-bagger. [Watch this special video for all the details.]( The federal government (Bureau of Economic Analysis or BEA) confirmed today, June 24, that the economy is working on all four cylinders. First-quarter 2021 adjusted real gross output (GO) -- which measures spending at all stages of production -- rose an astonishing 11.5%, hitting a record $48.6 trillion. That is almost double the 6.4% growth in real gross domestic product (GDP). Whenever the top-line, GO, grows substantially faster than the bottom-line, GDP, it means a strong economic recovery and is bullish for the stock market. Moreover, for the first time in memory, every sector of the private industry rose in nominal terms in the first quarter, especially mining (up 66%), utilities (climbing 49%), arts and entertainment (jumping 31%) and transportation and warehousing (growing 29%). However, health care and social assistance were up only 2%. In real terms, 14 out of 17 sectors were up. The only negative was the inflation indicator -- it continues to increase steadily and alarmingly at more than 8%. My press release on GO will be posted online at [www.grossoutput.com](. Donât Underestimate the Middleman âThese traders are left to their free course; and the more they make, and the richer they are, and the more largely they deal, the better both for the farmer and the consumer, between whom they form a natural and most useful link of connection.â -- Edmund Burke (1795) One of the most popular prejudices is against merchants, traders, wholesalers and speculators who play an essential role in commerce between the producer and the consumer. For centuries, these âmiddlemenâ have been vilified, hated and maligned as monopolists whose only purpose is allegedly to raise prices and take advantage of consumers. This perverse attitude is especially evident during a hurricane or other natural disaster in which shortages occur and speculators take advantage and âgougeâ the public. Many cities and states impose severe penalties for âprice gougingâ during a hurricane or energy crisis. But the fact is that the middlemen and traders play a vital role in the dynamics of commerce. As the great 18th-century statesman Edmund Burke warned Prime Minister William Pitt in England, âOf all things, an indiscreet tampering with the trade of provisions is the most dangerous, and it is always worst in the time when men are most disposed of it -- that is, in the time of scarcity.â Cooler heads should prevail during a crisis. Raising prices during a shortage is an efficient rationing device that also has the benefit of encouraging new supplies to come on the market. [Three Ways to Become a 'Crypto Millionaire']( It's estimated there are more than 100,000 new millionaires from the crypto boom. And in his newest online summit, a Top 20 Living Economist explained his three favorite ways anyone can use to become a "crypto millionaire." He even guaranteed FIVE 100% wins inside the next 12 months. To learn everything you need to know about cryptos -- and you how you, too, can become a crypto millionaire -- [click here now to watch](. âThe Middlemanâ is An Essential Stage of Production In my textbook, âEconomic Logic,â I develop a universal four-stage model of the economy as follows: Source: Economic Logic, fig. 15.1, p. 344. [www.skousenbooks.com](. You can see how important stage #3 -- distribution -- is to move the produced products (stage #3) to their final use (stage #4) and how it adds value. Every stage is essential to reach the final consumer. There often are efforts to get around the middleman and allow the buyer to go directly to the wholesaler or producer. But that only means the producer is acting as the wholesaler or retailer. In the above diagram, gross output (GO) measures all four stages of spending, and gross domestic product (GDP) accounts for final output only. Since 1990, in my book, âThe Structure of Productionâ (New York University Press), Iâve been advocating that the government publish both GO and GDP at the same time, just as publicly traded companies release quarterly financial statements. Good news. Since 2014, the Bureau of Economic Analysis (BEA) has reported both the top line (GO) and the bottom line (GDP) in national income accounting. Both are essential to understanding what is going on in the economy. Federal Governmentâs GO Underestimates Role of the Middleman Unfortunately, the BEAâs GO statistic is defective. Oddly enough, the BEA currently uses a limited measure of total sales of goods and services in the production process. Once products are fabricated and packaged at the manufacturing stage, the BEAâs GO only adds ânetâ sales at the wholesale and retail levels. Consequently, it omits more than $9 trillion in business-to-business (B2B) transactions in its GO statistics! Thus, BEAâs official GO for the 2021 first quarter is $39.4 trillion, $9 trillion short of what it should be. Why this serious omission? I think it harkens back to the day when output was considered complete once a product was finished, such as an automobile coming off the assembly line. The middleman then was simply moving it along to the consumer. As a BEA official explained, âsince there is no further transformation of these goods to the production process, they are excluded from the wholesale/retail trade output.â Yet another stage is necessary to get the product to the final user -- and if businesses are writing checks on the way, the gross amounts should be counted. The BEA is ignoring the importance of location economics. I include them as a legitimate economic activity that should be accounted for in GO, which I call Adjusted GO (GO*): $48.6 trillion. For more information, go to [www.grossoutput.com](. [Five Ways to Save Your Account BEFORE the Market Gets Ugly Again]( Do you know how to tell before the bottom drops out of the market? In this brand new, FREE, e-book, youâll learn five tips, tools, and strategies that can keep you from costly losses during dips and corrections... and save your account before a meltdown. [Get the full story]( by downloading Five Tips for Overcoming Market Volatility. Because not only will these strategies let you sleep soundly at night... they will keep your money growing while theyâre protecting it! Townhall Ranks FreedomFest #1 âBig Ideasâ Conference in the Country Media giant Townhall has just named FreedomFest the #1 âBig Ideasâ conference in the country, ahead of the Davos, Milken and SALT conferences. Jerry Bowyer, Townhallâs premier financial columnist, writes, âFreedomFest has become the largest and most influential gathering of thinkers devoted to promoting freedom in all its forms.â Jerry is coming this year as a speaker who will talk about how he uses my Gross Output (GO) statistic to make money in the markets. See [FreedomFest, An Appreciation - Jerry Bowyer (townhall.com)]( We already have more than 2,000 registered attendees (see the latest official chart below) -- we do not exaggerate our conference numbers like other event organizers. We could have a record this year. Over a hundred people are signing up every week. Fun Things to Do at FreedomFest This July Our line-up of speakers, panels and debates canât be beaten. Our entire program has now been posted online. See [2021 Agenda -- FreedomFest](. But thereâs more! We always have a lot of fun events and activities for attendees and family members every July. I went through the entire program and made a list of all the unusual things going on. They include: --South Dakota is offering some great excursions, including trips to the Mount Rushmore lighting ceremony, Chief Crazy Horse Monument, Deadwood (where Wild Bill Hickok was murdered), Custer State Park, an 1880s-style train ride through the Black Hills and incredible views of the Badlands. --Unique sessions such as âGod is a Mathematicianâ by Daniele Struppa (president of Chapman University and a professional mathematician)â¦Â âHow to Make Your Book #1 on Amazonâ with Marji Ross (former publisher of Regnery Books) and marketing genius Michael Beas⦠âThe Golden Age of Jazz: celebrating 100 Years of Americaâs Unique Art Formâ by jazz enthusiast Gary Alexander⦠Professor Ken Elzinga on âFifty Years and 50,000 Students at Mr. Jeffersonâs University: A Professorâs Reflections on Academic Freedomâ⦠and my own Saturday breakfast topic, âPuzzles & Paradoxes in Money and the Economyâ based on my popular college course at Chapman. --Donât miss all the activities in the exhibit hall at the Opening Cocktail Party, including our very own libertarian magician Peter Studebaker, my âWhite Mates in Twoâ chess problem, and Pablo and Hayley entertaining us with music and song⦠Plus, donât miss the #1 most popular Native American band âBruleâ at the Saturday Night Gala Banquet. Go to [www.freedomfest.com](, or call Hayley at 1-855-850-3733, ext. 202, to register or get more information. Use Eagle50 code to get $50 off. We just added a new group of hotel room blocks, so I recommend you act now to avoid being disappointed. Special Private Reception for Subscribers Almost Full! Remember, subscribers to my newsletter and trading services get a 2021 American eagle silver dollar and a signed copy of âThe Maxims of Wall Streetâ at our special Eagle private meeting at FreedomFest on Thursday, July 22. The room at the historic Alex Johnson Hotel (where Ronald Reagan and five other presidents have stayed) is limited to 250 subscribers and we are almost full. P.S. Sign up for This Timely Subscribers-only Teleconference on June 29 with Dr. Mark Skousen You are invited to an exclusive subscribers-only teleconference with Dr. Mark Skousen on Tuesday, June 29, where he will discuss "Will the Fed Kill the Bull Market." Be sure to reserve your place by clicking [here](. Good Investing, AEIOU, [Mark Skousen] Mark Skousen
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[FreedomFest]( [You Blew It!] I Jumped the Gun Attacking This New York Times Writer
By Mark Skousen
Editor, [Forecasts & Strategies]( In my June 3 âYou Blew Itâ column, I lambasted the University of Chicago Press for choosing New York Times economist Binyamin Appelbaum for writing the preface of a new paperback edition of Milton Friedmanâs classic âCapitalism and Freedom.â I criticized the choice because Appelbaum is the author of the notorious book, âThe Economists Hour,â which blames all of the ills of the economy on Friedman, including the financial crisis of 2008. Friedman, Hayek and other free-market economists are called âfalse prophetsâ because they supported lower taxes and deregulating the economy. However, I wrote the column before reading the preface by Applebaum. It turns out that Applebaumâs introduction is actually quite positive and accurate in his assessment of Milton Friedman as a public intellectual. Applebaum highlights Friedmanâs influence around the world in supporting an all-volunteer army, school choice, social security privatization and improving monetary policy to fight inflation while avoiding another Great Depression. In the end, Applebaum does criticize Friedman and market forces for the problem of inequality (unfairly in my opinion) and for not being excessively critical of the role of the state: âThe defining feature of a society is collective responsibility, while the defining feature of a market is the ability to walk away.â Really? If you have not read Milton Friedmanâs âCapitalism and Freedom,â or have not read it recently, I recommend you order this new release. See why Time magazine calls it âOne of the ALL-TIME 100 Nonfiction Books.â The new paperback edition can be found in Barnes & Noble bookstores or on [Amazon](. On a personal note, I played a small but important role in the publishing of âCapitalism and Freedom.â Incredibly the first edition of the book did not include an index. I chastised Friedman for this oversight, and lo and behold, the next printing and all future editions have included an index. Your editor meets Milton Friedman in 2006. I had a long and prickly friendship with Friedman for twenty years. Click [here]( to read my story. It includes the account behind my tearing up Friedmanâs $20 bill. About Mark Skousen, Ph.D.: [Mark Skousen]Mark Skousen is an investment advisor, professional economist, university professor, author of more than 20 books, and founder of the annual FreedomFest conference. For the past 40+ years, Dr. Skousen has been investment director of the award-winning newsletter, Forecasts & Strategies. He also serves as investment director of four trading services: TNT Trader, Five Star Trader, Home Run Trader, and Fast Money Alert. To ensure future delivery of Eagle Financial Publication and Mark Skousen emails please add financial@info2.eaglefinancialpublications.com to your address book or contact list. View this email in your [web browser](. This email was sent to {EMAIL} because you are subscribed to Mark Skousen's Investor CAFE. To unsubscribe please click [here](. If you have questions, please send them to [Customer Service](mailto:customerservice@eaglefinancialpublications.com). Legal Disclaimer: Any and all communications from Eagle Products, LLC. employees should not be considered advice on finances. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized advice on finances. Eagle Financial Publications - Eagle Products, LLC. - a Caron Broadcasting Company
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