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About Mark Skousen

Mark Skousen is a professional economist, university professor, best-selling author, editor of the award-winning Forecasts & Strategies financial newsletter, and producer of FreedomFest, the largest annual gathering of free minds about liberty and freedom in the world. Skousen has been married to wife Jo Ann for 42 years, and has five children and five grandchildren.

Are economists the slowest learners?

September 3, 2022 By Mark Skousen Leave a Comment

Dear friends of freedom,

Peter Drucker once said, “Economists are the slowest learners.”

I never believed that….until now.  See the announcement below from the American Economic Association.

I was very much looking forward to attending and maybe even speaking at the AEA meetings January 6-8, 2023, in New Orleans, a city I love, but was astonished to read of the draconian rules the AEA leadership have established–vaccines/boosters and N-95 masks!  Give me a break!

They wrote today:  “All registrants will be required to be vaccinated against COVID-19 and to have received at least one booster. High-quality masks (i.e., KN-95 or better) will be required in all indoor conference spaces. These requirements are planned for the well-being of all participants. Participants are also encouraged to test for COVID-19 before traveling to the meeting.”

Seriously?  This isn’t 2020 — it’s nearly 3 years later and I don’t know anybody except the AEA living in utter fear.  Everyone else is getting back to normal, and recognizing that everyone is going to be exposed to various viruses.  I got vaccinated, wore masks, etc., and still got Covid.  So have millions of others.  It’s time to move on.

By the way, my wife had a severe allergic reaction to the jab  — she will NEVER take another Covid-vaccine or booster. There are thousands of others who feel the same way.

Meanwhile, we can fly to New Orleans, we can teach and attend college classes, we can go to numerous socials and events without wearing masks or getting vaccinated — but no, the high and mighty AEA authoritarians are mandating we wear masks and get vaccinated–again!

I called the Hilton Riverside and asked if they have any such mask or vaccine mandates.  They said “none.”

I will be speaking at the New Orleans Investment Conference at the Hilton Riverside on October 12-15, and the conference organizers are not mandating masks or vaccines — even with thousands attending.  Are they stupid people?  I don’t think so.

I am also speaking at the World Knowledge Forum (the Asian version of Davos) on September 20-22 in Seoul, Korea, and they have no mask/vaccine mandate.

I will be attending the Mont Pelerin Society meetings in Oslo, Norway, and they don’t have any such mandates.

It’s time that the AEA leadership start treating us as grown-ups and let us allow us to decide for ourselves whether to wear a mask or get vaccinated.  Some people feel safer wearing masks and that’s okay.  But don’t force all of us to wear them, or to get vaccinated.

So, sadly I will NOT be coming to New Orleans in January, and I will encourage other economists to protest with me.

Best wishes, AEIOU,

Mark

Mark Skousen
Presidential Fellow and Doti-Spogli Endowed Chair of Free Enterprise, Chapman University
Newsletter:  www.markskousen.com
Free weekly e-letter:  https://www.markskousen.com/signups/skousen-investor-cafe/
Annual conference:  www.freedomfest.com

Filed Under: Articles, Featured Post, Main Tagged With: Economy, GO, Gross Output, Mark Skousen

FreedomFest Agenda – Here’s a preview:

June 7, 2022 By Mark Skousen Leave a Comment

FreedomFest

Dear friends of FreedomFest,

The excitement is building for our July 13-16 intellectual feast at the Mirage in Las Vegas. The complete agenda with 250 speakers will be posted in a few days at www.freedomfest.com, but here are a few sessions that might interest you.

Wednesday, July 13

Wednesday, July 13, 1:00-1:50 p.m. Jim Woods, co-editor of Fast Money Alert, on “My Favorite Technique to Make Money,” followed by a discussion with the legendary Jim Rogers on “Which Offers a Better Investment Opportunity, the USA or Emerging Markets?” Moderated by Roger Michalski.

Wednesday, July 13, 1:00-1:50 p.m. My first session, “Who’s Winning the Battle of Ideas: Marx, Keynes or Adam Smith?” An update on my new 4th ed. of “The Making of Modern Economics.”

Wednesday, 2:00-2:25 p.m. Alex Green (Oxford Club) on “Creating a Permanent Portfolio: Can You Beat the Market Without Trading?”

Wednesday, 2:25-2:50 p.m. My big debate with technical trader Mike Turner: “Buy and Hold vs Market Timing: Which is the Most Profitable Investment Strategy During a Bear Market?”

Wednesday, 3-3:50 p.m. “Is Your Boss Ruthless or Compassionate? How the New Model of Capitalism Can Defeat Socialism and Marxism.” The evolution of business, from robber barons to compassionate capitalists: Andrew Carnegie and the Homestead Strike of 1892; Henry Ford’s $5-a day in 1914; Jack Welch’s case of Ruthless Capitalism 1981-2001; and John Mackey’s “Conscious Capitalism” in 2014.

On the evening of July 13, we have our “Opening Ceremonies,” with Lisa Kennedy, host of Fox Business, as our Mistress of Ceremonies all four days. Keynotes include Steve Forbes on his new book, “Inflation and How to Fix it,” Connor Boyack on “How CNN’s Attack on The Tuttle Twins Backfired and Helped Sell 100,000 Books to Teach Kids About Freedom,” and Dog the Bounty Hunter (new!) on “What Being Cancelled Taught Me.” Followed by the opening cocktail party in our exhibit hall, “the trade show for liberty,” with 180 exhibitors; plus Peter Studabaker will perform as our fun libertarian magician.

Thursday, July 14

We start off the morning with our annual “Global Economic Summit” with Barbara Kolm (Europe and Russia), Steve Moore (North America), Jim Rogers and Preity Umpala (China, India and Middle East); and Roberto Salinas (Latin America). We cover the hot spots!

It will be followed by the big debate: “Ben Stein vs Art Laffer: Should We Raise Taxes on the Rich?” Ben Stein will also be our luncheon speaker: “Rich & Famous: My Life in Beverly Hills & Hollywood.”

Thursday, 3:10-3:35 p.m. “The Cloud Revolution: Will It Create a New Roaring Twenties?” with Mark P. Mills (Manhattan Institute), George Gilder and Steve Forbes (moderator).

Thursday, 3:35-4:00 p.m. My interview with California money manager David Bahnsen, “How to Fight the Free Lunch Movement.” (new)

Thursday 4:30-5:45 p.m. “Drug Legalization on Trial,” with Wayne Allyn Root as Judge; Alex Datig and Catherine Bernard attorneys, and star witnesses Judge Jim Gray, Avens O’Brien and Luke Niforatos.

Thursday, 5:45-6:45 p.m. The God Debate! Michael Shermer (Skeptic magazine) takes on Eric Metaxas and his new book “Is Atheism Dead?,” moderated by Alex Green. I can’t wait.

Thursday, 6:45-7:00 p.m. Betsy Devos, former Secretary of Education, on “Hostages No More: The Fight for Education Freedom and the Future of the American Child.”

Friday, July 15

Friday, 7:30-8:45 a.m. Breakfast with Mark Skousen and Steve Forbes: “The Future of American Exceptionalism and the China Threat: What Will it Take to Remain the #1 Superpower?”

Friday, 11:30 a.m.-12:00 noon. My interview with Senator Rand Paul: “The Inside Scoop: A Conversation with Senator Rand Paul Confronting Government Officials on Capitol Hill.” A luncheon with Senator Paul follows.

Friday 3:10-4:00 p.m. “The Ultimate Bitcoin Debate: Is Crypto the biggest Ponzi scheme since the dot.com era?” John Mackey and Alex Green (yes) vs Max Borders and Brian Robertson (no).

Friday, 5:30-6:30 p.m. British comedian and producer John Cleese, “What’s So Funny? Tips for Success in Education, Business and Relationships.” Followed by an interview by Reason editor Nick Gillespie,and VIP reception with John Cleese.

Saturday, July 16

Saturday, 9-9:30 a.m. Senator Mike Lee and Free the People panel

Saturday 9:30-10:00 a.m. Andrew Yang (Forward Party) vs Larry Sharpe (Libertarian Party of New York) on “Universal Basic Income: Should Every American Get a $1,000 a Month from the Government?”

Saturday, 11-11:50 am. Big Debate: “Election Chaos: Was the 2020 Election Stolen From Trump and Should 2024 Be His Year?” with Isaac Saul, John Fund, Former Congressman Justin Amash, Wayne Allyn Root; Erick Erickson (moderator). The sparks will fly.

Saturday 2:10-3:00 p.m. The Big Four Panel: Steve Moore, Jim Rogers, Steve Forbes; Mark Skousen

Saturday 4:00-4:50 p.m. “Beyond Wealth: How to Think, Act and Live Like a Renaissance Man” with Jim Woods, Alex Green and Mark Skousen. Nice way to end the conference!

Saturday night gala banquet, 6:00-10:00 p.m. Kennedy as MC; Glenn Beck as the keynote speaker; Anthem Film Awards; Music and dance by the Beach Boys cover band “Good Vibrations.” It is time to celebrate liberty.

Register This Week and Get $50 Off

Hurry, our room block at the Mirage Hotel & Casino is almost full, and the Treasure Island hotel next door is filling up fast.

To register, go to www.freedomfest.com, and use the code EAGLE to get $50 off the registration fee. If you have any questions about FreedomFest, email Hayley at [email protected].

This is Mark Skousen, saying so long, fellow free-marketeers, and remember, AEIOU.
Mark Skousen

FreedomFest

Filed Under: Articles, Featured Post, Main Tagged With: Economy, GO, Gross Output, Mark Skousen

Emma Rothschild on Gross Output

March 28, 2022 By Mark Skousen Leave a Comment

Dear friends,

Many of you know about my singular contribution to economics, the development of gross output (GO), the new statistic that measures spending at all stages of production, including the supply chain. I call it the “top line” in national income accounting, and GDP the “bottom line.”  

Good news! I received a surprise letter from Harvard economist Emma Rothschild, who is married to Amartyr Sen, the Nobel Prize winner. She has cited my work on GO in a footnote of her recent article “Where is Capital?” published in the journal “Capitalism: A Journal of History and Economics.” She said that her paper is “essentially an attempt to apply ideas about gross output to the economic history of the industrial revolution.” See her quote below.  

It’s great to see how this broader measure is gaining traction among top economists.   

Having experience in the business world, I’ve always found that treating “capital investment” as final capital goods only is incomplete, and we need to apply the businessman’s perspective — that business has to fund all capital expenditures, including the purchase of supplies in the supply chain, to move the production process along and make a profit. Hence the move toward a measure of total spending at all stages of production, or GO. As Sir John Hicks wrote in his book, “Capital and Time: A Neo-Austrian Theory” (1973), measuring GO is “the typical business man’s viewpoint, nowadays the accountant’s viewpoint, and in the old days the merchant’s viewpoint.” (p. 12) 

Here is Prof. Rothschild’s perspective:  

 

Where is Capital? 

by Emma Rothschild 

Capitalism: A Journal of History and Economics University of Pennsylvania Press 

Volume 2, Number 2, Summer 2021 pp. 291-371  10.1353/cap.2021.0015 

https://muse.jhu.edu/article/798746 (login required)

“The idea of gross output—or output to intermediate as well as final use—is of some ideological importance in contemporary economic policy. Gross output is seen as a measure of economic life that is business-centered, and that identifies businesses, rather than government or consumers, as the principal object of economic inquiry.143 But business is important, too, in our own inquiry into economic history. In our microscopic view of exchanges or transactions, there are multiple exchanges between one enterprise and another, and the exchanges embodied a substantial proportion of the technologies associated with new industries. A little over 40 percent of all output is sold to intermediate use in the contemporary United States, and the proportion was undoubtedly much smaller in the advanced economies of the late eighteenth century. It was relatively high, all the same, in the most modern industries, including those selling intermediate-type materials to the “final” demand of exports and government: 

Footnote 143: The recent policy discussions are surveyed in writings by Mark Skousen, including https://mskousen.com/2020/10/macroeconomics-on-the-go-how-wall-street-economic-analysts-use -gross-output-go-2/; and see, on the importance of ‘B2B’ or business-to-business spending, ‘Business not Consumers Drives the Economy,’ https://mskousen.com/category/gross-output/.”

Best wishes, AEIOU,
Mark
Mark Skousen
Presidential Fellow, Chapman University
Newsletter:  www.markskousen.com
Free weekly e-letter:  https://www.markskousen.com/signups/skousen-investor-cafe/
Personal website:  www.mskousen.com
Annual conference:  www.freedomfest.com

Filed Under: Main

Gary North, R. I. P.

February 28, 2022 By Mark Skousen 2 Comments

A dear friend Gary North (1942-2022) passed away on Thursday, February 24. He was 80 years old. I had been trying to reach him recently without any response, so I wondered if his prostate cancer caught up with him. I really feel sorry I was not able to say good-bye, he being so much of a recluse in the past 20 years.

My last email to him was October 9, 2021, where he said, “You have always been the smooth it over guy. I have been the blowup the parade.” We saw each other for the last time in June 2019.

Gary North

Gary North was one of those people who qualifies as “My Most Unforgettable Characters” that Reader’s Digest used to highlight. He was truly a unique figure in my life. He was the one who called me in the year 2000 and encouraged me to apply for the position of president of the Foundation for Economic Education (FEE), the oldest free-market think tank. It was a life-changing decision to move to New York. Even though I lasted only a year as president of FEE, that decision resulted in my teaching at Columbia University, and then with Jo Ann teaching at Sing Sing through Mercy College, and many other changes in our lives and our children (especially Hayley, who moved up to New York with us).

He is only a handful of people who I could spend hours with and never reach the bottom of his knowledge. We knew each other from the 1970s on. He could talk intelligently about philosophy, religion, investments, economics, politics, and even sports (we went to a Lakers game once and saw Kareem Abdul-Jabbar play.)

Four HorsemenHis hard-money newsletter, Gary North’s Remnant Review, was older than mine by several years. I believe he started his around 1974, when Inflation Survival Letter, got started. We did a lot of conferences together, along with Larry Abraham and Doug Casey.

In the early 1980s, I took over his position as an investment counselor to Howard Ruff’s (Ruff Times) subscribers. Gary spoke at the New Orleans hard-money conference and bought junk silver in the early 1960s. He was one of the original gold bugs. He was also famous for predicting the end of the world in 2000 due to the Y2K crisis.

He worked for a year at Congressman Ron Paul’s office as a research assistant in 1976, and stayed at our home in Falls Church, Virginia, for week when he arrived in DC – always unannounced. Jo Ann did his laundry.

With Hayek and Gary NorthIn 1985, Jo Ann and I, along with our four children, took the “Grand Tour of Europe” with Howard Ruff and Gary North, among others. I arranged an interview with the great Austrian economist Friedrich Hayek at Hayek’s retreat in the Austrian Alps, and invited Gary to come with me (along with John Mauldin, his assistant). Major parts of the 3-hour recording was published in the book “Hayek on Hayek” without attribution. Here is a photo of us.

During the Howard Ruff tour, I was on a panel with Gary and the moderator asked Howard Ruff, R. E. McMaster and me what our sign was. We all gave our zodiac signs. Gary North gave a memorable answer: “The dollar.”

We also were part of a Mises Institute conference in Vienna, Austria, in 1988 with Murray Rothbard, Lew Rockwell, and Burt Blumert. (See photo below.) Gary and I wrote tributes to Murray Rothbard in a Festschrift in 1988.

In the late 1980s, Gary played the FCC lotteries for cell tower licenses in various cities around the United States and won two licenses! He told me that he later sold each one for $1 million, which made him financially independent. He learned a year later that the cell licenses were being resold for $50 million. I didn’t have the heart to tell him that those cell licenses are now worth over $1 billion. Talk about seller’s regrets!

He wrote for many organizations, including FEE (The Freeman) and the Mises Institute, and had his own website www.garynorth.com. He was prolific for sure, writing daily, a marketing genius.

Like my father, Gary’s father was an FBI agent who may have known my uncle Cleon or my father Leroy Skousen, who both worked in the LA office. Gary was born in 1942 and grew up in the Los Angeles area, and got his Ph. D. in economic history at UC Riverside in 1972. He wrote over 50 books and was especially proud of his “Economic Commentary on the Bible,” most of which was self-published through his Institute for Christian Economics. He wrote for The Freeman and other publications. I cite his critique of Karl Marx and quoted his “Fat Book Theory” in my own history, “The Making of Modern Economics,” in which he argued that the most influential works were all fat tomes.

He was a deeply committed Calvinist and devoted student of R. J. Rushdoony, author of “The Institutes of Biblical Law.” He married R. J. Rushdoony’s daughter Sharon and had several children, and moved around a lot in the South and finally resided near Atlanta, Georgia. I remember how he would have two houses – one to live in, and another to house all his books.

Gary was preceded in death by his son Caleb who suffered from a rare illness. He is survived by Sharon, his wife of 50 years, and their other children Darcy North, Scott North and his wife, Angela, and Lori McDurmon and her husband, Joel, and eight grandchildren.

There are people in one’s life that you wish you could talk or write to after they die. Gary North is one of them.

For more information about Gary North’s life, go to https://www.garynorth.com/public/23334.cfm.

 

Filed Under: Articles, Featured Post, Main Tagged With: Economy, GO, Gross Output, Mark Skousen

Why Ben Franklin Matters

January 17, 2022 By Mark Skousen Leave a Comment

Today is the 316th anniversary of the birth of founding father extraordinaire Benjamin Franklin (1706 – 1790). Franklin was an inventor, the first scientific American, the first diplomat of the United States, the first postmaster and a signer of both the Declaration of Independence and the Constitution. He was also the first President of the Pennsylvania Society for Promoting the Abolition of Slavery.

Michael Hart, the author of “The 100 Most Influential People in History,” considered Franklin to be “the most versatile genius in all of history.”

And the historian H. W. Brands considered Franklin “perhaps the most beloved and celebrated American of his age, or indeed any age.”

For investors, he was the founder of American capitalism and extolled the virtues of industry, thrift and prudence.

In his Autobiography and his “Poor Richard’s Almanac,” he was also famous for his pithy proverbs, financial adages and worldly wisdom.


Mark Skousen (aka Ben Franklin) and Eagle Financial Publication’s editor Paul Dykewicz.

As a direct descendant and a frequent portrayer of Ben Franklin, I have been collecting dozens of his sayings in my “Maxims of Wall Street.” In fact, Franklin is quoted more than any other financial guru except for Warren Buffett and Jesse Livermore.

Here are some great quotes from Franklin that apply to our personal lives and our nation:

“There is much revenue in economy, and no revenue is sufficient without economy.”

“Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety.”

“I am a mortal enemy to arbitrary government and unlimited power. I am naturally very jealous for the rights and liberties of my country, and the least encroachment of those invaluable privileges is apt to make my blood boil.”

“A virtuous and industrious people may be cheaply governed.”

“The system of America is commerce with all and war with none.”

“A fool and his money are soon parted.”

“An investment in knowledge pays the best interest.”

“Nothing but money is sweeter than honey.”

“Patience in market is worth pounds in a year.”

“Haste makes waste.”

“It is incredible the quantity of good that may be done in a country by a single man who will make a business of it.”

“I saw in the public papers of different states frequent complaints of hard times, deadness of trade, scarcity of money, etc. It is always in the power of a small number to make a great clamor. But let us take a cool view of the general state of our affairs, and perhaps the prospect will appear less gloomy than has been imagined.”

And finally, “The years roll round and the last will comes; when I would rather have it said, He lived usefully, than he died rich.”

Half Off for ‘Maxims of Wall Street’

If you haven’t received the latest 10th-anniversary edition of “The Maxims of Wall Street,” buy it today! Go to www.skousenbooks.com. The price is low, only $20 for the first copy, and $10 for all additional copies. They make great gifts. If you buy an entire box (32 copies), the price is only $300. I sign all books and pay for the postage if mailed in the United States.

P.S. I will be hosting a subscribers-only teleforum called “What’s New in Crypto & Our #1 Pick” on Jan. 27 at 2 p.m. Click here to register for free.

Until next Monday, this is Mark Skousen, saying so long, fellow free-marketeers, and remember, AEIOU.

Filed Under: Articles, Featured Post, Main Tagged With: Economy, GO, Gross Output, Mark Skousen

Where’s Walter Lippmann when we need him?

April 21, 2021 By Mark Skousen Leave a Comment

Columnist and author Walter Lippmann (1889-1974) was considered the most influential journalist of the 20th century.

Who is the Walter Lippmann of our day?  Richard Rahn, who writes for the Washington Times, comes the closest.  He focuses on ideas and problems, and avoids the politically divisive “left-right” labels.  I highly recommend his columns:  https://www.washingtontimes.com/staff/richard-w-rahn/

Lately I’ve been reading “The Good Society,” by Walter Lippmann (his best book), and see that he was highly influenced by Mises and Hayek, so that he rejected socialist central planning….although he supported Keynesian monetary and fiscal policy.

Walter Lippmann

Here is a short summary of his approach:

“Lippmann’s style was distinctive and very effective with his audience.  He did not patronize and was resolutely nonpartisan.  He supported candidates for public office whose positions pleased him regardless of party affiliation.  He could and often did change his mind about people and politics.  He read widely and made every effort not to be identified with any group or ideology.  For example, although he drew from both traditions he was careful not to present himself either as a Keynesian or an Austrian.  He was often impatient and he tended to become disillusioned quickly with politicians after they had been elected, especially presidents of the United States.

“Often he experienced and reflected upon a problem well in advance of bringing it to his readers.  He preferred to make use of theory only after he had gathered a lot of empirical evidence….His style was to lay out his arguments simply and without jargon.

“It is impossible to gauge precisely Lippmann’s influence upon his readers, but it must have been substantial.  Indeed, it seems he could help to make or break a political career, and he could speed or retard the passage of a bill through Congress.”  — Craufurd D. Goodwin, “Walter Lippmann: Public Economist” (Harvard University Press, 2014), pp. 2-3.

Filed Under: Articles, Featured Post, Main

Ideal Holiday Gift! New 10th Anniversary Release of “The Maxims of Wall Street”

December 9, 2020 By Mark Skousen 1 Comment

Dear friends,

A hundred years ago, in 1920, the great author and poet Rudyard Kipling wrote a poem, “Gods of the Copybook Headings.”  He was referring to the proverbs or maxims often drawn from sermons, almanacs, and scriptures extolling virtue and wisdom that were printed at the top of the pages of notebooks used by British school children.

The students had to copy the maxims repeatedly, by hand, down the page.  The exercise served as a form of moral education and penmanship.

Kipling’s first stanza reads:

As I pass through my incarnations in every age and race,
I make my proper prostrations to the Gods of the Market Place.
Peering through reverent fingers I watch them flourish and fall,
And the Gods of the Copybook Headings, I notice, outlast them all.

Kipling bemoaned the fact that we no longer teach aphorisms to students or adults.

As a result, to quote another great poet T. S. Eliot, “How much wisdom have we lost to knowledge, and how much knowledge have we lost to information?”

But Kipling and Eliot would be happy to know that the age-old wisdom and timeless truths of the “copybook headings” are alive and well on Wall Street.

For years, I’ve been compiling these financial adages, ancient proverbs and immortal poems found in new and rare financial books and quoted regularly by investors, money managers, brokers and old timers.

Finally, I published them in a handsome volume in dark green leather and gold lettering with a ribbon.  “The Maxims of Wall Street” was first published in 2011, and has been a bestseller ever since.  Over 35,000 copies have been sold through seven editions.

Maxims

 

“Maxims” is the Closest Thing to Wall Street Scripture

The Maxims contains:

  • Over 800 adages by such notables as Warren Buffett (“The stock market can go from green to red without stopping at yellow”)….J. P. Morgan (“Troubled waters make for good fishing”)….Humphrey Neill (“The public is right during the trends but wrong at both ends”)….Richard Russell (“In a bear market, the winner is he who loses the least”)….and Steve Forbes (“Everyone is a disciplined, long-term investor….until the market goes down!”).
  • Old Timer’s stories like the “trading sardines”…where are the customer’s yachts?….the gold bugs….commodity traders….The origin of “blue sky”…
  • Famous lines from Baron Rothschild, Ben Franklin, John D. Rockefeller, Joe Kennedy, J. P. Morgan, Bernard Baruch, John Templeton, Jesse Livermore, John Maynard Keynes,and Ben Graham…
  • All quotations are divided into categories, with sage advice on beating the market, diversification vs concentration, value vs growth, bulls vs bears…black swan events….day traders….doomsayers and casandras…plungers and the peacocks….hot tips and insider information…losing money and missed opportunities…Wall Street vs Main Street….chartists vs fundamentalists….leverage and debt….privacy and government….taxes and tax havens….inspiring “Rich Man’s Pearls of Wisdom.”

Providing A Shortcut to Financial Wisdom

The book has been endorsed by Warren Buffett, Jack Bogle, Dennis Gartman, Barron’s, and many others.

Alex Green, chief investment strategist of the Oxford Club, wrote the following last month:

“Wouldn’t it be great if someone collected the wisest thoughts of the world’s greatest investors, men like Jesse Livermore, Baron Rothschild, J.P. Morgan, Benjamin Graham, Warren Buffett, Peter Lynch, John Templeton and others?

“As a matter of fact, someone has, my good friend and colleague Dr. Mark Skousen. His book ‘The Maxims of Wall Street’ is a crash course in how to survive and profit in today’s volatile markets.

“A college economics professor, founder of FreedomFest and bestselling author, Mark has spent more than four decades reading, writing, teaching and lecturing about financial markets. Along the way, he has collected a treasure trove of proverbs, slogans, stories and juicy quotes.

“I found myself chuckling (and occasionally sighing) when I first read this book. And I still refer to it regularly. Over my 35-year career, I learned much of this investment wisdom by trial and error. Fortunately, you don’t have to. The Maxims of Wall Street is a pithy and indispensable guide.”

 

New 10th Anniversary Edition Released in Time for the Holidays

Last week my grandson Luke and I drove to Chicago to pick up the new 10th anniversary edition of “The Maxims of Wall Street,” hot off the press.  Then we drove to a suburb of Cleveland and delivered 175 copies to Carver Financial Services, whose president Randy Carver is a big fan.  He’s a broker with Raymond James.  Randy plans to give them to his clients as a holiday gift.

Maxims

Kelley Drumm, marketing director at Carver Financial Services, and I admire new 10th anniversary edition of “Maxims”]

I can’t deliver every copy in person, but I will be mailing out copies this week and next, in time for Christmas and the holidays.

In fact, there’s still time to order your own copies — for yourself and your investor friends, neighbors, clients and favorite brokers.  Order as many copies as you would like — I offer a special discount when you order more than one copy — half off!

The new edition is special — it’s 282 pages.  I’ve added 200 quotes since the first edition came out in 2011.

 

Cheaper by the Dozen!

I’ve kept the same low price.  The new edition retails for $24.95, but if you buy from Skousen Books, the first copy is just $20, and all additional copies are only $10 each. If you order an entire box of 32 copies, the price is only $300, less than $10 each.

As Hetty Green, America’s first female millionaire, said, “When I see something cheap, I buy a lot of it.”

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I number and autograph every copy and pay the postage if mailed in the United States (shipping to Canada or other foreign destinations requires additional postage). If you have any special inscriptions, please email Ned at [email protected].

We ship every day.  Order your autographed copy today!  Go to www.skousenbooks.com.

And let me know if you want a special inscription as a gift to others.  I’ll be glad to oblige.

Here’s to a very merry Christmas and happy prosperous New Year.

With all good wishes, AEIOU,

Mark

Mark Skousen
Presidential Fellow, Chapman University
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Ezra Taft Benson’s Remarks at FEE Headquarters in New York, May 1977

November 10, 2020 By Mark Skousen 1 Comment

In 2001-02, I served as president of the Foundation for Economic Education (FEE), the oldest free-market educational institution in the United States.

When I arrive I felt at home immediately when I saw the photographs of three members of my faith who had served as members of the FEE board – Ezra Taft Benson (former Secretary of Agriculture), J. Reuben Clark, Jr. (former ambassador to Mexico), and Ernest L. Wilkinson (president of BYU).

Here is the story when Ezra Taft Benson came to FEE headquarters in May, 1977, and addressed supporters and then the board members.

Ezra Taft Benson

In May 1977 Ezra Taft Benson addressed the board of the prestigious Foundation for Economic Education (FEE), of which he had previously served on the board of trustees (as had J. Reuben Clark, Jr. and Ernest L. Wikinson).  He warned that while America had become the world’s richest nation because of free enterprise, today’s citizen was learning to depend on the state, thus jeopardizing personal freedom.

The following day he was invited by the president of the foundation, Leonard E. Read, to attend a trustees meeting.  “The first question [they asked me] was on the Church, and they never left that theme,” President Benson wrote that night, “so I spent an hour answering questions, telling them about the Church, bearing my testimony to them and telling of Church policies and my experiences in the Cabinet.”  One board member lingered afterwards and told him, “I want what you have.  When we go home, I’m going to look up your church.”

Shortly thereafter President Kimball received a letter from Leonard Read, who wrote, “Last evening we had some 160 freedom friends to hear President Benson’s lecture, ‘The Productive Base of Society.’ Imagine the audiences and lectures I have arranged during…more than 31 years as President of FEE….Well, last evening was the best of all.  Never have a witnessed such interest, approval, esteem.  This forenoon, however, even topped last evening—this being an hour’s discussion with 26 of our Trustees and many guests.  All were profoundly moved by Ezra’s economic, intellectual, moral and spiritual insights.  Among my acquaintances in this and 22 foreign nations, I have never come upon his equal.”

President Benson sent an engraved copy of the book, Meet the Mormons, and a copy of the Joseph Smith story to each trustee of the foundation.

–“Ezra Taft Benson, A Biography,” by Sheri L. Dew (Deseret Book, 1987), p. 451.

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Elder Ezra Taft Benson Speaks in Communist Russia

November 10, 2020 By Mark Skousen 2 Comments

 

Ezra Taft Benson in Russia

Elder Ezra Taft Benson Speaks at the Central Baptist Church in Communist Russia, October, 1959

 

“It was the most heart-rending and most inspiring scene I’ve witnessed.”  –News reporter

From the time he arrived, Ezra Taft Benson repeatedly requested that he be taken to visit one of the two Protestant churches in Moscow.  Finally, as his party was taken to the airport for their departure, he again asked to stop at a church.  Reluctantly, his driver swung into a narrow alley behind an old stucco building – the Central Baptist Church.  It was raining, but the chill left as the Secretary’s party entered the church which was filled to overflowing with mostly middle-aged and elderly people.  Ezra understood that Soviet citizens attended these services at some risk; anyone who looked to a career of any kind avoided the slightest suspicion of belief in Christianity.

The American group caused an immediate stir in the old church.  A newsman present described the scene: “Every face in the old sanctuary gaped incredulously as our obviously American group was led down the aisle.  They grabbed for our hands as we proceeded to our pews which were gladly vacated…Their wrinkled old faces looked at us pleadingly.  They reached out to touch us almost as one would reach out for the last final caress of one’s most-beloved just before the casket is lowered.  They were in misery and yet a light shone through the misery.  They gripped our hands like frightened children.”

Surprisingly, the minister invited Secretary Benson to speak.  Knowing there was some danger, Ezra turned to Flora and asked if she thought he should do it.  Without pause she answered, “You bet, T!”  And he made his way to the pulpit.

Never had he stood before an audience like this.  As he scanned the crowd of anxious faces, it took some moments for him to control his emotions.  These were good people, he felt immediately, subjected to a society that deprived them of unrestricted worship.  The emotional impact was almost more than he could bear.  Then he began to speak about hope and truth and love.  As he talked about the Savior and the hope of life after death, tears flowed freely throughout the church.

“Our Heavenly Father is not far away,” the Secretary promised.  “He is our Father.  Jesus Christ, the Redeemer of the World, watches over this earth…Be unafraid, keep His commandments, love one another, pray for peace, and all will be well.”

Women took out their handkerchiefs and nodded vigorously as they moaned “Ja, ja, ja!”  He looked down at one elderly woman, her head covered by a scarf and with a shawl about her shoulders, and spoke as though directly to her: “This life is only a part of eternity.  We lived before we cam here…We will live again after we leave this life…I believe very firmly in prayer.  I know it is possible to reach out and tap the Unseen Power which gives us strength and such an anchor in time of need.”  He concluded, “I leave you my witness as a church servant for many years that the truth will endure.  Time is on the side of truth.  God bless you and keep you all the days of your life.”

By this time teams were streaming down Ezra’s face.  When his entourage finally filed down the aisle, men and women waved handkerchiefs and grasped the visitors’ hands in an action that spoke more than words.  Spontaneously they began to sing “God Be With You Till We Meet Again.”  The language was foreign, but the tune and meaning were unmistakable.  The Americans entered their cars with not a dry eye among them.  Finally, a newsman broke the silence, commenting, “I believe they were the only really happy people we saw in Russia.”

“I shall never forget that evening as long as I live,” Elder Benson later wrote.  “Seldom, if ever, have I felt the oneness of mankind and the unquenchable yearning of the human heart for freedom.”  Others felt similarly.  Cynical newsmen who had complained about “going to church with Ezra” (and who had skipped out on LDS services in West Berlin) stood and wept openly.

Tom Anderson, editor of Farm and Ranch magazine, wrote, “Imagine getting your greatest spiritual experience in atheistic Russia!….The Communist plan is that when these ‘last believers’ die off, religion will die with them.  What the atheists don’t know is that God can’t be stamped out by legislated atheism….This Methodist backslider who occasionally grumbles about having to go to church, stood crying unashamedly, throat lumped, and chills running from spine to toes.  It was the most heart-rending and most inspiring scene I’ve witnessed.”

When they reached the airport, nearly all of the newsmen traveling with Ezra told him it had been the greatest spiritual experience they had ever had.

–“Ezra Taft Benson, A Biography,” by Sheri Dew (Deseret Book, 1987), pp. 342-344

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10 LESSONS FOR 10-10-2020

October 10, 2020 By Mark Skousen 1 Comment

This article was originally published on the FreedomFest Forum on October 10, 2020.

lessons

The year 2020 has been anything but a year of seeing clearly. It has been characterized by uncertainty, divisiveness, and conflicting views. In the January prediction issue of my newsletter, “Forecasts & Strategies,” I stated, “The outlook for stocks, gold and the dollar is positive as we enter 2020, but beware of a ‘black swan’ event that could derail the longest running bull market in history.” Indeed, the coronavirus not only derailed the bull market, but the entire economy and our society. Today, on 10-10 2020, I thought it would be appropriate to publish my top ten lessons learned from 2020.

  1. “Trust the science but not the scientists.” We quickly learned that medical experts are subject to biases and weaknesses just like the rest of us. As Steve Forbes says, “You can’t always trust the experts.” In early 2020, prominent epidemiologists in the UK and the US published convincing articles predicting that the new virus would kill “millions.” Indeed, people began dying at alarming rates. Other medical experts dissented from the alarmists, saying that the coronavirus was far less lethal than previous influenzas such as the Hong Kong flu of 1969. As doctors have learned more about the virus, treatments have improved and death rates have dropped. But the panic continues.
  1. “The cure turned out far worse than the disease.” Sir Harry Schultz has said, “Never underestimate the size of a panic or the power of a politician.” Government leaders overreacted to the virus scare by shutting down schools, sports, theaters, tourism, travel, churches, and business.   To use a metaphor from John Maynard Keynes, “We used a sledge hammer to crack a nut.” Only now are we finding out the devastating unintended consequences –bankruptcies and job losses, depression and suicides, domestic abuse and alcoholism, and permanent changes in our lifestyle and culture. Some studies suggest that more people are dying from the shutdown than from the disease itself. As I’ve traveled across the country over the past several weeks I’ve seen business after business closed down— whole areas of towns shuttered— no public bathrooms or places to eat— and I am appalled by what has happened to our country. What a tragedy! Sadly, none of the governors or mayors who imposed these draconian restrictions have apologized or taken responsibility for their blunders. Meanwhile, Sweden was one of the few countries that did not succumb to the scaremongering, and the virus is virtually finished there. It is becoming more and more apparent that locking down was the worst choice.
  1. “Technology made the lockdown easier to impose.” How it was possible for the government to shut down the economy and society so quickly? Why were Americans so compliant? Fear about the unknown properties of the virus were the initial reason, of course. But the months long shutdown was made more palatable because e-commerce and online technology made it easier for many to transition to working from home. College and university officials could shut down schools because it’s now possible to teach online and for students to be educated and entertained at home. White-collar workers could do their jobs online. Most products, even food and drink, could be delivered to people sequestering at home, largely because blue-collar jobs (manufacturing, retail and delivery) were deemed “essential” and the risk of the disease was deemed warranted.
  1. “How quickly we lost our liberties.” Milton Friedman said, “Freedom is a rare and delicate flower.” Despite the safeguards guaranteed in the Constitution and Bill of Rights, within days of the lockdown, we saw our First Amendment rights abridged, including the freedom of speech, peaceful assembly, worship, travel, and commerce. Education went online and borders were closed. In the past, quarantines were imposed on those who were actually sick and thus posed a threat, but now everyone was restricted by the fear that anyone could be a carrier, even without symptoms. Government officials in other countries imposed even more severe limitations on their citizens’ freedoms of movement and behavior. At the same time, certain groups were allowed to engage in mass protests without any limitation. But those who protested the lockdowns were cited, fined, and surveilled. Most law-abiding citizens were reluctant to defy the State and engage in civil disobedience, even when their new rules defy common sense.
  1. “The Rise of Irrational Behavior.” I am amazed how willingly citizens conform to State mandates and prohibitions, giving up their liberties so quickly in order to be safe. Masks and physical distancing are the most obvious examples. I can understand why many people wish to protect themselves; let them make their own decisions about safety and risk. But the government and the media have been so effective in scaring people that we see people wearing masks inside their cars when they are driving, walking alone on the streets, and exercising in the gym (which is downright unhealthy). Jokes have been made about how intelligent the virus is, avoiding people while they’re sitting in a restaurant but attacking when they’re standing. The governor of California seriously suggested that people put on their face coverings in between bites when eating at a restaurant. The chief medical officer in Canada said with a straight face that partners should wear masks during sex, or try positions where they aren’t facing each other. Meanwhile, most Swedes have adopted sensible distancing protocols, but they don’t wear face coverings everywhere they go, and their businesses have remained open.
  1. “Government at the federal and state level is out of control.” As a result of its own hysteria in shutting down the economy, governments at all levels face the worst financial crisis Americans have experienced in peacetime. States have used up their “rainy day” funds and many face bankruptcy if Washington does not bail them out. Of course, many municipalities were facing insolvency before the pandemic, but the shutdown has sped up and intensified the crisis as tax revenues lessen and demands for welfare and unemployment benefits increase. Major corporations and small businesses face the same dilemma. Lost revenues and increased spending have resulted in alarmingly high deficits. Central banks like the Federal Reserve are engaged in virtually unlimited buying of Treasury securities and other assets, generating fears of higher taxation and inflation in the future. In sum, Washington is like Humpty Dumpty – the egg has cracked, and it can’t be put back together again. As a result, socialism is on the march.
  1. “Government executives have been given way too much emergency power.” George Washington is alleged to have said, “Government is like fire, a dangerous servant and a fearful master.” Over the years, the president, governors and mayors have been granted almost unlimited power to use “executive orders,” powers intended to be used sparingly, only in times of war or natural disasters. In 2020, they began using executive order to impose virtually any prohibition or mandate they wish. As Jorge “Tuto” Quirado, the former president of Bolivia, once said, “Now more and more everything is either prohibited or mandated.” In 2020, we see that representative democracy has been replaced by dictatorship. A few states limit these emergency orders to 30 or 60 days, during which time the governor must consult with the legislature to get their approval before continuing their mandates, but many have simply issued new orders after the expiration date. The courts have started to rule against these overreaching mandates, notably in Michigan and Pennsylvania, but the damage has been done.
  1. “We need to encourage healthy living.” It seems the entire focus by medical and government authorities is to deal with the symptoms of the disease — to develop a vaccine to prevent the virus or medicines and treatments to make you better if you contract it. But the evidence is overwhelming that healthy and young people are not likely to get the virus. The most vulnerable victims are the elderly who suffer from obesity, diabetes, heart disease, or other diseases. Adding insult to injury (or hypocrisy to mandates), much of the rise in these conditions is a result of misguided and misleading federal nutrition guidelines since the 1980s, when fats were demonized and sugars were quietly substituted to create texture and flavor. The increase in sugar and processed carbs has weakened immune systems. It’s time for teachers and other leaders to encourage healthy living at all ages through proper diets, exercise, and a positive mental attitude. During the lockdown people have done more walking and biking, but the stay-at-home orders, coupled with the closing of gyms, parks, beaches and sporting events have led to a more sedentary and less healthy population. If herd immunity is the goal, having a healthy society is the best road to surviving this crisis.
  1. “We have begun to live in fear, not faith.” In today’s Brave New World, masks have become a religious talisman, imbued with magical powers to ward off evil viruses even when they are often dirty and ill-fitting. Meanwhile, religious men and women who go to church are required to wear masks and not socialize—just hurry in and hurry out. Their pastors seem to have more faith in science and government leaders than they do in God. It saddens me when I see children recoil in fear as they pass strangers on the streets or in a store. What kind of message are we sending to our future generations when children are told that anyone could be a carrier—anyone could potentially kill them? Moreover, physical distancing requirements are repressing children’s ability to develop social skills and exercise their natural tendency toward play. Oh, ye of little faith!
  1. “Know the signs of the times.” Bertrand de Jouvenel wisely said, “A forecast is never so useful as when it warns of a crisis.” The pandemic scare offers an important lesson in how we conduct our lives, our friendships, our businesses and our investment portfolios. We need to be alert and prepared for the unexpected. The coronavirus not only derailed the bull market, but the entire economy, politics, and our society. However, forecasting is a difficult business. It’s easier to prepare than to predict. I urge all to save regularly, avoid unnecessary expenses, build a strong cash position in their portfolio and retain earnings and reserves in their business.

Admittedly, many people have learned different lessons during this pandemic—they’ve resolved to spend more time with family and less time away from home, even after the pandemic ends. They’ve reconsidered career choices and school options and reevaluated how they spend money. I applaud those who have chosen to use this time productively. But for many hundreds of thousands of people, the loss of freedom and livelihood has been devastating. Both sets of lessons must be learned so that we don’t permanently lose our freedom to choose our paths.

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