| Hello Reader, Something very strange and remarkable is happening in the United States right now. In the second quarter of this year, US GDP dropped a staggering 31.7%. Unemployment has skyrocketed—the worst-hit states are New York and Massachusetts, with 15.9% and 16.1%, respectively. We are in deep-recession territory and, as many of my expert friends and I agree, are headed squarely for a depression. And yet, at the same time, the stock market is booming. On August 18, the S&P 500 finished at a record 3,389.78, its first all-time closing high since February 19. On the same day, the Nasdaq finished at 11,210.84—its 34th record close of the year. You’d be forgiven to think you’d fallen asleep and woken up in some “Alice in Wonderland”-type mirror world. As I said in a recent Thoughts from the Frontline issue, this recession is unlike anything we have experienced in the history of the US. That’s because we’ve never witnessed an economic disaster like we are witnessing today. We’ll likely see a very uneven recovery. Some sectors of the economy will break, some will slowly get better, and others will hit the ball out of the park. I do believe that in the midst of all this turmoil lies the seed of a transformation that will leave us in better shape than before. To make sense of what we’re seeing right now, we need good economic and (geo)political “intel”—solid information from clear-eyed and level-headed thinkers who aren’t prone to hysteria or to espousing a mob mentality. In this spirit, I invite you to join me and my co-editor Patrick Watson at Over My Shoulder, a unique research service that can help answer your most pressing questions about what the future holds. For a short time, we’re lowering the already reasonable price for an Over My Shoulder subscription to $9.95 per month... a 33% savings off the retail price. Once you sign up, you’ll get an email from Patrick and me three to four times a week. We will send you carefully vetted reports and articles by our expert contributors—like Howard Marks, Anatole Kaletsky, Simon Hunt, George Friedman, Bruce Mehlman, Louis Gave, and many others. Their high-quality analysis and commentary focus on current US and world events of utmost importance, and their economic impact on our lives and investments. Right now, you can get their insights for a fraction of the price you’d normally pay. In fact, much of what they write is typically only available to high-net-worth clients or institutional investors. I consider myself blessed to have permission to share their analysis with Over My Shoulder subscribers. If you want to join us, please don’t wait. This is a short-term offer and will only be available through Sunday, September 6. I hope you decide to come on board. In the current uncertainty we’re all experiencing, it’s important to have not just a Plan B, but a Plan C and D as well. Getting constant input on the changing landscape from brilliant minds like the Over My Shoulder contributors will help you stay safe. Click here to join us today. Your confident that we will get through this together analyst, John Mauldin
Co-founder, Mauldin Economics | 