http://PiratesOfManhattan.com VISIT US: http://futuremoneytrends.com FutureMoneyTrends.com: Greetings and thank you for joining us at FutureMoneyTrends.com, I'm here with Barry Dyke. He is the author of "The Pirates of Manhattan" and "The Pirates of Manhattan II: The Highway to Serfdom" he calls it. He's been spoken very highly of by congressman Ron Paul; somebody who I really look up to. He's also the CEO and founder of Castle Asset Management. Barry thank you so much for joining us today. Barry J. Dyke: Well thank you Daniel for having me. FutureMoneyTrends.com: Barry, I have to say this book, I forgot how I came across it but I am so glad I did. It is so unique, here you are showing how fraudulent the mutual fund industry is, the 401K's, the idea of the typical person retiring through a 401k and how these guys are ripping you off actually. Then you talk about the Federal Reserve and maybe you should own some Gold, pay off debt, own a business and then you also mentioned having a guaranteed savings account which I want to get into later. First if we could just talk about your book and an introduction to people about what the book is about, Part I and Part II since there are two books. Barry J. Dyke: As you know the Federal Reserve is the greatest scam of them all; I've been doing financially planning and benefit consulting for 30 years. I've done it for publically traded companies, privately held companies, even celebrities and so forth. Most of the financially products which are sold by Wall Street today, including mutual industry because they're all in bed with one another, are crap. The thing is no one knows what the future will bring; I don't know where I'll have dinner tonight or what will happen next week. The whole idea of the Efficient-Market theory is just gobbledy gook. We don't know what interest rates will be and what inflation is going to be. We're just [?] the flood continually by Wall Street and of course the academic complex. Most of the stuff doesn't work. My research has been proven out...that's why I call it the highway to serfdom because we're almost like serfs and vassals to the Kings and Queens which today are royalty is academia, the government and financeers. FutureMoneyTrends.com: You've got a major case against the targeted fund and this is a ridiculous idea to begin with but a lot of people are probably in these funds right now listening to this who have it by default through their 401k. They don't even have a choice...they're automatically enrolled in these things. Why doesn't a targeted fund work? Barry J. Dyke: First of all, regular mutual funds don't work, if you're going to be in the market they should be in some government index because the great scam; everyone knows that macro-management doesn't work...active mutual fund managers who manage mutual funds save index funds for themselves...more financial crap coming out of Wall Street. A mutual fund typically has about 120 stocks, or derivatives, stocks/bonds what have you...a targeted fund has a [?] allocation which is another Wall Street gibberish. Let's pick a date say 2020 or 2030, whenever you would retire, you pick some abstract theoretical date, [?] allocation and sell it to mainstream America. If you go to my website PiratesofManhattan.com and actually analyze one of these very complex target date funds...this has all been filed through the department of labor, department of treasury, SEC, and how bad these freakin' things are, of course I didn't hear from anybody. FutureMoneyTrends.com: You said the mutual funds as a whole, now what's wrong with a [mutual fund]? Barry J. Dyke: The whole thing is speculation. A really good analyst could follow maybe 5-6 stocks. A typical fund is 100-120 stocks. You have every fee under the sun, the typical investor pays 2-5% a year in fees [trading costs, management fees...] and they don't even know it. Over 90% of them don't even beat the S&P.; So why even be in it? FutureMoneyTrends.com: You mentioned index funds you're comfortable with, but what about owning some large individual stocks like Apple, Microsoft, and Coca-Cola; safe companies. Barry J. Dyke: You have to know what you're doing Daniel; I'm not against it at all. Some people have made a fortune in stocks. I was just analyzing all these large stocks, Microsoft...or Sisco, AOL...General Electric, they all have a market value reduced by 40-50% over the past decade. A stock which was created a decade ago has lost 30-40% of it's value. What you discover is that the people who are making money in this stuff are essentially the 'insiders' and the management industrial complex...Wall Street, mutual fund providers and so on. A great example: you're in California? [Daniel: Yes] Mark Pincus sold about $100 Million worth of Zynga stock; sold at $14 a share, they did an IPO of Zynga and it dropped down to $12, of course all the mutual funds bought the stock and I think today is $2.89...

• published: 01 Sep 2013
• views: 162