A rare earth magnet is observed to function as a constant flux generator until coerced. To exploit this law, a Magnetic Power Converter is configured as a figure eight shaped balanced reluctance bridge where a rare earth magnet provides a source of constant flux employed as a working fluid. One side of the bridge drives an output coil and the other side is moderated by a toroid shaped control core acting as a variable reluctance shunt with respect to the magnet. Current in the control coil determines the rate and degree of flux variation across the bridge and therefore the resultant output voltage. Due to a mitigation of Lenz effect, full output loading is not reflected in the input; this property supports real power conversion efficiencies that may have wide applications in alternative energy and green energy generation.