Alasdair Macleod

Alasdair became a stockbroker in 1970 and a Member of the London Stock Exchange in 1974. His experience encompasses equity and bond markets, fund management, corporate finance and investment strategy. After 27 years in the City, Alasdair moved to Guernsey. He worked as a consultant at many offshore institutions and was an Executive Director at an offshore bank in Guernsey and Jersey.

Articles by Alasdair Macleod

There is little doubt that the rapid expansion of both dollar-denominated debt and monetary quantities since the financial crisis will lead us into a currency crisis. We just don’t know when, and the dollar is not alone. All the major...
It is time to revisit the Fiat Money Quantity (FMQ), which totals US dollar money deposited in the banking system, the commercial banks’ money on deposit at the Fed and physical cash. Besides alerting us to how the expansion of fiat money...
Make no mistake, sterling’s collapse is a very serious development, and has serious consequences for sterling interest rates. While it is becoming apparent that interest rates are going to have to rise possibly for all currencies on a one-...
Arguments about sound and unsound money often degenerate into a ‘them-and-us’ dispute, with the supporters of unsound money casting sound money proponents as impractical out-of-date libertarian weirdos. Supporting one side or the other as...
We are accustomed to looking at Europe’s woes in a purely financial context. This is a mistake, because it misses the real reasons why the EU will fail and not survive the next financial crisis. We normally survive financial crises, thanks...
Two weeks ago I pointed out that the Fed is seemingly unaware of early signs of price inflation (see On being an FOMC member). The Fed is clearly ignoring the coincidental rise in USD LIBOR and the growth in bank lending, and is still...
Precious metal prices traded lower this week in lackluster trading, until Wednesday, when someone sold 10,000 gold contracts on COMEX. Before that event, the silver price had been hit hard, though Open Interest remained stubbornly high....
There are so many things wrong with GDP that even mainstream economists are becoming vaguely aware of its shortcomings. A good friend drew my attention to a Bloomberg article on this subject, which at least shows a growing awareness that...
One of my regular readers has raised the important subject of Say’s Law, the denial of which both Keynesian and modern monetarists are emphatic. They need this fundamental axiom to be untrue to justify state stimulation of aggregate demand...
It is a month after Britain’s surprise vote to leave the EU. A new Conservative Prime Minister and Chancellor are in place, both David Cameron and George Osborne having fallen on their swords. The third man in the losing triumvirate, Mark...

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The volume of all the gold ever mined can occupy a cube 63 feet on each side.