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

After a few months of slower growth, FMQ has picked up again. FMQ is the sum of True Money Supply (as defined by the Austrian School of Economics), plus the banking system’s reserves and other banking-related liabilities on the Fed’s...
There are signs that the US dollar, instead of consolidating the sharp rise that peaked last March, might be reversing its previously rising trend. Certainly, a weakening dollar fits with the Federal Reserve Board deferring attempts to...
With the benefit of hindsight, the two-day devaluation of the yuan in mid-August might have been a masterstroke of strategy. China executed a financial move that appeared to undermine its own position but instead created trouble for the US...
In last week's article I pointed out that negative interest rates should lead to a general shift in consumer preferences from money towards essential goods. Central bankers may wish for this outcome on a controlled basis to allow them to...
I shall briefly address the impact of negative interest rates, should they occur, at the end of this report, after looking at this week's trading. The week started with a slow downwards drift for precious metals on Monday and Tuesday...
We think we know that gold is no longer money, because Keynesians and monetarists insist it is so. Furthermore, it has been replaced by government currencies, which we use to buy and sell, do our accounts and pay our taxes. While it is...
There is one class of money that is constantly being created and destroyed, and that is bank credit. Bank credit is created when a bank lends money to a customer; it becomes money because the customer draws down this credit to deposit in...
This week market relationships underwent a sea-change with a sudden realisation that the global economy is in a deepening crisis. Equity valuations in the developed nations are falling sharply and corporate bond spreads are widening,...
China's recent mini-devaluations had less to do with her mounting economic challenges…and more to do with a statement from the IMF on 4 August, that it was proposing to defer the decision to include the yuan in the SDR until next October.
Interest rates in the US, Europe and the UK were reduced to close to zero in the wake of the Lehman crisis nearly seven years ago. Initially zero interest rate policy (ZIRP) was a temporary measure to counter the price deflation that...

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The California Gold Rush began on January 24, 1848 when gold was found by James W. Marshall at Sutter's Mill in Coloma.