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.

Alasdair Macleod Articles

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...
The earliest signs are developing of hyperinflation, more correctly described as a collapse of the purchasing power of all the major government currencies. Central bankers are almost certainly unaware of this danger, partly because their...
In my view, this new bout of turmoil in financial markets is the prelude to the final demise of government currency. If I’m right, a long expected collapse in the purchasing-power, and of the very concept of fiat currency, will evolve from...
The collective decision of the British electorate is to reject the recommendation of its government, excepting those of its few dissenting ministers, that Britain should remain in Europe. It is a signal failure of government policy. Above...
Brexit is not the most important problem facing markets, it is mounting problems in the European banks. But before looking at that systemic issue, I will summarise the Brexit position in the last few days before the referendum.
The British have recently seen two unpleasant examples of the cost of pension fund deficits. A deficit at British Steel, estimated to be about £485m, was followed by a deficit at British Home Stores of £571m. In both cases, pension fund...

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A medical study in France during the early twentieth century suggests that gold is an effective treatment for rheumatoid arthritis.