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

One can understand the Fed’s frustration over the failure of its interest rate policy…and its desire to escape the zero bound. However, since the FOMC has all but said it will increase rates at its December meeting, events have turned...
Your country faces a stagnating economy. Let us assume your Prime Minister (or President if that is who holds the executive power) seeks advice from two imaginary economists.

PM: You two economists have different views on what our...
Believe it or not, one of the topics in economics that confuses macroeconomists is the actual role of interest rates. For the most part they just assume that an interest rate is the cost of money, the price of money, or even the transfer...
Since the 1980s, markets have had to adapt to a world of infinite credit. Of course, this credit has not been available to everyone: it has been principally deployed in favour of governments, financial markets, and big business. It amounts...
Gold is money, admittedly not often circulating as such today. Fiat currencies issued by governments have driven gold out of circulation. But where does this leave silver?

Money-substitutes, bank notes and bank deposits, were originally...
The sudden end of the Fed’s ambition to raise interest rates above the zero bound, coupled with the FOMC’s minutes, which expressed concerns about emerging market economies, has got financial scribblers writing about negative interest...
In the early days of central banking, one primary objective of the new system was to take ownership of the public's gold, so that in a crisis the public would be unable to withdraw it. Gold was to be replaced by fiat cash which could be...
This month has seen something that happens not very often: it appears to be the early stages of a global stock market crash. For the moment investors are in shock, seeking reassurance and keenly intent on preserving their diminishing...
This coming Sunday Greece will hold its referendum. The question to be asked is not, as the foreign press initially reported it, about leaving the euro. It is about accepting or rejecting the troika's bail-out terms.

The Greek...
Currency devaluation is seen by nearly every macro-economist to be the cure for trade deficits. Recently they have recommended it to Greece arguing for the reintroduction of the drachma so that the Greek economy can become “competitive”,...

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Peru became the world’s largest producer of silver in 2012.