Nowhere Left To Run: The Next Financial Crisis

Alasdair Macleod – 13 June 2012

I make this speech in the earnest hope that Croatia, which has emerged from decades of totalitarianism, along with her neighbouring countries, will not make the mistakes we have made. And by “we”, I refer to the advanced economies of Western Europe, North America and Japan. To explain why we have made mistakes, it will help if I summarise the fundamental differences between classical economics, neo-classical, including Keynesian and monetarism, and Austrian economics.

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Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. In those days, trainees learned everything: from making the tea, to corporate finance, to evaluating and dealing in equities and bonds. They learned rapidly through experience about things as diverse as mining shares and general economics. It was excellent training, and within nine years Alasdair had risen to become senior partner of his firm. Subsequently, Alasdair held positions at director level in investment management, and worked as a mutual fund manager. He also worked at a bank in Guernsey as an executive director. For most of his 40 years in the finance industry, Alasdair has been de-mystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.

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