Governments Sleepwalking into Debt Trap with Alasdair Macleod

Interview recorded - 3rd of April, 2024
On this episode of the WTFinance podcast I had the pleasure of welcoming back Alasdair Macleod - Head of Research for Goldmoney.
During our conversation we spoke about how the FED have lost control, what this means for inflation and interest rates, the potential bond yield blowout, why the system hasn't collapsed yet, gold to continue to go higher and more. I hope you enjoy!
0:00 - Introduction
1:39 - Overview of markets
3:38 - What influenced stop of bond yield blowout?
6:57 - Financial repression to save system?
8:22 - Onshoring to benefit US?
9:42 - Why has system not collapsed yet?
11:20 - No strong economy challenging the US?
14:57 - What is behind the rise in gold?
19:12 - Shift in what credit buys you?
22:00 - Speculators benefit from currency depreciation
23:15 - Real assets to benefit?
28:13 - Other commodities to benefit?
30:45 - China indebted?
35:59 - One message to takeaway from our conversation?
Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money through demystifying finance and economics. His background includes being a stockbroker, banker, and economist.
Alasdair Macleod started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm.
Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director.
For most of his 40 years in the finance industry, he has been demystifying macroeconomic 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.
Alasdair Macleod -
Substack - www.goldmoney.com/research
GoldMoney - alasdairmacleod.substack.com/
Twitter - / macleodfinance
LinkedIn - / alasdair-macleod-9494b27
WTFinance -
Instagram - / wtfinancee
Spotify - open.spotify.com/show/67rpmjG...
iTunes - podcasts.apple.com/us/podcast...
Twitter - / anthonyfatseas
Thumbnail picture from - finance.yahoo.com/news/no-sof...

[@HodgeChris]

Rate cuts commence in June 2024, taking 6-8 months to complete. A potential crash, if any, might occur by March 2025. The soft landing narrative is gaining traction, making this big recession everyone is calling for less likely. With $1 million from a business sale, I'm seeking profitable investment opportunities for the next 3 years.

[@elainemagson213]

Such an authentic gentleman is Alastair Macleod. I've listened to him for years but never heard him as desperately worried for ordinary people as now. Even a small amount of gold would be sensible to those who can manage it.

[@robwindridge7804]

Alasdairs knowledge is incredible it’s a privilege to listen to him

[@WTFinancepodcast]

Agreed, he is one of the most eloquent individuals on the topic I know. Thanks for watching!

[@hounddog7256]

IMO Alasdair is the best guest you can have on your podcast, well done..!! 👌

[@WTFinancepodcast]

Agreed, Alasdair is one of the best. Thanks so much for watching, appreciate it!

[@carlohernandez3941]

Excellent guest.

[@chrisupton31]

99 Cent Only stores went out of business, all of them. Commercial Real Estate is over, soon to be the banks' demise. The consumer can't afford to eat out, shop retail, pay rent, or fill up their tank. Car loans, mortgages, and businesses loans have almost halted. Car repos are at all time highs and quality of vehicles on the road is deteriorating. Credit card debt is out of control. National debt and interest on it is exploding out of control. Real GDP (when adjusted for inflation and deficit spending) is very negative.

[@pausereflect5911]

Still no revolution 😮

[@venk777]

All of this has been happening forever..why am I not able to find parking spots at Costco?

[@l.a.mottern3106]

Makes you wonder how much longer they can keep the wheels on the wagon.

[@jackgoldman1]

Gallon of gasoline two silver dimes in 1950's. Gallon of gasoline two silver dimes in 2024. Get it?

[@vincentyeo88]

The value of silver is constant.

[@Bullion-Bikes-n-BabesTour2024]

The problem is, having once been a stockbroker with Merrill Lynch who helped manage 2.5 billion AUM, while the dollar is losing value, and eventually people will realize it is worthless and want to dump it, I don’t think you’re factoring in the leverage that the United States is capable of putting on countries. They may not want to use the dollar, but they may dependent on the US for defence,etc. The final implosion will be spectacular, but the reason these things go on longer than they ever seem like they should is because the system is a living breathing thing. Because it is comprised of living breathing individuals, who will, to a fault, continue to exist in their bubble of confirmation and recency bias. And, like any living breathing organism, it fights to survive. I used to be a medic, and there’s a term in EMS called agonal respirations. To the layman they are known as death breaths; sharp, violent, inhalations of a person in their last seconds of living. But it goes on, and on. Such is the fate of the dollar.

[@notgunnadoit7461]

we called that CTD - Circling the Drain.

[@bellakrinkle9381]

All true, yet oil is now being traded in other currencies. No more being forced to use the US SWIFT foreign exchange system.

[@bellakrinkle9381]

EU is trusting the US for defense? Think again.

[@sewnsew6770]

Yes it is amazing But all empires collapse but it can take centuries David Goldman says that because of technology the collapse will be much faster than for Rome or Imperial Britain But I am old so may not see it Also supposed the world system will collapse by 2040 due to the destruction of all living ecosystems by capitalism Energy use will increase exponentially to try to squeeze lifestyles out of the earth

[@Bullion-Bikes-n-BabesTour2024]

@@sewnsew6770 2040? Be surprised if it takes that long, but point taken.

[@pjbrennan6908]

I love your interview style, soft- spoken, understated and totally genuine. Top-notch guests. Thanks for doing this!

[@jackgoldman1]

Why is Alasdair so wise? What he speaks is the truth. Very honest. Speaking truth to power. Alasdair is a genius.

[@roberthutchison8416]

He's an ex banker. He has been spoken out on the side of the common man for years now. A great resource for global banking information. Peace.

[@roryduff2252]

It is because he is a Macloud from the clan Macloud.

[@silverslaya]

The accent has something to do with it

[@FiZc]

@@silverslaya Most of it probably. He has said some weird stuff over time that dont work out. Basel 3 was one of the bigger ones coming to mind. Also his notion about the west having only 1b people. Well, some poor family from africa who can't grow even a potato is not comparable to a western engineer in terms of productivity. His grandparents were probably part of the empire controlling most of the world from a tiny island. He should know better.

[@willieduffie4967]

👍

[@entervalhalla8484]

It had been a while since I had seen an interview with Alasdair. This was really enjoyable. Thank you for the upload.

[@aravinddnivara803]

Alasdair Macleod is a genius in my opinion

[@stevion2250]

Great interview. Always enjoy Alasdair's take

[@sinaoladeji3555]

Thank you so much Alastair for speaking the truth despite the propaganda of the mainstream.

[@TheGoldeyFamily]

Long interview but great job man. Watched the entire thing.

[@davidcadman4468]

Thank you for interviewing Alasdair... I only just found your channel... I have nearly 80 decades of living, and following the world changes... Obviously Aladair is informing me with my bias.... I would pass this on, but I know no one who would have the patience to listen because of their political bias... Subbed...

[@edawg654]

Bitcoin is 21st century gold. Look up Vijay Boyapatis Bitcoin article

[@charlierussell7887]

Asante sana Bwana Alasdair!

[@sandraintexas6959]

As a mother of grown up kiddos, I loved the dynamics between the two of you. It's like the elder statesman mentoring a young promising student! Fantastic interview. I just love how humble Alastair is. I will be back to your channel! How about getting Michael Pento on your show? He's a contrarian I think worth listening to. Best wishes on your channel!

[@kenselin]

THIS IS THE MOST INSIGHTFUL FINANCIAL ANALYST IN THE WORLD. He has said what NO OTHER has said: U.S. INTEREST RATES OBJECTIVE IS TO KEEP THE U.S. $ FROM FALLING. REGARDLESS, ITS VALUE IS FALLING resulting in the increase of the price of gold. EVERYTHING HE SAYS IS GOLD. (Ha! Ha!) Ken, Toronto, CANADA

[@deanchristie3829]

12:30 'the only reason the economy appears strong is the government is spending...and not productively'. And including some of the government spending in the GDP calculation. The IMF calculation of GDP does not include government spending. So for the better guage for the US, use the GDI (gross domestic income); which is declining like the rest of the world.

[@venaedirie6314]

Hi Allister Macloud I thank you for your contribution 😊

[@somejohndoe3004]

Anthony is on 🔥! Careful around the sprinklers my friend. That was a great show. 🤠

[@WTFinancepodcast]

Thanks so much for the consistent support! The last few videos have seemed to have resonated with everyone.

[@ddprepper5227]

Excellent report

[@DavidParker-tl3re]

I might reconsider investments with tangible assets like gold, especially with its record-high value. Markets hint at an impending recession

[@SaraNisha-fw4uk]

to think we were expecting lower rates to bring a boon in some sectors, a lot of investors are in trouble now because we rely on markets to always go up

[@PeterParkar-nk6dw]

surprising the Fed hasn't cut rates yet. Market downturns have paid off big for me, made over $700k shorting

[@ShamsoShera]

You're a fortunate person for recognizing that opportunity, but how do you differentiate your moves from luck. i sold all my index with plans to get them low before the next bull market

[@PeterParkar-nk6dw]

not luck, but research led me to Emily ava milligan, one of the best fund managers. made seven hundred from three hundred grand in choppy conditions can't be luck

[@kevintewey1157]

100 different metrics or perhaps the ones from 1930 we are already in a depression

[@ORO_LOBO]

Salute And Cheers To All Stackers

[@dunnsdale]

Another great interview Anthony. Many thanks, much appreciated! 👍

[@user-em3np4vr8c]

Alasdair is top expert in finance; very polished, well spoken, he is a pleasure to listen to, and yes I went all in on bullion and very happy I made this choice, so thanks, I am Australian, too, well you sound Australian, great stuff young man!❤❤❤

[@sewnsew6770]

Been a great last month for gold

[@robertwalker5521]

...and Silver...and Oil...and drillers (PTEN) and refineries (VLO)

[@MichaelNoone]

An excellent interview. I was taking notes all the way through. Thank you Anthony.

[@vibhujha7142]

God bless this channel! You are a fantastic student and honest guy. Keep it up🙏

[@nemesisenforcer907]

Outstanding Video

[@DimitriYanez-lj7gj]

Great interview!! Ty.

[@larsh2923]

What a Masterclass ⭐⭐⭐⭐⭐

[@peterdaly9283]

Great show!

[@paulbunyon6324]

Alasdair is the still one of the best on the subject.

[@marksnyder4102]

Thank you, excellent interview

[@akesha4138]

Best education on finances to be found anywhere. He goes over some of the basic concepts of how things actually work- that the so-called economists miss time and time again.

[@WTFinancepodcast]

Thank you so much for the kind words! I agree that Alasdair is one of the greats.

[@markcallaghan620]

Another masterful economics lesson from Alasdair. Consistent, accurate, and able to simplify what seems complicated.

[@t4ac]

Wow, your guest Alasdair really gave an insight and mention points that few financial 'experts' would not dare say even though these are the truth... Great interview.

[@rodpetrie1088]

I wouldn't miss one of Alastair's interviews for anything.

[@alexandergabrovsky8405]

Another great analysis by Alasdair

[@pauldusa]

One of my favorite people

[@chrisupton31]

ECB lowered rates... US evonomy is in rate nightmare

[@edtizzard8064]

Thank you for this show it helped me plan out my finances.

[@thelifeofdel9923]

Alasdair is good

[@ashanesubasinha8313]

Good interview. Thanks

[@WTFinancepodcast]

Thank you very much, appreciate you watching and the support!

[@palmpalm5131]

Brilliant guest.

[@thechloromancer3310]

Refreshing straight talk.

[@sharonfarrelly7146]

Really great conversation…and very much sense indeed…great show.

[@simondennison8499]

good video. Thanks for the hard work

[@Kawilli]

He is the best!

[@7777wilson1]

Have always loved Alistair. Haven't seen him in a long time since Max Keiser a decade ago, I'm sure...so great to hear this man's truths, knowledge & expertise 👏💯🙏

[@chandanamukherjee1472]

Great learning.From Kolkata, India

[@blauetoile]

TY. Subscribed.

[@WTFinancepodcast]

Thanks and welcome!

[@cherubimcherubim9515]

Gold is king. Physical gold not the stock paper gold

[@willieduffie4967]

Great information ℹ️

[@WTFinancepodcast]

Thanks, appreciate you watching!

[@terryl858]

Thanking everyone

[@wnose]

We gotta roll back the tax rates back to Reagan rates

[@Jim-ox5hv]

Thank U for the Vid:)

[@kasRose311]

Great content!!!

[@Steve-178]

Great podcast! Well done

[@JohnDaniels]

I'll try to tell people that all the time, it's not that process are going up it's the purchasing power of your money is going down

[@PeterPiccinini]

Excellent - what is collateral? Exactly

[@cherylrichard3059]

In the US Great Depression, too, housing and land prices crashed so those with gold could buy cheap.

[@WTFinancepodcast]

Great point!

[@user-df9jn1ll9k]

Great interview, thanks .

[@stephenodey5147]

Excellent

[@youngj00]

Keep the content coming!

[@WTFinancepodcast]

Thank you so much, will do!

[@jackgoldman1]

Good did not rise. An ounce is always an ounce. The dollar is falling. The collar is collapsing.

[@user-tp6xk3uu5y]

Your so excited your writing to fast.....LOL

[@shorelines5303]

Great news that your channel is growing ..... Your guest list is fantastic 🎉

[@AWest-rm2lg]

Genius

[@michael2275]

Bitcoin is also money not credit. Money is a human construct enabled by the properties of the money.

[@crimeajewel]

Very good😊

[@user-jt5md6yy9c]

this is what trickle down economics gives

[@WTFinancepodcast]

What do you think would work?

[@user-jt5md6yy9c]

@@WTFinancepodcast i agree with what the analysis of Sir Alasdair Macleod that nothing will work.

[@user-jt5md6yy9c]

if this is a debt trap there should not be confusion and panic.i would say people should have some cash at home.1month of salary would be good.by then central banks would be able to contain the crisis hopefully.

[@user-jt5md6yy9c]

limit the withdrawal that a person can withdraw to a month salary and rest should be in the bank.so banks do not collapse.

[@carlywright5127]

​@@WTFinancepodcastIndependence from selfish arrogant, inhuman, control freaks , for starters.

[@paulbunyon6324]

I recall an old and wise billionaire stating that one thing he was going to make sure he owned going forward is a good quality bicycle. That alone speaks volumes.

[@Bruhne]

Liked and subscribed!

[@lkdasladsdaslkjdsal1700]

How is the value of debt measured ? I don't get it.

[@johnB11ify]

Well, the thing is it all depends on when you started to buy. I have been watching these gold guys for 5 years, yes 5 years. Good has hardly moved in this time meaning its gains were very low. Yes it might be on the rise but you can say the same thing about lots of commodities. You just can't buy one investment. It doesn't work that way. I can tell you when I bought a gold chain for my wife in about 2016 gold prices were so low the guy selling this chain which was a thick chain and difficult to get because the average person can't afford it. They tended to get smolded. So the fact we found one was unbelievable but the deal was incredible. When a commodity drops, it goes hard. So yes gold is great now, if you bought within the last 5 years however there is a cost to sell it. If all you get is the spot price then you will probably lose in a year or five.

[@ronsmyth2005]

I prefer Confederate gold to Confederate paper. Gold needs no backing.

[@davebellamy4867]

Good time to have bought gold was 1998 to 2004. Plus maybe a shorter period in late 2006-2007. More lately around 2015 but orice still way above those previoys periods. For the older folks, 1971 was the time.😂

[@Dark_Embracer]

Pax Americana, hegemony hmm 🤔 thank you for your insights.

[@kerrydurston6171]

Stumbled across this and its a great interview, thanks. Followed Alasdair a few years ago and still unsure whether Austrian economics is dead or just sleeping. Also maybe work on your delivery a bit, there was a gap between your flat deadpan questioning and his charismatic responses.

[@peterwakemanfreespeech]

Insurance prices?

[@user-vp6vf8wm2s]

The Federal reserve not in control of the interest rate? Why have the Federal Reserve to start with?

[@dtrout]

It enables DC to deficit spend and print baby print. There’s just that little problem of hyper inflation that eventually takes hold.

[@JohnieBraaf]

Thanks, great content ❤

[@user-jt5md6yy9c]

i agree

[@paulbunyon6324]

Wow, yields are climbing today (Wednesday). Paper gold is selling off and giving a brief opportunity to physical gold buyers.

[@gzsg1]

If the US doesn’t cut rates the interest on our debt will be $1.6 trillion by this December. 50% of US debt matures over the next 36 months.

[@falconopsfalconops508]

The problem is that America excepted usury in 1913.

[@WTFinancepodcast]

Is there a way without usury?

[@antman7673]

20:53 audio coming just from one side (with headphones) Pretty terrible sound. Not a problem, just meant as an info.

[@robwulz3493]

I just serviced my car , put a new battery on it as well . Inflation at 5% , give me a break .

[@Bullion-Bikes-n-BabesTour2024]

Always up for a few words from Sir Alasdair, First Knight of the Order of the Bullion Empire. Cheers. Fortune Favors the Gold! (That’s trademarked btw, boys & girls)

[@davebellamy4867]

Could there not be cuts to short term interest rates even as long term rates / bond yields increase? Yield curve is still inverted now. It would then steepen significantly and that would be the sign of a major recession as in history.

[@akesha4138]

Gotta love that use of English " I think knought!"

[@nevillokapi3617]

EVERY SINGLE EMPIRE FROM THE ROMAN,TO BABALONIAN AND BRITISH EMPIRE HAVE ALL FALLEN..ONLY HARD ASSETS WILL EMERGE ASLND SURVIVE AS REAL MONEY🌕🌕🌕⚪⚪❤❤❤❤❤❤

[@ronsmyth2005]

Stop shouting.

[@Adnancorner]

The only thing that can save the financial predicament is ONLY to create a small territory that is outside the the rules and regulation but still under US jurisdiction. A complete tax free haven where ONLY manufacturing companies can set up factories, and slowly once that territory have some manufacturing they transition the entire 50 states into manufacturing. Example turning south Carolina as a manufacturing state people working in factories live outside the state and have 5 to 6 trains that are used to create transport sector. But you need to close down the foreign bases the black holes of cash.

[@danielhutchinson6604]

Banks offer to finance any amount of Debt. They find the idea Interesting. But Moslem Nations forbid Usury. So excluding the largest religious group on the Planet, appears to eliminate a serious portion of the Market. If they do not choose to participate inBalking with US Banks, they seem to represent the effect of another Crusade. This Crusade appears to be an Economic one. But the last few seemed to involve some idea about money as well.....

[@tatagata6268]

top

[@peterwakemanfreespeech]

Those with the gold making the golden rules those with no gold do what they are told? Can not see gold standard but higher interest rates

[@gerartsmith]

👍

[@davidcorden]

Please stop interjecting the middle of the talk with your thank you message. The content speaks for itself. No need for this.

[@user-sw1un4nr2r]

A couple of trillions here, a couple of trillions there, and soon we're talking real money

[@WTFinancepodcast]

It definitely feels like that’s how they look at it.

[@longgowhereto]

Languages are always interesting. As a non English, when I would talk to Alasdair and he shares his view with me, could I say "this makes sense"? No way! In my language this would be uneducated / arrogant as of course all makes sense what Alasdair says. And I would never use it with an older person. In Spanish people frequently use the intro "Listen!", which I could not use either as I do not order people. It is not that we do not talk strange things and every now and then I wonder about my language as well. Why do I speak like this?