Alasdair Macleod: EU elite lost at sea
Submitted by cpowell on Sun, 2011-10-02 16:47. Section: Daily Dispatches
12:40p ET Sunday, October 2, 2011
Dear Friend of GATA and Gold:
Economist and former banker Alasdair Macleod, who spoke at GATA's Gold Rush 2011 conference in London in August, writes today at GoldMoney that Europe's main problems are ever-growing government and ever-weakening currency. Macleod writes:
"The deterioration in the underlying quality of private-sector business, the result of central planning and needless regulation, has been concealed by the expansion of bank credit, which has fueled both private- and public-sector debt. According to the International Monetary Fund, at the end of 2010 gross government debt-to-GDP for the Euro area was 87%, and household debt 72%, giving a total of 159%. Germany itself was running a combined total of 142%, which is often overlooked. On these figures alone, it is clear that the Keynesian solution of more government spending as the route to salvation is unaffordable, whatever the economic arguments."
Macleod's essay is headlined "EU Elite Lost at Sea" and you can find it at the GoldMoney Internet site here:
Along with your secretary/treasurer, the monetary historian and GATA consultant Edwin Vieira, and industrialist and gold standard advocate Lewis E. Lehrman, Macleod will speak at the fall dinner meeting of the Committee for Monetary Research and Education on Thursday, October 20, in New York City. You can find information about attending that dinner here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
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