Alasdair Macleod: An Austrian economic view

Section:

12:32p ET Saturday, November 12, 2011

Dear Friend of GATA and Gold:

With his essay "An Austrian Economic View" posted today at GoldMoney, the economist and former banker Alasdair Macleod, who spoke at GATA's Gold Rush 2011 conference in London in August, today challenges the Keynesian and monetarist market manipulators as powerfully and yet as succinctly as ever could be done.

Macleod writes that if the market manipulators ever open their minds to an alternative, "The first thing they will learn is that the economic benefits of credit expansion are a myth. All it does, by a process of capital redistribution -- from savers to those who are first in line to receive the new money -- is distort the economy and restrict its long-term potential. By lowering interest rates and diverting private-sector resources from genuine production to government spending, the economy becomes less efficient and malinvestments occur. The mistake has been to consider only the visible benefits, such as short-term job creation, while ignoring the destructive effects of deficit financing."

Macleod's essay has been posted at GoldMoney here:

http://www.goldmoney.com/gold-research/alasdair-macleod/an-austrian-econ...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



ADVERTISEMENT

For Continuous Wealth Creation, the Hera Research Newsletter

The life cycles of companies that produce natural resources allow investors to allocate assets among companies at different stages of development and to profit from transitions between stages.

Based on natural resource company life cycles, the Hera Research Newsletter maximizes profits through deep, fundamental analysis at each stage of development and by moving gains back to earlier-stage companies in a continuous wealth-creation process.

Hera Research covers a pipeline of high-quality natural resource companies at different stages of development. The companies span discovery and production of gold, silver, and platinum group metals, select base metals, oil and gas, green energy, agriculture, rare earth elements, uranium, and more.

Discover the unique value of the Hera Research Newsletter by visiting:

http://www.heraresearch.com/newsletter.html

Or call Ron Hera at 360-339-8541x101.


Join GATA here:

Vancouver Resource Investment Conference
Sunday-Monday, January 22-23, 2012
Vancouver Convention Centre West
Vancouver, British Columbia, Canada

http://cambridgehouse.com/conference-details/vancouver-resource-investme...

California Investment Conference
Saturday-Sunday, February 11-12, 2012
Hyatt Grand Champions Resort
Indian Wells, California, USA

http://cambridgehouse.com/conference-details/california-investment-confe...

Support GATA by purchasing gold and silver commemorative coins:

https://www.amsterdamgold.eu/gata/index.asp?BiD=12

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:

http://www.goldrush21.com/

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16



ADVERTISEMENT

Golden Phoenix Signs Definitive Agreement to Acquire and Reopen Santa Rosa Gold Mine in Panama

Company Press Release
Monday, September 19, 2011

SPARKS, Nevada -- Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) has signed a definitive agreement to acquire a 60 percent interest, with an option to buy an additional 20 percent interest, in the Santa Rosa gold mine in Panama, now owned by Silver Global S.A., a Panamanian corporation.

Santa Rosa produced more than 100,000 ounces of gold from 1996 to 1998 before being closed in part to low gold prices, which are now more than five times higher.

Golden Phoenix intends to acquire its initial 60 percent interest in Santa Rosa by acquiring 60 percent of the share capital of a recently created company under the name Golden Phoenix Panama S.A., formed to hold and operate the mine.

Tom Klein, CEO of Golden Phoenix says: "The agreement establishes a solid framework from which we can advance Mina Santa Rosa to production-ready status."

For Golden Phoenix's complete statement, please visit:

http://goldenphoenix.us/press-release/golden-phoenix-signs-definitive-ac...