by Yes, I know. Alasdair Macleod is a goldbug that is out of paradigm with MMT. But goldbugs pay attention to international developments, especially those that are like to affect the price of metals. This is a good analysis overall and he is right "financially" in the sense that most financial actors act on the frame of reference. He is also correct that gold is becoming significant again, especially sine the entry of China and India on the world scene as major players. Their cultures have valued gold hightly for millennia and the people are traditional gold holders. But the turn to gold has also increased on the governmental level since the dollars was "weaponized" and de-dollarization became a priority. As a result, China and Russia have significantly increased their gold reserves. I have
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Macleod emphasizes the importance of Halford Mackinder's concept of the world island, and rightly so. While noting that Mackinder wrote over a century ago — "The Geographical Pivot of History" was published in 1904, Macleod leaves it at that, although he does correctly note that Mackinder's work established the foundation for geopolitics (international relations, foreign policy, and military policy) since. He is also not sure that the major players know of this theory. The reality is that a lot has been built on Mackinder since then and this is the core of geopolitical thinking now. Zbig's The Grand Chessboard is an updating and popularization this thinking, which still drives US foreign and military policy.