On 2 Dec 2014 at 12:27pm Clifford wrote:
Gordon Brown will always be remembered for this bit of idiocy. Look at the faces of the two bankers who realise they are dealing with someone they can twist round their fingers.
Watch the video »
On 2 Dec 2014 at 12:58pm SHS wrote:
At what about the gold!!!!! Billions of pounds of our money thrown away.
On 2 Dec 2014 at 1:05pm Clifford wrote:
No, SHS, read the Financial Times. There was no good reason for letting the City rip, but there was a good reason for selling the gold:
May 4, 2011 11:16 pm
Britain was right to sell off its pile of gold
By Alan Beattie
The Treasury made the right decision not selling, says Alan Beattie
T he continued run of the gold price is a global investment sensation. Recently it broke the $1,500 an ounce barrier for the first time, 30 per cent higher than a year ago. Surely this lays bare the extraordinary foolishness of Gordon Brown’s announcement, 12 years ago this week, that the UK Treasury would sell off some of Britain’s gold holdings?
Actually, no. On this one occasion, Mr Brown’s decision was the right one. Let speculators go gambling on a shiny metal, if they want to. For most governments in rich countries, holding gold remains a largely pointless activity.
Check it out here »
On 2 Dec 2014 at 3:22pm The Old Politics wrote:
Britain’s gold reserves were sold for prices between $256 and $296 an ounce, a historic low. Frack the Financial Times that throwing money away which, unless I am mistaken in some fundamental way, is a bad thing.
On 2 Dec 2014 at 5:36pm Boris wrote:
The Labour party all ways has been and all ways will a complete disaster regardless of who is their leader. Their latest obsession of trying to fight an election campaign by creating a class war is really scraping the barrel politics and will hopefully be seen through by the British electorate. If, God forbid, they do get in then we can be guaranteed that when they are kicked out of office the country will once again be on it's knees. Good riddance Gordon Brown thanks for being a major part of ruining this country.
On 2 Dec 2014 at 6:32pm Ghost of a Lady wrote:
" Just rejoice and be thankful " LOL
On 3 Dec 2014 at 2:52pm Merlin Milner wrote:
Another article about the gold sell-off.
Check it out here »
On 3 Dec 2014 at 6:20pm Clifford wrote:
And another article - the answer is obviously not cut and dried:
'Faced with the prospect of a global collapse in the banking system, the Chancellor took the decision to bail out the banks by dumping Britain’s gold, forcing the price down and allowing the banks to buy back gold at a profit, thus meeting their borrowing obligations.
'I spoke with Peter Hambro, chairman of Petroplavosk and a leading figure in the London gold market, late last year and asked him about the rumours above.
“I think that Mr Brown found himself in a terrible position,” he said.
“He was facing a problem that was a world scale problem where a number of financial institutions had become voluntarily short of gold to the extent that it was threatening the stability of the financial system and it was obvious that something had to be done.”
Check it out here »
On 3 Dec 2014 at 6:23pm Clifford wrote:
Boris, you don't seem to realise there are two sides in the class war and one side is winning. The share of wealth going to workers and the share going to owners has consistently moved against workers over the past 30 years - which party is in government. The owners have won the war decisively. You may have heard of the 1% - they have gained the most. We're the 99%, who have done worst.
On 3 Dec 2014 at 7:27pm Sussex Jim wrote:
Having punched the biggest hole in the national ship, the Brown rat is now leaving it.
On 4 Dec 2014 at 6:09pm Metatron wrote:
Lets hope he disappears into oblivion, perhaps he could take his partner in crime with him.