Brown lost £2 billion selling UK's gold

[zathras]

To be fair to Brown

Why?

As I said - they manufactured a boom in housing to stop the country entering a recession. In otherwords the longest period of growth in this country is illusory. Someone is going to have to pay the piper soon.

Eddie George has admitted as such

Nor have they kept the inflation rate on target. It is currently over target. any predictions are not worth a hill o' beans if they do not come true. That assumes you negate all the fiddling GB has made to the official inflation rate because for many people the inflation in their cost of living is well above the official rate.

[milanbenes]

nah mate sorry, it's not as bad as you say

you lot are so negative, you have so much to feel good about, yet you always critiscise

UK is a wonderful place to live and work, you should be thankful if they successfully engineered a way to keep the economy going and stop a full crash following .com

how many were unemployed in 2001 / 2002 I don't hear this lot saying thanks for the engineered boom, well they should do otherwise as you suggest they might still be unemployed today

who know what the future holds, if we could all tell we'd be millionaires,

our job is to be wise and humble, take our rewards, invest them wisely and put ourselves in the best positions we can should there be a crash, meantime keep our traps shut and keep the invoices rolling off the fax machines each month

Milan.

[wendigo100]

milan, you've not been taking your tablets again!

[milanbenes]

sorry mate,

it's easy for everyone to complain

but who can say that if this decision hadn't been taken this would have happened

it's a little more complicated than a game of monopoly !

there are those who complain about fiat money, however nobody can deny that there has not been a significant crash for almost 80 years in the western 1st world economies

at the end of the day, no matter what the regime, what the philosophy if you behave with prudence you will be fine

for sure prople who have extended their mortgages against rising prices and released cash and spent it on crap, they are putting themselves at risk should there be a crash because of buying crap they neither need nor can afford with money they do not have

Milan.

[zathras]

nah mate sorry, it's not as bad as you say

you lot are so negative, you have so much to feel good about, yet you always critiscise

UK is a wonderful place to live and work, you should be thankful if they successfully engineered a way to keep the economy going and stop a full crash following .com

how many were unemployed in 2001 / 2002 I don't hear this lot saying thanks for the engineered boom, well they should do otherwise as you suggest they might still be unemployed today

who know what the future holds, if we could all tell we'd be millionaires,

our job is to be wise and humble, take our rewards, invest them wisely and put ourselves in the best positions we can should there be a crash, meantime keep our traps shut and keep the invoices rolling off the fax machines each month

Milan.

I think you mean 1991/92 anyway there were less than given that so many have been moved onto the economically inactive. That of course does not include those given non-jobs as Outreach Councillors for those who otherwise do not have Outreach councillorsm, unless you are a white middle aged Englishman since you obviously do not need one.

If Gordon Brown ever utters anything close to the truth, it will be the day after the end of the World.

[EternalOptimist]

sorry mate,

it's easy for everyone to complain

but who can say that if this decision hadn't been taken this would have happened

it's a little more complicated than a game of monopoly !

there are those who complain about fiat money, however nobody can deny that there has not been a significant crash for almost 80 years in the western 1st world economies

at the end of the day, no matter what the regime, what the philosophy if you behave with prudence you will be fine

for sure prople who have extended their mortgages against rising prices and released cash and spent it on crap, they are putting themselves at risk should there be a crash because of buying crap they neither need nor can afford with money they do not have

Milan.

you are right, its not a simple game of monopoly. CivilizationIV has a much more sophisticated economic model and that is a game the chancellor would bomb at.
Buy cheap and sell dear. If it was his own gold the ***** would have followed the advice, but it was ours so he took the gamble.
@rse hole

[milanbenes]

he didn't gamble,

lads, before you draw opinions do some effing research and get your facts,
there's more to this story

Milan.

[cykophysh39]

fill us in then wise one

[BoredBloke]

Presumably he didn't 'gamble' becuase he knew he was selling off our gold at the bottom of the market.

[zathras]

he didn't gamble,

lads, before you draw opinions do some effing research and get your facts,
there's more to this story

Milan.

How much more bl**dy research do you need to do!

It was not so much a gamble as an act of immense stupidity!

The price of Gold had been stagnant at the bottom for some time, so he decides to sell a large chunk (eventually about half our Gold Reserves). Now when other countries sell they do not announce it to all and sundry, they place small amounts onto the market, until the amount they want to sell has been sold. In this way

a) That a seller is in the market can be kept relatively quiet

b) They get the best price.

Not Gordon Brown, against advice he decided to announce it to all and sundry and used that dim bint Patricia Blewitt to do it.

So what happens, the price of gold finds even more room to fall in price and goes down a further 10%!

Prat!

Now if you can defend this act with anything to match the damage by that act of stupidity, please do. I'm dying to hear what it might be.

And please do not suggest buying Euros with the proceeds. The Euro lost value just after he bought them! - They have recovered slightly, but I think you will find not as much to recover what he bought them at.