Tuesday, Apr 17, 2007
Gordon Brown ignores Bank of England advice
TimesOnline: Brown lost £2bn selling UK's gold
Gordon Brown is to face questions in parliament after the revelation that he managed to sell 400 tons of bullion whilst the market was at a 20 year low. Since the sale prices have trebled. The Bank of England which has managed gold reserves for the past 300 years had serious misgivings over the chancellors decision to sell at the bottom of the market. An insider claims that several Asian countries including China bought the gold "on the cheap" from the treasury. It is estimated that the Chinese may have made more than 1 billion from Brown's botched sell-off.
It would seem that there may be some smoke to the fire in which Lord Turnbull Britains former top civil servent claimed Brown behaved with Stalinist ruthlessness and treated collegues with complete contempt.
9 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Shipbuilder said...
This is incredible stuff - start betiing on Gordo's opponents for the Labour leadership.
2. royston said...
As I have said before on this forum - the mandarins don't want him! If the Tories can capitalise on this, that should finish him off.
3. cyril said...
I don't know what all the fuss is about, it's only a couple of billion quid. Stick it on the mortgage.
4. nearly30 said...
There are a lot of people digging up stuff - and as many trying to bury stuff.
Luckily for us good olde Crash Gordon's team cannot spray enough perfume to mask the smell of his mess.
Great armchair theatre!
5. Fahrenheit451 said...
Wonderful, but I bet that:
1) he will become PM (for a day or so) to get his fat pension, then
2) be given a golden handshake to step down and have contest for the leadership, then
3) he will win the leadership and get a fat payrise, at the same time base rates will hit 5.75%
4) everything will go into spin doctors heaven, the BoE will threaten base rates of 6.25%
5) eventually a revolt by the manderins and a strike (summer holiday) for ASLF will force a vote of no confidence, and
6) we will get an election in the autumn.
6. fahrenheit451 said...
Well, lets see what happens.
But even if GB(H) is given the push, which will be very hard and need a direct and personal scandal like "2 Jags" Prescot. Just how long will it take to rectify the damage he has done to Pensions, Endowment Policies and all the leaching Stealth Taxes. No way can anyone reverse the taxes quick enough to save the economy, it will be politically incorrect to take money away from the Schools, Health Service, Police and Firemen. Err ... so exactly where has all the money gone ...
And then who is going to pay to Re-Nationalise the Railways, and Public Transport, for without them they can tax the car driver all they like, there's no bus service that'll get anyone to work or children to school, except in the cities anyway.
7. enuii said...
The plebs on the street knew he was wrong when he did it, some of the media reported it as such at the time and now it is being regurgitated like a rotten kebab!
Gordon Brown is nothing more than an opportunist spiv who has had an incredibly easy ride.
8. nearly30 said...
enuii - Rotten Kebab - LOL!!
Feels like everyone's been at a big piss-up for 10 years with Labour - splashing the cash and having a good olde knees-up!
Hang-over has just kicked in!!
Should have started one in 2000 - but good olde Gordon was on hand with NesCafe 'Gold' Blend to prevent one.
Let's have a recession test - these are the litmus stories to watch out for on Gordo's watch:
Declining demand for output leading to higher levels of spare productive capacity
Contracting employment / rising unemployment as firms lay-off workers to control their costs
A sharp fall in business confidence & profits
A decrease in fixed capital investment spending because there is insufficient demand to justify new capital projects
De-stocking and heavy price discounting - this leads to lower inflation
Reduced inflationary pressure in the labour market as unemployment rises
Falling demand for imports
Increased government borrowing
9. Richib said...
That is the question I want answered more than any other,
Pension money, gold reserves, extortioate taxes, dormant bank accounts, offshore accounts..................
Where has all the money gone and whats going to happen now it appears to have run out?