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Gold loss of £2Bn

Yes I know this is exteremly old news but hey-hoe current news;


"A spokesman said: "This is a decision the Government made in the proper way."

Ahh like the others then - by completely disregarding advice and by autocratic leadership then.

Scene One -No10

Tony- Gordon old chap seems we need some cash to pay for (insert bollox here).

Gordon - Not a drama me old bushwakka we've got loads of gold in the Bank.

Advisor- But the price of gold is at its lowest level for 20years.

T- So thats a yes then.

G - Couldn't agree more no-one will ever question it and we'll still have half left so we can wait for the next crash in world prices to flog the rest.

T- Great make it happen.

A- But....

T- But what, who are you again what do you know about finance I'm a lawyer dont you know.

A- I'm the chairman of the Bank of England......

G- Ahh England, well thats good I'm Scottish sell it all.

A- But..

T- Get out underling, there, advice taken again, God I'm so democratic.

Close Curtain.

Anyone for scene two
Sven said:
The joys of Current Affairs
It's more current than your recent reminiscences of having to use the same sheet for two weeks and, gosh, having to chip in for block cleaning fluids in the early 80's.

Works both ways Sven....
Sven said:
The joys of Current Affairs

Current enough that the Treasury has spent 18 months trying to stop the release of the Bank of England's advice.
Wow! Deja Vu - didn't the same thing happen with pensions?
Strikes me that the 'iron' Chancellor has rusted, springing a leak below the waterline. Here's hoping he takes the whole rotten SS Liarbour with him.
It's curious that Bogie Man Brown blows his own trumpet about the 'UK economic success story'...

Our economic success is the sum product of the effort of hard working normal people; he should be thanking the British people for any economic growth, not claiming credit for himself.

The best politicians can do is to make an environment where hard work can be rewarded, and entrepreneurship encouraged.

Damn - I've just realised, by removing pension credits and selling off our gold, Gordon has been doing exactly that - forcing us all to work harder and longer to compensate.

Sorry got to get back to work now...
His efforts are bringing us to our financial knees.

If he is this sh1t with economics, what will he be like as the new Dear Leader?

If he can't listen to advise he is no good, and whilst he owes us £2 billion he is no good.
I'm not so sure this episode demonstrates honest incompetence.

Some to whom Mr. Brown was politically beholden (or aspired to become so) were in a big jam. They were "short" gold. That is, they made contracts to deliver it at a stipulated price and gambled that they'd make a profit when the price declined.

Then, after the Washington Agreement in September 1999, which limited the sales of leasing activities of European central banks and sent the gold price up sharply, Eddie George, the governor of the Bank of England was quoted in a conversation with the CEO of Lonmin, a British organization with interests in gold mining. The following quote was included in evidence put forth in a suit lodged in a U.S. Federal Court. Mr. George allegedly said:

"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore, at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The U.S. Fed was very active in getting the gold price down. So was the U.K."

"More on Gold Manipulation
Complication: when East's central bank buying outstrips West's selling"

By John Embry
Sprott Asset Management

So, naturally the Anglo-American nomenklatura just had to bail out their improvident friends at enormous public expense.

Also, holding down the gold price was useful in deferring a loss of public confidence in the irredeemable (i.e., not convertible into precious metal on demand) fiat money emitted by central banks around the world.

More on the latter topic here: http://www.goldensextant.com/
I stand half corrected NWD I know we have quite a few trading houses but this didn't require the UK to sell its assets just let everyone else in Europe carry the can (blinkered I know).

Perhaps some light could be shed on this little number -

Scene Two - No11

Tony- Gordon old chap seems we need some cash to pay for (insert more bollox here).

Gordon - Not a drama me old despot we've got loads of money in pension funds.

Advisor- But that will cripple anyone who contributes to a pension fund.

T- So thats a yes then.

G - Couldn't agree more no-one will ever question it and we'll blame Maxwell.

T- Great make it happen.

A- But....

T- But what, who are you again what do you know about finance I'm a lawyer dont you know.

A- I'm the Treasury Advisor on pensions......

G- Ah, but this will make no difference to the vote as we've cut all the bus routes and therefore the wrinklies won't be able to vote anyway, you know nothing of politics.

A- But..

T- Get out minion, there, advice taken again, God I'm sooooo democratic.

Close Curtain.

Anyone for scene three


"With Labour likely to lose several hundred seats in English local elections, Mr Blair made clear he regarded the pensions row as a sideshow in voters' judgments. "These other issues are written about a lot but in the end what really affects how people vote is, do they think I am better off and am I feeling better as a result of what the government's done.""
This is the tosser that New Labour want to be leader when he can sell off the countries gold and no one challenges him. Nae chance Broon,oan yir way balloon. :x
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