Did Gordon actually 'save the world'?

empip

empip

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10th Dec 2008.

Did he actually wantonly flog gold reserves, without a thought ?

Is he the person "...accepted by the University of Edinburgh to study history at the (same) early age of sixteen..."

"...graduated from Edinburgh with First-Class Honours MA degree in history in 1972, and stayed on to obtain his PhD degree in history..."

So he isn't a dumbo then. Apparently very politicaly astute.
Dour, manipulative - control freak (see them everywhere, at least one has a huge presence at Notters end).

So why did GB sell the gold?

This bloke Tom Pascoe (Prior to joining the Telegraph, worked for three years in Lloyd’s of London in the political risk insurance market and then in mergers and acquisitions for two large American investment banks.) says (It is only 890 words...):-

http://tinyurl.com/crbar9u

If this article should be a true account - what would have happened to 'we the people' should the interwoven global banking system have collapsed...

I am sure someone here will be able to assure me Brown was no more or less than as defined in the popular press - Or was he?

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I suppose it could be true, but why would he? Surely the yanks could have flooded the market with our gold that we pretty much gave them in payment for ww2?
 
Brown is just another example of how intelligent humans are not that intelligent.

Economies can't be controlled, too complicated, directed, prodded, encouraged and scolded, but not controlled.

Brown was an intelligent man, but still a man. His failure was ignore this, and delude himself that he had the wit to control, rather than nudge the economy (Declaring the end of boom and bust was the most shamefull thing he ever did).
 
EddieM said:
I suppose it could be true, but why would he? Surely the yanks could have flooded the market with our gold that we pretty much gave them in payment for ww2?
Click to expand...

'Jesse's Café Américain' :-

...There has been widespread speculation that the manner in which the sale was conducted and announced was in support of the nascent euro, which Brown favored. This does not seem to hold together however.

There is also a credible speculation that the sale was designed to benefit a few of the London based bullion banks which were heavily short the precious metals, and were looking for a push down in price and a boost in supply to cover their positions and avoid a default.

The unlikely names mentioned were AIG, which was trading heavily in precious metals, and the House of Rothschild. The terms of the bailout was that once their positions were covered, they were to leave the LBMA, the largest physical bullion market in the world.

"LONDON, June 1, 2004 (Reuters) -- AIG International Ltd., part of American International Group Inc., will no longer be a London Bullion Market Association (LBMA) market maker in gold and silver, the LBMA said on Tuesday."

"LONDON, April 14, 2004 (Reuters) — NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild, will withdraw from trading commodities, including gold, in London as it reviews its operations, it said on Wednesday."

The manner in which the sale was conducted, and the speed at which it was undertaken, without consultation of the Bank of England, made many of the City of London's financiers a bit uneasy.
The sale as bailout was given impetus by this revelation which surfaced some years later:-

"In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999. Mr. George 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 US Fed was very active in getting the gold price down. So was the U.K."

So it appears that long before AIG crafted its enormous positions in CDS with the likes of Goldman Sachs, requiring a bailout by young Tim and the NY Fed, it may have been engaging in short positions in the metals markets, especially silver, and may have required a bailout by England to preserve the integrity of the LBMA.

There are also some who think that the gold sale provided a front-running opportunity for that most rapaciously well-connected of Wall Street Banks, Goldman Sachs. Gold, Goldman, and Gordon

This is the undercurrent of the inquiries in England today, and the controversy surrounding Brown's Bottom. There is thought that the information disclosed on the London sales will be heavily redacted to protect the involvement of the US Federal Reserve bank, which is said to have engaged in gold swaps to further depress the price, in conjunction with a major producer and a NY based money center bank. The people of the UK deserve answers...
Click to expand...

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There are a lot of people who say GB was foolish to sell gold when its imaginary value looked overpriced.

You can tell the ones who sincerely believed it at the time because they invested all their money in gold and are now millionaires. All the others are just wise after the event.
 
Were we alone - selling? Did we sell the largest amount ?
Should we allow current holders of parliamentary seats to base the value of gold sales by Gordon Brown's Govn against current gold prices following the largest global financial crises that will have affected us (hopefully) ever ?? No mention of assets invested in via proceeds ? - If 'they' knew it was coming then why didn't 'they' warn us? Anchors, had no f'kin clue and we hand them the keys to our futures.
The far right - UKIP - will not be the answer... Perhaps there is no answer.
----------------------------------------------------
http://tinyurl.com/m3n92m9

...2.2 Central bank and government holdings of gold are believed to be around
33,000 tonnes or 23% of all the gold that has ever been mined, but recently a
number of governments and central banks (including the UK government) have
decided to reduce their gold holdings and are doing this in a controlled way over
a period of several years. The UK has sold a total of 395 tonnes at 17 auctions
over the course of three financial years, the Swiss are in the process of selling
around 1300 tonnes, the Dutch have sold around 800 tonnes and Belgium has
sold around 1000 tonnes. The UK’s sales have reduced its holding from around
700 tonnes to around 300 tonnes. The World Gold Council estimates that official
sector sales totalled 12 per cent of total supply in 2000...

Charted Gold prices (Historical). Check prices around the sales.
http://goldprice.org/gold-price-chart.html
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Yeah, Gordo saved the world. Then after lunch, a very long politicians' lunch, he solved the problem of boom and bust. Well, that's what he told us anyway. Then along came the crash of 2008, which must have been a little inconvenient for him. Suppose he just got his 'Post Neo-Classical Endogenous Growth Theory' a little bit wrong. :LOL: :LOL: :LOL:



 
If the banks had been allowed to collapse or crash 'our money' and a lot more would have gone with them.
--------------------
http://tinyurl.com/c9hz2qr
July 8th 2007 Financial Services Compensation Scheme

As a statutory fund of last resort there are limits to the protection FSCS can provide.
... it is still possible to conceive of a default (or a combination of defaults) so big as to be beyond FSCS's ability to pay compensation up to our limits....

They had next to SFA in their coffers, bail in then !

19 September 2007 http://news.bbc.co.uk/1/hi/business/7002317.stm

...the money the FSCS inherited from the Deposit Protection Board was reckoned to be enough for the time being.
Currently there is about £4.4m in the pot for banks and other deposit takers...
----------------------
...'The crisis following the collapse of Lehman Brothers in September 2008 took the UK closer than we were told at the time to the edge of not just a financial but a civil disaster. "We were days away", writes Brown, "from a complete banking collapse: companies not being able to pay their creditors, workers not being able to draw their wages, and families finding that ATM had no cash to give them".... There is no denying that Brown is more intellectually engaged with economics than any other front-rank politician, and has been since the 1990s. "I am proud that whatever my faults I have maintained a resolutely anti-protectionist, pro-market and pro-globalisation stance." He believes that the West may face a decade of stagnation, unless there is "a growth pace" or a "global New Deal". He argues that "markets need morals" and that a kind of financial equivalent of compulsory international air-safety regulations should be introduced, to avoid a repeat of 2008; 'The battle is now on for the soul of the 21st century"' --Robert Harris, Sunday Times 12/12...

Maybe he didn't save the world - He probably saved our dosh tho' !!, that would mean the world to most peeps.

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empip said:
Maybe he didn't save the world - He probably saved our dosh tho' !!, that would mean the world to most peeps.

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What had he been doing since 1997 then, when he became Chancellor? If he'd been doing his job better / properly, shouldn't he have not allowed the UK's financial institutions to have built up such precipitous balance sheets, for want of a better expression?

I used to work for a client once, who's modus operandi was to create a mountain out of a molehill, then "save the day" as loudly and self-glorifyingly as possible. He did well out if it, too.

Should Broon have never allowed our mountain, in the first place?
 
Ok, Osborne was given a position as CXC in early 2010.
Ok let us allow him to settle in.

At 2nd Aug 2010 Gold Was £744.65 / troy oz.

Now because he was so much smarter, he failed to buy a huge dollop of the yellow stuff - why?

He must have been aware, musn't he? Given the paper hanger's crystal ball , that Gold would be, and was £1180.33 / oz by the 5th Sept 2010.

So, why didn't he buy, then cash in on to our (how do 'we' benefit?) benefit In just a few months ??

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