ChatterBank2 mins ago
Gordon Brown getting the praise he deserves....
36 Answers
I'll be the first to admit that Gordon Brown has messed up on some occasions. I am a Labour supporter yes its all true. But I also work in th financial sector and speak with a little bit more knowldege than some. Gordon Brown saved every single penny YOU had in a bank! The banks had geared themselves so high that they couldn't afford any more downturns in the market when he stepped in to save them. He was quick, decisive and he really should be praised as a hero. I've still not head what the Tory alternative was going to be. I've still not heard Cameron bashing Brown for it and the rest of the world quickly followed Browns example and stopped possibly the greatest depression the world has ever seen. I suppose I should put a question in so does anyone refute what I say?
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Gromit..tried to answer question on the Euro, but couldn't find the site LOL...never mind.
Now, sell off of Gold!!
1999 anounced thst Treasury was to sell off 3% of TOTAL reserves.
2001 it was shown the 50% had been sold off and some as you say converted into currencies.
Price of Gold sold at "auctions" $256-296 to the ounce.
Since that day gold has risen in value and today stands at $688 per ounce....hardly a good deal!
Now, sell off of Gold!!
1999 anounced thst Treasury was to sell off 3% of TOTAL reserves.
2001 it was shown the 50% had been sold off and some as you say converted into currencies.
Price of Gold sold at "auctions" $256-296 to the ounce.
Since that day gold has risen in value and today stands at $688 per ounce....hardly a good deal!
New Judge
Peer Steinbr�ck comments were interesting and managed to articulate a different opinion of the stimulus package approach to the depressed markets. Shame it took a German Socialist politician to make it and not cameron or Osborne.
If you read the whole interview, you will find he is skeptical about most things and thinks Frankfurt will replace New York and London as world finance centre.
http://www.newsweek.com/id/172613
Peer Steinbr�ck comments were interesting and managed to articulate a different opinion of the stimulus package approach to the depressed markets. Shame it took a German Socialist politician to make it and not cameron or Osborne.
If you read the whole interview, you will find he is skeptical about most things and thinks Frankfurt will replace New York and London as world finance centre.
http://www.newsweek.com/id/172613
And he's probably not far wrong.
The Euros, Dollars and Yen which were bought with the proceeds of the gold sales have, of course, long since been spent. That's the thing about gold, you can't actually spend it. And with a chancellor so obsessed with spending, it simply had to be offloaded.
The proof of all these puddings is in one simple eating. The value of Stirling has collapsed to record low levels. That's how much confidence the rest of the world has in our economy and strategies. Other countries are suffering from the current situation too, but other major currencies have managed to retain their value.
Stirling�s collapsed is now being heralded as a godsend as it helps us with our exports. Of course we import far more than we export, but that triviality has been conveniently brushed aside.
The Euros, Dollars and Yen which were bought with the proceeds of the gold sales have, of course, long since been spent. That's the thing about gold, you can't actually spend it. And with a chancellor so obsessed with spending, it simply had to be offloaded.
The proof of all these puddings is in one simple eating. The value of Stirling has collapsed to record low levels. That's how much confidence the rest of the world has in our economy and strategies. Other countries are suffering from the current situation too, but other major currencies have managed to retain their value.
Stirling�s collapsed is now being heralded as a godsend as it helps us with our exports. Of course we import far more than we export, but that triviality has been conveniently brushed aside.
Gromet.......a further thought.......to this day, nobody has given a rational explanation as to why he did convert 50% of our gold reserves....any ideas.?
He creamed the top of my had earned Pension Pot...no mention of that in1977 pre Election....any ideas?
5 Criteria for entering EuroZone.....never heard of them since and cannot even remember what they were.....any ideas/
He creamed the top of my had earned Pension Pot...no mention of that in1977 pre Election....any ideas?
5 Criteria for entering EuroZone.....never heard of them since and cannot even remember what they were.....any ideas/
sqad61
Brown was ticking all the boxes for us to join the Euro. The European Central Bank was encouraging countries within the Euro zone to sell their gold and convert to Euros. This was supposed to show confidence in the new currency.
Brown ticked all the boxes, but we never actually did join the Euro (we might have to do now).
Other countries also converted some of their gold at this time. The price of gold had been stuck at the $300 mark for 10 years prior to the change.
Brown was ticking all the boxes for us to join the Euro. The European Central Bank was encouraging countries within the Euro zone to sell their gold and convert to Euros. This was supposed to show confidence in the new currency.
Brown ticked all the boxes, but we never actually did join the Euro (we might have to do now).
Other countries also converted some of their gold at this time. The price of gold had been stuck at the $300 mark for 10 years prior to the change.
No Parliamentary debate.
Brown was able to do this by virtue of Labour having won the 1997 General Election.
Similarly, the Tories took us into the European Exchange Rate Mechanism without any debate. Crashing out of that cost us billions as well.
http://www.guardian.co.uk/politics/1999/sep/27 /uk.politicalnews1
Brown was able to do this by virtue of Labour having won the 1997 General Election.
Similarly, the Tories took us into the European Exchange Rate Mechanism without any debate. Crashing out of that cost us billions as well.
http://www.guardian.co.uk/politics/1999/sep/27 /uk.politicalnews1
Indeed Gromit, but nobody subsequently tried to portray Norman Lamont as the hero who saved the world.
If you are going to sustain a credible argument of this nature you must get a few facts straight. In 1988 gold was almost $500 per ounce. There had been a steady decline since a peak of around $680 in 1980. In1989 the price fell steadily and at the end of 1989 it closed at slightly below $400.
For the first eight of the ten years you suggest gold was �stuck at the $300 mark� it averaged around $350 to $380 � hardly stuck at $300 I would suggest.
1997 to 1999 saw a sharp decline in the gold price and at the time the UK sell off began gold hovered around the $275 mark where it remained until the effects of the UK sale wore off. Since 2002 it has been steadily increasing and earlier this year touched almost $1,000. Today it is $820.
So here we have the Great Hero selling gold (for whatever reason, it does not matter) at virtually the bottom of the market. (In absolurte terms gold had not been as low as the price the UK received since 1979).
If a commercial decision such as this had been taken in any business the perpetrator would not be described as a �hero�. I know this decision was only a small part of the actions taken in the Brown Chancellorship years, but it is indicative of either his lack of judgement or of his vulnerability to being forced into actions not in the UK�s best interests.
A hero he most definitely ain't.
If you are going to sustain a credible argument of this nature you must get a few facts straight. In 1988 gold was almost $500 per ounce. There had been a steady decline since a peak of around $680 in 1980. In1989 the price fell steadily and at the end of 1989 it closed at slightly below $400.
For the first eight of the ten years you suggest gold was �stuck at the $300 mark� it averaged around $350 to $380 � hardly stuck at $300 I would suggest.
1997 to 1999 saw a sharp decline in the gold price and at the time the UK sell off began gold hovered around the $275 mark where it remained until the effects of the UK sale wore off. Since 2002 it has been steadily increasing and earlier this year touched almost $1,000. Today it is $820.
So here we have the Great Hero selling gold (for whatever reason, it does not matter) at virtually the bottom of the market. (In absolurte terms gold had not been as low as the price the UK received since 1979).
If a commercial decision such as this had been taken in any business the perpetrator would not be described as a �hero�. I know this decision was only a small part of the actions taken in the Brown Chancellorship years, but it is indicative of either his lack of judgement or of his vulnerability to being forced into actions not in the UK�s best interests.
A hero he most definitely ain't.
New Judge,
You are correct about the gold price 19890-99.
The UK sold its gold in five batches commencing July 1999. Many other central banks were doing the same thing and that was making the price collapse. So in September, 15 European Central banks including the UK signed the Central Bank Gold Agreement. This limited the amount of gold they would off load. The price of gold immediately began to climb reaching a two year high in October. The third UK sale was in November and the last two in January and March 2000.
You are correct about the gold price 19890-99.
The UK sold its gold in five batches commencing July 1999. Many other central banks were doing the same thing and that was making the price collapse. So in September, 15 European Central banks including the UK signed the Central Bank Gold Agreement. This limited the amount of gold they would off load. The price of gold immediately began to climb reaching a two year high in October. The third UK sale was in November and the last two in January and March 2000.
Sherm
Real world economists have been critcal of Brown since 1997. Amongst many, try reading the commentaries Geoffrey E Wood wrote for the Institue of Economic Affairs, he dismantled every budget and forecast the crisis they could cause.
Suggestions of economic competance in Brown has been NuLabour spin from the start, he is a ideological fool.
Real world economists have been critcal of Brown since 1997. Amongst many, try reading the commentaries Geoffrey E Wood wrote for the Institue of Economic Affairs, he dismantled every budget and forecast the crisis they could cause.
Suggestions of economic competance in Brown has been NuLabour spin from the start, he is a ideological fool.
Praise! You don't thank the idiot who set your house on fire just because he helps put it out! And Brown isn't helping now, he is trying to stop the fire by burning everything else. The German (Socialist) has it dead right.
In a hole through over borrowing so he borrows an unprecedented amount more. Why can you not see this is wrong? Why can't the 646 idiots in Westminster?
http://www.thewelfarestatewerein.com/archives/ 2008/12/why_do_labour_g.php
In a hole through over borrowing so he borrows an unprecedented amount more. Why can you not see this is wrong? Why can't the 646 idiots in Westminster?
http://www.thewelfarestatewerein.com/archives/ 2008/12/why_do_labour_g.php
What Brown did to prevent a banking collapse was reactive; if he had been a proactive chancellor he would have made the banks move gradually back to regulated loans whereby that old fashioned thing 'collateral' was once again required in order to borrow money. This would have slowed the rise in house prices and prevented people from getting into debt beyong their means. What he is trying to do now is to borrow even more to buy us out of the recession (thats the recession that he was in denial about until he was forced to admit it) this will not bring about an end to the recession, in my opinion it will prolong it as everyone knows that the day of reckoning will come sooner or later.
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