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The saga of Gordon Brown selling all our gold on the cheap is often brought up during the light hearted political discussions on here. I've always thought it was a good example of the man's incompetence, although not really knowing all the ins and outs.
Read this today which offers some explanation.
[url= http://blogs.telegraph.co.uk/finance/thomaspascoe/100018367/revealed-why-gordon-brown-sold-britains-gold-at-a-knock-down-price/ ]Why did you do it Gordon?[/url]
It offers an explanation, other than outright incompetence, for what he did. So it's those nasty banker's fault again.
hmmm, I dont really buy that.
Gordon junking a commodity price to bail out a US bank short on gold? He certainly wouldnt have let UK take the pain on its own for that with the fire sale of the bulk of our reserves without getting the US treasury to join in.
This isn't a new theory - see e.g. [url= http://www.goldnewswire.net/did-gordon-brown-sell-uks-gold-to-keep-aig-and-rothschild-solvent-more-disclosures-on-how-the-ny-fed-manipulates-gold-prices ]http://www.goldnewswire.net/did-gordon-brown-sell-uks-gold-to-keep-aig-and-rothschild-solvent-more-disclosures-on-how-the-ny-fed-manipulates-gold-prices[/url]. But I also don't buy it - where Brown et al are concerned I always go for incompetency as the most likely cause. Does anyone know if anything came of the FoI request that was put in to find out the truth of this? Last I heard the treasury had still blocked it.
So, he sold to allow banks to cover shorts (the jist of the article in eight words). Hard to believe. If he'd followed Hugh Hendry on CNBC at the time he'd have been buying gold.