Gold

jon3001

Masomnia wrote: »

True, and the USA has more than any of them.

Yup - over double that of Germany, but with 5x the population...

Masomnia wrote: »

and has hardly averted financial crisis recently..

No - they did that to themselves with reckless lending and speculation on the credit markets. Even illegal immigrants were getting mortgages.

Masomnia wrote: »

My point is that you can criticize Brown all you want for selling gold, but ultimately it makes little difference. People just shout "Brown sold all our gold!" as an all purpose attack, which means nothing and isn't even true.

He sold during the low point of the cycle against input from his advisors. He could have been taking advantage of the relatively cheap prices to bring reserves up to levels of our EU counterparts.

But it's indicative the tax and spend policy. Windfall taxes on utility companies all spent. Billions raised on 3G mobile licenses all gone. Dividend relief on pensions gone.

Apparently we had 10 years of interrupted growth. Where is all this money now? We have some of the highest taxes in the western world and have recently been borrowing hundreds of billions to keep things going.

When your outgoings are higher than your (tax) income, you're borrowing to stay afloat and your debts are higher than your assets then aren't you heading for bankruptcy?

:mad: :mad: :mad: