Explain why you sold Britain's gold, Gordon Brown told

MiserlyMartin

beer_tins wrote: »

:rotfl: A slight overreaction maybe?! So it was a bad decision. Are you suggesting people get put on trial for making bad decisions?

Someone launching an illegal war (for example!) should go on trial. But for selling a commodity at a bad time? That is just absurd.

He should be thrown in jail. He is supposed to be an expert ( or so he says ). He saved the world remember? Its clear from this mammoth !!!! up that he was never fit to be chancellor let alone PM.

MiserlyMartin

apt wrote: »

I suppose those people who are slagging off Gordon Brown for selling gold near the bottom of the market are also praising him for flogging the mobile licences at the top of the market.

No. He nearly bankrupted a lot of telecoms companies in 2002 due to that auction and in fact destroyed Marconi.

chucky

MiserlyMartin wrote: »

No. He nearly bankrupted a lot of telecoms companies in 2002 due to that auction and in fact destroyed Marconi.

i thought that it was the pension deficit that nailed them - weren't they a pension fund with a telecoms company that was subsidising it in the end?

MiserlyMartin

One of the biggest !!!! ups was buying up Fore Systems for Billions. Then having to write off 2 Billion odd when the value of the company dived. Marconi's share price dived, in fact halved in one day.

The pension fund is administered by Stanhope Trust. Ericsson had have to pay a lot into it when they bought Marconi and since then. I'm not sure if the pension fund was an issue in the demise.

chucky

MiserlyMartin wrote: »

One of the biggest !!!! ups was buying up Fore Systems for Billions. Then having to write off 2 Billion odd when the value of the company dived. Marconi's share price dived, in fact halved in one day.

The pension fund is administered by Stanhope Trust. Ericsson had have to pay a lot into it when they bought Marconi and since then. I'm not sure if the pension fund was an issue in the demise.

i thought you said it was G. Brown's fault but now you're saying it's because they made a mistake on a purchase of another company...

if you want to have an anti Gordon Brown rant, i don't mind. i think he's a bit of a piece myself but you don't seem to be thinking straight and are contradicting yourself now with this anti-Gordon Brown mantra...

MiserlyMartin

No not really I was just making a bit of conversation about Marconi. GB didn't help. In fact there were calls in the media for Government aid to help Marconi at the time due to the 3G auction price causing cutbacks in spending at Marconi's customers.

poppingjay

Kohoutek wrote: »

Not really. The reason why central banks hold gold is because it's a long term store of value and ultimately it can have a role in supporting the strength of a currency. That's why for hundreds of years, currencies were based on a gold standard or silver standard.

If the structure of the world's financial system was changed dramatically again, like in 1944 and 1971 (which seems likely given the uncertainty in the long term about the sustainability of the current system), then the amount of gold each country holds could be significant in revaluing their currency. The central banks of countries like Russia, India and China have been big net buyers of gold recently.

Perhaps the citizens of these countries won't accept a fiat currency. National gold reserves should be strictly kept and only added to... you never know when the bankers will have a bad night at the casino with everyone's hard earned cash

apt

MiserlyMartin wrote: »

No. He nearly bankrupted a lot of telecoms companies in 2002 due to that auction and in fact destroyed Marconi.

Gordon Brown had nothing to do with Marconi going belly up. This was down to its management wasting the cash reserves built up by Lord Weinstock on useless companies at inflated prices during the internet bubble. Blame George Simpson not Gordon Brown.

LisbonLaura

MrEnglish wrote: »

In this interview they talk about Brown selling all that gold as a bank bail out. Listen to this amazing interview, right at the end at 35mins 40 sec they say Gor Brown selling that gold was a bank bailout.

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/30_Andrew_Maguire_&_Adrian_Douglass_files/Andrew%20Maguire%203:30:2010.mp3

Can any one here explain this?

Yes, it was Brown who saved Goldman-Sachs in 1999.

Type 'D R Schoon Brown Goldman-Sachs gold' in Google & read of one of the greatest pieces of treachery ever commited against the people of Britain.

And still there are people who think politicians run the show.

Yes, Brown should have been on trial, had his wealth removed & been locked up for life; but then that applies to many NuLabour crooks.....especially Straw (& obviously dear Tony)

StevieJ

MiserlyMartin wrote: »

No. He nearly bankrupted a lot of telecoms companies in 2002 due to that auction and in fact destroyed Marconi.

Behave, that was the management of those companies.