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Red-Robbo

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Posts posted by Red-Robbo

  1. According to the book I thought that Gordon was a Moron, not a simple old idiot ! Love french trains of course, have used them before, must remember to composter le billet.

    My main problem with the government subsidy is the lack of transparency or clarity. I can obviously see the enviromental and social reasons as to why a subsidy is appropriate but why is it pitched at the level that it is? It gives the appearance of being a made up figure. A proper cost benefit analysis needs to be carried out and the results held up to scrutiny.

    And on that point, my friend, I completely agree with you!

  2. Between 1999 and 2002 Gordon, Canute, ''I have put an end to boom and bust'' Brown sold off 60% of UK gold at rock bottom prices. George Osborne called it ''one of the worst decisions ever made by a British Chancellor.

     

     

    So you accept my point that it was well before the bank bailout and entirely unconnected.

     

    Your man Gideon certainly knows a thing about bad decisions - he takes them constantly - but nothing can perhaps match the bad decision to sell off 100% of Britain's utilities and railways between 1982 and 1996. 

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    I can only imagine the howls of abuse on here if it had been a Tory government that had used the proceeds from a gold sale to bail out the banks, pouring money into the laps of his 'banker chums'.

     

    As I pointed out, the gold stocks were halved in 1999, nine years before any bank needed to be bailed out.

     

    There is a lot you can criticise Brown for, but I'm not sure the bail outs are one. What would you do as Chancellor? Let the country's financial institutions collapse like dominos because some banks had put large amounts into hopelessly overstretched US mortgage providers.

     

    I need hardly point out that the decision to intervene was supported by G.G. Osborne and the Tory front bench.

     

    However I don't think you can call bankers "Labour's chums". Look at where there money goes:  http://www.theguardian.com/politics/2011/feb/08/tory-funds-half-city-banks-financial-sector

  4. Surely you can't believe that. Brown needed the money to bail out the banks and to continue his policy of spend, spend, spend. He then took the unprecedented step of announcing when it was to be sold. An 'O' level student with a rudimentary understanding of supply and demand could have predicted that the knowledge that the market was to be flooded with gold would have depressed the price.

    It was recommended by the Bank. This is all minuted and on record. Gold reserves are a bit of a hangover to when currencies were pegged on them. Lots of countries have none or virtually none - China, Canada and Australia to name but three. We still hold enough to put us in the World top 10. Of course, what the propagandists didn't tell you was as gold was sold the BoE was boosting its foreign currency reserves. These had been depleted ruinously during the Thatcher recession.

    The reserves were - of course - sold over three years, not in one lump sum - and many years before any bank bailouts. The two events are not connected in any way.

  5. Surely you can't believe that. Brown needed the money to bail out the banks and to continue his policy of spend, spend, spend. He then took the unprecedented step of announcing when it was to be sold. An 'O' level student with a rudimentary understanding of supply and demand could have predicted that the knowledge that the market was to be flooded with gold would have depressed the price.

     

     

    I suspect they'll not be able to fill their troughs as much as Gideon's mate:   http://politicalscrapbook.net/2014/04/osborne-best-mans-hedge-fund-made-36m-profit-on-royal-mail/

  6. Just what are you saying Robbo?! What you're implying would be akin to the wives of various government ministers buying loads of shares in private health care providers mere days before the NHS was turned into a 'market' and said firms were given lucrative government contracts...

     

    It might even be found that various ministers have shares in Goldman Sachs and the other advisor companies. Whatever next!

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