The 25th anniversary of 'Brown's Bottom'

[Roy]

 

 

[kimchi]

I was a politics and economics student at the time...we all watched the days in real time in class unfold with more and more incredulity...

(Back when an education was actually useful, at least to some extent.)

[Bratnia]

All to help the newly (then) started Euro - that we got no thanks for. And the sale auctions totally incompetently managed, pre-informing the markets of the amounts/times. Perhaps that's Scots/Labour for you, alongside other greats such as Sturgeon (do more harm than good). Oh look, they've just reappointed yet another failure (Sweeney).

[Xander]

It's not their money, they don't give a terrible. They are nowhere to be seen when the SHTF. 

[Happypanda88]

It was extremely dumb, totally incompetent and utterly stupid. 

It was a fire sale of a nation's gold at rock bottom prices, a wealth transfer to special interests.

In fact, it was too stupid for it not to be the plan.

[arphethean]

I'm sure the Royal Mint will commemorate the event with a 5 coin series in 3 carat gold

[dicker]

Brown was a terrible chancellor and worse PM….

”End of boom and bust” totally oblivious to the vast problems his borrowing was building up

”I saved the world” after applying a sticking plaster to a financial system under severe strain caused by his policies

Hammering those who saved for a pension

And as chancellor, his avarice for power as PM which ended in a very messy premiership

The list goes on and on.

[Bratnia]

37 minutes ago, Happypanda88 said:

It was extremely dumb, totally incompetent and utterly stupid. 

It was a fire sale of a nation's gold at rock bottom prices, a wealth transfer to special interests.

In fact, it was too stupid for it not to be the plan.

Swapping gold for Euro's along with decades of the UK paying to uplift the EU (net contributor) and then be expected to pay again to leave, is more a reflection of general UK Parliament incompetence, is more often a liability rather than a asset. As was opening up the voting system for those MP's to one and all, when the majority poorer get to decide where money should be spent that's just a leveling down exercise. Nice for a brief period when everyone gets a few quid more, mid to longer term - a disaster.

[Bratnia]

11 minutes ago, arphethean said:

I'm sure the Royal Mint will commemorate the event with a 5 coin series in 3 carat gold

No coin, but maybe a commemorative 

 

[bobski]

So, did he do it to try and adopt the euro? Or to line the pockets of his mates?

[Happypanda88]

17 minutes ago, bobski said:

So, did he do it to try and adopt the euro? Or to line the pockets of his mates?

Who knows!  It's a club and you and I are not in it. 😒

[dicker]

58 minutes ago, bobski said:

So, did he do it to try and adopt the euro? Or to line the pockets of his mates?

Brown would have loved to join the Euro.  Ideology over pragmatism

[ZRPMs]

I saw this vid yesterday. I do like quite a few of Dominic's vids. 

47 minutes ago, bobski said:

So, did he do it to try and adopt the euro? Or to line the pockets of his mates?

Of course he did it for all of the above. I dare say, at the time, he thought he was strengthening his position in the the club, whilst thinking, My mate's will have my back as well. I've a vague recollection of political pressure for it to be done from overseas. It made no economic sense. Even if it could be argued that it was the right thing to do. Why would you give that length of notice to dump so much on the market. His position should have implied that he had knowledge of what would happen. So it would be fair to assume it was more of a political move than an economic one. Or am I just a bigot.  

[Bratnia]

1 hour ago, bobski said:

So, did he do it to try and adopt the euro? Or to line the pockets of his mates?

To help kickstart the new Euro. In fairness the money to buy Euros had to come from somewhere and he likely opined that as gold had gone nowhere for a couple of decades, declined in both nominal and real terms, expected that to perhaps continue. Rules being rules perhaps dictated the daft manner in which that gold was sold. Central Banks aren't free to just dump gold into the markets - there are rules that have to be adhered to. Once the 2000's gold rise occurred only then did the apparent good choice flip to having been a poor choice. Easy with hindsight to highlight what alternative could have been used instead to far greater benefit/effect, pretty much impossible at the time to have such foresight.

[Bratnia]

1 hour ago, Happypanda88 said:

Who knows!  It's a club and you and I are not in it. 😒

"I refuse to join any club that would have me as a member." - Groucho Marx

[SidS]

1 hour ago, dicker said:

Brown would have loved to join the Euro.  Ideology over pragmatism

I read somewhere that Blair wanted all in on the Euro but Brown stopped him several times. I can't remember where I read that, so not sure on the credibility of the source.

[SidS]

1 hour ago, ZRPMs said:

Or am I just a bigot.  

About the only thing I remember about Brown's premiership.

[SidS]

45 minutes ago, Bratnia said:

Easy with hindsight to highlight what alternative could have been used instead to far greater benefit/effect, pretty much impossible at the time to have such foresight.

I thought it was stupid at the time, even with gold in the doldrums.

[Xander]

3 minutes ago, SidS said:

I thought it was stupid at the time, even with gold in the doldrums.

The Gold belonged to the country, not to big Cyclops.

[HerefordBullyun]

46 minutes ago, SidS said:

I read somewhere that Blair wanted all in on the Euro but Brown stopped him several times. I can't remember where I read that, so not sure on the credibility of the source.

Of course he would hes a europhile WEF slob.... like rest of these goons 

[Silfrfish]

We generally have had c**p chancellors this century, very frustrating!

[Kitalon]

As with most things "It probably seemed like a good idea at the time" although I've always wondered why on earth he would do that. I bet he silently kicks himself every time he sees today's gold prices. 😕 🔨