Ten years ago, Gordon Brown, the man in charge of the nation's finances, made a decision that has turned out to be the biggest and best of his many fuck-ups. He ordered the sale of half of the UK's gold reserves, just when the market for gold was at a 20-year low. Now, I am no financial expert, but most people know that when there is a crisis in the world markets of any description, gold is the thing that acts as a 'safety net' for investors, and the price/value of gold rises; this is a pattern that is well established. So the gold that would today be worth £12.4billion was dispensed with in return for just £2.1billion. Oops!
Ditching it was so stupid, but using the proceeds to buy foreign currencies including the Euro was even more mad. The guy was an idiot, is an idiot, and spent many years wasting resources, plus secretly raiding all manner of other reserves. He raided pensions, and squandered enormous sums, so that when a crisis loomed, the cupboard was bare. Guess what? It turns out that his advisors at the time were Ed Miliband and Ed Balls. I wouldn't trust Labour to put a pound coin in a shopping trolley let alone manage the country's finances, but I've no doubt that in the future, when Gordon's balls-up has been conveniently forgotten/eradicated from public awareness, there will be an election result that sees Labour return to government, to fuck things up a bit more.
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