Brown, Gordon: IMF And Gold Reserves

Gold-Eagle

• Gordon Brown Obsessed With IMF Gold

Tax Free

• Brown - Proposes Revaluation of IMF Gold Reserves to Fund Third World Debt

• Brown - Third World Debt Reduction

• Brown wants debts that cost the world's poorest nations - mostly African - $39 billion a year wiped out and is pushing for more even-handed trade rules and new long-term aid.

• One of the ideas floated by Brown is revaluing part of the International Monetary Fund's (IMF) gold reserves to finance debt write-offs for 27 of the world's poorest countries.

Tax Free Gold

• Brown - 2007 General Election & Gold

The Daily Reckoning

• Brown - Gold Sale Folly

The Daily Reckoning

• Brown - Sell Off Cost Taxpayers 400 tonnes: £2bn (1999).
• Rock bottom price.
• Clueless Blair/Brown have no understanding of gold markets.

The Daily Telegraph

• Brown - Sells Half UK Gold Reserves 415 tonnes: £4bn (May, 1999)

• GORDON BROWN was accused last night (7th May, 1999) of trying to take Britain into the European single currency by stealth after surprising the City with an announcement that he was selling more than half of the country's gold reserves, leaving Britain the lowest bullion holdings of any major country.

The Market Oracle

• The Gold Bull Market remembers how Brown sold half of Britain's reserves at the lowest price

USA Gold

• "The global financial system is about to collapse because the US dollar is about to collapse. The US dollar is about to collapse because of a simple economic fact that no one has the power to change or conceal. The fact is that the spontaneous remonetization of the precious metals is a Nash equilibrium. What this means in English is that an ideal financial strategy for everyone on Earth is to buy as much gold and silver as they can, as soon as possible. To oversimplify wildly, the reason to buy gold and silver is just that everyone else should buy gold and silver, too." John Law

Commentary focuses on the sale of gold reserves, but never on who buys it? Speculation targets the only enterprises that can possibly finance such trade. Selling gold in this way would be like selling diamonds to the DeBeers Corporation. It can only cause an inflationary effect by removing the products (gold or diamonds) from circulation. Create a scarcity and create demand. Result? Value goes up, but only defines what any individual or group will pay for an item. One of the oldest tricks in the book. Ineptness does appear to explain a great deal. Quite simply selling gold to raise capital (no loan and so no interest payable) to prop up a miserable economy. A country that is drowning in benefit handouts with little coming in. The manufacturing base is decreasing all the time and no mechanism exists to 'create' real wealth for the country. Virtual Money is just traded money, but makes nothing except for itself and some of its clients. Problems can only get worse as the experience pool disappears and the idiots come forward. Ideology and social experiment have a high price. Usually paid with human lives. This is really letting the lunatics run the asylum.