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01 May 15
17:29
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Date Joined:
29 Sep 10
I don't agree in selling off physical assets but it was 6 billion dollars worth at the time. Leaving 7 billion untouched in the vault.
the Tories borrowed over 700 billion in five years in paper money.
Labour took thirteen years and a banking bailout crisis to go into the red by 700 billion?
but if paper money reverts to its true value... which it probably will, gold will rocket through the roof. bad decision by labour.
the Tories borrowed over 700 billion in five years in paper money.
Labour took thirteen years and a banking bailout crisis to go into the red by 700 billion?
but if paper money reverts to its true value... which it probably will, gold will rocket through the roof. bad decision by labour.
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The Tory boys made an awful lot of it at the time.
Yet it is small beer in the general scheme of things.
It transpired later that the sale was in fact to help the banks who had got themselves into trouble over their wheeling and dealings with gold.
I haven't got the exact details to hand but the whole story is out there somewhere.
Yet it is small beer in the general scheme of things.
It transpired later that the sale was in fact to help the banks who had got themselves into trouble over their wheeling and dealings with gold.
I haven't got the exact details to hand but the whole story is out there somewhere.
1992
The true catastrophe that was Norman Lamont can never be understated.
In a sense the chronicle of his time as Chancellor had already been foretold in his academic career where he obtained a 3rd class honours degree in English.
No intellectual colossus then our Norman.
In one afternoon he spent £15 Billion trying to keep us in the ERM.
This was money we were told could not be spent on schools or hospitals or pensions.
The consequences of Lamont were truly Catastrophic.
The true catastrophe that was Norman Lamont can never be understated.
In a sense the chronicle of his time as Chancellor had already been foretold in his academic career where he obtained a 3rd class honours degree in English.
No intellectual colossus then our Norman.
In one afternoon he spent £15 Billion trying to keep us in the ERM.
This was money we were told could not be spent on schools or hospitals or pensions.
The consequences of Lamont were truly Catastrophic.
In one afternoon he spent £15 Billion
What did he think he was trading - penny shares?
What did he think he was trading - penny shares?
i always thought the issue was that he announced he was going to sell it before he did, the result being that the price immediately shortened. and when we did sell it, we did it in one go, again depressing the price.
essentially he lost about 600 to 700 million through not knowing how to sell it properly.
now, if this was intentional, as Dr Crippen intimates, then i suppose there is some mitigation, but why he was facking around with our reserves to manipulate commodities markets to help national banks out is probably even more worrying.
essentially he lost about 600 to 700 million through not knowing how to sell it properly.
now, if this was intentional, as Dr Crippen intimates, then i suppose there is some mitigation, but why he was facking around with our reserves to manipulate commodities markets to help national banks out is probably even more worrying.
sorry we didn't do it in one go, we did it in a number of auctions.
the point being, other countries don't announce this, and use traders to drip feed their total order over a period time to minimise having an influence on the market.
the point being, other countries don't announce this, and use traders to drip feed their total order over a period time to minimise having an influence on the market.
The same government sold the old tv signal to 3G companies for billions of pounds, which later proved to be worthless....so it swings and roundabouts.
Ofcom has two further blocks of the airwaves to sell: the analogue TV signal and a higher-frequency block of spectrum at 2.6GHz, close to the existing 3G spectrum and known as the "3G expansion band". That latter block is 40% larger than the 3G spectrum the government sold at the height of the dotcom boom for £22.5bn
Ofcom has two further blocks of the airwaves to sell: the analogue TV signal and a higher-frequency block of spectrum at 2.6GHz, close to the existing 3G spectrum and known as the "3G expansion band". That latter block is 40% larger than the 3G spectrum the government sold at the height of the dotcom boom for £22.5bn
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