Gordon Brown's Bottom - 25 years on. The sale of British gold.
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- Опубликовано: 6 май 2024
- The worst financial decision in history?
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Gordon Brown also ruined UK's pensions.
He certainly knackered mine.
Yes he bummed me to ! Lost the lot never trust anyone with your money. I will make so the government will look after me when I am older
Not to mention chastising his Chancellor in public and trying to get him sacked for saying the GFC had started (the truth). Oh and of course Brown had just opened up the taps on public spending, just in time.
Never mind Gordon, you can work on Lords Reform instead, bound to be full of good ideas.
its difficult to imagine how anyone can imagtine after the minumental fk up Blair and Brown made of the UK how anyone can stomach Starmer ...
SOLD IT TO THE ROTHCHILDS BANKSTERS, WAS THE AGENDA, ALL DONE BY DESIGN!😑😑🇬🇧🇬🇧🇬🇧
Browns bottom needs a public inquiry, this treacherous act needs to be fully exposed.
Does the confiscated Venezuelan Gold by the British also need inquiry?
An inquiry would be great if they weren’t corrupt.
Perhaps he is a closet Scots Nationalist :) but more like helping the finance house Goldman Sachs and the rotting USD.
Yeh so does Thatcher's large scale sell off of British assets.
I make you right ✅️..
In some parts of the world. Its called treason .
That could mean prison or a fireing squad..!!??
Think about it........
That wasn't the worst thing he did. The £5 billion stolen from pensions was criminal
What's worse is they're still doing it both Tory and labour. Now starmer and co want to take another crack at screwing up pensions even more
The sale of 50% of our gold reserve was to my mind gross misconduct if not treason.
It wasn't his to sell.
No treason his mate tony got rid of that charge we wonder why
When will Johnson, Farage, and Gove be sent to the Tower of London for the punishment they are due.
Socialists really are geniuses aren't they?
If their goal is to destroy the economy, it's actually a master stroke! Completely irreversible, too.
Brown was no socialist.
For a while- then they run out of other people's money...
@@kubhlaikhan2015neo liberal just as bad
@@rphilipsgeekery4589 Neoliberals are a great deal worse. A socialist takes your money and then delivers you a rubbish rail service. A neoliberal takes your money.
He really messed this up, my father at the time told me "why would sale uk 🇬🇧 Gold, because they are all corrupt"
Blair and Brown, a match made in hell 🤬
There is a clip on RUclips of Nigel Farage having a go at Brown in the European Parliament, over the gold sale,and Brown sits there laughing at him!
It's ALL in his back SHED!!!!
He had to sell gold ( the major currency for bomb's and ammunition) in order to start the war of mass destruction
No politician is ever held to account
The one thing you know when you've lived the better part of a lifetime is that a Labour government *always* wrecks the economy.
I fear for the consequences of Kier Starmer.
So does a Tory government. Where does that leave us?
@@markcole5187 With no-one to vote for?
The Tories have already ruined the UK economy. 14 years of misrule.
@@philiplindley7384 I am very proud to say that I have not voted for almost 20 years. As Mark Twain said (from memory) "If voting mattered, they wouldn't let us do it".
Browns bottom was a bail out before bail outs were a thing, a big US financial institution got caught out on the wrong side of a trade and half our gold was sold at rock bottom price to bail them out.
Yes it doesn't often get mentioned that SUE NYE was one of Gordon Browns closest advisers and she was married to Gavin Davies who was a partner at Goldman Sachs. Goldman Sachs were at that time in dire straights and in need of a significant cash boost. That explanation sits a lot better than the complete and total madness of the otherwise reasoning that was put forwards.
@@lorristanI think his advisor came from there and after the sale she went back
Dont forget that Brown also deregulated the banks and allowed them to gamble more. We know what happened....
And that's why the American banks came here to play with sub-prime mortgages.
@@thatcheapguy525 It was all funded through the City because what Lehman want to do was illegal in the US. And that was only possible because New Labour deregulated the market either further.
@@thatcheapguy525 No. It is general knowledge. I am more interested in why don't you know.
@@thatcheapguy525 Just let me look outside the window..........Yes I appear to be........
@@clangerbasher lol, that's why. the press here is right-rotten to the core. spend a couple of minutes reading on Lehman Bros and you should understand.
this discussion reminds me of the ULEZ fiasco. a very good friend lives on the boundary of the extended zone. he was convinced by all the BS in the press that his 2002 Euro-4 Toyota was not compliant. I popped his reg number in the TFL website and it was fine; yet the Tory spin-doctors and the right-wing press had him and plenty of droves of other convinced he'd have to replace it. due diligence my friend
He also saddled the UK with numerous PFI schemes I do not have the figures to hand now but this was an even greater disaster for UK they are others like the continuing sale of assets like the British Nuclear Fuels to China which was of expertise in an important field which we now have to pay through the nose. I cant think of anything he got right
Gordon Brown's biggest mistake. What about pensions?
Yep Labour has a lot to answer for. However our voting public will forget all of this when they go to the polls this year. His help us all with a Starma Labour party
Gordon Brown- Texture like sun.
@raypurchase801
Bit of an insult to a beautiful song…..😡🤬
@@GWAYGWAY1 Now now.... Never a frown
So dumb it was deliberate!?
Don't worry it's clickbait to get more commission from his Gold sponsor.
Next week it will be another Bitcoin story (with sponsor) and then his latest pump and dump share.
@@pauls3075 Really? 🤣😂W⚓️!
@@EnglishVeteran You didn't buy into his Novavax scheme last week then? This guy literally goes round the country giving presentations on Gold and is paid to do it. Grow up.
@@pauls3075 😂🤣 You funny little boy🤣
@@EnglishVeteran Yes typical you have no coherent argument or facts to fall back on so call the other guy a wanker. We can all see who the wanker is here mate!
Let's get this in perspective shall we?
Brown sold around 405 tonnes of gold or 13,022,508 troy oz. At today's prices of £1,884 per oz, that amounts to £24.534 billion.
According to the OBR, the government is estimated to have spent £1,189 billion in the last fiscal year. That's £3.238 billion a day.
The gold Brown sold would only last us 7 days and barely make a dent in our national debt. Hardly the "Worst desicion in British financial history".
Of course, the same detractors conveniently ignore the 500 tonnes of gold flogged of by the Tories back in 1971. Can't have people thinking they are fiscally incompetent, can we?
Spot on !
Stupidity is endemic in Westminster. EG., our current PM was promoted from Chancellor of the exchequer after his disastrous fiscal and monetary measures.
He was installed.
@@andymaidment111 BP installed Liz Truss and GoldmanSachs installed Sunak.
It is greed not stupidity
Well it is a Club!
He sold the gold to his pals at London gold fix.then he exchanged it for euros
Then he printed some cash QE and bought back all the gold in England . Don't you remember all those shops and adverts to buy gold
I think the Americans told us to sell it,look into it further.
Nope, the UK's decision to 1) squander north sea oil/ gas (max oil production in 1999 when oil was $9!!), 2) privatisation of utilities and housing, and 3) allow wall st and Britain's too big to fail banks to run wild in the 2000s dwarfs this.
1) How was oil/gas squandered, when royalties were used to fund public spending?
2) Ditto the money made on selling off utilities & social housing?
3) The 2008 Crash followed a 226% rise in property prices, which was clearly a bubble which politicians & the BoE could & should have contained.
Neoliberal short termism.
So Gordon, you want to be PM?
Let's think about what you can do for us ...
I'd have liked to have seen a few excited flies buzzing round him, in the otherwise great illustration.
As The Hollies sang "He's King Midas In Reverse". And a WEF monster to boot.
"After consultation with the BoE". Is this the same BoE stuffed with PhDs who failed to see the 2008 Crash coming and failed to see inflation coming after printing billions during covid?
Brown favoured ‘light touch’ regulation of the banks. The run on Northern Rock was the first since the Victorian era. 125% loans. What could go wrong?
🤷🏼♂
This is too stupid to be stupid.
It was an instruction from Lord Rothschild???? Bet it was and he bought it????
An end to Boom and Bust......Brown.😊😊
a 0 % raise ,btw i have abolished the 10 p rate of tax, also i did away with MIRAS as its a middle class perk :} brown the buffoon
He was right.... He ended it!....Now we just have bust!
He flagged the sale ahead of time ensuring a crash in the gold price and a sale of UK gold at the bottom. Anyone would think he did this on purpose (nudge nudge).
I can’t understand why people don’t mention this more…. What a cock up…, that was the nations gold exchanged for paper..
People still say he’s the best chancellor we’ve ever had… Der !!!!!!!
It’s because he’s Scottish, they are above criticism
Seriously , how is this man not in Jail ? Where is the redress for the Public purse ??
He's a politician, what do you expect? No accountability.
He Said, the cupboard is bare, last one turn the lights OUT!!!!!!
Let's not forget his raid on pensions too. His pension dividend tax has resulted in a loss that has been put at £250billion over the years. And of course, it now raises no money because pension funds hold hardly any British shares. Hamish McRea called it "the most idiotic decision I can recall". He also brought in the infamous IR35, which you won't have heard about unless you've done contracting - another absolute disaster. Gordon truly is a moron...
Along with gambling freedoms student debt and mass migration etc all to pay for continuous war. Truly WMD
Mr prudence ?
Gordon Brown sent a memo to all English police forces not to investigate Muslim grooming gangs as the girls involved had made a lifestyle choice.
Canada owns no gold. Like the UK, they sold their remaining reserves in early 2000s
At least they have plenty of gold mines to nationalise
Canada is the pet project of globooo homoloooo ironic that there coinsmare some of the best bullion out there
that needs to be fact checked
@@citizenavatar it’s true, but uk sold half of their reserves. Not only did they sell half but they told the market 2 months in advance so you can imagine the short positions in that!!!
Canada still has a vast amount of gold in the ground, it just hasn't been mined yet!
And they wonder why more and more people have absolutely no confidence in government or the civil service. The decline in the UK since Blair and Brown took control is astounding. In 2000 our public sector debt was at around £500 billion. Today it is over £2.2 Trillion. Someone has to grasp this public sector debt nettle and start cutting. Fast! Unfunded pension liabilities would be a good start.
Correct - however the Cameron /Osbourne government and subsequent Conservative governments over the past 14 years have put that decline on steroids. None of our politicians are competent (on either side of the aisle) and not one of them will have any competent strategy to undo the mess that essentially began with Thatcher.
Making millions poorer will solve nothing. Most public sector pensioners paid in very large percentages of their salaries for their pension. Teachers for example paid in 7% with employers paying in 14% (deferred salary).
The financial issues linked to Government spending are largely due to incompetence and reckless decisions like the selling off of our gold and deregulation of the finance/banking industry. The problem needing addressing is in Westminster and the BofE and in our foolish super-power pretensions.
The local government pension scheme was a fully funded scheme when i was in it originally. By the time I left for the second time I think it was in deficit. Likely due to the reduction of the value of the scheme.
Also they have moved the year you can retire from 65 which it was when I went in to the pension scheme to match the current retirement year so now 67. You don’t get more pension so they are effectively stealing 2 years payout from you so currently I’m loosing £25,000 in my pocket.
They also managed to reduce the pension payout by not giving pay rises, because as a final salary scheme you salary also affects the amount you pension is graded at.
When you are out of the public sector like I am now you can’t top the scheme up so you are sitting on a pension that is becoming worth less by the year and there’s nothing you can do about it.
Do you understand that people have contributed their salaries into the pension scheme. My contributions at the end of my public service were over 12% of my salary.
Is that what you mean about doing something about it?
Most Brits knew nothing about the sale and would have had no idea about how to buy some.
I wonder what surprises the incoming Labour chancellor will have for us? I hate to think 😳
Couldn't be any worse than the shit served up by the Conservatives over the past 14 years. All of our politicians are utterly incompetent.
they could go after the pensions again. Maybe get rid of the higher rate tax relief. Also, maybe raise the state pension age to 70. They will go after the private sector, the public sector of course will be protected. My biggest gripe is the fact they take money from hard working people and give it to people who don’t work at all.
Make the rich hitail it out of the country and make the people stay and have no choice to pay, pay.
@@jdthompson123 Start taxing dinghies!
Head of the bank of England has senior officials ?
There were two banks about to fail, both members of the daily gold fix. The prices and dates were telegraphed to push the price down as far as possible. Once down the positions were exited. The banks survived and dutifully left the gold fix as agreed.
The clown even announced it before hand...(see you mentioned it).....pretty sure, quite a few senior Labour types had dealings with jp Morgan......?
No mention of paper (electronic) 'gold' tho.....to add to the insanity.
Gordon 'I know! let's sell the gold!' Brown
No no no this was a brilliant move by Gordon,he sold the gold quickly to buy bombs and go to war knowing gold always goes up during war . meanwhile he bought back all the gold from the public on this island and paid them with newly printed money calling it Q E
So much for him making the Bank of England independent
My now 17 year old son was then in the pram as I was waiting at a Glasgow Trongate bus stop (right outside a Cash Converters) when I held a clunk and turned around to see a flat curved bracelet hit the ground and it’s owner walking away, I grabbed the bracelet and ran after the girl who dropped it and I returned it to her asking if it was gold and she said yes. At the time 9ct gold the weight of a 2p coin would be worth £72. It must have been worth more than £150.
It wasnt just him loads of countries did it I doubt he even came up with the idea himself that call would have come from higher up the food chain than a politician.
They knew back then cbdc would be the next thing
And mocking gold getting rid of its status is key to that
@@audie-cashstack-uk4881 yep -mafia in full effect
The "We will invest the money in the country and earn a greater return" line of reasoning is often put forward.
Governments often underestimate the cost of capital in government projects.
They borrow via debt but are funded by taxpayers akin to equityholders who bear the risk.
Yet they assume the cost of capital to be that of the cost of debt.
And, unlike a private individual, "They" are completely unaccountable for irresponsible speculation, walking away with "honours" and pensions rather than personal penury.
In a similar vein, the tory government has just announced a retail sale of some of it's remaining shares in Natwest group, where buyers will get one bonus share for every ten purchased. Isn't this just telegraphing intentions in the same way, and will it not just just push prices down by +/- 10 percent??
I expect the share price will finally begin to recover after the government sells it's final share! 😂
...A bit like Vince Cable selling off Royal Mail to city speculators at a knockdown price
@@phildavies6020 yup! Privatized gains, socialized losses. If we had a better standard of politician we wouldn't have to ponder whether they're stupid, we could just say "are they bent, or are they over a barrel". I default to those two anyway but, it would sure be nice to have ministers that were actually qualified for their brief!
@@phildavies6020 Vince Cable? Who was PM? David Cameron. Don't think he acted alone. This was just another Tory sell off to their rich mates.
What gets me is our leaders get away with being useless. How many really good leaders have we had? You could count them on one hand!
An excellent video. Thank you.
@Dominic ... just to let you know that the vibration notifications on your phone are quite distracting @3:18 (I've noticed on a few videos now...)
Im reaching for my phone each time.
They brought euro with it haha
Germany, France, and Italy all have two or three thousands tonnes a piece.
And traitor Sarkozy sold a lot of our gold.
@@r3dp1ll You still have 8 times as much as we do!
The fabled Eldorado, the city of gold, didn’t exist but there has been gold found in central South American and it’s reckoned that it was bought by exchanging gold for salt. We can live without gold but we need salt and the owners of a salt mine hundreds of miles from the sea swapped salt for gold.
Gordon Brown also presided over the auction of the 3G spectrum in 2000 which raised £22.5bn - literally money from thin air, and over 5x the nominal loss on the Gold
Puppeticians
Excellent summary of history.
The funds needed to go on holiday to several sunny island's in private tax havens undoubtedly
Merci pour l'information
Dominic… I admire your work.
Love your books.
However, I’m curious… are you overseas ?
It looks sunny, like the Algarve !
can you do a video on the likely possibility of a gold revaluation?
First. Love the Frisbee
I refer to the MI6 woman whistleblower who inferred Brown may have been "obliged" to help some other entity in America with cheap gold to bail them out. Allegedly there was also an inferred connection between Brown's American secretary having influence on behalf of her diplomat husband. Conspiracy theorists may have a field day here.
Love your office.
The fact that he announced the sale beforehand just added insult to injury, the price tanked. Are you sure he was under no pressure to sell? Others would beg to differ.
Did you know all of Australia's gold sits in the UK with the BOE? Explain that to me
I remember the Germans kept or keep their gold with Yanks in NY. The Germans wanted their gold. The Americans let them look at some through a window as close as they got.
If you dont hold it you dont own it 😂
@@clangerbasherI read their gold has been in America, London and France since WW2.
@@tonyzyklon9328 Yes.........
Then there is the ECB who think all the Euro members' gold is theirs.
It's a mess.
That’s the kind of thing I do… an amazing ability to pick the bottom of the market.
Yep, I don't bet on horses either because no matter which one I pick it always comes last.
Sold at rock bottom. Look at the price of Gold today!!
Yet another Alien as PM!
I am always amazed at the ignorance of people who say that gold has no intrinsic value. Of course it has a massively important intrinsic value which is going to push its price up exponentially over the next century or so. It is utterly invaluable in aerospace technology and as the only substance on Earth that cannot be destroyed (even if blown apart it can be melted and reformed into something new) or corroded by the environment or acids, it is increasingly valuable for use in space exploration. The only thing that protects humans and electronic instruments from solar radiation and other harmful space environmental hazards. Every satellite in space is reliant on it for reliable operation.The James Web has a gold foil covered mirror the size of a tennis court as does the Mars explorer. Without gold lined helmets and gold impregnated visors every astronaut would be dead in minutes if not seconds upon leaving a capsule. It should never be compared to crypto currency the value of which is only linked to sentiment, not practical application.
Another oatmeal savage with chips on both shoulders.This was no serious rugby player.Graduated in 'Scottish history', tutored by his father.From then on, aimed for a media job and the unions.Never did a useful productive job in his life and helped the equally unemployable Blair to wreck the UK, either deliberatley or by sheer incompetence.
Did his gold sale turn out to be more costly than Lamont's ERM folly or Kwarteng's budget?
There must be an eyebrow conspiracy going on.
When he was MP in Fife the local councillers slagged him off as utterly useless!
Ministers need to accept some personal risk / responsibility for their decisions - even if it means they only lose their pensions and knighthoods.
I'll always remember Gordon Brown for his raid on the private pension schemes.
Dominic Frisby live from Kew Gardens back to the studio :}
at the time I also thought why would they do that.. it did not make sense and it made everyone think what is the underlying agenda here.
Never a frown, with Gordon Brown 🎤🪗
I was only wondering how much the country lost in money ,when brown sold our gold and it's current value today funnily enough.
I'm glad you made this video has no one seems to be interested in what he did and like you I taught at the time what a stupid big mistake he's made gold is always King unless you're in a desert and you have no water in which case you'd swap an ingot of gold for a bottle of water.
Like you I saw at the time there's something underhand going on here.
Currently selling at£1800+ per ounce!! Going up ~£200 per quarter ⁉️
There was a time when I was a concerned Patriot but when you realise the “establishment” are quislings, one goes as much as possible as “another “
I mean to separate ones self financially from relying on the “State” as much as possible and go for financial independence as much as possible. Not very realistic for most but that is what should be the goal as the British State is Broke and I forecast drastic cuts forced on the State before the end of the decade.
If you can manage to buy some gold you will not ever regret it. I know it seems incorrect but in “sterling “ terms it is still Cheap!
"coincidentally" , Australia sold our 260 tonne gold reserve at the same time for $304 per troy ounce.
Today worth around AU$3000 per oz.
A pattern of corruption is appearing.
Australia and Canada are producers.... Switzerland has always been a trader....
see the collapse of Argentina...
No, Gordon Brown was chancellor of the exchequer and at he time he was said to be the best chancellor Britain had ever had. While this is indeed doubtful, he was none the less chancellor and certainly had more financial knowledge and ability than most. This decision to sell Britain’s gold for the lowest price possible at that time was not incompetence, he could see as everyone else could see, the consequences. It can only have been corruption. If Brown didn’t get rich, then certainly some of his masters certainly did.
He did exactly as he was TOLD .!
@leonholly8466
Mmmmmm, Lord R strikes again?
The biggest question is who bought it, follow the money, you get your reason.
Who does it benefit? ......... The corrupt few.
being quite old nearly 80 years old I look back over my life and have to think we are ether led by a bunch of fools or a bunch of crooks things seemed to be going well into the 1960s and we all looked forward things were going to be so good and they just fu**k everything up I feel so sorry for young people today think that the powers that be are looking after them when we know they look after only themself
Thank you! Same story in so many countries until Mandela pushed foreign governments to stop gold sales.
We don't need any gold, we're not on a gold standard
Have you Still Got Australian Gold there or have you Sold that as well mmm.
It’s corruption of the highest order to sell after the gold price was driven down by giving notice of the sale. But maybe even this is not as bad as he did to pension dividend changes.
I wonder what he got OUT OF IT!!!!!!! nudge nudge.
Looks nice in ' Nicaragua ' or similar 😅
Blackmail
Why did the Royal family let it happen??
So if brown is going to be called out for selling gold at 350 and it being at 900 3 years on why isn’t osbourne not called out for not buying at 900 when it was at 1400 3 years later?
And the scary bit is they'll (Labour) will be back in power by Christmas.
It's a drop in the ocean compared to what the tories have done in the last 14 years . Truss wiped 30 billion alone, from the economy.
The concept of cycles is becoming accepted in Western culture. Recently, people have been honing in on what they deem the 80-year cyclical theory that marks a major shift in humanity. While this may be true as it takes a few generations to change society, they are not incorporating the additional nuisances associated with the true Economic Confidence Model.
The 80-year theory, also called the Strauss-Howe generational theory, believes that there are four 20-year cycles or turnings that build up to a cataclysmic event. For example, some are using 2024 as the starting point, which brings us back to 1944 when America was at the cusp of World War II. Going back an additional 80 years would bring us to 1864 - the US Civil War. Taking it back even further we arrive at 1784 when the Revolutionary War ended.
Still not as nuts as the Liz Truss “mini-budget”