[the truth]

Originally Posted by DemolitionRed

Brown didn’t sell the gold because he was some greedy fcuk who’s government had singularly overspent. He sold the gold to bail out the world bank crisis. He also sold the gold for a low price. To understand why he did this you have to read and understand this http://www.zerohedge.com/contributed...ut-large-ameri

Remember the great recession? It wasn’t caused by the Labour government, it was caused by a world banking shortage. It was caused by the western world using ‘bad loans’ for an entire decade; it was caused by a single currency in Europe; it was caused by the US housing bubble burst and it was caused by big cat profiteering. When America fell, we all followed like dominoes and Browns bank bailout was a last-ditch attempt to stop our economy falling to its knees.
The gold reserve (half, not all the gold reserve was sold) was for such an event as what happened in the big crash. Intrinsically, gold has a low growth yield and so to the western world, its not a good tangible asset. Lending money into the economy has a far better growth yield and so bailing out banks who then bail out the economy is a way to recovery.

The Neolibs have always blamed Labour for selling off our gold asset but nobody, including them could of remained bullion fanatics when the **** hits the fan.

lol Still trying to defend the indefensible
The ONLY thing labour did get right under brown was the idea to grow your way out of a recession, but of course they failed hopelessly to apply the theory in practice , due to their enslavement to the unions still, or rather the block vote. they clearly couldnt give a damn about the state of the industries ....they failed in every single aspect of governance...bar allowing same sex marriage. a pathetic sum total for 10 years of self destruction