The decision to sell gold comes back to haunt Britisch Prime Minister Gordon Brown. The Telegraph writes:
The decision to sell the gold – taken by Mr Brown when he was Chancellor – is regarded as one of the Treasury’s worst financial mistakes and has cost taxpayers almost £7 billion.
Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored.
Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days – by the end of April.
The sale is expected to be become a major election issue, casting light on Mr Brown’s decisions while at the Treasury.
Last night, George Osborne, the shadow chancellor, demanded that the information was published immediately. “Gordon Brown‘s decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds,” he said. “It was one of the worst economic judgements ever made by a chancellor.
This ‘worst economic judgement’ ever made by a chancellor is also know as Brown’s bottom. The issues has been around for some time but is discussed today on Jesse’s Café Américaine and on Zero Hedge. I appreciate both blogs and am an avid reader of their posts, which I think are mostly exceptional. I also do think that this issue needs to be investigated fully.
However, I am concerned about the timing of this bubbling up now. I am not a fan of Gordon Brown’s, but I think their might also a smear campaign be going on here. If you can hit Brown shortly before the general election you will also hit Labour, and you are sure to hand victory to the Tories. It would be sad to see, if it were to turn out that widely read and respected bloggers let themselves be instrumentalised.
Depending on your personal preferences you will either appreciate if Labour were to lose the election or you will not. I am not British, so I don’t vote there, however my heart is with true (not new) Labour.