Between 1999 and 2002, Gordon Brown ordered the sale of 400 tons of gold from the British government’s supply, at an average price of $276 dollars an ounce, which was about the lowest price it reached in the last twenty years.
Using my ‘back-of-a-fag-packet’ calculation technique, that’s about 13.1 million Troy ounces, so about $3.6 billion dollars.
With gold at approximately $1,627 dollars an ounce (as I write), that much gold is now worth $21.3 billion dollars.
The difference is a figure of $17.7 billion dollars, which at a current exchange rate, means approximately £10.8 billion pounds.
So one stupid Keynesian made just one stupid mistake, and it cost the British government about 11 Millennium domes; how many nurses are going to be sacked from the NHS to pay for that, over the next couple of years?
Now you would think that if you or I made that kind of gargantuan mistake, then we would apologise. But has Gordon Brown ever apologised for this colossal error, fallen on his sword, refused to take his pension, and agreed to live on bread and water as penitence for the rest of his natural life, or is he still swanning around the world at our expense trying to find a tax-free job in either the IMF or the World Bank, or some other elite monstrosity, to repeat his monumental incompetence, but this time on a global scale?
To ask the question, of course, is to already know the answer.
While we wait for this ‘Godotian’ apology, I thought we might masochistically remind ourselves what a wonderful man we allowed to tell us what to do with our lives for over ten years, with a video from the vaults of Dominic Frisby: