In the period between Mid 1999 and the End of 2001, Gordon Brown (Chanellor of the Exchequer) managed to sell 12.5 million ounces of gold on the open market to fund wasteful socialist policies around the UK. The magnitude of this trade cannot be understood until you quantify the potential loss in value. If we use the July 2011 value from the chart, Gold is priced at $1800 per Troy Ounce or thereabouts. Using this figure, we can calculate that the British Governtment lost $22 500 000 000 in potential asset value.
The figures for the chart below were taken from the UK International Reserves and Foreign Currency Liquidity Template issued by the Bank of England. Any grievances should be taken up directly with The Swerve.
Macro Man:
The Swerve / King of the Moon – Governor of a Central Bank based in London
Mervynflation – A form of inflation that a whole population can see and suffers, yet is completely invisible to The Swerve.
First published on 28th September 2011
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