Dear Chief Secretary to the Treasury,
I'm afraid to tell you there's no money left.
Signed, Liam Byrne

(Outgoing Labour Chief Secretary to the Treasury. May 2010)

Tuesday, 25 May 2010


If Brown had not sold much of Britain's gold, British taxpayers would be nearly £6 billion better off. Not to mention having an important monetary asset that might help protect the British pound as its sovereign debt faces a possible credit rating downgrade and fiscal deficits and red ink as far as the eye can see.

Having that £6 billion worth of gold reserves would mean that the pain that we all feel as taxpayers in footing the bill for the follies of the government and the banking system would be significantly less. And it would protect sterling from falling in value in international markets leading to inflation.
Quoting Nick Leeson in an interview with Mark O’Byrne at The Market Oracle

Read the rest, it's interesting.

h/t Demetrius in a comment at Anna Raccoon

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