Dumbest financial decision of the decade ?
There have been a few, but this one just about takes the biscuit, because it was made by someone who held himself out as the man who would put pay to economic 'boom and bust', and wanted his name held high as the watchword for fiscal prudence; yep, UK Prime Minister Gordon Brown.
During his eight-year tenure as Britain's 'spend, spend, spend' Chancellor, Brown not only helped near-bankrupt the UK, but, between 1999 and 2002, he sold off 400 tonnes of gold at an average price of $275-an-ounce. If the clot had been as prudent as he makes out, he could have sold it this year and raised another $10bn, as gold climbed to over $1,000.
Selling gold at the bottom has got to rank as the dumbest financial decision of the decade.
1. 'Yes, but wasn't it worse than that ? Didn't Brown actually pre-announce his decision to sell, thus forcing prices down even further ? It made his jibe at David Cameron last September - 'This is no time for novices - look a bit lame'.
2. 'I beg to differ. The dumbest decision of the decade was made by the idiots that, having voted Labour in in the first place, proceeded to re-elect them - twice! How stupid can you get ?'