August 6th, 2011

Only Believe in Gold

The inevitable is now in process, policy makers are not going to be able to avert inflation and economic retrenchment, markets are starting to recognise reality. The credit of the United States has been downgraded, the euro is in a death spiral, nations teeter on the brink of bankruptcy. Power and wealth are shifting eastwards on a tectonic scale. Ever since the 2008 credit crisis and the doomed attempt by central bankers to solve the underlying debt crisis with more debt and inflation. All predictable, in the case of the euro almost every eurosceptic from John Redwood to Nigel Farage predicted it down to even the exact catalyst – Greece – a decade ago.

Step forward Andrew, Lilico formerly at Policy Exchange, who is equally as pessimistic as Guido, as long ago as 2009 he predicted a double dip with“double digit inflation and probably a recession in 2013 – stagflation.”

At the same time Guido argued that

Mervyn King even talks about the threat from deflation – Guido sees that merely as an excuse to justify printing even more money via quantitative easing (QE). QE means inflation is inevitable. 

Get your wheelbarrows out, stock up on gold and baked beans. If you can, buy a productive asset, like farm land – it is an inflation hedge and you won’t go hungry. 

Here comes inflation – as it always does when governments turn on the printing presses…

Guido wrote in 2008

“holding gold will be insurance as much as an investment. If you have apocalyptic fears, holding physical gold coins is reassuring.

In 2009 Guido marked the

“symbolic of the end of the twentieth century Anglo-American dominance of the world” with “the purchase by the Indian Central Bank of  200 tonnes of gold from the IMF.  The Indian Central Bank paid an average of $1040 per ounce.”

Mr & Mrs David & Maureen Somers must be doing pretty well now.

Told you so…

See also : The Bank of England’s Great Inflation SwindleComing Soon : Double Digit InflationDouble Digit Inflation is a Black SwanBank of England Pension Fund Surges Betting on InflationYo Dude, Where’s the Deflation?UK Dec CPI Posts Largest Jump On Record to 2.9%Growing Unease About Old Lady’s SecrecySomething Odd in the Banking Bill


532 Comments

  1. 1
    Billy Bowden is the greatest umpire ever ! says:

    Didnt we used to have some gold?

    Like

    • 4

      I’ve got some of it now. Thanks Gordon.

      Like

      • 35
        Anonymous says:

        If you look at Rome; its super rich used to store gold. The invading forces came and took it. If a countries internal and external defenses fall this could happen in any country.

        If you look at most of the tax haven’s they don’t have an effective defense force, they are protected by countries like UK and US. The tax payers of these countries end up paying for the protection of non tax paying supper rich.

        So the only protection is to make sure that countries where you make your money are kept strong.

        Like

        • 57
          Anonymous says:

          Causes for the Fall of the Roman Empire – Failing Economy and High Inflation
          One of the main causes for the Fall of the Roman Empire was the Failing Economy and high inflation. The Government was constantly threatened by bankruptcy due to the cost of defending the Empire, the failing economics, heavy taxation and high inflation was another Causes for the Fall of the Roman Empire. The majority of the inhabitants of the Roman Empire failed to share in the incredible prosperity of Rome. The amount of gold sent to the orient to pay for luxury goods led to a shortage of gold to make Roman coins. Roman currency was devalued to such an extent that a system of bartering returned to one of the greatest civilisations the world had ever known.

          http://order-order.com/2011/08/06/only-believe-in-gold/#comment-1036987

          Like

        • 65
          Anonymous says:

          In 434 East Roman Emperor Theodosius II offered Attila and Bleda 660 pounds of gold annually with hopes of securing an everlasting peace with the Huns. This peace, however, was not long lived. In 441 Attila’s Huns attacked the Eastern Roman Empire. The success of this invasion emboldened Attila to continue his westward expansion. Passing unhindered through Austria and Germany, Attila plundered and devastated all in his path.

          http://ancienthistory.about.com/cs/attilathehun/a/attilathehun.htm

          Like

          • Judy Judy says:

            ChuckUp on sky news, reporting that labours plan is that when USA is downgraded and UK not, when greece overspent, and spain overspent and ireland overspent that

            UK is going wrong way (we not downgraded yet!!!!) and should have immediate VAT cut ….. as this he thinks would bring back the 2% grwoth that labour got when they cut VAT – but he does not say about the need for the billions of QE needed to get the 2% rise

            So labour still denying that “SPEND SPEND SPEND” is not a solution…

            its madending that the presenter only pulled chuckka up about the gold sell of – that was peanuts 5-10 billion lost in that – how much did QE cost….

            2% with no QE would be nice, but i would much rather have 0.2% real growth than 2% false growth …..

            labour still dont see that lehman brothers was the earthquake that rocked the worlds financial system

            now the tusnami for that event is lapping on our shores… and UK seems to now be in better position that 1+ year ago – when its government was paralysed and could not even outline a viable plan

            GB may have saved the world (in his dreams) from the earthquake – but its clear he had no thought to the tsunami that follows – spend spend spend – it no defense when cut cut cut is the only answer the markets are gonna accept.

            If you cut there is a chance of better growth and you can cover your debts..

            Does anyone except the Shadow chanceller (Da proffessor – lol) now think that any gov that says to the market we are gonna “spend spend spend” for growth will get any traction ????

            its sink or swim time – poor labour they dont see that there plan A is a disaster plan that all who followed it (ireland, spain, portugal, greece) has proved fails every time….

            Like

          • David Laws Lib Dem fiddler says:

            Is this staged managed to secure a pan European state without too much fuss from respective populations?

            CaMoron, Osborne and McClegg must have known this was on the horizon and still decided to go on holiday at the same time. What sort of leadership is that FFS. Would any organisation arrange or allow its leaders to absent at the same time? Self interest pervades once more. Nick probably left the desk earlier than the half day usual.

            They still promote the multi billion pound UK give away scheme while crying there is dire fiscal circumstance to justify cuts in the UK. Over seas aid sees no bounds- a little propaganda from the BBC helps to mitigate criticism. As we learnt last week, some of the camps in Somalia have existed for ten years. The famine has not just happened. Absolute government propaganda.

            If we truly wanted to help famine in Somalia, Ethiopia and in other parts of Africa we could stop selling arms to prevent them fighting which is a major cause of destitution and starvation. We could also afford to send, independently or through NATO, a peace keeping force rather than cause wars in middle east like Iraq or Libya. They have the intelligence and ability, but choose to act like greedy selfish morons without any regard for the public.

            CaMoron was all for selling arms to waring factions on his visit to Egypt with arm dealers in tow. Ironic how we sell arms to cause the problem then give aid to help- madness. One can only imagine that Clegg could come up with a plan like that or Gordon’s mate Vince Cable.

            Like

          • Only me says:

            Wake up guys.

            The problem with capitalism is capitalism.
            The model is flawed.

            Now Totalitarianism, that’s another matter.
            It is the only movement that offers a credible answer.
            Kill your opponents – Deny all truth.

            Like

          • Rage Against the Political Elite says:

            ONLY ME. Capitalism and the Markets are Destroying the USA WAR WAGING ECONOMY. How much is WRONG WITH THAT??

            Like

        • 67
          A man with a plan says:

          So.. we need to go and Blitzkrieg Lichtenstein and steal their gold.

          Except, thanks to Cameron thinking that it’s better to spend £12bn per annum on foreign aid rather than, say, our armed forces, Lichtenstein would probably beat us.

          Like

        • 118
          Gooey Blob says:

          Max Keiser has been banging on about this for a while now. Russia Today, Tuesday and Thursdays 4.30PM. An entertaining programme if you can get to see it.

          The Chinese are calling for an alternative reserve currency, but there are other minor reserve currencies. Swiss francs are a safe haven, they’ve had to take action of late to try and weaken their currency, so strong has it become. Even sterling might be in a position to benefit if the UK can actually start to make the reductions needed. Cutting the foreign aid budget would be a very good place to start, Mr Cameron…

          Like

          • The Piss Soaked Tramp Formally Known As TAT! says:

            SDR’s/XDR’s will happen it is inevitable and you heard it here first.

            Like

          • parking in a disabled bay...get seriously disabled says:

            I quite understand the clamour to stop overseas aid but it would be a retrograde step if we did.

            Like

          • Bled White Taxpayer says:

            4 months of money in Swiss francs hidden in the house I live in (it was 3 months, but it appreciated). Another 3 months in Canadian dollars in the office safe. 29 ounces of gold and 674 ounces of silver buried in our 19 acres of Canadian lake shore, and a liveable cabin built a couple of years ago. Mrs BWT thinks I’m over-cautious, I just hope it’s enough until the dust settles.

            Like

        • 184
          John Bellingham says:

          “Supper Rich?” What, like Prescott, Pickles, Nigella Lawson and that greasy, obese turd who has been so rude to Rebekkah Wade?

          Like

      • 415
        Dalai Llama Ding Dong says:

        Must see interview!!!!!!!!

        SPOT THE FASCIST!!!!!!!!!!!!!!!!!!!!!!!!

        Like

    • 6
      Gordon Brown says:

      Today I will be riding on the Ninky Nonk.

      Like

    • 10
      Gordon Brown says:

      Indeed we did, nasty stuff, I sold it all for some very valuable Euro’s. The British people can sleep easy in their beds knowing my genius saved this country and the rest of the world.

      Like

      • 41
        HandsomeDavid says:

        Going long on euros was the same as shorting the pound – total idiot.

        Like

        • 287
          AngryEnglishJon says:

          And the current lot are deciding whether they should build a new hospital, or a new wind farm. Huhnes.

          Like

          • A Po-faced Princess, talking down at people from her ivory tower says:

            I am always right!

            I am never wrong!

            And the clear answer is BUILD MORE WIND FARMS!!!!

            There now! – do as I say!!

            Forbes! – more champagne for David please!

            David darrrhhhling – DO tell me about your planes for more windmills and closer integration!

            Like

    • 11
      Vile Labour poisoned and bankrupted the UK, it's what they do says:

      Hopefully this will kill the EU.

      Like

    • 23
      MI6 says:

      The USA have borrowed the Worlds spare Cash and robbed its own people and businesses over the last 10 year FIGHTING SOME UNWINNABLE WARS.
      We have copied in our Modest way and also borrowed beyond our ability to pay, NO MORE NHS, NO MORE WELFARE STATE AND NO MORE EASY STREET. The knacker Politcal classes have f—-d every thing, Well done the LSE for your advice to the Broon’s and the Cameroon’s. BY THE WAY HOW IS LIBYA SPENDING GOING? If nato BLOW up a few more residential area’s will more Libyan’s have to come to London for Housing benefit and can anyone tell us how many refugee’s are living in Europe from Afghanistan and IRAQ.

      Like

      • 32
        We must get out of Libya. says:

        Any questions last night, repeated this afternoon. Rory Stewart says we should have stopped the bombing of Benghazi as per UN charter and done no more. It has now become about regime change. It is pointless trying to achieve what can not be achieved. Another member of the panel points out many of the rebels are as if not more unsavoury than Mad dog.

        I suppose like Iraq there are many unforseen circumstances in opening the box.

        Like

      • 40
        Turkish Tourist says:

        No more NHS? But where will I and my 75 million compatriots give birth to our children and get our elective surgery for free?

        Like

        • 61
          MI6 says:

          for all of the so called FREE PRESS. Why are you all telling us that Natural Gas prices are rising when infact they are falling to all time lows and why is Petrol at the Pump still so high. Could it be TAX? Me thinks so, but how does the STATE get all the MEDIA to Lie to the People about this. A bit of a conspiracy me thinks WHEN Cameroon stands up in Parliament and says that this is the Biggest PEACE time deficit a government has had to handle. IS HE LYING? What about the 600 Houorible Gentlemen who didnt comment on this STATE ment.,

          Like

        • 73
          a Turkish pensioner says:

          More to the point, no more welfare? But the EU has decreed that all Turkish pensioners will be able to claim British pensions and social housing once we join the EU.

          Britain must do everything in its power to protect our human rights. And welfare.

          We want benefits! No Tory cuts! Monies now, pleases.

          Like

          • Honest View says:

            The growing economies of India and China are simply where Europe and the USA were at the end of the 19th century. Mainly poor people, but some very rich, and with a growing middle class.
            The West then went on to a liberal/socialist model, which has become more and more unaffordable: welfare states which the client state finds it impossible to reduce (especially the Left).
            It’s not really a crisis of capitalism (the growing economies of the East are essentially very capitalist indeed). It’s a crisis of feather-bedded liberal/socialism which produces a lack of competitiveness and an addiction to debt. Individuals and states want it all, regardless of ability to pay.
            Economists may spout all day long, but the basic situation is very, very simple. The only cure (a very long and to a pampered West very painful) is a reduction in the Welfare State until it becomes affordable.
            It would also help to be more selfish, to cut down on militaristic adventures and concentrate purely on defence; real defence only. Look after your own people first.
            The only way all this can come about is the abolition of the softy, greenie, Guardianista Left, and I just don’t see this happening.

            Like

          • Gooey Blob says:

            Absolutely. Not a problem with capitalism, it’s all to do with the bloatedness of the state. Yet the BBC always approach this from a left-of-centre viewpoint and ask if Capitalism is to blame. If the BBC were neutral it would be asking just as many questions about the size of the state.

            We need to concentrate on the bits of the state we really need, and make sure we do those really well. The NHS and a strong military are important, but we shouldn’t be throwing money around in a Scandinavian way, as Ed Balls would have us do.

            We’re addicted to spending money we don’t have, and so far politicians and central bankers are trying to have us believe that the answer to debt is more debt.

            Like

          • oddly helpful says:

            The corollary of this is that the BBC itself, as a component of this bloated state, must be rolled up and replaced with a self-funding model.

            Like

          • not so simple says:

            Honest view. All good but what if a bunch of nutters (with previous)
            are about to develop a nuke using technology given to them by the West on the express promise they never use that technology to make said bomb.

            Like

          • A Circum Cisor says:

            I can do Tory cuts, LieBore Cuts, Liberal cuts – all the same to me, – though some pricks are bigger than others my deres

            Like

        • 190
          Billy Bowden is the greatest umpire ever ! says:

          Scottsland

          Like

      • 274

        I couldn’t possibly comment. Now just do as you are told and Fuck off!!

        Like

      • 440
        Admiral Leach says:

        Our whole political elite is locked into a culture that is about spending and growing the size of the sate whether the UK one or EU one (usually both at the same time). None of the three main parties can start to imagine a political landscape that is different.

        The only way to reduce debt is reduce state spending and increase individually wealth. Debt and taxation are now the main factors holding back growth. The state must reduce its burden on the productive sector of society and enable that sector to keep a much larger share of the wealth it has created. This means some very painful realities need to faced, the NHS, state education, welfare aid (at home and abroad) will all have to be reduced and the state will have to give up its role as an agency for correcting people’s mistakes. And we need to stop getting involved in wars that cannot be won with conventional forces just because it makes a the current light weight leader look good to his chums.

        Taxation both individual and corporate must be set at in a fair and transparent way (corporate tax avoidance would not be tolerated in any form) and the concept of the Citizen would need to redefined within this new political landscape. Taxation will be inline with what we can and should spend as a state, individuals will reap greater benefit for their efforts but will need to take greater responsibility for a larger part of their own lives.

        Be under no illusion this will be painful, but it’s now the only way to balance the books and get growth going. Time to have a party that knows how to balance books and knows how to set an example in hard times. Not seen them yet.

        Like

      • 529
        Rage Against the Political Elite says:

        The Knacker Political Class are on Holiday, with their ill gotton gains.

        Like

    • 25
      Madness says:

      So we are giving borrowing money to give aid to India and India is buying gold?

      Like

      • 38
        Archer Karcher says:

        Yep and they also have a bigger Navy than us, as well as a space exploration program. Nice to know where the taxes forcibly extracted from you and your children are going eh?

        Like

        • 75
          Bemused of Suffolk says:

          “Yep and they also have a bigger Navy than us”

          Who doesn’t? I bet land-locked Slovakia has a bigger navy than ours.

          Like

          • wimpy tearful sailor of the Royal Navy says:

            ah but at least we have better I-pods than they do

            Like

          • Gordon Brown financial imbicille says:

            I’ve got the Arctic Monkeys on my i pad

            Like

          • Gooey Blob says:

            If you sat a hundred monkeys in front of typewriters for long enough they’d eventually write the economic policy section of the Labour Party’s manifesto. You’d need a mathematician to work out exactly how long it would take, but it would probably be of the order of millions of years.

            In reality, it usually takes them a day or so.

            Like

          • Four Brits in Norway says:

            So fucking what, we’ve got a polar bear on our i pad

            Like

          • hmmmm says:

            gooey bob – didn’t know that it was that complicated. Last time it just said borrow and spend everything

            Like

          • Admiral Leach says:

            Slovakia not quite, but won’t be long. All foreign aid is a sop to keep export orders and/or influence within the target county. It it a gross waste of public funds in most cases and morally questionable at all times. Hence we give money to India (we want to flog off one of our carriers to them) its got little to do with helping relieve poverty.

            Like

    • 127
      Gordon says:

      “An end to boom and bust!!” Nurse!!!

      Like

      • 353
        Hugh Janus says:

        Gordo, have you been giving lessons to your close friend, the bumbling old Vince? He popped up on the telly yesterday, with that chilling phrase that you uttered every five minutes as our economy disappeared round the U-bend before our very eyes – “We are well-placed to weather the storm.”

        Christ on a bike, we are well and truly finished in that case.

        Like

    • 188
      Billy Bowden is the greatest umpire ever ! says:

      Comment of the day? It hasnt chaged for a few days

      Like

    • 201
      Lord Lucan says:

      Gold to $3000. Silver to $250. Gordon Brown selling gold at $300 was an act of economic vandalism and he needs to be brought up on charges of criminal mismanagement.

      Like

    • 272

      It is not our policy to comment on the current situation. Indeed its not our policy to comment on Bugger all. I suggest you speak the Mandleslime, Osbourne or Rory Stewart. They were all put in the picture a couple of months ago as to when the shit was going to hit the fan. Now why dont you all just Fuck Off and do what you are told!!

      Like

    • 279

      It is not our policy to comment on anything. Suffice to say you’re all doomed!!

      Like

    • 300
      Ed Balls's budgie mirror says:

      So what? I’ll be PM soon.

      Like

    • 305
      paul wright says:

      Much prefer it Guido when you are a reporter/commentator rather than a prophet

      Like

    • 359
      Wayne and Garth says:

      A sphincter says ‘what’ ?

      Like

    • 532
      Cats4Gold says:

      He sold the gold to us. We sent him a nice pussy.

      Like

  2. 2
    Doktorb says:

    Gordon Brown’s sale of gold – our gold – is more reprehensible an act of economic ignorance than I can remember.

    Like

    • 7
      Iloathlefties says:

      To make his decision even worse he was advised not to do so and then had the total stupidity to announce his intentions in advance sending the price down!! The man is an absolute idiot and represents why unqualified stupid politicians shouldn’t be allowed anywhere near important choices like these.

      Like

      • 498
        Tony E says:

        That was the entire point – somewhere in the market someone was holding a very ruinous short position, and Gordon threw them a lifeline.

        Like

    • 17
      Archer Karcher says:

      For that alone the incompetent moron should be in prison for economic sabotage. That he is not and is still at liberty, tells you all you need to know about the criminal ruling elite.

      Like

    • 51
      NotaSheep says:

      Odd that the BBC rarely mention that disgraceful event; it’s almost as though they want to pretend it never happened…

      Like

      • 56
        AC1 says:

        never isn’t spelled r a r e l y

        Like

      • 86
        BBC News Editor says:

        The price of gold, like S and P’s downgrade of the US are mere technical matters, and are of no interest to our stake holders. Of course, we aren’t numerate enough ourselves to understand of any of this stuff; most of us having read really important subjects like politics at uni. However, if the UK had been downgraded we would have had 24X7 coverage, with an endless string of Labour statesmen demonstrating what we all know to be the truth – it’s ALL THE FAULT OF BABY-BURNING TORIES.

        Like

        • 106
          Gordon Brown says:

          I am deeply ashamed about what I did to Britain, and I wish to humbly apologise – on the BBC. Mr Robot Piston can introduce me.

          Maybe Mr O’Bummer could add a few words by video link?

          Like

          • once brown always a shit says:

            hosted by jay leno in a back scullery of the white house…no kitchens spare to meet

            Like

          • HandsomeDavid says:

            Who knows, you may one day hold the reigns of power in this country once again. We have enough idiots prepared to vote for you (are they idiots or self interested recipients of taxpayer monies?).

            Then you can buy the gold back at possibly $2,000 an ounce.

            Like

          • Mascarpone, I scream says:

            +1 for Robot Piston … LOL!

            Like

        • 164
          Anon. says:

          This morning on BBC News 24 they actually had one of their numerous economics correspondents on, whose only comment on the downgrading of America was: ‘The government are trying to make out this makes them look better, but they’d better watch out (subtext: ‘the smug b******s’).

          That was his comment on the global economic situation. I kid you not.

          Like

          • Duty Pedant says:

            Handsome David – it’s ‘ holding the reins ‘ not reigns. Think of riding a horse, and you’ll get it right next time.

            Like

          • HandsomeDavid says:

            Sorry Pedant, I was thinking of whipping the proletariat at the time. Will think of horses next time

            Like

        • 194
          Gooey Blob says:

          I don’t always agree with things the coalition have done, but it’s at times like this that I’m glad Clegg and Cameron compromised and worked out a deal for getting us out of this mess.

          How different it might have been. Remember, just after the election, Ed Balls was publicly stating he thought Labour’s manifesto pledge to halve the deficit in five years was too ambitious. Just think where he would have put us had Labour won…

          Like

          • CHRIST ON A BIKE! says:

            to be fair, It would have been Brown/Darling not Millitwit/Balls at the helm. Toss a coin to find out who’d be worse!

            Like

          • pundit says:

            To be even fairer, Labour would have forgotten even the mildest cuts plan within a day of getting their feet under the desk. They would now be saying they are shoulder to shoulder with O’barmy in saving the world and that the debt crisis is best solved by taking on more debt.

            Like

          • Anonymous says:

            Let’s not forget how Labour committed our country to even more ridiculous spending commitments as soon as it became clear they were about to lose the election.

            Like

    • 255
      Honest View says:

      Brown’s sell-off of gold wasn’t an economic decision- it wasn’t done to make us better off- it was a means of getting some quick cash to fund more lunatic socialist spending.
      It wasn’t the act of a poor economist so much as the act of someone wanting to buy votes and popularity by creating and rewarding his clients.

      Like

      • 304
        HH is a gobby kow imho says:

        The amount spent on Harriet’s facelift was money down the drain anyway.

        Like

      • 525
        Milto Friedman says:

        Gordon Brown is not an Economist, he has a Phd in History, no wonder he sold the Gold at $230 an ounce, it was the price, inflation linked, that it was when we exited the Gold Standard in 1929. The Fuckwit took solely a historical perspective of the price!

        Like

  3. 3
    Billy Bowden is the greatest umpire ever ! says:

    Guido

    How much would we have got if we had sold our gold when the banks went belly up compared to when the mental one pre-annoced his sale of our gold for euros?

    PS Just because i dont agree with you on death pen does not mean i am a progressive. I wish you stop the name calling and putting people in groups.

    People of left,right and centre all have mixed views.

    Like

    • 44
      Selohesra says:

      I too am against capital punishment – it’s a strange feeling being in the same camp as the BBC, “progressives” and other groups I normally have little time for

      Like

      • 48
        Billy Bowden is the greatest umpire ever ! says:

        Kinda scary if you ask me :-)

        Being lumped in with progressives that is.

        Like

        • 95
          The shadow of the hangman says:

          Well can’t we be progressive and still have a death penalty. F’rinstance we could execute them with a lazer beam. That would be progressive

          Like

      • 220
        HappyUK says:

        Me too. I think hanging is barbaric and not a deterrant. The UK is not a banana republic just yet, in spite of all its faults.

        That’s not to say the BBC and so-called progressives are not against killing per se. Take abortion for example. It’s got to be the right kind of killing, that’s all.

        Like

      • 223
        CHRIST ON A BIKE! says:

        I’m not opposed to it, but in a modern Western Democracy, and in a country like modern Britain, I can’t see how it could be re-instated so that it would be effective, especially cost effective. You’d endless appeals and re-trials with various elements in the home office and judicary getting weak-kneed and a hostile media etc.

        In the old days, it made sense when the ruling class and public where not squeamish about these things and justice was served very swiftly so not endless waiting on death-row and if it was later found that it could have been a bent verdict. it was tough-luck and these things happen.

        Clearly by the 60’s, attitdudes had changed. THe whole re-opening of the denbate is pointless and a waste of parlimentary time, and god knows, they waste enough time already!

        Like

    • 82
      Bemused of Suffolk says:

      Gordon, advised by Ed Balls and Ed Miliband, sold 395 tons of our gold in 17 auctions from 1999 to 2002, for between $256 and about $296 per ounce and he spent the money on euros, dollars and yen – it was estimated last year that the decision (or rather, “mistake of epic proportions”) cost us £7bn.

      It’s now $1,663.39 per ounce. There are 32,000 ounces in a ton, $1,663.39 – $296 (I’m being kind to the loon) = $1,367.39 difference per ounce between what he sold it for and what it’s worth today.

      That price per ounce is $43,756,480 per ton, x 395 = £17,283,809,600.

      Enough to fully-fund David Cameron’s Foreign Aid budget for 1.4 years.

      Like

      • 98
        Billy Bowden is the greatest umpire ever ! says:

        Thanks :-)

        Like

      • 122
        6EQUJ5 says:

        @Bemused of Suffolk..

        Your method of calculation is correct but your answer is in $.

        £10,611,135,646..

        Like

      • 191
        Gerry Mandering says:

        So Gordon’s ““mistake of epic proportions” is rather minor in the scheme of things – only £10bn or so.

        It goes to show the real money is in taxing the efforts of the Great British public whose entrepreneurial spirit and endevours are being taxed at a marginal 60+.%

        Of course, if we were to add to our stock of intellectual capital by increasing the education and skill base of the populace, we could earn more from abroad through the growth of exports. This would increase the tax take without raising the rates.

        …but the cost of acquiring knowledge under the Tories has tripled. So Gordon’s “mistake of epic proportions” is rather minor in the scheme of things given that we are penalising this generation with unaffordable housing, taxes and education. Would be surprised if the older generation to do not find themselves strung up for the economic mismanagement they have handed to the children and grandchildren.

        Like

        • 271
          Engineer says:

          The cost of aquiring knowledge has not tripled. It costs about the same today to run an educational establishment as it did two years ago.

          Unaffordable housing – when the house pr*ce boom start? About the turn of the millenium.

          Like

        • 354
          Lord Paul says:

          “”It goes to show the real money is in taxing the efforts of the Great British public whose entrepreneurial spirit and endevours are being taxed at a marginal 60+.%””

          It is 60% only if you don’t do offshore, dividend rather than pay, expenses, trust funds, non dom and other create tax solutions

          Like

      • 273
        Anonymous says:

        How about recaluculating that in Troy ounces (what gold is sold in) and in British tons – 2,240 lbs?

        Your calcs are out by at least 20 pct.

        Like

    • 506
      Admiral Leach says:

      The issue of capital punishment should not be seen in terms of ‘left’ or ‘right’. It is much more fundamental to in the sense that it articulates in a single issue the question of how a society runs itself and the values it purports to believe in. One of the reasons capital punishment is seen as a solution to growing areas of violent crime is the clear failure of the current criminal justice system. Punishment is no longer effective as the whole legal process in now mired in both political correctness and human rights. The result is sentences no longer carry their full force and the British law is always subject to review by a Euro legal process. As Citizens we have begun to doubt our laws work.

      There should be a debate on capital punishment that is linked to a wider discussion on our criminal legal system. In short its about restoring sovereign law making back to Britain and letting us get on with it. Again the political elite don’t like the idea of an end to ‘business as usual’ and this issue challenges them directly to address that.

      Like

  4. 5
    Athers says:

    Here is a nice positive start for the weekend

    Like

    • 125
      A bloke of a certain age says:

      Thankfully the Iron Chancellor , Saviour of the World and leading light in tackling the recession first time around, will have ensured that our Gold reserves will be in good shape…….whats that ? ………….he did WHAT !!!!!!!!!

      Like

  5. 8
    Gordon Brown says:

    But they told me they were magic beans.

    Like

  6. 9
    Conckers says:

    Oh the bloody pain.

    Like

  7. 12
    Paul says:

    Run-for the-hills conspiracist dramatics.

    Like

  8. 13
    Anonymous says:

    Interesting if long video about the western style banking system and how it has been fiddled to favor a few whilst screwing the majority…

    http://video.google.com/videoplay?docid=-515319560256183936

    Like

    • 148
      misterned says:

      3.5 hours condensed to:

      Central bankers create money out of thin air and charge non existent interest on it. Through this they have bought governments all over the world. Politicians are puppets to the bankers.

      Global banking is a total scam. “money” has no value.

      Like

  9. 14
    Anonymous says:

    Euro in a downward spiral? Utter wank. It’s stronger than both the pound and the dollar. Europe may be fucked but the Euro isn’t.

    Like

    • 24

      Check €/Gold chart. It is in a downward spiral. Comparing devaluing currencies is irrelevant.

      Like

      • 33
        Just Like 1929 says:

        There was a point in time people said the same thing about the Weimar Republic and the Mark and look how that turned out.

        Like

      • 39
        Anonymous says:

        He might have a point, there is quite a bit of gold in European banks. Not only that they probably have the most powerful manufacturing nation on earth.

        With a strong leader Europe could rise to its rightful pre-eminent position. Ein volk etc…

        Like

    • 79
      Rat's arse says:

      Hello Gordon. I can see right through your ‘anonymous’ blog name. Only a feckin m@dman like McDoom would spout such shite.

      Like

    • 267
      azure, a bend or says:

      Anonymous, which 4X platform do you use? The one at Liverpool St?

      Like

    • 436
      Anonymous says:

      It has strength only because the Chinese are buying it. Sterling is weak because interest rates are too low, taxes too high and public expenditure has not yet been cut. The Euro is exhausted: it’s just being propped up.

      Like

  10. 15
    Melons Alert says:

    Paper review on Sky News right now. Journo Rosamund Urwin has her puppies on copious display. :-D

    Like

  11. 16

    OK Guido, so that is all the good news. The point is how do we get out of it and do we have the political will or muscle to get out of it? At least the rest of Europe has reasonable amounts of sunshine and warmth, we don’t and winter heat at any price is vital. Just wait until the Autumn energy price hikes really kick in, we should have a few thousand oldies freezing to death in November as they ar too frightened to turn on the heating and widespread civil unrest this side of Christmas, all out mayhem by January. This will make the current financial unrest seem like an American tea party…..oh dear …

    Like

  12. 18
    Anonymous says:

    Whose the barbarous relic, then?

    Like

  13. 19
    Anonymous says:

    Or even, who’s the barbarous relic, then?

    Like

  14. 20
    Anonymous says:

    sensationalising and scaremongering

    Like

    • 29
      Just Like 1929 says:

      Spin Spin Spin little ostrich living with your head in the sand, everyone saw how many points the market lost and how volatile they are this week.

      The King is wearing no clothes.

      Like

      • 236
        Anonymous says:

        Exercise a little patience 1929, the buyers will soon be back in the stock market:they’re looking for the best cheap deals at the moment.

        Like

        • 310
          Just Like 1929 says:

          There is always a feast after the famine sure i’m under no illusion how the system works but not for the next decade at least.

          Like

    • 54
      Spitting on the stinking corpse of the EU bureacracy says:

      Perhaps I can interest you in some Greek 10 year bonds then?

      Go on, put your money where your mouth is, invest in the future of the Euro.

      Like

  15. 21
    Gordon Brown says:

    Did you know gold has never been more valuable? Do what I did and call Cash4Gold.com. It’s real easy. They sent me a freepost envelope to put my gold in and within two weeks they sent me a cheque for £15. Visit Cash4Gold.com today and you too can make money from your gold.

    Like

    • 151
      Gordon Brown financial imbicille says:

      Cant say Im surprised to hear you say that Gordon since you ran our economy on an “Ocean Finance” basis.

      Like

  16. 22
    Andrew Craig-Bennett says:

    We are all doomed, I tell ye! DOOMED! Now, do I carry on reading Guido, or do I find something more cheerful for a summer Saturday with no Test Match?

    Two things are brtually obvious – one is that the exchange rate with the RMB Yuan is wildly wrong on a PPP basis, and the other is that rather a lot of people in Britain are carrying large mortages.

    Enter the hidden hand of inflation and devaluation and presto! the following things are achieved:

    1. We British become a great deal poorer – no more foreign holidays and throwaway clothes – and we find that we can sell our manufactures to foreigners just like the Chinese do.

    The savings of the middle classes are magically redistributed from the old, who have too much tied up in bricks and mortar, to the younger, or at least middle aged, who are over-borrowed, as savings and borrowings evaporate alike.

    Not, perhaps, quite the national catastrophe that it first appears to be.

    Like

    • 413
      socialism has murdered 150 million human beings pride says:

      So those who saved and scrimped get ripped off to cover the debt of the Hunts who didn’t.

      Piss on you .

      Like

  17. 27
    Kia's an abdullarse says:

    Has Kia Abdullah made any jokes yet about the name of the Eton boy who was mauled to death by a polar bear? I’m sure she “smiled when I saw his name was Horatio Chapples”.

    Like

    • 45
      Archer Karcher says:

      You can bet the class war comedians the BBC adore, will soon include the lads demise in their ‘hysterically funny’ routines within days.

      Like

    • 46
      Dick of the Yard says:

      it wasn’t a bear, it was an Al Qaeda jihadi in disguise. okay, it’s about as believeable as a guy in a cave demolishing three buildings in NY, but heh, people used to fall for this shit. now, can i shoot someone anyway, please?

      Like

    • 49
      joescotus says:

      tweet the fucker & ask her for a comment

      Like

    • 74
      Wounded Bear says:

      a Norweigan on the radio yesterday said the bear was shot by one of the students but not killed and that’s when things became very bad indeed.

      Like

    • 361
      Drop a Daisy cutter on the BBC says:

      Richard Bacon will have some lefty so called ‘comedian’ live on Radio 5 next week to crack jokes about polar bears and dead Etonians. Bacon will find it very funny and probably get a few Sarah Palin jokes in as well.

      Like

  18. 28
    What a plonker. says:

    Thank you , Brown ,Red Ed and Bollox.

    Like

  19. 30
    AC1 says:

    There’s a saying though…
    “If you really need Gold, you’ll need shot-gun shells more”.

    Like

    • 78
      Harry Calahan says:

      I prefer the Smith & Wesson Model 29 .44 Magnum, the most powerful handgun in the world!

      Like

      • 206
        Jim Callaghan says:

        Crisis? What Crisis?

        Like

      • 234
        Supertramp says:

        Now they’re planning the crime of the century
        Well what will it be?
        Read all about their schemes and adventuring
        It’s well worth a fee
        So roll up and see
        And they rape the universe
        How they’ve gone from bad to worse
        Who are these men of lust, greed, and glory?
        Rip off the masks and let’s see.
        But that’s no right – oh no, what’s the story?
        There’s you and there’s me
        That can’t be right

        Like

  20. 31
    Billy Bowden is the greatest umpire ever ! says:

    So the Tories are accused of selling off the family silver, well i would rather that than Labour selling the famliy gold!

    Like

    • 47
      Archer Karcher says:

      I would rather they both kept their hands off of our assets and lived within their means, just like everyone else has to.

      Like

  21. 34
    What a plonker. says:

    But to be fair, it was not all Brown ,Balls and Millitwats fault .Only 95% of it.

    Like

  22. 36
    Blinky's face is a sight says:

    Like

  23. 37
    Cato Street Conspirator says:

    Good to see Mr Fawkes pushing the price of his holdings up. Didn’t Piers do something similar on the Mirror?

    Like

    • 362
      An Investor says:

      Always love reading the Mirror (someone elses of course – don’t buy that rubbish ) and their financial pages….

      Then I think of all their employees shafted by the fat socialist Maxwell when their pension fund when tits up…

      Like

  24. 42
    Blind leading blind says:

    See the regular updates on your portfolio haven’t appeared lately – getting a bit embarrassing?

    Like

  25. 43
    magniloquent says:

    Hello….. Hello…… Earth calling planet Anonymous.

    The Euro is dead, as a dead as a dead parrot. It could only have worked if there was free movement of cash across Euro borders and no debt between countries of Euro land, along with a prudent fiscal policy. No hope of that with unelected socialists in charge of course. The demise of the Euro was not a prediction, it was a dead certainty. The same applies to the new debt ridden socialist order of Barmy Barry in the USA. Can’t work, won’t work.

    There is a great financial levelling out across the world between all people and the last to get on board was China. Their harsh control of the people and hard cash is the only way forward. All other experiments have failed.

    The future can be seen not only in the glittering city sky scrapers of China but also in their slums and shanty towns. Welcome to the 21st century and the survival of the fittest.

    Like

    • 96
      socialism has murdered 150 million human beings pride says:

      The Euro: correct–dead as a doornail

      China:hard cash-ok Hard control of her people=murdering 70million+imprisonmenmt/torture of millions more=shove your arse-kissing love of the state back up your arse. Freedom to think, to create, to keep and spend your money as you see fit: those are what build wealthy and stable societies.

      Like

      • 327
        magniloquent says:

        China is not socialist however.
        It may say it is but it is a dictatorship by committee. Always has been.
        Never the less they have as you say murdered a lot of their own citizens like dictators always do. Look at Libya, Syria etc, etc.
        And we must remember that democratic socialists are always wanabe dictators that don’t like to leave office.
        Do they Gordon?
        The best sort of government is generally democratic Liberal/Conservative. Hey presto.

        Like

        • 363
          Mascarpone, I scream says:

          Oh dear, another moron who thinks the socialist tyrannies of history are/were not ‘true’ socialism.

          Totalitarian technocratic tyranny is exactly what any variety socialism amounts to in practice, and all such tyrannies have a socialist pretext.

          That socialists are tyrants in word, thought and deed has been obvious since the dawn of time.

          Socialism is tyranny.

          Get a fucking clue.

          Like

        • 366
          Mascarpone, I scream says:

          On re-reading your post I think the hostile tone of my response is a bit OTT

          Sorry about that :)

          Like

  26. 50
    purpleline says:

    Guido old bean as I updated yesterday before the downgrade, the actual solution now is to issue Gold backed convertible bonds.

    I see Gold moving back to $850m as Europe & US will sell holdings, unlike Brown they are selling for a reason, they need to realise or monetize assets.

    They will however, buy back on the dip.

    Big call but you cannot eat bullion.

    http://j.mp/rnV4Kz

    Like

    • 60
      Any old Iron? says:

      yeah, right, let’s see the US Treasury sell some of its Fort Knox gold reserve., and the Bank of England its bullion supposedly in its vaults. How much does tungsten scrap fetch these days?

      Game’s up, mate. It’s Mad Max scenario for US/UK, unless the moneychangers can get their war with Iran kicked off with Iran next month, which will bring down the whole world – the ‘Samson option’.

      Like

  27. 52
  28. 53
    Tom Watson says:

    I like gold…

    …en showers.

    Like

  29. 63
    Anonymous says:

    …. and all of this will affect the rich how precisely….???

    Like

  30. 64
    Gil took you out to dinner in Canterbury? says:

    Like

  31. 66
    Simon says:

    Now that the U.S.A. has had it’s credit rating downgraded to AA from AAA can we please have a full and complete apology from Ed Milliband, Ed Balls and the rest of the the Labour opposition. This idiotic, halfwitted, power hungry, shambolic fucking disgrace of a political party that supported Pres. Obama’s QE programme and advocated the same in the U.K. can formally resign from the top down. The ceasless cat-calling and endless media coverage against sensible reductions in spending can now be stopped and a full retraction and apology to the British people can now begin in earnest.

    Like

    • 68
      Time for Uncle Sam's QE3 says:

      Obama will launch QE3 anytime soon. He wants a second go at being the Pres so he will fix the problem for now.

      Like

    • 87
      I don't need no doctor says:

      I thought it was downgraded to AA+.

      Like

    • 103
      Ever Ready says:

      I thought they were batteries?

      Like

    • 116
      Honest View says:

      Somehow, I just can’t see Balls appearing on Andrew Marr and admitting that all his ideas and all his pathetic sniping are something to be deeply ashamed of.
      No, I just can’t quite see it happening.

      Like

      • 235
        Honest View says:

        Why is this awaiting moderation? What is so dramatic about it? Get a grip, Guido!

        Like

      • 239
        Honest view says:

        Somehow, I just can’t see Balls app_aring on Andrew Marr and admitting that all his ideas and all his pathetic sniping are something to be deeply ashamed of.
        No, I just can’t quite see it happening.

        Like

        • 259
          Gooey Blob says:

          Until Labour admit their financial mistakes, they won’t be allowed back into government. Labour need to detoxify on this issue or they’ll be out for at least two terms, and possibly longer.

          No, I can’t see Balls doing that. I don’t think he’s “big” enough to admit his colossal mistakes.

          Like

  32. 70
    Gordon Brown says:

    I shall be making a statement in the HoC on Tuesday to show off my new spiked and gelled hair-do.

    Like

  33. 72
    Billy Bowden is the greatest umpire ever ! says:

    So the anontied one after spend billions of us taxpayer dollors has 9% unemployment a massive debt and dificit and now downgraded to AA status?

    Bet he regrets meeting Brown now!

    Like

  34. 76
    The Piss Soaked Tramp Formally Known As TAT! says:

    WHO IS LAUGHING NOW!

    COMMENT 63:

    The Piss Soaked Tramp Formally Known As TAT! says:
    July 29, 2011 at 7:15 pm
    I’ve come to offer you all another one of my sagely bets to make you lots of money.

    Try and find somewhere that will give you good odds still and put as much money as you can find on America getting downgraded while you still have the chance.

    I will be putting 10 grand up, Top Boy never issues a bet without putting his own money on the line first.

    http://order-order.com/2011/07/29/tom-triggered-the-tale/

    Another exclusive correct bet brought to Guidos readers by top boy!

    Like

    • 77
      The Piss Soaked Tramp Formally Known As TAT! says:

      I’ll be on vacation for a while now spending my wad Guido and readers have a good one I KNOW I WILL LOL!

      Like

      • 129
        Bemused of Suffolk says:

        Where exactly does a piss-soaked tramp get his hands on £10,000?

        Or is that one of those questions to which one really doesn’t want to know the answer?

        Like

        • 181
          Gooey Blob says:

          By the time Mervyn and the muppets on the MPC have taken their heads out of the sand, 10 grand will just about stretch to a cup of tea.

          Like

      • 342
        Anonymous says:

        Is that you again Haddock?

        Like

    • 203
      Deep Throat says:

      Are you really a Pissed Soaked Tramp, or just one of the Standard Poor?

      Like

  35. 80
    mystic mug says:

    As you say Fawkes all rather predictable from a decade ago. Fucking socialists never fucking learn do they? It’s a universal law.

    Like

  36. 83
    2012 says:

    “symbolic of the end of the twentieth century Anglo-American dominance of the world” with “the purchase by the Indian Central Bank of 200 tonnes of gold from the IMF. The Indian Central Bank paid an average of $1040 per ounce.”

    Anyone notice what year it is next year? Clever those Mayans.

    Like

    • 92
      CHRIST ON A BIKE! says:

      Clever, or they just couldn’t see a point to writing a calendar more than 5000 years in advance of where they where at the time and were bored with it by the time they got to 2012.
      To ancient man, 5000 years would have seemed like an eternity.

      Like

      • 104
        2012 says:

        5,125 years marks the end of a ‘long count’ in the Mayan calendar called a ‘bak tun’ which in their tradition marks the end of one cycle and the beginning of another, a period of transition from one world order to another. Sorry, nothing to do with being lazy or a ‘dumb as fuck’ ancient.

        Like

  37. 85
    I don't need no doctor says:

    God gave us the idiots in charge and plastic.

    Like

  38. 93
    A Nemo says:

    Yes Jonah McDoon strikes again, how does he achieve a consistant 100% record of everything he falls on like a continuous annal discharge always turns into sand within a short space of time

    How brilliant of him to praise Milliepeed Minors leadership of his beloved ZanuLieLabor cesspit all we need now is for him to heap even more praise on the Biased Broadcasting Company aka BBC for them to totally implode & disappear.

    Jonah McDoom guaranteed to turn anything he touches into a complete & utter failure.

    Like

  39. 99
    Anonymous says:

    “Power and wealth are shifting eastwards on a tectonic scale.”

    Surprisingly, that is what happens when the West spends three decades giving away its industries so that a tiny number of finance types can get richer by flogging worthless ‘assets’ when they are not too busy fucking each other on the office desk.

    Like

    • 105
      Simon says:

      Where do I apply for that job?

      Like

    • 110
      annette curton says:

      Trouble is (for them) most of Chinas wealth is tied up in the Dollar and they are not velly happy at the moment after working 24/7 for the last ten years supplying goods and services to Americans in return for a load of Confederate money.

      Like

  40. 111
    Billy Bowden is the greatest umpire ever ! says:

    So socailists use the fruits of capitlisim to force socailisim on everyone else, Is there a word for this?

    Like

    • 114
      annette curton says:

      Marmalade.

      Like

    • 119
      Honest View says:

      Mis-spelling.

      Like

    • 120
      Anonymous says:

      Insanity. Einsteins definition of insanity is, ‘doing the same thing over and over again and expecting different results.’

      That’s what socialist do Billy as you know, fuck the economy up time after fucking time doing the same things.

      Like

      • 130
        Billy Bowden is the greatest umpire ever ! says:

        Why, Look at the current socailists and they are privately educated from well off familes.

        Should they ask the schools/unis for a refund?

        At no point in recent history has socailisim ever worked, so why are these educated people telling us that “Next time we will get it right”?

        Like

        • 135
          Bemused of Suffolk says:

          Because when they get it horribly wrong, they blame everyone except themselves.

          Just because they’re well-educated doesn’t mean they’re not stupid. Look at David Cameron.

          Like

    • 137
      Gordon Brown says:

      I’m one of the Fruits of Socialism.

      Like

  41. 113
    resistance is futile says:

    Our plan to destroy the western economies that started on 11/9/2001 is proceeding very well.

    Like

    • 138
      Anonymous says:

      What happened on November 11th 2001?

      Like

    • 143
      mayer amschel bauer says:

      aye, the muzzies did it.

      there is no 5000+ yr conspiracy to control the world and proclaim ourselves G_d.

      amazing what you can do with a few fairies in the media and a few ‘independent’ bloggers to keep the goyim in their place.

      Like

      • 154
        EU Kaput Fritz says:

        5000 year conspiracy, so you think some goat herders in Iraq 5000 years ago sat down and decided on a plan to bankrupt capitalism in the 21st century? Seriously have a word with yourself.

        Like

  42. 115
    James says:

    Guido,
    Thanks to Gordon Brown and the massive credit bubble and asset price inflation that occurred under this watch we are certainly screwed. We have massive private sector and rapidly increasing public sector debt overhangs.
    As I said to you in comments during the credit crisis, this is not a normal recession it is a depression.
    However, I am afraid to say this is a deflationary depression. Asset prices, such our still to be popped house price bubble, need to fall to get back to normal ranges. The private sector and public need to deleverage. This is all deflationary not inflationary.
    Most of the public simply can’t understand what is going on because commentators on left and right themselves have no understand of what is happening and how we got here. There is no easy way of this I’m afraid.

    Like

  43. 117
    Anonymous says:

    the chances of me finding gold are one million trillion to one

    i can’t even get past the arrogant, self satisfied constituency workers of my local MP – well i say local but actually nobody ever sees him, he’s on permanent holiday at the Camp de Houses du Parliament – he’s important you know – these people remind me of those old fashioned secretaries with whom you had to go to war to get to see the boss. just how these bastards have assumed such power i don’t know – they’ll even be creating policy next …..

    Like

  44. 121
    Poll says:

    POLL:

    America will reman the primary economic superpower and the Euro will survive.

    Thumbs UP for YES

    Thumbs DOWN for NO

    Like

    • 134
      Billy Bowden is the greatest umpire ever ! says:

      What about if your think america will remain super power but the euro wont survive?

      Like

    • 139
      annette curton says:

      Euro gets up to sing a song at Brussels karaoke night.

      Like

    • 198
      Jemima Clarkson says:

      This like one of those polls that ITV love running:

      Which country is Paris in? Is it

      A: France
      B: Japan
      C: Newcastle

      Texts cost £1, lines have already closed but if you vote after they have closed you may still be charged

      Like

      • 303
        Anon. says:

        That’s a Labour GCSE Geography question, surely?

        Like

      • 428
        American GCSE Geography Exam Question says:

        An American marine guarding the gate of a US military base once asked me where I came from. When I replied “London”, he replied: “Is that London, France?” I just nodded and went on in for a 10 pin bowling session.

        Like

  45. 133
    EU Kaput Fritz says:

    The only solution to the West – East axis being tipped Eastwards will be a very large war, can see it coming a mile off.

    Like

    • 140
      Lockyer Banquerzupp says:

      We need a war, certainly, but this time it must be against the bankers – the one’s who like to stay hidden yet pull the strings.

      Like

      • 146
        Fat, pissed up poofter, with needs, pretending to be an independent blogger and Oirish says:

        Oi! And how will I get paid?

        Like

      • 149
        EU Kaput Fritz says:

        War will end up on China’s doorstep at some point, they can see it too, why do you think all their tax receipts go into developing stealth fighter technology, ICBMs and aircraft carriers, they know the Americans will come for them at some point, probably to ‘defend’ Taiwan. Economic tipping point has been reached but Militarily USA is still top dog, pretty soon that will be its primary asset but they are being caught by China there too, so it will move before that happens.

        An engineered war in the Middle East would not be unhelpful for them either, if you can’t create wealth anymore, you can always steal it, all that Saudi and Iranian oil would help.

        Like

        • 469
          US = paper dollar tiger says:

          China shares a border with Afghanistan so you could say war is already on their doorstep. Thing is the Russians are well ahead in anti-ship missile technology (“Sunburn” cruise) which they share with China and Iran.

          The Russians also have their “Topol” ICBM which they boast can penetrate ANY American defence system.

          Like

      • 179
        misterned says:

        We need to go to war with the central bankers and their political puppets. There are a lot more of us than there are of them.

        Like

    • 246
      Maximus says:

      In 1939 both Germany and Japan had been running a successful economy for a decade on state credit, in contrast to depressions in UK, USA, etc.

      Would you want to make an inductive generalization based on 2 cases anywhere else?

      Like

  46. 136
    Fruitbat says:

    All this sillyness about a referendum on our continued EU membership is pointless. The political class are the new ruling elite in the Europe, and the EU exists only for them. It ensures their huge pay packets, fortunes and pensions, and we are just the cash-cows who pay for it all. Even if one million people sign the petition, and they DO debate it, the result will be “no, we don’t see the need for a referendum”. End of story. But they will have debated it and done what they promised.

    They will NEVER give you the chance to cut their throats (except at gun-point).

    Like

  47. 145

    Barack Obama here,
    Listen you guys,

    Look..something kinda weird happened.
    I invited that Al Goredun Brown to explain this quantitative easing to me again.
    He was standing in the oval office and when I asked him “how do we stop the spending, now its used up all the money and the printers are out of ink..” and of course there’s no money for new ink ’cause we spent it all on debt repayments.

    Well, somewhat surprisingly he suddenly gave out a massive “Mwhhaa haaa haaa”
    and his skin opened down the middle, his body split in half and a tiny Chinese guy jumped out. He pointed at me, laughed and ran from the room saying “You all binished now! All over now for USA pig-dogs.”

    I just thought you might want to check out that Ed Balls. Search him for a concealed zipper or something…
    Better hurry..before its too late.

    Like

    • 147
      Billy Bowden is the greatest umpire ever ! says:

      Lol :-)

      Like

      • 156
        I don't need no doctor says:

        I wouldn’t say Obama’s perfect but rather like the coalition in the UK he has had the shit dumped on him. And rather like the UK no mention is made of the cock up made by Bush, and here no mention is made of Labour’s cock up.
        What indeed would be the state of the UK if Labour had remained in power.
        Why is Brown not being prosecuted for what he has done to the UK?

        Like

        • 160
          Billy Bowden is the greatest umpire ever ! says:

          Obama increased spending with his stimulas and Obamacare and other things

          Like

    • 157

      Always wise to feel and look for suspicious bumps and scars around the balls.

      Like

  48. 150
    Simon says:

    As long as we run our economies from out of date library books and I warned you politics we will continue to lurch from disaster to prosperity . You have to be a complete moron to spend so much time and effort figuring out what to call your money than making it ,Gold ,silver , paper, sea shells and tulip bulbs have all at one time been the centre pieces of our economy – but it has been manufacturing farming and foreign enterprises that has made the money, right wing xenophobes who believe that in hard times you pull up the drawbridge don’t understand the nature of wealth creation .

    Like

    • 158
      Billy Bowden is the greatest umpire ever ! says:

      “right wing xenophobes who b”

      Can you not use big words to insult some here, not all went to posh schools.

      Like

    • 159
      I don't need no doctor says:

      The trouble is that there are a lot of people out there making a lot of money out of this blown up financial chaos. That’s yours and mine pension.
      These are the bastards that need sorting!

      Like

    • 210
      Not quite the greatest batsman ever says:

      Thats funny. I thought it was the left wing who relied on out of date library books to recommend borrow, borrow to finance spend, spend. Its the borrow, borrow thats got us in this mess.

      Like

    • 280
      Simon says:

      Two different Simons on this page…..

      Like

  49. 153

    And if we’re talking about predictions.

    March 2009.
    Gordon Brown is Skynet.

    Like

  50. 163

    “If you can, buy a productive asset, like farm land…”

    Quite agree. Problem is, how do you go about buying the guns which are essential to go with this? No point in growing your food if some other bastard just comes and steals it…

    The problem is that only criminals are allowed to have guns now. (If anyone says, “and the police”, I shall simply repeat the previous sentence.

    Like

  51. 166

    “If you can, buy a productive asset, like farm land…”

    Quite agree. Problem is, how do you go about buying the guns which are essential to go with this? No point in growing your food if some other bastard just comes and steals it…

    The problem is that only criminals are allowed to have guns now. (If anyone says, “and the police”, I shall simply repеat the previous sentence.

    Like

  52. 170
    Gooey Blob says:

    No sign of Ed Balls on the TV today.

    Labour have been humiliated, they’ve lost the economic argument (again) and even the BBC is having to report the US downgrade through gritted teeth. That said, I’m sure that by next week they’ll be back to obsessing about cuts without mentioning the perilous financial situation the coalition inherited from Labour.

    Like

  53. 172
    Billy Bowden is the greatest umpire ever ! says:

    32 minutes ago: “Since 1964 at least 39 convicted killers have been released to go on to kill again. “Progressive” justice in action. #restore”

    Oi Knobhead, can you stop calling everyone that disagrees with you and your “restore vengence” campiagn progressives

    This is not a left/right argument, many on either side will support your campiagn.

    Besides an “eye for an eye” justice is sharia law.

    Like

    • 200
      Jemima Clarkson says:

      Also not counted is how many people might have been murdered if the death penalty had been in place.

      How many British squaddies would have died had Bobby Sands been martyred by hanging?

      Would the Good Friday Agreement ever have been signed by Republicans if their members had been hanged? How many more bombings (both in Ireland and on the mainland) might we have seen as retaliation?

      How many more civilians would have died had the shoe-bomber and his associates been martyred by hanging?

      What separates us from them is precisely the knowledge that violence begets violence.

      Like

      • 225
        If, buts and maybes says:

        But would Bobby Sands and his like even have become active terrorists if his recruiters had been executed in the late 60’s early 70’s ? Of course all this could have been avoided of the Catholic Community had not been marginalised by pig headed prods in the first place.

        Like

        • 233
          Jemima Clarkson says:

          And the recruiters would never have existed if their supporters had all been hanged in the 20’s?….

          Are you William of Orange by any chance?

          Like

        • 245
          Jemima Clarkson says:

          “Since 1964 at least 39 convicted killers have been released to go on to kill again”

          So it’s Very likely that less people have been murdered by released killers since 1964 than the number of innocent people who would have been hanged during that period.

          The Birmingham 6? Guildford 4? Colin Stagg? Barry George? Sion Jenkins? The Cardiff Three?

          Many more miscarriages here:

          http://en.wikipedia.org/wiki/List_of_miscarriage_of_justice_cases#United_Kingdom

          Like

    • 208
      Puritan says:

      Petition to retain the ban on Capital Punishment View 14,544
      Restore Capital Punishment View 8,039

      Does that mean Parliament might have to debate retaining Capital punishment?

      Like

      • 297
        Dick Robinson says:

        Either way it gets onto the agenda which I think is at least 50% of the aim. The anti-petition peeps seem to be doing some of Guido’s work for him.

        Like

  54. 174
    i like gold says:

    I like gold

    Like

  55. 183
    WVM says:

    All the LSE socialist’s seem to be breaking out on to the various media platforms to slag off S&P at every opportunity, blaming it all on the crazy right-wing nutter’s in the tea party!

    Like

  56. 204
    I Hate Tesco AND the Pope says:

    Gordon – you made a complete horlicks of everything you touched, from the tax credits to the sale of gold and the staggering growth in the national debt. You proved the wisdom of your illustrious predecessor, WS Churchill, when he said: “Socialism is a philosophy of failure, the creed of ignorance and the gospel of envy. Its inherent virtue is the equal sharing of misery.”

    Gordon – I know you’re not, and never have been, a true socialist. You’re a talentless, bigoted bully with a socialist ‘agenda’ and a socialist’s contempt for the private sector which you milked like a drunken dairy farmer to fund your lunatic financial schemes. Still, on behalf of everyone else from whom you stole pensions and savings, and you certainly stole mine, you one-eyed bastard, I’d like to say this: I hope you finish up sitting in a soiled nappy staring at the wall in some god-forsaken care-home – and there IS no god, Gordon, so that shouldn’t be too difficult to find, even for you – with nurses pumping you full of Thorazine every four hours and feeding you watery slop until you choke to death on your own puke. You fucker.

    Like

  57. 205
    PissedPedant says:

    Since when was Bombardier (Bom Ber Dear) pronunced Bom Bar Di Ay?

    Like

  58. 212
    Gooey Blob says:

    How predictable. BBC News 24 is now leading on more US deaths in Afghanistan, while neutral Sky News leads on the US downgrade. The left really don’t like this downgrade, do they?

    Still, the “downgrading” of this story is yet more evidence of the BBC’s left-leaning agenda, as if any more were needed.

    Like

    • 221
      Balls is a dickhead says:

      from the BBC

      Shadow chancellor Ed Balls said it was absurd to claim Britain was a safe haven.

      “By trying to go too far and too fast, confidence has been knocked and last year’s recovery has been choked off. Our economy has barely grown for nine months and borrowing is now set to be £46bn higher than planned,” he said.

      Mr Balls added that the report by Standard & Poor’s on the US showed that political consensus was needed on budget deficit plans for them to be regarded as credible.

      He said Britain needed “leadership from David Cameron and George Osborne on these global issues – and a proper plan for growth in Britain too”.

      IS THIS TALKING DOWN THE ECONOMY THE FAVE STATEMENT OF THE LEFT WHEN THEIR ERRORS WERE POINTED OUT

      Like

      • 226
        Billy Bowden is the greatest umpire ever ! says:

        and 1 million was Balls fault alone !!!!!

        Like

      • 307
        Anon. says:

        When you realise that Labour are prepared to talk down the British economy at every turn of events just in order to score political points, and that the BBC are also happy to continually broadcast the same agenda, it just makes you realise that neither of these organisations really care one jot about this country. But the BBC above all is a national disgrace.

        Like

    • 293
      The Director of Politically Krect ‘n Convenient Troof at AlJaBeeba, the Brhoon Bullshit Corpse says:

      But what else do you expect us to do?

      We wait and work and plan and pray – in a rigorous non-religious way – for the day that Our Saviour and King, – He Who Saved the World comes again to lift us up into realms of Glory where nothing is impossible!

      You proles, – what do you know?!

      Just SHUT UP AND PAY YOUR TELLY TAX!!

      Bastards!!! Well most of the kids born to BBC personnel are, but we’re intellectuals see, – and that makes all the difference!

      Like

  59. 214
    Billy Bowden is the greatest umpire ever ! says:

    5 inches ??????

    Like

  60. 227
    That's News says:

    Oh, shit. Well, that us all f%&ked, then.

    What do you call a man with a hoard of gold? Dead. After the poor sod got shot and robbed of his gold. :(

    Like

  61. 229
    Barbara Windsor says:

    If you must, but be quick about it.

    Like

  62. 230
    Moussa Koussa says:

    So after Gordon saved the world it has taken this Tory-led coalition 18 months to undo all of Gordons good work.

    Like

    • 269
      Engineer says:

      FFS Moussa, take your blinkers off. Take a careful look at what’s happening around the world.

      Like

    • 356
      Spend wile the sun is shining, fuck the roof says:

      Gordon’s good work?

      Pay tell, what are these good works you speak of?

      Like

    • 368
      Beyond the Crash Gordon says:

      The United States of America reduced to AA+ = Gordons Work

      Like

    • 451
      Koussa is a total cunt says:

      Why are you such a wanker MK? Were you born like it or has it taken years of practice to reach the top of the stupidity stakes??

      Like

      • 466
        smoggie says:

        Don’t shoot the messenger. You surely don’t think these are his independent thoughts?

        Socialists are not allowed to have them.

        Like

  63. 242
  64. 249
    albacore says:

    Everybody’s attributing the results of the Parliamentary misrule to which we’ve been subjected for decades to incompetence and stupidity.
    Consider instead that the Lib/Lab/Con monopoly’s labours were directed all along to the realisation of chaos and anarchy in our country.
    Which scenario might appear, beyond reasonable doubt, the more credible to a disinterested observer?

    Like

  65. 251
    Jimmy says:

    Sound advice. For those who missed the fun of the property bubble, gold represents a unique opportunity to buy at the top of the market, and in the dystopian Mad Max future beloved of the nuttier fringes on the right, you have the comfort of being invested in a commodity with almost no practical use whatsoever.

    Like

    • 257
      Engineer says:

      Guido is pointing out, ever so subtley, that he was suggesting investment in gold ever since 2008. Just look at what has happened to the gold price since.

      Are you saying Guido was wrong?

      (PS. Gold has many practical uses. Non-tarnishing electrical contacts, for example. The best place to mine for gold these days is scrap mobile phones.)

      Like

    • 258
      Gordon Bruin says:

      Yes, I agree, all the gold must be sold to buy euros, a supremely practical currency.

      Like

  66. 254
    Engineer says:

    The answer to this crisis isn’t hard to work out, is it?

    Governments have got to stop spending money they don’t have, and get off the backs of ordinary people so that we can make and sell products and services for a profit. That’s not just in the UK, that’s in America, Greece, Ireland, Spain, Portugal, Italy and the rest of the Eurozone. So the freebie handouts will come to an end? Yes, they will; because you can’t hand out what you don’t have for evermore and expect no consequences. Governments should do their utmost to make their economies competitive (Chris Huhne take note with your ludicrous energy policy that strangles productive industries).

    All this waffle about macro-economics is mostly missing the point – you’ve got to earn it before you can spend it. Simples.

    Like

    • 265
      Honest View says:

      Quite right. I fear, though, that the Liberal Albatross that hangs around the Tory neck weakens any chance we have to become lean, mean and competitive.
      Not that Dave and co. seem naturally inclined to pursue growth.
      In fact, as they look around our rather wan economy and the huge burden of hangers-on we have created or imported, I rather think they know the game is up.

      Like

    • 266
      Ah! Monika says:

      Infinite thumbs up

      Like

    • 268
      Anonymous says:

      They don’t seem to have grasped the simple rule that for outcomes you need inputs. You just cannot sustain keeping so many idle fuckers in fags and booze off the backs of those few (and getting fewer) who supply the drive and energy to create wealth.

      Like

    • 277
      simples schmimples says:

      I agreed with everything you said until you said, “simples”. What do you think you are, a fucking meerkat?

      Like

  67. 261
    Mzzzz HaHaHaPerson, the Hilarious Hariden says:

    Wanna see me do a comic turn? Might cheer you up!

    Like

  68. 270
    albacore says:

    Everybody’s attributing the results of the Parliamentary misrule to which we’ve been subjected for decades to incompetence and stupidity.
    Consider instead that the Lib/Lab/Con monopoly’s labours were directed all along to the realisation of chaos and anarchy in our country.
    Which scenario might seem, beyond reasonable doubt, the more credible to a disinterested observer?

    Like

  69. 275
    Saudi's lead the way says:

    Saudi Arabia’s stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.

    Like

  70. 284
    Geronimo!!!! says:

    Breaking News!!!

    20 Navy Seals from the unit that killed Bin Laden were killed in that Copter crash.

    The Taliban will be very pleased indeed

    Like

  71. 285
    Raving Loon says:

    As long as politicians cling to Keynesianism and reject Austrian School economics things will never change. Our main problem is that we won’t admit we’re broke. The question is not whether we will default, but how we’re going to do it. Inevitably it will end with printing money out of thin air destroying our currency in the process.

    We need to do the following:

    1) Leave the EU, IMF, World Bank, WTO and UN
    2) Freeze government spending or spend only what we receive in revenue (not the pretend cuts going on at the moment).

    3) Shut down the Bank of England, and only authorise parliament to issue currency backed by a commodity standard (eg: gold)

    Like

    • 337
      Seen all before in the 70's says:

      Slight flaw in that plan old boy, BOE was the only thing that stopped Brown and puppet Darling from bankrupting us three years ago when even soft as shit Meryvn King said enough was enough.

      You can’t trust a politician as far as you can throw them especially if we end up with another Brown or worse one day letting them have free run of the wallet and purse is NOT WISE.

      Like

  72. 290
    BBC ekonomiks sektion says:

    The BBC has fully investigated all economic models and found that the Marxist/socialist centrally planned soviet economy is the only viable and legitimate model worth following. Only a soviet model planned economy is sustainable and fair with maximum social justice for all and all the evidence proves us right, every single nation that has followed this route has become unbelievably rich and vibrant wonderful workers paradises. Only Marxism can give the people what they crave most, order/discipline/obedience and a fabulous socialist leadership working day and night to make your lives more perfectly socialist.

    The free capitalist economic models on the other hand are criminal, selfish, evil and unfair to the masses. Packed with rich toff millionaires living in mansions while their fat cigar chomping champagne quaffing ex Etonian Bullingdon boys suppressing the common worker for fun. Capitalism does not work and you can thank the leftist freedom fighters for sabotaging this evil antisocial disease whenever and wherever we found it. All we require from you ordinary masses is your obedience and your fear.

    Senior peoples socialist revolutionary party organiser(BBC section)

    Comrade Skye Blue

    Like

    • 308
      BBC Propaganda Section says:

      Keep watching BBC News 24 for updates on the Revolution.

      Like

    • 309

      Indeed Comrade, LONG LIVE DA REVOLUTION!!!

      Like

    • 364
      The chattering classes/BBC says:

      What you say is true as long as it contains the caveat that the economic model of marxist/Socialism is the best plan for the little people, not us. Hope that clears things up.

      Like

      • 431
        BBC ekonomiks sektion says:

        Dear comrade,

        We are happy to clarify that the party membership will take a leading supreme role in guiding and commanding the masses and to fulfil this onerous work we party elite shall have separate shops, more food, more money, more power,private healthcare, private schools, luxury holiday complexes and have access to cars and luxuries that the ordinary masses do not need. High party members can also expect an unlimited supply of organs like kidneys and livers and sundy body parts when needed to be harvested from the millions of anti social criminal counter revolutionaries that will be kept where they belong in the re education camps. We party elites will make these sacrifices because we love the common workers. The party will rule supreme and the masses will be(had better be)extremely grateful. We hope this puts your mind at rest.

        Comrade Baroness the rt hon Skye Blue MP, MBE, KBE

        Like

  73. 295
    Tragic turn of events says:

    Turns out 20 of the Navy Seals killed in Afghanistan were part of the team that killed Bin Laden. Why the fuck weren’t they sent home after killing him? You’d think they’d done more than their duty by ridding the world of that c unt.

    Like

  74. 298
    Goldman Sachs says:

    We are eternally grateful to you Gordon for keeping the price of gold down, firstly by announcing the sale one month before it happened. and then selling it to us. The US Government is also grateful as this delayed the impending Bull market in gold for 6 months and took the heat off them for debasing the Dollar.

    Like

    • 509
      Handycock, No1 Trougher in Parliament says:

      Gordon was right to sell our Gold, it was a Socialist thing to do. Only rich people can afford to buy Gold. They should not be able to preserve their wealth by buying Gold, when Government’s screw up the economy, when at the same time poor people are unable to. Well done Gordon, screw the rich, but not me, I’m in Spain, in my Villa (bought for me by my boys in Portsmouth) buying Gold at this very moment.

      Like

  75. 301
    Billy Bowden and the Deathly Dildos says:

    If the euro survives I’ll eat my own chutney.

    Like

  76. 312
    Sebastian Coe says:

    only believe in gold – can i have this for the olympic motto Guido – it’s a crackin’ logo???

    everythings going to plan, the stadiums are ready, we are under budget, we just need all those londoners to fuck off for a few weeks and we will have a great time

    Like

  77. 313
    Domestos says:

    My house cost ~1,000 oz. of Gold about ten years ago. Today it is worth ~170 oz. To me this is a measure of the damage Gordon has done to this country. His mentally defective economics have impoverished the Nation.
    On the bright side the plebs might become sufficiently angry to start a bit of insurrection.

    Like

    • 345
      Scargellism says:

      Do you live in Barnsley, or are you just not very good at DIY?

      Like

      • 504
        Gordon "Wrecker" Brown says:

        Sounds like he lives on Tottenham Hight Street.
        Unfortunately the insurrection he wanted has occurred right on his doorstep.

        Like

  78. 318
    Tapestry says:

    Gold has gone from $250 in 2002 to $1650 in 2011. It might go higher, but had there been no QE, the gold rally might have stalled in 2009 $500 lower.

    This time there appears to be no QE3 coming after all, despite Bernanke’s comments at Jackson Hole two months ago as gold fell to $1475, saying there would be, sending it on yet another spurt.

    The ending of QE if real will send all asset markets plummeting, gold included. The most savage deflationary period of our lifetimes will be started. The people who make money from asset markets have to convince everyone prices can only go one way, and then throw the switch so they go the other. Guido’s been had this time. Sorry to say. Bernanke’s not playing the game any more.

    Like

  79. 319
    The great safety valve says:

    If the whole global financial meltdown is the fault of Labour and their socialist agenda, why is the socialist EU, joined up to and continually backed by C*nservatives, and the USA, hardly a left wing paradise, not to take any of the blame?

    Like

  80. 320

    Perhaps buying land and doing the self sufficiency thing for a while might be a good idea (Providing you can keep officialdom at bay). Although governments, when in dire straits will do anything to keep afloat, even if it means taking everything private citizens own. Shades of Executive order 6102 or similar come to mind.

    Like

    • 322
      Alger Non says:

      governments have already taken most of what ordinary citizens have

      they’ve taken their money, their pensions, the civil liberties, their rights to protest, whole rafts of dialy living are intruded upon by these bastards

      i think it maybe too late

      Like

  81. 321
    We all lost, but who won? says:

    Too much power and wealth concentrated in so few hands is neither good for the man or mankind. Until we move to a more egalitarian mode with more respect paid to an honest man’s, honest days work as opposed to the glamour of making a killing off the sweat of another, that is the international money crooks way, we will always be chattels of the evil do-ers.

    Like

  82. 323
    We all lost, but who won? says:

    Hapless politicians versus deeply corrupt and amoral financial speculators.
    Let’s face it, there was only ever going to be one winner in that fight.

    Like

  83. 328
    uncle Sam says:

    The tea party–republican party faction cause problems in deficit vote in the US. Euroland politicians show lack of cohesion and inability to move faster than a tortoise.
    Italy/Spain/Portugal and Greece show a two track euro is vital—what do they have in common–apart from olives?—corruption, unfair tax laws and Churches of immense wealth.
    The downgrade of the credit rating of the US is very much a revenge attack by the credit agencies on Obama who drove them into disrepute over 2/3 years ago virtually blaming them for not forecasting and thus preventing the mortgage bundling crisis.

    The FT index is the only place where you will not find crowds when a sale is on!!!–

    Like

  84. 333

    What the hell are you talking about!
    I got rid of boom and bust six years ago, your all mad hatters! I know what this is, its probably another one of those nutty right-wing conspiracy theories doing the rounds again.

    America downgraded, pfffff!
    Next you’ll be telling me Britain has no gold reserves!

    Like

  85. 347
    Gordon ( SoldGoldAtThe ) BottomBrown says:

    SPANDAU BALLET = ED BALLS, PA ! A NUT….

    Like

  86. 350
    Anonymous says:

    Things must be bad, Matthew Parris admitted in The Times today that he had already bought 22lbs of silver, and had placed an order for gold coins.

    Like

  87. 351
    Paul says:

    Is my money safe in Santander (Spain) or the Post office (Ireland) ?

    I likes good old building societies. They just lend peep borrowers at a bit more than they reward peep savers. Simples.

    Like

  88. 355
    Drop a Daisy cutter on the BBC says:

    I was joking when I posted the other day here that the BBC would blame the death of the young lad in Norway on climate change.

    But the mongs at the BBC have done it for real. The BBC is such a vile organisation it uses the death of a child to promote its lefty view of the world.

    “….Occasionally, and tragically, we now know, they will also kill people, as evidenced by the death of a young British tourist in Norway and the mauling of four others.

    Incidents like this, however, could become more common.

    The reason is climate change. As rising temperatures melt the sea ice, the number of polar bears may rapidly dwindle. That could mean that there are far fewer bears surviving for people to come into conflict with. But if polar bear numbers fall, we may revere them even more, with more tourists and adventurers flocking to catch a final glimpse of these animals….”

    http://www.bbc.co.uk/nature/14422118

    Like

    • 370
      you could not make it up, but they do says:

      They really are a bunch of dumb as fuck wankers, there’s no other words for it.

      Like

    • 387
      No Shame Whatsoever says:

      Typical from them c’unts!

      Like

    • 435
      American in Paris says:

      As there are no woods in the Arctic, can somebody please tell us where these bears defecate as it is a long walk/swim to the Falklands.

      Like

  89. 367
    hampshire hog says:

    check out what the BoE pension fund is invested in……

    http://www.bankofengland.co.uk/about/humanresources/pensionreport.pdf

    page 11

    there’s your clue as to what happens next…

    Like

  90. 369
    Gordon Brown says:

    I blame Merkel and Sarkozy for the crash.

    No, really I do. It’s in the papers tomorrow, so it must be true.

    Like

    • 446
      Sarah says:

      oh – Gordon . . . . my HERO!! . . . let’s do it again please . . . . do you think you can find your own way this time?

      Like

  91. 371
    Hohohoh hashahahaha heeheeheehee Hahahahahahahahahahahahahahahahahah Wo hahahahahahahahahahah says:

    Jailed Labour expenses MP loses his £3,000 Rolex after attack by fellow inmate

    Disgraced MP Elliot Morley has lost his £3,000 Rolex after he was assaulted by a fellow prisoner.
    The former Labour Minister, who was jailed for 16 months for his part in the MPs’ expenses scandal, was set upon at Ford Prison in West Sussex.
    The attack took place last month after Morley, 59, was approached in one of the corridors of ‘Billet H1’, the wing on which he is being held

    http://www.dailymail.co.uk/news/article-2023237/Jailed-Labour-expenses-MP-loses-3-000-Rolex-attack-fellow-inmate.html#ixzz1UHqBfp1W

    Like

    • 374
      Thick Fag says:

      Don’t tell me he was wearing a fucking Rolex in prison?

      Like

    • 377
      Twat watch says:

      What a dipstick to wear a Rolex in prison.

      Like

      • 382
        Cur Few says:

        Never mind, he will be given a Peckham Rolex to wear very soon.

        Like

        • 510
          Repo Man says:

          Put-up job if you ask me.
          Bet it was a Peckham Rolex but the cheating bastard will claim £3,000 insurance.

          Typical lying cheating Labour shite.

          Like

    • 379
      Tick Tock says:

      Time off for good behaviour or one off the wrist?

      So quiet in Tottenham tonight……

      Like

    • 383
      Infuriated of West Mids says:

      Says it all, doesn’t it! “Labour” minister with a £3.000 Rolex.

      What a plonker to even think of wearing it in prison. You can just picture the scene:

      “You got the time, guv?”
      “Why, yes, my good man. It’s 10 past 3.”
      “Hmm. That’s a nice watch.”
      “Yes, it is, isn’t it?
      “That’s my watch. that is.”
      “Er … I don’t understand. No, it’s my watch.”
      “No it ain’t”

      *OOF* *POW* *KERBANG*

      “Hurr, hurr, hurr …… Shiny.” *walks off whistling*

      You’d have to have a heart of stone not to laugh.

      Like

      • 424
        Anonymous says:

        it’s not only labour mps who have expensive watches

        you really are stupid

        all politicians have nice watches and nice homes and nice everything … they’re all corrupt

        Like

        • 459
          Infuriated of West Mids says:

          I know. I also have a watch worth only a little less than that. The difference is that I don’t pretend to be a socialist.

          Like

    • 398
      WVM says:

      Fuck him, could of happened to a nicer guy.

      Like

    • 494
      smoggie says:

      He’s doing time. Damned expensive time.

      Like

  92. 378
    Thumb down says:

    Hey Guido, after about 200 posts the thumbs make a thread on your blog a pain in the arse to use. For whatever reason they just suck up internet juice and slow down putes to a walking pace. Perhaps a stiff Willy would be a better icon?

    Like

  93. 380
    Tottenham up in flames says:

    Wasn’t there an episode of Bottom where Tottenham went up in flames?

    Like

    • 386
      Voice of Treason says:

      And they say Enoch Powell was a racist who didn’t know what he was talking about – oh how he would laugh if he could see this once great country now ruined by ethnics who have turned it into a cesspit for their own squalid cultures.

      Like

      • 389
        Tottenham Monkey says:

        We done it for da community init

        Like

      • 520
        Anon. says:

        Hear that ? That’s the sound of Enoch spinning in his grave because he’s just been told what the moral degenerates and intellectual pigmies who pass for Members of Parliament these days have done to his beloved country.

        Like

  94. 381
    Could have told you so. says:

    S&Ps error was not to condemn the US for over borrowing in August 2011. Their error was to being 10 years too late.

    Like

  95. 388
    1569 Rising says:

    BBC totally ignoring Tottenham riot.

    Wall to Wall coverage on Sky
    What is going on?

    Like

    • 390
      Winston Smith says:

      Half the staff of the BBC are there in their hoodies.

      Like

    • 391
      BBC News says:

      It’s not a EDL riot so fuck off we’re not showing any of it!
      Besides that it would be bad for community relations anyway.

      Like

    • 393
      WVM says:

      FEEL THE ENRICHMENT!

      Oh yes…

      Like

    • 393
      Voice of Treason says:

      Fucking nonsense! The BBC are covering it live – what channel are you tuned to? Try BBC News and you’ll get full coverage.

      Like

      • 396
        Anonymous says:

        They’ve only just started showing it in the last 20 mins, Sky has had it on for hours.

        Like

        • 439
          A Rioter (that's 'Protester' in AlJaBeeba speak) says:

          Weez just asetn .. . assuer …… rsert . …. doin our roits innit?

          Royat fer Roits innit!

          Like

        • 462
          Anonymous says:

          They hate showing such footage from this sort of area ‘cos they’re success stories of integration innit?

          Like

    • 395
      Anonymous says:

      Well they ain’t. BBC 24 giving it full coverage.

      Time to start awarding compulsory free passage home to their countries to those who want to destroy Britain.

      Like

      • 399
        Breaking Britain Completely says:

        They have it now, its all the coppers fault apparently for harsh policing, various coppers on being cross examined for their offenses.

        Irony is when the riot started police let them get on with it, too scared to have a go back, state of this country.

        Like

      • 400
        Infuriated of West Mids says:

        Is it just me or is there something absolutely pathetic about seeing a burning police car next to a roadsign enforcing a “low emissions area”.

        Christ. This country has so much more to sort out than fucking carbon bollocks.

        Like

    • 417
      blah says:

      once again the met have proven themselves to be completely weak as piss when dealing with violent thugs.

      rubber bullets? no. capsicum spray? no. water cannons? no. baton charges? no. instead they just pad themselves up and sit there hoping the rioters will exhaust all their energy in a few hours and return home.

      absolute disgrace.

      Like

      • 427
        Anonymous says:

        only last week the Met was shown up for what it is – a corrupt organisation

        The police cannot take the law into their own hands

        The governments cannot allow that to happen nor ignore the real tensions of living in a police state/ fascist country like britain

        people have had enough

        Like

        • 468
          Dick of the Yard says:

          Now look, you rotters, of the 25,000 Met Police filth 24,900 just happened to on holiday last night, paid for by News International. What’s wrong with that? Next you’ll be saying you can’t have bull dykes leading the Filth who cover up political assassinations. Outrageous!

          Like

        • 475
          Owlett says:

          What the hell are you talking about? The police *are* the law – for everyone.

          Like

        • 517
          Anon. says:

          Police state? Fascist country? Where are you?

          Like

  96. 392
    Tell it like it really is says:

    Where is Drop a Daisy Cutter – the country needs you – drop a daisy cutter on the collection of scum and bastards on Tottenham Court Road now, help the police out, ffs the police are now having to try and defend the police station.

    This is the result of crawling and kowtowing to this scum imported into the country.

    Like

  97. 402
    Breaking Britain Completely says:

    BBC presenter just asked if it might be possible if ‘football fans’ could have hijacked the ‘peaceful protest’ held by the local ‘anxious community’

    Hahahahahaha, it really is like 1984.

    Like

  98. 406
    Realist says:

    Look it’s only a shitty high street in a shitty london immigrant ghetto. Best thing they can do is burn it down.

    Like

  99. 408
    PC Plod says:

    Lovely Jubbly. Saturday night overtime plus hazardous duty pay.

    Like

  100. 410
    BBC News says:

    Reporter on the street:

    The poor people of Tottenham have suffered under the jack boot of the racist police force for far too long. Shooting this poor man for carrying a gun in public is just beyond the pale, who are we to say what weapon this man can carry mmm?

    He was obviously carrying his gun for protection and self defence purposes only, and if the police hadn’t tried to stop him he wouldn’t have shot at them in the first place. The police force only have themselves to blame, maybe the officers concerned should be sent to a community relations enrichment camp for further education in ethnic studies.

    Thank you for that fair balanced unbiased report, and now the weather with Laura Tobin.

    Like

    • 421
      Anonymous says:

      fuckwit

      since when have the police become judge and jury in this coun try?

      since when has a totally corrupt police service required the support of people to do its job?

      obviously you are as hypocritical as they are

      it’s surprising it’s taken this long as austerity measures hit the high street and the rich holiday in the sun

      Like

    • 422
      Anonymous says:

      fuckwit

      since when have the police become judge and jury in this coun try?

      since when has a totally corrupt police service required the support of people to do its job?

      obviously you are as hypocritical as they are

      it’s surprising it’s taken this long as austerity measures hit the high street and the rich holiday in the sun

      Like

    • 472
      winston says:

      In the good old days we’d chop the copper’s head off. Guns is for wimps.

      Like

  101. 414
    Kick the Can says:

    It’s like the worlds slowly but surely descending in to anarchy and madness.

    Like

  102. 416
    Anonymous says:

    Fatty Fawkes

    You’re much to full pf yourself.

    You’re witnessing deflation but you seem to lack insight.

    The Chinese won’t allow the Fed to inflate.

    Like

  103. 419
    not a machine says:

    mmm looks like a lot of lootin going on in tottenham , so much for peacful protest angel .

    As vince says he backs for new int currency the ruin comes out with corker in the indy “for 3 yrs they have been using the wrong analysis” (coughs rubs eyes pauses for a moment) well why didnt you tell them before it went wrong . Has a pop at all of them and his magical solution is ….. for the euro countries to develope an export model to countries with growth !!!! I asked a 3 yr old what he thought and he said yes the ruin is right on this one . The one on everything must be reformed (but no explanation how it would work), was classic .

    However vince wants everyone to calm down dear , britain has taken the right measures , but misses to call for EU to cut its budget , funny big taxtion debt bust model must still be functioning well in EU then.

    no doubt as dawn breaks we will be able to see the road sweepers work past a multimillion £ night of vandalism , the tab for which will need picking up , David lammy was oh so prophetic wasnt he , and was the taxi cab shooting linked to drugs gang ?? and the libs want to discuss legaliseing it .

    fawkes knows his way round city language , I think I would be a little cautious on gold , some other safe haven commodities are rising as well , but i disagree on inflation in the UK scenario , yes we have had some most notably in energy and some foods , but we have some new aspects this time round mainly inida and china which will keep trade running so I dont expect a crash as such . I do expect some companies to take a hit though which comes under vinces brief i suppose , so fingers crossed hes been hiding his talent in the long grass all these years and can stop any corporate debts getting out of hand. Come monday there should be some consideration given to ensuring commodities dont get specualtion inbalances as per inflation concerns , and the city may do well as we just about have our world class banking status , which I am sure quite few countires will appreciate . I wonder what G7 will say , I would be wary of any financial gifts . Obamas speech whilst perhaps necessarily soothing and forward looking , did not confere to me that he knew where to start as one blogg post I read said “we just gotta keep hoping we can get some people in who know how to sort this out”. I wonder if an amercian now knows how some of us feel , when we look across the channel to our unelected EU masters , blowing the debt/our futures and refusing to take the political overheads hair cut ?. I am not very optomistic at the moment for the US ,just seems a little too crude how they have asessed the situation on where the debt is and what they need to work on , before tackling the dead zones which have occured .

    capitalism isnt dead as such , but its got itself into a lot of trouble , quite a bit through power corrupting it and making markets up , that do not have a real value .

    Like

  104. 429
    David Lammy says:

    As the local black Socialist MP for Labour I would like to take full credit for warning on all the news channels that there was going to be a riot in Tottenham.

    To say that the local hoons took my opportunist warning as a call to arms is wrong; it is a total coincidence that I and the BBC were somehow responsible for stirring up the locals to riot is …..’er………’er …….there needs to be a full inquiry …..and…..and…. people who should know better should keep their ‘effin mouths shut.

    Like

    • 444
      Anonymous says:

      lammy will be one of the first to condemn the local people for this.

      he and his government followed by the wreckless coalition are responsible for the disempowerment of the population.

      saw some fat white copper saying he couldn’t understand why this escalated.

      funny that politiicians, police and media – all publically corrupt – don’t understand the problem – they should all look closer to home rather than try to carrry on as usual

      bnastards in a fascist state

      Like

  105. 437
    Eye_Spy says:

    Don’t Panic!!
    Don’t Panic!!

    OK then. I won’t

    Like

    • 445
      Merv says:

      It’s OK – I’ve been out and bought some more ink and paper, – so we can start printing some funny money right away.

      Like

  106. 441
    Lord Bunce says:

    The Global Debt Crisis is down to an institutionalized banking fraud called Fractional Reserve Banking. Only total Monetary Reform will sort this out. Here’s the great Bill Still talking in Scotland on the Debt Crisis and the ONLY solution:

    The moderator of this site is clueless!

    Like

  107. 442
    Ken DeadStone says:

    It’s all about Yooman Roits innit?

    My friend Chav says so too.

    Like

  108. 449
    MAD FRANKIE HADDOCK son of COD says:

    Thank fuck Labour are not in power
    they would blame these riots on the Tories
    and then pump billions into rebuilding this multicultural shit hole
    into a give away hand out metropolis

    Like

    • 461
      notice to all immigrants says:

      Move abroad, you’ve got a much better chance of getting our money in the form of handouts. Want to start a space programme? No problem, here’s 350 million. A private jet? Here’s 30 million from those mugs in the UK, they can’t give it away quick enough in these cash strapped times.

      Like

  109. 452
    MAD FRANKIE HADDOCK son of COD says:

    Looks like this guy was a fine upstanding citizen and a role model for the community !

    http://www.thisislondon.co.uk/standard/article-23975846-man-shot-dead-by-police-in-tottenham.do

    Like

  110. 453
    Billy Bowden is the greatest umpire ever ! says:

    Looks like the Spurs fans are getting restless about the new season.

    Like

  111. 456
    TOTTENHAM TOAD says:

    It’s da pigs fault init ?
    cappin me bro wen he woz an innocent passenger in a cab won e yeh ?
    jus coz e ad a piece dunna mean ezz gonna cap anyone init
    so he fired a couple of warning shot at the pigs
    dats no reason to cap me bro is it dey shud a let im go init

    Like

  112. 457
    MAD FRANKIE HADDOCK son of COD says:

    I would leave the place exactly as it is
    i wouldn’t even empty the bins
    let these fuckers live “In Da Ghetto” it’s what they want so give it to them

    Like

  113. 463
    Lard Presclott of Bulimia, Bog Seats, Beams,Bellies,Banjos,Punches, Croquet, Pies, Jags 'n' Shags says:

    How do yer spell ‘hippo crit ‘ ????

    Like

  114. 464
    smoggie says:

    I wonder if Turkey still wants to join the EU?

    Like

  115. 467
    DAVE tuscan CAMERON says:

    Hi peeps !
    it’s rather hot out here but not as hot as down the Tottenham court road by all accounts !

    i would just like to congratulate the residents for pulling together last night and taking control of their community
    on viewing the footage of the Tottenham street party i was encouraged to see people forming an orderly cue while filing in through the window of Carpet right
    i’m sure there was enough Stanley Knives around to provide a free cutting service !
    anyway most encouraging to me was to see that Holland and Barret was completely cleaned out , proving that our message on healthy choices is getting through
    just on a serious note ,in our big society we dont like greed
    so if you have to loot Curry’s would you please only take one 52 flat screen so there is more to go round
    thanks ! toodle pip !

    Like

  116. 470
    bird with small brain says:

    Spare me all the sociological explanations for the Tottenham riot. You need to understand that boys fight andf men go to war because they enjoy doing it.

    Like

    • 473
      IQ of an ICECUBE says:

      your name says everything about your comment !

      Like

      • 492
        Anonymous says:

        You’re the dumb fucker, those muppets in Tottenham have everything handed to them on a fucking plate compared to many other parts of the world. Father 6 kids with 6 different women? No problem, the tax payers will pick up the fucking bill! I’m willing to bet that each one of those flats on Broadwater Farm have a 50″ plasma 3D TV FFS, probably a few more for each househol after the disgraceful looting that went on last night. Socially deprived? My arse.

        Like

        • 494
          Tony E says:

          They do now, but Comet are apparrently running low!

          Like

        • 503
          He fought the law....and the law won !! says:

          Only total idiots would burn down their own fucking neighbourhood in protest…..ok we know the “met” at times can be trigger-happy and there are masses of historical cases going back decades where they’ve shot people by mistake either for carrying a chair-leg in a carrier bag or because they mis-identified the wrong guy who then turned out to be unarmed but in this case if I was a police officer and some low-life fucker …be it black or white.. fired a round at me when challenged the bastard would get shot like this guy …no sympathy…endof

          Like

          • MAD FRANKIE HADDOCK son of COD says:

            There is a northern saying “you don’t shit on your own doorstep “that springs to mind

            Like

    • 474
      wipe out says:

      One can only hope for a few nights of gang warfare were they end up wiping each other out.

      Like

    • 487
      WOMEN ! KNOW YOUR PLACE says:

      So Bird with extremely small brain
      That makes it all ok does it ?

      dumb bint !

      Like

  117. 471
    Dear Ed says:

    I likes the Irony of Bollock Ed writing that Dave can’t keep in proper contact from Tuscany, while he himself is in the Pyrenees and Mili Ed is in Tuscany.

    Like

    • 478
      I don't need no doctor says:

      Sorry Ed Balls your not coming through properly. Did you say your a liar, insincere, a hypocrite and a shit. Please repeat.

      Like

    • 496
      EdButLookBalls says:

      Twats..I am self-employed and cannot afford a holiday due to these clowns!

      Like

  118. 476
    Billy Bowden is the greatest umpire ever ! says:

    any connection between the riots in London and the community shield bewteen Man City and Man utd at wemberly today?

    Like

  119. 479
    DIXON my cock's GREEN says:

    I would just like to thank the residents of Grottenham for their little spat last night
    As a result i will be on overtime for the next three months
    “Fackin Loads A Money ”
    new car , holidays abroad , bigger house , private education for the kids more bling bling for the wife
    i can’t thank you enough i’ve not made this much cash since the miners strike !
    Yar Hoo !

    Like

  120. 480
    Gordon Brown says:

    The sky’s green on my planet.

    Like

    • 484
      Nurse Botha says:

      Try taking off your swimming goggles, dear.

      Like

    • 490
      GORDON McBUST says:

      Look nurse the people are revolting !
      They want me back as prime minister
      they know when i’m in charge that they don’t have to steal things , because i give them enough money to buy anything they want

      vote for me coz i’m a tree ! Whoopeeee !

      Like

  121. 481
    Water says:

    Am I missing something here, the police do not have water cannon because they are considered too dangerous?

    Yet the Police carry automatic weapons, semi automatic weapons, Tasers, Telescopic metal truncheons, rubber bullet rifles, pepper spray, batons, alsatians, horses, riot shields and these are not considered dangerous?

    If last night was not the ideal place for water cannon then don’t know what is.

    Like

    • 485
      joolz says:

      I think water cannons should now be used and some form of die, which takes say a week to wash off.

      Then anybody walking down the street and covered in the dye could be picked up and questioned.

      make the die hard to remove, and so liquid it goes through clothing.

      Like

    • 486
      Anonymous says:

      It would of course be too much of a shock to the system for the scabbie soap dodgers.

      Like

  122. 482
    I don't need no doctor says:

    Yet another one of my comments into moderation at 10:21. Just what have I done?

    Like

  123. 483
    FINGER ON THE PULSE says:

    While Guido sleeps, London burns !

    Like

  124. 497
    GORDON McBUST says:

    Lammy is giving his excuses on bbc now !

    Like

    • 499
      GORDON McBUST says:

      He says that the majority of the rioters came from outside of the area
      well how would he know that then ?
      did he have them bused in ?

      Like

      • 505
        out of the frying pan says:

        Probably the latest consignment of chancers from the Eurostar finding out that our streets aren’t paved with gold, but look just like the 3rd world shitholes they’ve escaped from.

        Like

    • 500
      David Lammy says:

      I’m sorry for being such an awful little prick, but that’s life.

      Like

  125. 514
    MAD FRANKIE HADDOCK son of COD says:

    Nice to see there are still some good parents in Tottenham !

    http://i.dailymail.co.uk/i/pix/2011/08/07/article-2023254-0D542C9A00000578-737_964x608.jpg

    Like

  126. 518
    Voice of Reason says:

    Just watched some black aggresive reverend berating that they should have immediate information why the fella in the car got shot. Sorry reverend like white people you’ll just have to wait until the IPCC has finished its investigation. However, as a guess why he got shot – perhaps because a police officer was shot by somebody in that car????????

    Like

    • 519
      MAD FRANKIE HADDOCK son of COD says:

      He was bleating about he wants justice !
      well he got it
      a well known local gangster taken out after shooting a copper !
      thats it end of !

      Like

  127. 521
    Lord Bunce says:

    The terminal Debt Crisis is in all the news. But there is absolute and total media silence on the real solution. MPs aren’t talking about the solution. Bankers certainly aren’t talking about the solution. Nowhere in the newspapers or on TV will you hear any mention at all of the simple measures that will sort the problem out. I wrote a longish explanation for this blog and it was moderated off the page.

    Here is another Bill Still video that explains what needs to be done to solve the Global Debt Crisis. If you feel meaningfully informed give a ‘thumbs up’ and go straight to You Tube right now and grab another Bill Still video. Copy the address from the address bar and paste it here on this blog. It is litterally down to us, the general public, to demand the real solution to the Debt Crisis. DO IT NOW!!!

    Like

  128. 524
    Gordon Brown says:

    I am gettinfg myself a new Mod Parker

    Like

  129. 530
    Ade says:

    Bitcoins are a Good buy at the moment.

    http://bitcoincharts.com

    Like

  130. 531
    Ade says:

    Prices haven’t gone up, the value of our worhtless paper money has gone down.
    We should be looking at money ( and Gold )in terms of its purchasing power.

    Like


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Lord Glasman tells it like it is:

“The first thing is to acknowledge that Labour has been captured by a kind of aggressive public sector morality which is concerned with the individual and the collective but doesn’t understand relationships.”



Owen Jones says:

We also need Zil lanes.


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