Comments on: On Brown Gold http://www.pigdogfucker.com/2008/04/15/on-brown-gold/ Fuck you in the arse and the eye Tue, 13 Oct 2009 12:24:02 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Pigdogfucker » Blog Archive » Insert lame ‘fiat’ pun here http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22199 Pigdogfucker » Blog Archive » Insert lame ‘fiat’ pun here Mon, 21 Apr 2008 23:27:18 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22199 [...] 1) use of the term “fiat money”, as I’ve already highlighted here [...] [...] 1) use of the term “fiat money”, as I’ve already highlighted here [...]

]]> By: David Gillies http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22191 David Gillies Mon, 21 Apr 2008 20:53:31 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22191 I said it was reckless (rather than stupid) at the time and I stand by that. What I was particularly critical of is that his intention to sell it off was bruited about so widely beforehand. The scale of the sell-off was also highly disproportionate. It wasn't a diversification of foreign reserves as much as a wholesale switch into different assets. Of course if this were the worst of Brown's fiscal cock-ups, we'd all be better off. The few notional billions in paper losses that the current high price of gold represents is a couple of days' public spending. Gold's what? A thousand bucks an ounce? So the Treasury is spending 3 million ounces (or ~92 tons) of gold a day. That is the real catastrophe of the Blair/Brown years. I said it was reckless (rather than stupid) at the time and I stand by that. What I was particularly critical of is that his intention to sell it off was bruited about so widely beforehand. The scale of the sell-off was also highly disproportionate. It wasn’t a diversification of foreign reserves as much as a wholesale switch into different assets. Of course if this were the worst of Brown’s fiscal cock-ups, we’d all be better off. The few notional billions in paper losses that the current high price of gold represents is a couple of days’ public spending. Gold’s what? A thousand bucks an ounce? So the Treasury is spending 3 million ounces (or ~92 tons) of gold a day. That is the real catastrophe of the Blair/Brown years.

]]> By: Alex http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22161 Alex Mon, 21 Apr 2008 12:40:33 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22161 <em>if someone uses the term “fiat” referring to currency, this shows that they are mentally ill.</em> I am going to call this the Pigdogfucker Principle and take it to the world. Goldbugs are so odd in such a conventional way, aren't they? I mean, what is it that's so good about the stuff? Further, the purpose of having gold and forex reserves isn't really "in case of rapid inflation" (I mean, what would you spend them on?). if someone uses the term “fiat” referring to currency, this shows that they are mentally ill.

I am going to call this the Pigdogfucker Principle and take it to the world. Goldbugs are so odd in such a conventional way, aren’t they? I mean, what is it that’s so good about the stuff?

Further, the purpose of having gold and forex reserves isn’t really “in case of rapid inflation” (I mean, what would you spend them on?).

]]> By: PDF http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22121 PDF Sun, 20 Apr 2008 23:07:18 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22121 No; you're a clueless moron. For the benefit of the crowd, if someone uses the term "fiat" referring to currency, this shows that they are mentally ill. No; you’re a clueless moron. For the benefit of the crowd, if someone uses the term “fiat” referring to currency, this shows that they are mentally ill.

]]> By: Kit http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22114 Kit Sun, 20 Apr 2008 21:01:20 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-22114 I think you miss the purpose of reserves. Talking specifically about gold you answer your own question: gold is the reserve of last resort in times of "economic uncertainty". Lets imagine a time when banks are collapsing and rapid inflation. What would you hope the county has in its rainy-day piggy-bank? Dollars? Yen? Euro? Or Gold? I bet it would be gold not a fiat currency. That is why Gordon was and is wrong because he believes his own rhetoric that he has banished boom and bust. I think you miss the purpose of reserves. Talking specifically about gold you answer your own question: gold is the reserve of last resort in times of “economic uncertainty”. Lets imagine a time when banks are collapsing and rapid inflation. What would you hope the county has in its rainy-day piggy-bank? Dollars? Yen? Euro? Or Gold? I bet it would be gold not a fiat currency.
That is why Gordon was and is wrong because he believes his own rhetoric that he has banished boom and bust.

]]> By: Matthew http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-21934 Matthew Fri, 18 Apr 2008 15:36:12 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-21934 "He sold it the gold at an all-time low in the gold market" But the point is no-one was to know that it was an all-time low. Of course there were people saying it would go higher, but there were people saying it would go lower. The market price must represent the average view in the market, otherwise it wouldn't be the market price. “He sold it the gold at an all-time low in the gold market”

But the point is no-one was to know that it was an all-time low. Of course there were people saying it would go higher, but there were people saying it would go lower. The market price must represent the average view in the market, otherwise it wouldn’t be the market price.

]]> By: Antipholus Papps http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-21828 Antipholus Papps Wed, 16 Apr 2008 14:21:02 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-21828 I'm a stupid ignorant cunt and I'll spout off all I like! No erudite fuckbucket is telling me when I can and can't lay into Gordon Brown on the flimsiest of pretexts. I’m a stupid ignorant cunt and I’ll spout off all I like! No erudite fuckbucket is telling me when I can and can’t lay into Gordon Brown on the flimsiest of pretexts.

]]> By: Reactionary Snob http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-21824 Reactionary Snob Wed, 16 Apr 2008 12:07:22 +0000 http://www.pigdogfucker.com/2008/04/15/on-brown-gold/#comment-21824 Surely an element of this is when he sold it though, pigdog? He sold it the gold at an all-time low in the gold market. Whether he was right to sell it or not is a separate issue entirely from selling it at the wrong time. R Surely an element of this is when he sold it though, pigdog? He sold it the gold at an all-time low in the gold market. Whether he was right to sell it or not is a separate issue entirely from selling it at the wrong time.

R

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