Monday, 5 October 2026

All That Glitters

If that. Someone called Andrew Griffith, who is apparently the Shadow Chancellor of the Exchequer, has trotted out the old chestnut about Gordon Brown and the sale of the gold reserves.

Yet a sovereign state with its own free-floating fiat currency has no need of such reserves, no one objected to that sale at the time, nothing about the increased value of gold today could have been predicted then, Labour won the next two General Elections, Brown became Prime Minister in that third term, and he might have remained so if he had been properly supported by those on his own side who instead refused to accept the legitimacy of any Leadership or Premiership except that of Tony Blair, but who would settle provisionally for David Cameron.

If Labour made those points, then it really would have changed. But it will not, because it has not.

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