It’s half term.  Three kids.   I’ll be back on Sunday night. Probably writing about which parties in the last 40 years have the best record in managing the reserves, following this logic here.

In the meantime, these two letters here in the FT are the major talking story.  They back up the thoughts that were given earlier by Andrew Graham: beware the calls for hasty cuts

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5 thoughts on “Short Absence

  1. “beware the calls for hasty cuts”

    Quite possibly. But don’t let that lead to the statement that there shouldn’t be any cuts at all (which I’m absolutely some will spin this as).

    For both letters are insistent that cuts there have to be.

    Well, OK, fiscal retrenchment then.

  2. Cuts are being made though?

    Giles – in your post on reserves can you address the British Right’s belief that the price of gold is one of the few – only? – freely tradeable asset whose price can be forecasted easily?

  3. Btw, we didn’t have 600t of gold in 1980, we had a quite a bit more – I think probably the 715 we had when Brown made his announcement, but 1/5th had been pledged to the EMI – if we had sold then that would have been brought back (well kept at 1/5th if you get the point)

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