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  The real mistake Brown made was to announce his intention to sell of the gold, not the sale itself. By forewarning the markets he drove the price down thus reducing the funds the Treasury would get.
  
  But on the serious point of now and the future, we are not in as bad a state as many of our peers, whilst we have unacceptable level of government debt the vast majority of it is fairly long term unlike the US in particular.
  
  The big issue for the US is if China and the oil producing nations sovereign wealth funds, who hold vast quantities of US government bonds, refuse to take US Dollars or new debt what is the US to do?

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