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  True about announcing the sale, plainly stupid, but gold was at a low price point anyway at the time and it has since been revealed that Brown was advised this and that he should not sell. He ignored the advice as he did over pensions (three times...) and other tax incentivised savings.
  
  The USA have to get a grip of their public spending and given the importance of the US markets to the bond holders they will not want to undermine that. Interesting issue that one.
  
  What you say about the long-term nature of our debt is correct but you should remember Ross that at one point just before the election the interest rates being demanded were at AA levels and not reflecting the AAA rating Britain had at the time. That was a forewarning of the troubles that would have followed if the deficit was not adequately addressed. Rates fell after the emergency budget.

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