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The End of Britain -


Hello, my name is Toby Bray. A little over ten years ago I took over running MoneyWeek magazine. MoneyWeek is now the UK’s best-selling financial magazine, and serves tens of thousands of subscribers in more than 60 countries.
You may have heard of MoneyWeek because of the work we’ve done over the last several years – helping investors avoid some of the big disasters associated with the credit collapse. We warned investors to take their money out of Europe in 2009… to avoid buying the euro… to stay away from the big banks in 2008… and steer clear of property investments in 2007. We even helped our subscribers find opportunities to profit from the ensuing chaos, by stocking up on gold and a number of other assets unpopular at the time. To my knowledge, no other publication can match our record of correctly anticipating and predicting the financial crisis. But that's not why I wrote this letter. I cite our success and experience with the crises of the past because there is an even bigger crisis looming – something that we believe will tear out the very foundations of Britain. And that is why we've spent a significant amount of time and money in the past few months preparing this letter... perhaps the most important letter you’ll receive this year. This looming crisis is related to the financial crisis of 2008... but it will be infinitely more dangerous. As I’ll explain, there is an unsolvable problem at the heart of our financial system.

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The End of Britain -

One that dates back over a hundred years. In that time this problem has eaten away more than £10 trillion in public funds. It has been at the root of practically every major political argument in this country, and it affects every aspect of the way we live our lives. Twenty-five Prime Ministers – from both political parties – have come and gone without ever having come close to solving it. The outcome of this problem is inevitable… and the recession, joblessness and instability you see right now is only the first stage of it. Many people think the slump we’re in now is as bad as it will get. But the truth is, it’s only the start. In fact, you will certainly see the consequences of this deep-rooted problem unfold across the cities, towns and villages of Britain. No one will escape the fallout. In all recorded history, no country has ever recovered from the financial position we find ourselves in today. No government has ever been able to reverse this trend. No emergency action has ever come close to a solution. This inescapable problem has only ever had one outcome: total financial collapse. Believe me, we don't make this prediction lightly and we have no interest in trying to scare you. We're simply following our research to its logical conclusion. We did the same when we anticipated the global credit crisis, the property slide and the collapse of the banks. That's why, before I go any further, I need to make something clear...

This is the most serious warning we’ve ever made
This is not just about your money. Yes, at its core, money is a big part of the issue. But it goes deeper than that. What I am going to say is controversial. It will shock many people. In fact, I anticipate an inbox full of angry emails for what I’m about to reveal. And the ideas and solutions I'm going to suggest might seem somewhat radical to you at first. Way back in 2005 – when we began warning about Britain’s dangerous debt burden – very few took us seriously... not at first. Back then, most mainstream commentators – from the Financial Times to the Daily Mail – just ignored the views we published. People couldn't refute our research... but they weren't ready to accept the enormity of its conclusions either. My guess is that, reading this, you may say that too. You’ll say: "There's no way this could really happen... not here. Not to me." But consider this: No one believed us six years ago when we predicted the oil “super spike” months before it made its 82% climb.

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I'll explain why we believe these events are about to happen. unhelpful. when we anticipated the slide in the pound. The eurozone crisis has since devastated stock markets across the continent. And no one believed us three years ago when we advised our readers to ‘SELL EUROPE’. as we predict? We fear that most people will not know what to do if banks fold and they are unable to withdraw their http://www. The next phase in this crisis could threaten our very way of life. They won't know what to do if the stock exchange suspends trading. Of course.fsponline-recommends. In each case we were right to issue these controversial warnings early.aspx?u=eob&tc=EMYKN. And that brings us to today. And if their home loses 50% of its value. Personally. we know that debts don't just disappear. will you be prepared when this crisis becomes a national emergency. the most important part of this situation is not what is happening… but rather what you can do about it. I can’t 3 of 29 11/27/2012 4:16 AM . Then you can decide for yourself. You can challenge every single one of our facts and I’m confident you'll find that we’re right about each allegation we make. We know that printing mountains of money can only end in disaster. I’m going to talk you through exactly what’s happening and what you can do as well. Here at MoneyWeek. Those who received our early insights – our regular readers – would have made and saved thousands from these events. I’ll explain how this came to be. The same financial problems we've been tracking from bank to bank. It has since suffered a long decline and will do so for many years to come. unlike most of the pundits on TV and in the mainstream press. They had quite an advantage.. and they have made a habit of getting the majority of these big calls right. it makes me worry about the future for my family. the confusion will turn into rage. our analysts understand what’s really going on. because what it means is critically important to you and everyone in the In other words.FSPonline-recommends.. We predict that everything about your financial life will change: where you bank. Will you act now and take this chance to protect yourself and your family from the catastrophe that’s brewing right now in our financial system? I hope so. When the NHS is sold off and benefits are scrapped. how you store your money… when you plan to retire… the way you protect your family and repetitive and. The media coverage will be dramatic. They will be clueless if their pension income dries up. As for us. from company to company for more than five years have now found their way into the heart of our financial system.The End of Britain . calling our national currency ‘Down and out’.. And. of course. No one believed us five years we are more certain about this looming crisis than we have been about anything else in our publication’s history.. You can decide for yourself if we’re full of hot air. We know that bailouts have big consequences. And that’s why I wrote this letter.

. State spending is going up… our national debt is going up… and our interest payments are going up. our national debt is still growing at an incredible rate. The fact is. promise you’ll emerge from this potential crisis completely unharmed – but I sincerely believe you’ll be a lot better off than people who don’t follow the simple steps outlined in this letter. It doesn’t matter if you vote Conservative. Take a look at the following chart: Source: The Coalition has spent the last two years desperately and very publically trying to get our finances in order. the Coalition isn’t cutting The facts are the facts. he’s going to add an estimated £700 billion to the national debt in just five years.. 4 of 29 11/27/2012 4:16 AM .The End of Britain .fsponline-recommends. when the Coalition government In http://www.FSPonline-recommends. We’ve had tax hikes. We’ve had “the cuts”. UKIP – or for no party at But I'm getting ahead of myself a bit. we were already in a huge amount of debt. and what we believe will happen in the very near future. We’ve had an “austerity” It’s more than every British government of the past 100 years put together. Let’s take a look at some numbers… Two and a half years ago. Labour. Despite David Cameron’s talk of “austerity”.. But for all that. the previous government had left the country sinking under £700 billion’s worth. The downward slide has begun Britain is about to be flattened by a tidal wave of debt. Let me start at the beginning.. That’s more than Tony Blair and Gordon Brown added to the national debt in eleven years. Liberal. when you look at our finances as a whole. Here’s why we are so concerned.

FSPonline-recommends. In fact. personal and private debts… and an even darker picture emerges… Compared to the size of our Our total debts stand at more than FIVE TIMES what our entire economy is the only countries that have more debt than us are Japan. where the housing market has crashed 50%. some politicians will admit Proportionally. You see. where the economy has stagnated for 20 years and the stock market has crashed by 75%. as this chart shows: Source: ukpublicspending. Those are four countries already in the throes of financial crisis.. and the government has been forced to accept a bailout. Britain is now one of the most heavily indebted countries in the Western world. By the next general election in Anyone can see that. And to some extent. That’s official.fsponline-recommends. and Ireland.The End of Britain .aspx?u=eob&tc=EMYKN.4 It’s clear: our public finances are in an enormous mess. But add in our financial. We’re the odd one out because we haven’t collapsed – yet. But things can’t stay that way for long. our national debt is estimated to stand at almost £1.. that’s more debt than Italy… Portugal… Spain… and almost twice as much debt as Greece. our debts tower above almost every other nation’s – here are the figures that prove it: 5 of 29 11/27/2012 4:16 AM .

aspx?u=eob&tc=EMYKN. But how did we get here? After all. we were once the richest and most powerful nation on earth. That’s right – when you add everything up. And the worst part is. national central banks. McKinsey Global Institute That's absolutely incredible. It’s clear to see: we’re totally we owe TEN TIMES what our entire economy is worth. A country can either pay back its debts or it can’t. isn't it? Yet you’ve probably never seen this fact reported in The Telegraph or on Sky News.. We’re merely talking about different shades of disaster here. even THAT isn’t the full story… Because when you add in all of Britain’s “unfunded obligations” – promises the Government has made on things like public sector pensions – our debts swell to 900% of our economy. When you’re dead.The End of Britain . or which way you look at Britain’s debts. What happened to all of our money? 6 of 29 11/27/2012 4:16 AM . But let’s not delude ourselves. And Britain can’t. Our political leaders still like to see Britain as a world power. It doesn’t matter which set of figures you use.fsponline-recommends. Bank for International Source: Haver There aren’t some people who are more dead than others. you’re dead.FSPonline-recommends.

.uk/page. so why shouldn’t we implement it? But there was one problem: now the welfare state had started… no one had any idea where it would stop… or whether it could actually be stopped if it became unaffordable. The government agreed to redistribute taxes to support people in their old age. at the beginning of the 20th century. So at the time there were 10 workers for every pensioner. keeping the forces of Socialism and Fascism at bay. A dangerous experiment gone wrong On the 1st of politicians soon realised welfare wasn’t just a tool to win the peace. So the idea of rewarding anyone who made it to 70 with a hand-out from the public purse seemed perfectly fair. would inevitably lead to the crisis Britain faces now.. cheap. 1909. It was also incredibly effective at winning votes too. On that day. Britain still had a booming overseas Empire. The rules were simple. That first year only 500. Of course. The economy was on a seemingly permanent upward trajectory.fsponline-recommends. but few politicians realised Lloyd George initiated a social experiment that they were setting in motion a sequence of events that that would soon spiral out of control.aspx?u=eob&tc=EMYKN. It was a perfectly workable policy. the government wasn’t really making that big a financial commitment – because back then the average working man could only expect to live to 48 years of http://www. We’d created a trap for ourselves… then stepped right into it. can I have some more?” It wasn’t until the Second World War was finally over that the welfare state really began to grow… Welfare was seen as a major part of “Winning the Peace”.000 men qualified for a government pension. And let’s not forget. And the idea that Britain could face any kind of decline – financial or otherwise – had not yet entered mainstream thinking. But for all the positive press and good feeling. Men aged 70 and above could claim between 2 and 5 shillings per week from the government. “Please sir. Japan and across 7 of 29 11/27/2012 4:16 AM .co. And more importantly for the government. This same scenario came to be repeated across the world – in the USA. something happened for the first time in British history.FSPonline-recommends. the modern welfare state began in earnest. We could afford to pay for a welfare state.The End of Britain . more than any other. That’s the equivalent of offering someone a pension today… but only when they reach the ripe old age of 115. It had yet to fight in the cripplingly expensive First World War.

uk http://www. Everyone assumed we’d be able to pay for it forever. It was immensely expensive. As people have lived longer. and so did the cost. The safety net couldn’t just be pulled away. when Britain ran a quarter of the planet. And grow it did: Since public pensions were first The National Health Act. more doctors. this all came with a nasty side effect. an ever growing proportion of the population now benefitted from the welfare state. The problem was. In just a few short years. almost the state employed just nurses and other staff. The list went on. Europe. which reformed schooling. After all.fsponline-recommends. There was The Butler Act. as well as a skyrocketing cost of caring for the elderly – has pushed our finances to breaking point. the state employs half a million civil servants. the size of the welfare state grew. The National Insurance Act. so has the cost of running the welfare system itself. in a flurry of new laws.FSPonline-recommends. The government would forever be saddled with an expense that could ONLY grow. Seemingly limitless economic growth and prosperity allowed politicians to make an essentially unlimited promise: The government promised to look after you “from Cradle to Grave”. But the age at which we retire has remained essentially the same. powerful idea gave government the licence to swell to a size unimaginable just half a century earlier. the strain on the NHS – the demand for medication.The End of Britain . If you’re in any doubt just how out of control state spending has become.aspx?u=eob&tc=EMYKN. The recent attempts by the government to change the retirement age don’t go anywhere near solving the problem. during the height of the British Empire.000 civil servants. in one way or another. average life expectancy has grown from 48 to 80 – a 67% increase.. Politicians found themselves totally and utterly caught in this trap. Or the party trying to cut back – to do the sensible thing .was simply voted out of power. Any attempt to reduce the size of the welfare state was met with often violent resistance in the form of strikes and protests. In fact. For instance. This has resulted in an estimated £5 trillion worth of pension promises the state has made to its citizens – roughly five times what our entire economy is worth. But they were wrong. This single. as state spending has grown. The Family Allowance Act. simply take a look at this: 8 of 29 11/27/2012 4:16 AM . No one has any idea how we’ll pay these. To put that into perspective. The promises got bigger.

To put it bluntly our politicians – so-called educated people who are meant to be looking after our interests – acted like teenagers with their first credit card – all to win votes. That alone is bad enough. call for bigger reforms. for example. Government over-spending = BORROWING And in a situation like this – when you spend more than you earn – there’s only one way of paying for it. we’d have been declared bankrupt by now. Banks… businesses… the ordinary man on the street – these days they all carry a great weight of debt. By borrowing So a vicious cycle was set in motion.aspx?u=eob&tc=EMYKN. With the idea of welfare being such a As you can see. But http://www. Source: ukpublicspending. all they could really do was sit back and let a future generation sort it out.. And now it’s come down to us. no government could take the bull by the horns and cut it back. If the UK had been a business or an End of Britain . Want a new crowd-pleasing cut in taxes? Fund it with debt. we also have to service our debts – to pay interest on a pile of debt that’s mounting ever higher… debt that we’ll never pay back. spending has exploded in a way no one could have imagined 100 years ago. This addiction to debt has spread into every corner of British society. and ultimately borrow more and more We’d have been forced to sell our business premises or our home and would have been housed in a run-down flat long ago..fsponline-recommends. They could fiddle round the edges and save a few pennies here and there. Debt has become normal. Want a holiday? Pay for it on credit. Not in any meaningful way. but as the population grew larger and lived longer. Politicians realised that to remain in office they needed to make bigger promises. 9 of 29 11/27/2012 4:16 AM . In 2012. the government will spend roughly £120 billion more than it collects in taxes.

The explosion of government spending and government debt has mostly come in the past 30 years. This came in the form of a bond (a gilt). That’s worked for 100 years – why won’t it work now? The answer to that is simple. Here. But over time the government’s borrowing costs have fallen – dramatically. without having to face the consequences. it will really hit home.FSPonline-recommends. And low interest rates make it easier to borrow the government only has to pay 2% to borrow money over the same period. Debt has been getting steadily cheaper for three decades. if interest rates were at their normal rate of 5% .uk http://www. That’s seven times cheaper than in 1982.fsponline-recommends.aspx?u=eob&tc=EMYKN. The most powerful world trend of the next 20 years So what’s different about today? Why can’t the government just keep giving us MORE – and take on more debt to pay for In 1982 Margaret Thatcher’s government had to pay 15% to borrow money for three interest rates on the government’s debt have been steadily falling for thirty years. But very We have been for a long time. Anyone with money – be it a rich country or a pension fund – could invest in the bonds.. Now. The simple truth is. it’s been easy and cheap for the government to borrow money. But these ‘good times’ are about to come to an abrupt end.The End of Britain . We are broke. And during that time. You see. and receive 15% interest in return. That has allowed the government to borrow more and more money.instead of the extremely low 10 of 29 11/27/2012 4:16 AM . let me show you… Source: Gecodia.

Not just ‘in over our heads’ but six feet under. In fact. When rates move higher… you get squeezed… and eventually. If interest rates moved back towards the normal 5% level. Or privatising the NHS.. Interest rates shot up vertically. fell into recession and the markets realised what a complete mess the country was in. overnight poverty. our cost of borrowing would triple. at normal rates of interest we’re already bust.. as they were in the 1960s. the government would have to take drastic action – like abolishing the state pension. if our current debt repayments tripled. when you’re in a lot of debt. the destruction of private property. just keeping your family safe is a big challenge. Just to put that into the Greek government could borrow money at just 1%. you have to find more and more money to cover the interest on your debt. but socially and politically too. the Greek economy hit the rocks. As you’ve seen on the news.The End of Britain . It’s simple maths. in 2009. The fact is. And Greece imploded. Then in the wake of the financial crisis. That’s the danger of rocketing interest rates to a country with huge debts.. MP. And that’s just if interest rates move back to “normal” levels. As Douglas Carswell. there were People couldn’t get their money out of banks fast enough. So long as rates stay low. Or pushing tax rates back up to 90%. Britain would change radically. said recently: “Greece might be the first Western country to discover 11 of 29 11/27/2012 4:16 AM .aspx?u=eob&tc=EMYKN. You can service your debts… keep borrowing… and keep the wolves from your door. you can just about keep things on interest rates are either your lifeline… or your death sentence. businesses collapsed.fsponline-recommends. snap elections and crushing general strikes. 2% they’re at right now – there’s absolutely no way Britain could ever repay its debts. They say a picture tells a thousand words.. In that environment. In short. you’re finished. Not just financially.FSPonline-recommends. All of a http://www. As you can see. So I’ll save a few words and show you this: Source: Bloomberg This is an extreme example of what happens when interest rates take off.

The laws of mathematics are universal. No one can say how quickly things will escalate. we are certain things will get nasty. and demand higher interest rates… or stop lending to us altogether. but ten times worse. Now it’s about to start getting much more expensive.” In Britain. the government simply won’t have the money to bail the banks out again. But the crisis will not be confined to the financial sector. As news of the banks’ problems hits the press. the value of government debt (bonds) falls. What we can say with certainty is that sooner or later interest rates WILL rise.aspx?u=eob&tc=EMYKN. (Image © Bloomberg) 12 of 29 11/27/2012 4:16 AM . the housing http://www..The End of Britain . We are likely to see a run on the banks. She will not be the last. Most mortgages are linked to interest rates. then we’re incredibly close. If we’re not at rock not knowing whether you’ll be able to withdraw your savings. We’re now facing an unprecedented crisis. as people rushed to get their savings back. When interest rates Picture the scenes we saw at Northern Rock. Debt has been getting cheaper for thirty years.fsponline-recommends. When that day arrives. our record debts will become impossible to bear. As interest rates rise. and rumours of a new round of bailouts spread. Or they could slowly and inevitably push higher. Even a small jump in interest rates would wipe billions of capital off banks’ balance sheets.FSPonline-recommends. As interest rates shoot upwards. millions of people will be pushed “underwater” by a combination of falling housing values and rising mortgage payments. We’ve already seen this across Europe. Interest rates could rise overnight.. and your family? The first “flashpoint” will be the banking system. This is because banks hold huge amounts of government debt. We’re approaching the day when foreign investors realise the scale of our problems. That means the most important trend of the next twenty years is almost certainly rising interest Imagine standing outside your bank. the stock market… stripping you of your wealth one day at a time. That’s because this time round. interest rates on government borrowing now stand at record lows. that you cannot keep running up debts to pay for a lifestyle you did not earn. The next domino to fall will be the housing market. How Britain collapses from within So what happens to Britain when interest rates rise? What shape will the crisis take? And what does all this mean for you. the public will catch on to what’s happening. taking years to slowly strangle the economy. It’s impossible to say exactly which high street banks – if any – could withstand that kind of hit.

Governments say everything’s under control. In the early 20th century Argentina was one of the world’s largest economies.The End of Britain . Of The Victorians thought the British Empire would last forever. But assumptions can be misleading. The important thing to realise is that Britain is going to change – totally and utterly. We are not simply talking about shares falling or house prices dropping. 13 of 29 11/27/2012 4:16 AM . Federico is one of our private network of These events often come as a shock to the public. But if you need any convincing of how quickly things can change… of how rapidly order can turn into chaos… history offers us a number of painful reminders. trade fell off a cliff and investment fled the country by the billion… Come early-2001 the country was in a state of http://www. it’s hard to picture. Rich in natural resources. and things looked very different. Especially ones that are widely held. So desperate were villagers for food. In fact. so cultured they called Buenos Aires the Paris of South America. Things might never be the same again. Let’s take just one of them.. Austerity measures were put in place (sound familiar?). a massive industrial sector. its financial system buckled.fsponline-recommends.aspx?u=eob&tc=EMYKN. the social fabric begins to fray. which is devastating enough. with banks blocking cash withdrawals. rioting in the streets and the total collapse of government..’ But fast forward to the end of the 20th century. A warning from history The disturbing reality is that a tiny increase in the interest rates could force tens of thousands of people to miss payments and default on their mortgages. Americans in the 20s thought the stock market boom would never end. But that isn’t all… When a financial system ceases to function. And here in the UK.FSPonline-recommends. We are talking about the collapse of social order.. Most people think Britain’s debt collapse can’t happen.. until they beg for bailouts. To give you some idea of how bad things got – and how quickly they escalated… you need to listen to our man in Argentina. He worked as a Financial Advisor for Citibank in Buenos Aries at the time. businesses closed. Federico Tessore. Banks look safe until they announce they’re broke. they hijacked livestock trucks and slaughtered the animals in the streets. Many people assume they’ll never happen. Argentina’s borrowing spiralled out of control… As Argentina’s debt accumulated in the late 90s. a popular saying 100 years ago was as ‘rich as an Argentine. (Image © Bloomberg) Is this all too alarming? Some of our critics would say so. we thought we could keep borrowing and spending forever. experiencing the chaos first

but the illegal market exchange rate was 3 to 1.. It was chaos..000 deposit in the bank were given an Argentina pesos 140. For two months this madness continued. Even worse.. I had to talk with thousands of people per was to explain why the international banks like Citibank. I was working at the Citibank bank at the time. But they didn´t do it. They basically defrauded their own customers. it was almost impossible. Order very quickly turns into chaos. The official exchange rate was 1. this conversion was not in cash. But that was a terrible mistake.. That’s what happens during a debt http://www. They had the money abroad to do that. More than once my life was threatened by desperate customers who just wanted to get their money back. I think.aspx?u=eob&tc=EMYKN. So they decided to bring back their money to Argentina.. many Argentines were frightened about what could happen in in cash… you could only get $500 per week. This meant that you could only get out 500 US dollars per week in cash from your bank account. The government created a 10-year bond for the depositors. One of the hardest parts. (Image © Bloomberg) “It was 2001… the US had just suffered the 9/11 attacks... we called it a “money prison”. I saw what was happening from the inside. who stormed into the banks very angry. It didn’t matter if you had $1 million in the bank. So.The End of Britain . until the government decided to convert the US dollar deposits into Argentinian pesos. 14 of 29 11/27/2012 4:16 AM ..000 10-year bond.4 to 1.FSPonline-recommends. and try to explain what was people that had a $100. He’s got quite a story to tell… A debt implosion isn’t pretty.. decided not to recognize the dollar deposits to their customers.. This of course enraged people.. many old people.. because in December of 2001 the Argentinian government created the "corralito". In English you would say "playpen".

aspx?u=eob&tc=EMYKN. Really? Anyone around fifty years old will know that. you became a little Once your country has imploded and trust in systems and institutions has evaporated. it was like living in hell. They are still trying to understand what happened to their tattered country. the stock market is depressed and the global market steers well clear of Argentine bonds.” The Smiths Back in the 1970s inflation ate into cash savings at a rate of 28%. But that’s Argentina. But twelve years on. smashing the windows… all the walls where painted with insults and complaints. Endless government scams and corruption have made them suspicious and distrustful. Every single day. we’ve had our own taste of financial and social collapse..The End of Britain . 15 of 29 11/27/2012 4:16 AM . That could never happen to us. It seemed like every time you turned your back. That could never happen here in Britain. Britain entered its own ‘lost decade’ of economic chaos… “Them Was Rotten Days. It’s a chilling story… within three or four years the country fell into total financial and social anarchy. Conditions for many honest. Regular Argentines now hoard gold. The government has raided public pensions. Yes. right? A crazy South American country full of impulsive hot-heads and corrupt politicians. hard-working people are simply terrible. We had to enter the bank escorted by the police. Argentina wasn’t crossed off the map. And what happened next? The depositors attacked the banks. investment stays away for decades. It still exists. And a culture of short-termism http://www.. Around forty years ago. it’s barely rioting outside. It’s not complicated.. 28%. bank savings lost more of their value.FSPonline-recommends. in the relatively near past.

For millions of people trying to keep their hard-earned money It seems insane now. people had to dig deep into their savings just to make ends meet. Unfortunately. falling 73% between 1973 and 1974. (Image © Getty) 1974. The FT30 entered the worst bear market in history. But it went deeper than that. it was a nightmare.The End of Britain . (Image © Getty) For a left wing Prime Minister to admit that too much state spending is dangerous SHOULD have 16 of 29 11/27/2012 4:16 AM .uk http://www.aspx?u=eob&tc=EMYKN. The speed of the social breakdown was frightening… The general strike meant dead bodies went unburied as gravediggers joined the picket line… Stinking piles of rubbish rotted on the streets. he delivered what was meant to be a wake-up call for the British financial and political system: “We used to think you could spend your way out of recession and increase employment by boosting government spending… I tell you that option no longer exists. towering inside Leicester Square… Those lucky enough to have jobs had to swallow huge wage-cuts during the infamous ‘three-day-week’. In 1976.FSPonline-recommends. family businesses closed. but social order quickly breaks down secure. We were the ‘sick man of Europe’. don’t be under any illusions. Britain’s coming debt As the top rate of income tax peaked at 83% in 1970s. And so far as it ever did exist. almost everyone has forgotten them. implosion could plunge us back to the darkest days of the Property and banking crises meant that.. humiliated. Rising interest rates buckled the financial system.. It can happen here in Britain just as it can happen anywhere – given the right conditions.” These words are amongst the most important ever uttered in the history of modern British politics. Humbled. with Jim Callaghan going cap-in-hand to beg for a huge bailout. Shoppers scoured supermarket shelves by torchlight during blackouts. it only worked on each occasion… by injecting a bigger dose of inflation into the the UK government had to be rescued by the International Monetary Fund. That’s not to mention the violent civil where thousands of the unemployed and strikers clashed with the police. The country was brought to its when the money stops flowing. foreign investment steered away from Britain as if it were an island colony of lepers. So when we’re talking about financial emergencies.fsponline-recommends. Jim Callaghan. followed by a higher level of unemployment as the next step. people’s lives changed dramatically for the worse: jobs were lost. Even gilts – our so-called “safe-haven” – collapsed as interest rates went sky high.

But the day of reckoning is approaching. When? Well. Or this time next year. rapidly. So long as interest rates kept going down. The important question for you is: When this happens. very few people will have any idea how to respond. perhaps forever.FSPonline-recommends. there was always a way to put off the pain… a reason to borrow more… a justification for not balancing the books. Most will see the assets they have worked all their life to secure begin to lose In the 1970s the spend-borrow-spend experiment should have ended.aspx?u=eob&tc=EMYKN.fsponline-recommends. the financial system could be breaking apart. But we just kept on spending. we can’t say exactly. will you know what to do? The problem facing everyone in Britain When these events The vast majority of people here in Britain will have no idea what action to take as they watch their wealth and financial security drain away. It’s impossible to say. But we think that savers and investors who are not aware of the full risks – and who fail to protect themselves – will suffer the most... it didn’t – as this chart so aptly illustrates: Source: ukpublicspending. out of http://www. But of 17 of 29 11/27/2012 4:16 AM .uk/page. marked a big turning point in our history. It should have been our wake-up call. slow drawn-out process that drains your wealth over the next End of Britain . It might be a long.

thousands of people will lose a lot of what they have. In October 2006. 12 October 2006. we spot these dangers approaching . could be lasting. And that’s why so many people could get caught out and lose so much money. By the time most people have pieced it all together.. My intention is not to be melodramatic. You can’t rely on mainstream commentators to help you. we have a track record of getting many of these things we have this one . or the true significance of this information makes the headline news in the financial press. In short. 18 of 29 11/27/2012 4:16 AM . disasters of this magnitude come out of the blue. What if your money is trapped in one of the banks that collapse? What if your invested wealth is stuck in one of the companies most likely to crash? This is about knowing what you CAN do with your money if the worst of the crisis unfolds. It won’t matter if you have £5. And they won’t be able to do a thing about It won’t matter if you own a five bedroom house in Esher or a one bedroom flat in Croydon.fsponline-recommends. both the FT and Telegraph were singing property’s praises. “Property prices take off as buyers return to the market” – The Telegraph. a lot of Britons still had their money tied up in banking shares – and they lost a lot of it. The cost of making the wrong move with your money. into profitable ones. But if events unravel as we expect. The most horrible feeling will be the loss of control and the confusion. But when they crashed in 2007.. Often.The End of Britain . For more than a decade MoneyWeek has been sharing its insights with private investors. But for our readers. We gave our warning to steer clear of British banks as early as 2005. This crisis will lay waste to the wealth of anyone who isn’t prepared for it. It’s essential you prepare for these events. over the next few So who do you listen to? Warning: Prepare for this disaster or you could lose a serious amount of money. Desperate to take some sort of action. We have helped steer them away from dangerous areas of the many people will feel pressured into making investments that could blow up in their faces. For most people. it will be too late.000.FSPonline-recommends.aspx?u=eob& http://www.000 in the bank or £500.and give our readers time to prepare. financial crises are rarely a surprise. Let’s take another example – property.

Southampton Another example… When we predicted the oil “super spike” in May 2006 those that listened made a swift 82% gain.” Simon Bradley. 13 October We have a track record of getting many big calls right. Birmingham Throughout 2007 we repeatedly warned our readers to ditch the FTSE while the mainstream commentators – with great confidence – wrongly reassured investors there was nothing to worry about: “The FTSE giants have nothing to fear” 19 of 29 11/27/2012 4:16 AM .aspx?u=eob&tc=EMYKN.. but many people did. many unfortunate people timed one of the most important investments of their lives completely http://www. On the other hand.” T Le Grange. Thanks to the the UK’s obsessive property mania. “This is simply a note of thanks to you and your staff in providing a publication that has personally guided me into safer financial waters during this time of uncertainty. It’s what makes me confident and serious about the job our investment team does here at MoneyWeek – providing crucial and lucrative insight on the “Without the catalyst of MoneyWeek I surely would be part of the herd and suffered greater losses through these challenging times – that is a fact. those that listened to our timely warning had the opportunity to secure their wealth. Our message was loud and clear: “Get out of property NOW!” – MoneyWeek. October 2006 – February 2007 Within just a year the property market began its steep fall – just as we’d warned. But we saw things differently.fsponline-recommends. I’m proud of it.The End of Britain .. Bournville. egged on by the mainstream media . Our research told us the market had dangerously topped-out. I don’t know if you personally lost money in the property collapse. “Property boom extends across UK” – The FT.

” Bob Lindo. our team saw which way the wind was blowing. These are men and women who spend every day of their lives either working in. the financial markets… but who. A financial publishing magnate and self-made millionaire. “Here comes the crunch” – MoneyWeek. Our research group draws upon the knowledge and experience of some of the brightest and most forward-thinking financial minds in the” Our readers had the time to get out and avoid the pain felt by thousands of investors. Cornwall. That 20 of 29 11/27/2012 4:16 AM . Camel Valley Vineyards. which emerged over the past few decades. or analysing. And showed them the best ways to profit from both.The End of Britain .. and to see what’s really going on beneath the surface. most importantly. you have forecast everything during the downturn and none of this is vaguely a surprise to you. and even social collapse. More recently we gave our readers advance warning about both the Eurozone crisis and China’s economic downturn. They are smart. The MoneyWeek team includes: An award-winning defensive asset manager who’s responsible for more than £1bn in client money. to stand apart from their peers and cosy group-think. 27 July 2007 And right before the colossal crash of 2008 we issued a stark warning: “The credit carnage is far from over. One of the most respected financial commentators in Britain. Our message right now is that we believe Britain is entering a long.. 29 July 2007 Once “I have to hand it to you. A well-known peer and one of the most celebrated financial thinkers in independent people who aren’t afraid to seriously question conventional wisdom.FSPonline-recommends. he now advises the European Commission. That’s how things used to work.. downward http://www. The fact is that many ideas about investing.aspx?u=eob&tc=EMYKN. But not any more. – Telegraph. so innovative in his reading of the markets. And one man.. One that is likely to be punctuated by a devastating financial. The idea that you can just ‘buy and forget it’ – whether we’re talking shares or property – is plain wrong. have to be radically re-evaluated. do NOT get swallowed up by mainstream viewpoints..

.uk http://www. Britain’s huge accumulation of debt means its fate has already been sealed.FSPonline-recommends. that’s the country descended into a period of economic and social crisis… a catastrophe that ended with the rise of the Nazi party. kind of wrong-thinking over the coming months and years. But things can get worse. Today. and in the worst possible way. it should be this: In recorded economic history. sometimes years in advance. That’s twice as bad as the level of debt seen in America during the Great Depression. government debt. Ultimately. Britain’s total debt equals 900% of the economy.fsponline-recommends. I cite our success and experience with the crises of the past because there is an even bigger crisis looming. When you add in our financial sector debt.The End of Britain .co. We are about to pay for what we have borrowed. Over the last decade we have shown our readers where the markets were heading months. it was cheaper to decorate your home with bank notes than wallpaper. Shockingly.aspx?u=eob&tc=EMYKN. every single country with debts as big as ours – every single one – has suffered a devastating economic collapse. If Britain’s current debts were at those kinds of levels. it would be worrying. During the Japanese economic collapse – which triggered more than two decades of deflation and a 75% drop in the stock market – Japanese total debt hit 498% of GDP. could be disastrous for you. our debts are now much worse than either of those two examples. Back then. For example… During the Great Depression – when thousands of ordinary people lost everything – America’s total debt hit 252% of GDP. I’m sure you know what happened next: the government printed money and hyperinflation took off. suffering under the weight of brutal war reparations. But in truth. personal debt and corporate 21 of 29 11/27/2012 4:16 AM . In the end. our debt load is now on a scale comparable with one of the most frightening economic disasters of the 20th century… I’m talking about the Weimar Republic. the Weimar Republic’s total debt equalled 913% of its economy. In any circumstances. And that was with debts worth 913% of the economy. The value of that insight is incalculable.. We have helped keep safe the ambitions and financial futures of countless people. If you have any remaining doubts that a day of financial reckoning approaches… read the next page of this letter – and I’ll prove it to you. There are NO exceptions. civil unrest and shattered public Escape is impossible If you take one thing away from this presentation. conclusively. Again.

uk/page.The End of Britain .uk http://www. that means they’ll turn to their primary source of income: you. That’s essentially how the US filled Fort Knox – by seizing other people’s gold. governments automatically raid the wealth of their citizens. Because the simple fact is: When interest rates rise – and they WILL rise – Britain will face the greatest crisis in generations.fsponline-recommends. the Emperors raised taxes over and over. the government nationalised all pensions. you face an even more immediate threat: The desperate actions of our own government. will happen. As the crisis deepens. It goes as far back as Ancient Rome.aspx?u=eob&tc=EMYKN. Those things. The first danger you face won’t be the falling price of your shares… nor will it be the insolvency of the banks. debts… our debt load rivals the Weimar Republic in scale. President Roosevelt signed executive order 6102. Better people than David Cameron and Nick Clegg have tried to get out of similar crises in the past . They must be seen to be doing something. Just last year in Hungary. Can you imagine waking up one day and being told that the income for the last 30 years of your life hangs on a government promise? 22 of 29 11/27/2012 4:16 AM . and use almost any means to seize it..and failed. the government basically made it illegal for anyone but them to hoard the precious yellow metal. too. But first. panic will take hold. when countries are in financial crisis. as you saw earlier the only thing delaying the crisis right now is the fact that interest rates are at historical lows. this worries us a great squeezing as much coin as they could from their subjects. they confiscated people’s savings. politicians will cast around for any sources of money available. But that won’t stop politicians making a series of bad decisions to fight the inevitable. Because this simple fact alone proves just how inevitable Britain’s coming crisis is. That’s what allows life to carry on “as normal”.co. In effect. As you have seen. Throughout history. In a desperate attempt to pay off the debts and try to regain control. As the Empire crumbled and inflation raged.. In the midst of the Great Depression. It should worry you. And that’s bad news for you. And there’s one more thing you need to consider. Invariably. the hole we have dug for ourselves is simply too big to ever fill back in. But things won’t be this way for long. Refusal to comply with these demands was met with a five year prison sentence. It’s all they can do.FSPonline-recommends. we believe. while they are still in power. Back to the 20th century… In 1933. To put it mildly. facing a debt crisis similar to our own. forbidding the man on the street to hold any significant amount of gold. How the government could seize your wealth There is nothing the government can do to solve the debt crisis. Remember.

The government and financial authorities will never admit this. the government will come after the people with money and savings.. Anything over £500 is http://www. In Europe. their official statements are designed to conceal it. but overseas shares are no longer available”. And yet. It’s a bombshell.The End of Britain . A dividend super-tax: You decide to review your investments. you find that the dividend income you expected is much. Limiting the size 23 of 29 11/27/2012 4:16 AM . considered the future. It says. wealth restrictions are already being implemented. the top rate of income tax under Edward Heath was 83%. even in public. you are asked to reveal how much money you have on you. “Dividend income is now subject to additional Dividend Control Tax. These measures have already been discussed amongst Eurozone finance chiefs.. Your investments restricted: You come across an interesting investment idea. Instead of the usual ticker code and information. in times of financial panic. in Italy. Clear limitations on the role of the State. To your dismay. It’s not just your home that will come under threat. their actions and the new controls they implement will completely undermine the core principles of the British way of life: The protection of private property.aspx?u=eob&tc=EMYKN. all private pensions will be nationalised “in the national interest”. of course. Individual freedom. You take out your wallet. Spain and Greece. You open up your online stockbroking account and search for it. been responsible. it’s your money. right now. salaries and pensions have been slashed up to 40% and the retirement age has been hiked to generate more income from the population – the very victims of the crisis.FSPonline-recommends. In 1974. The rule of law. In three months’ time. when the newsreader calmly announces the Chancellor of the Exchequer’s latest policy. Imagine how it would feel to be so blatantly fleeced by your own government. As you go through security at the And you can’t use your credit cards overseas. They are masters of doing this. Just imagine the following situations: Your money seized: You set off to take a brief holiday on the Mediterranean. planned for your old age. In fact. in the end. and look through your latest pension and broker much lower than usual. You notice a small note at the bottom of the statement. all that appears is an error message: “Sorry.. at 25%”. And the outcome could be very uncomfortable indeed. In other words. Your pension. If you are someone who has worked hard. in the full glare of television lights and with reporters taking notes. In Greece right now. They will never announce or admit to these ‘confiscation’ policies. Or to put it colloquially: “an Englishman’s home is his castle”. downgraded: You are watching the ten o’clock news. and the government will take control of all pension provision. thought about your But you don’t have to look too far from home to find one of the cruellest examples of seizing private wealth. that involves buying a foreign share. benefits have been cut to the bone. and built up savings and some wealth – you are the prime target.

The next three issues of MoneyWeek for FREE – showing you how our team of expert investors are preparing for the coming debt implosion. Considering the UK has one of the largest debt to GDP ratios on the planet.. even riots. I’ll show you a special Wealth Preservation Report that outlines investments you can make right now to help keep your money out of the government’s grasp.. There may be resistance. the suspensions of free travel between countries… there are draft plans to initiate these extreme measures under desperate circumstances. revealing three moves you can make right away to start protecting your money. But ask yourself: do you want to risk making them too late? Before the real crisis even hits… before the banks buckle and the stock market hits record lows… the government could have a strangle-hold on your wealth. of course. Soon the rates of interest could rocket. We’ll immediately send you: An urgent ‘Wealth Preservation Report’. And it’s yours to keep and use. Even worse. 2%? It’s impossible to predict exactly. How soon do you need to make them? That’s up to you. practical ways to defend your wealth against these threats. you cannot stop the government taking this course of action. People who have worked hard. how long will it be before your money is seized by our cash-strapped government? Will it be when interest rates creep up 1%. these measures will primarily be aimed at people exactly like you. Click here now and let MoneyWeek show you some simple.. To get your hands on this valuable information – click here. It will cost you nothing. of withdrawals from cash machines. 24 of 29 11/27/2012 4:16 AM .uk http://www.FSPonline-recommends. In a moment.aspx?u=eob&tc=EMYKN. And very soon we believe they will target YOU and your wealth to pay for everything. Unfortunately. but if things get bad enough. We had to pay interest on standing in a bucket and trying to lift himself up by the that borrowing. Our advice is simple: don’t let that happen..fsponline-recommends. The debt has grown and handle”. border checks. Remember how Britain got into this dangerous situation in the first place: The enormous cost of welfare started spiralling. Let our research group show precisely how to respond. But that doesn’t mean you have to just sit there and accept End of Britain .uk/page. we think capital controls WILL be put in place once again. Winston Churchill (Image © Bloomberg) grown. We had to borrow hundreds of “A nation trying to tax itself into prosperity is like a man billions to service it. At that point the government cannot function. saved their money and paid their taxes.

you CAN survive the coming crisis… but only if you have the knowledge. It’s no exaggeration to say that this kind of advice has helped many of our readers save and make thousands of pounds. MoneyWeek magazine aims to provide you with this knowledge – starting with your free Wealth 25 of 29 11/27/2012 4:16 AM . our owner and one of the most popular writers for The Financial Times.The End of Britain . France. For example. John Stepek. profile. We do this by sharing our insights. but in America.fsponline-recommends. a financial publishing magnate. Not only that. And one of our most popular contributors.FSPonline-recommends. Moneybox. We exist for one reason: To help arm you with the information and know-how to protect – and grow – your money no matter what. Our belief is. But without exception. analysis and advice through Britain’s most popular financial publication: MoneyWeek magazine. our network includes an awardwinning defensive investor. to keep your wealth safe. You may already have seen him on Newsnight. economists and analysts. BBC News or CNBC. India. and the know-how. but we highlighted ways our readers could protect their wealth. For instance. Our company has offices across the world – not just here in Britain. our defensive expert Tim Price has won City awards for his ability to keep his clients’ money safe in times of crisis. On the other hand.. and Working Lunch. Let us show you how to preserve your wealth Now that you understand the danger Britain faces – and the events we believe will take place in the near future – we’d like to show you exactly what I think you can do to defend yourself. South America and Australia. their very best ideas reach the readers of MoneyWeek magazine.aspx?u=eob&tc=EMYKN. but no less influential. regularly appears on Radio 4’s Today programme. Merryn Somerset Webb. We believe this places our readers amongst the most knowledgeable and successful investors in the http://www. and turn these problems to their advantage. Bill Bonner.. As you’ve seen. is a New York Times best-selling financial author. as well as a series of highly respected investors. many of our regular contributors prefer not to share their financial insight publicly – choosing to keep a lower. Our Editor. You may already have heard about MoneyWeek magazine – many of our writers are well known financial And our history of getting the big calls right backs this belief China. the BBC News. is equally well respected in the financial community. our Editor in Chief.

But we have selected three crucial moves you can make right now so you will be starting out in the best possible position to protect yourself from the threats we see coming. The worst thing that can happen to you is to be left in the dark as the crisis escalates.urgently Clearly. we’ll help you make a handful of key investments that aim to protect you from currency debasement. It’s impossible for anyone to give you one piece of advice to see you through the entire crisis.The End of Britain . Firstly.. the most important thing right now is to be aware of what’s coming. to start sending a big stream of income your way.. and keep your money on sound footing. Here’s what you need to do . we’ve found several “bolt holes” outside the UK you can move a part of your wealth into right away.fsponline-recommends. and in many ways most importantly. you’re going to need all the income you can get to offset any losses. Preservation Report. Secondly.. the stock market crashes or the government raids your wealth in a desperate attempt to stay afloat? Or do you want to start taking action today to defend yourself? The MoneyWeek magazine team have put together a free report to arm you with all the information you’ll need to face the coming crisis: Your “Wealth Preservation Report”. In times like this. and trust that your wealth and financial security – everything you’ve worked so hard for – will survive the events we believe are coming. You will need ongoing insight to navigate through Britain’s coming debt collapse. rampant inflation – and of course. 26 of 29 11/27/2012 4:16 AM .co. not knowing whether you’ll get your savings back… or whether your savings still exist? Do you want to be one of the millions of people who panic when the price of basic staples like food and fuel skyrockets? Do you want to be left helpless when the stock exchange suspends trading.. Thirdly. Do you want to risk being one of the thousands of people that could be standing outside a bank all day.FSPonline-recommends.aspx?u=eob& http://www. every week in MoneyWeek. they could also turn you a handy profit in the coming years. Plus we’d like to help you through every step of the You can take positive action to get ahead of the coming disaster… or you can do nothing. Simply click here now to collect your free ‘Wealth Preservation Report’ – and your three FREE issues of MoneyWeek. You can make a choice today. the threat of hyperinflation. we’ve uncovered several key income-producing investments you can make today. Not only will these investments help you escape Britain’s looming economic collapse.

We hope you’ll make MoneyWeek magazine part of your regular weekly reading.95 for a full year.. ahead of the pack and enhance capital. As Britain’s debt-bomb ticks ever closer to We want to make certain you begin this crisis on a good footing. against the save investors thousands of pounds. As things change. We’ll bring you vital updates on what’s happening… as well as providing you with ongoing recommendations you can implement to help keep your wealth safe. That gives you the time to judge our research and analysis for we have a long history of moving quickly ahead of major changes in the markets. completely free of charge. as the debt crisis deepens. However.. we’d like to send you the next three issues of our magazine.fsponline-recommends. the information in these reports is just the beginning. That’s why we believe MoneyWeek magazine will be essential to your survival in these times. then you’d better read MoneyWeek. then I’d like to offer you a very attractive price indeed. it’s paid to have us on your side. Frankly. I believe you will need the advice and ongoing insight Some of the most respected financial of our researchers and writers. right now. Over the last decade.FSPonline-recommends. and we’ll stop your subscription immediately.” Hugh Hendry. The investments we recommend are aimed at putting your money in the right place. award-winning investment author and Chairman of Burnbrae Ltd 27 of 29 11/27/2012 4:16 AM . too. And you will have the free wealth preserving report. no one can know for sure how this crisis will develop… or what unexpected events Britain will face in the coming months. grain insight. CEO.. don’t just take my word for http://www. The 3 issues I send you will be yours to keep regardless. as you’ve seen. No one can know how quickly things will escalate. I want you to “I recommend hold MoneyWeek in your hand and see for yourself MoneyWeek to anyone before you make any decision. The usual cost of MoneyWeek is £175. But the fact is. But please. if you decide that the expert advice in MoneyWeek is well worth having every week. And of course.” Justin Urquart-Stewart. Because.The End of Britain .uk/page. That means you’ll be able to implement the ‘crisis moves’ provided in your free reports today… and benefit from MoneyWeek magazine’s unique insights for the next three weeks.” Jim Mellon. who wants to make the most of their money. Seven Investment Management “If you want to be informed. Valuable information that could save you thousands if the crisis worsens.aspx?u=eob&tc=EMYKN.. our team will update you and recommend new investments to respond to new challenges as they arise. To prove to you just how important MoneyWeek magazine could be to your wealth and financial security. if you’re not convinced that MoneyWeek is for you. just contact us at any time during your 3-week FREE trial. You have seen how our minds in Britain have praised warnings of the last decade have helped make and MoneyWeek for its timely. without paying a penny. Eclectica Asset Management “I read MoneyWeek to pick up all the vital things I’ve missed elsewhere.

knowing I won’t be able to live the way I have always dreamed… knowing I cannot leave my kids with as much as I hoped? Could I forgive myself if I did nothing to protect my investments and family. your home losing thousands and the government pinching every penny it can out of your pocket. Yours sincerely. And it will cost you practically nothing to continue to receive our advice as the crisis deepens.aspx?u=eob&tc=EMYKN. But we want you to benefit from our insights and advice.. and the solvency of our financial institutions and our country. So. Alternatively. Don’t waste it. 28 of 29 11/27/2012 4:16 AM . and not be inhibited by the price. you must be ready for it – or risk losing That is why most people will simply fall victim to it. Quite simply.fsponline-recommends. if you decide to continue receiving MoneyWeek after your 3 FREE issues. simply click even after this serious warning? Today you have an opportunity to prepare yourself against Britain’s coming debt implosion. That’s a saving of 62% off the cover price. you can choose to pay by credit card and enjoy a whole year (51 weekly issues) of privileged investment knowledge in MoneyWeek magazine for just £75 – a saving of 57%.. Do nothing and you could be watching your shares falling in value.The End of Britain . Protect yourself from the coming storm We are preparing our readers for a financial catastrophe that will put everything they have worked hard to secure in real danger. You can download it now. Simply click here now to take action ahead of the crisis. Will you know what to do? Will you know how to respond? Don’t let yourself become one of the thousands of people here in the UK looking back with regret. we’d like to offer you a special subscription for only £17 every 13 weeks (13 issues) through Direct Debit. But when they do Ask yourself: Could I face losing a large portion of my money. To take advantage of this offer now. wondering ‘what if I’d listened… what if I’d done something…’ I’m offering to show you precisely how we think you should position your wealth right now – before it’s too late.FSPonline-recommends. at this stage of my life? Could I happily retire. Events of this magnitude do not come around very often. The sooner you pick up your free ‘Wealth Preservation Report’ and get our latest insight. Claim your first three issues and your crucial ‘Wealth Preservation Report’ immediately – absolutely free. We are extremely worried about the events unfolding around us right now. It will cost you nothing to see what we believe you need to do urgently. the sooner you can start protecting your money from these looming threats. we want you to benefit from our advice and experience.

Friars Bridge 28 September 1976 America. 31 October 2012 An estimated £5 trillion government debt – IEA article: True level of UK government debt exceeds £5 trillion. Customer service queries: 020 7633 3780. regardless of whether you stay on as a MoneyWeek reader. MoneyWeek Ltd. Blackpool Registered Office: 8th 41-45 Blackfriars Road.000 pensioners in 1909 – BBC article: The state pension turns 100.World Bank data. 12 June 2012 Information in MoneyWeek magazine is for general information only and is not intended to be relied upon by individual readers in making (or not making) specific investment decisions.MoneyWeek calculations based on historical welfare spend UK Total Debt as a percentage of GDP . 12 November 2012 £120 billion net borrowing – Office for National Statistics: Public Sector Finances August 2012. showing you ways to respond to these threats. February 2012 Salaries and pensions slashed up to 40% .aspx?u=eob&tc=EMYKN. McKinsey Global Institute.The End of Britain . as soon as you start your trial we'll send you a free copy of our Wealth Preservation Report.. Registered in England No. MoneyWeek PS.The Guardian: Greece is ripe for radical change. Toby Bray Managing Director.: 4016750 VAT. 8 November 2012 Euro zone discussed capital controls – Reuters.: 760 8510 33 Promotional Code: EMYKNB42 29 of 29 11/27/2012 4:16 AM . 31 July 2008 Average life expectancy .Debt and deleveraging: Uneven progress on the path to growth. Japanese and Weimar Republic total debt – Global Financial http://www. Bridgewater's An In-Depth Look at Deleveragings report. Remember. 21 September 2012 MP Douglas Carswell quote – The End of Politics and The Birth of iDemocracy James Callaghan quote – British Political Speech. Appropriate independent advice should be obtained before making any such decision. London SE1 8NZ. Click here to claim your copy of our Wealth Preservation Report.. This report is your to keep. Please select one of the offers below Sign up by Direct Debit Sign up by Credit/Debit Card Sources: £10 trillion in public funds . 2 January 2012 500.