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4 Hours That Nearly Destroyed Britain's Financial System

And Why The Next Crisis Could Be Even Worse

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Important Risk Warning:

Advice in The Fleet Street Letter does not constitute a personal recommendation. Any recommendation should be considered in relation to your own circumstances, risk tolerance and investment objectives. Before investing you should consider carefully the risks involved, including those described below. If you have any doubt as to suitability or taxation implications, seek independent financial advice.

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Small cap shares - Shares recommended may be small company shares. These can be relatively illiquid meaning they are hard to trade and can have a large bid/offer spread. If you need to sell soon after you bought, you might get backless that you paid. This makes them riskier than other investments.

Overseas investments - Some shares may be denominated in a currency other than sterling. The return from these may increase or decrease as a result of currency fluctuations. Any dividends will be taxed at source in the country of issue.

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Source List:

1 Wikipedia – 1976 Sterling Crisis

2 Wikipedia – Black Wednesday

3 Wikipedia - September 2022 United Kingdom mini-budget

4 Gold Eagle - Gold Stocks Were Financial Saviors During The 1930s – 25 October 2008

5 Hargreaves Lansdown - FTSE AIM 100: MARKET OVERVIEW – July 2024

6 Interactive Investor - Benstead on Bonds: the bond crash has broken records – is it finally time to buy? – 18 October 2023

7 Bloomberg UK - Worst Bond Rout in Decades Intensifies with UK Losing 27% - 27 September 2022

8 Financial Times - Pound hits 37-year low against dollar as UK recession fears mount – 16 September 2022

9 How Kwasi Kwarteng’s mini-Budget broke the UK bond market – 28 September 2022

10 Investment Week - Mini Budget: 'The straw that broke the camel's back' - 13 October 2022

11 Metro - UK economy was ‘hours away from potential meltdown’ after Liz Truss’ mini-budget – 4 November 2022

12 CNBC - Bank of England says pension funds were hours from disaster before it intervened – 6 October 2022

13 The Guardian - The mini-budget that broke Britain – and Liz Truss – 20 October 2022

14 BBC News - Number of companies going bust hits 30-year high – 30 January 2024

15 Wikipedia - Patrick Maitland, 17th Earl of Lauderdale

16 The Guardian – Obituary - The Earl of Lauderdale – 8 December 2008

17 The Guardian - How to explain Jacob Rees-Mogg? Start with his father's books – 9 November 2018

18 Payne Hicks Beach - A brief history of the most hated tax in Britain – 3 October 2023

19 CPI Inflation Calculator - The British pound has lost 99.330% of its value since 1909 – 11 July 2024

20 Visual Capitalist - Here’s How Reserve Currencies Have Evolved Over 120 Years – 8 December 2021

21 CPI Inflation Calculator - The British pound has lost 98% its value since 1920

22 UK Public Spending - UK Public Spending Since 1900

23 UK Public Spending - UK National Debt Charts

24 UK Parliament, House of Commons Library - The budget deficit: a short guide – 21 May 2024

25 Tax Payers’ Alliance - Real national debt hits £180,534 per person – 8 March 2024

26 OXFAM International - Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years – 16 January 2023

27 Bank of England – Credit is Trust – 14 September 2009

28 Financial Times - What I learnt from three banking crises – 6 April 2023

29 Harvard Business Review - Crisis of Faith in the Financial System – 17 January 2012

30 Statista - Voter turnout in general elections and in the Brexit referendum in the United Kingdom from 1918 to 2024

31 Wikipedia - 1973–1974 stock market crash

32 The Guardian - National archives: Fear of fights at cemetery gates during 1979 winter of discontent – 30 December 2009

33 Wikipedia - Taxation in the United Kingdom

34 The Economics Review - How Soros Broke the British Pound – 16 October 2018

35 University of Portsmouth - Why Black Wednesday still matters – it was the start of markets telling politicians what to do – 15 September 2022

36 Savills - A brief history of the UK housing market 1952 – 2022

37 CNN Business - How meltdown in a $1 trillion market brought the UK to the brink of a financial crisis – 8 October 2022

38 The Standard - Brown 'has raided £100 billion from pension funds' – 13 April 2012

39 Bloomberg – UK government borrowing costs

40 The Telegraph - The accidental PM: Keir Starmer will tax the rich first, and the middle class later – 14 October 2023

41 The Telegraph - Labour plots tax raid on savings and investments – 24 March 2023

42 Mail Online - Labour's CLASS WAR on middle Britain: Secret plan by Starmer to hit the well-off by cutting their access to GPs, libraries and bin collections – 3 June 2023

43 Bright Green - Richard Burgon presents 38k strong petition in parliament calling for wealth tax – 14 March 2023

44 Fortune - Silicon Valley Bank has officially failed after less than a day of panicked selling as the federal government takes it over – 10 March 2023

45 Federal Reserve Bank of New York - Why Did FDR’s Bank Holiday Succeed? – July 2009

46 Business Insider - Greece ATM and Capital Controls Update: Reasons Behind Queue – 10 July 2015

47 The New York Times – Opinion | Who’s Profiting from the Coronavirus Crisis? – 29 April 2020

48 Gold Silver - Surviving the Crash of 1929: How Gold Stocks Defied the Great Depression – 30 October 2023

49 Business Insider - Today's Gold Market Looks a Lot Like the Crazy 1970s – 18 July 2016

50 Gold Silver - The Effect of a Stock Market Collapse on Silver & Gold – 30 January 2024

51 Katusa Research - Junior Gold Stocks Soar, Even When Gold Doesn’t

52 Britannica Money - Hugo Stinnes | Business Magnate, Coal Tycoon, Media Mogul

53 CNBC - The Worst Hyperinflation Situations of All Time – 14 February 2011

54 JVM Lending - Richest Man in Germany Got Rich FROM INFLATION; You Can Too! – 1 November 2021

55 Wealth Playbook - Inflation: Who was Hugo 'The Inflation King of1920's Germany' Stinnes? – 5 February 2022

56 Voima - Gold in crises part 1: German hyperinflation – 24 October 2022

57 Small Caps - China keeps its gold reserves at home — is this a lesson for the rest of the world? – 7 July 2020

58 X.com – The Kobeissi Letter - BREAKING: World central banks' net gold purchases set a new record in Q1 2024 – 8 May 2024

59 Reuters - Central banks bought the most gold on record last year, WGC says – 8 February 2023

60 Nasdaq - Which Central Banks Bought the Most Gold in 2022? – 19 April 2023

61 Incrementum – In Gold We Trust Report – 24 May 2023

62 Incrementum Home Page