Addicted to debt and devoid of industry, Great Britain faces economic catastrophe. But if Britain crashes, it will not crash alone. It won’t be the story of an isolated island fading into history, but of 200 years of Anglo-Saxon dominance coming to an abrupt end.
Even though it’s not even on the radar screen for most Americans, Great Britain is headed toward a debt crisis, and thus a currency crisis. On January 8, the Telegraph reported that Neil Woodford, head of Invesco Perpetual, said there was a “high probability” of Britain losing its aaa credit rating—something that has never happened before.