In 1914, Britain launched a war loan hoping to raise £350 million—but only got £91 million, forcing the Bank of England to cover the rest in secret. A decade later, in 1917, they tried again, selling £2.5 billion in bonds (worth over £260 billion today) with slogans like “the investor runs no risk”—a claim that turned out to be dangerously misleading. By 1932, during the Depression, the government slashed payments and never fully repaid. Fast forward to 2014: the last bits were finally paid off, leaving investors with barely 2 pounds for every original £100—and 120,000 people still held them, some inherited through generations. Now, with defense funding in mind, there’s talk of modern war bonds. Economists debate: could it work? Or is it just another risky gamble with lenders?
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