sell the family silver

Meanings

1. To sell one's property (not necessarily heirlooms) in an attempt to avoid or escape financial difficulties.
2. To sell a valuable or critical asset, especially for immediate or short-term gain.

Etymology

Referring to the selling of heirlooms. Use in reference to national policy popularized in a paraphrasing of a speech in 1985 by former British prime minister Harold Macmillan: “The sale of assets is common with individuals and states when they run into financial difficulties. First, all the Georgian silver goes, and then all that nice furniture that used to be in the saloon. Then the Canalettos go,” in reference the privatization policy of Margaret Thatcher.