Letter: Troubled about the high levels of household debt
I was troubled to read of the high levels of household debt in Shropshire (Star, January 16).
This caused me to consider a subject that I have long campaigned about. It is the subject of money and where does it come from?
Very few people are alive to the fact that money at source is created out of nothing.
Private banks create money as debt every time they make a loan by typing numbers onto a computer screen and then pressing send to the borrower's account. Those numbers are the newly created money that the borrower is free to spend but must pay back to the bank with interest (bankers' profits). 97 per cent of money in circulation in the UK economy has been created this way - no wonder individuals, families and businesses are drowning in debt. The current system ensures that the rich become richer while the rest of us become poorer.
It doesn't have to continue this way.
The power to create money could be removed from high street banks and placed into the hands of an independent, transparent and accountable body.
Money could then be created debt and interest free (meaning it doesn't have to be paid back) and spent into the economy thus creating worthwhile jobs and preserving vital public services.
Life could be so much better for the majority if a few simple changes were made to our money-system.
I would encourage all readers to take the time to visit the website of the Positive Money Movement to learn how the the current iniquitous money-system works and then join the campaign to replace it with a money-system that benefits society.
J Clift, Shrewsbury
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