Star letter: Change to money system is required
I have just read that a Labour, Tory or coalition government will continue to borrow billions after the May election even though our national debt is well over £1 trillion pounds.
I often wonder why so few people ever ask the most important question of all, which is, where does money come from?
Whenever a person discovers the answer to this question it usually leads them to campaign for money reform. Most people find it hard to believe that private financial institutions create money out of thin air every time they make a loan.
Whenever a body like the IMF lends money to any country all they do is type numbers onto a computer screen and then press send to the borrowing country's account. As soon as those numbers reach the borrowing country's account new money is created, it did not exist before. It then has to be paid back with interest which results in higher taxes and cuts to vital services. This leads to unemployment, homelessness, poverty and despair.
Surely it would be better if sovereign government removed the power to create money from private financial institutions and assumed this power for itself. Newly created money could then be spent into the economy debt and interest free. As there is no limit to how much money a government could create there would be ample funds for vital services, also funds for new projects to benefit society. This would lead to higher employment and tax cuts for all.
Thanks to the work of the Positive Money movement there is every possibility that my dream of a better and fairer society for all will one day become reality.
J Clift, Shrewsbury
