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Carbon Sequestration

Letter to:
Sylvia Pfeifer Business Telegraph, London

3 May 2005

Dear Miss Pfeifer.

I for one, had never even heard of carbon sequestration, until I read your article on 1 May 2005. There are two tremendous advantages of this possibility. First is the chance of a resurrection of the coal industry and second is the opportunity to reform our monetary system.

That first ray of hope for British Coal is obvious, but the second gleam of light is more difficult to see. Allow me to explain. The cost of carbon sequestration is liable to dictate its usefulness. That liability is easily removed by a better understanding of the existing monetary system.

Sequestration on a sufficiently massive scale to reverse global warmer will require the use of money, which does not exist.

We have an insolvent global economy that cannot afford to exploit the full potential of carbon sequestration and will be forced to borrow new money into existence, plunging the global economy even deeper into debt.

That is a fact which you may have difficulty in fully understanding. But look at the attached letter and see that Labour allows new money to be created and issued as credit.

Credit is an unlimited resource, it is as plentiful and as cheap as air. But accepting credit as a loan, is the act of borrowing new money into existence and results in debt.

On the other hand, if necessity forced the Government to realise that when the Government mints, prints or somehow creates new money and spends that new money wisely and well, on a facility for creating wealth for the Nation, that new money cannot cause inflation.

That principle is not known and is never used. We could force that principle into use with enormous benefit, by using it to make carbon sequestration a financially viable option for the Nation.

You could use your expertise to make this known and I could handle any query you might throw at me to make it possible.

Use the idea as your own and have a bit of fun getting famous. Too late for me, I am 84.

Kindest regards.