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Letter to: Malcolm Moore, Daily Telegraph

Why we are in debt

Dear Mr Moore

In order to live we must survive. To survive we must thrive. Survival is more than persistence or mere continuance of existence.

Unless the global economy thrives, it dies. Growth is imperative. Therefore the human race needs additional new money every day. Our Government allows new money to be issued as credit by private banks. In order to survive we must each day go deeper into debt. We attempt to thrive by borrowing new money into existence.

No one anywhere seems to understand that our monetary system is certain to lead to disaster. That is inevitable when we allow new money to be issued as credit.

The bankers find that it is easiest to issue new money as credit to the poorest members of the human race. The poverty stricken either accept credit as aid or they perish.

The poorest of the poor become enslaved by debt. The poor then devote their lives to paying interest for the use of their life support system.

Poverty turns those dying of hunger, into being the breadwinners for the wealthy.

Governments must regain the sole right to create and spend new money, and must be taught how to do so correctly.

Doctor Edward C Hamlyn MBChB