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Britain's Burden of Debt
When Gordon Brown fiddles the books, to hide his borrowing and
to obey his own cherished fiscal rules, Brown is in reality playing
a game with liabilities, that he lands into the lap of the taxpayer,
you and I.
The wisdom of the modern economist, does not include the requisite
knowledge, needed by the Government, when faced with the problem
of requiring new money to finance economic progress.
The Government is ham strung by the fact that it has given the
banks a monopoly for the creation of new money, which must be done
by borrowing that new money into existence.
As a result progress is inexorably tied to ever greater debts.
The railways give us a beautiful example of this economic folly.
I remember in the last war, that bombing Germany's marshalling yards,
was a high priority. We knew that the railways in Germany were an
essential national asset, required by the German economy. Destroy
the German railways and we could win the war.
Our railways today are just as vitally important to us, as railways
ever were to Germany.
What is not known by the modern economist, is that when new money
is minted, printed or somehow newly-created, by the Government,
for the express purpose of facilitating the growth of our wealth,
that new money however great the sum, cannot cause inflation when
spent wisely and well.
When we spend new money wisely and well, which means actually creating
additional wealth by honest means, that money does not need to be
borrowed into existence.
This fact of life is not known.
It is not even known by Neil Collins the City Editor of our best
National News Paper, or by George Trefgarne, Economics Editor of
the Daily Telegraph. Help me to nudge these gentlemen to wake up,
and you will save yourself a lot of taxation.
Doctor Edward C Hamlyn MBChB
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