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Insider Trading to Pay Off Our National Debt

Robert Peston, City Editor, Sunday Telegraph

5th April, 2005

Dear Mr Peston,

It is an irrefutable scientific fact, that there is one illness, which it is impossible to cure. Absolutes are unobtainable, but there is one illness that is absolutely incurable. That is, an illness which the patient does not have. This is a far from rare medical situation. It is in fact very common.

Doctors invent an illness, to explain what they cannot understand and then they set about the task of curing that invented illness. To my joy, I find that this practice is rife in Economics. Doctors are not the only professional idiots.

When I read your masterpiece on insider trading, paying off a national debt, I wondered whether you had twigged the fact, that so much debt isn't. How do you pay off a debt, which didn't exist in the first place. How can the peoples of Earth pay off the loan of money, which never existed. The Government allows banks to create and issue new money as credit.

In 300 years, no one seems to wake up and see that this is a prescribed insanity. Have you ever wrestled with thoughts like these, or am I losing my marbles. Nelson Mandela told us that poverty is a man-made condition. Perhaps he knew. I would love to see this topic discussed in the business pages of the Sunday Telegraph.