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Letter to: Simon Watkins and Dan Atkins, The Financial Mail, London
18th August, 2006
Bad Debts
Dear Sirs,
Do you observe the fact that the big banks can lose many, billions
of pounds on bad debts and yet not fail to make even bigger profits.
Say a loss of £4 billion and a profit of £30 billion.
Have you really taken a look to see how this can be so.
Take a look with me now.
Private banks now have a monopoly on the creation of new money.
New money is
no longer minted or printed by the Treasury, the privilege has been
given to
private financiers, such as bankers. “That is what banks are
for” says my
MP. “They do a good job”. They certainly do a big job!!.
Economic growth and progress needs a constant supply of new money
to service
that growth.
In the existing monetary system that new money is issued as credit.
Credit
is no longer based upon the loan of money, which already exists,
but on new
money which is borrowed into existence.
It seems as though that manoeuvre is so difficult to comprehend
that the
statement is taken to be meaningless and that credit is still a
loan of
money on deposit or hidden away as gold or something.
Private financiers are allowed by the Government to issue new money
as
credit. That means what it says and it also means that much of our
currency
is now debt.
In addition it means that we must launder credit and turn credit
into money,
in order to redeem a debt. It can cost the debtor £300 of
money to redeem
£100 of credit. £300 of profit to a banker in return
for credit conjured out
of thin air.
Fraud on this scale is so enormous, it is either never seen or
never
mentioned, in polite circles such as the British Press or the media.
Unless we acquire the courage to take off our blinkers and observe
what is
actually obvious, the chains of debt slavery will get heavier and
heavier
for the entire population.
Doctor Edward C Hamlyn MBChB
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