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Farepak - Good King Wenceslas Lives Again

We can safely assume that all those who gave into the hands of Farepak their cash savings for Christmas 2006, received some sort of receipt, whereby they could retrieve their money, or goods to the value of that money, at Christmas time. In other words when all that money vanished it left behind a hole, which if filled from a new source, could not cause inflation.

At present there is a consensus in Britain that if new money were added into circulation, it will cause inflation. The fact that new money is constantly needed to service economic growth, is handled by giving the banks monopoly rights to create and issue new money. The banks have this privilege on condition that the new money is issued as credit and that it is issued at a rate which keeps inflation at 2%. .

We could, on behalf of those who lost their savings to Farepak, place entirely new money as cash, created by the Government, into the relief fund organised by Jim Devine MP, up to the amount to which the sum will honour their receipts at 100 pence in the pound, with Zero effect on inflation. Such rough justice would not cost the taxpayer a penny and would prevent any retailers from losing that trade.

If that £50 million has not vanished into a black hole and is still around somewhere, it is impossible to believe that our police force cannot find it and refund it . That money is gone, but can be replaced without costing anyone anything, save the diligence to prevent a recurrence. Let us explain this solution to the problem and then popular demand will make it happen. For this Christmas at least the ghost of Christmas past will be laid and Scrooge will find a way to happiness .

Doctor Edward C Hamlyn MBChB