Wednesday, 11 February 2009

Letter to a Paper

Sir - If Gordon Brown is successful in saving the banks it will cost this
country far more than the victorious allies ruinously managed to squeeze
out of Germany following the First World War in reparations.

Collecting the toxic debts or collecting the taxes needed to cover the
toxic debts will prove impossible and the currency will collapse under the
weight of an unsustainable national debt leading to hyper-inflation,
vicious new levels of gang crime, mass unemployment and even pockets of
starvation as benefits are cut. In this state of near civil war, the only
remaining solvent institutions will be the banks that got us into this
mess in the first place.

The banks will be in a position to carry out the greatest leveraged buyout
the world has ever seen snapping up an entire nation at bargain basement
prices using taxpayers money borrowed from the government at 1% or less.
No doubt the world will welcome its first trillionaires. Then, to
distract us from the fact that the country is owned and run by about a
dozen CEOs and Bankers and the grinding poverty and violence all around
us, they will start to equip the nation for war because everything else is
over-supplied and un-profitable.

We need to nationalise the banks, tear up the toxic debts and stop the
multi-nationals from shedding jobs and closing down the competition. OK,
so a lot of people will get a free house or their debts cleared as a
result as will small and medium companies but surely that is better than
the total ruination of the economy. The debt free can then go on to spend
sensibly and put something aside for their own and the country's future
investment needs.

David Ellis
Campaign for a Debt Amnesty

No comments: