THE Government tells you that the recession is not their fault, but if you use root cause analysis a very different picture emerges.
We must accept that in the financial world what the United Kingdom and United States of America do, the rest of the world will follow.
The root cause of the problem was allowing banks to get involved in anything other than retail of money.
Any other involvement requiring speculation in markets such as housing should be carried out by a separate company, which can succeed or fail by its own expertise without affecting the day to day business.
We all know that building societies were allowed to become banks and it is housing that was the root cause of the recession both in UK and USA.
There is no other reason for a recession as some people want to make goods and others want to buy them and this creates employment, which makes the world go round.
At a time when the Government should have made sure that our currency was at the right level for us to trade with the rest of the world it did nothing and our manufacturing industry was decimated.
We need to manufacture goods in UK for our domestic market as well as export and we failed to maintain our balance of payments on the Mr Micawber principle. Instead we chose to control the money supply by means of interest rates.
This means the money you receive after paying tax is an illusion, reduced to fund the fetishes of the government in power. This must stop.
We must return power in parliament by removing political whips and giving members a free vote on every issue. Only this way will we return government for the people by the people (democracy).
If we have learned anything we know that transparency in what public money is used for is essential.
JACK PINKERTON, via email.
