Getting to grips with the financial crisis

I am only a retired worker, certainly no financial accountant.

Northern Rock should have been allowed to go bankrupt, with protection for customers, but not shareholders – they take the profit, so they should take the loss.

I am aware that in any crisis the wellbeing of all must be considered, but in any contest there are losers. Today it must be the bankers.

During the American Civil War President Lincoln introduced the Green Back Dollar, printed by his government and issued without interest.

Our government could do something similar and take total control of the money supply, making the necessary loans to business et al until the crisis has been overcome, thereafter returning to normal banking control, but retaining the sole right to print money and restricting the bankers to lending only that money deposited by savers for investment. The issuing of mortgages would be returned to building societies.

With regards the euro it is apparent that it is a failed currency and should be allowed to die with due regard for the public at large.

W. S. McGeary

Mouswald

Dumfries