Letters - 04 November 2011
From conscientious objection to the cuts
Debt and the economy
Alan Smith (21 October) correctly highlights the important relationship between our fragile economic situation and the devastating destruction of the earth’s resources. He bases his argument on the conventional view of economics promoted by textbooks, the government and banks. However, ninety-seven percent of our money has been invented by the commercial banks. Hard as it is to believe, this means that almost all money in circulation is interest-bearing debt-money, dependent on loans to individuals, businesses and the government to conjure it into being. Michael Rowbotham, in The Grip of Death, explains the process thus:
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