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Ending usury is best way of wiping out debt

Published 23/07/2015

The one thing Maeve Halpin's letter (Write Back, July 21) fails to include is the need to end usury to have any hope of eradicating debt.

The ending of the Bretton Woods system (1971) and the continued global deregulation from that time has undoubtedly accelerated the debt burden, as the figures show.

In my opinion, governments should have the power to create money and to lend money at zero interest. At the moment banks have this privilege, making them some of the richest enterprises in the world.

When a bank lends money, that same amount of money is created there and then. Imagine if governments had this power?

They could then pay for many essential services by just creating money and without reducing revenue collected from taxation.

LOUIS SHAWCROSS

Hillsborough, Co Down

Belfast Telegraph

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