Open Letter to the Chairman of the Treasury Select Committe

Dear Mr McFall MP

Inquiry into the Money Supply and its Long-Term Development

CONGRATULATIONS to your initiative of inviting the public to send emails regarding what you call the Banking Crisis. I have forwarded your press notice widely hoping that this will aid you in restoring confidence if not in the financial, then at least in the political process.

Is the next step to publish all the questions that you’ve received by email – in the e-spirit of TheyWorkForYou.com?

Whilst waiting for the hearing, I have received a letter from the Treasury that says “monetary policy is run independently of Government by the Bank of England… The Government has no plan to investigate the impact of the current composition of the UK money supply. However, we continue to monitor the situation.”

This sounds to me as if the Bank of England allows banks to create Credit as “the market requires” while the Treasury creates Cash along the same principle, and nobody is responsible for the overview, except you and your Committee.

As a mathematician and system analyst who began her career at CERN where the web was born, I have not only developed software that tackles any complex system, but I also hope that rationality will prevail, in line with the New Scientist and its latest issue on “How our economy is killing the Earth.” Hence I would still be grateful if I could discuss our analysis with you personally and would appreciate an appointment, possibly together with our Chairman Austin Mitchell MP.

With continued admiration for the way you execute your role, I look forward to hearing from you.

Yours sincerely

Sabine K McNeill FRSA
Organiser

Letter from the Committee Chairman

Now I have it in writing from Phil Jones, Committee Assistant of the Treasury Committee:

The Chairman has asked me to thank you for your letter of 26 July. Unfortunately a meeting will not be possible in the foreseeable future but the Chairman would like you to be made aware that the Committee’s report on Banking Reform will be published in mid-September.

Open Letter to John McFall MP

On July 7 I wrote a letter to the Chairman of the Treasury Select Committee that hasn’t been answered yet.

Encouraged and aided by Peter Etherden who publishes the History of Usury, I now posted this Open Letter:

Dear Mr McFall MP

Inquiry into the Money Supply and its Long-Term Development

Noting that your recent hearing was on the necessary topic of Banking Reform, I wonder whether you’d consider making a long term view of the money supply the subject of one of your future inquiries?

In view of the ‘credit crunch’ we would suggest that what’s really happening is a ‘cash crumble’. You will recall that this was one of the results of analysing the data of the Bank of England which was part of our submission to the Committee’s inquiry into the Stern report.

I still would be grateful if I could discuss our position and analysis with you personally and would very much appreciate an appointment.

With continued admiration for the way you execute your role, I look forward to hearing from you.

Yours sincerely

Sabine K McNeill FRSA
Organiser