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

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2 responses to “Open Letter to the Chairman of the Treasury Select Committe

  1. I don’t believe that any monetary policy in the word is run independently of Government by the central bank. The reason is simple: politics. When the time is bad, the Government or Treasury will put a blame to the central bank, when the time is good, no appreciation is given to central bank.

  2. There is a difference between believing and knowing, Mansid. My knowing comes from analysing the data base of the Bank of England which records the EFFECTS of policies – whether from Government or Central Bank.

    But you have the right to your beliefs as long as you consider it possible that they might get shattered by encountering bits of reality!

    With ‘globally warm’ regards,
    Sabine

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