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A bank for Wales; & COMMENT DEBATE YOUR LETTERS TO THE NATIONAL NEWSPAPER OF WALES.

* SIR - I should think most sane people in Wales will greet the announcement that an additional pounds 75bn is to be added to the Government's quantitative easing programme with anger, fear and down right disbelief (Report, Oct 7).

While it might help the banks and the Government to cheat its creditors, the inflationary impact of this move will greatly devalue wages, pensions, savings, welfare and public spending. Even more shocking is that it is being carried out by people who claim to be the heirs to the arch-monetarist and public spending penny pincher Margaret Thatcher.

That said, now that the Bank of England has announced that it is going ahead with this reckless printing of money Wales must demand its share of the loot. If we are to suffer the inflationary consequences then we must also share in the bonanza of cheap money. The Welsh Government, if it isn't just an agent of the economydestroying Westminster Coalition in Wales, must insist at least pounds 20bn of the QE money be directed its way to establish a publicly owned bank for Wales under its control and ownership. This money can then be lent cheaply to small business in Wales, cash-strapped councils, schools, health trusts, TV channels, universities, individuals who can show need and even the Government itself. The buildings and staff of the already nationalised banks can be converted to this use so that we here in Wales can start afresh free of the liabilities so fraudulently accumulated by the private banks.

DAN EVANS Heath, Cardiff
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Title Annotation:Letters
Publication:Western Mail (Cardiff, Wales)
Geographic Code:4EUUK
Date:Oct 15, 2011
Words:255
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