AT the risk of boring your readers I  would like to make a final comment on John Timbrell's letter.

In the Commons debate Peter Lilley did draw an analogy with the owner of a grain silo and deposits of corn and said in any other profession  banks would be fraudulent.

He also said they were controllable by legislation from this House.

Both he and another lady correspondent  hold up Iceland as an example of  financial competency.

Iceland is a 111th on the world economic list.

It was bailed out by the IMF in 2008 after it  could not stop its banks  failing and suffered a 50 per cent fall in its currency and standard of living which led to riots by one sixth of the 360,000 population.

Contrary to what Mr Timbrell  says, senior officers of the banks and some politicians received mandatory three-and-a-half year prison sentences.

Iceland is now enjoying better times like the UK but only because it has cheap geo-thermal energy and it is  not  paying off the IMF loans.

Because of this the bonds it issues (which are in effect borrowing, as governments can only raise money by taxes and borrowing) attract a rate of six-plus per cent compared with the two-plus per cent for the UK.

There are also capital restrictions  which affect inward investment and trade.

There are already currencies springing up like the Bristol pound and Bitcoin but if you have to trade you need an external currency and means of influencing it.

One can read all the books one likes but those that think there is a magic wand that can be waved to pay off debs and avoid austerity must have completed their economic training in Athens.

In my opinion they are off with the fairies and should keep taking the pills. It is politicians who allow banks to do what they do and what the have done.

Here endeth the last chapter from me, you will be pleased to know, no matter what replies are elicited.

– Dave Harland, Yorkley