RECENT comment on an independent Scotland using the pound, before establishing its own currency, makes me consider the huge extent to which countries have needed to create money to finance the habit of living beyond their means.

Quantitative Easing (QE) is the polite term. Otherwise known as printing money.

Britain’s own QE so far amounts to about £6,000 a head, while the European Central Bank is considering calling a halt to QE this December, after creating a staggering €2.5 trillion, which is about €4,000 for every man, woman and child in Continental Europe.

Our own QE has helped to push the national debt up to £2tr. Then a similar amount for individuals, as they borrow from banks and cards to finance their lifestyles. Even the mighty USA has run up a national debt of $21tr, with consumer debt not far short of that as well.

Politicians do not control the economy of any country where the private banking system can create money as debt from thin air, and then lend it to anyone, to spend on whatever they wish, from holidays to houses. Very clearly it is the banks who control the economy of any country in that position.

This is a lesson for anyone considering independence. If the money supply was created and issued only by the government of that country, and only in proportion to real prosperity, then the debt slavery of the banks would end, and the government of that country would be in charge, instead of the banks. What an opportunity!

Malcolm Parkin
Kinross

AS the sentient minority struggle to comprehend why our PM repeatedly kowtows to the posh bullies howling for raw Brexit (eg Rees-Mogg and Boris Johnson), it is almost impossible not to draw parallels with the situation across the pond where President Trump – seemingly for a photo opportunity – has debased the US on the international stage. For no gain he has made concessions that only China and Russia (and North Korea) are likely to applaud in the apparent absence of any benefit for the US that would make America great again or even maintain its credibility.

Democratic Connecticut Senator Chris Murphy, who serves on the US Foreign Relations Committee, said of Trump in a recent discussion with MSNBC’s Rachel Maddow: “He’s just a terrible negotiator”. He said that just as in his previous business life, “he took a very tough stand ahead of his negotiation with business partners or creditors and then he gave them everything they asked for once he sat down at the table”.

Prior to the summit, I wagered that Dictator Kim might humiliate Trump by cancelling at the last minute. He did not have to. The outcome of the meeting, where Kim Jong Un got a flippant declaration of the cessation of the annual joint military operations while North Korea gave absolutely nothing, was the humiliation.

America elected the most successful failure of all time. It will be a while before I can encapsulate Brexit so easily.

Amanda Baker
Edinburgh

I WAS amused at Kevin McKenna’s comment “the disquiet of Baron Foulkes of, ahem … Cumnock” as I know George Foulkes was the MP for South Ayrshire (And to your left, here’s where Scots Tory MPs betrayed their constituents, June 13).

I first came across him when he contested Edinburgh West for Labour in 1970, but I was unaware until referendum day in 2014 that he lived in Edinburgh, when he turned up at a polling station in Corstorphine.

Kevin McKenna had some rather acid remarks about the bold Baron wishing to turn the Westminster Parliament into luxury flats. However it is only the parliament he wishes to sell off; he is too comfortable in the House of Lords to wish that changed.

Come independence the House of Lords will be abolished, so what will poor Georgie do then, poor thing? “He’ll sit in the barn to keep himself warm, and hide his head under his wing” or however that poem went.

Jim Lynch
Edinburgh

AS a point of clarification, when Kevin Mc Kenna talks in his article about Margaret Thatcher having “sacrificed British soldiers in defending a tiny island”, can I point out that more Marines and British sailors (remember HMS Sheffield?) died than soldiers?

I know, I was there – in the Royal Navy – though I believe the Falklands was morally wrong!

And the Falklands is not a single island but an archipelago. Such simplistic historical rhetoric!

Crìsdean Mac Fhearghais
Dùn Eideann

KEEP up the clout till May is out.

Richard Easson
Dornoch