WHEN the banking crisis was triggered in 2008, many thought that the “too big to fail” attitude was a smokescreen to hide the fiscal fraud that banks have perpetrated for decades, and that they should have been put into administration.

This would not have disrupted the payments system as was claimed, because administration simply means the suspension of director and shareholder powers while administrators decide which parts of a failed bank can be rescued, and which are to be written off.

So RBS – for example – could have been sold off as a few small retail banks, and its cityscape of self-serving financial structures safely dismantled, instead of lumbering the state with billions of rescue money, unlikely ever to be recovered.

That would of course have caused a foreseeable – but controllable – chain reaction, as all inter-bank loans were written off, and other obligations were either settled or abandoned.

But that could also have been a start to ending the fractional reserve banking system, which is nothing more than a cycle of revolving debt.

So by this time the world could have been back on its financial feet, with a full reserve banking system, and a real programme of debt reduction.

More people are beginning to understand the advantages of a system where banks only lend real money on a full reserve basis, and it is a sad commentary that we allow our politicians to get away with condoning the fiscal rape of our economy, which will only get worse if we do nothing.

When Scotland gets another shot at independence, that is the golden opportunity to move on even further, and start from scratch with a Scottish debt-free currency issued by government.

It is vital, however, that this new regime is established – and seen to be working – long before any referendum on independence. Otherwise the private banking system will take control, and retain the Scottish Government as a slave to their system of magic money issued as debt.

Entering a new future without public debt is possible when a Scottish Government issues a debt free Scottish currency via a Scottish Central Bank, instead of the present private banking system that controls the UK economy with its magic money from thin air.

Anyone who believes that the words “sovereignty” and “independence” could have any meaning while the operators of the present banking system are in charge should sign up for a reality check.

Malcolm Parkin
Kinross

INTERESTING that Catriona C Clark mentions in her letter yesterday that the successful challenge to Article 50 by the “Scottish Six” through the courts was avoided by the PM in her shambolic, incompetent, arrogant posturing in Parliament yesterday. This is simply due entirely to avoiding any reference to “Scotland”, “Scottishness”, or any successful outcomes emanating from “North Britain”.

She would find difficulties in trying to alter her repetitive soundbites to take success into account. She desires to ignore those “pesky Scots”. Must avoid giving them publicity.

W D Mill Irving
Kilbirnie

READ MORE: Letters, December 11 

AS the Scottish Six have won the case that “a country can cancel and withdraw its previously stated intention to leave the EU by cancelling its Article 50 notice”, why don’t we all write letters to Donald Tusk cancelling and withdrawing the Article 50 notice for Scotland? I think we should all send letters but we need some legal advice about wording. Can anyone help with this?

Alyson McGregor
Kettles

IN response to Lovina Roe’s query regarding the latest independence poll (Letters, December 11), I thought it would be common knowledge by now that any polling questions regarding Scotland’s independence would be about just that, Scotland and independence. At least, among all the Yes groups, we are convinced that is the only question Scotland should be concerned with initially in whichever way it would be composed. It is more important to achieve independence without the complications of EU membership, whatever form that might take.

Once independence is achieved we can take a vote on whether Scotland wants to be a part of the EU, regardless of what Nicola wants or her government prefers. It is the people’s choice, as is independence.

Alan Magnus-Bennett
Fife

READ MORE: Letters, December 11

AFTER reading Hamish Macpherson’s article ‘Rewriting the tea towel..., December 11), describing an updated version of Scotland’s contributions to the world, I think a full-sized beach towel will be needed – a tea towel is far too wee!

Alasdair Smith
via email

READ MORE: Rewriting the tea towel: An ode to Scottish genius​