The banking crisis

Monday 26 January
Previously I referred to a comment article in the Guardian by an Israeli propagandist Uri Dromi who had dubbed a Hamas spokesman Orwellian and I sent in a letter which I put on my blog. The paper has not published it but there is in today's Guardian an excellent rebuttal letter from Avi Schlaim which they give the heading "The newspeak of Israeli propagandists"; it nails the lies of such Israeli propagandists.

On a completely different vein, the economic situation and specifically the banking collapse,the debate continues about salvation measures. The Government has already poured vast sums into the banks, to what avail? Simply, it seems, to repair their balance sheets and to allow them to go on as before blind to the public outcry over their cavalier practices. To me it is apparent that we need a completely different approach, injecting funds into an untainted publicly controlled vehicle. In Saturday's Times the new Treasury Minister Lord Myners candidly exposed the instabilities of the banking system but fell short of recommending nationalisation. Then in yesterday's Sunday Times I happed on an article by the novelist Rachel Johnson at the end of which she mentions her husband's solution, a state-owned bank which she acknowledged was not going to happen. Rachel's brother is of course Mayor Boris, so I sent in a letter which I will post below