The Rt Hon Michael
Howard, QC, MP
Shadow Chancellor of the Exchequer
The House of Commons
Dear Mr Howard
You may remember
we met some time ago at No. 10.
If Labour has
achieved success by building on Conservative foundations,
the Tory Party would do well to consider some radical ideas
to outdo what might become a stagnant Labour ideology.
A case in point
is my idea of an interest-free monetary system that could
become the "in" thing for the 21st century.
I enclose herewith
correspondence with the Treasury and additional notes for
your perusal, and would be happy to answer any queries on
Some of the billions
of interest charges that the community will save can be channelled
to pay for the NHS.
3 December 2001
Dear Mr Dangoor
Many thanks for
your letter of 28 November enclosing copies of your correspondence
with the Treasury. In the Conservative Party we have embarked
on a comprehensive review of our policies and I am grateful
for your contribution to the debate. We are not, Im
afraid, in any position to pre-judge the outcome of that review
at this stage, but your ideas will be carefully considered.
Thank you again
for taking the trouble to write.
Mr Vicente Berasategui
Embassy of Argentina
I am writing to
offer my services in connection with solving the endemic monetary
problems which Argentina is going through. I would be willing
to travel to Buenos Aires if necessary. Of course there will
be no charge for my help or expenses.
There is no point
in linking a currency to gold that you do not possess, or
to dollars that you do not have. In the age of barter, the
source of money was the money lender or the central bank,
who had the gold or the hard currency. We are now in the age
of credit where paper money need no longer be linked to gold
or to hard currency. The source of this promissory paper money
(I promise to pay the bearer 100 Pesos) is the consumer. A
switch to consumer money is the right solution for the monetary
crisis that your country is going through. Promissory money
must be issued, not in the name of the lender or the central
bank, but in the name of the consumer as the borrower. This
kind of money, issued in the name of the borrower, would automatically
be free of interest, thus saving the community the heavy burden
of interest charges. The allocation of interest-free credit
money is a matter for discussion.
N E Dangoor
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