State regulated

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In response to David Fiddimore (Letters, 25 June), it was indeed red tape that led to the banking crisis, in the form of state intervention in the money supply by means of a central bank.

It bears restating that a 
central bank represents a 
nationalisation of the money supply and is a key plank of the Communist manifesto.

One should always beware those who blame deregulation when no deregulation has taken place, as poison can never be poison’s cure.

Bruce Crichton