Banks’ role

In response to Ellis Thorpe (Letters, 26 May), banks that have been subsidised by the state have, in effect, been told that they do not need to make a profit in order to be paid and, in effect, that they are immune from the laws of economics. What is called the market is, in fact, the free interactions of millions of people but these are distorted by state intervention in the money supply by means of central banks which represent a nationalisation of the money supply and are Marxist in 

It is a measure of the state of modern economic theory that they are widely seen as a key element of capitalism.

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Bruce Crichton

Victoria Road