Banking politics

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Inadvertently, John Cameron (Letters, 19 September) echoes the same false premises that are behind Jeremy Corbyn’s call for “people’s quantitative easing”.

In more rational times, quantitative easing would be known by the correct term, which is “inflation”, and is the excess issue of currency.

A general tendency for prices to soar is a consequence of inflation, not inflation itself. There is no basis in rational economics for inflation. It remains popular at political level as it allows the state to create class war and bolster its power base by redistributing from those who have earned their money to those who have not but are politically favoured.

Also, it bears restating that central banks are Marxist in nature, constituting a nationalisation of the money supply and being a key plank of the Communist Manifesto. Central banks’ historical function has been to expand the currency and fund big government, and who can say that is not what they have done?

Bruce Crichton

Victoria Road