The Irish Times published an excellent letter by James McCumiskey on Tue Mar 26th 2013:
Sir, – The two recent pieces by John Waters (Opinion, March 22nd) and Stephen Collins (Opinion, March 23rd) were very interesting because they represent diametrically opposing views.
Collins believes the EU/ECB is a force for good; although it has forced Ireland to repay the bondholders of private Irish banks in full and has now legalised the theft of 30 per cent of depositors’ savings in Cyprus. Waters believes we are at the endgame of the euro project. I agree with him, but go further.
We are at the endgame of the current banking model whereby private banks create more than 97 per cent of the money supply. The system by which private banks create money out of thin air is known as fractional reserve banking. Currently, banks have at most 8 per cent reserves backing the 100 per cent credit they create. Almost all banks have suffered losses greater than 8 per cent and are technically insolvent. The savings of hard-working citizens are now being stolen in order to shore up these private banks which are all bankrupt. This legalised theft will continue and intensify until the people wake up and say No. Bravo Mr Waters. – Yours, etc, JAMES McCUMISKEY.