Sir, – James Wharton, a Conservative candidate, (D&S letters, April 9), draws our attention to the possibility that the government may go “cap in hand” to the IMF debt-shop, due to its “excessive borrowing and wasteful spending”. In his opinion this would be a traumatic humiliation, an admission of economic failure.

Presumably, a possible IMF bailout would be a direct consequence of the ongoing banking handouts, to which the Tories offer no meaningful opposition.

Historically, like New Labour, leading Tories have tripped over themselves to be the bankers’ faithful servants, allowing them free rein during the Thatcher regime, which eventually contributed to the “credit crunch”.

The reason for this servility is best described in the words of a former Canadian PM, William Lyon Mackenzie King.

“Once a nation parts with the control of its currency and credit, it matters not who makes the nation’s laws. Usury, once in control, will wreck any nation.

Until the control of the issue of currency and credit is restored to government and recognised as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile.”

During the last century Labour/Tory governments oversaw a steady decline in the proportion of the nation’s money supply created by government, free of debt. The productive economy’s need for purchasing power has led to the majority (97 per cent) being provided by credit-money created by private banking companies – associated with mounting personal and commercial debt; and government policies dominated by asset-stripping financial dogma.

It’s no coincidence that as the debt mountain increased, Britain’s position as a world leader in science, technology, manufacturing and social justice has declined. There has been no more humiliating and traumatic economic failure than this.

Perhaps if Mr Wharton is elected to Parliament he will add his name to an Early Day Motion of former Conservative MP, Henry Kirby, which stated: “The Sovereign power and duty of issuing money in all forms should be returned to the Crown, then to be put into circulation free of all debt and interest obligations, as a public service, not a private opportunity of profit and control for no tangible returns to the British people … so as to assure the State and Nation the benefits of that emission and relieve them of the immense and growing burdens of a parasitical National and private debt”.

RICHARD AKERS Topcliffe Road Thirsk.