Money and power
Sir: As a multi-currency fund manager for over 12 years, I was amused by Andrew Mares(`The real enemy is the money mar- ket', 9 September) and John Laughland's ('Whose money is it anyway? 23 Septem- ber) articles relating sovereignty and curren- cy.
Neither interest rates nor currency values have been determined by governments for some time, but by the flow of funds direct- ed by professional gamblers like myself, oth- erwise known as institutional investors. It is money that is sovereign, not the states that print it, as the divorce of money from a finite resource like gold has made the measure of value an infinite resource, albeit one con- trolled by and for the financial plutocracy.
Any graph from Datastream or Reuters of global money supply illustrates this per- fectly. Money growth in nation states never matches or undershoots GNP growth, as one might expect, and the surplus growth of money always goes to financial institutions — never in history has it been easier for the rich to get richer. Inflation may erode the value of money as a result of this, but it is a problem only for the poor, as real interest rates assure the continued growth of the wealthy.
Dominic Weaver
66 Godolphin Road, London W12
Previous page
