Gordon Brown: master of the meaningless phrase conveying minimal information with the utmost sincerity. Asked by Andrew Marr yesterday why all the billions thrown at the banking crisis had been ineffectual, the stock responses were duly trotted out: "Global problem even lower interest rates more bank debt guarantees others are worse off." Not a word about the key issue - how can any bank offer a meaningful mortgage with falling house values or lend to any business with an empty order book?

The disease started with excessive bank credit and has become a pandemic with too little. There are two distinct actions required: a convincing programme of public and environmental works sufficient to reinstate confidence in the virtues of useful and constructive employment, funded by a fraction of the £500bn thrown at the banks.

And when that's under way the removal of the banks' monopoly on credit creation and its replacement by "real" money from depositors attracted by interest rates equitable to both borrower and lender. This supplemented by modest tranches of National Credit metered out at a rate to maintain economic stability.

It is not a global problem that the pound has tumbled against virtually every other currency - it's our problem, owing to this indiscriminate prostitution of the National Credit - the world has recognised this financial incompetence and every one of us will continue to pay dearly for it until confidence is restored by decisive action.

R F Morrison,
Helensburgh,
Argyll & Bute.