Call to account

Barclays and four of its former top bankers have been charged with fraud (your report, 21 June). Money is far too important to be left to bankers, whose incompetence, greed and want of moral turpitude have resulted in a financial system that rewards them with obscene incomes while exposing the rest of us to risk and crisis.

Contrary to popular belief, banks do not lend money from their vaults, they actually have a licence to create money (debt) out of nothing – merely at the stroke of a computer key. This licence should be revoked and the state regain the sole right to create money. The system would work by making a clear distinction between your current account and your savings account.

Your current account would hold money that belongs to you, and act just like your wallet or purse does at present, but it would garner no interest. From it you would pay for goods and services with coins, banknotes or electronically. You could carry out all your usual transactions but would pay no fee (as with cash payment at present). This money would not appear on your bank’s balance sheet.

Banks would make their money by offering loans on your savings account, but this money would come solely from government-issued money deposited with them by savers, or inter-bank borrowing, or their own accounts with the Bank of England.

DOUG CLARK Muir Wood Grove Currie, Midlothian