Sir, – Richard Akers (D&S letters, Sept 17) alerts us to just how outrageously destructive and increasingly unstable our debt-based economy has become.

It is shocking to realise that only three per cent of the total UK money stock is real money, actual government printed coins and notes. It is even more shocking to think that the other 97 per cent is only manifested into existence when we are given a bank loan or building society mortgage – numbers created on computers – funny money indeed. Not so funny when these loans have to be repaid, with real money plus interest.

Thus the economy is sucked dry and the resulting lack of purchasing power causes all the economic problems Richard Akers rightly identifies.

The failure of this modern form of slavery is ably described in Michael Rowbotham’s book Grip of Death - literal translation of the word “mortgage”.

Mr Akers warns the Coalition that if the lack of spending power resulting from the current debt-based financial system is allowed to escalate much further, local communities may be forced to create their own currencies.

The good news is that whether the Coalition listens to Mr Akers’ advice or not, our own local community, in the form of Richmond & Hambleton Area Local Exchange Trading System (LETS) has been enjoying its own currency for the past 16 years.

The Cobble is used by LETS members to exchange goods and services, like transport, food, home repairs, or the hire of tools and equipment. It doesn’t matter if you go into a minus balance within LETS. Half the membership has to be in minus at any point in time, in order for the system to work.

Someone needing a lot of help to turn a garden around, or because she/he is a single parent with a new baby, simply commits to putting goods and/or services back into the system at an appropriate point in the future. LETS Cobbles, whether earned or spent, always represent real goods and services, available to all, whether rich or poor and these exchanges will always take place within our local community.

In LETS we don’t talk about “debt”. No interest is charged on a minus balance.

SUSAN HOLDEN Station Cottages, Richmond