Economic crisis solution

Economic Crisis Solution

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There are a number of different ideas below that should solve the economic crisis and create thousands of jobs. Some of these solutions are rarely thought of. However, they have been proven to work in the past. I would like to know what you think and if you have any other suggestions. Please share this letter with anyone who is interested.

The governments should prosecute the corrupt bankers by taking all the money that they received in executive salaries, and using that money to set up nationalized banks run by the governments. Viable private banks could continue, provided they are strictly regulated and the government is solely responsible for creating and maintaining the national money supply. This could mean fair regulation and no more huge payouts for the bankers. Investors could buy shares in the government regulated banks. This could also be done in many countries.

The government could also create money to be diverted into infrastructure and given (interest free) to financially needy people if they will use it for good purposes. For example, families could be given a home and money to spend on necessary things. This would also boost the economy and help small businesses. Small businesses providing useful goods and services could also be given money interest free if they are honest and financially in need. This would further boost the economy and free up credit.

Bailing out the corrupt banks would only result in them surviving and ruining the economy further. It would probably be best to have these private banks fail and start up a nationalized bank instead that lends money at very low interest rates. There once was a successful credit creation scheme like this. The Commonwealth Bank had one early last century. See the references below. Currently banks are creating money from nothing by writing out bank loans as interest bearing debt. I heard that this is more inflationary than the above plan. This should be outlawed.

During the Great Depression, legislation was introduced to stop foreclosures of homes and farms. This should be done again.

Countries should aim to be more self sufficient and not be forced to import goods that they can already efficiently produce.

In countries where wages are above the world average it would be better to reduce costs instead of increasing wages, so that these countries can become more internationally competitive. Better efficiency in the ways described at would help. Wage rises are inflationary and increase the cost of goods. This makes it harder for businesses to export. Lower costs would benefit everyone, including the very poor people that wage rises do not benefit. For example, the small businesses, farmers, unemployed, pensioners and carers.

Taxes should be abolished where they increase costs on essential goods and services or slow productivity. Revenue could be raised by stopping corporate highfliers avoid tax, and clamping down on their tax minimisation schemes. A transaction tax could be introduced at a rate of less than 0.1%. This could replace all the current taxes and generate all the revenue needed to adequately fund the country. It would mean a massive tax reduction for everyone, except for some corporate highfliers. I also read that it would reduce instability in the financial system because it discourages speculative activity. The tax would be much simpler and less costly to implement than existing taxes because it would not require reporting by the average person as a threshold would apply. There is more information about this tax at
Innovation and efficiency need to be improved. Currently billions of dollars are being lost and many problems are not solved because inventors with good inventions are not supported. A data base is needed which contains a list of honest companies, organizations and investors who are interested in helping inventors. Governments need to also support inventors more.

People need to be educated to only spend their money wisely on goods and services that are necessary, practical and morally good. Waste should be avoided when practical. There needs to be a focus on sharing, serving the community and helping people instead of desiring excess wealth.

The above ideas could be the best way of avoiding an imminent depression. I am wondering what you think.

How many political leaders and economists are aware of these solutions?  Do you know of any that are suggesting similar ideas?  It could be an idea to write to politicians and economists to inform them so that the economic crisis could be solved. Are you able to contact them?

There are relevant articles and references below.

The Story of the Commonwealth Bank by D J Amos, F.C.I.S

I have many websites with separate community groups, rare information, inventions and solutions to help people. Please see for a brief summary. I would appreciate your feedback and help. Are you able to swap links or share any letters that I could send you?

Your help will be appreciated,
Regards Richard Hole.