About the author
Bill Davies is a retired engineer who read engineering at Cambridge and became a Chartered Mechanical Engineer.
He worked for ICI making polythene at the then cutting edge of technology, was Works Director of the National Glass Works in York and ran his own business making office equipment and garden products for thirty years. He held five patents and made dozens of inventions for production processes. He exported his products around the world.
Bill became increasingly interested in monetary control in the years following the great inflation and industrial chaos of the 1970s. He saw at first hand the problems of productive industry, caused by incompetent government policies for taxation and monetary control, which resulted in the decay of British Industry and the rise of short term profiteering where no one was interested in building a production business and growth was mainly the financial engineering of take over bids, asset stripping, and increasingly the magic of replacing equity by debt.
It took Bill a long time to work out where the money was coming from to fuel the increasingly frantic financial activity that occupied some of our most able citizens. The arrival of the internet showed him he was not alone in believing that the banks were running out of control but all three of the main political parties in the UK were too dependent on the largesse of bank created money to question what was going on. This book is an attempt to describe what has gone wrong and what is far more important, the solution to the problem.