OUR national news media reports that record profits of £30bn are expected to be announced by our high street banks within the next six weeks.

Collectively, these private banks are understood to have increased their profits by 16 per cent to more than £80m a day, mainly out of "thin air."

When people borrow money from a bank or building society, they do not borrow from its depositors or the bank's assets, but from a newly-created interest-bearing loan account in the bank.

When the loan is paid back to the bank, the money is treated as its own, and the interest is recognised as income from the bank.

This is institutionalised counterfeiting which enables banks to achieve their scandalous profits.

All of our banks are controlled by the Bank of "England" whose vote-casting directors are secret and may not be British. It is sited in the heart of London known as "The City" or the "Square Mile," together with some 500 other banks or branches, including 70 USA banks.

Researchers believe "The City" is actually a sovereign state (much like the Vatican), since the establishment of the Bank of "England" in 1694.

"The City" has become the last word in our country's national affairs, The Prime Minister, Cabinet and Parliament becoming only a front for real power.

When the Queen enters "The City" she is subservient to its own non-political Lord Mayor (under him is a committee of 12-14 men, known as "The Crown") because the privately owned corporation is not subject to the Queen, or our Parliament.

E WALTER CARR,

Malvern.