Many years ago our then Prime Minister Harold Macmillan often spoke of selling the family silver. We now hear daily from his colleagues that Gordon Brown is the person to see us safely through our present financial debacle.

Our present Prime Minister sold around 240 tonnes of our nation's precious gold reserve at an equivalent price of around £40 each sovereign. Today, the value would be no less than £120 per sovereign. It does not need an Einstein to calculate the difference would have gone a long way to alleviate the present banking crisis.

Another, in my humble opinion, cause of our problem is the Financial Services Authority wishing each company to have a large proportion of non-executive directors.

This jobs for the boys culture and the system of allotting bonus shares, which beneficiaries take to pocket huge capital gains or walk away if the resulting share price is less than the allotted value, is not a way to conduct business.

Years ago, I was acquainted with a lady who worked as a cleaner at the head office of Halifax Building Society who told me, "There is more drink in the Board Room cabinet than at Lewins," which in those days was the established place in Halifax where anyone who was anyone did their drinking.

From: JW Smith, Sutton-on-Sea.

SURELY, no one can be surprised that there is no guarantee on jobs at HBOS (Yorkshire Post, September 23). Whenever has any employer been able to give such an undertaking?

It should be remembered, however, that Lloyds TSB has experience in this type of situation following their merger some years ago when similar fears were expressed.

Of course, there have been staff reductions, but they have been well managed and although there are fewer frontline staff, the bank
has retained a very good branch network.

In some towns where each bank was represented, both branches are still open under the joint name and in places where there was only one or the other, the branch has remained open in the joint name.

David Cameron has said this is the best solution in the circumstances and that he will support any action by the Government to assist those who unfortunately do become unemployed.

This is a banking decision not controlled by government and the alternative could easily have been the complete failure of HBOS. Instead of looking at the job loss situation, we should be concentrating on the number of jobs saved.

From: T Scaife, Manor Drive, York.

ONE simply can't move for beggars these days. Not the worthy beggar in the street, but the worthless banks, financiers and speculators who have played with other people's money and lost.

Even Gordon Brown, our unelected PM, is begging his party faithful to let him keep his job. Mr Brown must believe the electorate are a bunch of silly beggars if he thinks voters fall for his delusions any more.

Let's not forget the US Treasury who, with tail firmly between their legs, have trotted off to Congress to beg for $700bn to yet again bail
out capitalism.

Surely the whole point of capitalism is that business stands or falls without hindrance or aid from government?

As banks fall like autumn leaves, they plead ignorance for their incompetence, grovelling to the taxpayer for a handout, yet show zero tolerance for struggling customers.

The capitalist venture of the free market has brought about the disgrace and demise of once great financial institutions who are now being nationalised.

If it is good enough for them, why can't the Government stop house evictions and nationalise the utilities to remove greed from vital services?

The capitalist fantasy of Reaganomics, Thatcherism and Blairism has left a trail of disaster culminating in a broken society.

I beg Hugh Bayley, the City of York MP, to beg for Mr Brown to retire and for government to move away from unfettered capitalism. Government
should consult with real-life experts such as Shelter, Barnardos, Age Concern and The Salvation Army.

Don't reward the failure and greed of financiers. Instead, direct money to the root causes of poverty and need by investing in infrastructure, pensions and housing.

The whole nation is begging for change to caring, pragmatic equilibrium but not a return to uncaring Conservatism.

From: Anthony Blakeney, Hollin Drive, Leeds.

IF the two Archbishops want to quote Karl Marx (Yorkshire Post, September 25), here are a couple more. "Social progress can be measured by the social position of the female sex" or "The first requisite for happiness of the people is the abolition of religion". You can't have your "cape" and eat it.

From: D Neil, Church Lane, Pannal, Harrogate.

THE ongoing turbulence in the credit markets has caused everyone to assess whether they could be adversely affected. Savers are trying to find banks and building societies secure from share price attack.

People are told to ensure that they do not have more than £35,000 in one bank to avoid losing their deposits if the bank goes bust.

In my opinion, this insecurity is one of the main reasons people are increasingly pessimistic, which feeds into the economy by inhibiting expenditure and investment.

Much of this concern stems from the depressing vision of people queuing outside Northern Rock for fear of losing their savings and could be avoided if the Government bit the bullet to introduce a policy whereby
all deposits, large and small, held in authorised British banks are guaranteed and underwritten by the Government in the event of
a bankruptcy.

No doubt the Government and the banks will argue that this move would be too expensive, but in these uncertain times we must
accept that the alternative would be much more damaging.

If a major British bank were to default on its depositors, it would cause irreparable damage to our reputation as a leading centre of financial services, an industry which contributes a major share of our international earnings and tax revenues

If Gordon Brown wishes to retrieve his sinking reputation for economic management, he will take this step without delay.

It would lead the banks to recognise the importance of investing deposits prudently and not treating them as risk capital.

In the USA, the President and financial leaders have initiated dramatic and worthwhile steps to shore up their damaged economy.

Our politicians should also be demonstrating their leadership credentials by taking this opportunity to introduce a more prudent emphasis on our banking system.