Editor,

I want to react to the story, "The liquidity time bomb” (The New Times, June 1)

That old axiom remains valid: you can never turn a sow’s ears into a silk purse.

Nor for that matter can you create something from nothing, which is exactly what the central banks of almost all major economy countries, including the European Central Bank for the entire Euro zone, have been doing continuously since 2008 when a crisis of confidence arising from similar (but private banking induced bubble-creation) hit the US financial markets and then spread like wildfire to the rest of the global financial markets and then the wider economy.

All this bubble-creation by the central banks of major economies will all end in buckets of tears for the entire world economy.

I hope our own central bankers are ensuring they diversify our reserves out of the currencies issued by central banks who have so debased their currencies by now these should—if real free markets rather than rigged casinos existed and the basic laws of economics were allowed to still apply—have plumbed the depths reached by the Uganda shilling during the Idi Amin era, when it was often compared to toilet paper.

Mwene Kalinda