The British Government proposes to spend £50 billion of the taxpayers' money on lending to the commercial banks in an effort to ease the liquidity crisis. The proposed rescue of the financial system is a fraud on the taxpayers and will fail.Final responsibility for this crisis rests with the authorities. For at least ten years, the Bank of England – and the central banks in most other countries – has kept interest rates below the market equilibrium. The result has been an orgy of credit...