I'M probably one of those people who Ruth White of Birkenhead (Mailbox, June 28) would call old, inward looking, selfish and cynical.

But while of course there isn't really a magic money tree, as Ruth suggests, what the government and banks do have is access to printing presses which can make paper money from nowhere.

If you and I can show we can pay it back, the bank will order new money to be made and will credit it to you or me for us to spend.

But, of course, we will have to pay it back with interest, in order to balance the books.

When the Government orders new money to be made in order to finance its projects, that money still has to be repaid and the books balanced somehow, in order to maintain the credibility and value of the pound as an international currency.

Today's young people should be enabled to understand the dangers of debt, how real wealth can be created and the satisfaction that comes from being part of a successful enterprise.

For them I say avoid the magic money tree like the plague and don’t become a slave to debt.

David Evennett, West Kirby.