Tom Kremer

1930 – 2017

From crisis to hard times –
the value of money

“On all levels the proffered explanations as to why we are in such deep trouble are overwhelming.”


Ten letters written by a successful entrepreneur unschooled in the formal academic discipline of finance and economics.


However, Tom Kremer has had a challenging personal history of the practical vagaries of money. In over forty years of adventurous enterprises he has created many thriving companies both here and all over Europe.


None of the financial movers is prepared to acknowledge any responsibility for the crisis which came as a bolt from the blue. The banks that created the debtors, the governments that fashioned the disastrous budgets, the businesses that pressurised buyers who never had enough money to pay and a public who spent evermore irrespective of cost, are all responsible and all refuse to accept the blame.


The first nine letters, out of the ten, are primarily concerned to present what has happened in simple, easily understood terms. The tenth one suggests a relatively easy and clear way to see exactly where we are now.

In times of great uncertainty, the instinct is to find a convenient culprit.

The question exercising all of you is how severe the economic downturn is and how long it will take us to get out of.

As a measure of the general ignorance obfuscating the field, the pronouncements of our past Chancellor serve as a good illustration. Fortunately, Alistair Darling, unlike his predecessor, did not suffer from delusions of omnipotence and infallibility and so he was prepared to admit having been wrong from time to time. In an admission, made public just before the April 2009 budget, Darling conceded that he had not realized the severity of the recession when presenting to Parliament with his pre-budget financial assessment. Previously, he had talked about quantitative easing being merely an academic possibility – some three months before the printing presses started rolling.

The state of the
Nation’s finances

Available as an e-book for Kindles, tablets, phones and as a downloadable PDF


If you would like to read more, you can download the complete set of Letters from here.

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