OH dearie me. More Harry Potter "economics" from Mr Margrett (You Say, July 3).

So the dollar's "collapsing", is it? Funny, that. Japan recently faced a run on the yen and its government had to sell yen to balance the books, so they bought dollars, not euros. Some "collapse".

So "the euro will achieve equality with the pound", will it? The pound would have to devalue by one third for that to happen.

It won't, of course, and only euro-fanatics of Mr Margrett's stripe could actually want it to do so.

Mr Margrett's claim that "high inflation in Greece has nothing to do with the euro" is more jackanory. Like all the countries entering the euro, Greece had to crack down hard on public spending to "qualify" (even then the books had to be cooked to let Greece in).

That pushed unemployment up, which in turn pushed revenues down, which in its turn pushed up prices - the deadly euro-spiral, repeated right across the euro-zone.

Britain would dive into these shark-infested waters at its peril. Fortunately, I don't reckon most of us have Mr Margrett's brand of economic and political deathwish.

JULIAN THAKE, Worcester.