Madam, - Despite the forests of paper devoted by your publication and others to the crisis in capitalism, the name of one historical character is conspicuous by his absence from this debate. That is Karl Marx.
In his seminal work Das Kapitalhe outlined how capitalism, by its own internal dynamic, is doomed to periodic crisis. The great capitalist economist John Maynard Keynes argued against the economic orthodoxy and showed that the market left to its own devices inevitably destroys itself leaving chaos, misery and unemployment in its wake.
Capitalism in essence becomes anti-capitalism as the bigger fish in the pond devour their smaller rivals. This is exactly what is happening in the banking system.
This latest convulsion may not spell the end of capitalism, but its days are clearly numbered. I wouldn't bank on its survival. From his grave in Highgate cemetery, London, Karl Marx is surely giving a wry smile. - Yours, etc,
SEAN and ROISIN WHELAN,
Ormond Keep,
Nenagh,
Co Tipperary.
***
Madam, - Recently there were those who screamed that scientists could create an earth-swallowing black hole via Cern's Large Hadron Collider near Geneva. They should prepare to scream again as US treasury secretary Henry Paulson et al set about spending close to $1 trillion dollars to solve the current financial crisis.
The difference between the two groups is that those at Cern are conducting a controlled experiment where the dangers associated with the outcomes are contained.
Paulson's remedy, on the other hand, is to throw money into a financial black hole in an attempt to make it go away.
The difficulties underlying the financial crisis are rooted in the proliferation of exotic financial derivatives products. Sadly, the "science" of derivatives risk is not capable of modelling the outcome of this experiment. Let's hope for all our sakes it pays off! - Yours, etc,
PAT O'CONNELL,
Mulgrave Street,
Dun Laoghaire,
Co Dublin.