Editor, The Times:
In John le Carre’s (David Cornwell) novel The Secret Pilgrim his hero/anti-hero George Smiley is brought in for, unfortunately, the last time.
In former novels George Smiley battled and bested the super Soviet spymaster Karla.
Now he is addressing a group of young bright-eyed would be spies and intelligence agents.
In his lecture to them he makes the statement (and here I paraphase), ‘We have bested communism — our next task could well be to take on capitalism’
What! Take on capitalism?
Don’t you know when the Berlin Wall fell capitalism was triumphant. A new Jerusalum of universal wealth and happiness was sure to follow.
Fast forward to 2013. Most American and European economies still teeter on the edge.
In fact, as Les Leopold points out in his book How to Make a Million Dollars an Hour, we have not recovered from 2008.
The banks still use the practices that got them into the original financial jackpot. Leopold says that, being bigger and fewer, such financial entities as JP Morgan are making bigger bets and losing much more money — some $6 billion on something called London Whale.
Despite all the nonsense there is nothing inherently evil about capitalism or communism for that matter. Here I paraphase John le Carre, ‘It’s in the practice of such ideologies that the good or bad comes out.’
However if one thing represents capitalism’s dark side it is the two words: hedge funds.
This insane super betting game means one can bet on a mortgage or a countries economy to succeed or fail — either way you win or lose.
Les Leopold says this ‘pack of ravenous wolves’ – bet up or bet down spread false rumours, destroy whole economies, and make millions.
Any you thought that a recovery in the stock market was all that was required?
I’ll leave the last word to John le Carre, “The problem with the end of the Cold War – the right side lost – the wrong side won.”
Dennis Peacock
Clearwater, B.C.
