‘Capitalism must be regulated’

First he misquotes the piece I wrote, which the Star headlined “Capitalism Delivers Death.”

This is a reply to Roger Pratt’s diatribe on things economic and the NDP (letter to the editor “NDP couldn’t run a coffee shop” Nelson Star, May 29).

First he misquotes the piece I wrote, which the Star headlined “Capitalism Delivers Death.” One word in a sentence can change its whole meaning and that word — which it seems went over the head of Mr. Pratt — was “unfettered.” Capitalism must be regulated. The how is the question. Many like the idea that capitalism should be democratized from the bottom up, by the people, rather from the top down, by government, which can fall prey to wealthy interest groups.

Pratt’s myopic examples of social groups running a business plan into the ground can be countered with many more examples of “right wing” entrepreneurs doing the same. Pratt also seems to have a mad-on for Venezuela. He lingers on the failures of the Bolivar revolution while ignoring their great accomplishments since nationalizing the country’s resources for the use of providing for the nation’s people instead of the profits leaving the country in the pockets of big oil for the maximization of ever increasing accumulations of wealth at any cost to life or life support systems.

A country devalues its currency as a protectionist measure to build up the local economy. This is how the United States built up their industrial base, which they allowed to be squandered away over the last 40 years by the maximum profit seeking under the false guise of “free marketism.”

Pensions should be funded in advance of receiving benefits, like Canada pension is. The BC public sector pension fund was well funded until one of Pratt’s fiscal responsible Social Credit governments under W.A.C. Bennett buffed the till, not leaving a dime, to build a power project. It took years to rebuild the fund to where it is once again viable going forward.

Finally we come to the reason behind Mr. Pratt’s fulmination, the “stop Harper” campaign. Perhaps it is because many view Mr. Harper as venal and in the service of the corporatocracy rather than in the service of the Canadian people and in properly regulating the monied interests of capitalists who want to run unfettered over the planet… until exhaustion or collapse.

Brad Fuller

Nelson