THERE is much to admire in Andrew Wilson’s piece (I’m not ready to give up on growth – but we do need to think differently, August 1) particularly in his concerns for the environment and the disadvantaged.
READ MORE: Andrew Wilson: Think differently ... but don't give up on growth
But there is also substantial inconsistency and confusion of thought, largely I suspect, the result of his being a (neoclassical) economist and an unreconstructed banker.
“Growth in wages and profits” he informs us “are a necessary but not sufficient determinant of future prosperity”.
And yet he also tells us that since the financial crisis growth has only been kept on the road “by the mass injection of economic steroids into the system (as) debt and central bank asset purchases ... none of this is sustainable”. Which is it?
He also tells us that that “over the last three decades the world has enjoyed an unrivalled period of relative peace, growth and prosperity”. One has to assume that Mr Wilson’s world excludes the likes of Afghanistan, Iraq, Syria, Sudan, Libya, and much of Central America, which have received the bountiful attentions of the US-led “most developed countries”.
I guess this is an example of what his trade calls “ignoring externalities” in order to present a sunny picture?
The simple fact is that in our debt-based economy and financial system “wealth” is represented by credit (and simultaneous debt) created endogenously on banks’ computers unsupported by prior savings, and then loaned at interest.
This interest then compounds and expands exponentially creating claims on a real economy (true wealth) that can expand (if at all) only linearly – and in the case of a planet undergoing systemic ecocide, may well be collapsing whilst the debts accumulate.
Such a system, driven by finance capital, is intrinsically and irremediably unsustainable, and is in turn driving the planetary destruction we are currently witnessing, not to mention the wars he ignores.
As a mainstream economist, I’m afraid Mr Wilson appears to lack the tools to understand the matters he so capably describes. Growth is the problem – not the solution.
Dr John O’Dowd
Bothwell
THERE is an aspect of our insistence on no nuclear weapons based in Scotland that troubles me.
The Scottish Government is probably aware of it, but as an individual I am able to make early comment when it might not be politic for the Government to do so.
As Scottish independence becomes likely, it would be necessary to consider a time limit proposal on the removal of the Polaris/Trident bases on the Clyde.
In order to pre-empt the emergency seizure or annexation of parts of Scotland – all of Scotland – ostensibly on the grounds of the national security of the United Kingdom, I feel that it should be clearly, unambiguously and with maximum publicity, stated that Scotland would be open to reasonable negotiation on the time scale necessary for the Westminster Government to make alternative arrangements.
This should be done now or soon.
In 2013 there were rumours to that effect. I now suspect a Westminster leak as part of Project Fear.
Victor Moncrieff
Lanark
I RECENTLY spent a fortnight in Turkey with my husband and three friends. As we queued up to have our passports stamped on exit, I ended up last in our little group.
The other four had their UK passports stamped perfunctorily by a somewhat surly faced border guard. When I presented my Irish passport, however, I was greeted with a beaming smile and addressed in Turkish.
Being non-the-wiser I just smiled but when my passport was returned I I said thank you in Turkish. The smile became even broader as he replied and bade me good-bye. Such is the widely held, if largely unfair, view of UK citizens abroad.
Rachel Martin
Musselburgh
DUNCAN Scott you are a beacon of hope (Duncan Scott refuses to be distracted by Sun storm, July 24).
READ MORE: Duncan Scott refuses to be distracted by Sun storm
I don’t know your politics – and it’s not at all important.
What I do know is that it’s great to see a decision taken against the backdrop of pressure to accept and to turn the other cheek and swallow your pride.
Very very refreshing to see this take place on a world stage with a rather irate “winner ?” trying to emphasise his futile point.
Very similar to taking a knee in the current US sports movement.
Duncan’s actions demonstrate an old Scottish trait of standing up for yourself and saying what’s got to be said. You are a winner Duncan ... by a country mile.
Dougie Gray
Dunbar
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