Sir, – I was delighted by the return of Charlie Fell to your Business pages (October 22nd). It was like seeing an old friend after too long an absence – or perhaps more correctly, an old enemy. I do not share his pessimism. My attitude towards the risks posed by the profligacy of the monetary authorities on both sides of the Atlantic is similar to Abraham Lincoln’s towards the risk that General McClelland would set himself up as a dictator: only a victorious general poses a real threat. If they give us a recovery – if the money they are pumping into the system begins actually to be spent – then we must find a way to deal with the resulting inflation, but that would be a welcome problem compared to the non-recovery in which we find ourselves.
I would have said that I have made a fair amount of money by ignoring Mr Fell’s warnings, but I had been paying close enough attention to his logical and carefully researched columns to understand that the horses are still running and all I hold are betting slips. He prevents hope from transforming itself into optimism.
I look forward to seeing him again soon in your pages. – Yours, etc,
WILLIAM HUNT,
Northbrook Avenue,
Ranelagh, Dublin 6.