No fan of capitalism



Dear Editor:

In your Extra edition of Aug. 28, Mr. Joseph Szoecs of Brooklyn, N.Y., says his pet peeve is against big corporations. He claims they spend a lot of money on their self-image while their hands are in our pockets. Apparently Mr. Szoecs doesn’t much like American capitalism, viewing it as a kind of economic monopoly. Well, yes, we have a lot of corporations, both large and small.

But he doesn’t think that Sysco competes against ConAgra. Nah, those nasty corporations should be liquidated and dissolved, replaced by organic farms, organized (if at all) as communes or co-ops.

True, there is no runaway inflation at the moment, but we are at risk of it if the Fed chooses to increase the money supply. If you think the Fed is an independent agency, check the timing when it floats new issues of U.S. bonds and when it buys them in. Do you think Chairman Janet Yellen decides? If you do, I can give you a good deal on the Boston Customs House, or even the Red Sox. Nah! The President decides, especially when he is running for a second term. Stimulus funding would beef up the economy, but it’s only economic masking tape, the weak fundamentals unchanged.

Carle G. Gray

Deer Isle