THE EDITOR, Sir:

Every civilised society needs social and economic regulation which allows Government to enact rules and laws t or control the operations of economic enterprises. Without this there would be anarchy.

The Americans started this about 127 years ago and federal regulation spread to banks in 1913.

In light of recent events here, I am asking myself what is the role of these agencies when some new scheme or activity is introduced that does not fit snugly into any of the existing industries?

About 35 years ago, a section of the population started to use a word to describe themselves. That word was 'sufferer'. It soon became a badge of honour. The users described persons engaged in economic enterprise as 'rapacious capitalists' and spoke of 'profit' with scorn, suggesting it was something stolen from consumers.

Any three-minute discussion with them revealed that they had absolutely no idea what they were talking about. But in terms of winning converts, they were very effective. Now, there is a national mindset that is not calibrated for the creation of wealth.

Today, we are busy putting the explosives in place to destroy the high-interest investment schemes that have sprung up in recent times. I put it that way because those who have the power know that discussions and expressions of concern about those holding people's money must be conducted in private.

If not, there will be a run on the business and no financial institution in the world can survive a run on its resources. The money is not locked away in a safe or a 'shet pan', it is out there working to provide the returns that were promised to investors. This type of activity did not originate in Jamaica and some of the largest corporations have a portion of their funds in these schemes. Yes, some fail, but so do some of the best-regulated banks.

Is it any surprise that the truly wealthy among us who were not 'to the manner born', had to go elsewhere to turn their dreams to reality?

The bright, creative minds who attempted to start here are somewhere else today, broken in body, spirit and pocket, their reputation in tatters.

If a man declares that he is able to turn water into wine, the fact that the rest of us cannot do it does not mean that he is a liar and a thief! He should not be crucified for his efforts or his ingenuity. We have to stop treating each other like this. It is symptomatic of depravity and mental impoverishment.

One of the ironies of these regulatory agencies is that - left in place long enough - they become the captives of those they are supposed to regulate. They seem to be well on the road to facilitating monopolies and oligopolies. This is what happened to the American industry, and about 30 years ago talk of deregulation started and was successfully implemented in several industries.

While we are trying to decide what to do with the investment schemes we have damaged so badly, maybe we coul the role of these regulators to include a facilitating department for the geniuses among us who may hold the key to solving the economic ennui we are experiencing.

I am, etc.,

GLENN TUCKER

Stony Hill,

Kingston 9