Sir, – In response to Chris Johns ("Why saving and investment are the keys to our future", Business Opinion, June 27th) , I would argue that there are two legs holding up modern developed economies – cheap energy in the form of fossil fuels and almost unlimited credit created out of thin air by banks.
As energy gets scarce and more expensive to extract and the huge mountains of sovereign, corporate and personal debt that exist worldwide become impossible to repay, there is only one way for developed economies to go, and let’s just say that the next 20 years will not be the same as the last 20 years. Economic growth on a scale seen in the last 250 years is over and capitalism – or any other “ism” – is not going to save it. – Yours, etc,
JOHN DEEGAN,
Market Square,
Kilbeggan,
Co Westmeath.