Only ‘sordid’ capitalism can deliver pensions

HAVEN’T we now discovered the answer to unaffordable public sector pensions?

We can simply say, sorry, we can’t pay you your pension unless you accept investment in unethical, sordid, risky capitalism (Yorkshire Post, Janaury 10).

Presumably, most public sector workers with high-flown ideals will then take their money out and invest it themselves.

Perhaps Amnesty International could set up a pension fund. It would be interesting to see how they would get on.

They might try and invest it in a Government subsidised wind farm, possibly.

However, I think these naive people will soon find there are no heavenly investments available with fund managers playing harps, sat on clouds.

If you waited to find an ideal ethical investment opportunity that will deliver the kind of returns that public sector pension funds need, you’ll have a long wait.

Tell me where this ethical capitalism is?

If you invest in any Far Eastern economy, which is where all the high growth is, you’ll usually be encouraging appalling human rights records.

Your ‘green’ credentials are also in question, as any goods developed in those countries (countries which ignore carbon emission regulations, I might add) then have to be shipped halfway across the earth.

You know why the growth is out in the Far East and why pension funds are having to invest out there?

It’s because the West has a high tax, highly regulated, bloated welfare state with unaffordable pension provision.

The fact is that capitalism has to be done somewhere and it’s usually a pretty murky business, I’m afraid.