ROME OR THE BARBARIANS: A LETTER TO THE ECONOMIST (May 21, 2008)

“Barbarians at the Vault,” the front cover of your current issue shrieks. In the cartoon under this title, unidentified ruffians are storming the steps of a steep pyramid on top of which there perches a mighty temple embellished with bold lettering: “Bank.” The attackers are wielding banners with bloodcurdling slogans, such as “Skin the Fat Cats” and “Regulate Now.” Your main leader bears the same title as the front page, and its last paragraph blurts: “Rome or the Barbarians: Your Choice.” Your eighteen-page special report on the future of banking is entitled after Milton: “Paradise Lost.” The front cover of the report shows Icarus, the son of Daedalus, tumbling from the sky after the sun melted his wings of wax and feathers. Hysterical? You betcha! Returning to the choice you offer in your main leader, it is good to remember that Rome fell from within. It collapsed under its own weight. True, the barbarians helped along, sometimes quite spectacularly, but the mighty empire collapsed for lack of belief in its own future. Is this what you are trying to tell us about the capitalist system, with banks at its pinnacle? Are even you at the mighty newspaper losing faith yourselves? Is the capitalist system doomed already?