The Editor, Sir:

I can empathise with Ms Shirley Tyndale. Here is a diligent and outstanding public servant who, after rising to the lofty position of financial secretary in the Ministry of Finance, is now sitting in her home unable to own a calculator. Anyone who, after a lifetime of dedicated and distinguished service, finds him or herself in such a precarious position could be forgiven for being a little uncooperative.

I disagree with those who discount the usefulness of the FINSAC enquiry because it will not restore the property that was lost or impose sanctions for those responsible for this tragedy. I also disagree with the youth arm of the People's National Party (PNP) which had its leaders on television declaring that people's time could be better spent than participating in this exercise. Their position is particularly disturbing and I will explain.

Financial disaster

The PNP came to power in 1972. When they left office eight years later, the economy had lost 25 per cent of its value. They returned to office nine years later and within two years had laid the foundation for the financial disaster that followed. Today, the legatees - by their attitude to this enquiry - have demonstrated that they have absolutely no regard for the lessons of history and do not believe that the past can be used as prologue.

In 1812, Napoleon Bonaparte invaded Russia while still at war with Great Britain. This caused his downfall. In 1941, Adolph Hitler - who revered Napoleon - invaded Russia while still at war with Great Britain. This caused his downfall. What I am trying to say is that history dictates what answers we offer for existing problems. The activities of that period under inquiry have put us in a position where the country is too impoverished to offer the victims of this travesty any direct compensation. It is also true that the architects of this avalanche will not be required to pay for what they have done. But the detractors fail to recognise the most important point which is that it must not happen again. A truthful account of the events of this period, carefully recorded and studied could be a useful guide for the future.

Mental health issues

'Financial meltdown', 'collapse of the banking system' are just two of the terms used to describe what took place during this period. I know several victims who, because of pride or embarrassment, refuse to numerate the horrible mental health issues resulting from this experience.

Those who justify the policy decisions during this period point to the fact that the traditional banks did not fail. Well, the policies and programmes of those banks could never move this country where it needed to go. Everywhere that positive movement was taking place for small enterprises, it was happening because new, creative minds were devising unique strategies to fund projects. These 'new' banks were on their way but were ambushed by what is still being euphemistically described as 'interest rates' by persons who should know better.

Modern society has turned its back on the past. Things move so fast, we define ourselves in terms of where we are going. There is, however, a growing body of empirical evidence that points towards the long-term effects that historic events can have on current economic development.

We should not underestimate the importance of this exercise.

I am, etc.,

GLENN TUCKER

Stony Hill

Kingston 9