FT, don’t scare or bullshit us, with that September and October labor data is indispensable for the Fed to know what to do.

Sir, Robin Harding reports that “Experts fear loss of October data could influence tapering policy” October 5. Boy if that is what we depend on for the Federal Reserve to act correctly, we are, as the somewhat vulgar expression goes, most certainly up shit creek without a paddle.

He also quotes an expert saying “It’s like flying blind”. Come on, the Fed is flying truly blind by not knowing what would be the real interest rates on public debt, net of the subsidies implicit in bank regulations which allow banks to lend to the public sector against much less capital than when lending to citizens. Compared to that blindness the labor data would be, also in a somewhat vulgar expression, chicken shit.

That the Fed, not having a clue about what to do, would naturally like to have that data in order to explain itself, well that is a quite different proposition.

Does Le Pen want a patent?

Sir, once when reading an analysis of the cash flows derived from the sale of a music CD went, I was surprised to see how much went to the record company, how much to the taxman and how relatively little to the musicians and composer, being these last ones those you really think of in terms of being defended by the intellectual property rights. I mention this because when reading Krishna Guha’s “IMF says workers’ share of income pie is shrinking” April 5, we are presented with only two possible culprits, globalization (in terms of placing productions where salaries are lower) or technological change, while perhaps the intensified award and enforcement of intellectual property rights that has lead to the creation of so many non-regulated monopolies might have a lot to do with the salaries being less and less of the cake. Hearing about the possibility that patents could be awarded on such exotics as tax saving strategies and also reading, in the same FT, a headline that states “Rivals are stealing my ideas, says Le Pen”, I guess that we who live on salaries better have a much closer look on this issue than what the IMF has done.

Sir, excuse me! I just read your editorial of today “Capital versus labour” where you as the cause for the growing share of profits also mention “globalization and technological innovation” and where you with globalization limit yourself to "competition in labour markets” and so I guess my previous comments of intellectual property rights that might have gone berserk, applies to your editorial too.