We are in even more trouble than any of us thought – the IMF has endorsed Nama. This institution, worshipped by politicians of every hue, has become the 'golden calf' of our civilisation. The IMF is the thick-necked enforcer of modern capitalism. The reality is that the IMF encourages the innocuously titled 'hedge-fund' system that has grown into a latter-day tyranny. A more apt title would be vampire funds. These funds, representing a handful of interests, control over €2,000bn worldwide.

The whole point of these funds is to expand, irrespective of social consequences. 'Vampire funds' enjoy great power in every state, while evading the control of all. Critically, they don't have a connection to ordinary society. They don't do taxes if they can help it, and if they do, it's in whatever compliant backwater they choose to do business. Issues like the provision of a dignified working wage are not their concern; quite the opposite – the job of the vampire fund is to drain as much money from society as possible. Government bond markets are their preferred tool for completely risk-free 'earning'.

If ever there was a time in our history to develop a means of protection from the rapacious monster that is modern capitalism, it is now. But the vampires and the IMF are doing all our thinking.

Declan Doyle,

Lisdowney, Co Kilkenny