Fair Living Standard Should Transcend Profit

In reference to James Flanigan’s column “Ex-Deadbeat Nations Are Becoming World Beaters for Investors” (Oct. 13):

Pension funds and mutual funds are investing in “ex-deadbeat nations” while a Germany that built a mighty economy in the last 50 years has lost its dynamism. Also, Germany built a social system that finances high fringe benefits with very high taxes--up to 53% on income, 30% for social security deductions and a 15% value-added tax on all goods.

Flanigan forgot to mention that profit-seeking mutual and pension funds pursue investments in Third World countries because the aforementioned taxes are nonexistent in such poverty-stricken, feudal societies.

I still believe that the maintenance of adequate living standards for all workers should transcend the greed of investors who seek profits on Third World countries that ignore minimum living standards for their wretched workers.

JOSEPH WALDBAUM

North Hollywood