Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-01-20-Speech-4-087"

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"The representatives of will vote against the compromise resolution on tax on capital movements. This resolution, on the ridiculous and Utopian pretext of ‘stabilising’ the international financial system and ‘ridding’ it of its excesses, maintains, above all, that its aim is to safeguard it. Our view is that mankind should be rid not only of the excesses of the world financial system, but of the financial system itself and the capitalist organisation of the economy, of which it is one of the essential components. It is not only short-term capital speculation on the financial markets that represents an enormous material, social and human waste for society, but capital itself. Looking at the current redundancies and axing of jobs, from Michelin to Alsthom, which virtually all large companies (despite the fact that they benefit from Europe) are making with the sole aim of increasing their share price rise: is this speculation or the normal activity of capital? If a resolution clearly proposed the introduction of the Tobin tax, we would not have voted against it, so our vote should not be confused with those of the smug admirers of the capitalist system who are offended by any tax on almighty capital. For our part, the political objective that we propose to the working classes is that they impose very heavy taxes, not only on speculative capital, but also on the profits of all the large capitalist companies and on the private fortunes of the wealthy, so that the money thus concentrated in the hands of the State can serve to create useful jobs in the public sector. The ridiculous Tobin tax is, however, certainly not a measure of social justice. It would not even hamper the speculators and, instead of obstructing the waste and injustices of the capitalist economy, it would only serve to conceal them."@en1

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