Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-200"
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"en.20070905.21.3-200"2
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"Mr President, ladies and gentlemen, the grave spectre of the debacle resulting from the sub-prime loans also hangs over European banks. Many of their management funds irresponsibly stuffed themselves with derivative products. There is a serious risk of contagion via private equity
The banks have irresponsibly palmed mortgage bonds off on institutional investors and thus also on savers, presenting them as having a triple A rating – theoretically risk-free like national securities – instead of at a very high risk of default, like negative equity loans.
Speculation, set free to lord it over the globalised financial market, has led small savers to believe that derivatives are the philosopher’s stone of the third millennium. Nothing could be further from the truth. This chain of events is definitely not over and those who are really responsible remain unpunished – the hidden schemers of high finance. Here speakers have been restricting themselves to pointing the finger of blame at the credit rating companies, but why have we permitted the assessment and control of the riskiness of financial products to be entrusted to companies closely involved with and with an interest in the growth of a market that is under the intoxicating influence of speculation?
Please, have the courage to face it clearly: not only is the improper use of derivatives harmful, but the derivatives are harmful in themselves. Derivatives are to the real economy as usury is to savings and the productive economy, as a great American poet, Ezra Pound, taught us in his canto: ‘
.’ Usury is not the way to govern the world, to protect the widespread interests of honest people who work, produce and save."@en1
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"With usura hath no man a house of good stone each block cut smooth and well fitting that design might cover their face, with usura seeth no man Gonzaga, no picture is made to endure nor to live with but it is made to sell and sell quickly, sin against nature. Pietro Lombardo came not by usura, Duccio came not by usura, nor Pier della Francesca, Zuan Bellin’ not by usura, nor was ‘La Calunnia’ painted. Came not by usura Angelico. Usura rusteth the chisel, it rusteth the craft and the craftsman. Usura slayeth the child in the womb, it stayeth the young man’s courting, it hath brought palsey to bed, lyeth between the young bride and her bridegroom"1
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