Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-120"
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"en.20081021.7.2-120"2
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"The current crisis appears to be a financial collapse, but energy and food are also involved. It is the tip of the iceberg based partly on the collapse of fundamental moral principles and partly on human naïvety. This is evidenced by speculation and unsound investments.
There is no such thing as perpetual motion either in physics or in economics. What were the individuals whose chicanery led to the collapse of the world’s finances guided by? We allowed ourselves to be deluded by people who built fortunes on deceit. Now the taxpayers are being expected to bail out the banking system. This is likely to cost more than the entire European Union budget. The financial shock was felt first in the United States, but its consequences have affected the entire world. Certain countries like Iceland found themselves on the brink of total disaster. There is bound to be a ripple effect causing further losses. Can anything positive emerge out of all this? Perhaps it can. Perhaps we will come to understand that it is not right to build on the sand of delusion, on the basis of false premises, and that a firm basis of reliability and solidarity is needed. It is not a case of ensuring that the expression
regains its former meaning. What is at issue is our future and that of our children. The market economy, or, to put it another way, capitalism, needs to operate on the basis of sound and enduring principles, and honesty is an important one of these."@en1
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"‘safe as a bank’"1
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