Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-298"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-11-18"^^xsd:date2
dcterms:Is Part Of	lp_eu:EU response to the world financial crisis: follow-up of the informal European Council from 7 November and of the G20 Summit from 15 November 2008 - Commission's legislative and work programme for 2009 (debate)2
dcterms:Language	"fi"^^xsd:language2
lpv:document identification number	"en.20081118.29.2-298"2
lpv:hasSubsequent	lp_eu:2008-11-18-Speech-2-2992
lpv:speaker	lp:Esko Seppänen2
lpv:spokenAs	substitute; CONT (2007-01-31--2009-07-13)3 vice-chair; Delegation to the EU-Russia Parliamentary Cooperation Committee (2004-09-21--2009-07-13)3 unknown; Vasemmistoliitto (2004-07-20--2009-07-13)3 substitute; Delegation to the EU-Kazakhstan, EU-Kyrgyzstan and EU-Uzbekistan Parliamentary Cooperation Committees, and for relations with Tajikistan, Turkmenistan and Mongolia (2004-09-15--2009-07-13)3 member_of_the_bureau; EUL/NGL (2004-07-20--2009-07-13)3 substitute; ITRE (2007-01-31--2009-07-13)3 member; BUDG (2007-01-31--2009-07-13)3
lpv:translated text	"Madam President, Commissioner, the world is suffering from ‘Mad Money Disease’. It is an American disease that has been caused by cheap, loose money. The value of property was harmonised when investors were collectively drunk on the stock exchange and on heat around real estate. Spreading through the stock exchanges in the form of derivatives and swaps, the disease became a pandemic. Now it is time for the hangover. The United States of America is the fatherland of capitalism, where money is the mother tongue and where power is wielded by the dictatorship of the market. The government oversees all and, as the writer of the rules, has become satanised: there are no legal barriers or ethical restrictions when it comes to the lust for mad money. There they had the most colossal growth boom in economic history, which was consumption without saving, and the United States became the world’s biggest debtor. Then the China Syndrome-like reactor that is Wall Street suffered a meltdown and the system was suddenly full of toxic securities and radioactive debt. They are killing off the sick banks that have suffered the excesses of speculation. Whereas the speculator’s profits were once privatised, now the losses are being socialised, and private debt is being replaced with public debt. The markets were free, and nothing and no one protected capitalism from itself, the totalitarianism of money. The investment banks were like a swarm of locusts in an open field. The value of currency trading in the markets is 125 times the practical value of the money itself. Most of the loose cash is virtual ‘funny’ money, which is now returning to the banks’ balance sheets as a series of write-offs. It is a threat to the credit recession: there is a danger that the debt and bank crisis will become an all-embracing economic crisis, manifesting itself in hunger, unemployment and poor social health. We know who the guilty ones are: the number of victims remains to be seen."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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