Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-11-Speech-3-211"
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"en.20090311.30.3-211"2
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"Madam President, once again we are indulging the fantasy that you can spend your way out of debt and legislate against recessions. At best, we are engaging in self-deceit; at worst, we are deliberately perpetrating a deceit against our electorate.
The truth is that nothing can stop this correction: interest rates were held too low for too long and now that the air has been pumped into the balloon, it is going to come out again. We could try to rescue some of the victims but, instead, we engage in this pretence that we can stop the thing happening. The debt will be paid by our children yet unborn and unbegot, and nowhere more than in my country, where every child is now born with a debt of GBP 30 000 because of the incompetence and incontinence of its government.
As our national poet says: ‘This land of such dear souls, this dear dear land, ... is now leased out – I die pronouncing it – like to a tenement or pelting farm.’
And now, on top of that national debt, we are expected to contribute to these European recovery programmes. I close again with the words of our national poet: ‘Prevent it, resist it, let it not be so, Lest child, child’s children, cry against you, ‘Woe!’’"@en1
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