Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-047"
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"en.20081203.12.3-047"2
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"Madam President, the modern world economy is based on a gigantic pyramid of debts: the debts of states, banks, corporations and companies. The debts are interrelated with one another. The structural defects of the economic system we have been experiencing and the market economy system that is distorted are basically combined with a money credit system.
The defective functioning of the economy results from linking the system of creating money with credit. Maurice Allais compared it to a cancer which relentlessly eats away the capitalist economy. This system provides for the creation of the purchasing power with no real equivalent. Serious reforms of the banking and financial systems need therefore to be implemented. The tax system needs to be reformed and the way that stock exchanges work needs to be changed as well.
As regards the plan to patch up gaps in the financial crunch by means of money injections – they are apparently going on in my country too – I think one may put it where the moon does not shine."@en1
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