Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-235-000"
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"en.20110706.18.3-235-000"2
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"Madam President, as I listened to the debate this morning on the financial crisis, I was struck by how much we have not really learnt from the crisis. Why have we not learnt the lessons that governments should not print money too cheaply, and that when you print money cheaply, the citizens think they have more money than they have and they make what Ludwig von Mises called ‘malinvestments’. And when the market corrects itself, the whole bubble bursts and the market crashes. That is what we saw with Credit First.
Why have we not learnt the lessons that individuals and governments and families should not spend more money than they earn? Surely, of all the countries, Greece should have learnt that, and other countries around the EU. They simply got themselves into trouble because they spent money they did not have. Why have we not tackled the real problem in the financial system, which is the fact that banks are deemed too big to fail? In which other industry do we really now believe that if you get into trouble, you should have taxpayers’ money to bail yourself out? If you actually leave it to the market, then other competitors will come forward. Worst of all, we think that governments can spend money better than the private sector and create jobs. The last country to do that was the USSR. Let us not go that way."@en1
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