Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-21-Speech-4-126"
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"en.20021121.4.4-126"2
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".
The unprecedented crisis in the financial system is the result of the deep economic crisis in the capitalist system and the clash of interests and acute competition between monopolies.
The wave of scandals to hit large monopolies and financial service groups in the USA and Europe has exacerbated the lack of faith in the financial system by highlighting its unaccountability and revealing how the market, small investors and savers, pension funds and insurance companies are constantly deceived, with new ways being found of exploiting and sucking the masses dry.
And yet no control measures with any teeth have been introduced, which perhaps goes to show that the control mechanisms responsible have been hiding rather than monitoring information and have basically acted as consultants in deception. ‘Creative’, ‘constructive’ accounting has been well and truly adopted even in national accounts as a way of deceiving citizens.
The only purpose of any supposed controls proposed or applied to date has been to placate justified grass-roots reaction; nothing is being done to prevent or compensate the victims of unaccountable monopolies as they destroy workers and small and medium-sized enterprises, because that would jeopardise the social and economic system itself, based as it is on the principle of exploitation.
We are here to highlight the political dimensions of the economic crisis as we fight with the workers to overturn this rotten system."@en1
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