Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-080"
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"en.20080922.19.1-080"2
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"Mr President, in our opinion, whether to tackle the credit crisis through steadfast compliance with existing Community legislation or through some new, stricter regulations is a false dichotomy. Neither choice can thwart the cyclical course of the capitalist economy towards the crisis, which has its basis in the over-accumulation of capital in production.
Workers and the popular classes are unconvinced by the announced transparency measures, with the possibility of implementation and effectiveness, moreover, being doubtful. They are unconvinced by the measures, which call on them to pay yet again for the rescue of capital profits and the maintenance of the system of exploitation. They are expressing their disobedience and their insubordination towards this system and the centre-right and centre-left alliances that support and preserve it. They are fighting against injustice, inequality and the exploitation of peoples, and for radical changes towards a system of popular power that will serve the interests of the workers.
The credit crisis is also a reflection of this course. Bourgeois management sought to tackle the problem of over-accumulation by encouraging over-lending and stimulation of popular consumption in hedge funds and private equity as ways of financing businesses. The specific management choices not only could not stave off the course towards deceleration and recession but, on the contrary, constituted a bomb ready to explode, with incalculable consequences for people’s income.
At the same time, EU policy accelerated the full liberalisation of capital in the credit system, in line with the principles of the capitalist market. Hedge funds and private equity are the progeny of this course towards liberalisation.
No proposed effort towards greater transparency and stricter legislative regulation in relation to the movement of capital in the credit sector, that is to say, in the sphere of circulation, can tackle all the inconsistencies and contradictions created by capitalist relations of production.
Correspondingly, the imposition of stricter lending terms will lead to a contraction of popular consumption and the very rapid manifestation of crisis. No-one can provide a clear definition or common characteristics, other than rapid profit, for these schemes, which have ever-increasing control within the global economy, schemes created by the plutocracy and exploitable by it alone, with the help of specialist market organisations.
The victims of this policy are the workers, who watch the wealth they produce accumulate in the hands of a small number of plutocrats and see their savings at risk of vanishing and their pensions also at risk.
It is typical that hedge funds and private equity are exempt even from those obligations that employers have towards workers. The same also happens with pension systems – public and private – which transform workers’ pension rights into prey for capital, participating ever more widely in these schemes, termed investment schemes, multiplying the risks and dissipating the rights of workers.
There are many recent examples in the United States and the United Kingdom of secure credit institutions collapsing in a single day like a pack of cards and hundreds of thousands of workers losing their savings and pensions.
The economic crisis that currently plagues the markets did not come as a bolt from the blue. It was widely anticipated, in terms of both timing and scale. Perhaps the measures being taken today were also planned. The workers, who, in the capitalist system of exploitation, financed the superprofits of the plutocracy through their labour and their savings, are today being called on in the name of stability – as taxpayers – to fund their losses as well."@en1
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