Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-055"
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"en.20081008.14.3-055"2
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"Madam President, ladies and gentlemen, Europe has not protected people from financial speculation. Even the
printed the prophetic saying by Ezra Pound that ‘with usura hath no man a house of good stone’. Today the Federal Reserve and the US Treasury would like to paper over the cracks by lowering rates. It was this solution – easy access to credit – that caused the speculative bubble in the first place.
In 1933, a group of economists in Chicago came up with a plan: to re-establish an exclusive state monopoly on issuing currency, prohibiting banks from creating counterfeit money, and imposing an obligation on banks to have a 100% reserve. This made fractional credit fraud impossible and put an end to the financial games that were ruining ordinary people, hurting savers and crippling the real economy.
Nobel Prize winner Maurice Allais has always been openly critical of innovative finance, securitisation, derivatives and hedge funds, much beloved of the finance gnomes in a certain part of Europe’s financial sector. He quite rightly calls – as we have been for some time – for derivatives to be made illegal. Let us adopt the Chicago Plan, the Allais Plan: reserving the creation of money for governments.
Enough of Europe being unsure of what to do. Even the Pope has issued a warning that wealth means nothing."@en1
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