Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-168"
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"en.20100325.34.4-168"2
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"Mr President, I voted against this report because it is a silly report. It is an irrelevant report. So: all the assets are in all the stock exchanges in New York, London, Tokyo, Frankfurt, etc. You will now collect about USD 6 trillion worth of capital. If you sell all the properties which are extra-legal, the slum-valued properties which are not part of the legal system in the developing countries, you will achieve USD 7 trillion. There is a great deal of capital waiting in the developing countries which is outside the legal structures of those countries, from the slums to those millions of businesses you see on the side of the roads which are not part of the formal economy.
Secondly, if you ask how much money is coming out of the developing countries every year through the financial systems of the world, it is USD 800 billion. Why are we not working to keep that capital in those countries making those countries richer?
No, what did we go and do just now? We voted for a Tobin tax to hammer already weakened financial institutions in the west and give the money to a whole bunch of people who will probably steal it."@en1
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