Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-366"
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"en.20100706.27.2-366"2
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"Mr President, Commissioners – the three amigos if I may call you such – last session, Mr President, you had to scamper away. I think you had an urgent appointment. You missed my words of wisdom and I am glad to see that you are here to receive them today because I feel I have some wisdom to offer.
You are in such a pickle actually, are you not? One could almost feel sorry for you but of course, you know, you bring some of this on yourselves. The common currency experiment – which is an experiment that was doomed to failure; I remember lecturing at Cambridge University back in the 1990s, explaining why it was deeply flawed and could not work and I gave it about 10 years and I am afraid it looks as though I was right – was flawed even by your own rule book. What in fact happened when you introduced it was that you actually tore up your own rule book. You threw it away! You welcomed every fiscal dysfunctional economy into the eurozone, including Greece – which was going to hasten the demise of the eurozone, and it thus comes as no surprise. I am not a johnny-come-lately to the demise of the euro. It was always written in the runes, as it were. To suggest now that we have only just found out that Greece was broke is intellectually dishonest. I was in the City at the time and we were buying Greek bonds at 10% coupons, they fell to five and it was a one-way bet – a bit like having the winner of the horse before the race had even started!
Our commercial banks have got themselves into a terrible problem because they buy junk debt. They redistributed junk debt repackaged at triple A ratings. What are our central banks doing now? The very same thing. They are buying in the secondary market and buying junk bonds, repackaging them as triple A. This is just how we got into this pickle to start with. If you want to get out of this mess, you need to get rid of the political-establishment support for commercial banks and get rid of central banks, which are actually part of the problem, not the solution."@en1
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