Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-573-000"

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"Mr President, I am a baby boomer. I was born just after the war. From that time, we have probably had the longest period of peace and prosperity globally. I have put a little bit of modest money away so that I can hand something down to my family when I pass on – largely because I have never spent more money than I have earned. I have been prudent and I have worked moderately hard. It always seems to me to come as a complete surprise to politicians how countries get in debt. Let me explain, because I do not think you really understand. It is because politicians consistently spend more money than they raise in taxation – more money than they can possibly raise in taxation –, most of which, in point of fact, they actually waste. The reason we are talking about countries which are broke – and they are broke – is because their ridiculous, ineffective, ignorant politicians consistently spend more money than they can raise. Then they borrow, and they borrow, and – worse – they then print money, because politicians and their central banks have a machine which prints money. If you do that as a private citizen, it is a criminal offence. You would go to prison for that, yet politicians and their central banks do it all the time. Let me explain to you that these countries are broke. They are broke because of their own stupid leadership and politicians. It is immoral – immoral! – to ask ordinary taxpayers of any country to pick up the tab for failed politicians and failed banks. They have defaulted. They are broke. For God’s sake, let us all admit it."@en1
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