Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-296-500"
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"en.20110608.20.3-296-500"2
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"The situation over the last few years has thoroughly demonstrated how little credibility credit rating agencies (CRAs) have. Nonetheless, they continue to have free rein, and their actions are extremely damaging, especially for countries with weaker economies. As entities that are dependent on the financial system and very much stakeholders in the ratings they issue, they make a living, above all, from disproportionately stimulating credit and capitalist financial speculation. These agencies are a clear expression of the financialisation of the economy – that do not translate or correspond to actual increases in productive activity – and they constitute a central part of neoliberalism’s development strategy, which is always seeking levels of profit that real production cannot ensure, because of the well-known trend towards decreasing profits.
While this report does make some criticisms of how these agencies operate, the truth is that it never gets to the bottom of the issue, or proposes public control of the financial sector, so as not to threaten the interests of large companies and financial institutions. This is a key issue. We therefore call for effective regulation of the financial sector, and putting a stop to the liberalisation of capital movements, to tax havens, to derivatives, and to CRAs and their operations."@en1
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