Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-135-000"
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"en.20110913.34.2-135-000"2
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"Mr President, the very definition of insanity is to repeat the same action in the hope of different outcomes. In their response to the recent financial crisis, the EU’s leaders remind me of nothing so much as that scene in the Simpsons where Homer carries on electrocuting himself by repeatedly trying to snatch back his beer can from some electric cables.
The problem of the euro was excessive integration, trying to push countries with different needs into the same currency. So we have responded with more integration: fiscal and economic union. The problem was excessive debt, so we have given them more debt – forcing these loans on to people who cannot pay their existing liabilities. The problem was a bloated state at national level, so we have bloated the state further at European level, shovelling more and more of the medicine into the mouth of the patient who was sickened by it in the first place. In the process, we have sold our future to some pretty unpleasant autocracies around the world.
Talking of an earlier run on the banks, my countryman Jonathan Swift wrote: ‘A baited banker thus desponds, from his own hand foresees his fall, they have his soul who have his bonds; ’tis like the writing on the wall’. I look at who holds Europe’s bonds now, Mr President, and I tremble."@en1
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