Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-16-Speech-4-149-000"
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"en.20120216.23.4-149-000"2
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"Mr President, the money has run out! The euro crisis has emptied our treasuries and exhausted our credit; and we are now talking about borrowing unbelievable sums, literally unimaginable sums: hundreds of billions, trillions of euro.
There is nobody from whom to borrow it, so in practice, what we are doing is borrowing it from future generations. In other words, the government is going to inflate away this debt through money printing. It has already happened in the US, it has happened in my country, and it is coming next to the European Central Bank.
Inflation is the coward’s way to close a budget deficit. Unlike a tax rise or a spending cut for which the government is blamed, inflation is still seen by a number of voters as some kind of natural force, something that governments have to deal with, rather than something they create themselves. But in terms of its overall impact, it is far more damaging to the competitiveness and productivity of an economy.
What I find most bewildering is the way in which people who defend our current levels of spending have appropriated the language of fairness. There is nothing fair about expropriating generations yet to come so that we can sustain our own standard of living."@en1
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