Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-317-000"
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"en.20120329.36.4-317-000"2
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"This legislative report on over-the-counter (OTC) derivatives is enlightening with regard to the path followed up until the outbreak in 2008 of the profound economic and social crisis in which Europe is now mired. This crisis is the expression of the current stage of development of capitalism, characterised by a bloated financial sector resulting from the over-accumulation of capital whose expected profitability in the real economy is declining, as the law of diminishing returns is borne out. In 2008, a number of voices could be heard, even here in the European Parliament, demanding an end to financial derivatives, particularly OTC derivatives. These instruments were also at the root of the speculation on foodstuffs, which is inseparable from the savage instability in the prices of these goods that led to the food crises of 2007 and 2008. They are now back-pedalling across the board, as can be seen from the content of this report, which goes even less far in a number of respects than the initial Commission proposal. Financial derivatives currently represent an astronomical sum, equivalent to 10 times global GDP. This is a sign of the time bomb still ticking underneath the global economy which, following the warning in 2008, they still want to ignore."@en1
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