Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-453-000"
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"en.20121025.32.4-453-000"2
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"Mr President, the backdrop to this report is the collapse of investment all across Europe. Public investment has been slashed as a direct result of the neo-liberal and austerity policies pushed by all of the major groups inside this Parliament, and by the Commission. But in addition private investment, as a percentage of GDP, has collapsed to the lowest level ever in the history of capitalism, and that is despite the increase in profits in Europe over the past three years. So instead of investing this wealth, they are choosing to hoard it or to speculate, to gamble with it on the financial markets.
That strike of capital is precisely why society must not accept them having the say over investment happening or not happening, them holding society hostage. But the response of the Commission is yet more reliance on these profiteers attempting to leverage public money with things like project bonds. The answer is not so-called ‘risk sharing’ with the private sector, where the private sector gets the profits and the public sector gets the risk, it is to reject the logic of the profit system.
Massive and direct public investment is needed. There is no absence of funds in Europe. There is no poverty of overall resources in Europe: the rich – the major corporations – hold EUR 3 trillion that are being hoarded at the moment. The point is to take that wealth through the likes of a capital tax and invest it to create jobs and provide infrastructure."@en1
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