What we need in America are Statesmen (and women), not politicians. And, while we can’t give Mr. Nigel Farage, UK’s representative to the EU Parliament, automatic citizenship and then elect him to our Congress, perhaps his words and actions will one day serve as inspiration for the next generation of America’s Congressional representatives.
In this short address to the EU Parliament Mr. Farage once again points out how government control of our so-called free market economy leads, not to liberty and happiness for the common man, but rather, “chaos, discord and misery for millions.”
He might as well be speaking to the American people and our own Congress, as it is becoming abundantly clear that our government, central banks and policy makers engage in very much the same activities right here in the U.S.A.
Flashback: Nigel Farage to EU President: “Who are you? We don’t know you; we don’t want you”
The financial collapse orginiated in the unregulated world of American and British financial institutions. Germany, France and Canada were spared because of their over regulated financial insitutions.
"Wall Street and the world will never again be the way they were before the crisis," said Steinbrueck in a speech to the German parliament, the Bundestag, on Thursday, Sept. 25. Write-downs and write-offs of bad credit spawned by "a blind drive for double-digit profits" have so far totaled $550 billion and no end to the crisis is in sight, he added.
The world financial system will consequently become more "multi-polar," he predicted.
Steinbrueck told the Bundestag that the Group of Seven (G7) finance ministers would be meeting in Washington next month to discuss how to tighten regulation of capital markets.
The German federal government, meanwhile, would continue efforts to trim spending, but would also make some moves to stimulate the economy.
He reiterated Germany's refusal to set up its own bank bail-out scheme, saying the crisis was principally a US problem.
Reiterating Berlin's push for tighter regulation, Steinbrueck accused the US of blunders.
"The cause of the crisis was the irresponsible exaggeration of the principle of a free, unrestrained market," he told the Bundestag.
Washington has been reluctant to increase minimum equity rules and has too many competing regulators over US investment banks.
"This system, which in many ways is inadequately regulated, is now collapsing," he said, adding that Germany's banking system remained "relatively robust," with German regulators confident they can absorb losses.
"New rules of the road" for the financial markets were needed, he said.
