Dáil debates

Wednesday, 19 January 2011

Bretton Woods Agreements (Amendment) Bill 2011: Second Stage

 

In the 1950s people used to find it tedious when it was observed that something was God's will as if one could empirically prove the existence of God. Now we live in a time where people observe that certain events represent the market's response as if somehow it is beyond the ken of ordinary citizens to comprehend the amorphous workings of something that only an expert few understand. It is one of the great moral and political failures of this century and the last that there was such a capitulation in terms of any responsibility or accountability in regard to flows of money beyond sovereign borders. Professor Manuel Castell's work on the advent of technology in our lives has shown that the two greatest beneficiaries of the ability to transfer information in real time are the international drugs industry and international banking.

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