Mick Wallace (Wexford, Independent) | Oireachtas source

The book to which I referred reads: "... the ruling class is defined by its ability to move money beyond the reach of government supervision. This has been accomplished in various ways, but the most important is arguably the establishment of a belief that government has no business in business". We need to change how the world works. The Minister believes that, as with the financial transaction tax, we cannot make a change unless the British do so as well.

The manner in which this world operates must and will change because the current process is not sustainable.

In 1945, the corporate tax take in America was 7.2% of GDP and it is now 1% of GDP. That country is falling apart so it will change the rules in a process that will have an impact on us. We must start preparing for that now by focusing more on the creation of indigenous industry. We are very reliant on the multinationals which will not stay here forever and we must start working towards the day when we can be a bit more independent of that income. The Americans will change the rules or their country will implode.

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