A top cast of European statesmen has issued a blistering denunciation of financial markets and called for a creation of a pan-EU body to protect the citizens against the "social risk" posed by modern capitalism, The Telegraph reports.
"The financial world has accumulated a massive amount of fictitious capital, with very little improvement for humanity," said the group in an open letter to the European Commission and the EU presidency. "The current financial crisis is no accident. It was not, as some top people in finance and politics now claim, impossible to predict. For lucid individuals the bell rang years ago. This crisis is a failure of poorly or unregulated markets, and shows us, once more, that the financial market is not capable of self-regulation," it said, calling for the a new "European Crisis Committee" to t...
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