The Green Party in England and Wales has questioned the viability and legitimacy of a world financial system that can be held to ransom by a few individuals, in a single country.
Extreme right-wing Tea-party members in the House of Representatives have proved to be the final obstacle in a deal between the White House and Congress to allow an increase in the US debt ceiling that does not mean swingeing cuts to welfare and other vital programmes, the party said yesterday (1 August 2011).
"While the Green Party condemns the actions of right wing Tea-party members and conservatives in the House of Representatives, it recognises the deeper systemic failings of a financial system that is so vulnerable to minority ideology." a statement on the party's website declared.
Green executive member Penny Kemp commented: “What needs to be recognised is the common denominator between the US debt ceiling crisis, the last financial crisis, banking bonuses and corrupt media moguls. Each is a symptom of a world system that can be too easily hijacked by political opportunism and financial greed."
She continued: “Like the media, power over the world financial system needs to be devolved to democratically accountable bodies. Public interest must not be marginalised by a few individuals - in a single right wing party or on the executives of banks - any more than it should by one person controlling large swathes of the press."