It became obvious that we had completely failed to impose rules on unbridled speculative capitalism. That destroyed financial systems, hollowed out state systems and deeply shook German social stability. Can you recall the debate about "locust" hedge funds - even if it's a terrible term. The speculator capitalists roamed the land, stealing the substance from companies and throwing away the shells. And we were powerless.
Martin SchulzThere you see how absurd the reactions of the so-called markets are. For a long time, Italy was run by one of the most unprofessional politicians anywhere. But there wasn't much pressure in terms of speculation. Now, in Mario Monti, Italy has the kind of leader you usually only get in Hollywood movies, a distinguished professor who won't even accept a cook at his residence, the Palazzo Chigi. Instead Monti's wife cooks their pasta herself - and this is the man the markets don't trust.
Martin SchulzIf we want to create new rules of globalization, then we can't just think in terms of the nation state. The nation state has long offered protection. But it suffers from the fact that many citizens increasingly fear that it can no longer protect them: The threat of transnational terrorism is growing. Freedom of movement rules in Europe facilitate social dumping. Regardless of the make-up of the next government, it must have clear ideas on how to overcome the lack of direction of recent years.
Martin SchulzWould I sacrifice a friendship to take a step forward in my political career? Thus far in my political career, I have been spared from having to make such a decision, thank God. And I can't imagine what it must be like.
Martin Schulz