[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:07.69,0:00:12.95,Default,,0000,0000,0000,,When Gandhi was asked once\Nto comment on European civilization,
Dialogue: 0,0:00:12.95,0:00:17.25,Default,,0000,0000,0000,,his quip was,\N"It would be a very good idea."
Dialogue: 0,0:00:17.87,0:00:20.52,Default,,0000,0000,0000,,When asked today about\Nour views on the European Union,
Dialogue: 0,0:00:20.52,0:00:23.84,Default,,0000,0000,0000,,I think we can be excused\Nto reply in a similar fashion.
Dialogue: 0,0:00:23.84,0:00:27.72,Default,,0000,0000,0000,,What a splendid idea it would be \Nif we could only pull it off.
Dialogue: 0,0:00:27.72,0:00:30.00,Default,,0000,0000,0000,,United only in name,
Dialogue: 0,0:00:30.00,0:00:33.00,Default,,0000,0000,0000,,the European Union is, I'm afraid,
Dialogue: 0,0:00:33.00,0:00:36.41,Default,,0000,0000,0000,,in a process of disintegration\Nas we speak.
Dialogue: 0,0:00:36.41,0:00:41.53,Default,,0000,0000,0000,,With the commitment and determination\Nof a termite colony,
Dialogue: 0,0:00:41.53,0:00:43.63,Default,,0000,0000,0000,,which is eating into the foundations,
Dialogue: 0,0:00:43.63,0:00:46.37,Default,,0000,0000,0000,,very soon there will be nothing left\Nbut an empty shell,
Dialogue: 0,0:00:46.37,0:00:51.74,Default,,0000,0000,0000,,to remind us of the lofty ideal, \Nthat used to be the European Union.
Dialogue: 0,0:00:53.41,0:00:56.00,Default,,0000,0000,0000,,In Agatha Christie novels
Dialogue: 0,0:00:56.00,0:01:01.92,Default,,0000,0000,0000,,when the reader comes across\Nin the prologue a group of characters,
Dialogue: 0,0:01:03.12,0:01:07.00,Default,,0000,0000,0000,,upper class characters usually \Nthat are congregating some chateau,
Dialogue: 0,0:01:07.00,0:01:10.00,Default,,0000,0000,0000,,the reader knows what to expect,\Na series of murders.
Dialogue: 0,0:01:10.00,0:01:14.00,Default,,0000,0000,0000,,Similarly, today when we hear that our\NEuropean politicians are gathering today
Dialogue: 0,0:01:14.00,0:01:19.00,Default,,0000,0000,0000,,or together we know what to expect, \Na comedy of errors
Dialogue: 0,0:01:19.00,0:01:24.09,Default,,0000,0000,0000,,which will be wrapped up\Nin triumphant rhetoric,
Dialogue: 0,0:01:25.00,0:01:28.09,Default,,0000,0000,0000,,but which very soon will prove\Nto be nothing more
Dialogue: 0,0:01:28.09,0:01:31.30,Default,,0000,0000,0000,,than dangerous harmful waffle.
Dialogue: 0,0:01:33.00,0:01:35.25,Default,,0000,0000,0000,,To err is human.
Dialogue: 0,0:01:35.25,0:01:36.94,Default,,0000,0000,0000,,But to mess up spectacularly
Dialogue: 0,0:01:36.94,0:01:39.06,Default,,0000,0000,0000,,we need an elite \Nmade up of prime ministers,
Dialogue: 0,0:01:39.06,0:01:44.00,Default,,0000,0000,0000,,presidents, ministers, \Napparatchiks, opinion makers
Dialogue: 0,0:01:44.00,0:01:48.00,Default,,0000,0000,0000,,who are determined not to face up
Dialogue: 0,0:01:48.00,0:01:50.72,Default,,0000,0000,0000,,to a systemic crisis systematically.
Dialogue: 0,0:01:50.72,0:01:55.45,Default,,0000,0000,0000,,Alas, at least now we have enough evidence
Dialogue: 0,0:01:55.45,0:02:00.39,Default,,0000,0000,0000,,that renders all such denial inexcusable.
Dialogue: 0,0:02:00.39,0:02:03.23,Default,,0000,0000,0000,,Humanity has not surprised itself\Nvery often
Dialogue: 0,0:02:03.23,0:02:05.00,Default,,0000,0000,0000,,but it has done so twice in the past.
Dialogue: 0,0:02:05.00,0:02:10.56,Default,,0000,0000,0000,,Οnce in 1929 and yet again\Nmore recently in 2008.
Dialogue: 0,0:02:11.00,0:02:16.33,Default,,0000,0000,0000,,1929 ought to have taught us\Na very simple binary twin lesson.
Dialogue: 0,0:02:17.24,0:02:23.98,Default,,0000,0000,0000,,First that the first victim of such \Na crisis is the common currency.
Dialogue: 0,0:02:25.00,0:02:29.00,Default,,0000,0000,0000,,It was the gold standard in 1929, \Nit is the Euro today.
Dialogue: 0,0:02:29.00,0:02:32.30,Default,,0000,0000,0000,,The second victim\Nis of course truth and civility.
Dialogue: 0,0:02:32.30,0:02:36.48,Default,,0000,0000,0000,,One such terrible crisis hits the world.
Dialogue: 0,0:02:36.48,0:02:42.72,Default,,0000,0000,0000,,A Hobbesian war of all against all\Nis unleashed on an unsuspecting humanity
Dialogue: 0,0:02:42.72,0:02:47.00,Default,,0000,0000,0000,,and the first victim is our capacity \Nto recognize the systemic crisis
Dialogue: 0,0:02:47.00,0:02:49.36,Default,,0000,0000,0000,,we are in, as a systemic crisis.
Dialogue: 0,0:02:49.36,0:02:54.95,Default,,0000,0000,0000,,And therefore it renders us incapable\Nof accepting our responsibility
Dialogue: 0,0:02:54.95,0:02:59.07,Default,,0000,0000,0000,,for at least a portion of that crisis.
Dialogue: 0,0:03:00.45,0:03:06.22,Default,,0000,0000,0000,,Thrillers begin with \Nsome cunning detective who is unmasking
Dialogue: 0,0:03:07.26,0:03:11.36,Default,,0000,0000,0000,,one shady character after the other.
Dialogue: 0,0:03:11.36,0:03:13.96,Default,,0000,0000,0000,,But good thrillers, \NI submit to you,
Dialogue: 0,0:03:13.96,0:03:17.32,Default,,0000,0000,0000,,do not end with \Nthe unveiling of the perpetrator.
Dialogue: 0,0:03:17.32,0:03:19.71,Default,,0000,0000,0000,,Τhey go one step further.
Dialogue: 0,0:03:19.71,0:03:22.72,Default,,0000,0000,0000,,Τhey reach the momentus moment
Dialogue: 0,0:03:22.72,0:03:28.42,Default,,0000,0000,0000,,when the cunning detective\Ninadvertently unmasks himself.
Dialogue: 0,0:03:29.66,0:03:34.72,Default,,0000,0000,0000,,Bewildered he is staring \Nat his own image in the mirror.
Dialogue: 0,0:03:35.16,0:03:39.07,Default,,0000,0000,0000,,This crisis is having\Na similar effect on all of us.
Dialogue: 0,0:03:39.07,0:03:41.59,Default,,0000,0000,0000,,Our masks are falling.
Dialogue: 0,0:03:41.59,0:03:45.28,Default,,0000,0000,0000,,Unscrupulous bankers, inane politicians,
Dialogue: 0,0:03:45.28,0:03:51.23,Default,,0000,0000,0000,,conniving entrepreneurs,\Ncynical academics,
Dialogue: 0,0:03:51.31,0:03:55.00,Default,,0000,0000,0000,,uncritical citizens,\Nwho are all being unmasked
Dialogue: 0,0:03:55.05,0:04:00.76,Default,,0000,0000,0000,,but as their masks keep falling\Nthe dejection is becoming generalized.
Dialogue: 0,0:04:01.38,0:04:04.22,Default,,0000,0000,0000,,Meanwhile the human costs \Nare mounting up
Dialogue: 0,0:04:04.22,0:04:06.13,Default,,0000,0000,0000,,and the only way of making sense of them
Dialogue: 0,0:04:06.13,0:04:11.13,Default,,0000,0000,0000,,and measuring them sensibly \Nis by means of counting lost generations.
Dialogue: 0,0:04:11.46,0:04:17.69,Default,,0000,0000,0000,,It is time to transform Europe \Nand to be transformed in the process.
Dialogue: 0,0:04:18.74,0:04:23.00,Default,,0000,0000,0000,,Now, the medical profession\Nonly very recently
Dialogue: 0,0:04:23.00,0:04:26.72,Default,,0000,0000,0000,,managed to save\Nmore people than it killed.
Dialogue: 0,0:04:28.00,0:04:33.83,Default,,0000,0000,0000,,Up until the 1920s or so \Nthe disease was preferable to the cure.
Dialogue: 0,0:04:34.26,0:04:36.53,Default,,0000,0000,0000,,Similarly with the Εuro crisis now
Dialogue: 0,0:04:36.53,0:04:39.35,Default,,0000,0000,0000,,our European leaders are enacting,
Dialogue: 0,0:04:39.36,0:04:42.91,Default,,0000,0000,0000,,what I call a poisonous medicine.
Dialogue: 0,0:04:42.91,0:04:45.55,Default,,0000,0000,0000,,Toxic bailouts, inane austerity.
Dialogue: 0,0:04:45.55,0:04:50.34,Default,,0000,0000,0000,,We created, in order to salvage\Na Εuro system, a currency union
Dialogue: 0,0:04:50.34,0:04:54.00,Default,,0000,0000,0000,,which was never meant,\Nnever designed to sustain
Dialogue: 0,0:04:54.00,0:04:56.00,Default,,0000,0000,0000,,the catastrophe of 2008,
Dialogue: 0,0:04:56.00,0:04:58.83,Default,,0000,0000,0000,,the shockwaves of that great earthquake.
Dialogue: 0,0:04:58.83,0:05:01.00,Default,,0000,0000,0000,,What we have done is we created a scaffold
Dialogue: 0,0:05:01.00,0:05:04.79,Default,,0000,0000,0000,,which is, instead of helping\Nthe edifice from collapsing
Dialogue: 0,0:05:04.79,0:05:06.75,Default,,0000,0000,0000,,it is putting more pressure on it.
Dialogue: 0,0:05:06.75,0:05:09.73,Default,,0000,0000,0000,,We've created \Nthis European Financial Stability
Dialogue: 0,0:05:09.73,0:05:11.96,Default,,0000,0000,0000,,or Instability Facility
Dialogue: 0,0:05:11.96,0:05:13.21,Default,,0000,0000,0000,,and we modeled it.
Dialogue: 0,0:05:13.21,0:05:17.88,Default,,0000,0000,0000,,We created it in the image \Nof Lehman Brothers' infamous derivatives.
Dialogue: 0,0:05:17.91,0:05:19.51,Default,,0000,0000,0000,,It was as if we took two stones
Dialogue: 0,0:05:19.51,0:05:21.83,Default,,0000,0000,0000,,and we tied them together\Nby means of a string,
Dialogue: 0,0:05:21.83,0:05:25.00,Default,,0000,0000,0000,,hoping they will float more readily.
Dialogue: 0,0:05:25.00,0:05:27.90,Default,,0000,0000,0000,,The result of course\Nis the uncontrolled disintegration
Dialogue: 0,0:05:27.90,0:05:30.32,Default,,0000,0000,0000,,that we are experiencing.
Dialogue: 0,0:05:30.32,0:05:33.56,Default,,0000,0000,0000,,Now, by now most people\Nare realizing this.
Dialogue: 0,0:05:33.56,0:05:39.00,Default,,0000,0000,0000,,So what we have here is\Na new Jerusalem that is being canvased.
Dialogue: 0,0:05:39.27,0:05:43.00,Default,,0000,0000,0000,,It comes in the form \Nof the so called "Federal Option."
Dialogue: 0,0:05:43.00,0:05:47.38,Default,,0000,0000,0000,,Well-meaning Europeans \Nand some friends from federal field
Dialogue: 0,0:05:47.38,0:05:52.79,Default,,0000,0000,0000,,recite this litany of federal concepts,\Nideas, suggestions.
Dialogue: 0,0:05:53.56,0:05:55.16,Default,,0000,0000,0000,,I'll just give you some.
Dialogue: 0,0:05:55.16,0:06:00.00,Default,,0000,0000,0000,,We hear of the importance of forging\Na Fiscal or a Transfer Union in Europe,
Dialogue: 0,0:06:00.00,0:06:02.48,Default,,0000,0000,0000,,of having a Federal Treasury,
Dialogue: 0,0:06:02.48,0:06:08.00,Default,,0000,0000,0000,,of giving a new Leviathan, \Na new Economic Czar
Dialogue: 0,0:06:08.00,0:06:13.26,Default,,0000,0000,0000,,the power to rule over all of us \Nwith an armed fist and keep us in awe.
Dialogue: 0,0:06:14.00,0:06:17.79,Default,,0000,0000,0000,,What we hear about is Centralized\NDisposal of National Assets,
Dialogue: 0,0:06:17.79,0:06:20.55,Default,,0000,0000,0000,,particularly of the Greek kind.
Dialogue: 0,0:06:20.55,0:06:22.44,Default,,0000,0000,0000,,The laws of National Sovereignty
Dialogue: 0,0:06:22.44,0:06:24.96,Default,,0000,0000,0000,,as a price we have \Nto pay for this Fiscal Union
Dialogue: 0,0:06:24.96,0:06:27.32,Default,,0000,0000,0000,,and of course the dreaded treaty changes
Dialogue: 0,0:06:27.32,0:06:32.55,Default,,0000,0000,0000,,that have to go through \N27 parliaments and/or electorates.
Dialogue: 0,0:06:33.43,0:06:37.00,Default,,0000,0000,0000,,I submit to you that this is both\Nunworkable and undesirable.
Dialogue: 0,0:06:37.00,0:06:38.68,Default,,0000,0000,0000,,Why is it unworkable?
Dialogue: 0,0:06:38.68,0:06:41.66,Default,,0000,0000,0000,,Because\N- and this is a message to federalists -
Dialogue: 0,0:06:41.66,0:06:45.22,Default,,0000,0000,0000,,the worst enemy of federalism\Nat the moment is itself.
Dialogue: 0,0:06:45.22,0:06:48.00,Default,,0000,0000,0000,,And the reason why\NI'm saying this is because
Dialogue: 0,0:06:48.00,0:06:51.97,Default,,0000,0000,0000,,if we move in the federals' direction
Dialogue: 0,0:06:52.50,0:06:56.00,Default,,0000,0000,0000,,the crisis is certain to outpace us.
Dialogue: 0,0:06:56.00,0:06:57.82,Default,,0000,0000,0000,,It would run faster than we do.
Dialogue: 0,0:06:57.82,0:07:02.00,Default,,0000,0000,0000,,And when the treaty changes take longer\Nthan the collapse of the Euro,
Dialogue: 0,0:07:02.00,0:07:06.00,Default,,0000,0000,0000,,all we will be left with \Nis the smouldering mess
Dialogue: 0,0:07:06.00,0:07:09.42,Default,,0000,0000,0000,,in which there will be\Nnothing left to federate.
Dialogue: 0,0:07:09.42,0:07:15.47,Default,,0000,0000,0000,,But there is a second reason \Nwhy this Federal Option needs to be shunt
Dialogue: 0,0:07:15.90,0:07:20.79,Default,,0000,0000,0000,,and it is that if the United States\Nof Europe is a good idea,
Dialogue: 0,0:07:20.79,0:07:26.77,Default,,0000,0000,0000,,it is not an idea that should be\Nwasted and subsumed
Dialogue: 0,0:07:26.77,0:07:31.53,Default,,0000,0000,0000,,in the context of trying\Nto solve the current crisis.
Dialogue: 0,0:07:32.00,0:07:35.63,Default,,0000,0000,0000,,Let me put it very simply.\NThe Federal Option will only be possible
Dialogue: 0,0:07:35.63,0:07:38.79,Default,,0000,0000,0000,,once the crisis is over, \Nnot as an antidote to the crisis.
Dialogue: 0,0:07:38.79,0:07:42.65,Default,,0000,0000,0000,,We will only be capable \Nand worthy of federation,
Dialogue: 0,0:07:42.65,0:07:45.36,Default,,0000,0000,0000,,when as European we can imagine the future
Dialogue: 0,0:07:45.36,0:07:47.62,Default,,0000,0000,0000,,in which Greeks and Germans
Dialogue: 0,0:07:47.62,0:07:51.81,Default,,0000,0000,0000,,will be voting in Greek and German\Npoliticians to represent us.
Dialogue: 0,0:07:51.81,0:07:56.92,Default,,0000,0000,0000,,We will only be able to affect \Na decent Federal Europe
Dialogue: 0,0:07:56.92,0:08:01.66,Default,,0000,0000,0000,,when we can imagine a situation \Nwhere our national armies
Dialogue: 0,0:08:01.66,0:08:06.00,Default,,0000,0000,0000,,are dissolved and are merged\Ninto a common European Defense force.
Dialogue: 0,0:08:06.00,0:08:10.28,Default,,0000,0000,0000,,We are only going to be able \Nto put together a decent Federation
Dialogue: 0,0:08:10.28,0:08:15.65,Default,,0000,0000,0000,,if we can imagine a situation\Nwhere our views are assessed
Dialogue: 0,0:08:15.65,0:08:19.49,Default,,0000,0000,0000,,within Europe on the basis\Nof their merits and the merits alone,
Dialogue: 0,0:08:19.49,0:08:23.00,Default,,0000,0000,0000,,what the ancient Athenians\Nused to refer as "Isigoria."
Dialogue: 0,0:08:23.00,0:08:25.67,Default,,0000,0000,0000,,As opposed to judging what somebody says
Dialogue: 0,0:08:25.67,0:08:28.49,Default,,0000,0000,0000,,on the basis of the who they are,\Nwhat accent they speak in
Dialogue: 0,0:08:28.49,0:08:30.49,Default,,0000,0000,0000,,which country they come from,
Dialogue: 0,0:08:30.49,0:08:34.33,Default,,0000,0000,0000,,and finally at a symbolic, \Nbut a very important level,
Dialogue: 0,0:08:34.33,0:08:39.32,Default,,0000,0000,0000,,let me say this, we are only going \Nto be capable of a proper federation
Dialogue: 0,0:08:39.32,0:08:43.81,Default,,0000,0000,0000,,when we can decide as Europeans\Nwhat to print on our euro notes.
Dialogue: 0,0:08:43.81,0:08:50.22,Default,,0000,0000,0000,,Instead of these abstract bridges\Nand gates that symbolize one thing,
Dialogue: 0,0:08:50.69,0:08:55.00,Default,,0000,0000,0000,,our incapacity to agree on common symbols.
Dialogue: 0,0:08:55.00,0:08:59.00,Default,,0000,0000,0000,,So if I'm right that the new Jerusalem\Nis not really a new Jerusalem,
Dialogue: 0,0:08:59.00,0:09:04.75,Default,,0000,0000,0000,,and that it is putting forward \Nan unworkable and undesirable idea,
Dialogue: 0,0:09:04.75,0:09:09.00,Default,,0000,0000,0000,,which will also lead \Nto uncontrolled disintegration,
Dialogue: 0,0:09:09.00,0:09:11.36,Default,,0000,0000,0000,,then what is the alternative?
Dialogue: 0,0:09:11.36,0:09:14.52,Default,,0000,0000,0000,,Well, let me suggest to you\Nthat before we agree in an alternative,
Dialogue: 0,0:09:14.52,0:09:17.00,Default,,0000,0000,0000,,perhaps we should agree\Non some shared principles
Dialogue: 0,0:09:17.00,0:09:19.82,Default,,0000,0000,0000,,that should govern our future.
Dialogue: 0,0:09:19.82,0:09:24.87,Default,,0000,0000,0000,,Τhese future principles \Nmay seem contradictory
Dialogue: 0,0:09:26.00,0:09:28.00,Default,,0000,0000,0000,,but they can be rendered harmoniously
Dialogue: 0,0:09:28.00,0:09:30.00,Default,,0000,0000,0000,,and if they can't then we have no future.
Dialogue: 0,0:09:30.00,0:09:32.38,Default,,0000,0000,0000,,Let me give you examples.
Dialogue: 0,0:09:32.38,0:09:36.23,Default,,0000,0000,0000,,One principle is that I think we should\Nend the perfectly partitioned Europe
Dialogue: 0,0:09:36.23,0:09:39.75,Default,,0000,0000,0000,,that we created in Maastricht\Nin order to create the Euro,
Dialogue: 0,0:09:39.75,0:09:43.77,Default,,0000,0000,0000,,while at the same time however, \Nstrengthening National Sovereignty
Dialogue: 0,0:09:43.77,0:09:48.29,Default,,0000,0000,0000,,and empowering National Responsibility\Nwithin that model.
Dialogue: 0,0:09:48.31,0:09:50.49,Default,,0000,0000,0000,,Another set.
Dialogue: 0,0:09:50.49,0:09:52.03,Default,,0000,0000,0000,,End the pseudo solidarity
Dialogue: 0,0:09:52.03,0:09:54.44,Default,,0000,0000,0000,,which is being imposed upon\Nthe Dutch and the Germans
Dialogue: 0,0:09:54.44,0:09:59.11,Default,,0000,0000,0000,,in order to give bailouts, pretend\Nbailouts to the Greeks and to the Irish.
Dialogue: 0,0:09:59.11,0:10:03.38,Default,,0000,0000,0000,,Stop inane austerity which is only\Nmaking the debt crisis worse.
Dialogue: 0,0:10:03.38,0:10:09.02,Default,,0000,0000,0000,,Ignore all the calls for debt buybacks\Nwhich will not work,
Dialogue: 0,0:10:09.02,0:10:14.00,Default,,0000,0000,0000,,but at the same time integrate investment\Nand management of our problems
Dialogue: 0,0:10:14.00,0:10:18.00,Default,,0000,0000,0000,,like existing debt and banking losses.
Dialogue: 0,0:10:18.00,0:10:20.91,Default,,0000,0000,0000,,This is what I refer to\Nas decentralized europeanization
Dialogue: 0,0:10:20.91,0:10:23.06,Default,,0000,0000,0000,,so allow me an acronym.
Dialogue: 0,0:10:23.06,0:10:25.00,Default,,0000,0000,0000,,Decent Europe.
Dialogue: 0,0:10:25.00,0:10:26.47,Default,,0000,0000,0000,,Europeanize what?
Dialogue: 0,0:10:26.47,0:10:28.48,Default,,0000,0000,0000,,Free realms.
Dialogue: 0,0:10:28.48,0:10:32.00,Default,,0000,0000,0000,,We need a management \Nof existing debt at a European level.
Dialogue: 0,0:10:32.00,0:10:34.00,Default,,0000,0000,0000,,We need management of the banking sector
Dialogue: 0,0:10:34.00,0:10:36.34,Default,,0000,0000,0000,,which is collapsing all over us,
Dialogue: 0,0:10:36.34,0:10:42.00,Default,,0000,0000,0000,,and we need a europeanized\Ninvestment policy in aggregate.
Dialogue: 0,0:10:42.00,0:10:44.99,Default,,0000,0000,0000,,How do we do this\Nwithout treaty changes and federation?
Dialogue: 0,0:10:44.99,0:10:47.89,Default,,0000,0000,0000,,We already have existing\Ninstitutions in Europe
Dialogue: 0,0:10:47.89,0:10:50.81,Default,,0000,0000,0000,,and each one of them\Ncan be assigned one of these tasks.
Dialogue: 0,0:10:50.81,0:10:52.71,Default,,0000,0000,0000,,I'm not going to go into this.
Dialogue: 0,0:10:52.71,0:10:54.44,Default,,0000,0000,0000,,This is not the place or the time.
Dialogue: 0,0:10:54.44,0:10:58.00,Default,,0000,0000,0000,,You can see more \Nof this proposal elsewhere.
Dialogue: 0,0:10:58.00,0:11:00.62,Default,,0000,0000,0000,,All I want to do now\Nis to give you a flavor
Dialogue: 0,0:11:00.62,0:11:03.61,Default,,0000,0000,0000,,of what the whole purpose of this is.
Dialogue: 0,0:11:03.61,0:11:06.46,Default,,0000,0000,0000,,Decentralized europeanization\Ncreates circumstances
Dialogue: 0,0:11:06.46,0:11:08.90,Default,,0000,0000,0000,,for national sovereignty\Nand national responsibility
Dialogue: 0,0:11:08.90,0:11:09.97,Default,,0000,0000,0000,,to be strengthened.
Dialogue: 0,0:11:09.97,0:11:14.23,Default,,0000,0000,0000,,Because if we integrate\Nthese three spheres in Europe
Dialogue: 0,0:11:14.23,0:11:17.92,Default,,0000,0000,0000,,of existing debt, of banks \Nand investment flows,
Dialogue: 0,0:11:17.92,0:11:19.73,Default,,0000,0000,0000,,then at the national level
Dialogue: 0,0:11:19.73,0:11:22.82,Default,,0000,0000,0000,,each member state \Ncan run a balanced budget,
Dialogue: 0,0:11:22.82,0:11:25.18,Default,,0000,0000,0000,,and can learn to live within its means,
Dialogue: 0,0:11:25.18,0:11:29.00,Default,,0000,0000,0000,,and also to be empowered\Nwithin these limits
Dialogue: 0,0:11:29.00,0:11:33.00,Default,,0000,0000,0000,,to exercise a full national sovereignty.
Dialogue: 0,0:11:33.00,0:11:36.33,Default,,0000,0000,0000,,So I present\Nthis Decent Europe proposal to you
Dialogue: 0,0:11:36.33,0:11:40.36,Default,,0000,0000,0000,,as if you want a forger \Nof a future Federation's prerequisite,
Dialogue: 0,0:11:40.36,0:11:44.29,Default,,0000,0000,0000,,which I already mentioned\Nand I won't mention again.
Dialogue: 0,0:11:45.81,0:11:48.30,Default,,0000,0000,0000,,Let me finish by reminding you of a myth,
Dialogue: 0,0:11:48.30,0:11:50.81,Default,,0000,0000,0000,,according which Sibyl of Cumae
Dialogue: 0,0:11:50.81,0:11:54.84,Default,,0000,0000,0000,,offered Tarquinius Superbus,\Nthe king of Rome at the time,
Dialogue: 0,0:11:54.84,0:11:59.00,Default,,0000,0000,0000,,the nine books of wisdom at a price that\NTarquinius considered to be exorbitant
Dialogue: 0,0:11:59.00,0:12:01.32,Default,,0000,0000,0000,,and therefore he said no to the offer.
Dialogue: 0,0:12:01.32,0:12:06.00,Default,,0000,0000,0000,,Sibyl as you all know started burning \None of these volumes after the other
Dialogue: 0,0:12:06.00,0:12:10.00,Default,,0000,0000,0000,,until Tarquinius relented agreeing\Nto pay the original high price
Dialogue: 0,0:12:10.00,0:12:13.00,Default,,0000,0000,0000,,for the remaining three volumes.
Dialogue: 0,0:12:13.00,0:12:17.47,Default,,0000,0000,0000,,Let me suggest that the European crisis\Nis following Sibyl's strategy.
Dialogue: 0,0:12:17.47,0:12:21.00,Default,,0000,0000,0000,,The problem is that our European leaders\Nkeep saying no
Dialogue: 0,0:12:21.00,0:12:23.46,Default,,0000,0000,0000,,and therefore threatening
Dialogue: 0,0:12:23.46,0:12:29.25,Default,,0000,0000,0000,,to allow our common heritage\Nto burn in its entirety.
Dialogue: 0,0:12:29.88,0:12:35.35,Default,,0000,0000,0000,,Decentralized europeanization\Noffers Europe a chance
Dialogue: 0,0:12:35.77,0:12:39.26,Default,,0000,0000,0000,,to save its last three books \Nof wisdom or the equivalent.
Dialogue: 0,0:12:39.26,0:12:43.24,Default,,0000,0000,0000,,It offers us a chance \Nto usher in a new era
Dialogue: 0,0:12:43.24,0:12:47.00,Default,,0000,0000,0000,,in which Europeans, \NNorthern and Southern,
Dialogue: 0,0:12:47.00,0:12:51.27,Default,,0000,0000,0000,,Western and Eastern,\Ncan stare into each others eyes
Dialogue: 0,0:12:51.27,0:12:54.35,Default,,0000,0000,0000,,and see and recognize a partner.
Dialogue: 0,0:12:54.35,0:12:56.62,Default,,0000,0000,0000,,If we miss this chance,
Dialogue: 0,0:12:56.62,0:12:59.31,Default,,0000,0000,0000,,then Europe is going \Nto be dragging the whole planet
Dialogue: 0,0:12:59.31,0:13:03.08,Default,,0000,0000,0000,,into a despicable mire\Nfor a third time in a century.
Dialogue: 0,0:13:03.46,0:13:08.78,Default,,0000,0000,0000,,It is our duty and over overarching \Nobligation to prevent this.
Dialogue: 0,0:13:09.00,0:13:10.67,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:13:10.79,0:13:13.82,Default,,0000,0000,0000,,(Applause)