Author Topic: Top Bank of England director admits Occupy movement had a point  (Read 1287 times)

0 Members and 1 Guest are viewing this topic.

Offline Riney

  • Support Administrator
  • *****
  • Posts: 3000
Top Bank of England director admits Occupy movement had a point
« on: October 30, 2012, 11:23:14 AM »
Top Bank of England director admits Occupy movement had a point
MONDAY 29 OCTOBER 2012 by Richard Hall



The Occupy movement received vindication from unlikely source tonight, as a senior executive at the Bank of England credited it with stirring a “reformation of finance”.

In a glowing appraisal of the movement’s achievements, Andrew Haldane, executive director of financial stability, said Occupy protesters had been “both loud and persuasive”, and had attracted public support because “they are right”.

“Some have suggested … that Occupy’s voice has been loud but vague, long on problems, short on solutions. Others have argued that the fault-lines in the global financial system, which chasmed during the crisis, are essentially unaltered, that reform has failed,” Mr Haldane said in a speech tonight.

“I wish to argue that both are wrong – that Occupy’s voice has been both loud and persuasive and that policymakers have listened and are acting in ways which will close those fault-lines. In fact, I want to argue that we are in the early stages of a reformation of finance, a reformation which Occupy has helped stir.”

Speaking at an Occupy Economics event in central London, Mr Haldane said that Occupy had been “successful in its efforts to popularise the problems of the global financial system for one very simple reason: they are right.” He added that protesters who camped out near St Paul’s Catherdal in London and dozens of other cities including New York,“touched a moral nerve in pointing to growing inequities in the allocation of wealth”.

Mr Haldane ended with a direct appeal to activists to continue putting pressure on governments and regulators. He said: “You have put the arguments. You have helped win the debate. And policymakers, like me, will need your continuing support in delivering that radical change.”

Mr Haldane’s comments were welcomed by Occupy activists last night. Ronan McNern, a spokesman for Occupy London Stock Exchange, said: “It’s good to hear more voices like Mr Haldane’s coming through.  His comments are definitely welcome. They could have done something about this a lot faster.”

He added: “If this is a beginning, there is a long way to go. Banking reform is only part of the problem. It’s a system-wide issue where certain people are profiting of other people.”

Occupy protesters first descended on the London Stock Exchange on 15 October 2011, in a copy-cat demonstration of other protests around the world that called for action against economic inequality and corporate excess.

After being blocked from entering the main square in which the stock exchange was located, tents were set up in the church yard of St Paul’s – which led to friction between the church and campers.

The camp remained, however, until February of this year, when protesters were evicted by the City of London Corporation – the authority that runs the Square Mile.

the link: http://www.independent.co.uk/news/uk/politics/top-bank-of-england-director-admits-occupy-movement-had-a-point-8231521.html
"Life shrinks or expands in proportion to one's courage" Anais Nin .. and yet we must arm ourselves with fear

Offline EmmanuelGoldstein⌛

  • Full Member
  • ***
  • Posts: 163
Occupy protesters were right, says Bank of England official
« Reply #1 on: November 20, 2012, 03:31:11 AM »
Occupy protesters were right, says Bank of England official

The anti-capitalist protesters who occupied St Paul’s Cathedral were both morally and intellectually right, a senior Bank of England official said last night.

Members of the movement occupied the grounds of St Paul’s and remained camped there for more than three months until police evicted them in February last year

By James Kirkup, Deputy Political Editor | 29 Oct 2012, The Telegraph


Andrew Haldane, a member of the Bank’s financial policy committee, said the Occupy movement was correct in its attack on the international financial system.

The Occupy movement sprang up last year and staged significant demonstrations in both the City of London and New York, protesting about the unequal distribution of wealth and the influence of the financial services industry. Members of the movement occupied the grounds of St Paul’s and remained camped there for more than three months until police evicted them in February last year.

“Occupy has been successful in its efforts to popularise the problems of the global financial system for one very simple reason; they are right,” Mr Haldane said last night. Mr Haldane, the Bank’s executive director for financial stability, was speaking to Occupy Economics, an offshoot of the Occupy movement, at an event in central London.

In a speech entitled Socially Useful Banking, he said the protesters had helped bring about a “reformation” in financial services and the way they are regulated.

Partly because of the protests, he suggested, both bank executives and policymakers were persuaded that banks must behave in a more moral way, and take greater account of inequality in wider society.

“Occupy’s voice has been both loud and persuasive and policymakers have listened and are acting,” he said. “In fact, I want to argue that we are in the early stages of a reformation of finance, a reformation which Occupy has helped stir.”

The protesters had been right about bankers’ behaviour and the consequences of extremely high salaries and bonuses in the financial sector and other industries, he said.

“I do not just mean right in a moral sense,” he added.

“It is the analytical, every bit as much as the moral, ground that Occupy has taken. For the hard-headed facts suggest that, at the heart of the global financial crisis, were — and are — problems of deep and rising inequality.”

Mr Haldane concluded by telling the activists that they had helped bring about nothing less than a new financial order.

“If I am right and a new leaf is being turned, then Occupy will have played a key role in this fledgling financial reformation,” he said.

“You have put the arguments. You have helped win the debate.”

In the text of his speech distributed by the Bank last night, Mr Haldane made no reference to the techniques employed by the Occupy protesters.

The occupation of St Paul’s last year was controversial, and led to claims that the protesters were despoiling the cathedral’s grounds.

The protest ended after the Corporation of London won a legal order allowing the activists to be evicted.

Earlier this month, members of the group marked the first anniversary of the St Paul’s protest by entering the cathedral during a service and chaining themselves to the pulpit.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9641806/Occupy-protesters-were-right-says-Bank-of-England-official.html

I emphasized by bolding[/b]
"The Brotherhood cannot be wiped out because it is not an organisation in the ordinary sense. Nothing holds it together except an idea which is indestructible." -1984

I am not "Emmanuel Goldstein" of the magazine 2600. My username is derived from 1984.