Fw: [Occupy London] Fwd: Occupy's analysis praised by Bank of England's Andy Haldane - but this must only be the beginning

Tue Oct 30 07:49:38 GMT 2012

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-----Original Message-----
From: "Ronan McNern" <ronan.mcnern at gmail.com>
Sender: OccupyLondon at groupspaces.com
Date: Tue, 30 Oct 2012 07:15:18 
To: OccupyLondon at groupspaces.com<occupylondon at groupspaces.com>; <occupylondonpress at lists.riseup.net>
Reply-To: ronan.mcnern at gmail.com
Subject: [Occupy London] Fwd: Occupy's analysis praised by Bank of
 England's Andy Haldane - but this must only be the beginning

Do tweet and share - http://occupylondon.org.uk/archives/17783 ;)

Release following last night's event! If anyone has any photos need some
urgently!! There should be an audio and text transcript shortly.

Ro
*

Occupy's analysis praised by Bank of England's Andy Haldane - but this must
only be the beginning*

   - *Haldane echoes Occupy's analysis by linking inequality to economic
   instability*

   - *In questioning from audience, notes that there is 'no great
   ideological chasm' to jump on a Financial Transaction Tax and **the **risk
   of banks moving abroad is "somewhat overblown*"

   - *Many of Occupy's concerns remain to be tackled; panellist Mick
   McAteer, consumer advocate and Director of the Financial Inclusion Centre,
   notes that "winning the propaganda war" isn't enough.*

As part of Occupy London's 'New Putney Debates', Monday night's packed
'Socially Useful Banking?' event at Friends House saw the Bank of England's
Director of Financial Stability, Andy
Haldane, assert that Occupy had been
"right, not just morally but analytically" in identifying the problem of
"deep and rising inequality" as lying at the heart of the crisis. [1] [2]

In his identification of inequality as a cause of fundamental instability,
Haldane echoed the attack on "systemic economic inequality" of Occupy
London's Economics Statement, which was agreed by consensus almost exactly
a year ago. [3] Further Occupy themes - including calls for the abolition
of tax havens, complex derivatives and the relationship of economy and
environment - came out strongly in the two hours' lively questioning from
the floor that followed Haldane's statement.

"As Haldane has previously argued, banks are too big," said Rich Paton,
Occupy supporter and one of the panellists at the event. "Yet a
'ring-fence' might become a string vest."

"What was particularly significant this time, was Haldane's linking
inequality to the debt crisis - not only as effect but as cause. That
context is
something he can affect less directly than banks, in his role as
regulator. But it was a significant endorsement of some key Occupy themes
and arguments."

Part of Occupy London's current series of public debates, dubbed 'The New
Putney Debates', celebrating the 365th year anniversary of the original
debates in 1647, the 'Socially Useful Banking?' event was chaired by Lisa
Pollack of the *Financial Times' *Alphaville blog, with panellists alongside
Andy Haldane and Rich Paton including Duncan Weldon (TUC), Andy Green
(Bully Banks) and Mick McAteer (consumer advocate and FSA non-executive
board member).

With the free Putney Debates events running until 11 November focusing on
what is needed for a more just and equal society, contributors include
Natalie Bennett (new Leader of the Green Party), Michael Mansfield QC,
George Monbiot, Polly Higgins, Jeremy Leggett, John McDonnell MP, Halina
Ward and Professor Conor Gearty, Annette Zera, Joseph Choonara, Hilary
Koob-Sassen and many other
writers, theorists, artists, and activists. [2]

*Towards a Socially Useful banking system*
For his part, Haldane broke some interesting ground during the evening's
extended question-and-answer session. At one point, he signalled that
"there was no great ideological chasm" preventing the adoption of a
Financial Transaction Tax that would be "felt disproportionately" by high
frequency traders and that the risk of large banks moving their
headquarters out of the country was "somewhat overblown ... Lots of
countries now have seen the perils of having big banks on their doorstep,
especially when they blow up." [1]

In recognising that a "new leaf" is being turned, Andy Haldane's speech
specifically mentions how Occupy has played "a key role in this fledgling
financial reformation."

Nick McAteer, a consumer advocate and Director of the Financial Inclusion
Centre, also on the panel, warned that sustained, targeted pressure would
be necessary: "civil society groups are good at winning the
propaganda war
but we have a habit of losing the peace ... We need to back up moral
arguments with hard headed policy arguments."

A full transcript of the debate will be published shortly on the Occupy
London and Socially Useful Banking websites. [4]

Notes
[1] Bank of England: A leaf being turned - speech by Andrew Haldane
http://www.bankofengland.co.uk/publications/Pages/speeches/2012/616.aspx
Telegraph - Occupy protesters were right, says Bank of England official
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9641806/Occupy-protesters-were-right-says-Bank-of-England-official.html
 /
Guardian - Bank of England official: Occupy Movement right about global
recession
http://www.guardian.co.uk/world/2012/oct/29/bank-of-england-occupy-movement
Top Bank of England director admits Occupy movement had a point
http://www.independent.co.uk/news/uk/politics/top-bank-of-england-director-admits-occupy-movement-had-a-point-8231521.html
[2] Full programme for The Putney Debates
-
http://thenewputneydebates.wordpress.com; All events are free but donations
are welcome to help fund them
http://www.sponsume.com/project/new-putney-debates-2012
[3] Statements of Occupy London General Assembly and Working Groups -
http://occupylondon.org.uk/about
[4] Occupy London website - http://occupylondon.org.uk/; Socially Useful
Banking? website - http://sociallyusefulbanking.com/

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