Tue Oct 30, 2012, 04:29 AM
limpyhobbler (8,244 posts)
Occupy was right, says Bank of England Executive Director of Financial Stability
The protesters who occupied Wall Street and parts of London and other cities were morally and intellectually right, a senior Bank of England official said.via: http://www.upi.com/Top_News/World-News/2012/10/30/Bank-of-England-director-Occupy-was-right/UPI-98241351578600
"Some have suggested ... that Occupy's voice has been loud but vague -- long on problems, short on solutions," Andrew Haldane, a member of the central bank's Financial Policy Committee, told an event called "Socially Useful Banking," organized by Occupy Economics, an offshoot of the Occupy movement, in London Monday night.
"Others have argued that the fault lines in the global financial system, which chasmed during the crisis, are essentially unaltered -- that reform has failed," he said.
"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," said Haldane, the bank's executive director of financial stability.
...Haldane, who oversees the City for the central bank, said Occupy acted as a lever on policymakers despite criticism that its aims were too vague. He said the protest movement was right to focus on inequality as the chief reason for the 2008 crash, following studies that showed the accumulation of huge wealth funded by debt was directly responsible for the domino-like collapse of the banking sector in 2008....via http://www.guardian.co.uk/world/2012/oct/29/bank-of-england-occupy-movement
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.”via http://occupylondon.org.uk/archives/17783
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.”
7 replies, 1258 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Occupy was right, says Bank of England Executive Director of Financial Stability (Original post)
|Fire Walk With Me||Oct 2012||#7|
Response to limpyhobbler (Original post)
Tue Oct 30, 2012, 05:41 AM
TahitiNut (71,577 posts)
3. I wish they'd stop saying "inequality"
... when the far more meaningful term would be "inequity." SOME degree of inequality is inevitable in far too many senses. The crux of the matter is the obscene bias in the system... a bias in favor of the already wealthy. The average 'corporation' has been constructed as a "wealth redistribution" black box ... redistributing wealth from labor to the wealthy. The abominable "employee compensation" policies and mechanisms have resulted in the LOWEST percentage of compensation to labor for the wealth created in over 80 years. The average S&P500 corporation pays employees less than 30% of the value of the wealth they create. The "food chain" of ownership entitlements get the lion's share by far.