<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html><head><meta content="text/html; charset=utf-8" http-equiv="Content-Type"></head><body>FYI <div>Sent from phone</div><hr/><div><b>From: </b> "Ronan McNern" <ronan.mcnern@gmail.com>
</div><div><b>Sender: </b> OccupyLondon@groupspaces.com
</div><div><b>Date: </b>Tue, 30 Oct 2012 07:15:18 +0000</div><div><b>To: </b>OccupyLondon@groupspaces.com<occupylondon@groupspaces.com>; <occupylondonpress@lists.riseup.net></div><div><b>ReplyTo: </b> ronan.mcnern@gmail.com
</div><div><b>Subject: </b>[Occupy London] Fwd: Occupy's analysis praised by Bank of
England's Andy Haldane - but this must only be the beginning</div><div><br/></div><div><span style="font-family:Arial,sans-serif;font-size:13px;line-height:17px">Do tweet and share - </span><font face="Arial, sans-serif"><span style="line-height:17px"><a href="http://occupylondon.org.uk/archives/17783">http://occupylondon.org.uk/archives/17783</a> ;)</span></font></div>
<div><font face="Arial, sans-serif"><span style="line-height:17px"><br></span></font></div><div><font face="Arial, sans-serif"><span style="line-height:17px">Release following last night's event! If anyone has any photos need some urgently!! </span></font><span style="font-family:Arial,sans-serif;line-height:17px">There should be an audio and text transcript shortly.</span></div>
<div><font face="Arial, sans-serif"><span style="line-height:17px"><br></span></font></div><div><font face="Arial, sans-serif"><span style="line-height:17px">Ro</span></font></div><b style="font-family:Arial,sans-serif;font-size:13px;line-height:17px"><div>
<b style="font-family:Arial,sans-serif;font-size:13px;line-height:17px"><br></b></div>Occupy's analysis praised by Bank of England's Andy Haldane - but this must only be the beginning</b><br><div class="gmail_quote">
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<li style="padding:0px;margin:0px"><span style="padding-top:0px;padding-bottom:1px"><i>Haldane echoes Occupy's analysis by linking inequality to economic instability</i></span></li>
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<span style><span style="padding-top:0px;padding-bottom:1px"><i>In questioning from audience, notes that there is 'no great ideological chasm' to jump on a Financial Transaction Tax and </i></span><span style="padding-top:0px;padding-bottom:1px"><i>the </i></span><span style="padding-top:0px;padding-bottom:1px"><i>risk of banks moving abroad is "somewhat overblown</i></span><span style="padding-top:0px;padding-bottom:1px">"</span></span></li>
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<span style="padding-top:0px;padding-bottom:1px"><i>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.</i></span></li>
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<span style="padding-top:0px;padding-bottom:1px">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] </span></div>
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<span style="padding-top:0px;padding-bottom:1px">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.</span></div>
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<span style="padding-top:0px;padding-bottom:1px">"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."</span></div>
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<span style="padding-top:0px;padding-bottom:1px">"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."</span></div>
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<span style><span style="padding-top:0px;padding-bottom:1px">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 </span><span style="padding-top:0px;padding-bottom:1px">c</span><span style="padding-top:0px;padding-bottom:1px">haired by Lisa Pollack of the </span><span style="padding-top:0px;padding-bottom:1px"><i>Financial Times' </i></span><span style="padding-top:0px;padding-bottom:1px">Alphaville blog, </span><span style="padding-top:0px;padding-bottom:1px">with panellists </span><span style="padding-top:0px;padding-bottom:1px">alongside Andy Haldane and Rich Paton includ</span><span style="padding-top:0px;padding-bottom:1px">ing</span><span style="padding-top:0px;padding-bottom:1px"> Duncan Weldon (TUC), Andy Green (Bully Banks) and Mick McAteer (consumer advocate and FSA non-executive board member). </span></span></div>
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<span style="padding-top:0px;padding-bottom:1px">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]</span></div>
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<span style="padding-top:0px;padding-bottom:1px"><b>Towards a Socially Useful banking system</b></span></div><div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px">
<span style="padding-top:0px;padding-bottom:1px">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] </span></div>
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<span style="padding-top:0px;padding-bottom:1px">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." </span></div>
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<span style><span style="padding-top:0px;padding-bottom:1px">Nick McAteer, a consumer advocate</span><span style="padding-top:0px;padding-bottom:1px"> and</span><span style="padding-top:0px;padding-bottom:1px"> 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."</span></span></div>
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<span style="padding-top:0px;padding-bottom:1px">A full transcript of the debate will be published shortly on the Occupy London and Socially Useful Banking websites. [4]</span></div>
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<span style="padding-top:0px;padding-bottom:1px">Notes</span></div><div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px">
<span style="padding-top:0px;padding-bottom:1px">[1] Bank of England: A leaf being turned - speech by Andrew Haldane</span></div><div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px">
<span style="padding-top:0px;padding-bottom:1px"><a href="http://www.bankofengland.co.uk/publications/Pages/speeches/2012/616.aspx" target="_blank">http://www.bankofengland.co.uk/publications/Pages/speeches/2012/616.aspx</a></span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style="padding-top:0px;padding-bottom:1px">Telegraph - Occupy protesters were right, says Bank of England official</span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style><span style="padding-top:0px;padding-bottom:1px"><a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9641806/Occupy-protesters-were-right-says-Bank-of-England-official.html" target="_blank">http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9641806/Occupy-protesters-were-right-says-Bank-of-England-official.html</a></span><span style="padding-top:0px;padding-bottom:1px"> / </span></span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style="padding-top:0px;padding-bottom:1px">Guardian - Bank of England official: Occupy Movement right about global recession</span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style="padding-top:0px;padding-bottom:1px"><a href="http://www.guardian.co.uk/world/2012/oct/29/bank-of-england-occupy-movement" target="_blank">http://www.guardian.co.uk/world/2012/oct/29/bank-of-england-occupy-movement</a></span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style="padding-top:0px;padding-bottom:1px">Top Bank of England director admits Occupy movement had a point</span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style="padding-top:0px;padding-bottom:1px"><a href="http://www.independent.co.uk/news/uk/politics/top-bank-of-england-director-admits-occupy-movement-had-a-point-8231521.html" target="_blank">http://www.independent.co.uk/news/uk/politics/top-bank-of-england-director-admits-occupy-movement-had-a-point-8231521.html</a></span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style><span style="padding-top:0px;padding-bottom:1px">[2] Full programme for The Putney Debates - </span><span style="padding-top:0px;padding-bottom:1px"><a href="http://thenewputneydebates.wordpress.com/" target="_blank">http://thenewputneydebates.wordpress.com</a></span><span style="padding-top:0px;padding-bottom:1px">; All events are free but donations are welcome to help fund them </span><span style="padding-top:0px;padding-bottom:1px"><a href="http://www.sponsume.com/project/new-putney-debates-2012" target="_blank">http://www.sponsume.com/project/new-putney-debates-2012</a></span></span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style><span style="padding-top:0px;padding-bottom:1px">[3] Statements of Occupy London General Assembly and Working Groups - </span><span style="padding-top:0px;padding-bottom:1px"><a href="http://occupylondon.org.uk/about" target="_blank">http://occupylondon.org.uk/about</a></span></span></div>
<div style="padding-right:1px;font-family:Arial,sans-serif;font-size:13px;line-height:17px"><span style><span style="padding-top:0px;padding-bottom:1px">[4] Occupy London website - </span><span style="padding-top:0px;padding-bottom:1px"><a href="http://occupylondon.org.uk/" target="_blank">http://occupylondon.org.uk/</a></span><span style="padding-top:0px;padding-bottom:1px">; Socially Useful Banking? website - </span><span style="padding-top:0px;padding-bottom:1px"><a href="http://sociallyusefulbanking.com/" target="_blank">http://sociallyusefulbanking.com/</a></span></span></div>
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